Monthly retail sales update

Research evidence excerpt

Monthly retail sales update

oever for any consequences (including but not limited to any direct, indirect or consequential losses, loss of profits and damages) of any reliance on or usage of this report and accepts no legal responsibility from any

investor who directly or indirectly receives this material. The final investment decision must be made by the investor and the responsibility for the investment must be taken by the investor.

Past performance should not be taken as an indication or guarantee of future performance. Unless otherwise attributed, forecasts of future performance represent analysts’ estimates based on factors they consider relevant. Actual performance may vary. Consequently, no express or

implied warranty can be made regarding future performance.

Any references in this report to Mizuho Financial Group (‘MHFG’) and/or its affiliates are based only on publicly available information. The authors of this report are prohibited from using any insider information relating to MHFG or any other companies mentioned in the report.

As a subsidiary of MHFG, Mizuho Securities does not, as a matter of firm policy, cover MHFG for investment recommendation purposes.

Mizuho Securities and its affiliates or other companies affiliated with MHFG may deal in securities referred to in this report, or derivatives of such securities or other securities issued by companies mentioned in this report, for its own account or the accounts of others, enter into transactions

contrary to any recommendations contained herein, and may supply a wide range of financial services to the issuers of such securities and to their affiliates. Mizuho Securities is prohibited under Article 135 of the Companies Act of Japan from dealing in the shares of MHFG for its own account.