COREALCREDIT BANK AG

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Subordinated Notes In the event of the dissolution, liquidation, insolvency, composition or other proceedings for the avoidance of insolvency of, or against, the Issuer, such obligations will be subordinated to the claims of all unsubordinated creditors of the Issuer so that in any such event no amounts will be payable under such obligations until the claims of all unsubordinated creditors of the Issuer will have been satisfied in full. SUMMARY REGARDING COREALCREDIT Statutory Auditors Ernst & Young GmbH, Wirtschaftsprüfungsgesellschaft, Mergenthaler Allee 3-5, 65760 Eschborn ("Ernst & Young") have been appointed as independent auditors of COREALCREDIT. They have audited the financial statements of the Bank for each of the financial years 2010 and 2011 and have, in each case, issued an unqualified auditor's report. Apart from that, none of the financial information included or incorporated by reference in this Prospectus has been audited or reviewed by Ernst & Young. General Information and History The legal name of the Bank is COREALCREDIT BANK AG. The Bank's advertising name is COREALCREDIT. The Bank is registered in the German Commercial Register (Handelsregister) of the local court (Amtsgericht) in Frankfurt am Main under HRB 7005. COREALCREDIT's head office is located at COREALCREDIT BANK AG, Corealcredit Haus, Grüneburgweg 58-62, D-60322 Frankfurt am Main, Federal Republic of Germany, Telephone (+49) 69-7179 0. The financial year of COREALCREDIT is the calendar year. Business Overview / Principal Markets and Activities COREALCREDIT is a specialist German bank for commercial real estate financing. It focuses on professional real estate investors in its core market Germany. The Bank provides its customers with tailor-made, capital market-oriented financing solutions for buildings, real estate portfolios and development projects. In addition, it offers financial advisory, investment advisory and transaction advisory services to support investment activities. COREALCREDIT is solely focussed on the German commercial real estate market. Real estate investors from Germany are supported directly by the Bank's regional sales agencies in Hamburg, Berlin, Düsseldorf, Frankfurt/Main, Stuttgart and Munich. Foreign investors in the German real estate market are supported by COREALCREDIT's head office in Frankfurt/Main. Organisational Structure As at 31 December 2011, COREALCREDIT was not included in any consolidated financial statements of its sole shareholder LSF5 German Investments, L.P., Dallas, or any other Lone Star company. COREALCREDIT directly holds major interests in the following subsidiaries: � AHBR Capital Funding LLC., Wilmington, Delaware � AHBR Projektentwicklung GmbH, Frankfurt/Main 10
� BVG-Grundstücks- und Verwertungsgesellschaft mbH, Frankfurt/Main The Bank did not prepare any consolidated financial statements in 2010 and 2011 as the remaining subsidiaries are, individually and collectively, not significant in relation to the requirement to present a true and fair view of the net assets, financial position and results of the operations of the company. Administrative, Management and Supervisory Bodies The Management Board (Vorstand) comprises a minimum of two members. The Supervisory Board (Aufsichtsrat) appoints the Management Board members and determines their number. As at 31 December 2011, the Management Board consists of the following three members: Dr. Claus Nolting (Chairman), Arnd Stricker, Dr. Klaus Vajc. The Supervisory Board (Aufsichtsrat) of COREALCREDIT comprises nine members. The Supervisory Board members are appointed for the period until the end of the General Meeting which approves their actions for the four financial years after their appointment. The financial year in which their office starts is not included. As at 31 December 2011, the Supervisory Board consists of the following nine members: Bruno Scherrer (Chairman), Dr. Karsten von Köller (Deputy Chairman), Barbara Stöhr, Olivier Brahin, Jordi Goetstouwers-Odena, Thomas Herrmann, Michael Kolbeck, Thomas Kötz, Michael D. Thomson. The business address of the Board of Managing Directors and the Supervisory Board is: COREALCREDIT BANK AG, Corealcredit Haus, Grüneburgweg 58-62, D-60322 Frankfurt am Main, Federal Republic of Germany. Major Shareholders COREALCREDIT is a non-listed stock corporation organised under the laws of the Federal Republic of Germany, whose sole shareholder is LSF5 German Investments, L.P. (LSF5). Upon the entry of the squeeze-out resolution in the Commercial Register (Handelsregister) of the local court (Amtsgericht) in Frankfurt am Main on 23 June 2009, the transfer of shares of the minority shareholders of COREALCREDIT to the main shareholder, LSF5, has become legally effective. As at 31 December 2011, the issuer's subscribed capital (gezeichnetes Kapital) amounted to EUR 100,275,948.50. It consists entirely of bearer shares and was divided into 47,069,450 shares as at 31 December 2011. On 31 August 2009, the annual general meeting authorised the Management Board to increase the subscribed capital by a maximum of EUR 50,000,000.00 by issuing up to 23,469,960 bearer shares in one or more tranches against cash and/or contributions in kind by 31 August 2014 at the latest. No use has yet been made of this authorisation. The extraordinary general meeting held on 14 October 2010 authorised the Management Board to acquire up to ten per cent. of the company's own shares for purposes other than securities trading, with the consent of the Supervisory Board, by 30 June 2015 at the latest. Together with the company's own shares acquired for other reasons and in the possession of the company or classed as belonging to it pursuant to section 71a et seq. of the German Companies Act (Aktiengesetz – "AktG"), the shares acquired on the basis of this authorisation must at no time exceed ten per cent. of its share capital. No use has yet been made of this authorisation. 11
Page 1 and 2: This document constitutes two base
Page 3 and 4: The distribution of this Prospectus
Page 5 and 6: SIGNIFICANT CHANGE IN THE ISSUER'S
Page 7 and 8: Operational Risks Operational risk
Page 9: Foreign Currency Notes A holder of
Page 13 and 14: in the above-mentioned class action
Page 15 and 16: � on the basis of a reference rat
Page 17 and 18: Early Redemption for Reasons of Tax
Page 19 and 20: Liquiditätsrisiken können sich au
Page 21 and 22: Gegenläufig variabel verzinsliche
Page 23 and 24: Die Bank ist im Handelsregister bei
Page 25 and 26: Seit 2005 erfolgt eine Verlustteiln
Page 27 and 28: unbesicherte und nachrangige Verbin
Page 29 and 30: Endgültigen Bedingungen angegeben
Page 31 and 32: öffentlichen Angebots oder in Form
Page 33 and 34: problems, i.e. the risk that the go
Page 35 and 36: The Bank's real estate business and
Page 37 and 38: Hedging Transactions Holders should
Page 39 and 40: Floating Rate Notes A key differenc
Page 41 and 42: Additional Risk Factors relating to
Page 43 and 44: GENERAL GENERAL DESCRIPTION OF THE
Page 45 and 46: � the Terms and Conditions will b
Page 47 and 48: Ernst & Young is a member of the Ch
Page 49 and 50: Fitch confirmed the "AA-" rating of
Page 51 and 52: Loan portfolio The total COREALCRED
Page 53 and 54: usiness. The increase on the previo
Page 55 and 56: MANAGEMENT AND SUPERVISORY BODIES M
Page 57 and 58: Conflicts of Interests Although, at
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TERMS AND CONDITIONS OF THE NOTES T
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A. TERMS AND CONDITIONS OF NOTES IN
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einer jeden solchen Zinszahlung erf
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ist]. § 2 STATUS [Im Fall von nich
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der Emittentin nicht mehr im Einkla
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Schuldverschreibungen werden zu ein
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dieser Angebotssätze [im Fall eine
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[Falls ein Mindestzinssatz gilt ein
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etreffenden Zeitraum angewendet wir
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(A) der Anzahl von Tagen in dem Zin
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"D1" ist der erste Tag des Zinsbere
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jeweiligen Kontoinhaber des Clearin
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Schuldverschreibungen;] [im Fall vo
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werden kann. Eine solche Kündigung
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(iv) den Wahl-Rückzahlungsbetrag (
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Schuldverschreibung dem Amortisatio
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anfänglich bezeichnete Geschäftss
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Beträge (die "zusätzlichen Beträ
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länger als 60 Tage fortdauert, nac
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Satz 11 des Kreditwesengesetzes ist
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[Im Fall von Schuldverschreibungen,
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Abstimmung ohne Versammlung getroff
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§ [14] ANWENDBARES RECHT, GERICHTS
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Text ist bindend und maßgeblich. D
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und wird durch einen bevollmächtig
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[Falls die Globalurkunde eine NGN i
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einfügen]%. Die Zinsen sind nachtr
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"[Londoner] [zutreffenden anderen O
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Europäischen Union, die gemäß de
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werden. Falls die Emittentin die Sc
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Convention einfügen: der Zinszahlu
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Monat Februar nicht als ein auf 30
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Zinsberechnungszeitraums fällt; Pe
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Rückzahlungsbetrag der Schuldversc
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Sie beinhaltet die folgenden Angabe
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Die Emissionsstelle [[,] [und] [die
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einheitliche Serie bilden. (2) Anka
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Globalurkunde vorlegt, deren Übere
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C. TERMS AND CONDITIONS OF JUMBO PF
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[festgelegten Endfälligkeitstag ei
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dritten Tag nach dem Tag der Veröf
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§ 12 TEILUNWIRKSAMKEIT Sollten irg
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Dies sind die Endgültigen Bedingun
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Language of Conditions 7 ) Sprache
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Bestimmungsstelle [Ja/Nein] � Fis
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Margin Marge � flat keine � plu
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[Deemed Interest Payment Date] 13 )
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� Deduction of unaccrued interest
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Bestellung oder Abberufung durch Me
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[Additional Risk Factors 23 ) Zusä
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Zinssätze der Vergangenheit Detail
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A description of the possibility to
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Estimate of the total expenses rela
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COREALCREDIT BANK AG [Name & title
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the respective principal amount or,
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HOLDERS' MEETING AND RESOLUTIONS Fo
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The joint representative's liabilit
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permitted by U.S. tax regulations.
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pursuant to an exemption from the r
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opt for inclusion of investment inc
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Inheritance tax / gift tax The tran
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Residents According to the law of 2
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DOCUMENTS INCORPORATED BY REFERENCE
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NAMES AND ADDRESSES Issuer COREALCR
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COREALCREDIT BANK AG

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