Landeskreditbank Baden-WÃ¼rttemberg - L-Bank

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are not making an offer of these securities in any jurisdiction where the offer is not permitted. You should not assume that the information contained in this prospectus supplement or the prospectus is accurate as of any date other than the date on the front of such documents or, with respect to information incorporated by reference, as of the date of such information. In this prospectus supplement, references to “Euro” or “EUR” are to the single European currency adopted by certain participating member states of the European Union, including the Federal Republic of Germany, as of January 1, 1999. References to “U.S. dollars,” “U.S.$” or “$” are to United States dollars. See “Currency Conversion” for information regarding the rates of conversion of Euros into U.S. dollars for subsequent periods. Except as otherwise required by the context, references in this prospectus supplement to “L-Bank,” “we,” “us” or “our” are to Landeskreditbank Baden-Württemberg—Förderbank, references to “Baden-Württemberg” are to the State of Baden-Württemberg, a state of the Federal Republic of Germany, and references to “Germany” are to the Federal Republic of Germany. In connection with this offering of notes, The Royal Bank of Scotland plc may over-allot or effect transactions with a view to supporting the market price of the notes at a level higher than that which might otherwise prevail for a limited period after the issue date. However, there may be no obligation on The Royal Bank of Scotland plc to do this. Such stabilizing, if commenced, may be discontinued at any time, and must be brought to an end after a limited period. USE OF PROCEEDS We estimate that the net proceeds from the sale of the notes will be approximately $994,160,000 (after deducting underwriting discounts and expenses). The net proceeds from the sale of the notes will be used by us in our general business. S-3
EXCHANGE RATE INFORMATION The following table sets forth, for the periods indicated, certain information concerning the exchange rates between Euros and U.S. dollars based on the noon buying rates in The City of New York for cable transfers in Euros, as certified for customs purposes by the Federal Reserve Bank of New York (the “Noon Buying Rates” and each a “Noon Buying Rate”): Period End (1) Average (1)(2) ($ per EUR 1.00) 2002................................................ 1.0485 0.9454 2003................................................ 1.2597 1.1321 2004................................................ 1.3538 1.2438 2005................................................ 1.1842 1.2449 2006 (through November 9) ............................. 1.2835 1.2574 (1) The Noon Buying Rates at each period end and with respect to the average for each period differed from the exchange rates used in the preparation of our financial statements. Source: http://www.federalreserve.gov/releases/g5a/, http://www.federalreserve.gov/releases/G5/ and http://www.federalreserve.gov/releases/h10/Hist/dat00_eu.txt. (2) The average of the Noon Buying Rates on the last business day of each month during the relevant period. Monthly Average Exchange Rates Euro to U.S. Dollar (1) 2005 January .................................................. 1.3123 February ................................................. 1.3013 March ................................................... 1.3185 April .................................................... 1.2943 May..................................................... 1.2697 June ..................................................... 1.2155 July ..................................................... 1.2041 August .................................................. 1.2295 September ................................................ 1.2234 October .................................................. 1.2022 November ................................................ 1.1789 December ................................................ 1.1861 2006 January .................................................. 1.2126 February ................................................. 1.1940 March ................................................... 1.2028 April .................................................... 1.2273 May..................................................... 1.2767 June ..................................................... 1.2661 July ..................................................... 1.2681 August .................................................. 1.2810 September ................................................ 1.2722 October .................................................. 1.2617 (1) Source: Federal Reserve Bank of New York, Federal Reserve Statistical Release, Foreign Exchange Rates (monthly), http://www.federalreserve.gov/releases/G5/ On November 9, 2006, the Noon Buying Rate between the Euro and U.S. dollar was EUR 1.00 = U.S.$1.2835. No representation is made that the Euro or U.S. dollar amounts referred to herein could have been or could be converted into Euro or U.S. dollars, as the case may be, at any particular rate. There are, except in limited embargo circumstances, no legal restrictions in Germany on international capital movements and foreign exchange transactions. However, for statistical purposes only, every individual or corporation residing in Germany must report to the Federal Central Bank (Deutsche Bundesbank), subject to a number of exceptions, any payment received from or made to an individual or a corporation resident outside Germany if such payment exceeds EUR 12,500 (or the equivalent in a foreign currency). S-4
Page 1 and 2: INTERNATIONAL PROSPECTUS SUPPLEMENT
Page 3 and 4: ISSUER Landeskreditbank Baden-Würt
Page 5: TABLE OF CONTENTS Use of Proceeds .
Page 9 and 10: Maturity, Repurchase Maturity. The
Page 11 and 12: the rules of such stock exchange pe
Page 13 and 14: THE CLEARING SYSTEMS DTC DTC is a l
Page 15 and 16: Cross-market transfers between pers
Page 17 and 18: For the purposes of this provision,
Page 19 and 20: These activities by the managers or
Page 21 and 22: You should rely only on the informa
Page 23 and 24: PROSPECTUS SUMMARY The following su
Page 25 and 26: APPLICATION OF PROCEEDS As may be m
Page 27 and 28: (4) Loans to customers (i.e., non-c
Page 29 and 30: transferred to independent subsidia
Page 31 and 32: Our housing-related activities are
Page 33 and 34: (1) Holdings in companies for strat
Page 35 and 36: Loan Portfolio Risks We maintain a
Page 37 and 38: securities portfolio. In accordance
Page 39 and 40: The following table shows our borro
Page 41 and 42: authorized limits. A daily risk and
Page 43 and 44: MANAGEMENT INFORMATION Introduction
Page 45 and 46: credit institutions increased by 10
Page 47 and 48: To control the risks of unhedged po
Page 49 and 50: RECENT DEVELOPMENTS Development of
Page 51 and 52: MANAGEMENT Board of Management Our
Page 53 and 54: Wirtsch.-Ing. Bernd Bechtold Presid
Page 55 and 56: REGULATION AND SUPERVISION OF L-BAN
Page 57 and 58:
non-banking corporations if the use
Page 59 and 60:
Covering Market Risk Positions Mark
Page 61 and 62:
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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Authorities of Landeskreditbank Bad
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Proposal of the Board of Management
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FINANCIAL STATEMENTS OF L-BANK AS O
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Landeskreditbank Baden - Württembe
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Directorships held by members of th
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State government deputy representat
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Independent Auditors’ opinion We
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Directorships held by members of th
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Authorities of Landeskreditbank Bad
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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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