Landeskreditbank Baden-Württemberg - L-Bank

CURRENCY CONVERSION RATES
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)
2001 ................................................ 0.8901 0.8952
2002 ................................................ 1.0485 0.9454
2003 ................................................ 1.2597 1.1315
2004 ................................................ 1.3538 1.2438
2005 (through June 17) ................................. 1.2240 1.2800
(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)
2004 January ............................................. 1.2638
February ............................................ 1.2640
March .............................................. 1.2261
April ............................................... 1.1989
May ............................................... 1.2000
June ............................................... 1.2146
July ................................................ 1.2266
August ............................................. 1.2191
September ........................................... 1.2224
October ............................................. 1.2507
November ........................................... 1.2997
December ........................................... 1.3406
2005 January ............................................. 1.3123
February ............................................ 1.3013
March .............................................. 1.3185
April ............................................... 1.2943
May ............................................... 1.2697
(1) Source: Federal Reserve Bank of New York, Federal Reserve Statistical Release, Foreign Exchange Rates
(monthly), http://www.federalreserve.gov/releases/G5/
On January 1, 1999, Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, The
Netherlands, Portugal and Spain (the “participating states”) commenced a new stage of economic and monetary
union and introduced a single currency, the Euro, in substitution for their prior currencies. Greece adopted the
Euro as its legal currency effective January 1, 2001. Bills and coins in Euros were circulated for the first time on
January 1, 2002. On June 17, 2005, the Noon Buying Rate between the Euro and U.S. dollar was EUR 1.00 =
U.S.$ 1.2240.
The conversion rates between the former currencies of each participating state and the Euro were fixed
irrevocably by the Council of the European Union on December 31, 1998. The prior currency of Germany, the
Deutsche Mark or DM, had a fixed value relative to the Euro of EUR 1.00 = DM 1.95583.
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