REG-Commerzbank AG: Pre-Stabilisation L-Bank CNH250mil 2.25% due 6 June 2014

Wed May 30, 2012 1:11pm EDT

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Pre-Stabilisation notice

30th May 2012

Not for distribution, directly or indirectly, in or into the United States or
any jurisdiction in which such distribution would be unlawful.

          Landeskreditbank Baden-Wuerttemberg - Foerderbank (L-Bank)-          

                                CNH 250,000,000                                

                     2.25 per cent. Notes due 06 June 2014                     

                  Launched under the issuer's €30,000,000,000                  

                  Debt Issuance Programme, dated 21 July 2011                  

Stabilisation Notice

Commerzbank AG (contact: Ian Turner; telephone:44-207-475-1817) hereby
announces that the Stabilising Manager(s) named below may stabilise the offer
of the following securities in accordance with Commission Regulation (EC) No.
2273/2003 implementing the Market Abuse Directive (2003/6/EC).

The security to be stabilised:                                                 
Issuer:                        Landeskreditbank Baden-Wuerttemberg -           
                               Foerderbank (L-Bank)                            
Guarantor (if any):            The Federal State of Baden-Wurttemberg          
ISIN                           XS0790220551                                    
Aggregate nominal amount:      CNH 250,000,000                                 
Description:                   2.25 per cent. Notes due 6 June 2014            
Offer price:                   100.00                                          
Other offer terms:             Listing: Luxembourg / denoms CNH10k / payment   
                               date: 06 June 2012.                             
Stabilising Manager(s):        Coordinating Stabilisation Manager:             
                               Commerzbank Aktiengesellschaft                  
                               Stabilisation Managers:                         
                               Bank of China (Hong Kong)                       
                               HSBC Bank plc                                   
Stabilisation period commences 30th May 2012                                   
Stabilisation period expected  No later than 30 days                           
to end on:                                                                     
Existence, maximum size and    The Stabilising Manager(s) may over-allot the   
conditions of use of           securities to the extent permitted in accordance
over-allotment facility.       with applicable German law.                     

In connection with the offer of the above securities, the Stabilising Manager
(s) may over-allot the securities or effect transactions with a view to
supporting the market price of the securities at a level higher than that which
might otherwise prevail. However, there is no assurance that the Stabilising
Manager(s) will take any stabilisation action and any stabilisation action, if
begun, may be ended at any time Any stabilisation action or over-allotment
shall be conducted in accordance with all

applicable laws and rules.

This announcement is for information purposes only and does not constitute an
invitation or offer to underwrite, subscribe for or otherwise acquire or
dispose of any securities of the Issuer in any jurisdiction.

This announcement is not for distribution, directly or indirectly, in or into
the United States or any other jurisdiction in which such distribution would be


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