Post-Stabilisation Notice

13. November 2019

KFW - KREDITANSTALT FÜR WIEDERAUFBAU (the Issuer)

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 1,00,000,000

Description: KFW Inaugural €STR 3yr Benchmark 21 Nov 2022

Issue/reoffer price: 105.829

Spread over benchmark: ESTR +10bps

ISIN Code: DE000A254PH6

Stabilisation:

Stabilising Manager(s): Unicredit Bank

Credit Agricole CIB

Deutsche Bank AG

Stabilisation started: 13/11/2019

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.