Summary of the Policy for the Management of Conflicts of Interest

Mizuho Corporate Bank, Ltd. (hereinafter referred to as "MHCB") shall, in accordance with applicable laws and regulations, publish the summary of the policy for the management of conflicts of interest by MHCB, the consolidated subsidiaries, and the equity method affiliates of MHCB that are shown in the financial statements, etc. (hereinafter collectively referred to as the "MHCB Group"), as follows:

The MHCB Group shall manage any conflicts of interest that may arise out of or in relation to transactions to be concluded by and between customers and Mizuho Financial Group, Inc. or any of the consolidated subsidiaries and equity method affiliates of Mizuho Financial Group, Inc. that are shown in the financial statements (hereinafter collectively referred to as the "Group"). This is done for the purpose of eliminating and preventing the opportunity for the interests of the customers of the MHCB Group to be unfairly impaired as a result of those transactions, and we shall maintain our continuous efforts in ensuring protection and the enhanced convenience of the customers.

MHCB shall facilitate an appropriate structure for the management of conflicts of interest through various efforts, including appointment of personnel responsible for the management of conflicts of interest.

The "Companies Subject to the Management of Conflicts of Interest" of MHCB comprise the banks and foreign entities engaged in banking business under the MHCB Group. Please refer to the list of the "Companies Subject to the Management of Conflicts of Interest of MHCB", as shown in the Appendix hereof for the names of those companies. In addition, we would also take appropriate measures if companies other than the "Companies Subject to the Management of Conflicts of Interest" of MHCB require those actions.

The MHCB Group shall, in advance, identify/categorize the types of transactions that may cause conflicts of interest and shall review those on a regular basis, as well as on an as-needed basis.
Transactions that may cause conflicts of interest can be categorized into either: (a) transactions where the interest of one customer of the Group conflicts with the interest of another (e.g., cases where the Group provides advisory services on acquisition to customers who are competing with each other or who are adversaries in some way), or (b) transactions where the interest of a customer of the Group conflicts with the interest of the Group (e.g., cases where the Group sells underwritten corporate bonds to customers while the Group receives repayment of the loan from the respective bond issuer).

The MHCB Group shall endeavor to correctly understand the situation of conflicts of interest involved in transactions with customers and shall address such conflicts of interest according to the prevailing situation by taking such countermeasures, etc., as follows:

• Introducing a Chinese Wall to segregate information between the divisions/departments of those that have conflicts of interest with each other
• Obtaining consent from or disclosing to customers the situation concerning a conflict of interest
• Modifying the terms or the methods of the transaction concerned
• Avoiding the transaction concerned

The MHCB Group may share customer information or information concerning customer transactions with the "Companies Subject to the Management of Conflicts of Interest" of Mizuho Financial Group, Inc. to the extent that the management of conflicts of interest is required, without obtaining consent from the customers, as long as such information sharing does not constitute non-compliance or is in violation of applicable laws and regulations.

Please refer to "Companies Subject to the Management of Conflicts of Interest of the Group"(PDF/38KB) for the names of such companies.

The MHCB Group shall continuously endeavor to improve its framework for the management of conflicts of interest through verifying the effectiveness and appropriateness of the framework thereof and making necessary changes that reflect the results of such verification.