KOMMUNALKREDIT KA

1

• KOMMUNALKREDIT (KA)
• Funding

2
Funding Sourcesas of 31-12-2003
As a specialised bank our main funding source is
the capital market
14
2
Interbank Market
2
Customer Deposits
Other Liabilities

82
Bonds
EUR 7.8 bn bonds outstanding
3
Capital Market Fundingas of 31-12-2003
Main Sources Public Unsecured Bonds (PUB)
Kommunalkredit Covered Bonds (KACB)
Structured Private Placements Issues for the
Domestic Market
Distribution Breakdown
Market Breakdown


4
International Public Bond Issues
mn
EUR 4 1/2 CB
FRN
Fixed Note
Covered Bonds
EUR FRN
EUR FRN
Volume
EUR 5 1/4
CHF 2 CB
CHF 3 CB
CHF 3 1/8
EUR FRN
EUR FRN
Jul 06
Feb 14
Sep 05
May 07
Apr 10
Jul 04
Sep 07
Mar 10
Sep 13
Aim to build up a curve with liquid bonds in
all segments
5
PerformanceKommunalkredit Covered Bonds
6
Structured Private Placementsas of 31-01-2004
Structured Private Placements issued under
Kommunalkredit Austria's MTN Programme
2
15
Multi Tranche
CMS Linked
3
22
Inverse Floater
Zeros
1
1
Inflation Linked

TARN Structures
15
5
Index Linked
FX Linked
1
Credit Linked
1
32
Trigger Structures
2
Interest Rate Linked
Range Accruals
7
Issues Outstandingas of 31-12-2003
Currency Breakdown
Maturity Profile


8
Kommunalkredit Austria'sDebt Issuance Programme
Arranger
Deutsche Bank AG
Size
EUR 11,000,000,000
Notes
Covered, senior and subordinated (bearer form)
Currencies
All currencies
Listing
Luxembourg and/or as otherwise agreed for each
issue
Governing Law
German Law

Reverse Inquiry Clause
Yes
9
Funding Strategy

• About EUR 2 bn a year in International Public
  Bond Issues to
• increase our name recognition
• FRN, Fixed Rates and Covered Bonds to widen
  investor base
• KACB to build up a curve based on yearly
  transactions
• Increase proportion of structured issues to
  achieve efficiencies in funding costs
• Use of Domestic Market to maintain investor
  relationships
• Support Funding Strategy with investor
  relations activities