Equibles

6-K

MIZUHO FINANCIAL GROUP INC (MFG)

6-K 2021-11-29 For: 2021-11-29
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Added on April 05, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2021

Commission File Number 001-33098

Mizuho Financial Group, Inc.

(Translation of registrant’s name into English)

5-5, Otemachi 1-chome

Chiyoda-ku, Tokyo 100-8176

Japan

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  ☒    Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes  ☐    No  ☒

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):82-                    .

THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE INTO THE PROSPECTUS FORMING A PART OF MIZUHO FINANCIAL GROUP, INC.’S REGISTRATION STATEMENT ON FORM F-3 (FILE NO. 333-233354) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: November 29, 2021
Mizuho Financial Group, Inc.
By: /s/ Makoto Umemiya
Name: Makoto Umemiya
Title: Senior Executive Officer / Group CFO

UNAUDITED INTERIM CONSOLIDATED JAPANESE GAAP FINANCIAL STATEMENTS

AS OF AND FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2021

On November 29, 2021, we published our unaudited interim consolidated financial statements as of and for the six months ended September 30, 2021 prepared in accordance with Japanese GAAP as part of our interim securities report (shihanki hokokusho) for the same period filed by us with the relevant Japanese authorities. We have included in this report on Form 6-K an English translation of the unaudited interim consolidated financial statements and the notes thereto included in such interim securities report. Japanese GAAP differs in certain respects from U.S. GAAP. For a description of certain differences between U.S. GAAP and Japanese GAAP, see “Item 5. Operating and Financial Review and Prospects—Reconciliation with Japanese GAAP” in our most recent annual report on Form 20-F filed with the U.S. Securities Exchange Commission.

- 1 -

Financial Information

1. Mizuho Financial Group, Inc. (“MHFG”) is a specified business company under Article 17-15, Paragraph 2 of the Cabinet Office Ordinance on Disclosure of Corporate Information, etc. and prepares the interim consolidated financial statements in the second quarter.
2. The interim consolidated financial statements of MHFG are prepared in accordance with the “Ordinance on<br>the Terminology, Forms, and Preparation Methods of Interim Consolidated Financial Statements” (Ordinance of the Ministry of Finance No. 24 of 1999). The classification of assets and liabilities and that of income and expenses are in<br>accordance with the “Ordinance for Enforcement of the Banking Act” (Ordinance of the Ministry of Finance No. 10 of 1982).
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3. Ernst & Young ShinNihon LLC conducted a semiannual audit on the interim consolidated financial<br>statements of MHFG for the six months ended September 30, 2021, pursuant to Article 193-2, Paragraph 1 of the Financial Instruments and Exchange Act.
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- 2 -

I. Interim Consolidated Financial Statements

(1) Interim Consolidated Balance Sheet

(Millions of yen)
As ofMarch 31, 2021 As ofSeptember 30, 2021
Assets
Cash and Due from Banks *8 47,981,981 *8 47,075,429
Call Loans and Bills Purchased 589,776 330,455
Receivables under Resale Agreements 11,623,654 16,932,692
Guarantee Deposits Paid under Securities Borrowing Transactions 2,707,711 2,412,626
Other Debt Purchased 3,208,004 3,137,520
Trading Assets *8 12,589,294 *8 12,610,648
Money Held in Trust 582,368 637,862
Securities *1, *8, *15 43,697,262 *1, *8, *15 43,725,034
Loans and Bills Discounted *3, *4, *5, *6, *7, *8, *9 83,704,675 *3, *4, *5, *6, *7, *8, *9 82,198,528
Foreign Exchange Assets *7 2,084,756 *7 2,228,808
Derivatives other than for Trading Assets 1,719,349 1,407,561
Other Assets *8 6,174,020 *8 5,296,681
Tangible Fixed Assets *10, *11 1,135,449 *10, *11 1,118,837
Intangible Fixed Assets 620,224 603,477
Net Defined Benefit Asset 1,109,107 959,987
Deferred Tax Assets 31,402 27,842
Customers’ Liabilities for Acceptances and Guarantees 6,602,744 7,085,422
Reserves for Possible Losses on Loans (575,572 ) (594,023 )
Reserve for Possible Losses on Investments (0 ) (1 )
Total Assets 225,586,211 227,195,390

- 3 -

(Millions of yen)
As ofMarch 31, 2021 As ofSeptember 30, 2021
Liabilities
Deposits *8 133,312,406 *8 129,291,662
Negotiable Certificates of Deposit 17,192,572 19,215,068
Call Money and Bills Sold 1,312,790 1,431,315
Payables under Repurchase Agreements *8 18,607,255 *8 22,277,769
Guarantee Deposits Received under Securities Lending Transactions *8 958,148 *8 1,229,187
Commercial Paper 2,105,067 1,969,424
Trading Liabilities 8,115,377 6,464,003
Borrowed Money *8, *12 7,441,822 *8, *12 7,495,869
Foreign Exchange Liabilities 532,042 500,486
Short-term Bonds 456,045 543,561
Bonds and Notes *13 10,321,672 *13 10,513,503
Due to Trust Accounts 1,160,608 1,182,263
Derivatives other than for Trading Liabilities 1,739,671 1,480,764
Other Liabilities 5,862,013 6,469,900
Reserve for Bonus Payments 104,131 58,833
Reserve for Variable Compensation 2,935 1,014
Net Defined Benefit Liability 71,049 71,775
Reserve for Director and Corporate Auditor Retirement Benefits 683 488
Reserve for Possible Losses on Sales of Loans 1,074 181
Reserve for Contingencies 6,762 8,562
Reserve for Reimbursement of Deposits 22,099 19,901
Reserve for Reimbursement of Debentures 14,419 12,157
Reserves under Special Laws 3,135 3,127
Deferred Tax Liabilities 215,557 166,823
Deferred Tax Liabilities for Revaluation Reserve for Land *10 61,915 *10 61,436
Acceptances and Guarantees 6,602,744 7,085,422
Total Liabilities 216,224,003 217,554,505
Net Assets
Common Stock 2,256,767 2,256,767
Capital Surplus 1,135,940 1,125,324
Retained Earnings 4,421,655 4,712,422
Treasury Stock (7,124 ) (8,164 )
Total Shareholders’ Equity 7,807,239 8,086,349
Net Unrealized Gains (Losses) on Other Securities 1,132,460 1,154,756
Deferred Gains or Losses on Hedges 31,618 (743 )
Revaluation Reserve for Land *10 136,384 *10 135,297
Foreign Currency Translation Adjustments (139,514 ) (80,968 )
Remeasurements of Defined Benefit Plans 288,088 229,137
Total Accumulated Other Comprehensive Income 1,449,035 1,437,480
Stock Acquisition Rights 134 95
Non-controlling Interests 105,797 116,959
Total Net Assets 9,362,207 9,640,884
Total Liabilities and Net Assets 225,586,211 227,195,390

- 4 -

(2) Interim Consolidated Statement of Income and Interim Consolidated Statement of Comprehensive Income

Interim Consolidated Statement of Income

(Millions of yen)
For the six months ended<br><br><br>September 30, 2020 For the six months ended<br><br><br>September 30, 2021
Ordinary Income 1,576,761 1,579,249
Interest Income 693,651 615,622
Interest on Loans and Bills Discounted 490,811 422,172
Interest and Dividends on Securities 122,600 119,583
Fiduciary Income 27,143 29,728
Fee and Commission Income 397,087 416,769
Trading Income 238,219 226,614
Other Operating Income 156,922 142,799
Other Ordinary Income *1 63,736 *1 147,714
Ordinary Expenses 1,309,150 1,179,909
Interest Expenses 253,522 141,461
Interest on Deposits 91,376 28,002
Fee and Commission Expenses 77,475 86,326
Trading Expenses 1,455 35,301
Other Operating Expenses 68,248 59,622
General and Administrative Expenses 681,287 667,594
Other Ordinary Expenses *2 227,161 *2 189,602
Ordinary Profits 267,610 399,340
Extraordinary Gains *3 72,735 *3 51,553
Extraordinary Losses *4 6,955 *4 4,271
Income before Income Taxes 333,391 446,622
Income Taxes:
Current 74,186 65,604
Deferred 41,813 (10,941 )
Total Income Taxes 116,000 54,663
Profit 217,390 391,958
Profit Attributable to Non-controlling Interests 1,867 6,301
Profit Attributable to Owners of Parent 215,523 385,657

- 5 -

Interim Consolidated Statement of Comprehensive Income

(Millions of yen)
For the six months ended<br><br><br>September 30, 2020 For the six months ended<br><br><br>September 30, 2021
Profit 217,390 391,958
Other Comprehensive Income 158,782 (9,048 )
Net Unrealized Gains (Losses) on Other Securities 212,348 23,805
Deferred Gains or Losses on Hedges (5,843 ) (32,261 )
Foreign Currency Translation Adjustments (36,529 ) 50,061
Remeasurements of Defined Benefit Plans (9,851 ) (58,390 )
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method (1,341 ) 7,736
Comprehensive Income 376,172 382,910
(Breakdown)
Comprehensive Income Attributable to Owners of Parent 377,963 375,995
Comprehensive Income Attributable to Non-controlling<br>Interests (1,791 ) 6,914

- 6 -

(3) Interim Consolidated Statement of Changes in Net Assets

For the six months ended September 30, 2020

(Millions of yen)
Shareholders’ Equity
Common Stock Capital Surplus Retained Earnings Treasury Stock TotalShareholders’<br>Equity
Balance as of the beginning of the period 2,256,767 1,136,467 4,174,190 (6,414 ) 7,561,010
Cumulative Effects of Changes in<br>Accounting Policies (32,639 ) (32,639 )
Balance as of the beginning of the period<br>reflecting Changes in Accounting<br>Policies 2,256,767 1,136,467 4,141,550 (6,414 ) 7,528,370
Changes during the period
Cash Dividends (95,208 ) (95,208 )
Profit Attributable to Owners of<br>Parent 215,523 215,523
Repurchase of Treasury Stock (1,995 ) (1,995 )
Disposition of Treasury Stock (80 ) 1,385 1,305
Transfer from Revaluation Reserve<br>for Land (1,178 ) (1,178 )
Change in Treasury Shares of Parent<br>Arising from Transactions with<br>Non-controlling Shareholders (519 ) (519 )
Transfer from Retained Earnings to<br>Capital Surplus 80 (80 ) —
Net Changes in Items other than<br>Shareholders’ equity
Total Changes during the period — (519 ) 119,056 (610 ) 117,926
Balance as of the end of the period 2,256,767 1,135,948 4,260,606 (7,025 ) 7,646,297
Accumulated Other Comprehensive Income Stock<br>Acquisition<br>Rights Non-<br>controlling<br>Interests Total Net<br>Assets
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Net Unrealized<br>Gains (Losses)<br>on Other<br>Securities Deferred Gains<br>or Losses on<br>Hedges Revaluation<br>Reserve for<br>Land Foreign<br>Currency<br>Translation<br>Adjustments Remeasurements<br>of Defined<br>Benefit Plans Total<br>Accumulated<br>Other<br>Comprehensive<br>Income
Balance as of the beginning of the period 823,085 72,081 136,655 (133,178 ) 94,317 992,960 213 109,662 8,663,847
Cumulative Effects of Changes in Accounting Policies — (32,639 )
Balance as of the beginning of the period reflecting Changes in Accounting<br>Policies 823,085 72,081 136,655 (133,178 ) 94,317 992,960 213 109,662 8,631,208
Changes during the period
Cash Dividends (95,208 )
Profit Attributable to Owners of<br>Parent 215,523
Repurchase of Treasury Stock (1,995 )
Disposition of Treasury Stock 1,305
Transfer from Revaluation Reserve<br>for Land (1,178 )
Change in Treasury Shares of Parent Arising from Transactions with<br>Non-controlling Shareholders (519 )
Transfer from Retained Earnings to Capital Surplus —
Net Changes in Items other than Shareholders’ equity 215,696 (5,819 ) 1,178 (37,594 ) (9,842 ) 163,619 (79 ) (7,469 ) 156,070
Total Changes during the period 215,696 (5,819 ) 1,178 (37,594 ) (9,842 ) 163,619 (79 ) (7,469 ) 273,997
Balance as of the end of the period 1,038,781 66,262 137,834 (170,773 ) 84,475 1,156,580 134 102,192 8,905,205

- 7 -

For the six months ended September 30, 2021

(Millions of yen)
Shareholders’ Equity
Common Stock Capital Surplus Retained Earnings Treasury Stock TotalShareholders’<br>Equity
Balance as of the beginning of the period 2,256,767 1,135,940 4,421,655 (7,124 ) 7,807,239
Cumulative Effects of Changes in<br>Accounting Policies (724 ) (724 )
Balance as of the beginning of the period<br>reflecting Changes in Accounting<br>Policies 2,256,767 1,135,940 4,420,931 (7,124 ) 7,806,515
Changes during the period
Cash Dividends (95,201 ) (95,201 )
Profit Attributable to Owners of<br>Parent 385,657 385,657
Repurchase of Treasury Stock (2,646 ) (2,646 )
Disposition of Treasury Stock (51 ) 1,606 1,554
Transfer from Revaluation Reserve<br>for Land 1,086 1,086
Change in Treasury Shares of Parent<br>Arising from Transactions with<br>Non-controlling Shareholders (10,616 ) (10,616 )
Transfer from Retained Earnings to<br>Capital Surplus 51 (51 ) —
Net Changes in Items other than<br>Shareholders’ equity
Total Changes during the period — (10,616 ) 291,490 (1,040 ) 279,833
Balance as of the end of the period 2,256,767 1,125,324 4,712,422 (8,164 ) 8,086,349
Accumulated Other Comprehensive Income
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Net Unrealized<br>Gains (Losses)<br>on Other<br>Securities Deferred Gains<br>or Losses on<br>Hedges Revaluation<br>Reserve for<br>Land Foreign<br>Currency<br>Translation<br>Adjustments Remeasurements<br>of Defined<br>Benefit Plans Total<br>Accumulated<br>Other<br>Comprehensive<br>Income Stock<br>Acquisition<br>Rights Non-<br>controlling<br>Interests Total Net<br>Assets
Balance as of the beginning of the period 1,132,460 31,618 136,384 (139,514 ) 288,088 1,449,035 134 105,797 9,362,207
Cumulative Effects of Changes in Accounting Policies — (724 )
Balance as of the beginning of the period reflecting Changes in Accounting<br>Policies 1,132,460 31,618 136,384 (139,514 ) 288,088 1,449,035 134 105,797 9,361,483
Changes during the period
Cash Dividends (95,201 )
Profit Attributable to Owners of<br>Parent 385,657
Repurchase of Treasury Stock (2,646 )
Disposition of Treasury Stock 1,554
Transfer from Revaluation Reserve<br>for Land 1,086
Change in Treasury Shares of Parent Arising from Transactions with<br>Non-controlling Shareholders (10,616 )
Transfer from Retained Earnings to Capital Surplus —
Net Changes in Items other than Shareholders’ equity 22,295 (32,361 ) (1,086 ) 58,546 (58,950 ) (11,555 ) (39 ) 11,161 (433 )
Total Changes during the period 22,295 (32,361 ) (1,086 ) 58,546 (58,950 ) (11,555 ) (39 ) 11,161 279,400
Balance as of the end of the period 1,154,756 (743 ) 135,297 (80,968 ) 229,137 1,437,480 95 116,959 9,640,884

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(4) Interim Consolidated Statement of Cash Flows

(Millions of yen)
For the six months ended<br>September 30, 2020 For the six months ended<br>September 30, 2021
Cash Flow from Operating Activities
Income before Income Taxes 333,391 446,622
Depreciation 80,450 82,327
Losses on Impairment of Fixed Assets 1,391 2,577
Amortization of Goodwill 1,869 1,882
Equity in Loss (Gain) from Investments in Affiliates (11,559 ) (16,519 )
Increase (Decrease) in Reserves for Possible Losses on Loans 53,470 17,235
Increase (Decrease) in Reserve for Possible Losses on Investments 0 0
Increase (Decrease) in Reserve for Possible Losses on Sales of Loans 504 (893 )
Increase (Decrease) in Reserve for Contingencies (1,028 ) 1,362
Increase (Decrease) in Reserve for Bonus Payments (18,630 ) (45,632 )
Increase (Decrease) in Reserve for Variable Compensation (1,092 ) (1,920 )
Decrease (Increase) in Net Defined Benefit Asset (31,468 ) 37,380
Increase (Decrease) in Net Defined Benefit Liability 1,180 7,462
Increase (Decrease) in Reserve for Director and Corporate Auditor Retirement Benefits (308 ) (194 )
Increase (Decrease) in Reserve for Reimbursement of Deposits (2,646 ) (2,198 )
Increase (Decrease) in Reserve for Reimbursement of Debentures (1,009 ) (2,261 )
Interest Income - accrual basis (693,651 ) (615,622 )
Interest Expenses - accrual basis 253,522 141,461
Losses (Gains) on Securities (1,779 ) (55,028 )
Losses (Gains) on Money Held in Trust (1,565 ) (576 )
Foreign Exchange Losses (Gains) - net 190,646 (94,978 )
Losses (Gains) on Disposition of Fixed Assets (588 ) 1,242
Losses (Gains) on Revision of Retirement Benefit Plan (58,684 ) —
Losses (Gains) on Cancellation of Employee Retirement Benefit Trust (7,895 ) (51,093 )
Decrease (Increase) in Trading Assets (1,348,924 ) (18,340 )
Increase (Decrease) in Trading Liabilities (1,148,807 ) (1,635,601 )
Decrease (Increase) in Derivatives other than for Trading Assets 513,769 307,018
Increase (Decrease) in Derivatives other than for Trading Liabilities (356,773 ) (255,687 )
Decrease (Increase) in Loans and Bills Discounted (3,180,082 ) 1,665,708
Increase (Decrease) in Deposits 3,706,210 (4,210,533 )
Increase (Decrease) in Negotiable Certificates of Deposit 887,125 2,046,043
Increase (Decrease) in Borrowed Money (excluding Subordinated Borrowed Money) 2,040,630 51,827
Decrease (Increase) in Due from Banks (excluding Due from Central Banks) 58,994 (261,460 )
Decrease (Increase) in Call Loans, etc. 6,119,257 (4,925,790 )
Decrease (Increase) in Guarantee Deposits Paid under Securities Borrowing Transactions 52,362 295,085
Increase (Decrease) in Call Money, etc. 1,321,413 3,660,343
Increase (Decrease) in Commercial Paper 521,600 (159,028 )
Increase (Decrease) in Guarantee Deposits Received under Securities Lending Transactions 136,184 271,038
Decrease (Increase) in Foreign Exchange Assets 96,730 (139,049 )
Increase (Decrease) in Foreign Exchange Liabilities (107,635 ) (31,586 )
Increase (Decrease) in Short-term Bonds (Liabilities) (42,210 ) 87,515
Increase (Decrease) in Bonds and Notes 506,833 73,621
Increase (Decrease) in Due to Trust Accounts 280,752 21,655
Interest and Dividend Income - cash basis 768,705 697,501
Interest Expenses - cash basis (333,961 ) (178,443 )
Other - net (200,012 ) 875,912
Subtotal 10,376,684 (1,909,617 )
Cash Refunded (Paid) in Income Taxes (131,734 ) (92,701 )
Net Cash Provided by (Used in) Operating Activities 10,244,949 (2,002,318 )

- 9 -

(Millions of yen)
For the six months ended<br>September 30, 2020 For the six months ended<br>September 30, 2021
Cash Flow from Investing Activities
Payments for Purchase of Securities (48,153,087 ) (58,427,590 )
Proceeds from Sale of Securities 24,703,651 30,635,786
Proceeds from Redemption of Securities 14,798,919 28,645,491
Payments for Increase in Money Held in Trust (63,426 ) (61,361 )
Proceeds from Decrease in Money Held in Trust 4,841 6,119
Payments for Purchase of Tangible Fixed Assets (36,629 ) (11,779 )
Payments for Purchase of Intangible Fixed Assets (47,263 ) (43,042 )
Proceeds from Sale of Tangible Fixed Assets 12,855 2,326
Proceeds from Sale of Intangible Fixed Assets — 480
Proceeds from Sales of Stocks of Subsidiaries (affecting the scope of consolidation) 497 —
Net Cash Provided by (Used in) Investing Activities (8,779,640 ) 746,430
Cash Flow from Financing Activities
Proceeds from Subordinated Borrowed Money 30,000 —
Repayments of Subordinated Borrowings — (4,000 )
Proceeds from Issuance of Subordinated Bonds 287,000 140,950
Payments for Redemption of Subordinated Bonds (50,000 ) (35,000 )
Proceeds from Investments by Non-controlling<br>Shareholders 2,543 34
Repayments to Non-controlling Shareholders — (96 )
Cash Dividends Paid (95,242 ) (95,198 )
Cash Dividends Paid to Non-controlling<br>Shareholders (4,074 ) (7,014 )
Payments for Repurchase of Treasury Stock (1,503 ) (1,825 )
Proceeds from Sale of Treasury Stock 838 869
Payments for Repurchase of Treasury Stock of Subsidiaries (5,414 ) (0 )
Net Cash Provided by (Used in) Financing Activities 164,147 (1,281 )
Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents (120,684 ) 71,025
Net Increase (Decrease) in Cash and Cash Equivalents 1,508,771 (1,186,144 )
Cash and Cash Equivalents at the beginning of the period 39,863,604 46,981,399
Cash and Cash Equivalents at the end of the period *1 41,372,376 *1 45,795,255

- 10 -

Notes to Interim Consolidated Financial Statements

Fundamental and Important Matters for the Preparation of Interim Consolidated Financial Statements

1. Scope of Consolidation
(1) Number of consolidated subsidiaries: 160
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Names of principal companies:

Mizuho Bank, Ltd.

Mizuho Trust & Banking Co., Ltd.

Mizuho Securities Co., Ltd.

Change in scope of consolidation

During the six months ended September 30, 2021, Mizuho Growth Fund No.4 Limited Partnership and eight other companies were newly included in the scope of consolidation as a result of establishment.

During the six months ended September 30, 2021, Mizuho Australia Ltd. and eight other companies were excluded from the scope of consolidation as a result of liquidation and other factors.

(2) Number of non-consolidated subsidiaries: 0
2. Application of the Equity Method
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(1) Number of non-consolidated subsidiaries under the equity method: 0<br>
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(2) Number of affiliates under the equity method: 29
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Names of principal companies:

Custody Bank of Japan, Ltd.

Orient Corporation

Mizuho Leasing Company, Limited

Change in scope of equity method

During the six months ended September 30, 2021, Cotra Ltd. was newly included in the scope of equity method as a result of establishment.

(3) Number of non-consolidated subsidiaries not under the equity method: 0<br>
(4) Affiliates not under the equity method:
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Pec International Leasing Co., Ltd.

Affiliates not under the equity method are excluded from the scope of the equity method since such exclusion has no material effect on MHFG’s interim consolidated financial statements in terms of Net Income (Loss) (amount corresponding to MHFG’s equity position), Retained Earnings (amount corresponding to MHFG’s equity position), Accumulated Other Comprehensive Income (amount corresponding to MHFG’s equity position) and others.

3. Interim Balance Sheet Dates of Consolidated Subsidiaries
(1) Interim balance sheet dates of consolidated subsidiaries are as follows:
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June 30 39 companies
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September 30 121 companies
(2) Consolidated Subsidiaries were consolidated based on their interim financial statements as of and for the<br>period ended their respective interim balance sheet dates.
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The necessary adjustments have been made to the interim financial statements for any significant transactions that took place between their respective interim balance sheet dates and the date of the interim consolidated financial statements.

- 11 -

4. Standards of Accounting Method
(1) Credited Loans pursuant to Trading Securities and Trading Income & Expenses
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Credited loans held for the purpose of trading are, in line with trading securities, recognized on a trade date basis and recorded in Other Debt Purchased on the interim consolidated balance sheet. Other Debt Purchased related to the relevant credited loans is stated at fair value at the interim consolidated balance sheet date. Interest received and the gains or losses on the sale of the relevant credited loans during the six months ended September 30, 2021, including the gains or losses resulting from any change in the value between the beginning and the end of the six months ended September 30, 2021, are recognized in Other Operating Income and Other Operating Expenses on the interim consolidated statement of income.

(2) Trading Assets & Liabilities and Trading Income & Expenses

Trading transactions intended to take advantage of short-term fluctuations and arbitrage opportunities in interest rates, currency exchange rates, market prices of securities and related indices are recognized on a trade date basis and recorded in Trading Assets or Trading Liabilities on the interim consolidated balance sheet. Income or expenses generated on the relevant trading transactions are recorded in Trading Income or Trading Expenses on the interim consolidated statement of income.

Securities and other monetary claims held for trading purposes are stated at fair value at the interim consolidated balance sheet date. Derivative financial products, such as swaps, futures and option transactions, are stated at fair value, assuming that such transactions are terminated and settled at the interim consolidated balance sheet date.

Trading Income and Trading Expenses include the interest received and the interest paid during the six months ended September 30, 2021, the gains or losses resulting from any change in the value of securities and other monetary claims between the beginning and the end of the six months ended September 30, 2021, and the gains or losses resulting from any change in the value of financial derivatives between the beginning and the end of the six months ended September 30, 2021, assuming they were settled at the end of the six months ended September 30, 2021.

For financial derivatives, fair value is calculated on the basis of net assets or liabilities after offsetting financial assets and liabilities with respect to specific market risks and specific credit risk.

(3) Securities
(a) Bonds held to maturity are stated at amortized cost (straight-line method) and determined by the moving average<br>method. Investments in affiliates not under the equity method are stated at acquisition cost and determined by the moving average method. Other Securities are stated at market price (cost of securities sold is calculated primarily by the moving<br>average method). Stocks and others without a quoted market price are stated at acquisition cost and determined by the moving average method.
--- ---

The net unrealized gains (losses) on Other Securities are included directly in Net Assets, net of applicable income taxes after excluding gains and losses as a result of the fair-value hedge method.

(b) Securities which are held as trust assets in Money Held in Trust accounts are valued in the same way as<br>described in (a) above.
(4) Derivative Transactions
--- ---

Derivative transactions (other than transactions for trading purposes) are valued at fair value.

Fair value is calculated on the basis of net assets or liabilities after offsetting financial assets and liabilities with respect to specific market risks and specific credit risk.

(5) Depreciation of Fixed Assets
1) Tangible Fixed Assets (Except for Lease Assets)
--- ---

Depreciation of buildings is computed mainly by the straight-line method, and that of others is computed mainly by the declining-balance method. The amount based on estimated annual depreciation expenses is allocated to each period.

The range of useful lives is as follows:

Buildings 3 years to 50 years
Others 2 years to 20 years

- 12 -

2) Intangible Fixed Assets (Except for Lease Assets)

Amortization of Intangible Fixed Assets is computed by the straight-line method. Development costs for internally-used software are capitalized and amortized over their estimated useful lives of mainly from five to ten years as determined by MHFG and consolidated subsidiaries.

3) Lease Assets

Depreciation of lease assets booked in Tangible Fixed Assets and Intangible Fixed Assets which are concerned with finance lease transactions that do not transfer ownership is mainly computed by the same method as the one applied to fixed assets owned by us.

(6) Deferred Assets

Bond issuance costs are expensed as incurred.

(7) Reserves for Possible Losses on Loans

Reserves for Possible Losses on Loans of major domestic consolidated subsidiaries are maintained in accordance with internally established standards for write-offs and reserve provisions.

For claims extended to obligors that are legally bankrupt under the Bankruptcy Law, Special Liquidation under the Company Law or other similar laws (“Bankrupt Obligors”), and to obligors that are effectively in similar conditions (“Substantially Bankrupt Obligors”), reserves are maintained at the amounts of claims net of direct write-offs described below and the expected amounts recoverable from the disposition of collateral and the amounts recoverable under guarantees. For claims extended to obligors that are not yet legally or formally bankrupt but are likely to be bankrupt (“Intensive Control Obligors”), reserves are maintained at the amounts deemed necessary based on overall solvency analyses of the amounts of claims net of expected amounts recoverable from the disposition of collateral and the amounts recoverable under guarantees.

For claims extended to Intensive Control Obligors and Obligors with Restructured Loans and others, if the exposure to an obligor exceeds a certain specific amount, reserves are provided as follows: (i) if future cash flows of the principal and interest can be reasonably estimated, the discounted cash flow method is applied, under which the reserve is determined as the difference between the book value of the loan and its present value of future cash flows discounted using the contractual interest rate before the loan was classified as a Restructured Loan, and (ii) if future cash flows of the principal and interest cannot be reasonably estimated, reserves are provided for the losses estimated for each individual loan.

For claims extended to other obligors, reserves for the next one year or three years are maintained at rates derived from historical credit loss experience or historical bankruptcy experience for one or three years and making necessary adjustments such as future prospects and others. Reserve for Possible Losses on Loans to Restructuring Countries is maintained in order to cover possible losses based on analyses of the political and economic climates of the countries.

All claims are assessed by each claim origination department in accordance with the internally established “Self-assessment Standard,” and the results of the assessments are verified and examined by the independent examination departments.

In the case of claims to Bankrupt Obligors and Substantially Bankrupt Obligors, which are collateralized or guaranteed by a third party, the amounts deemed uncollectible (calculated by deducting the anticipated proceeds from the sale of collateral pledged against the claims and amounts that are expected to be recovered from guarantors of the claims) are written off against the respective claims balances. The total directly written-off amount was ¥113,626 million (¥116,834 million at the end of the fiscal year ended March 31, 2021).

Other consolidated subsidiaries provide the amount necessary to cover the loan losses based upon past experience and other factors for general claims and the assessment for each individual loan for other claims.

- 13 -

(Additional Information)

In light of the principles set forth in the report entitled “Japanese Financial Services Agency (“JFSA”)’s supervisory approaches to lending business and loan loss provisioning” published by JFSA in December 18, 2019, we have reflected the potential impact of the spread of COVID-19 and its prolongation on Reserves for Possible Losses on Loans for some credit. More specifically, we have estimated the expected loss amount that reflects the impact of the prolongation of COVID-19. The estimate includes the future prospect of business environment of each industry and the forecasted GDP growth rate as major assumptions. There are no material changes in the methods of the above accounting estimates and the major assumptions used in the interim consolidated financial statements from those of the previous fiscal year.

(8) Reserve for Possible Losses on Investments

Reserve for Possible Losses on Investments is maintained to provide against possible losses on investments in securities, after taking into consideration the financial condition and other factors concerning the investee company.

(9) Reserve for Bonus Payments

Reserve for Bonus Payments, which is provided for future bonus payments to employees, is maintained at the amount accrued at the end of the six months ended September 30, 2021, based on the estimated future payments.

(10) Reserve for Variable Compensation

To prepare for the payments of performance payments and stock compensation to be paid as variable compensation within compensation for directors, group executive officers and operating officers of Mizuho Financial Group, Inc., Mizuho Bank, Ltd., Mizuho Trust & Banking Co., Ltd., Mizuho Securities Co., Ltd., and certain consolidated subsidiaries, the amount accrued at the end of the six months ended September 30, 2021 among the estimated payments based on the standard amount regarding variable compensation of the fiscal year ending March 31, 2021 is provided.

(11) Reserve for Director and Corporate Auditor Retirement Benefits

Reserve for Director and Corporate Auditor Retirement Benefits, which is provided for future retirement benefit payments to directors, corporate auditors, and executive officers, is recognized at the amount accrued by the end of the six months ended September 30, 2021, based on the internally established standards.

(12) Reserve for Possible Losses on Sales of Loans

Reserve for Possible Losses on Sales of Loans is provided for possible future losses on sales of loans at the amount deemed necessary based on a reasonable estimate of possible future losses.

(13) Reserve for Contingencies

Reserve for Contingencies is maintained to provide against possible losses from contingencies which are not covered by other specific reserves. The balance is an estimate of possible future losses considered to require a reserve.

(14) Reserve for Reimbursement of Deposits

Reserve for Reimbursement of Deposits is provided against the losses for the deposits derecognized from liabilities at the estimated amount of future claims for withdrawal by depositors.

(15) Reserve for Reimbursement of Debentures

Reserve for Reimbursement of Debentures is provided for the debentures derecognized from liabilities at the estimated amount for future claims.

(16) Reserve under Special Laws

Reserve under Special Laws is Reserve for Contingent Liabilities from Financial Instruments and Exchange. This is the reserve pursuant to Article 46-5 of the Financial Instruments and Exchange Law and Article 175 of the Cabinet Office Ordinance regarding Financial Instruments Business, etc. to indemnify the losses incurred from accidents in the purchase and sale of securities, other transactions or derivative transactions.

- 14 -

(17) Accounting Method for Retirement Benefits

In calculating retirement benefit obligations, a benefit formula basis is used as a method of attributing expected retirement benefits to the period up to the end of the six months ended September 30, 2021. Unrecognized prior service cost and unrecognized actuarial differences are recognized as follows:

Unrecognized prior service cost: Recognized mainly as income or expenses in the period of occurrence.

Unrecognized actuarial difference: Recognized as income or expenses from the following fiscal year under the straight-line method over a certain term within the average remaining service period of the employees (mainly 10 years) of the respective fiscal years.

Certain consolidated subsidiaries apply the simplified method that assumes the amount required for voluntary resignation at the end of the six months ended September 30, 2021 to be retirement benefit obligations in computing net defined benefit liability and retirement benefit expenses.

(18) Revenues

Securities-related business fees mainly consist of brokerage fees and commissions, and asset-based revenues. Brokerage fees and commissions include fees earned from the execution of customer transactions and sales commissions of stocks, bonds and investment trusts, which are recognized at the point in time on transaction date with the customer. Asset-based revenues include fees received from investment trust management companies in return for administration services, such as record keeping services, of investment trusts, which are recognized over time in the period when the related service is provided.

Deposits and Lending business fees consist of Deposit-related fees and Lending-related fees. Deposit related fees are within the scope of “Accounting Standard for Revenue Recognition”, while most of Lending-related fees such as commitment fees and arrangement fees are not. Deposit-related fees include account transfer fees, which are recognized at the point in time on transaction date with the customer or at the point in time when the related service is provided.

Remittance business fees include service charges for domestic and international funds transfers and collections, which are recognized at the point in time when the related service is provided.

Trust-related business fees mainly consist of brokerage commissions of real estate property, consulting fees of real estate property and charged of stock transfer agent services. Brokerage commissions of real estate property are commissions that are received as consideration for services related to real estate brokerage, and are recognized in principle at the time of the conclusion of a sales contract for the subject real estate or trust beneficiary rights. Consulting fees of real estate property are commissions that are received as consideration for services related to real estate consulting, which are recognized at the point in time when the related service is provided or over time in the period when the related service is provided. Stock transfer agent service fees are commissions that are received as consideration for services related to transfer agent business and associated services, which are recognized at the point in time when the related service is provided or over time in the period when the related service is provided.

Agency business fees mainly consist of administration service fees related to MHFG Group’s agency business such as Japan’s principal public lottery program and revenues from standing proxy services related to stocks and others, which are recognized at the point in time when the related service is provided or over time in the period when the related service is provided.

Fees for other customer services include various revenues such as sales commissions of life insurance, service charges for electronic banking, financial advisory fees, and service charges for software development. Sales commissions of life insurance are received in return for selling insurance products and recognized mainly at the point in time on transaction date with the customer. Service charges for electronic banking are mainly monthly basic usage fees and recognized over time in the period when the related service is provided. Financial advisory fees are received as consideration for services supporting market research and business strategy planning, which are recognized over time in the period when the related service is provided. Service charges for software development are recognized mainly over time in the period when the related service is provided.

- 15 -

Fiduciary income mainly consists of trust fees earned through fiduciary asset management and administrative service, which are recognized at the point on creation of the trust or completion date specified in the contract, or over time in the period when the related service is provided.

Part of other ordinary income include underwriting fees from trading securities, credit card interchange fees and asset management business fees which are within the scope of “Accounting Standard for Revenue Recognition”. Underwriting fees are recognized at the point on the date which all the consideration of the transaction are fixed. Credit card interchange fees are recognized at the point on the settlement of the credit card payment transactions. Asset management business fees consist of investment trust management fees and investment advisory fees for investment trusts, which are recognized over time in the period when the related service is provided.

(19) Assets and Liabilities denominated in foreign currencies

Assets and liabilities denominated in foreign currencies and accounts of overseas branches of domestic consolidated banking subsidiaries and a domestic consolidated trust banking subsidiary are translated into Japanese yen primarily at the exchange rates in effect at the interim consolidated balance sheet date, with the exception of the investments in affiliates not under the equity method, which are translated at historical exchange rates.

Assets and liabilities denominated in foreign currencies of the consolidated subsidiaries, except for the transactions mentioned above, are translated into Japanese yen primarily at the exchange rates in effect at the respective interim balance sheet dates.

(20) Hedge Accounting
(a) Interest Rate Risk
--- ---

The deferred method, the fair-value hedge method or the exceptional accrual method for interest rate swaps are applied as hedge accounting methods.

The portfolio hedge transaction for a large volume of small-value monetary claims and liabilities of domestic consolidated banking subsidiaries and domestic consolidated trust banking subsidiaries is accounted for in accordance with the method stipulated in the “Accounting and Auditing Treatment relating to Adoption of Accounting Standards for Financial Instruments for Banks” (JICPA Industry Committee Practical Guideline No.24, October 8, 2020).

The effectiveness of hedging activities for the portfolio hedge transaction for a large volume of small-value monetary claims and liabilities is assessed as follows:

i) as for hedging activities to offset market fluctuation risks, the effectiveness is assessed by bracketing both<br>the hedged instruments, such as deposits and loans, and the hedging instruments, such as interest-rate swaps, in the same maturity bucket.
ii) as for hedging activities to fix the cash flows, the effectiveness is assessed based on the correlation between<br>a base interest rate index of the hedged instrument and that of the hedging instrument.
--- ---

The effectiveness of the individual hedge is assessed based on the comparison of the fluctuation in the market or of cash flows of the hedged instruments with that of the hedging instruments.

(b) Foreign Exchange Risk

Domestic consolidated banking subsidiaries and domestic consolidated trust banking subsidiaries apply the deferred method of hedge accounting to hedge foreign exchange risks associated with various financial assets and liabilities denominated in foreign currencies as stipulated in the “Accounting and Auditing Treatment relating to Adoption of Accounting Standards for Foreign Currency Transactions for Banks” (JICPA Industry Committee Practical Guideline No.25, October 8, 2020). The effectiveness of the hedge is assessed by confirming that the amount of the foreign currency position of the hedged monetary claims and liabilities is equal to or larger than that of currency-swap transactions, exchange swap transactions, and similar transactions designated as the hedging instruments of the foreign exchange risk.

In addition to the above methods, these subsidiaries apply the deferred method or the fair-value hedge method to portfolio hedges of the foreign exchange risks associated with investments in subsidiaries and affiliates in foreign currency and Other Securities in foreign currency (except for bonds) identified as hedged items in advance, as long as the amount of foreign currency payables of spot and forward foreign exchange contracts exceeds the amount of acquisition cost of the hedged foreign securities in foreign currency.

- 16 -

(c) Inter-company Transactions

Inter-company interest rate swaps, currency swaps and similar derivatives among consolidated companies or between trading accounts and other accounts, which are designated as hedges, are not eliminated, and related gains and losses are recognized in the statement of income or deferred under hedge accounting, because these inter-company derivatives are executed according to the criteria for appropriate outside third-party cover operations which are treated as hedge transactions objectively in accordance with JICPA Industry Committee Practical Guideline No. 24 and 25.

As for certain assets and liabilities of MHFG and its consolidated subsidiaries, the deferred method, the fair-value hedge method or the exceptional accrual method for interest rate swaps are applied.

(d) Hedging relationships which apply “Treatment of Hedge Accounting for Financial Instruments that Reference<br>LIBOR”

Among above (a) to (c), all hedging relationships included in the scope of applying the “Treatment of Hedge Accounting for Financial Instruments that Reference LIBOR” (ASBJ Practical Solutions No.40, September 29, 2020) are subject to this exceptional treatment. The detail of the hedging relationships which apply the treatment are as follows.

Hedging method: the deferred method, the fair-value hedge method or the exceptional accrual method

Hedging instruments: interest-rate swaps, currency-swap transactions or exchange swap transactions, etc

Hedged instruments: financial assets and liabilities, financial assets and liabilities denominated in foreign currencies, etc

The variety of Hedge transactions: to offset market fluctuation risks, to fix the cash flows

(21) Scope of Cash and Cash Equivalents on Interim Consolidated Statements of Cash Flows

In the interim consolidated statements of cash flows, Cash and Cash Equivalents consist of cash and due from central banks included in “Cash and Due from Banks” on the interim consolidated balance sheet.

(22) Adoption of the Consolidated Taxation System

MHFG and some domestic consolidated subsidiaries of the Group have applied the Consolidated Taxation System from the beginning of the interim period ended September 30, 2021.

Changes in Accounting Policies

(Accounting Standard for Revenue Recognition and Others)

MHFG has applied “Accounting Standard for Revenue Recognition” (ASBJ Statement No.29, March 31, 2020) and others from the beginning of the interim period ended September 30, 2021.

In accordance with “Accounting Standard for Revenue Recognition”, MHFG recognizes revenue at the time of the transfer of promised goods or services to the customer in an amount that reflects the consideration to which MHFG expects to be entitled in exchange for those goods or services.

In accordance with transitional treatment set out in the proviso of Article 84 of “Accounting Standard for Revenue Recognition”, the cumulative effects arising from the retroactive application of these new accounting policies to all the previous fiscal years were reflected in Retained Earnings as of April 1, 2021, and the new accounting policies are applied from the beginning of the fiscal year.

As a result of the cumulative effects arising from the retroactive application of these new accounting policies, Retained Earnings of the interim consolidated statement of changes in net assets decreased by ¥724 million as of April 1, 2021. The impact on the interim consolidated balance sheet, the interim consolidated statement of income, interim consolidated statement of cash flows and per share information for the interim period ended September 30, 2021 is immaterial.

And in accordance with the transitional treatment set forth in Article 89-3 of “Accounting Standard for Revenue Recognition”, comparative period is not noted in “Revenue recognition”.

- 17 -

Additional Information

The Board Benefit Trust (“BBT”) Program

Since MHFG operates its business to contribute to the creation of value for diverse stakeholders and realize improved corporate value through the continuous and stable growth of MHFG group pursuant to MHFG’s basic management policy defined under the Mizuho Financial Group’s Corporate Identity, MHFG has introduced a stock compensation program using a trust (the “Program”) that functions as an incentive for each Director, Group Executive Officer, and Operating officers to exert maximum effort in performing his or her duties, and also as consideration for such exertion of effort.

(1) Outline of the Program

The Program has adopted the Board Benefit Trust (“BBT”) framework. MHFG’s shares on the stock market will be acquired through a trust established based on the underlying funds contributed by MHFG, and MHFG’s shares will be distributed to Directors, Executive Officers, and Operating officers of MHFG, Mizuho Bank, Ltd., Mizuho Trust & Banking Co., Ltd., and Mizuho Securities Co., Ltd. (the “Company Group”) and other entities in accordance with the Rules on Distribution of Shares to be prescribed in advance. The framework consists of the stock compensation program based on the Company Group Officer’s responsibilities and others in their respective company (“Stock Compensation I”), the stock compensation program based on the performance evaluation of the Company Group (“Stock Compensation II”) and the stock compensation program based on Company Group Officer’s responsibilities in their respective company and the performance evaluation of the Company Group, which distributes MHFG’s shares to Operating officers of MHFG and certain consolidated subsidiaries (“Stock Benefit”).

Stock Compensation I will be paid at the time of retirement in the form of shares of MHFG calculated based on their responsibilities and others. A system is adopted which enables a decrease or forfeiture of the amount depending on the performance of the company or the individual.

Stock Compensation II will be paid in the form of shares of MHFG and will be deferred over three years, which is calculated based on the status of achieving our Five-Year Business Plan. A system is adopted which enables a decrease or forfeiture of the amount depending on the performance of the company or the individual.

Stock Benefit will be paid in the collective form of MHFG’s share which is based on responsibilities in their respective company and the performance evaluation of the Company Group. Reduction and forfeit of the benefit can be occurred in the program.

Upon the payment of stock compensation under the Program, MHFG may, for a certain portion, pay a monetary amount equivalent to the market value of its stock in lieu of stock compensation in accordance with the Rules on Distribution of Shares.

Voting rights related to MHFG’s shares belonging to the trust assets under the trust shall not be exercised.

(2) MHFG’s Shares Outstanding in the Trust

MHFG’s shares outstanding in the trust are recognized as Treasury Stock under Net Assets at the carrying amount (excluding the amount of incidental expenses) in the trust. The carrying amount of such Treasury Stock as of September 30, 2021 was ¥4,950 million for 3,080 thousand shares (the carrying amount as of March 31, 2021 was ¥4,144 million for 2,554 thousand shares).

Application of tax-effect accounting to the Transition from the ConsolidatedTaxation System to the Group Aggregation System

MHFG and some domestic consolidated subsidiaries of the Group record amounts of deferred tax assets and deferred tax liabilities based on the provisions of tax laws prior to amendment under the treatment in Paragraph 3 of “Treatment of the application of the tax-effect accounting in relation to the transition from the consolidated tax system to the aggregate group system” (Practical Solutions No.39 March 31, 2020), without applying the provisions of Paragraph 44 of “Guidance on Accounting Standard for tax-effect accounting” (Implementation Guidance No.28 February 16, 2018), regarding the tax items for which review of the non-consolidated Tax Payment System was implemented in accordance with the transition to the aggregated group system established under the “Act for Partial Revision of the Income Tax Act, etc.” (Act No. 8 of 2020) and the transition to the aggregated group system.

- 18 -

Notes to Interim Consolidated Balance Sheet

*1. The total amount of shares and investments in affiliates
(Millions of yen)
--- --- --- --- ---
As of March 31, 2021 As of September 30, 2021
Shares 348,355 369,717
Investments 537 539
2. MHFG does not have unsecured loaned securities which the borrowers have the right to sell or repledge.<br>
--- ---

In certain transactions, MHFG has the right to sell or repledge the following unsecured borrowed securities, securities purchased under resale agreements and securities borrowed with cash collateral.

(Millions of yen)
As of March 31, 2021 As of September 30, 2021
Securities repledged 13,417,819 14,413,874
Securities neither repledged nor re-loaned at the end of<br>the period/the fiscal year 1,520,936 3,366,439
*3. Loans to Bankrupt Obligors and Non-Accrual Delinquent Loans, which are<br>included in Loans and Bills Discounted, are as follows:
--- ---
(Millions of yen)
--- --- --- --- ---
As of March 31, 2021 As of September 30, 2021
Loans to Bankrupt Obligors 19,554 23,211
Non-Accrual Delinquent Loans 415,318 329,493

Loans to Bankrupt Obligors are loans, excluding loans written-off, on which delinquencies in payment of principal and/or interest have continued for a significant period of time or for some other reason there is no prospect of collecting principal and/or interest (“Non-Accrual Loans”), as per Article 96, Paragraph 1, Item 3, Subsections 1 to 5 or Item 4 of the Corporate Tax Law Enforcement Ordinance (Government Ordinance No. 97, 1965).

Non-Accrual Delinquent Loans represent Non-Accrual Loans other than (i) Loans to Bankrupt Obligors and (ii) loans on which interest payments have been deferred in order to assist or facilitate the restructuring of the obligors.

*4. Balance of Loans Past Due for Three Months or More, which is included in Loans and Bills Discounted, is as<br>follows:
(Millions of yen)
--- --- --- --- ---
As of March 31, 2021 As of September 30, 2021
Loans Past Due for Three Months or More 534 1,126

Loans Past Due for Three Months or More are loans on which payments of principal and/or interest have not been made for a period of three months or more since the next day following the first due date without such payments, and which are not included in Loans to Bankrupt Obligors, or Non-Accrual Delinquent Loans.

- 19 -

*5. Balance of Restructured Loans, which is included in Loans and Bills Discounted, is as follows:<br>
(Millions of yen)
--- --- --- --- ---
As of March 31, 2021 As of September 30, 2021
Restructured Loans 377,049 457,085

Restructured Loans represent loans whose contracts were amended in favor of obligors (e.g., reduction of, or exemption from, stated interest, deferral of interest payments, extension of maturity dates and renunciation of claims) in order to assist or facilitate the restructuring of the obligors. Loans to Bankrupt Obligors, Non-Accrual Delinquent Loans and Loans Past Due for Three Months or More are not included.

*6. Total balance of Loans to Bankrupt Obligors, Non-Accrual Delinquent<br>Loans, Loans Past Due for Three Months or More, and Restructured Loans is as follows:
(Millions of yen)
--- --- --- --- ---
As of March 31, 2021 As of September 30, 2021
Total 812,457 810,916

The amounts given in *3 through *6 above are gross amounts before deduction of amounts for the Reserves for Possible Losses on Loans.

*7. In accordance with Committee Practical Guideline No. 24, bills discounted are accounted for as financing<br>transactions. The banking subsidiaries have rights to sell or pledge these commercial bills, foreign exchange bills purchased and others. The face values of these bills are as follows:
(Millions of yen)
--- --- --- ---
As of March 31, 2021 As of September 30, 2021
1,614,811 1,677,322

- 20 -

*8. Breakdown of assets pledged as collateral is as follows:
(Millions of yen)
--- --- --- --- ---
As of March 31, 2021 As of September 30, 2021
The following assets are pledged as collateral:
Trading Assets 2,217,478 3,327,058
Securities 6,913,993 9,726,415
Loans and Bills Discounted 10,142,050 9,720,854
Total 19,273,522 22,774,328
The following liabilities are collateralized by the above assets:
Deposits 764,255 810,945
Payables under Repurchase Agreements 6,333,580 9,366,306
Guarantee Deposits Received under Securities Lending Transactions 935,121 1,931,774
Borrowed Money 6,282,906 6,379,874

In addition to the above, the following items are pledged as collateral in connection with the settlement accounts of foreign and domestic exchange transactions or derivatives transactions and others or as a substitute for margins for futures transactions and others:

(Millions of yen)
As of March 31, 2021 As of September 30, 2021
Cash and Due from Banks 63,463 59,280
Trading Assets 179,925 334,445
Securities 3,353,832 3,514,555
Loans and Bills Discounted 99,964 82,181

Other Assets includes margins for futures transactions, guarantee deposits, and collateral pledged for financial instruments and others as follows:

(Millions of yen)
As of March 31, 2021 As of September 30, 2021
Margins for Futures Transactions 185,323 300,897
Guarantee Deposits 110,674 109,487
Collateral Pledged for Financial Instruments and Others 1,886,061 1,663,523

- 21 -

*9. Overdraft protection on current accounts and contracts of the commitment line for loans are contracts by which<br>banking subsidiaries are bound to extend loans up to a prearranged amount, at the request of customers, unless the customer is in breach of contract conditions. The unutilized balance of these contracts amounts is as follows:
(Millions of yen)
--- --- --- --- ---
As of March 31, 2021 As of September 30, 2021
Unutilized balance 107,724,379 101,924,846
Amount relating to contracts of which the original contractual maturity is one year or less, or<br>which are unconditionally cancelable at any time 80,332,843 73,933,105

Since many of these contracts expire without being exercised, the unutilized balance itself does not necessarily affect future cash flows. A provision is included in many of these contracts that entitles the banking subsidiaries to refuse the execution of loans, or reduce the maximum amount under contracts when there is a change in the financial situation, necessity to preserve a claim or other similar reasons. The banking subsidiaries require collateral such as real estate and securities when deemed necessary at the time the contract is entered into. In addition, they periodically monitor customers’ business conditions in accordance with internally established standards and take necessary measures to manage credit risks such as amendments to contracts.

*10. In accordance with the Land Revaluation Law (Proclamation No. 34 dated March 31, 1998), land used for<br>business operations of domestic consolidated banking subsidiaries was revalued. The applicable income taxes on the entire excess of revaluation are included in Deferred Tax Liabilities for Revaluation Reserve for Land under Liabilities, and the<br>remainder, net of applicable income taxes, is stated as Revaluation Reserve for Land included in Net Assets.

Revaluation date: March 31, 1998

Revaluation method as stated in Article 3, Paragraph 3 of the above law: Land used for business operations was revalued by calculating the value on the basis of the valuation by road rating stipulated in Article 2, Paragraph 4 of the Enforcement Ordinance relating to the Land Revaluation Law (Government Ordinance No. 119 promulgated on March 31, 1998) with reasonable adjustments to compensate for sites with long depth and other factors, and also on the basis of the appraisal valuation stipulated in Paragraph 5.

*11. Accumulated Depreciation of Tangible Fixed Assets
(Millions of yen)
--- --- --- --- ---
As of March 31, 2021 As of September 30, 2021
Accumulated Depreciation 875,674 894,876
*12. Borrowed Money includes subordinated borrowed money with a covenant that performance of the obligation is<br>subordinated to that of other obligations.
--- ---
(Millions of yen)
--- --- --- --- ---
As of March 31, 2021 As of September 30, 2021
Subordinated Borrowed Money 213,000 209,000

- 22 -

*13. Bonds and Notes includes subordinated bonds.
(Millions of yen)
--- --- --- --- ---
As of March 31, 2021 As of September 30, 2021
Subordinated Bonds 3,796,982 3,907,591
14. The principal amounts of money trusts with contracts indemnifying the principal amounts, which are entrusted to<br>domestic consolidated trust banking subsidiaries, are as follows:
--- ---
(Millions of yen)
--- --- --- --- ---
As of March 31, 2021 As of September 30, 2021
Money trusts 842,669 832,615
*15. Liabilities for guarantees on corporate bonds included in “Securities,” which are issued by private<br>placement (Article 2, Paragraph 3 of the Financial Instruments and Exchange Act)
--- ---
(Millions of yen)
--- --- --- ---
As of March 31, 2021 As of September 30, 2021
1,407,731 1,269,509

- 23 -

Notes to Interim Consolidated Statement of Income

*1. Other Ordinary Income includes the following:
(Millions of yen)
--- --- --- --- ---
For the six months ended<br>September 30, 2020 For the six months ended<br>September 30, 2021
Gains on Sales of Stocks 44,129 116,459
Share of profit of entities accounted for using equity method 11,559 16,519
*2. Other Ordinary Expenses includes the following:
--- ---
(Millions of yen)
--- --- --- --- ---
For the six months ended<br>September 30, 2020 For the six months ended<br>September 30, 2021
Losses on Sales of Stocks 24,008 80,931
Provision for Reserves for Possible Losses on Loans 76,704 52,686
*3. Extraordinary Gains includes the following:
--- ---
(Millions of yen)
--- --- --- --- ---
For the six months ended<br>September 30, 2020 For the six months ended<br>September 30, 2021
Gains on Cancellation of Employee Retirement Benefit Trust 7,895 51,093
Accumulation (Amortization) of Unrecognized Prior Service Cost 62,004 —

“Accumulation (Amortization) of Unrecognized Prior Service Cost” resulted from prior service cost incurred in connection with the revision of the retirement benefit plan.

*4. Extraordinary Losses is as follows:
(Millions of yen)
--- --- --- --- ---
For the six months ended<br>September 30, 2020 For the six months ended<br>September 30, 2021
Losses on Impairment of Fixed Assets 1,391 2,577
Losses on Disposition of Fixed Assets 2,243 1,693
Losses on Transfer to Defined Contribution Pension Plan 3,320 —

“Losses on Transfer to Defined Contribution Pension Plan” resulted from the transfer of part of the defined benefit pension plan to the defined contribution pension plan.

- 24 -

Notes to Interim Consolidated Statement of Changes in Net Assets

For the six months ended September 30, 2020

1. Types and number of issued shares and of treasury stock are as follows:
(Thousands of shares)
--- --- --- --- --- --- --- --- --- --- --- ---
As ofApril 1, 2020 Increase during<br>the period Decrease during<br>the period As ofSeptember 30, 2020 Remarks
Issued Shares
Common Stock 25,392,498 — — 25,392,498
Total 25,392,498 — — 25,392,498
Treasury Stock
Common Stock 32,106 14,344 7,768 38,683 (Note )
Total 32,106 14,344 7,768 38,683
(Note) Increases are due to acquisition of treasury stock by BBT trust account (10,958 thousand shares), and repurchase of shares constituting less than one unit and other factors (3,386 thousand shares). Decreases are due to<br>distribution and sale of treasury stock through BBT trust account (5,030 thousand shares), exercise of stock acquisition rights (stock options) (420 thousand shares) and other factors. The number of shares as of September 30, 2020<br>includes the number of treasury stock held by BBT trust account (25,564 thousand shares).
--- ---
2. Stock acquisition rights and treasury stock acquisition rights are as follows:
--- ---
Category Breakdown<br><br><br>of stock<br><br><br>acquisition<br><br><br>rights Class of sharesto be issued or<br>transferred upon<br>exerciseof<br>stock acquisition<br>rights Number of shares to be issued or transferred upon<br>exercise of stock acquisition rights (Shares) Balance as of<br>September 30,2020<br>(Millions of yen) Remarks
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
As of<br>April 1,<br>2020 Increase<br>during the<br>period Decrease<br>during the<br>period As of<br>September 30,2020
MHFG Stock acquisition rights (Treasury stock acquisition rights) — —  <br> <br>(— ) —  <br> <br>(— ) —  <br> <br>(— ) —  <br> <br>(— ) —  <br> <br>(— )
Stock acquisition rights as stock option — 134
Consolidated subsidiaries (Treasury stock acquisition rights) — —  <br> <br>(— )
Total — 134<br> <br>(— )

- 25 -

3. Cash dividends distributed by MHFG are as follows:
(1) Cash dividends paid during the six months ended September 30, 2020
--- ---
Resolution Type Cash Dividends<br><br><br>(Millions of yen) Cash<br><br><br>Dividends<br> <br>per Share<br><br><br>(Yen) Record Date Effective Date
--- --- --- --- --- ---
May 15, 2020<br><br><br><br><br><br>The Board of Directors Common Stock 95,208 3.75 March 31, 2020 June 8, 2020
(Notes) 1. Cash dividends based on the resolution of the Board of Directors held on May 15, 2020 include ¥73 million of cash dividends on treasury stock held by BBT trust account.
--- --- ---
2. MHFG adopted the share consolidation of the shares of common stock on the basis of one post-consolidation share per ten pre-consolidation shares effective as of October 1, 2020. Cash<br>Dividends per Share is recorded at the amount before the share consolidation.
(2) Cash dividends with record dates falling in the six months ended September 30, 2020 and effective dates<br>coming after the end of the period
--- ---
Resolution Type Cash Dividends<br><br><br>(Millions of yen) Resource of<br><br><br>Dividends Cash<br><br><br>Dividends<br> <br>per Share<br><br><br>(Yen) Record Date Effective Date
--- --- --- --- --- --- ---
November 12, 2020<br><br><br><br><br><br>The Board of Directors Common Stock 95,209 Retained Earnings 3.75 September 30, 2020 December 7, 2020
(Notes) 1. Cash dividends based on the resolution of the Board of Directors held on November 12, 2020 include ¥95 million of cash dividends on treasury stock held by BBT trust account.
--- --- ---
2. MHFG adopted the share consolidation of the shares of common stock on the basis of one post-consolidation share per ten pre-consolidation shares effective as of October 1, 2020. Cash<br>Dividends per Share is recorded at the amount before the share consolidation.

- 26 -

For the six months ended September 30, 2021

1. Types and number of issued shares and of treasury stock are as follows:
(Thousands of shares)
--- --- --- --- --- --- --- --- --- --- --- ---
As ofApril 1, 2021 Increase during<br>the period Decrease during<br>the period As ofSeptember 30, 2021 Remarks
Issued Shares
Common Stock 2,539,249 — — 2,539,249
Total 2,539,249 — — 2,539,249
Treasury Stock
Common Stock 3,889 1,604 894 4,599 (Note )
Total 3,889 1,604 894 4,599
(Note) Increases are due to acquisition of treasury stock by BBT trust account (1,062 thousand shares), and repurchase of shares constituting less than one unit and other factors (542 thousand shares). Decreases are due to<br>distribution and sale of treasury stock through BBT trust account (536 thousand shares), exercise of stock acquisition rights (stock options) (23 thousand shares) and other factors. The number of shares as of September 30, 2021<br>includes the number of treasury stock held by BBT trust account (3,080 thousand shares).
--- ---
2. Stock acquisition rights and treasury stock acquisition rights are as follows:
--- ---
Category Breakdown<br><br><br>of stock<br><br><br>acquisition<br><br><br>rights Class of sharesto be issued ortransferred uponexercise ofstock acquisitionrights Number of shares to be issued or transferred uponexercise of stock acquisition rights (Shares) Balance as of<br>September 30,2021<br>(Millions of yen) Remarks
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
As ofApril 1,2021 Increase<br>during the<br>period Decrease<br>during the<br>period As of<br>September 30,2021
MHFG Stock acquisition rights (Treasury stock<br>acquisition rights) — —  <br> <br>(— ) —  <br> <br>(— ) —  <br> <br>(— ) —      <br> <br>(— ) —  <br> <br>(— )
Stock acquisition rights<br>as stock option — 95
Consolidated subsidiaries<br>(Treasury stock<br>acquisition rights) — —  <br> <br>(— )
Total — 95<br> <br>(— )

- 27 -

3. Cash dividends distributed by MHFG are as follows:
(1) Cash dividends paid during the six months ended September 30, 2021
--- ---
Resolution Type Cash Dividends<br><br><br>(Millions of yen) Cash<br><br><br>Dividends<br> <br>per Share<br><br><br>(Yen) Record Date Effective Date
--- --- --- --- --- ---
May 14, 2021<br><br><br><br><br><br>The Board of Directors Common Stock 95,201 37.50 March 31, 2021 June 8, 2021
(Note) Cash dividends based on the resolution of the Board of Directors held on May 15, 2021 include ¥95 million of cash
--- ---
dividends on treasury stock held by BBT trust account.
(2) Cash dividends with record dates falling in the six months ended September 30, 2021 and effective dates<br>coming after the end of the period
--- ---
Resolution Type Cash Dividends<br><br><br>(Millions of yen) Resource ofDividends Cash<br><br><br>Dividends<br> <br>per Share<br><br><br>(Yen) Record Date Effective Date
--- --- --- --- --- --- ---
November 12, 2021<br><br><br><br><br><br>The Board of Directors Common Stock 101,545 Retained Earnings 40.00 September 30, 2021 December 7, 2021
(Note) Cash dividends based on the resolution of the Board of Directors held on November 12, 2021 include ¥123 million of cash
--- ---
dividends on treasury stock held by BBT trust account.

Notes to Interim Consolidated Statement of Cash Flows

*1. Cash and Cash Equivalents at the end of the period on the Interim Consolidated Statement of Cash Flows<br>reconciles to Cash and Due from Banks on the Interim Consolidated Balance Sheet as follows:
(Millions of yen)
--- --- --- --- --- --- ---
For the six months ended<br>September 30, 2020 For the six months ended<br>September 30, 2021
Cash and Due from Banks 42,498,278 47,075,429
Due from Banks excluding central banks (1,125,902 ) (1,280,173 )
Cash and Cash Equivalents 41,372,376 45,795,255

- 28 -

Lease Transactions

1. Finance Leases (Lessees)

Finance lease transactions that do not transfer ownership:

1) Lease Assets:
(a) Tangible fixed assets: mainly equipment
--- ---
(b) Intangible fixed assets: software
--- ---
2) The method for computing the amount of depreciation is described in “4. Standards of Accounting Method<br>(5) Depreciation of Fixed Assets.”
--- ---
2. Operating Leases
--- ---

The future lease payments subsequent to the end of the fiscal year for non-cancelable operating lease transactions are summarized as follows:

(1) Lessees:
(Millions of yen)
--- --- --- --- ---
As of March 31, 2021 As of September 30, 2021
Due in One Year or Less 52,280 48,596
Due after One Year 275,241 266,258
Total 327,521 314,854
(2) Lessors:
--- ---
(Millions of yen)
--- --- --- --- ---
As of March 31, 2021 As of September 30, 2021
Due in One Year or Less 7,191 7,479
Due after One Year 1,591 3,369
Total 8,782 10,848

- 29 -

Financial Instruments

1. Matters relating to fair value of financial instruments and others

The following are the interim consolidated balance sheet amounts (the consolidated balance sheet amounts), fair values and differences between them. Stocks and others without a quoted market price and Investments in Partnerships and others are excluded from the table below (see (Note 1)). In addition, notes concerning Cash and Due from Banks, Call Loans and Bills Purchased, Receivables under Resale Agreements, Guarantee Deposits Paid under Securities Borrowing Transactions, Call Money and Bills Sold, Payables under Repurchase Agreements, Guarantee Deposits Received under Securities Lending Transactions, and Due to Trust Accounts are omitted since these instruments are mainly settled in the short term and the fair values approximate the book values.

As of March 31, 2021

(Millions of yen)
Consolidated Balance<br>Sheet Amount Fair Value Difference
(1)   Other Debt Purchased 3,208,004 3,208,136 132
(2)   Trading Assets
Trading Securities 6,421,348 6,421,348 —
(3)   Money Held in Trust 579,764 579,764 —
(4)   Securities
Bonds Held to Maturity 885,529 903,599 18,069
Other Securities 41,681,945 41,681,945 —
(5)   Loans and Bills Discounted 83,704,675
Reserves for Possible Losses on Loans (*1) (513,832 )
83,190,843 84,213,843 1,023,000
Total Assets 135,967,435 137,008,638 1,041,203
(1)   Deposits 133,312,406 133,303,018 (9,387 )
(2)   Negotiable Certificates of Deposit 17,192,572 17,191,241 (1,331 )
(3)   Trading Liabilities
Securities Sold, Not yet Purchased 2,402,420 2,402,420 —
(4)   Borrowed Money 7,441,822 7,435,289 (6,533 )
(5)   Bonds and Notes 10,321,672 10,529,372 207,700
Total Liabilities 170,670,893 170,861,341 190,447

- 30 -

(Millions of yen)
Consolidated Balance<br>Sheet Amount Fair Value Difference
Derivative Transactions (*2)
Derivative Transactions not Qualifying for Hedge Accounting 272,522
Derivative Transactions Qualifying for Hedge Accounting (*3) 124,703
Total Derivative Transactions 397,225 397,225 —
(*1) General and specific reserves for possible losses on loans relevant to Loans and Bills Discounted are excluded.<br>
--- ---

Items other than Loans and Bills Discounted are recorded at the consolidated balance sheet amounts due to immateriality of their reserves.

(*2) Derivative Transactions recorded in Trading Assets, Trading Liabilities, Derivatives other than for Trading<br>Assets, Derivatives other than for Trading Liabilities, and others are presented as a lump sum.

Net claims and debts that arose from derivative transactions are presented on a net basis, and the item that is net debts in total is presented in brackets.

(*3) The deferred method is mainly applied. “Treatment of Hedge Accounting for Financial Instruments that<br>Reference LIBOR” (ASBJ Practical Solutions No.40, September 29, 2020) is applied to these hedge transactions.

- 31 -

As of September 30, 2021

(Millions of yen)
Interim Consolidated<br>Balance Sheet Amount Fair Value Difference
(1)   Other Debt Purchased 3,137,520 3,137,661 140
(2)   Trading Assets
Trading Securities 8,028,212 8,028,212 —
(3)   Money Held in Trust 635,086 635,086 —
(4)   Securities
Bonds Held to Maturity 1,394,142 1,403,581 9,439
Other Securities 41,101,360 41,101,360 —
(5)   Loans and Bills Discounted 82,198,528
Reserves for Possible Losses on Loans (*1) (529,605 )
81,668,922 82,829,668 1,160,745
Total Assets 135,965,246 137,135,571 1,170,325
(1)   Deposits 129,291,662 129,279,700 (11,962 )
(2)   Negotiable Certificates of Deposit 19,215,068 19,213,867 (1,201 )
(3)   Trading Liabilities
Securities Sold, Not yet Purchased 2,477,688 2,477,688 —
(4)   Borrowed Money 7,495,869 7,490,947 (4,922 )
(5)   Bonds and Notes 10,513,503 10,725,226 211,723
Total Liabilities 168,993,791 169,187,428 193,636
Derivative Transactions (*2)
Derivative Transactions not Qualifying for Hedge Accounting 390,989
Derivative Transactions Qualifying for Hedge Accounting (*3) 102,903
Total Derivative Transactions 493,892 493,892 —
(*1) General and specific reserves for possible losses on loans relevant to Loans and Bills Discounted are excluded.<br>Items other than Loans and Bills Discounted are recorded at the interim consolidated balance sheet amounts due to immateriality of their reserves.
--- ---
(*2) Derivative Transactions recorded in Trading Assets, Trading Liabilities, Derivatives other than for Trading<br>Assets, Derivatives other than for Trading Liabilities, and others are presented as a lump sum.
--- ---

Net claims and debts that arose from derivative transactions are presented on a net basis, and the item that is net debts in total is presented in brackets.

(*3) The deferred method is mainly applied. “Treatment of Hedge Accounting for Financial Instruments that<br>Reference LIBOR” (ASBJ Practical Solutions No.40, September 29, 2020) is applied to these hedge transactions.

- 32 -

(Note 1) The following are the interim consolidated balance sheet amounts (the consolidated balance sheet amounts) of<br>Stocks and others without a quoted market price, and Investments in Partnerships and others. These amounts are not included in Money Held in Trust and Other Securities in fair value information of financial instruments.
(Millions of yen)
--- --- --- --- ---
Category As of March 31, 2021 As of September 30, 2021
Stocks and others without a quoted market price (*1) 479,094 496,342
Investments in Partnerships and others (*2) 304,404 365,706
*1 Stocks and others without a quoted market price include unlisted stocks and others and in accordance with<br>Article 5 of “Implementation Guidance on Disclosures about Fair Value of Financial Instruments” (ASBJ Guidance No.19, July 4, 2019), these items are not subject to disclosure of the fair value.
--- ---
*2 Investments in Partnerships and others are mainly silent partnership, investment partnership, and money held in<br>trust with the investment in a silent partnership as the component of the trust property. In accordance with Article 27 of “Implementation Guidance on Accounting Standard for Fair Value Measurement” (ASBJ Guidance No.31, July 4,<br>2019), these items are not subject to disclosure of the fair value.
--- ---
3 During the fiscal year ended March 31, 2021, the amount of impairment (devaluation) was<br>¥4,490 million on a consolidated basis. During the six months ended September 30, 2021, the amount of impairment (devaluation) was ¥1,402 million on a consolidated basis.
--- ---
2. Matters relating to breakdown of fair value of financial instruments by level
--- ---

Fair values of financial instruments are categorized into three levels as below on the basis of the observability and the materiality of the valuation inputs used in fair value measurements.

Fair values of Level 1: Fair values measured by quoted prices of the assets or liabilities being measured which are given in active markets among observable valuation inputs

Fair values of Level 2: Fair values measured by inputs other than inputs included within Level 1 among observable valuation inputs

Fair values of Level 3: Fair values measured by unobservable valuation inputs

When several inputs that have significant impact on fair value measurement are used and those inputs are categorized into different levels, the fair value is categorized into the lowest priority level for fair value measurement among the levels in which each of the inputs belongs.

- 33 -

(1) Financial instruments recorded at fair value in the interim consolidated balance sheet (the consolidated<br>balance sheet)

As of March 31, 2021

(Millions of yen)
Category Fair Value
Level 1 Level 2 Level 3 Total
Other Debt Purchased — 46,102 636,815 682,918
Trading Assets
Trading Securities
Japanese Government Bonds 1,797,490 11,106 — 1,808,597
Japanese Local Government Bonds — 108,835 — 108,835
Japanese Corporate Bonds — 1,518,933 1,897 1,520,830
Stocks 98,183 0 223 98,407
Other 770,911 1,879,783 130,532 2,781,227
Money Held in Trust — 551,395 3 551,399
Securities
Other Securities
Stocks 2,857,921 — 8,063 2,865,985
Japanese Government Bonds 20,597,775 322,807 — 20,920,582
Japanese Local Government Bonds — 463,559 — 463,559
Japanese Corporate Bonds — 653,764 2,107,142 2,760,906
Foreign Bonds 5,157,651 6,502,601 773,659 12,433,912
Other 40,067 — 13,920 53,988
Derivative Transactions
Interest Rate and Bond-Related Transactions 57,102 4,601,052 28,902 4,687,057
Currency-Related Transactions — 3,305,074 25,583 3,330,657
Stocks-Related Transactions 168,398 338,917 48,563 555,879
Commodity-Related Transactions 3,538 8,339 17,472 29,350
Credit Derivative Transactions — 91,452 3,002 94,454
Total Assets 31,549,042 20,403,726 3,795,782 55,748,550
Trading Liabilities
Securities Sold, Not yet Purchased 2,082,161 264,577 132 2,346,872
Derivative Transactions
Interest Rate and Bond-Related Transactions 57,232 4,412,401 3,960 4,473,594
Currency-Related Transactions — 3,323,191 725 3,323,916
Stocks-Related Transactions 200,835 116,626 45,119 362,581
Commodity-Related Transactions — 9,443 16,631 26,075
Credit Derivative Transactions — 112,257 1,750 114,007
Total Liabilities 2,340,229 8,238,497 68,319 10,647,046
(*) Investment trust and others applying the transitional measures set forth in Article 26 of “Implementation<br>Guidance on Accouting Standard for Fair Value Measurements” (ASBJ Guidance No. 31 July 4, 2019) are not included in above table. The financial assets and liabilities of the relevant investment trust and others in the consolidated<br>balance sheet is ¥2,307,126 million and ¥55,548 million.
--- ---

- 34 -

As of September 30, 2021

(Millions of yen)
Category Fair Value
Level 1 Level 2 Level 3 Total
Other Debt Purchased — 42,927 556,800 599,727
Trading Assets
Trading Securities
Japanese Government Bonds 2,499,462 8,736 — 2,508,198
Japanese Local Government Bonds — 63,252 — 63,252
Japanese Corporate Bonds — 1,384,621 0 1,384,621
Stocks 467,036 — 200 467,236
Other 1,034,328 2,237,159 130,926 3,402,413
Money Held in Trust — 591,634 3 591,638
Securities
Other Securities
Stocks 2,923,256 — 9,870 2,933,126
Japanese Government Bonds 18,806,856 196,186 — 19,003,042
Japanese Local Government Bonds — 494,943 — 494,943
Japanese Corporate Bonds — 968,884 1,967,085 2,935,970
Foreign Bonds 6,496,970 6,428,679 563,733 13,489,382
Other 42,620 — 13,787 56,408
Derivative Transactions
Interest Rate and Bond-Related Transactions 31,684 3,391,044 27,748 3,450,476
Currency-Related Transactions — 2,465,259 23,276 2,488,536
Stocks-Related Transactions 183,129 282,484 57,116 522,730
Commodity-Related Transactions 8,503 9,158 32,934 50,596
Credit Derivative Transactions — 113,153 3,850 117,003
Total Assets 32,493,848 18,678,124 3,387,335 54,559,308
Trading Liabilities
Securities Sold, Not yet Purchased 2,123,521 304,958 201 2,428,681
Derivative Transactions
Interest Rate and Bond-Related Transactions 25,958 3,208,897 5,866 3,240,722
Currency-Related Transactions — 2,381,684 1,294 2,382,978
Stocks-Related Transactions 165,963 98,639 63,451 328,055
Commodity-Related Transactions — 15,179 32,101 47,281
Credit Derivative Transactions — 134,242 2,170 136,413
Total Liabilities 2,315,444 6,143,602 105,086 8,564,133
(*) Investment trust and others applying the transitional measures set forth in Article 26 of “Implementation<br>Guidance on Accounting Standard for Fair Value Measurements” (ASBJ Guidance No. 31 July 4, 2019) are not included in above table. The financial assets and liabilities of the relevant investment trust and others in the interim<br>consolidated balance sheet is ¥2,410,996 million and ¥49,006 million.
--- ---

- 35 -

(2) Financial instruments other than financial instruments recorded at fair value in the interim consolidated<br>balance sheet (the consolidated balance sheet)

As of March 31, 2021

(Millions of yen)
Category Fair Value
Level 1 Level 2 Level 3 Total
Other Debt Purchased — 11,397 2,513,688 2,525,086
Money Held in Trust — — 7,700 7,700
Securities
Bonds Held to Maturity
Japanese Government Bonds 489,514 — — 489,514
Foreign Bonds — 414,085 — 414,085
Loans and Bills Discounted — — 84,213,843 84,213,843
Total Assets 489,514 425,482 86,735,232 87,650,229
Deposits — 133,303,018 — 133,303,018
Negotiable Certificates of Deposit — 17,191,241 — 17,191,241
Borrowed Money — 7,349,171 86,117 7,435,289
Bonds and Notes — 9,712,019 817,353 10,529,372
Total Liabilities — 167,555,450 903,470 168,458,921

As of September 30, 2021

(Millions of yen)
Category Fair Value
Level 1 Level 2 Level 3 Total
Other Debt Purchased — 10,743 2,527,189 2,537,933
Money Held in Trust — — 23,426 23,426
Securities
Bonds Held to Maturity
Japanese Government Bonds 487,406 — — 487,406
Foreign Bonds — 916,175 — 916,175
Loans and Bills Discounted — — 82,829,668 82,829,668
Total Assets 487,406 926,919 85,380,284 86,794,610
Deposits — 129,279,700 — 129,279,700
Negotiable Certificates of Deposit — 19,213,867 — 19,213,867
Borrowed Money — 7,404,184 86,762 7,490,947
Bonds and Notes — 9,749,115 976,110 10,725,226
Total Liabilities — 165,646,868 1,062,872 166,709,740

- 36 -

(Note 1) Explanation of valuation techniques and valuation inputs used in fair value measurements

Assets

Other Debt Purchased

Fair values of securitized products of other debt purchased are based on the values deemed as market prices obtained by the reasonable estimate such as those obtained from brokers and financial information vendors and are categorized as Level 3 when significant unobservable valuation inputs are used for the obtained price and as Level 2 when other inputs are used.

With respect to other debt purchased other than those described above, when the present values of the expected future cash flows are considered to be fair values, those other debt purchased are mainly categorized as Level 3 since the discount rate and other significant valuation inputs are unobservable. When those are short term in nature and the book values are considered to be fair values, those other debt purchased are categorized as Level 3.

Trading Assets

Fair values of trading assets for which unadjusted quoted market prices in active markets are available are categorized as Level 1, which includes mainly government bonds.

In the case the market is inactive even if the quoted market price is available, those trading assets are categorized as Level 2, which includes mainly local government bonds and corporate bonds.

When fair vales are measured at the present value of the expected future cash flows and others using significant unobservable inputs, those trading assets are categorized as Level 3, which includes mainly bonds with warrants and trust beneficiary rights.

Money Held in Trust

With respect to securities managed as trust assets in a directed money trust for separate investment with the management of securities as its primary purpose, fair values of stocks are measured at the price in stock exchanges and bonds are measured at market price or valuation price obtained from brokers or financial information vendors and are categorized as Level 2 or Level 3 based on the level of components.

The notes to Money Held in Trust based on holding purpose are stated in “Money Held in Trust.”

Securities

Fair values of securities for which unadjusted quoted market prices in active markets are available are categorized as Level 1 which includes mainly stocks and government bonds. In the case the market is inactive even if the quoted market price is available, those securities are categorized as Level 2, which includes mainly local government bonds and corporate bonds.

Fair values of investment trusts are measured at the disclosed net asset value and others. Those are not categorized into Levels by applying the transitional measures set forth in Article 26 of “Implementation Guidance on Accounting Standard for Fair Value Measurements.”

Fair values of private placement bonds are measured by discounting the total amount of principal and interest and others at interest rates based on the discount rate reflecting expected loss and various risk factors by categories based on the internal ratings and terms and are mainly categorized as Level 3 since the discount rate is unobservable.

Fair values of securitized products are based on valuations obtained from brokers and others, and reasonably measured prices based on the reasonable estimates of our management and are categorized as Level 3 when significant unobservable valuation inputs are used and as Level 2 when other inputs are used. In deriving reasonably measured prices based on the reasonable estimates of our management mentioned above, we used the discounted cash flow method. The price decision variables include default rates, recovery rates, prepayment rates, and discount rates.

The notes to Securities based on holding purpose are stated in “Securities.”

Loans and Bills Discounted

Fair values of loans and bills discounted are measured by discounting the total amount of principal and interest and others at interest rates based on the discount rate reflecting expected loss and various risk factors by categories according to the types, internal ratings and terms of the loans and bills discounted and are categorized as Level 3 since the discount rate is unobservable.

In addition, fair values of claims against bankrupt obligors, substantially bankrupt obligors, and intensive control obligors whose bad debts are measured at the present value of the expected future cash flows or the estimated amounts calculated based on the recoverability from collateral and guarantees approximate the amount of claims and others minus the amount of reserves for possible losses on loans in the interim consolidated balance sheet (the consolidated balance sheet) as of the interim consolidated balance sheet date (the consolidated balance sheet date) and those amount are considered to be fair values which are categorized as Level 3.

- 37 -

Among the loans and bills discounted, for those without a fixed maturity due to loan characteristics such as limiting loans to within the value of pledged assets, book values are considered to be fair values since fair values are expected to approximate book values based on the estimated loan periods, interest rates and other conditions. Fair values of those loans and bills discounted are categorized as Level 3.

Liabilities

Deposits and Negotiable Certificates of Deposit

For demand deposits, the payment amounts required on the interim consolidated balance sheet date (the consolidated balance sheet date) (i.e., book values) are considered to be fair values.

In addition, fair values of time deposits and negotiable certificates of deposits are calculated by classifying them based on their terms and by discounting the future cash flows. The discount rates used in such calculations are the market interest rates. Since fair values of those whose deposit terms are short (i.e., within six months) approximate book values, the book values are considered to be fair values and those fair values are categorized as Level 2.

Trading Liabilities

Fair values of trading liabilities for which unadjusted quoted market prices in active markets are available are categorized as Level 1, which includes mainly listed stocks and government bonds.

In the case the market is inactive even if the quoted market price is available, those trading liabilities are categorized as Level 2, which includes mainly corporate bonds.

When significant unobservable inputs are used, those trading liabilities are categorized as Level 3.

Borrowed Money

Fair values of borrowed money are measured mainly by discounting the total amount of the principal and interest of such borrowed money classified by period lengths at the interest rates considered to be applicable to similar loans and are categorized as Level 3 when the impact from unobservable valuation inputs is significant and as Level 2 when it is not significant.

Bonds and Notes

With respect to bonds and notes issued by MHFG and its consolidated subsidiaries, fair values of bonds and notes with market prices are measured at the market prices and fair values of those without market prices are calculated by discounting the total amount of the principal and interest at the interest rates considered to be applicable to similar bonds and notes. Bonds and notes with market prices are categorized as Level 2. Those without market prices are categorized as Level 3 when the impact from unobservable valuation inputs is significant and as Level 2 when it is not significant.

Derivative Transactions

Derivative transactions that can be measured at unadjusted quoted prices in active markets are categorized as Level 1, which includes such transactions as bonds futures and interest rate futures.

However, since most derivative transactions are over-the-counter transactions and there are no quoted market prices, market values are measured using valuation techniques such as the discounted cash flow method and the Black-Scholes model, depending on the type of transaction and the maturity period. The main inputs which are used in those valuation techniques are interest rate, currency rate, volatility and others. In addition, price adjustments based on counterparty’s credit risk and consolidated subsidiary’s own credit risk and price adjustments for unsecured funding are made. When unobservable inputs are not used or impact of unobservable inputs are not material, transactions are categorized as Level 2, which includes such transactions as plain vanilla interest rate swaps and foreign exchange forwards. When significant unobservable inputs are used, transactions are categorized as Level 3, which includes transactions such as commodity related transactions.

- 38 -

(Note 2) Information relating to fair values of Level 3 among the financial instruments recorded at fair value in<br>the interim consolidated balance sheet (the consolidated balance sheet)
(1) Quantitative information of significant unobservable valuation inputs
--- ---

As of March 31, 2021

Category Principalvaluationtechnique Significant unobservablevaluation input Range ofvaluationinput Weighted average
Other Debt Purchased
Securitized products Discounted cash flow method Prepayment rate 1.7% — 16.5% 6.7%
Default rate 0.0% —1.0% 0.0%
Discount rate 0.2% — 1.7% 0.5%
Trading Assets
Trading Securities Discounted cash flow method Discount rate 0.4% — 4.3% 1.0%
Securities
Japanese Corporate Bonds
Private placement bonds Discounted cash flow method Discount rate 0.0% — 6.6% 0.7%
Foreign Bonds
Securitized products Discounted cash flow method Prepayment rate 10.1% — 18.2% 18.1%
Default rate 1.0% — 24.2% 1.7%
Recovery rate 10.0% — 67.7% 65.6%
Discount rate 0.4% — 1.4% 1.1%
Other Discounted cash flow method Discount rate 0.0% — 5.0% 0.4%
Trading Liabilities
Securities Sold, Not yet Purchased Discounted cash flow method Discount rate 1.4% 1.4%
Derivative Transactions
Interest Rate and Bond-Related Transactions Option valuation model IR — IR correlation 35.0% — 100.0% —
Currency-Related Transactions Option valuation model FX — IR correlation 22.9% — 49.6% —
FX — FX correlation 42.5% — 64.7% —
Stocks-Related Transactions Option valuation model Equity — IR correlation 25.0% —
Equity — FX correlation (32.5)% — 50.0% —
Equity correlation 0.0% — 100.0% —
Equity volatility 8.4% — 70.7% —
Commodity-Related Transactions Option valuation model Commodity volatility 0.0% — 63.1% —
Credit Derivative Transactions Discounted cash flow method Default rate 0.0% — 4.8% —
Credit correlation 17.2% — 100.0% —

- 39 -

As of September 30, 2021

Category Principal valuationtechnique Significant unobservablevaluation input Range of valuationinput Weighted average
Other Debt Purchased
Securitized products Discounted cash flow method Prepayment rate 1.0% — 16.9% 6.3%
Default rate 0.0% — 0.9% 0.0%
Discount rate 0.2% — 1.7% 0.5%
Trading Assets
Trading Securities Discounted cash flow method Discount rate 0.6% — 1.9% 0.7%
Securities
Japanese Corporate Bonds
Private placement bonds Discounted cash flow method Discount rate 0.0% — 7.2% 0.7%
Foreign Bonds
Securitized products Discounted cash flow method Prepayment rate 22.1% — 24.0% 23.8%
Default rate 0.4% — 30.4% 1.6%
Recovery rate 10.0% — 67.7% 64.5%
Discount rate 0.2% — 1.4% 1.0%
Other Discounted cash flow method Discount rate 0.0% — 5.0% 0.6%
Derivative Transactions
Interest Rate and Bond-Related Transactions Option valuation model IR — IR correlation 23.1% — 100.0% —
Currency-Related Transactions Option valuation model FX — IR correlation 23.9% — 51.3% —
FX — FX correlation 41.3% — 64.8% —
Stocks-Related Transactions Option valuation model Equity — IR correlation 25.0% —
Equity — FX correlation (17.8)% — 93.2% —
Equity correlation 7.1% — 100.0% —
Equity volatility 7.1% — 100.7% —
Commodity-Related Transactions Option valuation model Commodity volatility 0.0% — 41.0% —
Credit Derivative Transactions Discounted cash flow method Default rate 0.0% — 5.9% —
Credit correlation 16.8% — 100.0% —

- 40 -

(2) Adjustment sheet from beginning balance to ending balance as of interim period (ending balance as of period)<br>and unrealized gains (losses) recognized as gains (losses) for the period

As of March 31, 2021

(Millions of yen)
Beginningbalance Gains(losses) for the period/ othercomprehensive income Net amount<br>of purchase,<br>sale, issue,<br>and<br>settlement Transfer tofair values<br>of Level 3<br>(*3) Transfer fromfair values ofLevel 3<br>(*4) Endingbalance as ofperiod Unrealized<br>gains (losses)<br>on financial<br>assets andliabilities<br>held asof<br>the consolidatedbalance sheet<br>date among<br>the amountrecorded to<br>gains (losses)<br>for the period<br>(*1)
Recorded togains(losses) forthe period (*1) Recorded to othercomprehensiveincome<br>(*2)
Other Debt Purchased 151,219 (3 ) (125 ) 485,724 — — 636,815 —
Trading Assets
Trading Securities
Japanese Corporate Bonds 797 (6 ) — 1,106 — — 1,897 (2 )
Stocks 206 — — 17 — — 223 —
Other 156,666 6,344 — (31,596 ) 116 (999 ) 130,532 4,968
Money Held in Trust 3 0 — 0 — — 3 —
Securities
Other Securities
Stocks 6,317 — 296 1,450 — — 8,063 —
Japanese Corporate Bonds 2,201,133 533 (633 ) (70,069 ) — (23,821 ) 2,107,142 —
Foreign Bonds 847,601 39,316 40,442 (166,932 ) 13,230 — 773,659 —
Other 18,663 548 (897 ) (4,393 ) — — 13,920 —
Trading Liabilities
Securities Sold, Not yet Purchased 232 0 — (100 ) — — 132 (0 )
Derivative Transactions
Interest Rate and Bond-Related Transactions 7,696 4,387 — 12,858 — — 24,942 13,343
Currency-Related Transactions 16,277 10,141 — (1,561 ) — — 24,857 10,526
Stocks-Related Transactions 69,571 (67,728 ) — 1,601 — — 3,444 (33,744 )
Commodity-Related Transactions 1,240 525 — (924 ) — — 841 49
Credit Derivative Transactions 3,516 (2,522 ) — (246 ) 1,252 (748 ) 1,251 (3,471 )

- 41 -

(*1) Those amounts are mainly included in Trading Income, Trading Expenses, Other Operating Income and Other<br>Operating Expenses in the consolidated statement of income.
(*2) Those amounts are included in Net Unrealized Gains (Losses) on Other Securities of Other Comprehensive Income<br>in the consolidated statement of comprehensive income.
--- ---
(*3) Those are the transfers from Level 2 to Level 3, due to changes in observability of valuation inputs<br>which are used in fair value measurements based on market liquidity. The transfer was made on the beginning of the accounting period.
--- ---
(*4) Those are the transfers from Level 3 to Level 2, mainly due to increase of the observability of the<br>discount rate which is used in fair value measurements for private placement bonds. The transfer was made on the beginning of the accounting period.
--- ---

- 42 -

As of September 30, 2021

(Millions of yen)
Beginningbalance Gains(losses) for the period/othercomprehensive income Net amount<br>of purchase,<br>sale, issue,<br>and<br>settlement Transfer tofair values<br>of Level 3 Transfer fromfair values ofLevel 3 Endingbalance as ofinterim period Unrealized<br>gains (losses)<br>on financial<br>assets andliabilities<br>held as of<br>theinterimconsolidatedbalance sheet<br>date among<br>the amountrecorded to<br>gains (losses)<br>for the period<br>(*1)
Recorded togains(losses) forthe period (*1) Recorded to othercomprehensiveincome<br>(*2)
Other Debt Purchased 636,815 (1 ) (15 ) (79,997 ) — — 556,800 —
Trading Assets
Trading Securities
Japanese Corporate Bonds 1,897 (0 ) — (1,897 ) — — 0 —
Stocks 223 — — (23 ) — — 200 (354 )
Other 130,532 967 — (24 ) — (547 ) 130,926 (200 )
Money Held in Trust 3 0 — — — — 3 —
Securities
Other Securities
Stocks 8,063 — 6 1,800 — — 9,870 —
Japanese Corporate Bonds 2,107,142 (217 ) 2,622 (142,460 ) — — 1,967,085 —
Foreign Bonds 773,659 3,704 (578 ) (213,052 ) — — 563,733 —
Other 13,920 (768 ) 953 (317 ) — — 13,787 —
Trading Liabilities
Securities Sold, Not yet Purchased 132 1 — 200 — (132 ) 201 (2 )
Derivative Transactions
Interest Rate and Bond-Related Transactions 24,942 (11,970 ) — 8,910 — — 21,881 (7,101 )
Currency-Related Transactions 24,857 (3,159 ) — 284 — — 21,982 (3,081 )
Stocks-Related Transactions 3,444 (13,672 ) — 3,892 — — (6,335 ) 3,240
Commodity-Related Transactions 841 284 — (293 ) — — 833 123
Credit Derivative Transactions 1,251 (789 ) — 1,719 (597 ) 96 1,680 1,055

- 43 -

(*1) Those amounts are mainly included in Trading Income, Trading Expenses, Other Operating Income and Other<br>Operating Expenses in the interim consolidated statement of income.
(*2) Those amounts are included in Net Unrealized Gains (Losses) on Other Securities of Other Comprehensive Income<br>in the interim consolidated statement of comprehensive income.
--- ---

- 44 -

(3) Explanation of the process of fair value measurement

In MHFG, middle-offices and back-offices have established policies and procedures related to the measurement of fair values and procedures related to usage of the valuation model. For the fair values and the level categories, the validity of the valuation techniques and valuation inputs used in fair value measurement are verified.

In fair value measurement, valuation models in which the nature, characteristics and risks of individual assets are most appropriately reflected are used. In addition, when quoted prices obtained from third parties are used, the validity of the prices is verified by appropriate methods such as confirmation of valuation techniques and used valuation inputs and comparison with the fair values of similar financial instruments.

(4) Explanation of the impact on fair values in the case where significant unobservable inputs are varied<br>

Prepayment rate

The prepayment rate is the estimated rate at which voluntary unscheduled repayments of the principal of the underlying assets are expected to occur. The movement of the prepayment rate is generally negatively correlated with borrower delinquency. A significant change in the prepayment rate would significantly impact the valuation of the fair values of financial instruments either positively or negatively, depending on the structure of financial instruments.

Default rate

The default rate is an estimate of the likelihood of not collecting contractual payments. A significant increase (decrease) in the default rate would generally be accompanied by a decrease (increase) in the recovery rate and an increase (decrease) in the discount rate. It would also generally significantly impact the valuation of the fair values of financial instruments negatively (positively).

Recovery rate

The recovery rate is an estimate of the percentage of contractual payments that would be collected in the event of a default. A significant increase (decrease) in recovery rate would generally be accompanied by a decrease (increase) in the default rate. It would also generally significantly impact the valuation of the fair values of financial instruments positively (negatively).

Discount rate

The discount rate is an adjustment rate to a benchmark market interest rate such as TIBOR or swap rates. It primarily consists of a risk premium component which is the amount of compensation that market participants require due to the uncertainty inherent in the financial instruments’ cash flows resulting from credit risk. A significant increase (decrease) in discount rate would generally significantly impact the valuation of the fair values of financial instruments negatively (positively).

Correlation

Correlation is the likelihood of the movement of one input relative to another based on an established relationship. A significant change in correlation would significantly impact the valuation of derivatives either positively or negatively, depending on the nature of the underlying assets.

Volatility

Volatility is a measure of the expected change in variables over a fixed period of time. Some financial instruments benefit from an increase in volatility and others benefit from a decrease in volatility. Generally, a significant increase (decrease) in volatility would result in a significant increase (decrease) in option values and, for a long position in an option, it would result in a significant increase (decrease) in the fair values of financial instruments.

- 45 -

Securities

In addition to “Securities” on the interim consolidated balance sheet (the consolidated balance sheet), Negotiable Certificates of Deposit in “Cash and Due from Banks,” certain items in “Other Debt Purchased” and certain items in “Other Assets” are also included.

1. Bonds Held to Maturity

As of March 31, 2021

(Millions of yen)
Type Consolidated Balance<br><br><br>Sheet Amount Fair Value Difference
Bonds Whose Fair Values Exceed the Consolidated Balance Sheet Amount Japanese Government Bonds 479,958 489,514 9,555
Foreign Bonds 274,173 285,842 11,669
Sub-total 754,131 775,356 21,225
Bonds Whose Fair Values Do Not Exceed the Consolidated Balance Sheet Amount Japanese Government Bonds — — —
Foreign Bonds 131,397 128,242 (3,155)
Sub-total 131,397 128,242 (3,155)
Total 885,529 903,599 18,069
As of September 30, 2021
(Millions of yen)
Type Interim Consolidated<br><br><br>Balance Sheet Amount Fair Value Difference
Bonds Whose Fair Values Exceed the Interim Consolidated Balance Sheet Amount Japanese Government Bonds 479,969 487,406 7,436
Foreign Bonds 249,613 258,047 8,434
Sub-total 729,582 745,453 15,871
Bonds Whose Fair Values Do Not Exceed the Interim Consolidated Balance Sheet<br>Amount Japanese Government Bonds — — —
Foreign Bonds 664,560 658,128 (6,431)
Sub-total 664,560 658,128 (6,431)
Total 1,394,142 1,403,581 9,439

- 46 -

2. Other Securities

As of March 31, 2021

(Millions of yen)
Type Consolidated Balance<br>Sheet Amount Acquisition Cost Difference
Other Securities Whose Consolidated Balance Sheet Amount Exceeds Acquisition<br>Cost Stocks 2,726,040 981,426 1,744,614
Bonds 14,440,198 14,415,433 24,765
Japanese Government Bonds 12,716,957 12,713,374 3,583
Japanese Local Government Bonds 196,757 196,213 544
Japanese Corporate Bonds 1,526,483 1,505,845 20,637
Other 7,865,959 7,645,538 220,421
Foreign Bonds 6,246,882 6,180,203 66,678
Other Debt Purchased 44,418 43,662 755
Other 1,574,659 1,421,672 152,986
Sub-total 25,032,198 23,042,398 1,989,800
Other Securities Whose Consolidated Balance Sheet Amount Does Not Exceed<br>Acquisition Cost Stocks 139,945 186,294 (46,348 )
Bonds 9,704,849 9,774,593 (69,743 )
Japanese Government Bonds 8,203,625 8,238,926 (35,301 )
Japanese Local Government Bonds 266,801 267,459 (657 )
Japanese Corporate Bonds 1,234,423 1,268,208 (33,785 )
Other 7,657,854 7,928,309 (270,454 )
Foreign Bonds 6,187,029 6,286,717 (99,687 )
Other Debt Purchased 638,500 638,687 (187 )
Other 832,325 1,002,904 (170,579 )
Sub-total 17,502,649 17,889,197 (386,547 )
Total 42,534,848 40,931,595 1,603,253
(Note) Unrealized Gains (Losses) includes ¥32,481 million which was recognized in the statement of income by<br>applying the fair-value hedge method.
--- ---

- 47 -

As of September 30, 2021

(Millions of yen)
Type Interim Consolidated<br>Balance Sheet Amount Acquisition Cost Difference
Other Securities Whose Interim Consolidated Balance Sheet Amount Exceeds<br>Acquisition Cost Stocks 2,772,975 992,007 1,780,968
Bonds 9,128,315 9,106,305 22,009
Japanese Government Bonds 7,335,374 7,334,260 1,113
Japanese Local Government Bonds 244,606 243,893 713
Japanese Corporate Bonds 1,548,334 1,528,151 20,182
Other 7,132,850 6,949,323 183,526
Foreign Bonds 5,767,481 5,709,351 58,129
Other Debt Purchased 40,343 39,640 703
Other 1,325,025 1,200,332 124,693
Sub-total 19,034,141 17,047,636 1,986,505
Other Securities Whose Interim Consolidated Balance Sheet Amount Does Not Exceed<br>Acquisition Cost Stocks 160,150 206,591 (46,441 )
Bonds 13,305,641 13,362,767 (57,125 )
Japanese Government Bonds 11,667,668 11,693,083 (25,415 )
Japanese Local Government Bonds 250,336 250,822 (485 )
Japanese Corporate Bonds 1,387,636 1,418,861 (31,224 )
Other 9,430,457 9,686,257 (255,800 )
Foreign Bonds 7,721,901 7,827,757 (105,855 )
Other Debt Purchased 559,384 559,521 (136 )
Other 1,149,170 1,298,979 (149,808 )
Sub-total 22,896,249 23,255,616 (359,367 )
Total 41,930,391 40,303,253 1,627,137
(Note) Unrealized Gains (Losses) includes ¥38,068 million which was recognized in the statement of income by<br>applying the fair-value hedge method.
--- ---

- 48 -

3. Impairment (“Devaluation”) of Securities

Certain Securities other than Trading Securities (excluding Stocks and others without a quoted market price and Investments in Partnerships and others) are devalued to the fair value, and the difference between the acquisition cost and the fair value is treated as a loss for the six months ended September 30, 2021 (the fiscal year ended March 31, 2021) (impairment (devaluation)), if the fair value has significantly deteriorated compared with the acquisition cost (including amortized cost), and unless it is deemed that there is a possibility of a recovery in the fair value.

The amount of impairment (devaluation) for the fiscal year ended March 31, 2021 was ¥4,657 million.

The amount of impairment (devaluation) for the six months ended September 30, 2021 was ¥1,800 million.

The criteria for determining whether a security’s fair value has “significantly deteriorated” are outlined as follows:

• Securities whose fair value is 50% or less of the acquisition cost
• Securities whose fair value exceeds 50% but is 70% or less of the acquisition cost and the quoted market price<br>maintains a certain level or lower
--- ---

- 49 -

Money Held in Trust

1. Money Held in Trust Held to Maturity

There was no Money Held in Trust held to maturity.

2. Other in Money Held in Trust (other than for investment purposes and held to maturity purposes)<br>

As of March 31, 2021

(Millions of yen)
Consolidated<br>Balance Sheet<br>Amount Acquisition Cost Difference Other in Money<br>Held inTrust<br>Whose<br>Consolidated<br>Balance Sheet<br>Amount Exceeds<br>Acquisition Cost Other in Money<br>Held inTrust<br>Whose<br>Consolidated<br>Balance Sheet<br>Amount Does Not<br>Exceed<br>Acquisition Cost
Other in Money Held in Trust 9,804 9,804 — — —
(Note) “Other in Money Held in Trust Whose Consolidated Balance Sheet Amount Exceeds Acquisition Cost” and<br>“Other in Money Held in Trust Whose Consolidated Balance Sheet Amount Does Not Exceed Acquisition Cost” are components of “Difference.”
--- ---

As of September 30, 2021

(Millions of yen)
Interim<br>Consolidated<br>Balance Sheet<br>Amount Acquisition Cost Difference Other in Money<br>Held in Trust<br>WhoseInterim<br>Consolidated<br>Balance Sheet<br>Amount Exceeds<br>Acquisition Cost Other in Money<br>Held in Trust<br>WhoseInterim<br>Consolidated<br>Balance Sheet<br>Amount Does NotExceed<br>Acquisition Cost
Other in Money Held in Trust 25,702 25,702 — — —
(Note) “Other in Money Held in Trust Whose Interim Consolidated Balance Sheet Amount Exceeds Acquisition<br>Cost” and “Other in Money Held in Trust Whose Interim Consolidated Balance Sheet Amount Does Not Exceed Acquisition Cost” are components of “Difference.”
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- 50 -

Unrealized Gains (Losses) on Other Securities

Details of Unrealized Gains (Losses) on Other Securities on the interim consolidated balance sheet (consolidated balance sheet) are as follows:

As of March 31, 2021

(Millions of yen)
Amount
Difference between Acquisition Cost and Fair Value 1,585,324
Other Securities 1,585,324
(–) Deferred Tax Liabilities 439,907
Difference between Acquisition Cost and Fair Value, net of Taxes (Before adjusting for amount<br>corresponding to Non-controlling Interests) 1,145,417
(–) Amount Corresponding to Non-controlling<br>Interests 16,783
(+) Amount Corresponding to Net Unrealized Gains (Losses) on Other Securities Owned by Affiliated<br>Companies, which is attributable to MHFG 3,826
Net Unrealized Gains (Losses) on Other Securities 1,132,460
(Notes) 1. The difference between acquisition cost and fair value excludes ¥32,481 million in gains which were recognized in the statement of income for the fiscal year ended March 31, 2021 by applying the fair-value hedge<br>method.
--- --- ---
2. “Other Securities” includes translation differences regarding Stocks and others without a quoted market price and Investments in Partnerships and others.

As of September 30, 2021

(Millions of yen)
Amount
Difference between Acquisition Cost and Fair Value 1,617,495
Other Securities 1,617,495
(–) Deferred Tax Liabilities 448,400
Difference between Acquisition Cost and Fair Value, net of Taxes (Before adjusting for amount<br>corresponding to Non-controlling Interests) 1,169,095
(–) Amount Corresponding to Non-controlling<br>Interests 19,229
(+) Amount Corresponding to Net Unrealized Gains (Losses) on Other Securities Owned by Affiliated<br>Companies, which is attributable to MHFG 4,889
Net Unrealized Gains (Losses) on Other Securities 1,154,756
(Notes) 1. The difference between acquisition cost and fair value excludes ¥38,068 million in gains which were recognized in the statement of income for six months ended September 30, 2021 by applying the fair-value hedge<br>method.
--- --- ---
2. “Other Securities” includes translation differences regarding Stocks and others without a quoted market price and Investments in Partnerships and others.

- 51 -

Derivatives Information

Derivative Transactions not Qualifying for Hedge Accounting

With regard to derivative transactions not qualifying for hedge accounting, contract value or contractual principal equivalents, fair values and unrealized gains (losses) by type of transaction as of the interim consolidated balance sheet date (consolidated balance sheet date) are as follows. Contract value amounts do not indicate the market risk related to derivative transactions.

(1) Interest Rate and Bond-Related Transactions

As of March 31, 2021

(Millions of yen)
Classification Type Contract Value Fair Value Unrealized Gains<br>(Losses)
Total Over One Year
Listed Interest Rate Futures
Sold 5,352,260 3,517,173 (1,120 ) (1,120 )
Bought 11,939,410 5,980,115 2,199 2,199
Interest Rate Options
Sold 239,583 6,863 (111 ) (3 )
Bought 425,653 — 268 (315 )
Bond Futures
Sold 165,894 — 556 556
Bought 175,412 — (455 ) (455 )
Bond Futures Options
Sold 18,048 — (46 ) (46 )
Bought 77,541 — 169 119
Over-the-Counter FRAs
Sold 42,665,863 — 45,060 45,060
Bought 42,609,545 — (46,135 ) (46,135 )
Interest Rate Swaps
Receive Fixed / Pay Float 449,922,359 341,882,271 3,014,574 3,014,574
Receive Float / Pay Fixed 442,383,440 332,409,368 (2,817,850 ) (2,817,850 )
Receive Float / Pay Float 147,723,342 121,666,164 5,791 5,791
Receive Fixed / Pay Fixed 291,810 235,502 (1,088 ) (1,088 )
Interest Rate Options
Sold 13,900,704 9,346,439 (53,039 ) (53,039 )
Bought 14,152,261 9,516,824 49,285 49,285
Bond Options
Sold 385,389 109,950 (8,336 ) (7,564 )
Bought 385,457 109,950 8,610 7,707
Bond Other
Sold 8,120 — (37 ) (37 )
Bought 21,342 — 188 188
Inter-Company or Internal Transactions Interest Rate Swaps
Receive Fixed / Pay Float 5,083,479 4,451,482 983 983
Receive Float / Pay Fixed 13,498,632 11,151,452 (106,637 ) (106,637 )
Total — — 92,832 92,174
(Note) The above transactions are marked to market, and changes in unrealized gains (losses) are included in the consolidated statement of income.
--- ---

- 52 -

As of September 30, 2021

(Millions of yen)
Classification Type Contract Value Fair Value Unrealized Gains<br>(Losses)
Total Over One Year
Listed Interest Rate Futures
Sold 6,431,909 4,887,354 5,103 5,103
Bought 15,943,916 8,021,160 (1,075 ) (1,075 )
Interest Rate Options
Sold 660,001 30,498 (931 ) (299 )
Bought 702,160 5,576 1,054 228
Bond Futures
Sold 390,559 — 2,363 2,363
Bought 283,272 — (1,153 ) (1,153 )
Bond Futures Options
Sold 738 — (0 ) (0 )
Bought 17,879 — 36 26
Over-the-Counter FRAs
Sold 20,591,045 241,612 20,950 20,950
Bought 21,196,006 594,665 (20,451 ) (20,451 )
Interest Rate Swaps
Receive Fixed / Pay Float 405,897,033 302,580,016 2,312,133 2,312,133
Receive Float / Pay Fixed 402,604,215 297,805,006 (2,081,105 ) (2,081,105 )
Receive Float / Pay Float 145,843,833 118,143,138 (14,329 ) (14,329 )
Receive Fixed / Pay Fixed 258,984 209,601 2,666 2,666
Interest Rate Options
Sold 15,401,966 10,322,098 (32,289 ) (32,289 )
Bought 15,439,839 10,238,440 15,437 15,437
Bond Options
Sold 269,487 — (499 ) 461
Bought 304,930 — 1,305 (61 )
Bond Other
Sold 26,206 — (258 ) (258 )
Bought 40,117 — 261 261
Inter-Company or Internal<br>Transactions Interest Rate Swaps
Receive Fixed / Pay Float 5,158,986 4,685,658 14,489 14,489
Receive Float / Pay Fixed 6,860,822 6,109,489 (89,568 ) (89,568 )
Total — — 134,138 133,528
(Note) The above transactions are marked to market, and changes in unrealized gains (losses) are included in the interim consolidated statement of income.
--- ---

- 53 -

(2) Currency-Related Transactions

As of March 31, 2021

(Millions of yen)
Classification Type Contract Value Fair Value Unrealized Gains<br>(Losses)
Total Over One Year
Listed Futures
Sold 15,615 3,540 — —
Bought 78,356 32,799 — —
Over-the-Counter Swaps 69,875,350 52,691,198 44,712 44,670
Forwards
Sold 63,766,682 3,575,704 (735,730 ) (735,730 )
Bought 37,077,896 1,863,936 715,575 715,575
Options
Sold 4,513,631 1,676,580 (81,683 ) (38,378 )
Bought 4,015,482 1,645,075 60,985 5,365
Inter-Company or Internal Transactions Swaps 2,214,554 1,773,095 (10,879 ) 14,122
Forwards
Sold 15 — (0 ) (0 )
Bought 1,099 — 28 28
Total — — (6,992 ) 5,653
(Note) The above transactions are marked to market, and changes in unrealized gains (losses) are included in the consolidated statement of income.
--- ---

As of September 30, 2021

(Millions of yen)
Classification Type Contract Value Fair Value Unrealized Gains<br>(Losses)
Total Over One Year
Listed Futures
Sold 20,142 1,793 — —
Bought 73,833 39,485 — —
Over-the-Counter Swaps 72,820,677 56,073,657 160,482 75,511
Forwards
Sold 68,686,437 4,079,285 (598,818 ) (598,818 )
Bought 39,629,471 2,603,119 540,669 540,669
Options
Sold 3,593,324 1,565,871 (65,393 ) (27,841 )
Bought 3,359,311 1,460,708 32,482 (18,243 )
Inter-Company or Internal Transactions Swaps 2,135,181 1,042,429 (2,016 ) 11,452
Forwards
Sold — — — —
Bought 1,295 — 7 7
Total — — 67,412 (17,263 )
(Note) The above transactions are marked to market, and changes in unrealized gains (losses) are included in the interim consolidated statement of income.
--- ---

- 54 -

(3) Stock-Related Transactions

As of March 31, 2021

(Millions of yen)
Classification Type Contract Value Fair Value Unrealized Gains<br>(Losses)
Total Over One Year
Listed Index Futures
Sold 346,971 40,915 (37,863 ) (37,863 )
Bought 332,196 8,219 (162 ) (162 )
Index Futures Options
Sold 2,008,214 456,209 (195,420 ) (106,406 )
Bought 1,476,846 362,320 187,767 102,582
Over-the-Counter Equity Linked Swaps 801,742 526,254 (4,324 ) (4,324 )
Options
Sold 575,890 435,591 (57,255 ) (57,255 )
Bought 465,704 392,903 62,373 62,373
Other
Sold 352,860 281,444 52,158 52,158
Bought 781,318 507,521 195,685 195,685
Total — — 202,959 206,788
(Note) The above transactions are marked to market, and changes in unrealized gains (losses) are included in the consolidated statement of income.
--- ---

As of September 30, 2021

(Millions of yen)
Classification Type Contract Value Fair Value Unrealized Gains<br>(Losses)
Total Over One Year
Listed Index Futures
Sold 576,242 51,684 5,023 5,023
Bought 76,132 8,180 (131 ) (131 )
Index Futures Options
Sold 2,617,072 520,195 (202,010 ) (102,045 )
Bought 2,201,214 408,476 215,023 117,700
Over-the-Counter Equity Linked Swaps 1,398,737 508,775 (14,701 ) (14,701 )
Options
Sold 919,970 620,195 (71,349 ) (71,349 )
Bought 637,310 575,443 66,534 66,534
Other
Sold 299,628 15,057 76,493 76,493
Bought 715,908 219,134 130,650 130,650
Total — — 205,532 208,175
(Note) The above transactions are marked to market, and changes in unrealized gains (losses) are included in the interim consolidated statement of income.
--- ---

- 55 -

(4) Commodity-Related Transactions

As of March 31, 2021

(Millions of yen)
Classification Type Contract Value Fair Value Unrealized Gains<br>(Losses)
Total Over One Year
Listed Futures
Sold 37,845 11,877 (6,361 ) (6,361 )
Bought 60,560 27,336 9,900 9,900
Over-the-Counter Options
Sold 167,743 74,372 (24,310 ) (24,310 )
Bought 145,003 58,215 24,048 24,048
Total — — 3,275 3,275
(Notes) 1. The above transactions are marked to market, and changes in unrealized gains (losses) are included in the consolidated statement of income.
--- --- ---
2. Commodities include oil, copper, aluminum and others.

As of September 30, 2021

(Millions of yen)
Classification Type Contract Value Fair Value Unrealized Gains<br>(Losses)
Total Over One Year
Listed Futures
Sold 71,334 25,670 (17,985 ) (17,985 )
Bought 98,067 45,747 26,488 26,488
Over-the-Counter Options
Sold 192,895 93,678 (46,650 ) (46,650 )
Bought 164,605 72,099 41,461 41,461
Total — — 3,315 3,315
(Notes) 1. The above transactions are marked to market, and changes in unrealized gains (losses) are included in the interim consolidated statement of income.
--- --- ---
2. Commodities include oil, copper, aluminum and others.

- 56 -

(5) Credit Derivative Transactions

As of March 31, 2021

(Millions of yen)
Classification Type Contract Value Fair Value Unrealized Gains<br>(Losses)
Total Over One Year
Over-the-Counter Credit Derivatives
Sold 4,559,481 4,310,774 88,213 88,213
Bought 6,033,371 5,749,780 (107,766 ) (107,766 )
Total — — (19,553 ) (19,553 )
(Notes) 1. The above transactions are marked to market, and changes in unrealized gains (losses) are included in the consolidated statement of income.
--- --- ---
2. “Sold” and “Bought” indicate assumption and cession of credit risk, respectively.

As of September 30, 2021

(Millions of yen)
Classification Type Contract Value Fair Value Unrealized Gains<br>(Losses)
Total Over One Year
Over-the-Counter Credit Derivatives
Sold 5,066,330 4,836,161 108,181 108,181
Bought 6,567,025 6,244,894 (127,590 ) (127,590 )
Total — — (19,409 ) (19,409 )
(Notes) 1. The above transactions are marked to market, and changes in unrealized gains (losses) are included in the interim consolidated statement of income.
--- --- ---
2. “Sold” and “Bought” indicate assumption and cession of credit risk, respectively.

- 57 -

Revenue recognition

1. Revenue breakdown information
(Millions of yen)
--- --- ---
For the six months endedSeptember 30, 2021
Ordinary Income 1,579,249
Fee and Commission Income 416,769
Securities-related business 100,363
Deposits and Lending business (1) 117,179
Remittance business 54,601
Trust-related business 38,699
Agency business 18,572
Guarantee-related business (2) 16,783
Fees for other customer services 70,570
Fiduciary Income 29,728
Other Ordinary Income (1) 1,132,751

Notes:

(1) Part of these amounts are considered to be revenues from contracts that are within the scope of<br>“Accounting Standard for Revenue Recognition”.
(2) These amounts are revenues from contracts that do not meet the scope of “Accounting Standard for Revenue<br>Recognition”.
--- ---
(3) In the above table, revenues that are within the scope of “Accounting Standard for Revenue<br>Recognition” are mainly generated from “Retail & Business Banking Company”, “Corporate & Institutional Company” and “Global Corporate Company”.
--- ---
2. Contract assets, contract liabilities and receivables from contracts with customers
--- ---

The balances of contract assets, contract liabilities and receivables from contracts with customers are included in other assets and other liabilities in the interim consolidated balance sheet. The balance of contract assets, contract liabilities and receivables from contracts with customers at the interim consolidated balance sheet date are immaterial.

3. Price allocated to remaining performance obligations

The amount of revenue expected to be recognized in subsequent fiscal years is not material in terms of amount for the six months ended September 30, 2021. Contracts with a term of up to one year and contracts for which revenue can be recognized at the amount our group has the right to claim are not included in the subject of this report.

- 58 -

Business Segment Information, etc.

Business Segment Information

1. Summary of reportable segment

MHFG has introduced an in-house company system based on the group’s diverse customer segments. The aim of this system is to leverage MHFG’s strengths and competitive advantage, which is the seamless integration of MHFG’s banking, trust and securities functions under a holding company structure, to speedily provide high-quality financial services that closely match customer needs.

Specifically, the company system is classified into the following five in-house companies, each based on a customer segment: the Retail & Business Banking Company, the Corporate & Institutional Company, the Global Corporate Company, the Global Markets Company, and the Asset Management Company.

The services that each in-house company is in charge of are as follows:

Retail & Business Banking Company:

Services for individual customers, small and medium-sized enterprises and middle market firms in Japan

Corporate & Institutional Company:

Services for large corporations, financial institutions and public corporations in Japan

Global Corporate Company:

Services for Japanese overseas affiliated corporate customers and non-Japanese corporate customers, etc.

Global Markets Company:

Investment services with respect to interest rates, equities and credits, etc. and other services

Asset Management Company:

Development of products and provision of services that match the asset management needs of its wide range of customers from individuals to institutional investors

The reportable segment information, set forth below, is derived from the internal management reporting systems used by management to measure the performance of the Group’s operating segments. Management measures the performance of each of the operating segments in accordance with internal managerial accounting rules and practices.

- 59 -

2. Calculating method of Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or<br>losses related to ETFs and others, Net business profits or losses (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) + Net gains or losses related to ETFs and others, and<br>Fixed assets by reportable segment

The following information of reportable segment is based on internal management reporting.

Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs and others is the total amount of Interest Income, Fiduciary Income, Fee and Commission Income, Trading Income, Other Operating Income and Net gains or losses related to ETFs and others.

Net business profits or losses (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) + Net gains or losses related to ETFs and others is the amount of which General and administrative expenses (excluding non-recurring expenses and others), Equity in income from investments in affiliates, and Amortization of goodwill and others (including amortization of intangible assets) are deducted from, or added to, Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs and others.

Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs and others relating to transactions between segments is based on the current market price.

Fixed assets disclosed as asset information by segment are the total amount of tangible fixed assets and intangible fixed assets. Fixed assets pertaining to Mizuho Bank, Ltd., Mizuho Trust & Banking Co., Ltd., and Mizuho Securities Co.,Ltd. have been allocated to each segment.

- 60 -

3. Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs<br>and others, Net business profits or losses (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) + Net gains or losses related to ETFs and others, and Fixed assets by<br>reportable segment

For the six months ended September 30, 2020

(Millions of yen)
MHFG (Consolidated)
Retail &<br>Business<br>Banking<br>Company Corporate &<br>Institutional<br>Company Global<br>Corporate<br>Company Global<br>Markets<br>Company Asset<br>Management<br>Company Others<br>(Note 2)
Gross profits: (excluding the amounts of credit costs of trust accounts) + Net gains or losses<br>related to ETFs and others 314,199 226,604 225,980 293,039 23,795 9,701 1,093,318
General and administrative expenses (excluding<br>Non-Recurring Losses and others) 313,529 104,059 125,218 105,287 15,664 15,579 679,336
Equity in income from investments in affiliates 3,613 2,402 5,905 — 381 (741 ) 11,559
Amortization of goodwill and others 1,128 50 180 419 3,821 500 6,098
Net business profits or losses (excluding the amounts of credit costs of trust accounts, before<br>reversal of (provision for) general reserve for losses on loans) + Net gains or losses related to ETFs and others 3,155 124,897 106,487 187,333 4,691 (7,119 ) 419,443
Fixed assets 516,242 195,699 162,828 95,605 — 750,936 1,721,310
(Notes) 1. “Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs and others” is reported instead of sales reported by general corporations. Net gains or losses related to<br>ETFs and others amounted to ¥ (19,005) million, of which ¥ (20,380) million is included in the Global Markets Company.
--- --- ---
2. “Others” includes items which should be eliminated as internal transactions between each segment on a consolidated basis.
3. “Others” in Fixed assets includes assets of headquarters that have not been allocated to each segment, Fixed assets pertaining<br>to consolidated subsidiaries that are not subject to allocation, consolidated adjustments, and others.<br> <br>Among Fixed assets that have not been allocated to<br>each segment, some related expenses are allocated to each segment using reasonable criteria of allocation.
4. Following the change in allocation method for transactions between each segment and “Others” made in April, 2021, reclassification was made on the above table to reflect the relevant change.

- 61 -

For the six months ended September 30, 2021

(Millions of yen)
MHFG (Consolidated)
Retail &<br>Business<br>Banking<br>Company Corporate &<br>Institutional<br>Company Global<br>Corporate<br>Company Global<br>Markets<br>Company Asset<br>Management<br>Company Others<br>(Note 2)
Gross profits: (excluding the amounts of credit costs of trust accounts) + Net gains or losses<br>related to ETFs and others 345,854 230,183 249,973 253,718 28,990 21,903 1,130,621
General and administrative expenses (excluding<br>Non-Recurring Losses and others) 311,285 99,243 126,218 107,533 16,208 20,440 680,927
Equity in income from investments in affiliates 5,540 2,251 7,366 — 815 547 16,519
Amortization of goodwill and others 1,081 48 180 402 3,624 504 5,839
Net business profits or losses (excluding the amounts of credit costs of trust accounts, before<br>reversal of (provision for) general reserve for losses on loans) + Net gains or losses related to ETFs and others 39,028 133,143 130,941 145,783 9,973 1,506 460,374
Fixed assets 538,613 182,543 166,683 96,298 — 738,177 1,722,314
(Notes) 1. “Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs and others” is reported instead of sales reported by general corporations. Net gains or losses related to<br>ETFs and others amounted to ¥ 21,799 million, of which ¥ 22,898 million is included in the Global Markets Company.
--- --- ---
2. “Others” includes items which should be eliminated as internal transactions between each segment on a consolidated basis.
3. “Others” in Fixed assets includes assets of headquarters that have not been allocated to each segment, Fixed assets pertaining<br>to consolidated subsidiaries that are not subject to allocation, consolidated adjustments, and others.<br> <br>Among Fixed assets that have not been allocated to<br>each segment, some related expenses are allocated to each segment using reasonable criteria of allocation.

- 62 -

4. The difference between the total amounts of reportable segments and the recorded amounts in the Interim<br>Consolidated Statement of Income, and the contents of the difference (Matters relating to adjustment to difference)

The above amount of Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs and others and that of Net business profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) + Net gains or losses related to ETFs and others derived from internal management reporting by reportable segment are different from the amounts recorded in the Interim Consolidated Statement of Income.

The contents of the difference for the period are as follows:

(1) The total of Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses<br>related to ETFs and others of Segment Information and Ordinary Profits
(Millions of yen)
--- --- --- --- --- --- ---
For the six months ended<br>September 30, 2020 For the six months ended<br>September 30, 2021
Gross profits: (excluding the amounts of credit costs of trust accounts) + Net gains or losses<br>related to ETFs and others 1,093,318 1,130,621
Net gains or losses related to ETFs and others 19,005 (21,799 )
Other Ordinary Income 63,736 147,714
General and Administrative Expenses (681,287 ) (667,594 )
Other Ordinary Expenses (227,161 ) (189,602 )
Ordinary Profits 267,610 399,340
(2) The total of Net business profits (excluding the amounts of credit costs of trust accounts, before reversal of<br>(provision for) general reserve for losses on loans) + Net gains or losses related to ETFs and others of Segment Information and Income before Income Taxes Recorded in Interim Consolidated Statement of Income
--- ---
(Millions of yen)
--- --- --- --- --- --- ---
For the six months ended<br>September 30, 2020 For the six months ended<br>September 30, 2021
Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of<br>(provision for) general reserve for losses on loans) + Net Gains (Losses) related to ETFs and others 419,443 460,374
Credit Costs for Trust Accounts — —
General and Administrative Expenses (non-recurring<br>losses) 4,146 19,172
Expenses related to Portfolio Problems (including reversal of (provision for) general reserve for<br>losses on loans) (84,777 ) (59,856 )
Gains on Reversal of Reserves for Possible Losses on Loans, and others 3,555 10,225
Net Gains (Losses) related to Stocks—Net Gains (Losses) related to ETFs and others (50,485 ) (6,867 )
Net Extraordinary Gains (Losses) 65,780 47,281
Others (24,271 ) (23,707 )
Income before Income Taxes recorded in Interim Consolidated Statement of Income 333,391 446,622

- 63 -

Related Information

For the six months ended September 30, 2020

1. Information about Geographic Areas
(1) Ordinary Income
--- ---
(Millions of yen)
--- --- --- --- --- --- --- --- ---
Japan Americas Europe Asia/Oceania<br>excluding Japan Total
1,029,703 249,775 102,413 194,868 1,576,761
(Notes) 1. The above table shows Ordinary Income in lieu of sales of non-financial companies.
--- --- ---
2. Ordinary income is segmented by country and region based on the location of our group office in consideration of geographical proximity, similarity of economic activities, and interrelationship of business activities.
(2) Tangible Fixed Assets
--- ---

Information on tangible fixed assets by geographical areas as of September 30, 2020 is not disclosed since tangible fixed assets in Japan accounted for more than 90% of tangible fixed assets.

2. Information about Major Customers

Information about major customers is not disclosed since there are no outside customers that accounted for more than 10% of Ordinary Income of the Company.

For the six months ended September 30, 2021

1. Information about Geographic Areas
(1) Ordinary Income
--- ---
(Millions of yen)
--- --- --- --- --- --- --- --- ---
Japan Americas Europe Asia/Oceania<br>excluding Japan Total
1,001,074 343,742 74,879 159,553 1,579,249
(Notes) 1. The above table shows Ordinary Income in lieu of sales of non-financial companies.
--- --- ---
2. Ordinary income is segmented by country and region based on the location of our group office in consideration of geographical proximity, similarity of economic activities, and interrelationship of business activities.
(2) Tangible Fixed Assets
--- ---

Information on tangible fixed assets by geographical areas as of September 30, 2021 is not disclosed since tangible fixed assets in Japan accounted for more than 90% of tangible fixed assets.

2. Information about Major Customers

Information about major customers is not disclosed since there are no outside customers that accounted for more than 10% of Ordinary Income of the Company.

- 64 -

Information about Impairment Loss on Tangible Fixed Assets by Reportable Segment

For the six months ended September 30, 2020

(Millions of yen)
MHFG (Consolidated)
Retail &<br>Business<br>Banking<br>Company Corporate &<br>Institutional<br>Company Global<br>Corporate<br>Company Global<br>Markets<br>Company Asset<br>Management<br>Company Others
Impairment Loss 586 2 — 10 — 793 1,391
For the six months ended September 30, 2021
(Millions of yen)
MHFG (Consolidated)
Retail &<br>Business<br>Banking<br>Company Corporate &<br>Institutional<br>Company Global<br>Corporate<br>Company Global<br>Markets<br>Company Asset<br>Management<br>Company Others
Impairment Loss 493 55 168 5 — 1,856 2,577
Information about Amortization and Unamortized Balance of Goodwill by Reportable Segment
For the six months ended September 30, 2020
(Millions of yen)
MHFG (Consolidated)
Retail &<br>Business<br>Banking<br>Company Corporate &<br>Institutional<br>Company Global<br>Corporate<br>Company Global<br>Markets<br>Company Asset<br>Management<br>Company Others
Amortization of Goodwill — — 180 — 1,335 354 1,869
Unamortized Balance of Goodwill — — 2,764 — 42,686 12,678 58,128

For the six months ended September 30, 2021

(Millions of yen)
MHFG (Consolidated)
Retail &<br>Business<br>Banking<br>Company Corporate &<br>Institutional<br>Company Global<br>Corporate<br>Company Global<br>Markets<br>Company Asset<br>Management<br>Company Others
Amortization of Goodwill — — 180 — 1,335 367 1,882
Unamortized Balance of Goodwill — — 2,855 — 40,018 11,820 54,693

Information about Gain on Negative Goodwill Incurred by Reportable Segment

For the six months ended September 30, 2020

There is no applicable information.

For the six months ended September 30, 2021

There is no applicable information.

- 65 -

Per Share Information

1. Net Assets per Share of Common Stock and its basis used for calculation
As of March 31, 2021 As of September 30, 2021
--- --- --- --- --- ---
Net Assets per Share of Common Stock Yen 3,650.87 3,757.45
(The basis used for calculating Net Assets per Share of Common Stock)
Total Net Assets Millions of yen 9,362,207 9,640,884
Deductions from Total Net Assets Millions of yen 105,932 117,054
Stock Acquisition Rights Millions of yen 134 95
Non-Controlling Interests Millions of yen 105,797 116,959
Net Assets related to Common Stock at the end of the period/the fiscal year Millions of yen 9,256,275 9,523,829
Outstanding Shares of Common Stock, based on which Total Net Assets per Share of Common Stock was<br>calculated, at the end of the period/the fiscal year Thousands of shares 2,535,360 2,534,650

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2. Net Income per Share of Common Stock and Diluted Net Income per Share of Common Stock are based on the<br>following information:
For the six months ended<br>September 30, 2020 For the six months ended<br>September 30, 2021
--- --- --- --- --- ---
(1)   Net Income per Share of Common Stock Yen 84.99 152.12
(The basis used for calculating Net Income per Share of Common Stock)
Profit Attributable to Owners of Parent Millions of yen 215,523 385,657
Amount not attributable to Common Stock Millions of yen — —
Profit Attributable to Owners of Parent related to Common Stock Millions of yen 215,523 385,657
Average Outstanding Shares of Common Stock (during the period) Thousands of shares 2,535,837 2,535,113
(2)   Diluted Net Income per Share of Common Stock Yen 84.98 152.12
(The basis used for calculating Diluted Net Income per Share of Common Stock)
Adjustment to Profit Attributable to Owners of Parent Millions of yen — —
Increased Number of Shares of Common Stock Thousands of shares 92 70
Stock Acquisition Rights Thousands of shares 92 70
Description of dilutive securities which were not included in the calculation of Diluted Net<br>Income per Share of Common Stock as they have no dilutive effects — —
(Notes) 1. MHFG conducted a share consolidation of common stock on the basis of one post-consolidation share per ten pre-consolidation shares effective as of October 1, 2020. Net Income per Share<br>of Common Stock and Diluted Net Income per Share of Common Stock are calculated under the assumption that the share consolidation had been conducted at the beginning of fiscal 2020.
--- --- ---
2. In the calculation of Net Assets per share, MHFG shares outstanding in BBT trust account that were recognized as Treasury Stock in Shareholders’ Equity are included in Treasury Stock shares deducted from the total number of<br>issued shares at the end of the period/the fiscal year. The number of such Treasury Stock shares deducted at the end of the previous fiscal year (March 31, 2021) was 2,554 thousand, and the number of such Treasury Stock shares deducted at the<br>end of the period (September 30, 2021) was 3,080 thousand.
In the calculation of Net Income per Share of Common Stock and Diluted Net Income per Share of Common Stock, such Treasury Stock shares are included in Treasury Stock shares deducted in the calculation of the Average Outstanding<br>Shares of Common Stock during the period. The average number of such Treasury Stock shares deducted during the six months ended September 30, 2020 was 2,146 thousand, and the average number of such Treasury Stock shares deducted during the<br>six months ended September 30, 2021 was 2,706 thousand.

- 67 -

II. Others

There is no applicable information.

- 68 -

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