COREALCREDIT BANK AG

SUMMARY
The following constitutes the summary (the "Summary") of the essential characteristics and risks
associated with the Issuer and the Notes to be issued under the Programme. This Summary
should be read as an introduction to this Prospectus. Any decision by an investor to invest in the
Notes should be based on consideration of this Prospectus as a whole, including the documents
incorporated by reference, any supplements thereto and the relevant Final Terms. Where a claim
relating to the information contained in this Prospectus, including the documents incorporated by
reference, any supplements thereto and the relevant Final Terms is brought before a court, the
plaintiff investor might, under the national legislation of such court, have to bear the costs of
translating the Prospectus, any documents incorporated by reference, any supplements thereto
and the relevant Final Terms before the legal proceedings are initiated. Civil liability will be
attached to the Issuer on the basis of this summary only if this Summary is misleading, inaccurate
or inconsistent when read together with the other parts of this Prospectus.
The following Summary does not purport to be complete and is taken from and qualified in its
entirety by the remainder of this Prospectus and, in relation to the terms and conditions of any
particular Tranche of Notes, the applicable Final Terms.
SUMMARY REGARDING RISK FACTORS
Like other market participants, COREALCREDIT is exposed to certain risks in connection with its
business activities, the realisation of which might ultimately lead to COREALCREDIT's inability to
fulfil its obligations, at all or in due time, under any issue of securities.
Risk Factors Regarding the Issuer
Credit Risk
COREALCREDIT is exposed to credit risk, i.e. the loss in value, or alternatively partial or complete
write-down, of a receivable as a result of default or deterioration in the creditworthiness of a
counterparty. Credit risk also comprises counterparty risk, country risk, collateral risk, settlement
risk, and issuer risk.
Market Risk
Market risk is related to the risk of a loss due to the volatility of market prices of financial
instruments. It includes among others the risk of potential loss arising by changes in market
conditions, i.e. interest rate risk, credit spread risk and exchange-rate risk, or parameters which
influence prices (volatilities, correlations).
Liquidity Risk and Market Liquidity Risk
The Issuer is exposed to liquidity risk, i.e. the risk that the Issuer is unable to meet its current and
future payment commitments, or is unable to meet them on time (solvency or funding risk). In
addition, the risk exists for the Issuer that inadequate market liquidity will prevent the Issuer from
selling trading positions at short notice or hedging them, or that it can only dispose of them at a
lower price (market-liquidity risk).
Liquidity risk can arise in various forms. It may happen that on a given day the Issuer is unable to
meet its payment commitments and then has to procure liquidity at short notice in the market on
expensive conditions.
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