Landeskreditbank Baden-WÃ¼rttemberg - L-Bank

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Under U.S. GAAP, repurchased debt securities result in a reduction of outstanding liabilities on the balance sheet, irrespective of whether the securities are intended for resale or not. The difference between the cost of reacquisition and the book value of outstanding debt is recorded in current income. Assets and liabilities held in trust Under German GAAP, assets and the equal liabilities held in trust are recorded on the balance sheet. Under U.S. GAAP, these items would likely not be recorded on the balance sheet. Guaranties Under German GAAP, a guarantor records an accrual and a corresponding charge to the income statement when an enterprise has a present obligation as a result of a past event and it is expected, based on available evidence, that payment would have to be made to the guarantied party. Under U.S. GAAP, a guarantor is required to recognize, at the inception of certain guaranties, a liability for the fair value of the obligation undertaken in issuing the guaranty. 85
PLAN OF DISTRIBUTION We may sell the Debt Securities in any of three ways: • through one or more underwriters; • directly to one or a limited number of institutional purchasers; or • through agents. Each prospectus supplement with respect to the Debt Securities will set forth the terms of the offering of the Debt Securities, including the name or names of any underwriters or agents, the purchase price of the Debt Securities and the net proceeds to L-<strong>Bank</strong> from such sale, any underwriting discounts, agent commissions or other items constituting underwriters’ or agents’ compensation, any initial public offering price, any discounts or concessions allowed or reallowed or paid to dealers and any securities exchanges on which the Debt Securities may be listed. If underwriters are used in the sale, the Debt Securities will be acquired by the underwriters for their own account and may be resold from time to time in one or more transactions, including negotiated transactions, at a fixed public offering price or at varying prices determined at the time of sale. The Debt Securities may be offered to the public either through underwriting syndicates represented by managing underwriters, directly by underwriters which may include one or more investment banking firms or through others, as designated. Unless otherwise set forth in the applicable prospectus supplement, the obligations of the underwriters to purchase the Debt Securities will be subject to certain conditions precedent and the underwriters will be obligated to purchase all of the Debt Securities offered thereby if any are purchased. Any initial public offering price and any discounts or concessions allowed or reallowed or paid to dealers may be changed from time to time. We may sell the Debt Securities directly to one or more institutional purchasers or through agents designated by us from time to time. Any agent involved in the offer or sale of the Debt Securities will be named, and any commissions payable by us to such agent will be set forth, in the applicable prospectus supplement. Unless otherwise indicated in such prospectus supplement, any such agent will be acting on a best efforts basis for the period of its appointment and will not be acquiring such Debt Securities for its own account. Limitations on sales to United States persons of Debt Securities in bearer form, if any, will be described in the prospectus supplement relating thereto. Agents and underwriters may be entitled under agreements entered into with us to indemnification by us against certain civil liabilities, including liabilities under the Securities Act of 1933, or to contribution with respect to payments which the agents or underwriters may be required to make in respect thereof. Agents and underwriters may engage in transactions with or perform services for us in the ordinary course of business. 86
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INTERNATIONAL PROSPECTUS SUPPLEMENT
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ISSUER Landeskreditbank Baden-Würt
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TABLE OF CONTENTS Use of Proceeds .
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EXCHANGE RATE INFORMATION The follo
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Maturity, Repurchase Maturity. The
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the rules of such stock exchange pe
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THE CLEARING SYSTEMS DTC DTC is a l
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Cross-market transfers between pers
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For the purposes of this provision,
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These activities by the managers or
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You should rely only on the informa
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PROSPECTUS SUMMARY The following su
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APPLICATION OF PROCEEDS As may be m
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(4) Loans to customers (i.e., non-c
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transferred to independent subsidia
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Our housing-related activities are
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(1) Holdings in companies for strat
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Loan Portfolio Risks We maintain a
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securities portfolio. In accordance
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The following table shows our borro
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authorized limits. A daily risk and
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MANAGEMENT INFORMATION Introduction
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credit institutions increased by 10
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To control the risks of unhedged po
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RECENT DEVELOPMENTS Development of
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MANAGEMENT Board of Management Our
Page 53 and 54: Wirtsch.-Ing. Bernd Bechtold Presid
Page 55 and 56: REGULATION AND SUPERVISION OF L-BAN
Page 57 and 58: non-banking corporations if the use
Page 59 and 60: Covering Market Risk Positions Mark
Page 61 and 62: ank, and the aggregate nominal valu
Page 63 and 64: may at any time change the reserve
Page 65: The Entschädigungseinrichtung GmbH
Page 68 and 69: ECONOMY General Germany The economy
Page 70 and 71: Industrial Structure General Positi
Page 72 and 73: The following table shows the amoun
Page 74 and 75: The Euro-zone follows a mutual mone
Page 76 and 77: Revenue Equalization While the Germ
Page 78 and 79: For more detailed information regar
Page 80 and 81: Outstanding Principal Maturity Amou
Page 82 and 83: DESCRIPTION OF THE DEBT SECURITIES
Page 84 and 85: (iv) a waiver by the holders of the
Page 86 and 87: CURRENCY CONVERSION RATES The follo
Page 88 and 89: TAXATION UNITED STATES FEDERAL INCO
Page 90 and 91: number of complete years to maturit
Page 92 and 93: will equal such U.S. Holder’s ini
Page 94 and 95: using the constant yield method des
Page 96 and 97: We have included the federal income
Page 98 and 99: Capital gains resulting from the di
Page 100 and 101: SUMMARY OF CERTAIN DIFFERENCES BETW
Page 102 and 103: The credit risk of the loan and sec
Page 106 and 107: LIMITATIONS ON ACTIONS AGAINST THE
Page 108 and 109: GLOSSARY This glossary describes ce
Page 110 and 111: Administrative loans, which are loa
Page 112 and 113: Depreciation and accumulated amorti
Page 114 and 115: Landeskreditbank Baden-Württemberg
Page 116 and 117: Balance sheet as at December 31, 20
Page 118 and 119: Statement of income for the period
Page 120 and 121: Notes to the annual financial state
Page 132 and 133: Authorities of Landeskreditbank Bad
Page 134 and 135: Proposal of the Board of Management
Page 136 and 137: FINANCIAL STATEMENTS OF L-BANK AS O
Page 140 and 141: Landeskreditbank Baden - Württembe
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Directorships held by members of th
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State government deputy representat
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Independent Auditors’ opinion We
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Landeskreditbank Baden-Württemberg
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Notes to the annual financial state
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Directorships held by members of th
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Authorities of Landeskreditbank Bad
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Proposal of the Board of Management
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Debt of L-Bank at December 31, 2004
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Debt Securities
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Landeskreditbank Baden-WÃ¼rttemberg - L-Bank

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