Landeskreditbank Baden-WÃ¼rttemberg - L-Bank

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Proposal of the Board of Management for the appropriation of retained profits EUR 85.5 million of the net profit for the financial year 2002 has already been appropriated to retained profit and reserves. The Board of Management proposes that the remaining distributable profit of EUR 34,327,885.85 should be carried forward to next year’s account. Karlsruhe, March 25, 2003 Landeskreditbank Baden-Württemberg – Förderbank Christian Brand Dr. Manfred Schmitz Jürgen Hägele Prof. Dr. Dieter Puchta F-70
Independent Auditors’ opinion We have audited the financial statements of Landeskreditbank Baden-Württemberg – Förderbank – (“L- Bank” or “the Bank”), Karlsruhe, for the financial year ending December 31, 2002. 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 Managing Directors of L-Bank. Our responsibility is to express an opinion based on our audit on 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 German generally accepted standards for the audit of financial statements promulgated by the “Institut der Wirtschaftsprüfer” (IDW, the German Institute of Certified Public Accountants). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the presentation of the net assets, financial position, and results of operation in the financial statements, drawn up in accordance with the German generally accepted 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 and evaluations of possible misstatements are taken into account in the determination of audit procedures. The effectiveness of the accounting-related internal control system and the evidence supporting the disclosures in the books and records, the financial statements, and the 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 assessing the accounting principles applied and the significant estimates made by the Board of Managing Directors of L-Bank and evaluating 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 results of operations of the Bank in accordance with German generally accepted accounting principles. Seen in total, 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, April 8, 2003 PwC Deutsche Revision Aktiengesellschaft Wirtschaftsprüfungsgesellschaft (Schuldt) Auditor (ppa. Apitzsch) Auditor F-71
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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
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(iv) a waiver by the holders of the
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CURRENCY CONVERSION RATES The follo
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TAXATION UNITED STATES FEDERAL INCO
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number of complete years to maturit
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will equal such U.S. Holder’s ini
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using the constant yield method des
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We have included the federal income
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Capital gains resulting from the di
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SUMMARY OF CERTAIN DIFFERENCES BETW
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The credit risk of the loan and sec
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Under U.S. GAAP, repurchased debt s
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LIMITATIONS ON ACTIONS AGAINST THE
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GLOSSARY This glossary describes ce
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Administrative loans, which are loa
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Depreciation and accumulated amorti
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Landeskreditbank Baden-Württemberg
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Balance sheet as at December 31, 20
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Statement of income for the period
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Notes to the annual financial state
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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 138 and 139: Landeskreditbank Baden-Württemberg
Page 140 and 141: Landeskreditbank Baden - Württembe
Page 144 and 145: Notes to the annual financial state
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Page 158 and 159: Independent Auditors’ opinion We
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Page 180 and 181: Authorities of Landeskreditbank Bad
Page 184 and 185: Debt of L-Bank at December 31, 2004
Page 186: Debt Securities
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Landeskreditbank Baden-WÃ¼rttemberg - L-Bank

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