COREALCREDIT BANK AG

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Status of the Notes Senior Notes (the "Senior Notes") will constitute unsecured and unsubordinated obligations of the Issuer and will rank pari passu among themselves and pari passu with all other unsecured and unsubordinated obligations of the Issuer, except for any obligation preferred by law. Pfandbriefe will constitute unsubordinated obligations and will rank pari passu among themselves and (i) in the case of Public Sector Pfandbriefe at least pari passu with all other obligations of the Issuer under Public Sector Pfandbriefe and (ii) in the case of Mortgage Pfandbriefe at least pari passu with all other obligations of the Issuer under Mortgage Pfandbriefe. Pfandbriefe are covered, however, by separate pools of public loans (in the case of Public Sector Pfandbriefe) or mortgage loans (in the case of Mortgage Pfandbriefe). Subordinated Notes (the "Subordinated Notes") may be issued either as Tier 2 subordinated Notes (which are deemed to be additional capital pursuant to § 10 (5a) KWG) (the "Tier 2 Subordinated Notes") or Tier 3 subordinated Notes (which are deemed to be Tier 3 capial pursuant to § 10 (7) KWG) (the "Tier 3 Subordinated Notes"). In either case they will constitute unsecured and subordinated obligations of the Issuer ranking pari passu among themselves and pari passu with all other subordinated obligations of the Issuer, including Tier 3 Subordinated Notes. In the event of the dissolution, liquidation, insolvency, composition or other proceedings for the avoidance of bankruptcy of, or against the Issuer, such obligations will be subordinated to the claims of all unsubordinated creditors of the Issuer. Pfandbriefe Notes may be issued as Mortgage Pfandbriefe (Hypothekenpfandbriefe) or Public Sector Pfandbriefe (Öffentliche Pfandbriefe). Mortgage and Public Sector Pfandbriefe constitute recourse obligations of the Issuer. They are secured or "covered" by separate pools of mortgage loans (in the case of Mortgage Pfandbriefe) or public loans (in the case of Public Sector Pfandbriefe), the sufficiency of which is determined by the Pfandbrief Act (Pfandbriefgesetz) and monitored by an independent cover pool monitor. Description of Notes Notes may be either interest bearing at fixed or variable rates or non-interest bearing, with principal repayable at a fixed amount or by reference to a formula as may be agreed between the Issuer and the relevant Dealer(s) as specified in the applicable Final Terms. The Issuer may have the right to call the Notes prior to maturity, if indicated in the applicable Final Terms. Furthermore, the Notes may be early redeemable in an event set out in the Terms and Conditions of the Notes. Fixed Rate Notes Fixed Rate Notes bear a fixed interest income throughout the entire term of the Notes. Notes for which the interest rate is fixed will be payable on such basis as may be agreed between the Issuer and the relevant Dealer(s) as specified in the applicable Final Terms. Floating Rate Notes Floating Rate Notes will bear interest at a rate determined (and as adjusted for any applicable margin): � on the same basis as the floating rate under a notional interest rate swap-transaction in the relevant specified currency governed by an agreement incorporating either the 2000 ISDA Definitions or the 2006 ISDA Definitions (each as published by the International Swaps and Derivatives Association, Inc., and each as amended and updated as at the date on which the first tranche of the Notes of the relevant Series is issued), 14
� on the basis of a reference rate appearing on the agreed screen page of a commercial quotation service, or � on such basis as indicated in the applicable Final Terms. The margin (if any) relating to such floating rate will be indicated in the applicable Final Terms for each Series of Floating Rate Notes. Interest periods for Floating Rate Notes will be one, three, six or twelve months or such other period(s) as may be agreed between the Issuer and the relevant Dealer(s) as specified in the applicable Final Terms. Structured Floating Rate Notes A Floating Rate Note may include multipliers or other leverage factors, or caps or floors, or any combination of those features or other similar related features. Inverse/Reverse Floating Rate Notes Inverse/Reverse Floating Rate Notes have an interest rate which is determined as the difference between a fixed interest rate and a floating rate reference rate such as the Euro Interbank Offered Rate (EURIBOR) or the London Interbank Offered Rate (LIBOR). Fixed to Floating Rate Notes Fixed to Floating Rate Notes may bear interest at a rate that the Issuer may elect to convert from a fixed rate to a floating rate, or from a floating rate to a fixed rate. Step-Up and Step-Down Notes Interest rates on Step-Up Notes increase over the years, interest on Step-Down Notes decrease over the years. The dates on which interest increases or decreases, respectively, and the interest rates are predetermined. There are also combinations of Step-Up and Step-Down Notes, whereby the predetermined interest rate may increase or decrease from one year to another. Zero Coupon Notes Zero Coupon Notes will be offered and sold either at a discount to their principal amount or on an accumulated interest basis, in each case without periodic payments of interest. Dual Currency Notes Dual Currency Notes are Notes, where payment of principal and/or payment of interest can take place in different currencies. Payments (whether in respect of principal or interest and whether at maturity or otherwise) in respect of Dual Currency Notes will be made in such currencies, and based on such rates of exchange, as the Issuer and the relevant Dealer(s) may agree as specified in the applicable Final Terms. Instalment Notes Instalment Notes are Notes, where payment of principal is made in instalments. Instalment will be made as the Issuer and the relevant Dealer(s) may agree (as indicated in the applicable Final Terms). Other Provisions in Relation to Floating Rate Notes Floating Rate Notes may also have a maximum interest rate, a minimum interest rate or both. Interest on Floating Rate Notes in respect of each Interest Period, as selected prior to issue by the Issuer and the relevant Dealer(s), will be payable on such Interest Payment Dates specified in, or 15
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 and 10: Foreign Currency Notes A holder of
Page 11 and 12: � BVG-Grundstücks- und Verwertun
Page 13: in the above-mentioned class action
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
Page 59 and 60: appeal with the Cologne Higher Regi
Page 61 and 62: TERMS AND CONDITIONS OF THE NOTES T
Page 63 and 64: A. TERMS AND CONDITIONS OF NOTES IN
Page 65 and 66:
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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