ADBI-JFSA Joint Conference Session 2 March 8, 2013

Japanese Bank’s Business Strategy in Asia - Why Focus on Asia?

March 8, 2013 Mizuho Corporate Bank, Ltd. Nobuhide Hayashi

Mizuho Financial Group Japanese Bank’s Business Strategy in Asia - Why Focus on Asia?

Key Points  How can we best contribute to growth in Asia as a Japanese bank? - Both getting back to basics and sustainability are important ⇒ Focus on real customer demand (client-orientation) & long term relationship with local customers  Converting to a new business model for Japanese banks based on global structural changes - Mizuho’s Stepping up to the Next Challenge I. The standing point of Japanese banks－the earnings position -P2 II. Changes in the world macro economy and industrial structure -P5 III. Mizuho’s international business strategy -P12 IV. Mizuho’s medium-term business plan (One MIZUHO New Frontier Plan) -P22

1 Mizuho Financial Group I. The standing point of Japanese banks－the earnings position

2 Mizuho Financial Group I-i The standing point of Japanese banks－the earnings position

 The current performance of Japanese megabanks continues to be strong  The presence of international business in overall performance is expanding

[Megabanks: Gross Profit] [Megabanks: Interest Income] [Megabanks: Fee and Commission Income] (Domestic Sector/International Sector) (Domestic Sector/International Sector) (Domestic Sector/International Sector)

International Sector International Sector International Sector Domestic Sector Domestic Sector (JPY trillion) (JPY 100 million) (JPY 100 million) Domestic Sector Percentage of International Sector (right scale) Percentage of International Sector (right scale) Percentage of International Sector (right scale) 3.0 40% 20,000 25% 7,000 40% 18,000 35% 6,000 35% 2.5 16,000 20% 30% 30% 14,000 5,000 2.0 25% 25% 12,000 15% 4,000 1.5 20% 10,000 20% 8,000 10% 3,000 15% 15% 1.0 6,000 2,000 10% 10% 4,000 5% 0.5 1,000 5% 2,000 5% 0.0 0% 0 0% 0 0% 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H

2006 2007 2008 2009 2010 2011 2012 2006 2007 2008 2009 2010 2011 2012 2006 2007 2008 2009 2010 2011 2012

(Note) Megabanks: Mizuho Bank, Mizuho Corporate Bank, The Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Banking Corporation Domestic sector : JPY-denominated transactions of domestic branches (including market transactions) International sector : Foreign currency-dominated transactions of domestic branches and transactions of overseas branches (Source) Prepared by Mizuho Research Institute from the financial statements of the relevant banks

3 Mizuho Financial Group I-ii The standing point of Japanese banks－the earnings position

 Demand for finance in our domestic business unit continues to be weak due to Japan’s prolonged deflation  Domestic interest income is also trending downward due to both decreasing loan balances and narrowing profit margins

[Megabanks: Trends in Loan Balances] [Megabanks: Domestic Interest Income]

Total of the Three Megabanks (JPY 100 million) (JPY trillion) Rate of Increase (yoy; right scale) 16,000 200 8% 14,000 6% 12,000 150 4% 10,000 2% 8,000 100 0% 6,000 -2% 4,000 50 -4% 2,000 -6% 0 0 -8% 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2006 2007 2008 2009 2010 2011 2012 11/3 11/9 12/3 12/9 03/3 04/3 05/3 06/3 07/3 08/3 09/3 10/3

(Note) Megabanks: Mizuho Bank, Mizuho Corporate Bank, The Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Banking Corporation (Souces) Summary of Financial Results; prepared by Mizuho Research Institute

4 Mizuho Financial Group II. Changes in the world macro economy and industrial structure

5 Mizuho Financial Group II-i Current Economic Conditions in Asia

 Real GDP growth rates in Asia continue to significantly exceed those of developed countries  Infrastructure is not yet fully developed in Asia. This means it is necessary to establish electricity and logistics networks as a platform for business activity and social infrastructure to support urbanization.

Real GDP Growth Quality of Infrastructure in Asian Countries

(%) Major Advanced Economies (G7) (MAX = 7) 7 14 Developing Asia 12 ASEAN-5 6 10 5 8 4 6 3 4 2 2 0 1 -2

0 Average Average Thailand China Philippines India Indonesia

-4 Asia G7 -6 00 01 02 03 04 05 06 07 08 09 10 11 12 (Note) Developing Asia : 27 countries (China ,India ,ASEAN (except Singapore) ,etc) (Souce) ADB; prepared by Mizuho Research Institute (Souce) IMF; prepared by Mizuho Research Institute

6 Mizuho Financial Group II-ii Continued Economic Weakness and Low Growth in Western Economies

 Continued pressure of household balance sheet adjustment in the US economy - Consumption is stagnating and economic growth is projected to remain slow  European economy taking an incremental approach to addressing its debt problem - Economic conditions are expected to remain weak

US Household Debt Outstanding Trends in Loan to Deposit Ratios of Banks in as a Percentage of Disposable Income Japan, the US, and Europe （％） 180% 140 Low income bracket Japan U.S. Eurozone Middle income bracket 130 160% High income bracket Total 120 140% 110 120% 100

100% 90

80% 80

70 60% 73 76 79 82 85 88 91 94 97 00 03 06 09 12 89 92 95 98 01 04 07 10 (Note) US data have been retroactively revised to reflect a change of accounting rules in April 2010. Eurozone data exclude interbank lending. (Source) FRB; prepared by Mizuho Research Institute (Sources) BOJ, Haver, ECB; prepared by Mizuho Research Institute 7 Mizuho Financial Group II-iii Demand for Finance in Asia

 Asia has high capital needs for its strong fixed investment in the private-sector and infrastructure development - Long term financing for domestic corporations and infrastructure industries will continue to be needed going forward

Investment Trends in Asian Countries (Gross Fixed Capital Formation)

Thailan 140 140 (2008 = 100) (2008 = 100) Korea dMalaysi Taiwan Thea 130 130 Singapore PhilippinesIndia Indonesia 120 120

110 110

100 100

90 90

80 80 08/ 09/3 10/3 11/3 12/3 08/ 09/ 10/ 11/3 12/ 3 3 3 3 3 (Note) Seasonally adjusted by TRAMO-SEATS except Korea/Singapore/Thailand (Note) Seasonally adjusted by TRAMO-SEATS except Korea/Singapore/Thailand (Source) Prepared by Mizuho Research Institute from each country’s statistical data (Source) Prepared by Mizuho Research Institute from each country’s statistical data 8 Mizuho Financial Group II-iv The Shift toward Asia of Japan’s Export Structure

 Japan’s proportion of exports to Asia is rising in association with the change in world demand structure - Exports to Europe and the US have decreased to just under 30% and exports to Asia have increased to just under 60% - Excluding China, the proportion of exports to Asia such as the ASEAN region is expected to increase

Change in Japan’s Export Weight by Destination Forecast 100%

80% EU US 60% ASEAN 5 NIES

40% CHINA

20%

0% (fiscal year) 95 97 99 01 03 05 07 09 11 13 15 17 (Note) Forecasts by MHRI from FY2012 onward (Source) Ministry of Finance Trade Statistics; prepared by Mizuho Research Institute 9 Mizuho Financial Group II-v Emerging Countries are at the Center of World Demand

 Emerging Countries are at the Center of World Demand and Acceleration of Local Production for Local Consumption is Unavoidable －“focus on Asia”

1. Production Volume Forecast for Japanese Car Manufacturers 3. Building a Production Network in Asia * Emerging countries are at the center of world demand and overseas production bases are shifting toward a “local production for local consumption” model. * Expanding into emerging markets is effective from the perspective of risk

Results (2010) Estimate (2020) diversification and foreign exchange risk management, in addition to capturing demand. Production volume 2,282 100% 2,944 100% China Domestic 963 42% 766 26% Overseas 1,319 58% 2,178 74% Domestic sales 496 52% 421 55% Export 467 48% 380 50%

Worldwide Demand Forecast India Japan Developed Countries 3,387 46% 3,934 40% parts capital Emerging Countries 3,999 54% 5,878 60% capital human

2. Local Content Ratio for Japanese Car Manufacturers (2011) products * Accelerating local production for local consumption = accelerating local procurement parts = accelerating “hollowing out” of Japanese industry

China Thailand India Local Local Local Production Production Production human human Content Content Content volume volume volume ratio ratio ratio parts products TOYOTA 80 95% 51 85% 14 50% NISSAN 84 90% 19 90% 13 85% HONDA 62 95% 11 90% 4 70% ・ SUZUKI 30 50% －－112 90% ASEAN/Korea/Taiwan （Source）Prepared by Mizuho Research Institute from manufacturers’ documents 10 Mizuho Financial Group II-vi Increasing Expectations for the role of Asian Financial Institutions

 The world finance environment has changed significantly as a result of weaker US and European financial institutions - Asian financial institutions and Japanese banks have continued to supply stable financing during this period

Losses in the World Financial Crisis Bank Exposure to Asia

(USD billion) 900 Losses and Capital Funding Situation of Financial Institutions from 2007 to 2011 Q2 800 UK

(USD billion) Europe (Exc. UK) 700 USA Capital Public Japan Loss Funding Funds 600

500 Worldwide 2,056 1,598 846 400

USA 1,326 834 564 300

200 Europe 680 610 281 100

Asia 51 154 1 0 2005 06 07 08 09 10 11 12 (Materials) BIS; prepared by Mizuho Research Institute (Year) 11 Mizuho Financial Group III. Mizuho’s international business strategy

12 Mizuho Financial Group III-i Mizuho: Expansion of Operations and Growth in Asia

Gross Profit from International Business Changes in International Loan Balance (ending balance) Steady expansion of international business and Loans continue to increase, especially in Asia Asia becoming key driver of growth

Gross profit from international business has increased by 52% from FY2009 to FY2011 Proportion of international business in Asia: FY2009 - 32% → 1H FY2012 - 43% (Managerial Accounting Basis; MHCB Overseas Branches + Overseas Subsidiaries) (Managerial Accounting Basis; MHCB Non-consolidated + Overseas Subsidiaries) (USD100 million) Loans (ending balance) (USD million) Asia Proportion 50% 1,800 55% 3,000 Gross Profit (LH Axis) Of Which Asia (LH Axis) Asia Proportion (RH Axis) 45% 48% 50% 46% 2,500 1,400 43% 44% 40% 45% 2,000 41% 1,402 1,000 40% 37% 2,618 35% 1,500 (+20%) 34% 32% 1,278 2,182 35% 1,025 1,000 (+27%) 30% 1,719 1,553 600 (+25%) (+10%) 30% 1,081 (+34%) 815 (+26%) 25% 500 806 (+34%) 674 552 (+46%) 200 25% 0 20%

FY2009 FY2010 FY2011 1H FY2012 FY2009 FY2010 FY2011 1H FY2012

13 Mizuho Financial Group III-ii Mizuho: Soundness and Efficiency

International Business Risk-weighted Assets and RORA Quality of International Loans

Profit structure not dependent on loans, leveraging RM relationship strength Realizing high-quality loan portfolio, mainly to investment grade customers

Growth in risk-weighted assets controlled by building up highly-rated assets (IBU Management Basis; MHCB Branches + MHCB China) (average increase rate of 6% from FY2009 to FY2011) 65% Significant improvement in profitability by building up ancillary profit Investment Grade (LH Scale) 65% 60% NPLs (RH Scale) 63% (FY2011 RORA 2.7%) 58% 55% 6% 50% (IBU Management Basis; MHCB Branches + MHCB China) (USD100 million) 50% NPL Ratio Also Down Significantly 4%

45% 2% （※） 2.6% 2,500 Loans and Guarantees (LH Axis) 3.4% 3.3% 1.6% 1.2% 1.2% Risk-weighted Assets (LH Axis) 40% 0% RORA (RH Axis) 3.2% FY2009 FY2010 FY2011 1H FY2012

2,000 3.0% Gross Profit Expense Ratio and Gross Profit per Employee 2.7% 2,251 2.8% 1,500 Efficiently expand profit while controlling expenses 2.5% 2.6% 2,020 (IBU Management Basis) (+6%) 2.4% Gross Profit per Employee (LH Axis) 1,000 (USD‘000) 1,913 Gross Profit Expense Ratio (RH Axis) 500 47% 50% 2.0% (+22%) 2.2% 41% 37% 1,571 400 34% 40% 2.0% 500 886 784 812 (+9%) 30% (+4%) 881 300 432 1.8% 378 (+14%) 20% 200 310 (+22%) 248 10% 0 1.6% FY2009 FY2010 FY2011 1H FY2012 100 0% FY2009 FY2010 FY2011 1H FY2012 （※）RORA of 1H FY2012 calculates from the gross profit of 1H FY2012 X 2

14 Mizuho Financial Group III-iii Super 30 (non-Japanese blue-chip corporations): A foundation of Mizuho’s overseas strategy

Approx. 30 non-Japanese corporate groups selected as our primary focus in each of 4 overseas regional units

Gross Profits Basic Concept

(International Banking Unit managerial accounting)  Rigorous criteria for selecting key customers (116 customer groups in 4 overseas regional units)  Strengthen relationship at management level  Continuous review of overall profitability Steady  Promotion of “Deal After Deal” marketing (USD M) increase in 3 years Obtaining Core Bank Status

Trades, Capital Market Loans Forex, etc. Deals (DCM/ECM, etc.)

500 *1 Profitability (RORA) 513 376(+36%) 287 *1 314 (International Banking Unit managerial accounting) (+31%) 4.0% １Q FY2012 FY2011 3.5% 0 １Q FY2012 3.0% FY2011 3.7% FY09 FY10 FY11 1H FY12 3.4% 2.5% 2.7% 2.8% Gross profits per （※）calculates from one customer 2.7 3.7 4.4 5.4(※）the gross profit of 2.0% group 1H FY2012 X 2 International Banking Unit Super 30 Overall 15 Mizuho Financial Group III-iv Super30 (Results of Securities Cooperation)

Acquire Securities Business Through Group Securities Subsidiaries using Relationship Management

DCM / ECM M&A Advisory – Japanese Corporations

Proceeds No. of  Foreign currency-denominated bond bookrunner deals acquired by securities (JPY Bn) Deals subsidiaries: DCM 46; ECM 1  No.1 on league tables for both lead manager for samurai bond deals through non- 1 Mizuho Financial Group 4,765.3 102 Japanese issuers acquired by securities subsidiaries and FA/managing agent for 2 Nomura 4,235.8 103 samurai bond deals through non-Japanese issuers acquired by MHCB 3 Mitsubishi UFJ Morgan Stanley 3,657.3 93 USD/EUR/GBP Bond Bookrunner Deals 4 JPMorgan 2,437.7 15

IBM AB Inbev BP SABMiller Nat Grid 5 Goldman Sachs 2,270.5 27 USD 2,000mil USD 7,500mil USD 3,000mil EUR 1,000mil GBP 400mil 2012/4-2012/12、publicly announced deals regarding Japanese corporations Joint Bookrunner Joint Bookrunner Joint Bookrunner Joint Bookrunner Joint Bookrunner excluding real estate deals Feb 2013 July 2012 May 2012 Nov 2012 May 2012 Source: Hong Kong IPO Deals POWL Deals Syndicated Loans in Asia

Proceeds (USD M) Market Share 1 Mizuho Financial Group 4,559.6 6.5%

2 Standard Chartered PLC 4,460.5 6.3%

Samurai Bond Lead Manager Samurai Bond FA/Managing Agent 3 State Bank of India 4,449.1 6.3%

4 HSBC Holdings PLC 3,443.3 4.9% Amount (JPY100m) Number of Deals Amount (JPY100m) Number of Deals 1 MHSC 3,822 49 1 MHCB 13,387 50 5 DBS Group Holdings 3,110.6 4.4% 2 Nomura Securities 3,571 36 2 Mitsui Sumitomo Bank 5,038 21 6 Sumitomo Mitsui FG 2,987.7 4.2% 3 Daiwa Capital Markets 3,141 37 3 Bank of NY Mellon 1,000 2 4 MUFJ Morgan Stanley 2,556 33 4 Mitsubishi Tokyo UFJ Bank 514 3 8 Mitsubishi UFJ FG 2,390.3 3.4% Jan.-Dec.2012, bookrunner basis (USD, EUR, JPY, AUD, HKD and SPD) excluding Japan 5 SMBC Nikko Securities 1,727 31 Apr 1, 2011 – Mar 31, 2012 Source: Thomson Reuters Source: Thomson Reuters Apr 1, 2011 – Mar 31, 2012 Excluding self-issued bonds/private placement bonds Source: Thomson Reuters

16 Mizuho Financial Group III-v Strategic Moves into Growth Areas(1)

Asia Infrastructure Projects

USD8 trillion infrastructure Increasing expectation of business opportunities (over 30% of companies demand in Asia (2010-20) recognize this as a business opportunity)

 Origination function at project outset  Cross-functional response throughout the bank

Business Opportunity Main Results Project Finance Advisory Mandates Closed in Asia Pacific  Integrated environmental township development in Chennai, India Amount (USD billion) Business Participation in Smart City  Energy-efficient business and small-scale Project 1 Credit Agricole 40.0 environmental city development in Tianjin Economic Development Zone, China 2 Mizuho Financial Group 40.0 3 Royal Bank of Scotland 12.9  Establishment of Japan-China Energy Equity Investments Saving & Environment Conservation Fund 4 Macquarie 5.7  Establishment of Mizuho ASEAN PE Fund 10 SMFG 0.3  Power Project in Indonesia Jan 1, 2012 – Dec 31, 2012 Advisory Source : Project Finance International  Port project in Vietnam Business Alliances with Non-  Petro Vietnam, Hyflux Japanese Customers

 Lead arranger for a combined-cycle gas Project Finance turbine power generation project in Nong Saeng, Thailand

17 Mizuho Financial Group III-v Strategic Moves into Growth Areas(2)

Response to Internationalization of Renminbi

Expanding trade/capital Potential to become third reserve currency settlements denominated in RMB due to easing of regulations Capture business opportunities in RMB

Response to funding and investment in RMB Response to increasing RMB trade settlement

 Support RMB funding from offshore markets  Provide a range of funding instruments  Completed preparations to handle RMB at all overseas offices * Except India, where regulations prevent this  Composed RMB-denominated syndicated loans in First Japanese => Focus on acquiring deposits/settlements in the US and Europe Japan and Hong Kong Bank as well as Asia - Auto parts manufacturer, non-bank  Arranged dim sum bonds - Japanese non-bank/lease companies, Taiwanese Bank-Securities cement company Cooperation  FA for RMB-denominated parent-subsidiary loan scheme - Japanese lease company, European non-Japanese First Foreign company Bank  Appointed1 lead manager for China Development Bank bond underwriting 2  Issued RMB-denominated bank debenture in China First Japanese (CNY1.0 billion) Bank  Obtained approval to invest in the Chinese interbank corporate bond market

18 Mizuho Financial Group III-v Strategic Moves into Growth Areas(3)

Capital Investment in Vietcombank (Vietnam)

 Acquired 15% of Vietcombank shares (after dilution) through a capital increase by third-party allocation in Dec 2011  Largest private shareholder, second to Vietnamese Government Overview of Vietcombank Strategic Significance of Investment

 One of the largest commercial banks in the Socialist Republic of Vietnam,  High economic development is projected for Vietnam. Ranked 4th on established in Oct 1962, largest issuer of cards, 20% share of trade JBIC Promising Countries/Regions for Mid-Term Business settlements (2010) Development survey (Bridgestone and Kyocera-Minolta confirmed  After the investment, Mizuho sent one director (vice-president) and five major investments in FY2011) employees to Vietcombank to provide expertise in products, risk  Provide services using Vietnam domestic network and information management, and internal control base to Japanese companies expanding their businesses to Vietnam  Dominant position in foreign exchange, trade finance, and settlement-  Partnership in retail business such as consumer finance in Vietnam related business. Provides a wide range of financial services in Vietnam as a financial conglomerate including securities, wealth management, and * Survey report related to overseas business development of Japanese manufacturing insurance subsidiaries within the group businesses – FY2011 Overseas Direct Investment Survey Results (#23) Acquisition of Banco WestLB do Brasil S.A.

 On Jun, 2012, MHCB reached agreement with the German bank, WestLB AG, to acquire its Brazilian corporate banking subsidiary,Banco WestLB do Brasil S.A.

Overview of Banco WestLB do Brasil S.A. Strategic Significance of Investment  Banco WestLB do Brasil S.A. (Sao Paulo) is a medium-size bank  With strong domestic demand and rich natural resources supporting established in 1911 with total assets of approximately USD1.5 billion various industries, Brazil is rapidly becoming one of the most powerful (as at December 30, 2011). It has 66 employees and focuses mainly economies in the world. on wholesale banking.  To further contribute to development of economic relations between Latin America and Asia by supporting Asian companies’ investment to the area, providing trade finance, and facilitating cross-border M&A activities.

19 Mizuho Financial Group III-vi Overseas Network

Total of 86 Overseas Offices. Approximately Half (44) in the Asia-Pacific Region

 Offices established since FY2012: April, 2012: Yangon Representative Office (Open) (As at end-January, 2013) January, 2013: Expansion of Business at Yangon Representative Office January, 2013: Kunshan Sub-branch and Tianjing Heping sub-branch (Open)  We will continue to consider advance establishment of offices in regions our customers are projected to expand into and regions that we expect to have potential/ongoing growth going forward. (We have obtained approval for branches in Bangalore and Chennai, India, and approval to open a representative office in Phnom Pehn, Cambodia )

MHCB (China)

■ The Americas (21) Europe/Middle East (21) Asia/Pacific (44)

Brazil USA Austria Russia China The Philippines Sao Paulo ● New York ●■■■◆◆◆ Vienna ■ Moscow ▲■ Beijing ■◆ ■ Taipei ● Manila ● The Bahamas Chicago ●■ Belgium Switzerland Dalian ■■ Nassau ■ Los Angeles ●■ Brussels ■ Zurich ◆ Taichung ● Singapore Guangzhou ■ Canada Atlanta ●■ France UK Kaohsiung ● Singapore ●◆◆ Hong Kong ●■◆◆ Toronto ● Houston ●■ Paris ● London ●●■◆ India Thailand Kowloon ● Vancouver ● Italy Bahrain Mumbai ●◆ Bangkok ● Nanjing ▲ Cayman Islands Mexico Milan ● Bahrain ▲ New Delhi ● Qingdao ■ Vietnam ● Mexico City ● Germany Iran Cayman Shenzhen ■ Indonesia ● Dusseldorf ● Tehran ▲ Shanghai ■◆◆ Jakarta ■ ● Frankfurt ● UAE Tianjin ■ Korea Luxembourg Dubai ● Myanmar ● MHCB Overseas Branch/Sub-branch Wuhan ■ Seoul ● Munsbach ◆ Saudi Arabia Yangon ● ▲ MHCB Overseas Representative Office Wuxi ■ The Netherlands Riyadh ◆ Malaysia Australia ■ MHCB Overseas Subsidiary etc. Xiamen ▲ Amsterdam ■ Turkey Labuan ● ●■ ◆ MHSC/MHTB/DIAM Overseas Subsidiary etc. Suzhou ■ Sydney Spain Istanbul ▲ Kuala Lumpur ●■ Kunshan■ Madrid ■ Tainjing Heping■ 20 Mizuho Financial Group III-vii Expanding the Business Portfolio using Strategic Business Alliances

Pursue the best mix between organic and alliance strategies, considering market characteristics of countries and regions

China Korea Asia China CITIC Bank Shinhan Financial Group Russia Sberbank of Russia China Development Bank Korea Development Bank Taiwan Mongolia Austria Raiffeisen Zentralbank Ministry of Economic Affairs Trade and Development Bank of Mongolia The Philippines Laos USA Qatar India Bank of the Banque Pour Le Philippine Islands Evercore Qatar National Bank State Bank of India Exterier Lao Public Turkey Thailand Vietnam BoA Tata Group Akbank T.A.Ş Tisco Bank Vietcombank BlackRock Singapore Malaysia UAE Maybank Mexico Mashreq Bank Hyflux Indonesia Banco Santander (México) S.A. Ascendas Balimor Finance Brazil South Africa Eurekahedge Bank Negara Indonesia Itau Unibanco Standard Bank of South Africa

Australia ANZ Banking Group

*Alliance partners shaded in black indicate a capital alliance relationship.

21 Mizuho Financial Group IV. Mizuho’s medium-term business plan (One MIZUHO New Frontier Plan)

22 Mizuho Financial Group IV Mizuho’s medium-term business plan (One MIZUHO New Frontier Plan) (1)

Global structural changes and financial industry’s roles (Necessary elements for “New Frontier of Finance”)

Significant changes in environment At a turning point regarding “what the mission of surrounding financial institutions financial institutions ought to be”

Necessary elements for “New Frontier of Finance”

Change in Economic (1) Focus on real customer demand Structure (“client- Business Environment oriented”)

Changes in (2) Sophisticated risk-taking and strengthened financial intermediation Change in Financial Industry Tightening of Regulations (3) Globalization

(4) Abundant liquidity and appropriate capital level Change in Industrial Structure and Customer Trend (5) Strong corporate governance supported by strong corporate culture

23 Mizuho Financial Group IV Mizuho’s medium-term business plan (One MIZUHO New Frontier Plan) (2)

Mizuho’s unique approach to the necessary elements for the “New Frontier of Finance” Mizuho’s Vision The most trusted financial services group with a global presence and a broad customer base, contributing to the prosperity of the world, Asia, and Japan.

Necessary Elements for the Future Direction based on our Analysis of New Frontier of Finance Mizuho’s Current Situation (1) Focus on Real Customer 1. Further develop integrated strategies across (1) Provide unified group solutions by thoroughly Demand (Client- Group the group for each customer segment to promoting sharp bank-trust-securities strategy Orientation) respond to the diverse needs of our customers for each customer segment

(2) Further develop strengths by focusing actions (2) Sophisticated Risk-taking 2. Contribute to sustainable development of on growth markets and businesses in which we and Strengthened Financial Growth the world and Japan by proactively responding have competitive advantages, and boost market Intermediary Function to change share in strategically important businesses ５つの基本方針 < > (3) Build a group earnings structure combining both (3) Globalization Global 3. Mizuho Means Asia: accelerate globalization stability and growth

Ground 4. Build strong financial and management (4) Enhance profitability by improving group (4) Abundant Liquidity and work foundations to support the essence of Mizuho management efficiency and realizing overall Appropriate Capital Levels group optimization, and secure sufficient levels of capital 5. Form strong corporate governance and culture (5) Strong Corporate Govern (5) Strengthen the Mizuho brand through actions Governance supported by -ance in the spirit of One MIZUHO such as improving customer service Strong Corporate Culture

24 Mizuho Financial Group Thank You

This presentation includes future projections such as business strategy and numerical targets. These projections include assumptions made based on information available at the time of preparation of this presentation and uncertain factors that may impact future projections such as business strategy and numerical targets. These projections and assumptions are not guaranteed to be realized in the future and may significantly differ from actual results. Items related to future projections such as business strategy and numerical targets also reflect our recognition at the time and include certain risks and uncertainties. Except where required under regulations for listed securities stipulated by the Tokyo Stock Exchange etc., Mizuho does not constantly revise or update its future projections such as business strategy and numerical targets in the event of the occurrence of new information or events or for any other reason, nor does it have any responsibility to do so.

25 Mizuho Financial Group