Obbligazione KFWB 1.875% ( US500769HQ03 ) in USD

KFWB

100 USD ▼

Germania

US500769HQ03 ( in USD )

1.875% per anno ( pagato 2 volte l'anno)

15/12/2020 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione KFW US500769HQ03 in USD 1.875%, scaduta

1 000 USD

3 000 000 000 USD

500769HQ0

La KfW, Kreditanstalt für Wiederaufbau, è una banca pubblica tedesca che fornisce finanziamenti per progetti di sviluppo in Germania e all'estero.

The Obbligazione issued by KFWB ( Germany ) , in USD, with the ISIN code US500769HQ03, pays a coupon of 1.875% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 15/12/2020

PRICING SUPPLEMENT
Filed Pursuant to Rule 424(b)(5)
(To prospectus supplement dated November 18, 2016
Registration No. 333-214613
and prospectus dated November 18, 2016)
KfW, Frankfurt/Main, Federal Republic of Germany
$3,000,000,000
1.875% Global Notes due 2020
KfW, also known as Kreditanstalt für Wiederaufbau, will pay interest on the notes in two equal semi-annual installments in arrears
on June 15 and December 15, commencing on June 15, 2018. The first interest payment will be for interest accrued from, and including,
November 15, 2017 to, but excluding, June 15, 2018. The notes will mature on December 15, 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 mobilières dated July 10, 2005, as amended (the "Luxembourg Prospectus
Act").
Per Note
Total
Price to public(1)
99.829% $2,994,870,000
Underwriting commissions
0.100%
$
3,000,000
Proceeds to KfW(1)(2)
99.729% $2,991,870,000
(1)
Plus accrued interest, if any, from November 15, 2017, 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,
société anonyme, Luxembourg, also known as CBL, and Euroclear Bank SA/NV, also known as Euroclear, on or about November 15,
2017. 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 500769HQ0, an ISIN number of US500769HQ03 and a common code of 111731004.
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
J.P. Morgan
TD Securities
Pricing Supplement dated November 10, 2017

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
Delivery and Settlement
PS-9
General Provisions
PS-5
Validity of the Notes
PS-9
Status
PS-5
General Information
PS-10
Interest
PS-5
Further Information
PS-10
Maturity; Repurchase
PS-6
Documents Available
PS-10
Payments
PS-6
Listing
PS-10
Taxes
PS-7
Additional Paying Agent
PS-10
Termination for Default
PS-7
Securities Identification Numbers
PS-10
Registrar and Paying Agent
PS-7
Authorization
PS-10
Further Issues
PS-7
Auditors
PS-10
Notices
PS-7
Interim Financial Statements
PS-11
Governing Law; Jurisdiction; Enforcement and
Material Change
PS-11
Language
PS-8
Litigation
PS-11
This pricing supplement should be read together with the accompanying prospectus supplement dated November 18, 2016 setting
forth information relating to U.S. dollar-denominated global notes, the accompanying prospectus dated November 18, 2016, 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. 333-214613) 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.
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.
PS-2

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 "" 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 November 9, 2017 was 1.00=$1.1630.
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. In addition, such documents will be available free of charge from Deutsche Bank Luxembourg S.A.,
2 Boulevard Konrad Adenauer, L-1115 Luxembourg. See "General Information--Further Information" in this pricing supplement. You
may also request a copy of these filings at no cost by writing to Deutsche Bank Trust Company Americas, Trust and Agency Services
Division Corporates Team, 60 Wall Street, 27th floor, New York, 10005, U.S.A.
USE OF PROCEEDS
We estimate that the net proceeds from the sale of the notes will be approximately $2,991,870,000 (after deducting underwriting
commissions). 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 three billion U.S.
dollars ($3,000,000,000), divided into three million notes in the denomination of $1,000 each, which will rank equally among
themselves.
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 Deutsche Bank Trust Company Americas, New
York, also known as DBTCA, 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 1.875% per year as from November 15, 2017. The notes
will cease to bear interest upon the end of the day preceding the day on which they become due for redemption. Interest is payable,
subject to the last two sentences of this subsection, in two equal semi-annual installments in arrears on June 15 and December 15. The
first interest payment, which will be for the period commencing on November 15, 2017 (inclusive) and ending on June 15, 2018
(exclusive), will be due on June 15, 2018. The interest amount for this period will total $32,812,500.00 for the aggregate principal
amount of $3,000,000,000.
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 27, 2017, the German Federal Bank announced a base rate of -0.88% per annum, making the default rate for the second half of
2017 4.12%.
Accrued Interest. If it is necessary to compute interest for a period of other than a full year (the "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 December 15, 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.
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.
PS-6

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 DBTCA as initial registrar (the "registrar") and paying agent, and, to the extent required by law, Deutsche Bank
Aktiengesellschaft, Frankfurt am Main ("Deutsche Bank Frankfurt") as additional paying agent (DBTCA and, if applicable, Deutsche
Bank 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.
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.
PS-7

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.
PS-8

SUBSCRIPTION AND SALE
Subscription Agreement
Bank of Montreal, London Branch, J.P. Morgan Securities plc and The Toronto-Dominion Bank (collectively, the "managers")
have agreed with us, severally and not jointly, pursuant to a subscription agreement dated November 10, 2017 (the "subscription
agreement"), to subscribe and pay for the principal amount of the notes set forth opposite their respective names below at 99.829% of
their principal amount less a combined commission of 0.100% of such principal amount.
Principal
amount
Managers
of notes
Bank of Montreal, London Branch
$1,000,000,000
J.P. Morgan Securities plc
$1,000,000,000
The Toronto-Dominion Bank
$1,000,000,000
Total
$3,000,000,000
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 less a concession of 0.100%. 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.
Delivery and Settlement
It is expected that delivery of the notes will be made upon instruction of the managers against payment on or about the closing
date, which will be the fifth business day following the date of pricing of the notes (such settlement being referred to as "T+5"). Under
Rule 15c6-I under the U.S. Securities Exchange Act of 1934, as amended, trades in the secondary market are required to settle in two
business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade notes prior to
the delivery of the notes hereunder may be required, by virtue of the fact that the notes will initially settle in T+5, to specify an alternate
settlement arrangement at the time of any such trade to prevent a failed settlement. Purchasers of the notes who wish to trade the notes
prior to their date of delivery hereunder should consult their advisors.
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 Rechtsanwälten 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-9

GENERAL INFORMATION
Further Information
Further information concerning the notes and concerning KfW and the Federal Republic of Germany may be found on file with
the SEC, as described in greater detail under the heading "Where You Can Find More Information" in the accompanying prospectus.
Documents Available
For so long as the notes are outstanding, copies of the documents mentioned in this pricing supplement will be available free of
charge during the usual business hours at the specified offices of the Luxembourg listing agent, Deutsche Bank Luxembourg S.A., 2
Boulevard Konrad Adenauer, L-1115 Luxembourg ("DB Luxembourg"), including:
·
the form of global certificates, including the terms of the notes;
·
the Law Concerning KfW and KfW's by-laws;
·
the form of subscription agreement;
·
the agency agreement appointing DBTCA and, to the extent required by law, Deutsche Bank Frankfurt as agents;
·
the most recent annual report of KfW; and
·
the documents incorporated by reference as stated under "Incorporation by Reference" in this pricing supplement.
Listing
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 Luxembourg Prospectus Act and in accordance with the rules thereof. This pricing supplement, together with the
accompanying prospectus supplement and prospectus, will be published on the website of the Luxembourg Stock Exchange
(www.bourse.lu).
Additional Paying Agent
We have appointed Deutsche Bank Aktiengesellschaft, Taunusanlage 12, D-60325 Frankfurt am Main, as an additional paying
agent. Moreover, we have appointed DB Luxembourg as Luxembourg paying and transfer agent, to act in such capacities should we be
required to issue definitive certificates representing individual notes. In such case, noteholders should contact DB Luxembourg
regarding payment and transfer.
Securities Identification Numbers
The notes have been assigned a CUSIP number of 500769HQ0, an ISIN number of US500769HQ03, a common code of
111731004 and a WKN number of A2GSLZ.
Authorization
The issuance of the notes was authorized by resolution of KfW's Board of Supervisory Directors on June 29, 2017.
Auditors
The independent auditors of KfW are KPMG AG Wirtschaftsprüfungsgesellschaft for fiscal year ended December 31, 2016 and
Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft for the fiscal year ending December 31, 2017.
PS-10