Obbligazione DZ Banque Privée SA 0.25% ( XS1608011075 ) in EUR

DZ Banque Privée SA

100 EUR ⇌

Lussemburgo

XS1608011075 ( in EUR )

0.25% per anno ( pagato 1 volta l'anno)

11/05/2022 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione DZ Privatbank SA XS1608011075 in EUR 0.25%, scaduta

100 000 EUR

30 000 000 EUR

DZ Privatbank SA è una banca privata svizzera con sede a Zurigo, specializzata in servizi di wealth management per una clientela internazionale ad alto patrimonio netto.

The Obbligazione issued by DZ Banque Privée SA ( Luxembourg ) , in EUR, with the ISIN code XS1608011075, pays a coupon of 0.25% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 11/05/2022

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(4) of the
Commission Regulation (EC) No 809/2004 of 29 April 2004, as amended (the "Debt Issuance Programme
Prospectus" or the "Prospectus").

Debt Issuance Programme Prospectus
7 June 2019

DZ PRIVATBANK S.A.
Strassen, Grand Duchy of Luxembourg

as Issuer

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 Euro MTF Market and to be listed on the Official List of the
Luxembourg Stock Exchange. Notes issued under this Programme may also be listed on other or further stock
exchanges or may not be listed at all.

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 juillet 2005 relative aux prospectus pour valeurs mobilières), as amended,
(the "Luxembourg Law") with respect to possible public offers in the Grand Duchy of Luxembourg, the Federal
Republic of Germany and the Republic of Austria, to approve this Prospectus and to provide the competent
authorities in the Federal Republic of Germany and the Republic of Austria 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.

An investment in the Notes issued under the Programme involves certain risks. For a discussion of these risks,
see "Risk Factors".

Arranger

DZ BANK AG

Dealers

DZ BANK AG
DZ PRIVATBANK S.A.

This Prospectus together with all documents incorporated herein by reference will be published in electronic form
on the website of the Luxembourg Stock Exchange (www.bourse.lu) and on the website of DZ PRIVATBANK S.A.
(www.dz-privatbank.com). This Prospectus replaces the Debt Issuance Programme Prospectus dated 8 June
2018 and is valid for a period of 12 months from its date of approval.

2
RESPONSIBILITY STATEMENT

DZ PRIVATBANK S.A. ("PBLU", "DZ PRIVATBANK" or the "Issuer") with its registered office in the
Grand Duchy of Luxembourg 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 all 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 wil 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 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 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 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 Notes issued under this Programme in the Grand Duchy of
Luxembourg, the Federal Republic of Germany and the Republic of Austria. 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, including with the target market and distribution channels identified under
the "MiFID II Product Governance" legend set out on the cover page of the relevant Final Terms, if
any. 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 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 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 Notes which is material in the context of this Programme and the issue and offering
of Notes thereunder; that the information contained herein with respect to the Issuer and the 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 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 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 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 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 and
Japan, see "Selling Restrictions" below. In particular, the Notes have not been and wil 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, 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 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.

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

4

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.

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 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 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 wil outline the target market assessment in respect of the Notes and which channels for
distribution of the Notes are appropriate. Any person subsequently offering, selling or recommending
the Notes (a "distributor") should take into consideration the target market assessment; however, a
distributor subject to 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.

BENCHMARKS REGULATION

Interest amounts payable under Floating Rate Notes are calculated by reference to (i) EURIBOR
(Euro Interbank Offered Rate) which is provided by the European Money Markets Institute ("EMMI") or
(i ) LIBOR (London Interbank Offered Rate) which is provided by the ICE Benchmark Administration
Limited ("IBA") or (i i) the CMS swap rate which is also provided by IBA. As at the date of approval of
this Prospectus, IBA appears whereas EMMI does 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 ("Benchmarks Regulation"). As far as the Issuer is aware, the transitional
provisions in Article 51 of the Benchmarks Regulation apply, such that EMMI is not currently required
to obtain authorisation or registration (or, if located outside the European Union, 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 PBLU's business and management, its growth and profitability, and general

5
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 PBLU'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. PBLU'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
PRIVATBANK S.A.". These sections include more detailed descriptions of factors that might have an
impact on PBLU'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

Responsibility Statement ......................................................................................................................... 2
Consent to use the Prospectus ............................................................................................................... 2
Notice
.......................................................................................................................................... 3
MIFID II Product Governance .................................................................................................................. 4
Benchmarks Regulation .......................................................................................................................... 4
Forward Looking Statements .................................................................................................................. 4
Summary
.......................................................................................................................................... 8
Section A - Introduction and Warnings .................................................................................................... 8
Section B - Issuer .................................................................................................................................... 9
Section C - Notes .................................................................................................................................. 12
Section D - Risks ................................................................................................................................... 17
Section E - Offer .................................................................................................................................... 22
German Translation of the Summary .................................................................................................... 25
Abschnitt A - Einleitung und Warnhinweis ............................................................................................. 25
Abschnitt B - Emittentin ......................................................................................................................... 26
Abschnitt C - Schuldverschreibungen ................................................................................................... 29
Abschnitt D - Risiken ............................................................................................................................. 35
Abschnitt E - Angebot ............................................................................................................................ 41
Risk Factors ........................................................................................................................................ 44
Risk Factors regarding the Issuer ......................................................................................................... 44
Risk Factors regarding the Notes .......................................................................................................... 47
DZ PRIVATBANK S.A. .......................................................................................................................... 52
General Information, History and Development .................................................................................... 52
Evaluation of Solvency .......................................................................................................................... 53
Description of the Liquidity .................................................................................................................... 53
Business Overview ................................................................................................................................ 53
Principal Markets ................................................................................................................................... 54
Organisational Structure ........................................................................................................................ 54
Trend Information .................................................................................................................................. 54
Management and Supervisory Bodies .................................................................................................. 54
Major Shareholders ............................................................................................................................... 56
Financial Information concerning PBLU's Assets and Liabilities, Financial Position and Profits
and Losses ........................................................................................................................................ 57
Auditing of Historical Annual Financial Information ............................................................................... 58
Legal and Arbitration Proceedings ........................................................................................................ 58
Material Contracts ................................................................................................................................. 58
Documents on Display ........................................................................................................................... 58
General Description of the Programme ................................................................................................. 59
Issue Procedures ................................................................................................................................... 61
Terms and Conditions of the Notes (English language version) ........................................................... 62
A. Terms and Conditions of Preferred Senior Notes ........................................................................... 63
A1. Terms and Conditions of Fixed Rate Preferred Senior Notes ........................................................ 63
A2. Terms and Conditions of Floating Rate Preferred Senior Notes .................................................... 71
A3. Terms and Conditions of Zero Coupon Preferred Senior Notes ..................................................... 82
B. Terms and Conditions of Non-Preferred Senior Notes ................................................................... 90
B1. Terms and Conditions of Fixed Rate Non-Preferred Senior Notes ................................................ 90

7
B2. Terms and Conditions of Floating Rate Non-Preferred Senior Notes ............................................ 96
Terms and Conditions of the Notes (German Language Translation) (Deutsche Übersetzung der
Anleihebedingungen) ........................................................................................................................... 104
A. Anleihebedingungen für bevorrechtigte nicht nachrangige Schuldverschreibungen .................... 105
A1. Anleihebedingungen für festverzinsliche bevorrechtigte nicht nachrangige

Schuldverschreibungen ................................................................................................................ 105
A2. Anleihebedingungen für variabel verzinsliche bevorrechtigte nicht nachrangige

Schuldverschreibungen ................................................................................................................ 114
A3. Anleihebedingungen für Nul kupon bevorrechtigte nicht nachrangige Schuldverschreibungen .. 126
B. Anleihebedingungen für nicht bevorrechtigte nicht nachrangige Schuldverschreibungen ........... 135
B1. Anleihebedingungen für festverzinsliche nicht bevorrechtigte nicht nachrangige

Schuldverschreibungen ................................................................................................................ 135
B2. Anleihebedingungen für variabel verzinsliche nicht bevorrechtigte nicht nachrangige

Schuldverschreibungen ................................................................................................................ 142
Form of Final Terms ............................................................................................................................ 153
Taxation
...................................................................................................................................... 177
Selling Restrictions .............................................................................................................................. 185
General Information ............................................................................................................................. 188
Listing and Admission to Trading Information ..................................................................................... 188
Authorisation ...................................................................................................................................... 188
Documents Incorporated by Reference ............................................................................................... 189
Availability of Documents .................................................................................................................... 192
Names and Addresses ........................................................................................................................ 193

8
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 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 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 Debt Issuance Programme
Prospectus dated 7 June 2019 (the "Prospectus");]
- any decision to invest in the Tranche of the 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 Notes.

A.2
Consent to
- The Issuer has given its consent in accordance with Article 3 (2) of the Prospectus
use the
Directive to the use of the Prospectus and of the Final Terms for [public] offers, subsequent
Prospectus
resales or final placements of 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 Notes issued under the 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 Notes issued under
the Programme in [the Grand Duchy of Luxembourg][,] [and] [the Federal Republic of
Germany] [and] [the Republic of Austria] []. 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[, including with the target market and distribution
channels identified under the "MiFID II Product Governance" legend set out on the cover
page of the Final Terms]. 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 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.

9
Section B Issuer
Element

B.1
Legal and Commercial
DZ PRIVATBANK S.A. ("PBLU" or "Issuer").
Name

B.2
Domicile / Legal Form /
Domicile:
Legislation / Country of
4, rue Thomas Edison, L-1445 Strassen, Grand Duchy of
Incorporation / Legal
Luxembourg.
Entity Identifier

Legal Form, Legislation:

PBLU is a public limited liability company (société anonyme),
incorporated for an unlimited duration, under the laws of the
Grand Duchy of Luxembourg and subject, as a Luxembourg
registered credit institution, to the Luxembourg act dated
5 April 1993 relating to the financial sector, as amended, (the
"Banking Act 1993").

Country of Incorporation:
PBLU is registered with the Luxembourg trade and
companies register (Registre de Commerce et des Sociétés,
Luxembourg), Grand Duchy of Luxembourg under registration
number B 15579.

LEI (Legal Entity Identifier):
SVY0KHTJZBP60K295346.

B.4b
Known Trends affecting
Not applicable. There are no known trends affecting PBLU
the Issuer and the
and the industries in which it operates.
Industries in which it
operates
B.5
Description of the
At the date of approval of the Prospectus, PBLU is a majority-
Group and the Issuer's
owned subsidiary of DZ BANK AG Deutsche Zentral-
position within the
Genossenschaftsbank, Frankfurt am Main ("DZ BANK AG"),
Group
Frankfurt am Main. PBLU is a member of the DZ BANK
Group.
DZ
BANK
AG
is
a
stock
corporation

(Aktiengesel schaft) organized under German law and the
parent company of the DZ BANK Group.

Shareholdings of PBLU
Shareholdings in
Domicile
Participation
associated companies
in per cent
DZ PRIVATBANK (Schweiz) Zurich, Switzerland
100
AG
IPConcept (Luxemburg) S.A. Strassen,
100
Grand Duchy of
Luxembourg

B.9
Profit Forecast or
Not applicable. PBLU does not generate any profit forecast or
Estimate
estimate.
B.10
Nature of any
Not applicable. Ernst & Young S.A., Cabinet de révision
Qualifications in the
agréé, audited the annual financial statements for the fiscal
Audit Report on
years ended 31 December 2018 and 2017. The auditor
Historical Financial
(Réviseur d'Entreprises Agréé) issued in each case an
Information
unqualified report.
B.12
Selected Historical Key Financial Information
The following financial data have been extracted from the audited annual financial
statements for the fiscal year ended 31 December 2018 of PBLU prepared on the basis of

10
the provisions of generally accepted accounting principles in the Grand Duchy of
Luxembourg; the financial data as at 31 December 2017 are comparative figures which
were taken from the audited annual financial statements for the fiscal year ended 31
December 2018 of PBLU.

PBLU (in EUR
31 Dec. 2018 31 Dec. 2017 Equity and
31 Dec. 2018 31 Dec. 2017
million)
Liabilities (LUX-
Assets (LUX-GAAP)
GAAP)
Loans and advances

to banks
6,333
6,192 Liabilities to banks
2,377
1,899

Liabilities to

Due from clients
5,264
4,873 customers
9,417
8,077
Securities1
3,364
3,749 Securitised liabilities
4,626
4,649
Miscellaneous

Miscellaneous

assets2
2,595
845 liabilities3
394
292

Balance Sheet

Equity4
742
742

Total equity and

Total assets
17,556
15,659 liabilities
17,556
15,659
1 Securities are the aggregate of Bonds and other fixed-interest securities and Equities and other variable
interest securities.
2 Miscellaneous assets comprise Cash, credit balances at central issuing banks and post office cheque
accounts, Shares in affiliated companies, Intangible assets, Tangible fixed assets, Other assets and
Accruals and deferrals.
3 Miscellaneous liabilities comprise Sundry liabilities, Accruals and deferrals, Provisions, Subordinated loans
(external) and Profit for the year.
4 Balance Sheet Equity comprises Fund for general banking risks, Subscribed capital, Offering premium and
Reserves.

Statement of "No
There has been no material adverse change in the prospects
Material Adverse
of PBLU since 31 December 2018 (the date of the last
Change"
published audited annual financial statements).

Statement of
Not applicable. There has been no significant change in the
"Significant change in
financial position of PBLU since 31 December 2018 (the date
the Issuer's financial
of the last published audited annual financial statements).
position"

B.13
Recent Events
Not applicable. There are no recent events particular to the
Issuer's business activities which are to a material extent

relevant to the evaluation of the Issuer's solvency.

B.14
Statement of
Please read Element B.5 together with the information below.
Dependency upon other
Entities within the
DZ BANK AG has issued a comfort letter for DZ
Group
PRIVATBANK S.A. confirming that it can meet its contractual
obligations, apart from political risks, within the scope of its
investment quota.

B.15
Principal Activities
Principal Activities

According to its Articles of Association, the corporate object of
PBLU is to undertake banking and financial transactions of all
kinds for its own account and for that of third parties, within
the Grand Duchy of Luxembourg and abroad, together with all
operations which are directly or indirectly associated
therewith.

The guiding principle of PBLU's business policy is in particular
to provide support to credit cooperatives within the business
territory of DZ BANK AG.