#1Investor Presentation for FY2021 May 18, 2022 Mizuho Financial Group MIZUHO#2Table of Contents MIZUHO Financial Results for FY2021 Management policy for FY2022 - Financial Management - Business Strategies Personnel and organization Appendix P. 3 P. 9 P. 11 P. 20 P. 29 P. 34 2#3Financial Results for FY2021#4Summary of FY21 financial results • • (JPY B) FY21 YOY Consolidated Gross Profits + Net Gains (Losses) related to ETFs and others¹ 2,254.3 +53.6 G&A Expenses -1,414.9 -6.3 (excl. Non-Recurring Losses and others) Consolidated Net Business Profits + Net Gains (Losses) related to ETFs and 853.1 +53.4 others 1 2 o/w Customer Groups 678.0 +127.9 o/w Markets 150.5 -121.22 (Consolidated Net Business Profits) 851.2 +53.5 Credit-related Costs -235.1 -30.2 Net Gains (Losses) related to Stocks -45.7 -55.8 Net Gains (Losses) related to ETFs and others¹ Ordinary Profits • 559.8 +23.5 3 Net Extraordinary Gains (Losses) 44.0° -71.8 Net Income Attributable to FG 530.4 +59.4 CET1 Capital Ratio (Basel IIl finalization basis) 4 Cash dividend per share 9.3% +0.2% JPY 80 +JPY 5 Consolidated Net Business Profits + Net Gains (Losses) related to ETFs and others Solid performance in Customer Groups contributed to +6.6% YoY increase. Achieved 104% against the upwardly revised plan of JPY 820B.5 Credit-related Costs Recorded reserves to the maximum extent possible, with regard to reserve from a Forward looking perspective considering Russia-related factors, in addition to reserve for some clients. Net Income Attributable to FG Steady build-up in earnings from core operations and special factors in tax effects resulted in +12.6% YoY increase. 6 Achieved upwardly revised plan of JPY 530B. CET1 Capital Ratio Maintained target level of the lower end of the 9-10% range with steadily capital accumulation. Annual cash dividends of JPY 80 to be distributed as planned. 1. Net Gains (Losses) related to ETFs and others were JPY 1.9B (-JPY 0.1B YoY). 2. New management accounting rules were applied in FY21. Figures of YoY were recalculated based on the new rules. 3. Includes gains on cancellation of employee retirement benefit trust of JPY 74.2B (-JPY 2.7B YoY). 4. Excluding Net Unrealized Gains (Losses) on Other Securities. 5. Upwardly revised to +JPY 30.0B in FY21 H1. 6. Tax effect and other factors related to right-sizing of SC capital implemented as a part of the revision of subsidiaries' capital policy in FY21 Q1 (+JPY 57.1B). 7. Upwardly revised to +JPY 20.0B in FY21 H1. MIZUHO 4#5Consolidated Net Business Profits (Customer Groups) (JPY B) 354.1 Outside Japan 97.3 16.7 In Japan 212.3 678.0 Group Aggregate ■ Historical high since introduction of the in-house company system (in each in-house company) Approx. +320.0 Approx. +210.0 263.9 GCC 466.3 27.8 FY16 FY17 FY18 FY19 20.3 AMC 297.3 CIC 96.4 RBC FY20 FY21 New management accounting rules were applied in FY21. Figures for FY16-FY20 were recalculated based on the new rules. MIZUHO • • US capital markets/ transaction banking in Asia Improvement of Loan Spread Build-up AUM of publically-offered investment trusts • Comprehensive pension consulting • • • Strategic Investment area/ structured finance Real estate related business Business related to individual asset formation and real estate Cost reductions achieved through structured reforms 5#6Progress against the 5-Year Business Plan Financial Targets Before recording one-time losses 7.4% Consolidated ROE 1 (JPY B) Approx. 7-8% 6.4% 心 1.2% FY18 FY21 FY23 Common Equity Tier 1 (CET1) Capital Ratio target levelⓇ 3 9.3% Maintain the target level 8.2% Lower end of the 9-10% range Consolidated Net Business Profits 853.1 Before recording one-time losses 603.1 408.3 FY18 2 Approx. 900.0 FY21 FY23 Reduction of cross-shareholdings* (JPY B) Sales -315.8 Achieved the reduction target of JPY 300.0B through sales only Mar-19 Mar-22 Mar-19 [Assumed financial indicators for FY23 targets] JGB (10-yr): 0.15%, Nikkei 225: JPY 22,100, USD/JPY: JPY 101 Mar-22 1. Excluding Net Unrealized Gains (Losses) on Other Securities. 2. Consolidated Net Business Profits + Net Gains (Losses) related to ETFs and others. 3. Basel III finalization basis, excluding Net Unrealized Gains (Losses) on Other Securities. 4. Acquisition cost basis. MIZUHO 6#7Progress of the business improvement plan ■ Submitted a business improvement plan in January 2022. Initiated measures for improvement and completed direct prevention of system failure recurrences as well as structure establishment. Those two measures were introduced to lower the likelihood of system failure and to make prompt reaction in case of emergency. ■Going forward, regular inspections and management of established structure are to be taken. Х ATM oppo Prevention of system failures Enhancement of system failure response capabilities Governance Key actions Prevent recurrences in locations of system failures and similar locations where failures have occurred Predictive management and conservative approach toward replacing hardware for important infrastructure and check redundant configuration Constantly inspect and modify applications for stable operation. (re-examination of MINORI services that have not yet been put into use, etc.) Check overall processing/data flow and system architecture for important settlement business and establish appropriate SCP/BCP taking into account timing of the system failure Improve ATM operations to minimize the impact and to avoid inconvenience for customers (prevent ATM cards and /bankbooks from being captured, and install cameras with speaker, etc.) Appropriate allocation of corporate resources and personnel based on on-site-feedback. Legal compliance, among all, on foreign exchange-related laws and regulations. Progress¹ Completed Ongoing based on criticality Ongoing based on criticality Sequential implementation of WT 2 and training, starting with important operations Specification changes completed Framework established Structure development and training completed Ongoing to further improve in convenience Addressed continuously Continuously work to make these take root רח Personnel and ✓✓ organizations Improve business operations and communication throughout the organization. 1. As of the announcement on April 15, 2022. 2. Walk Through rehearsal. MIZUHO Addressing sequentially 7#8Impact related to system failure Stable FY21 Allocated additional budget during the year to strengthen our operation base Measures to be implemented in FY22 and beyond ■ Allocated Expenses and Investment below in order to fully implement the Improvement Plan ■ Actual spending will be conducted in a disciplined manner business operation (JPY B) A) Budget B) Expenditure amount B/A (JPY B) Budget for FY22 Expenses 7.5 1.9 25% Non-recurring expenses 7.0 3.3 47% Expenses Non-recurring expenses 12.0 5.0 IT Investment 13.0 6.8 52% IT Investment 7.0 (Reference) Impact on business Impact on Gross Profit is minimal. No. of ordinary deposit accounts for individual customers : Decrease by approx. 25K YoY (vs Mar-21) In Mar-22, increased by approx. 3K compared to the previous month ■ Continue to anticipate no significant impact on gross profit ■ Continue to take necessary initiatives to strengthen correspondence to changes of customers' needs and life style ■ Improved user evaluation on updated Mizuho Direct App. Continuously enhance user convenience MIZUHO 8#9Management policy for FY2022#10Today's key message Financial management Business strategy Personnel and organization MIZUHO • • • • • • Aim for sustainable growth by focusing on quality of earnings and ROE, while placing the highest priority on ensuring stable business operations Continuously optimize risk profile monitoring geopolitical risk, inflation, US yield curve etc., and keep appropriate balance sheet management Maintain the current dividend estimates for FY22 at JPY 80 for now based on the uncertainty of the business environment Continue to expand platform in focused areas in order to cement our strength and pursue further growth Integrate non-financial capabilities (e.g. "Mizuho Research & Technologies" and "Mizuho-DL Financial Technology") and financial capabilities to provide value added solution to the clients Connect internal/external resources/intelligence to improve customer journey, enhance productivity and contribute to clients' DX Improve HR framework and promote employee-friendly workspace in order to enhance employee engagement which will promote win-win relationship between employees and institution ● Management fully committed to directly engage with our employees • Pursue growth through continuous investment in human resources and IT/DX 10#11Financial Management#12Improvement in quality of revenue (1) Consolidated Net Business Profits. (JPY B, rounded figures) Group aggregate 1 Approx. 900.0 853.1 860.0 46.0 61.0 160.0 +16.0 Increase Decrease Credit-related fees (GCC) Asset Management 2 Solutions (RBC) 603.1 265.0 281.0 (Sales fee etc.) G&A Expenses 270.0 S&T (growth investment) 3 Banking 74.0 FY23 500.0 Upside 150.0 543.0 519.0 Stable revenue 388.0 FY18 FY21 FY22 Plan -24.0 Increase Decrease Loans and deposits Dividends outside Japan (Cross-shareholdings) Transaction banking outside Japan G&A Expenses (Stable business operations) Asset Management (Fiduciary income etc.) 1. The aggregate figures of stable, upside and banking do not match consolidated net business profits in the same period by the difference between financial and management accounting. 2. Before recording one-time losses. 3. Figures announced in the 5-Year Business Plan. MIZUHO 500.0 3 FY23 12#13Improvement in quality of revenue (2) Net Business Profits by In-house Company (JPY B, rounded figures) Customer Groups¹ 1 Group aggregate Stable revenue Upside Banking Markets1 265.0 721.0 702.0 653.0 227.0 215.0 179.0 463.0 204.0 2 153.0 155.0 132.0 61.0 138.0 46.0 494.0 74.0 487.0 449.0 48.0 64.0 62.0 325.0 13.0 45.0 58.0 54.0 48.0 н FY18 FY21 FY22 FY233 FY18 FY21 FY22 FY233 Plan Plan Retail & Business Banking Corporate & Institutional Global Corporate Asset Management 297.0 285.0 309.0 305.0 95.0 20.0 20.0 92.0 98.0 77.0 89.0 77.0 52.0 48.0 20.0 20.0 199.0 196.0 232.0 228.0 43.0 43.0 FY21 FY22 Plan FY21 FY22 Plan FY21 FY22 Plan FY21 FY22 Plan MIZUHO 1. The aggregate figures of Customer Groups and Markets do not match the Consolidated Net Income Profits due to the recording in the Head Office and other. 2. Before recording one-time losses. 3. Figures announced in the 5-Year Business Plan. 13 3#14Improvement in quality of revenue (3) Gross Profits ROE/ Expense ratio In-house Company' FG 1 Group aggregate Risk return (Gross Profits ROE) Improve 2 60% (JPY B) : FY18 Results AMC : FY22 Plan 20.0 Size of : Net Business Profits GMC S&T 3 70.0 RBC 40% 92.0 20% 90 0% 100% 80% 60% GCC 305.0 CIC 285.0 GMC Banking 4 132.0 40% 20% 0% Risk return: Gross Profits ROE 24% 22% (JPY B) 20% 603.1 2 18% 75% 70% 65% 860.0 Cost return: Expense ratio 60% ■Risk-return and cost-return are steadily improving at each in-house company ■Continue initiatives to achieve consolidated ROE: 7-8%, as a target set in the 5-Year Business Plan Cost return (Expense ratio) Improve 1. New management accounting rules were applied in FY22. Figures were recalculated based on the new rules. 2. Before recording one-time losses. 3. Incl, XVA profits and losses. 4. MTM basis. MIZUHO 14#15Expenses (JPY B) Expense ratio Growth investment +33.0 +35.0 +9.0 New business areas Responding to Stable business 63.3% +11.0 Strengthening structural issues operations existing business domains 2 1,432.0 -26.0 +28.0 Human resources and +15.0 IT system investment +11.0 Special factors -26.0 Personnel costs in Japan and other Cost related to IT systems +28.0 and other 62.9% Example of contribute growth investment Inflation, FX effect and other Group aggregate 63.9% 1,502.0 1,421.3 Investment into S&T and digital marketing: + approx. JPY 8B 3 Gross Profits increase (accumulation): + approx. JPY 64B FY21 1. FY22 rules. Breakdown of increase and decrease are rounded figure, management accounting basis. 2. Actual basis considering special factors. 3. Cumulative to FY24. FY22 Plan MIZUHO 15 1#16Credit-related Costs (JPY B) MIZUHO Approx. 80% _Outside Japan: Approx. 20% RBC: +23.7 Japan: CIC: GCC: -173.0 -74.0 -235.1 -100.0 -119.0 -116.1 FY21 81.7 (FY21 results) Consolidated ■ Recorded reserves to the maximum extent possible, with regard to reserves from a Forward looking perspective considering. Russia-related factors, in addition to reserves for some clients. Reserves related to Russia (including extended indirect effect) o/w Reserves recorded from a forward-looking perspective -46.3 FY22 estimate FY23 conceptualization Reserves recorded from a forward-looking perspective (Mar-22) (Outlook) While accumulation of the effect on creditees by the prolonged COVID-19 pandemic is anticipated, partial usage for the intended purpose of the past reserves recorded from a forward-looking perspective which address uncertain business environment and others can be assumed. 16 160#17Reduction of stocks (JPY B) No. of stock names Acquisition cost basis 1 1,319 1,962.9 Mar-15 -543.0 Sales only -315.8 3 2 882 Achieved the reduction Extend target period by 2years 1,419.8 target of JPY 300 B Mar-19 1,077.3 Mar-22 Mar-24 Consolidated 5-Year Business Plan (Mar-19 to Mar-24) Cross-shareholdings Sales target: -JPY 450B Reference: Reduction of stocks in the retirement benefit trust (From Mar-20 to Mar-22) Reduction: CET1 capital ratio (Basel III finalization basis) 4: (Outlook of Mar-22 to Mar-24) Reduction: CET1 capital ratio -JPY 425.7B +0.3% 5 -JPY 170.0B (Basel III finalization basis) 4: Approx. +0.1% 1. BK, stocks listed in Japan 2. About half the cross-shareholding of 882 companies are already partially reduced during Mar-15 to Mar-22. The ratio of clients with a book value of JPY 5.0B or more among the 882 companies is less than 10% (accounting for approx. 60% of the total book value). 3. Decrease in book value from Mar-19 to Mar-22: -JPY 342.5B (o/w sales: -JPY 315.8B, o/w impairment loss: -JPY45.4B, temporal increase due to reverted stocks from the Employee Retirement Benefit Trust: JPY 12.0B). 4. Excl. Net Unrealized Gains (Losses) on Other Securities. 5. Reduction forecast based on market value and market conditions at Mar-22, and will fluctuate depending on future trends in market value. MIZUHO 17#18Earnings Plan for FY22 Consolidated (JPY B) FY21 FY22 Results Plan YOY Road map: Net Income Attributable to FG 1 (JPY B) Credit-related Consolidated Net Business Costs Profits +135.1 853.1 860.0 +6.9 (+Net Gains (Losses) related to ETFs and others) Credit-related Costs -235.1 -100.0 +135.1 Net Gains (Losses) related to Stocks Consolidated -45.7 20.0 +65.7 (-Net Gains (Losses) related to ETFs and others) Net Business Profits² +6.9 Ordinary Profits 559.8 770.0 +210.2 530.4 Net Income Attributable to FG 530.4 540.0 +9.6 FY21 Net Gains (Losses) related to Stocks³ +65.7 Profits from the reversion of the retirement benefit Trust -54.04 Tax effect, other 4 -144.0 540.0 FY22 Plan Assumptions under the Earnings Plan: JGB (10-yr) 0.25%, UST bonds (10-yr) 2.78%, Nikkei 225 JPY 27,600, USD/JPY: JPY 127 1. Increase and decrease breakdown: rounded figures, management accounting. 2. Including Net Gains (Losses) related to ETFs and others. 3. Excluding Net Gains (Losses) related to ETFs and others. 4. Rounded figures. MIZUHO 18#19Shareholder Returns Capital policy Pursuing the optimal balance between capital adequacy, growth investment and enhancement of shareholder return Shareholder return policy Cash dividend per share Progressive dividends being our principal approach while executing flexible and intermittent share buybacks ✓ As for the dividends, we will decide based on the steady growth of our stable earnings base, taking 40% of the dividend payout ratio as a guide into consideration ✓ As for share buybacks, we will consider our business results and capital adequacy, our stock price and the opportunities for growth investment in determining the execution FY22 (estimate) : JPY 80 • Interim (estimate) : JPY 40 Fiscal year-end : JPY 40 (estimate) Reference: FY22 earnings plan Net Income Attributable to FG: JPY 540B (Payout ratio 37%) MIZUHO FY22 approach . • Maintain the current dividend estimates as of now with concern to the prolonged uncertainty in the business environment such as the ongoing situation in Russia Adjust FY22 dividend estimates as and when appropriate, closely monitoring the likelihood of reaching this fiscal year's target Share buybacks in accordance with the shareholder return policy 19#20Business strategies#21Business strategy (Priority areas) (1) Retail Achievements to date Established a comprehensive wealth management strategy integrating capabilities in BK/TB/SC under the newly reorganized branch network Successfully expanded AUM and strengthened stable revenue base Direction going forward Further enhance and accelerate current strategies Upgrade consulting skills visualizing clients' life event, income stream, risk appetite etc. Equity investment trust1 Target level Equity investment JPY 6.6T trust holding +JPY 2.5T (Compared to Mar-19) 2 4.9 yrs period Equity investment trust 10T T scale SC fund wrap JPY Target level 1 T scale JPY 430.0B Industry average 3.9yrs JPY 6.6T (As of Mar-22) (As of Mar-22) SMES Reorganized structure to align our strategy/resources to each client segment Capability enhanced to propose solution tailored to each clients' needs. Increase in deal pipeline through further BK-TB-SC collaboration Further strengthen solution providing capability tailored to meet clients' needs Accelerate solution toward clients' growth strategy taking into account trends surrounding DX/SX, MA based on business succession etc. FY23 Target level Approx. 2.0x Deal pipeline³ 23% increase Revenue related to innovative companies 4 1.3x Revenue related to innovative companies 4 (Compared to FY19) (Compared to FY19) As of Mar-22 (Compared to Mar-21) Target level 2x No. of sustainability- related product lineup (Compared to Mar-22) 1. Publicly offered equity investment trust. Results as of Mar-22. Amount of increase from Mar-19. 2. As of Mar-22. Calculated by dividing previous year's average balance by total cancellations/redemption value. Industry average prepared based on data published by Investment Trust Association, Japan. 3.Solution-related deals pipeline (profit estimate amount basis). 4. Gross Profits. MIZUHO 21#22Business strategy (Priority areas) (2) Large corporations (in Japan) Achievements to date Redeployed capital raised through the reduction of Cross-shareholdings to Strategic Investment area Expanded our value chain business continuously providing solution to clients such as in M&A and real estate business. The approach has been enhanced by collaboration among BK-TB-SC, which has been accelerated by the implementation of the IG/RG system. Direction going forward Fully leverage Industry Group structure and value chain business creation capabilities. Leverage Mizuho Leasing capability to share risk with clients ■ Leverage non-financial capabilities to support our clients' business transformation to achieve carbon neutral and enhance SDGs FY23 Target level FY22 Target level No. of SA Sl area revenue 1 Approx. 2x Real estate related 23% increase LS Profits 1.7׳ 3 acquisition 1st place deals 4 revenue (Compared to FY19) (Compared to FY19) (Compared to FY19) Outside Japan Devoted resources to establish a fully integrated US CIB model Dramatically increased Leverage Finance fee and S&T flow through integrating BK-SC trading book and quoting competitive price along with strengthening collaboration between client facing and market divisions Build our next generation US CIB model expanding ECM/MA capability and also expanding risk taking capability. Adopt CIB model in other regions such as Asia leveraging success in US FY23 Target level 25% increase (Compared to FY20) US CIB Fee pool (Share) FY27 Target level 1.0% increase (Compared to FY20) US IG/DCM 5 8th Americas S&T Gross Profits 2.1x Americas Gross Profits Ranked 1st as a Japanese bank (Compared to FY18) 1. Strategic investment (SI) area, including the equity/mezzanine business. 2. Industry Group/ Regional Group, aligned BK RM and SC Coverage into 5 industry groups to enhance sector intelligence. 3. Calculated based on Mizuho Leasing figures. Plan for Net Income Attributable to FG. FY19: JPY 17.5B vs FY23: JPY 30B. 4. Structuring Agent. Agent business which originates SDGs bonds deals and adjustment between related people. 5. Bonds issued by investment grade corporations. Fee basis. Source: Dealogic. 6. Derivatives and S&T+Investment banking. MIZUHO 22 22#23Global retail strategy Contributing to financial inclusion and else through Digital Finance in Asia, where population growth and economic growth are expected Vietnam Population: Smartphone penetration rate : Percentage of 94.6 M 72% bank account holders: 31% Approx. 7.5%2 Global retail strategy in Vietnam Approx. 7.5%2 MIZUHO mo mo MIZUHO No. of users approx. mobile money No. of member companies approx. 7M/month 140K 3 App share Over 50% Approx. 10% Approx. 15% Prospect collaboration between face-to-face finance and digital finance mo mo mobile money No.1 super-app 3 in Vietnam (share 4) tonik First digital bank in the Philippines Philippines¹ Population: Smartphone penetration rate : Percentage of 106.6 M 65% bank account holders: 34 % • Provide Vietcombank's financial services on MoMo app Vietcombank No. of personal bank accounts approx. 20M Credit card transaction volume 5 No. 1 5 No. of online banking customers 1. Source: IMF "World Economic Outlook April 2019," BCG, and Ministry of Foreign Affairs, RT. 2. Shareholding ratio in Online Mobile Services Joint Stock Company 3. Source: MoMo info memo. 4. All-encompassing mobile application that can provide multiple services on personal life, including messaging, ride-hailing, and payment. 5. Vietnam. Source: IR presentation material announced by Vietcombank in Mar. 2021. No. 1 MIZUHO 23#24Mizuho's DX ecosystem Mizuho's capabilities IT implementation capabilities MIZUHO Leading-edge technology and expertise Marketing capabilities Ability to solve social issues Data analysis and Al technology External resources/ Alliances SoftBank Corporate culture Google Cloud Customer base Frontier J.Score JJcoin Incubation Group CDIO Gatekeeping Open & Connected New business development Advancement of existing businesses Customer's productivity improvement Mizuho's Start-up companies Large corporations Frontier PayPay * LINE Credit securities LINE Bank Preparatory Company Create new values by solving pain points. mo mo mobile money tonik 24#25New initiatives in digital strategy Reinforcement of digital infrastructure through strategic alliance with Google in DX MIZUHO Google Cloud Realization of hyper- 1 personalized marketing Marketing capabilities Data analysis utilizing Al Corporate culture Autonomous organization promoting innovation Realization of advanced financial services Transformation of corporate culture Communication tailored to the potential needs/appetite of each client • Create a new platform to provide advanced financial services such as BaaS • Organizational transformation by leveraging Google Cloud 2 consulting services and expertise 1. Bank as a Service. 2. Google Cloud is a trademark of Google LLC. MIZUHO 25 25#26Sustainability business initiatives Achievements to date ■Creating business through engagement with clients Publicly offered bonds in Japan SDGs bonds No. 1 2 1 ||Strengthening initiatives for transitions ■Supporting clients' transition by demonstrating non-financial capabilities 1 Sustainable finance (Loans) origination/ global No. among Japanese banks Recognition of issues Strategy planning for 3 consecutive Strategy implementation Business structure reforms years Low carbon solution × Finance /EON MALL Largest scale/1st in Japan • Support Low carbon solutions • Cross- BK-SC-LS integrated initiatives • Transition bond origination TOKYO GAS 1st deal in energy company in Japan Originated transition bonds against initiatives towards transition to a low-carbon society Non-financial capabilities TB Industry research Industry knowledge/ Finance and capital strategy expertise Business and management strategy discussions based on industry trends RT FT BK Advanced technology/expertise • ESG management consulting . . • 4 ICP system study Business consulting Business risk quantification Consultants in environment/ SC LS Sustainability-related financial solutions • Transition finance . • • Finance towards renewable energy Support acquisition of carbon credits Promote decarbonization of supply chains energy fields Over 130 5 • Appointed as a structuring agent Equity investment in transition areas Started aiming JPY 50.0B and above 1. League table results from April 2021-March 2022. Source: Refinitiv. 2. League table results from April 2021-March 2022. Source: Prepared by BK based on data published by Refinitiv. 3. Solar light off-sight corporate PPA making use of whole self-consignment system on a national basis. 4. Internal carbon pricing. Initiatives for corporates to price CO2 emissions individually and framework to encourage strategies towards decarbonization of corporates. 5. No. of consultant working at Sustainability Consulting Division 1 and Sustainability Consulting Division 2 of RT. MIZUHO 26#27Creating business and strengthening risk management through engagement Major accomplishments for FY21 Engagements EXP in high-risk areas High-risk areas: Identified by assessing risk among 2 axes Clients' response to 2,300 companies Classified sectors in cumulative total based on business structure of each client transition risk Primary purpose Number of companies Carbon-related sectors ² Mar-21 Creating business Mar-22 (Preliminary figures) 1,300 opportunities Electric utilities ☑ JPY 1.8T Promoting sustainability initiatives of clients. Oil, gas and coal JPY 1.6T Strengthening risk 1,000 Steel management Dialogue from the perspective of responsible investment and financing JPY 13.1T Cement *Figures calculated with the same standard as of Mar-22 :JPY 1.6T Strengthen engagement on carbon-related sectors. Sustainable finance¹ o/w environmental finance JPY 4.6T • (cumulative total since FY19) . Add steel and cement on carbon-related sectors Clarify engagement requirements Carefully judge the continuation of business relationship if transition strategy is not formulated after a year from the start of initial engagement and if the clients are showing no interest to address transition risk. 1. Financing to support and facilitate clients' response to ESG/SDG-related areas, including financing requiring clients to meet certain related conditions, and providing consulting and assessment of clients' response to ESG/SDG-related areas. 2. identified as high transition risk, by Mizuho qualitative assessment. MIZUHO 27#28Road map for carbon neutral by 2050 FY19 FY21 Mizuho Promoting decarbonization of clients Group FY22 FY23 FY24 2030 5-Year Business plan 2040 2050 Scope 12 Scope 3 (Financing and investment) Carbon neutral Ahead of initial target Setting interim target for New electric power sector p.80 By Sep-24 Other sectors Interim target Net-Zero Measure and enhance disclosure of Financed Emissions Joined initiatives As the 1st financial PCAF Partnership for Carbon Accounting Financials institution in Japan FG appointed as a regional chair of PCAF Japan coalition GFANZ Glasgow Financial Alliance for Net Zero ⚫Net-Zero Banking Alliance • Net Zero Asset Managers Initiative New Topics FY22 Formulating "Mizuho's approach to Net-zero by 2050" Pursue efforts to limit temperature rises of up to 1.5 degrees • Establishing "Net-zero transition plan" FY21 Sustainable Finance o/w environmental: Total JPY 13.1T 1,2 JPY 4.6T Outstanding credit balance for JPY 248.6B Mar-22 coal-fired power generation facilities (-17.0%) 3 1. Preliminary figures. 2. Cumulative total from FY19. 3. Compared to Mar-19. MIZUHO p.79 JPY 25T (Total)² -50% 3 Zero Achieving a low-carbon society 28#29Personnel and organization#30Toward Sustainable Growth of Mizuho and its Employees Creating an employee-friendly workplace that strives for the satisfaction and of each and every employee Proceed toward a workplace that enables employees to realize the significance of working at Mizuho through interactive dialogue with regards to the career plans, expertise, and activities of each and every one of our diversifying employees Investment in human resources Investment to enhance human 1,3 resource value (upgrading of budget Approx. 2x Satisfaction of work Employee oriented • education and training, etc.) • Rewards for employees wage increase +Mid 3% 2,3 . HR System and management Cross-Group HR framework including SC and RT Flexible operation based on industry and business characteristics Diverse systems that respond to each employee's values (3- or 4-day workweek, dual work, external part-time work, self-improvement leave of absence, etc.) Development of a employee-friendly work environment GCEO . Top-down cultural change 1st 100 Days • Promotion of DX of operations by leveraging internal and external resources (FT, etc.) • Eliminate unreasonableness, waste, and excessive quality to improve productivity • Promotion of Diversity and Inclusion • Improve wellbeing, enhance communication Improving corporate value for clients and solving social issues by growing along with employees Promote collaboration among employees and maximize synergy effects. Combining the functions of group companies to provide optimal solutions for customers. 1. Budget for upgrading education and training, strengthening employee engagement, and improving wellbeing. 2. Targeted at continuous employees in Japan. 3. Compared to FY21. BK basis. MIZUHO 30#31GCEO GCEO 1st 100 Days - Cultural change 1st 100 Days Top-down commitment to issues through open and accountable employee engagement 1 Workstyle reform Approx. 620 employee opinions for consideration of business discontinuation / improvement 2 Communication 3 9 engagement meetings to exchange opinions with employees Employee participation working group (WG) Employee-led corporate cultural change May 9th First WG Management Meeting held Values/Action principles Topics Communication transformation Business style transformation Support in proactive actions Enhance internal information provision GCEO's Room Special website dedicated for employees Change the culture of "speaking up but not listened" Create a climate in which each and every employee's insights and opinions are welcomed, and constructive discussions can be held without blaming failures Become a decentralized autonomous organization by improving employee motivation and awareness of challenges MIZUHO 31#32GCEO Message#33In conclusion | Continue stable business operations while heightening sensitivity to risk in uncertain external environments. | Proactively invest the management resources into "human resources" and "IT and digital domain." | Lead new challenges to innovation/incubation through cultural change. | Mizuho to act as a value co-creation catalyst for a wide range of stakeholders in the age of DX and SX. | Listen to stakeholders' voice and execute open and accountable management. | Enhance the feasibility to achieve the FY22 Net Income Attributable to FG plan of JPY 540.0B through expanding platform in focused areas which Mizuho accomplished during the first half of the 5-year Business Plan.#34Appendix • Financial Information p.35 Business Strategies p.71 • ESG p.77#35Financial Information#36Economic outlook ■ Expect moderate growth of the world economy as the economy normalizes through gradual mitigation of COVID-19 impact. However, we should be cautious on the drag on global economic growth such as rising commodity prices due to the situation in Russia and Ukraine, accelerating inflation and rising market interest rates in the US. Real GDP 1 Currently (2022 Q2) 110 105 2 TOPIX FX (USD/JPY) 2 (Pt) Currently (JPY/USD) Currently (%) (2022 Q2) (2022 Q2) 3.5 130 2,200 USA 2,000 100 Japan 1,800 95 90 2020 2022 2024 1,600 1,400 2020 125 120 3.0 2.5 115 2.0 110 105 1.5 1.0 U.S. 10Y treasury interest rate² Currently (2022 Q2) 100 0.5 2022 2024 2020 2022 2024 2020 2022 2024 1. Using quarterly average of 2019 as a baseline of 100. 2. Quarterly average. MIZUHO 36#37Reference: Top risk operation Top risk operation Designation of top risks. Gather wide-ranging information on potential risk events which may harm our corporate value in light of our particular vulnerabilities, the external business environment, and other factors. Top risk (as of May 2022) ✓ Prolonged impact of COVID-19 Intensification of US-China conflict and acceleration of division of the world ✓ Continuation of high global inflation Assess risk contagion channels, probabilities, impacts, and similar to identify critical potential risk events. ✓ Deepening of the climate change impact ✓ Designate top risks with consideration to the difficulty of risk control and based on discussions at the executive management level. ✓ ✓ • Strengthen risk governance Deepen communication within the group regarding risks and seek to create common perspectives regarding risks. • Work to secure consistency in awareness among various types of related risks. • Confirm the status of controls against identified top risks appropriately ✓ IT system failures Cyberattacks Money laundering / Financing of terrorism Inappropriate behavior or nonfeasance by employees / executive officers Stagnation of continuous growth due to shortage of human resources and other Rapid development of digital society MIZUHO Report to Risk Committee, Board of Directors and other 37#38Financial Results: Executive Summary FY2021 Consolidated Financial Results (JPY B) Net Business Profits + Net Gains (Losses) related to ETFs and others (JPY B) FY21 YOY Consolidated Net Business Profits + Net Gains (Losses) related to ETFs and others 1 Group aggregate, rounded figures 853.1 799.7 853.1 +53.6 42 Decrease in Banking 91 49 profits due to lowered volatility Credit-related Costs -235.1 -30.2 97 Markets Upside Net Gains (Losses) related Stocks 267 218 300 Net Gains (Losses) related to -45.7 -55.8 ETFs and others¹ Customer 203 Groups 60 Net Income Attributable to FG 530.4 +59.4 84 Markets Mar-22 vs Mar-21 520 CET1 Capital Ratio (Basel III Stable revenue 460 9.9% -0.1% finalization basis) 431 347 Customer Groups excl. Net Unrealized Gains 9.3% +0.2% (Losses) on Other Securities FY20 FY21 Led by solid performance of Customer Groups 1. Net Gains (Losses) related to ETFs and others: JPY 1.9B (-JPY 0.1B YoY). 2. FY21 management accounting rules. Past figures recalculated based on the new rules. The aggregate figures of stable, upside and banking do not match consolidated net business profits in the same period by the difference between financial and management accounting. MIZUHO 38#39Financial results by In-house Company (JPY B) 1 Gross Profits G&A Expenses (excl. Non-recurring Losses Net Business Profits and others) Group aggregate 1 Net Income¹ ROE FY21 YoY 2 (Compared to plan) FY21 YoY 2 FY21 (Compared to plan) YoY 2 (Compared to plan) FY21 YoY 2 (Compared to plan) FY21 Retail & Business Banking 713.6 +15.9 -621.0 +18.6 96.4 (-1.3) (+8.6) +35.1 (+7.0) 93.2 +100.3 (+41.0) 4.7% Corporate & Institutional 491.7 +19.0 -198.1 (+15.4) +8.4 297.3 +27.2 184.7 -34.9 5.2% (+2.7) (+16.8) (-84.9) Global Corporate 518.8 +62.8 -267.7 (+34.2) -8.6 263.9 +56.5 124.6 +15.2 5.2% (-1.9) (+33.3) (-29.2) Global Markets 378.9 -111.4 -227.6 (-57.7) -9.9 150.5 -121.2 96.7 -79.2 5.7% (-6.8) (-64.5) (-45.6) Asset Management 59.5 +8.7 (-0.8) -33.4 -0.5 20.3 +9.0 8.4 +3.6 7.9% (+1.1) (+0.7) (+0.6) 1. Global Markets includes Net Gains (Losses) related to ETFs (2 Banks). 2. New management accounting rules were applied in FY21. Figures for YoY are recalculated based on the new rules. MIZUHO 39#40Retail & Business Banking Company (JPY B) FY20 FY21 YOY Plan Progress Loan Balance (avg. Balance)/ Spread² Group aggregate¹ League Table Gross Profits 1 697.7 713.6 +15.9 715.0 100% (JPY T) 0.57% 0.55% 0.54% 0.56% 0.57% FY20 FY21 0.59% o/w Interest Income 2 278.9 268.3 -10.6 IPO number³ 2nd 1st o/w Non-interest Income 3 418.6 445.1 +26.6 25.0 25.2 25.6 25.4 24.9 24.8 Mar-21 Mar-22 G&A Expenses -639.6 -621.0 +18.6 -629.6 99% (Excl. Non-recurring losses and others) 15.2 15.6 16.2 16.3 15.9 15.9 Equity in Income from 5 5.4 5.9 +0.5 Investments in Affiliates Net Business Profits 6 61.3 96.4 +35.1 89.5 108% 9.8 9.6 9.4 9.2 9.0 8.8 Credit-related Costs 7 -92.0 23.7 +115.7 Assets in Custody (JPY T) o/w SC (JPY T) Avg. holding period of equity investment trusts Reference: Industry wide avg. 53.7 51.9 4 48.3 46.5 5 4.6 yrs. 4.9 yrs. 5,6 3.2 yrs. 3.9 yrs. Net Gains (Losses) related 8 24.6 37.5 +12.8 to Stocks and others H1 H2 H1 H2 FY19 FY20 Individuals Corporates H1 H2 FY21 SP for Corporates Others 9 -1.0 -64.4 -63.4 Net Business Profits Net Income 10 -7.0 93.2 +100.3 52.3 178% (JPY B, rounded figures) Stable revenue Upside 96.4 Internal risk capital (avg. balance) 11 2,138.1 1,998.5 -193.6 +9.0 (+) Real estate 61.3 53.0 ROE 112 12 -0.3% 4.7% +5.0% 2.6% (-) 44.0 +26.0 43.0 Gross Profits ROE 13 32.6% 35.7% +3.0% Expense ratio 14 91.7% 87.0% -4.7% 17.0 (+) Solutions Business Asset Management (Sales Fee and other) (+) Asset Management (Fiduciary income and other) (+) Loans to corporates FY20 FY21 1. New management accounting rules were applied in FY21. Past figures were recalculated based on the new rules. 2. BK+TB, management accounting. 3. IPO bookrunner number. source: Capital Eye. 4. For Retail & Business Banking segment. 5. Calculated by dividing previous year's average balance by total cancellations/redemption value. 6. Prepared based on data published by Investment Trust Association, Japan. MIZUHO 40#41Corporate & Institutional Company (JPY B) Group aggregate¹ FY20 FY21 YOY Plan Progress Loan Balance (avg. Balance)/ Spread² League Table Gross Profits 1 472.8 491.7 +19.0 476.4 103% (JPY T) 0.53% 0.54% FY20 FY21 0.52% 0.50% 0.50% 0.50% o/w Interest Income 2 194.8 217.4 +22.7 DCM³,4 1st 1st o/w Non-interest Income 3 278.6 275.0 -3.6 SDG bonds4 1st 1st G&A Expenses -206.5 198.1 +8.4 -200.8 99% LCM4 1st 1st (Excl. Non-recurring losses and others) Equity in Income from 5 3.9 3.8 Investments in Affiliates -0.2 26.7 27.3 30.9 30.7 30.2 29.6 4,5 ECM 4th 4th Net Business Profits 6 270.1 297.3 +27.2 280.5 106% M&A 4,6 No. of deals 4th 2nd Amount 15th 5th Credit-related Costs 7 -113.4 -173.0 -59.6 Net Gains (Losses) related 8 49.2 to Stocks and others 57.0 +7.8 H1 H2 H1 H2 FY19 FY20 Loan Balance H1 H2 FY21 SP Others 9 13.7 3.4 -10.3 Net Business Profits Net Income 10 219.6 184.7 -34.9 269.6 69% (JPY B, rounded figures) Stable revenue Upside 297.3 270.1 -3.0 (+) Real estate Internal risk capital (avg. balance) ROE 11 3,764.0 3,543.2 -220.7 97.0 100.0 12 5.8% 5.2% -0.6% 7.6% Gross Profits ROE 13 12.6% 13.9% +1.3% Expense ratio 14 43.7% 40.3% -3.4% +30.0 200.0 170.0 [ (-) Solutions Business (+) Sl areas 7 (+) Cross-shareholdings. (Dividend income) FY20 FY21 1. New management accounting rules were applied in FY21. Past figures were recalculated based on the new rules. 2. BK+TB, management accounting. 3. Straight bonds, Investment corporation bonds, Zaito institution bonds, Municipal bonds (Lead manager method only), Samurai bonds and Preferred securities (excluding own debt). 4. Source: Refinitiv. 5. Equity Underwriting amount. Book runner basis. 6. Any Japanese involvement announced (excluding real estate deals). 7. Strategic investment (SI) area, including the equity/mezzanine business. MIZUHO 41#42Global Corporate Company (JPY B) FY20 FY21 YOY Gross Profits 1 456.0 518.8 +62.8 Plan Progress 484.6 107% Loan Balance (avg. Balance)/ Spread² (USD B) Group aggregate1 League Table o/w Interest Income 2 188.7 1.01% 1.06% 1.10% FY20 FY21 217.4 +28.7 0.91% 0.81% 0.83% IG DCM 3 in the Americas 9th 8th o/w Non-interest Income 3 252.4 274.7 +22.2 278.4 G&A Expenses -259.1 -267.7 -8.6 -265.7 101% (Excl. Non-recurring losses and others) 250.3 238.5 50.9 55.2 255.6 244.5 248.4 62.5 Equity in Income from 5 10.9 13.2 +2.3 Investments in Affiliates 52.4 53.5 76.3 80.9 97.0 86.4 85.0 88.1 56.6 Excl. US Banks Market Share 3rd 2nd 3.4% 3.5% Non-IG LCM/DCM4 17th 21th in the Americas Net Business Profits 6 207.4 263.9 +56.5 230.6 114% Excl. US Banks 8th 10th 111.2 114.2 118.8 112.6 107.0 106.8 Market Share 1.4% 1.4% Credit-related Costs 7 -28.5 -74.0 -45.5 H1 H2 H1 H2 H1 H2 Net Gains (Losses) related 8 2.6 +2.6 to Stocks and others FY19 Asia FY20 FY21 Americas EMEA SP Others 9 -69.5 -68.0 +1.6 Net Business Profits Net Income 10 109.3 124.6 +15.2 153.7 81% (JPY B, rounded figures) Stable revenue Upside 263.9 +8.0 Internal risk capital (avg. balance) 207.4 11 2,443.2 2,388.3 -54.9 67.0 (+) Credit-related fees (-) IB Business 59.0 ROE 12 4.5% 5.2% +0.7% 6.5% +48.0 197.0 (+) Loans and Deposits (SP improvements) 148.0 Gross Profits ROE 13 18.7% 21.7% +3.0% Expense ratio 14 56.8% 51.6% -5.2% FY20 FY21 1. New management accounting rules were applied in FY21. Past figures were recalculated based on the new rules. 2. BK (including the subsidiaries in China, the US, the Netherlands, Indonesia, Malaysia, Russia, Brazil and Mexico). Excluding loans between the consolidated entities. 3. Bonds issued by investment grade corporations in the Americas, fee basis. Source: Dealogic. 4. High Yield Loans and Bonds issued by non-investment grade corporations in the Americas, fee basis. Source: Dealogic. MIZUHO 42#43Global Markets Company (JPY B) FY20 FY21 YOY Plan Progress Internal risk capital 4 Group aggregate 1 Reference: Unrealized Gains (Losses) 6 2 Gross Profits' 490.3 378.9 -111.4 436.6 87% (JPY B) period-end balance (JPY B) Consolidated 75.4 o/w Banking 2 215.0 142.1 -72.8 1,565.1 1,448.1 ETF, 134.2 5 o/w S&T 3 268.2 238.0 -30.2 S&T 495.3 Funds and -332.0 other 515.3 -31.7 -30.5 -27.1 G&A Expenses -217.7 -227.6 -9.9 -220.8 103% JGBs (Excl. Non-recurring losses and others) Foreign Bonds Equity in Income from 5 279.0 Investments in Affiliates Banking 1,069.9 3 932.9 Net Business Profits 6 271.7 150.5 -121.2 215.1 70% -22.5 Credit-related Costs -0.1 -0.4 -0.3 Mar-21 Mar-22 Mar-21 Mar-22 Net Gains (Losses) related 8 to Stocks and others Others 9 -95.7 -53.4 +42.4 Net Income 10 175.9 96.7 -79.2 142.4 68% (JPY B, rounded figures) 271.7 Net Business Profits Stable revenue Upside Banking Internal risk capital (avg. balance) 91.0 11 1,593.7 1,607.3 +136 150.5 ROE 12 11.0% 5.7% -5.3% 7.9% -49.0 97.0 42.0 -48.0 49.0 [ (+) S&T (Equity) (-) S&T (FI Derivatives, FX) Gross Profits ROE 13 30.8% 22.4% -8.3% Expense ratio 14 44.4% 60.1% +15.7% 84.0 -24.0 60.0 FY20 FY21 1. New management accounting rules were applied in FY21. Past figures were recalculated based on the new rules. 2. Incl. XVA related gains and losses (FY20: JPY 5.9B, FY21: -JPY 3.7B). 3. Incl. Net Gains (Losses) related to ETFs (2 Banks) and others. 4. Preliminary figures. 5. Incl. XVA. 6. Changes in value to be recorded directory to Net Assets after tax and other necessary adjustments. After hedge accounting. After applying Net deferred gains/losses on deferred hedging accounting among hedging instruments related to other securities. MIZUHO 43#44Asset Management Company (JPY B) FY20 FY21 YOY Plan Progress AUM Group aggregate¹ Equity investment trust AUM² Gross Profits 1 50.8 59.5 +8.7 60.3 99% (JPY T) o/w Investment Trusts 2 35.6 40.6 +5.1 AM-One (JPY T) 60.0 57.4 49.5 AM-One o/w Pension 3 12.1 13.3 +1.2 G&A Expenses 39.1 41.9 4 -32.9 -33.4 -0.5 -34.5 97% (Excl. Non-recurring losses and others) 34.4 Equity in Income from 5 1.1 1.5 +0.4 8.6 9.0 Investments in Affiliates 5.9 Net Business Profits 6 11.3 20.3 +9.0 19.6 104% 15.1 18.3 18.1 Credit-related Costs 7 Mar-20 Mar-21 Mar-22 Mar-20 Mar-21 Mar-22 Net Gains (Losses) related 8 to Stocks and others Others 9 -6.6 -12.0 -5.4 Net Income 10 10 4.7 8.4 +3.6 7.8 108% 5 Net Business Profits (JPY B) Stable revenue FY20 FY21 R&I investment trust Internal risk capital 11 112.2 106.0 -6.2 (avg. balance) sales companies satisfaction survey³ 20.3 2nd 2nd ROE 12 4.2% 7.9% +3.7% 7.2% ■Investment trusts Pension/AM Reference indicators Gross Profits ROE 13 45.3% 56.1% +10.9% Expense ratio 14 64.9% 56.2% -8.6% 11.3 Mar-21 Mar-22 No. of iDeCo participants (K) 4 224 269 FY20 FY21 +9.0 (+) Investment Trusts (+) Pension 1. New management accounting rules were applied in FY21. Past figures were recalculated based on the new rules. 2. Exl. ETFs. Source: The Investment Trusts Association data. 3. AM-One. Source: R&I 'Fund information' Vol. 339, 364. 4. BK. 5. No upside revenue is allocated to AMC. MIZUHO 44#45Overview of Balance Sheet (Mar-22) Total Assets: JPY 237T (+11.4T) Consolidated, ( ) represent changes from Mar-21 (USD B) Loans Deposits/NCDs JPY 84T (+JPY 1.0T) JPY1 JPY 50T Non-JPY¹ USD 285.7B Securities JPY 44T (+JPY 0.9T) JPY 155T (+JPY 5.1T) Trends in Non-JPY Loans and Deposits BK, management accounting Loans Customer Deposits - Proportion of Deposits to Loans 75% 74% 75% 315.6 280.3 285.7 235.7 JPY1 207.3 215.2 JPY 128T 1, 2 Non-JPY USD 215.2B Mar-20 Mar-21 Mar-22 JGBs JPY 25.6T Other Liabilities Reference: COVID-19 related loans Foreign Bonds JPY 9.9T (JPY T) management accounting Japanese Stocks JPY 3.2T 5.1 JPY 72T (+JPY 6.4T) 4.6 1.1 0.8 3.4 2.9 GCC Other Assets 0.5 1.8 2.9 2.5 0.4 1.6 ■CIC 1.4 JPY 107T (+JPY 9.5T) Net Assets JPY 51.3T JPY 9T (-JPY 0.1T) JPY 38.2T 1.7 0.1 1.1 1.3 1.2 1.1 RBC from Banks Cash and Due o/w Bank of Japan Current Account Balance³ Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Loans guaranteed by Credit Guarantee Corporations (COVID-19 related) 0.0 0.4 0.5 0.5 0.5 1. Management accounting basis, rounded figures. 2. Customer Deposits. 3. 2 Banks. 4. New management accounting rules were applied in FY21 (Past figures were recalculated based on the new rules). Including Non-JPY loans/customer deposits in Japan and subsidiaries in China, the USA, the Netherlands, Indonesia, Malaysia, Russia, Brazil and Mexico. MIZUHO 45#46Reference: Non-JPY Banking Operations Control of Interest Rate Risks Proactively lowered the amount of interest rate risks in Non-JPY Banking as a whole Impact of U.S. interest rates hike (USD B) BK4, management accounting Non-JPY Balance Sheet (Mar-22) 1,2 Amount of interest rate risks Decrease the amount to approx. 1/8 compared to the U.S. 10 Year Treasury yield (FY21 H2: Increase in Profits Linked to rising Loans Customer Deposits Cost Control Cost increases, highest risk in FY21 approx. 85bps increase) interest rates 215.2 285.7 Medium and Long Term Funding 85.1 through the pace was controlled as liquid deposit ratio increases . Sep-21 Dec-21 Mar-22 Managed the increase in unrealized losses through integrated control of interest rate risks in Foreign Bonds portfolio and Non-JPY ALM Increase/decrease in Unrealized Gains/Losses in FY21 Q4 Foreign Bonds (after applying deferred hedge)² + Non-JPY ALM 3: Approx. -JPY 20.0B Increase in Profits Securities Corporate Bonds Currency Swaps and other • • Improvement in reinvestment yield Unrealized losses are controlled by hedging and other 76.3 Market Operations 100.0 Other Repos, Interbank, Central Banks deposits and other 99.4 CD & CP Central Banks deposits and other 61.1 Increase in Cost Increasing funding costs mainly in the short term Expect positive net P/L impact. The decline in foreign bond carry income will be offset by the profit from deposits and loans 1. Range of change in gains and losses against certain changes in interest rate. Including effects from Non-JPY ALM. 2. Company management basis. 3. FG Consolidated. After applying Net deferred gains/losses of deferred hedging accounting. 4. New management accounting rules were applied in FY21 (Figures from FY19 were recalculated based on the new rules). Including Non-JPY loans/customer deposits in Japan and subsidiaries in China, the USA, the Netherlands, Indonesia, Malaysia, Russia, Brazil and Mexico. MIZUHO 46#47Overview of Income Statement (JPY B) FY2021 YOY FG BK + TB SC Consolidated FG BK + TB SC Consolidated Consolidated Net Business Profits 1 2,254.3 1,823.2 315.3 +53.6 +73.6 -35.9 + Net Gains (Losses) related to ETFs and others Consolidated Gross Profits 2 2,252.4 1,821.0 315.7 +53.7 +70.0 -32.3 Net Interest Income 3 993.4 984.1 2.8 +87.7 +90.1 -0.9 Net Fee and Commission Income + Fiduciary Income 4 801.4 627.8 140.5 +59.1 +49.9 +4.1 Net Trading Income + Net Other Operating Income 5 457.5 209.0 172.3 -93.1 -69.9 -35.4 Net Gains (Losses) related to Bonds 6 -52.4 -52.5 -54.0 -54.1 General and Administrative Expenses 7 -1,392.8 -1,058.8 -244.3 +21.7 +4.8 +9.0 Consolidated Net Business Profits 8 853.1 754.1 70.5 +53.4 +63.4 -28.8 + Net Gains (Losses) related to ETFs and others Consolidated Net Business Profits 9 851.2 751.8 70.9 +53.5 +59.8 -25.1 Consolidated Net Business Profits 10 903.7 804.4 70.9 +107.5 +114.0 -25.1 from core business operations (9-6) Credit-related Costs 11 -235.1 -235.1 -0.0 -30.2 -30.0 +0.1 Net Gains (Losses) related to Stocks 12 -45.7 -47.7 2.6 -55.8 -48.0 -4.3 - Net Gains (Losses) related to ETFs and others Net Gains (Losses) related to Stocks 13 -43.8 -45.4 2.2 -55.9 -44.5 -8.0 Equity in Income from Investments in Affiliates 14 25.4 27.4 -2.1 +5.5 +4.1 -0.1 Other 15 -46.1 -35.5 2.5 +28.7 +29.7 +0.6 Ordinary Profits 16 559.8 473.4 73.9 +23.5 +34.2 -30.6 Net Extraordinary Gains (Losses) 17 44.0 45.0 -9.4 -71.8 -63.6 +6.1 Income before Income Taxes 18 603.8 518.5 64.5 -48.2 -29.4 -24.4 Income Taxes 19 -60.6 -144.3 -8.8 +114.0 +8.5 +2.6 Profit Attributable to Non-controlling Interests 20 -12.7 -3.6 -0.6 -6.3 -3.9 +1.1 Profit Attributable to Owners of Parent 21 530.4 370.4 54.9 +59.4 -24.8 -20.5 1. JPY1.9B (-JPY0.1B YoY). 2. BK+TB Consolidated. MIZUHO 47#48Consolidated Gross Profits (Net Interest Income) USD/JPY1 107.96 108.83 105.81 110.72 111.95 122.41 +79% +60% +22% +33% Domestic YoY +3% +14% +13% Increase/Decrease² -7% +4% - 1% International YoY -10% -9% Increase/Decrease² 519.1 (JPY B) 465.5 474.1 440.1 376.6 244.4 356.9 2 184.0 190.2 International Operations 182.7 114.2 102.9 2 Domestic Operations 236.6 225.2 210.4 208.4 240.2 234.7 Difference Between Consolidated and 2 Banks FY19 FY20 FY21 H1 H2 H1 H2 H1 H2 Interest on Loans and Bills Discounted 646.7 595.5 490.8 451.6 422.1 455.7 3 Interest on Deposits -261.3 -221.4 -91.3 -46.0 -28.0 -36.8 Interest on Dividends on Securities 138.3 128.5 122.6 117.8 119.5 155.8 4 Interest on Repos -46.4 -40.9 -10.3 -2.1 -0.8 -3.4 Interest on Due from Banks 56.8 48.3 22.3 23.0 26.1 32.5 Other Net Interest Income (Consolidated) -157.4 376.6 -153.0 -93.9 -78.7 -64.9 -84.6 356.9 440.1 465.5 474.1 519.1 1. Foreign exchange rate (TTM) at the respective period end. 2. 2 Banks. 3. Excluding Interest on Negotiable Certificates of Deposit. 4. Receivables under Resale Agreements + Guarantee Deposits Paid under Securities Borrowing Transactions - Payables under Repurchase Agreements - Guarantee Deposits Received under Securities Lending Transactions. MIZUHO 48#49Net Interest Income - Domestic Operations. Domestic Operations 2 Banks (JPY B) Net Interest Income Increase/decrease factors (YoY) FY20: 448.6 FY21: 471.3 Securities 240.2 234.7 236.6 225.2 210.4 208.4 Loans Cash dividends, other (SI Fund investment, ETF, and other) Balance factor-12.5 Margin factor +9.0 Cash dividends income +11.0 Stocks 448.6 -3.5 Loans and Deposits +4.4 JGBs Deposits Other Repos² FY19 FY20 FY21 H1 H2 H1 H2 H1 H2 Loans 194.9 193.6 200.1 205.7 204.6 197.0 FY20 Deposits -1.8 -1.8 -1.7 -1.5 -1.3 -1.3 Securities 45.0 36.8 26.9 50.9 46.7 57.6 Repos -1.3 -1.9 -2.6 -1.4 -2.5 -2.8 3 Other -11.4 -16.1 -14.2 -13.4 -12.7 -13.9 Securities +11.2 Other 471.3 FY21 1. Excluding Interest on Negotiable Certificates of Deposit. 2. Interest/ expense of Receivables under Resale Agreements + Guarantee Deposits Paid under Securities Borrowing Transactions - Payables under Repurchase Agreements - Guarantee Deposits Received under Securities Lending Transactions. 3. Including Interest on Due from Banks. MIZUHO 49#50Net Interest Income - International Operations. International Operations (JPY B) Securities Loans Deposits 1 Repos Other 2 Net Interest Income FY20: 366.8 FY21: 434.7 Increase/decrease factors (YoY) 2 Banks Balance factor +1.6 Margin factor +74.6 244.4 +5.0 +31.6 182.7 184.0 190.2 Balance factor -8.5 Margin factor -42.8 114.2 102.9 +6.5 Corporate Bonds Funding 4 Investment (Foreign Bonds and other) +76.2 -51.3 366.8 Loans Deposits FY19 FY20 FY21 H1 H2 H1 H2 H1 H2 Loans 400.6 348.9 242.1 201.6 177.6 214.8 FY20 Deposits -244.2 -203.6 -76.8 -33.1 -14.1 -19.6 Securities 96.2 90.6 91.7 73.1 66.5 94.5 Repos -44.3 -41.9 -13.1 -5.6 -3.3 -4.8 3 Other -94.0 -91.2 -61.0 -51.9 -36.4 -40.5 434.7 Markets FY21 1. Excluding Interest on Negotiable Certificates of Deposit. 2. Interest/ expense of Receivables under Resale Agreements + Guarantee Deposits Paid under Securities Borrowing Transactions - Payables under Repurchase Agreements - Guarantee Deposits Received under Securities Lending Transactions. 3. Including Interest on Due from Banks. 4. Including loans payable. MIZUHO 50#51Consolidated Gross Profits (excluding Net Interest Income) Net Fee and Commission Income/Fiduciary Income (JPY B) Consolidated, Figures in ( ) represent YoY Net Trading Income/Net Other Operating Income (JPY B) Consolidated, Figures in ( ) represent YoY 801.4 742.3 Net Fee and Commission Income 740.9 (+53.8) 550.7 2 Banks: 435.2 (-21.3) Market operations 4,5 311.5 (-146.1) Domestic 297.8 (-11.4) 457.5 International 137.3 (-9.8) 2 Banks: 63.1 (-119.6) o/w Net Gains (Losses) related to Bonds: -49.4 (-52.9) SC1: 175.6 (+14.5) o/w Derivatives + FX: 111.6 (-67.2) Other 2: 740.9 130.1 (+60.6) 457.6 687.1 BK Subsidiaries 19.0 (+2.0) SC1: 180.2 (-66.0) 311.5 TB Subsidiaries 26.8 (-6.3)³ Other: 68.2 (+39.6) 55.1 60.4 FY20 FY21 Other 84.2 (+65.0)3 4 Others 145.9 (+52.9) Fiduciary Income 60.4 (+5.3) TB: 61.0 (+5.0) Consolidation adjustments: 2 Banks: SC1: 3.1 (+36.6) 46.2 (+3.3) -0.5 (+0.2) AM-One: 78.3 (+10.8) 145.9 93.0 Other: 18.2 (+2.2) FY20 FY21 1. Including Mizuho Securities USA LLC. 2. Including consolidation adjustments. 3. Due to the establishment of RT in April 2021, Mizuho Trust Systems Co. Ltd. was reclassified from TB Subsidiaries to Other. (FY20: JPY 10.7B). 4. After consolidation adjustments, including subsidiaries. 5. Net Trading Income - SC Underwriting and Selling Fees + Net Gains (Losses) related to Bonds + Net Gains (Losses) on Foreign Exchange Transactions 6. Net Gains (Losses) on Derivatives Trading Transactions + Net Gains (Losses) on Foreign Exchange Transactions. MIZUHO 51#52Loans (JPY T) USD/JPY 107.96 108.83 105.81 110.72 111.95 BK+TB, management accounting 122.41 85.2 82.3 81.9 80.6 81.5 78.5 28.9 2,3 29.1 26.5 26.5 27.4 GCC 26.4 9.2 9.1 2 8.9 8.8 RBC Individuals 9.7 9.5 16.2 16.0 15.8 15.8 2 RBC Corporate 15.3 15.6 In Japan CIC 2 30.9 27.2 28.0 30.4 29.5 29.6 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 1. Foreign exchange rate (TTM) at the respective period end. 2. New management accounting rules were applied in FY21. Figures from Sep-19 to Mar-21 were recalculated based on the new rules. Excluding loans between the consolidated entities. For loans in Japan, excluding loans to the Japanese Government. 3. BK (including the subsidiaries in China, the US, the Netherlands, Indonesia, Malaysia, Russia, Brazil and Mexico). MIZUHO 52#53Loans in Japan 2 Loan Balance (Period-end Balance) BK+TB management accounting Loan and Deposit Rate Margin (JPY T) 2 Banks 56.5 55.4 54.2 54.1 Returns on Loans and Bills Discounted Loans and Deposit Rate Margin ...a ... a-b 53.3 52.3 Costs of Deposits .. b 9.2 9.1 8.9 8.8 0.78% RBC 9.5 0.77% 9.7 0.75% 0.75% 0.73% 0.74% Individuals 0.78% 0.76% 0.74% 0.75% 0.74% 0.72% 16.2 16.0 15.8 15.8 RBC 15.6 15.3 Q1 0.75% Q3 0.74% Q2 0.75% Corporate (Q4 0.74%) 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% FY19 H1 FY19 H2 FY20 H1 FY20 H2 FY21 H1 FY21 H2 1 BK+TB Loan Spread 30.9 30.4 29.5 29.6 management accounting CIC 27.2 28.0 RBC Corporate CIC 0.59% 0.57% 0.57% 0.56% 0.55% 0.54% Sep-19 Mar-20 Average Balance 51.9 H1 52.5 H2 Sep-20 56.6 H1 Mar-21 Sep-21 Mar-22 0.54% 0.53% 56.2 H2 55.1 H1 54.4 0.52% 0.50% 0.50% 0.50% H2 FY19 FY20 FY21 FY19 H1 FY20 H2 FY21 H1 FY21 H2 FY19 H2 FY20 H1 1. New management accounting rules were applied in FY21. Figures from Sep-19 to Mar-21 were recalculated based on the new rules. Excluding loans between the consolidated entities and loans to the Japanese Government. 2. Excluding loans to financial institutions (including FG) and the Japanese Government & other public sector. MIZUHO 53#54Loans outside Japan 1,2 Loan Balance 2 (Period-end Balance) (USD B) BK, management accounting Loan and Deposit Rate Margin BK Overseas 268.6 266.3 253.1 243.1 244.6 244.6 2.87% 58.4 60.0 57.1 2.46% - Returns on Loans and Bills Discounted -Loans and Deposit Rate Margin Costs of Deposits ...a a-b • b [Q1 1.17%] [Q3 1.22% [Q2 1.18%) Q4 1.19%) EMEA 51.4 53.2 51.0 1.97% 1.55% 1.56% 1.34% 1.29% 1.36% 98.1 88.4 Americas 78.8 83.8 87.3 89.3 1.04% 1.11% 1.17% 1.20% 0.90% 0.91% 0.22% 0.11% 0.15% 0.52% FY19 H1 FY19 H2 FY20 H1 FY20 H2 FY21 H1 FY21 H2 1,2 Loan Spread Asia 112.8 112.2 118.0 107.6 106.2 106.7 GCC, management accounting 1.10% 1.06% 1.01% 0.91% Average Balance Sep-19 238.5 250.3 H1 Mar-20 H2 Sep-20 Mar-21 Sep-21 Mar-22 278.4 255.6 244.5 248.4 H1 H2 H1 H2 0.81% 0.83% FY19 FY20 FY21 FY19 H1 FY19 H2 FY20 H1 FY20 H2 FY21 H1 FY21 H2 1. BK (including the subsidiaries in China, the USA, the Netherlands, Indonesia, Malaysia, Russia, Brazil and Mexico). Excluding loans between the consolidated entities. 2. Figures including past figures are calculated based on the FY21 planned rate in USD. MIZUHO 54#55Reference: Outlook of Loans Loan Balance In-house company management accounting basis Loan Spread In-house company management accounting basis Accumulate corporate loans mainly in large corporations while individual loans decrease gradually JPY Corporates Individuals Mar-22 Mar-23 Accumulate balance mainly in the Americas while focusing on profitability EMEA Non- Americas JPY MIZUHO Asia Large Corporates SMEs Individuals Mar-24 Mar-22 Mar-23 Mar-24 EMEA Americas Asia FY21 vs FY22 FY22 vs FY23 FY21 vs FY22 FY22 vs FY23 55#56Non-interest Income Non-interest Income (Customer Groups)" 1 (JPY B) + 61.2 Group aggregate Figures in ( ) represent YoY Reference: Breakdown of SC (JPY B) US-based entities aggregated basis 1,106.4 258.8 258.1 1,045.3 Individual Asset Formation 2: 152.7 (+0.7) 192.4 984.3 Solutions Business³: Individual Asset Formation: 126.3 (-1.2) 158.1 157.9 Solutions Business: 112.2 (+8.5) 31.6 (+0.1) 445.1 418.6 Settlement & FX: Other: 90.3 (+0.5) RBC 116.8 Solutions Business: 89.9(+16.8) 44.5 44.0 44.0 (-0.4) RBC 391.0 CIC 38.3 GCC 56.2 56.2 37.3 DCM: ECM: 30.9 (-7.5) 13.9 (+2.1) FY19 FY20 FY21 Solutions Business³: 149.8 (-14.0) Reference: Breakdown of GCC by region 275.0 CIC 278.6 257.8 Settlement & FX: Other: 64.5 (+1.0) (JPY B) 60.6 (+9.4) IB Business: 56.2 (+0) 229.5 252.4 44.3 274.7 42.9 Credit-related Fees: 30.6 (-2.9) EMEA 38.9 Credit-related Fees: Credit-related Fees: 274.7 GCC 229.5 252.4 FX & Derivatives, other: 144.7(+12.3) 73.8 (+9.9) 130.6 Americas 93.3 114.4 DCM: ECM: 75.9(+10.3) 23.1 (-6.1) 12.0 (+1.9) AMC 54.0 51.6 60.1 Asia 97.2 93.7 101.2 Credit-related Fees: Other 52.0 44.0 FY19 FY20 51.6 FY21 38.2 (+5.0) FY19 FY20 FY21 1. Recalculated past figures based on FY21 planned rate and other factors such as expansion and refinement of scope of consolidated subsidiaries. Including The original figures before recalculation were FY19: JPY 982.2B and FY20: JPY 1,044.1B. 2. BK investment trusts, annuities + SC individual segment, PB segment. 3. Including fees related to investment banking business and real estate brokerage. MIZUHO 56#57General and Administrative Expenses General and Administrative Expenses (excl. Non-recurring losses and others) (JPY B) Responding to structural issues -43.0 Investments in focus areas and other +14.0 1,408.6 FY20 Personnel costs -10.0 in Japan IT systems and Overseas cost -11.0 -18.0 FX effects and other +23.0 Corporate performance linked compensation +2.0 +2.0 Undoing of the impact of COVID-19 +9.0 1,414.9 * Consolidated Reference FY20 FY21 FM costs -14.0 in Japan Costs of responding to +6.0 regulations and other Additional reduction initiatives Budget for strengthening operations base -8.0 New business areas and other +8.0 G&A Expenses 1,414.6 1,392.8 o/w Non-Recurring Losses -6.2 -33.7 Budget Expenditure Amount Expenses 7.5 1.9 o/w Amortization of Goodwill and other items 12.2 11.6 Reference: Non-Recurring expenses Investments 7.0 3.3 G&A Expenses 13.0 6.8 (excl. Non-recurring 1,408.6 1,414.9 losses and others) FY21 * Breakdowns are in rounded figures, management accounting basis. MIZUHO 57#58Securities portfolio Balance of Other Securities¹ (JPY T) Other Foreign Bonds Japanese 32.1 Consolidated, acquisition cost basis 40.9 41.0 36.7 Unrealized Gains/Losses on Other Securities (including Hedge Gains or Losses Applied) 1,4,5 (JPY B) Consolidated 1,572.4 1,327.3 1,089.0 Foreign Bonds 1,100.2 Japanese Stocks Japanese Bonds Other Bonds Japanese Stocks Mar-20 Mar-21 Dec-21 Mar-22 Mar-20 Mar-21 Dec-21 Mar-22 Japanese Stocks 1.2 1.1 1.1 1.0 Japanese Stocks 1,071.5 1,665.7 1,550.1 1,472.4 Japanese Bonds 15.7 24.1 20.4 28.6 Japanese Bonds -54.1 -44.9 -32.2 -52.1 o/w JGB 12.6 20.9 16.9 25.1 o/w JGB -44.0 -31.7 -20.8 -30.5 Foreign Bonds 12.5 12.4 12.2 9.3 Foreign Bonds 124.9 -27.0 -179.4 -278.9 o/w Debt Securities o/w Debt Securities issued in US 2 8.0 8.3 8.7 5.7 issued in US 2 158.4 -23.6 -163.6 -251.5 Other 2.6 3.1 2.8 1.9 Other -42.0 -21.3 -11.0 -52.2 bear funds 3 3 0.8 0.6 0.3 0.2 bear funds 86.2 -155.4 -93.7 -29.8 Investment 1.8 2.4 2.5 1.7 Trusts and others Investment Trusts and others -128.2 134.1 82.6 -22.4 1. Other Securities which have readily determinable fair values. Excl. Investments in Partnership. 2. UST/GSE Bonds. 2 Banks. 3. Hedging transactions aiming to fix unrealized gains on Japanese stocks. 4. Changes in value to be recorded directly to Net Assets after tax and other necessary adjustments. 5. After applying Net deferred gains/losses of deferred hedging accounting among hedging instruments. MIZUHO 58#59Securities portfolio (Bonds) JGB portfolio¹ (JPY T) 2 Banks, acquisition cost basis 25.1 1 Foreign bond portfolio 2 Banks, acquisition cost basis (JPY T) 12.1 12.0 20.9 Other 2.4 2.4 CLOS (non-JPY) 8.9 0.6 0.5 European 1.0 0.6 17.4 government bonds 2.7 12.6 13.2 0.3 0.3 Treasury Discount Bills 4.6 Debt Securities Floating-rate Notes 0.3 8.0 8.3 issued in US 5 5.7 Medium & Long-term 2 7.6 7.6 7.6 Bonds Mar-20 Mar-21 Mar-22 Mar-20 Mar-21 Mar-22 Unrealized 3 -44.0 -31.7 -30.5 Gains (Losses) 3 (JPY B) Reference: Avg. remaining period 4 (yrs) 2.4 1.1 1.2 Unrealized Gains (Losses) (JPY B) Reference: Avg. remaining period (yrs) 3,6 123.6 -26.6 -279.5 2.6 2.5 1.6 1. Other Securities which have readily determinable fair values. 2. Incl. bonds with remaining period of one year or less. 3. Changes in value to be recorded directly to Net Assets after tax and other necessary adjustments. 4. Excl. floating-rate notes. 5. UST/GSE Bonds. 6. After applying Net deferred gains/losses of deferred hedging accounting among hedging instruments. MIZUHO 59#60Securities portfolio (Stocks) | Net Gains (Losses) related to Stocks (JPY B) Net Gains (Losses) 137.1 10.6 Consolidated Japanese stock portfolio³ (JPY B) Consolidated, acquisition cost basis Reduction of JPY 300.0B by Mar-22 from Mar-19 related to ETFs and others 1,060 No. of stock names 4 970 882 Net Gains (Losses) on sales 1 168.1 12.1 2.0 15.9 -43.8 1.9 1,419.8 3.1 -5.8 -4.1 -99.2 Impairment (Devaluation) -41.6 1,164.6 -41.6 -354.5 1,065.3 Mar-19 Mar-21 Mar-22 FY19 FY20 FY21 Unrealized Gains (Losses) 6 - Net gains (losses) on sales Taking into account the profit on sale of stocks, Stocks 1,687.6 1,665.7 1,472.4 implemented operations to improve the soundness of o/w gains 1,748.9 1,739.9 1,542.6 unrealized losses on bare funds 2 o/w losses -61.3 -74.1 -70.1 Impairment (Devaluation) Bear Funds² -155.4 -29.8 - Impairment of certain shareholdings without market value o/w sales -315.8 o/w impairment losses -45.4 Reverted stocks from the Employee Retirement Benefit Trust 12.0 (temporal increase) 1. Net Gains (Losses) on sales of stocks + Net Gains (Losses) on Derivatives other than for trading. 2. Hedging transactions aiming to fix unrealized gains on Japanese stocks. 3. Other Securities which have readily determinable fair values. 4. BK, Stocks listed in Japan. 5. O/w sales: -JPY 96.4B, impairment losses: -JPY4.3B. 6. Changes in value to be recorded directly to Net Assets after tax and other necessary adjustments. MIZUHO 60#61Asset quality Credit-related Costs (JPY B) Consolidated Figures in () represents Credit-related Costs Ratio² -171.7 (-18bps) -204.9 (-21bps) -235.1 (-24bps) | Non Performing Loans based on the FRA Consolidated (JPY T) banking account + trust account Reference: Past figures 1.42 1.12 Mar-22 0.84 EMEA Americas 4 0.70 4 Asia 4 -91.3 -132.6 RBC: -207.5 CIC: +23.7 -173.0 Mar-09 -80.4 GCC : -74.0 -72.3 Recorded reserves from a forward- -27.6 looking perspective FY19 FY20 FY21 Reference: Balance of reserves recorded from a forward 80.4 111.5 81.7 looking perspective (period-end balance) Reference Past figures (JPY B) 200 0 -200 -400 1.12 1.15% Japan 4 0.89% 0.75% -NPL Ratio (bps) 20 Mar-20 Mar-21 Mar-22 0 Reference: Other Watch Obligors -20 -40 Balance (JPY T) 1.6 -536.7 (-68bps) 2, 3 Credit Related Costs Ratio Reserve Ratio 4.91% 2 Banks, banking account 1.7 4.87% 1.9 3.46% FY21 FY08 1. Financial Reconstruction Act. 2. Ratio of Credit-related Costs against Total Claims (based on the FRA). 3. Figures before FY13 were calculated by using Total Claims of aggregate for 2 Banks. 4. Representative main branch basis. MIZUHO 61#62Loan portfolio outside Japan Loan portfolio outside Japan (Mar-22) Japanese Non-Japanese 33% EMEA 67% 23% Asia/ Oceania Total USD 253.1B 42% Americas 35% Hong Kong: USD 23.0B China: USD 11.5B Hong Kong Other India 9% 4% Hong Kong 22% South Korea 6% 9% Taiwan Asia/Oceania USD 106.7B Singapore Thailand 10% China 11% Australia 14% Non-Japanese 92% General Corporate BK, GCC management accounting basis Quality of Loan portfolio - Investment Grade Level Ratio - NPL Ratio 15% 77% 74% 71% Japanese 8% 2 FI Non-Hong Kong Non-Japanese 62% General Corporate Japanese 38% 2 FI Non- Chinese Chinese 1. Including banking subsidiaries outside Japan. 2. Financial Institutions. MIZUHO 0.6% 0.5% 0.5% Mar-20 Mar-21 Mar-22 62#63Russian Exposure Total Exposure as of Mar-22 1 Exp. to 0.2% Japanese Clients 12% Central Banks/ Interbank transaction 25% Ukraine/ Belarus: None ' Exp. to Russia USD 2.92B1 1 Maximum reserves including reserves from a forward-looking perspective were recorded, toward direct and indirect effects Non-Japanese Clients 63% 2 (o/w Russian Clients* 57%) Reference: Reserves related to Russia including indirect effect: o/w Reserves recorded from a forward looking perspective: Direct effect on Russian related Exposure (Reserves): JPY 96.9B 3 JPY 116.1B JPY 46.3B 1: BK Consolidated + TB Consolidated. Inclusive of loans, commitment lines, guarantee transactions, derivatives related credit, etc. Balance after guarantee at country of risk. 2. Inclusive of project finance transactions. 3. Reserve for Possible Losses on Loans to Restructuring Countries: JPY 53.3B. MIZUHO 80 63#64Credit in real estate sector Outside Japan 25% REIT 9% Large Corporations Corporate 27% 15% Total JPY15.6T J-REIT 2 13% NRLS 20% SMEs and individuals 15% Japan 75% • 1 Management accounting Large corporations, J-REIT, clients outside Japan Maintains a high-quality portfolio with approximately 90% investment grade credit and equivalent NRLS² Appropriately respond to assets deemed strongly COVID-19 impact remains Offices: Selectively originating deals while conservatively factoring in anticipated stress events Hotels: Continuously monitoring the operating status. Continuously monitor the status for each deal. SMEs and individuals No change in the policy of selectively originating deals based on comprehensive evaluation, including analysis of cash flow under stress scenario 1: BK (consolidated +TB (non-consolidated) basis. The sum of loans, foreign exchange, and unused committed lines of credit and other. 2. Non-recourse loans. MIZUHO 64#65Basel Regulatory Disclosures (1) Capital Ratio (JPY B) Other Regulatory Ratios Consolidated (JPY B) Total 17.25% 17.53% 16.87% 15.00% Tier 1 14.52% 14.37% Leverage Ratio ³ Tier 1 Capital 3 CET1 11.65% 11.63% 12.46% [11.52%] Total Exposures [11.00%] [Excluding Net [10.46%] Unrealized Gains/Losses on Consolidated Mar-20 Mar-21 Mar-22 4.08% 4.83% 4.56% 9,024.4 9,701.9 9,713.2 220,977.5 200,546.6 212,972.0 FY19 Q4 FY20 Q4 FY21 Q4 Other Securities] Liquidity Coverage Ratio (LCR) 137.3% 135.8% 136.5% Total HQLA Mar-20 Mar-21 Mar-22 Net Cash Outflows 60,112.7 72,792.2 71,174.1 43,816.7 53,607.0 52,140.9 Total Capital 10,722.2 11,385.3 11,351.6 Tier 1 Capital 9,024.4 9,701.9 9,713.2 1 CET1 Capital 7,244.7 7,849.9 8,067.2 Reference: Mar-20 Mar-21 Mar-22 2 AT1 Capital 1,779.6 1,851.9 1,646.0 CET1 Capital Ratio 9.3% 10.0% 9.9% Tier 2 Capital 1,697.8 1,683.4 1,638.3 (Basel III finalization basis) Risk Weighted 62,141.2 67,481.9 64,730.4 Assets (excl. Net Unrealized Gains (Losses) on Other Securities) 8.8% 9.1% 9.3% MIZUHO 1. Common Equity Tier 1 Capital. 2. Additional Tier 1 Capital. 3. Due to the amendment of the notification of Japan FSA, deposits to BoJ have been excluded from Total Exposures since Mar. 2021. (before exclusion: Mar-21: 4.03%, Mar-22: 3.86%). 65 99#66Basel Regulatory Disclosures (2) External TLAC Ratio (Mar-22) Risk Weighted Assets Basis (JPY B) TLAC eligible bonds and other +6.72% Capital buffers 17.53% -0.01% -1.0% 3 Deposit insurance -2.5% +3.5% Total Exposure Basis 5 (JPY B) 24.24% TLAC eligible bonds and other 8.43% +2.04% Regulatory Requirement Tier2 4 +1.06% 4.56% +0.77% ≥ 18% Deposit 6 insurance (from Mar-22 onward) Leverage Ratio External TLAC (including capital buffers) Total Exposure Consolidated Regulatory Requirement ≥ 6.75% (from Mar-22 onward) 4 External TLAC Ratio 17,965.7 212,972.0 TLAC Eligible Senior Bonds Total Capital Ratio External TLAC (excluding capital buffers) Risk-Weighted Assets (JPY T) 3.50 External TLAC Ratio 15,693.7 64,730.4 Mar-207 3.64 Mar-21 4.33 Mar-227 1. Capital Buffer = Capital Conservation Buffer (2.5%) + G-SIBs Capital Buffer (1.0%) + Countercyclical Capital Buffer (0.01%). 2. TLAC Eligible Senior Bonds, including other adjustments. 3. Deposit insurance fund reserve is allowed to count towards Japanese G-SIBS' external TLAC. 3.5% of RWA from Mar-22. 4. Minimum TLAC requirement based on FSB's final TLAC standard as of Nov. 9, 2015. Minimum TLAC requirement applied as of Mar-22 for RWA is 18% and Total Exposure is 6.75%. 5. Due to the amendment of the notification by Japan FSA, deposits to BoJ have been excluded from Total Exposure. (Before exclusion: Leverage Ratio: 3.86%, External TLAC Ratio: 7.14%.) 6. Deposit insurance fund reserve equivalent amount on total exposure basis calculated based on RWA basis of 2.5%. 7. Includes JPY denominated. MIZUHO 66#67Reference: Current CET1 Capital Ratio CET1 Capital Ratio (Basel III finalization basis) Net Income Decrease in low profitability assets and COVID-19 related loans 1 Reserve adjustment and other 2 9.1% Mar-21 attributable to FG +0.7% Dividend outflows Decrease in stocks Decrease in bear fund effect Cross- share +0.1% +0.4% -0.4% holdings -0.2% -0.3% Retirement benefit trust FX effect, other +0.2% Profit accumulation Increase/decrease in RWA Decrease in shareholdings -0.3% 9.3% 1. Excluding Net Unrealized Gains (Losses) on Other Securities. 2. Adjustment to add RWA equivalent of the amount where eligible provisions exceed the EL when output floor is applied. MIZUHO Mar-22 67#68Progress against Fundamental Structural Reform Plan (rounded figures) FY21 Plan Results FY24 FY23 FY26 Figures after FY23 are announced in the 5-Year Business Plan Expenses Locations in Japan Staff Decreased by approx. 19K people Approx. 80K people (Compared to March 2017) -12K people -8K people -4K people -19K people -14K people Decreased by approx. -100 locations -109 locations -130 locations 130 locations Approx. 500 locations (Compared to March 2017) -9 locations 1 -JPY 140B -JPY 120B4 4 -JPY 133.6B -JPY 140B JPY 1.48T2 (Compared to FY173) -JPY13.6B 1. Reduction excluding depreciation cost related to new core banking system. 2. Group Aggregate. New management accounting rules were applied in FY19. The original figures before the recalculation was JPY 1.45T. 3. Compared to the estimate for FY17 as of November 2017 when Fundamental Structural Reform Plan was announced. 4. Excluding effects of foreign exchange. MIZUHO 68#69Earnings Plan for FY22 Consolidated (JPY B) 2 Banks FY21 FY22 (JPY B) FY21 FY22 Results Plan YOY Results Plan YOY Consolidated Net Business Net Business Profits Profits 853.1 860.0 +6.9 (+Net Gains (Losses) related (+Net Gains (Losses) related to ETFs and others) 613.0 630.0 +17.0 to ETFs and others) Credit-related Costs -235.1 -100.0 +135.1 Credit-related Costs -303.7 -90.0 +213.7 Net Gains (Losses) related to Stocks Net Gains (Losses) related to Stocks -45.7 20.0 +65.7 -49.6 20.0 +69.6 (-Net Gains (Losses) related to ETFs and others (-Net Gains (Losses) related to ETFs and others Ordinary Profits 559.8 770.0 +210.2 Ordinary Profits Net Income Attributable to 530.4 540.0 +9.6 Net Income FG 261.4 565.0 +303.6 219.2 380.0 +160.8 Assumptions under the Earnings Plan: JGB (10-yr) 0.25%, UST bonds (10-yr) 2.78%, Nikkei 225 JPY 27,600, USD/JPY JPY 127. MIZUHO 69#70In-house Company Plan (JPY B) Group aggregate, rounded figures 1, 2 Net Business Profits FY21 FY22 1,3 Net Income FY21 FY22 1 ROE FY22 Results Plan YOY Results Plan YOY Plan YOY Retail & Business Banking 95.0 92.0 -3.0 90.0 24.0 -66.0 1.2% -3.3% Corporate & Institutional Global Corporate 297.0 285.0 -12.0 184.0 228.0 +44.0 6.7% +1.6% 309.0 305.0 -4.0 148.0 191.0 +43.0 7.0% +1.4% Global Markets 153.0 179.0 +26.0 97.0 117.0 +20.0 5.8% +0.0% Asset Management 20.0 20.0 -0.0 8.0 8.0 -0.0 7.5% -0.3% In-house Company Total 874.0 881.0 -7.0 527.0 568.0 +41.0 FG Consolidated 853.1 860.0 +6.9 530.4 540.0 +9.6 6.4% -0.0% 1. New management accounting rules were applied in FY22. GMC includes Net Gains (Losses) related to ETFs (2 Banks). 2. FG Consolidated figures are Consolidated Net Business Profits + Net Gains (Losses) related to ETFs and others. 3. FG Consolidated figures are Net Income Attributable to FG. MIZUHO 70#71Business Strategies#72Initiatives for retail businesses Achievements to date ■ Promoted group collaboration through comprehensive asset formation consulting. Accelerated group-wide collaboration through the successful transition to a new branch scheme ■Expanded AUM and strengthened stable revenue base Further pursuit of business opportunities Further expand AUM by enhancing DX tools and other to visualize customers' assets, income/expenses, and life events As of end of Mar 2022 Success indicator SC asset inflow over JPY 1T 1 7 consecutive years Equity 4.9 5 investment trust holding period 2 years (Industry average 3.9 years) Equity investment trust JPY 6.6T JPY 10 T scale SC AUM Fund wrap JPY 1T T scale (JPY T) Percentage of group collaboration 31.1 27% SC Sale 46.5 39% Group collaboration FY15 FY18 FY21 ■ Addressed customer-oriented business operations JPY 427B Strengthen group collaboration and expand TB succession and real estate business BK Comprehensive asset consulting Succession and real estate consulting SC TB Asset management consulting Strengthen collaboration Collaboration K&I 投信FD |投信FD (投信FD |投信FD St St R&I St R&I S FY22 Obtained the highest rating 3 S+ for 2 consecutive years Testament and real estate business Gross Profit 6 20 increase 株式会社みずほフィナンシャルグループ 株式会社みずほ銀行 みずほ信託銀行株式会社 R&I みずほ証券株式会社 1. SC retail & business banking division 2. Group aggregate. As of March 2022. Calculated from the average balance of assets held over the past year divided by the total amount of cancellations and redemptions. In3. R&I customer-centered operation company evaluation 4. E.g.) Simulation tool "Life design navigation", which support customers to build a financial plan. 5. Publicly offered equity investment trust, Group aggregate. 6. YoY, Management accounting basis. MIZUHO 72#73Initiatives in retail corporate businesses Achievements to date Strengthened segment sales through the reorganization of branch network. ■ Accelerated BK-TB-SC collaboration and enhanced Mizuho's capability to identify customer needs and respond Transaction pipeline (Mar-22) 1 Initiatives to strengthen deal creation capabilities Support for innovative companies Early seed Growth IPO After IPO BK-TB collaboration deals BK-SC collaboration deals Approx. 30% increase Approx. 15% increase Achievements to date Support according to the corporates' growth stage mainly in bank transactions and IPO response Continuing initiatives Initiatives going forward Provide capital towards capturing large IPO and after IPO and other Fields to strengthen (Compared to Mar-20) (Compared to Mar-20) Increase profits by understanding client needs and changes in environment 1,2 Client needs Revenue related to innovative companies support 3 Business succession Growth strategy support 1.3x Asset Management and other Approx. 15% increase YOY ■Sustainability business initiatives Further promote product development and network expansion SDGs promotion support finance Sustainability-linked loans PRO Business structural reform FY19 FY21 1. Amount of deal pipeline of solution-related profits. 2. As of Feb-22. 3. Gross Profits. Management accounting basis. MIZUHO Sustainability- related product lineup Target level 2x (Compared to Mar-22) 73#74Real estate business in wholesale business Achievements to date Capture value chain business by BK-TB-SC collaboration having business and financial strategy discussion as the starting point Real estate-related revenue 1 Furthermore strengthening in real estate business Utilize LS' risk taking capabilities and deepen the value chain E.g. of deals: Liquidation deal of buildings held by clients 3 Equity financing from LS FY19 FY20 FY21 Real estate- related revenue 23% increase (Compared to FY19) 1 Business and financial strategy discussion 2 Asset liquidation by TB 4 Finance arrangement by BK/TB Sell-side sale acquisition Buy-side BK TB Business and financial strategy discussion Mizuho Realty One TB 2 Brokerage, consulting, fund origination, and liquidation BK TB Real estate financing Real estate finance outstanding balance² Mar-20 = 100 131 116 100 Mar-20 Mar-21 Mar-22 Approx. 97% Asset management/ REIT LS ③ Real estate leasing, development investment and other Investment Grade ratio (Compared to Mar-22) ■Strengthening distribution SC ECM, DCM, M&A Expand business areas by collaborating with NSKRE³ Expanding the range of investors for appropriate asset control Develop products having investors as a starting point 1. Management accounting basis. 2. CIC management basis. Non-recourse loans + REIT loans. 3. Nippon Steel Kowa Real Estate Co., Ltd. MIZUHO 74#75Expansion and deepening U.S. of capital market business Achievements to date ■ Promote integrated banking/securities and primary/secondary operations, under the leadership of CIB (Corporate & Investment Banking) Head Non-Japanese Issuer Banking Head of CIB LCM DCM ECM M&A Coverage Markets Bonds Stocks Derivatives Futures contracts Investor Initiatives towards further growth Ensure strategic allocation of corporate resources in the U.S., where Mizuho have advantage In addition to the IG areas, where Mizuho is already strong, pursue selective expansion in the Non-IG areas. Increase human resource mainly in priority sectors (TMT, IDI 3, healthcare and other.) Conceptual image of market fee pool (investment banking + derivatives) 4 IG DCM/LCM Fixed Income Derivatives ECM M&A League table 1 Gross Profits (Americas) 2 Approx. 1.4x Underwriting shares FY19 FY20 FY21 IG DCM 3.3% 3.4% 3.5% 9th 9th 8th Markets Non IG DCM/LCM Equity Derivatives Leverage Capstone Partners acquisition to capture the entire value chain of Non-IG/PE sponsor businesses Fund origination (capital raising) DCM/LCM ECM Non-IG 1.0% 1.4% 1.4% LCM/DCM 25th 17th 21st Banking FY19 FY20 FY21 A Capstone Partners Placement agent 5 MIZUHO Banking, Securities 1. Fee basis. Source: Dealogic 2. Management accounting basis. Gross Profits (USD). 3. Telecom, Media & Technology, Industrial & Diversified Industries. 4. Created by Mizuho based on Dealogic data. 5. Inviting on LP investors when raising capital for PE funds and other. MIZUHO 75#76Direction in digital strategy New businesses Existing businesses Development of products and services based on pain points Improve convenience and enhancement of non-face-to-face channels through utilizing blockchain Healstep RT FT Digital corporate bonds. RT • Al-based insurance business promotion services for corporate health insurance societies Promote engagement between issuers and corporate bond holders • Services provided in collaboration with the Dai-ichi Life Group Number of health insurance associations 26 associations A Mizuho Direct, e-business site RT Healstep Image analysis RT • Support image processing, analytical technology for medical diagnosis and sophistication of treatment UX/UI without stress MIZUHO GOOD DESIGN AWARD 2021 Mizuho Direct App Provision of DX solutions based on various payment and || Productivity improvement remittance opportunities Blue In-house "coins" RT Lab Operation advancement through digital technology FT • Provision of B2C payment services and analysis of transaction data through clients' apps • Predictive management support utilizing in-house data and Al • Digital merchandise coupon to revitalize local economies • Support for advanced strategic planning through payment data analysis Reduction of ticketing and settlement administration Number of municipalities 24 Total amount of applications received Over JPY20.0 B • RT Blue Lab Improved business management by mathematically analyzing in-house and external data (employee satisfaction, etc.) which was difficult to utilize MIZUHO 76#77ESG#78Materiality (Key sustainability areas) Declining birth rate and aging population, plus good health and lengthening lifespans Providing safety, security, and convenience for each individual in the 100-year life era Business Corporate foundations MIZUHO Industry development & innovation Sound economic growth Environment & society Personnel Supporting the development of industry and business, creating new value globally Contributing to economic development through the fulfillment of financial infrastructure functions that respond to changes in the internal and external environment Achieving sustainable social development, including environmental conservation, together with customers Growing with customers and society through a diverse workforce under an autonomous corporate Culture Governance Pursuing strong corporate governance and stable business operations to contribute to customers and society ■ Promoting comprehensive asset management consulting that contribute the expansion of household wealth ■ Expanding services to help alleviate the concerns of an aging society ■Providing a high level of convenience in response to diversifying lifestyles ■ Supporting transformation of industrial structure leveraging industry and inter-industry knowledge ■ Providing group-wide support towards innovation and industrial revitalization both domestically and internationally ■ Providing consulting services that contribute to smooth business succession ■ Supporting the development of Japanese and overseas infrastructure for a resilient society Maintaining and developing sound capital market functions ■ Expanding and fulfilling financial functions in light of the COVID-19 pandemic, and digital transformation (DX) trends Responding to changes in the domestic and international environment, administrative systems, and economic security Pursue unified group functionality, open collaboration and cooperation with external parties 8 O 9 高をつくろう M ■ Promoting response to climate change and supporting transition to a decarbonized society through engagement ■ Encouraging environmental considerations and respect for human rights in financing, investment and procurement and other ■ Promoting financial / economic education, and community / social contribution activities Creating an open-minded workplace that is comfortable to work in 質の高いを みんなに 10 13 15 ■ Developing human resources that emphasizes expertise and a firm commitment to customers and society ジェンダー O ■ Promoting a diverse workforce and a corporate culture that encourages employees to implement an autonomous approach ■ Enhancing corporate governance Strengthening IT governance and cyber security, and stable system operation ■ Focusing further on the customer's perspective and improving understanding of actual on-site conditions Fair, timely, and appropriate disclosure and dialogue with stakeholders 16 すべての人に 17 パートナーシップで BBERALAS 78 1 586 ? すべての人に JURE 12 変動に 8 M 8 M 11 SAMING 25 8 具体的な対策を#79FY2022 Strengthening Sustainability Action Reinforcing sustainability promotion structure. January 2022 Established Sustainability Promotion Committee Newly established on the executive side to deliberate and coordinate issues related to sustainability, based on the opinions of outside experts Meetings held in FY21: Twice Mizuho's approach to achieving Net Zero Emissions by 2050 Agenda - GHG emissions (Scope 3) target setting - Climate change risk management and other Respecting human rights. Review human rights challenges that are critical to Mizuho and strengthen commitment to respect human rights Revise Human Rights policy Responding to environmental and social risks in the value chain . Pursue further measures to respect human rights, address climate change, and enhance biodiversity conservation Revise Environmental Social Management Policy for Financing and Investment Activity Revise Procurement Policy Strengthening measures to address climate change Mizuho's approach to achieving Net Zero Emissions by 2050 Goal . • . Pursue efforts to limit temperature rise to 1.5 degrees Scope 1, 2: carbon neutrality by FY30 Scope 3 (Financing and investment clients): Net zero by 2050 Engagement Support execution of transition strategy Measures • Policy and technology development support • Recognition of the gap between current status and 1.5 degrees pathway and other Net Zero transition plan Clarify medium to long-term strategies and initiatives toward Net Zero based on the TCFD recommendations. . Pursue Net Zero GHG emissions Point of measures • Strengthen decarbonization business . Enhance climate-related risk management . Enhance readiness MIZUHO 79#80Sustainability KPIs/targets Reduction of outstanding credit balance for coal-fired power generation¹ (JPY B) -50.9 (-17.0%) Sustainable finance performance (JPY T) cumulative total from FY19 7.1 +6.0 6 Preliminary Outside Japan Total Japan 7.5 5.7 13.1 FY21 13.1 o/w environmental finance 2.4 2.2 4.6 299.5 248.6 By FY30 -50% FY19-30 By FY40 zero balance (o/w environmental) Mar-20 Mar-22 (2.6) FY20 (4.6) JPY 25T (o/w Environmental: JPY 12T) FY21 2 GHG emission reduction 3 Scope1, 2 (Mizuho Group) ³ Diversity & Inclusion Target Most recent Management positions filled by women? • By FY30 Carbon neutral Ahead of initial target General Manager equivalent 10% Jul-24 7% Total of General Manager and 20% Jul-24 18% Scope3 (Financing and investment clients) Manager equivalent in sequence as well • To achieve net zero emissions by 2050 FY22 Set FY30 targets for the electric power sector NEW 4 138 2325 (kg CO2/MWh) ~ By Sep-24 Setting targets for other sectors Management positions filled by employees hired outside Japan 8 Women in new graduates hired 7 Level to be maintained continuously Most recent 65% 66% 30% 35% 10 Paid annual leave taken by employees 7 70% 76% 11 Eligible male employees who take childcare leave 7 100% 97% 11 1. Reduction target based on Environmental and Social Management Policy for Financing and Investment Activity. Compared to FY19. 2. Greenhouse Gas 3. FG, BK, TB, SC, RT, AM-One and Mizuho Americas. Compared to FY19. 4. IEA Net Zero Emissions by 2050 Scenario. 5. IEA Sustainable Development Scenario. 6. Financing to support and facilitate clients' response to ESG/SDG-related areas, including financing requiring clients to meet certain related conditions, and providing consulting and assessment of clients' response to ESG/SDG-related areas. 7. Total for Japan (FG, BK, TB, SC). 8. Total for outside Japan (BK, TB, SC). 9. As of Mar-22. 10. New hires starting April 1, 2022. 11. FY21 MIZUHO 80#81ESG-related recognition and awards Third-party evaluation Pride Indicators 2021 work with Pride LuGold Gold 2021 Incorporation in social responsibility indices' work with Pride 2022 MSCI ESG Leaders Indexes Constituent سا 2 Member 2022/2023 FTSE4Good Best Practice 2021 STOXX ESG Leaders Indices ESG Finance Awards Japan SC AM-One Above two companies were awarded 2022 ESG FINANCE AWARDS JAPAN BRONZE Sustainable Finance Awards SC receives "Outstanding Performance Award" (second consecutive year) Bloomberg Gender-Equality Index 2022 Top score among financial sectors in Japan 3 GPIF selected ESG indices General Index 2 2 Themed Index 2021 CONSTITUENT MSCIE** 女性活躍指数(WIN) 4 RIEF FTSE Blossom Japan FTSE Blossom Japan Sector Relative Index S&P/JPX カーボン エフィシェント 指數 5 6 7 8 ESG score S&P Global 63 FTSE 3.7 Sustainalytics (ESG Risk Rating) 20.4 MSCI A 1. As of Mar-22. 2. https://www.mizuhogroup.com/sustainability/mizuhocsr/evaluation 3. Gender-Equality Index Score: 70.32 4. Research Institute for Environmental Finance 5. https://www.spglobal.com/esg/solutions/data-intelligence-esg-scores (As of Jan. 28, 2022) 6. FTSE Overall ESG Score (As of Mar-22): Maximum score of 5. 7. Sustainalytics ESG Risk Ranking compares ESG risk with peers in the same industry. The lower the score, the higher the evaluation. Source: Bloomberg (as of May 12, 2022) 8. CCC - AAA 7-grade rating. Source: Bloomberg (As of May 12 2022) MIZUHO 81#82Corporate governance of Mizuho Basic policy Ensuring the separation of supervision and management Delegating decisions on business execution to the executive officers (as defined in the Companies Act) Securing independence of management supervision Adopting global standards Secure the effectiveness of corporate governance by ensuring the separation of supervision and management and making supervision of the management, such as the execution of duties by executive officers (as defined in the Companies Act), the primary focus of the Board of Directors Management can make swift and flexible decisions and realize expeditious corporate management by enabling the Board of Directors to delegate decisions regarding business execution to the executive officers (as defined in the Companies Act) to the greatest extent Secure transparency and fairness in decision-making processes regarding the appointment and dismissal of and compensation for the management, as well as ensuring effective supervision, utilizing committees and other forms of oversight, comprised mainly of outside directors who are not members of the management of Mizuho Actively adopt operations and practices regarding corporate governance that are endorsed globally at the holding company level Principal features MIZUHO Organizational structure Adopted a Company with Three Committees model of corporate governance The chairman of the Board of Directors shall be an outside director As a general rule, the President & CEO of a subsidiary may not concurrently serve on the Mizuho Financial Group Board of Directors while holding their post as President & CEO Fairness and transparency The members of the Nominating Committee and the Compensation Committee shall all be outside directors. The Chairmen of the Nominating, Compensation and Audit Committees shall be outside directors Appropriate disclosure in line with Japan's Corporate Governance Code 82#83Position/Responsibility Chairman/Chairperson Nom Nominating Com-Compensation Board of Directors Composition of the Board of Directors it is important for our Board of Directors to appropriately fulfill the role of supervising the implementation of governance functions across the group and across subsidiaries under group management. our Board of Directors is composed of an appropriate balance of internal directors who have insight into the group's business model, and outside directors who possess complex and diverse perspectives that we may not have within the group. Personnel in senior management roles who have expertise in areas including finance, financial control, accounting, law, and technology, and who we can expect to successfully carry out supervisory functions from both a global and sustainable perspective Must be capable of the appropriate execution of group business management, and must have insight into financial operations, financial regulations, and Mizuho's business model External Approach to considering candidates for the Board of Directors Internal Experience and expertise Experience and expertise Corporate Management Finance Financial Accounting Legal Technology Position/Responsibility Chairman/Chairperson Tatsuo Kainaka Yoshimitsu Kobayashi Ryoji Sato Takashi Tsukioka Masami Yamamoto Izumi Kobayashi Chair Nom Nom Nom Com Com Nom Nom Com Audit Audit Audit Risk Masahiro Kihara Makoto Umemiya Motonori Wakabayashi Nobuhiro Kaminoyama Seiji Imai (Non-Executive) Hisaaki Hirama (Non-Executive) President & Group CEO Deputy President & Senior Executive Officer, Group CDIO, Group CFO Senior Executive Officer Group CRO Senior Executive Officer Group CHRO Chairman (Kaicho) Audit Risk 1. Will be proposed at the 20th Ordinary General Meeting of Shareholders to be held in June 2022. Particular experience and expertise of the candidates are shown. MIZUHO 83 33 Business strategy and Management Financial Accounting Risk management Human Resources and Organization Global#84Variable compensation' Fixed compensation Compensation framework for executives Type of compensation Composition of compensation Base Salary Paid monthly According to the functions and responsibilities of each of the Officers. Stock Compensation Example of composition of compensation Executives responsible for business execution Group executive officers Group CEO Non-executive officers responsible for management supervision 42.5% 57.5% According to the functions and responsibilities of each of the Officers. Cash Paid upon retirement 85.0% Cash Cash 7.5% Stock Compensation || Deferred payments over three years "Standard Amount" x "Corporate performance linked coefficient" Stock Consolidated Net Business Profits + Net Gains (Losses) related to ETFs and others Performance Payments Deferred payment over three years for the portion above a Qualitative Quantitative 30% 70% 40% 5.0% ך 25.0% Net Income Attributable to FG 10% Stock Consolidated ROE 10% 15.0% J Expense Ratio 10% Evaluation from the perspective of increasing corporate value through sustainable and stable growth of the Group Financial Gross profits RORA, CET1 ratio, reduction of cross-shareholding, TSR, quality of profits 30% 25.0% Non- certain amount Financial Customer satisfaction, employee's engagement, and sustainability initiatives Results of organization assigned for each Officers are also reflected, excluding Group CEO 22.5% 15.0% Stock Subject to malus and clawback 2 1. Amount of compensation is determined by the Compensation Committee for each fiscal year. 2. A system which enables a decrease or forfeiture of the deferred amount by resolution of the Compensation Committee depending on the performance of the group or the individual. For the Officers appointed outside Japan, the standard amount and the composition and details of the executive compensation may be determined individually based on local compensation rules and practices as well as compensation levels of our competitors. MIZUHO 84#85Definitions Financial accounting 2 Banks Consolidated Net Business Profits Net Gains (Losses) related to ETFs and others G&A Expenses (excl. Non-Recurring Losses and others) Net Income Attributable to FG Consolidated ROE CET1 Capital Ratio (excl. Net Unrealized Gains (Losses) on Other Securities) CET1 Capital Ratio (Basel III finalization basis) Management accounting : BK + TB on a non-consolidated basis (financial accounting) : Consolidated Gross Profits - G&A Expenses (excl. Non-Recurring Losses) + Equity in Income from Investments in Affiliates and certain other consolidation adjustments Net Gains (Losses) related to ETFs (2 Banks) + Net Gains on Operating Investment Securities (SC Consolidated) : G&A Expenses (excl. Non-Recurring Losses) - Amortization of Goodwill and other items : Profit Attributable to Owners of Parent : Calculated dividing Net Income by (Total Shareholders' Equity + Total Accumulated Other Comprehensive Income (excluding Net Unrealized Gains (Losses) on Other Securities)) : Includes the effect of partially fixing unrealized gains on Japanese stocks through hedging transactions [Numerator] Calculated by excluding Net Unrealized Gains (Losses) on Other Securities and its associated Deferred Gains or Losses on Hedges [Denominator] Calculated by excluding RWA associated with Net Unrealized Gains (Losses) on Other Securities (stocks) : Estimated figures reflecting the effect of Basel III finalization. The capital floor is calculated after deducting the associated reserves from RWA using the standardized approach - Customer Groups - Markets : RBC + CIC + GCC + AMC : GMC - Consolidated Net Business Profits, Net Business Profits by In-house Company - Stable revenue - Upside Banking : Recurring customer-related revenue + ALM revenue (comprehensive management of assets and liabilities in the banking account) : Non-recurring customer-related revenue + trading-related revenue : Revenue in the banking account excluding ALM revenue As for Net Business Profits, expenses are calculated based on the expenses allocation based on initial plan. - Group aggregate - - In-house company management basis Net Business Profits by In-house Company Internal risk capital - ROE by In-house Company : BK + TB + SC + AM-One + other major subsidiaries on a non-consolidated basis : Figure of the respective in-house company : Gross Profits - G&A Expenses (excluding Non-Recurring Losses) + Equity in Income from Investments in Affiliates - Amortization of Goodwill and other items : Risk capital calculated taking account of factors such as regulatory risk-weighted assets (RWA) and interest rate risk in the banking account. Internal risk capital of RBC, CIC, GCC are calculated from Basel III finalization fully-effective basis : Calculated dividing Net Income by each company's internal risk capital#86Abbreviations Foreign exchange rate FG Mizuho Financial Group, Inc. RBC : Retail & Business Banking Company BK : Mizuho Bank, Ltd. CIC : Corporate & Institutional Company TB : Mizuho Trust & Banking Co., Ltd. GCC : Global Corporate Company USD/JPY EUR/JPY TTM at the respective period end Mar-20 Mar-21 Mar-22 108.83 110.72 122.41 119.65 129.76 136.77 SC : Mizuho Securities Co., Ltd. GMC : Global Markets Company AM-One : Asset Management One Co., Ltd AMC : Asset Management Company Management accounting RT : Mizuho Research & Technologies, Ltd. FT : Mizuho-DL Financial Technology Co., Ltd. GPU RCU : Global Products Unit Research & Consulting Unit USD/JPY EUR/JPY FY22 Plan rate 127.00 140.97 LS : Mizuho Leasing Company, Limited Forward-looking Statements Financial information in this presentation uses figures under Japanese GAAP unless otherwise stated (including management accounting basis). This presentation contains statements that constitute forward-looking statements including estimates, forecasts, targets and plans. These statements reflect our current views with respect to future events and are subject to risks, uncertainties and assumptions. Such forward-looking statements do not represent any guarantee of future performance by management. Further information regarding factors that could affect our financial condition and results of operations is included in our most recent Form 20-F and our report on Form 6-K. 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. Information on companies and entities outside Mizuho group that is recorded in this presentation has been obtained from publicly available information and other sources. The accuracy and appropriateness of that information has not been verified by Mizuho group and cannot be guaranteed. This presentation does not constitute a solicitation of an offer for acquisition or an offer for sale of any securities.