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

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– Management Report including the audited annual financial statements of <strong>Münchener</strong>Hyp in respect of the financial years ended 31 December 2004 and 2005; – unaudited Interim Report 30 June 2006. 48
Supplemental Information Cash flow Statement for the financial years ended 31 December 2005 and 2004 The following table shows the cash flow statement of the Issuer for the financial years ended 31 December 2005 and 31 December 2004, respectively. Please note that the cash flow statement does not form part of the audited historical financial information. in millions of € Year 2005 Year 2004 Net income 10.2 8.3 Non-cash items included in net result and reconciliation with cash flows from operating activities Write-downs, write-ups and depreciation on receivables, plant, property and equipment and on non-current financial assets 7.8 31.5 Increase/decrease in accruals 2.4 4.4 Other non-cash income and expenses 67.4 98.1 Gains/losses on the disposals of plant, property and equipment and non-current financial assets 0.0 0.0 Other adjustments (net) 0.0 0.0 Sub-total 87.8 142.3 Change in assets and liabilities relating to operating activities Receivables - from financial institutions -736.6 -533.9 - from customers -508.9 -535.4 Securities (exept those treated as financial investments) 0.0 0.0 Other assets relating to operating acitivities -89.3 -171.3 Payables - to financial institutions 213.3 344.7 - to customers 396.7 792.4 Securitized liabilities 524.8 505.8 Other liabilities relating to operating activities -335.4 -175.3 Interest and dividends received 1,580.5 1,544.2 Interest paid -1,472.4 -1,457.4 Receipts/Payments for extraordinary items 0.0 0.0 Payments for taxes on income -5.6. -0.1 Cash flows from operating activities -345.1 456.0 Cash receipts from the disposal of - financial non-current assets 562.1 1,366.2 - property, plant and equipment 0.2 1.6 Cash payments for investment in - financial non-current assets -341.3 -1,862.8 - property, plant and equipment -0.9 -3.8 Receipts/Payments for changes at subsidiary companies 0.0 0.0 Changes in funds relating to other investing activities (net) 0.0 0.0 Cash flows from investing activities 220.1 -498.8 Cash receipts from capital changes 148.9 36.2 dividends paid -6.2 -5.0 Changes in funds relating to “other capital” (net) 0.0 2.6 Cash flows from financing acitvities 142.7 33.8 Cash funds at the beginning of period 52.9 61.9 +/- Cash flows from operating activities -345.1 456.0 +/- Cash flows from investing activities 220.1 -498.8 +/- Cash flows from financing acitvities 142.7 33.8 +/- Change in cash funds from exchange rate movements 0.0 0.0 Cash funds at the end of period 70.6 52.9 49
Page 1 and 2: This document constitutes two base
Page 3 and 4: RESPONSIBILITY STATEMENT Münchener
Page 5 and 6: TABLE OF CONTENTS General Descripti
Page 7 and 8: I. General GENERAL DESCRIPTION OF T
Page 9 and 10: - all instructions and explanatory
Page 11 and 12: Risk Factors regarding the Notes No
Page 13 and 14: Summary regarding MünchenerHyp Leg
Page 15 and 16: Major members Approximately 35.0 pe
Page 17 and 18: Statutory Auditors, Auditing of His
Page 19 and 20: Interest periods for Floating Rate
Page 21 and 22: equired from time to time by the re
Page 23 and 24: Operationelles Risiko Unter Operati
Page 25 and 26: Zusammenfassung in Bezug auf die M
Page 27 and 28: Bedeutende Anteilseigner Cirka 35,0
Page 29 and 30: Gerichts- und Schiedsverfahren Die
Page 31 and 32: - der dem variablen Zinssatz einer
Page 33 and 34: Referenzsatz innerhalb einer festge
Page 35 and 36: Risk Factors regarding MünchenerHy
Page 37 and 38: fair market prices. The possibility
Page 39 and 40: Daily Range Accrual Notes Daily Ran
Page 41 and 42: Direct Business Direct business in
Page 43 and 44: Michael Glos Deputy Chairman of the
Page 45 and 46: MünchenerHyp does not produce cons
Page 47: Prospects Business Development Comp
Page 51 and 52: Our responsibility is to express an
Page 53 and 54: PART I - BASIC TERMS A. TERMS AND C
Page 55 and 56: (3) Calculation of Interest for Par
Page 57 and 58: [in the case of [include relevant n
Page 59 and 60: [if 30/360, 360/360 or Bond Basis i
Page 61 and 62: [ ] [ ] [lf Notes are subject to Ea
Page 63 and 64: The Issuer shall at all times maint
Page 65 and 66: then on be deemed to refer to the c
Page 67 and 68: B. TERMS AND CONDITIONS OF PFANDBRI
Page 69 and 70: (2) Accrual of Interest. The Pfandb
Page 71 and 72: displayed [if Margin insert: [plus]
Page 73 and 74: [if Actual/Actual insert: [(ICMA Ru
Page 75 and 76: § 6 FISCAL AGENT [,] [AND] PAYiNG
Page 77 and 78: on the fourth [TARGET] [London] [in
Page 79 and 80: (5) Holder of Pfandbriefe. “Holde
Page 81 and 82: [(5)] Payment Business Day. If the
Page 83 and 84: on the fourth [TARGET] [London] [in
Page 85 and 86: (b) Determination of Floating Rate
Page 87 and 88: Amounts paid on the Interest Paymen
Page 89 and 90: B.Inflation-related [Notes][Pfandbr
Page 91 and 92: order to correct a manifest error (
Page 93 and 94: C. Now or Later [Notes] [Pfandbrief
Page 95 and 96: (5) Accrual of Interest. The [Notes
Page 97 and 98: of [11:00 a.m.] [insert other relev
Page 99 and 100:
[If Actual/Actual insert: [(ICMA Ru
Page 101 and 102:
● per cent. per annum, if the [of
Page 103 and 104:
(6) Accrual of Interest. The [Notes
Page 105 and 106:
cent.] [[plus] [minus] ● per cent
Page 107 and 108:
maturity until the expiry of the da
Page 109 and 110:
Emissionsbedingungen gestrichen; s
Page 111 and 112:
[Falls die Globalurkunde eine NGN i
Page 113 and 114:
[(i)][im Fall von variabel verzinsl
Page 115 and 116:
kann, ist der Zinssatz der [10-][an
Page 117 and 118:
Die Zahlung von Zinsen auf Schuldve
Page 119 and 120:
(ii) eine Erklärung, ob diese Seri
Page 121 and 122:
Die Emissionsstelle [[,] [und] die
Page 123 and 124:
verpflichtet zu sein, jeweils in de
Page 125 and 126:
[Falls die Emissionsbedingungen in
Page 127 and 128:
Page 129 and 130:
der Angebotssatz (ausgedrückt als
Page 131 and 132:
die [10-][andere Zahl von Jahren ei
Page 133 and 134:
Währung, die am entsprechenden Fä
Page 135 and 136:
D-60272 Frankfurt am Main]] [Münch
Page 137 and 138:
die Depotbank gegenüber dem Cleari
Page 139 and 140:
Page 141 and 142:
(2) Zahlungsweise. Vorbehaltlich ge
Page 143 and 144:
[andere Zeitungen mit allgemeiner V
Page 145 and 146:
TEIL II - ZUSÄTZE ZU DEN GRUNDBEDI
Page 147 and 148:
Prozent, wobei 0,000005] aufgerunde
Page 149 and 150:
[Falls Actual/Actual (ISDA) gilt, e
Page 151 and 152:
„Index(i)“ ist der „tägliche
Page 153 and 154:
is zum Ablauf des Tages, der dem Ta
Page 155 and 156:
Angebotssätze [im Fall einer Marge
Page 157 and 158:
D. Daily Range Accrual - [Schuldver
Page 159 and 160:
Marge als für die unmittelbar vorh
Page 161 and 162:
E. Basis-plus - [Schuldverschreibun
Page 163 and 164:
Referenzbanken der Berechnungsstell
Page 165 and 166:
F. Basis-plus Korridor - [Schuldver
Page 167 and 168:
Einlagen in der festgelegten Währu
Page 169 and 170:
In case of Notes listed on the offi
Page 171 and 172:
Terms used herein shall be deemed t
Page 173 and 174:
Sonstige (angeben) STATUS (§ 2) ST
Page 175 and 176:
Margin Marge � ��plus plus
Page 177 and 178:
Verzinsungsbeginn Rate of Interest
Page 179 and 180:
(set forth details in full here (in
Page 181 and 182:
Amortisationsrendite FISCAL AGENT [
Page 183 and 184:
ISIN Code [ ] ISIN Code German Secu
Page 185 and 186:
[insert details here] [Einzelheiten
Page 187 and 188:
[not applicable] [specify details]
Page 189 and 190:
E. ADMISSION TO TRADING AND DEALING
Page 191 and 192:
Yield on issue price 1 [ ] Emission
Page 193 and 194:
Rating 1 Rating Listing and Admissi
Page 195 and 196:
Capital gains derived by German-res
Page 197 and 198:
(including accrued but unpaid inter
Page 199 and 200:
1. General SELLING RESTRICTIONS Eac
Page 201 and 202:
(ii) at any time to legal entities
Page 203 and 204:
In this summary, banks authorized t
Page 205 and 206:
administration of the assets includ
Page 207 and 208:
Availability of Documents Copies of
Page 209:
Fiscal Agent, Principal Paying Agen
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Euro 25,000,000,000 Debt Issuance Programme - Münchener ...

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