Ratings

Financial Strength

	Moody's	Fitch	JCR
Financial Strength	D+	-	-
Viability Rating	-	bbb-	-

Unguaranteed obligations ¹

	Moody's	Fitch	JCR
Long-term rating	A2	A+	-
Short-term rating	P-1	F1+	-
Outlook	stable	stable	-

Guaranteed obligations ²

	Moody's	Fitch	JCR
Long-term rating	Aaa	AAA	AAA
Outlook	stable	stable	stable

Pfandbriefe

	Moody's	Fitch	JCR
Public Pfandbriefe	Aaa	AAA	-
Mortgage Pfandbriefe	Aaa	-	-

Ratings of the state of Baden-Württemberg

	Moody's	Fitch	S&P	JCR
Long-term rating	Aaa	-	AA+	-
Short-term rating	-	-	A-1+	-
Outlook	stable	-	positive	-

^{¹ The rating for unguaranteed liabilities is valid as of July 19, 2005 and for transactions which were concluded in the transition period from July 19, 2001 to July 18, 2005 with a maturity term extending beyond December 31, 2015.

² The rating for guaranteed liabilities is valid for all transactions which were concluded by July 18, 2001 and for transactions, which were concluded in the transition period from July 19, 2001 until July 18, 2005 with a maturity term not extending beyond December 31, 2015.

Disclaimer

The rating categorizations and rating agency reports we have compiled here constitute publicly accessible information. We have merely chosen to publish them on our website as an additional service for our investors. These data do not necessarily represent the opinion of LBBW, nor should they be seen as a recommendation to buy securities issued by LBBW. LBBW accepts no liability for the completeness, timeliness, accuracy or selection of such information.}