Obligation Badenia-Wuerttemberg Bank 2.453% ( XS0110834552 ) en EUR

Badenia-Wuerttemberg Bank

97.58 % ▼

Allemagne

XS0110834552 ( en EUR )

2.453% par an ( paiement semestriel )

27/04/2030

Prospectus brochure de l'obligation Landesbank Baden-Wuerttemberg (LBBW) XS0110834552 en EUR 2.453%, échéance 27/04/2030

30/10/2025 ( Dans 160 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 EUR, avec le code ISIN XS0110834552, paye un coupon de 2.453% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 27/04/2030

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, as amended (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 economic and
financial soundness of the transactions contemplated under the Base Prospectus or the quality or solvency 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 (https://www.luxse.com) and on the website of
LBBW (www.lbbw.de).
_______________
Arranger for the Programme
MORGAN STANLEY
Dealers
ABN AMRO
BARCLAYS
BNP PARIBAS
BOFA SECURITIES
CITIGROUP
COMMERZBANK
CRÉDIT AGRICOLE CIB
CREDIT SUISSE
DAIWA CAPITAL MARKETS DEUTSCHLAND
DBS BANK LTD.
DEUTSCHE BANK
DZ BANK AG
ERSTE GROUP
GOLDMAN SACHS BANK EUROPE SE
HSBC
ING
IMI INTESA SANPAOLO
J.P. MORGAN
LANDESBANK BADEN-WÜRTTEMBERG
LLOYDS BANK CORPORATE MARKETS
WERTPAPIERHANDELSBANK
MIZUHO
MORGAN STANLEY
NATIXIS
NATWEST MARKETS

NOMURA
OCBC BANK
RBC CAPITAL MARKETS
SANTANDER CORPORATE & INVESTMENT BANKING
SOCIETE GENERALE CORPORATE & INVESTMENT BANKING
STANDARD CHARTERED BANK AG
TD SECURITIES
UBS INVESTMENT BANK
UNITED OVERSEAS BANK LIMITED
UNICREDIT
5 April 2023

The validity of this Base Prospectus will expire on 5 April 2024. 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
unless this information is incorporated by reference into this Base Prospectus.
LBBW accepts responsibility for the information contained in this Base Prospectus. To the
best of the knowledge of LBBW, the information contained in this Base Prospectus is in
accordance with the facts and the Base Prospectus makes no omission likely to affect its
import.
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 shal , 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

(i)

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.
None of the Dealers, any of their affiliates, the Issuer or any other person mentioned in this
Base Prospectus makes any representation as to or gives any assurance as to the suitability
of the Securities to fulfil environmental and sustainability criteria required by any prospective
investors, including the listing or admission to trading thereof on any dedicated "green",
"environmental", "sustainable", "social" or other equivalently-labelled segment of any stock
exchange or securities market. The Dealers have not undertaken, nor are responsible for,
any assessment of any sustainability bond framework or any second party opinion or any
eligible sustainable projects, any verification of whether such eligible sustainable projects
meet the criteria set out in such sustainability bond framework or any second party opinion
or the monitoring of the use of proceeds. Any such framework or any second party opinion
wil not be incorporated by reference in this Base Prospectus and none of the Dealers makes
any representation as to the suitability or contents thereof.
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
wil 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.
Singapore Securities and Futures Act Product Classification In connection with
Section 309B of the Securities and Futures Act 2001 of Singapore, as modified or amended
from time to time (the "SFA") and the Securities and Futures (Capital Markets Products)
Regulations 2018 of Singapore (the "CMP Regulations 2018"), unless otherwise specified
before an offer of Securities, the Issuer has determined, and hereby notifies all relevant
persons (as defined in Section 309A(1) of the SFA), that the Securities issued under the
Programme are 'prescribed capital markets products' (as defined in the CMP Regulations
2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on
the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on
Investment Products).
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 wil 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,

(ii)

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.
Alternative Performance Measures
Certain financial measures presented in this Base Prospectus and in the documents
incorporated by reference are not recognised financial measures under International
Financial Reporting Standards as adopted by the European Union ("IFRS") ("Alternative
Performance Measures") and may therefore not be considered as an alternative to the
financial measures defined in the accounting standards in accordance with generally
accepted accounting principles. The Alternative Performance Measures are intended to
supplement investors' understanding of the Issuer's financial information by providing
measures which investors, financial analysts and management use to help evaluate the
Issuer's financial leverage and operating performance. Special items which the Issuer does
not believe to be indicative of ongoing business performance are excluded from these
calculations so that investors can better evaluate and analyse historical and future business
trends on a consistent basis. Definitions of these Alternative Performance Measures may not
be comparable to similar definitions used by other companies and are not a substitute for
similar measures according to IFRS.
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
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"). 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 (i ) 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 (i i) 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 to retail investors in the EEA has been
prepared and therefore offering or selling the Securities or otherwise making them available
to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.
Important - UK Retail Investors - If the Final Terms in respect of any Securities include a
legend entitled "Prohibition of sales to 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 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 (8) of Article 2 of Regulation (EU) 2017/565 as it forms part of English law by
virtue of the European Union (Withdrawal) Act 2018 ("EUWA"); or (i ) a customer within the
meaning of the provisions of the Financial Services and Markets Act 2000, as amended (the
"FSMA") and any rules or regulations made under the FSMA to implement Directive (EU)
2016/97, where that customer would not qualify as a professional client as defined in point

(iii)

(8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of English law by virtue of
the EUWA; or (i i) not a qualified investor as defined in Article 2 of Regulation (EU)
2017/1129 as it forms part of English law by virtue of the EUWA (the "UK Prospectus
Regulation"). Consequently, no key information document required by Regulation (EU) No
1286/2014 as it forms part of English law by virtue of the EUWA (the "UK PRIIPs
Regulation") for offering or selling the Securities or otherwise making them available to
retail investors in the UK has been prepared and therefore offering or selling the Securities
or otherwise making them available to any retail investor in the UK may be unlawful under
the UK 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 wil 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 wil be made in relation to each issue about whether, for the purpose of the
MiFID Product Governance rules under EU Delegated Directive 2017/593, as amended (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.
UK MiFIR product governance / target market
The Final Terms in respect of any Securities may include a legend entitled "UK MiFIR
Product Governance" which will outline the target market assessment in respect of the
Securities and which channels for distribution of the Securities are appropriate. Any person
subsequently offering, selling or recommending the Securities (a "distributor") should take
into consideration the target market assessment; however, a distributor subject to the FCA
Handbook Product Intervention and Product Governance Sourcebook (the "UK MiFIR
Product Governance Rules") 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 wil be
made in relation to each issue about whether, for the purpose of the UK MiFIR 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 UK MiFIR 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), 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 Benchmarks
Regulation (Regulation (EU) 2016/1011). As at the date of this Base Prospectus, SONIA®,
SOFR® and STR® are not required to be registered by virtue of Article 2 of the Benchmarks
Regulation (Regulation (EU) 2016/1011). As at the date of this Base Prospectus, each of
EMMI and CFBF appear on the register of administrators and benchmarks established and
maintained by the European Securities and Markets Authority ("ESMA") pursuant to

(iv)

Article 36 of the Benchmarks 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 wil specify whether EMMI, 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®, 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.
ESG Ratings
The Issuer's exposure to Environmental, Social and Governance ("ESG") risks and the
related management arrangements established to mitigate those risks has been or may be
assessed by several agencies, among others, through Environmental, Social and
Governance ratings ("ESG ratings").
ESG ratings may vary amongst ESG ratings agencies as the methodologies used to
determine ESG ratings may differ. The Issuer's ESG ratings are no indication of its current or
future operating or financial performance, or any future ability to service the Securities and
are only current as of the dates on which they were initially issued. Prospective investors
must determine for themselves the relevance of any such ESG ratings information contained
in this Base Prospectus or elsewhere in making an investment decision. Furthermore, ESG
ratings are not and shal not be deemed to be a recommendation by the Issuer or any other
person to buy, sell or hold the Securities. Currently, the providers of such ESG ratings are
not subject to any regulatory or other similar oversight in respect of their determination and
award of ESG ratings. For more information regarding the assessment methodologies used
to determine ESG ratings, please refer to the relevant ratings agency's website (which
website does not form a part of, nor is incorporated by reference in, this Base Prospectus).
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 Base Prospectus or any
supplement hereto;
(i )
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 wil have on its overall
investment portfolio;
(i i)
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;
(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;
(vi )
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
(vi i)
understand the accounting, legal, regulatory and tax implications of a purchase,

(v)

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 BASE 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 shal be taken to have made its own investigation and appraisal of the condition
(financial or otherwise) of the Issuer.
Al 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" shal mean the EEA
Member State(s) whose competent authorities have received from the CSSF: (i) a copy of
this Base Prospectus; (i ) 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 (i i) 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

(vi)

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 material y 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, none of the Issuer, the Arranger or the Dealers
assumes 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.

(vi )

TABLE OF CONTENTS
Page
GENERAL DESCRIPTION OF THE PROGRAMME ............................................................. 9
RISK FACTORS ................................................................................................................. 10
RISKS RELATING TO LBBW ........................................................................................ 10
RISKS RELATING TO THE SECURITIES ..................................................................... 20
RISIKOFAKTOREN ............................................................................................................ 40
RISIKEN IN VERBINDUNG MIT DER LBBW ................................................................ 40
RISIKEN IN VERBINDUNG MIT DEN WERTPAPIEREN .............................................. 52
CONSENT TO USE THE PROSPECTUS ........................................................................... 76
DOCUMENTS INCORPORATED BY REFERENCE ........................................................... 77
ISSUE PROCEDURES ....................................................................................................... 85
TERMS AND CONDITIONS OF THE PFANDBRIEFE ........................................................ 86
OPTION I - TERMS AND CONDITIONS OF FIXED RATE PFANDBRIEFE ........................ 86
OPTION II - TERMS AND CONDITIONS OF FLOATING RATE PFANDBRIEFE ............... 98
OPTION III - TERMS AND CONDITIONS OF ZERO COUPON PFANDBRIEFE .............. 129
OPTION IV: TERMS AND CONDITIONS OF CMS SPREAD PFANDBRIEFE .................. 137
OPTION V: TERMS AND CONDITIONS OF RANGE ACCRUAL PFANDBRIEFE ............ 157
TERMS AND CONDITIONS OF THE NOTES................................................................... 188
OPTION VI: TERMS AND CONDITIONS OF FIXED RATE NOTES ................................. 188
OPTION VII: TERMS AND CONDITIONS OF FLOATING RATE NOTES ......................... 220
OPTION VIII: TERMS AND CONDITIONS OF ZERO COUPON NOTES ......................... 265
OPTION IX: TERMS AND CONDITIONS OF CMS SPREAD NOTES .............................. 281
OPTION X: TERMS AND CONDITIONS OF RANGE ACCRUAL NOTES ........................ 310
OPTION I - EMISSIONSBEDINGUNGEN FÜR FESTVERZINSLICHE PFANDBRIEFE ... 345
OPTION II - EMISSIONSBEDINGUNGEN FÜR VARIABEL VERZINSLICHE PFANDBRIEFE
......................................................................................................................................... 358
OPTION III - EMISSIONSBEDINGUNGEN FÜR NULLKUPON PFANDBRIEFE .............. 390
OPTION IV: EMISSIONSBEDINGUNGEN FÜR CMS SPREAD PFANDBRIEFE ............. 399
OPTION V: EMISSIONSBEDINGUNGEN FÜR RANGE ACCRUAL PFANDBRIEFE ....... 420
EMISSIONSBEDINGUNGEN FÜR SCHULDVERSCHREIBUNGEN ................................ 453
OPTION VI: EMISSIONSBEDINGUNGEN FÜR FESTVERZINSLICHE
SCHULDVERSCHREIBUNGEN ....................................................................................... 453
OPTION VII: EMISSIONSBEDINGUNGEN FÜR VARIABELVERZINSLICHE
SCHULDVERSCHREIBUNGEN ....................................................................................... 489
OPTION VIII: EMISSIONSBEDINGUNGEN FÜR NULLKUPON
SCHULDVERSCHREIBUNGEN ....................................................................................... 538
OPTION IX: EMISSIONSBEDINGUNGEN FÜR CMS SPREAD
SCHULDVERSCHREIBUNGEN ....................................................................................... 557
OPTION X: EMISSIONSBEDINGUNGEN FÜR RANGE ACCRUAL
SCHULDVERSCHREIBUNGEN ....................................................................................... 590
USE OF PROCEEDS ........................................................................................................ 628
FORM OF FINAL TERMS ................................................................................................. 629
DESCRIPTION OF PUBLIC SECTOR PFANDBRIEFE AND MORTGAGE
PFANDBRIEFE ................................................................................................................. 649
LANDESBANK BADEN-WÜRTTEMBERG ....................................................................... 659
WARNING REGARDING TAXATION ............................................................................... 676
SUBSCRIPTION AND SALE ............................................................................................. 677
UNITED STATES OF AMERICA ...................................................................................... 677
EUROPEAN ECONOMIC AREA ...................................................................................... 678
ITALY ............................................................................................................................... 679
JAPAN .............................................................................................................................. 680
THE PEOPLE'S REPUBLIC OF CHINA ............................................................................ 681
HONG KONG ................................................................................................................... 681

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