Bond KFWB 7.1% ( XS2289855038 ) in ZAR

KFWB

100 % ⇌

Germany

XS2289855038 ( in ZAR )

7.1% per year ( payment 1 time a year)

28/01/2031

Prospectus brochure of the bond KFW XS2289855038 en ZAR 7.1%, maturity 28/01/2031

2 000 000 ZAR

150 000 000 ZAR

28/01/2026 ( In 200 days )

KFW is a German state-owned promotional bank that provides financing for projects in developing and emerging countries, as well as supporting sustainable development and climate action initiatives in Germany and abroad.

KFW issued a ZAR 150,000,000 bond (ISIN: XS2289855038) maturing on January 28, 2031, with a 7.1% coupon rate, a minimum trading size of ZAR 2,000,000, currently trading at 100% of par value, paying annually.

January 26, 2021
Final Terms

ZAR 150,000,000 7.10 per cent. Cal able Notes due January 28, 2031 (the "Notes")

Tranche 1

issued under the
KfW Note Programme
dated June 19, 2020
of
KfW

Issue Price: 100.00 per cent.
Issue Date: January 28, 2021

These Final Terms are issued to give details of an issue of Notes under the KfW Note Programme of KfW (the
"Programme") dated June 19, 2020.
They are to be read in conjunction with the Terms and Conditions of the Notes (the "Terms and Conditions") set
forth in the Al eviated Base Prospectus pertaining to the Programme. Al provisions in these Terms and Conditions
corresponding to items in these Final Terms which are either not selected or completed or which are deleted shal
be deemed to be deleted from the terms and conditions applicable to the Notes (the "Conditions").
Capitalised terms not otherwise defined herein shal have the meanings specified in the Conditions.
Al references in these Final Terms to numbered sections and subparagraphs are to sections and subparagraphs
of the Conditions.

Form of Conditions
Long-Form
Integrated

Language of Conditions
German only
English only
English and German (English control ing)
German and English (German control ing)

CURRENCY, DENOMINATION, FORM, CERTAIN DEFINITIONS (§ 1)

Currency and Denomination
Specified Currency
South African Rand ("ZAR")
Aggregate Principal Amount
ZAR 150,000,000
Specified Denomination
ZAR 2,000,000

1

Form
Permanent Global Note
Yes
Temporary Global Note exchangeable for Permanent Global Note

(TEFRA D)
No
manual signing of Global Note(s)
Yes
New Global Note
Yes

Certain Definitions
Clearing System
Clearstream Banking AG, Frankfurt am Main (CBF)
Clearstream Banking, S.A., Luxembourg (CBL)
Euroclear Bank SA/NV (Euroclear)
Other (specify)

Business Day
TARGET
Other (specify al relevant financial centres)
Johannesburg and London

INTEREST (§ 3)

Fixed Rate Notes
Rate of Interest and Interest Payment Dates
Rate of Interest
7.10 per cent. per annum
Interest Commencement Date
January 28, 2021
Fixed Interest Date(s)
January 28 in each year
First Interest Payment Date
January 28, 2022
Deemed Interest Payment Date(s)
Not Applicable
Initial Broken Amount (for the Aggregate Principal Amount)
Not Applicable
First interest-free period
Not Applicable
Fixed Interest Date preceding the Maturity Date
Not Applicable
Final Broken Amount (for the Aggregate Principal Amount)
Not Applicable

Day Count Fraction
Actual/Actual (ISDA)
Actual/Actual (ICMA)
Actual/365 (Fixed)
Actual/365 (Sterling)
Actual/360
30/360 or 360/360 or Bond Basis
30E/360 or Eurobond Basis

2

REDEMPTION (§ 4)
Final Redemption
Notes other than Instalment Notes
Maturity Date
January 28, 2031
Final Redemption Amount
Aggregate Principal Amount
Other Final Redemption Amount

Early Redemption

Early Redemption at the Option of the Issuer
Partial redemption possible
No
Minimum Redemption Amount
Not applicable
Higher Redemption Amount
Not applicable
Cal Redemption Date(s)
January 28, 2022, January 28, 2023,

January 28, 2024, January 28, 2025,

January 28, 2026, January 28, 2027,

January 28, 2028, January 28, 2029,
January 28, 2030 subject to
adjustment for payment only in
accordance with the Modified
Fol owing Business Convention
Cal Redemption Amount(s)
100.00 per cent. of the outstanding
Aggregate Principal Amount of the
Notes
Minimum Notice to Holders
Five (5) Business Days prior to the
relevant Cal Redemption Date
Maximum Notice to Holders
Not applicable

PAYMENTS (§ 5)

Payment Business Day
Business Day Convention
Modified Fol owing Business Day Convention
FRN Convention (specify period(s))

Fol owing Business Day Convention
Preceding Business Day Convention

Adjustment of interest
No

Relevant Financial Centres (specify al )
Johannesburg and London

TARGET
Yes

THE FISCAL AGENT AND THE PAYING AGENT (§ 6)
Fiscal Agent and Principal Paying Agent
KfW
Deutsche Bank Aktiengesel schaft, Frankfurt am Main
Other (specify)

3

Calculation Agent/specified office
Fiscal Agent
Other (specify)
Not Applicable
Required location of Calculation Agent (specify)
Not Applicable

Determination Agent/specified office
Not Applicable

Additional Paying Agent(s)
KfW
Deutsche Bank Aktiengesel schaft, Frankfurt am Main
Additional Paying Agent(s)/specified of ice(s)
Not Applicable

NOTICES (§ 10)

Place and medium of publication
Bundesanzeiger (Federal Republic of Germany) and Clearing System
Clearing System
Other (specify)

GENERAL PROVISIONS APPLICABLE TO THE NOTE(S)
Listing(s)
Yes
Frankfurt am Main
Luxembourg
Regulated Market of the Luxembourg Stock Exchange
Professional segment of the Regulated Market of the

Luxembourg Stock Exchange
Other

Public Offer
No

Management Details
Management Group (syndicated) or Dealer (non syndicated) (specify)
Deutsche Bank Aktiengesel schaft

Mainzer Landstraße 11-17

60329 Frankfurt am Main

Federal Republic of Germany
Commissions and Estimated Net Proceeds
Management/Underwriting Commission (specify)
Not Applicable
Sel ing Concession (specify)
Not Applicable
Other (specify)
Not Applicable
Estimated Net Proceeds
ZAR 150,000,000

Stabilising Dealer/Manager
None

Securities Identification Numbers
Common Code
228985503
ISIN
XS2289855038
German Security Code
A289HM
Any other securities number

4

The Issuer's Legal Entity Identifier (LEI)
549300GDPG70E3MBBU98
Eurosystem eligible deposit
Intended to be held in a manner which would al ow Eurosystem eligibility
No
Note that the designation "no" simply
means that the Notes are not
intended upon issue to be deposited
in a manner which would al ow for
ECB eligibility. The Issuer may
determine at a later date that the
Notes represented by an NGN may
be deposited with one of the ICSDs
as common safekeeper. Such a
change of the depositary structure
does not necessarily mean that the
Notes wil then be recognised as
eligible col ateral for Eurosystem
monetary policy and intra day credit
operations by the Eurosystem at any
or al times during their remaining life.
Such recognition wil depend upon
the ECB being satisfied that
Eurosystem eligibility criteria have
been met.

Supplemental Tax Disclosure (specify)
Not Applicable
Yield
7.10 per cent. per annum
Selling Restrictions
TEFRA C
TEFRA D
Neither TEFRA C nor TEFRA D

Additional sel ing restrictions (specify)

The sel ing restrictions contained in the Al eviated Prospectus dated June 19, 2020 with respect to the "European
Economic Area and the United Kingdom" and the "United Kingdom" wil be replaced by the fol owing:

European Economic Area

Each Dealer has represented and agreed that in relation to each Relevant State it has not made and wil
not make an offer of the Notes to the public in that Relevant State, except that it may make an offer of the
Notes to the public in that Relevant State at any time in any circumstances which do not require the
publication by the Issuer of a prospectus pursuant to (i) Article 1(4) of the Prospectus Regulation or (ii)
any applicable national law of that Relevant State.
For the purposes of this provision, the folowing expressions have the meanings specified below:
"offer of the Notes to the public" in relation to any Notes in any Relevant State means the
communication in any form and by any means of sufficient information on the terms of the offer and the
Notes to be offered so as to enable an investor to decide to purchase or subscribe the Notes;
"Prospectus Regulation" means Regulation (EU) 2017/1129, as amended; and
"Relevant State" means each member state of the European Economic Area.

5

United Kingdom

Each Dealer has represented and agreed that it has not made and wil not make an offer of the Notes to
the public in the United Kingdom, except that it may make an of er of the Notes to the public in the United
Kingdom at any time in any circumstances which do not require the publication by the Issuer of a
prospectus pursuant to Section 86 of the Financial Services and Markets Act 2000, as amended (the
"FSMA") and that:

(i)
in relation to any Notes which have a maturity of less than one year, (a) it is a person whose
ordinary activities involve it in acquiring, holding, managing or disposing of investments (as
principal or agent) for the purposes of its business and (b) it has not offered or sold and wil not
of er or sel any Notes other than to persons whose ordinary activities involve them in acquiring,
holding, managing or disposing of investments (as principal or agent) for the purposes of their
businesses or who it is reasonable to expect wil acquire, hold, manage or dispose of investments
(as principal or agent) for the purpose of their businesses, where the issue of the Notes would
otherwise constitute a contravention of section 19 of the FSMA by the Issuer;

(i )
it has only communicated or caused to be communicated and wil only communicate or cause to
be communicated any invitation or inducement to engage in investment activity (within the
meaning of section 21 of the FSMA) received by it in connection with the issue or sale of any
Notes in circumstances in which section 21 (1) of the FSMA does not apply to the Issuer; and

(i i)
it has complied and wil comply with al applicable provisions of the FSMA with respect to anything
done by it in relation to such Notes in, from or otherwise involving the United Kingdom.

For the purposes of this provision, the fol owing expressions have the meanings specified below:

"offer of the Notes to the public" in relation to the Notes in the United Kingdom means the
communication in any form and by any means of suf icient information on the terms of the of er and the
Notes to be of ered so as to enable an investor to decide to purchase or subscribe the Notes; and

"United Kingdom" means the United Kingdom of Great Britain and Northern Ireland.
Governing Law
German law

Other relevant Terms and Conditions (specify)
Not Applicable
Other
Not Applicable

Listing
The above Final Terms comprise the details required to list this issue of Notes issued pursuant to the Note
Programme of KfW (as from January 28, 2021).

KfW

________________________________________ _______________________________________
Beate Forel
Philipp Mahn
Vice President
Senior Manager

6