Euro 25,000,000,000 Debt Issuance Programme - Münchener ...

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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 supplement to the Prospectus and the Final Terms. Where a claim relating to the
information contained in this Prospectus, the documents incorporated by reference, any supplement to
the Prospectus and the 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 this Prospectus, the documents
incorporated by reference any supplement to the Prospectus and the Final Terms before the legal
proceedings are initiated. Civil liability attaches to the Issuer who has tabled this Summary including
any translation thereof, and applied for its notification, but 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 Final Terms.
Summary regarding Risk Factors
Risk Factors regarding MünchenerHyp
The risk related to MünchenerHyp´s ability to fulfill its obligations under the Notes is described by
reference to the rating assigned to MünchenerHyp 1 .
MünchenerHyp is rated by Moody’s.
As of the Publication Date the ratings assigned to MünchenerHyp were as follows:
Moody’s: long-term rating: Aa 3
short-term rating: P-1
The MünchenerHyp is subject to different risks within its business activities. The primary risk types are
the following:
Default risk
Borrower failure risks consist of all possible losses of value that could arise due to default or a
deterioration in the creditworthiness of business partners.
Market price risk
Market price risks refer to potential losses of value due to detrimental price changes on the financial
markets, or factors which could influence prices for securities, exchange rates and derivatives. Risk
categories considered as market price risks include risks arising from changes in interest rates, and
risks associated with foreign exchange rates.
Liquidity risk
By liquidity risk MünchenerHyp means the danger that insufficient funds will be available to fulfill due
payment obligations or that funds can only be procured on more demanding conditions when needed.
Operational risk
Operational risks consist of possible losses due to human misconduct, process or project
management weakness, technical failures, or negative external influences. These risks also include
legal risks and other general risks.
1 A rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the
assigning rating agency. A suspension, reduction or withdrawal of the rating assigned to the Notes issued under the Programme may adversely
affect the market price of the Notes issued under the Programme. The current ratings may be obtained from the customary electronic
information services.