Obbligazione AZ Bank 4.9% ( XS1307792124 ) in USD

Emittente AZ Bank
Prezzo di mercato refresh price now   100 USD  ⇌ 
Paese  Germania
Codice isin  XS1307792124 ( in USD )
Tasso d'interesse 4.9% per anno ( pagato 2 volte l'anno)
Scadenza 22/10/2030



Prospetto opuscolo dell'obbligazione DZ Bank XS1307792124 en USD 4.9%, scadenza 22/10/2030


Importo minimo 200 000 USD
Importo totale 50 000 000 USD
Coupon successivo 22/10/2025 ( In 109 giorni )
Descrizione dettagliata DZ Bank è una banca commerciale tedesca con sede a Francoforte, specializzata in servizi finanziari per clienti corporate e istituzionali.

The Obbligazione issued by AZ Bank ( Germany ) , in USD, with the ISIN code XS1307792124, pays a coupon of 4.9% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 22/10/2030







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
2 June 2023





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 al .

This Prospectus has been approved by the Commission de Surveil ance 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 juil et 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.luxse.com) 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 2 June 2024. 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, (ii) to
have such document approved by the CSSF. In this Prospectus, unless otherwise specified or the
context otherwise requires, a reference to a law or a provision of a law is a reference to that law or
provision as extended, amended or re-enacted.

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 well 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, as
amended (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 (iii) 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 sel ing 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 (ii) 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 (ii ) 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 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.


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 ) the CMS (Constant Maturity Swap) rate
which is provided by the ICE Benchmark Administration Limited (the "IBA"); or (i i) SONIA (Sterling
Overnight Index Average) which is provided by the Bank of England; or (iv) SOFR (Secured Overnight
Financing Rate) which is provided by the Federal Reserve Bank of New York. As at the date of approval
of this Prospectus, EMMI appears whereas the Bank of England, the Federal Reserve Bank of New



5
York and IBA do not appear on the register of administrators and benchmarks established 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. As
central banks the Bank of England and the Federal Reserve Bank of New York are not subject to the
Benchmarks Regulation.


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", "wil " 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 material y 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 fol owing 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.



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TABLE OF CONTENTS

Page

GENERAL DESCRIPTION OF THE PROGRAMME .............................................................................. 9
General ...... ............................................................................................................................................. 9
Continuation of Public Offers ................................................................................................................. 11
Issue Procedures ................................................................................................................................... 11
RISK FACTORS .................................................................................................................................... 13
Risk Factors specific and material to the Issuer .................................................................................... 13
Risk Factors specific and material to the Notes .................................................................................... 27
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 ......................................................................................................................................... 55
Major Shareholders ............................................................................................................................... 55
Financial Information concerning the Issuer´s Assets and Liabilities, Financial Position and Profits and
Losses ....... ........................................................................................................................................... 55
Material Contracts ................................................................................................................................. 57
Documents available ............................................................................................................................. 57
Third party information ........................................................................................................................... 58
TERMS AND CONDITIONS OF THE NOTES (ENGLISH LANGUAGE VERSION) ........................... 59
A. .. Terms and Conditions of Preferred Senior Notes ........................................................................... 60
A1. Terms and Conditions of Fixed Rate Preferred Senior Notes ........................................................ 60
A2. Terms and Conditions of Floating Rate Preferred Senior Notes .................................................... 68
A3. Terms and Conditions of Zero Coupon Preferred Senior Notes ..................................................... 80
A4. Terms and Conditions of Fixed to Floating Rate Preferred Senior Notes ...................................... 88
A5. Terms and Conditions of Fixed Rate Preferred Senior Redemption Notes .................................. 101
B. .. Terms and Conditions of Preferred Senior Notes (pursuant to the criteria of eligible liabilities
instruments) ......................................................................................................................................... 109
B1. Terms and Conditions of Fixed Rate Preferred Senior Notes (pursuant to the criteria of eligible
liabilities instruments) .......................................................................................................................... 109
B2. Terms and Conditions of Floating Rate Preferred Senior Notes (pursuant to the criteria of eligible
liabilities instruments) .......................................................................................................................... 116
C. .. Terms and Conditions of Non-Preferred Senior Notes ................................................................. 128
C1. Terms and Conditions of Fixed Rate Non-Preferred Senior Notes .............................................. 128
C2. Terms and Conditions of Floating Rate Non-Preferred Senior Notes .......................................... 134
C3. Terms and Conditions of Fixed to Floating Rate Non-Preferred Senior Notes ............................ 146



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D. .. Terms and Conditions of Subordinated Notes .............................................................................. 159
D1. Terms and Conditions of Fixed Rate Subordinated Notes ........................................................... 159
D2. Terms and Conditions of Floating Rate Subordinated Notes ....................................................... 166
D3. Terms and Conditions of Fixed to Floating Rate Subordinated Notes ......................................... 181
D4. Terms and Conditions of Fixed to Fixed Rate Subordinated Notes ............................................. 197
TERMS AND CONDITIONS OF THE NOTES (GERMAN LANGUAGE TRANSLATION)................ 206
A. .. Anleihebedingungen für bevorrechtigte nicht nachrangige Schuldverschreibungen .................... 207
A1. Anleihebedingungen für festverzinsliche bevorrechtigte nicht nachrangige
...... Schuldverschreibungen ................................................................................................................ 207
A2. Anleihebedingungen für variabel verzinsliche bevorrechtigte nicht nachrangige
Schuldverschreibungen ....................................................................................................................... 216
A3. Anleihebedingungen für Nul kupon bevorrechtigte nicht nachrangige Schuldverschreibungen .. 229
A4. Anleihebedingungen für fest- zu variabel verzinsliche bevorrechtigte nicht nachrangige
Schuldverschreibungen ....................................................................................................................... 238
A5. Anleihebedingungen für festverzinsliche bevorrechtigte nicht nachrangige Tilgungs-
Schuldverschreibungen ....................................................................................................................... 253
B. .. Anleihebedingungen für bevorrechtigte nicht nachrangige Schuldverschreibungen (gemäß den
Kriterien für Instrumente berücksichtigungsfähiger Verbindlichkeiten) ............................................... 262
B1. Anleihebedingungen für festverzinsliche bevorrechtigte nicht nachrangige Schuldverschreibungen
(gemäß den Kriterien für Instrumente berücksichtigungsfähiger Verbindlichkeiten)........................... 262
B2. Anleihebedingungen für variabel verzinsliche bevorrechtigte nicht nachrangige
Schuldverschreibungen (gemäß den Kriterien für Instrumente berücksichtigungsfähiger
Verbindlichkeiten) ................................................................................................................................ 269
C. .. Anleihebedingungen für nicht bevorrechtigte nicht nachrangige Schuldverschreibungen ........... 282
C1. Anleihebedingungen für festverzinsliche nicht bevorrechtigte nicht nachrangige
Schuldverschreibungen ....................................................................................................................... 282
C2. Anleihebedingungen für variabel verzinsliche nicht bevorrechtigte nicht nachrangige
Schuldverschreibungen ....................................................................................................................... 289
C3. Anleihebedingungen für fest- zu variabel verzinsliche nicht bevorrechtigte nicht nachrangige
Schuldverschreibungen ....................................................................................................................... 302
D. .. Anleihebedingungen für Nachrangige Schuldverschreibungen .................................................... 317
D1. Anleihebedingungen für festverzinsliche Nachrangige Schuldverschreibungen .......................... 317
D2. Anleihebedingungen für variabel verzinsliche Nachrangige Schuldverschreibungen .................. 324
D3. Anleihebedingungen für fest- zu variabel verzinsliche Nachrangige Schuldverschreibungen ..... 340
D4. Anleihebedingungen für fest- zu fest verzinsliche Nachrangige Schuldverschreibungen ............ 358
MIFID II PRODUCT GOVERNANCE .................................................................................................. 368
UK MIFIR PRODUCT GOVERNANCE ............................................................................................... 369
PROHIBITION OF SALES TO EEA RETAIL INVESTOR .................................................................. 371
PROHIBITION OF SALES TO UK RETAIL INVESTORS .................................................................. 372
FORM OF THE FINAL TERMS........................................................................................................... 373
Introduction ......................................................................................................................................... 375
PART I: Terms and Conditions ............................................................................................................ 376
PART II/1: Additional Information related to Retail Non-Equity Notes ................................................ 405
PART II/1: Additional Information related to Wholesale Non-Equity Notes ......................................... 413



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PART II/2: Additional Information ........................................................................................................ 416
INFORMATION OF THE CONTINUATION OF PUBLIC OFFERS .................................................... 420
TAXATION ......................................................................................................................................... 421
SELLING RESTRICTIONS ................................................................................................................. 422
General ...... ......................................................................................................................................... 422
United States of America ..................................................................................................................... 422
European Economic Area.................................................................................................................... 424
United Kingdom ................................................................................................................................... 425
Japan ......... ......................................................................................................................................... 426
Hong Kong . ......................................................................................................................................... 426
The People´s Republic of China .......................................................................................................... 426
Taiwan ....... ......................................................................................................................................... 427
Republic of Korea ................................................................................................................................ 428
DOCUMENTS INCORPORATED BY REFERENCE .......................................................................... 429
General ...... ......................................................................................................................................... 429
Availability of Documents incorporated by Reference ......................................................................... 429
Comparative Table of Documents incorporated by Reference ........................................................... 430
NAMES AND ADDRESSES ............................................................................................................... 435



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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 2023 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 2023. 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 will 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.




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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 wil 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, al 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, sell 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.