COREALCREDIT BANK AG

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Table of Contents SUMMARY ........................................................................................................................................ 6 SUMMARY REGARDING RISK FACTORS................................................................................. 6 SUMMARY REGARDING COREALCREDIT............................................................................. 10 SUMMARY REGARDING THE NOTES..................................................................................... 13 GERMAN TRANSLATION OF THE SUMMARY ............................................................................ 18 ZUSAMMENFASSUNG DER RISIKOFAKTOREN .................................................................... 18 ZUSAMMENFASSUNG DER INFORMATIONEN ÜBER DIE COREALCREDIT ...................... 22 ZUSAMMENFASSUNG IN BEZUG AUF DIE WERTPAPIERE ................................................. 26 RISK FACTORS.............................................................................................................................. 32 RISK FACTORS RELATING TO COREALCREDIT................................................................... 32 RISK FACTORS RELATING TO THE NOTES........................................................................... 35 GENERAL DESCRIPTION OF THE PROGRAMME...................................................................... 43 GENERAL .................................................................................................................................. 43 ISSUE PROCEDURES FOR NOTES IN BEARER FORM........................................................ 44 COREALCREDIT ............................................................................................................................ 46 GENERAL INFORMATION ABOUT COREALCREDIT.............................................................. 46 Legal and Commercial Name................................................................................................ 46 Registration ........................................................................................................................... 46 Date of Incorporation............................................................................................................. 46 Domicile, Address, Telephone Number................................................................................. 46 Legal Form, Legislation......................................................................................................... 46 Statutory Auditors.................................................................................................................. 46 BUSINESS OVERVIEW............................................................................................................. 47 Development ......................................................................................................................... 47 Principal Activities ................................................................................................................. 47 Product range........................................................................................................................ 47 Refinancing ........................................................................................................................... 48 Principal Markets................................................................................................................... 48 Rating .................................................................................................................................... 48 COREALCREDIT's ratings as at 31 December 2011 ........................................................... 49 ORGANISATIONAL STRUCTURE OF COREALCREDIT ......................................................... 49 TREND INFORMATION ............................................................................................................. 50 Statement of No Material Adverse Change........................................................................... 50 Business Development and Outlook for the Year 2012 ........................................................ 50 MANAGEMENT AND SUPERVISORY BODIES........................................................................ 55 Conflicts of Interests.............................................................................................................. 57 MAJOR SHAREHOLDERS........................................................................................................ 57 HISTORICAL FINANCIAL INFORMATION ................................................................................ 57 Accounting Standards ........................................................................................................... 57 2010 Financial Year............................................................................................................... 57 2011 Financial Year............................................................................................................... 57 LEGAL AND ARBITRATION PROCEEDINGS........................................................................... 58 4
SIGNIFICANT CHANGE IN THE ISSUER'S FINANCIAL POSITION........................................ 59 MATERIAL CONTRACTS .......................................................................................................... 59 THIRD-PARTY INFORMATION.................................................................................................. 59 DOCUMENTS ON DISPLAY...................................................................................................... 60 TERMS AND CONDITIONS OF THE NOTES................................................................................ 61 A. TERMS AND CONDITIONS OF NOTES IN BEARER FORM (OTHER THAN PFANDBRIEFE) ......................................................................................................................... 63 B. TERMS AND CONDITIONS OF PFANDBRIEFE IN BEARER FORM................................ 108 C. TERMS AND CONDITIONS OF JUMBO PFANDBRIEFE .................................................. 137 FORM OF FINAL TERMS............................................................................................................. 144 PFANDBRIEFE ............................................................................................................................. 168 HOLDERS' MEETING AND RESOLUTIONS............................................................................... 171 SELLING RESTRICTIONS ........................................................................................................... 174 GENERAL INFORMATION........................................................................................................... 178 INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE/OFFER..... 178 USE OF PROCEEDS AND REASONS FOR THE OFFER ..................................................... 178 AUTHORISATION .................................................................................................................... 178 TAXATION ................................................................................................................................ 178 RATING .................................................................................................................................... 183 POST-ISSUANCE INFORMATION.......................................................................................... 183 LISTING AND ADMISSION TO TRADING INFORMATION..................................................... 183 UNDERTAKING........................................................................................................................ 184 DOCUMENTS INCORPORATED BY REFERENCE.................................................................... 185 DOCUMENTS INCORPORATED BY REFERENCE ............................................................... 185 COMPARATIVE TABLE OF DOCUMENTS INCORPORATED BY REFERENCE .................. 186 AVAILABILITY OF DOCUMENTS ............................................................................................ 186 NAMES AND ADDRESSES.......................................................................................................... 187 5
Page 1 and 2: This document constitutes two base
Page 3: The distribution of this Prospectus
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 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
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
Page 71 and 72:
Schuldverschreibungen werden zu ein
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dieser Angebotssätze [im Fall eine
Page 75 and 76:
[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
Page 97 and 98:
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
Page 113 and 114:
einfügen]%. Die Zinsen sind nachtr
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"[Londoner] [zutreffenden anderen O
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Europäischen Union, die gemäß de
Page 119 and 120:
werden. Falls die Emittentin die Sc
Page 121 and 122:
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
Page 129 and 130:
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
Page 137 and 138:
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
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
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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.
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pursuant to an exemption from the r
Page 179 and 180:
opt for inclusion of investment inc
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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