Euro 4,000,000,000 Debt Issuance Programme (the Programme)

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1 This document compiles two base prospectuses with different categories of securities pursuant to Article 22(6) of the Commission Regulation (EC) No. 809/2004 of 29 April 2004 as amended (the Prospectus Regulation): (i) the base prospectus containing non-equity securities within the meaning of No. 4 of Article 22(6) of the Prospectus Regulation (EC) (Non-Equity Securities), and (ii) the base prospectus containing Pfandbriefe as non-equity securities within the meaning of No. 3 of Article 22(6) of the Prospectus Regulation (together, the Base Prospectus). Base Prospectus 14 December 2012 Wüstenrot Bank Aktiengesellschaft Pfandbriefbank Ludwigsburg, Federal Republic of Germany as Issuer Euro 4,000,000,000 Debt Issuance Programme (the Programme) Under this Programme, Wüstenrot Bank Aktiengesellschaft Pfandbriefbank (the Issuer) may from time to time issue notes (including Pfandbriefe) (the Notes) denominated in any currency (subject always to compliance with all legal and/or regulatory requirements). Application has been made (i) to the Bundesanstalt für Finanzdienstleistungsaufsicht of the Federal Republic of Germany in its capacity as competent authority (the Competent Authority) to provide a certificate of approval attesting that the Base Prospectus (as defined herein) has been drawn up in accordance with the German Securities Prospectus Act (Wertpapierprospektgesetz) which implements the Directive 2003/71/EC as amended (the Prospectus Directive) and (ii) to the Stuttgart Stock Exchange for such Notes to be listed on the regulated market (as defined by the Directive 2004/39/EC as amended) of the Stuttgart Stock Exchange. Please note that the approval of the Base Prospectus by the Competent Authority is based on the scrutiny of the completeness of the Base Prospectus including the consistency and the comprehensibility only. Notes issued under the Programme may be admitted to trading on an alternative stock exchange or may not be admitted to trading at all. This Base Prospectus replaces and supersedes any previous base prospectuses, information memoranda or supplements thereto relating to the Programme. Arranger Wüstenrot Bank Aktiengesellschaft Pfandbriefbank The Base Prospectus has been filed with the Competent Authority and has been published on the website of the Issuer ( This Base Prospectus is valid for a period of 12 months from the date of its approval. Note: Original versions of the audited individual annual financial statements of Wüstenrot Bank Aktiengesellschaft Pfandbriefbank for the financial years ended 31 December 2010 and 2011 and of the reviewed condensed interim financial statements for the first half year 2012 as of 30 June 2012 respectively have been added after the signature page of this Base Prospectus. This information does not form part of this Base Prospectus and has not been scrutinised and approved by the Competent Authority.

2 TABLE OF CONTENTS Page 1 SUMMARY DEUTSCHE ÜBERSETZUNG DER ZUSAMMENFASSUNG RISK FACTORS RISKS RELATING TO THE ISSUER RISKS RELATING TO THE NOTES WÜSTENROT BANK AKTIENGESELLSCHAFT PFANDBRIEFBANK STATUTORY AUDITORS INFORMATION ABOUT THE ISSUER BUSINESS OVERVIEW ORGANISATIONAL STRUCTURE TREND INFORMATION ADMINISTRATIVE, MANAGEMENT AND SUPERVISORY BODIES MAJOR SHAREHOLDERS HISTORICAL FINANCIAL INFORMATION MATERIAL CONTRACTS TERMS AND CONDITIONS OF THE NOTES (ENGLISH LANGUAGE VERSION) OPTION 1: TERMS AND CONDITIONS OF NOTES IN BEARER FORM (OTHER THAN PFANDBRIEFE) OPTION 2: TERMS AND CONDITIONS OF PFANDBRIEFE IN BEARER FORM OPTION 3: TERMS AND CONDITIONS OF JUMBO-PFANDBRIEFE DEUTSCHE FASSUNG DER EMISSIONSBEDINGUNGEN OPTION 1: EMISSIONSBEDINGUNGEN FÜR INHABER-... SCHULDVERSCHREIBUNGEN (AUSGENOMMEN PFANDBRIEFE) OPTION 2: EMISSIONSBEDINGUNGEN FÜR AUF DEN INHABER LAUTENDE... PFANDBRIEFE OPTION 3: EMISSIONSBEDINGUNGEN FÜR JUMBO-PFANDBRIEFE FORM OF FINAL TERMS (MUSTER ENDGÜLTIGE BEDINGUNGEN) PART I: TERMS AND CONDITIONS TEIL I: EMISSIONSBEDINGUNGEN PART II: OTHER INFORMATION TEIL II: WEITERE INFORMATIONEN PART III: TERMS AND CONDITIONS OF THE OFFER TEIL III: BEDINGUNGEN UND VORAUSSETZUNGEN FÜR DAS ANGEBOT PART IV: ADDITIONAL INFORMATION TEIL IV: ZUSÄTZLICHE INFORMATIONEN GERMAN PFANDBRIEFE AND THE GERMAN MORTGAGE BANKING SECTOR SUBSCRIPTION AND SALE TAXATION GENERAL DESCRIPTION OF THE PROGRAMME

3 ANNEX I... F-1 ANNUAL FINANCIAL STATEMENTS OF WÜSTENROT BANK AG PFANDBRIEFBANK FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2010 INCLUDING AUDITOR'S REPORT... F-2 ANNEX II... F-38 ANNUAL FINANCIAL STATEMENTS OF WÜSTENROT BANK AG PFANDBRIEFBANK FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2011 INCLUDING AUDITOR'S REPORT... F-39 ANNEX III... F-75 CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE FIRST HALF OF THE FINANCIAL YEAR 2012 ENDED 30 JUNE 2012 INCLUDING REVIEW REPORT... F-76 SIGNATURE PAGE...U-1 3

4 1 SUMMARY Summaries are made up of disclosure requirements known as "Elements". These Elements are numbered in Sections A E (A.1 E.7). This Summary contains all the Elements required to be included in a summary for this type of securities and Issuer. Because some Elements are not required to be addressed, there may be gaps in the numbering sequence of the Elements. Even though an Element may be required to be inserted in the Summary because of the type of securities and Issuer, it is possible that no relevant information can be given regarding the Element. In this case, a short description of the Element is included in the Summary with the mention of "not applicable". Element Section A Introduction and Warnings A.1 Warning This Summary Note (the Summary) should be read as an introduction to the base prospectus (the Base Prospectus) of Wüstenrot Bank Aktiengesellschaft Pfandbriefbank (the Issuer) dated 14 December 2012, including the supplements thereto (if any). Any decision by an investor to invest in the securities (including Pfandbriefe) (the Notes) should be based on consideration of the Base Prospectus as a whole, including documents incorporated by reference, supplements (if any) and the relevant Final Terms. Where a claim relating to the information contained in a prospectus is brought before a court, the plaintiff investor might, under the national legislation of the Member States, have to bear the costs of translating the prospectus before the legal proceedings are initiated. The persons who have taken responsibility for this Summary including its translation or who have initiated its issuance may be held liable, but only if this Summary is misleading, inaccurate or inconsistent when read together with the other parts of the prospectus or if it does not provide, when read together with the other parts of the prospectus, all the required key information. A.2 Consent by the issuer or person responsible for drawing up the prospectus to the use of the prospectus for subsequent resale or final placement of the Notes by financial intermediaries. Indication of the offer period within which subsequent resale or final placement of the Notes by financial intermediaries can be made and for which consent to use The Issuer consents to the use of the Base Prospectus for subsequent resale or final placement of the Notes by financial intermediaries. The offer period within which subsequent resale or final placement of the Notes by financial intermediaries can be made and for which consent to use the Base Prospectus is given, corresponds to the validity period of the Base Prospectus. 4

5 the prospectus is given. Any other clear and objective conditions attached to the consent which are relevant for the use of the prospectus. The Base Prospectus may only be delivered to potential investors together with all supplements published before such delivery. Any supplement to the Base Prospectus is available for viewing in electronic form on the website of Wüstenrot Bank Aktiengesellschaft Pfandbriefbank ( When using the Base Prospectus each Dealer and/or relevant further financial intermediary must make certain that it complies with all applicable laws and regulations in force in the respective jurisdictions. Any Dealer and/or a further financial intermediary using the Base Prospectus will state on its website that it uses the Prospectus in accordance with this consent and the conditions attached to this consent. Notice in bold informing investors that information on the terms and conditions of the offer by any financial intermediary is to be provided at the time of the offer by the financial intermediary In the event of an offer being made by a Dealer and/or a further financial intermediary the Dealer and/or the further financial intermediary will provide information to investors on the terms and conditions of the Notes at the time of that offer. Element B.1 Legal name Commercial name Section B The Issuer Wüstenrot Bank Aktiengesellschaft Pfandbriefbank Wüstenrot Partner der Württembergischen B.2 Domicile The head office of the Issuer is located in Wüstenrotstraße 1, Ludwigsburg, Federal Republic of Germany. B.4b Legal form / Legislation Country of incorporation Key trends affecting the Issuer and the industry in which it operates The Issuer is a stock corporation (Aktiengesellschaft) incorporated under the laws of the Federal Republic of Germany. The Issuer is registered with the commercial register (Handelsregister) of the local court (Amtsgericht) in Stuttgart under No. HRB The Issuer's business operations are in particular affected by the continuing uncertainty concerning developments in the international financial markets, the sovereign debt crisis and the global economy. The Issuer s business primarily focuses on Germany. Consequently, the economic conditions and cyclical momentum of such region have particular influence on its results of operations. B.5 Description of the Group and the Issuer s position Wüstenrot Bank Aktiengesellschaft Pfandbriefbank is 100% owned by Wüstenrot & Württembergische AG, which is the parent company of W&W Group (W&W Group), a financial conglomerate (Finanzkonglomerat) as in sec. 104 k German Insurance 5

6 within the Group B.9 Profit forecast / estimate B.10 Qualifications in the audit report on the historical financial information Regulatory Act (Versicherungsaufsichtsgesetz - VAG). Wüstenrot & Württembergische AG is the superior company in the financial conglomerate. The product range of W&W Group comprises Banking and Building and Loan Association (Bausparkasse) Business, Asset Management and Insurance Business. Not applicable, the Issuer has not included a profit forecast or estimate in the Base Prospectus. Not applicable, there are no qualifications in the audit reports on the historical financial information included in the Base Prospectus. B.12 Selected historical key financial information The following table sets out in summary form the balance sheet of Wüstenrot Bank Aktiengesellschaft Pfandbriefbank pursuant to the German Commercial Code, which has been extracted from the audited individual annual financial statements of Wüstenrot Bank Aktiengesellschaft Pfandbriefbank for the financial years ended 31 December 2010 and 31 December 2011 and from the reviewed condensed interim financial statements for the first half year 2012 as of 30 June Assets in Mio June 2012 Claims on banks 703 1,384 1,119 Claims on customers 9,462 9,319 9,218 Bonds and other fixed-income securities 5,066 4,280 4,096 All other assets Balance-sheet total 15,463 15,140 14,601 1 Consisting of cash reserve, equities and other non-fixed-income securities, trading assets, equity investments, investments in affiliated companies, trust assets, intangible fixed assets, tangible fixed assets, other assets, and prepaid expenses. 6

7 Liabilities in Mio June 2012 Liabilities to banks 5,015 5,118 4,558 Liabilities to customers 8,398 7,830 7,661 Certified Liabilities 1,419 1,502 1,649 Subordinate Liabilities Profit Participation certificates All other Liabilities Capital and reserves Balance-sheet total 15,463 15,140 14,601 1 Consisting of trading liabilities, trust liabilities, other liabilities, deferred income, provisions, and fund for general banking risks. The following sets out in summary form significant parts of the income statement of Wüstenrot Bank Aktiengesellschaft Pfandbriefbank pursuant to the German Commercial Code, which has been extracted from the audited individual annual financial statements of Wüstenrot Bank Aktiengesellschaft Pfandbriefbank for the financial years ended 31 December 2010 and 31 December 2011 and from the reviewed condensed interim financial statements for the first half year 2012 as of 30 June In Mio June June 2012 Interest Income Interest Expense Net Interest Income Net Commission income 1 Net Interest and Commission Income Net income from trading operations General administrative expenses a.) Personnel expenses b.) Other administrative expenses c.) Amortisation of intangible and tangible assets Administrative Expenses Risk Provisioning 2 Balance of other operating revenue/expenses Fee and commission income less fee and commission expenses. 2 Consisting amortisation and write-downs of receivables and specific securities, as well as additions to loan loss provisions, allocations to the fund for general banking risks, and amortisation and write-downs on equity investments, interest in affiliated companies, and securities held as fixed assets. 3 Other operating income less other operating expenses. Trend Information With the following exceptions there has been no material adverse change in the prospects of the Issuer since the date of its last published audited financial statements for the year ended 31 December

8 The turbulences within the European Union and the weakness among the European countries effected by the changes in the international capital markets are still a challenge for the Issuer. Especially the escalation of the debt crisis in Greece combined with the risk of a market-induced expansion to other European nations as well as the instability of the Spanish banking system has led to a significant widening of credit spreads and considerable price losses for bonds and securities, which could only be contained by means of huge EU rescue packages. The Mortgage Pfandbrief (Hypothekenpfandbrief), however, has proven to be crisis-proof and secured a continued access to the capital markets. The Issuer has not invested in Asset Backed Securities. Wüstenrot Bank Aktiengesellschaft Pfandbriefbank expects that a higher demand for modernization and development of buildings in order to decrease energy use will have a positive effect on the residential property financing market. Significant changes in the financial or trading position B.13 Recent developments There has been no significant change in the financial position of the group which has occurred since the end of the last financial period for which interim financial information has been published (as per 30 June 2012). Not applicable; there are no recent incidents in connection with the business activities of the Issuer which are essential for the assessment of its liquidity. B.14 B.5 plus: Statement of dependency Wüstenrot Bank Aktiengesellschaft Pfandbriefbank is 100% owned by Wüstenrot & Württembergische AG. Pursuant to Section 17 para. 2 of the German Stock Corporation Act (Aktiengesetz), it is assumed that a majority-owned enterprise is dependent on the company holding the majority interest. The Issuer and Wüstenrot & Württembergische AG have also entered into a dependency and profit and loss pooling agreement since B.15 Principal activities The principal activities of the Issuer are carrying out banking business as defined in sec. 1 German Banking Act (Kreditwesengesetz - KWG), with exception of Investment Business and the e-money Business (sec. 1 subsection 1 sentence 2 Nr. 11 KWG). The Issuer s business relating to Pfandbriefe is limited to Mortgage Pfandbriefe (Hypothekenpfandbriefe) and Public Sector Pfandbriefe (öffentliche Pfandbriefe). The Issuer does business in the German market with a nearexclusive focus on Retail Business. Wüstenrot Bank Aktiengesellschaft Pfandbriefbank offers products to private customers regarding residential property financing, current accounts and services relating to securities. The majority of the Issuer s customers are resident in Germany. The Issuer also provides services relating to securities to affiliated companies. All transactions with affiliated companies are subject to common market conditions. 8

9 The Issuer s Retail Business is marketed by 6,000 sales representatives working for W&W Group. Furthermore, customers are acquired on behalf of the Issuer by 1,000 Service Centres of Wüstenrot Bausparkasse AG and 2,000 branches of Württembergische Versicherung AG. Therefore, Wüstenrot Bank Aktiengesellschaft Pfandbriefbank does not have its own network of branches. The Issuer refinances itself by means of Mortgage Pfandbriefe (Hypothekenpfandbriefe), deposit business and loans from other financial institutions or institutional investors. B.16 Ownership/control The Issuer is 100% owned by Wüstenrot & Württembergische AG, which is the parent company of W&W Group (W&W Group), a financial conglomerate (Finanzkonglomerat) as in sec. 104 k German Insurance Regulatory Act (Versicherungsaufsichtsgesetz - VAG). Wüstenrot & Württembergische AG is the superior company in the financial conglomerate. B.17 Credit ratings assigned to the Issuer or its debt securities The credit ratings assigned to the Issuer are: Standard & Poor s Fitch Long-Term BBB+ BBB+ Outlook Stable Negative Short Term A-2 F2 Viability rating bbb+ Support 3 [The credit ratings assigned to the Issuer s Notes are: Public Sector Pfandbriefe Mortgage Pfandbriefe Fitch AAA AAA] [The rating of the Notes is [ ].] [Not applicable; the Notes are not rated.] Element C.1 Class and type of the Notes ISIN/WKN Section C Securities The Notes are issued in the form of [bearer notes] [Pfandbriefe] [Jumbo-Pfandbriefe] that are represented by a [Permanent Global Note] [Temporary Global Note which is exchangeable for a Permanent Global Note]. ISIN Code: [ ] WKN: [ ] [Other Securities Code: [ ]] C.2 Currency The Notes are issued in [ ]. 9

10 C.5 Restrictions on free transferability C.8 Rights attached to the Notes, including limitations to those rights and ranking of the Notes Not applicable; the Notes are freely transferable. Interest [The Notes bear a fixed interest income throughout the entire term of the Notes.] [The Notes bear a fixed interest income, the amount of which varies for each interest period within the term of the Notes.] [The Notes bear interest at a rate determined [(and as adjusted for the applicable margin)] on the basis of a reference rate.] [The Notes do not bear interest.] Early Redemption [The Issuer may redeem the Notes for reasons of taxation. [In addition, the Issuer may redeem the Notes on any Call Redemption Date at the applicable Call Redemption Amount.]] [The Holder of any Note may request the Issuer to redeem such Notes on the Put Redemption Date at the Put Redemption Amount.] [The Issuer may redeem the Pfandbriefe on any Call Redemption Date at the applicable Call Redemption Amount.] [Early redemption is excluded for the Jumbo-Pfandbriefe.] Status of the Notes [The Notes are unsubordinated and unsecured.] [The Notes are subordinated and unsecured.] [The Pfandbriefe are unsubordinated and are covered in accordance with the German Pfandbrief Act.] [The Jumbo-Pfandbriefe are unsubordinated and are covered in accordance with the German Pfandbrief Act.] [Holders Majority Resolutions In accordance with the German Act on Debt Securities of 2009 (Schuldverschreibungsgesetz SchVG) the Notes contain provisions pursuant to which Holders may agree by resolution to amend the Terms and Conditions (with the consent of the Issuer) and to decide upon certain other matters regarding the Notes. Resolutions of Holders properly adopted by vote taken without a meeting in accordance with the Terms and Conditions, are binding upon all Holders. Resolutions providing for material amendments to the Terms and Conditions require a majority of not less than 75% of the votes cast. Resolutions regarding other amendments are passed by a simple majority of the votes cast.] [Holders' Representative [In accordance with the SchVG the Notes provide that the Holders 10

11 may by majority resolution appoint a representative for all Holders.] [A representative for all Holders has been designated in the Terms and Conditions of the Notes.] The responsibilities and functions assigned to the holders' representative are determined by the SchVG and by majority resolutions of the Holders.] C.9 C.8 plus: Interest rate [The Notes bear interest at a fixed rate of [ ]%.] [The Notes bear interest at a floating rate. Such floating interest rate is calculated from [[EURIBOR] [CMS Rate] [[plus][minus] the margin of [ ]%] [multiplied by a leverage factor of [ ]] for each interest period. [The maximum interest rate is [ ]%.] [The minimum interest rate is [ ]%.]] [Not applicable; the Notes do not bear interest.] Interest commencement date Interest payment dates Underlying on which interest rate is based [Interest Commencement Date] [Not applicable; the Notes do not bear interest.] [ ] [Not applicable; the Notes do not bear interest.] [Not applicable; the interest rate is not based on an underlying.] [[ ]-EURIBOR] [[ ]-LIBOR] [[ ]-Year CMS Rate] [Not applicable; the Notes do not bear interest.] Maturity date including repayment procedures [ ] [Instalment [Notes] [Pfandbriefe]. Unless previously redeemed in whole or in part or purchased and cancelled, the [Notes] [Pfandbriefe] shall be redeemed at the Instalment Date(s) and in the Instalment Amount(s).] Indication of yield [[ ]% in the case of fixed rate Notes.] [Not applicable; no yield is calculated for the floating rate Notes.] [There will not be any periodic payments of interest on the Notes. The Amortization Yield is [ ]%] Name of representative of the Holders [ ] [Not applicable; there is no representative of the Holders.] 11

12 C.10 C.9 plus: Explanation how the value of the investment is affected in the case the Notes have a derivative component in the interest payment Not applicable; the interest payment has no derivative component. C.11 Application for admission to trading [Application has been made to the [Stuttgart Stock Exchange] [ ] for the Notes to be listed on the regulated market of the [Stuttgart Stock Exchange] [ ].] [Not applicable, this individual issue will not be listed.] C.21 Market where the Notes will be traded and for which a prospectus has been published [Stuttgart Stock Exchange] [ ] Element Section D Risks D.2 Key information on the key risks that are specific to the Issuer or its industry Credit Risk Credit risks are risks from bad debts or from the deterioration of customers credit rating. Credit risks can be subdivided further into counterparty default risks, including the counterparty risks and the country risks, and credit rating risks. Investment Risks To achieve their corporate goals, the Issuer and its subsidiaries make investments in other enterprises. This involves the entering into investment risks, i. e. the risk of potential (value) losses from (i) the provision of equity or equity-type funding (e. g. silent partnerships) or payment of a purchase price, such as non-payment of dividends, partial write-downs, losses realised on sales or a reduction in hidden reserves, (ii) liability obligations (e. g. from letters of comfort or loss transfers resulting from profit and loss transfer agreements), or (iii) from capital contribution commitments. Any realisation of investment risks would negatively affect the assets, earnings and financial position of the Issuer. Market Price Risk The term market price risk describes potential losses due to adverse changes in market prices or price-related parameters with respect to securities, loans, derivative instruments or foreign currencies, differentiating between interest and currency risks. Interest risks arise from timing differences in the refinancing of assets or any other mismatched terms. Currency risks are created when payment obligations in one or several foreign currencies are not matched by 12

13 corresponding claims. Liquidity Risk The liquidity risk comprises the short-term liquidity risk which is the risk of insufficient liquidity for the performance of day-to-day payment obligations, the structural liquidity risk which arises from an imbalance in the medium and long-term liquidity structure and the market liquidity risk which is the risk of insufficient liquidity of pertinent financial instruments, with the consequence that positions can be closed out only, if at all, at disproportionately high cost. Operational Risks Operational risks mainly result from inadequate or failed internal processes and systems, human failure or from external events. Legal risks are also part of the operational risk. Wüstenrot Bank Aktiengesellschaft Pfandbriefbank employs uniform procedures to control and monitor its risks across its business areas. The objective is to optimise the Wüstenrot Bank Aktiengesellschaft Pfandbriefbank s risk/return profile for all of the various types of risk. All risks are identified, measured, aggregated and controlled in the process based on a framework of risk principles, as well as corresponding organisational structures and processes. However, there can be no assurance that Wüstenrot Bank Aktiengesellschaft Pfandbriefbank procedures for identifying, analyzing, assessing, controlling and monitoring the risks will prove sufficient and adequate in the future. IT Risks/Data Protection The Issuer is exposed to risks which may arise from the use of information technology systems, modern communication media and other technical systems. Further to this and despite a range of measures to protect personal data, the Issuer may become exposed to damage claims in relation the confidentiality of data. Capital Adequacy (Solvability and Risk Bearing Capacity) In line with regulatory requirements and under rating aspects, the Issuer is required to maintain sufficient own funds at any time in order to cover potential losses resulting from the realisation of risks. There is a risk that the regulatory requirements concerning own funds, in particular in relation to the required amount of own funds and the definition of the instruments qualifying as components of own funds, may be narrowed in the course of political and legislative initiatives on international, European and national level. This could entail that existing components of the Issuer s own funds may no longer be recognised as own funds and would have to be replaced. Generally, the risk exists that the Issuer may not be in a position to obtain such own funds as might become required or to obtain such funds only at higher cost. This could negatively affect the Issuer s business prospects as well as its earnings, financial and liquidity position. Financial and Economic Crisis, Extending National Deficits The global financial market crisis initially triggered by an increase of defaults in U.S. subprime mortgages in 2007 and the subsequent global economic slowdown have led to a number of bank bankruptcies 13

14 and substantial losses suffered by the financial industry. The general financial market recovery is not yet sustainable. In the meantime, the centre of the crisis has shifted, from where it has effects back on the financial industry predominantly in the form of increased credit risks. Among other reasons, an extensive range of measures adopted by governments and central banks worldwide in order to prop up demand and stabilise financial markets has led to a considerable extension of national deficits. Especially the turbulences within the European Union and the weakness among the European countries effected by the changes in the international capital markets are still a challenge for the Issuer. In particular the escalation of the debt crisis in Greece has led to a significant decrease of market values of Southern European government bonds and securities, which could only be contained by means of huge EU rescue packages. A crisis of confidence on the financial markets and an insolvency of individual states would have material adverse effects on the earnings, asset, liquidity and financial position of the Issuer. Other Risks Other risks comprise business and strategic risk together with reputational, tax and real estate risk. Furthermore, it should be taken into account that the Issuer might stop its lending activities if a particular market becomes too risky due to overall market developments. As a bank offering capital markets products and active in public finance, Wüstenrot Bank Aktiengesellschaft Pfandbriefbank activities involve credit spread risks. The risk profile of Wüstenrot Bank Aktiengesellschaft Pfandbriefbank includes also liquidity risk, market risk and business risk. D.3 Key information on the key risks that are specific to the Notes Notes may not be a Suitable Investment A potential investor should not invest in Notes which are complex financial Notes unless the investor has the expertise (either alone or with a financial adviser) to evaluate how the Notes will perform under changing conditions, the resulting effects of the value of the Notes and the impact his investment will have on the potential investor's overall investment portfolio Liquidity Risk There can be no assurance that a liquid secondary market for the Notes will develop or, if it does develop, that it will continue. In an illiquid market, an investor might not be able to sell his Notes at any time at fair market prices. The possibility to sell the Notes might additionally be restricted by country specific reasons. Market Price Risk The holder of Notes is exposed to the risk of an unfavourable development of market prices of its Notes (e.g. resulting from a negative change in the credit rating of the Issuer) which materialises if the holder sells the Notes prior to the final maturity of such Notes. Currency Risk A holder of a Note denominated in a foreign currency is exposed to the risk of changes in currency exchange rates which may affect the yield 14

15 and/or the redemption amount of such Notes. Risk of Early Redemption If the Issuer has the right to redeem the Notes prior to maturity, a holder of such Notes is exposed to the risk that due to early redemption his investment will have a lower than expected yield. Subordinated Notes of the Issuer The obligations of the Issuer in case of Subordinated Notes constitute unsecured and subordinated obligations. In the event of the liquidation, insolvency, composition or other proceedings for the avoidance of insolvency of, or against, the Issuer, such obligations will be subordinated to the claims of all unsubordinated creditors of the Issuer so that in any such event no amounts will be payable under such obligations until the claims of all unsubordinated creditors of the relevant Issuer will have been satisfied in full. Taxation Potential purchasers and sellers of the Notes should be aware that they may be required to pay taxes or other documentary charges or duties in accordance with the laws and practices of the country where the Notes are transferred or other jurisdictions. Specific Risks may arise under the so-called FATCA-Provisions, whereby the Issuer may be obliged to withhold tax at the source. Legality of Purchase Potential purchasers of the Notes should be aware that the acquisition of the Notes might be subject to legal restrictions potentially affecting the validity of the purchase. Neither the Issuer, institutions for the purpose of underwriting Notes as dealers under the Programme (Dealers), if any, nor any of their respective affiliates has or assumes responsibility for the lawfulness of the acquisition of the Notes by a prospective purchaser of the Notes, whether under the laws of the jurisdiction of its incorporation or the jurisdiction in which it operates (if different). Change of Law The Terms and Conditions of the Notes are based on German law in effect as at the date of this Base Prospectus. No assurance can be given as to the impact of any possible judicial decision or change to German law or administrative practice after the date of this Base Prospectus. [Fixed Rate Notes A holder of a Fixed Rate Note is exposed to the risk that the price of such Note falls as a result of changes in the market interest rate.] [Floating Rate Notes A holder of a Floating Rate Note is exposed to the risk of fluctuating interest rate levels and uncertain interest income. Fluctuating interest rate levels make it impossible to determine the yield of Floating Rate Notes in advance.] 15

16 [Zero Coupon Notes A holder of a Zero Coupon Note is exposed to the risk that the price of such Note falls as a result of changes in the market interest rate. Prices of Zero Coupon Notes are more volatile than prices of Fixed Rate Notes and are likely to respond to a greater degree to market interest rate changes than interest bearing notes with a similar maturity.] [Holders Majority Resolutions As the Notes provide for meetings of holders or the taking of votes without a meeting, a holder is subject to the risk of being outvoted by a majority resolution of the holders. As such majority resolution is binding on all holders, certain rights of such holder against the Issuer under the Terms and Conditions may be amended or reduced or even cancelled.] Element E.2b Reasons for the offer and use of proceeds when different from making profit an / or hedging certain risks Section E Offer [Not applicable, the reasons for the offer are not different from making profit and/or hedging certain risks] [ ] E.3 Terms and conditions of the offer [Conditions, offer statistics, expected timetable and action required to apply for the offer] [Conditions to which the offer is subject: [ ]] [Total amount of the issue/offer; if the amount is not fixed, description of the arrangements and time for announcing to the public the definitive amount of the offer: [ ]] [Time period, including any possible amendments, during which the offer will be open and description of the application process: [ ]] [A description of the possibility to reduce subscriptions and the manner for refunding excess amount paid by applicants: [ ]] [Details of the minimum and/or maximum amount of application (whether in number of Notes or aggregate amount to invest): [ ]] [Method and time limits for paying up the Notes and for delivery of the Notes: [ ]] [Manner and date in which results of the offer are to be made public: [ ]] [The procedure for the exercise of any right of pre-emption, the negotiability of subscription rights and the treatment of subscription rights not exercised: [ ]] 16

17 [Plan of distribution and allotment] [If the Offer is being made simultaneously in the markets of two or more countries and if a tranche has been or is being reserved for certain of these, indicate such tranche: [ ]] [Process for notification to applicants of the amount allotted and indication whether dealing may begin before notification is made: [ ]] [Pricing] [Expected price at which the Notes will be offered: [ ]] [Amount of expenses and taxes charged to the subscriber / purchaser: [ ]] [Placing and underwriting] [Name and address of the co-ordinator(s) of the global offer and of single parts of the offer and, to the extent known to the Issuer or the offeror, of the placers in the various countries where the offer takes place: [ ]] [Fiscal and Paying Agent: [Issuer] [ ] [Other Fiscal and Paying Agent and specified office: [ ]]] [[Calculation Agent: [ ]] [Other Calculation Agent and specified office: [ ]]] [Method of distribution Non-syndicated Syndicated] [Subscription Agreement] [Date of Subscription Agreement: [ ]] [General features of the Subscription Agreement: [ ]] [Management Details including form of commitment] [Dealer / Management Group: [ ] Firm commitment [ ] No firm commitment / best efforts arrangements [ ]] [Commissions] [Management/Underwriting Commission: [ ]] [Selling Concession: [ ]] E.4 Any interest that is material to the issue/offer including [Certain of the Dealers and their affiliates may be customers of, borrowers from or creditors of the Issuer. In addition, certain Dealers and their affiliates have engaged, and may in the future engage, in investment banking and/or commercial banking transactions with, and 17

18 conflicting interests may perform services for, the Issuer in the ordinary course of business.] [ ] E.7 Estimated expenses charged to the investor by the Issuer or the offeror [Not applicable, no expenses are charged to the investor by the Issuer or the offeror.] [ ] 18

19 2 DEUTSCHE ÜBERSETZUNG DER ZUSAMMENFASSUNG Zusammenfassungen setzen sich aus Pflichtangaben, den sogenannten "Punkten", zusammen. Diese Punkte sind in die Abschnitte A E (A.1 E.7) nummeriert. Diese Zusammenfassung enthält alle Punkte, die in eine Zusammenfassung für diese Art von Wertpapieren und Emittentin aufzunehmen sind. Da einige Punkte nicht zu berücksichtigen sind, kann die Nummerierung Lücken aufweisen. Auch wenn ein Punkt wegen der Art der Wertpapiere und des Emittenten in die Zusammenfassung aufgenommen werden muss, ist es möglich, dass bezüglich dieses Punktes keine relevante Information gegeben werden kann. In einem solchen Fall enthält die Zusammenfassung eine kurze Beschreibung des Punktes sowie die Bemerkung "entfällt". Punkt Abschnitt A Einleitung und Warnhinweise A.1 Warnhinweise Diese Zusammenfassung (die Zusammenfassung) sollte als Einführung zum Basisprospekt (der Basisprospekt) der Wüstenrot Bank Aktiengesellschaft Pfandbriefbank (die Emittentin) vom 14. Dezember 2012, einschließlich etwaiger Nachträge verstanden werden. Der Anleger sollte jede Entscheidung zur Anlage in die Wertpapiere (einschließlich Pfandbriefe) (die Schuldverschreibungen) auf die Prüfung des gesamten Basisprospekts, einschließlich der durch Verweis einbezogenen Dokumente, etwaiger Nachträge und der jeweiligen Endgültigen Bedingungen stützen. Für den Fall, dass vor einem Gericht Ansprüche auf Grund der in einem Prospekt enthaltenen Informationen geltend gemacht werden, könnte der als Kläger auftretende Anleger in Anwendung der einzelstaatlichen Rechtsvorschriften der Staaten des Europäischen Wirtschaftsraums die Kosten für die Übersetzung des Prospekts vor Prozessbeginn zu tragen haben. Diejenigen Personen, die die Verantwortung für die Zusammenfassung einschließlich ihrer Übersetzung übernommen haben oder von denen der Erlass ausgeht, können haftbar gemacht werden, jedoch nur für den Fall, dass die Zusammenfassung irreführend, unrichtig oder widersprüchlich ist, wenn sie zusammen mit den anderen Teilen des Prospekts gelesen wird, oder sie, wenn sie zusammen mit den anderen Teilen des Prospekts gelesen wird, nicht alle erforderlichen Schlüsselinformationen vermittelt. A.2 Zustimmung des Emittenten oder der für die Erstellung des Prospekts verantwortlichen Person zur Verwendung des Prospekts für die spätere Weiterveräußerung oder endgültige Platzierung von Schuldverschreibungen durch Finanzintermediäre Die Emittentin erteilt ihre Zustimmung zur Verwendung des Basisprospekts für die spätere Weiterveräußerung oder endgültige Platzierung von Schuldverschreibungen durch Finanzintermediäre. 19

20 Angabe der Angebotsfrist, innerhalb derer die spätere Weiterveräußerung oder endgültige Platzierung von Schuldverschreibungen durch Finanzintermediäre erfolgen kann und für die die Zustimmung zur Verwendung des Prospekts erteilt wird Alle sonstigen klaren und objektiven Bedingungen, an die die Zustimmung gebunden ist und die für die Verwendung des Prospekts relevant sind Die Angebotsfrist, innerhalb derer spätere Weiterveräußerung oder endgültige Platzierung von Schuldverschreibungen durch Finanzintermediäre erfolgen kann und für die die Zustimmung zur Verwendung des Basisprospekts erteilt wird, entspricht der Gültigkeitsdauer dieses Basisprospekts. Der Basisprospekt darf potenziellen Investoren nur zusammen mit allen zuvor veröffentlichten Nachträgen zur Verfügung gestellt werden. Jeder Nachtrag zum Basisprospekt kann in elektronischer Form auf der Internetseite der Wüstenrot Bank Aktiengesellschaft Pfandbriefbank ( eingesehen werden. Jeder etwaige Platzeur und/oder jeder relevante weitere Finanzintermediär hat sicherzustellen, dass er in Übereinstimmung mit allen anwendbaren Gesetzen und Regularien, die in den jeweiligen Rechtsordnungen in Kraft sind, handelt. Jeder etwaige Platzeur und/oder jeder relevante Finanzintermediär, der den Basisprospekt verwendet wird auf seiner Internetseite darauf hinweisen, dass er den Basisprospekt in Übereinstimmung mit dieser Zustimmungserklärung und den Bedingungen, denen diese Zustimmung unterliegt, nutzt. Deutlich hervorgehobener Hinweis für die Anleger, dass Informationen über die Bedingungen des Angebots eines Finanzintermediärs von diesem zum Zeitpunkt der Vorlage des Angebots zur Verfügung zu stellen sind Hinweis für Investoren: Informationen über die Bedingungen des Angebots eines etwaigen Platzeurs und/oder jedes relevanten Finanzintermediärs sind von diesem zum Zeitpunkt der Vorlage des Angebots zur Verfügung zu stellen. Punkt B.1 Juristische Bezeichnung Kommerzielle Bezeichnung Abschnitt B Emittentin Wüstenrot Bank Aktiengesellschaft Pfandbriefbank Wüstenrot Partner der Württembergischen 20

21 B.2 Sitz Die Hauptniederlassung der Emittentin befindet sich in der Wüstenrotstraße 1, Ludwigsburg, Bundesrepublik Deutschland. B.4b Rechtsform/ geltendes Recht Land der Gründung Trends, die sich auf die Emittentin und die Branchen, in denen sie tätig ist, auswirken Die Emittentin ist eine Aktiengesellschaft deutschen Rechts. Die Emittentin ist im Handelsregister des Amtsgerichts Stuttgart unter der Nr. HRB eingetragen. Die Geschäftstätigkeit der Emittentin wird insbesondere durch die andauernde Unsicherheit hinsichtlich der Entwicklung der internationalen Finanzmärkte, der Staatsschuldenkrise und der Weltwirtschaft beeinflusst. Die Geschäftstätigkeit der Emittentin ist hauptsächlich auf Deutschland ausgerichtet. Daher haben die dortigen wirtschaftlichen Bedingungen und Konjunkturzyklen besonderen Einfluss auf die Geschäftsergebnisse. B.5 Beschreibung der Gruppe und der Stellung der Emittentin innerhalb der Gruppe B.9 Gewinnprognosen oder -schätzungen B.10 Art etwaiger Beschränkungen im Bestätigungsvermerk zu den historischen Finanzinformationen B.12 Ausgewählte wesentliche historische Finanzinformationen Die Wüstenrot Bank Aktiengesellschaft Pfandbriefbank wird zu 100% von der Wüstenrot & Württembergische AG gehalten, der Muttergesellschaft der W&W-Gruppe (W&W-Gruppe), einem Finanzkonglomerat im Sinne des 104 k Versicherungsaufsichtsgesetz (VAG). Die Wüstenrot & Württembergische AG ist das übergeordnete Unternehmen im Finanzkonglomerat. Das Angebot der W&W-Gruppe umfasst das Bank- und Bauspargeschäft, Asset Management und das Versicherungsgeschäft. Entfällt; die Emittentin hat im Basisprospekt keine Gewinnprognosen oder -schätzungen abgegeben. Entfällt; es gibt keine Beschränkungen in den Bestätigungsvermerken zu den historischen Finanzinformationen, die im Basisprospekt enthalten sind. Die nachfolgende Übersicht stellt in zusammengefasster Form die HGB-Bilanz der Wüstenrot Bank Aktiengesellschaft Pfandbriefbank dar, die den geprüften Jahresabschlüssen (Einzelabschlüsse) der Wüstenrot Bank Aktiengesellschaft Pfandbriefbank für die jeweils am 31. Dezember endenden Geschäftsjahre 2010 und 2011 sowie dem prüferisch durchgesehenen verkürzten Zwischenabschluss für das erste Halbjahr 2012 zum 30. Juni 2012 entnommen wurden: 21

22 Aktiva in Mio Juni 2012 Forderungen an Kreditinstitute Forderungen an Kunden Schuldverschreibungen und andere festverzinsliche Wertpapiere Sämtliche Sonstige Aktiva Summe der Aktiva Bestehend aus Barreserve, Aktien und anderen nicht festverzinslichen Wertpapieren, Handelsaktiva, Beteiligungen, Anteilen an verbundenen Unternehmen, Treuhandvermögen, immateriellen Anlagewerten, Sachanlagen, sonstigen Vermögensgegenständen und Rechnungabzugsposten. Passiva in Mio Juni 2012 Verbindlichkeiten ggü. Kreditinstituten Verbindlichkeiten ggü. Kunden Verbriefte Verbindlichkeiten Nachrangige Verbindlichkeiten Genussrechtskapital Sämtliche Sonstige Passiva Eigenkapital Summe der Passiva Bestehend aus Handelspassiva, Treuhandverbindlichkeiten, sonstige Verbindlichkeiten, Rechnungsabgrenzungsposten, Rückstellungen und dem Fonds für allgemeine Bankrisiken. Die nachfolgende Übersicht stellt in zusammengefasster Form die wesentlichen Positionen der HGB-Gewinn- und Verlustrechnung der Wüstenrot Bank Aktiengesellschaft Pfandbriefbank dar, die den geprüften Jahresabschlüssen (Einzelabschlüsse) der Wüstenrot Bank Aktiengesellschaft Pfandbriefbank für die jeweils am 31. Dezember endenden Geschäftsjahre 2010 und 2011 sowie dem prüferisch durchgesehenen verkürzten Zwischenabschluss für das jeweils am 30. Juni endende erste Halbjahr 2011 und 2012 entnommen wurden: 22

23 In Mio Juni Juni 2012 Zinserträge Zinsaufwendungen Zinsüberschuss Provisionsüberschuss 1 Zins- und Provisionsüberschuss Nettohandelsergebnis Allgemeine Verwaltungsaufwendungen a.) Personalaufwand b.) Andere Verwaltungsaufwendungen c.) Abschreibungen auf Sachanlagen Verwaltungsaufwand Risikovorsorge 2 Saldo sonstiger betrieblicher Erträge und Aufwendungen 3 567,3-459,7 107,6-4,2 103,4-1,4-17,2-70,4-0,2-87,8-12,5 2,6 583,5-447,0 136,5-5,2 141,7-0,4-22,0-75,1-0,1-97,2-41,9 4,9 294,2-231,7 62,5 2,9 65,4 0,8-11,1-41,1-0,1-52,3-16,6 2,8 269,9-210,7 59,2 5,1 64,3-0,5-11,9-38,6 0-50,5 2,3 2, Provisionserträge abzüglich Provisionsaufwendungen. Bestehend aus Erträgen und Aufwendungen aus Zu- und Abschreibungen zu Forderungen und bestimmten Wertpapieren sowie aus der Auflösung von Rückstellungen im Kreditgeschäft, Zuführungen zum Fonds für allgemeine Bankrisiken sowie Bewertungsergebnis aus Beteiligungen, Anteilen an verbundenen Unternehmen und Wertpapieren des Anlagevermögens. Sonstige betriebliche Erträge abzüglich sonstiger betrieblicher Aufwendungen. Ausblick Mit den folgenden Ausnahmen haben sich die Aussichten der Emittentin seit dem Datum des letzten veröffentlichten geprüften Jahresabschlusses für das am 31. Dezember 2011 endende Jahr nicht wesentlich verschlechtert. Die Turbulenzen in der Europäischen Union und die Schwäche unter den europäischen Staaten im Gefolge der Veränderungen an den internationalen Kapitalmärkten stellen für die Emittentin weiterhin eine Herausforderung dar. Insbesondere die Eskalation der Schuldenkrise in Griechenland in Verbindung mit dem Risiko einer marktbedingten Ausweitung auf andere europäische Nationen sowie der Instabilität des spanischen Bankensystems hat zu einer erheblichen Vergrößerung der Kreditspreads und zu beträchtlichen Preisverlusten für Anleihen und Wertpapiere geführt, die nur durch sehr große EU- Rettungspakete eingedämmt werden konnten. Der Hypothekenpfandbrief hat sich jedoch als krisensicher erwiesen und einen ununterbrochenen Zugang zu den Kapitalmärkten sichergestellt. Die Emittentin hat nicht in durch Vermögenswerte gesicherte Wertpapiere (Asset Backed Securities) investiert. Die Wüstenrot Bank Aktiengesellschaft Pfandbriefbank erwartet, dass eine erhöhte Nachfrage nach Modernisierung und Ausbau von Gebäuden zum Zweck der Senkung des Energieverbrauchs sich positiv auf den Wohnraumfinanzierungsmarkt auswirken wird. Wesentliche Veränderungen bei Finanzlage oder Handelsposition Die Finanzlage der Gruppe hat sich seit dem Ende der letzten Finanzperiode, für die Zwischenfinanzinformationen veröffentlicht wurden (seit dem 30. Juni 2012), nicht wesentlich verändert. 23

24 B.13 Jüngste Ereignisse aus der Geschäftstätigkeit, die für die Bewertung der Zahlungsfähigkeit wesentlich sind Entfällt; es gibt keine jüngsten Ereignisse aus der Geschäftstätigkeit der Emittentin, die für die Bewertung ihrer Zahlungsfähigkeit wesentlich wären. B.14 B. 5 sowie: Angabe zur Abhängigkeit von anderen Unternehmen in der Gruppe Die Wüstenrot & Württembergische Aktiengesellschaft hält 100 Prozent der Aktien der Emittentin. Nach 17 Abs. 2 Aktiengesetz wird von einem im Mehrheitsbesitz stehenden Unternehmen vermutet, dass es von dem an ihm mit Mehrheit beteiligten Unternehmen abhängig ist. B.15 Haupttätigkeiten Die Haupttätigkeitsbereiche der Emittentin sind das Betreiben von Bankgeschäften im Sinne des 1 Kreditwesengesetz (KWG), mit Ausnahme des Investmentgeschäfts und des E-Geld-Geschäfts ( 1 Absatz 1 Satz 2 Nr. 11 KWG). Das Pfandbriefgeschäft der Emittentin ist beschränkt auf die Emission von Hypothekenpfandbriefen und öffentlichen Pfandbriefen. Die Emittentin ist im deutschen Markt tätig mit einem fast ausschließlichen Fokus auf dem Privatkundengeschäft. Die Wüstenrot Bank Aktiengesellschaft Pfandbriefbank bedient dabei die Segmente Baufinanzierung, Girokonten und Wertpapierdienstleistungen für Privatkunden. Die Kunden der Emittentin sind fast ausschließlich in Deutschland ansässig. Im Wertpapierdienstleistungsbereich ist die Emittentin auch für verbundene Unternehmen tätig. Sämtliche Transaktionen mit verbundenen Unternehmen werden zu marktüblichen Konditionen durchgeführt. Das Privatkundengeschäft der Emittentin wird von den freien Handelsvertretern, die für die W&W-Gruppe tätig sind, vermittelt. Darüber hinaus akquirieren Service Center der Wüstenrot Bausparkasse AG und Außenbüros der Württembergische Versicherung AG Kunden für die Emittentin. Die Wüstenrot Bank Aktiengesellschaft Pfandbriefbank unterhält daher kein eigenes Filialnetz. Die Emittentin refinanziert sich durch Hypothekenpfandbriefe, Einlagen sowie durch Aufnahme von Darlehen bei anderen Kreditinstituten oder institutionellen Anlegern. B.16 Beteiligungen / Beherrschungsverhältnisse Die Emittentin wird zu 100% von der Wüstenrot & Württembergische AG gehalten, der Muttergesellschaft der W&W-Gruppe (W&W- Gruppe), einem Finanzkonglomerat im Sinne des 104 k Versicherungsaufsichtsgesetz (VAG). Die Wüstenrot & Württembergische AG ist das übergeordnete Unternehmen im Finanzkonglomerat. 24