Landeskreditbank Baden-Württemberg - L-Bank

LIMITATIONS ON ACTIONS AGAINST THE STATE OF BADEN-WÜRTTEMBERG
The State of Baden-Württemberg will not waive any immunity from jurisdiction in the United States for any
purpose. Baden-Württemberg is, however, subject to suit in competent courts in Germany. The United States
Foreign Sovereign Immunities Act may provide an effective means of service and preclude granting sovereign
immunity in actions in the United States arising out of or based on the United States federal securities laws.
Under that Act, execution upon the property of Baden-Württemberg in the United States to enforce a judgment is
limited to an execution upon property of Baden-Württemberg used for the commercial activity on which the
claim was based. A judgment of a United States state or federal court may not be enforceable in a German court
if based on jurisdiction based on the United States Foreign Sovereign Immunities Act or if based on the United
States federal securities laws or if such enforcement would otherwise violate German public policy or be
inconsistent with German procedural law. Under the laws of the Federal Republic of Germany, certain property
of Baden-Württemberg is not subject to attachment or to seizure.
ENFORCEMENT OF CIVIL LIABILITIES AGAINST L-BANK
We are located in Germany and the members of our board of management and our supervisory board, as
well as the experts and governmental officials referred to in this prospectus, are non-residents of the United
States, and all or a substantial portion of our assets and of certain of such other persons are located outside the
United States. As a result, it may be difficult or impossible for investors to obtain jurisdiction over those persons
in proceedings brought in courts in the United States, or to realize in the United States upon judgments of United
States courts against those persons, including judgments predicated upon civil liabilities under the United States
securities laws. There may be doubt as to the enforceability in the German courts in original actions of liabilities
predicated upon U.S. securities laws and as to the enforceability in German courts of judgments of United States
courts including judgments imposing liabilities predicated upon U.S. securities laws.
LEGAL OPINIONS
Certain legal matters, including the validity of the Debt Securities offered hereby, will be passed upon on
our behalf by an authorized member of our legal department, and on behalf of the underwriters by Shearman &
Sterling LLP, Frankfurt am Main.
AUTHORIZED REPRESENTATIVE IN THE UNITED STATES
The name and address of the authorized representative of L-Bank and Baden-Württemberg in the United
States for purposes of the United States Securities Act of 1933 is Puglisi & Associates, 850 Library Avenue,
Suite 204, P.O. Box 885, Newark, Delaware 197159.
OFFICIAL STATEMENTS AND DOCUMENTS
The information set forth herein relating to Baden-Württemberg and Germany has, except as stated below,
been derived from publications of the Baden-Württemberg Statistical Office, the Federal Labor Office, the
Baden-Württemberg Ministry of Finance, the Federal Statistical Office, the European Central Bank or the
Federal Central Bank, all of which are official public documents, or from Baden-Württemberg state or German
federal statutes, all of which are official public documents.
The information in the tables included in the section captioned “The State of Baden-Württemberg—Public
Finance” (except for “—State Budget”), the information in the table regarding debt guarantied by Baden-
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