Ratings

Bank Ratings

	S&P Global	Moody's	Fitch Ratings
Issuer Rating (Outlook)	A+ (stable)	Aa2 (stable)	AA (stable)
Short-Term Rating	A-1	P-1	F1+

Issue Ratings

	S&P Global	Moody's	Fitch Ratings
Covered Notes (DZ BANK Briefe)	AA+	Aaa	-
Long-Term Deposits	-	Aa2	AA
Long-Term Counterparty Risk Rating / Derivative Counterparty Rating	-	Aa2	AA
Preferred Senior Unsecured	A+	Aa2	AA
Non-Preferred Senior Unsecured	A	A3	AA-
Tier 2	A-	Baa1	A
AT 1	BBB-	-	BBB+

S&P Global

Moody's

Fitch Ratings

The ratings from S&P Global and Fitch are based on the joint rating of the Cooperative Financial Network (group rating) and applies to all institutions affiliated to the BVR’s deposit protection scheme.

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Protection Scheme

DZ BANK is a member of the BVR Institutssicherung GmbH and the Protection Scheme of the National Association of German Cooperative Banks (Sicherungseinrichtung des Bundesverbandes der Deutschen Volksbanken und Raiffeisenbanken e.V.- BVR).

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Disclaimer

The rating information we have compiled constitute publicly accessible information. We have merely chosen to publish them on our website as an additional service for our shareholders and investors. Any explanation of the significance of a rating may be obtained only from the rating agency. These reports do not necessarily represent the opinion of DZ BANK, nor should they be seen as a recommendation to buy securities issued by DZ BANK. DZ BANK accepts no liability for the completeness, timeliness, accuracy or selection of such information.