COREALCREDIT BANK AG

Additional Risk Factors relating to Structured Notes
An investment in Notes, the premium and/or the interest on and/or principal of which is determined
by reference to shares, equity indices, currencies, commodities, interest rates or other indices or
formulae ("Reference Asset") ("Structured Notes"), either directly or inversely, may entail
significant risks not associated with investments in a conventional debt security. Such risks include
the risks that the holder of such Notes will receive no interest at all, or that the resulting interest
rate will be less than that payable on a conventional debt security at the same time and/or that the
holder of such Notes could lose all or a substantial portion of the principal of its Notes. In addition,
(i) the Reference Asset may be subject to significant changes during the term of the Notes due to
various circumstances including fluctuations in its components or (ii) a significant market disruption
could cause a postponement of certain determinations and/or payments under the Notes and/or a
substitution of the Reference Asset or an early redemption of the Notes, so that the original
assessment of risks may no longer apply or the investor would be exposed to reinvestment risk.
Investors should be aware that the market price of such Notes may be very volatile (depending on
the volatility of the relevant Reference Asset).
Neither the current nor the historical value of the Reference Asset should be taken as an indication
of future performance of such Reference Asset during the term of any Note.
Risks in Connection with Caps
If interest rate and/or redemption amount of an issue of Notes are not fixed but will be determined
according to the structure of Notes as set out in the relevant Final Terms of the Notes, these
issues may also be equipped with a cap. The effect of a cap is that the amount of interest and/or
the redemption amount will never rise above and beyond the predetermined cap, so that the
holder will not be able to benefit from any actual favourable development beyond the cap. The
yield could therefore be considerably lower than that of similarly structured Notes without a cap.
Risk of Potential Conflicts of Interest in Case of an Underlying
Each of the Issuer, any Dealer or any of their respective affiliates not only issue Notes but also
have other business areas which independently do business with companies that might be part of
an underlying of securities (e.g., but not limited to, an index, single shares or baskets). It cannot be
ruled out that decisions made by those independent business areas may have a positive or a
negative impact on the underlying value.
Certain of the Dealers and their affiliates may have engaged, and may in the future engage, in
investment banking and/or commercial banking transactions and may perform services for the
Issuer and its affiliates in the ordinary course of business.
Subordinated Notes
The Issuer may issue Subordinated Notes. The obligations of the Issuer in case of Subordinated
Notes constitute unsecured and subordinated obligations. 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. No
holder may set off his claims arising under the Notes against any claims of the Issuer. No security
of whatever kind is, or will at any time be, provided by the Issuer or any other person securing
rights of the holders under such Notes. No subsequent agreement may limit the subordination or
amend the maturity date in respect of the Notes to any earlier date or shorten any applicable
notice period (Kündigungsfrist). In case of Tier 3 Subordinated Notes, no payment in respect of the
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