COREALCREDIT BANK AG

withholding under FATCA, or (b) any FFI through which payment on such Notes is made is not a
Participating FFI or otherwise exempt from FATCA withholding.
The application of FATCA to interest, principal or other amounts paid with respect to the Notes is not clear.
If an amount in respect of U.S. withholding tax were to be deducted or withheld from interest, principal or
other payments on the Notes as a result of FATCA, none of the Issuer, any Guarantor, any paying agent or
any other person would, pursuant to the Terms and Conditions of the Notes be required to pay additional
amounts as a result of the deduction or withholding of such tax.
As a result, investors may, if FATCA is implemented as currently proposed by the IRS, receive less interest
or principal than expected. Holders of the Notes should consult their own tax advisers on how these rules
may apply to payments they receive under the Notes.
The application of FATCA to Notes issued or materially modified on or after January 1, 2013 (or whenever
issued, in the case of Notes treated as equity for U.S. federal tax purposes) may be addressed in the relevant
Final Terms or a supplement to this Base Prospectus, as applicable.
FATCA IS PARTICULARLY COMPLEX AND ITS APPLICATION TO THE ISSUER, ANY
GUARANTOR, THE NOTES AND THE HOLDERS IS UNCERTAIN AT THIS TIME. EACH HOLDER
OF NOTES SHOULD CONSULT ITS OWN TAX ADVISER TO OBTAIN A MORE DETAILED
EXPLANATION OF FATCA AND TO LEARN HOW THIS LEGISLATION MIGHT AFFECT EACH
HOLDER IN ITS PARTICULAR CIRCUMSTANCE.
Legality of Purchase
Potential investors of the Notes should be aware that the lawfulness of the acquisition of the Notes
might be subject to legal restrictions potentially affecting the validity of the purchase. Neither the
Issuer, any Dealer nor any of their respective affiliates has or assumes responsibility for the
lawfulness of the acquisition of the Notes by a prospective purchaser of the Notes, whether under
the laws of the jurisdiction of its incorporation or the jurisdiction in which it operates (if different). A
prospective purchaser may not rely on the Issuer, any Dealer or any of their respective affiliates in
connection with its determination as to the legality of its acquisition of the Notes.
Change of Law
The Terms and Conditions of the Notes are based on German law in effect as at the date of this
Prospectus. No assurance can be given as to the impact of any possible judicial decision or
change to German law or administrative practice after the date of this Prospectus.
Risks Relating to Specific Types of Notes
Fixed Rate Notes
A holder of Fixed Rate Notes is exposed to the risk that the price of such Notes falls as a result of
changes in the market interest rate. While the nominal interest rate of Fixed Rate Notes as
specified in the applicable Final Terms is fixed during the term of such Note, the current interest
rate on the capital market ("market interest rate") typically changes on a daily basis. As the market
interest rate changes, the price of Fixed Rate Notes regularly changes, too, but in the opposite
direction. If the market interest rate increases, the price of Fixed Rate Notes typically falls, until the
yield of such Notes is approximately equal to the market interest rate of comparable issues. If the
market interest rate falls, the price of Fixed Rate Notes typically increases, until the yield of such
Notes is approximately equal to the market interest rate. The holder of Notes is therefore exposed
to the risk of an unfavourable development of market interest rate which may materialise if the
holder sells the Notes prior to the final maturity of such Notes. If the holder decides to hold the
Notes until final maturity the Notes will be redeemed at the amount set out in the relevant Final
Terms.
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