Equibles

6-K

MIZUHO FINANCIAL GROUP INC (MFG)

6-K 2022-11-29 For: 2022-11-29
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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 2022

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NO. 333-266555) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.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, 2022
Mizuho Financial Group, Inc.
By: /s/ Makoto Umemiya
Name: Makoto Umemiya
Title: Deputy President & Senior Executive Officer / Group CFO

UNAUDITED INTERIM CONSOLIDATED JAPANESE GAAP FINANCIAL STATEMENTS

AS OF AND FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2022

On November 29, 2022, we published our unaudited interim consolidated financial statements as of and for the six months ended September 30, 2022 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, 2022, 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, 2022 As ofSeptember 30, 2022
Assets
Cash and Due from Banks *5 51,359,301 *5 54,458,168
Call Loans and Bills Purchased 940,008 1,231,117
Receivables under Resale Agreements 12,750,363 14,870,926
Guarantee Deposits Paid under Securities Borrowing Transactions 2,340,089 2,357,494
Other Debt Purchased 3,476,021 3,856,777
Trading Assets *5 13,221,415 *5 19,649,112
Money Held in Trust 591,183 560,762
Securities *1, *2, *3, *5, *12 44,641,060 *1, *2, *3, *5, *12 38,412,009
Loans and Bills Discounted *3, *4, *5, *6 84,736,280 *3, *4, *5, *6 92,119,481
Foreign Exchange Assets *3, *4 2,627,492 *3, *4 3,251,206
Derivatives other than for Trading Assets 2,277,160 4,192,965
Other Assets *3, *5 7,797,796 *3, *5 9,147,569
Tangible Fixed Assets *7, *8 1,095,977 *7, *8 1,115,671
Intangible Fixed Assets 601,292 610,368
Net Defined Benefit Asset 863,217 847,771
Deferred Tax Assets 184,594 413,040
Customers’ Liabilities for Acceptances and Guarantees *3 8,346,878 *3 9,733,515
Reserves for Possible Losses on Loans (783,886 ) (700,532 )
Reserve for Possible Losses on Investments (107 ) (1 )
Total Assets 237,066,142 256,127,425

- 3 -

(Millions of yen)
As ofMarch 31, 2022 As ofSeptember 30, 2022
Liabilities
Deposits *5 138,830,872 *5 142,447,797
Negotiable Certificates of Deposit 16,868,931 21,823,004
Call Money and Bills Sold 1,278,050 1,572,353
Payables under Repurchase Agreements *5 20,068,779 *5 23,766,031
Guarantee Deposits Received under Securities Lending Transactions *5 1,172,248 *5 1,228,757
Commercial Paper 1,775,859 1,574,288
Trading Liabilities 9,608,976 14,822,746
Borrowed Money *5, *9 6,590,527 *5, *9 2,990,638
Foreign Exchange Liabilities 1,508,453 675,373
Short-term Bonds 537,167 498,772
Bonds and Notes *10 10,714,004 *10 11,628,828
Due to Trust Accounts 1,167,284 1,138,586
Derivatives other than for Trading Liabilities 2,770,852 4,995,676
Other Liabilities 6,301,484 7,965,234
Reserve for Bonus Payments 120,052 69,600
Reserve for Variable Compensation 2,278 1,186
Net Defined Benefit Liability 71,774 71,418
Reserve for Director and Corporate Auditor Retirement Benefits 557 472
Reserve for Possible Losses on Sales of Loans 1,309 8,068
Reserve for Contingencies 6,622 10,369
Reserve for Reimbursement of Deposits 17,620 15,650
Reserve for Reimbursement of Debentures 10,504 8,965
Reserves under Special Laws 3,132 3,131
Deferred Tax Liabilities 30,923 21,198
Deferred Tax Liabilities for Revaluation Reserve for Land *7 59,962 *7 59,704
Acceptances and Guarantees 8,346,878 9,733,515
Total Liabilities 227,865,110 247,131,369
Net Assets
Common Stock 2,256,767 2,256,767
Capital Surplus 1,125,324 1,129,388
Retained Earnings 4,756,435 4,989,307
Treasury Stock (8,342 ) (8,552 )
Total Shareholders’ Equity 8,130,185 8,366,911
Net Unrealized Gains (Losses) on Other Securities 719,822 118,757
Deferred Gains or Losses on Hedges (76,757 ) (96,220 )
Revaluation Reserve for Land *7 132,156 *7 131,572
Foreign Currency Translation Adjustments 2,346 256,338
Remeasurements of Defined Benefit Plans 169,652 145,929
Own Credit Risk Adjustments, Net of Tax (23 ) (13 )
Total Accumulated Other Comprehensive Income 947,197 556,363
Stock Acquisition Rights 94 5
Non-controlling Interests 123,555 72,774
Total Net Assets 9,201,031 8,996,055
Total Liabilities and Net Assets 237,066,142 256,127,425

- 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, 2021 For the six months ended<br><br><br>September 30, 2022
Ordinary Income 1,579,249 2,944,948
Interest Income 615,622 1,169,193
Interest on Loans and Bills Discounted 422,172 686,794
Interest and Dividends on Securities 119,583 178,938
Fiduciary Income 29,728 29,313
Fee and Commission Income 416,769 418,579
Trading Income 226,614 919,840
Other Operating Income 142,799 323,050
Other Ordinary Income *1 147,714 *1 84,971
Ordinary Expenses 1,179,909 2,505,666
Interest Expenses 141,461 657,161
Interest on Deposits 28,002 226,344
Fee and Commission Expenses 86,326 85,407
Trading Expenses 35,301 864,053
Other Operating Expenses 59,622 99,571
General and Administrative Expenses 667,594 706,446
Other Ordinary Expenses *2 189,602 *2 93,026
Ordinary Profits 399,340 439,282
Extraordinary Gains *3 51,553 *3 12,703
Extraordinary Losses *4 4,271 *4 6,929
Income before Income Taxes 446,622 445,057
Income Taxes:
Current 65,604 61,866
Deferred (10,941 ) 45,446
Total Income Taxes 54,663 107,313
Profit 391,958 337,743
Profit Attributable to Non-controlling Interests 6,301 3,779
Profit Attributable to Owners of Parent 385,657 333,964

- 5 -

Interim Consolidated Statement of Comprehensive Income

(Millions of yen)
For the six months ended<br><br><br>September 30, 2021 For the six months ended<br><br><br>September 30, 2022
Profit <br> 391,958 <br> 337,743
Other Comprehensive Income (9,048 ) (389,182)
Net Unrealized Gains (Losses) on Other Securities 23,805 (603,190 )
Deferred Gains or Losses on Hedges (32,261 ) (19,095 )
Foreign Currency Translation Adjustments 50,061 232,335
Remeasurements of Defined Benefit Plans (58,390 ) (23,596 )
Own Credit Risk Adjustments, Net of Tax — 9
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method 7,736 24,355
Comprehensive Income 382,910 (51,438 )
(Breakdown)
Comprehensive Income Attributable to Owners of Parent 375,995 (56,285 )
Comprehensive Income Attributable to Non-controlling<br>Interests 6,914 4,846

- 6 -

(3) Interim Consolidated Statement of Changes in Net Assets

For the six months ended September 30, 2021

(Millions of yen)
Shareholders’ Equity
Common Stock Capital Surplus Retained Earnings Treasury Stock Total<br>Shareholders’<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 Accounting Policies (724 ) (724 )
Balance as of the beginning of the period reflecting Changes in Accounting 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 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 for Land 1,086 1,086
Change in Treasury Shares of Parent Arising from Transactions with<br>Non-controlling Shareholders (10,616 ) (10,616 )
Transfer from Retained Earnings to Capital Surplus 51 (51 ) —
Net Changes in Items other than 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 Stock<br>Acquisition<br>Rights Non-<br>controlling<br>Interests Total Net<br>Assets
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Net Unrealized<br>Gains (Losses)<br>onOther<br>Securities Deferred Gains<br>or Losseson<br>Hedges Revaluation<br>Reservefor<br>Land Foreign<br>Currency<br>Translation<br><br>Adjustments Remeasurements<br>of Defined<br>BenefitPlans Own CreditRiskAdjustments,Net of Tax Total<br>Accumulated<br>Other<br>Comprehensive<br>Income
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 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 Parent 385,657
Repurchase of Treasury Stock (2,646 )
Disposition of Treasury Stock 1,554
Transfer from Revaluation Reserve 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

- 7 -

For the six months ended September 30, 2022

(Millions of yen)
Shareholders’ Equity
Common Stock Capital Surplus Retained Earnings Treasury Stock Total<br>Shareholders’<br>Equity
Balance as of the beginning of the period 2,256,767 1,125,324 4,756,435 (8,342 ) 8,130,185
Changes during the period
Cash Dividends (101,542 ) (101,542 )
Profit Attributable to Owners of Parent 333,964 333,964
Repurchase of Treasury Stock (1,940 ) (1,940 )
Disposition of Treasury Stock (133 ) 1,730 1,597
Transfer from Revaluation Reserve for Land 584 584
Change in Treasury Shares of Parent Arising from Transactions with<br>Non-controlling Shareholders 4,064 4,064
Transfer from Retained Earnings to Capital Surplus 133 (133 ) —
Net Changes in Items other than Shareholders’ equity
Total Changes during the period — 4,064 232,872 (209 ) 236,726
Balance as of the end of the period 2,256,767 1,129,388 4,989,307 (8,552 ) 8,366,911
Accumulated Other Comprehensive Income Stock<br>Acquisition<br>Rights Non-<br>controlling<br>Interests Total Net<br>Assets
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Net Unrealized<br>Gains (Losses)<br>onOther<br>Securities Deferred Gains<br>or Losseson<br>Hedges Revaluation<br>Reservefor<br>Land Foreign<br>Currency<br>Translation<br><br>Adjustments Remeasurements<br>of Defined<br>BenefitPlans Own CreditRiskAdjustments,Net of Tax Total<br>Accumulated<br>Other<br>Comprehensive<br>Income
Balance as of the beginning of the period 719,822 (76,757 ) 132,156 2,346 169,652 (23 ) 947,197 94 123,555 9,201,031
Changes during the period
Cash Dividends (101,542 )
Profit Attributable to Owners of Parent 333,964
Repurchase of Treasury Stock (1,940 )
Disposition of Treasury Stock 1,597
Transfer from Revaluation Reserve for Land 584
Change in Treasury Shares of Parent Arising from Transactions with<br>Non-controlling Shareholders 4,064
Transfer from Retained Earnings to Capital Surplus —
Net Changes in Items other than Shareholders’ equity (601,064 ) (19,462 ) (584 ) 253,991 (23,722 ) 9 (390,833 ) (88 ) (50,781 ) (441,703 )
Total Changes during the period (601,064 ) (19,462 ) (584 ) 253,991 (23,722 ) 9 (390,833 ) (88 ) (50,781 ) (204,976 )
Balance as of the end of the period 118,757 (96,220 ) 131,572 256,338 145,929 (13 ) 556,363 5 72,774 8,996,055

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(4) Interim Consolidated Statement of Cash Flows

(Millions of yen)
For the six months ended<br>September 30, 2021 For the six months ended<br>September 30, 2022
Cash Flow from Operating Activities
Income before Income Taxes 446,622 445,057
Depreciation 82,327 79,776
Losses on Impairment of Fixed Assets 2,577 2,881
Amortization of Goodwill 1,882 1,889
Equity in Loss (Gain) from Investments in Affiliates (16,519 ) (14,491 )
Increase (Decrease) in Reserves for Possible Losses on Loans 17,235 (97,338 )
Increase (Decrease) in Reserve for Possible Losses on Investments 0 (106 )
Increase (Decrease) in Reserve for Possible Losses on Sales of Loans (893 ) 6,759
Increase (Decrease) in Reserve for Contingencies 1,362 2,419
Increase (Decrease) in Reserve for Bonus Payments (45,632 ) (59,864 )
Increase (Decrease) in Reserve for Variable Compensation (1,920 ) (1,092 )
Decrease (Increase) in Net Defined Benefit Asset 37,380 (5,329 )
Increase (Decrease) in Net Defined Benefit Liability 7,462 (2,108 )
Increase (Decrease) in Reserve for Director and Corporate Auditor Retirement Benefits (194 ) (85 )
Increase (Decrease) in Reserve for Reimbursement of Deposits (2,198 ) (1,969 )
Increase (Decrease) in Reserve for Reimbursement of Debentures (2,261 ) (1,538 )
Interest Income - accrual basis (615,622 ) (1,169,193 )
Interest Expenses - accrual basis 141,461 657,161
Losses (Gains) on Securities (55,028 ) (15,610 )
Losses (Gains) on Money Held in Trust (576 ) 71
Foreign Exchange Losses (Gains) - net (94,978 ) (1,276,179 )
Losses (Gains) on Disposition of Fixed Assets 1,242 3,402
Losses (Gains) on Cancellation of Employee Retirement Benefit Trust (51,093 ) (12,057 )
Decrease (Increase) in Trading Assets (18,340 ) (5,951,913 )
Increase (Decrease) in Trading Liabilities (1,635,601 ) 4,885,023
Decrease (Increase) in Derivatives other than for Trading Assets 307,018 (1,875,956 )
Increase (Decrease) in Derivatives other than for Trading Liabilities (255,687 ) 2,187,346
Decrease (Increase) in Loans and Bills Discounted 1,665,708 (3,952,700 )
Increase (Decrease) in Deposits (4,210,533 ) 691,044
Increase (Decrease) in Negotiable Certificates of Deposit 2,046,043 4,317,395
Increase (Decrease) in Borrowed Money (excluding Subordinated Borrowed Money) 51,827 (3,604,330 )
Decrease (Increase) in Due from Banks (excluding Due from<br><br><br>Central Banks) (261,460 ) (91 )
Decrease (Increase) in Call Loans, etc. (4,925,790 ) (1,396,877 )
Decrease (Increase) in Guarantee Deposits Paid under Securities Borrowing Transactions 295,085 (17,404 )
Increase (Decrease) in Call Money, etc. 3,660,343 1,301,027
Increase (Decrease) in Commercial Paper (159,028 ) (526,538 )
Increase (Decrease) in Guarantee Deposits Received under Securities Lending Transactions 271,038 56,509
Decrease (Increase) in Foreign Exchange Assets (139,049 ) (337,827 )
Increase (Decrease) in Foreign Exchange Liabilities (31,586 ) (834,007 )
Increase (Decrease) in Short-term Bonds (Liabilities) 87,515 (38,395 )
Increase (Decrease) in Bonds and Notes 73,621 1,020,232
Increase (Decrease) in Due to Trust Accounts 21,655 (28,698 )
Interest and Dividend Income - cash basis 697,501 1,109,761
Interest Expenses - cash basis (178,443 ) (617,596 )
Other - net 875,912 1,217,049
Subtotal (1,909,617 ) (3,854,495 )
Cash Refunded (Paid) in Income Taxes (92,701 ) (32,406 )
Net Cash Provided by (Used in) Operating Activities (2,002,318 ) (3,886,901 )

- 9 -

(Millions of yen)
For the six months ended<br>September 30, 2021 For the six months ended<br>September 30, 2022
Cash Flow from Investing Activities
Payments for Purchase of Securities (58,427,590 ) (45,927,277 )
Proceeds from Sale of Securities 30,635,786 27,908,568
Proceeds from Redemption of Securities 28,645,491 23,785,601
Payments for Increase in Money Held in Trust (61,361 ) (2,638 )
Proceeds from Decrease in Money Held in Trust 6,119 32,479
Payments for Purchase of Tangible Fixed Assets (11,779 ) (29,059 )
Payments for Purchase of Intangible Fixed Assets (43,042 ) (50,273 )
Proceeds from Sale of Tangible Fixed Assets 2,326 2,361
Proceeds from Sale of Intangible Fixed Assets 480 —
Payment from purchase of Stocks of Subsidiaries (affecting the scope of consolidation) — (3,832 )
Net Cash Provided by (Used in) Investing Activities 746,430 5,715,930
Cash Flow from Financing Activities
Repayments of Subordinated Borrowings (4,000 ) (15,000 )
Proceeds from Issuance of Subordinated Bonds 140,950 —
Payments for Redemption of Subordinated Bonds (35,000 ) (309,615 )
Proceeds from Investments by Non-controlling<br>Shareholders 34 200
Repayments to Non-controlling Shareholders (96 ) (334 )
Cash Dividends Paid (95,198 ) (101,546 )
Cash Dividends Paid to Non-controlling<br>Shareholders (7,014 ) (10,408 )
Payments from purchase of shares of subsidiaries not resulting in change in scope of<br>consolidation — (41,307 )
Payments for Repurchase of Treasury Stock (1,825 ) (1,269 )
Proceeds from Sale of Treasury Stock 869 1,008
Payments for Repurchase of Treasury Stock of Subsidiaries (0 ) —
Net Cash Provided by (Used in) Financing Activities (1,281 ) (478,273 )
Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents 71,025 1,602,656
Net Increase (Decrease) in Cash and Cash Equivalents (1,186,144 ) 2,953,411
Cash and Cash Equivalents at the beginning of the period 46,981,399 50,136,300
Cash and Cash Equivalents at the end of the period *1 45,795,255 *1 53,089,712

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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: 174
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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, 2022, Capstone Partners GP, LLC and nineteen other companies were newly included in the scope of consolidation as a result of acquisition of the stocks and other factors.

During the six months ended September 30, 2022, Mizuho Trust Guaranty Company Limited and eight other companies were excluded from the scope of consolidation as a result of merger 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: 25
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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, 2022, PayPay Asset Management Corporation was newly included in the scope of equity method as a result of acquisition of the stocks.

(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 45 companies
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September 30 129 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, 2022, 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, 2022, 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, 2022, 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, 2022, 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, 2022, assuming they were settled at the end of the six months ended September 30, 2022.

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 ¥96,004 million (¥109,122 million at the end of the fiscal year ended March 31, 2022).

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 on December 18, 2019, we have reflected the potential impact of COVID-19, the Russia-Ukraine situation, inflation and others on Reserves for Possible Losses on Loans for some credit. More specifically, expected losses are estimated using the assumptions based on the Russia-Ukraine situation, inflation and others in addition to the potential impact of COVID-19. The bases of the assumptions include the forecasted GDP growth rate, financial variables including resource prices, exchange rates, and others, the future prospect of the business environment of each industry, the impact of economic sanctions inside and outside of Russia, and the Russia-Ukraine situation. There are no material changes in the methods of the above accounting estimates and the major assumptions used in the consolidated financial statements from those of the previous fiscal year.

In addition, expected losses which are assumed may occur in the future due to difficulties in foreign currency cash management influenced by economic sanctions against Russia, in claims for which transfer risk has not been avoided, are recognized as Reserve for Possible Losses on Loans to Restructuring Countries.

The expected losses are calculated based on evaluation of Russian country risk and past defaults which are announced by external rating firms and others. The amount of Reserve for Possible Losses on Loans to Restructuring Countries for the six months ended September 30, 2022, is ¥54,245 million, which includes ¥52,519 million against the claims related to Russia.

(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, 2022, 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, 2022 among the estimated payments based on the standard amount regarding variable compensation of the fiscal year ending March 31, 2022 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, 2022, 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 -

(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.

(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, 2022. 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, 2022 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.

- 15 -

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.

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, March 17, 2022).

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.

- 16 -

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.

(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, March 17, 2022) 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.

- 17 -

Changes in Accounting Policies

(Implementation Guidance on Accounting Standard for Fair Value Measurement)

MHFG has applied “Implementation Guidance on Accounting Standard for Fair Value Measurement” (ASBJ Guidance No.31, June 17, 2021 (referred to as “Fair Value Accounting Standard Implementation Guidance”)) from the beginning of the interim ended September 30, 2022. In accordance with the transitional treatment set out in Article 27-2 of “Fair Value Accounting Standard Implementation Guidance”, MHFG applies the new accounting policy set forth in “Fair Value Accounting Standard Implementation Guidance” prospectively. As a result, some Investment trusts and others are calculated using net asset value, etc., as of the calculation date of the fair value.

In the notes on investment trusts in matters relating to the breakdown of fair value of financial instruments by level in the notes on “Financial Instruments”, in accordance with Article 27-3 of “Fair Value Accounting Standard Implementation Guidance”, the information pertaining to the previous fiscal year is not stated.

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 occur 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.

- 18 -

(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, 2022 was ¥5,142 million for 3,241 thousand shares (the carrying amount as of March 31, 2022 was ¥4,949 million for 3,079 thousand shares).

Application of Treatment of Accounting and Disclosure for Applying the Japanese Group Relief System

MHFG and some domestic consolidated subsidiaries of the Group have transitioned from the Consolidated Tax System to the Japanese Group Relief System from the beginning of the interim period ended September 30, 2022. In accordance with this, accounting and disclosure of corporate tax, local corporate tax and tax-effect accounting are in accordance with “Treatment of accounting and disclosure for applying the Japanese Group Relief System” (Practical Solutions No. 42, August 12, 2021 (“Practical Solutions No.42”)). In addition, based on Practical Solutions No. 42, Paragraph 32 (1), MHFG regards that there is no impact from the changes in accounting policies associated with the effects of application of Practical Solutions No.42.

- 19 -

Notes to Interim Consolidated Balance Sheet

*1. The total amount of shares and investments in affiliates
(Millions of yen)
--- --- --- --- ---
As of March 31, 2022 As of September 30, 2022
Shares 351,618 397,450
Investments 555 588
*2. Unsecured loaned securities, which are included in Japanese Government Bonds under Securities, are as follows:<br>
--- ---
(Millions of yen)
--- --- --- ---
As of March 31, 2022 As of September 30, 2022
190,078 293,244

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, 2022 As of September 30, 2022
Securities repledged 17,040,833 16,227,981
Securities neither repledged nor re-loaned at the end of<br>the period/the fiscal year 2,248,061 3,582,123

- 20 -

*3. Claims based on Banking Act and the Act on Emergency Measures for the Revitalization of Financial Functions are<br>as follows. The claims consist of those included in the accounts of bonds included in “Securities” (its principal’s redemption and interest payments are guaranteed, in whole or in part, and the corporate bonds issue is limited to a<br>private placement of the securities (Article 2, Paragraph 3 of the Financial Instruments and Exchange Act.), “Loans”, “foreign exchanges Assets”, accrued interest and suspense payment in “Other assets” and<br>“Customers’ Liabilities for Acceptances and Guarantees” in the interim consolidated balance sheet, and securities in the notes (Limited to those under a loan for use or lease agreement.) that are in case of loan.<br>
(Millions of yen)
--- --- --- --- ---
As of March 31, 2022 As of September 30, 2022
Claims against Bankrupt and Substantially Bankrupt Obligors 50,846 49,027
Claims with Collection Risk 722,222 621,016
Claims for Special Attention 354,034 370,938
Loans Past Due for 3 Months or More 2,498 30,145
Restructured Loans 351,535 340,793
Sub-total 1,127,104 1,040,982
Normal Claims 96,224,900 105,707,025
Total 97,352,004 106,748,007

Claims against Bankrupt and Substantially Bankrupt Obligors are claims against debtors in bankruptcy due to the commencement of bankruptcy procedures, the commencement of reorganization proceedings, the petition for the commencement of rehabilitation proceedings, and claims equivalent to these.

Claims with Collection Risk are claims that the debtor is not yet in a state of bankruptcy, but its financial position and business performance have deteriorated, and it is highly probable that principal’s collection and interest on claims in accordance with the terms of the contract will not be received. These claims do not fall under the category of Claims against Bankrupt and Substantially Bankrupt Obligors.

Loans Past Due for 3 Months or More are loans on which payments of principal and/or interest have not been made for a period of 3 months or more since the next day following the first due date, and which are not included in Claims against Bankrupt and Substantially Bankrupt Obligors, or Claims with Collection Risk.

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. Claims against Bankrupt and Substantially Bankrupt Obligors, Claims with Collection Risk and Loans Past Due for 3 Months or More are not included.

Normal Claims are deemed to have no particular problem with the obligor’s financial position and business performance and are classified as other than Claims against Bankrupt and Substantially Bankrupt Obligors, Claims with Collection Risk, Loans Past Due for 3 Months or More and Restructured Loans.

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

*4. 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, 2022 As of September 30, 2022
1,806,813 2,206,094

- 21 -

*5. Breakdown of assets pledged as collateral is as follows:
(Millions of yen)
--- --- --- --- ---
As of March 31, 2022 As of September 30, 2022
The following assets are pledged as collateral:
Trading Assets 1,628,778 2,589,107
Securities 6,083,866 8,030,364
Loans and Bills Discounted 8,741,097 8,441,228
Total 16,453,741 19,060,700
The following liabilities are collateralized by the above assets:
Deposits 909,204 898,936
Payables under Repurchase Agreements 5,864,016 8,417,193
Guarantee Deposits Received under Securities Lending Transactions 456,707 997,866
Borrowed Money 5,434,820 1,759,981

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, 2022 As of September 30, 2022
Cash and Due from Banks 65,886 70,617
Trading Assets 444,724 295,887
Securities 5,149,064 5,851,645
Loans and Bills Discounted 89,778 117,822

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, 2022 As of September 30, 2022
Margins for Futures Transactions 431,281 183,852
Guarantee Deposits 97,525 92,410
Collateral Pledged for Financial Instruments and Others 2,413,271 2,856,508

- 22 -

*6. 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, 2022 As of September 30, 2022
Unutilized balance 105,257,698 112,821,214
Amount relating to contracts of which the original contractual maturity is one year or less, or<br>which are unconditionally cancelable at any time 76,092,443 79,578,054

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.

*7. 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.

*8. Accumulated Depreciation of Tangible Fixed Assets
(Millions of yen)
--- --- --- --- ---
As of March 31, 2022 As of September 30, 2022
Accumulated Depreciation 843,560 821,420
*9. 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, 2022 As of September 30, 2022
Subordinated Borrowed Money 219,000 204,000

- 23 -

*10. Bonds and Notes includes subordinated bonds.
(Millions of yen)
--- --- --- --- ---
As of March 31, 2022 As of September 30, 2022
Subordinated Bonds 3,518,313 3,281,539
11. 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, 2022 As of September 30, 2022
Money trusts 832,808 840,395
*12. 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, 2022 As of September 30, 2022
1,252,386 1,171,237

- 24 -

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, 2021 For the six months ended<br>September 30, 2022
Gains on Sales of Stocks 116,459 54,377
Share of profit of entities accounted for using equity method 16,519 14,491
*2. Other Ordinary Expenses includes the following:
--- ---
(Millions of yen)
--- --- --- --- ---
For the six months ended<br>September 30, 2021 For the six months ended<br>September 30, 2022
Provision for Reserves for Possible Losses on Loans 52,686 38,055
Losses on Sales of Stocks 80,931 18,529
*3. Extraordinary Gains includes the following:
--- ---
(Millions of yen)
--- --- --- --- ---
For the six months ended<br>September 30, 2021 For the six months ended<br>September 30, 2022
Gains on Cancellation of Employee Retirement Benefit Trust 51,093 12,057
*4. Extraordinary Losses is as follows:
--- ---
(Millions of yen)
--- --- --- --- ---
For the six months ended<br>September 30, 2021 For the six months ended<br>September 30, 2022
Losses on Disposition of Fixed Assets 1,693 4,047
Losses on Impairment of Fixed Assets 2,577 2,881

- 25 -

Notes to Interim Consolidated Statement of Changes in Net Assets

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 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 30,2021<br>(Millions of yen) Remarks
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
As of<br>April 1,<br>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 acquisition rights) — —  <br> <br>(— ) —  <br> <br>(— ) —  <br> <br>(— ) —  <br> <br>(— ) —  <br> <br>(— )
Stock acquisition rights as stock option — 95
Consolidated subsidiaries (Treasury stock acquisition rights) — —  <br> <br>(— )
Total — 95<br> <br>(— )

- 26 -

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><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 14, 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 of<br><br><br>Dividends 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.

- 27 -

For the six months ended September 30, 2022

1. Types and number of issued shares and of treasury stock are as follows:
(Thousands of shares)
--- --- --- --- --- --- --- --- --- --- --- ---
As ofApril 1, 2022 Increase during<br>the period Decrease during<br>the period As ofSeptember 30, 2022 Remarks
Issued Shares
Common Stock 2,539,249 — — 2,539,249
Total 2,539,249 — — 2,539,249
Treasury Stock
Common Stock 4,659 1,240 968 4,930 (Note )
Total 4,659 1,240 968 4,930
(Note) Increases are due to acquisition of treasury stock by BBT trust account (787 thousand shares) and repurchase of shares constituting less than one unit and other factors (452 thousand shares). Decreases are due to<br>distribution and sale of treasury stock through BBT trust account (626 thousand shares), exercise of stock acquisition rights (stock options) (58 thousand shares), and repurchase of shares constituting less than one unit and other factors<br>(283 thousand shares). The number of shares as of September 30, 2022 includes the number of treasury stock held by BBT trust account (3,241 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 30,2022<br>(Millions of yen) Remarks
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
As of<br>April 1,<br>2022 Increase<br>during the<br>period Decrease<br>during the<br>period As of<br>September 30,2022
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 — 5
Consolidated subsidiaries<br>(Treasury stock<br>acquisition rights) — —  <br> <br>(— )
Total — 5<br> <br>(— )

- 28 -

3. Cash dividends distributed by MHFG are as follows:
(1) Cash dividends paid during the six months ended September 30, 2022
--- ---
Resolution Type Cash Dividends<br><br><br>(Millions of yen) Cash<br><br><br>Dividends<br><br><br>per Share<br><br><br>(Yen) Record Date Effective Date
--- --- --- --- --- ---
May 13, 2022<br><br><br><br><br><br>The Board of Directors Common Stock 101,542 40.00 March 31, 2022 June 6, 2022
(Note) Cash dividends based on the resolution of the Board of Directors held on May 13, 2022 include ¥123 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, 2022 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><br>per Share<br><br><br>(Yen) Record Date Effective Date
--- --- --- --- --- --- ---
November 14, 2022<br><br><br><br><br><br>The Board of Directors Common Stock 107,889 Retained Earnings 42.50 September 30, 2022 December 6, 2022
(Note) Cash dividends based on the resolution of the Board of Directors held on November 14, 2022 include ¥137 million of cash
--- ---
dividends on treasury stock held by BBT trust account.

- 29 -

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, 2021 For the six months ended<br>September 30, 2022
Cash and Due from Banks 47,075,429 54,458,168
Due from Banks excluding central banks (1,280,173 ) (1,368,456 )
Cash and Cash Equivalents 45,795,255 53,089,712

- 30 -

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, 2022 As of September 30, 2022
Due in One Year or Less 44,749 43,777
Due after One Year 265,324 273,957
Total 310,073 317,734
(2) Lessors:
--- ---
(Millions of yen)
--- --- --- --- ---
As of March 31, 2022 As of September 30, 2022
Due in One Year or Less 1,008 1,291
Due after One Year 4,767 4,624
Total 5,775 5,916

- 31 -

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, Foreign Exchange (assets / liabilities), 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, 2022

(Millions of yen)
Consolidated Balance<br>Sheet Amount Fair Value Difference
(1)   Other Debt Purchased 3,476,021 3,476,064 43
(2)   Trading Assets
Trading Securities 6,487,722 6,487,722 —
(3)   Money Held in Trust 588,322 588,322 —
(4)   Securities
Bonds Held to Maturity 1,517,583 1,465,576 (52,007 )
Other Securities 41,850,388 41,850,388 —
(5)   Loans and Bills Discounted 84,736,280
Reserves for Possible Losses on Loans (*1) (647,394 )
84,088,886 85,350,580 1,261,694
Total Assets 138,008,924 139,218,655 1,209,730
(1)   Deposits 138,830,872 138,806,794 (24,077 )
(2)   Negotiable Certificates of Deposit 16,868,931 16,867,782 (1,149 )
(3)   Trading Liabilities
Securities Sold, Not yet Purchased 3,470,030 3,470,030 —
(4)   Borrowed Money 6,590,527 6,573,816 (16,711 )
(5)   Bonds and Notes 10,714,004 10,566,589 (147,415 )
Total Liabilities 176,474,366 176,285,012 (189,353 )

- 32 -

(Millions of yen)
Consolidated Balance<br>Sheet Amount Fair Value Difference
Derivative Transactions (*2)
Derivative Transactions not Qualifying for Hedge Accounting 390,601
Derivative Transactions Qualifying for Hedge Accounting (*3) (295,542 )
Total Derivative Transactions 95,059 95,059 —
(*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, March 17, 2022) is applied to these hedge transactions.

- 33 -

As of September 30, 2022

(Millions of yen)
Interim Consolidated<br>Balance Sheet Amount Fair Value Difference
(1)   Other Debt Purchased 3,856,777 3,856,741 (36 )
(2)   Trading Assets
Trading Securities 7,473,539 7,473,539 —
(3)   Money Held in Trust 556,556 556,556 —
(4)   Securities
Bonds Held to Maturity 2,070,590 1,892,665 (177,925 )
Other Securities 35,171,022 35,171,022 —
(5)   Loans and Bills Discounted 92,119,481
Reserves for Possible Losses on Loans (*1) (556,771 )
91,562,709 93,030,526 1,467,816
Total Assets 140,691,197 141,981,051 1,289,854
(1)   Deposits 142,447,797 142,399,142 (48,655 )
(2)   Negotiable Certificates of Deposit 21,823,004 21,821,989 (1,014 )
(3)   Trading Liabilities
Securities Sold, Not yet Purchased 3,183,219 3,183,219 —
(4)   Borrowed Money 2,990,638 2,973,386 (17,251 )
(5)   Bonds and Notes 11,628,828 10,979,329 (649,499 )
Total Liabilities 182,073,487 181,357,066 (716,421 )
Derivative Transactions (*2)
Derivative Transactions not Qualifying for Hedge Accounting 661,668
Derivative Transactions Qualifying for Hedge Accounting (*3) (724,562 )
Total Derivative Transactions (62,893 ) (62,893 ) —
(*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, March 17, 2022) is applied to these hedge transactions.

- 34 -

(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, 2022 As of September 30, 2022
Stocks and others without a quoted market price (*1) 495,989 316,960
Investments in Partnerships and others(*2) 413,173 462,938
*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, March 31, 2020), 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 24-16 of “Implementation Guidance on Accounting Standard for Fair Value<br>Measurement” (ASBJ Guidance No.31, June 17, 2021), these items are not subject to disclosure of the fair value.
--- ---
3 During the fiscal year ended March 31, 2022, the amount of impairment (devaluation) was<br>¥37,277 million on a consolidated basis. During the six months ended September 30, 2022, the amount of impairment (devaluation) was ¥779 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.

- 35 -

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

As of March 31, 2022

(Millions of yen)
Fair Value
Category Level 1 Level 2 Level 3 Total
Other Debt Purchased — 39,763 17,908 57,671
Trading Assets
Trading Securities
Japanese Government Bonds 1,475,198 11,386 — 1,486,585
Japanese Local Government Bonds — 133,878 — 133,878
Japanese Corporate Bonds — 963,912 0 963,912
Stocks 271,861 — 190 272,051
Other 938,866 2,592,672 19,245 3,550,784
Money Held in Trust — 540,722 4 540,727
Securities
Other Securities
Stocks 2,567,148 — 10,161 2,577,310
Japanese Government Bonds 24,661,972 496,757 — 25,158,730
Japanese Local Government Bonds — 419,646 — 419,646
Japanese Corporate Bonds — 2,805,999 236,037 3,042,037
Foreign Bonds 3,367,926 5,423,731 145,936 8,937,594
Other 36,097 6,927 16,082 59,107
Derivative Transactions
Interest Rate and Bond-Related Transactions 66,193 4,552,760 54,219 4,673,173
Currency-Related Transactions — 4,410,491 33,731 4,444,223
Stocks-Related Transactions 77,176 327,561 96,223 500,961
Commodity-Related Transactions 20,816 7,983 52,489 81,289
Credit Derivative Transactions — 116,601 3,699 120,300
Total Assets 33,483,259 22,850,797 685,929 57,019,986
Trading Liabilities
Securities Sold, Not yet Purchased 3,003,754 416,497 — 3,420,251
Bonds and Notes — 173,973 1,559 175,533
Derivative Transactions
Interest Rate and Bond-Related Transactions 60,167 4,655,494 585 4,716,247
Currency-Related Transactions 39 4,471,147 723 4,471,909
Stocks-Related Transactions 107,284 188,258 42,496 338,039
Commodity-Related Transactions — 26,410 51,835 78,246
Credit Derivative Transactions — 118,668 1,779 120,447
Total Liabilities 3,171,244 10,050,449 98,980 13,320,675
(*) Investment trusts and others applying the transitional measures set forth in Article 26 of “Implementation<br>Guidance on Accounting Standard for Fair Value Measurement” (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 ¥1,754,422 million and ¥49,779 million.
--- ---

- 36 -

As of September 30, 2022

(Millions of yen)
Fair Value
Category Level 1 Level 2 Level 3 Total
Other Debt Purchased — 36,594 15,321 51,916
Trading Assets
Trading Securities
Japanese Government Bonds 1,691,554 11,332 — 1,702,886
Japanese Local Government Bonds — 88,080 — 88,080
Japanese Corporate Bonds — 1,096,289 0 1,096,289
Stocks 214,456 — 10 214,466
Other 1,372,653 2,986,712 12,451 4,371,817
Money Held in Trust — 532,102 5 532,107
Securities
Other Securities
Stocks 2,432,450 — 10,948 2,443,398
Japanese Government Bonds 16,366,079 737,222 — 17,103,302
Japanese Local Government Bonds — 496,662 — 496,662
Japanese Corporate Bonds — 2,974,538 200,942 3,175,481
Foreign Bonds 3,624,888 6,516,461 191,073 10,332,422
Other(*) 643,905 918,990 19,256 1,582,152
Derivative Transactions
Interest Rate and Bond-Related Transactions 151,964 8,715,536 105,170 8,972,671
Currency-Related Transactions — 8,530,328 44,521 8,574,850
Stocks-Related Transactions 85,507 160,321 171,898 417,727
Commodity-Related Transactions 8,206 18,792 39,026 66,025
Credit Derivative Transactions — 154,257 7,497 161,754
Total Assets 26,591,665 33,974,224 818,124 61,384,014
Trading Liabilities
Securities Sold, Not yet Purchased 2,590,604 592,614 — 3,183,219
Bonds and Notes — 135,395 1,528 136,924
Derivative Transactions
Interest Rate and Bond-Related Transactions 132,427 9,086,904 1,338 9,220,670
Currency-Related Transactions — 8,660,027 5,160 8,665,187
Stocks-Related Transactions 68,487 91,222 52,003 211,713
Commodity-Related Transactions — 26,026 38,343 64,369
Credit Derivative Transactions — 89,802 4,178 93,981
Total Liabilities 2,791,519 18,681,992 102,553 21,576,065
(*) The investment trusts that we regard fair values as net asset value by applying Article 24-3 and 24-9 of “Implementation Guidance on Accounting Standard for Fair Value Measurement” (ASBJ Guidance No.31, June 17, 2021) are not included in the above<br>table. The relevant investment trusts in Article 24-3 and 24-9 are ¥10,991 million and ¥26,610 million in the interim consolidated balance sheet.<br>
--- ---

- 37 -

(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, 2022

(Millions of yen)
Category Fair Value
Level 1 Level 2 Level 3 Total
Other Debt Purchased — 10,545 3,407,848 3,418,393
Money Held in Trust — — 24,195 24,195
Securities
Bonds Held to Maturity
Japanese Government Bonds 485,081 — — 485,081
Foreign Bonds — 980,495 — 980,495
Loans and Bills Discounted — 60,648 85,289,931 85,350,580
Total Assets 485,081 1,051,689 88,721,975 90,258,745
Deposits — 138,806,794 — 138,806,794
Negotiable Certificates of Deposit — 16,867,782 — 16,867,782
Borrowed Money — 6,482,699 91,117 6,573,816
Bonds and Notes — 9,323,040 1,068,015 10,391,055
Total Liabilities — 171,480,316 1,159,132 172,639,449

As of September 30, 2022

(Millions of yen)
Category Fair Value
Level 1 Level 2 Level 3 Total
Other Debt Purchased — 17,569 3,787,254 3,804,824
Money Held in Trust — — 24,448 24,448
Securities
Bonds Held to Maturity
Japanese Government Bonds 842,887 — — 842,887
Foreign Bonds — 1,049,778 — 1,049,778
Loans and Bills Discounted — 98,191 92,932,334 93,030,526
Total Assets 842,887 1,165,539 96,744,038 98,752,464
Deposits — 142,399,142 — 142,399,142
Negotiable Certificates of Deposit — 21,821,989 — 21,821,989
Borrowed Money — 2,868,700 104,686 2,973,386
Bonds and Notes — 9,716,505 1,125,899 10,842,404
Total Liabilities — 176,806,337 1,230,585 178,036,923

- 38 -

(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 model 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 values are measured at the discounted cash flow method 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 market price or the disclosed net asset value and others. Those for which unadjusted quoted market prices in active markets are available are categorized as Level 1 and that are not available as Level 2. And the investment trusts for which there are no transaction prices in markets are valued using net asset value and are categorized as Level 2 when there are no limitations significant enough for market participants to demand compensation for the risk.

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 to market yield by categories based on the internal ratings and terms and are categorized as Level 3 when the impact from unobservable valuation inputs is significant and as Level 2 when it is not significant.

Fair values of securitized products are based on valuations obtained from brokers and others, and on model-based prices based on the reasonable estimates of our management. These are categorized as Level 3 when significant unobservable valuation inputs are used and as Level 2 when other inputs are used. In deriving model-based 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.”

- 39 -

Loans and Bills Discounted

Fair values of loans and bills discounted are mainly 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 mainly 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 amounts are considered to be fair values which are categorized as Level 3.

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.

Certain foreign subsidiaries have adopted the fair value option to bonds and notes issued by themselves, and the fair value is calculated based on the valuation model. When unobservable inputs are not used or the impact of unobservable inputs is not material, those bonds and notes are categorized as Level 2. When significant unobservable inputs are used, those bonds and notes are categorized as Level 3.

- 40 -

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, those derivative 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, those derivative transactions are categorized as Level 3, which includes transactions such as commodity related transactions.

- 41 -

(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, 2022

Category Principal valuationtechnique Significant unobservablevaluation input Range of valuationinput Weighted average
Other Debt Purchased
Securitized products Discounted cash flow method Prepayment rate 0.3% —18.1% 5.7%
Default rate 0.0% — 0.4% 0.0%
Discount rate 0.3% — 1.6% 0.5%
Trading Assets
Trading Securities Discounted cash flow method Discount rate 0.7% — 3.4% 1.2%
Securities
Japanese Corporate Bonds
Private placement bonds Discounted cash flow method Discount rate 0.4% — 5.8% 2.3%
Foreign Bonds
Securitized products Discounted cash flow method Prepayment rate 5.7% — 24.4% 24.3%
Default rate 0.2% — 59.6% 0.7%
Recovery rate 10.0% — 39.7% 39.4%
Discount rate 0.3% — 1.0% 0.4%
Other Discounted cash flow method Discount rate 0.0% — 4.4% 0.3%
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 11.3% — 52.3% —
FX — FX correlation 41.3% — 64.8% —
Stocks-Related Transactions Option valuation model Equity — IR correlation 25.0% —
Equity — FX correlation (16.9)% — 16.8% —
Equity correlation 3.2% — 100.0% —
Equity volatility 8.7% — 120.5% —
Commodity-Related Transactions Option valuation model Commodity volatility 0.0% — 89.3% —
Credit Derivative Transactions Discounted cash flow method Default rate Credit correlation 0.0% — 8.0%<br><br><br>18.5% — 100.0% —<br><br><br>—

- 42 -

As of September 30, 2022

Category Principalvaluationtechnique Significant unobservablevaluation input Range of valuationinput Weighted average
Other Debt Purchased
Securitized products Discounted cash flow method Prepayment rate 0.3% — 17.1% 5.1%
Default rate 0.0% — 2.2% 0.1%
Discount rate 0.3% — 1.6% 0.5%
Trading Assets
Trading Securities Discounted cash flow method Discount rate 1.2% — 1.3% 1.2%
Securities
Japanese Corporate Bonds
Private placement bonds Discounted cash flow method Discount rate 0.4% — 5.8% 2.2%
Foreign Bonds
Securitized products Discounted cash flow method Prepayment rate 26.1% 26.1%
Default rate 0.2% 0.2%
Recovery rate 39.7% 39.7%
Discount rate 0.6% — 1.2% 0.7%
Other Discounted cash flow method Discount rate 0.0% — 4.4% 0.2%
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 5.4% — 55.1% —
FX — FX correlation 41.0% — 64.7% —
Stocks-Related Transactions Option valuation model Equity — IR correlation 25.0% —
Equity — FX correlation (16.9)% — 16.8% —
Equity correlation 3.2% — 100.0% —
Equity volatility 10.3% — 180.7% —
Commodity-Related Transactions Option valuation model Commodity volatility 0.0% — 65.0% —
Credit Derivative Transactions Discounted cash flow method Default rate 0.0% — 12.7% —
Credit correlation 23.4% — 100.0% —

- 43 -

(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, 2022

(Millions of yen)
Beginningbalance Gains(losses) for the period/othercomprehensive income Net amount<br>of purchase,<br>sale, issue,<br>and<br>settlement Transfer to<br>fair values<br>of Level 3 Transfer from<br>fair values ofLevel 3<br>(*3) Endingbalance as of<br>period Unrealized<br>gains (losses)<br>on financial<br>assets and liabilities<br>heldas of<br>the consolidated balance sheet<br>date among<br>the amount recorded to<br>gains (losses)<br>for the period<br>(*1)
Recorded togains(losses) forthe period (*1) Recorded to othercomprehensive<br>income<br>(*2)
Other Debt Purchased 636,815 (3 ) (103 ) (618,800 ) — — 17,908 —
Trading Assets
Trading Securities
Japanese Corporate Bonds 1,897 (0 ) — (1,897 ) — — 0 —
Stocks 223 (33 ) — — — — 190 (354 )
Other 130,532 631 263 (80,731 ) — (31,450 ) 19,245 341
Money Held in Trust 3 0 — 0 — — 4 —
Securities
Other Securities
Stocks 8,063 — 168 1,929 — — 10,161 —
Japanese Corporate Bonds 2,107,142 611 4,063 (280,310 ) — (1,595,468 ) 236,037 —
Foreign Bonds 773,659 48,769 (1,802 ) (393,533 ) — (281,156 ) 145,936 —
Other 13,920 524 1,545 91 — — 16,082 127
Trading Liabilities
Securities Sold, Not yet Purchased 132 — — (132 ) — — — —
Bonds and Notes — — — 1,559 — — 1,559 —
Derivative Transactions
Interest Rate and Bond-Related Transactions 24,942 16,040 — 12,651 — — 53,634 24,776
Currency-Related Transactions 24,857 7,073 — 1,077 — — 33,008 7,865
Stocks-Related Transactions 3,444 20,683 — 29,603 (3 ) — 53,726 57,396
Commodity-Related Transactions 841 562 — (750 ) — — 653 280
Credit Derivative Transactions 1,251 (1,249 ) — 2,218 (259 ) (42 ) 1,919 1,077

- 44 -

(*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 3 to Level 2, mainly, ¥28,717 million of Trading<br>Securities in Trading Assets, ¥1,595,468 million of Japanese Corporate Bonds in Other Securities and ¥277,104 million of Foreign Bonds in Other Securities were transferred for the following reasons. The transfer was made on the<br>beginning of the accounting period. After the increase in uncertainty in the financial instruments market due to the spread of COVID-19, liquidity and price transparency has enhanced due to the recent increase<br>in the issuance and trading volume of securities in the financial instruments market. In line with these increases, from the current fiscal year, MHFG has been refining governance regarding the level classification of fair value by reviewing its<br>internal structure and introducing new tools. In accordance with this, MHFG is expanding its observable market data by conducting additional research on the availability of observable market data used in the calculation or verification of fair value<br>and by evaluating the reliability of new market data obtained. In addition, MHFG is refining its methods and criteria for evaluating the materiality of inputs. Assessing the significancy of an input requires management’s judgment based on the<br>fair value measurement. Prior to the previous fiscal year, inputs to the valuation model were evaluated as significant inputs in the level classification of the fair value of a particular security. As a result of the enhancement of the governance,<br>for Trading Securities and Japanese Corporate Bonds, by applying a quantitative sensitivity analysis to discount rates, which are mainly unobservable inputs, the methods and criteria for assessing the significancy of inputs to the calculation of<br>fair value has been refined. For Foreign Bonds, we refined the methods and criteria of quantitative sensitivity analysis to assess the significance of unobservable inputs, such as prepayment rate, default rate, and recovery rate. In addition, these<br>methods and criteria are periodically verified by the middle and back offices.
--- ---

- 45 -

As of September 30, 2022

(Millions of yen)
Beginning<br>balance Gains(losses) for the period/ othercomprehensive income Net amount<br>of purchase,<br>sale, issue,<br>and<br>settlement Transfer to<br>fair values<br>of Level 3<br>(*3) Transfer from<br>fair values of<br>Level 3<br>(*4) Ending<br>balance as of<br>interim 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) for<br>the period (*1) Recorded to other<br>comprehensiveincome<br>(*2)
Other Debt Purchased 17,908 (1 ) (82 ) (2,502 ) — — 15,321 —
Trading Assets
Trading Securities
Japanese Corporate Bonds 0 0 — — — — 0 45
Stocks 190 350 — (530 ) — — 10 (328 )
Other 19,245 702 — (7,704 ) 1,680 (1,472 ) 12,451 (1,074 )
Money Held in Trust 4 0 — 0 — — 5 —
Securities
Other Securities
Stocks 10,161 — (9 ) 796 — — 10,948 —
Japanese Corporate Bonds 236,037 (1,448 ) 3,392 (17,863 ) 20,698 (39,874 ) 200,942 —
Foreign Bonds 145,936 7,204 (936 ) 47,843 — (8,974 ) 191,073 —
Other 16,082 554 2,403 217 — — 19,256 149
Trading Liabilities
Securities Sold, Not yet Purchased — — — — — — — —
Japanese Corporate Bonds 1,559 (30 ) — — — — 1,528 (38 )
Derivative Transactions
Interest Rate and Bond-Related Transactions 53,634 40,255 — 9,941 — — 103,831 45,676
Currency-Related Transactions 33,008 6,381 — (28 ) — — 39,361 6,363
Stocks-Related Transactions 53,726 54,155 — 12,013 — — 119,894 78,148
Commodity-Related Transactions 653 52 — (22 ) — — 683 118
Credit Derivative Transactions 1,919 1,933 — (389 ) (205 ) 60 3,318 1,538

- 46 -

(*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.
--- ---
(*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 the fact that the discount rate used<br>to calculate the market value of the private placement bonds was determined to be immaterial by quantitative sensitivity analysis.
--- ---

- 47 -

(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 generally 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.

- 48 -

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, 2022

(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 479,979 485,081 5,101
Foreign Bonds 66,348 66,584 235
Sub-total 546,328 551,665 5,336
Bonds Whose Fair Values Do Not Exceed the Consolidated Balance Sheet Amount Japanese Government Bonds — — —
Foreign Bonds 971,254 913,911 (57,343)
Sub-total 971,254 913,911 (57,343)
Total 1,517,583 1,465,576 (52,007)
As of September 30, 2022
(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 599,735 603,709 3,973
Foreign Bonds — — —
Sub-total 599,735 603,709 3,973
Bonds Whose Fair Values Do Not Exceed the Interim Consolidated Balance Sheet<br>Amount Japanese Government Bonds 239,845 239,178 (667)
Foreign Bonds 1,231,009 1,049,778 (181,230)
Sub-total 1,470,854 1,288,956 (181,898)
Total 2,070,590 1,892,665 (177,925)

- 49 -

2. Other Securities

As of March 31, 2022

(Millions of yen)
Type Consolidated Balance<br>Sheet Amount Acquisition Cost Difference
Other Securities Whose Consolidated Balance Sheet Amount Exceeds Acquisition<br>Cost Stocks 2,408,701 870,310 1,538,391
Bonds 12,501,867 12,482,067 19,799
Japanese Government Bonds 11,216,392 11,208,896 7,495
Japanese Local Government Bonds 51,351 51,097 253
Japanese Corporate Bonds 1,234,123 1,222,073 12,050
Other 1,827,098 1,791,504 35,593
Foreign Bonds 1,101,304 1,098,988 2,316
Other Debt Purchased 28,100 27,907 193
Other 697,693 664,608 33,084
Sub-total 16,737,667 15,143,882 1,593,785
Other Securities Whose Consolidated Balance Sheet Amount Does Not Exceed<br>Acquisition Cost Stocks 168,608 207,083 (38,475 )
Bonds 16,118,546 16,190,532 (71,986 )
Japanese Government Bonds 13,942,337 13,980,376 (38,039 )
Japanese Local Government Bonds 368,294 370,460 (2,165 )
Japanese Corporate Bonds 1,807,913 1,839,695 (31,781 )
Other 9,040,901 9,534,039 (493,138 )
Foreign Bonds 7,836,289 8,252,899 (416,609 )
Other Debt Purchased 29,570 29,882 (311 )
Other 1,175,040 1,251,258 (76,217 )
Sub-total 25,328,055 25,931,656 (603,600 )
Total 42,065,723 41,075,538 990,184
(Note) Unrealized Gains (Losses) includes ¥27,448 million which was recognized in the statement of income by<br>applying the fair-value hedge method.
--- ---

- 50 -

As of September 30, 2022

(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 2,262,090 839,195 1,422,894
Bonds 11,945,484 11,925,516 19,967
Japanese Government Bonds 10,776,481 10,767,044 9,437
Japanese Local Government Bonds 38,860 38,711 149
Japanese Corporate Bonds 1,130,142 1,119,761 10,381
Other 1,303,820 1,272,057 31,762
Foreign Bonds 757,622 755,993 1,628
Other Debt Purchased 8,316 8,220 96
Other 537,881 507,844 30,037
Sub-total 15,511,394 14,036,770 1,474,624
Other Securities Whose Interim Consolidated Balance Sheet Amount Does Not Exceed<br>Acquisition Cost Stocks 181,308 213,655 (32,347 )
Bonds 8,829,962 8,904,539 (74,577 )
Japanese Government Bonds 6,326,820 6,365,198 (38,377 )
Japanese Local Government Bonds 457,802 461,762 (3,959 )
Japanese Corporate Bonds 2,045,338 2,077,579 (32,240 )
Other 10,861,739 12,099,553 (1,237,814 )
Foreign Bonds 9,574,800 10,658,136 (1,083,335 )
Other Debt Purchased 43,599 44,462 (862 )
Other 1,243,338 1,396,954 (153,616 )
Sub-total 19,873,009 21,217,749 (1,344,739 )
Total 35,384,404 35,254,519 129,885
(Note) Unrealized Gains (Losses) includes ¥20,910 million which was recognized in the statement of income by<br>applying the fair-value hedge method.
--- ---

- 51 -

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, 2022 (the fiscal year ended March 31, 2022) (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, 2022 was ¥5,757 million.

The amount of impairment (devaluation) for the six months ended September 30, 2022 was ¥1,251 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
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- 52 -

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, 2022

(Millions of yen)
Consolidated<br>Balance Sheet<br>Amount Acquisition Cost Difference Other in Money<br>Held in Trust<br>Whose<br>Consolidated<br>BalanceSheet<br>Amount Exceeds<br>Acquisition Cost Other in Money<br>Held in Trust<br>Whose<br>Consolidated<br>BalanceSheet<br>Amount Does Not<br>Exceed<br>Acquisition Cost
Other in Money Held in Trust 26,556 26,556 — — —
(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, 2022

(Millions of yen)
Interim<br>Consolidated<br>Balance Sheet<br>Amount Acquisition Cost Difference Other in Money<br>Held in Trust<br>Whose Interim<br>Consolidated<br>BalanceSheet<br>Amount Exceeds<br>Acquisition Cost Other in Money<br>Held in Trust<br>Whose Interim<br>Consolidated<br>BalanceSheet<br>Amount Does Not<br>Exceed<br>Acquisition Cost
Other in Money Held in Trust 28,154 28,154 — — —
(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.”
--- ---

- 53 -

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, 2022

(Millions of yen)
Amount
Difference between Acquisition Cost and Fair Value 993,341
Other Securities 993,341
(–) Deferred Tax Liabilities 259,318
Difference between Acquisition Cost and Fair Value, net of Taxes (Before adjusting for amount<br>corresponding to Non-controlling Interests) 734,022
(–) Amount Corresponding to Non-controlling<br>Interests 17,417
(+) Amount Corresponding to Net Unrealized Gains (Losses) on Other Securities Owned by Affiliated<br>Companies, which is attributable to MHFG 3,216
Net Unrealized Gains (Losses) on Other Securities 719,822
(Notes) 1. The difference between acquisition cost and fair value excludes ¥27,448 million in gains which were recognized in the statement of income for the fiscal year ended March 31, 2022 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, 2022

(Millions of yen)
Amount
Difference between Acquisition Cost and Fair Value 126,369
Other Securities 126,369
(+) Deferred Tax Assets 4,426
Difference between Acquisition Cost and Fair Value, net of Taxes (Before adjusting for amount<br>corresponding to Non-controlling Interests) 130,795
(–) Amount Corresponding to Non-controlling<br>Interests 15,864
(+) 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 118,757
(Notes) 1. The difference between acquisition cost and fair value excludes ¥20,910 million in gains which were recognized in the statement of income for six months ended September 30, 2022 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.

- 54 -

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, 2022

(Millions of yen)
Classification Type Contract Value Fair Value Unrealized Gains<br>(Losses)
Total Over One Year
Listed Interest Rate Futures
Sold 28,177,021 18,606,057 89,540 89,540
Bought 38,086,337 18,366,364 (89,084 ) (89,084 )
Interest Rate Options
Sold 7,499,613 33,810 (4,599 ) (1,623 )
Bought 7,814,127 209,740 5,676 2,420
Bond Futures
Sold 343,425 — 2,489 2,489
Bought 773,542 263,220 (3,733 ) (3,733 )
Bond Futures Options
Sold 9,009 — (11 ) 5
Bought 9,773 — 15 (5 )
Over-the-Counter FRAs
Sold 7,040,801 1,359 54,903 54,903
Bought 7,147,123 — (47,387 ) (47,387 )
Interest Rate Swaps
Receive Fixed / Pay Float 506,278,833 388,126,018 (1,408,308 ) (1,408,308 )
Receive Float / Pay Fixed 502,041,404 384,679,941 1,397,275 1,397,275
Receive Float / Pay Float 246,369,987 122,390,266 7,197 7,197
Receive Fixed / Pay Fixed 291,424 231,213 3,837 3,837
Interest Rate Options
Sold 17,626,900 12,420,586 (141,524 ) (141,524 )
Bought 17,712,467 12,307,041 118,749 118,749
Bond Options
Sold 164,993 — (537 ) (36 )
Bought 162,394 — 606 114
Bond Other
Sold 4,241 — (44 ) (44 )
Bought 11,492 — 88 88
Inter-Company or Internal Transactions Interest Rate Swaps
Receive Fixed / Pay Float 5,851,762 4,788,302 (93,385 ) (93,385 )
Receive Float / Pay Fixed 6,649,534 5,635,375 175,272 175,272
Total — — 67,036 66,761
(Note) The above transactions are marked to market, and changes in unrealized gains (losses) are included in the consolidated statement of income.
--- ---

- 55 -

As of September 30, 2022

(Millions of yen)
Classification Type Contract Value Fair Value Unrealized Gains<br>(Losses)
Total Over One Year
Listed Interest Rate Futures
Sold 47,794,934 31,304,544 261,565 261,565
Bought 49,789,640 33,938,311 (265,584 ) (265,584 )
Interest Rate Options
Sold 7,713,875 — (10,498 ) (5,164 )
Bought 4,294,151 15,720 6,408 1,685
Bond Futures
Sold 386,899 — 4,112 4,112
Bought 171,841 — (1,394 ) (1,394 )
Bond Futures Options
Sold 448,223 — (1,361 ) 307
Bought 613,726 — 2,216 (482 )
Over-the-Counter FRAs
Sold 10,917,417 283,662 118,622 118,622
Bought 10,845,057 — (97,412 ) (97,412 )
Interest Rate Swaps
Receive Fixed / Pay Float 635,336,414 505,672,188 (7,033,245 ) (7,033,245 )
Receive Float / Pay Fixed 621,997,582 497,763,686 6,706,919 6,706,919
Receive Float / Pay Float 184,071,740 125,718,124 57,352 57,352
Receive Fixed / Pay Fixed 294,411 258,781 3,956 3,956
Interest Rate Options
Sold 20,540,487 14,464,291 (211,447 ) (211,447 )
Bought 20,593,280 14,303,905 254,183 254,183
Bond Options
Sold 287,845 — (784 ) (51 )
Bought 289,956 — 814 129
Bond Other
Sold 635 — (4 ) (4 )
Bought 7,669 — 45 45
Inter-Company or Internal Transactions Interest Rate Swaps
Receive Fixed / Pay Float 6,197,248 5,550,122 (218,601 ) (218,601 )
Receive Float / Pay Fixed 9,251,764 7,494,046 586,348 586,348
Total — — 162,210 161,838
(Note) The above transactions are marked to market, and changes in unrealized gains (losses) are included in the interim consolidated statement of income.
--- ---

- 56 -

(2) Currency-Related Transactions

As of March 31, 2022

(Millions of yen)
Classification Type Contract Value Fair Value Unrealized Gains<br>(Losses)
Total Over One Year
Listed Futures
Sold 17,763 2,997 — —
Bought 107,999 48,506 — —
Over-the-Counter Swaps 84,601,373 65,094,808 74,412 111,140
Forwards
Sold 74,056,476 4,921,374 (1,458,262 ) (1,458,262 )
Bought 46,362,654 2,848,949 1,377,595 1,377,595
Options
Sold 3,797,000 1,789,884 (130,200 ) (87,402 )
Bought 3,697,968 1,721,075 79,187 23,558
Inter-Company or Internal Transactions Swaps 3,792,499 2,663,798 219,192 559
Forwards
Bought 1,526 — 80 80
Total — — 162,006 (32,731 )
(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, 2022

(Millions of yen)
Classification Type Contract Value Fair Value Unrealized Gains<br>(Losses)
Total Over One Year
Listed Futures
Sold 13,126 — — —
Bought 141,364 59,358 — —
Over-the-Counter Swaps 98,996,432 76,073,879 17,869 124,959
Forwards
Sold 93,728,604 5,992,149 (3,076,222 ) (3,076,222 )
Bought 51,456,522 2,632,331 2,931,807 2,931,807
Options
Sold 4,941,368 2,288,558 (255,800 ) (210,936 )
Bought 4,833,578 2,330,629 151,150 93,438
Inter-Company or Internal Transactions Swaps 4,009,216 3,153,731 479,428 (10,279 )
Forwards
Bought 2,029 — 78 78
Total — — 248,311 (147,155 )
(Note) The above transactions are marked to market, and changes in unrealized gains (losses) are included in the interim consolidated statement of income.
--- ---

- 57 -

(3) Stock-Related Transactions

As of March 31, 2022

(Millions of yen)
Classification Type Contract Value Fair Value Unrealized Gains<br>(Losses)
Total Over One Year
Listed Index Futures
Sold 386,324 24,290 (17,249 ) (17,249 )
Bought 135,158 29,145 3,371 3,371
Index Futures Options
Sold 2,722,346 361,435 (193,606 ) (106,931 )
Bought 2,200,458 244,775 116,589 51,814
Over-the-Counter Equity Linked Swaps 994,753 594,971 80,207 80,207
Options
Sold 1,043,572 723,666 (105,050 ) (105,050 )
Bought 825,177 796,183 142,526 142,526
Other
Sold 331,959 4,335 99,357 99,357
Bought 1,444,734 167,501 32,511 32,511
Total — — 158,657 180,557
(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, 2022

(Millions of yen)
Classification Type Contract Value Fair Value Unrealized Gains<br>(Losses)
Total Over One Year
Listed Index Futures
Sold 386,089 50,087 23,803 23,803
Bought 275,665 18,464 (4,879 ) (4,879 )
Index Futures Options
Sold 1,685,110 312,792 (130,833 ) (63,965 )
Bought 1,233,167 187,473 132,672 84,062
Over-the-Counter Equity Linked Swaps 987,476 668,693 141,933 141,933
Options
Sold 1,030,640 933,055 (90,789 ) (90,789 )
Bought 1,198,358 1,060,069 132,482 132,482
Other
Sold 32,797 3,959 8,648 8,648
Bought 698,358 134,546 (31,323 ) (31,323 )
Total — — 181,716 199,974
(Note) The above transactions are marked to market, and changes in unrealized gains (losses) are included in the interim consolidated statement of income.
--- ---

- 58 -

(4) Commodity-Related Transactions

As of March 31, 2022

(Millions of yen)
Classification Type Contract Value Fair Value Unrealized Gains<br>(Losses)
Total Over One Year
Listed Futures
Sold 79,306 16,640 (27,442 ) (27,442 )
Bought 118,853 42,576 48,259 48,259
Over-the-Counter Options
Sold 263,234 130,604 (90,713 ) (90,713 )
Bought 216,796 100,294 72,939 72,939
Total — — 3,043 3,043
(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, 2022

(Millions of yen)
Classification Type Contract Value Fair Value Unrealized Gains<br>(Losses)
Total Over One Year
Listed Futures
Sold 162,673 40,419 (7,717 ) (7,717 )
Bought 197,987 78,207 15,924 15,924
Over-the-Counter Options
Sold 419,119 181,896 (37,207 ) (37,207 )
Bought 336,065 135,464 30,656 30,656
Total — — 1,655 1,655
(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.

- 59 -

(5) Credit Derivative Transactions

As of March 31, 2022

(Millions of yen)
Classification Type Contract Value Fair Value Unrealized Gains<br>(Losses)
Total Over One Year
Over-the-Counter Credit Derivatives
Sold 5,166,546 4,921,255 91,514 91,514
Bought 6,829,733 6,373,844 (91,657 ) (91,657 )
Total — — (142 ) (142 )
(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, 2022

(Millions of yen)
Classification Type Contract Value Fair Value Unrealized Gains<br>(Losses)
Total Over One Year
Over-the-Counter Credit Derivatives
Sold 9,866,283 9,624,224 (40,853 ) (40,853 )
Bought 11,532,864 11,181,420 108,627 108,627
Total — — 67,773 67,773
(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.

- 60 -

Revenue recognition

1. Revenue breakdown information
(Millions of yen)
--- --- --- --- ---
For the six months ended<br>September 30, 2021 For the six months ended<br>September 30, 2022
Ordinary Income 1,579,249 2,944,948
Fee and Commission Income 416,769 418,579
Deposits and Lending business (1) 117,179 137,505
Securities-related business 100,363 85,848
Remittance business 54,601 53,268
Trust-related business 38,699 30,256
Guarantee-related business (2) 16,783 21,018
Agency business 18,572 18,399
Fees for other customer services 70,570 72,282
Fiduciary Income 29,728 29,313
Other Ordinary Income (1) 1,132,751 2,497,056

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 current and previous 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, 2022 and 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.

- 61 -

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.

- 62 -

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.

- 63 -

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, 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 346,262 231,496 286,637 258,340 28,977 (21,090 ) 1,130,621
General and administrative expenses (excluding<br>Non-Recurring Losses and others) 312,762 100,635 142,061 111,022 16,208 (1,760 ) 680,927
Equity in income from investments in affiliates 5,530 2,251 8,934 — 889 (1,084 ) 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 37,949 133,064 153,330 146,916 10,034 (20,918 ) 460,374
Fixed assets 539,277 181,475 167,224 96,095 — 738,243 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 to consolidated subsidiaries that are not subject to allocation, consolidated adjustments,<br>and others. Among Fixed assets that have not been allocated to 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 2022, reclassification was made on the above table to reflect the relevant change.

- 64 -

For the six months ended September 30, 2022

(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 325,769 233,387 317,123 232,460 27,757 26,002 1,162,498
General and administrative expenses (excluding<br>Non-Recurring Losses and others) 302,213 96,910 152,199 126,053 17,107 27,435 721,917
Equity in income from investments in affiliates (869 ) 3,621 11,533 — 167 39 14,491
Amortization of goodwill and others 1,036 46 180 385 3,430 506 5,583
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 21,651 140,052 176,277 106,022 7,387 (1,899 ) 449,489
Fixed assets 505,917 151,465 167,814 85,831 — 815,012 1,726,039
(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 ¥ 8,713 million, of which ¥ 7,566 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 to consolidated subsidiaries that are not subject to allocation, consolidated adjustments,<br>and others. Among Fixed assets that have not been allocated to each segment, some related expenses are allocated to each segment using reasonable criteria of allocation.

- 65 -

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, 2021 For the six months ended<br>September 30, 2022
Gross profits: (excluding the amounts of credit costs of trust accounts) + Net gains or losses<br>related to ETFs and others 1,130,621 1,162,498
Net gains or losses related to ETFs and others (21,799 ) (8,713 )
Other Ordinary Income 147,714 84,971
General and Administrative Expenses (667,594 ) (706,446 )
Other Ordinary Expenses (189,602 ) (93,026 )
Ordinary Profits 399,340 439,282
(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, 2021 For the six months ended<br>September 30, 2022
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 460,374 449,489
Credit Costs for Trust Accounts — —
General and Administrative Expenses (non-recurring<br>losses) 19,172 21,054
Expenses related to Portfolio Problems (including reversal of (provision for) general reserve for<br>losses on loans) (59,856 ) (55,360 )
Gains on Reversal of Reserves for Possible Losses on Loans, and others 10,225 4,921
Net Gains (Losses) related to Stocks - Net Gains (Losses) related to ETFs and others (6,867 ) 29,725
Net Extraordinary Gains (Losses) 47,281 5,774
Others (23,707 ) (10,548 )
Income before Income Taxes recorded in Interim Consolidated Statement of Income 446,622 445,057

- 66 -

Related Information

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.

For the six months ended September 30, 2022

1. Information about Geographic Areas
(1) Ordinary Income
--- ---
(Millions of yen)
--- --- --- --- --- --- --- --- ---
Japan Americas Europe Asia/Oceania<br>excluding Japan Total
1,128,884 1,362,219 157,887 295,957 2,944,948
(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, 2022 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.

- 67 -

Information about Impairment Loss on Tangible Fixed Assets by Reportable Segment

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 494 55 167 6 — 1,855 2,577
(Note)   Following the change in allocation method for transactions<br>between each segment and “Others” made in April 2022, reclassification was made on the above table to reflect the relevant change.
For the six months ended September 30, 2022
(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 578 28 1 — — 2,274 2,881
Information about Amortization and Unamortized Balance of Goodwill by Reportable Segment
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
For the six months ended September 30, 2022
(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 — 1,335 374 1,889
Unamortized Balance of Goodwill — — 3,094 — 37,350 14,421 54,865

Information about Gain on Negative Goodwill Incurred by Reportable Segment

For the six months ended September 30, 2021

There is no applicable information.

For the six months ended September 30, 2022

There is no applicable information.

- 68 -

Per Share Information

1. Net Assets per Share of Common Stock and its basis used for calculation
As of March 31, 2022 As of September 30, 2022
--- --- --- --- --- ---
Net Assets per Share of Common Stock Yen 3,581.39 3,520.97
(The basis used for calculating Net Assets per Share of Common Stock)
Total Net Assets Millions of yen 9,201,031 8,996,055
Deductions from Total Net Assets Millions of yen 123,649 72,780
Stock Acquisition Rights Millions of yen 94 5
Non-Controlling Interests Millions of yen 123,555 72,774
Net Assets related to Common Stock at the end of the period/the fiscal year Millions of yen 9,077,382 8,923,275
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 2,534,590 2,534,318

- 69 -

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, 2021 For the six months ended<br>September 30, 2022
--- --- --- --- --- ---
(1)   Net Income per Share of Common Stock Yen 152.12 131.77
(The basis used for calculating Net Income per Share of Common Stock)
Profit Attributable to Owners of Parent Millions of yen 385,657 333,964
Amount not attributable to Common Stock Millions of yen — —
Profit Attributable to Owners of Parent related to Common Stock Millions of yen 385,657 333,964
Average Outstanding Shares of Common Stock (during the period) Thousands of shares 2,535,113 2,534,305
(2)   Diluted Net Income per Share of Common Stock Yen 152.12 131.77
(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 70 27
Stock Acquisition Rights Thousands of shares 70 27
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 — —
(Note) 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, 2022) was 3,079 thousand, and the number of such Treasury Stock shares deducted at the<br>end of the period (September 30, 2022) was 3,241 thousand.
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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, 2021 was 2,706 thousand, and the average number of such Treasury Stock shares deducted during the<br>six months ended September 30, 2022 was 3,317 thousand.

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II. Others

There is no applicable information.

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