Landeskreditbank Baden-Württemberg - L-Bank

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