Bond Wiederaufbaukreditanstalt 2.494% ( XS0206557984 ) in EUR

Wiederaufbaukreditanstalt

100 % ⇌

Germany

XS0206557984 ( in EUR )

2.494% per year ( payment 1 time a year)

30/10/2034 - Bond has expired

Prospectus brochure of the bond Kreditanstalt für Wiederaufbau XS0206557984 in EUR 2.494%, expired

The Kreditanstalt für Wiederaufbau (KfW) is a German state-owned promotional bank that provides loans and other financial services to promote economic development in Germany and abroad.

The Bond issued by Wiederaufbaukreditanstalt ( Germany ) , in EUR, with the ISIN code XS0206557984, pays a coupon of 2.494% per year.
The coupons are paid 1 time per year and the Bond maturity is 30/10/2034

INFORMATION MEMORANDUM
KfW
Frankfurt/Main
Federal Republic of Germany
KfW Note Programme
Notes issued under this Programme are admitted for official quotation on the official market of the Frankfurt
Stock Exchange and application has been made to list Notes issued under the Programme on the Luxembourg
Stock Exchange. Notes issued under this Programme may also be listed on an alternative stock exchange, as may
be agreed between the Issuer and the relevant Dealer(s). The Issuer may also issue Notes which are not listed on
any stock exchange.
The date of this Information Memorandum is September 27, 2004. The Information Memorandum is valid for one
year from such date.
Arrangers
Barclays Capital
Dresdner Kleinwort Wasserstein
JPMorgan

TABLE OF CONTENTS
Page
Important Notice. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Summary of the Programme and of the Terms and Conditions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Issue Procedures. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Emissionsbedingungen der Schuldverschreibungen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Terms and Conditions of the Notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Form of the Pricing Supplement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
KfW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
Selling Restrictions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55
Taxation in the Federal Republic of Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57
3

IMPORTANT NOTICE
KfW (the "Issuer") accepts responsibility for the contents of this Information Memorandum and has taken all
reasonable care to ensure that the facts stated herein are true and accurate and that no material facts have been
omitted.
The Issuer has covenanted to the Dealers that on or before each anniversary of the date of this Information
Memorandum it will update or amend the Information Memorandum by the publication of a supplement thereto
or a new Information Memorandum.
No person has been authorised to give any information or to make any representations, other than those contained
in this Information Memorandum, in connection with the issue and sale of the Notes and, if given or made, such
information or representations must not be relied upon as having been authorised by the Issuer, the Arrangers or
any Dealer. Neither the delivery of this Information Memorandum nor any sale made hereunder shall, under any
circumstances, create any implication that the information herein is correct as of any time subsequent to the date
hereof.
This Information Memorandum is valid for one year following its date of issue and it and any amendment or
supplement thereto as well as any Pricing Supplement reflects the status as of their respective dates of issue. The
offering, sale or delivery of any Notes may not be taken as an implication that the information contained in such
documents is accurate and complete subsequent to their respective dates of issue or that there has been no
adverse change in the financial condition of the Issuer since such date or that any other information supplied
in connection with the Programme is correct at any time subsequent to the date on which it is supplied or, if
different, the date indicated in the document containing the same.
The Issuer has given an undertaking in connection with the listing of the Notes issued under the Programme on
the Luxembourg Stock Exchange that, so long as any Note remains outstanding and listed on such exchange,
in the event of any adverse change in the financial condition of the Issuer which is material in the context of the
Programme and which is not reflected in the Information Memorandum, the Issuer will prepare a further supple-
ment to the Information Memorandum or publish a new Information Memorandum for use in connection with
any subsequent issue of Notes to be listed on the Luxembourg Stock Exchange. If the terms of the Programme
are modified or amended in a manner which would make the Information Memorandum, as supplemented, in-
accurate or misleading, a new Information Memorandum will be prepared.
To the extent permitted by the laws of any relevant jurisdiction, neither the Arrangers nor any Dealer accepts any
responsibility for the accuracy and completeness of the information contained in this Information Memorandum
or any amendment or supplement thereof, or any other document incorporated herein by reference nor for the
information contained in any Pricing Supplement. This Information Memorandum does not constitute an offer or
an invitation by the Issuer or by the Arrangers or any of them to subscribe for or purchase any of the Notes.
The distribution of this Information Memorandum or any part hereof and any Pricing Supplement and the offer,
sale and delivery of any of the Notes may be restricted by law in certain jurisdictions. Persons into whose possession
this Information Memorandum or any Pricing Supplement comes are required to inform themselves about and to
observe any such restrictions. See "Selling Restrictions".
Each person contemplating making an investment in the Notes must make its own investigation and analysis of
the creditworthiness of the Issuer and its own determination of the suitability of any such investment, with parti-
cular reference to its own investment objectives and experience, and any other factors which may be relevant to
it in connection with such investment. Prospective purchasers should also consult their own tax advisors as to the
tax consequences of the purchase, ownership and disposition of Notes.
In connection with the issue of any Tranche of Notes under the Programme, the Dealer who is specified in the
relevant Pricing Supplement as the stabilising manager (or persons acting on its behalf) may overallot or effect
transactions with a view to supporting the price of the Notes at a level higher than that which might otherwise
prevail. However, there is no assurance that such Dealer (or persons acting on its behalf) will undertake stabili-
sation action. Any stabilisation 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 be ended at any time, but it must end no later than the earlier
of 30 days after the Issue Date and 60 days after the date of the allotment of the Notes.
4

SUMMARY OF THE PROGRAMME AND OF THE TERMS AND CONDITIONS
The Issuer may, at any time, issue notes ("Notes") under the KfW Note Programme (the "Programme"). The con-
ditions of a particular issue of Notes will be agreed with the respective Dealer(s) on a case-by-case basis.
The following summary does not purport to be a complete description of the provisions applicable to the Pro-
gramme or to the Notes issued thereunder.
Issuer
KfW
Guarantee
The Federal Republic of Germany guarantees the servicing of the Notes under Article 1a of
the Law Concerning the KfW (the "KfW Law").
Arrangers
Barclays Bank PLC
Dresdner Bank Aktiengesellschaft
J.P. Morgan Securities Ltd.
Dealers
There are no sponsoring Dealers with respect to the Programme, and, accordingly, there is
no dealer agreement between the Issuer and a group of Dealers. Instead, the Issuer has pro-
mulgated Standard Dealer Terms.
The Programme provides (a) for the purchase of Notes by one or more Dealers (underwritten
issues) (i) on a non-syndicated basis, in which case the Issuer and the Dealer(s) will enter
into a Subscription Agreement for non-syndicated issues, or (ii) on a syndicated basis, in
which case the Issuer and the Dealers will enter into a Subscription Agreement for syndicated
issues, as well as (b) for the purchase of Notes by third parties whose offers have been soli-
cited by the Dealer(s) (non-underwritten Issues) appointed under a Distribution Agreement
between the Issuer and such Dealer(s). Any such Subscription Agreement or Distribution
Agreement will incorporate the Standard Dealer Terms by reference.
Fiscal Agent
KfW or Deutsche Bank Aktiengesellschaft or any other financial institution appointed as
Fiscal Agent in respect of a particular Series of Notes, as specified in the applicable Pricing
Supplement.
The Issuer has promulgated Fiscal Agency Rules which will be incorporated by reference
into the Fiscal Agent Appointment Agreement made between the Issuer and the relevant
Fiscal Agent (other than KfW).
Luxembourg
Deutsche Bank Luxembourg S.A. or any other financial institution appointed as Luxembourg
Paying Agent
Paying Agent in respect of a particular Series of Notes, as specified in the applicable Pricing
Supplement.
Calculation Agent/
The Calculation Agent in respect of a particular Series of Notes will generally be the Fiscal
Determination Agent Agent. However, the relevant Dealer or Lead Manager or another financial institution may
instead act as Calculation Agent, as specified in the applicable Pricing Supplement.
The Issuer may appoint a Determination Agent in respect of a particular Series of Notes, as
specified in the applicable Pricing Supplement. In such event, the Calculation Agent will be
bound by the determinations made by the Determination Agent in respect of the bases
(such as interest rates, conversion rates, prices, indices or otherwise) communicated by the
Determination Agent to the Calculation Agent for the calculations to be made by the Calcu-
lation Agent.
Specified Currencies Subject to applicable legal or regulatory restrictions, Notes may be denominated in Euros or
any other currency or currency unit, as may be agreed between the Issuer and the relevant
Dealer(s).
Maturities
Notes may be issued with maturities of 90 days or longer.
Distribution
The Notes may be offered by way of public or private placement, on a syndicated or non-
syndicated basis or by auction.
The method of distribution of each issue will be stated in the applicable Pricing Supplement.
Method of Issue
Notes will be issued in tranches (each a "Tranche") consisting of Notes which are identical
in all respects. One or more Tranches, which are expressed to be consolidated and form a
single series and are identical in all respects, but having different issue dates, interest com-
mencement dates, issue prices and/or dates for first interest payments, may form a series
("Series") of Notes. Further Notes may be issued as part of existing Series.
Form of Notes
Notes will be issued in bearer form only and will be represented by one or more global
Notes ("Global Notes") which will not be exchangeable for definitive Notes.
Notes to which U.S. Treasury Regulation S. 1.163-5(c) (2) (i) (C) (the "TEFRA C Rules")
applies ("TEFRA C Notes") will be represented by a permanent Global Note in bearer form,
without interest coupons, in a principal amount equal to the aggregate principal amount of
such Notes ("Permanent Global Note").
5

Notes to which U.S. Treasury Regulation S. 1.163-5(c) (2) (i) (D) (the "TEFRA D Rules")
applies ("TEFRA D Notes") will be represented initially by a temporary global Note in bearer
form, without interest coupons, in a principal amount equal to the aggregate principal amount
of such Notes (the "Temporary Global Note"). Such Temporary Global Note will be exchanged
for one or more Permanent Global Note(s) not earlier than 40 days and not later than 180
days after the date of issue of the Notes comprising the relevant Tranche upon certification
of non U.S.-beneficial ownership in the form available from time to time at the specified
office of the Fiscal Agent.
The Issuer expects that Notes denominated in U.S. dollars will be issued as TEFRA D Notes.
Notes to which neither the TEFRA C nor the TEFRA D Rules apply, i.e. Notes with an initial
maturity of one year or less, will be represented by a Permanent Global Note.
Types of Notes
Notes may be Fixed Rate Notes, Floating Rate Notes, Zero Coupon Notes or Discount Notes.
Notes may be of any other type, such as Dual Currency Notes, Instalment Notes, Index
Linked Notes, Equity Linked Notes, FX-Linked Notes or may have any other structure, all upon
the terms set out in the applicable Pricing Supplement.
Status of Notes
The obligations under the Notes constitute unsecured and unsubordinated obligations of the
Issuer ranking pari passu among themselves and pari passu with all other unsecured and
unsubordinated obligations of the Issuer.
Redemption
The Notes may be redeemable only at their stated maturity or before their stated maturity at
the option of the Issuer and/or Holder of the Notes or for other reasons, all as specified in the
applicable Pricing Supplement.
There will be no call option for tax reasons.
Taxation
All payments by the Issuer in respect of the Notes will be made without deduction of taxes
and other duties, except where such deduction is required by law.
Events of Default
None
Negative Pledge
None
Listing
Notes are admitted for official quotation on the official market of the Frankfurt Stock Exchange
and application has been made to list Notes on the Luxembourg Stock Exchange. Notes may
also be listed on any other Stock Exchange, as may be agreed between the Issuer and the
relevant Dealer(s). The Issuer may also issue Notes which are not listed on any Stock Exchange.
Governing Law
German law
Selling Restrictions The distribution of Notes will comply with all restrictions under any applicable law in
connection with the offering and sale of each issue. See p. 53 below.
Clearance and
Notes will be accepted for clearing through one ore more Clearing Systems as specified in
Settlement
the applicable Pricing Supplement. These systems will include those operated by Clearstream
Banking AG, Frankfurt am Main ("CBF"), Clearstream Banking, société anonyme, Luxem-
bourg ("CBL") and Euroclear Bank S.A./N.V. as operator of the Euroclear System
("Euroclear").
Ratings
The Programme has been rated Aaa by Moody's Investors Service Limited, AAA by Standard
& Poor's Ratings Services, a division of the McGraw Hill Companies Inc., and AAA by Fitch
Ratings Limited. Notes issued under the Programme may be rated by any or all of the Rating
Agencies named in the previous sentence or unrated. Where an issue of Notes is rated, its
rating will not necessarily be the same as the rating applicable to the Programme. A security
rating is not a recommendation to buy, sell or hold securities and may be subjected to sus-
pension, reduction or withdrawal at any time by the assigning rating agency.
Use of Proceeds
The net proceeds from the sale of the Notes under the Programme will be used in the general
business of the Issuer.
6

ISSUE PROCEDURES
General
The Issuer and the relevant Dealer(s) will agree on the terms and conditions applicable to each particular Tranche
of Notes (the "Conditions"). The Conditions will be constituted by the Terms and Conditions of the Notes set forth
below (the "Terms and Conditions") as completed, modified, supplemented or replaced by the provisions of the
Pricing Supplement (the "Pricing Supplement"). The Pricing Supplement relating to each Tranche of Notes will
specify:
· whether the Conditions are to be Long-Form Conditions or Integrated Conditions (each as described below);
and
· whether the Conditions will be in the German language or the English language or both (and, if both, whether
the German language version or the English language version is controlling).
As to whether Long-Form Conditions or Integrated Conditions will apply, the Issuer anticipates that:
· Long-Form Conditions will generally be used for Notes sold on a non-syndicated or non-underwritten basis and
which are not publicly offered.
· Integrated Conditions will generally be used for Notes sold and distributed on a syndicated basis. Integrated
Conditions will be required where the Notes are to be publicly offered, in whole or in part, or are to be distributed,
in whole or in part, to non-professional investors.
As to the controlling language of the respective Conditions, the Issuer anticipates that, in general, subject to any
stock exchange or legal requirements applicable from time to time, and unless otherwise agreed between the
Issuer and the relevant Dealer:
· in the case of Notes sold and distributed on a syndicated basis, German will be the controlling language;
· in the case of Notes publicly offered, in whole or in part, in the Federal Republic of Germany, or distributed, in
whole or in part, to non-professional investors in the Federal Republic of Germany, German will be the controlling
language. If, in the event of such public offer or distribution to non-professional investors, however, English is
chosen as the controlling language, a German language translation of the Conditions will be available from the
principal office of the Fiscal Agent and KfW, as specified on the back cover of this Information Memorandum.
Long-Form Conditions
If the Pricing Supplement specifies that Long-Form Conditions are to apply to the Notes, the provisions of the
applicable Pricing Supplement and the Terms and Conditions, taken together, shall constitute the Conditions.
Such Conditions will be constituted as follows:
· the blanks in the provisions of the Terms and Conditions which are applicable to the Notes will be deemed to be
completed by the information contained in the Pricing Supplement as if such information were inserted in the
blanks of such provisions;
· the Terms and Conditions will be modified, supplemented or replaced by the text of any provisions of the Pricing
Supplement modifying, supplementing or replacing, in whole or in part, the provisions of the Terms and Con-
ditions;
· alternative or optional provisions of the Terms and Conditions as to which the corresponding provisions of the
Pricing Supplement are not completed or are deleted will be deemed to be not included in the Conditions; and
· all instructions and explanatory notes set out in square brackets in the Terms and Conditions and any footnotes
and explanatory text in the Pricing Supplement will be deemed to be not included in the Conditions.
Where Long-Form Conditions apply, each global note representing the Notes of the relevant Series will have the
Pricing Supplement and the Terms and Conditions attached.
Integrated Conditions
If the Pricing Supplement specifies that Integrated Conditions are to apply to the Notes, the Conditions in respect
of such Notes will be constituted as follows:
· all of the blanks in all applicable provisions of the Terms and Conditions will be completed according to the
information contained in the Pricing Supplement and all non-applicable provisions of the Terms and Conditions
(including the instructions and explanatory notes set out in square brackets) will be deleted; and/or
· the Terms and Conditions will be otherwise modified, supplemented or replaced, in whole or in part, according
to the information set forth in the Pricing Supplement.
Where Integrated Conditions apply, the Integrated Conditions alone will constitute the Conditions. The Integrated
Conditions will be attached to each global note representing Notes of the relevant Series.
7

EMISSIONSBEDINGUNGEN DER SCHULDVERSCHREIBUNGEN
Diese Tranche von Schuldverschreibungen wird gemäß den von der KfW bekannt gegebenen Fiscal Agency Rules
mit Datum vom 27. September 2004 in ihrer jeweiligen Fassung (die ,,Fiscal Agency Rules") begeben. Ablichtungen
der Fiscal Agency Rules können kostenlos am Sitz der Emittentin in Frankfurt am Main oder der Hauptnieder-
lassung der Deutsche Bank Luxembourg S.A. in Luxemburg bezogen werden.
Im Falle von nicht-
[Die Bestimmungen dieser Emissionsbedingungen gelten für diese Schuldverschrei-
konsolidierten Bedin-
bungen so, wie sie durch die Angaben des beigefügten Konditionenblatts (das ,,Kon-
gungen, einfügen:
ditionenblatt") vervollständigt, geändert, ergänzt oder ganz oder teilweise ersetzt
werden. Die Leerstellen in den auf die Schuldverschreibungen anwendbaren Bestim-
mungen dieser Emissionsbedingungen gelten als durch die im Konditionenblatt ent-
haltenen Angaben ausgefüllt, als ob die Leerstellen in den betreffenden Bestimmun-
gen durch diese Angaben ausgefüllt wären; sofern das Konditionenblatt die Änderung,
Ergänzung oder (vollständige oder teilweise) Ersetzung bestimmter Emissionsbedin-
gungen vorsieht, gelten die betreffenden Bestimmungen der Emissionsbedingungen
als entsprechend geändert, ergänzt oder ersetzt; alternative oder wählbare Bestim-
mungen dieser Emissionsbedingungen, deren Entsprechungen im Konditionenblatt
nicht ausdrücklich ausgefüllt oder die gestrichen sind, gelten als aus diesen Emissions-
bedingungen gestrichen; sämtliche auf die Schuldverschreibungen nicht anwendbaren
Bestimmungen dieser Emissionsbedingungen (einschließlich der Anweisungen,
Anmerkungen und der Texte in eckigen Klammern) gelten als aus diesen Emissionsbe-
dingungen gestrichen, so daß die Bestimmungen des Konditionenblatts Geltung erhal-
ten. Kopien des Konditionenblattes sind kostenlos bei der bezeichneten Geschäfts-
stelle des Fiscal Agent und bei den bezeichneten Geschäftsstellen einer jeden
Zahlstelle erhältlich; bei nicht an einer Börse notierten Schuldverschreibungen sind
Kopien des betreffenden Konditionenblattes allerdings ausschließlich für die Gläubiger
solcher Schuldverschreibungen erhältlich.]
§ 1
WÄHRUNG, STÜCKELUNG, FORM, DEFINITIONEN
(1) Währung; Stückelung. Diese Tranche von Schuldverschreibungen (die ,,Schuldver-
schreibungen") der KfW (die ,,Emittentin") wird in [festgelegte Währung einfügen]
(die ,,festgelegte Währung") im Gesamtnennbetrag von [Gesamtnennbetrag einfügen]
(in Worten: [Gesamtnennbetrag in Worten einfügen]) (der ,,Gesamtnennbetrag") in
der Stückelung von [festgelegte Stückelung einfügen] (die ,,festgelegte Stückelung")
begeben.
(2) Form. Die Schuldverschreibungen lauten auf den Inhaber.
Im Falle von Schuldver-
[(3) Dauerglobalurkunde. Die Schuldverschreibungen sind durch eine Dauerglobal-
schreibungen, die
urkunde (die ,,Dauerglobalurkunde") ohne Zinsscheine verbrieft. Die Dauerglobal-
durch eine
urkunde trägt die eigenhändigen Unterschriften zweier ordnungsgemäß bevollmäch-
Dauerglobalurkunde
tigter Vertreter der Emittentin und ist von dem Fiscal Agent oder in dessen Namen mit
verbrieft sind, einfügen:
einer Kontrollunterschrift versehen. Einzelurkunden und Zinsscheine werden nicht aus-
gegeben.]
Im Falle von TEFRA D-
[(3) Vorläufige Globalurkunde Austausch.
Schuldverschreibun-
(a) Die Schuldverschreibungen sind anfänglich durch eine vorläufige Globalurkunde
gen, die anfänglich
(die ,,vorläufige Globalurkunde") ohne Zinsscheine verbrieft. Die vorläufige Global-
durch eine vorläufige
urkunde wird gegen Schuldverschreibungen in den festgelegten Stückelungen, die
Globalurkunde ver-
durch eine oder mehrere Dauerglobalurkunden (die ,,Dauerglobalurkunde") ohne
brieft sind, einfügen:
Zinsscheine verbrieft sind, ausgetauscht. Die vorläufige Globalurkunde und die
Dauerglobalurkunde tragen jeweils die eigenhändigen Unterschriften zweier ord-
nungsgemäß bevollmächtigter Vertreter der Emittentin und sind jeweils von dem
Fiscal Agent oder in dessen Namen mit einer Kontrollunterschrift versehen. Einzel-
urkunden und Zinsscheine werden nicht ausgegeben.
(b) Die vorläufige Globalurkunde wird an einem Tag (der ,,Austauschtag") gegen die
Dauerglobalurkunde ausgetauscht, der nicht mehr als 180 Tage nach dem Tag der
Ausgabe der vorläufigen Globalurkunde liegt. Der Austauschtag für einen solchen
Austausch soll nicht weniger als 40 Tage nach dem Tag der Ausgabe der vorläu-
figen Globalurkunde liegen. Ein solcher Austausch soll nur nach Vorlage von
Bescheinigungen erfolgen, wonach der oder die wirtschaftlichen Eigentümer der
durch die vorläufige Globalurkunde verbrieften Schuldverschreibungen keine U.S.-
Personen sind (ausgenommen bestimmte Finanzinstitute oder bestimmte Perso-
nen, die Schuldverschreibungen über solche Finanzinstitute halten). Zinszahlungen
auf durch eine vorläufige Globalurkunde verbriefte Schuldverschreibungen erfol-
gen erst nach Vorlage solcher Bescheinigungen. Eine gesonderte Bescheinigung ist
hinsichtlich einer jeden solchen Zinszahlung erforderlich. Jede Bescheinigung, die
8

TERMS AND CONDITIONS OF THE NOTES
This Tranche of Notes is issued pursuant to the Fiscal Agency Rules promulgated by KfW dated September 27,
2004 as amended, supplemented or restated from time to time (the "Fiscal Agency Rules"). Copies of the Fiscal
Agency Rules may be obtained free of charge from the head office of the Issuer in Frankfurt am Main or the prin-
cipal office of Deutsche Bank Luxembourg S.A. in Luxembourg.
In the case of Long-
[The provisions of these Terms and Conditions apply to the Notes as completed, modi-
Form Conditions
fied, supplemented or replaced, in whole or in part, by the terms of the pricing supple-
insert:
ment which is attached hereto (the "Pricing Supplement"). The blanks in the pro-
visions of these Terms and Conditions which are applicable to the Notes shall be
deemed to be completed by the information contained in the Pricing Supplement as if
such information were inserted in the blanks of such provisions; any provisions of the
Pricing Supplement modifying, supplementing or replacing, in whole or in part, the
provisions of these Terms and Conditions shall be deemed to so modify, supplement
or replace the provisions of these Terms and Conditions; alternative or optional pro-
visions of these Terms and Conditions as to which the corresponding provisions of the
Pricing Supplement are not completed or are deleted shall be deemed to be deleted
from these Terms and Conditions; and all provisions of these Terms and Conditions
which are inapplicable to the Notes (including instructions, explanatory notes and text
set out in square brackets) shall be deemed to be deleted from these Terms and Con-
ditions, as required to give effect to the terms of the Pricing Supplement. Copies of the
Pricing Supplement may be obtained free of charge at the specified office of the Fiscal
Agent and at the specified office of any Paying Agent provided that, in the case of
Notes which are not listed on any stock exchange, copies of the relevant Pricing
Supplement will only be available to Holders of such Notes.]
§ 1
CURRENCY, DENOMINATION, FORM, CERTAIN DEFINITIONS
(1) Currency; Denomination. This Tranche of Notes (the "Notes") of KfW (the "Issuer")
is being issued in [insert Specified Currency] (the "Specified Currency") in the aggre-
gate principal amount of [insert Aggregate Principal Amount] (in words: [insert Aggre-
gate Principal Amount in words]) (the "Aggregate Principal Amount") in the denomi-
nation of [insert Specified Denomination] (the "Specified Denomination").
(2) Form. The Notes are being issued in bearer form.
In the case of Notes
[(3) Permanent Global Note. The Notes are represented by a permanent global note
which are represented
(the "Permanent Global Note") without coupons. The Permanent Global Note shall be
by a Permanent Global
signed manually by two authorized signatories of the Issuer and shall be authenticated
Note insert:
by or on behalf of the Fiscal Agent. Definitive Notes and interest coupons will not be
issued.]
In the case of TEFRA D
[(3) Temporary Global Note Exchange.
Notes which are
(a) The Notes are initially represented by a temporary global note (the "Temporary
initially represented by
Global Note") without coupons. The Temporary Global Note will be exchangeable
a Temporary Global
for Notes in the Specified Denomination represented by one or more permanent
Note insert:
global notes (the "Permanent Global Note") without coupons. The Temporary Glo-
bal Note and the Permanent Global Note shall each be signed manually by two
authorized signatories of the Issuer and shall each be authenticated by or on behalf
of the Fiscal Agent. Definitive Notes and interest coupons will not be issued.
(b) The Temporary Global Note shall be exchanged for the Permanent Global Note on
a date (the "Exchange Date") not later than 180 days after the date of issue of the
Temporary Global Note. The Exchange Date for such exchange will not be earlier
than 40 days after the date of issue of the Temporary Global Note. Such exchange
shall only be made upon delivery of certifications to the effect that the beneficial
owner or owners of the Notes represented by the Temporary Global Note is not a
U.S. person (other than certain financial institutions or certain persons holding
Notes through such financial institutions). Payment of interest on Notes represented
by a Temporary Global Note will be made only after delivery of such certifications.
A separate certification shall be required in respect of each such payment of interest.
Any such certification received on or after the 40th day after the date of issue of the
Temporary Global Note will be treated as a request to exchange such Temporary
9

am oder nach dem 40. Tag nach dem Tag der Ausgabe der vorläufigen Global-
urkunde eingeht, wird als ein Ersuchen behandelt werden, diese vorläufige Global-
urkunde gemäß Absatz (b) dieses § 1(3) auszutauschen. Wertpapiere, die im Aus-
tausch für die vorläufige Globalurkunde geliefert werden, sind nur außerhalb der
Vereinigten Staaten (wie in § 5(3) definiert) zu liefern.]
(4) Clearingsystem. Jede Dauerglobalurkunde wird solange von einem oder im Namen
eines Clearingsystems verwahrt, bis sämtliche Verbindlichkeiten der Emittentin aus
den Schuldverschreibungen erfüllt sind. ,,Clearingsystem" bedeutet [bei mehr als
einem Clearingsystem einfügen: jeweils] folgendes: [Clearstream Banking AG, Frank-
furt am Main (,,CBF")] [,] [und] [Clearstream Banking, société anonyme, Luxembourg
(,,CBL")] [,] [und] [Euroclear Bank S.A./N.V., als Betreiberin des Euroclear Systems
(,,Euroclear")] [,] [und] [anderes Clearingsystem angeben].
(5) Gläubiger von Schuldverschreibungen. ,,Gläubiger" bedeutet jeder Inhaber eines Mit-
eigentumsanteils oder anderen vergleichbaren Rechts an den Schuldverschreibungen.
(6) Geschäftstag. In diesen Bedingungen bezeichnet ,,Geschäftstag" einen Tag (außer
einem Samstag oder Sonntag), an dem das Clearingsystem sowie [im Falle von TARGET
Geschäftstagen, einfügen: das Trans-European Automated Real-time Gross Settlement
Express Transfer System (,,TARGET") betriebsbereit sind[.] [und] [im Falle von
Geschäftstagen in einem oder mehreren bestimmten Finanzzentren, einfügen:
Geschäftsbanken und Devisenmärkte in den jeweils bezeichneten Finanzzentren
Zahlungen abwickeln und für allgemeine Geschäfte geöffnet sind.]
§ 2
STATUS
Die Schuldverschreibungen begründen nicht besicherte und nicht nachrangige Ver-
bindlichkeiten der Emittentin, die untereinander und mit allen anderen nicht besicher-
ten und nicht nachrangigen Verbindlichkeiten der Emittentin gleichrangig sind.
§ 3
ZINSEN
Im Falle von festver-
[(1) Zinssatz und Zinszahlungstage.
zinslichen Schuldver-
[Im Falle von Schuldverschreibungen mit einer Zinszahlung einfügen:
schreibungen einfügen:
Die Schuldverschreibungen werden bezogen auf den ausstehenden Gesamtnennbe-
trag verzinst, und zwar vom [Verzinsungsbeginn einfügen] (einschließlich) bis zum
Fälligkeitstag (wie in § 4(1) definiert) (ausschließlich) mit jährlich [Zinssatz einfügen] %.
Die Zinszahlung erfolgt am [Zinszahlungstag einfügen] (der ,,Zinszahlungstag")
[sofern der Zinszahlungstag nicht der Jahrestag des Verzinsungsbeginns ist, einfügen:
und beläuft sich auf [Gesamtzinsbetrag für die Schuldverschreibungen einfügen].]
[Im Falle von Schuldverschreibungen mit mehr als einer Zinszahlung, einfügen:
Die Schuldverschreibungen werden bezogen auf den ausstehenden Gesamtnennbetrag
verzinst, und zwar vom [Verzinsungsbeginn einfügen] (einschließlich) bis zum Fällig-
keitstag (wie in § 4(1) definiert) (ausschließlich) mit jährlich [Zinssatz einfügen] %. Die
Zinsen sind nachträglich am [Festzinstermin(e) einfügen] eines jeden Jahres zahlbar
(jeweils ein ,,Zinszahlungstag"), vorbehaltlich einer Anpassung gemäß § 5 (5). Die erste
Zinszahlung erfolgt am [ersten Zinszahlungstag einfügen], vorbehaltlich § 5 (5) [sofern der
erste Zinszahlungstag nicht der erste Jahrestag des Verzinsungsbeginns ist einfügen:
, und beläuft sich auf [anfänglichen Bruchteilzinsbetrag für die Schuldverschreibungen
einfügen].] [Sofern der Fälligkeitstag kein Festzinstermin ist, einfügen: Die Zinsen für
den Zeitraum vom [den letzten dem Fälligkeitstag vorausgehenden Festzinstermin
einfügen] (einschließlich) bis zum Fälligkeitstag (ausschließlich) belaufen sich auf [ab-
schließenden Bruchteilszinsbetrag für die Schuldverschreibungen einfügen].]
(2) Auflaufende Zinsen. Die Verzinsung der Schuldverschreibungen endet mit Beginn des
Tages, an dem sie zur Rückzahlung fällig werden. Falls die Emittentin die Schuldver-
schreibungen bei Fälligkeit nicht einlöst, fallen auf den ausstehenden Gesamtnennbetrag
der Schuldverschreibungen ab dem Fälligkeitstag (einschließlich) bis zum Tag der
tatsächlichen Rückzahlung (ausschließlich) Zinsen zum gesetzlichen Verzugszinssatz
an 1.
(3) Berechnung der Zinsen für Teile von Zeiträumen. Sofern Zinsen für einen Zeitraum
von weniger oder mehr als einem Jahr zu berechnen sind, erfolgt die Berechnung auf
der Grundlage des Zinstagequotienten (wie nachstehend definiert).]
1 Der gesetzliche Verzugszinssatz beträgt für das Jahr fünf Prozentpunkte über dem von der Deutsche Bundes-
bank von Zeit zu Zeit bekannt gemachten Basiszinssatz, §§ 288 Absatz 1, 247 Absatz 1 BGB.
10

Global Note pursuant to subparagraph (b) of this § 1(3). Any securities delivered in
exchange for the Temporary Global Note shall be delivered only outside of the
United States (as defined in § 5(3)).]
(4) Clearing System. Each Permanent Global Note will be kept in custody by or on
behalf of the Clearing System until all obligations of the Issuer under the Notes have
been satisfied. "Clearing System" means [if more than one Clearing System insert:
each of] the following: [Clearstream Banking AG, Frankfurt am Main ("CBF")] [,] [and]
[Clearstream Banking, société anonyme, Luxembourg ("CBL")] [,] [and] [Euroclear
Bank S.A./N.V., as operator of the Euroclear System ("Euroclear")] [,] [and] [specify
other Clearing System].
(5) Holder of Notes. "Holder" means any holder of a proportionate co-ownership or
other beneficial interest or right in the Notes.
(6) Business Day. In these Conditions, "Business Day" means any day (other than a
Saturday or a Sunday) on which the Clearing System as well as [in the case of TARGET
Business Days insert: the Trans-European Automated Real-time Gross Settlement
Express Transfer System ("TARGET") are open[.] [and] [in the case of Business Days in
one or more specified financial centres insert: commercial banks and foreign
exchange markets are open for general business and settle payments in the respective
specified financial centres.]
§ 2
STATUS
The obligations under the Notes constitute unsecured and unsubordinated obligations
of the Issuer ranking pari passu among themselves and pari passu with all other un-
secured and unsubordinated obligations of the Issuer.
§ 3
INTEREST
In the case of Fixed
[(1) Rate of Interest and Interest Payment Dates.
Rate Notes insert:
[In the case of Notes with one interest payment insert:
The Notes shall bear interest on the outstanding Aggregate Principal Amount at the
rate of [insert Rate of Interest] per cent. per annum from (and including) [insert Inte-
rest Commencement Date] to (but excluding) the Maturity Date (as defined in § 4(1)).
The payment of interest shall be made on [insert Interest Payment Date] (the "Interest
Payment Date") [if the Interest Payment Date is not the anniversary of the Interest
Commencement Date insert: and will amount to [insert amount for the outstanding
Aggregate Principal Amount of the Notes].]
[In the case of Notes with more than one interest payment insert:
The Notes shall bear interest on the outstanding Aggregate Principal Amount at the
rate of [insert Rate of Interest] per cent. per annum from (and including) [insert Inte-
rest Commencement Date] to (but excluding) the Maturity Date (as defined in § 4(1)).
Interest shall be payable in arrear on [insert Fixed Interest Date(s)] in each year (each
such date, an "Interest Payment Date"), subject to adjustment in accordance with § 5 (5).
The first payment of interest shall, subject to § 5 (5), be made on [insert First Interest
Payment Date] [if the First Interest Payment Date is not the anniversary of the Interest
Commencement Date insert: and will amount to [insert Initial Broken Amount for the
Aggregate Principal Amount of the Notes].] [If the Maturity Date is not a Fixed Interest
Date insert: Interest in respect of the period from [insert Fixed Interest Date preceding
the Maturity Date] (inclusive) to the Maturity Date (exclusive) will amount to [insert Final
Broken Amount for the Aggregate Principal Amount of the Notes].
(2) Accrual of Interest. The Notes shall cease to bear interest from the beginning of the
day on which they are due for redemption. If the Issuer shall fail to redeem the Notes
when due, interest shall continue to accrue on the outstanding Aggregate Principal
Amount of the Notes from and including the due date to but excluding the date of the
actual redemption of the Notes at the default rate of interest established by law 1.
(3) Calculation of Interest for Partial Periods. If interest is required to be calculated for a
period of less or more than a full year, such interest shall be calculated on the basis of
the Day Count Fraction (as defined below).]
1 The default rate of interest established by law per annum is five percentage points above the basic rate of
interest published by Deutsche Bundesbank from time to time, §§ 288(1), 247(1) German Civil Code.
11