Landeskreditbank Baden-Württemberg - L-Bank

Württemberg included in the section captioned “—Public Debt—Summary of Debt” and the information in the
table entitled “Internal Guarantied Debt as of December 31, 2004, 2003, 2002 and 2001” included in the section
captioned “—Debt Record” has been supplied by Walter Leibold, Assistant Undersecretary (Ministerialdirigent)
of the Baden-Württemberg Ministry of Finance, in his official capacity and is included herein on his authority.
The information in the tables included in the sections captioned “The State of Baden-Württemberg—Public
Finance—State Budget,” “—Public Debt” (other that the information in the table regarding debt guarantied by
Baden-Württemberg included in the section captioned “—Summary of Debt”) and “—Budget of the State of
Baden-Württemberg,” as well as the information in the table entitled “Direct Debt of Baden-Württemberg as of
December 31, 2004” included in the section entitled “—Debt Record” has been supplied by Günther Benz,
Assistant Undersecretary (Ministerialdirigent) of the Baden-Württemberg Ministry of Finance, in his official
capacity and is included herein on his authority.
INDEPENDENT ACCOUNTANTS
The financial statements as of December 31, 2004, 2003 and 2002 and for the years then ended, included in
this prospectus, have been audited by PwC Deutsche Revision Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft (“PwC”), independent accountants, as stated in their reports appearing herein.
The audit reports of PwC for the years ended December 31, 2004, 2003 and 2002, dated March 1, 2005,
March 29, 2004 and April 8, 2003, respectively, each refer to a management report that has not been included in
this prospectus. The examinations of and the audit reports upon such management reports are required under
German auditing standards. Those examinations were not made in accordance with Statement on Standards for
Attestation Engagements No. 10, “Management’s Discussion and Analysis.” PwC does not provide an opinion on
this information or on the financial statements included in this prospectus in accordance with U.S. GAAS or U.S.
attestation standards.
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