Baden-Württemberg L-Finance N.V.

Balance Sheet

	2008	2007	2006	2005	2004
Assets
Tangible fixed assets	1	1	1	1	2

Financial fixed assets
Loans to group company	1,357,561	1,786,020	4,668,525	5,154,981	5,914,659

Current Assets
Short-term loans to group company	457,347	2,830,494	425,100	892,414	1,134,504
Interest receivable from group company	74,585	149,300	153,660	205,679	241,365
Other assets	1,212	4,173	9,427	14,904	22,116
Cash at bank and hand	10,181	10,461	10,505	10,803	9,424
	543,325	2,994,428	598,692	1,123,800	1,407,409

Total assets	1,900,887	4,780,449	5,267,218	6,278,782	7,322,070

Liabilities
Shareholders’ equity	6,390	7,576	6,986	7,595	7,294

Long-term liabilities
Bonds payable	1,362,690	1,792,119	4,675,426	5,162,536	5,922,736
Other payables and accrued expenses	526	494	462	430	398
	1,363,216	1,792,613	4,675,888	5,162,966	5,923,134

Current liabilities
Bonds payable in one year	457,347	2,830,494	425,100	892,414	1,134,504
Interest payable on bonds	72,436	144,870	149,051	199,436	234,100
Other payables and accrued expenses	1,498	4,896	10,193	16,371	23,038
	531,281	2,980,260	584,344	1,108,221	1,391,642

Total liabilities	1,900,887	4,780,449	5,267,218	6,278,782	7,322,070

* expressed in EUR thousands

Profit and Loss Account

	2008	2007	2006	2005	2004

Interest income from group company	191,945	299,752	314,070	408,340	464,420
Interest expense on bonds issued	-186,347	-290,924	-304,667	-396,056	-450,804
Interest income from third parties	432	397	282	41	200
	6,030	9,225	9,685	12,325	13,816

Commission and guarantee expenses	-1,583	-2,521	-2,700	-3,427	-3,855
Exchange differences	6	1	-6	-19	-67

Result financial income and charges	4,453	6,705	6,979	8,879	9,894

Sundry bond expenses	-43	-56	-64	-91	-404
General expenses	-249	-222;	-253	-237	-244

Result in ordinary activities before taxation	4,161	4,161	6,662	-8,551	9,246

Taxation	-1,047	-1,637	-1,971	-2,693	-3,189
Result after taxation	3,114	4,790	4,691	5,858	6,057

* expressed in EUR thousands

Key Figures