Obligation Mizuho Holdings 0% ( XS1801906279 ) en EUR

Mizuho Holdings

100 % ▲

Japon

XS1801906279 ( en EUR )

10/04/2023 - Obligation échue

Prospectus brochure de l'obligation Mizuho Financial Group XS1801906279 en EUR 0%, échue

100 000 EUR

500 000 000 EUR

Mizuho Financial Group est un grand conglomérat de services financiers japonais offrant des services bancaires commerciaux et de détail, des services de valeurs mobilières et de gestion d'actifs.

L'Obligation émise par Mizuho Holdings ( Japon ) , en EUR, avec le code ISIN XS1801906279, paye un coupon de 0% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 10/04/2023

Mizuho Financial Group, Inc.
(incorporated in Japan with limited liability)
Mizuho Bank, Ltd.
(incorporated in Japan with limited liability)
U.S.$30,000,000,000
Debt Issuance Programme
Under the Debt Issuance Programme described in this Base Prospectus (the "Programme"), each of Mizuho Financial Group, Inc. ("MHFG") and Mizuho
Bank, Ltd. ("MHBK"; together with MHFG, the "Issuers" and each an "Issuer") may from time to time issue notes (the "Notes") denominated in any
currency agreed by the relevant Issuer and the relevant Dealer(s) (as defined herein). Any Notes issued under the Programme on or after the date of this
Base Prospectus are issued subject to the provisions herein. Notes issued by MHFG ("MHFG Notes") may be issued on a senior basis (the "Senior
Notes") or subordinated basis (the "Subordinated Notes") and Notes issued by MHBK ("MHBK Notes") will be issued on a senior basis. The Notes will
have a specified maturity date of one year or more.
The Senior Notes issued by MHFG are intended to qualify as external total loss-absorbing capacity ("TLAC") debt under the Japanese TLAC Standard
(as defined below). The Senior Notes will be MHFG's direct, unconditional, unsubordinated and unsecured obligations and rank pari passu and without
preference among themselves and with all other unsecured obligations, other than subordinated obligations of MHFG (except for statutorily preferred
exceptions) from time to time outstanding. See "Risk Factors--Risks related to Senior Notes issued by MHFG--Senior Notes issued by MHFG may
become subject to loss absorption if MHFG becomes subject to orderly resolution measures under the Deposit Insurance Act of Japan and Japanese
insolvency laws. As a result, the value of such Senior Notes could be materially adversely affected, and holders of such Senior Notes may lose all or a
portion of their investments".
The Subordinated Notes issued by MHFG are intended to qualify as Tier II capital under the applicable Japanese banking regulations. The Subordinated
Notes will be MHFG's direct and unsecured obligations which are unconditional and subordinated, as described below. Claims in respect of the
Subordinated Notes shall at all times rank equally and pari passu and without any preference among themselves and at least equally and ratably with all
other present and future unsecured, unconditional and dated subordinated obligations of MHFG, and in priority to the rights and claims of holders of all
present and future unsecured, undated, conditional and subordinated obligations of MHFG and holders of all classes of equity of MHFG, subject to the
Viability Write-Down as set out below. Upon the occurrence of a Subordination Event (as defined herein), amounts payable under the Subordinated
Notes will be subordinated in right of payment to the prior payment of all senior indebtedness of MHFG. Upon the occurrence of a Viability Event (as
defined herein), no amount under the Subordinated Notes will thereafter become due. Subsequently, the full principal amount of each Subordinated Note
will be written down to zero and the Subordinated Notes will be cancelled as of the Discharge Date (as defined herein). Such Viability Write-Down (as
defined herein) will result in holders of the Subordinated Notes losing the entire principal amount of the Subordinated Notes and all accrued and unpaid
interest thereon that have not become due and payable prior to the relevant Viability Event. Payment of principal of the Subordinated Notes may be
accelerated only in the case of the occurrence and continuation of specified events relating to or the winding-up or dissolution of MHFG. There is no
right of acceleration of the payment of principal of the Subordinated Notes upon a default in the payment of interest or in the performance of any
covenant by MHFG. See Conditions 2(b)(ii) (Subordination), 3 (Viability Write-Down) and 9(c) (Acceleration Event; Limited Rights of Acceleration)
of the Terms and Conditions of the MHFG Notes.
Application has been made to the Luxembourg Stock Exchange for Notes issued under the Programme during the period of 12 months from the date of
this Base Prospectus to be listed on the Luxembourg Stock Exchange and for such Notes to be admitted to trading on the Euro MTF Market (the
"Market"). References in this Base Prospectus to Notes being "listed" (and all related references) shall mean that such Notes have been admitted to
trading on the Market. This Base prospectus constitutes a prospectus for the purpose of Part IV of the Luxembourg law on prospectuses for securities
dated July 16, 2019. Notice of the aggregate nominal amount of Notes, interest (if any) payable in respect of Notes, the issue price of Notes and any
other terms and conditions not contained herein which are applicable to each Tranche of Notes will be set forth in a set of final terms (the "Final Terms").
The Programme provides that Notes may be listed on such other or further stock exchange(s) as may be agreed between the relevant Issuer and the
relevant Dealer(s). Unlisted Notes may also be issued.
The Programme has been rated, (i) in respect of the Senior Notes issued by MHFG, A- by S&P Global Ratings Japan Inc. ("S&P"), A1 by Moody's
Japan K.K. ("Moody's") and A- by Fitch Ratings Japan Limited ("Fitch"); (ii) in respect of the Subordinated Notes issued by MHFG, BBB by S&P and
A2 by Moody's; and (iii) in respect of Notes issued by MHBK, A by S&P, A1 by Moody's and AA- by Rating and Investment Information, Inc. ("R&I").
Where a Tranche of the Notes is rated, such rating will not necessarily be the same as the rating assigned to the Programme and such will be specified
in the applicable Final Terms. Investors should understand that a security rating is not a recommendation to buy, sell or hold securities, that it may be
subject to suspension, reduction or withdrawal at any time by the assigning rating organisation and that any rating should be evaluated independently of
any other rating.
This Base Prospectus is not a prospectus for the purposes of Regulation (EU) 2017/1129 (the "Prospectus Regulation").
See "Risk Factors", including those incorporated by reference herein, for a discussion of certain factors that should be considered in connection
with an investment in the Notes.
Arranger
Mizuho International plc
Programme Dealers
Mizuho International plc
Mizuho Securities Asia Limited
The date of this Base Prospectus is 18 August 2023

Each of the Issuers, having made all reasonable enquiries, confirms that this Base Prospectus contains all
information with respect to itself and its consolidated subsidiaries and the Notes to be issued by it which is
material in the context of the Programme, that the information contained in this Base Prospectus with respect
to itself and its consolidated subsidiaries and the Notes to be issued by it is true and accurate in all material
respects and is not misleading, that the opinions and intentions expressed by it in this Base Prospectus are
honestly held and that there are no other facts the omission of which would make any of such information or
the expression of any such opinions or intentions misleading. Each Issuer accepts responsibility accordingly,
save that it accepts no responsibility with respect to the information set out under the heading "Subscription
and Sale".
This Base Prospectus is to be read in conjunction with all documents which are deemed to be incorporated
herein by reference (see "Documents Incorporated by Reference"). This Base Prospectus shall be read and
construed on the basis that such documents are incorporated and form part of this Base Prospectus.
To the fullest extent permitted by law, none of the Dealers, the Arranger or the Trustee accept any responsibility
for the contents of this Base Prospectus or for any other statement, made or purported to be made by the
Arranger, the Trustee or a Dealer or on its behalf in connection with the Issuers or the issue and offering of the
Notes. The Arranger, the Trustee and each Dealer accordingly disclaims all and any liability whether arising
in tort or contract or otherwise (save as referred to above) which it might otherwise have in respect of this Base
Prospectus or any such statement.
No person has been authorised to give any information or to make any representation not contained in or not
consistent with this Base Prospectus or any other information supplied in connection with the Programme and,
if given or made, such information or representation must not be relied upon as having been authorised by the
Issuers, any of the Dealers or the Trustee.
Neither this Base Prospectus nor any other information supplied in connection with the Programme (i) is
intended to provide the basis of any credit or other evaluation or (ii) should be considered as a recommendation
by the Issuers, any of the Dealers or the Trustee that any recipient of this Base Prospectus or any other
information supplied in connection with the Programme should purchase any Notes. Each investor
contemplating purchasing any Notes should make its own independent investigation of the financial condition
and affairs, and its own appraisal of the creditworthiness, of the Issuers. Neither this Base Prospectus nor any
other information supplied in connection with the Programme constitutes an offer or invitation by or on behalf
of either of the Issuers, any of the Dealers or the Trustee to any person to subscribe for or to purchase any
Notes. This Base Prospectus may only be used for the purposes for which it has been published.
The delivery of this Base Prospectus does not at any time imply that the information contained herein
concerning the Issuers is correct at any time subsequent to the date hereof or that any other information
supplied in connection with the Programme is correct as of any time subsequent to the date indicated in the
document containing the same. The Dealers and the Trustee expressly do not undertake to review the financial
condition or affairs of the Issuers during the life of the Programme. Investors should review, inter alia, the most
recent consolidated financial statements of the Issuers when deciding whether or not to purchase any Notes.
The distribution of this Base Prospectus and the offer or sale of Notes may be restricted by law in certain
jurisdictions. The Issuers, the Dealers and the Trustee do not represent that this Base Prospectus may be
lawfully distributed, or that the Notes may be lawfully offered, in compliance with any applicable registration
or other requirements in any such jurisdiction, or pursuant to an exemption available thereunder, or assume
any responsibility for facilitating any such distribution or offering. In particular, no action has been taken by
the Issuers, the Dealers or the Trustee which would permit a public offering of the Notes or distribution of this
Base Prospectus in any jurisdiction where action for that purpose is required. Accordingly, the Notes may not
be offered or sold directly or indirectly, and neither this Base Prospectus nor any advertisement or other offering
material may be distributed or published in any jurisdiction, except under circumstances that will result in
compliance with any applicable laws and regulations. Persons into whose possession this Base Prospectus or

2

any Notes come must inform themselves about, and observe, any such restrictions. In particular, there are
restrictions on the distribution of this Base Prospectus and the offer or sale of Notes in the United States, the
European Economic Area, the United Kingdom and Japan (see "Subscription and Sale").
The Notes have not been and will not be registered under the United States Securities Act of 1933, as amended
(the "Securities Act") and are subject to U.S. tax law requirements. Subject to certain exceptions, the Notes
may not be offered, sold or delivered within the United States or to U.S. persons (as defined in Regulation S
under the Securities Act) (see "Subscription and Sale").
The Notes have not been and will not be registered under the Financial Instruments and Exchange Act of Japan
(Act No.25 of 1948) (as amended) (the "Financial Instruments and Exchange Act") and are subject to the
Special Taxation Measures Act of Japan (Act No.26 of 1957) (as amended) (the "Special Taxation Measures
Act"). The Notes may not be offered or sold in Japan or to, or for the benefit of, residents of Japan, except
pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the Financial
Instruments and Exchange Act and any other applicable laws, regulations and governmental guidelines of
Japan (See "Subscription and Sale"). The Notes may only be offered or sold, as part of the distribution at any
time directly or indirectly, to, or for the benefit of, a beneficial owner that is, (i) for Japanese tax purposes,
neither (a) an individual resident of Japan or a Japanese corporation, nor (b) an individual non-resident of
Japan or a non-Japanese corporation that in either case is a person having a special relationship with the
Issuer of the relevant Notes as described in Article 6, Paragraph 4 of the Special Taxation Measures Act (a
"specially-related person of the Issuer") or (ii) a Japanese financial institution, designated in Article 6,
Paragraph 11 of the Special Taxation Measures Act (a "Designated Financial Institution"), except as
specifically permitted under the Special Taxation Measures Act. Interest payments on the Notes will generally
be subject to Japanese withholding tax unless it is established that such Notes are held by or for the account of
a beneficial owner that is (i) for Japanese tax purposes, neither (x) an individual resident of Japan or a Japanese
corporation, nor (y) an individual non-resident of Japan or a non-Japanese corporation that in either case is a
specially-related person of the Issuer, (ii) a Designated Financial Institution which complies with the
requirement for tax exemption under Article 6, Paragraph 11 of the Special Taxation Measures Act or (iii) a
Japanese public corporation, a Japanese financial institution or a Japanese financial instruments business
operator, etc. described in Article 3-3, Paragraph 6 of the Special Taxation Measures Act which complies with
the requirement for tax exemption under that paragraph. Interest payments on the Notes to an individual
resident of Japan, to a Japanese corporation (except as described in the preceding sentence), or to an individual
non-resident of Japan or a non-Japanese corporation that in either case is a specially-related person of the
Issuer will be subject to deduction in respect of Japanese income tax at a rate of currently 15.315 per cent. (or
15 per cent. on or after 1 January 2038) of the amount of such interest. However, interest on the Notes of which
the amount of interest is to be calculated by reference to certain indexes (as prescribed under the Cabinet Order
(as defined below) relating to Article 6, Paragraph 4 of the Special Taxation Measures Act) relating to the
Issuer of the relevant Notes or a specially-related person of the Issuer will be subject to such withholding tax
even if paid to an individual non-resident of Japan or a non-Japanese corporation that is not a specially-related
person of the Issuer (See "Taxation -- Japan").
By subscribing for the Notes, an investor will be deemed to have represented it is a beneficial owner that
is, (i) for Japanese tax purposes, neither (a) an individual resident of Japan or a Japanese corporation
nor (b) an individual non-resident of Japan or a non-Japanese corporation that in either case is a
specially-related person of the Issuer or (ii) a Designated Financial Institution.
PROHIBITION OF SALES TO EEA RETAIL INVESTORS The Notes are not intended to be offered,
sold or otherwise made available to any retail investor in the European Economic Area ("EEA"). For these
purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of
Article 4(1) of Directive 2014/65/EU ("MiFID II"); (ii) a customer within the meaning of Directive (EU)
2016/97 (the "Insurance Distribution Directive"), where that customer would not qualify as a professional client
as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in the Prospectus

3

Regulation. Consequently, no key information document required by Regulation (EU) No 1286/2014 (the
"PRIIPs Regulation") for offering or selling the Notes or otherwise making them available to retail investors in
the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to
any retail investor in the EEA may be unlawful under the PRIIPS Regulation.
PROHIBITION OF SALES TO UK RETAIL INVESTORS The Notes are not intended to be offered, sold
or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor
in the United Kingdom (the "UK"). For these purposes, a retail investor means a person who is one (or more)
of: (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of
domestic law by virtue of the European Union (Withdrawal) Act 2018 ("EUWA"); (ii) a customer within the
meaning of the provisions of the Financial Services and Markets Act 2000 (the "FSMA") and any rules or
regulations made under the FSMA to implement the Insurance Distribution Directive, where that customer
would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014
as it forms part of domestic law by virtue of the EUWA; or (iii) not a qualified investor as defined in Article 2
of the Prospectus Regulation as it forms part of domestic law by virtue of the EUWA (the "UK Prospectus
Regulation"). Consequently, no key information document required by Regulation (EU) No 1286/2014 as it
forms part of domestic law by virtue of the EUWA (the "UK PRIIPs Regulation") for offering or selling the
Notes or otherwise making them available to retail investors in the UK has been prepared and therefore offering
or selling the Notes or otherwise making them available to any retail investor in the UK may be unlawful under
the UK PRIIPs Regulation.
MIFID II PRODUCT GOVERNANCE / PROFESSIONAL INVESTORS AND ECPS ONLY TARGET
MARKET The Final Terms in respect of any Notes may include a legend entitled "MiFID II Product
Governance" which will outline the target market assessment in respect of the Notes and which channels for
distribution of the Notes are appropriate. Any person subsequently offering, selling or recommending the Notes
(a "distributor") should take into consideration the target market assessment; however, a distributor subject to
MiFID II is responsible for undertaking its own target market assessment in respect of the Notes (by either
adopting or refining the target market assessment) and determining appropriate distribution channels.
A determination will be made in relation to each issue about whether, for the purpose of the MiFID Product
Governance rules under EU Delegated Directive 2017/593 (the "MiFID Product Governance Rules"), any
Dealer subscribing for any Notes is a manufacturer in respect of such Notes, but otherwise neither the Arranger
nor the Dealers nor any of their respective affiliates will be a manufacturer for the purpose of the MIFID Product
Governance Rules.
UK MIFIR PRODUCT GOVERNANCE / PROFESSIONAL INVESTORS AND ECPs ONLY TARGET
MARKET The Final Terms in respect of any Notes may include a legend entitled "UK MiFIR Product
Governance" which will outline the target market assessment in respect of the Notes and which channels for
distribution of the Notes are appropriate. Any distributor should take into consideration the target market
assessment; however, a distributor subject to the FCA Handbook Product Intervention and Product Governance
Sourcebook (the "UK MiFIR Product Governance Rules") is responsible for undertaking its own target market
assessment in respect of the Notes (by either adopting or refining the target market assessment) and determining
appropriate distribution channels.
A determination will be made in relation to each issue about whether, for the purpose of the UK MiFIR Product
Governance Rules, any Dealer subscribing for any Notes is a manufacturer in respect of such Notes, but
otherwise neither the Arranger nor the Dealers nor any of their respective affiliates will be a manufacturer for
the purpose of the UK MiFIR Product Governance Rules.
Notification under Section 309B(1)(c) of the Securities and Futures Act 2001 of Singapore (as modified
or amended from time to time, the "SFA"): In connection with Section 309B of the SFA and the Securities
and Futures (Capital Markets Products) Regulations 2018 of Singapore (the "CMP Regulations 2018"), unless
otherwise specified before an offer of Notes, each Issuer has determined, and hereby notifies all relevant persons

4

(as defined in Section 309A(1) of the SFA), that Notes issued by it are prescribed capital markets products (as
defined in the CMP Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-
N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on
Investment Products).
In connection with the issue of any Tranche, the Dealer or Dealers (if any) named as the stabilising
manager(s) (the "Stabilising Manager(s)") (or any person acting on behalf of any Stabilising Manager(s))
in the applicable Final Terms may over-allot Notes or effect transactions with a view to supporting the
market price of the Notes at a level higher than that which might otherwise prevail. However, there is no
assurance that the Stabilising Manager(s) (or any person acting on behalf of any Stabilising Manager(s))
will undertake stabilisation action. Any stabilisation action may begin on or after the date on which
adequate public disclosure of the terms of the offer of the relevant Tranche is made and, if begun, may
be ended at any time, but it must end no later than the earlier of 30 days after the issue date of the relevant
Tranche and 60 days after the date of the allotment of the relevant Tranche. Any stabilisation action or
over-allotment must be conducted by the relevant Stabilising Manager(s) (or any person acting on behalf
of any Stabilising Manager(s)) in accordance with all applicable laws and rules.
All references in this Base Prospectus to "Japanese Yen", "yen" and "¥" refer to the currency of Japan, those to
"U.S. Dollars", "U.S.$" and "$" refer to the currency of the United States of America, those to "EUR" and ""
refer to the currency of those member states of the European Union which are participating in the European
Economic and Monetary Union pursuant to the Treaty on European Union, those to "CNY" refer to the currency
of the People's Republic of China (which for this purpose shall exclude Hong Kong, Macau and Taiwan) and
those to "AUD" and "A$" refer to the currency of the Commonwealth of Australia. In addition, references in
this Base Prospectus to the "Group" shall mean MHFG and its consolidated subsidiaries, taken as a whole.
This Base Prospectus and the documents incorporated by reference herein contain in a number of places
forward-looking statements regarding an Issuer's intent, belief, targets or current expectations of its
management with respect to such Issuer's financial condition and future results of operations. In many cases,
but not all, an Issuer may use such words as "aim", "anticipate", "believe", "endeavour", "estimate", "expect",
"intend", "may", "plan", "probability", "project", "risk", "seek", "should", "strive", "target" and similar
expressions in relation to itself or its management to identify forward-looking statements. Forward-looking
statements may also be identified by discussions of strategy, plans or intentions. These statements reflect the
relevant Issuer's current views with respect to future events and are subject to risks, uncertainties and
assumptions. Should one or more of these risks or uncertainties materialise, or should underlying assumptions
prove incorrect, such Issuer's actual results may vary materially from those it currently anticipates.
The Issuers have identified some of the risks inherent in forward-looking statements in "Item 3.D. Key
Information--Risk Factors" of MHFG's most recent annual report on Form 20-F and in the "Risk Factors"
section of this Base Prospectus. Other factors could also adversely affect an Issuer's results or the accuracy of
forward-looking statements in this Base Prospectus or the documents incorporated by reference herein, and
those should not be considered to be a complete set of all potential risks or uncertainties.
The forward-looking statements included or incorporated by reference in this Base Prospectus are made only
as of the dates on which such statements were made. Each Issuer expressly disclaims any obligation or
undertaking to release any update or revision to any forward-looking statement contained herein or therein to
reflect any change in such Issuer's expectations with regard thereto or any change in events, conditions or
circumstances on which any statement is based.
MHFG's financial statements for reporting purposes under the United States Securities Exchange Act of 1934,
as amended, are prepared on an annual and semi-annual basis in accordance with accounting principles
generally accepted in the United States ("U.S. GAAP"), while MHFG's and MHBK's financial statements for
reporting in Japan and Japanese bank regulatory purposes are prepared in accordance with accounting principles
generally accepted in Japan ("Japanese GAAP"). Financial information for MHFG and MHBK contained or

5

incorporated by reference herein is presented in accordance with U.S. GAAP or Japanese GAAP, as specified
herein or in the relevant document being incorporated by reference.
There are certain differences between U.S. GAAP and Japanese GAAP. For a description of certain differences
between U.S. GAAP and Japanese GAAP in respect of MHFG's financial statements, see "Item 5. Operating
and Financial Review and Prospects--Reconciliation with Japanese GAAP" in MHFG's most recent annual
report on Form 20-F filed with the SEC. Prospective investors should consult their own professional advisers
for a more complete understanding of the differences between U.S. GAAP, Japanese GAAP and the generally
accepted accounting principles of other countries and how those differences might affect the financial
information contained or incorporated by reference herein.

6

TABLE OF CONTENTS
Page
DOCUMENTS INCORPORATED BY REFERENCE ...................................................................................... 8
GENERAL DESCRIPTION OF THE PROGRAMME ................................................................................... 10
SUMMARY OF THE PROGRAMME AND TERMS AND CONDITIONS OF THE NOTES ....................... 11
RISK FACTORS .............................................................................................................................................. 20
FORM OF THE NOTES .................................................................................................................................. 35
TERMS AND CONDITIONS OF THE MHFG NOTES ................................................................................. 39
TERMS AND CONDITIONS OF THE MHBK NOTES ................................................................................ 75
USE OF PROCEEDS ..................................................................................................................................... 107
MIZUHO FINANCIAL GROUP, INC. .......................................................................................................... 108
MIZUHO BANK, LTD. .................................................................................................................................. 112
TAXATION ..................................................................................................................................................... 117
SUBSCRIPTION AND SALE ....................................................................................................................... 124
FORM OF FINAL TERMS ............................................................................................................................ 129
GENERAL INFORMATION ......................................................................................................................... 139

7

DOCUMENTS INCORPORATED BY REFERENCE
The following documents shall be incorporated in, and to form part of, this Base Prospectus:
(a)
MHFG's annual report on Form 20-F for the fiscal year ended 31 March 2023, filed with the United
States Securities and Exchange Commission (the "SEC") on 28 June 2023 ("Form 20-F") (other than
the sections entitled "Item 9. The Offer and Listing" on page 137 and "Item 12. Description of Securities
Other than Equity Securities" on pages 182 to 183 thereof) containing, inter alia, the audited
consolidated financial statements of MHFG as of 31 March 2022 and 2023 and for each of the fiscal
years in the three-year period ended 31 March 2023 prepared in accordance with U.S. GAAP;
(b)
an English translation of the Japanese language audited annual consolidated financial statements of
MHBK as of and for the fiscal years ended 31 March 2022 and 2023 prepared in accordance with
Japanese GAAP;
(c)
MHFG's current report on Form 6-K, dated 31 July 2023, containing the English translation of the
"Consolidated Financial Statements for the First Quarter of Fiscal 2023 (Under Japanese GAAP)"
(kessan tanshin) published by MHFG on 31 July 2023, including the Selected Financial Information
(kessan setsumei shiryo) attached thereto, other than any information relating to earnings estimates and
dividends estimates;
(d)
MHFG's current report on Form 6-K, dated 14 August 2023, containing MHFG's unaudited quarterly
consolidated financial statements under Japanese GAAP, as of and for the three months ended 30 June
2023; and
(e)
MHFG's current report on Form 6-K, dated 14 August 2023, containing certain information about its
capital ratios as of 30 June 2023,
save that any statement contained herein or in a document that is incorporated by reference herein shall be
modified or superseded for the purpose of this Base Prospectus to the extent that a statement contained in any
such subsequent document which is incorporated by reference herein modifies or supersedes such earlier
statement (whether expressly, by implication or otherwise).
In addition, the following documents shall, once filed with and published on the website of the Luxembourg
Stock Exchange, be incorporated by reference and form part of this Base Prospectus.
(i)
the most recently published annual report on Form 20-F of MHFG (other than the sections entitled "Item
9. The Offer and Listing" and "Item 12. Description of Securities Other than Equity Securities" thereof),
which is furnished to the SEC subsequent to the date of this Base Prospectus;
(ii)
the most recently published current report on Form 6-K of MHFG concerning MHFG's financial
condition and results of operations, presented under Japanese GAAP (being English translation of
MHFG's consolidated financial results (kessan tanshin) and the selected financial information (kessan
setsumei shiryo) attached thereto), as of and for any three-month period ending 30 June, six-month
period ending 30 September, nine-month period ending 31 December or year ending 31 March (other
than any information relating to earnings estimates and dividends estimates), which is furnished to the
SEC subsequent to the date of this Base Prospectus;
(iii) the most recently published current report on Form 6-K of MHFG containing MHFG's unaudited
quarterly consolidated financial statements under Japanese GAAP, as of and for any three-month period
ending 30 June or nine-month period ending 31 December, or containing MHFG's unaudited interim
consolidated financial statements under Japanese GAAP as of and for any six-month period ending 30
September, which is furnished to the SEC subsequent to the date of this Base Prospectus;

8

(iv)
the most recently published current report on Form 6-K of MHFG containing MHFG's financial
condition and results of operations, presented under U.S. GAAP, as of and for any six-month period
ending 30 September which is furnished to the SEC subsequent to the date of this Base Prospectus;
(v)
English translation of the Japanese language audited annual and unaudited semi-annual consolidated
financial statements of MHBK as of and for any year ending 31 March or six-month period ending 30
September prepared in accordance with Japanese GAAP; and
(vi)
the most recently published current report on Form 6-K of MHFG containing certain information about
its capital ratios, which is furnished to the SEC subsequent to the date of this Base Prospectus.
Each such document incorporated by reference shall modify or supersede the contents of this Base Prospectus
to the extent that a statement in any such document is inconsistent with such contents and all amendments and
supplements to this Base Prospectus from time to time.
Each of the Issuers will provide, without charge, to each person to whom a copy of this Base Prospectus has
been delivered, upon the oral or written request of such person, a copy of any or all of the documents with
respect to itself which are incorporated herein by reference. Written or oral requests for such documents should
be directed to the relevant Issuer at its office set out at the end of this Base Prospectus. In addition, such
documents will be available free of charge from the principal office in Luxembourg of Mizuho Trust & Banking
(Luxembourg) S.A. (the "Listing Agent") and the website of the Luxembourg Stock Exchange at
www.luxse.com.
Each of the Issuers will, in connection with the listing of its Notes on the Luxembourg Stock Exchange's Euro
MTF Market, so long as any of its Notes remains outstanding and listed on such exchange, in the event of any
material adverse change in the financial condition of such Issuer which is not reflected in this Base Prospectus,
prepare a further supplement to this Base Prospectus or publish a new Base Prospectus for use in connection
with any subsequent issue of Notes to be listed on the Luxembourg Stock Exchange's Euro MTF Market. If the
terms of the Programme are modified or amended in a manner which would make this Base Prospectus, as
supplemented, inaccurate or misleading, a new Base Prospectus will be prepared.

9

GENERAL DESCRIPTION OF THE PROGRAMME
Under the Programme, each of MHFG and MHBK may from time to time issue Notes denominated in any
currency. A summary of the Programme and the Terms and Conditions of the Notes appears below. Subject as
set out herein, the applicable terms of any Notes will be agreed between the relevant Issuer and the relevant
Dealer(s) prior to the issue of the Notes and will be set out in the relevant Terms and Conditions endorsed on,
or incorporated by reference into, the Notes, as amended and/or supplemented by the applicable Final Terms
with respect to a specific Tranche of Notes attached to, or endorsed on, such Notes, as more fully described
under "Form of the Notes".
This Base Prospectus and any supplement will only be valid for listing Notes on the Luxembourg Stock
Exchange's Euro MTF Market in an aggregate nominal amount which, when added to the aggregate nominal
amount then outstanding of all Notes previously or simultaneously issued under the Programme, does not
exceed U.S.$30,000,000,000 or its equivalent in other currencies, subject to increase as provided herein. For
the purpose of calculating the U.S. Dollar equivalent of the aggregate amount of Notes issued under the
Programme from time to time:
(a)
the U.S. Dollar equivalent of Notes denominated in another Specified Currency shall be determined, at
the discretion of the relevant Issuer, either as of the date on which agreement is reached for the issue of
the Notes, or on the preceding day on which commercial banks and foreign exchange markets are open
for business in London, in each case on the basis of the spot rate for the sale of the U.S. Dollar against
the purchase of such Specified Currency in the London foreign exchange market quoted by any leading
international bank selected by the relevant Issuer on the relevant day of calculation;
(b)
the U.S. Dollar equivalent of Dual Currency Notes and Index Linked Notes shall be calculated in the
manner specified above by reference to the original nominal amount on issue of such Notes; and
(c)
the U.S. Dollar equivalent of Zero Coupon Notes and other Notes issued at a discount or premium shall
be calculated in the manner specified above by reference to the nominal amount of the Notes of the
relevant issue.

10