DZ BANK AG Deutsche Zentral ... - DZ Privatbank

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This document constitutes a supplement (the “Supplement”) within the meaning of Article 16 of Directive
2003/71/EC of the European Parliament and of the Council of 4 November 2003 (as amended by Directive
2010/73/EU of the European Parliament and of the Council of 24 November 2010) (the "Prospectus Directive") to
three base prospectuses for the purposes of Art. 5 No. 4 of the Prospectus Directive: (i) the base prospectus of
DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main in respect of non-equity securities
("Non-Equity Securities") within the meaning of Art. 22 No. 6(4) of the Commission Regulation (EC) No
809/2004 ("Commission Regulation") of 29 April 2004, (ii) the base prospectus of DZ PRIVATBANK S.A. in
respect of Non-Equity Securities, and (iii) the base prospectus of DZ BANK AG Deutsche Zentral-
Genossenschaftsbank, Frankfurt am Main in respect of Covered Notes (non-equity securities within the meaning
of Art. 22 No. 6(3) of the Commission Regulation) (together, the "Debt Issuance Programme Prospectus" or the
"Prospectus").
First Supplement dated 8 June 2012
to the Debt Issuance Programme Prospectus dated 14 May 2012
DZ BANK AG
Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main
Frankfurt am Main, Federal Republic of Germany
DZ PRIVATBANK S.A.
Luxembourg, Grand Duchy of Luxembourg
as Issuers
Debt Issuance Programme (the "Programme")
Each Issuer has requested the Commission de Surveillance du Secteur Financier of the Grand Duchy of
Luxembourg (the "CSSF") in its capacity as competent authority under the Luxembourg law of 10 July 2005 on
prospectuses for securities (Loi du 10 juillet 2005 relative aux prospectus pour valeurs mobilières), as amended,
(the "Luxembourg Law"), to approve this Supplement and to provide the competent authorities in the Federal
Republic of Germany, the Republic of Austria, Ireland, the Kingdom of the Netherlands and the United Kingdom of
Great Britain and Northern Ireland with a certificate of approval attesting that this Supplement has been drawn up
in accordance with the Luxembourg Law (each a "Notification"). Each Issuer may request the CSSF to provide
competent authorities in additional host Member States within the European Economic Area with a Notification.
This Supplement has been approved by the CSSF, has been filed with said authority and will be published in
electronic form on the website of the Luxembourg Stock Exchange (www.bourse.lu).

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RESPONSIBILITY STATEMENT
DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main ("DZ BANK", "DZ BANK
AG" or the "Bank") with its registered office in Frankfurt am Main, Federal Republic of Germany, and
DZ PRIVATBANK S.A. ("PBLU") with its registered office in Luxembourg (each an "Issuer" and
together the "Issuers") are solely responsible for the information given in this Supplement. The
Issuers hereby declare that, having taken all reasonable care to ensure that such is the case, the
information contained in this Supplement is, to the best of their knowledge, in accordance with the
facts and contains no omission likely to affect its import.
NOTICE
Terms defined or otherwise attributed meanings in the Prospectus have the same meaning in this
Supplement.
This Supplement shall only be distributed in connection with the Prospectus. It should only be read in
conjunction with the Prospectus.
To the extent that there is any inconsistency between any statement in this Supplement and any other
statement in or incorporated by reference in the Prospectus, the statements in this Supplement will
prevail.
Save as disclosed in this Supplement under “Amendment to Prospectus”, there has been no other
significant new factor, material mistake or inaccuracy relating to information included in the Prospectus
which is capable of affecting the assessment of Notes issued under this Programme since the
publication of the Prospectus.
The Issuers have confirmed to the Dealers that the Prospectus and this Supplement contain all
information with regard to DZ BANK AG or PBLU and the Notes which is material in the context of this
Programme and the issue and offering of Notes thereunder; that the information contained therein with
respect to DZ BANK AG or PBLU and the Notes is accurate in all material respects and is not
misleading; that any opinions and intentions expressed therein with respect to DZ BANK AG or PBLU
and the Notes are honestly held; that there are no other facts with respect to DZ BANK AG or PBLU or
the Notes the omission of which would make the Prospectus and this Supplement as a whole or any of
such information or the expression of any such opinions or intentions misleading and that DZ BANK
AG and PBLU have made all reasonable enquiries to ascertain all facts material for the purposes
aforesaid.
No person has been authorised to give any information which is not contained in, or not consistent
with, the Prospectus or this Supplement or any other document entered into or any other information
supplied by the Issuers in connection with this Programme and, if given or made, such information
must not be relied upon as having been authorised by the Issuers, the Dealers or any of them.
Neither the Arranger nor any Dealer nor any other person mentioned in the Prospectus or this
Supplement, excluding the Issuers, is responsible for the information contained in the Prospectus or
this Supplement or any Final Terms or any other document incorporated therein by reference, and
accordingly, and to the extent permitted by the laws of any relevant jurisdiction, none of these persons
accepts any responsibility for the accuracy and completeness of the information contained in any of
these documents.
RIGHT TO WITHDRAW
In accordance with Article 13 clause 2 of the Luxembourg Law, investors who have already
agreed to purchase or subscribe for Notes to be issued under this Programme prior to
publication of this Supplement have the right, exercisable within a time limit of two working
days after the publication of this Supplement, to withdraw their acceptances.

The Prospectus is supplemented as follows:
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AMENDMENT TO PROSPECTUS
� The second paragraph under “Summary / Section B – DZ BANK AG Deutsche Zentral-
Genossenschaftsbank, Frankfurt am Main as Issuer / Element B.17: Rating of the Issuer”
on page 13 shall be replaced by the following:
“As at the date of approval of this Supplement the ratings assigned to DZ BANK were as follows:
S&P: long-term rating: AAshort-term
rating: A-1+,
Moody’s: long-term rating: A1
short-term rating: P-1,
Fitch: long-term rating: A+
short-term rating: F1+.”
� The second paragraph under “German Translation of the Summary (Deutsche Übersetzung
der Zusammenfassung) / Abschnitt B - DZ BANK AG Deutsche Zentral-Genossenschaftsbank,
Frankfurt am Main als Emittentin / Element B.17: Rating der Emittentin”
on page 33 shall be replaced by the following:
“Am Billigungsdatum dieses Nachtrags lauten die Ratings für die DZ BANK wie folgt:
S&P: langfristiges Rating: AA-
kurzfristiges Rating: A-1+
Moody’s: langfristiges Rating: A1
kurzfristiges Rating: P-1
Fitch: langfristiges Rating: A+
kurzfristiges Rating: F1+
� The fifth paragraph under “Risk Factors - Risk Factors regarding DZ BANK” on page 51 shall
be replaced by the following:
“As at the date of approval of this Supplement the ratings assigned to DZ BANK by the Rating
Agencies were as follows:”;
and the subparagraph below, regarding Moody’s ratings, shall be replaced by the following:
“Moody’s: long-term rating: A1
short-term rating:
Moody’s defines:
P-1.”
A: Obligations rated A are considered upper-medium grade and are subject to low credit risk.
Note:
Moody's appends numerical modifiers 1, 2 and 3 to each generic rating classification from
Aa to Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic
rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a
ranking in the lower end of that generic rating category.
P-1: Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term
debt obligations.
Issuer Ratings are opinions of the ability of entities to honor senior unsecured financial
obligations and contracts. Moody's expresses Issuer Ratings on its general long-term and
short-term scales.”

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� The second paragraph under “Form of Issue-Specific Summary – Annex to the Final Terms /
Section B – DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main as
Issuer / Element B.17: Rating of the Issuer” on page 364 shall be replaced by the following:
“As at the date of approval of the Supplement dated 8 June 2012 the ratings assigned to DZ
BANK were as follows:
S&P: long-term rating: AAshort-term
rating: A-1+,
Moody’s: long-term rating: A1
short-term rating: P-1,
Fitch: long-term rating: A+
short-term rating: F1+.”
� The second paragraph under “Form of German Translation of the Issue-Specific Summary
Anhang zu den Endgültigen Bedingungen – Emissionsbezogene Zusammenfassung /
Abschnitt B - DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main als
Emittentin / Element B.17: Rating der Emittentin” on page 383 shall be replaced by the
following:
“Am Billigungsdatum des Nachtrags vom 8. Juni 2012 lauten die Ratings für die DZ BANK wie
folgt:
S&P: langfristiges Rating: AA-
kurzfristiges Rating: A-1+
Moody’s: langfristiges Rating: A1
kurzfristiges Rating: P-1
Fitch: langfristiges Rating: A+
kurzfristiges Rating: F1+.”

Issuers
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NAMES AND ADDRESSES
DZ BANK AG
Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main
Platz der Republik
60265 Frankfurt am Main
Federal Republic of Germany
DZ PRIVATBANK S.A.
4, rue Thomas Edison
1445 Luxembourg-Strassen
Grand Duchy of Luxembourg
Fiscal Agent German Fiscal Agent
Deutsche Bank Aktiengesellschaft DZ BANK AG
Group Technology Operations Deutsche Zentral-Genossenschafts-
Grosse Gallusstrasse 10–14 bank, Frankfurt am Main
60272 Frankfurt am Main Platz der Republik
Federal Republic of Germany 60265 Frankfurt am Main
Federal Republic of Germany
Listing and Paying Agent in the Grand Duchy of Luxembourg
DZ PRIVATBANK S.A.
4, rue Thomas Edison
1445 Luxembourg-Strassen
Grand Duchy of Luxembourg