COREALCREDIT BANK AG

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can beat the competition through its expertise – as is the case with maturing securitisations. In this situation lending conditions that meet the Bank’s high profitability requirements and stringent risk standards can continue to be achieved. The impending market consolidation could also create strategic opportunities. A return to the former equilibrium is still some way off for the financial market. A “new normality” characterised by high risk aversion with the ECB making up for the interbank market is already being discussed widely. Liquidity will therefore remain a scarce resource to be managed with foresight. Based on conservative planning assumptions, the Bank will have adequate liquidity to cover the refinancing requirements of the existing business and new business at the same level as recent years until at least the end of 2013. To the extent that additional liquidity can be generated at favourable terms by issuing covered and uncovered bonds and further placements under the commercial paper programme, it will also be possible to expand new lending business. Mortgage Pfandbriefe will continue to be the Bank’s main refinancing instrument. The Bank believes that it will continue to have sufficient access to this refinancing channel for new business. In the unsecured segment, the Bank’s rating at the lower end of investment grade means that at least long-term borrowing is more difficult, although demand for short-term secured commercial paper is likely to continue. Refinancing through customer deposits covered by the Deposit Protection Fund is set to remain more significant, with the possibility of approaching other customer groups, such as retail investors, in addition to the existing institutional investors. The outlook has changed for the syndication and securitisation refinancing channels planned in the Bank’s business model. The focus of the remaining market participants on direct business with real estate customers means that traditional syndication will not be as readily possible as in the past, and will most likely involve local banks or insurance companies as the buyers. Club deals for higher financing volumes are likely to make up the bulk of the syndication business. However, the outlook for securitisation is brightening, as new, transparent and risk-appropriate structures make it the perfect response to many investors’ scepticism on banks. However, the residential mortgage backed securities (RMBS) market will probably open up before the commercial mortgage backed securities (CMBS) market does. The Bank is continuing to structure its loan agreements in such a way that it will be able, in principle, to utilise these two refinancing channels in addition to the collateral pool approach. COREALCREDIT expects the annual net profit to increase in 2012 and 2013 due in part to a further improvement in the portfolio’s risk/return profile. This assumes that the German economy and real estate market will grow modestly, the financial markets will stabilise at the current level and the sovereign debt crisis will not spread. These expectations are based on uncertainties, relating mainly to developments in the money and capital markets and their effects – both direct and indirect – on the Bank’s economic environment, as well as the risks that may arise in connection with the legal action over participation certificates. The limiting factor for the Bank’s business prospects in medium term will remain the liquidity situation. The decisive factor affecting future profit performance will be whether the sovereign debt crisis can be resolved. Thanks to its strong capital base, the Bank meets the key condition for overcoming this difficult environment. COREALCREDIT's business model has proved effective over the past five years, even in this difficult environment. Its market position, gained through expertise and flexibility, gives the Bank the foundation and confidence it needs to tackle any challenges the future may hold. 54
MANAGEMENT AND SUPERVISORY BODIES Management Board The Management Board (Vorstand) comprises a minimum of two members. The Supervisory Board (Aufsichtsrat) appoints the Management Board members and determines their number. As at 31 December 2011, the Management Board consists of the following three members: Name Function within COREALCREDIT Dr. Claus Nolting Arnd Stricker Dr. Klaus Vajc Supervisory Board Chairman of the Management Board Member of the Management Board Member of the Management Board 55 Other Noticeable Board Memberships IKB Deutsche Industriebank, Düsseldorf, Member of the Supervisory Board Düsseldorfer Hypothekenbank AG, Düsseldorf, Chairman of the Management Board (until End of March 2012) The Supervisory Board (Aufsichtsrat) of COREALCREDIT comprises nine members. The Supervisory Board members are appointed for the period until the end of the General Meeting which approves their actions for the four financial years after their appointment. The financial year in which their office starts is not included. As at 31 December 2011, the Supervisory Board consists of the following nine members: Name Company and Position Function within COREALCREDIT Bruno Scherrer Lone Star Management Europe Ltd., London, United Kingdom, President Dr. Karsten von Köller Lone Star Germany GmbH, Frankfurt am Main, Germany, Chairman n/a Chairman of the Supervisory Board Deputy Chairman of the Supervisory Board Other Noticeable Board Memberships IKB Deutsche Industriebank, Düsseldorf, Chairman of the Supervisory Board Düsseldorfer Hypothekenbank AG, Düsseldorf, Deputy Chairman of the Supervisory Board Düsseldorfer Hypothekenbank AG, Düsseldorf, Chairman of the Supervisory Board IKB Deutsche Industriebank, Düsseldorf, Deputy Chairman of the Supervisory Board MHB Bank AG, Frankfurt, Chairman of the Supervisory Board
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This document constitutes two base
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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 and 14: in the above-mentioned class action
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Page 17 and 18: Early Redemption for Reasons of Tax
Page 19 and 20: Liquiditätsrisiken können sich au
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Page 43 and 44: GENERAL GENERAL DESCRIPTION OF THE
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Page 49 and 50: Fitch confirmed the "AA-" rating of
Page 51 and 52: Loan portfolio The total COREALCRED
Page 53: usiness. The increase on the previo
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Page 63 and 64: A. TERMS AND CONDITIONS OF NOTES IN
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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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