Landeskreditbank Baden-WÃ¼rttemberg - L-Bank

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We have included the federal income tax discussion above for holders’ general information only and it may not be applicable depending upon a holder’s particular situation. U.S. Holders should consult their own tax advisors with respect to the tax consequences under state, local, foreign and other tax laws and the possible effects of changes in federal or other tax laws. 77
FEDERAL REPUBLIC OF GERMANY TAXATION German Tax Considerations The following is a general discussion of certain German tax consequences of the acquisition, ownership and disposition of the Debt Securities offered by us. This discussion does not purport to be a comprehensive description of all tax consequences that may be relevant to a decision to invest in the Debt Securities. In particular, this discussion does not consider any specific tax consequences that may apply due to facts or circumstances of a particular investor. This summary is based on the laws of Germany as currently in force and applied on the date of this prospectus. Such laws are subject to changes, possibly with retroactive effect. Prospective investors in the Debt Securities are urged to consult their own tax advisors as to the tax consequences of the acquisition, ownership and disposition of the Debt Securities, including the effect of any state or local taxes, under the tax laws of Germany and any other relevant jurisdiction. German Residents Taxation of Interest Income Under German tax law payments of interest on the Debt Securities (including payments made in respect of interest that accrued up to a disposition of a Debt Security and is credited separately, in the following “Accrued Interest”—Stückzinsen) to persons who are residents of Germany (in particular, persons whose residence, habitual abode, statutory seat or place of management is located in Germany, a “German Holder”) are subject to German income or corporate income tax (plus solidarity surcharge thereon, which is currently levied at a rate of 5.5%). Payments for Accrued Interest rendered upon the acquisition of a Debt Security may be deducted from the Debt Security holder’s income, if separately accounted for, and may, therefore, reduce such Debt Security holder’s personal income tax liability. Corresponding to such reduction, however, the Debt Security holder will be taxable in respect of interest payments that accrued when the Debt Security holder was not actually holding the Debt Security to the extent such interest is paid to the Debt Security holder. Interest income derived from the Debt Securities will also be subject to trade tax on income if the Debt Securities are held in a German business establishment for trade tax purposes. Withholding Tax on Interest Income If the Debt Securities are kept or administered in a custodial account maintained by a German Holder with a German branch of a German or foreign bank or financial services institution (a “German Disbursing Agent”), a 30% withholding tax (Zinsabschlag) on the gross amount of interest payments, including Accrued Interest, plus a 5.5% solidarity surcharge thereon, will be levied, resulting in a total withholding tax charge of 31.65%. Withholding tax (including a solidarity surcharge thereon) might be credited as prepayments against the German Holder’s liability for German personal or corporate income tax (and the respective solidarity surcharge), or, if in excess of such liability, refunded upon application. German Holders who are individuals holding the Debt Securities as private assets (“Private German Investors”) are entitled to an annual standard deduction (Werbungskosten-Pauschbetrag) of€51 (€102 for married couples filing jointly) in computing their income from capital investment (including income earned from the Debt Securities) as well as an annual exemption (Sparer-Freibetrag) of€1,370 (€ 2,740 for married couples filing jointly) with respect to income from the Debt Securities and other investment income they receive. Disposition or Redemption of the Debt Securities The following applies in respect of Debt Securities that do not qualify as Financial Innovations (as described under the following caption “Special Rules for Financial Innovations”). 78
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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
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
Page 63 and 64: may at any time change the reserve
Page 65: The Entschädigungseinrichtung GmbH
Page 68 and 69: ECONOMY General Germany The economy
Page 70 and 71: Industrial Structure General Positi
Page 72 and 73: The following table shows the amoun
Page 74 and 75: The Euro-zone follows a mutual mone
Page 76 and 77: Revenue Equalization While the Germ
Page 78 and 79: For more detailed information regar
Page 80 and 81: Outstanding Principal Maturity Amou
Page 82 and 83: 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 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 134 and 135: Proposal of the Board of Management
Page 136 and 137: FINANCIAL STATEMENTS OF L-BANK AS O
Page 140 and 141: Landeskreditbank Baden - Württembe
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Notes to the annual financial state
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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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Landeskreditbank Baden-Württemberg
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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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