Obligation Badenia-Wuerttemberg Bank 5% ( DE000LB1P2W1 ) en USD

Badenia-Wuerttemberg Bank

100 % ⇌

Allemagne

DE000LB1P2W1 ( en USD )

5% par an ( paiement semestriel )

28/02/2033

Prospectus brochure de l'obligation Landesbank Baden-Wuerttemberg (LBBW) DE000LB1P2W1 en USD 5%, échéance 28/02/2033

200 000 USD

185 000 000 USD

28/08/2025 ( Dans 97 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.

L'Obligation émise par Badenia-Wuerttemberg Bank ( Allemagne ) , en USD, avec le code ISIN DE000LB1P2W1, paye un coupon de 5% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 28/02/2033

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
_______________

Application has been made to the Luxembourg Commission de Surveillance du Secteur Financier (the "CSSF"), in its capacity as competent authority in
Luxembourg for the purpose of the Luxembourg law dated 10 July 2005 on prospectuses for securities (the "Luxembourg Prospectus Law"), which
implements Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 (as amended, including by Directive 2010/73/EU
of the Parliament and of the Council of 24 November 2010) (the "Prospectus Directive") to approve this base prospectus (as supplemented from time to
time, the "Base Prospectus") as a base prospectus issued in compliance with the Prospectus Directive and the relevant implementing provisions of the
Luxembourg Prospectus Law for the purpose of giving information with regard to the issue of Securities (as defined below). This Base Prospectus
comprises a base prospectus for the purposes of Article 5.4 of the Prospectus Directive. With regard to Securities which will neither be listed on the
Luxembourg Stock Exchange and traded on the regulated market of the Luxembourg Stock Exchange nor be offered in Luxembourg, the CSSF is not the
competent authority for such issue of Securities.
By approving the Base Prospectus pursuant to article 7 (7) of the Luxembourg Prospectus Law, the CSSF does not assume any responsibility as to the
economic and financial soundness of any issue of Securities under the Programme and the quality or solvency of the Issuer.
Landesbank Baden-Württemberg ("LBBW", the "Bank" or the "Issuer" or, LBBW together with its consolidated subsidiaries, "LBBW Group" or
"Group") may issue (i) instruments under English law ("Instruments"), Pfandbriefe under German law in bearer (Inhaberpfandbriefe) or in registered
form (Namenspfandbriefe) (together, the "Pfandbriefe"), and bearer notes under German law (Inhaberschuldverschreibungen) ("Notes") when acting
through its head office and (ii) Instruments when acting through its branches in London and Singapore and New York and the applicable Final Terms or,
as the case may be, the Drawdown Prospectus (in each case as defined below) will set out in its respective title through which branch LBBW is acting for
such issue, or whether LBBW is acting through its head office for such issue. LBBW, acting through its New York branch, shall not issue any
Instruments in bearer form. This restriction does not relate to any Instruments in registered form issued by LBBW, acting through its New
York branch or any Instruments issued by LBBW, acting through its head office or Singapore or London Branch.
As used herein, the Instruments, Pfandbriefe and Notes shall together be the "Securities" and each, a "Security" unless the context requires otherwise
and such term shall be construed in the context of such Securities as the Issuer may issue under this Programme.
Application has been made for the Securities to be admitted during the period of twelve months after the date hereof 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"). Each Regulated Market is a regulated market for the purpose of
Directive 2004/39/EC on Markets in Financial Instruments. Furthermore, application may be made for Pfandbriefe and Notes 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 or, as the case may be, the Drawdown Prospectus.
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 Directive 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 in the United States only to qualified institutional buyers in
accordance with Rule 144A under the Securities Act ("Rule 144A"), and outside the United States to or for the account or benefit of non-U.S. persons in
accordance with Regulation S. See "Notice To Purchasers And Holders of Restricted Securities And Transfer Restrictions" for additional information
about eligible offerees and transfer restrictions. Prospective investors should have regard to the Risk Factors described under the section headed "Risk
Factors" on page 62.
_______________
Arranger for the Programme
MORGAN STANLEY
Dealers
ABN AMRO
BANCA IMI
SANTANDER GLOBAL CORPORATE BANKING
BARCLAYS
BNP PARIBAS
CITIGROUP
COMMERZBANK
CRÉDIT AGRICOLE CIB
CREDIT
SUISSE
SECURITIES
(EUROPE)
DAIWA CAPITAL MARKETS EUROPE
LIMITED
DEUTSCHE BANK
DZ BANK AG
ERSTE GROUP
GOLDMAN SACHS INTERNATIONAL
HSBC
ING
J.P. MORGAN
LANDESBANK BADEN-WÜRTTEMBERG
LLOYDS BANK
MIZUHO SECURITIES
MORGAN STANLEY
NATIXIS
NOMURA
RBC CAPITAL MARKETS
SOCIETE GENERALE CORPORATE &
NATWEST MARKETS
INVESTMENT BANKING
UBS INVESTMENT BANK
UNICREDIT BANK
28 April 2017

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 relevant final terms (each, the "Final Terms") or a drawdown prospectus (each, the
"Drawdown Prospectus") 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 Dealership Agreement
(as defined herein) or any Final Terms or Drawdown Prospectus 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 Final Terms or Drawdown Prospectus.
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 or Drawdown Prospectus 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 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 Drawdown Prospectus 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 or Drawdown Prospectus 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

(i)

this Base Prospectus or any Final Terms or Drawdown Prospectus and other offering material relating
to the Securities see "Subscription and Sale" and "Notice to Purchasers and Holders of Restricted
Securities and Transfer Restrictions". 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 may be in bearer form, which are subject to U.S. tax law
requirements. Subject to certain exceptions, Securities may not be offered, sold or delivered within the
United States or to or for the account or benefit of U.S. persons. Securities may be offered and sold
outside the United States in reliance on Regulation S and in the United States to "qualified
institutional buyers" ("QIBs") (as defined in Rule 144A) in reliance on Rule 144A. Prospective
purchasers are hereby notified that sellers of the Instruments may be relying on the exemption from
the provisions of Section 5 of the Securities Act provided by Rule 144A. Neither this Base Prospectus
nor any Final Terms or Drawdown Prospectus may be used for the purpose of an offer or solicitation
by anyone in any jurisdiction in which such offer or solicitation is not authorised or to any person to
whom it is unlawful to make such an offer or solicitation. If you purchase the Securities, you will be
deemed to have made certain acknowledgements, representations and warranties as detailed under
"Notice to Purchasers and Holders of Restricted Securities and Transfer Restrictions".
The Registered Instruments are subject to restrictions on transferability and resale and may not be
transferred or resold except as permitted under the Securities Act and applicable securities laws of any
other jurisdiction pursuant to registration or exemption therefrom. Prospective purchasers should be
aware that they may be required to bear financial risk on an investment in the Registered Instruments
for an indefinite period of time. See "Notice to Purchasers and Holders of Restricted Securities and
Transfer Restrictions".
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 Directive 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.
Important - EEA Retail Investors - If the Final Terms in respect of any Securities include a legend
entitled " Prohibition of Sales to EEA Retail Investors", the Securities are not intended, from
1 January 2018, to be offered, sold or otherwise made available to and, with effect from such date,
should not be offered, sold or otherwise made available to any retail investor in the European
Economic Area ("EEA"). For these purposes, a retail investor means a person who is one (or more)

(ii)

of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU ("MiFID II") or
(ii) a customer within the meaning of Directive 2002/92/EC ("IMD"), 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 Directive 2003/71/EC (as amended, the "Prospectus Directive").
Consequently, no key information document required by Regulation (EU) No 1286/2014
(the "PRIIPs Regulation") for offering or selling the Securities or otherwise making them available
to retail investors in the EEA has been prepared and therefore offering or selling of the Securities or
otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs
Regulation.
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 AUHTORISED 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 or Drawdown Prospectus 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 Drawdown Prospectus 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 Drawdown Prospectus or such information
should subscribe for or purchase any Securities. Each recipient of this Base Prospectus or any Final
Terms or Drawdown Prospectus 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").
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 the Base Prospectus; (ii) a
certificate of approval pursuant to Article 18 of the Prospectus Directive attesting that the Base

(iii)

Prospectus has been drawn up in accordance with the Prospectus Directive; and (iii) if so required by
the relevant EEA Member State(s), a translation of the summary of this Base Prospectus.
AVAILABLE INFORMATION
To permit compliance with Rule 144A under the Securities Act in connection with resale of Securities
that are "restricted securities" (as defined in Rule 144(a)(3) under the Securities Act), the Issuer will,
at its expense, furnish upon the request of a holder of such Securities or of a beneficial owner of an
interest therein, to such holder or beneficial owner or to a prospective purchaser designated by such
holder or beneficial owner, the information required to be delivered under Rule 144A(d)(4) under the
Securities Act and will otherwise comply with the requirements of Rule 144A(d)(4) under the
Securities Act, if at the time of such request, the Issuer is not a reporting company under Section 13 or
Section 15(d) of the United States Securities Exchange Act of 1934, as amended (the "Exchange
Act"), or exempt from reporting pursuant to Rule 12g3-2(b) under the Exchange Act.
STABILISATION
In connection with the issue of any Tranche of Securities, the Dealer or Dealers (if any) named
as the stabilisation manager(s) (each a "Stabilisation Manager" and together, the "Stabilisation
Manager(s)") (or persons acting on behalf of any Stabilisation Manager(s)) in the applicable
Final Terms or Drawdown Prospectus 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: "Summary of the 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.

(iv)

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
SUMMARY OF THE BASE PROSPECTUS ........................................................................................ 9
ZUSAMMENFASSUNG DES BASISPROSPEKTS........................................................................... 35
RISK FACTORS .................................................................................................................................. 62
RISIKOFAKTOREN .......................................................................................................................... 103
CONSENT TO USE THE PROSPECTUS ......................................................................................... 149
DOCUMENTS INCORPORATED BY REFERENCE...................................................................... 150
GENERAL DESCRIPTION OF THE PROGRAMME AND OF THE SECURITIES ..................... 159
FORMS OF THE SECURITIES ........................................................................................................ 167
ISSUE PROCEDURES ...................................................................................................................... 171
TERMS AND CONDITIONS OF THE INSTRUMENTS ................................................................ 173
TERMS AND CONDITIONS OF THE PFANDBRIEFE IN BEARER FORM ............................... 213
OPTION I - TERMS AND CONDITIONS OF FIXED RATE PFANDBRIEFE IN BEARER
FORM ........................................................................................................................................ 213
OPTION II - TERMS AND CONDITIONS OF FLOATING RATE PFANDBRIEFE IN
BEARER FORM ........................................................................................................................ 223
OPTION III - TERMS AND CONDITIONS OF ZERO COUPON PFANDBRIEFE IN
BEARER FORM ........................................................................................................................ 238
OPTION IV: TERMS AND CONDITIONS OF CMS SPREAD PFANDBRIEFE IN BEARER
FORM ........................................................................................................................................ 245
OPTION V: TERMS AND CONDITIONS OF RANGE ACCRUAL PFANDBRIEFE IN
BEARER FORM ........................................................................................................................ 259
TERMS AND CONDITIONS OF THE PFANDBRIEFE IN REGISTERED FORM ....................... 275
OPTION VI: TERMS AND CONDITIONS OF FIXED RATE PFANDBRIEFE IN
REGISTERED FORM ............................................................................................................... 275
OPTION VII: TERMS AND CONDITIONS OF FLOATING RATE PFANDBRIEFE IN
REGISTERED FORM ............................................................................................................... 283
OPTION VIII: TERMS AND CONDITIONS OF ZERO COUPON PFANDBRIEFE IN
REGISTERED FORM ............................................................................................................... 297
OPTION IX: TERMS AND CONDITIONS OF CMS SPREAD PFANDBRIEFE IN
REGISTERED FORM ............................................................................................................... 303
OPTION X: TERMS AND CONDITIONS OF RANGE ACCRUAL PFANDBRIEFE IN
REGISTERED FORM ............................................................................................................... 316
TERMS AND CONDITIONS OF THE GERMAN LAW GOVERNED BEARER NOTES............ 330
OPTION XI: TERMS AND CONDITIONS OF FIXED RATE GERMAN LAW GOVERNED
BEARER NOTES ...................................................................................................................... 330
OPTION XII: TERMS AND CONDITIONS OF FLOATING RATE GERMAN LAW
GOVERNED BEARER NOTES ............................................................................................... 347
OPTION XIII: TERMS AND CONDITIONS OF ZERO COUPON GERMAN LAW
GOVERNED BEARER NOTES ............................................................................................... 367
OPTION XIV: TERMS AND CONDITIONS OF CMS SPREAD GERMAN LAW
GOVERNED BEARER NOTES ............................................................................................... 378
OPTION XV: TERMS AND CONDITIONS OF RANGE ACCRUAL GERMAN LAW
GOVERNED BEARER NOTES ............................................................................................... 394
EMISSIONSBEDINGUNGEN FÜR INHABER-PFANDBRIEFE ................................................... 413
OPTION I - EMISSIONSBEDINGUNGEN FÜR FESTVERZINSLICHE INHABER-
PFANDBRIEFE ......................................................................................................................... 413
OPTION II - EMISSIONSBEDINGUNGEN FÜR VARIABEL VERZINSLICHE INHABER-
PFANDBRIEFE ......................................................................................................................... 422
OPTION III - EMISSIONSBEDINGUNGEN FÜR NULLKUPON INHABER-PFANDBRIEFE
.................................................................................................................................................... 439

(vi)

OPTION IV: EMISSIONSBEDINGUNGEN FÜR CMS SPREAD INHABER-PFANDBRIEFE
.................................................................................................................................................... 447
OPTION V: EMISSIONSBEDINGUNGEN FÜR RANGE ACCRUAL INHABER-
PFANDBRIEFE ......................................................................................................................... 462
EMISSIONSBEDINGUNGEN FÜR NAMENS-PFANDBRIEFE .................................................... 479
OPTION VI - EMISSIONSBEDINGUNGEN FÜR FESTVERZINSLICHE NAMENS-
PFANDBRIEFE ......................................................................................................................... 479
OPTION VII: EMISSIONSBEDINGUNGEN FÜR VARIABEL VERZINSLICHE NAMENS-
PFANDBRIEFE ......................................................................................................................... 488
OPTION VIII - EMISSIONSBEDINGUNGEN FÜR NULLKUPON NAMENS-
PFANDBRIEFE ......................................................................................................................... 503
OPTION IX: EMISSIONSBEDINGUNGEN FÜR CMS SPREAD NAMENS-PFANDBRIEFE
.................................................................................................................................................... 509
OPTION X: EMISSIONSBEDINGUNGEN FÜR RANGE ACCRUAL NAMENS-
PFANDBRIEFE ......................................................................................................................... 522
EMISSIONSBEDINGUNGEN FÜR INHABERSCHULDVERSCHREIBUNGEN UNTER
DEUTSCHEM RECHT ................................................................................................................... 537
OPTION XI: EMISSIONSBEDINGUNGEN FÜR FESTVERZINSLICHE INHABER-
SCHULDVERSCHREIBUNGEN UNTER DEUTSCHEM RECHT ....................................... 537
OPTION XII: EMISSIONSBEDINGUNGEN FÜR VARIABELVERZINSLICHE INHABER-
SCHULDVERSCHREIBUNGEN UNTER DEUTSCHEM RECHT ....................................... 555
OPTION XIII: EMISSIONSBEDINGUNGEN FÜR NULLKUPON INHABER-
SCHULDVERSCHREIBUNGEN UNTER DEUTSCHEM RECHT ....................................... 577
OPTION XIV: EMISSIONSBEDINGUNGEN FÜR CMS SPREAD INHABER-
SCHULDVERSCHREIBUNGEN UNTER DEUTSCHEM RECHT ....................................... 590
OPTION XV: EMISSIONSBEDINGUNGEN FÜR RANGE ACCRUAL INHABER-
SCHULDVERSCHREIBUNGEN UNTER DEUTSCHEM RECHT ....................................... 608
BOOK-ENTRY CLEARANCE SYSTEMS ....................................................................................... 628
USE OF PROCEEDS ......................................................................................................................... 632
FORM OF FINAL TERMS FOR INSTRUMENTS .......................................................................... 633
FORM OF FINAL TERMS FOR PFANDBRIEFE AND GERMAN LAW GOVERNED NOTES . 655
DESCRIPTION OF PUBLIC SECTOR PFANDBRIEFE AND MORTGAGE PFANDBRIEFE .... 668
DESCRIPTION OF LBBW ................................................................................................................ 676
BUSINESS OF LBBW ....................................................................................................................... 682
SELECTED FINANCIAL INFORMATION OF LBBW................................................................... 687
REVIEW OF DEVELOPMENTS IN 2016 ........................................................................................ 689
DEVELOPMENTS IN 2016 / TREND INFORMATION ................................................................. 702
TAXATION ........................................................................................................................................ 703
GERMAN TAXATION ............................................................................................................. 703
LUXEMBOURG TAXATION .................................................................................................. 707
SINGAPORE TAXATION ........................................................................................................ 709
UNITED STATES FEDERAL INCOME TAXATION ............................................................ 710
UNITED KINGDOM TAXATION ........................................................................................... 718
AUSTRIAN TAXATION .......................................................................................................... 721
SUBSCRIPTION AND SALE ........................................................................................................... 725
UNITED STATES OF AMERICA ............................................................................................ 725
PUBLIC OFFER SELLING RESTRICTIONS UNDER THE PROSPECTUS DIRECTIVE .. 728
FRANCE .................................................................................................................................... 729
ITALY ........................................................................................................................................ 729
JAPAN ....................................................................................................................................... 730
SINGAPORE ............................................................................................................................. 730
UNITED KINGDOM ................................................................................................................. 731
NOTICE TO PURCHASERS AND HOLDERS OF RESTRICTED SECURITIES AND
TRANSFER RESTRICTIONS ........................................................................................................ 733
GENERAL INFORMATION ............................................................................................................. 737

(vii)

An issue specific summary will not be produced for any issue of Securities which have a minimum
denomination of Euro 100,000 or the equivalent in another currency.

SUMMARY OF THE BASE PROSPECTUS
Summaries are made up of disclosure requirements known as elements (the "Elements"). These Elements are
numbered in sections A E (A.1 E.7). This summary contains all the Elements required to be included in a
summary for this type of securities and the Issuer. Because some Elements are not required to be addressed,
there may be gaps in the numbering sequence of the Elements. Even though an Element may be required to be
inserted in the summary because of the type of securities and the Issuer, it is possible that no relevant
information can be given regarding the Element. In this case a short description of the Element is included in the
summary with the specification of "Not applicable".

Element
Section A Introduction and Warnings

A.1
Warnings
This summary (the "Summary") should be read as

an introduction to this Prospectus.

Any decision by an investor to invest in any
tranche of the [Instruments] [Pfandbriefe] [Notes]
should be based on consideration of the
Prospectus as a whole by the investor.

Where a claim relating to the information
contained in this Prospectus is brought before a
court, the plaintiff investor might, under the
national legislation of the Member State, have to
bear the costs of translating the Prospectus before
the legal proceedings are initiated.

Civil liability attaches only to those persons who
have tabled the Summary including any
translation thereof, but only if the Summary is
misleading, inaccurate or inconsistent when read
together with the other parts of the Prospectus or it
does not provide, when read together with the
other parts of the Prospectus, key information in
order to aid investors when considering whether to
invest in such [Instruments] [Pfandbriefe] [Notes].

A.2
Consent by the Issuer to the use of the
[Each of [] [and/or each of [] as financial
Base Prospectus and indication of the
intermediary] subsequently reselling or finally
offer period.
placing the [Instruments] [Pfandbriefe] [Notes] in

[Luxembourg]
[,][and]
[Germany]
[,][and]
Any other conditions attached to the
[Austria] [,][and] [the United Kingdom] is entitled
consent which are relevant for the use of
to use the Prospectus for the subsequent resale or
the Base Prospectus
final placement of the [Instruments] [Pfandbriefe]
[Notes] during the offer period of the
[Instruments] [Pfandbriefe] [Notes] from [] to
[], provided however, that the Prospectus is still
valid in accordance with Article 11 (2) of the
Luxembourg act relating to prospectuses for
securities (Loi relative aux prospectus pour
valeurs mobilières) which implements Directive
2003/71/EC of the European Parliament and of the
Council of 4 November 2003 (as amended from
time to time).

When using the Prospectus, each Dealer and/or
relevant further financial intermediary must make

9

certain that it complies with all applicable laws
and regulations in force in the respective
jurisdictions.

In the event of an offer being made by a Dealer
and/or a further financial intermediary, the
Dealer
and/or
the
further
financial
intermediary shall provide information to
investors on the terms and conditions of the
[Instruments] [Pfandbriefe] [Notes] at the time
of that offer.]

[Not Applicable. The Issuer does not give its
consent to the use of the Base Prospectus.]

Element
Section B Landesbank Baden-Württemberg as Issuer

B.1
Legal name
Landesbank Baden-Württemberg

Commercial name
Landesbank Baden-Württemberg, LBBW

B.2
Domicile
The registered offices of LBBW are in Stuttgart,

Karlsruhe, Mannheim, and Mainz

Legal form & Legislation
Landesbank Baden-Württemberg is an institution
under public law with legal capacity.

Country of incorporation
Germany

B.4b
Known trends affecting the Issuer and Due to the financial crisis, additional regulatory

the industries in which it operates
requirements have been discussed and partly
already been implemented on a national and
international level. Many of these regulatory
changes, such as increased capital, liquidity and
governance requirements based on Basel III rules
are in the process of being phased-in and
implemented. Further regulatory requirements as
inter alia IFRS 9 and further increasing capital
requirements constitute new challenges for banks
over the next few years.

B.5
Description of the group and the LBBW is the parent company of LBBW Group

Issuer's position within the group

LBBW Group means LBBW and the consolidated
subsidiaries

B.9
Profit forecast or estimate
Not Applicable. Profit forecasts or profit estimates

are not provided by the Issuer.

B.10
Nature of any qualifications in the Not Applicable. For the 2015 and 2016 annual

audit report on historical financial financial statements and the 2015 and 2016
information
consolidated financial statements an unqualified

auditor´s certificate was granted.

B.12
Selected historical key financial The consolidated financial statements for the 2016

information
financial year and the 2015 financial year were
prepared in accordance with the regulations of the

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