DZ BANK Corporate presentation

 
DZ BANK Corporate presentation
DZ BANK
Corporate presentation
DZ BANK Corporate presentation
At a glance (1/2)

          Cooperative banks                                        875
          Branches                                                10,520
          Customers (mln)                                           30
                                                                            Headquarter                        Frankfurt am
             thereof `shareholders´ (mln)                          18.6                                           Main
          Employees                                               176,500   Employees                            30,732
          Profit before taxes (€ mln)                              7,771    Profit before taxes (€ mln)           1,370
          Consolidated total assets (€ bn)                         1,290    Consolidated total assets (€ bn)       519
          (As of 31.12.2018)                                                (As of 31.12.2018)

Seite 2        2019            DZ BANK - Corporate presentation
DZ BANK Corporate presentation
At a glance (2/2) – DZ BANK Group

                                                                Common equity Tier 1 capital ratio
          Profitable Banking Group with profit before taxes
                                                                (fully loaded)                14.5% 13.7% 13.7%
          of
                 € 1.4 bn                                                             13.0%

          Second-largest German Banking Group with
          consolidated total assets of
                 € 519 bn
                                                                                      2015   2016   2017   2018

          One of the best ratings in the EU banking market      Leverage Ratio
          (Issuer Credit Rating)                                (fully loaded)
                                                                                      4.0%   4.1%   4.4%   4.3%
                 S&P         Fitch Ratings            Moody‘s

                 AA-                 AA-               Aa1

                                                                                      2015   2016   2017   2018

Seite 3   2019     DZ BANK - Corporate presentation
DZ BANK Corporate presentation
Agenda

1. Volksbanken Raiffeisenbanken cooperative financial network

2. DZ BANK Group

3. DZ BANK Group‘s business performance

4. Business segments

5. Contact persons

Page 4   2019   DZ BANK - Corporate presentation
DZ BANK Corporate presentation
1. Volksbanken
   Raiffeisenbanken
   cooperative financial
   network
DZ BANK Corporate presentation
The three pillars of the German banking sector

Regional focus

Domestic market
DZ BANK Corporate presentation
Subsidiarity is key for the cooperative financial network
– at its core are the local cooperative banks
                       Client Business                          Associations and Service Providers

                                                           Umbrella association for the cooperative banking sector
                                                               Lobbying
                                                               Strategic coordination
                               Regional market approach
                                                               Advisory, support and information
                               Customer relationship
                                                               Protection scheme

                                                           Regional- and other associations
                                                           Auditing and consulting associations
                                                               Auditing
                                                               Consulting and support
                                                               Lobbying
                                                               Education

                                                           Service companies
            Central institution                           Various cooperative service and technology companies
            Specialized service providers                     Banking Software
            Joint market approach                             IT-facilities and -support
                                                               Advertising programms
                                                               …

Seite 7   2019      DZ BANK - Corporate presentation
DZ BANK Corporate presentation
Cooperative protection scheme of BVR
The ’Dual System’ of institution protection

BVR-ISG                                                               BVR-SE
BVR-Institutssicherung GmbH as                                        BVR-Sicherungseinrichtung as institution
direct deposit protection                                             protection and indirect deposit protection

             Fulfilment of the legal requirements (EU guideline
             ’DGSD’1 and German law on deposit insurance) by
                                                                            Additional voluntary protection system since 1934
             founding of BVR-ISG in 2015

             BVR-ISG is an officially recognised deposit                    BVR-SE is the oldest, privately financed bank
             protection system as Institutional Protection Scheme           protection scheme worldwide

                                                                            Institution protection: Measures for the avoidance
             Safeguarding of depositor compensation by                      of threatening or impending economic difficulties
             protection of customer deposits of up to € 100,000             faced by member institutions (preventive avoidance
             per person per institution                                     of bankruptcy)

             Deposit protection (BVR-SE and BVR-ISG)
             Comprehensive protection for customer deposits held by non-banks, including bearer bonds and certificates
             issued by the cooperative banks (indirectly via BVR-SE). Direct deposit protection via BVR-ISG up to EUR
             100,000 per person per institute.

  1   Deposit Guarantee Schemes Directive

Seite 8      2019         DZ BANK - Corporate presentation
DZ BANK Corporate presentation
Cooperative protection scheme of BVR
Key figures and function

                                                    Responsible body is the national association
                                                    (Bundesverband der Deutschen Volksbanken
                                                    und Raiffeisenbanken e.V. – BVR)

                                                    Monitoring by Federal Financial Supervisory
                                                    Authority (BaFin)

                                                    Comprehensive institution protection for all members,
                                                    no bankruptcy among members since 1934

                                                    Members: 875 Cooperative banks,
                                                    DZ BANK AG, DZ HYP, DZ PRIVATBANK,
                                                    Schwäbisch Hall, TeamBank, DVB Bank,
                                                    Münchener Hypothekenbank

Seite 9   2019   DZ BANK - Corporate presentation
DZ BANK Corporate presentation
Consolidated financial statements of the cooperative
financial network

                                                                                                         2017      2017
                 Consolidated total assets                    Profit before taxes (€ mln)                7,771     8,916
                              3%                              Cost/income ratio (%)                      69.5      65.3
                                                              Loans and advances to customers            795       762
            35 %                                              (€ bn)
                                                              Deposits from customers (€ bn)             842       801
                                                    62 %      Consolidated total assets (€ bn)           1,290     1,243
                                                              Consolidated equity (€ bn)                 107.7     104.4
                                                              Common equity Tier 1 capital ratio (%)1    15.5      15.4
                 Cooperative banks
                                                              Leverage ratio (%, fully loaded)            7.8       7.7
                 DZ BANK Group
                                                              Employees                                 176,500   177,248
                 Münchener Hypothekenbank                     (As of 31.12.2018)

 1 incl.   § 340f HGB-Reserven

Seite 10      2019         DZ BANK - Corporate presentation
Interaction within the german cooperative financial
network

                                                                                    30 million customers,
                                                                              thereof 18.6 million `shareholders´

                                                        Shareholders                                            Customer relationship

                                                                                                       875 cooperative banks
           Cooperative financial network

                                                                                                       about 10,500 branches
                                                                                                       (Volksbanken, Raiffeisenbanken, Sparda-
                                                                                                       Banks, PSD Banks, Church banks, apoBank,
                                                                                                       other special coop. banks)

                                                                                                                    Products and
                                                         Shareholders
                                                                                                                      services

                                                                                                                       Business segments

                                                                                                               Retail Banking    Corporate Banking

                                                                                                                                    Transaction
                                                                                                               Capital Markets
                                                                                                                                      Banking

Seite 11   2019                            DZ BANK - Corporate presentation
2. DZ BANK Group
Our vision determines the strategic framework of the
DZ BANK Group

                                                        The most important requirement for the success
                               Vision                   of the cooperative financial network is the
                                                        strengthening of the cooperative banks in
                                                        their market (mandate for sponsorship).
           The DZ BANK Group will align itself
           toward the cooperative banks such            The high network orientation of the central
           that the …                                   institution is reflected by the fact that the
                                                        emphasis is on the interests of the
                                                        cooperative financial network which is in
                                                        close proximity to local market conditions
                                                        and takes into account the respective features
                                                        of the different market sections.
                           … will further develop       The basis of the cooperation between
             its position as the leading financial      cooperative banks on the one hand and the
                  services provider in Germany.         central institution and specialized service
                                                        providers of the cooperative financial network on
                                                        the other hand is subject to the principles of
                                                        subsidiarity, decentralization and regional
                                                        market responsibility.

Seite 13    2019     DZ BANK - Corporate presentation
DZ BANK Group: strong brands – strong partners

                                                                                                                  DZ BANK AG acts as the holding
                                                                                                                  company for the DZ BANK Group
           Central institution / Corporate                      Holding companies
                 bank companies                                                                                   Companies associated with the Central
                                                                                                                  institution / Corporate bank are
                                                                                                                   DZ BANK AG
                                                                                                                   DZ HYP
                                                                                                                   DZ PRIVATBANK
                                                                                                                   VR Smart Finanz1

                                                                                                                  Companies associated with the holding
             Employees                                               30,732                                       are
                                                                                                                   Bausparkasse Schwäbisch Hall
             Profit before taxes (€ mln)                              1,370
                                                                                                                   R+V Versicherung
                thereof CICB                                           308                                         TeamBank
             Consolidated total assets (€ bn)                          519                                         Union Investment
             (As of: 31.12.2018)                                                                                   various other specialized
                                                                                                                      institutions, e.g. ReiseBank

  1   VR Leasing Group combines its core business (Leasing, hire purchase and loans) under its ‘VR Smart Finanz‘ brand.

Seite 14      2019           DZ BANK - Corporate presentation
DZ BANK Group: shareholding structure

                      Shareholding structure                                                                Subsidiaries of DZ BANK AG:
                         of DZ BANK AG                                                                           ownership stakes

                                         5.5 %                                                                                    96 %

                                                                                                                                  91 %
                                                                                                                          1
                      94.5 %                                                                                                      100 %

                                                                                                                                  92 %

        (€ mln)                                                                                                                   97 %
           Cooperative banks (direct and indirect)                               4,657

           Other cooperative and other enterprises                                  269
                                                                                                                                  92 %

        Total subscribed capital                                                 4,926                                            97 %

  1   VR Leasing Group combines its core business (Leasing, hire purchase and loans) under its ‘VR Smart Finanz‘ brand.

Seite 15      2019          DZ BANK - Corporate presentation
DZ BANK Group companies:
DZ BANK AG – Cooperative central institution

                                                                                   DZ BANK serves as central institution of
                                                                                   the Volksbanken Raiffeisenbanken
                                                                                   cooperative financial network and
                                                                                   commercial bank. It is the central
                                                                                   institution for all 915 cooperative banks in
                                                                                   Germany, which hold the majority of its
                                                                                   shares.

                                                                                   Under the tagline ‘DZ BANK. Die
                                                                                   Initiativbank’, it supports the business of
      Headquarter                                              Frankfurt am Main   the independent cooperative banks in
      Employees                                                     5,335          their regions with the aim of strengthening
      Profit before taxes (€ mln)                                    522           their competitiveness. The combination of
                                                                                   local customer knowledge and central
      Consolidated total assets (€ bn)                               271
                                                                                   product expertise has proved to be
      (As of: 31.12.2018)
                                                                                   highly effective.

                                                                                   Additionally DZ BANK AG acts as the
                                                                                   holding company for the DZ BANK
                                                                                   Group.

Seite 16   2019             DZ BANK - Corporate presentation
DZ BANK Group companies:
DZ HYP – Real estate and Pfandbriefbank

                                                                             DZ HYP is one of the leading real estate
                                                                             banks and one of the biggest Pfandbrief
                                                                             issuers in Germany.

                                                                             It acts as specialist, competence center and
                                                                             driving force of real estate and public
                                                                             sector financing for the Volksbanken
                                                                             Raiffeisenbanken cooperative financial
                                                                             network and supports the cooperative banks
                                                                             in their local markets.
           Headquarter                                         Hamburg und
                                                                 Münster
                                                                             With its customer focused and individualized
           Employees                                              873        distribution approach the bank acts in its
           Profit before taxes (€ mln)                            232        business segments business customers,
                                                                             mortgage customers, public sector and retail
           Consolidated total assets (€ bn)                       85.9
                                                                             customers.
           (As of: 31.12.2018)

Seite 17      2019          DZ BANK - Corporate presentation
DZ BANK Group companies:
DZ PRIVATBANK – Center for private banking

                                                                           DZ PRIVATBANK is the cooperative
                                                                           centre of excellence for private
                                                                           banking for Volksbanken Raiffeisen-
                                                                           banken in Germany and acts as a
                                                                           provider of specialized services in its
                                                                           business segments private banking,
                                                                           investment funds and financing.

           Headquarter                                         Luxemburg   The bank offers a wide range of
                                                                           services, from traditional asset
           Employees                                             1.184
                                                                           management via asset structuring and
           Profit before taxes (€ mln)                           -151      succession planning to foundation
           Consolidated total assets (€ bn)                      18,3      advice and individual solutions in
           (As of: 31.12.2018)
                                                                           generation management.

Seite 18      2019          DZ BANK - Corporate presentation
DZ BANK Group companies:
VR Smart Finanz – Digital loan provider for SME customers

                                                                                                          VR Smart Finanz1 is a subsidiary partner for
                                                                                                          simple SME solutions within the cooperative
                                                                                                          financial network. It acts as the expert for
                                                                                                          simple, fast and tailor-made financing
                                                                                                          solutions for regional SME customers and
                                                                                                          self-employed     and    small   businesses
                                                                                                          customers of the cooperative banks.

                                                                                                          Its range of services includes leasing, hire
                                                                                                          purchase and loans up to € 750,000.
           Headquarter                                             Eschborn
                                                                                                          Corporate customers can conclude business
           Employees                                                   955                                loans online by using the websites of the
           Profit before taxes (€ mln)                                   1                                Volksbanken Raiffeisenbanken. Additionally
                                                                                                          VR Smart Finanz offers digital services
           Consolidated total assets (€ bn)                            4.8                                surrounding financing requirements of
           (As of: 31.12.2018)                                                                            corporate customers.

  1   VR Leasing Group combines its core business (Leasing, hire purchase and loans) under its ‘VR Smart Finanz‘ brand.

Seite 19      2019          DZ BANK - Corporate presentation
DZ BANK Group companies:
R+V – Cooperative insurance company

                                                                           R+V Versicherung is one of the
                                                                           leading insurance companies in
                                                                           Germany and has been on a growth
                                                                           trajectory for many years now. It is the
                                                                           second-largest insurer in both the life
                                                                           and non-life sectors.

           Headquarter                                         Wiesbaden
                                                                           Based in Wiesbaden, R+V enjoys the
                                                                           trust of more than 8 million
           Employees                                            13,478     customers, who have insured over 24
           Profit before taxes (€ mln)                           413       million risks.
           Consolidated total assets (€ bn)                      107.4
           (As of: 31.12.2018)

Seite 20     2019           DZ BANK - Corporate presentation
DZ BANK Group companies:
Schwäbisch Hall – Cooperative building society

                                                                                 Schwäbisch Hall is Germany’s largest
                                                                                 building society, with 7.3 million customers.
                                                                                 It is also one of the leading home finance
                                                                                 providers.

                                                                                 Ever since it was established in 1931,
                                                                                 Schwäbisch Hall has been firmly anchored in
                                                                                 the cooperative financial network.

                                                                                 The building society’s around 3,400 field
           Headquarter                                         Schwäbisch Hall   agents1 and more than 3,200 inhouse
           Employees                                               3,275         employees provide customers with expert
           Profit before taxes (€ mln)                              295          advice and support.
           Consolidated total assets (€ bn)                         71.7
                                                                                 Schwäbisch Hall is also active in foreign
           (As of: 31.12.2018)
                                                                                 markets (Eastern Europe and China) with
                                                                                 more than 3 million customers.

  1   Independent sales agents; not included in table above.

Seite 21      2019          DZ BANK - Corporate presentation
DZ BANK Group companies:
TeamBank – Consumer finance provider

                                                                          TeamBank AG with ist easyCredit
                                                                          product family is the liquidity management
                                                                          specialist in the Volksbanken
                                                                          Raiffeisenbanken cooperative financial
                                                                          network.

                                                                          It provides integrated, innovative products
                                                                          and services that give customers easy
                                                                          access to liquidity wherever they are and
           Headquarter                                         Nürnberg   whenever they want.
           Employees                                            1,047
           Profit before taxes (€ mln)                           145      The key elements of the ecosystem are
                                                                          the customer-friendly finance service
           Consolidated total assets (€ bn)                      8.5
                                                                          ‘easyCredit-Finanzreserve’, the
           (As of: 31.12.2018)                                            seamless cross-mediapayment process
                                                                          ‘ratenkauf by easyCredit’, and an online
                                                                          credit agreement service.

Seite 22     2019           DZ BANK - Corporate presentation
DZ BANK Group companies:
Union Investment – Asset manager

                                                                                   The Union Investment Group is the fund
                                                                                   management         specialist   within  the
                                                                                   cooperative financial network and has
                                                                                   been developing investment solutions for
                                                                                   retail and institutional investors for more
                                                                                   than 60 years.

                                                                                   Over 2,900 employees manages assets
           Headquarter                                         Frankfurt am Main
                                                                                   amounting to some € 332.7 billion. In
           Employees                                                3,043          total, more than 4.3 million customers
           Profit before taxes (€ mln)                               502           entrust Union Investment with their
           Consolidated total assets (€ bn)                           2.6          money.
           (As of: 31.12.2018)

Seite 23     2019           DZ BANK - Corporate presentation
DZ BANK AG´s Board of Managing Directors

                                  Uwe Fröhlich                                                             Dr. Cornelius Riese
                                  Co-Chief Executive Officer                                               Co-Chief Executive Officer

                                     Strategy & Group Development                                          Strategy & Group Development
                                     Cooperative Banks/Verbund                                             Legal
                                     Communication, Marketing, Corporate Responsibility                    Group Audit
                                     Structured Finance
                                     Research and Economics

                  Uwe Berghaus                                            Dr. Christian Brauckmann                              Ulrike Brouzi

                   Corporate Banking                                      IT                                                     Group Finance
                   Investment Promotion                                   Group Security and Organisation                        Bank Finance
                                                                           Central Facility Management,                           Group Financial Services
                                                                            Central Services and Centralised                       Compliance
                                                                            Purchasing

                  Wolfgang Köhler                                         Michael Speth                                         Thomas Ullrich

                   Capital Markets Trading /                              Group Risk Controlling                                 Transaction Management
                    Retail Clients /                                       Credit                                                 Operations
                    Institutional Clients                                  Credit Special                                         Payments & Accounts
                   Group Treasury                                                                                                 Group Human Resources

Seite 24   2019     DZ BANK - Corporate presentation
DZ BANK rating overview

    Bank ratings
    Issuer Credit Rating                                       AA-1      Aa1     AA-1
    Outlook                                                    stable   stable   stable
    Short-Term Rating                                          A-1+1     P-1     F1+1
    Long Term Counterparty Risk Assessment /                     -       Aa1      AA-
    Derivative Counterparty Rating

    Issuance ratings
    Covered Bonds                                              AA+      Aaa        -
    Long Term Deposits                                           -      Aa1       AA-
                                            Preferred           AA-     Aa1       AA-
    Senior Unsecured
                                            Non-preferred       A+       A1       AA-
    Tier 2                                                       A       A3       A+

1   Rating of the cooperative financial network

Page 25       2019          DZ BANK - Corporate presentation
DZ BANK rating overview – sustainability ratings

 oekom research assigns prime status (C+) to DZ BANK Group

                                                         Since 2011 Prime Status

                                                         Rating assignment (C+) as of 1 February, 2018

                                                         Above-average commitment to environmental and social issues

 Further sustainability ratings

  imug                  neutral (CCC)                           Uncovered Bonds
                        positive (BB)                           Mortgage Covered Bonds

  MSCI                  AA                                      DZ BANK far above sector average

  sustainalytics        74 points                               Leader in the area ‘social‘, Outperformer in the areas
                                                                ‘environment’ and ‘governance’

Seite 26   2019    DZ BANK - Corporate presentation
Sustainability activities
Examples out of DZ BANK Group

                                         Renewable energy financing
                                         Volume of renewable energy project financing counts for around € 5 billion in
                                         2018.

                                         Insurance products in renewable energy segment
                                         R+V is one of the most important service providers of insurance products in the
                                         renewable energy segment. In 2018 it insured 120,000 solar energy systems,
                                         1,400 wind turbines and 1,100 biogas plants.

                                         Financing of sustainable building
                                         With financing new buildings, modernisation and solar energy systems CO2
                                         emissions were reduced by 482,679 tons in 2018.

                                         Sustainable asset management
                                         With around € 41 billion assets under management in sustainable assets Union
                                         Investment is the leading sustainable asset manager in Germany.

Seite 27   2019   DZ BANK - Corporate presentation
Social commitment of DZ BANK

                                     Society                                                     Art and culture
           Comprehensive activities with focus on “education”                              Diverse commitment in the fields of
                                                                                                  art, dance and music
                          The DZ BANK Stiftung supports science, research and
                          teaching at universities and colleges as well as research
                          projects and exceptional scientific studies which are directly
                          related to the cooperative philosophy or to banking.

                          The Active Citizenship is the competence centre for civic
                          engagement of the Cooperative Financial Network of
                          Volksbanken Raiffeisenbanken. A key aspect of Active
                          Citizenship is the national encouragement of citizen
                          foundations.

                          The initiative ‘sozialgenial’ of DZ BANK aims to anchor the
                          idea of ‘service learning’ in higher education. It is intended
                          to offer pupils the opportunity of combining teaching and
                          social commitment. To this end, the participating pupils
                          develop their own charitable projects.

                          As an active member, DZ BANK supports the Initiativkreis
                          Ruhr. A central objective of the initiative is to expand
                          knowledge and awareness of young people in the region as
                          regards economics and finance. DZ BANK therefore
                          supports the annual “Dialogue with Youth” events both with
                          personnel and funds.

Seite 28     2019     DZ BANK - Corporate presentation
DZ BANK Group
Successful innovation for the cooperative financial network
                                                           Spin-offs          Selected partnerships   Overarching
                                                                                                      collaboration

                   Cooperative
                    Financial
                    Network

  Fiducia &
 GAD IT und
    ADG

                                                           Long-term equity
                                                           investments
           Business
          sections of
           DZ BANK

Page 29     2019        DZ BANK - Corporate presentation
Digitization and Innovation
Examples out of DZ BANK Group

 Union Investment                  Union Investment      R+V Versicherung   VR Smart Finanz       ReiseBank
                                                                                              Cooperation
                                                                                              with
                                     MeinInvest

          paydirekt                      ReiseBank           DZ BANK          TeamBank        R+V Versicherung
                                                                                                       VR-
                                                                                                       Altersvorsorge
                                                                                                       Cockpit

          TeamBank                        DZ BANK        Schwäbisch Hall       DZ BANK
                                                                                               … and more than
                                                                                                 100 further
                                                                                                  activities

Page 30    2019       DZ BANK - Corporate presentation
Digitization and Innovation
Strategic innovation management in DZ BANK Group

                                                           Strategic innovation management

             Trend / technology
                 scouting                                  Ideation                    Prototyping                        Implementation

                   Trend and                         Ideation workshops                     of DZ BANK Group         Within divisions
                    technology radar                  Design Thinking             Rapid prototyping                  Transfer to partners
                   FinTech radar                                                                                       within CFN
                                                          GENOhub in collaboration with FGIT and ADG
                   Innovation radar                                                                                   Spin-off
                                                      GENOhackathon               GENOlab
                                                      Technical hackathons                                            Termination

                       Cooperations                            TechQuartier          HHL SpinLab                 (FinTech-)Startups

 Communication and culture                    Innovation Round Table        Innovation blog            Trendscouting team       Presentations/publications

Seite 31   2019        DZ BANK - Corporate presentation
3. DZ BANK Group‘s
   business performance
DZ BANK Group
Key points

            Business performance                                   Strategic development

     Respectable financial performance:                   DZ BANK AG:
     Profit before taxes of just under €1.4 billion       – Completion of merger / migration
                                                          – 'Verbund First 4.0': Ambitious targets for earnings and costs

     Good operating performance in all entities:          DZ HYP:
     Encouraging growth in the customer business          Implementation of merger between DG HYP and WL BANK

     Impact of negative one-off effects:                  DVB:
     DZ PRIVATBANK, DVB, further development of           – Substantial progress in 2018
     DZ BANK AG                                           – Stabilization, risk reduction, sale of parts of the business

     Stable capital situation:                            VR Smart Finanz:
     Common equity Tier 1 capital ratio of 13.7 percent   Digital transformation on track
     (December 31, 2017: 13.7 percent)

     Very good credit rating:                             Further segments:
     AA- (S&P / Fitch)                                    – Integrated digitalization across the group
                                                          – Focus on growth and efficiency (e.g. 'growth through
                                                            change' program at R+V)

Page 33   2019      DZ BANK - Corporate presentation
DZ BANK Group
Financial performance

Operating income1                               Loss allowances                                Administrative expenses                             Profit before taxes
(€ million)                                     (€ million)                                    (€ million)                                         (€ million)

                  -16.9%
                                                                                                                2.5%
                                                               -97.3%
          6,555
                                                                                                       3,959             4,059
                                                         786
                                                                                                                                                                   -24.3%
                         5,450

                                                                                                                                                           1,810

                                                                                                                                                                             1,370

                                                                           21

          2017           2018                           2017             2018                          2017              2018                              2017              2018

1 Totalof 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, and other net operating income.
Page 34      2019          DZ BANK - Corporate presentation
DZ BANK Group
Income statement (preliminary)

                                                                       Jan. 1 -         Jan. 1 -   Change
  € million
                                                                 Dec. 31, 2018    Dec. 31, 2017       (%)
  Net interest income                                                    2,799             2,941      -4.8
  Net fee and commission income                                          1,955             1,864      4.9
  Gains and losses on trading activities                                   285               506     -43.7
  Gains and losses on investments                                          150                10   >100.0
  Other gains and losses on valuation of financial instruments            -120               289         -
  Net income from insurance business                                       490               907     -46.0
  Loss allowances                                                          -21              -786     -97.3
  Administrative expenses                                               -4,059            -3,959      2.5
  Other net operating income                                              -109                38         -
  Profit before taxes                                                    1,370             1,810     -24.3
  Income taxes                                                            -452              -712     -36.5
  Net profit                                                               918             1,098     -16.4

Page 35   2019    DZ BANK - Corporate presentation
DZ BANK Group
Income statement by group company (preliminary)

                                                                  Jan. 1 -         Jan. 1 -   Change
    € million
                                                            Dec. 31, 2018    Dec. 31, 2017       (%)
    DZ BANK AG                                                        522              752      -30.6
    BSH                                                               295              334      -11.7
    R+V                                                               413              795      -48.1
    UMH                                                               502              610      -17.7
    DZ HYP                                                            232             6371      -63.6
    TeamBank                                                          145              148       -2.0
    DZ PRIVATBANK                                                    -151               20          -
    VR Smart Finanz                                                     1              -17          -
    DVB                                                              -130             -774      83.2
    Other/consolidation                                              -459             -695      34.0
    Profit before taxes                                             1,370            1,810      -24.3

1   = due to merger based on pro forma figures

Page 36     2019         DZ BANK - Corporate presentation
Segment DZ BANK AG

Profit before taxes1                                                                  Operating performance
€ million                                                                              Income statement
                                                                                       Year-on-year decrease in profit before taxes
                                                                                       Lower income, particularly under gains and losses on trading activities (due to
                                                                                        capital markets), income from long-term equity investments, and other net
                                -30.6%                                                  operating income (provision for restructuring)
                                                                                       Profit boosted by effect of loss allowances and administrative expenses
                     752                                                               Corporate Banking
                                                                                       Further increase in the lending volume in German corporate banking
                                                                                       Very fierce competition in the market with strong pressure on margins
                                                                                       Retail Banking
                                                                                      No. 2 in the overall market for investment certificates, with market share of
                                                      522                              17.7 percent (2017: 16.6 percent)
                                                                                      No. 3 in the overall market in terms of trading volume, with market share of
                                                                                       11.1 percent (2017: 9.2 percent)
                                                                                      Sales of structured products of €6.0 billion (2017: €6.1 billion)
                                                                                       Capital Markets
                                                                                       Positive trend in money market products, bonds, and primary market business
                                                                                       Volume of securitizations rises by 6 percent year on year to €2.1 billion; conduit
                                                                                        business via CORAL up by 9 percent
                                                                                       Transaction Banking
                                                                                       Third-largest depositary in Germany with €215 billion in AuD
                                                                                       Securities services doing well in low-interest-rate environment; number of
                                                                                        securities accounts still falling
                                                                                       Increase in the number of credit cards under the cards growth initiative
                 2017                                2018
1   Excl. gains and losses on intra-group valuations of long-term equity investments and loss transfers / income subsidies.

Page 37       2019         DZ BANK - Corporate presentation
Segment Home Savings business / Residential real
estate finance

Profit before taxes                                                           Operating performance
                                                                              New home savings business     Market share in Germany
€ million                                   Market/environment – home        € billion                     in %
                                             savings: Expansion of overall
                                             market – BSH's market share          28.0          29.7            30.9          30.6
                                             is above 30 percent

                                            Market/environment – home
             -11.7%                          finance: Overall market held
                                             steady – continued growth for
                                             BSH
                                                                              Dec. 31, 2017 Dec. 31, 2018   Dec. 31, 2017 Dec. 31, 2018
      334
                                            Profit before taxes at a
                      295                                                     Home finance volume
                                             satisfactory level – net
                                                                              € billion
                                             interest income adversely
                                             affected by low interest rates
                                                                                  14.6          15.2

                                                                              Dec. 31, 2017 Dec. 31, 2018

                                                                                   Stability for BSH in terms of market performance;
                                                                                   low interest rates continue to pose a challenge
     2017             2018

Page 38     2019      DZ BANK - Corporate presentation
Segment Insurance

Profit before taxes                                                                Operating performance
                                            Market: According to the German
€ million                                    Insurance Association (GDV),         Life/health                     Property / Casualty              Reinsurance
                                             premiums grew by 2.1 percent in      Profit before taxes             Profit before taxes              Profit before taxes
                                             2018 (2017: 1.7 percent)             € million                       € million                        € million
                                            Robust rise in life/health              457.3
                                                                                                                      411.9
                                             insurance premiums, but profit
                                             before taxes down significantly                         232.8
             -48.1%                          year on year due to a marked                                                             158.2
                                                                                                                                                                         21.6
                                             deterioration in gains and losses
                                             on investments held by insurance      31.12.2017      31.12.2018       31.12.2017      31.12.2018           -74.0
      795                                    companies                                                                                                31.12.2017      31.12.2018

                                            Profit before taxes in non-life      Gross premiums                   Gross premiums                  Gross premiums
                                             insurance down significantly year                                                                     written
                                                                                  written                          written
                                             on year due to a deterioration in
                                             gains and losses on investments      € billion                        € billion                       € billion
                                             held by insurance companies and          7.6             7.9
                                             higher claims expenses                                                    5.6              5.9
                      413
                                            Profit before taxes in reinsurance                                                                         2.1             2.3
                                             squeezed by one-off items and
                                             claims in 2017/2018
                                                                                  Dec. 31, 2017   Dec. 31, 2018    Dec. 31, 2017   Dec. 31, 2018    Dec. 31, 2017   Dec. 31, 2018
                                            Profit before taxes of R+V
                                             Group down overall compared                     Good growth in premiums across all segments;
                                             with 2017, mainly due to a marked               sharp fall in the group's profit before taxes, mainly
                                             deterioration in gains and losses               due to gains and losses on investments held by
                                             on investments held by insurance
                                             companies                                       insurance companies
     2017             2018

Page 39     2019      DZ BANK - Corporate presentation
Segment Asset Management

Profit before taxes                                                              Operating performance

€ million                                    Negative performance of the        Assets under management             Net inflows from institutional
                                              asset markets in 2018              € billion                           customers
                                                                                                                     € billion
                                             AuM at end of 2018 were on
                                              a par with the end of 2017:            323.9          323.4                 15.2
                                              High net inflows against a
                                              backdrop of negative market                                                                 7.8
              -17.7%
                                              performance, particularly in the
                                              fourth quarter
                                             Net inflows from retail
      610                                     customers mainly driven by         Dec. 31, 2017 Dec. 31, 2018         Dec. 31, 2017 Dec. 31, 2018
                                              PrivatFonds, fund-linked
                       502                    savings plans, and real estate     Net inflows from retail customers
                                              funds                              € billion
                                             Net inflows from institutional          9.9
                                              customers remained at a high                           7.5
                                              level, driven by new
                                              institutional customers in
                                              Germany and abroad, capital
                                              preservation strategies, and
                                              sustainability funds
                                                                                 Dec. 31, 2017 Dec. 31, 2018
                                             Overall decrease in profit
                                              before taxes, although it
                                              remained healthy overall,                Good operating and financial performance
                                              mainly due to high performance
     2017              2018                   fees in 2017

Page 40     2019       DZ BANK - Corporate presentation
Segment Real Estate Finance Business

Profit before taxes                                                              Operating performance

                                                Real estate sector remains      New business with commercial        New business with housing sector
€ million                                                                        real estate investors               € billion
                                                 stable, although the market
                                                 environment is becoming         € billion
                                                 increasingly challenging              7.1            7.7                                 1.0
                                                                                                                           1.0
                                                Year-on-year growth in the
                                                 volume of new business
               -63.6%                            across all segments of real
                                                 estate finance and local
                                                 authority loans
      637                                                                        Dec. 31, 2017 Dec. 31, 2018          Dec. 31, 2017 Dec. 31, 2018
                                                New joint credit business
                                                 with local cooperative          New business with retail clients,   Total volume of real estate finance*
                                                 banks slightly lower than the   funds, and institutionals           € billion
                                                 robust level in 2017            € billion
                                                                                       2.0            2.2
                                                Costs rise as envisaged in                                               42.5           44.5
                                                 the budget due to merger-
                                                 related consultancy and IT
                                                 migration work
                          232
                                                Strong fluctuations in fair
                                                 value gains and losses in
                                                 the wind-down portfolio;        Dec. 31, 2017 Dec. 31, 2018          Dec. 31, 2017 Dec. 31, 2018
                                                 widening spreads on Italian          DZ HYP's core business delivers a solid performance
                                                 government bonds are having
                                                 an adverse effect                    despite additional work in connection with the
                                                                                      merger; volatility of fair value gains and losses
     2017                2018
* Increase partly due to transfer of portfolio from DZ BANK

Page 41     2019          DZ BANK - Corporate presentation
Segment Consumer finance

Profit before taxes                                                          Operating performance

€ million                                   Market/environment:             easyCredit new business        Loans and advances to
                                             Fierce competition based on     € billion                      customers (IFRS)
                                             terms and predatory pricing                                    € billion
                                                                                                                 8.0           8.4
                                                                                   2.95         2.98
                                            New business below the
                                             budgeted figure but slightly
                                             higher than the prior-year
              -2.0%                          level

                                            Stable level of loss             Dec. 31, 2017 Dec. 31, 2018   Dec. 31, 2017 Dec. 31, 2018
                                             allowances                      Number of customers
      148             145
                                                                             Thousands
                                            Stable level of profit before                      877
                                             taxes                                  833

                                                                              Dec. 31, 2017 Dec. 31, 2018

                                                                                     Stable operating performance at TeamBank
     2017             2018

Page 42     2019      DZ BANK - Corporate presentation
Segment Private Banking

Profit before taxes                                                             Operating performance
                                            Market/environment:
€ million                                    Persistently tough market          Assets under Management        Gross inflows
                                             conditions with increasing         € billion                      € billion
                                             regulatory requirements, fierce         17.3          16.7
                                             competition for market share,
                                             and pressure on margins;
                                             interest rates remain low                                               3.3           3.1
                                            Lower volumes, mainly due to
                                             capital market conditions

          20                                Profit before taxes before one-     Dec. 31, 2017 Dec. 31, 2018    Dec. 31, 2017 Dec. 31, 2018
                                             off items was on a par with 2017
                                                                                Assets under custody           Lending volume
                                             One-off items resulted in a loss   € billion                      € billion
                                             before taxes (no impact on
                                             capital):                              108.8
                                              Impairment of goodwill in an                       101.6
                                               amount of around €128 million                                         5.0           5.0
                                              Impairment of recognized
                                               customer relationships in an
                                               amount of around €41 million;
                                               this will reduce some of the
                                               financial impact in subsequent    Dec. 31, 2017 Dec. 31, 2018    Dec. 31, 2017 Dec. 31, 2018
                                               years
                                                                                     Stable operating performance; very challenging
                      -151                                                           competitive environment; lower volumes primarily due
                                                                                     to market conditions; one-off items having an impact
     2017             2018

Page 43        2019   DZ BANK - Corporate presentation
Segment Leasing

Profit before taxes                                                          Operating performance

€ million                                Market: Performance of the         New equipment leasing business   Existing equipment leasing
                                          leasing sector reflected that of   € billion                        business
                                          the economy as a whole, with                                        € billion
                                          positive expectations for new           1.1           1.2                2.9            3.0
                                          business

                                         Small rise in new business
                                          compared with 2017

                                         Profit before taxes included       Dec. 31, 2017 Dec. 31, 2018      Dec. 31, 2017 Dec. 31, 2018
                                          one-off items in connection        Factoring sales                  Central settlement sales
                                          with the transformation into a
                                                                             € billion                        € billion
                                          digital provider of finance for
                                          the self-employed and small             3.2           3.4                8.1            8.1
                    1                     businesses

                                                                             Dec. 31, 2017 Dec. 31, 2018      Dec. 31, 2017 Dec. 31, 2018

                                                                                   Small rise in new business, significant progress
      -17                                                                          with VR LEASING's transformation
     2017          2018

Page 44     2019   DZ BANK - Corporate presentation
Segment Transport Finance

Profit before taxes                                                            Operating performance

€ million                                    Market situation remains         Volume of new business                   New transactions
                                              difficult in maritime sectors;   € billion                                Number
                                              overcapacity in main shipping          3.2               3.7
                                                                                                                                           144
                                              segments, situation in the                                                     122
                                              offshore segment is
             +83.2%                           particularly difficult

                                             Overall stable volume of new
                                              business, but reduced            Dec. 31, 2017 Dec. 31, 2018              Dec. 31, 2017 Dec. 31, 2018
                                              volume of customer loans
                                              due to downsizing in the non-    Customer lending volume
                      -130                    core segment                     € billion
                                                                                            19.4
                                                                                       Other    0.6             16.6
                                             Negative impact as a result of   Land Transport   1.4               0.5
                                              temporary measurement                  Aviation   6.1               1.5
                                              effects under IFRS                                                  5.2

                                             Strategic options being               Shipping    11.3              9.4
                                              examined, in particular the
                                              partial sale of portfolios
                                                                                           Dec. 31, 2017     Dec. 31, 2018

                                                                                      Stabilization of the risk situation, moderate
      -774
                                                                                      business performance, strategic options being
                                                                                      examined
     2017             2018

Page 45   2019         DZ BANK - Corporate presentation
DZ BANK Group
Key capital ratios (fully loaded CRR)

    CET 1 Capital ratio (fully loaded)                                                               Capital requirements – CET 1
(%)                                                                                                (%)
                                  14.5
                                                         13.7                    13.7
            13.0
                                                                                                                      13.7
                                                                                                                                                                  Pillar 1 requirements 4.50%
                                                                                                                                                     9.75         Pillar 2 requirements 1.75%
                                                                                                                                                                  Combined buffers 3,50%2

      Dec 31, 2015          Dec 31, 2016           Dec 31, 2017         Dec 31, 2018                             Capital ratio                  2019 SREP
                                                                                                                 Dec 31, 2018                  requirements

    Leverage Ratio (fully loaded)                                                                     Stable development of capital ratios
(%)                                                                                                   Minimum capital requirements
                                                                                                       (SREP ratio1) for 2019 of 9.75 percent (2018: 8.84
                                                          4.4                 4.3
                 4.0                 4.1                                                               percent)

          Dec 31, 2015         Dec 31, 2016        Dec 31, 2017        Dec 31, 2018

1   MDA trigger (maximum distributable amount): Year-on-year increase owing to raising of the capital conservation buffer and the O-SII buffer (buffer for other systemically important institutions)
2   Excl. countercyclical capital buffer in an amount of 0.05% (as at 31.12.2018)
Page 46       2019           DZ BANK - Corporate presentation
DZ BANK Group
Diversified funding base
Funding structure*                                                                                 Money market funding
In % / bn €                                                                                         Liquidity surplus of local cooperative banks
                                                                                       319.3         provides the main basis for short-term funding in
                                              293.4                285.5                             the unsecured money markets
                                                                                        42.5%       Corporate customers and institutional clients are
Senior Unsecured Funding >1Y                  45.4%                45.7%                             another important source of funding
                                                                                                    DZ BANK and DZ PRIVATBANK use groupwide
                                                                                        15.5%
            Secured Funding >1Y               16.8%                16.9%
                                                                                                     multi-issuer euro commercial paper program to
                                                                                                     issue money market products based on debt
                                                                                        42.0%        certificates
               Short-term Funding             37.8%                37.4%
                                                                                                    Furthermore collateralized money market
                                                                                                     activities
                                           31.12.2016           31.12.2017            30.06.2018

                                                                                                   Structural liquidity (>1Y)
Unsecured short-term and medium-term funding                                                        Funding via structured and non-structured
As of 31.12.2017*                                                                                     capital market products
     Local cooperative banks                                                                        Products offered for local cooperative banks‘
                                                                      20%                             own-account and customer-account securities
     Other banks, central banks
                                                                                                      business and to institutional clients
     Corporate and institutional customers
                                                                                          45%       Secured funding through issuance of Pfand-
     Commercial paper (institutional investors)
                                                                                                      briefe / DZ BANK BRIEFE by DZ BANK,
                                                                 18%
                                                                                                      DZ HYP and DVB on a decentralized basis
                                                                                                    Long-term funding requirements in foreign
                                                                           17%                        currencies are covered through the basis swap
                                                                                                      market, ensuring matching maturities

 * Figures as of Dec 31, 2018 not yet available; only marginal adjustments expected

Page 47    2019           DZ BANK - Corporate presentation
4. Business segments
Business segments – overview

                                                                                                                          1

                                                                    Retail Banking

                                                                                                  Corporate Banking

                                                                                                 Capital
                                                                                                 Markets

                                                                                             Transaction
                                                                                               Banking

  The DZ BANK Group delivers its strategy and range of services for the cooperative banks and their
  customers through its four business segments – Retail Banking, Corporate Banking, Capital, Markets and
  Transaction Banking.

  1   VR Leasing Group combines its core business (Leasing, hire purchase and loans) under its ‘VR Smart Finanz‘ brand.

Seite 49      2019          DZ BANK - Corporate presentation
Cooperative Banks / Verbund
Holistic support for the cooperative banks from the
Regionaldirektor of DZ BANK
            Retail / Corporate customers / Overall banking managmement / Production bank

                                                                                     Church banks
                                                                                     Specialized coop. banks

                                                          Key-Account-Management

                  Exploitation of                          Relationship management
                                                                                                 Sparring partner
                   revenue and                                to cooperative banks
                                                                                              in strategic questions
                  market potential                       as customers and shareholders

                                                              Bank management

Seite 50   2019       DZ BANK - Corporate presentation
Cooperative Banks / Verbund
Overall bank management: from the strategic setting to
operational implementation

                                                                        2.
                                                       1.
                                                                    Banks‘ own
                                                    Support
                                                                  deposits (Depot
                                                    services
                                                                  A) and markets

                                                       4.                3.
                                                    Process           Product
                                                    support          solutions

                                                       5. Sparring partner

Page 51   2019   DZ BANK - Corporate presentation
Retail Banking
DZ BANK Group

                                        Investment products/
                                        Payments and cards business

                                                                      Comprehensive range of
                                        Real estate finance
                                                                      services
                                                                      via DZ BANK Group‘s ‚Allfinanz‘
                                        Consumer finance
                                                                      approach

                                                                      Competitive products
                                        Private banking               offered by the group companies in their
                                                                      field of competence at reasonable prices
                                        Asset management /
                                        Investment products           Cooperative customer
                                                                      service
                                        Pension plans                 via local cooperative banks in their region

                                         Insurance

Page 52   2019   DZ BANK - Corporate presentation
Retail Banking
DZ BANK AG

                                                                                                Orientation to clients in a highly-
                                                                                                fragmented market
                                                                                                 The cooperative financial network‘s with leading
                                                                                                  position in structured securities:1

                                                                                                      Market share of more than 42% in the capital
                                                                                                       protection certificates product group

                                                                                                      Market share of more than 36% in the
                                                                                                       express certificates product group

                                                                                                 Germany‘s first issuer with a certified quality
                                                                                                  management system for product development
                                                                                                  and customer satisfaction measurement

                                                                                                 „dzbank-derivate.de“ is DZ BANK‘s derivatives
                                                                                                  portal

1   Source: Deutscher Derivate Verband,
    Market share in the structured securities product group, 12/31/18, Market share by volume
Page 53      2019           DZ BANK - Corporate presentation
Corporate Banking
DZ BANK Group

                                        Bank products

                                        Commercial real estate finance
                                        business
                                                                          Growth
                                                                          Support the customer with advisory
                                                                          ideas from a single source
                                        Leasing / Hire purchase / Loans

                                                                          Stability
                                        Asset management                  The business relationship is guaranteed
                                                                          by one of Europe’s best bank ratings

                                        Financial investments             Safety
                                                                          for our customers’ plans for the future
                                                                          based on sustainable cooperation in a
                                        Equity finance                    strong cooperative financial network

                                         Insurance /
                                         Company pension scheme

Page 54   2019   DZ BANK - Corporate presentation
Corporate Banking
DZ BANK AG

                                                    Finance

                                                    Research

                                                    International business

                                                    Risk management

                                                    Investment products

                                                    Payments

Page 55   2019   DZ BANK - Corporate presentation
Corporate Banking
We are there for our customers: at the local, regional and
international levels

                 Local                                         Regional                                                                       International

                                                          Hamburg
                                            Oldenburg
                                                                                                                                            London                Moscow
                                                           Hannover                 Berlin                                                       Frankfurt

                                               Münster                                                                                                 Istanbul                               Beijing
                                                                                                                           New York

                                       Düsseldorf                         Leipzig
                                                                                    Dresden                                                                                Mumbai
                                                                                                                                                                                         Hongkong

                                         Coblenz                                                                                                                                    Singapore
                                                   Frankfurt
                                                                                                                                                                                    Jakarta
                                                                    Nuremberg
                                                                                              Region Northern & Eastern Germany       São Paulo
                                              Karlsruhe
                                                                                              Region West Germany
                                                        Stuttgart                             Region Baden-Württemberg
                                                                                              Region Bavaria                              Central Division Corporate Banking                            Branch
                                                                    Munich
                                                                                                                                                                                                        Rep. Office
                                                                                                                                                                                                        HQ

Page 56   2019      DZ BANK - Corporate presentation
Capital Markets
DZ BANK AG
                                              Primary          Secondary
                                              market            market

                                                                            Cooperative banks

                                           Advisory and sales
                                           services in relation to
                                           investment and risk
                                           management products

                                             Fixed Income        Credit     Corporate customers
                                                    Equities   Currencies

                                           Research services

                                                                            Institutional customers

Page 57   2019   DZ BANK - Corporate presentation
Capital Markets
DZ BANK AG
The core task of DZ BANK AG in its role as central institution is liquidity balance and group internal finance.

                                                     Liquidity balancing function ...
                                                     – Unlimited acceptance of liquidity from cooperative banks
                                                       (corresponds to indirect retail funding)
                                                     – Short and long-term refinance for the cooperative banks
                                                     – Internal group finance of DZ BANK Group

                                                     .... Leads to risk allocation at DZ BANK
                                                     – Borrower’s default risk and market price risk
                                                     – Liquidity risks (guaranteeing solvency, balance of maturity
                                                       mismatches)

          Money / capital
             market
                                                               Risk balancing via
                                                               –   Money and capital markets
                                                               –   Global business partner network

Page 58   2019    DZ BANK - Corporate presentation
Transaction Banking
DZ BANK AG

       Cooperative banks,
       Partner banks,
       Corporate customers

       Central institution

       Products
                          Payments                   Cards business   Securities   Custody services   Additional products

Seite 59   2019   DZ BANK - Corporate presentation
Transaction Banking
DZ BANK AG

                     Payments                                        Securities
                      SEPA payments                                  Securities transaction processing for
                      Individual / large sum payment transactions     investments of banks (Depot A), customer
                      direct debt initiation                          business (Depot B) and investment funds
                      Cash management solutions                      Responsible for the whole processing chain
                      VR-RechnungsService (e-invoicing system)        of securities transactions
                      Innovations, e.g. mobile payments

                     Cards business                                  Custody services
                      Debit cards                                    Custodian bank for mutual and special
                      Credit cards                                    funds
                      Development of value-added programs in         Custody services provider for the
                       cards business                                  cooperative financial network (incl. Union
                                                                       Investment)

                     Additional products                             Advisory
                      Cash supply and disposal                       Payments processing
                      Supply of coins                                Cards business
          …           Cash deposit machine services                  Securities transaction processing
                                                                      Capital market and custody services
                                                                      Additional products

Page 60   2019   DZ BANK - Corporate presentation
5. Contact persons
Contact persons
DZ BANK AG
  Cooperative banks / Verbund
  Andreas Deitert                   Head of Division Cooperative Banks/Verbund               +49 69 7447 – 7402    andreas.deitert@dzbank.de

  Retail Banking
  Markus Reitmeier                  Head of Division Capital Markets Retail Clients          +49 69 7447 – 42367   markus.reitmeier@dzbank.de

  Corporate Banking
  Andreas Brey                      Head of Division Region Bavaria                          +49 89 2134 – 3140    andreas.brey@dzbank.de

  Jörg Hessel                       Head of Division Region Baden-Württemberg                +49 711 940 – 2141    joerg.hessel@dzbank.de

  Dr. Alexander Hildner             Head of Division Region Northern & Eastern Germ.         +49 40 35900 – 200    alexander.hildner@dzbank.de

  Thomas Löcker                     Head of Division Region West                             +49 211 778 – 2100    thomas.loecker@dzbank.de

  Stephan Ortolf                    Head of Division Central Division Corp. Banking          +49 69 7447 – 99461   stephan.ortolf@dzbank.de

  Gottfried Finken                  Head of Division Structured Finance                      +49 69 7447 – 99878   gottfried.finken@dzbank.de

  Matthias Hümpfner                 Head of Division Investment Promotion                    +49 211 778 – 2200    matthias.huempfner@dzbank.de

  Capital Markets
  Heinz-Theo Brockmann              Head of Division Capital Markets Institutional Clients   +49 69 7447 – 6962    heinz-theo.brockmann@dzbank.de

  Transaction Banking
  Gregor Roth                       Head of Division Transaction Management                  +49 69 7447 – 2088    gregor.roth@dzbank.de

Seite 62   2019      DZ BANK - Corporate presentation
Disclaimer

 This document is for information purposes only. This document has been prepared by DZ BANK AG Deutsche Zentral-
 Genossenschaftsbank (“DZ BANK”) and may only be distributed outside Germany in accordance with the local legal
 requirements, and persons coming into possession of this information and these materials should inform themselves about
 and observe the local legal requirements.

 This document constitutes neither a public offer nor a solicitation of an offer for the purchase of securities or financial
 instruments. DZ BANK does not act as investment adviser or portfolio manager. This document does not constitute a
 financial analysis. All evaluations, opinions or explanations contained herein are those of the author of the document and do
 not necessarily correspond with those of third parties.

 DZ BANK assumes no liability for damages caused directly or indirectly by the distribution and/or use of this document
 and/or for damages which are in any way connected with the distribution/use of this document. Any investment decision with
 respect to securities or any other financial instruments should be based on an individual advice and a prospectus or
 information memoranda and under no circumstances on this document.

 The contents of this document correspond to the status at the point in time at which the document was drafted. Future
 developments may render them obsolete without the document’s having been changed accordingly.

Page 63   2019    DZ BANK - Corporate presentation
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