official sponsor of tokyo disneyland®

Published August 2021

Official sponsor of Tokyo Disneyland®Mizuho Securities has endorsed Tokyo Disneylandʼs concept of a “Kingdom of Dreams and Magic” and currently sponsors The Enchanted Tiki Room: Stitch Presents ʻAloha E Komo Mai!ʼ show. We will continue to support everyoneʼs dreams by providing services clients can always rely on and by contributing to commu-nity development.

I would like to take this opportunity to express my deepest sympathies to all those who have suffered,

as well as all those whose work and lives have been impacted, as a result of the ongoing COVID-19

pandemic.

Mizuho Securities is a team of professionals that connects capital markets and clients. Leveraging our

extensive network in Japan and around the world, we strive to offer our deep expertise, knowledge,

and above all, our passion, sincerity and ingenuity. Based on the Group's "5-Year Business Plan:

Transitioning to the Next Generation of Financial Services,” we have been undertaking structural

reforms to strengthen our management foundations and enhance the added value we offer.

In an age where 100-year lifespans are becoming the norm, our mission is to realize a prosperous

future for our clients, society and the world. We pursue your best interests, constantly upgrading our

ability to offer comprehensive asset consulting expertise while providing services tailored to your

specific needs and circumstances. Mizuho, as a united group, offers sophisticated, diverse and

seamless financial solutions. We serve your needs in accordance with our groupʼs shared philosophy

aimed at building your wealth based on a “long-term, diversified, and continuous” approach.

In this era of dramatic change, we leverage our professional knowledge and experience to accurately

anticipate industrial and societal trends. We sincerely listen to issuers and investors and offer

highly-advanced solutions tailored to their needs. The COVID-19 pandemic has accelerated change

on a global scale, transforming peopleʼs lives and the very fabric of society. It is increasingly urgent

that we transform our operations to achieve sustainable growth, such as digitalization, carbon neutral

operations, and governance reforms. In the post-COVID-19 world, in partnership with you, we will

strive for sustainable growth and provide best solutions to a wide range of issues by keeping our

finger on the pulse of global trends and dynamic structural change.

We are dedicated to staking out our own unique evolutionary path. As client needs further diversify,

we will continue to refine our products, services, and solutions. In responding to ongoing changes in

how clients access services and products, we will further expand channels to offer more advantages

by combining real and virtual access. By leveraging the collective strength of the entire group, by

further strengthening our partnerships with clients, and by offering new added value as a financial

firm, we will strive to be the most-trusted partner for our clients as well as the markets and

communities we serve.

It is always an honor to serve you and we look forward to not only meeting but exceeding your

expectations.

President & CEOMizuho Securities Co., Ltd.

In an era of “the 100-year life” and dramatic changewe strive for your happiness and prosperity

Message from the President & CEO

Mizuho Securities Co., Ltd. 01

Mizuho Securit iesAsset managementAsset successionReal estate

Capital policyCorporate strategyFinancial strategy

Mizuho BankAsset management

Capital policy

Corporate strategy

Financial strategy

Mizuho Trust & Banking

Other core group companiesAsset management

Real estate

Capital policy

Corporate strategy

Financial strategy

As a member of Mizuho Financial Group, we at Mizuho Securities have garnered extensive praise from our clients thanks to our sophisticated one-stop service options forged through close collab-oration among all of our Group partner companies.

By undertaking the kind of product development which consistently results in market-desirable products and by quickly and accurately responding to the diverse financial needs of clients both in Japan and around the world, we are building bridges to a more prosperous future for our clients, the economy, and society.

Mizuho Securit ies Overview --- Our strengths ---

Retail

Wholesale

Sustainable finance

Over JPY 1 trillion for past 6 years

Japan publicly-offered domestic bond total

End of March 2021

48.3trillion

End of March 2016

26.6trillion

3.1trillion

JPY

Amount 1No.Amount 2No. 2No. 3No.

Deals Amount

AUM

Domest ic equi t ies tota l

Asset in f lows

Comprehensive ABS lead manager

Deals

Amount 1No.US IG USD bonds

1No.Past 2yearsFY20

592.3billion

S D G - l i n k e d b o n d u n d e r w r i t t e n a m o u n t

M i z u h o F i n a n c i a l G r o u p

Mizuho Securities presence FY20

Clients

JPY JPY

FY17

41.1billion

JPY JPY

Amount 9No.Asset management

Asset succession

Real estate

Capital policy

Corporate strategyFinancial strategy

Number of lead-managed IPOs / amount underwritten

02 Mizuho Securities Co., Ltd. Mizuho Securities Co., Ltd. 03

Mizuho Securit ies business --- Realizing client happiness and a prosperous future ---

04 Mizuho Securities Co., Ltd.

Advent of 100-year lifespans

Digitalization

Globalization

Perpetually-low interest rates

Structural change across economies, industries, and

society will accelerate even faster

Optimal solutions combining the

strengths of the entire Group

Mizuho Securities strength

Client-centric, client-first

consulting services

Highly-trained organization of

professionals able to offer clients

sophisticated and highly-specialized

knowledge

Largest client base in Japan along with

the industryʼs highest number of

domestic sales branches

Global network and strong presence in growing US

market

Megatrends

COVID & post-COVID

Sustainability

Highly-skilled in and knowledgeable of every business arena

Solid proposal capabilities underpinned by industry group specialization and extensive knowledge

Cutting-edge ESG/SDG initiatives based on leading presence in DCM

Well-established global collaborative securities-banking framework, including the CIB model launched in the Americas

Investment banking business P. 08

Sophisticated and comprehensive asset consulting linking multiple channels

Global equity strategy focused on "long-term, diversified, and ongoing"

Proposal strengths underpinning ability to support growth stage of startup companies from start to finish

P. 06Japan midcap retail business

Extensive product lineup at appealing price points tailored to diverse investor needs

Ongoing rollout of securities-banking derivatives business

Solutions which bridge the needs of Japanese and overseas investors and issuers

Market & product business P. 10

Mizuho Securities Co., Ltd. 05

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Retail and medium-sized corporate business

We offer comprehensive asset consulting aimed at maximizing client profit

The Retail & Business Banking Division offers sophisticated comprehensive consulting services through dialogue with our clients, aligning ourselves with the goals (targets and visions) of each—from individual to corporate clients.

Moreover, we have developed a broad spectrum of channels, including call center services and online services (Mizuho Securities Net Club) in addition to an industry-leading retail network, to meet increasing-ly diverse client needs.

1. Sixteen investment funds investing in global equities, global emerging markets, and US equities.2. Calculated by subtracting the net increase of publicly offered stock investment trusts from their valuations.

Global Equities Strategy Funds show steady growth

At Mizuho Securities, we want clients to experience success using a long-term, diversified, and ongoing approach to investing.

Rated “S+” by R&I in recognition of our fiduciary initiatives First in the industry to be awarded “S+” by R&I in recognition of our “client-first” investment trust sales & marketing approach and initiatives based on “excellent fiduciary approach in conducting investment trust sales”

▲649

Global equities-related funds balance1 (JPY 100 million)Valuation profit/loss plus realized profit/loss2 (JPY 100 million)

16/12 17/12 18/3 18/6 18/9 18/12 19/3 19/6 19/9 20/620/319/12 20/9 20/12 21/317/3 17/6 17/9

1,759 2,807 4,486

6,129 8,585 9,522 10,036

12,077 10,551

12,133 11,587

12,933 15,679

13,960

20,567

26,448

32,224

35,338

At Mizuho Securities, individual clients are provided a wide range of investment information and financial products, including equities, bonds, investment trusts, and wrap accounts. At the same time, we also offer individual clients professional financial services backed by our expert knowhow in close collaboration with other Mizuho companies.

Corporate clients, on the other hand, can choose from among a diverse array of investment banking solutions, including support for companies transitioning from private to public, capital raising, business succession, and investment products, all expertly designed to resonate with the specific corporate strategies of each client.

Furthermore, we encourage our staff to acquire financial planner qualifications and other qualifications to further enhance consulting capabilities.

Offering comprehensive consulting services

At Mizuho Securities, we cater to increasingly diverse client needs via our key highly-advanced online (Mizuho Securities Net Club) and call center services in addition to an industry-leading domestic retail network. In addressing significant changes brought about by the COVID pandemic, we have expanded our online services, upgrading our digital content production, and rolled out teleconferencing and video conferencing systems. Such initiatives have enhanced our ability to communicate with clients remotely.

Channels

Number of employees with financial planner qualifications at record highNumber of employees with financial planner qualifications

1. The percentage of qualification holders is the percentage of Retail &　 Business Banking Division employees with financial planner qualifications

Drawing on an industry-leading Japan-wide retail network, our sales offices offer clients expert guidance on how to manage their assets, underpinned by carefully tailored services to perfectly match their needs. Furthermore, we continue to roll out joint branches (linking Mizuhoʼs banking, trust banking, and securities arms) to enhance integrated consulting advantages for clients.

Sales offices

Both online, and via our smartphone app, we provide access to trading services. We also deliver timely and relevant investment information via e-mail and LINE app.

Online

Call centerIn addition to accepting client orders, our call center handles a wide array of inquiries in an attentive and easy-to-understand manner.

Top-rated for client service by HDI for the fifth year in a rowIn 2020, we were again awarded three stars—the highest possible rating—by the Japanese branch of HDI, the worldʼs largest membership association and certification body for the IT support industry.

COPC® CX CSP Certification acquired for the fourthyear in a rowObtained international quality assurance standards certification for contact centers, granted only to those organizations which achieve excellent performance as evaluated by US-based Customer Operations Performance Center Inc. (COPC).

Business model

107 107 319 319 653 653 1,093 1,093 719 719 1,124 1,124 1,241 1,241 1,109 1,109 1,428 1,428 962 962

2,809 2,809

4,748 4,748

8,243 8,243

12,306 12,306 12,804 12,804

313 313

Number of qualification holders (persons)

19/3 20/3 21/318/317/3

4,083 4,234 4,2963,652

2,218 79.179.1 83.483.4 85.985.9

70.770.7

42.542.5 Percentage of qualification holders (%)1

To realize this goal, we have selected, from investment trusts around the world, a few of the very best funds with investment strategies matching our own and have made them available to clients through our Global Equities Strategy Fund lineup.

Brokerage app

Market/investment information (LINE)

Mizuho Securities Net Club online trading service


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706.0

15.715.72020

4,642.4

21.221.2

Our Global Investment Banking Division comprises “coverage” units, which directly interface with clients, and “product” units which create highlyadvanced solutions for them. These units work in harmony to provide tailored investment banking services, including equity and bond financing through capital markets and M&A advisory services, as part of global management strategies.

To meet the increasingly sophisticated and diverse needs of our clients, we are building strategic partnerships with them by offering customized solutions based on our business and financial strategy expertise, our knowledge of industry and production, and our investment banking track record.

Equity underwriting

Mizuho Securities has achieved sector-leading performance in equity underwriting operations, serving as a lead underwriter in a number of large finance deals thanks to superior underwriting knowhow and strong equity selling power both in Japan and overseas. We also provide extensive support to companies transitioning from private to public.

Investment banking business

Offering cutting-edge investment banking services of the highest quality to clients around the world

Bond underwriting

Mizuho Securities has earned a first-class reputation as an industry leader in bond underwriting operations backed by proven skills in proposing solutions inherently suited to market conditions and issuer needs, an ability to determine prices that accurately reflect investor demands, an incomparable responsiveness to market changes, and a strong track record in bond sales.

Based on underwriting amount and issuance date. Figures above include straight bonds, investment corporation bonds, FILP agency bonds, local government bonds (lead manager method only), samurai bonds, and preferred securities, and exclude corporate treasury debt.Source: Prepared by Mizuho Securities based on Refinitiv data

Total domestic bonds from public offerings (April 1, 2020 - March 31, 2021)

3,845.3

Mizuho SecuritiesSMBC Nikko SecuritiesNomura Securities

Daiwa Securities

123

5

4,642.44,138.94,117.0

Company name Amount (JPY bn) Share (%)Rank

3,872.117.6

21.218.918.817.74 Mitsubishi UFJ Morgan Stanley Securities

Based on underwriting amount and issuance date. Figures above are the sum of equities from initial public offerings, equities from existing public offerings, and convertible bonds (including REITs)Source: Prepared by Mizuho Securities based on Refinitiv data

Total domestic and cross-border equities (April 1, 2020 - March 31, 2021)

9.1

Nomura HoldingsMizuho Financial GroupDaiwa Securities Group Inc.

Morgan Stanley

123

5

22.615.714.7

Company name Amount (JPY bn) Share (%)Rank

409.3

1,014.2706.0659.1627.6 14.04 Sumitomo Mitsui Financial Group

Structured finance

Deals

Amount

ABS Lead Manager (April 1, 2020 - March 31, 2021)

Mizuho Financial GroupSumitomo Mitsui Financial GroupMorgan Stanley

Sumitomo Mitsui Trust Holdings

123

5

Amount (JPY bn)Company name No. of dealsRank

35

156291112

401.9

1,337.1631.5439.6417.64 Nomura Holdings

M&A advisory

Mizuho Securities has a top-class track record in M&A advisory business, underpinned by cutting-edge knowledge and expertise that enables us to offer clients advice in line with their management strategies. Our advisory services reach far beyond Japanʼs borders, to cross-border deals, which have experienced a substantial increase in recent years.

Mizuho Securities has also achieved a strong track record and earned a first-class reputation in structured finance operations, particularly regarding the securitization of various financial assets such as monetary claims and real estate. Accordingly, we have lived up to our reputation as a front runner in Japanʼs securitization market.

M&A advisory for announced deals (April 1, 2020 - March 31, 2021)

Mitsubishi UFJ Morgan Stanley SecuritiesNomura SecuritiesGoldman Sachs

Mizuho Financial Group

123

15

Amount (JPY bn)Company name No. of dealsRank

90

37901988

885.0

11,514.011,385.7

7,535.36,083.14 Deloitte

No.1Amount

Based on number of deals; any Japanese-related deals Real estate deals excludedSource: Prepared by Mizuho Securities based on Refinitiv data

Based on deal amounts and settlement datesSource: Prepared by Mizuho Securities based on Refinitiv data

Deals No. 2

Total domestic bonds from public offerings

(FY)

Amount(JPY bn)Share (%)

(FY)

Total domestic and cross-border equities

2016 2017 2018 2019

443.1583.7

746.7331.7

12.612.6 12.712.7 13.113.1 14.714.72020

Amount (JPY bn)Share (%)

M&A advisory for announced deals

Amount (JPY bn)No. of deals

(FY)

ABS Lead Manager

Amount (JPY bn)No. of deals

(FY)

2016 2017 2018 2019

3,195.2 2,749.13,718.8 4,163.2

20.820.8 18.918.9 21.421.4 20.320.3

2017 2018 20192016

1,642.6 1,450.7 1,462.6 1,643.1

148148 146146 1531532020

1,337.1

1561561541542017 2018 20192016

21821818218211,096.7

6,836.82,528.2 166166 137137

2020

90906,970.66,970.6 885.0885.0

Amount

Business model

FY20 deal highlightsMizuho Securities provides solutions tailored to the sophisticated and diverse needs of clients.

HulicSustainability-linked bonds

JPY 10bn October 2020

Asahi Group Holdings Subordinated bonds, green

bonds, etc.


Bond underwriting

Hitachi Transport SystemSale of Sagawa Express equity to SG Holdings via Hitachi Transport System

Acquisition of treasury shares from SG Holdings

September 2020

Showa Denko Organizational restructuring including divesture of aluminum rolling business to the successor

entity Showa Denko Sakai AluminumOrganizational restructuring including divesture

of aluminum can business to the successor entity Showa Aluminum Can.

January 2021

Royal Holdings Capital and business alliance with Sojitz

Private placement of common shares and share acquisition rights

Private placement (banking syndicate) of preferred stock February 2021

M&A advisory

Japan Airlines Global offering

JPY 191.6bn November 2020

GLP J-REITGlobal offering


PlaidIPO

(global offering)


Equity underwriting

Kyushu Electric PowerSubordinated bonds


No. 2

No.1


Our Global Markets Div. offers domestic and overseas investors (including institutional investors, financial institutions, and corpora-tions) a wide range of products and services, including fixed income and equities, as well as structured bonds, derivatives, securitized products, and algorithm-based Japanese equities trading.

In todayʼs difficult investing environment where perpetually-low interest rates have become the norm, we offer clients round-the-clock sales and trading in conjunction with our bases around the world including Tokyo, Hong Kong, London, and New York. This global network enables us to connect investors and issuers worldwide to offer high value-added solutions customized to client investment policies and risk preferences.

Markets & products business

Establishing a top-tier presence in financial markets by offering investment products and services tailored to client needs

Fixed income

Mizuho Securities has established itself as the market leader in government bonds, having secured top market share. We dedicate our efforts to delivering products expertly tailored to our clientsʼ investment strategies, proactively engaging in market making, and providing timely and insightful information.

Furthermore, we are strengthening cross-border transactions through fully-integrated domestic and overseas operations to effectively leverage global markets in responding to our clientsʼ diverse needs.

In a survey conducted by Greenwich Associates on yen-denominated bond trading quality in 2020, Mizuho Securities received high marks for the quality of both sales and trading.

Share of yen-denominated bond market

Source: Prepared by Mizuho Securities based on information provided by Greenwich Associates.

17 19 2016 18 (FY)

15（％)

10

5

0

4.0（％）

In a survey conducted by Greenwich Associates in 2020, Mizuho Securities received high marks in the categories of Japan Equity Research and Advisory vote share and Japanese equity trading share.

Share of TSE trading value

(FY)

3.0

2.0

1.0

0

17H1

17H2

18H1

18H2

16H1

19H1

19H2

16H2

20H2

20H1

Equity

In the equity business, Mizuho Securities is committed to satisfying increasingly sophisticated client needs by providing enhanced execution services for electronic transactions, etc., expanding IR services for clients both in Japan and overseas, and offering products such as derivatives and equity finance, in addition to top-class research.

Likewise, through ongoing upgrades, we ensure that both corporate and individual clients are able to take advantage of state-of-the-art transaction methods and cutting-edge research.

Business model


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Utilizing our team of highly specialized analysts, economists, and strategists, we survey, analyze, and evaluate various spheres including Japanese and global industry trends, listed companies, economic conditions in Japan and around the world, interest rates, forex, and credit from a variety of different angles. Based on these results, we provide investors with information critical to asset management, such as forecasts and invest-ment strategies, through sources including various reports, seminars/investor events, and media sources.

Research (in-depth investment information)

Our analysts are among the highest ranked in the industry and provide comprehensive survey and analyst reports to investors in a timely manner.

Research business

In response to the needs of institutional investors both in Japan and overseas, our equities research business is currently developing an even stronger research team across Pan Asia, including Japan. Our top-class strategists and sector analysts in Japan address the entire range of information needs by providing information on industry trends, stock valuations of individual companies, equity investment strategies, quantitative analysis, and various thematic reports.

Our fixed income research team, which includes some of Japanʼs foremost economists and analysts, provides Japan and overseas economic, interest rate, and forex forecasts, analyzes the credit of issuing corporations, analyzes overseas financial institutions, evaluates the impact of foreign and Japanese monetary policy, and proposes fixed income strategies.

Furthermore, in recent years we have been focusing on the enhancement of research which leverages digital innovation as well as supplying clients with the latest information on various ESG investments.

Seminars and investor events

Mizuho Securities hosts a wide range of small to large seminars and events for institutional investors. In the large event category, every September in Tokyo we hold a "Confer-ence" (from 2020 onward this has been the "Japan Alpha Conference") which comprises a series of one-on-one meetings between companies and investors, and workshops on key topics. The FY20 conference was held online and we invited approximately 480 Japanese and overseas institutional investors and approximately 180 companies in what culminat-ed as a very successful gathering.

We also hold seminars on a daily basis on themes of key significance for investors. We share ideas that are helpful for making investment decisions, as well as Nikkei Veritas information, in a timely and user-friendly format.

33nd Annual Survey on Most Popular Equity Analyst (Overall Company Ranking) of Nikkei Veritas

Nikkei Veritas 26th Annual Survey on Most Popular Bond/Forex Analyst/Economist by company/group

Year after year, we continue to be recognized as the top research house in Japan for both equities and fixed income.For equity research, we ranked 2nd among all research houses for Nikkei Veritas 2021 "Most Popular Analyst Survey." Six of our analysts ranked 1st in category rankings.

For bond research, Mizuho Financial Group ranked 2nd among all companies and groups for Nikkei Veritas 2021 "Most Popular Bond/Forex Analyst/Economist Survey." Two of our analysts ranked 1st in category rankings.

While our achievements are notable, our quest to improve our research capabilities is unending.

A team of experts dedicated to addressing the various potential challenges Mizuho clients face

Business model

No. 2 No. 212 Mizuho Securities Co., Ltd. Mizuho Securities Co., Ltd. 13

Mizuho Financial Groupʼs sustainability initiatives

The promotion of sustainability initiatives enables us to enhance value creation for our stakeholders, achieve stable and ongoing growth for the group as a whole, and contribute to the realization of SDGs.

In response to the expectations and demands of our stakeholders, we have identified key sustainability areas which we have included in our 5-Year Plan based on their importance to and affinity with Mizuhoʼs overall group strategy and impact on our mid-to-long-term corporate value. Moreover, we have set targets and KPIs, and are promoting such activities as a unified group.

Icons indicate relevant Sustainable Development Goals (SDGs).Key sustainability areas

FY20 sustainability KPI/target track record

Please see pp. 16 and 17 for details regarding these initiatives.

Bu

sin

es

sM

an

ag

em

en

t b

as

e

Open partnerships/collaboration w

ith diverse stakeholders

Build assets to prepare for the futureTailor services for an aging society with fewer childrenPromote user-friendly services for diverse lifestyles

Functionally enhance financial and capital marketsTransition to a cashless societyCreate environmentally aware social programs

Enhance corporate governanceStreamline risk management, IT infrastructure, and complianceDisclose information to stakeholders as appropriate in a fair and timely manner and promote dialogue

Foster personnel and create workplaces with a sense of purpose

Promote measures to tackle climate change and　support the transition to a low-carbon economy

Facilitate smooth business successionTransform industrial structuresAccelerate innovationGrow Asian economiesDevelop resilient social infrastructure

Bu

sin

es

s

　Sustainable finance JPY 7.1 trillion　Environmental finance portion JPY 2.6 trillion　(FY19 - FY20 cumulative total)

●

Industrial development & innovation

Industrial development & innovation / Sound economic growth / Environmental considerations

Top-heavy demographics and health/longevity

Build assets to prepare for the future　Net increase for investment products(individual) JPY 805.1bn 　Number of clients using investment management products 1,526,000　Net increase in publicly offered investment trusts JPY 982.3bn

●

●

●

Facilitate smooth business succession　Number of business succession consultations 2,183 companies●

●

●

Accelerate innovation　IPO lead management 2nd　IPO underwriting amount 3rd

Ad

min

istr

ati

ve

pla

tfo

rm

Personnel—Diversity & InclusionDeadline Latest achievements (July 2021)TargetDescr ip t ion

Female manager ratio (total No. of Div./Dept. Heads and equivalent)1 20% July 2024 18%

Current proportion (FY20)Targets to be maintainedDescr ip t ion

Non-Japanese in management² 65% 64%

Proportion of female graduates employed (management positions)1 3 30% 37%

Percentage of employees taking paid annual leave¹ 70% 70%

Percentage of eligible male employees taking childcare leave¹ 100% 98%

1. Total for Japan (Mizuho Financial Group, Mizuho Bank, Mizuho Trust & Banking, and Mizuho Securities)2. Total outside Japan (Mizuho Bank, Mizuho Trust & Banking, and Mizuho Securities) 3. Joined company in April of the year after graduation

4. Mizuho Financial Group, Mizuho Bank, Mizuho Trust & Banking, Mizuho Securities, Mizuho Research Institute5, Mizuho Information & Research Institute5, Asset Management One, and Mizuho Private Wealth Management5. Currently Mizuho Research & Technologies

Social and environmental contributionsFY20 resultsTargetDescr ip t ion

Environmental footprint reduction

Finance/economics training

Green paper purchases4

Paper recycling rate (main offices in Japan)

Number of participants

33.6% reduction from 2009 levels

95% or higher

Consistently 85% or higher

60,000 or more from FY19–FY23

10.5% reduction from FY09 levels by FY20, with a 19.0% reduction by FY30

28,365(FY19-FY20 cumulative)

92.1%

99.9%

Top-heavy demographics and health/longevity

Industrial Development & Innovation

Sound economic growth

Environmental considerations

Corporate governance

Personnel

Environment/society Consider the environment and human rights in the context of investment and financeTackle climate changePromote financial/economic literacy and initiatives that contribute to society

CO2 emitted as a result of electricity consumption in Japanese offices4

(Qty. of CO2 emitted per unit of floor area)


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Mizuho Financial Groupʼs sustainability initiatives

Japan's sustainable finance market is experiencing dramatic growth. SDG-linked bond issuance in FY20 expanded to JPY 2.3 trillion, which is 46 times that of FY16. Against this backdrop, Mizuho Securities FY20 SDG-linked bond underwriting amount was JPY 592.3 billion, placing us at the very top of SDG-linked bond league tables as market leader.

Recently, we provided issuance support for the first sustain-ability linked bonds ever issued in Japan—a deal officially recognized by the Ministry of the Environment as Japanʼs first model deal for sustainability linked finance. Similarly, we have also been involved in a diverse range of Japan-first and industry-first structuring and underwriting projects, such as the first transition finance deal in Japan.

Our efforts to arrange innovative and unique deals which meet the needs of clients to address social issues while also enabling us to expand the market for SDG bonds have received notable praise from both within and outside the financial industry. As in recent years, in FY20 we received a number of significant awards including Japanʼs Ministry of the Environment ESG Finance Bronze Award.

Mizuho Securities sustainability initiatives Initiatives to spur industry development

Sustainable finance initiatives

Newly established Sustainability Promotion DepartmentTo further enhance our support for sustainable finance, in 2017 we established a dedicated Sustainable Finance Office, and we have continued to provide related bond issuance support for numerous clients. In 2021, we established the Sustainability Promotion Department to provide comprehensive support for client sustainability strategies in addition to offering conventional financing support. We will continue to respond to the increasingly diverse needs of clients while assisting them in the creation of their sustainability stories.

Bronze award OutstandingPerformance Award

Sustainable Finance Houseof the Year

SDG-linked bond league tables

No.1Second year in a row

Academic and industry collaboration, financial and economics education, and investment education

■Endowed courses in universities and graduate schools

We have endowed courses at universities and graduate schools as just one of our industry-academia collaborative initiatives. The goal is to train individuals who will go on to become future specialists in capital markets. We are also involved in ongoing education and research-related activities which draw on the actual business experience of our employees, such as offering specialized and practical courses which address the latest capital market trends (including fintech and sustainable finance) cosponsored symposiums, creating a financial terminology database (website), and conducting joint research on ESGs.

To improve financial literacy across a wide range of age groups, we conduct and support need-based courses and lectures on topics including finance, economics, and investment. Furthermore, we are also engaged in educational innovation initiatives such as expanding remote learning tools.

■Publishing assistance for public library materials

To help elementary school students acquire accurate knowledge about money, we have assisted in the creation of educational materials, such as books and manga, for both parents and children which touch on a variety of related themes (cashless society, etc.)."My First Money Class" four volumesPublisher: Bunken Shuppan (Shinkoshuppansha Keirinkan)

■Development of digital education materials (for secondary education)

As part METIʼs (Ministry of Economy, Trade and Industry) Steam Library digital educational materials development project, in collaboration with Waseda University we developed educational materials and posted them on METI's website for free public use.

https://www.steam-library.go.jp/content/9

■Teacher training research with Waseda University Graduate School of Education Professional Degree Program.

Support for educators is essential to expanding education. We have commissioned Waseda University Graduate School of Education to work with us in providing training to develop teachers who are highly effective in the classroom.

Participants also include educators in fields such as Japanese language, English, and mathematics. Through these efforts, we strive to create classes and teaching materials to enable a broad base of educators to acquire an understanding of finance and economics education.

Social science lessons with graduate school students

SDG-linked bonds issued publicly in JapanNumber of deals serving

as lead manager Underwriting amount

* Based on Capital Eye data. Bookrunner base. REITs and global offerings excluded.

■IPO league tables Mizuho Securities supports client growth by leveraging the collective strengths of the entire Mizuho Group. In FY20, we ranked 2nd for the number of IPOs in which we served as lead manager and 3rd for amount underwritten.Also, in efforts to spur innovation, we have hosted an event called "Innovation Field" five times to date. In FY20, we held this conference online featuring the three themes of open innovation, innovation & the new normal, and supporting growth. A wide range of clients participat-ed, including venture companies, major corporations, and educational academies, enabling us to offer, as well as benefit from, countless networking opportunities.

Green bond Social impact bondSustainability Bond Sustainability-Linked Bond

400500 1,245

4,641

13,380

23,098

600645100 2,9412,941

1,5001,500

200200

The market grows rapidlyThe market grows rapidly

16 17 18 19 20

7,6327,632

8,6058,605

350350

6,5116,511

5,5305,530

6,1106,110

1,7401,740

（FY）

(JPY 100 million)

No. 2 No. 3


Corporate overview

History

Principal domestic subsidiaries and affiliates

Name

Stock exchangememberships

Associationmemberships

Head Office Location

Registration number

Capital

Number of employees

Mizuho Securities Co., Ltd.

(As of June 30, 2021)

NetworkDomestic: 237 officesOverseas: 19 offices

Tokyo Stock Exchange, Osaka Exchange,Nagoya Stock Exchange, Fukuoka Stock Exchange, Sapporo Securities Exchange, and Tokyo Financial Exchange

Japan Securities Dealers Association,Japan Investment Advisers Association,The Financial Futures Association of Japan, Type II Financial Instruments Firms Association, and Japan Security Token Offering Association

Otemachi First Square, 1-5-1 Otemachi, Chiyoda-ku, Tokyo 100-0004 JapanTel: +81 3-5208-3210

Established July 1917

Representative President & CEO: Yoshiro Hamamoto

Main business Financial instruments business

Registered with the Director of the Kanto Local FinanceBureau of the Ministry of Finance (Kin-sho) No. 94

JPY 125,167 million

7,331 (As of March 31, 2021)

Consulting

Funds

Smartphone securities

Head Office support

(As of June 30, 2021)

●Japan Investor Relations and Investor Support, Inc.Japan Investor Relations and Investor Support offers consulting and survey services such as surveys to identify shareholders, IR arrangements, IPO consulting, and surveys and research related to corporate governance, as well as educational services such as seminars and assistance in obtaining qualifications.

●Mobile Internet Capital, Inc.The company manages investment funds for start-up companies focusing on IT and peripheral sectors.

Principal investment

●PayPay Securities Corporation As Japanʼs first smartphone-dedicated securities option, we offer new, next-gener-ation financial services seamlessly linking your daily needs and your financial business while striving to "always be at your fingertips and user-friendly” and “easy to operate."

●Mizuho Securities Business Service Co., Ltd.●Nippon Securities Technology Co., Ltd.

To conduct smooth and reliable transactions with clients, Mizuho Securities has established subsidiaries and affiliates to provide backup support for its IT and office processing operations.

1967 New Japan Securities2000 Shinko Securities

2000 Mizuho Securities

1927 Daito Securities

1900 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 2010

2000

MizuhoInvestorsSecurities

1985 Kokyo Securities

1922 Nippon Kangyo Securities1905 Nippon Kangyo BankGepposha

1965 Public Telephone Securities

1990 Kankaku Securities

1993 IBJ Securities

1994 Fuji Securities

1994 DKB Securities

1937 Kakumaru Securities

1910 Mochizuki Shoten

1888 Imai Shoten

1891 Tamatsuka Shoten

1891 Fukushima Namizo Shoten

1959 DaishoSecurities1917 Osaka Shoji

1947 Ohi Securities2009

MizuhoSecurities

1968 Wako Securities

1967

Nippon KangyoKakumaru Securities

1944 Tamatsuka Securities

1944 Yamakano Securities

1872 Imamura Shoten

1920 Hara Chuzaburo Shoten 1954 MochizukiSecurities (1966)

MergerEstablishment Company name change

2013

Mizuho Securities1993 Norin Chukin Securities Business Transfer (2004)

(1944) 2001

Mizuho InvestorsSecurities

●Mizuho Securities Principal Investment Co., Ltd.Drawing on a wide client base, the company commits capital to its investment funds, corporate investors, and real estate.


1. Including Tokyo Head Office and regional head offices, which total 　 three, and one sales branch.2. Planet Booths are consulting booths located within Mizuho Bank branches

Europe● Mizuho International plc　● Mizuho Securities 　 Europe GmbH

Asia

　 ● Mizuho Securities 　 Asia Limited　● Mizuho Securities 　 (Singapore) Pte. Ltd.　● Mizuho Securities India 　 Private Limited

■ Beijing　 Representative 　 Office ■ Shanghai　 Representative 　 Office

North America● Mizuho Securities　 USA LLC　● Mizuho Securities　 Canada Inc.

We deliver expertly-tailored services to clientsnationwide through our network of 237 offices inJapan, the largest in the domestic securities industry.

Nationwide network in Japan Overseas network

(As of June 30, 2021)

Nationwide network in Japan

offices1237Including 103 branches 130 Planet Booths2

(As of June 30, 2021)

Asia● Mizuho Securities Asia Limited

Head office: Hong KongUnderwriting, sales and trading of marketable securities, M&A advisory, investment banking, etc.

● Mizuho Securities (Singapore) Pte. Ltd.Head office: SingaporeUnderwriting, sales and trading of marketable securities, M&A advisory, futures brokerage/clearing, and wealth management.

● Mizuho Securities India Private LimitedHead office: MumbaiIntermediary and introductory services relating to overseas financing,M&A advisory, etc.

■ Beijing Representative OfficeInformation gathering, etc.

■ Shanghai Representative OfficeInformation gathering, etc.

● Mizuho Securities Canada Inc.3

Head Office: TorontoAdvice regarding marketable securities and underwriting of marketable securities.

3. A wholly-owned subsidiary of Mizuho Securities USA LLC.

NorthAmerica

2. Reorganized under the umbrella of Mizuho 　 Americas LLC, a US Bank Holding Company (BHC).

● Mizuho Securities USA Inc.2

Head office: New YorkUnderwriting, sales and trading of marketable securities, exchange listed derivatives brokerage, and M&A advisory, etc.

Europe● Mizuho International plc

Head office: LondonUnderwriting, sales and trading ofmarketable securities, M&A advisory, etc.

● Mizuho Securities Europe GmbH1

1. Wholly-owned subsidiary of Mizuho International plc

Head office: FrankfurtUnderwriting, sales and trading of marketable securities, etc.

Hokkaido/Tohoku

6offices

Kanto (excluding Tokyo)

54officesIncluding 33 Planet

Booths

Kyushu/Okinawa


Booths

Hokuriki/Koshinetsu


Booths

Chugoku/Shikoku


Booths

Tokai


Booths

Tokyo


Booths

Kinki

Including 15 Planet Booths

40offices


Organizational Structure Mizuhoʼs Corporate Identity

(As of June 30, 2021)

Basic approach regarding corporate governance

Branches/Planet Booths

Fund Business Division

Investment Banking

Business Division

Products Business Division

Fixed Income Business Division

Equity Business Division

Investment D

ept

Due D

iligence Dept

Retail & Business Banking D

ivision

Global Investm

ent Banking Division

Global M

arkets Division

Research & C

onsulting Unit

Strategic Planning Group

Financial Control & Accounting G

roup

Risk M

anagement G

roup

Hum

an Resources G

roup

IT & Systems G

roup

Operations G

roup

Com

pliance Group

Internal Audit Group

ExecutiveSecretariat

Corporate Secretariat

Executive ManagementCommittee

Business PolicyCommittee

President & CEO

Board of Directors

General Meetingof Shareholders

Audit & SupervisoryCommittee

InternalAudit Committee

Audit & SupervisoryCommittee Office

Syndication Business Division

To ensure effective governance across the entire financial group, each core Mizuho company (including Mizuho Securities) carries

out a system of corporate governance designed to ensure accountability and self-discipline in management. Also, to upgrade audit

and supervisory functions and accelerate the decision-making process, we have adopted the Audit and Supervisory Committee

structure and have introduced an executive officer system to reinforce corporate governance (by separating supervisory functions

from business execution functions) and to clarify authority and responsibilities.

Our subsidiaries have adopted systems to ensure effective and appropriate governance in accordance with the size and obligations

of each and have integrated their approaches closely with the groupʼs administrative framework.

Going forward, we will continue to strive for highly transparent, highly efficient corporate management and seek to promote business

activities based on fairness and honesty in way that is compliant with laws and regulations and conforms to societal norms.

Corporate Philosophy

Mizuho, the leading Japanese financial services group with a global presence and a broad customer base, is committed to:

Providing customers worldwide with the highest quality financial services with honesty and integrity; Anticipating new trends on

the world stage; Expanding our knowledge in order to help customers shape their future; Growing together with our customers

in a stable and sustainable manner; and Bringing together our group–wide expertise to contribute to the prosperity of econo-

mies and societies throughout the world.

These fundamental commitments support our primary role in bringing fruitfulness for each customer and the economies and

the societies in which we operate. Mizuho creates lasting value. It is what makes us invaluable.

Corporate PhilosophyMizuho s̓

fundamentalapproach to business

activit ies, based on theraison dʼêtre of Mizuho

Vision

Mizuhoʼs vision for the future,realized through the practice of the

Corporate Philosophy

The Mizuho

ValuesThe shared values and principles of Mizuhoʼs people, unit ing all

executives and employees together to pursue our Vision

The most trusted financial services group with a global presence and a broad customer base, contributing to the

prosperity of the world, Asia, and Japan.

Customer First

The most trusted partnerlighting the future

Innovative Spirit

Progressive andflexible thinking

Team Spirit

Diversity andcollective strength

Speed

Acuity andpromptness

Passion

Communication andchallenge for the future

The mosttrusted financialservices group

The best financialservice provider

The most cohesivefinancial services

group

1. Fiduciary duty is a general term for the broad range of various roles and responsibilities that fiduciaries are expected to fulfill when 　 engaging in certain business activities in order to live up to the trust that is placed in them by their clients.

Policy on Initiatives for Practicing Fiduciary Duties of Mizuho Securities

As a member of the Mizuho group, Mizuho Securities has adopted “Mizuhoʼs Corporate Identity,” established by Mizuho Finan-

cial Group. As such, we strive to remain our clientsʼ most trusted long-term financial partner in line with Mizuho groupʼs Corpo-

rate Identity vision. To achieve this vision, group employees share a common set of five core values (The Mizuho Values)

beginning with putting our clients first. As a team of finance professionals providing a broad range of financial services, Mizuho

Securities and all Mizuho group companies are committed to fulfilling our fiduciary duty1 in providing the best, most appropri-

ate solutions to meet the diverse needs of our clients.


Senior Executives

Board of Directors Execut ive Off icers

(as of July 1, 2021) (as of July 1, 2021)

President & CEO(Representative Director)

Yoshiro Hamamoto

Deputy President(Representative Director)

Yuzo Kanamori

Member of the Board of Directors

Tatsufumi SakaiMember of the Board of Directors

(Audit & Supervisory Committee Member)

Yasuto SengokuMember of the Board of Directors


Hisashi Kikuchi

Member of the Board of Directors (Audit & Supervisory Committee Member)

Yasuhisa Hashimoto*Member of the Board of Directors


Hiroyuki Suzuki*Member of the Board of Directors


Seiji Koga*

Deputy President(Representative Director)

Atsushi Takahashi

ChairmanKiyoshi Miyake

* Messrs. Yasuhisa Hashimoto, Hiroyuki Suzuki, and Seiji Koga are “outside directors” as prescribed in Article 2, Item 15 of the Companies Act.

President & CEO

Chairman

Deputy President(Representative

Director)

Managing Executive

Officers

Yoshiro Hamamoto

Kiyoshi Miyake

Yuzo Kanamori

Atsushi Takahashi

Yasuto Hamanishi

Naoki Takahashi

Keiji Maruko

Takuhiko Tochiori

Daishi Sasaki

Norikazu Akedo

Hirobumi Nakayama

Hitoshi Imai

Satoshi Asai

Head of Business Promotion

Head of Resource & Material Industry Group / Head of Global Sector Coverage

Head of Retail & Business Banking Division / Head of Fund Business Division

In Charge of Retail & Business Banking

Head of Human Resources Group / Head of Global Human Resources

Head of Risk Management Group / Head of Compliance Group / In Charge of Due Diligence Department / Head of Global Risk Management / Head of Global Compliance / Internal Administration Supervisor

Head of IT & Systems Group / Head of Operations Group / Head of Global IT / Head of Global Operations

Head of Global Investment Banking Division / Head of Investment Banking Business Division / Head of Global Investment Banking / Head of ICT & Retail Industry Group / Head of Global Sector Coverage

Head of Financial Sponsor & Realty Industry Group / Co-Head of ICT & Retail Industry Group

Head of Global Markets Division / Head of Global Markets / Head of Research & Consulting Unit

Jerry Rizzieri

Suneel BakhshiAttached to Strategic Planning Group (In charge of Strategic Planning for EMEA) / President & CEO of Mizuho International plc

Attached to Strategic Planning Group (In charge of Strategic Planning for the Americas) / President & CEO of Mizuho Securities USA LLC

Joint Head of Global Markets Division / Head of Equity Business Division / Head of Global Equity / Head of Global Product

Itaru Shirakawa Head of Strategic Planning Group


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