Bond AZ Bank 0.05% ( DE000DFK0GB1 ) in EUR

AZ Bank

100 % ▲

Germany

DE000DFK0GB1 ( in EUR )

0.05% per year ( payment 1 time a year)

08/12/2027

Prospectus brochure of the bond DZ Bank DE000DFK0GB1 en EUR 0.05%, maturity 08/12/2027

100 000 EUR

250 000 000 EUR

08/12/2025 ( In 159 days )

DZ Bank is a German investment bank headquartered in Frankfurt, offering a range of services including corporate banking, investment banking, and asset management.

The Bond issued by AZ Bank ( Germany ) , in EUR, with the ISIN code DE000DFK0GB1, pays a coupon of 0.05% per year.
The coupons are paid 1 time per year and the Bond maturity is 08/12/2027

This document constitutes the base prospectus for the purposes of Article 8 (1) of Regulation (EU)
2017/1129 of the European Parliament and of the Council of 14 June 2017, as amended, in respect of
non-equity securities (the "Debt Issuance Programme Prospectus" or the "Prospectus").

Debt Issuance Programme Prospectus
4 June 2021

DZ BANK AG
Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main
Frankfurt am Main, Federal Republic of Germany

as Issuer

DZ BANK AG Debt Issuance Programme (the "Programme")

Application has been made to the Luxembourg Stock Exchange for the notes to be issued under this Programme
(the "Notes") to be admitted to trading on the Regulated Market "Bourse de Luxembourg" which is a regulated
market for the purposes of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014
on markets in financial instruments amending Directive 2002/92/EC and Directive 2011/61/EU, as amended (the
"MiFID II Directive"), and to be listed on the Official List of the Luxembourg Stock Exchange. Notes issued under
this Programme may also be listed on the Frankfurt Stock Exchange, Düsseldorf Stock Exchange and on other or
further stock exchanges or may not be listed at all.

This Prospectus has been approved by the Commission de Surveillance du Secteur Financier (the "CSSF") as
competent authority under Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June
2017, as amended (the "Prospectus Regulation") and the Law of 16 July 2019 on Prospectuses for Securities
(Loi du 16 juillet 2019 relative aux prospectus pour valeurs mobilières) (the "Luxembourg Law"). By approving
this Prospectus, CSSF gives no undertaking as to the economic or financial soundness of the operation or the
quality or solvency of the Issuer pursuant to Article 6 (4) of the Luxembourg Law. The CSSF only approves this
Prospectus as meeting the standards of completeness, comprehensibility and consistency imposed by the
Prospectus Regulation. Such an approval should not be considered as an endorsement of the Issuer and of the
quality of the Notes that are the subject of this Prospectus. Investors should make their own assessment as to the
suitability of investing in the Notes.

The Issuer has also requested the CSSF to provide the competent authorities in the Federal Republic of
Germany, the Republic of Austria, Ireland and the Kingdom of the Netherlands with a certificate of approval
attesting that this Prospectus has been drawn up in accordance with the Prospectus Regulation (each a
"Notification"). The Issuer may request the CSSF to provide competent authorities in additional host Member
States within the European Economic Area with a Notification.

Arranger

DZ BANK AG

Dealers

DZ BANK AG
DZ PRIVATBANK S.A.

This Prospectus will be published in electronic form on the website of the Luxembourg Stock Exchange
(www.bourse.lu) and on the website of DZ BANK AG (www.dzbank.de). This Prospectus is valid for a period of 12
months from its date of approval. The validity of this Prospectus will expire on 4 June 2022. The obligation
to supplement this Prospectus in the event of significant new factors, material mistakes or material
inaccuracies does not apply when this Prospectus is no longer valid.

2
NOTICE

Relevant Information

This Prospectus should be read and understood in conjunction with any supplement to this Prospectus
and with any other document incorporated herein by reference. Full information on DZ BANK AG
Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main ("DZ BANK", "DZ BANK AG" or the
"Issuer") and any Tranche (as defined in this Prospectus) of Notes is only available on the basis of the
combination of this Prospectus and the relevant final terms (the "Final Terms").

The Issuer has confirmed to the dealers set forth on the cover page of this Prospectus and to any
additional Dealer appointed under this Programme from time to time by the Issuer (each a "Dealer"
and together the "Dealers") that this Prospectus contains all information with regard to the Issuer and
the Notes which is material in the context of this Programme and the issue and offering of Notes
thereunder; that the information contained in this Prospectus with respect to the Issuer and the Notes
is accurate in all material respects and is not misleading; that any opinions and intentions expressed
herein with respect to the Issuer and the Notes are honestly held; that there are no other facts with
respect to the Issuer or the Notes the omission of which would make this Prospectus as a whole or
any of such information or the expression of any such opinions or intentions misleading and that the
Issuer has made all reasonable enquiries to ascertain all facts material for the purposes aforesaid.

The Issuer has undertaken with the Dealers (i) to publish a supplement to this Prospectus or publish a
new Prospectus if and when the information in this Prospectus should become material y inaccurate or
incomplete or in the event of any significant new factor, material mistake or material inaccuracy
relating to the information included in this Prospectus which may affect the assessment of the Notes
and, (i ) to have such document approved by the CSSF.

Unauthorised Information

No person has been authorised to give any information which is not contained in, or not consistent
with, this Prospectus or any other document entered into or any other information supplied by the
Issuer in relation to this Programme or any information supplied by the Issuer or such other
information in the public domain or such other information in the public domain in connection with this
Programme and, if given or made, such information must not be relied upon as having been
authorised by the Issuer, the Dealers or any of them.

Neither the Arranger nor any of the Dealers, any financial intermediaries or any other person
mentioned in this Prospectus, excluding the Issuer, is responsible for the information contained in this
Prospectus or any supplement to this Prospectus or any Final Terms or any other document
incorporated herein by reference, and, accordingly and to the extent permitted by the laws of any
relevant jurisdiction, none of these persons accepts any responsibility for the accuracy or
completeness of the information contained in any of these documents.

This Prospectus is valid for 12 months after its date of approval and this Prospectus and any
supplement to this Prospectus as wel as any Final Terms reflect the status as at their respective
dates of issue. The delivery of this Prospectus, any supplement to this Prospectus or any Final Terms
and the offering, sale or delivery of any Notes may not be taken as an implication that the information
contained in such documents is accurate and complete subsequent to their respective dates of issue
or that there has been no adverse change in the financial situation of the Issuer since such date or
that any other information supplied in connection with this Programme is accurate at any time
subsequent to the date on which it is supplied or, if different, the date indicated in the document
containing the same.

Restrictions on Distribution

For a description of restrictions applicable in the Member States of the European Economic Area in
general, the United States of America, the United Kingdom of Great Britain and Northern Ireland
("United Kingdom" or "UK"), Japan, Hong Kong, the People's Republic of China, Taiwan and the
Republic of Korea, see "Selling Restrictions" below. In particular, the Notes have not been and will not
be registered under the United States Securities Act of 1933, as amended, and are subject to tax law

3
requirements of the United States of America. Subject to certain exceptions, Notes may not be
offered, sold or delivered within the United States of America or to U.S. persons.

Language of this Prospectus

The language of this Prospectus is English. Any part of this Prospectus in the German language
constitutes a translation. In respect of the issue of any Tranche of Notes under this Programme, the
German text of the Conditions (as defined in this Prospectus) may be controlling and binding if so
specified in the Final Terms. The Issuer confirms that, to the best of its knowledge, the non-binding
English text of the Conditions correctly and adequately reflects the binding German language version
of the Conditions.

Use of this Prospectus

Each Dealer and/or each further financial intermediary, if any, subsequently reselling or final y placing
the Notes issued under this Programme are entitled to use this Prospectus as set out in "Consent to
use the Prospectus".

This Prospectus, any supplement to this Prospectus and any Final Terms may only be used for the
purpose for which they have been published.

This Prospectus, any supplement to this Prospectus and any Final Terms may not be used for
the purpose of an offer or solicitation by anyone in any jurisdiction in which such offer or
solicitation is not authorised or to any person to whom it is unlawful to make such an offer or
solicitation.

This Prospectus, any supplement to this Prospectus and any Final Terms do not constitute an offer or
an invitation to any person to subscribe for or to purchase any Notes.

Stabilisation

In connection with the issue of any Tranche of Notes under this Programme, the Dealer or
Dealers (if any) named as the stabilising manager(s) (or persons 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, stabilisation may not necessarily occur. 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 of the Notes is made and, if begun, may cease at any
time, but it must end no later than the earlier of 30 days after the issue date of the relevant
Tranche of Notes and 60 days after the date of the allotment of the relevant Tranche of Notes.
Any stabilisation action or over-allotment must be conducted by the relevant stabilising
manager(s) (or person(s) acting on behalf of any stabilising manager(s)) in accordance with all
applicable laws and rules.

MIFID II PRODUCT GOVERNANCE

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, sel ing or
recommending the Notes (a "Distributor") should take into consideration the target market
assessment; however, a Distributor subject to the MiFID II Directive 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 wil be made in relation to each issue about whether, for the purpose of the MiFID
Product Governance rules under Commission Delegated Directive (EU) 2017/593 of 7 April 2016 (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.

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UK MIFIR PRODUCT GOVERNANCE

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 person subsequently offering, sel ing or
recommending the Notes (a "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.

PROHIBITION OF SALES TO EEA RETAIL INVESTORS

If the Final Terms in respect of any Notes include a legend entitled "PROHIBITION OF SALES TO
EEA 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
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 the MiFID II Directive; or (i ) a
customer within the meaning of Directive EU 2016/97, where that customer would not qualify as a
professional client as defined in point (10) of Article 4 (1) of the MiFID II Directive; or (i i) not a qualified
investor as defined in the Prospectus Regulation. Consequently no key information document required
by Regulation (EU) No 1286/2014 (as amended, the "EU 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 EU PRIIPs Regulation.

PROHIBITION OF SALES TO UK RETAIL INVESTORS

If the Final Terms in respect of any Notes include a legend entitled "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. 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 UK law by
virtue of the European Union (Withdrawal) Act 2018 ("EUWA"); or (i ) a customer within the meaning of
the provisions of the Financial Services and Markets Act 2000 ("FSMA") and any rules or regulations
made under the FSMA to implement Directive (EU) 2016/97, 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 UK law by virtue of the EUWA; or (i i) not a qualified investor as defined in Article 2 of
Regulation (EU) 2017/1129 as it forms part of UK law by virtue of the EUWA. Consequently no key
information document required by Regulation (EU) No 1286/2014 as it forms part of UK law by virtue
of the EUWA (the "UK PRIIPs Regulation") for offering or sel ing 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.

BENCHMARKS REGULATION

Interest amounts payable under Floating Rate Notes, Fixed to Floating Rate Notes or Fixed to Fixed
Rate Notes are calculated by reference to (i) EURIBOR (Euro Interbank Offered Rate) which is
provided by the European Money Markets Institute (the "EMMI") or (i ) LIBOR (London Interbank
Offered Rate) which is provided by the ICE Benchmark Administration Limited (the "IBA") or (ii ) the
(CMS) swap rate(s) which is/are also provided by IBA. As at the date of approval of this Prospectus,
EMMI appears and IBA does not appear on the register of administrators and benchmarks established

5
and maintained by the European Securities and Markets Authority ("ESMA") pursuant to Article 36 of
the Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on
indices used as benchmarks in financial instruments and financial contracts or to measure the
performance of investment funds, as amended ("Benchmarks Regulation").
As far as the Issuer is aware, the transitional provisions in Article 51 of the Benchmarks Regulation
apply, such that IBA is not currently required to obtain recognition, endorsement or equivalence.

FORWARD-LOOKING STATEMENTS

This Prospectus contains certain forward-looking statements. A forward-looking statement is a
statement that does not relate to historical facts and events. Forward-looking statements are based on
analyses or forecasts of future results and estimates of amounts not yet determinable or foreseeable.
These forward-looking statements may be identified by the use of terms and phrases such as
"anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will"
and similar terms and phrases, including references and assumptions. This applies, in particular, to
statements in this Prospectus containing information on future earning capacity, plans and
expectations regarding DZ BANK's business and management, its growth and profitability, and
general economic and regulatory conditions and other factors that affect it.
Forward-looking statements in this Prospectus are based on current estimates and assumptions that
the Issuer makes to the best of its present knowledge. These forward-looking statements are subject
to risks, uncertainties and other factors which could cause actual results, including DZ BANK's
financial condition and results of operations, to differ materially from and be worse than results that
have expressly or implicitly been assumed or described in these forward-looking statements. DZ
BANK's business is also subject to a number of risks and uncertainties that could cause a forward-
looking statement, estimate or prediction in this Prospectus to become inaccurate. Accordingly,
investors are strongly advised to read the following sections of this Prospectus: "Risk Factors" and
"DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main". These sections include
more detailed descriptions of factors that might have an impact on DZ BANK's business and the
markets in which it operates.
In light of these risks, uncertainties and assumptions, future events described in this Prospectus may
not occur. In addition, neither the Issuer nor the Dealers assume any obligation, except as required by
law, to update any forward-looking statement or to conform these forward-looking statements to actual
events or developments.

6
TABLE OF CONTENTS

Page

GENERAL DESCRIPTION OF THE PROGRAMME .............................................................................. 9
General ...... ............................................................................................................................................. 9
Issue Procedures ................................................................................................................................... 11
RISK FACTORS .................................................................................................................................... 13
Risk Factors specific and material to the Issuer .................................................................................... 13
Risk Factors specific and material to the Notes .................................................................................... 28
RESPONSIBILITY STATEMENT ......................................................................................................... 38
CONSENT TO USE THE PROSPECTUS ............................................................................................ 39
DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK, FRANKFURT AM MAIN ....... 40
Statutory Auditors .................................................................................................................................. 40
Information about DZ BANK .................................................................................................................. 40
Business Overview ................................................................................................................................ 44
Organisational Structure ........................................................................................................................ 47
Trend Information .................................................................................................................................. 49
Administrative, Management and Supervisory Bodies .......................................................................... 50
Share Capital ......................................................................................................................................... 54
Major Shareholders ............................................................................................................................... 54
Financial Information concerning the Issuer´s Assets and Liabilities, Financial Position and Profits and
Losses ....... ........................................................................................................................................... 55
Material Contracts ................................................................................................................................. 56
Documents available ............................................................................................................................. 56
Third party information ........................................................................................................................... 57
TERMS AND CONDITIONS OF THE NOTES (ENGLISH LANGUAGE VERSION) ........................... 58
A. .. Terms and Conditions of Preferred Senior Notes ........................................................................... 59
A1. Terms and Conditions of Fixed Rate Preferred Senior Notes ........................................................ 59
A2. Terms and Conditions of Floating Rate Preferred Senior Notes .................................................... 67
A3. Terms and Conditions of Zero Coupon Preferred Senior Notes ..................................................... 81
A4. Terms and Conditions of Fixed to Floating Rate Preferred Senior Notes ...................................... 89
B. .. Terms and Conditions of Preferred Senior Notes (pursuant to the criteria of eligible liabilities
instruments) ......................................................................................................................................... 105
B1. Terms and Conditions of Fixed Rate Preferred Senior Notes (pursuant to the criteria of eligible
liabilities instruments) .......................................................................................................................... 105
B2. Terms and Conditions of Floating Rate Preferred Senior Notes (pursuant to the criteria of eligible
liabilities instruments) .......................................................................................................................... 112
C. .. Terms and Conditions of Non-Preferred Senior Notes ................................................................. 121
C1. Terms and Conditions of Fixed Rate Non-Preferred Senior Notes .............................................. 121
C2. Terms and Conditions of Floating Rate Non-Preferred Senior Notes .......................................... 127
C3. Terms and Conditions of Fixed to Floating Rate Non-Preferred Senior Notes ............................ 136
D. .. Terms and Conditions of Subordinated Notes .............................................................................. 146
D1. Terms and Conditions of Fixed Rate Subordinated Notes ........................................................... 146

7
D2. Terms and Conditions of Floating Rate Subordinated Notes ....................................................... 153
D3. Terms and Conditions of Fixed to Floating Rate Subordinated Notes ......................................... 165
D4. Terms and Conditions of Fixed to Fixed Rate Subordinated Notes ............................................. 178
TERMS AND CONDITIONS OF THE NOTES (GERMAN LANGUAGE TRANSLATION)................ 187
A. .. Anleihebedingungen für bevorrechtigte nicht nachrangige Schuldverschreibungen .................... 188
A1. Anleihebedingungen für festverzinsliche bevorrechtigte nicht nachrangige Schuldverschreibungen
...... ............ ......................................................................................................................................... 188
A2. Anleihebedingungen für variabel verzinsliche bevorrechtigte nicht nachrangige
Schuldverschreibungen ....................................................................................................................... 197
A3. Anleihebedingungen für Nul kupon bevorrechtigte nicht nachrangige Schuldverschreibungen .. 212
A4. Anleihebedingungen für fest- zu variabel verzinsliche bevorrechtigte nicht nachrangige
Schuldverschreibungen ....................................................................................................................... 221
B. .. Anleihebedingungen für bevorrechtigte nicht nachrangige Schuldverschreibungen (gemäß den
Kriterien für Instrumente berücksichtigungsfähiger Verbindlichkeiten) ............................................... 238
B1. Anleihebedingungen für festverzinsliche bevorrechtigte nicht nachrangige Schuldverschreibungen
(gemäß den Kriterien für Instrumente berücksichtigungsfähiger Verbindlichkeiten)........................... 238
B2. Anleihebedingungen für variabel verzinsliche bevorrechtigte nicht nachrangige
Schuldverschreibungen (gemäß den Kriterien für Instrumente berücksichtigungsfähiger
Verbindlichkeiten) ................................................................................................................................ 245
C. .. Anleihebedingungen für nicht bevorrechtigte nicht nachrangige Schuldverschreibungen ........... 255
C1. Anleihebedingungen für festverzinsliche nicht bevorrechtigte nicht nachrangige
Schuldverschreibungen ....................................................................................................................... 255
C2. Anleihebedingungen für variabel verzinsliche nicht bevorrechtigte nicht nachrangige
Schuldverschreibungen ....................................................................................................................... 262
C3. Anleihebedingungen für fest- zu variabel verzinsliche nicht bevorrechtigte nicht nachrangige
Schuldverschreibungen ....................................................................................................................... 271
D. .. Anleihebedingungen für Nachrangige Schuldverschreibungen .................................................... 282
D1. Anleihebedingungen für festverzinsliche Nachrangige Schuldverschreibungen .......................... 282
D2. Anleihebedingungen für variabel verzinsliche Nachrangige Schuldverschreibungen .................. 289
D3. Anleihebedingungen für fest- zu variabel verzinsliche Nachrangige Schuldverschreibungen ..... 302
D4. Anleihebedingungen für fest- zu fest verzinsliche Nachrangige Schuldverschreibungen ............ 317
MIFID II PRODUCT GOVERNANCE .................................................................................................. 327
UK MIFIR PRODUCT GOVERNANCE ............................................................................................... 328
PROHIBITION OF SALES TO EEA RETAIL INVESTOR .................................................................. 330
PROHIBITION OF SALES TO UK RETAIL INVESTORS .................................................................. 330
FORM OF THE FINAL TERMS........................................................................................................... 332
Introduction ......................................................................................................................................... 334
PART I: Terms and Conditions ............................................................................................................ 335
PART II/1: Additional Information related to Retail Non-Equity Notes ................................................ 360
PART II/1: Additional Information related to Wholesale Non-Equity Notes ......................................... 368
PART II/2: Additional Information ........................................................................................................ 371
TAXATION ......................................................................................................................................... 375
SELLING RESTRICTIONS ................................................................................................................. 376
General ...... ......................................................................................................................................... 376

8
United States of America ..................................................................................................................... 376
European Economic Area.................................................................................................................... 378
United Kingdom ................................................................................................................................... 379
Japan ......... ......................................................................................................................................... 380
Hong Kong . ......................................................................................................................................... 380
The People´s Republic of China .......................................................................................................... 380
Taiwan ....... ......................................................................................................................................... 381
Republic of Korea ................................................................................................................................ 382
DOCUMENTS INCORPORATED BY REFERENCE .......................................................................... 383
General ...... ......................................................................................................................................... 383
Availability of Documents incorporated by Reference ......................................................................... 383
Comparative Table of Documents incorporated by Reference ........................................................... 383
NAMES AND ADDRESSES ............................................................................................................... 388

9
GENERAL DESCRIPTION OF THE PROGRAMME
GENERAL

Authorisation

The establishment of the Programme has been authorised by a resolution of the Board of Managing
Directors of DZ BANK on 2 July 2002.

The unlimited Programme amount has been authorised by the responsible Members of the Board of
Managing Directors of DZ BANK on 10 April 2012.

The 2021 update of the Programme and the issuance of the types of preferred senior Notes, preferred
senior Notes (pursuant to the criteria of eligible liabilities instruments), non-preferred senior Notes and
subordinated Notes thereunder have been authorised by the responsible Members of the Board of
Managing Directors of DZ BANK on 8 March 2021. Each Tranche of Notes under the Programme wil
be issued pursuant to internal rules of DZ BANK.

Programme Limit

Under this Programme, Notes may be issued and outstanding in an unlimited aggregate principal
amount.

Dealers

Under this Programme the Issuer may from time to time issue Notes to one or more of the fol owing
Dealers: DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, DZ PRIVATBANK
S.A. and any additional Dealer appointed under this Programme from time to time by the Issuer, which
appointment may be for a specific issue or on an ongoing basis.

Tranches/Series

Notes will be issued in Tranches, each Tranche consisting of Notes which are identical in al respects.
One or more Tranches, which are expressed to be consolidated and forming a single series and
identical in al respects, but may have different issue dates, issue prices and/or dates for first interest
payments, may form a series (the "Series") of Notes. Further Notes may be issued as part of an
existing Series. The specific terms of each Tranche will be set forth in the Final Terms.

Transferability of the Notes

The Notes issued under this Programme are freely transferable without any limitation.

Offer of the Notes
The Notes may be offered to qualified and non-qualified investors, unless the applicable Final Terms
include a legend entitled "PROHIBITION OF SALES TO EEA RETAIL INVESTORS" and/or
"PROHIBITION OF SALES TO UK RETAIL INVESTORS".

Currency

Subject to any applicable legal or regulatory restrictions and requirements of relevant central banks,
the Issuer may issue Notes in euro or any other currency as agreed by the Issuer and the relevant
Dealer(s).

Denomination

Notes will be issued in such denominations as may be agreed between the Issuer and the relevant
Dealer(s) and as indicated in the Final Terms, save that the minimum denomination of the Notes wil
be, if in euro, EUR 1,000, or, if in any currency other than euro, in an amount in such other currency
equal to or exceeding the equivalent of EUR 1,000 at the time of the issue of the Notes.

10
Issue Price

Notes may be issued at an issue price which is at par or at a discount to, or premium over, par as
stated in the Final Terms. If the issue price is not specified in the Final Terms, it will be determined at
the time of pricing on the basis of a yield which will be determined on the basis of the orders of the
investors which are received by the relevant Dealer(s) during the offer period. Orders wil specify a
minimum yield and may only be confirmed at or above such yield. The resulting yield will be used to
determine an issue price, all to correspond to the yield.

Governing Law

The Notes wil be governed by German law.

Method of Calculating the Yield

If Notes with fixed interest rates are not redeemable prior to their maturity, the yield for such Notes will
be calculated by the use of the ICMA (International Capital Market Association) method which
determines the effective interest rate of notes taking into account accrued interest on a daily basis.

Rating of the Notes

Notes issued pursuant to this Programme may be rated or unrated. A rating is not a recommendation
to buy, sel or hold Notes issued under this Programme and may be subject to suspension, reduction
or withdrawal at any time by the assigning rating agency. A suspension, reduction or withdrawal of the
rating assigned to the Notes issued under this Programme may adversely affect the market price of
the Notes issued under this Programme.

Approval, Admission to Trading and Listing of the Notes

This Prospectus has been approved by the CSSF as competent authority under the Prospectus
Regulation and the Luxembourg Law. By approving this Prospectus, CSSF gives no undertaking as to
the economic or financial soundness of the operation or the quality or solvency of the Issuer pursuant to
Article 6 (4) of the Luxembourg Law. The CSSF only approves this Prospectus as meeting the standards
of completeness, comprehensibility and consistency imposed by the Prospectus Regulation. Such an
approval should not be considered as an endorsement of the Issuer and of the quality of the Notes that
are the subject of this Prospectus. Investors should make their own assessment as to the suitability of
investing in the Notes.

Application has been made to the Luxembourg Stock Exchange for Notes issued under this
Programme to be admitted to trading on the Regulated Market "Bourse de Luxembourg" which is a
regulated market for the purposes of the MiFID II Directive, and to be listed on the Official List of the
Luxembourg Stock Exchange. This Programme provides that Notes may be listed on other or further
stock exchanges including, but not limited to, the Frankfurt Stock Exchange or Düsseldorf Stock
Exchange, as may be agreed between the Issuer and the relevant Dealer(s) in relation to each Series.
Notes may further be issued under this Programme which will not be listed on any stock exchange.

As long as any Notes are outstanding and listed on the Official List of the Luxembourg Stock Exchange,
information wil be communicated to the holders (each a "Holder") of the Notes in accordance with
Luxembourg Stock Exchange regulations and recommendations.

Notification

The Issuer has requested the CSSF to provide the competent authorities in the Federal Republic of
Germany, the Republic of Austria, Ireland and the Kingdom of the Netherlands with a certificate of
approval attesting that this Prospectus has been drawn up in accordance with the Prospectus
Regulation. The Issuer may request the CSSF to provide competent authorities in additional host
Member States within the European Economic Area with a Notification. In this case, the Issuer wil
publish a supplement to this Prospectus in accordance with Article 23 of the Prospectus Regulation
and Article 18 (1) (g) of Commission Delegated Regulation (EU) 2019/979 of 14 March 2019, as
amended.