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December 22, 2016

Mizuho Financial Group, Inc.

Establishment of "Fiduciary Duty Advisory Committee"

–Thorough implementation of customer–oriented business operation–

Mizuho Financial Group ("Mizuho"), under Mizuho's Corporate Identity, has established a common set of central values – called the Mizuho Values – starting with putting our customers first and shared by its employees. As a team of finance professionals providing a broad range of financial services, Mizuho is committed to fulfilling our fiduciary duties in providing the best, most appropriate solutions in response to our customers' diverse needs.

As a long–term partner in providing appropriate products and services that are in our customers' best interests, and in seeking to continue to be our customers' most trusted financial services group in respect to our asset management–related business, Mizuho has established and announced "Policies Regarding Mizuho's Fiduciary Duty" ("Policies") and concrete action plans of each group company which handles the relevant functions, in the interests of stating clear policies for and making a stronger response. We are following up this initiative from the perspective of customer–oriented business operation and compliance, and reporting this periodically to our board of directors, etc.

Furthermore, under the Medium–term Business Plan which was put in place in fiscal year 2016, Mizuho envisions to become "A Financial Services Consulting Group – The most trusted partner in solving problems and supporting the sustainable growth of customers and communities", and introduced an in–house companies system with 5 in–house companies based on customer segments to thoroughly strengthen the customer–first, market–oriented approach.

For the purpose of thorough implementation of customer–oriented operation of asset management–related business, Mizuho Financial Group, Inc. (President & CEO: Yasuhiro Sato, "MHFG") will introduce the following initiatives.

1. Establishment of "Fiduciary Duty Advisory Committee"

From the standpoint of further implementing customer–oriented business operation, MHFG is planning to establish the "Fiduciary Duty Advisory Committee" in January 2017 to discuss enhancement of the action plans.

MHFG's President & CEO will chair the "Fiduciary Duty Advisory Committee" and its members will include not only those from MHFG and its group companies but also external academics and specialists as advisors, to obtain opinions and advice from the outside and exchange views.

Towards the next fiscal year, we will review and enhance the previously announced action plans following the opinions and advice of the advisors and disclose them at a later date.

2. Establishment of "Fiduciary Duty Promotion Office"

MHFG and its group companies are planning to newly develop "Fiduciary Duty Promotion Offices" in January 2017 within their planning groups as a specialized organization to promote Fiduciary Duty.

"Fiduciary Duty Promotion Office" will establish group wide Policies, and after each in–house companies fine–tune them to align them with their customer segments, each group companies will establish and implement concrete action plans based on the Policies.

Mizuho will further implement customer–oriented policies as a long–term partner in providing appropriate products and services that are in our customer's best interests, and in seeking to continue to be our customers' most trusted financial services group.