Bond AZ Bank 0.7% ( DE000DG4UDA2 ) in EUR

AZ Bank

100 % ▲

Germany

DE000DG4UDA2 ( in EUR )

0.7% per year ( payment 1 time a year)

12/12/2027

Prospectus brochure of the bond DZ Bank DE000DG4UDA2 en EUR 0.7%, maturity 12/12/2027

100 000 EUR

5 000 000 EUR

13/12/2025 ( In 164 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 DE000DG4UDA2, pays a coupon of 0.7% per year.
The coupons are paid 1 time per year and the Bond maturity is 12/12/2027

This document constitutes the base prospectus for the purposes of Article 5(4) of Directive 2003/71/EC of the
European Parliament and of the Council of 4 November 2003, as amended (the "Prospectus Directive") in
respect of non-equity securities ("Non-Equity Securities") within the meaning of Art. 22 No. 6(3) of the
Commission Regulation (EC) No 809/2004 of 29 April 2004, as amended (the "Covered Notes Debt Issuance
Programme Prospectus" or the "Prospectus").

Covered Notes Debt Issuance Programme Prospectus
2 June 2017

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

as Issuer

Covered Notes Debt Issuance Programme (the "Programme")

Application has been made to the Luxembourg Stock Exchange for the notes to be issued under this Programme
(the "Covered Notes") to be admitted to trading on the Regulated Market "Bourse de Luxembourg" which is a
regulated market for the purposes of Directive 2004/39/EC of the European Parliament and of the Council of
21 April 2004 on markets in financial instruments (the "MiFID Directive") amending Council Directives
85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and
repealing Council Directive 93/22/EEC, and to be listed on the Official List of the Luxembourg Stock Exchange.
Covered 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 al .

The Issuer has requested the Commission de Surveillance du Secteur Financier (the "CSSF") of the Grand Duchy
of Luxembourg ("Luxembourg") in its capacity as competent authority under the law of 10 July 2005 on
prospectuses for securities (Loi du 10 juil et 2005 relative aux prospectus pour valeurs mobilières), as amended
(the "Luxembourg Law"), to approve this Prospectus and 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 Luxembourg Law (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. By approving a prospectus, the CSSF gives no
undertaking as to the economic and financial soundness of the operation or the quality or solvency of the issuer in
accordance with the provisions of Article 7(7) of the Luxembourg Law.

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 replaces the Covered
Notes Debt Issuance Programme Prospectus dated 3 June 2016 and is valid for a period of 12 months from its
date of approval.

2
RESPONSIBILITY STATEMENT
DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main ("DZ BANK", "DZ BANK
AG" or the "Issuer") with its registered office in Frankfurt am Main, Federal Republic of Germany, is
solely responsible for the information given in this Prospectus and for the information which wil be
contained in the relevant final terms (the "Final Terms"). The Issuer hereby declares that, having
taken and taking al reasonable care to ensure that such is the case, the information contained in this
Prospectus and in the Final Terms is and will be, to the best of its knowledge, in accordance with the
facts and contains and will contain no omission likely to affect its import.

CONSENT TO USE THE PROSPECTUS

The Issuer has given its consent in accordance with Article 3 (2) of the Prospectus Directive to the use
of this Prospectus and of the Final Terms for offers, subsequent resales or final placements of
Covered Notes issued under this Programme by each dealer set forth on the cover page of this
Prospectus, by any additional dealer appointed under this Programme from time to time by the Issuer
(each a "Dealer" and together the "Dealers") and/or by each further financial intermediary, if any.

The Issuer accepts responsibility for the information given in this Prospectus also with respect to
offers, subsequent resales or final placements of Covered Notes issued under this Programme by any
Dealer and/or any further financial intermediary.

Each Dealer and/or each further financial intermediary, if any, offering, subsequently resel ing or finally
placing the Covered Notes issued under this Programme are entitled to use and rely upon this
Prospectus as long as this Prospectus is valid in accordance with Article 11 (2) of the Luxembourg
Law.

Each Dealer and/or each further financial intermediary, if any, may only use this Prospectus and the
Final Terms, if the latter have been communicated to the relevant competent authority, for offers,
subsequent resales or final placements of Covered Notes issued under this Programme in the Grand
Duchy of Luxembourg, the Federal Republic of Germany, the Republic of Austria, the Kingdom of the
Netherlands and Ireland. Each Dealer and/or each further financial intermediary, if any, are required to
inform themselves about the aforementioned communication of the Final Terms and, in case of a
public offer with a limited offer period, about the duration of the potential use of the Final Terms.

When using the Prospectus and the Final Terms, each Dealer and/or each further financial
intermediary, if any, must ensure that they comply with al applicable laws and regulations in force in
the respective jurisdiction. The distribution and publication of this Prospectus, any supplement to this
Prospectus, if any, and the Final Terms as well as offers, subsequent resales or final placements of
Covered Notes in certain countries may be restricted by law. Each Dealer and/or each further financial
intermediary, if any, and/or each person into whose possession this Prospectus, any supplement to
this Prospectus, if any, and the Final Terms come are required to inform themselves about and
observe any such restrictions. The Issuer reserves the right to withdraw its consent to the use of this
Prospectus.

As required by law, in the event of an offer being made by any Dealer and/or any further
financial intermediary, such Dealer and/or such further financial intermediary have to provide
information to investors on the terms and conditions of the offer at the time the offer is made.

As further required by law, any Dealer and/or any further financial intermediary using this
Prospectus have to state on their websites that they use this Prospectus with the consent
given by the Issuer and the conditions attached thereto.

3
NOTICE

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 the Issuer and any
Tranche (as defined in this Prospectus) of Covered Notes is only available on the basis of the
combination of this Prospectus and the Final Terms.

The Issuer has confirmed to the Dealers that this Prospectus contains al information with regard to
the Issuer and the Covered Notes which is material in the context of this Programme and the issue
and offering of Covered Notes thereunder; that the information contained herein with respect to the
Issuer and the Covered Notes is accurate in al material respects and is not misleading; that any
opinions and intentions expressed herein with respect to the Issuer and the Covered Notes are
honestly held; that there are no other facts with respect to the Issuer or the Covered 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 herein should become materially inaccurate or incomplete
or in the event of any significant new factor, material mistake or inaccuracy relating to the information
included in this Prospectus which is capable of affecting the assessment of the Covered Notes and, (i )
to have such document approved by the CSSF.

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 and
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 Covered 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.
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,
Japan, the Republic of Singapore and Hong Kong, see "Selling Restrictions" below. In particular, the
Covered 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 requirements of the United States of America. Subject
to certain exceptions, Covered Notes may not be offered, sold or delivered within the United States of
America or to U.S. persons.

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 Covered Notes under this
Programme, the German text of the Terms and 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 Terms and Conditions correctly and adequately reflects
the binding German language version of the Terms and Conditions.

4
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 Covered Notes.

In connection with the issue of any Tranche of Covered 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 Covered Notes or
effect transactions with a view to supporting the market price of the Covered Notes at a level
higher than that which might otherwise prevail. However, there is no assurance that the
stabilising manager(s) (or persons 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 of the Covered
Notes is made and, if begun, may be ended at any time, but it must end not later than the
earlier of 30 days after the issue date and 60 days after the date of the allotment of the relevant
Tranche of Covered 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.

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.

5
TABLE OF CONTENTS

Page

Summary ... ............................................................................................................................................. 7
Section A - Introduction and Warnings .................................................................................................... 7
Section B - Issuer .................................................................................................................................... 8
Section C - Covered Notes .................................................................................................................... 13
Section D - Risks ................................................................................................................................... 20
Section E - Offer .................................................................................................................................... 25
German Translation of the Summary (Deutsche Übersetzung der Zusammenfassung) ...................... 29
Abschnitt A - Einleitung und Warnhinweis ............................................................................................. 29
Abschnitt B - Emittentin ......................................................................................................................... 30
Abschnitt C - Gedeckte Schuldverschreibungen ................................................................................... 35
Abschnitt D - Risiken ............................................................................................................................. 43
Abschnitt E - Angebot ............................................................................................................................ 49
Risk Factors ........................................................................................................................................... 52
Risk Factors regarding the Issuer ......................................................................................................... 52
Risk Factors regarding the Covered Notes ........................................................................................... 54
DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main ........................................ 57
General Information, History and Development .................................................................................... 57
Description of the Liquidity .................................................................................................................... 58
Business Overview ................................................................................................................................ 59
Organisational Structure ........................................................................................................................ 62
Trend Information .................................................................................................................................. 64
Management and Supervisory Bodies .................................................................................................. 65
Major Shareholders ............................................................................................................................... 69
Financial Information concerning DZ BANK's Assets and Liabilities, Financial Position and Profits and
Losses ...... ........................................................................................................................................... 70
Material Contracts ................................................................................................................................. 72
Documents on Display ........................................................................................................................... 72
General Description of the Programme ................................................................................................. 74
Description of Covered Notes ............................................................................................................... 77
Issue Procedures ................................................................................................................................... 78
Terms and Conditions of the Covered Notes (English language version) ............................................ 79
1. Terms and Conditions of Fixed Rate Covered Notes ..................................................................... 80
2. Terms and Conditions of Floating Rate Covered Notes ................................................................. 86
3. Terms and Conditions of Zero Coupon Covered Notes ................................................................. 94
4. Terms and Conditions of Fixed to Floating Rate Covered Notes ................................................... 99
Terms and Conditions of the Covered Notes (German Language Translation) (Deutsche Übersetzung
der Anleihebedingungen) .................................................................................................................... 108
1. Anleihebedingungen für festverzinsliche Gedeckte Schuldverschreibungen ............................... 109
2. Anleihebedingungen für variabel verzinsliche Gedeckte Schuldverschreibungen ....................... 115
3. Anleihebedingungen für Nul kupon Gedeckte Schuldverschreibungen........................................ 124
4. Anleihebedingungen für fest- zu variabel verzinsliche Gedeckte Schuldverschreibungen .......... 130

6
Form of Final Terms ............................................................................................................................ 140
Taxation ..... ......................................................................................................................................... 173
Selling Restrictions .............................................................................................................................. 181
General Information ............................................................................................................................. 185
Listing and Admission to Trading Information ..................................................................................... 185
Authorisation ........................................................................................................................................ 185
Documents Incorporated by Reference ............................................................................................... 186
Availability of Documents Incorporated by Reference ........................................................................ 191
Names and Addresses ........................................................................................................................ 192

7
SUMMARY

Summaries are made up of disclosure requirements known as "Elements". These Elements are numbered in Sections A-E
(A.1 E.7).

This Summary contains all the Elements required to be included in a summary for this type of Covered Notes and Issuer.
Because some Elements are not required to be addressed, there may be gaps in the numbering sequence of the
Elements.

Even though an Element may be required to be inserted in this Summary because of the type of Covered Notes and
Issuer, it is possible that no relevant information can be given regarding the Element. In this case a short description of the
Element is included in this Summary with the mention of "Not applicable".

Section A Introduction and Warnings
Element

A.1
Warning that:
this Summary should be read as an introduction to the Covered Notes Debt Issuance
Programme Prospectus dated 2 June 2017 (the "Prospectus");
any decision to invest in the Tranche of the Covered Notes should be based on consideration
of the Prospectus as a whole by an investor;
where a claim relating to the information contained in the Prospectus is brought before a
court, the plaintiff investor might, under the national legislation of the EU Member States,
have to bear the costs of translating the Prospectus before the legal proceedings are
initiated; and
civil liability attaches to the Issuer, who has tabled this Summary including any translation
thereof but only if this Summary is misleading, inaccurate or inconsistent when read together
with the other parts of the Prospectus or it does not provide, when read together with the
other parts of the Prospectus, key information in order to aid investors when considering
whether to invest in the Tranche of the Covered Notes.

A.2
Consent to use The Issuer has given its consent in accordance with Article 3 (2) of the Prospectus Directive
the Prospectus
to the use of the Prospectus and of the Final Terms for [public] offers, subsequent resales or
final placements of Covered Notes issued under the Programme by each Dealer and/or by
each further financial intermediary, if any.
Each Dealer and/or each further financial intermediary, if any, [publicly] offering,
subsequently reselling or finally placing the Covered Notes issued under the Covered Notes
Debt Issuance Programme (the "Programme"), are entitled to use and rely upon the
Prospectus as long as the Prospectus is valid in accordance with Article 11 (2) of the Law of
10 July 2005 on prospectuses for securities (Loi du 10 juillet 2005 relative aux prospectus
pour valeurs mobilières), as amended.
Each Dealer and/or each further financial intermediary, if any, may only use the Prospectus
and the Final Terms, if the latter have been communicated to the relevant competent
authority, for [public] offers, subsequent resales or final placements of Covered Notes issued
under the Programme in [the Grand Duchy of Luxembourg][,] [and] [the Federal Republic of
Germany][,] [and] [the Republic of Austria][,] [and] [the Kingdom of the Netherlands] [and]
[Ireland] []. Each Dealer and/or each further financial intermediary, if any, are required to
inform themselves about the aforementioned communication of the Final Terms and, in case
of a public offer with a limited offer period, about the duration of the potential use of the Final
Terms.
When using the Prospectus and the Final Terms, each Dealer and/or each further financial
intermediary, if any, must ensure that they comply with all applicable laws and regulations in
force in the respective jurisdiction. The distribution and publication of the Prospectus, any
supplement to the Prospectus, if any, and the Final Terms as well as [public] offers,
subsequent resales or final placements of Covered Notes in certain countries may be
restricted by law. Each Dealer and/or each further financial intermediary, if any, and/or each
person into whose possession the Prospectus, any supplement to the Prospectus, if any, and
the Final Terms come, are required to inform themselves about and observe any such
restrictions. The Issuer reserves the right to withdraw its consent to the use of the
Prospectus.
As required by law, in the event of [an] [a public] offer being made by any Dealer
and/or any further financial intermediary, such Dealer and/or such further financial
intermediary have to provide information to investors on the terms and conditions of
the offer at the time the offer is made.

8
Section B Issuer
Element

B.1
Legal Name
DZ BANK AG Deutsche Zentral-Genossenschaftsbank,

Frankfurt am Main ("DZ BANK" or "Issuer").

Commercial Name
DZ BANK AG.

B.2
Domicile / Legal Form /
Domicile:
Legislation / Country of
Platz der Republik, 60325 Frankfurt am Main, Federal
Incorporation
Republic of Germany.

Legal Form, Legislation:
DZ BANK is a stock corporation (Aktiengesellschaft)
organised under German law.

Country of Incorporation:
Federal Republic of Germany.

B.4b
Known Trends affecting the
Not applicable. There are no known trends affecting DZ
Issuer and the Industries in
BANK and the industries in which it operates.
which it operates
B.5
Description of the Group and In addition to DZ BANK as the parent, the consolidated
the Issuer's position within
financial statements as at 31 December 2016 include a
the Group
further 28 (31 December 2015: 27) subsidiaries and 6 (31
December 2015: 5) subgroups comprising a total of 442

(31 December 2015: 534) subsidiaries.
B.9
Profit Forecast or Estimate
Not applicable. DZ BANK does not generate any profit
forecast or estimate.
B.10
Nature of any Qualifications
Not applicable. Ernst & Young GmbH Wirtschaftsprüfungs-
in the Audit Report on
gesellschaft audited the non-consolidated financial
Historical Financial
statements and the management reports of DZ BANK AG
Information
and the consolidated financial statements and the group
management reports for the fiscal years ended 31
December 2016 and 31 December 2015 and issued in
each case an unqualified audit opinion.
B.12
Selected Historical Key Financial Information

The following financial figures have in each case been extracted from the audited non-
consolidated financial statements of DZ BANK AG for the fiscal year ended 31 December
2016 and 31 December 2015, respectively, prepared on the basis of the regulations of the
German Commercial Code (Handelsgesetzbuch / HGB) and the Order on the Accounting of
Credit Institutions and Financial Services Institutions (RechKredV).

DZ BANK AG
pre-merger
(in EUR million) (HGB)

DZ BANK

2016
2015
2015
Operating profit before allowances for losses
on loans and advances1
827
769
514
Allowances for losses on loans and advances2
-313
123
46
Operating profit3
514
892
560
Net income for the year
323
399
224
1 Operating profit before allowances for losses on loans and advances comprises the aggregate of the balance of
Interest income and Interest expense, Current income, Income from profit-pooling, profit-transfer and partial
profit-transfer agreements, balance of Fee and commission income and Fee and commission expenses, Net
trading income, less General and administrative expenses and less Amortization and write-downs on intangible

9
assets, and depreciation and write-downs on property, plant and equipment and plus the balance of Other
operating income and Other operating expenses.
2 Allowances for losses on loans and advances comprise the aggregate of the balance of Income from the
reversal of write-downs on loans and advances and certain securities, and from the reversal of provisions for
losses on loans and advances and Write-downs on and allowances for losses on loans and advances and
certain securities, and additions to provisions for losses on loans and advances.
3 Operating profit is the aggregate of Operating profit before allowances for losses on loans and advances and
Allowances for losses on loans and advances.

DZ BANK AG
(in EUR
pre-merger
pre-merger
million)

DZ BANK

DZ BANK
Assets (HGB)
31 Dec.
1 Jan.
31 Dec. Equity and
31 Dec.
1 Jan.
31 Dec.

2016
2016
2015 Liabilities (HGB)
2016
2016
2015
Loans and
advances to
Deposits from
banks
118,095
101,022
81,319 banks
120,150
119,986
91,529
Loans and
advances to
Deposits from
customers
33,744
31,710
22,647 customers
27,938
22,720
17,985
Debt certificates
issued including
Securities1
45,659
48,309
39,430 bonds
48,173
45,782
38,973
Trading
assets
38,187
45,929
39,192 Trading liabilities
31,966
31,889
29,167
Remaining
Remaining
assets2
17,630
17,681
15,148 liabilities3
10,643
9,843
8,616
Balance Sheet

Equity4
14,445
14,431
11,466
Total equity and
Total assets
253,315
244,651
197,736 liabilities
253,315
244,651
197,736
1 Securities are the aggregate of Bonds and other fixed-income securities and Shares and other variable-yield
securities.
2 Remaining assets comprise Cash and cash equivalents, Debt instruments from public-sector entities and bills
of exchange eligible for refinancing by central banks, Long-term equity investments, Shares in affiliated
companies, Trust assets, Intangible assets, Property, plant and equipment, Other assets, Prepaid expenses
and accrued income, Deferred tax assets and Excess of plan assets over pension liabilities.
3 Remaining liabilities comprise Trust liabilities, Other liabilities, Deferred income and accrued expenses,
Provisions, Subordinated liabilities, Profit-sharing rights and Distributable profit.
4 Balance Sheet Equity comprises the Equity as reported in the balance sheet, less Distributable profit, plus
Fund for general banking risks.

As at 1 January 2016 (merger date), WGZ BANK AG Westdeutsche Genossenschafts-
Zentralbank, Düsseldorf, ("WGZ BANK") was merged with DZ BANK. As at 29 July 2016 the
merger was entered into the commercial register. The transfer of the assets of WGZ BANK
as a whole, with al rights and obligations, to DZ BANK was carried out by way of rolling over
the tax book values in accordance with section 24 of the German Transformation Act
(Umwandlungsgesetz). To ensure comparability of the disclosures in the 2016 financial
statements with the prior year disclosures as at 31 December 2015, the comparative
amounts are shown in the balance sheet in an additional column as at the merger date
1 January 2016. For this, the prior year figures were computed on the basis of the total
values of DZ BANK and WGZ BANK as at 31 December 2015 while allowing for the capital
and debt consolidation effect. The prior year figures of the former DZ BANK are shown in the
profit and loss account in the column "pre-merger DZ BANK 2015" and in the balance sheet
in the column "pre-merger DZ BANK 31 Dec. 2015".

10
The following financial figures have in each case been extracted from the audited
consolidated financial statements of DZ BANK for the fiscal year ended 31 December 2016
and 31 December 2015, respectively, prepared pursuant to Regulation (EC) 1606/2002 of
the European Parliament and Council of 19 July 2002 on the basis of the International
Financial Reporting Standards (IFRS) as adopted by the European Union and the additional
requirements of German Commercial Law pursuant to Sec. 315a par. 1 of the German
Commercial Code (HGB).

DZ BANK Group

(in EUR million) (IFRS)
2016
2015

Operating income1
6,110
5,858
Allowances for losses on loans and advances
-569
-153
Profit before taxes
2,197
2,453
Net profit
1,606
1,796
1 Operating income comprises net interest income, net fee and commission income, gains and losses on trading
activities, gains and losses on investments, other gains and losses on valuation of financial instruments, net
income from insurance business (net income from insurance business comprises premiums earned, gains and
losses on investments held by insurance companies and other insurance company gains and losses, insurance
benefit payments, and insurance business operating expenses), and other net operating income.

DZ BANK Group

(in EUR million)

Assets (IFRS)
31 Dec. 2016
31 Dec. 2015 Equity and
31 Dec. 2016
31 Dec. 2015

Liabilities (IFRS)
Loans and advances
to banks
107,253
80,735 Deposits from banks
129,280
97,227
Loans and advances
Deposits from
to customers
176,532
126,850 customers
124,425
96,186
Debt certificates
Financial assets
issued including
held for trading
49,279
49,520 bonds
78,238
54,951
Financial liabilities
Investments
70,180
54,305 held for trading
50,204
45,377
Investments held by
insurance
companies
90,373
84,744 Technical provisions
84,125
78,929
Remaining assets1
15,830
12,1872 Remaining liabilities3
20,285
15,9424

Equity
22,890
19,729
Total equity and
Total assets
509,447
408,341 liabilities
509,447
408,341

1 Remaining assets comprise Cash and cash equivalents, Allowances for losses on loans and advances,
Derivatives used for hedging (positive fair values), Property, plant and equipment, and investment property,
Income tax assets, Other assets, Non-current assets and disposal groups classified as held for sale and Fair
value changes of the hedged items in portfolio hedges of interest-rate risk.
2 The figure has been adjusted, because the financial figure Property, plant and equipment, and investment
property has been deleted from this table.
3 Remaining liabilities comprise Derivatives used for hedging (negative fair values), Provisions, Income tax
liabilities, Other liabilities, Subordinated capital, Liabilities included in disposal groups classified as held for sale
and Fair value changes of the hedged items in portfolio hedges of interest-rate risk.
4 The figure has been adjusted, because the financial figure Subordinated capital has been deleted from this
table.