FINANCIAL INSTITUTIONS

ISSUER PROFILE31 August 2017

TABLE OF CONTENTSCompany Overview 1Financial Highlights 2Business Activities 2Distribution Capacity and MarketShare 3Ownership and Structure 3Company Management 4Company History 5Peer Group 6Related Websites and InformationSources 6Moody’s Related Research 6

Analyst Contacts

Goetz Thurm, CFA 49-69-70730-773VP-Senior Analystgoetz.thurm@moodys.com

Maryna Harbal 49-69-70730-962Associate Analyst 3maryna.harbal@moodys.com

Carola Schuler 49-69-70730-766MD-Bankingcarola.schuler@moodys.com

Landeskreditbank Baden-Württemberg –Förderbank – (L-Bank)Key Facts and Statistics - FYE Dec 2016

Company OverviewLandeskreditbank Baden-Württemberg – Förderbank – (L-Bank) is a development bank thatoperates as the official bank of the German federal state of Baden-Württemberg. As of 31December 2016, the bank reported an asset base of €75.1 billion.

L-Bank provides loans, subsidies and other financial assistance in order to support the stategovernment of Baden-Württemberg in areas such as economic development (businessdevelopment of start-ups, small and medium-size enterprises (SMEs), agricultural businessesand energy-saving schemes), housing development (for private individuals and companies) aswell as financing for municipal and social infrastructure projects. It also provides guaranteesand undertakes equity investments.

L-Bank was established in December 1998 as a public law institution wholly owned by theState of Baden-Württemberg. It benefits from an explicit, unconditional, unlimited andirrevocable guarantee from the federal state of Baden-Württemberg. Additionally, the bankbenefits from the legal support mechanisms of maintenance obligation (Anstaltslast) andguarantee obligation (Gewährträgerhaftung), agreed upon with the European Commission,which are enshrined in the L-Bank Act, a specific law governing L-Bank.

Source: Company Reports (debt issuance prospectus July 2017, annual report Dec 2016)

MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

Financial HighlightsNote: The financials presented below are those reported by the entity and are not adjusted for Moody’s analytic purposes. For Moody’sgenerated ratios on Landeskreditbank Baden-Württemberg - Förderbank (L-Bank), please see <Landeskreditbank Baden-Württemberg -Förderbank (L-Bank) page on moodys.com>.

Exhibit 1

Latest Full-Year ResultsLandeskreditbank Baden-Württemberg – Förderbank – (L-Bank)

(in € Million) 31-Dec-16 31-Dec-15 31-Dec-14 %Change 16/15 %Change 15/14

Total Assets 75,075 73,295 70,190 2.43 4.42

Total Shareholders’ Equity 3,445 3,395 3,245 1.45 4.64

Equity Capital 3,815 3,747 3,555 1.80 5.41

Tier 1 Ratio (%) 18.00 16.38 14.17 162 bps 221 bps

Net Income 49 51 49 (2.57) 2.93

Note: “Shareholders’ Equity” shown above includes fund for general banking risksSource: Moody’s research

Business ActivitiesL-Bank is a development bank that operates as the official bank of the State of Baden-Württemberg in South-western Germany. Thebank focuses mainly on providing services within three segments:

» Economic Development, especially for SMEs: L-Bank provides loans to entrepreneurs to establish new businesses or acquire,modernise or expand existing businesses. In addition, it provides customised mezzanine products, and equity and equity-like fundsgeared to the needs of entrepreneurs and SMEs.

» Financial Assistance for Housing Construction: With low-interest loans, L-Bank supports housing companies and individuals inthe construction of new houses, the acquisition of houses and apartments, and the modernisation of existing dwellings.

» Infrastructure Financing: The bank provides loans and financing facilities to municipalities and other public-sector institutions tosupport infrastructure development.

In addition, L-Bank supports the federal state of Baden-Württemberg in the following areas: community renewal and development;promotion of technical advances; agriculture and forestry development; environmental protection; export promotion; strengtheningcompetitiveness of business enterprises domiciled in Baden-Württemberg; and support for families and students. It also promotesscience and art. Apart from promotional activities in its home region, the bank also covers some mandated development functions onbehalf of the Free State of Saxony, which gradually reduced, though.

Source: Company Reports (debt issuance prospectus July 2017, annual report Dec 2016)

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page onwww.moodys.com for the most updated credit rating action information and rating history.

2 31 August 2017 Landeskreditbank Baden-Württemberg – Förderbank – (L-Bank): Key Facts and Statistics - FYE Dec 2016

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Exhibit 2

Credit Portfolio – Exposure Split by Counterparty(in %, as of 31 Dec 2016)

Companies in the Financial Sector40.6%

Public Sector40.2%

Other Companies and Self-Employed Persons11.1%

Private Clients8.1%

Source: Company Report (annual report Dec 2016, Pg: 113)

Distribution Capacity and Market ShareL-Bank operates through its head office in Karlsruhe and its sole branch in Stuttgart. In addition to managing its own-originatedbusiness or funding, L-Bank partners with other financial institutions through cooperation agreements with Kreditanstalt fürWiederaufbau and other development banks, especially by forwarding promotional loans.

Source: Company Reports (company presentation Sep 2016, annual report Dec 2016), Moody’s research

The geographical distribution of L-Bank’s lending portfolio is as follows:

Exhibit 3

Regional Breakdown of L-Bank’s Exposures(in %, as of 31 Dec 2016)

Germany90.7%

Rest of Europe6.6%

International Organisations1.5%

US0.7%

Canada0.4% Other Countries

0.1%

Source: Company Report (annual report Dec 2016, Pg: 117)

Ownership and StructureL-Bank is a public law institution wholly owned by the federal state of Baden-Württemberg, which provides an explicit, unconditionalunlimited and irrevocable guarantee for the bank’s assumed liabilities. The federal state of Baden-Württemberg also assumes the bank’smaintenance obligation (Anstaltslast) and guarantee obligation (Gewährträgerhaftung).

Source: Company Report (debt issuance prospectus July 2017)

Equity InterestsAs of 31 December 2016, L-Bank held equity interests in the following companies:

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Exhibit 4

Landeskreditbank Baden-Württemberg - Förderbank - (L-Bank) Equity Interest Location % Held 21sportsgroup GmbH Mannheim 15.76 Austria Beteiligungsgesellschaft mbH Stuttgart 33.34 Baden-Württemberg International – Gesellschaft für internationale wirtschaftliche und wissenschaftlicheZusammenarbeit mbH

Stuttgart 24.00

BrandMaker GmbH Karlsruhe 32.54 BWK GmbH Unternehmensbeteiligungsgesellschaft Stuttgart 10.00 CONTTEK Holding GmbH Pforzheim 44.75 CureVac AG Tübingen 0.83 DBAG Expansion Capital Fund GmbH & Co. KG Frankfurt/Main 21.77 DBAG Fund V GmbH & Co. KG Frankfurt/Main 4.00 Digital Commerce Network GmbH Karlsruhe 42.33 European Investment Fund Luxemburg 0.18 Flaregames Holding GmbH Karlsruhe 6.43 iQuest Holding GmbH Frankfurt/Main 27.50 JobRouter AG Mannheim 35.00 Landesbeteiligungen Baden-Württemberg GmbH Stuttgart 12.14 LEA Mittelstandspartner GmbH & Co. KG Karlsruhe 33.33 MBG Mittelständische Beteiligungsgesellschaft Baden-Württemberg GmbH Stuttgart 26.80 Micropelt Abwicklungsgesellschaft GmbH Freiburg 20.10 OnSee Holding GmbH Bruchsal 47.71 ONVENTIS GmbH Stuttgart 48.91 PACE Telematics GmbH Karlsruhe 14.13 PT German Centre Indonesia II Tangerang, Indonesia 98.42 Selbca Holding GmbH Berlin 36.55 Staufen.AG Beratung Akademie Beteiligung Köngen 25.10 StEP Stuttgarter Engineering Park GmbH Stuttgart 100.00 Strohheker Holding GmbH Pforzheim 49.50 SYMPORE GmbH Tübingen 34.98 Technologiepark Karlsruhe GmbH Karlsruhe 96.00 Technologiepark Mannheim GmbH Mannheim 100.00 Technologieparks Tübingen-Reutlingen GmbH Tübingen 100.00 Wessel-Werk Beteiligungsverwaltung GmbH Karlsruhe 35.00

Source: Company Report (annual report Dec 2016)

Company Management

Exhibit 5

Landeskreditbank Baden-Württemberg – Förderbank – (L-Bank)Board of Management Current TitleDr. Axel Nawrath L-Bank: Chairman of the Board of Management;

Deutsche Bundesbank: Member of the Advisory Board of the Regional Office in Baden-Württemberg;Association of German Public Sector Banks (VÖB): Member of the Board;HSBC Trinkaus & Burkhardt AG: Member of the Advisory Board

Dr. Ulrich Theileis L-Bank: Vice Chairman of the Board of Management;Vorarlberger Landes- und Hypothekenbank AG: Member of the Supervisory BoardSächsische Aufbaubank – Förderbank –: Member of the Supervisory Board

Dr. Iris Reinelt L-Bank: Member of the Board of ManagementInvestitionsbank Berlin: Member of the Supervisory Board

Johannes Heinloth L-Bank: Member of the Board of Management

As of 17 July 2017

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Exhibit 6

Landeskreditbank Baden-Württemberg – Förderbank – (L-Bank)Supervisory Board AffiliationREGULAR MEMBERS Edith Sitzmann MdL L-Bank: Chairman of the Supervisory Board;

State Government: Minister of FinanceThomas Strobl L-Bank: 1st Vice Chairman of the Supervisory Board;

State Government: Deputy Prime Minister of the State of Baden-Württemberg, Minister of the Interior,Digitalisation and Migration

Dr. Nicole Hoffmeister-Kraut MdL L-Bank: 2nd Vice Chairman of the Supervisory Board;State Government: Minister of Economy, Labour and Housing

Dr. Jürgen Bufka L-Bank: Member of the Supervisory Board;Amber Infrastructure GmbH: Executive Director

Franz Untersteller MdL L-Bank: Member of the Supervisory Board;State Government: Minister of the Environment, Climate and Energy

Klaus-Peter Murawski L-Bank: Member of the Supervisory Board;Ministry of State: State Secretary

Professor Dr. Wolfgang Reinhart MdL L-Bank: Member of the Supervisory Board;Landtag of Baden-Württemberg: CDU Parliamentary Group: Chairman

Andrea Lindlohr MdL L-Bank: Member of the Supervisory Board;Landtag of Baden-Württemberg: Alliance 90/The Greens Parliamentary Group: Member

Dr. Maximilian Dietzsch- Doertenbach L-Bank: Member of the Supervisory Board;Doertenbach & Co. GmbH: Managing Director

Martin Gross L-Bank: Member of the Supervisory Board;United Services Union ver.di: Deputy Regional Chairman

Roger Kehle L-Bank: Member of the Supervisory Board;Gemeindetag Baden-Württemberg e.V.: President

Gabriele Kellermann L-Bank: Member of the Supervisory Board;BBBank eG: Member of the Board

Dr. Peter Kulitz L-Bank: Member of the Supervisory Board;Ulm Chamber of Industry and Commerce: President;ESTA Apparatebau GmbH & Co. KG: Managing Partner

Dr. Dieter Salomon L-Bank: Member of the Supervisory Board;Städtetag Baden-Württemberg e.V.: Vice President

Joachim Wohlfeil L-Bank: Member of the Supervisory Board;Karlsruhe Chamber of Trades and Crafts: President

CONSULTING MEMBERS Clemens Meister L-Bank: Member of the Supervisory Board and Chairman of the Central Staff Council, KarlsruheBarbara Bender-Wieland L-Bank: Member of the Supervisory Board and Chairman of the Staff Council, KarlsruheThomas Dörflinger L-Bank: Member of the Supervisory Board and Chairman of the Staff Council, Stuttgart

As of 9 Aug 2017Source: Company data

Company HistoryL-Bank’s company history dates back to 1924, when Württembergische Wohnungskreditanstalt was established as an institutionunder public law to overcome the housing shortages after World War I. In 1932, the institution was renamed WürttembergischeLandeskreditanstalt.

In 1934, the Government of Baden established an institution for social housing development, which was renamed BadischeLandeskreditanstalt für Wohnungsbau in 1935.

In 1952, the three federal states of Württemberg-Baden, Baden and Württemberg-Hohenzollern merged into the federal stateof Baden-Württemberg. However, it was not until 1972 that the two development banks merged into Landeskreditbank Baden-Württemberg. In 1973, the institution was additionally entrusted with the promotion of housing construction and economic andagricultural development on behalf of the Ministry of Economic Affairs.

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MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

After the fall of the Berlin Wall and the reunification of Germany, in 1991, Landeskreditbank Baden-Württemberg establishedSächsische Aufbaubank (SAB), a legally dependent institution with the purpose of promoting economic and agricultural developmentas well as housing construction in the eastern German Free State of Saxony.

In 1998, the development agency unit and the commercial banking business of Landeskreditbank Baden-Württemberg weresegregated. The bank’s promotional assets, including those of SAB, were transferred to the newly created Landeskreditbank Baden-Württemberg - Förderbank - (L-Bank). Subsequently, the commercial banking business that had been launched in 1988 was transferredto Landesbank Baden-Württemberg, and L-Bank’s business model as a pure development bank was restored.

L-Bank sold its shareholding in SAB to Sachsen LB in 2001, but initially retained the portfolio of loans and guarantees that it hadaccumulated in SAB before 1996. In the last few years, the majority of this portfolio was sold back to SAB, which is today wholly ownedby the Free State of Saxony.

L-Bank is considered a “significant supervised entity” in the newly established single supervisory mechanism effective since 4November 2014, and is therefore supervised by the European Central Bank (ECB).

Source: Company Report, Company Data, Moody’s research

Peer Group

» Kreditanstalt für Wiederaufbau

» Landwirtschaftliche Rentenbank

» LfA Förderbank Bayern

» NRW.BANK

Related Websites and Information SourcesFor additional information, please see:

» the company’s website: www.l-bank.de

» the association of German public banks (VÖB): www.voeb.de

» the national regulator’s website: www.bundesbank.de, www.bafin.de

» the ECB’s regulatory website: www.bankingsupervision.europa.eu

MOODY’S has provided links or references to third party World Wide Websites or URLs (“Links or References”) solely for your convenience in locating related information and services. Thewebsites reached through these Links or References have not necessarily been reviewed by MOODY’S, and are maintained by a third party over which MOODY’S exercises no control. Accordingly,MOODY’S expressly disclaims any responsibility or liability for the content, the accuracy of the information, and/or quality of products or services provided by or advertised on any third party website accessed via a Link or Reference. Moreover, a Link or Reference does not imply an endorsement of any third party, any website, or the products or services provided by any third party.

Moody’s Related ResearchIssuer Page on Moodys.com:

» Landeskreditbank Baden-Württemberg – Förderbank

Credit Opinion:

» Landeskreditbank Baden-Württemberg – Förderbank, July 2017

Announcement:

» Germany's adoption of EU BRRD clarifies treatment for grandfathered debt and institutional protection schemes, November 2014(314006)

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MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

Special Comment:

» German Development Banks: Strong Public-Sector Support and Legal Framework Underpin Aaa-Aa1 Rating, July 2013 (153231)

Credit Focus:

» German Development Banks: Peer Comparison, July 2013 (156340)

Banking System Outlook:

» Germany- Outlook Stable as Germany's Economic Resilience Balances Low-Yield Environment, October 2016 (1038523)

To access any of these reports, click on the entry above. Note that these references are current as of the date of publication of this report and that more recent reports may be available on theissuer’s page . All research may not be available to all clients.

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