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NOTES ON THE ANNUAL REPORT

GENERAL

DZ PRIVATBANK S.A. (the Bank) was incorporated as a Société Anonyme under Luxembourg law on 28 December 1977. The duration of the Company is unlimited.

The registered office of DZ PRIVATBANK S.A. is located at: 4, rue Thomas Edison, L-1445 Strassen in the Grand Duchy of Luxembourg.

In accordance with the Articles of Association, the object of the Company is to conduct banking and financial operations of all kinds, for its own account and that of third parties, in and outside the Grand Duchy of Luxembourg, and all operations directly or indirectly connected therewith.

As at 31 December 2016, the Bank had eight branches represented across ten sites in Germany. The branches are used to coordinate subsidiary cooperation with the cooperative banks in Germany.

As at 31 December 2016, 90.7% of the Bank’s capital was held by DZ BANK AG, Frankfurt am Main, and 9.3% by 354 cooperative banks in Germany. The post-tax returns of the Bank, measured against the balance sheet total, amounted to seven basis points in 2016.

Under Article 80 of the Law of 17 June 1992 covering the annual financial statements and consolidated financial statements of banks operating under Luxembourg law, the Bank is released from the obligation to prepare consolidated financial statements and a consolidated operations report if all shareholders who own less than 90% of the shares of the bank agreed to this. The annual financial statements of DZ PRIVATBANK S.A. are included in the consolidated financial statements of DZ BANK AG, which are filed at the Commercial Register in Frankfurt am Main.

The financial year corresponds to the calendar year. The balance sheet currency is the euro.

DZ BANK AG has issued a comfort letter for DZ PRIVATBANK S.A. confirming that it can meet its contractual obligations, apart from political risks, within the scope of its investment quota.

DZ PRIVATBANK S.A. has been a member of the protection scheme of the German Volksbanken Raiffeisenbanken cooperative financial network e.V. (BVR) since November 2011. Since 2016 it has been a member of the Luxembourg guarantee institutions “Fonds de garantie Luxembourg (FGDL)” and “Systeme d’indemnisation des investisseurs Luxembourg (SIIL)”.