Issue Date

December 17, 2003

Instruments employed

EUR 451,522,619 Credit Default Swaps
(Class A1+ and E+)

EUR 148,850,000 Credit Linked Notes (CLNs; 5 Classes)

Issuer and Arranger

Württemberger Hypo

Reference Pool

106 French Commercial Mortgage Loans

Reference Pool Quality 

Commercial properties located in France

Maximum principal of a single loan EUR 45.5 m

Secured by first ranking mortgages 

Origination and Servicing by the Issuer

Collateral for Noteholders

Class A1+ CLNs are secured by cash collateral

Class A2 CLNs are secured by cash collateral and Öffentliche Pfandbriefe of Württemberger Hypo

Class B, C and D CLNs are secured by Öffentliche Pfandbriefe of Württemberger Hypo; downgrade provisions are in place

Ratings

Class A1+ Credit Default Swap and A1+, A2, B, C, D CLNs
by Fitch, Standard & Poor's and Moody's

Listing

A1+, A2, B, C, D, CLNs at the Luxembourg Stock Exchange