Post-Stabilisation Notice

15. October 2019

KFW - KREDITANSTALT FÜR WIEDERAUFBAU

Post-Stabilisation Notice

Deutsche Bank AG, Frankfurt (contact: Debt Syndicate, Phone Nr. 0049 69 910 30725) hereby gives notice that the Stabilising Managers(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 Securities:

Issuer: KFW Kreditanstalt für Wiederaufbau

Guarantor (if any): Federal Republic of Germany

Aggregate nominal amount: EUR 1,000,000,000

Description: KFW EUR 1bn Benchmark due 29. September 2034

Issue/reoffer price: 99.584%

Spread over benchmark: 41.2 bps over the DBR 4,75% 04/07/34

ISIN Code: DE000A2YNZ16

Stabilisation:

Stabilising Manager(s): Bank of America Merill Lynch

Deutsche Bank AG

HSBC

Stabilisation started: 15/10/2019

Stabilisation last occured: None

Although stabilisation offers were made, no stabilisation transactions were carried out.

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 an offer of securities for sale into the United States. The securities referred to above have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration. There has not been and will not be a public offer of the securities in the United States.