Obligation KFW 2.75% ( US500769FW98 ) en USD

KFW

100 % ▲

Allemagne

US500769FW98 ( en USD )

2.75% par an ( paiement semestriel )

01/10/2020 - Obligation échue

Prospectus brochure de l'obligation KFW US500769FW98 en USD 2.75%, échue

1 000 USD

4 500 000 000 USD

500769FW9

L'Obligation émise par KFW ( Allemagne ) , en USD, avec le code ISIN US500769FW98, paye un coupon de 2.75% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 01/10/2020

PRICING SUPPLEMENT
(To prospectus supplement dated May 11, 2018
and prospectus dated May 11, 2018)
9JAN201811055284
KfW, Frankfurt/Main, Federal Republic of Germany
$1,500,000,000
2.750% Global Notes due 2020
KfW, also known as Kreditanstalt f¨
ur Wiederaufbau, will pay interest on the notes in two equal
semi-annual installments in arrears on April 1 and October 1, commencing on October 1, 2018. The notes
will be fungible and form a single issuance with KfW's $3,000,000,000 2.750% Global Notes due 2020
issued on September 17, 2013. The notes will mature on October 1, 2020. The notes will not be redeemable
at any time prior to maturity.
KfW will make payments with respect to the notes without deduction or withholding of taxes, unless
otherwise required by law. There will be no ``gross-up'' provision requiring additional payments to be made
in respect of the notes in the event of the imposition of a tax deduction or withholding.
Pursuant to the Law Concerning KfW, the notes will benefit from a statutory guarantee of the Federal
Republic of Germany.
The notes are governed by the laws of the Federal Republic of Germany and provide that the District
Court (Landgericht) in Frankfurt am Main is the exclusive jurisdiction in which an action or other legal
proceedings arising out of or in connection with the notes may be brought.
Application has been made to list the notes on the regulated market of the Luxembourg Stock
Exchange pursuant to Chapter 2 of Part III of the Loi relative aux prospectus pour valeurs mobili`eres dated
July 10, 2005, as amended (the ``Luxembourg Prospectus Act'').
Per Note
Total
Price to public(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99.740%
$1,496,100,000
Underwriting commissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.000%
$
--
Proceeds to KfW(1)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99.740%
$1,496,100,000
(1)
Plus accrued interest from, and including, April 1, 2018 to, but excluding, September 18, 2018 in the
aggregate amount of $19,135,416.67 and additional accrued interest, if any, from, and including,
September 18, 2018 if settlement occurs after that date.
(2)
Before deduction of expenses payable by KfW.
The managers named in this pricing supplement are offering the notes subject to various conditions.
The managers will have the right to reject any order in whole or in part and to withdraw, cancel or modify
the offer without notice. It is expected that delivery of the notes will be made upon the instructions of the
managers through the facilities of The Depository Trust Company, New York, also known as DTC, as well
as through the facilities of other clearing systems that participate in DTC, including Clearstream Banking
S.A., also known as CBL, and Euroclear Bank SA/NV, also known as Euroclear, on or about September 18,
2018. The notes will be represented by one or more permanent global certificates and will not be
exchangeable for definitive certificates except in the limited circumstances described in the accompanying
prospectus supplement. The notes have been assigned a CUSIP number of 500769FW9, an ISIN number
of US500769FW98 and a common code of 097224676.
Neither the Securities and Exchange Commission nor any state securities commission has approved or
disapproved of these securities or determined if this pricing supplement, the accompanying prospectus
supplement or prospectus to which it relates is truthful or complete. Any representation to the contrary is a
criminal offense.
BMO Capital Markets
Citigroup
J.P. Morgan
Pricing Supplement dated September 13, 2018

TABLE OF CONTENTS
Page
Page
Incorporation by Reference . . . . . . . . . . .
PS-4
Subscription and Sale . . . . . . . . . . . . . . .
PS-9
Use of Proceeds . . . . . . . . . . . . . . . . . . .
PS-4
Subscription Agreement . . . . . . . . . . .
PS-9
Terms of the Notes . . . . . . . . . . . . . . . . .
PS-5
Notice by the Managers to Distributors
General Provisions . . . . . . . . . . . . . . .
PS-5
Regarding MiFID II Product
Status . . . . . . . . . . . . . . . . . . . . . . . . .
PS-5
Governance . . . . . . . . . . . . . . . . . . .
PS-9
Interest . . . . . . . . . . . . . . . . . . . . . . .
PS-5
Validity of the Notes . . . . . . . . . . . . . . . .
PS-10
Maturity; Repurchase . . . . . . . . . . . . .
PS-6
General Information . . . . . . . . . . . . . . . .
PS-11
Payments . . . . . . . . . . . . . . . . . . . . . .
PS-6
Further Information . . . . . . . . . . . . . .
PS-11
Taxes . . . . . . . . . . . . . . . . . . . . . . . . .
PS-7
Documents Available . . . . . . . . . . . . . .
PS-11
Termination for Default . . . . . . . . . . . .
PS-7
Listing . . . . . . . . . . . . . . . . . . . . . . . .
PS-11
Registrar and Paying Agent . . . . . . . . .
PS-7
Additional Paying Agent . . . . . . . . . . .
PS-11
Further Issues . . . . . . . . . . . . . . . . . . .
PS-7
Securities Identification Numbers . . . . .
PS-11
Notices . . . . . . . . . . . . . . . . . . . . . . . .
PS-8
Authorization . . . . . . . . . . . . . . . . . . .
PS-11
Governing Law; Jurisdiction;
Auditors . . . . . . . . . . . . . . . . . . . . . . .
PS-11
Enforcement and Language . . . . . . .
PS-8
Interim Financial Statements . . . . . . . .
PS-12
Supplemental Information on United
Material Change . . . . . . . . . . . . . . . . .
PS-12
States Taxation . . . . . . . . . . . . . . . . . .
PS-8
Litigation . . . . . . . . . . . . . . . . . . . . . .
PS-12
This pricing supplement should be read together with the accompanying prospectus supplement dated
May 11, 2018 setting forth information relating to U.S. dollar-denominated global notes, the accompanying
prospectus dated May 11, 2018, and the documents incorporated herein by reference. See ``Incorporation
by Reference'' in this pricing supplement. These documents taken together are herein referred to as the
``disclosure document.'' The documents incorporated herein by reference contain information regarding
KfW, the Federal Republic of Germany and other matters. Further information concerning KfW and the
notes offered hereby may be found in the registration statement (Registration Statement No. 333-224298)
filed with the U.S. Securities and Exchange Commission (the ``SEC'') under the Securities Act of 1933
relating to our debt securities described in the prospectus.
If the information in this pricing supplement differs from the information contained in the
accompanying prospectus supplement or prospectus, you should rely on the information in this pricing
supplement.
The disclosure document fulfills the requirements for a simplified prospectus pursuant to Chapter 2 of
Part III of the Luxembourg Prospectus Act. It does not constitute a prospectus pursuant to Part II of the
Luxembourg Prospectus Act, which transforms Directive 2003/71/EC (the ``Prospectus Directive'') into law
in Luxembourg. Accordingly, the disclosure document does not purport to meet the format and the
disclosure requirements of the Prospectus Directive and Commission Regulation (EC) No. 809/2004
implementing the Prospectus Directive, and it has not been, and will not be, submitted for approval to any
competent authority within the meaning of the Prospectus Directive. The notes issued pursuant to the
disclosure document will therefore not qualify for the benefit of the single European passport pursuant to
the Prospectus Directive.
PS-2

The Luxembourg Stock Exchange takes no responsibility for the content of the disclosure document,
makes no representations as to its accuracy or completeness and expressly disclaims any liability for any
loss arising from or in reliance upon the whole or any part of the contents of the disclosure document. KfW
accepts full responsibility for the accuracy of the information contained in the disclosure document, and
confirms, having made all reasonable inquiries, that to the best of its knowledge and belief there are no
other facts the omission of which would make any statement herein misleading in any material respect.
You should rely only on the information provided in the disclosure document. We have not authorized
anyone else to provide you with different information. We are not making an offer of these securities in
any jurisdiction where such offer is not permitted. You should not assume that the information contained
in the disclosure document is accurate as of any date other than the date on the front of each document
forming part of the disclosure document or, with respect to information incorporated by reference, as of
the date of such information.
References herein to ``euro'' or ``A `` are to the single European currency adopted by certain
participating member countries of the European Union, including the Federal Republic of Germany, as of
January 1, 1999. References to ``U.S. dollars'' or ``$'' are to United States dollars.
For historical information regarding exchange rates between euro and U.S. dollars, see KfW's annual
report on Form 18-K, as amended, which is incorporated by reference herein. The euro foreign exchange
reference rate as published by the European Central Bank on September 12, 2018 was A1.00 = $1.1585.
References herein to ``we'' or ``us'' or similar expressions are to KfW. References to ``KfW
Bankengruppe'' or ``group'' are to KfW and its consolidated subsidiaries.
In connection with this offering of notes, J.P. Morgan Securities plc or any person acting for it may
over-allot the notes or effect transactions with a view to supporting the market price of the notes at a level
higher than that which might otherwise prevail. However, stabilization may not necessarily occur. Any
stabilization action may begin at any time after the adequate public disclosure of the final terms of the offer
of the notes and, if begun, may cease at any time, but it must end no later than the earlier of 30 days after the
closing date and 60 days after the date of the allotment of the notes. Any stabilization action or
over-allotment must be conducted by J.P. Morgan Securities plc or any person acting for it in accordance
with all applicable laws and rules.
PS-3

INCORPORATION BY REFERENCE
The SEC and the Luxembourg Stock Exchange allow us to ``incorporate by reference'' into this pricing
supplement and the accompanying prospectus supplement and prospectus the information in documents
that we file with them, which means that we can disclose important information to you by referring to those
documents. The information incorporated by reference is an important part of the information provided to
you, and information that we file later with the SEC and the Luxembourg Stock Exchange, in each case to
the extent it stipulates that it is to be incorporated by reference, will automatically update and supersede
this information. We incorporate by reference the documents and any amendments to them filed with the
SEC and the Luxembourg Stock Exchange until completion of this offering. For a list, see ``Where You
Can Find More Information'' in the accompanying prospectus.
We will provide, without charge, to each person to whom a copy of this pricing supplement has been
delivered, upon the request of such person, a copy of any or all of the documents deemed to be incorporated
herein by reference unless such documents have been modified or superseded as specified above. Requests for
such documents should be directed to KfW at its office at Palmengartenstraße 5-9, D-60325 Frankfurt am
Main. See ``General Information--Further Information'' in this pricing supplement. You may also request a
copy of these filings at no cost by writing to The Bank of New York Mellon, 225 Liberty Street, New York,
NY 10286, U.S.A.
USE OF PROCEEDS
We estimate that the net proceeds from the sale of the notes will be approximately $1,496,100,000 (not
including accrued interest). The net proceeds from the sale of the notes will be used by us in our general
business.
PS-4

TERMS OF THE NOTES
The following description of the particular terms and conditions of the notes offered hereby (referred to as
the ``notes'' in this pricing supplement and the accompanying prospectus supplement and as the ``securities'' in
the accompanying prospectus) supplements, and to the extent inconsistent therewith replaces, the description of
the general terms and conditions of notes set forth in the accompanying prospectus supplement and prospectus,
to which description reference is hereby made. The description of the terms and conditions below (with the
exception of certain explanatory text designated by italics) is substantially the same as the legally binding English
language text thereof and is qualified in its entirety by reference thereto. A copy of the form of conditions has
been filed with the SEC as an exhibit to the registration statement.
General Provisions
Aggregate Principal Amount and Denomination.
The notes will be issued in the aggregate principal
amount of one billion five hundred million U.S. dollars ($1,500,000,000), divided into one million five
hundred thousand notes in the denomination of $1,000 each, which will rank equally among themselves.
The notes will be fungible and form a single issuance with KfW's $3,000,000,000 2.750% Global Notes due
2020 issued on September 17, 2013.
Global Certificates, Notes and Form.
The notes will be represented by one or more permanent global
certificates without interest coupons (the ``global certificates''). The global certificates will be kept in
custody by The Bank of New York Mellon, New York, also known as BNY Mellon, or any successor, as
custodian for DTC until all of our obligations under the notes have been satisfied. The global certificates
will be issued in registered form in the name of Cede & Co., as nominee of DTC, also known as the
registered holder, recorded in a register kept by the registrar (as defined under ``--Registrar and Paying
Agent'') and represent the notes credited to accounts maintained with DTC by financial institutions that
are participants in DTC. Each person ultimately holding a note is referred to herein as a ``noteholder.''
Each global certificate will be manually signed by two of our authorized representatives and manually
authenticated by or on behalf of the registrar. Copies of the global certificates will be available free of
charge at the paying agent (as defined under ``--Registrar and Paying Agent''). Definitive certificates and
interest coupons for individual notes will not be issued, unless DTC is unable or unwilling to continue
providing its services and a successor securities depository is not obtained. In such a case, a noteholder may
request the issue of definitive certificates representing its individual notes and corresponding interest
coupons (see ``Clearing and Settlement--The Clearing Systems--DTC'' in the accompanying prospectus
supplement).
Transfer.
The notes may be transferred through DTC or its participants. Transfers of notes will
require appropriate entries in securities accounts as described in further detail under ``Clearing and
Settlement--Transfers'' in the accompanying prospectus supplement.
Status
The notes will constitute unsecured and unsubordinated obligations of KfW and will rank equally with
all of our other present and future unsecured and unsubordinated obligations, but subject to any applicable
mandatory statutory exceptions.
Interest
Interest Rate and Due Dates.
The notes will bear interest at the rate of 2.750% per year as from
April 1, 2018. The notes will cease to bear interest upon the end of the day preceding the day on which
they become due for redemption. Interest will be payable in two equal semi-annual installments in arrears
on April 1 and October 1. The first interest payment, which will be for the period commencing on April 1,
2018 (inclusive) and ending on October 1, 2018 (exclusive), will be due on October 1, 2018.
PS-5

Late Payment.
Should we fail to redeem the notes on the due date therefor, interest on the notes
will, subject to the provisions with respect to business days (as defined under ``--Payments--Business
Days'' in this pricing supplement), accrue beyond the due date until actual redemption of the notes at the
default rate of interest established by law. Under German law, the default rate is five percentage points above
the base rate of interest announced by the German Federal Bank effective as of January 1 and July 1 in each
year. On June 26, 2018, the German Federal Bank announced a base rate of -0.88% per annum, making the
default rate for the second half of 2018 4.12%.
Accrued Interest.
If it is necessary to compute interest for a period of other than a full year
(``Calculation Period''), interest will be calculated on the basis of a 360-day year consisting of twelve 30-day
months (unless (A) the last day of the Calculation Period is the 31st day of a month and the first day of the
Calculation Period is a day other than the 30th or 31st day of a month, in which case the month that
includes that last day shall not be considered to be shortened to a 30-day month, or (B) the last day of the
Calculation Period is the last day of the month of February, in which case the month of February shall not
be considered to be lengthened to a 30-day month).
Maturity; Repurchase
Maturity.
The notes will be redeemed at their aggregate principal amount on October 1, 2020.
Subject to the provisions with respect to termination for default set forth under ``--Termination for
Default'' in this pricing supplement, neither will we be entitled to redeem, nor will any noteholder be
entitled to demand the repayment of the notes prior to their stated maturity.
Repurchase.
We may at any time purchase and resell notes in the open market or otherwise at any
price. Notes so purchased and not resold by us may, at our option, be held or surrendered to the paying
agent for cancellation.
Payments
Payments.
Payments of principal of, and interest on, the notes will be made in U.S. dollars on the
relevant payment date (see ``--Payment Date and Due Date'' below) to, or to the order of, the registered
holder registered at the close of business on the relevant record date (see ``--Record Date'' below) in the
register kept by the registrar. The funds will be distributed through the relevant DTC participants (see
``Clearing and Settlement--Certification and Custody'' in the accompanying prospectus supplement) to
the noteholders as of the relevant record date.
All payments made by or on behalf of us to, or to the order of, the registered holder at the close of
business on the relevant record date in the register will discharge our liability under the notes to the extent
of the sums so paid.
Record Date.
The record date for purposes of payments of principal and interest (see ``--Payments''
above) will be, in respect of each such payment, the tenth New York business day prior to the relevant
payment date.
Business Days.
If any due date for payment of principal or interest to, or to the order of, the
registered holder is not a New York business day, such payment will not be made until the next day which is
a New York business day, and no further interest will be paid in respect of the delay in such payment. ``New
York business day'' means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a
day on which commercial banks are authorized or required by law, regulation or executive order to close in
New York City.
PS-6

Payment Date and Due Date.
For the purposes of the terms and conditions of the notes, ``payment
date'' means the day on which the payment is actually to be made, where applicable as adjusted in
accordance with the preceding paragraph, and ``due date'' means the interest payment date or the maturity
date set forth above, without taking account of any such adjustment.
Taxes
All payments by us in respect of the notes will be made without deduction or withholding of taxes or
other duties, unless such deduction or withholding is required by law. In the event of such deduction or
withholding, we will not be required to pay any additional amounts in respect of the notes. There will be no
``gross-up'' provision requiring additional payments to be made in respect of the notes in the event of imposition
of deduction or withholding of taxes or other duties.
Termination for Default
Any noteholder may, at its option, through DTC, declare its notes due and demand repayment thereof
at their principal amount plus interest accrued to the date of repayment if we fail to pay any amount
payable under the notes within 30 days from the relevant due date. The right to declare notes due will
cease if we have made payment to, or to the order of, the registered holder before the noteholder has
exercised such right. Any notice declaring notes due will be made by means of a notice in text format
(Textform, e.g. email or fax) or in written form to be sent to us together with proof that such noteholder at
the time of such notice is a holder of the relevant notes by means of a certificate of the noteholder's
custodian as set forth under ``--Governing Law; Jurisdiction; Enforcement and Language--Enforcement''
in this pricing supplement. Definitive certificates and interest coupons for individual notes will not be issued in
the event of a default.
Registrar and Paying Agent
We will appoint The Bank of New York Mellon SA/NV, Luxembourg Branch as initial registrar (the
``registrar''), BNY Mellon as paying agent, and, to the extent required by law, The Bank of New York
Mellon acting through its Frankfurt branch (``BNY Mellon Frankfurt'') as additional paying agent
(BNY Mellon and, if applicable, BNY Mellon Frankfurt in performing such function, the ``paying agent'').
We reserve the right at any time to vary or terminate the appointment of the registrar or any paying agent
or approve any change in the office through which they act (the ``specified office''), provided that there will
at all times be a registrar and a paying agent, and provided further that so long as the notes are listed on
any stock exchange (and the rules of such stock exchange so require), we will maintain a paying agent with
a specified office in the city in which such stock exchange is located. We will give notice of any change in
the registrar or the paying agent or in their specified offices by publication in the manner set forth under
``--Notices'' in this pricing supplement.
The registrar and the paying agent in such capacities are acting exclusively as our agents and do not
have any legal relationship of whatever nature with the registered holder or any noteholder and are not in
any event accountable to the registered holder or any noteholder.
Further Issues
We reserve the right, from time to time without the consent of the noteholders, to issue additional
notes, on terms identical in all respects to those set forth in the terms and conditions of the notes (except
that the date from which interest will accrue may vary), so that such additional notes will be consolidated
with, form a single issue with and increase the aggregate principal amount of, the notes. The term ``notes''
will, in the event of such increase, also include such additional notes.
PS-7

Notices
All notices regarding the notes will be published (a) in the Federal Republic of Germany in the
Federal Gazette (Bundesanzeiger) and, to the extent legally required, in addition thereto, in any other form
of media prescribed by law; and (b) also in a leading daily newspaper printed in the English language and
of general circulation in New York City (expected to be The Wall Street Journal). Any notice will become
effective for all purposes on the third day following the date of its publication or, if published more than
once or on different dates, on the third day following the date of first publication.
Governing Law; Jurisdiction; Enforcement and Language
Governing Law.
The notes, both as to form and content, as well as our rights and duties and those of
the noteholders, will be governed by and will be construed in accordance with the laws of the Federal
Republic of Germany. Any disposition of the notes, including transfers and pledges, executed between
DTC participants, and between DTC itself and DTC participants, will be governed by the laws of the State
of New York.
Jurisdiction.
Any action or other legal proceedings arising out of or in connection with the notes may
exclusively be brought in the District Court (Landgericht) in Frankfurt am Main.
Enforcement.
Any noteholder may in any proceedings against us or to which the noteholder and we
are parties protect and enforce in its own name its rights arising under its notes on the basis of (a) a
certificate issued by its custodian (i) stating the full name and address of the noteholder, (ii) specifying a
principal amount of notes credited on the date of such statement to such noteholder's securities account
maintained with such custodian and (iii) confirming that the custodian has given a written notice to DTC
and the registrar containing the information pursuant to (i) and (ii) and bearing acknowledgments of DTC
and the relevant DTC participant and (b) copies of the global certificates certified as being true copies by a
duly authorized officer of DTC or the registrar. For purposes of the foregoing, ``custodian'' means any
bank or other financial institution of recognized standing authorized to engage in securities custody
business with which the noteholder maintains a securities account in respect of any notes and includes
DTC and its participants, including any other clearing system which participates in DTC.
Language.
The conditions are written in the English language and accompanied by a German
language translation. The English text will be controlling and binding. The German language translation is
provided for convenience only.
SUPPLEMENTAL INFORMATION ON UNITED STATES TAXATION
The following disclosure supplements the discussion set forth in the accompanying prospectus under
the caption ``United States Taxation'' and should be read in conjunction therewith.
For United States federal income tax purposes, the issuance of the notes should be a ``qualified
reopening'' of KfW's $3,000,000,000 aggregate principal amount of 2.750% Global Notes due 2020 issued
on September 17, 2013. The notes offered hereby should, therefore, have the same adjusted issue price and
the same issue date (both as described in ``United States Taxation--United States Holders--Original Issue
Discount'' in the accompanying prospectus) as the notes issued on September 17, 2013. Payments on the
notes that are attributable to pre-issuance accrued interest should not be includible in income.
PS-8

SUBSCRIPTION AND SALE
Subscription Agreement
Bank of Montreal, London Branch, Citigroup Global Markets Limited and J.P. Morgan Securities plc
(collectively, the ``managers'') have agreed with us, severally and not jointly, pursuant to a subscription
agreement dated September 13, 2018 (the ``subscription agreement''), to subscribe and pay for the
principal amount of the notes set forth opposite their respective names below at 99.740% of their principal
amount plus accrued interest, from, and including, April 1, 2018 to, but excluding, September 18, 2018.
Principal amount
Managers
of notes
Bank of Montreal, London Branch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 500,000,000
Citigroup Global Markets Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 500,000,000
J.P. Morgan Securities plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 500,000,000
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,500,000,000
Under the terms and conditions of the subscription agreement, the managers are committed to take
and pay for all of the notes, if any are taken. The managers propose to offer the notes in part directly to the
public at the price to public set forth on the cover page of this pricing supplement and in part to dealers at
such price. After the initial public offering, the price to public may be changed.
We have agreed in the subscription agreement to indemnify the managers against certain liabilities,
including liabilities under the Securities Act of 1933. The managers have agreed to bear certain expenses
relating to the offering of the notes.
The notes will be offered for sale in those jurisdictions in the United States, Europe, Asia and
elsewhere where it is legal to make such offers. The selling restrictions applicable to the notes are set forth
under ``Subscription and Sale--Certain Selling Restrictions'' in the accompanying prospectus supplement.
Notice by the Managers to Distributors Regarding MiFID II Product Governance
The managers acting in their capacity as manufacturers of the notes in the meaning of Directive
2014/65/EU and implementing legislation (as amended, ``MiFID II'') hereby inform prospective
distributors for the purpose of the product governance rules under MiFID II that the target market
assessment made by the managers in respect of the notes in accordance with the product governance rules
under MiFID II has led the managers to the conclusion that: (i) the target market for the notes is eligible
counterparties, professional clients and retail clients each as defined in MiFID II; and (ii) all channels for
distribution of the notes are appropriate. Any distributor should take into consideration the managers'
target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own
target market assessment in respect of the notes (by either adopting or refining the managers' target
market assessment), determining appropriate distribution channels and performing the suitability and
appropriateness assessment with respect to each client.
PS-9

VALIDITY OF THE NOTES
The validity of the notes will be passed upon on behalf of KfW by the Legal Department of KfW, and
on behalf of the managers by Hengeler Mueller Partnerschaft von Rechtsanw¨
alten mbB, Frankfurt am
Main. KfW is also being represented by Sullivan & Cromwell LLP, New York, New York, and the managers
are also being represented by Simpson Thacher & Bartlett LLP, New York, New York.
PS-10