ALLOCATION POLICY IN PRIMARY MARKETS

This policy describes the process that DZ BANK AG follows when DZ BANK AG is a book runner on a new issue and allocates securities. The policy applies to primary transactions, in which DZ BANK AG takes an active role in pricing and allocation as a book runner.
In transactions where DZ BANK AG participates without an active role, DZ BANK AG does not have any obligations in terms of allocation recommendation to the issuer.