Editorial Policy

Besides financial information, this Integrated Report of Mizuho and its goal of being “the most trusted finan- includes information regarding such subjects as corpo- cial services group with a global presence and a broad rate identity, corporate strategies, and ESG (environ- customer base, contributing to the prosperity of the ment, society, and governance). The report presents world, Asia, and Japan.” information on Mizuho’s efforts related to strategies, This report serves as an annual report for the disclo- governance, corporate culture, and other subjects sure of key financial and business results, and it also along with information on how those activities are lead- incorporates corporate social responsibility (CSR) dis- ing to the creation of value for Mizuho and the society closure functions that were previously carried out over the short-, medium-, and long-terms. It was edited through the issuance of separate CSR Report. with the intention of providing stakeholders with concise More-detailed information on CSR activities is posted and clear explanations in a story-like form. on Mizuho’s website, so readers are invited to utilize this We hope this report will further improve understanding report in conjunction with the website.

Guidelines Referred To Scope of the report

International Integrated Reporting Council’s International Inte- Period covered: This report covers the period from April 1, grated Reporting Framework (published on December 2013) 2014 to March 31, 2015. However, it also includes some information after April 2015. Scope covered: In principle, MHFG and its subsidiaries and Publication Information affiliates MHFG: Mizuho Financial Group Date of issue: September 2015 MHBK: Mizuho Bank Next scheduled publication date: September 2016 MHTB: Mizuho Trust & Banking MHSC: Mizuho Securities

Inclusion in Socially Responsible Investment (SRI) Index (As of March 2015)

SRI is an investment approach that takes into consideration not only approaches to finance but also approaches to social responsibilities of companies. Mizuho is a component of both the global SRI index “FTSE4Good Global Index” and “Morn- ingstar Socially Responsible Investment Index” in Japan.

Strengthening Management Foundations on page 85 for participation in external initiatives

All figures contained in this report are calculated using accounting principles generally accepted in Japan (“Japanese GAAP”). Forward-Looking Statements This Integrated Report (Annual Review) contains statements that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, including estimates, forecasts, targets and plans. Such forward-looking statements do not represent any guar- antee by management of future performance. In many cases, but not all, we use such words as “aim,” “anticipate,” “believe,” “endeavor,” “estimate,” “expect,” “intend,” “may,” “plan,” “probability,” “project,” “risk,” “seek,” “should,” “strive,” “target” and similar expressions in relation to us or our management to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions. These statements reflect our current views with respect to future events and are subject to risks, uncertainties and assumptions. We may not be successful in implementing our business strategies, and management may fail to achieve its targets, for a wide range of possible reasons, including, without limitation: incurrence of significant credit-related costs; declines in the value of our securities portfolio; changes in interest rates; foreign currency fluctuations; decrease in the market liquidity of our assets; revised assumptions or other changes related to our pension plans; a decline in our deferred tax assets; the effect of financial transactions entered into for hedging and other similar purposes; failure to maintain required capital adequacy ratio levels; downgrades in our credit ratings; our ability to avoid reputational harm; our ability to implement our Medium-term Busi- ness Plan, realize the synergy effects of “One MIZUHO,” and implement other strategic initiatives and measures effectively; the effectiveness of our operational, legal and other risk management policies; the effect of changes in general economic conditions in Japan and elsewhere; and changes to applicable laws and regulations. Further information regarding factors that could affect our financial condition and results of operations is included in “Item 3.D. Key Information—Risk Factors,” and “Item 5. Operating and Financial Review and Prospects” in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”). In addition, information regarding market developments after March 31, 2015 and their effects on our financial condition and results of operations is included in the report on Form 6-K furnished to the SEC on July 24, 2015 containing financial information for the first quarter of this fiscal year under accounting principles generally accepted in Japan. These reports are available in the Financial Information section of our web page at www.mizuho-fg.co.jp/english/ and also at the SEC’s website at www.sec.gov. The contents of this Integrated Report (Annual Review) were prepared prior to the announcement of our financial results for the first quarter of fiscal 2014. We do not intend to update our forward-looking statements. We are under no obligation, and disclaim any obligation, to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by the rules of the Tokyo Stock Exchange.

8 Contents

[Appendix]

92 Mizuho’s Strengths Inside of page 8 Pro les of Group Companies Financial Highlights Inside of page 9 Compliance Contacts 94 Message from the Group CEO 10 Risk Management Structure 95 Value Creation Process 20 Internal Audit Structure 109 Special Feature 22 Special Feature 1 “Growth-Oriented” Governance Reform Measures Senior Executives 110 Special Feature 2 Integrated Strategy between “Banking, Trust Banking and Securities” Functions Special Feature 3 Fostering Industries with the Aim of Location of Overseas Of ces 112 Generating Business Opportunities

Investor Information 115 Growth Strategies 37 Business Environments Disclosure Policy 117 Medium-term Business Plan and Its Progress Key Strategies for Fiscal 2015 Realizing the “New Frontier” of Finance Privacy Policy Regarding Customer Information 118 Contributing to the Solution of Social Issues to Promote Sound Economic and Social Development Financial Analysis [Under Japanese GAAP] 119

Business Approaches 49 127 Personal Banking Unit Financial Data of Mizuho Financial Group, Inc. [Under Japanese GAAP] Retail Banking Unit Corporate Banking Unit Corporate Banking Unit (Large Corporations) Non-Consolidated Financial Statements of 227 Financial Institutions & Public Sector Business Unit Mizuho Financial Group, Inc. and International Banking Unit Three Subsidiaries [Under Japanese GAAP] Management Support for SME Customers and Regional Revitalization Initiatives Status of Capital Adequacy 241

Strengthening Management Foundations 65 Corporate Governance Risk Appetite Framework (RAF) Risk Management Compliance IT Strategy Measures to Form a Common Culture throughout the Group Human Resources Strategy Social Contribution Activities Stakeholder Communications

Mizuho’s Of ce Network 86

Corporate Pro le 88

Websites 89

9 Mizuho’s Strengths

Products Capability—Outstanding Performance in the Corporate Finance Field and Mizuho’s Customer Base 1 2 Convenient and High-Quality Products for Individuals

Syndicated Loans (Japan)

*Bookrunner basis Individual Customers (April 2014 to March 2015, financial closing date basis) Rank Company Name Proceeds (billions of ¥) Share (%) 1 Mizuho Financial Group 9,025.7 38.5 million 2 Mitsubishi UFJ Financial Group 6,713.5 28.7 3 Sumitomo Mitsui Financial Group 5,780.7 24.7 (Source) Thomson Reuters (Approx. 1 in 5 Japanese Citizens) among Japanese Syndicated Loans (Asia, excl. Japan) banks

*Bookrunner basis (USD, EUR, JPY, AUD, HKD, SGD) (April 2014 to March 2015) Rank Company Name Proceeds (millions of US$) Share (%) Comprehensive Securities Accounts 1 Standard Chartered 8,484.1 6.6 2 ANZ Banking Group 6,674.7 5.2 3 DBS Group 6,628.9 5.2 million 4 Mizuho Financial Group 6,039.2 4.7 7 Mitsubishi UFJ Financial Group 5,227.2 4.1 12 Sumitomo Mitsui Financial Group 3,548.3 2.8 (Source) Prepared by MHBK based on data from Thomson Reuters

M&A Advisory for based on No. of Announced Deals Deals (No.2 in terms (Japan Corporations) of rank value) SME & Middle Market Borrowers, etc. *Number of deals basis (any Japanese involvement announced, excluding real estate deals) (April 2014 to March 2015) Rank Company Name No. of deals Rank Value (billions of ¥) 1 Mizuho Financial Group 167 3,753.4 2 Sumitomo Mitsui Financial Group 140 1,086.5 3 Nomura 112 3,825.2 (Source) Thomson Reuters

Coverage of Listed Companies in Japan Cash Management Poll 2014 (Asia Money) in CMS customer satisfaction % level in Japan (MHBK)

Survey of three categories—large, medium, and small—based on net sales. MHBK won the No.1 ranking in the large category.

Coverage of Forbes Global 200 (Non-Japanese Corporate Customers) in Product Enhancement in the “Retail Banking Survey” of Finance and investment % information paper Nikkei Veritas

Inside page 1 Products Capability—Outstanding Performance in the Corporate Finance Field and Industry Expertise—No.1 Industry Convenient and High-Quality Products for Individuals 3 Research Unit among Japanese Banks

Total Japan Publicly Offered Bonds Organization *Underwriting amount basis (deals including straight bonds, investment corporation bonds, Zaito agency bonds, municipal bonds (lead manager method only), Samurai A global network of research bases in Japan, Europe, the bonds and preferred securities) (April 2014 to March 2015, pricing date basis) United States, and Asia with staff members of approximately Rank Company Name Underwriting Amount (billions of ¥) Market Share (%) 170 people conducting research on a wide range of industry 1 Mizuho Securities 3,036.5 19.6 categories and industries. 2 Nomura 2,789.8 18.0 3 Mitsubishi UFJ Morgan Stanley 2,688.0 17.4 Functions (Source) Prepared by MHSC based on data from I-N Information Systems The Industry Research Division proposes global and compre- in both underwriting amount hensive solutions to customers by integrating its “three func- ABS Lead Manager and market share tions” based on its “deep understanding and accumulated expertise on industries and companies.” *Amount basis (April 2014 to March 2015, settlement date basis) • “Industry analyst function” Rank Company Name No. of deals Underwriting Amount (billions of ¥) Provides a wide range of industry expertise regarding indus- 1 Mizuho Financial Group 179 1,155.6 try trends in Japan and overseas. 2 Morgan Stanley 17 394.3 3 Sumitomo Mitsui Financial Group 8 342.8 • “Strategist function” Provides business strategy development support and policy (Source) Prepared by MHSC based on data from Thomson Reuters advice based on a background of solid industry expertise. for 4 consecutive • “Corporate finance support function” Custody Annual Survey (Japan) years Supports the formulation of customers’ financial and man- agement strategies. *Average score of six evaluation items. Mizuho won the top score for each of the six evaluation items. (January to December 2014)

Rank Company Name Points “Industry analyst 1 Mizuho Bank 6.33 function” Japan 2 Bank of Tokyo-Mitsubishi UFJ 6.02 3 HSBC 5.83 “Corporate “Strategist nance support (Source) Global Custodian Magazine’s “2014 Agent Banks in Major Markets Survey” function” Overseas function”

MCPC* award Winner of the MCPC* award for Disseminating Information consecutive Publishes Mizuho Industry Research, Mizuho Industry Focus, years (MHBK) and other research reports offering a wide range of perspec- tives on overall structural changes in industries, industry out- * Mobile Computing Promotion Consortium looks, and other industry-related issues. (industry-wide mobile computing promotion association)

in the Annual Analyst Ranking (Overall Company Ranking) of the nance and investment information paper Nikkei Veritas (MHSC)

in the 2015 All-Japan Research Team Ranking of Institutional Investor, the nancial magazine for global investors (MHSC)

Inside page 2 Financial Highlights

Consolidated Net Income (billions of ¥) Net Business Profits (Two Banks) (billions of ¥)

800 1,000 688.4 630.0 611.9 846.3 600 560.5 484.5 800 742.3 728.1 413.2 721.3 400 642.6

600 200

0 0 FY2010 F Y2011 FY2012 FY2013 FY2014 FY2015 FY2010 F Y2011 FY2012 FY2013 FY2014 (Estimate)

Gross Profits (Two Banks) (billions of ¥) G&A Expenses (Two Banks) (billions of ¥)

2,000 2,000

1,686.1 1,611.1 1,6 07.5 1,629.7 1,506.8 1,500 1,500

1,000 1,000 908.3 868.7 879.3 839.7 864.2

500 500

0 0 FY2010 F Y2011 FY2012 FY2013 FY2014 FY2010 F Y2011 FY2012 FY2013 FY2014

Gross Profits by Business Segment Proportion of Income from Proportion from Non-interest (managerial accounting) Overseas Customers Income from Customer Groups (Net Business Profits) (Gross Profits) (MHBK+MHTB+MHSC, managerial (MHBK+MHTB+MHSC, managerial FY2014 Domestic accounting) accounting) Individuals Securities 12% 15% FY2014 FY2014 Banking 75% Trust Banking (1) 7% (2)

Overseas (1) Personal Banking Unit 12% (3) Customers Net interest Non-interest (2) Retail Banking Unit 6% 33% (8) Income Income (3) Corporate Banking Unit Domestic 50% 50% (Large Corporations) 14% (4) (7) Domestic Customers (4) Corporate Banking Unit 8% (5) (6) Corporations 67% (5) Financial Institutions & 30% Public Sector Business Unit 3% (6) International Banking Unit 14% (7) Trading & Others 11% Overseas (8) Others (including Overseas Subsidiaries) 8% 14%

Notes: 1. Two Banks: Aggregate figures for MHBK and MHTB on a non-consolidated basis. 2. BK+TB+SC: Aggregate figures for MHBK, MHTB and MHSC (including major subsidiaries) on a non-consolidated basis. Inside page 3 Consolidated Balance Sheet (as of March 31, 2015) Consolidated Total Assets ¥189 trillion

Loans ¥73 trillion Deposits, Negotiable Certi cates of Deposits (NCDs) ¥113 trillion

Securities ¥43 trillion

JGB ¥21 trillion Stock ¥4 trillion

Other Liabilities Other Assets ¥66 trillion ¥72 trillion

Net Assets ¥9 trillion

Loan Balance * (Average balance, Two Banks) (trillions of ¥) BIS Capital Ratio (%) Overseas Offices Domestic Offices 80 Common Equity Tier 1 Capital Ratio 71.5 Tier 1 Capital Ratio 70 68.2 64.5 Total Capital Ratio 62.3 61.1 16.7 60 13.1 6.6 8.1 10.7 20

50 14.58 15 14.19 14.36 40 11.03 11.35 11.50 9.43 30 10 8.80 54.4 54.1 53.7 55.0 54.7 8.16 20 5 10

0 0 FY2010 F Y2011 FY2012 FY2013 FY2014 As of March As of March As of March 31, 2013 31, 2014 31, 2015

* Excluding loans to MHFG. “Overseas offices” is calculated based on an aggregate of banking and trust account basis and represents loans booked at overseas offices, including the impact of foreign exchange translation

Balance of Disclosed Claims under the (trillions of ¥, %) Cash Dividend per Share of Common Stock (¥) Financial Reconstruction Act (FRA) (Two Banks) 8 7.5 7.5 Claims against Bankrupt and Substantially Bankrupt Obligors 6.5 Claims with Collection Risk 6.0 6.0 6.0 Claims for Special Attention 6 Non-performing Loan (NPL) Ratio (trillions of ¥) (%) 2.0 4 4

1.5 1.2 3 1.2 1.1 0.9 1.0 1.72% 1.63% 1.71% 1.0 2 2 1.21% 1.20% 0.5 1

0.0 0 0 As of March As of March As of March As of March As of March FY2010 F Y2011 FY2012 FY2013 FY2014 FY2015 31, 2011 31, 2012 31, 2013 31, 2014 31, 2015 (Estimate)

Note: The above contains statements that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. See the disclaimer at the bottom of page 8 of this Integrated Report (Annual Review) for information regarding factors that could cause actual results to differ from those in the forward-looking statements. Inside page 4