NEWS RELEASE. R&I Affirms Ratings: Mizuho Financial Group. Rating and Investment Information, Inc. (R&I) has announced the following:

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1 Oct 27, 2017 R&I Affirms Ratings: Mizuho Financial Group Rating and Investment Information, Inc. (R&I) has announced the following: SEC. COMPANY NAME CODE 8411 Mizuho Financial Group, Inc Mizuho Bank, Ltd Mizuho Trust & Banking Co., Ltd Mizuho Securities Co., Ltd Trust & Custody Services Bank, Ltd. * Please refer below for rated bonds, etc. RATIONALE: The Mizuho Financial Group (MHFG) is a leading financial group in the world, particularly in commercial banking, and is one of Japan's three mega-banking groups. It also has a high market position in trust banking, securities brokerage, investment banking and asset management, among others. Its domestic franchise is extremely strong in both the corporate and individual sectors. In overseas markets as well, MHFG has been solidifying its position as a "core bank" for global companies in recent years, supported by enhanced competitiveness. It aims to become one of the global leaders in loan arrangement and bond underwriting, its areas of strength, and the acquisition of a North American credit portfolio and personnel from The Royal Bank of Scotland Group plc based in the U.K. has given momentum to bolstering competitiveness. Under the "One MIZUHO" strategy, MHFG is ahead of other groups in integrated group management, as exemplified by the introduction of an in-house company structure in FY2016 (the year ended March 2017). Its earning capacity is low for the rating and requires improvement. While earnings sources have been somewhat diversified by business line and geography, the earning capacity has been affected mainly by higher foreign currency funding costs and slower growth in overseas operations, which had been driving overall growth, as well as by the negative interest rate environment in Japan. In FY2017, MHFG embarked on structural reforms. Besides the 88 billion yen (around 6% of operating expense in FY2016) to be saved through the ongoing operational excellence initiative during the period from FY2017 to FY2020, it plans to slash costs by carrying out fundamental structural reforms including revising its channel strategy, transforming business operations and enhancing productivity through the use of technologies, streamlining and increasing organizational efficiency, and implementing IT system structural reforms. MHFG needs higher cost savings than the other two mega-banking groups, because its current earning capacity is low compared to the other groups and depreciation expense on the next generation IT systems, in which it invested as much as around 450 billion yen, will weigh on MHFG in the medium term. R&I will keep an eye on a detailed plan. Another focal point will be on whether the group is able to speed up an ongoing shift in its business portfolio from areas being scaled back toward focus areas. Over the medium term, integrated group management and productivity enhancement would help bolster MHFG's earning capacity, though their effectiveness will vary depending on the external environment and the timetables of such efforts given the challenging earnings climate. R&I is paying attention to the potential risk of the earnings environment deteriorating owing to a slump in the global economy or financial and capital markets that may be caused by a substantial slowdown in China's economy, global imbalances associated with surplus funds, or other factors. MHFG's risk appetite is relatively low. Its business portfolio focused on commercial banking is stable. Moreover, some geographical diversification is underway in tandem with the expansion of overseas operations, especially in Asia and North America. Such overseas expansion is being

2 carefully carried out, with due consideration given to target countries/regions, services and customers. However, eyes should be kept on the fact that risks inherent in emerging markets, such as vulnerability to changes in the financial environment and a higher probability of large shifts in political and regulatory regimes, are growing primarily in Asia. As regards the risk profile of MHFG's assets, credit concentration in large Japanese borrowers is high. Even so, concern is limited at this moment, because many of them are companies with high ratings. Given that the risk associated with cross-shareholdings is also relatively high, its assets are susceptible to financial and capital market volatility. MHFG plans to reduce cross-shareholdings by a cumulative nearly 30% on an acquisition cost basis over the period from FY2015 through the end of FY2018 and pursue further reductions in the long term. This will likely help improve its risk profile. MHFG's risk resilience is on an improving trend and has increased to a level broadly commensurate with the AA rating category. This is mainly attributable to the fact that interest rate risk is somewhat low and capital is becoming stronger in both quality and quantity terms, though large-borrower concentration risk and equity holding risk are comparatively high. The Common Equity Tier 1 capital ratio rose to a relatively high level, standing at 11.58%, and 11.63% (9.43% if net unrealized gains on other securities are deducted) on a fully-loaded basis, as of end-june Although the authorities are expected to continue to tighten risk-weighted asset measurement rules, the ratio will likely remain above the minimum required capital ratio that takes into account a capital conservation buffer, a capital surcharge for G-SIBs (Global Systemically Important Banks), etc. Should the risk associated with Japan's sovereign materialize, the group's risk resilience would be greatly affected, which warrants attention. Asset quality is sound. Credit costs are stable at low levels, and the ratios of net risk monitored loans and Other Watch Obligors are also low. This is primarily because the balance sheets of large Japanese companies are generally solid, and MHFG adopts a stricter provisioning policy, which is reflected in a higher provision rate through the application of a discounted cash flow method to large problem borrowers. The quality of credits to mid-tier firms, small and medium-sized enterprises and individuals is at adequate levels as well. Overseas, attention should be paid to a possible increase in credits to local companies and individuals especially in Asia. At present, however, overseas borrowers are mostly highly rated, so the quality of overseas assets is sound. MHFG has sufficient liquidity thanks to its huge yen deposit base in the domestic individuals segment and low loan-deposit ratio. Concern about foreign currency liquidity is limited because the group has expanded customer deposits along with growth in overseas lending. Given that foreign currency-denominated assets are expected to continue to grow albeit at a slower pace, it will be important to further strengthen the capability and structure of raising funds in foreign currencies. The liquidity coverage ratio for 1Q FY2017 was comparatively high at 129.7%. Mizuho Financial Group, Inc. Mizuho Financial Group, Inc. is the holding company of MHFG. Based on the strong cohesiveness of the group, the rating reflects the entire group creditworthiness. However, the rating is one notch lower than those of the group's core companies because of the structural subordination inherent in a holding company, among other reasons. Mizuho Bank, Ltd. (MHBK) Mizuho Bank, Ltd. (MHBK) is the core commercial bank of MHFG. Since it accounts for the majority of the group's customer base, earnings and risks, the rating directly reflects the entire group creditworthiness. The customer base is robust in both the corporate and individual sectors, and is mainly composed of large corporations and geographically centered on the greater Tokyo area. MHBK plans to offer one-stop comprehensive consulting services of banking, trust banking and securities at all branches by establishing a hub-and-spoke model on a banking, trust banking and securities integrated basis in each geographical area and creating a harmonized omni-channel consisting of face-to-face and digital channels.

3 Mizuho Trust & Banking Co., Ltd. (MHTB) Mizuho Trust & Banking Co., Ltd. (MHTB) is the core trust bank of MHFG. Based on its cohesiveness with MHFG, the rating directly reflects the entire group creditworthiness. Under the "One MIZUHO" strategy, MHTB focuses its management resources mainly on trust banking, inheritance, real estate and stock transfer agency services, and has a high market position particularly in the area of real estate. Progress has been made in establishing a structure for providing consulting services, such as deploying inheritance consultants at all MHBK branches. Its consulting marketing force for individual and corporate customers is expanding further through a shift in personnel from MHBK. MHTB will likely increase its contribution to the group by providing inheritance and business/asset succession solutions, for which the market is expected to grow. As a result of MHFG's reorganization of its group companies, part of MHTB's asset management functions were transferred and consolidated to Asset Management One Co., Ltd., and MHTB is now mainly engaged in pension consulting, marketing and other activities. Mizuho Securities Co., Ltd. (MHSC) Mizuho Securities Co., Ltd. (MHSC) is the core securities company of MHFG. Based on its cohesiveness with MHFG, the rating directly reflects the entire group creditworthiness. In the wholesale field, MHSC is competitive primarily in Japanese yen bond-related operations and one of the domestic market leaders. It is expanding overseas operations, M&A advisory services and equity-related businesses by utilizing MHFG's franchise. In the retail field, assets under management are growing as a result of inflows of assets mainly from individual investors in Japanese government bonds. R&I will keep an eye on whether MHSC is able to expand the retail base by, for example, stepping up efforts to meet needs of high net worth individuals. Since earnings are highly volatile, the cost structure requires improvement. Trust & Custody Services Bank, Ltd. (TCSB) Trust & Custody Services Bank, Ltd. (TCSB) is MHFG's trust bank specializing in asset custody. The rating strongly reflects the group creditworthiness, since R&I regards TCSB as one of MHFG's business units based on its cohesiveness with MHTB in business operations. TCSB's assets under custody are one of the largest in the industry. Its areas of focus include strengthening the ability to respond to investment in foreign-currency and alternative assets, improving customer asset performance through securities lending transactions, and providing various services that meet the needs for outsourcing middle and back office operations at asset management companies and collateral management operations for over-the-counter derivatives. TCSB and Japan Trustee Services Bank, Ltd., a subsidiary of Sumitomo Mitsui Trust Holdings, Inc. (Sec. Code: 8309, Issuer Rating for a core company: A+, SMTH), plan to integrate their management. Given the industry structure that can benefit from economies of scale more easily, the management integration is expected to be a positive factor for TCSB's standalone creditworthiness. Going forward, TCSB will be a joint venture with MHFG and SMTH acting as large shareholders. R&I will examine TCSB's relationships with its shareholders suggested especially by details of a shareholders agreement and reporting lines, together with prospects for TCSB's standalone creditworthiness, and incorporate such factors into the rating in a timely manner. Note that Unsec. Str. Bonds No.31 and No.10 of Mizuho Bank, Ltd. were redeemed on October 25 and 27, respectively, after the affirmation of the ratings thereof together with the ratings for the existing bonds listed below. The primary rating methodologies applied to this rating are provided at "R&I's Basic Methodology for Corporate Credit Ratings", "Shared Rating Approach for Financial Institutions, etc.", "Depository Financial Institutions", "Securities Firms", "R&I's Analytical Approach to Financial Groups" and "R&I's Analytical Approach to Regulatory Capital Instruments and Financial Institutions". The methodologies are available at the web site listed below, together with other rating methodologies that are taken into

4 consideration when assigning the rating. R&I RATINGS: Mizuho Financial Group, Inc. (Sec. Code: 8411) Issuer Rating RATING OUTLOOK: Stable Shelf Registration (Bonds) ISSUE AMOUNT (mn): JPY 3,000,000 ISSUE PERIOD: From Jun 01, 2016 to May 31, 2018 TLAC Bonds*: (Preliminary) B3T2 Bonds**: (Preliminary) Non-viability Write-off Clause Jul 16, 2014 Jul 16, 2024 JPY 80,000 No.1 Non-viability Write-off Clause Jul 16, 2014 Jul 16, 2024 JPY 20,000 No.2 Non-viability Write-off Clause Dec 18, 2014 Dec 18, 2024 JPY 25,000 No.3 Non-viability Write-off Clause Dec 18, 2014 Dec 18, 2024 JPY 15,000 No.4 Non-viability Write-off Clause Dec 18, 2014 Dec 18, 2029 JPY 10,000 No.5 Non-viability Write-off Clause Jun 18, 2015 Jun 18, 2025 JPY 20,000 No.6

5 Non-viability Write-off Clause Jun 18, 2015 Jun 18, 2025 JPY 10,000 No.7 Non-viability Write-off Clause Jun 18, 2015 Jun 18, 2030 JPY 20,000 No.8 Non-viability Write-off Clause Jun 20, 2016 Jun 19, 2026 JPY 155,000 No.9 Unsec. Str. Bonds No.1* Issue Date Maturity Date Issue Amount (mn) Jul 22, 2016 Jul 22, 2021 JPY 75,000 Non-viability Write-off Clause Jan 26, 2017 Jan 26, 2027 JPY 81,000 No.10 Non-viability Write-off Clause Jan 26, 2017 Jan 26, 2027 JPY 99,000 No.11 Non-viability Write-off Clause Jun 21, 2017 Jun 21, 2027 JPY 35,000 No.12 Non-viability Write-off Clause Jun 21, 2017 Jun 21, 2027 JPY 79,000 No.13 * Bonds that are subject to the structural subordination inherent in a holding company and are to be classified as total loss-absorbing capacity (TLAC)-eligible liabilities under the TLAC standard ** Subordinated bonds with a non-viability write-off clause

6 Commercial Paper ISSUE LIMIT (mn): JPY 500,000 Unsecured a-1, Affirmed RATING OUTLOOK: Mizuho Bank, Ltd. Issuer Rating Stable Unsec. Str. Bonds No.8 Issue Date Maturity Date Issue Amount (mn) Jul 27, 2007 Jul 27, 2027 JPY 10,000 Unsec. Str. Bonds No.22 Issue Date Maturity Date Issue Amount (mn) Jul 21, 2010 Jul 21, 2020 JPY 20,000 Unsec. Str. Bonds No.32 Issue Date Maturity Date Issue Amount (mn) Jan 24, 2013 Jan 24, 2018 JPY 100,000 Unsec. Str. Bonds No.33 Issue Date Maturity Date Issue Amount (mn) Apr 22, 2013 Apr 20, 2018 JPY 100,000 Unsec. Str. Bonds No.34 Issue Date Maturity Date Issue Amount (mn) Jul 25, 2013 Jul 25, 2018 JPY 100,000 Unsec. Str. Bonds No.35 Issue Date Maturity Date Issue Amount (mn) Feb 27, 2014 Jan 25, 2019 JPY 120,000 Unsec. Str. Bonds No.36 Issue Date Maturity Date Issue Amount (mn) Apr 28, 2014 Apr 26, 2019 JPY 90,000 Unsec. Str. Bonds No.37 Issue Date Maturity Date Issue Amount (mn) Jul 25, 2014 Jul 25, 2019 JPY 80,000 Unsec. Str. Bonds No.38 Issue Date Maturity Date Issue Amount (mn) Oct 30, 2014 Oct 30, 2019 JPY 80,000

7 Unsec. Sub. Bonds No.3 Issue Date Maturity Date Issue Amount (mn) Mar 04, 2008 Mar 02, 2018 JPY 50,000 Unsec. Sub. Bonds No.7 Issue Date Maturity Date Issue Amount (mn) Jun 03, 2009 Jun 03, 2019 JPY 54,000 Unsec. Sub. Bonds No.8 Issue Date Maturity Date Issue Amount (mn) Oct 31, 2011 Oct 29, 2021 JPY 17,000 Unsec. Sub. Bonds No.9 Issue Date Maturity Date Issue Amount (mn) Oct 31, 2011 Oct 30, 2026 JPY 25,000 Unsec. Sub. Bonds No.3* Issue Date Maturity Date Issue Amount (mn) Aug 09, 2005 Aug 07, 2020 JPY 10,000 Unsec. Sub. Bonds No.5* Issue Date Maturity Date Issue Amount (mn) Jan 30, 2006 Jan 30, 2026 JPY 20,000 Unsec. Sub. Bonds No.7* Issue Date Maturity Date Issue Amount (mn) Nov 06, 2006 Nov 06, 2026 JPY 20,000 Unsec. Sub. Bonds No.9* Issue Date Maturity Date Issue Amount (mn) Apr 27, 2007 Apr 27, 2027 JPY 20,000 Unsec. Sub. Bonds No.10* Issue Date Maturity Date Issue Amount (mn) Jan 28, 2008 Jan 26, 2018 JPY 70,000 Unsec. Sub. Bonds No.14* Issue Date Maturity Date Issue Amount (mn) Sep 28, 2009 Sep 27, 2019 JPY 33,000 Unsec. Sub. Bonds No.15* Issue Date Maturity Date Issue Amount (mn) Sep 28, 2009 Sep 28, 2029 JPY 18,000

8 Unsec. Sub. Bonds No.17* Issue Date Maturity Date Issue Amount (mn) Sep 12, 2011 Sep 10, 2021 JPY 35,000 Unsec. Sub. Bonds No.18* Issue Date Maturity Date Issue Amount (mn) Sep 12, 2011 Sep 11, 2026 JPY 30,000 Unsec. Sub. Bonds No.19* Issue Date Maturity Date Issue Amount (mn) Feb 24, 2012 Feb 24, 2022 JPY 63,000 Unsec. Sub. Bonds No.20* Issue Date Maturity Date Issue Amount (mn) Jun 05, 2012 Jun 03, 2022 JPY 47,000 Unsec. Sub. Bonds No.21* Issue Date Maturity Date Issue Amount (mn) Oct 24, 2012 Oct 24, 2024 JPY 80,000 * Issued by the former Mizuho Bank, Ltd. Short-term Debts Commercial Paper Unsecured Joint Debt Issuance Prog.* ISSUE LIMIT (mn): USD 30,000 Unsecured * A joint program with Mizuho Financial Group, Inc. The rating is only for senior bonds issued by Mizuho Bank, Ltd. Mizuho Finance (Cayman) Ltd. Euro Sub. Note Prog. ISSUE LIMIT (mn): JPY 1,000,000 Subordinated guarantee by parent company SUPPORTED BY: Mizuho Bank, Ltd. Dated Sub. Notes: Perp. Sub. Notes: A, Affirmed

9 Mizuho Bank, Ltd.* Mizuho Finance (Aruba) A.E.C. Joint Euro MTN Prog. ISSUE LIMIT (mn): JPY 1,000,000 Subordinated guarantee by parent company SUPPORTED BY: Mizuho Bank, Ltd.* Dated Sub. Notes: Perp. Sub. Notes: A, Affirmed * Changed from the former Mizuho Bank, Ltd. to the new Mizuho Bank, Ltd. RATING OUTLOOK: Mizuho Trust & Banking Co., Ltd. Issuer Rating Stable Unsec. Sub. Bonds No.2 Issue Date Maturity Date Issue Amount (mn) Dec 20, 2005 Dec 21, 2020 JPY 10,000 RATING OUTLOOK: Short-term Debts Mizuho Securities Co., Ltd. Issuer Rating Stable Short-term Debts Commercial Paper ISSUE LIMIT (mn): JPY 650,000 Unsecured Mizuho Securities Co., Ltd. Mizuho International plc Mizuho Securities USA LLC Joint MTN Prog. ISSUE LIMIT (mn): USD 11,000 Keepwell agreement SUPPORTED BY: Mizuho Financial Group, Inc. Mizuho Bank, Ltd.

10 RATING OUTLOOK: Trust & Custody Services Bank, Ltd. Issuer Rating Stable Short-term Debts A preliminary rating is assigned when a provisional credit rating is needed for an individual obligation on which final terms have not been determined. A credit rating finally assigned may differ from the preliminary rating depending on, among others, the details of the actual contract of the individual obligation. A credit rating for a medium-term note (MTN) program is assigned to the program and not to individual notes issued under the program. The credit rating of individual notes is generally the same as that of the program. As regards credit-linked notes, index-linked notes or other notes, however, there are some cases where the rating on each note will not be on par with the program or no rating will be assigned, depending on the details of the individual note contract. Upon the issuer's request, R&I may assign a credit rating to individual notes issued under the program.