Baden-Württemberg L-Finance N.V.

Balance Sheet

	2010	2009	2008	2007	2006
Assets
Tangible fixed assets	1	2	1	1	1

Financial fixed assets
Loans to group company	453,838	420,128	1,357,561	1,786,020	4,668,525

Current Assets
Short-term loans to group company	-	968,639	457,347	2,830,494	425,100
Interest receivable from group company	-	48,594	74,585	149,300	153,660
Other assets	250	459	1,212	4,173	9,427
Cash at bank and hand	8,076	8,410	10,181	10,461	10,505
	8,326	1,026,102	543,325	2,994,428	598,692

Total assets	462,165	1,446,232	1,900,887	4,780,449	5,267,218

Liabilities
Shareholders' equity	4,957	5,137	6,390	7,576	6,986

Long-term liabilities
Bonds payable	456,436	424,098	1,362,690	1,792,119	4,675,426
Other payables and accrued expenses	590	558	526	494	462
	457,026	424,656	1,363,216	1,792,613	4,675,888

Current liabilities
Bonds payable in one year	-	968,639	457,347	2,830,494	425,100
Interest payable on bonds	-	47,147	72,436	144,870	149,051
Other payables and accrued expenses	182	653	1,498	4,896	10,193
	182	1,016,439	531,281	2,980,260	584,344

Total liabilities	462,165	1,446,232	1,900,887	4,780,449	5,267,218

* expressed in EUR thousands

Profit and Loss Account

	2010	2009	2008	2007	2006

Interest income from group company	38,826	88,269	191,945	299,752	314,070
Interest expense on bonds issued	-37,461	-85,580	-186,347	-290,924	-304,667
Interest income from third parties	43	113	432	397	282
	1,408	2,802	6,030	9,225	9,685

Commission and guarantee expenses	-302	-762	-1,583	-2,521	-2,700
Exchange differences	-	-	6	1	-6

Result financial income and charges	1,106	2,040	4,453	6,705	6,979

Sundry bond expenses	-37	-30	-43	-56	-64
General expenses	-184	-217	-249	-222	-253

Result in ordinary activities before taxation	885	1,793	4,161	6,427	6,662

Taxation	-215	-446	-1,047	-1,637	-1,971
Result after taxation	670	1,347	3,114	4,790	4,691

* expressed in EUR thousands

Key Figures