COREALCREDIT BANK AG

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GENERAL INFORMATION INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE/OFFER Certain Dealers and their affiliates may be customers of, borrowers from or creditors of the Bank and its affiliates. In addition, certain Dealers and their affiliates may have engaged, and may in the future engage, in investment banking and/or commercial banking transactions with, and may perform services for the Bank and its affiliates in the ordinary course of business. USE OF PROCEEDS AND REASONS FOR THE OFFER The net proceeds from each issue will be used for general financing purposes of the Bank. AUTHORISATION The establishment of the Programme and the issuance of Notes thereunder was authorised by the Board of Management of the Issuer on 26 August 2008. TAXATION The following is a general discussion of certain German and Luxembourg tax consequences of the acquisition and ownership of Notes. This discussion does not purport to be a comprehensive description of all tax considerations which may be relevant to a decision to purchase Notes. In particular, this discussion does not consider any specific facts or circumstances that may apply to a particular purchaser. This summary is based on the laws of the Federal Republic of Germany and the Grand Duchy of Luxembourg currently in force and as applied on the date of this Prospectus, which are subject to change, possibly with retroactive or retrospective effect. PROSPECTIVE PURCHASERS OF NOTES ARE ADVISED TO CONSULT THEIR OWN TAX ADVISORS AS TO THE TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF NOTES, INCLUDING THE EFFECT OF ANY STATE OR LOCAL TAXES, UNDER THE TAX LAWS OF FEDERAL REPUBLIC OF GERMANY, THE GRAND DUCHY OF LUXEMBOURG AND EACH COUNTRY OF WHICH THEY ARE RESIDENTS. Federal Republic of Germany German resident Holders Interest income If the Notes are held as private assets (Privatvermögen) by an individual investor whose residence or habitual abode is in the Federal Republic of Germany, payments of interest under the Notes are taxed as investment income (Einkünfte aus Kapitalvermögen) at a 25 per cent. flat tax (Abgeltungsteuer) (plus a 5.5 per cent. solidarity surcharge thereon and, if applicable to the individual investor, church tax). The flat tax shall generally satisfy the individual investor's tax liability with respect to the Notes. Under certain circumstances, however, the investment income including the interest income under the Notes may (have to) be included in the investor's income tax return. The investor may, for example, opt for the inclusion in its income tax return if the individual investor's total income tax liability on all taxable income including the investment income determined on progressive income tax rates is less than the amount of income tax the investor owed had the investment income been taxed separately under the flat tax regime (i.e., most favoured treatment). The investor may also 178
opt for inclusion of investment income in its income tax return if the aggregated amount of tax withheld on investment income during the year exceeded the investor's aggregated flat tax liability on investment income (e.g., because of an available loss carry forward or a foreign tax credit). The investor will have to include the investment income in its tax return if the amount of tax withheld on such investment income falls short of the investor's flat tax liability. Individual investors are entitled to a tax allowance (Sparer-Pauschbetrag) for investment income of 801 Euro per year (1,602 Euro for married couples filing their tax return jointly). The tax allowance is considered for purposes of the withholding tax (see succeeding paragraph – Withholding tax) if the investor files a withholding tax exemption request (Freistellungsauftrag) with the respective bank or financial institution where the securities deposit account to which the Notes are allocated is held. The deduction of related expenses for tax purposes is not possible. If the Notes are held as business assets (Betriebsvermögen) by an individual or corporate investor that is tax resident in Germany (i.e., a corporation with its statutory seat or place or management in Germany), interest income from the Notes is subject to personal or corporate income tax (plus solidarity surcharge thereon) and trade tax. The trade tax liability depends on the applicable trade tax factor of the relevant municipality where the business is located. In case of an individual investors the trade tax may, however, be partially or fully creditable against the investor's personal income tax liability depending on the applicable trade tax factor and the investor's particular circumstances. The interest income will have to be included in the investor's personal or corporate income tax return. Any German withholding tax (including surcharges) is generally fully creditable against the investor's personal or corporate income tax liability or refundable, as the case may be. Withholding tax If the Notes are kept or administered in a domestic securities deposit account by a German credit or financial services institution (or by a German branch of a foreign credit or financial services institution), or by a German securities trading firm (Wertpapierhandelsunternehmen) or a German securities trading bank (Wertpapierhandelsbank) (altogether the "Domestic Paying Agent") which pays or credits the interest, a 25 per cent. withholding tax, plus a 5.5 per cent. solidarity surcharge thereon, resulting in a total withholding tax charge of 26.375 per cent, is levied on the interest payments. The applicable withholding tax rate is in excess of the aforementioned rate if church tax applies to the individual investor. Capital gains from disposal or redemption of the Notes Subject to the tax-allowance for investment income described under Interest income above capital gains from the sale or redemption of the Notes held as private assets are taxed at the 25 per cent. flat tax (plus a 5.5 per cent. solidarity surcharge thereon and, if applicable to the individual investor, church tax). The capital gain is determined as the difference between the proceeds from the sale or redemption of the Notes and the acquisition costs. Expenses directly related to the sale or redemption are taken into account. Otherwise, the deduction of related expenses for tax purposes is not possible. Where the Notes are denominated in a currency other than Euro, the acquisition costs and the proceeds from the sale or redemption is computed in Euro, each at the time of the acquisition, sale or redemption, respectively. Capital losses from the Notes held as private assets are tax-recognized irrespective of the holding period of the Notes. The losses may, however, not be used to offset other income like employment or business income but may only be offset against investment income subject to certain limitations. 179
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This document constitutes two base
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The distribution of this Prospectus
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SIGNIFICANT CHANGE IN THE ISSUER'S
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Operational Risks Operational risk
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Foreign Currency Notes A holder of
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� BVG-Grundstücks- und Verwertun
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in the above-mentioned class action
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� on the basis of a reference rat
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Early Redemption for Reasons of Tax
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Liquiditätsrisiken können sich au
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Gegenläufig variabel verzinsliche
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Die Bank ist im Handelsregister bei
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Seit 2005 erfolgt eine Verlustteiln
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unbesicherte und nachrangige Verbin
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Endgültigen Bedingungen angegeben
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öffentlichen Angebots oder in Form
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problems, i.e. the risk that the go
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The Bank's real estate business and
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Hedging Transactions Holders should
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Floating Rate Notes A key differenc
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Additional Risk Factors relating to
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GENERAL GENERAL DESCRIPTION OF THE
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� the Terms and Conditions will b
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Ernst & Young is a member of the Ch
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Fitch confirmed the "AA-" rating of
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Loan portfolio The total COREALCRED
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usiness. The increase on the previo
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MANAGEMENT AND SUPERVISORY BODIES M
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Conflicts of Interests Although, at
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appeal with the Cologne Higher Regi
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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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Page 135 and 136: Globalurkunde vorlegt, deren Übere
Page 137 and 138: C. TERMS AND CONDITIONS OF JUMBO PF
Page 139 and 140: [festgelegten Endfälligkeitstag ei
Page 141 and 142: dritten Tag nach dem Tag der Veröf
Page 143 and 144: § 12 TEILUNWIRKSAMKEIT Sollten irg
Page 145 and 146: Dies sind die Endgültigen Bedingun
Page 147 and 148: Language of Conditions 7 ) Sprache
Page 149 and 150: Bestimmungsstelle [Ja/Nein] � Fis
Page 151 and 152: Margin Marge � flat keine � plu
Page 153 and 154: [Deemed Interest Payment Date] 13 )
Page 155 and 156: � Deduction of unaccrued interest
Page 157 and 158: Bestellung oder Abberufung durch Me
Page 159 and 160: [Additional Risk Factors 23 ) Zusä
Page 161 and 162: Zinssätze der Vergangenheit Detail
Page 163 and 164: A description of the possibility to
Page 165 and 166: Estimate of the total expenses rela
Page 167 and 168: COREALCREDIT BANK AG [Name & title
Page 169 and 170: the respective principal amount or,
Page 171 and 172: HOLDERS' MEETING AND RESOLUTIONS Fo
Page 173 and 174: The joint representative's liabilit
Page 175 and 176: permitted by U.S. tax regulations.
Page 177: pursuant to an exemption from the r
Page 181 and 182: Inheritance tax / gift tax The tran
Page 183 and 184: Residents According to the law of 2
Page 185 and 186: DOCUMENTS INCORPORATED BY REFERENCE
Page 187: NAMES AND ADDRESSES Issuer COREALCR
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COREALCREDIT BANK AG

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