Section 1: Background and Objective of this Policy. Section 2: Primary Aim for Mizuho s HR Management

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1 Section 1: Background and Objective of this Policy Article 1 - Background and objective of this Policy 1) This Policy stipulates guiding principles for Mizuho s HR management under the HR Vision (refer to Attachment 2), in line with Mizuho Financial Group s (hereinafter Mizuho ) Corporate Identity (refer to Attachment 1), in which Mizuho is committed to encouraging all employees to take initiative and develop themselves. These principles shall be applied in the establishment of Mizuho s HR strategies and HR systems as well as in the execution of day-to-day HR operations at Mizuho. 2) This Policy shall be shared with all executive officers and employees of the group in order to ensure HR management with a high level of transparency and accountability, and also be released externally as Mizuho's position on HR governance. 3) This Policy places significant focus on employee development, which is a key strength of Mizuho's HR strategy and provides competitive advantage in terms of our workforce. Section 2: Primary Aim for Mizuho s HR Management Article 2 - Primary aim for Mizuho s HR management 1) Mizuho aims to continuously increase employee engagement, creating a virtuous circle of growth between employees and the organization, and establish competitive advantage for Mizuho in terms of our workforce. Therefore, Mizuho s HR management is designed to encourage employees to exercise their abilities to their maximum potential, and to continuously expand their capabilities and expertise and enjoy long and fulfilling careers at Mizuho, by motivating them to both advance their own careers and contribute to the organization. 2) Mizuho will create integrated and consistent HR processes for employee recruitment, development, evaluation, remuneration and rewards, appointments, and promotions, designed to encourage all employees, depending on their individual level of experience and their career stage, to acquire primary business competencies, expertise and/or leadership capabilities and to achieve the results and fulfill their duties, as required by their respective positions. 3) Mizuho is committed to putting the right person in the right position by assessing each employee s primary business competencies and their future potential, regardless of their length of tenure at Mizuho, the company that they originally joined, or their personal attributes and background including gender and nationality. 1

2 Article 3 - Key point for achieving aims of Mizuho's HR management 1) To increase employee engagement and establish competitive advantage in terms of our workforce, Mizuho will value the individuality of each employee. 1. Mizuho will encourage employees to develop their capabilities and achieve continual growth. In developing employees capabilities, Mizuho will put a focus on each employee s particular characteristics, ways of thinking and behaviors (inherent qualities), based on which employees can develop their strengths. Mizuho will encourage employees to take on challenges without the fear of failure and to exercise their abilities to their maximum potential, while providing them with the opportunities to enhance their inherent qualities. 2. Mizuho will support all employees active participation and contribution to the organization by providing them with opportunities to actively use their experience, skills, expert knowledge, and diverse perspectives, thinking, and values in their business assignments. 2) Mizuho will identify and develop future executive leader candidates from an early stage and develop them as true leaders who have the necessary strength and passion to unite and lead a top-tier financial group and who can create and develop visions and strategies, continually drive change at Mizuho, and also selflessly lead the organization and overcome difficult situations or times of crises. 3) Mizuho will promote greater diversity and inclusion as a group-wide initiative in order to facilitate all employees active participation and contribution by creating an inclusive working environment that encourages diverse perspectives, thinking and values. 4) Mizuho will take various initiatives, including infrastructure enhancement, to ensure Mizuho s HR management is befitting of a global financial services group. Section 3: Basic Policy Article 4 - Talent acquisition 1) Mizuho will acquire both new talent (such as new graduates with the potential to put the Mizuho Values (under Mizuho s Corporate Identity) into practice and drive future business strategies) as well as more experienced market-valued professionals with expertise. 2) Mizuho will create a medium- to long-term talent acquisition strategy based on the business environment and the strategic direction of Mizuho's business, as well as maintain a sustainable and stable portfolio of talent in terms of size and appropriate competencies and expertise. 2

3 3) By promoting employee engagement and establishing competitive advantage in terms of our workforce, Mizuho will enhance its ability to attract and retain top quality talent in the global recruitment market. Article 5 - Employee development 1) Mizuho will actively support the development of employees' careers by implementing employee development strategies in line with the stage of the employee's career. This is designed to create an optimized personnel portfolio that balances both the career goals of each employee and the talent requirements of Mizuho s business strategies. 1. To develop employees careers, employees are encouraged to focus on their inherent qualities and to identify their strengths through duties where those qualities are demonstrated in a positive and effective manner. Employees are also encouraged to apply these strengths to build up several specific areas of specialization as well as primary business competencies. 2. Further, once those areas have been established, employees are encouraged to identify specific fields where they have particular potential based on their areas of specialization, and to develop expertise required in order to better contribute in the identified fields, while developing their leadership capabilities so that they can lead teams conducting day-to-day business and develop their team members. 3. Moreover, employees who show organizational leadership capabilities will be encouraged to gain the highest level of expertise in their respective fields, successfully execute current business strategies, create future business strategies, develop employees, unite large parts of the organization, and demonstrate change leadership capabilities in management posts(such as Deputy General Manager or General Manager) in their respective fields. 2) Mizuho is committed to the development of all employees based on the capabilities required at each stage of their careers in a way that instills the integrity, including strong ethics, morals, and propriety, befitting of a Mizuho employee and a member of the leading Japanese financial services group with a global presence and a broad customer base. Article 6 - Evaluation and remuneration and rewards 1) In essence, individual employee evaluations consist of: a) Performance Evaluation: Evaluation of the degree to which results/performance targets are met during the period (in principle, the fiscal year); b) Competency Assessment: Assessment of primary business competencies the employee has applied in the process of achieving results and the expert knowledge and skills they have demonstrated. The 3

4 individual employee evaluations based on Performance Evaluation and Competency Assessment shall be reflected in the amount of salary and bonus paid each fiscal year, and also referred to when considering the employee for promotion or appointment to determine the employee s ability to consistently achieve results in the future, as well as their suitability for the higher level job/duties in question. 2) Job assignment, promotion, appointment and training shall be provided based on individual employee evaluations and in line with the employee's career development stage. 1. Job assignment, promotion, appointment and training for employees will focus on development of their capabilities. Employees are encouraged to apply their inherent qualities through their work experience, maximize their potential, and develop their strengths. They will primarily be assessed on whether they learn from all their experiences, including mistakes, and the degree to which they expand their capabilities. Based on the results of this assessment, the most effective assignment and training opportunities shall be provided to take advantage of the employee's strengths. 2. Job assignment, promotion, appointment and training for employees will be aligned to Mizuho s business strategies. They are encouraged to develop the necessary expertise for executing business strategies in their respective fields. They will primarily be evaluated on their performance and the degree to which they enhance capabilities, expert knowledge and skills. Based on the results of this evaluation, strategic assignment and training opportunities shall be provided in order to develop their capabilities to lead business strategies. 3. Job assignment, promotion, appointment and training for employees who demonstrate organizational leadership capabilities will focus on developing future executive leader candidates, appointing such persons to key posts in each field, and advancing strategic succession planning. Employees are primarily evaluated on their contribution to the organization, including through the Performance Evaluation. The evaluation takes into consideration the employee's ability to envision business strategies for the future while leading current business strategies in their respective field, their organizational leadership capabilities to unite a larger organization, and their ability to develop future generations of employees. 3) Employees are provided with incentives relative to the results they achieve in their respective role and responsibilities and/or the expansion of their responsibilities due to the capabilities and skills they have acquired over time. These incentives shall be fair and transparent and may be monetary or non-monetary, or an appropriate combination thereof. Monetary remuneration includes bonuses and salary, and non-monetary incentives include attractive appointments. 4

5 The usage of bonuses or other monetary incentives that are highly linked to the organization's results and the individual's contribution and the determination of the specific amount of monetary remuneration shall abide by the relevant remuneration regulations and guidelines. Article 7 - Employee appointment and transfers Mizuho is committed to putting the right person in the right position regardless of their length of tenure at Mizuho, the company that they originally joined, their personal attributes and background including gender and nationality. Mizuho will implement strategic appointments based on the employee's career goals and Mizuho's personnel portfolio strategy as well as succession plans for future executive leader candidates. Article 8 - Promotions 1) For employees, promotion shall be based on primary business competency standards aligned with the requirements for each job level, regardless of their length of tenure at Mizuho, the company that they originally joined, or their personal attributes and background including gender and nationality. For employees in a more advanced stage of their career and who possess organizational leadership capabilities, promotion shall be based on which field they will be able to maximize their performance in, taking into consideration their recent Performance Evaluation, their ability to initiate and achieve business strategies which are required for performing the duties of an upper management position, integrity as an organizational leader, and an evaluation of the expertise they can apply in the future. 2) The standards for promotions will be shared with employees when appropriate. (See Attachment 3 for standards related to promotions for employees in an advanced stage of their career and who possess organizational leadership capabilities.) Article 9 - Future Executive Leader Candidate Development Program Mizuho will implement programs to develop future executive leaders who have the necessary strength and passion to unite and lead a top-tier financial group and who can continually drive change at Mizuho and also selflessly lead the organization and overcome difficult situations or times of crises. 5

6 This is a selective leadership development program that aims to identify a pool of future executive leader candidates in the early stages through a repeated process of candidate selection challenging assignment + leadership training assessment reselection or replacement. Candidates for this program shall be selected from a diverse pool of candidates throughout the group regardless of their length of tenure at Mizuho, the company that they originally joined, or their personal attributes and background including gender and nationality. Article 10 - Diversity and inclusion 1) Mizuho promotes and implements diversity and inclusion initiatives in order to proactively incorporate the diverse perspectives, thinking, and values of all employees into day-to-day operations and decision-making, and to ensure that all employees, regardless of their personal attributes and background including gender and nationality, can perform to their full potential, continually contribute to the organization, and achieve personal growth while enjoying long and fulfilling careers at Mizuho. 2) By promoting work-life balance and other initiatives, Mizuho will create a work environment where every employee is motivated to contribute to the company and is able to select their own most efficient work style when it is necessary to accommodate significant changes in employees personal circumstances (such as the birth of a child). 3) Mizuho's diversity and inclusion initiatives are separately stipulated in Diversity & Inclusion Statement which is shared with all executive officers and employees of the group and released externally. Article 11 - Globalization of Mizuho's talent and HR management 1) To promote Mizuho s global business strategies, Mizuho will strengthen its HR management structures and capabilities. 2) Mizuho will build an integrated HR management framework for all nationalities and cultures to ensure that the right person is placed in the right position on a global basis. 3) Mizuho will acquire and develop global talent who will play key roles in Mizuho s global business, and actively and systematically appoint capable employees, irrespective of nationality or ethnicity, to upper management posts. 4) Mizuho will strike a good balance between globally-integrated and locally-attuned HR management. 6

7 5) To enhance cross-cultural communication and promote a global mindset, Mizuho will advance the globalization of our Japan-based workforce and offices in Japan by increasing the number of those employees with international work experience and also actively appoint capable non-japanese to key positions at Head Office and other Mizuho offices in Japan. 6) Mizuho will actively provide opportunities for employees to build networks on a global basis, including informal networks across the boundaries of age, nationality, role, etc., which enable employees to feel connected to other colleagues and the group as a whole, and provide employees with opportunities to be stimulated or supported by each other through active, open communication and exchange of ideas and opinions. 7

8 Attachment 1 Mizuho's Corporate Identity Mizuho's Corporate Philosophy the fundamental thinking underlying Mizuho's corporate activities As a comprehensive financial services group representing Japan on the global stage, Mizuho shall always adopt a fair and open stance and provide customers with the highest quality financial services worldwide while striving to stay ahead of the times and to expand our knowledge in order to contribute to a brighter future for customers. In doing so, we shall grow together with a wide range of customers in a stable and sustainable manner, and work in a unified fashion across all entities within the Mizuho group to help develop healthy local economies and societies throughout the world. This approach will allow us to continue being an irreplaceable presence, creating timeless value and providing customers and local economies and societies with abundant and varied benefits. Vision (Mizuho's ideal form) To become the most trusted comprehensive financial services group operating on the global stage, contributing to the development of Japan, the rest of Asia, and the world as a whole. 1. Continue being the customer's most trusted long-term partner by combining our dynamic creative thinking with the wealth of experience and expertise accrued from involvement in wide-ranging transactions over the years. 2. Always provide innovative and optimal financial services to personal and corporate customers alike, as well as for the benefit of local economies and societies, by anticipating changes in those economies and societies from a global perspective. 3. With a wealth of experts spanning all kinds of financial services, draw upon our capabilities throughout the group in order to meet the diversified and changing needs of our customers and the local economies and societies that we serve. Values (The values and standards of behavior that all employees should uphold when pursuing the Vision) The Mizuho Values 1. "Customer First" Principle - Aiming to be a long-term partner - All our actions are premised on putting the customer first, in order to build a long-term business relationship with the customer. We shall duly respect the customer's perspective and in a fair and open manner provide optimal products and services to the customer by pooling together our collective expertise from throughout the Mizuho group. In doing so, we shall further solidify our customers' trust in Mizuho and help develop sound economies and societies together with our customers. 2. Innovation - Progressive and flexible thinking - We shall identify the constantly changing trends in the world from a broad perspective and always approach our work with a progressive attitude. We shall adopt flexible thinking unimpeded by precedent, anticipate customer needs and changes in the local economies and societies, and continue to implement the necessary transformations to create relevant solutions. 3. Teamwork - Diversity and collective strength - We shall respect diversity of personalities and opinions and always be open-minded, and make decisions and take actions as part of a larger team while drawing upon our wealth of experience and high degree of expertise, in order to maximize our collective strength as financial service professionals. 4. Speed - Acuity and promptness - We shall provide customers with optimal products and services in a prompt and precise manner by being acutely sensitive to our customers' needs and quickly responding to those needs. 5. Passion - Communication and ability to shape the future - We shall continue to be an irreplaceable presence and provide customers with abundant and varied benefits by listening with sincerity to our customers and society in general, committing ourselves to overcoming any difficulties and being enthusiastic towards shaping the future, and fulfilling our responsibilities to the end. 8

9 Attachment 2 HR Vision Mizuho's commitment to our employees in line with Mizuho's Corporate Identity Mizuho Financial Group firmly believes that the personal development of individual employees contributes to the stable and sustainable growth of Mizuho as a whole. Mizuho recognizes those employees who make an effort to put the Mizuho Values into practice and helps employees to create a more fulfilling life through their work. Mizuho encourages employees to utilize their strengths, and provides opportunities for them to use their skills and to develop their abilities. Mizuho encourages employees who differ in terms of gender, country of origin, cultural background, and values to understand, respect, and inspire each other. Mizuho works with its employees to create a corporate culture that encourages people to be passionate about and to take pride in their work. 9

10 Attachment 3 Assessment criteria and thinking regarding promotions for employees in the organizational leadership stage and selection for the Next Generation Management Leader Program Underlying thinking: Candidates will be selected based on an assessment of the fields where they have the potential to play an important role. This assessment will take into consideration their recent performance, and be based on a) whether they have the ability to initiate and the ability to achieve necessary for business management at the organizational leadership level or executive management position level and whether they have the soft skills (integrity) required of a leader, and b) whether they have expertise (work experience, knowledge, and skills), which they can apply in the future. Business management capability (ability to initiate and ability to achieve) and soft skills (integrity) suitable for a leader Integrity Business Leader Capabilities Ability to initiate Ability to achieve Sense of responsibility/commitment Visionary Decisiveness & Execution Perseverance and Fortitude Ability to motivate and drive the organization Ability to perceive & manage risk Foresight and broad perspective Strategic thinking & business insight Cross-cultural Communication Positive thinking and confident action Executive level business sense High level networking Empathy Courage Squarely facing reality Pursuit of root causes Resilience Selflessness Fairness and impartiality Displaying a strong sense of commitment through one s actions in a way that is fitting for someone leading the entire organization Taking action in line with the vision and ideas one has developed for the organization s future Firmly making decisions and taking action and never putting off problems Taking on difficult issues with the determination to see things through Creating an environment where all employees are motivated and reach their highest potential Ability to foresee risks that may impair our vision or strategy and quickly taking steps to avoid said risks Identifying medium/long-term trends and creating the necessary strategies for addressing them Identifying future business opportunities and creating the necessary strategies for capturing them Actively accepting different cultures in a way that improves the entire organization. Acting with confidence and motivating the entire organization Creating partnerships at the organizational level, beyond one s own field Building a broad external network and utilizing it for strategic management Having empathy for others and solving problems from their perspective Accepting the risk of failure and criticism instead of trying to protect one s own reputation and position. Facing reality and accepting even undesirable results sincerely. Discovering and investigating the root cause of issues and solving those. Tenaciously recovering from adversity and moving forward by treating such difficulties as learning experience. Accepting responsibility for one s decisions and actions as a leader of the organization Making decisions and taking actions with a sense of justice instead of in self interest or self protection. 10