Obbligazione Wiederaufbaubank 7.805% ( XS2315856307 ) in ZAR

Wiederaufbaubank

100 ZAR ⇌

Germania

XS2315856307 ( in ZAR )

7.805% per anno ( pagato 1 volta l'anno)

22/03/2028

Prospetto opuscolo dell'obbligazione Kreditanstalt für Wiederaufbau XS2315856307 en ZAR 7.805%, scadenza 22/03/2028

2 000 000 ZAR

190 000 000 ZAR

23/03/2026 ( In 233 giorni )

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

Analisi dell'Offerta Obbligazionaria di Kreditanstalt für Wiederaufbau (KfW) con Scadenza Marzo 2028 Si rende nota un'importante offerta obbligazionaria emessa da Kreditanstalt für Wiederaufbau (KfW), identificata dal codice ISIN XS2315856307. Kreditanstalt für Wiederaufbau (KfW) è una delle principali banche di sviluppo al mondo, interamente di proprietà della Repubblica Federale di Germania. Fondata nel 1948, il suo mandato principale è quello di finanziare progetti e programmi che promuovono la crescita economica, la protezione ambientale e il miglioramento delle condizioni di vita, sia in Germania che a livello internazionale. La sua reputazione di emittente solido e affidabile è globalmente riconosciuta, sostenuta dalla garanzia implicita dello stato tedesco, il che la rende un punto di riferimento per gli investitori che cercano stabilità e sicurezza. Questa obbligazione, classificata come titolo di debito, è stata emessa dalla Germania e attualmente è quotata sul mercato al 100% del suo valore nominale, indicando che viene scambiata alla pari. La valuta di denominazione è il Rand Sudafricano (ZAR) e offre un tasso di interesse annuo fisso del 7,805%. Il volume totale dell'emissione ammonta a 190.000.000 ZAR, con un taglio minimo sottoscrivibile pari a 2.000.000 ZAR, il che la rende più accessibile agli investitori istituzionali o a quelli con portafogli di dimensioni significative. La scadenza di questa obbligazione è fissata per il 22 marzo 2028, e i pagamenti degli interessi avvengono con una frequenza annuale.

ALLEVIATED PROSPECTUS
KfW
Frankfurt am Main
Federal Republic of Germany
KfW Note Programme
Application has been made to the Luxembourg Stock Exchange for the approval of this Alleviated Prospectus
pursuant to Chapter 2 of Part III of the Luxembourg Prospectus Act and for the admission of Notes issued under this
Note Programme to listing on the official list and to trading on the regulated market "Bourse de Luxembourg"
(a regulated market within the meaning of the Markets in Financial Instruments Directive 2014/65/EU, as amended
("MiFID II")) or on the professional segment of the regulated market of the Luxembourg Stock Exchange.
Notes issued under this Note Programme may also be listed on the regulated market (regulierter Markt) of the
Frankfurt Stock Exchange (a regulated market within the meaning of MiFID II) or on any other alter native 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 Alleviated Prospectus is June 19, 2020. The Alleviated Prospectus is valid for one year from such
date.
Arrangers

Barclays
Commerzbank
J.P. Morgan

[THIS PAGE HAS INTENTIONALLY BEEN LEFT BLANK.]
2

TABLE OF CONTENTS
Page
This Prospectus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Responsibility Statement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Notice. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Investment Considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Summary of the Programme and of the Terms and Conditions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Issue Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Emissionsbedingungen der Schuldverschreibungen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Terms and Conditions of the Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Muster der Endgültigen Bedingungen / Form of Final Terms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
KfW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
Selling Restrictions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47
General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50
Taxation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52
3

THIS PROSPECTUS
This prospectus (hereinafter, the "Prospectus" or the "Alleviated Prospectus") has been drawn up in order to permit
the admission of Notes issued under this Note Programme (the "Programme") to listing on the official list and to
trading on the regulated market (within the meaning of MiFID II) or on the professional segment of the regulated
market of the Bourse de Luxembourg (the "Luxembourg Stock Exchange").
This Prospectus fulfils the requirements for an alleviated prospectus pursuant to Chapter 2 of Part III of the Law of
July 16, 2019 on Prospectuses for Securities (Loi du 16 juillet 2019 relative aux prospectus pour valeurs mobilières)
(the "Luxembourg Prospectus Act"). Application has been made to the Luxembourg Stock Exchange for the approval
of this Prospectus pursuant to Chapter 2 of Part III of the Luxembourg Prospectus Act. It does not constitute a
prospectus for the purposes of Regulation (EU) 2017/1129, as amended or superseded (the "Prospectus Regulation")
nor does it constitute a prospectus pursuant to Part II or Chapter 1 of Part III of the Luxembourg Prospectus Act.
Accordingly, this Prospectus does not purport to meet the format and the disclosure requirements of the Prospectus
Regulation and it has not been, and will not be, submitted for approval to any competent authority within the
meaning of the Prospectus Regulation. Notes issued under the Programme will therefore not qualify for the benefit
of the single European passport pursuant to the Prospectus Regulation.
If so agreed between KfW (the "Issuer") and the relevant Dealer(s), the Issuer will procure the admission of Notes
issued under the Programme for trading on the regulated market (regulierter Markt) of the Frankfurter Wertpapier
börse (the "Frankfurt Stock Exchange"), a regulated market within the meaning of MiFID II, or for trading on any
other alternative stock exchange in accordance with the applicable national laws and applicable rules and regulations
of the relevant stock exchange.
RESPONSIBILITY STATEMENT
KfW with its registered office at Palmengartenstraße 5-9, 60325 Frankfurt am Main, Federal Republic of Germany,
accepts responsibility for the contents of this Prospectus and for the information which will be contained in the
applicable Final Terms (as defined herein) and has taken all reasonable care to ensure that the facts stated in the
Prospectus are true and accurate and that no material facts have been omitted.
4

NOTICE
The Issuer has undertaken with the Dealers (as defined below) that on or before each anniversary of the date of this
Prospectus it will update the Prospectus by the publication of a new prospectus. In case that any material facts may
occur before the anniversary of the date of the Prospectus, the Issuer will amend the Prospectus by the publication
of a supple ment thereto.
No person has been authorised to give any information or to make any representations, other than those contained
in this Prospectus, 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 (as defined below)
or any Dealer. Neither the delivery of this Prospectus 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 Prospectus is valid for one year following its date of issue and it and any supplement thereto as well as any
Final Terms reflect 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 sub-
sequent 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 con-
taining the same.
The Issuer has given an undertaking in connection with the listing of the Notes issued under the Programme on
the official list of the Luxembourg Stock Exchange and their admission to trading on the regulated market or on the
professional segment of the regulated market of 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 Prospectus, the Issuer will pre-
pare a further supplement to the Prospectus or publish a new prospectus 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 Prospectus, as supplemented, inaccurate or misleading, a new
prospectus will be prepared.
To the extent permitted by the laws of any relevant jurisdiction, neither the Arrangers nor any Dealer accept any
responsibility neither for the accuracy and completeness of the information contained in this Prospectus or any
supplement thereof nor for the information contained in any Final Terms. This Prospectus does not constitute an
offer or an invitation by the Issuer or by any of the Arrangers to subscribe for or purchase any of the Notes.
The distribution of this Prospectus or any part hereof and any Final Terms and the offer, sale and delivery of any
of the Notes may be restricted by law in certain jurisdictions. Persons into whose possession this Prospectus or
any Final Terms comes are required to inform themselves about and to observe any such restrictions. For more
information, see "Selling Restrictions".
Amounts payable under Floating Rate Notes may be calculated by reference to (i) EURIBOR (Euro Interbank Offered
Rate) which is currently provided by the European Money Markets Institute (EMMI) or (ii) LIBOR (London Interbank
Offered Rate) which is currently provided by the ICE Benchmark Administration Limited (IBA). As at the date of this
Prospectus, each of IBA and EMMI appears on the register of administrators and benchmarks established and main-
tained by the European Securities and Markets Authority (ESMA) pursuant to Article 36 of the Benchmarks Regulation
(Regulation (EU) 2016/1011).
There are no restrictions on the transferability of the Notes.
In connection with the issue of any Tranche of Notes under the Programme, the Dealer who is specified in the
relevant Final Terms as the stabilising manager (or persons acting on its behalf) may over-allot the Notes or
effect transactions with a view to supporting the price of the Notes at a level higher than that which might
otherwise prevail. However, stabilisation may not necessarily occur. Any stabilisation action may begin at any time
after the adequate public disclosure of the 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 Issue Date and 60 days after the date of the allotment
of the Notes. Any stabilisation action or over-allotment must be conducted by the relevant stabilising manager(s)
(or person(s) acting on behalf of any stabilising manager(s)) in accordance with all applicable laws and rules.
5

INVESTMENT CONSIDERATIONS
Each person contemplating making an investment in the Notes (each a "Potential Investor") 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 particular reference to its own investment objectives and experience, and any other factors
which may be relevant to it in connection with such investment, either alone or with the help of a financial adviser.
In particular, each Potential Investor should:
(i) have sufficient knowledge and experience to make a meaningful evaluation of the relevant Notes, the merits
and risks of investing in the relevant Notes and the information contained in this Prospectus, including the
information included in the Final Terms relating to the relevant Notes, or any applicable supplement thereto;
(ii) have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its particular
financial situation and the investment(s) it is considering, an investment in the Notes and the impact the Notes
will have on its overall investment portfolio;
(iii) have sufficient financial resources and liquidity to bear all of the risks of an investment in the relevant Notes,
including risks relating to foreign exchange rates for Notes where principal or interest is payable in one or more
currencies, or where the currency for principal or interest payments is different from the currency in which the
Potential Investor undertakes its principal financial activities;
(iv) understand thoroughly the terms and conditions of the relevant Notes and be familiar with the behaviour of
financial markets and of any financial variable which might have an impact on the return on the relevant Notes
(e.g. interest rates, currencies, or any indices);
(v) be able to evaluate (either alone or with the help of a financial adviser) possible scenarios for economic, interest
rate and other factors including exchange control risks that may affect its investment and its ability to bear the
applicable risks;
(vi) be aware that there is no assurance that a liquid secondary market for the Notes develops or, if it so develops,
that it will continue to exist until maturity of the Notes and that it might not be able to sell the Notes at any
time at fair market prices if no liquid secondary market for the Notes develops or if it ceases to exist prior to
maturity of the Notes; and
(vii) in particular with respect to floating rate notes, where amounts payable may be calculated by reference to a
particular reference rate (such as LIBOR or EURIBOR), be aware that changes in the administration or method
for determining such reference rate or the permanent discontinuation of such reference rate or the implemen-
tation of a successor reference rate may have a material adverse effect on the value or the liquidity of, the return
on and the amounts payable under such floating rate note. Any successor reference rate may not be fully
comparable to, show a similar performance and/or have the same economic value as the reference rate origi-
nally applicable to such floating rate note.
Some Notes may be complex financial instruments. Sophisticated institutional investors generally do not

purchase complex financial instruments as stand-alone investments but as additional investment to their overall
investment portfolio in order to reduce certain risks already inherent in their overall investment portfolio or
enhance the yield on their overall investment portfolio by adding certain risks to their overall portfolio in an
appropriate, well understood and measured way. A Potential Investor should not invest in Notes which are complex
financial instruments unless it has the expertise (either alone or together with a financial adviser) to evaluate
how the Notes will perform under changing conditions, the resulting effects on the value of the Notes and the
impact this investment will have on the Potential Investor's overall investment portfolio.
Prospective purchasers should also consult their own tax advisers as to the tax consequences of the purchase,
ownership and disposition of Notes.
6

SUMMARY OF THE PROGRAMME AND OF THE TERMS AND CONDITIONS
The Issuer may, at any time, issue notes ("Notes") under the Programme. The conditions 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 KfW (Gesetz über die Kreditanstalt für Wiederaufbau, or the "KfW Law").
Arrangers
Barclays Bank Ireland PLC
Commerzbank Aktiengesellschaft
J.P. Morgan Securities plc
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 for the purchase of Notes by one or more Dealers (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. Any such
Subscription Agreement will incorporate the Standard Dealer Terms by reference.
Fiscal and
KfW or Deutsche Bank Aktiengesellschaft or any other financial institution appointed as
Principal Paying
Fiscal Agent in respect of a particular Series of Notes, as specified in the applicable Final
Agent
Terms.
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).
German
If a financial institution located outside the Federal Republic of Germany is appointed as Fiscal
Paying Agent
Agent in respect of a particular Series of Notes, as specified in the applicable Final Terms,
KfW or Deutsche Bank Aktiengesellschaft will act as Paying Agent in the Federal Republic of
Germany.
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 Final Terms.
The Issuer may appoint a Determination Agent in respect of a particular Series of Notes, as
specified in the applicable Final Terms. 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 Deter-
mination Agent to the Calculation Agent for the calculations to be made by the Calculation
Agent.
Specified Currencies Subject to applicable legal or regulatory restrictions, Notes may be denominated in Euro 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 Final Terms.
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
commencement 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.1
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 with an initial maturity of more than one year (including Notes with a maturity of one
year or less that may be unilaterally rolled over or extended) will be issued in accordance
with U.S. Treasury Regulation Section 1.163-5(c)(2)(i) (C) (the "TEFRA C Rules") or U.S.
1 Terms and Conditions of Notes which were originally issued prior to the date of this Alleviated Prospectus are to be read in conjunction with the
Terms and Conditions of Notes set out in the relevant Prospectus under which the original Tranche was issued.
7

Treasury Regulation Section 1.163-5(c)(2)(i)(D) (the "TEFRA D Rules"), (or any successor rules
in substantially the same form as the TEFRA C Rules or TEFRA D Rules, as applicable, for
purposes of Section 4701 of the U.S. Internal Revenue Code); or in a manner that is intended
to cause the Notes to be treated as in registered form for U.S. federal income tax purposes, or
held by Clearstream Banking AG, Frankfurt am Main, pursuant to the terms of a book-entry-
registration agreement, as specified in the applicable Final Terms.
Notes issued in accordance with the TEFRA C Rules ("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").
Notes issued in accordance with the TEFRA D Rules ("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 exchangeable for one or more Permanent Global
Note(s) beginning 40 days after the date of issue of the Temporary Global Note comprising
the relevant Tranche upon delivery of certifications 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. Dollar will be issued as TEFRA D Notes.
Notes not issued in accordance with the TEFRA C or the TEFRA D Rules, i.e. Notes with an
initial maturity of one year or less, will be represented by a Permanent Global Note.
The Notes will either be in the form of a classical global note ("CGN") or in the form of a new
global note ("NGN").
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 Commodity Linked Notes, Dual Currency Notes,
Equity Linked Notes, FX-Linked Notes, Index Linked Notes, Instalment Notes, or may have
any other structure, all upon the terms set out in the applicable Final Terms.
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 Final Terms.
There will be no call option for tax reasons.
Taxation
All payments in respect of the Notes will be made with deduction of taxes and other duties,
if such deduction is required by law. In the event of such deduction, the Issuer will not pay any
additional amounts in respect of the Notes (no "grossup").
Events of Default
None
Negative Pledge
None
Listing and
Application has been made for the admission of Notes to listing on the official list and to trading
admission to trading on the regulated market or on the professional segment of the regulated market of the Luxem-
bourg Stock Exchange. Notes may also be listed on the regulated market (regulierter Markt)
of the Frankfurt Stock Exchange or any other 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.
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 pages 47 to 49 below.
Clearance and
Notes will be accepted for clearing through one or more Clearing Systems as specified in the
Settlement
applicable Final Terms. These systems will include those operated by Clearstream Banking AG,
Frankfurt am Main ("CBF"), Clearstream Banking, S.A., Luxembourg ("CBL") and Euroclear
Bank SA/NV ("Euroclear").
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. KfW may opt to allocate an amount equal to the net proceeds of an issue
of Notes under the Programme to an internal register designated to particular loan programmes
of KfW, all as more fully set out in the applicable Final Terms of these specific Notes.
8

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
Final Terms (the "Final Terms"). The Final Terms 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 which are neither publicly offered nor distributed, in
whole or in part, to investors who are not qualified investors.

· Integrated Conditions will generally be required where the Notes are to be offered to the public, in whole or in
part, or are to be distributed, in whole or in part, to investors who are not qualified 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 offered to the public, in whole or in part, in the Federal Republic of Germany, or distributed,
in whole or in part, to investors who are not qualified investors in the Federal Republic of Germany, German will
be the con trolling language. If, in the event of such public offer or distribution to investors who are not qualified
investors, however, English is chosen as the controlling language, a German language translation of the Con-
ditions will be available from the principal office of the Fiscal Agent and KfW, as specified on the last page of
this Prospectus.
Long-Form Conditions
If the Final Terms specify that Long-Form Conditions are to apply to the Notes, the provisions of the applicable
Final Terms 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 Final Terms 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 Final
Terms modifying, supplementing or replacing, in whole or in part, the provisions of the Terms and Conditions;

· alternative or optional provisions of the Terms and Conditions as to which the corresponding provisions of the
Final Terms 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 Final Terms 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
Final Terms and the Terms and Conditions attached.
Integrated Conditions
If the Final Terms specify 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 Final Terms 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 Final Terms.
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.
9

Diese Tranche von Schuldverschreibungen wird gemäß den von der KfW bekannt gegebenen Fiscal Agency Rules
mit Datum vom 19. Juni 2020 in ihrer jeweils aktuellen Fassung (die ,,Fiscal Agency Rules") begeben. Ablichtungen
der Fiscal Agency Rules können kostenlos am Sitz der Emittentin in Frankfurt am Main bezogen werden.
EMISSIONSBEDINGUNGEN DER SCHULDVERSCHREIBUNGEN
Im Falle von nicht-
[Die Bestimmungen dieser Emissionsbedingungen gelten für diese Schuldverschreibungen
konsolidierten Bedin-
so, wie sie durch die Angaben der beigefügten endgültigen Bedingungen (die ,, endgültigen
gungen, einfügen:
Bedingungen") vervollständigt, geändert, ergänzt oder ganz oder teilweise ersetzt werden.
Die Leerstellen in den auf die Schuldverschreibungen anwendbaren Bestimmungen dieser
Emissionsbedingungen gelten als durch die in den endgültigen Bedingungen enthaltenen
Angaben ausgefüllt, als ob die Leerstellen in den betreffenden Bestimmungen durch diese
Angaben ausgefüllt wären; sofern die endgültigen Bedingungen die Änderung, Ergänzung
oder (vollständige oder teilweise) Ersetzung bestimmter Emissionsbedingungen vorsehen,
gelten die betreffenden Bestimmungen der Emissionsbedingungen als entsprechend

geändert, ergänzt oder ersetzt; alternative oder wählbare Bestimmungen dieser Emissions-
bedingungen, deren Entsprechungen in den endgültigen Bedingungen nicht ausdrücklich
ausgefüllt oder die gestrichen sind, gelten als aus diesen Emissionsbedingungen ge -
strichen; sämtliche auf die Schuldverschreibungen nicht anwendbaren Bestimmungen
dieser Emissionsbedingungen (einschließlich der Anweisungen, Anmerkungen und der
Texte in eckigen Klammern) gelten als aus diesen Emissionsbedingungen gestrichen,
so dass die Bestimmungen der endgültigen Bedingungen Geltung erhalten. Kopien der
endgültigen Bedingungen sind kostenlos bei der bezeichneten Geschäftsstelle der
Emissions stelle und bei den bezeichneten Geschäftsstellen einer jeden Zahlstelle erhält-
lich; bei nicht an einer Börse notierten Schuldverschreibungen sind Kopien der betreffenden
endgültigen Bedingungen allerdings ausschließlich für die Gläubiger solcher Schuldver-
schreibungen 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 [Falls die Globalurkunde eine

NGN ist, einfügen: (vorbehaltlich § 1 Absatz (6))] 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 und sind durch eine oder
mehrere Globalurkunden verbrieft (jede eine ,,Globalurkunde").
Im Falle von Schuldver-
[(3) Dauerglobalurkunde. Die Schuldverschreibungen sind durch eine Dauerglobalurkunde
schreibungen, die durch
(die ,,Dauerglobalurkunde") ohne Zinsscheine verbrieft. Die Dauerglobal urkunde trägt
eine Dauerglobal-
die [eigenhändigen] Unterschriften zweier ordnungsgemäß bevollmäch tigter Vertreter
urkunde verbrieft sind,
der Emittentin und ist von der Emissionsstelle oder in deren Namen mit einer Kontroll-
einfügen:
unterschrift versehen. Einzelurkunden und Zinsscheine werden nicht ausgegeben.]
Im Falle von Schuldver-
[(3) Dauerglobalurkunde. Die Schuldverschreibungen sind durch eine Dauerglobalurkunde
schreibungen, die durch
(die ,,Dauerglobalurkunde") ohne Zinsscheine verbrieft. Die Dauerglobalurkunde wird
eine Dauerglobal-
aufgrund einer Vollmacht der Emittentin durch CBF (wie unten definiert) erstellt und trägt
urkunde verbrieft sind
die faksimilierten Unterschriften zweier ordnungsgemäß bestellter Vertreter von CBF.
und durch eMission
Einzelurkunden und Zinsscheine werden nicht ausgegeben.]
eingeliefert werden,

einfügen:

Im Falle von TEFRA D-
[(3) Vorläufige Globalurkunde Austausch.
Schuldverschreibungen,
(a) Die Schuldverschreibungen sind anfänglich durch eine vorläufige Globalurkunde (die
die anfänglich durch
,,vorläufige Globalurkunde") ohne Zinsscheine verbrieft. Die vorläufige Global urkunde
eine vorläufige Global-
wird gegen Schuldverschreibungen in den festgelegten Stückelungen, die durch eine
urkunde verbrieft sind,
oder mehrere Dauerglobalurkunden (die ,,Dauerglobalurkunde") ohne Zinsscheine
einfügen:
verbrieft sind, ausgetauscht. Die vorläufige Globalurkunde und die Dauer globalurkunde
tragen jeweils die [eigenhändigen] Unterschriften zweier ordnungs gemäß bevoll-
mächtigter Vertreter der Emittentin und sind jeweils von der Emissionsstelle oder in
deren Namen mit einer Kontrollunterschrift versehen. Einzelurkunden und Zinsscheine
werden nicht ausgegeben.
(b) Die vorläufige Globalurkunde ist frühestens 40 Tage nach dem Tag der Ausgabe der
vorläufigen Globalurkunde nach Vorlage von Bescheinigungen gemäß U.S. Steuer-
recht, wonach der oder die wirtschaftlichen Eigentümer der durch die vorläufige Global-
10