Obligation Badenia-Wuerttemberg Bank 0.375% ( DE000LB2CRG6 ) en EUR

Badenia-Wuerttemberg Bank

94.54 % ▲

Allemagne

DE000LB2CRG6 ( en EUR )

0.375% par an ( paiement annuel )

17/02/2027

Prospectus brochure de l'obligation Landesbank Baden-Wuerttemberg (LBBW) DE000LB2CRG6 en EUR 0.375%, échéance 17/02/2027

18/02/2026 ( Dans 203 jours )

La Landesbank Baden-Württemberg (LBBW) est une banque publique allemande, principalement active dans les domaines du financement des entreprises, de l'investissement et de la gestion d'actifs, avec un focus sur la région du Bade-Wurtemberg.

La Landesbank Baden-Wuerttemberg (LBBW), une institution financière publique d'envergure basée en Allemagne et pays d'émission de cette dette, propose actuellement sur le marché une obligation de type à code ISIN DE000LB2CRG6, libellée en EUR, offrant un taux d'intérêt annuel fixe de 0.375% avec une maturité fixée au 17 février 2027, cette émission dont les paiements sont annuels se négociant actuellement à 94.54% du nominal sur le marché.

BASE PROSPECTUS

Landesbank Baden-Württemberg
(a public law institution of the State of Baden-Württemberg in the Federal Republic of Germany)
as Issuer

Euro 50,000,000,000 Programme for the
Issuance of Debt Securities
(the "Programme")
_______________

This base prospectus (the "Base Prospectus") has been approved by the Luxembourg Commission de Surveillance du Secteur Financier (the "CSSF"), in
its capacity as competent authority in Luxembourg for the purpose of the Luxembourg act relating to prospectuses for securities dated 16 July 2019 (Loi
du 16 juillet 2019 relative aux prospectus pour valeurs mobilières et portant mise en oeuvre du règlement (UE) 2017/1129, the "Luxembourg Law").
This Base Prospectus constitutes a base prospectus for the purposes of Article 8(1) of Regulation (EU) 2017/1129 of the European Parliament and of the
Council of 14 June 2017 (the "Prospectus Regulation"). The CSSF only approves this Base Prospectus as meeting the standards of completeness,
comprehensibility and consistency imposed by the Prospectus Regulation. Such approval should not be considered as an endorsement of the Issuer or of
the quality of the Securities that are the subject of this Base Prospectus. Investors should make their own assessment as to the suitability of investing in
the Securities.
Under the Programme, Landesbank Baden-Württemberg ("LBBW", the "Bank" or the "Issuer" and, LBBW, together with its consolidated subsidiaries,
"LBBW Group" or the "Group") may issue Pfandbriefe governed by German law (the "Pfandbriefe") and bearer notes governed by German law
(Inhaberschuldverschreibungen) ("Notes", and, together with the Pfandbriefe, the "Securities").
Application has been made for the Securities to be admitted to listing on the official list of the Luxembourg Stock Exchange and to trading on the
regulated market (Bourse de Luxembourg) of the Luxembourg Stock Exchange and to listing on the regulated market of the Stuttgart Stock Exchange
(each a "Regulated Market"). These regulated markets are regulated markets for the purposes of Directive 2014/65/EU of the European Parliament and
of the Council of 15 May 2014 on markets in financial instruments, as amended ("MiFID II"). Furthermore, application may be made for Securities to be
admitted to trading on the regulated market of the Frankfurt Stock Exchange. The Programme also provides for Securities (i) not to be admitted to listing,
trading and/or quotation by any competent authority, stock exchange and/or quotation system; or (ii) to be admitted to listing, trading and/or quotation by
such other or further competent authorities, stock exchanges and/or quotation systems as the Issuer and the relevant Dealer(s) (as defined below) may
agree and as specified in the applicable Final Terms.
The minimum denomination of each Security admitted to trading on an exchange located in the European Economic Area ("EEA") or offered to the
public in a member state of the EEA (each an "EEA Member State" or the "EEA Member State(s)") in circumstances which require the publication of a
prospectus under the Prospectus Regulation will be at least EUR 1,000 (or, if the Securities are denominated in a currency other than Euro, the
equivalent in such other currency).
The Securities have not and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or the securities laws of any
state or other jurisdiction of the United States. The Securities are being offered and sold outside the United States to or for the account or benefit of
non-U.S. persons in accordance with Regulation S under the Securities Act ("Regulation S"). Prospective investors should have regard to the Risk
Factors described under the section headed "Risk Factors" on pages 10 et seqq. of this Base Prospectus. This Base Prospectus and any supplement to
this Base Prospectus will be published in electronic form together with all documents incorporated by reference on the website of the Luxembourg Stock
Exchange (www.bourse.lu) and on the website of LBBW (www.lbbw.de).
_______________
Arranger for the Programme
MORGAN STANLEY
Dealers
ABN AMRO
BANCA IMI
BARCLAYS
BNP PARIBAS
CITIGROUP
COMMERZBANK
CRÉDIT AGRICOLE CIB
CREDIT SUISSE
DAIWA CAPITAL MARKETS EUROPE
DEUTSCHE BANK
DZ BANK AG
ERSTE GROUP
GOLDMAN SACHS BANK EUROPE SE
HSBC
ING
J.P. MORGAN
LANDESBANK BADEN-WÜRTTEMBERG
LLOYDS BANK CORPORATE MARKETS
WERTPAPIERHANDELSBANK
MIZUHO SECURITIES
MORGAN STANLEY
NATIXIS
NATWEST MARKETS
NOMURA
OCBC BANK
RBC CAPITAL MARKETS
SANTANDER GLOBAL CORPORATE BANKING
SOCIETE GENERALE CORPORATE & INVESTMENT BANKING
STANDARD CHARTERED BANK AG
TD SECURITIES
UBS INVESTMENT BANK
UOB
UNICREDIT BANK
22 April 2020

The validity of this Base Prospectus will expire on 21 April 2021. Any obligation to supplement
a prospectus in the event of significant new factors, material mistakes or material inaccuracies
does not apply when a prospectus is no longer valid.
Potential investors should be aware that any website referred to in this document does not form part of
this Base Prospectus and has not been scrutinised or approved by the CSSF.
LBBW accepts responsibility for the information contained in this Base Prospectus. To the best of the
knowledge of LBBW who has taken all reasonable care to ensure that such is the case, the
information contained in this Base Prospectus is in accordance with the facts and does not omit
anything likely to affect the import of such information.
LBBW has confirmed to the dealers named under "Subscription and Sale" (together, the "Dealers")
that this Base Prospectus is true, accurate and complete in all material respects and not misleading;
that there are no other facts in relation to the information contained or incorporated by reference
herein the omission of which would, in the context of the issue of the Securities, make any statement
herein misleading in any material respect; and that all reasonable enquiries have been made to verify
the foregoing. LBBW has further confirmed to the Dealers that this Base Prospectus when read
together with the relevant final terms (each, the "Final Terms") referred to herein contains all such
information as investors and their professional advisers would reasonably require, and reasonably
expect to find, for the purpose of making an informed assessment of the assets and liabilities, financial
position, profits and losses, and prospects of the Issuer and of the rights attaching to the relevant
Securities.
LBBW has not authorised the making or provision of any representation or information regarding
itself or the Securities other than as contained or incorporated by reference in, or is consistent with
any such representation or any such information in, this Base Prospectus, the Dealer Agreement (as
defined herein) or any Final Terms or as approved or provided for such purpose by the Issuer or (in
the case of the provision of any information regarding the Issuer or the Securities) as is already in the
public domain. Any such representation or information must not be relied upon as having been
authorised by the Issuer, the Dealers or any of them.
Save for LBBW, no person has authorised the whole or any part of this Base Prospectus. No
representation or warranty is made or implied by the Dealers (acting in their capacity as such) or any
of their respective affiliates, and neither the Dealers (acting in their capacity as such) nor any of their
respective affiliates makes any representation or warranty or accepts any responsibility, as to the
accuracy or completeness of the information contained herein.
This Base Prospectus should be read and understood in conjunction with any supplement hereto and
with any other documents incorporated by reference herein and in relation to any Series and Tranche
of Securities, should be read and construed together with the relevant Final Terms.
Each person contemplating making an investment in the Securities must make its own investigation,
analysis and appraisal of the financial condition, creditworthiness and other affairs of the Issuer and
its own determination of the suitability of any such investment, with particular reference to its own
investment objectives and experience, and any other factors which may be relevant to it in connection
with such investment.
Neither the delivery of this Base Prospectus or any Final Terms nor the offering, sale or delivery of
any Security shall, in any circumstances, create any implication that the information contained in this
Base Prospectus is true subsequent to the date hereof or the date upon which this Base Prospectus has
been most recently supplemented or that there has been no adverse change, or any event reasonably
likely to involve any adverse change, in the prospects or financial or trading position of the Issuer
since the date hereof or, as the case may be, the date upon which this Base Prospectus has been most
recently supplemented or the balance sheet date of the most recent financial statements which are
deemed to be incorporated into this document by reference or that any other information supplied in

(i)

connection with the Programme is correct at any time subsequent to the date on which it is supplied
or, if different, the date indicated in the document containing the same.
The distribution of this Base Prospectus, any Final Terms and the offering, sale and delivery of the
Securities in certain jurisdictions may be restricted by law. Persons into whose possession this Base
Prospectus and any Final Terms comes are required by the Issuer and the Dealers to inform
themselves about and to observe any such restrictions. For a description of certain restrictions on
offers, sales and deliveries of Securities and on the distribution of this Base Prospectus or any Final
Terms and other offering material relating to the Securities see "Subscription and Sale". In particular,
the Securities have not been and will not be registered under the Securities Act or the securities laws
of any state or other jurisdiction of the United States and the Securities are subject to U.S. tax law
requirements. Subject to certain exceptions, Securities may not be offered, assigned, transferred, sold,
pledged, encumbered or otherwise delivered within the United States or to or for the account or
benefit of U.S. persons.
The Issuer and the Dealers do not represent that this Base Prospectus may be lawfully distributed, or
that Securities may be lawfully offered, in compliance with any applicable registration or other
requirements in any jurisdiction other than the Passported Countries (as defined below), or pursuant to
an exemption available thereunder, or assume any responsibility for facilitating any such distribution
or offering. In particular, no action has been taken by the Issuer or the Dealers which would permit a
public offering of the Securities or distribution of this Base Prospectus in any jurisdiction, other than
Luxembourg and the Passported Countries, where action for that purpose is required. Accordingly, the
Securities may not be offered or sold, directly or indirectly, and neither this Base Prospectus, any
document incorporated by reference, nor any advertisement or other offering material may be
distributed or published in any jurisdiction except under circumstances that will result in compliance
with any applicable laws and regulations and the Dealers have represented and agreed to the same.
Persons into whose possession this Base Prospectus or any Securities may come must inform
themselves about, and observe any such restrictions on the distribution of this Base Prospectus and the
offering and sale of Securities. In particular, there are restrictions on the distribution of this Base
Prospectus and the offer or sale of Securities in the United States and the EEA (see "Subscription and
Sale"). Neither the Issuer nor any Dealer makes any representation to you that the Securities are a
legal investment for you.
Neither the Issuer nor any of the Dealers has authorised the making of any public offer of any
Securities by any person in any circumstances and such person is not permitted to use this Base
Prospectus in connection with its offer of any Securities unless (1) the offer is made by an Authorised
Offeror (as defined below) or (2) the offer is otherwise made in circumstances falling within an
exemption from the requirement to publish a prospectus under the Prospectus Regulation and any
other applicable law. Any such unauthorised offers are not made on behalf of the Issuer, any Dealer or
any Authorised Offeror and none of the Issuer, any Dealer or any Authorised Offeror has any
responsibility or liability for such offers or the actions of any person making such offers. If a
jurisdiction requires that the offering be made by a licensed broker or dealer and the Dealers or any
affiliate of the Dealers is a licensed broker or dealer in that jurisdiction, the offering shall be deemed
to be made by the Dealers or such affiliate on behalf of the Issuer in such jurisdiction.
Important - EEA and UK Retail Investors - If the Final Terms in respect of any Securities include a
legend entitled "Prohibition of Sales to EEA and UK Retail Investors", the Securities are not intended
to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made
available to any retail investor in the European Economic Area ("EEA") or in the United Kingdom
("UK"). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client
as defined in point (11) of Article 4(1) of Directive 2014/65/EU, as amended ("MiFID II") or (ii) a
customer within the meaning of Directive 2016/97/EU (as amended, the "Insurance Distribution
Directive"), where that customer would not qualify as a professional client as defined in point (10) of
Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in the Prospectus Regulation.
Consequently, no key information document required by Regulation (EU) No 1286/2014, as amended
(the "PRIIPs Regulation") for offering or selling the Securities or otherwise making them available

(ii)

to retail investors in the EEA or in the UK has been prepared and therefore offering or selling of the
Securities or otherwise making them available to any retail investor in the EEA or in the UK may be
unlawful under the PRIIPs Regulation.
MiFID II product governance / target market
The Final Terms in respect of any Securities may include a legend entitled "MiFID II Product
Governance" which will outline the target market assessment in respect of the Securities and which
channels for distribution of the Securities are appropriate and may outline further details in connection
therewith. Any person subsequently offering, selling or recommending the Securities
(a "distributor") should take into consideration the target market assessment; however, a distributor
subject to MiFID II is responsible for undertaking its own target market assessment in respect of the
Securities (by either adopting or refining the target market assessment) and determining appropriate
distribution channels.
A determination will be made in relation to each issue about whether, for the purpose of the MiFID
Product Governance rules under EU Delegated Directive 2017/593 (the "MiFID Product
Governance Rules"), any Dealer subscribing for any Securities is a manufacturer in respect of such
Securities, but otherwise neither the Arranger nor the Dealers nor any of their respective affiliates will
be a manufacturer for the purpose of the MiFID Product Governance Rules.
Benchmarks register
Amounts payable under the Securities may be calculated by reference to EURIBOR®, which is
currently provided by European Money Markets Institute (EMMI), LIBOR®, which is currently
provided by ICE Benchmark Administration (IBA), PRIBOR which is currently provided by the
Czech Financial Benchmark Facility (CFBF), SONIA® which is currently provided by the Bank of
England, SOFR®, which is currently provided by the Federal Reserve Bank of New York, STR®,
which is provided by the European Central Bank or other indices which are deemed benchmarks for
the purposes of the Benchmark Regulation (Regulation (EU) 2016/1011). As at the date of this Base
Prospectus, SONIA®, SOFR® and STR® do not fall within the scope of the Benchmark Regulation
(Regulation (EU) 2016/1011). As at the date of this Base Prospectus, each of IBA, EMMI and CFBF
appear on the register of administrators and benchmarks established and maintained by the European
Securities and Markets Authority ("ESMA") pursuant to Article 36 of the Benchmark Regulation
(Regulation (EU) 2016/1011) (the "Benchmarks Register"), while the Bank of England, the Federal
Reserve Bank of New York and the European Central Bank do not appear on the Benchmarks
Register. The relevant Final Terms will specify whether EMMI, IBA, CFBF, the Bank of England, the
Federal Reserve Bank of New York, the European Central Bank, as the case may be, or the
administrator of a successor reference rate to EURIBOR®, LIBOR®, PRIBOR or another reference
rate or the administrator of another relevant index deemed a benchmark appear in the Benchmarks
Register as of the date of such Final Terms, if relevant.
Each potential investor in Securities must determine the suitability of that investment in light of its
own circumstances. In particular, each potential investor should:
(i)
have sufficient knowledge and experience to make a meaningful evaluation of the relevant
Securities, the merits and risks of investing in the relevant Securities and the information
contained or incorporated by reference into this Prospectus or any supplement hereto;
(ii)
have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its
particular financial situation and the investment(s) it is considering, an investment in the
Securities and the impact the Securities will have on its overall investment portfolio;
(iii)
have sufficient financial resources and liquidity to bear all of the risks of an investment in the
relevant Securities, including where the currency for principal or interest payments is
different from the potential investor's currency;

(iii)

(iv)
understand thoroughly the terms of the relevant Securities and be familiar with the behaviour
of financial markets;
(v)
be aware that it may be required to pay taxes or other documentary charges or duties in
accordance with the laws and practices of the country where the Securities are transferred or
other jurisdictions;
(vi)
ask for its own tax adviser's advice on its individual taxation with respect to the acquisition,
sale and redemption of the Securities;
(vii) be able to evaluate (either alone or with the help of a financial adviser) possible scenarios for
economic, interest rate and other factors that may affect its investment and its ability to bear
the applicable risks; and
(viii) understand the accounting, legal, regulatory and tax implications of a purchase, holding and
disposal of an interest in the Securities.
AN INVESTOR INTENDING TO ACQUIRE OR ACQUIRING ANY SECURITIES FROM
AN AUTHORISED OFFEROR WILL DO SO, AND OFFERS AND SALES OF THE
SECURITIES TO AN INVESTOR BY AN AUTHORISED OFFEROR WILL BE MADE, IN
ACCORDANCE WITH ANY TERMS AND OTHER ARRANGEMENTS IN PLACE
BETWEEN SUCH AUTHORISED OFFEROR AND SUCH INVESTOR INCLUDING AS TO
PRICE, ALLOCATION, SETTLEMENT ARRANGEMENTS AND ANY EXPENSES OR
TAXES TO BE CHARGED TO THE INVESTOR (THE "TERMS AND CONDITIONS OF
THE PUBLIC OFFER"). THE ISSUER WILL NOT BE A PARTY TO ANY SUCH
ARRANGEMENTS WITH INVESTORS (OTHER THAN DEALERS) IN CONNECTION
WITH THE OFFER OR SALE OF THE SECURITIES AND, ACCORDINGLY, THIS BASE
PROSPECTUS AND ANY FINAL TERMS WILL NOT CONTAIN SUCH INFORMATION.
THE TERMS AND CONDITIONS OF THE PUBLIC OFFER SHALL BE PROVIDED TO
INVESTORS BY THAT AUTHORISED OFFEROR AT THE RELEVANT TIME. NONE OF
THE ISSUER, ANY OF THE DEALERS OR OTHER AUTHORISED OFFERORS HAS ANY
RESPONSIBILITY OR LIABILITY FOR SUCH INFORMATION.
THE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE
U.S. SECURITIES AND EXCHANGE COMMISSION, ANY STATE SECURITIES
COMMISSION IN THE UNITED STATES OR ANY OTHER U.S. REGULATORY
AUTHORITY, AND NONE OF THE FOREGOING AUTHORITIES HAVE PASSED UPON
OR ENDORSED THE MERITS OF THE OFFERING OF SECURITIES OR THE
ACCURACY OR THE ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO
THE CONTRARY IS A CRIMINAL OFFENCE IN THE UNITED STATES.
Neither this Base Prospectus nor any Final Terms constitutes an offer or an invitation by or on behalf
of the Issuer, the Arranger or any Dealer to subscribe for or purchase any Securities; and this Base
Prospectus, any Final Terms or any information supplied in connection therewith or in connection
with any Securities should not be considered as a recommendation by or on behalf of the Issuer, the
Arranger, the Dealers or any of them that any recipient of this Base Prospectus or any Final Terms or
such information should subscribe for or purchase any Securities. Each recipient of this Base
Prospectus or any Final Terms shall be taken to have made its own investigation and appraisal of the
condition (financial or otherwise) of the Issuer.
All references in this Base Prospectus to "CHF" and "Swiss francs" are to the lawful currency of
Switzerland, references to "dollars", "USD", "U.S. dollars", "U.S.$" "United States dollars" or "$"
are to the currency of the United States of America, references to "Sterling" and "£" refer to the
currency of the United Kingdom, references to the "Euro" or "EUR" or "" are to the single currency
which was introduced at the start of the third stage of the European Economic and Monetary Union
pursuant to the Treaty establishing the European Community, as amended (the "Treaty").

(iv)

References in this Base Prospectus to "Passported Countries" shall mean the EEA Member State(s)
whose competent authorities have received from the CSSF: (i) a copy of this Base Prospectus; (ii) a
certificate of approval pursuant to Article 25 of the Prospectus Regulation attesting that this Base
Prospectus has been drawn up in accordance with the Prospectus Regulation; and (iii) if so required
by the relevant EEA Member State(s), a translation of the summary of this Base Prospectus.
STABILISATION
In connection with the issue of any Tranche of any Series of Securities, the Dealer or Dealers (if
any) named as stabilisation manager(s) (each a "Stabilisation Manager" and together, the
"Stabilisation Manager(s)") in the applicable Final Terms (or persons acting on behalf of any
Stabilisation Manager(s)) may over allot Securities or effect transactions with a view to
supporting the market price of the Securities at a level higher than that which might otherwise
prevail. However, stabilisation may not necessarily occur. Any stabilisation action may begin on
or after the date on which adequate public disclosure of the terms of the offer of the relevant
Tranche of Securities is made and, if begun, may cease at any time, but it must end no later than
the earlier of 30 days after the issue date of the relevant Tranche of Securities and 60 days after
the date of the allotment of the relevant Tranche of Securities. Any stabilisation action or
over-allotment shall be conducted in accordance with all applicable laws and rules by the
relevant Stabilisation Manager(s) (or persons acting on behalf of any Stabilisation Manager(s)).
FORWARD LOOKING STATEMENTS
This Base Prospectus contains certain forward-looking statements. A forward-looking statement is a
statement that does not relate to historical facts and events. They are based on analyses or forecasts of
future results and estimates of amounts not yet determinable or foreseeable. These forward-looking
statements are identified by the use of terms and phrases such as "anticipate", "believe", "could",
"should", "estimate", "expect", "intend", "may", "plan", "predict", "project" and similar terms and
phrases, including references and assumptions. This applies, in particular, to statements in this Base
Prospectus containing information on or relating to, among other things, future earning capacity, plans
and expectations regarding the Issuer's business and management, its growth and profitability, and
general economic and regulatory conditions and other factors that affect it.
Forward-looking statements in this Base Prospectus are based on current estimates and assumptions
that the Issuer makes to the best of its present knowledge. These forward-looking statements are
subject to risks, uncertainties, assumptions and other factors which could cause actual results,
including the Issuer's financial condition and results of operations, to differ materially from and be
worse than results that have expressly or implicitly been assumed or described in these forward-
looking statements. The business of the Issuer is also subject to a number of risks and uncertainties
that could cause a forward-looking statement, estimate or prediction in this Base Prospectus to
become inaccurate. Accordingly, investors are strongly advised to read the following sections of this
Base Prospectus: "Risk Factors", "Description of LBBW" and "Business of LBBW". The sections "Risk
Factors", "Description of LBBW" and "Business of LBBW" include more detailed descriptions of
factors that might have an impact on the Issuer's business and the markets in which it operates.
In light of these risks, uncertainties and assumptions, future events described in this Base Prospectus
may not occur. In addition, neither the Issuer nor the Arranger or the Dealers assume any obligation,
except as required by law, to update any forward-looking statement or to conform these forward-
looking statements to actual events or developments.

(v)

TABLE OF CONTENTS
Page
GENERAL DESCRIPTION OF THE PROGRAMME ......................................................................... 9
RISK FACTORS .................................................................................................................................. 10
RISKS RELATING TO LBBW ..................................................................................................... 10
RISKS RELATING TO THE SECURITIES ................................................................................. 23
RISIKOFAKTOREN ............................................................................................................................ 38
RISIKEN IN VERBINDUNG MIT DER LBBW .......................................................................... 38
RISIKEN IN VERBINDUNG MIT DEN WERTPAPIEREN ....................................................... 53
CONSENT TO USE THE PROSPECTUS ........................................................................................... 71
DOCUMENTS INCORPORATED BY REFERENCE........................................................................ 72
GENERAL DESCRIPTION OF THE SECURITIES........................................................................... 79
ISSUE PROCEDURES ........................................................................................................................ 88
TERMS AND CONDITIONS OF THE PFANDBRIEFE .................................................................... 90
OPTION I - TERMS AND CONDITIONS OF FIXED RATE PFANDBRIEFE ................................ 90
OPTION II - TERMS AND CONDITIONS OF FLOATING RATE PFANDBRIEFE .................... 101
OPTION III - TERMS AND CONDITIONS OF ZERO COUPON PFANDBRIEFE ...................... 126
OPTION IV: TERMS AND CONDITIONS OF CMS SPREAD PFANDBRIEFE .......................... 133
OPTION V: TERMS AND CONDITIONS OF RANGE ACCRUAL PFANDBRIEFE ................... 152
TERMS AND CONDITIONS OF THE NOTES ............................................................................... 172
OPTION VI: TERMS AND CONDITIONS OF FIXED RATE NOTES .......................................... 172
OPTION VII: TERMS AND CONDITIONS OF FLOATING RATE NOTES ................................ 201
OPTION VIII: TERMS AND CONDITIONS OF ZERO COUPON NOTES ................................... 238
OPTION IX: TERMS AND CONDITIONS OF CMS SPREAD NOTES ........................................ 253
OPTION X: TERMS AND CONDITIONS OF RANGE ACCRUAL NOTES ................................. 279
EMISSIONSBEDINGUNGEN FÜR PFANDBRIEFE ...................................................................... 303
OPTION I - EMISSIONSBEDINGUNGEN FÜR FESTVERZINSLICHE PFANDBRIEFE .......... 303
OPTION II - EMISSIONSBEDINGUNGEN FÜR VARIABEL VERZINSLICHE PFANDBRIEFE
............................................................................................................................................................ 314
OPTION III - EMISSIONSBEDINGUNGEN FÜR NULLKUPON PFANDBRIEFE ..................... 340
OPTION IV: EMISSIONSBEDINGUNGEN FÜR CMS SPREAD PFANDBRIEFE ...................... 348
OPTION V: EMISSIONSBEDINGUNGEN FÜR RANGE ACCRUAL PFANDBRIEFE . ............ 368
EMISSIONSBEDINGUNGEN FÜR SCHULDVERSCHREIBUNGEN .......................................... 390
OPTION VI: EMISSIONSBEDINGUNGEN FÜR FESTVERZINSLICHE
SCHULDVERSCHREIBUNGEN ..................................................................................................... 390
OPTION VII: EMISSIONSBEDINGUNGEN FÜR VARIABELVERZINSLICHE
SCHULDVERSCHREIBUNGEN ..................................................................................................... 422
OPTION VIII: EMISSIONSBEDINGUNGEN FÜR NULLKUPON
SCHULDVERSCHREIBUNGEN ..................................................................................................... 463
OPTION IX: EMISSIONSBEDINGUNGEN FÜR CMS SPREAD SCHULDVERSCHREIBUNGEN
............................................................................................................................................................ 480
OPTION X: EMISSIONSBEDINGUNGEN FÜR RANGE ACCRUAL
SCHULDVERSCHREIBUNGEN ..................................................................................................... 508
USE OF PROCEEDS ......................................................................................................................... 534
FORM OF FINAL TERMS ................................................................................................................ 535
DESCRIPTION OF PUBLIC SECTOR PFANDBRIEFE AND MORTGAGE PFANDBRIEFE .... 550
LANDESBANK BADEN-WÜRTTEMBERG ................................................................................... 559
WARNING REGARDING TAXATION ........................................................................................... 585
SUBSCRIPTION AND SALE ........................................................................................................... 586
UNITED STATES OF AMERICA .................................................................................................... 586
EUROPEAN ECONOMIC AREA AND UK .................................................................................... 587
FRANCE ............................................................................................................................................ 588
ITALY ................................................................................................................................................ 589

(vi)

JAPAN ................................................................................................................................................ 590
THE PEOPLE'S REPUBLIC OF CHINA ......................................................................................... 590
HONG KONG .................................................................................................................................... 591
SINGAPORE ...................................................................................................................................... 591
UNITED KINGDOM ......................................................................................................................... 592
GENERAL INFORMATION ............................................................................................................. 593

(vii)

GENERAL DESCRIPTION OF THE PROGRAMME
General Description of the Programme
General
The Programme is a Euro 50,000,000,000 Programme for the Issuance of Debt Securities under which
LBBW may, from time to time, issue Securities in accordance with and subject to all applicable laws
and regulations and denominated in any currency, subject as set out herein. Securities issued under the
Programme will not benefit from any guarantee.
The following description is an abstract presentation of the possible structures through which
Securities may be issued under the terms of this Base Prospectus and does not refer to a specific issue
of Securities which will be issued under the terms of this Base Prospectus.
The specific terms and conditions of a given series of Securities, which will govern the relationship
between the Issuer and the holders of such Securities (the "Holders"), will be attached to the relevant
global note(s) and form an integral part of such global note(s). The forms of the separate terms and
conditions relating to Pfandbriefe and Notes issued under the Programme are set out in the sections
"Terms and Conditions of the Pfandbriefe" or "Terms and Conditions of the Notes" of this Base
Prospectus, respectively.
Potential investors should note that information relating to a specific issue of Securities that is not yet
known at the date of this Base Prospectus, including, but not limited to, the issue price, the date of
the issue, the level of the interest rate (if the Securities bear interest), the type of interest payable (if
the Securities bear interest), the maturity date and other details significantly affecting the economic
assessment of the Securities is not contained in this section of this Base Prospectus but in the relevant
Final Terms. Consequently, the following description does not contain all information relating to
the Securities. Any investment decision by an investor should therefore be made only on the
basis of the complete information on the Issuer and the Securities offered as set out in the
relevant Final Terms for such Securities read together with this Base Prospectus, any
supplement thereto and the relevant terms and conditions applicable to the Securities.

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RISK FACTORS
Words and expressions defined in the "Terms and Conditions of the Pfandbriefe" or "Terms and
Conditions of the Notes" below or elsewhere in this Base Prospectus have the same meanings, unless
otherwise noted.
Investing in the Securities involves certain risks. Prospective investors should consider that the
following factors may affect the ability of the Issuer to fulfil its obligations under the Securities
and/or are material for the purpose of assessing the market risks associated with Securities issued
under the Programme. If one or more of the risks described below occurs, this may result in
material decreases in the price of the Securities or, in the worst-case scenario, in total loss of
interest and capital invested by the investor:
Risks relating to LBBW
The following descriptions of the risk factors relating to LBBW and the LBBW Group, as the case
may be, and their occurrence within a risk category with the most material risk factor presented first
in each category should be understood as a description of residual risks, i.e. of the remaining risks
following all counter measures taken in order to avoid such risks or limit their adverse effects.
Risks relating to LBBW are presented in the following three categories depending on their nature:

1. Risks relating to the Business of the LBBW Group;

2. Risks relating to Legal and Regulatory Environment;

3. Other substantial risks.

Any materialisation of the risks further specified below could have a material adverse effect on the
LBBW Group's business, financial condition and results of operations, which in turn will have a
negative impact on the Securities and is detrimental to Holders (including the risk of a total loss of
interest and capital invested by the Holders).

Risks relating to the Business of the LBBW Group
The following risk factor category describes the specific risks relating to the business activity of the
LBBW Group. The most material risks of this category presented first.

Counterparty Risks
The LBBW Group is exposed to counterparty risks.
Counterparty risk is defined as the loss potential due to counterparties no longer being able to fully
meet their contractual payment obligations. Counterparty risk may occur both from direct contractual
relationships (e.g. granting loans, buying a security) and indirectly, e.g. from hedging obligations
(especially issuing guarantees, selling hedging via credit derivatives).
Negative developments in the economic environment of customers or counterparties, competitive
influences as well as errors in corporate management can increase the probability of default of
customers or counterparties and thus increase the counterparty risks of the LBBW Group.
In the following, possible scenarios are described, that may, through an increase in counterparty risk,
negatively affect the risk situation and by thus solvency of the LBBW Group:

State, financial and economic crises can lead to losses within LBBW Group's national and
international business.

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