Landeskreditbank Baden-WÃ¼rttemberg - L-Bank

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Proposal of the Board of Management for the appropriation of retained profits The Board of Management proposes to the Board of Governors of L-Bank that out of the distributable profit for the financial year 2004, an amount of EUR 100.0 million should be paid out to the federal state of Baden- Württemberg, and that the remaining amount of EUR 2,261,613.82 should be carried forward to next year’s account. Karlsruhe, March 1, 2005 Landeskreditbank Baden-Württemberg – Förderbank Christian Brand Jürgen Hägele Dr. Manfred Schmitz F-22
Independent Auditors’ Opinion We have audited the annual financial statements of Landeskreditbank Baden-Württemberg-Forderbank (“L- Bank” or “the Bank”), based in Karlsruhe, for the financial year ending December 31, 2004. The accounting and preparation of the financial statements and of the management report of the Bank in accordance with German commercial law are the responsibility of the Board of Management of L-Bank. Our responsibility is to express an opinion based on our audit of the financial statements and the management report of the Bank. We conducted our audit of the financial statements in accordance with § 317 HGB (the German Commercial Code) and the generally accepted German standards for the audit of financial statements promulgated by the “Institut der Wirtschaftsprufer” (IDW, the German Institute of Certified Public Accountants). Those standards require that we plan and perform the audit in such a way as to obtain reasonable reassurance regarding the extent to which the presentation of the net assets, financial position and operational results of the Bank, both in the financial statements drawn up in accordance with the generally accepted German accounting principles, and in the management report of the Bank, are free of material misstatement. Knowledge of the business activities and the economic and legal environment of the Bank, as well as evaluations of possible misstatements, are all taken into account in determining the scope of the audit procedures. The effectiveness of the accounting-related internal controls and the evidence supporting the disclosures in the books of account and records, financial statements and management report of the Bank, are primarily examined on a test basis within the framework of the audit. The audit of the financial statements includes an assessment of the accounting principles applied and of significant estimates made by the Board of Management of L-Bank, as well as an evaluation of the overall presentation of the financial statements and management report of the Bank. We believe that our audit provides a reasonable basis for our opinion. Our audit did not lead to any objections. In our opinion, the financial statements give a true and fair view of the net assets, financial position and operational results of the Bank in accordance with the generally accepted German accounting principles. Overall, the management report of the Bank is an accurate representation of the position of the Bank and accurately reflects the risks entailed in its future development. Stuttgart, March 1, 2005 PwC Deutsche Revision Aktiengesellschaft Wirtschaftsprüfungsgesellschaft (Schuldt) ...................................................................... Auditor ....................................................................... (ppa. Dr. Russ) Auditor F-23
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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
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Wirtsch.-Ing. Bernd Bechtold Presid
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REGULATION AND SUPERVISION OF L-BAN
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non-banking corporations if the use
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Covering Market Risk Positions Mark
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ank, and the aggregate nominal valu
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may at any time change the reserve
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The Entschädigungseinrichtung GmbH
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ECONOMY General Germany The economy
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Industrial Structure General Positi
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The following table shows the amoun
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The Euro-zone follows a mutual mone
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Revenue Equalization While the Germ
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For more detailed information regar
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Outstanding Principal Maturity Amou
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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 104 and 105: Under U.S. GAAP, repurchased debt s
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 136 and 137: FINANCIAL STATEMENTS OF L-BANK AS O
Page 140 and 141: Landeskreditbank Baden - Württembe
Page 154 and 155: Directorships held by members of th
Page 156 and 157: State government deputy representat
Page 158 and 159: Independent Auditors’ opinion We
Page 178 and 179: Directorships held by members of th
Page 180 and 181: Authorities of Landeskreditbank Bad
Page 182 and 183: 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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