Obligation Wiederaufbaukreditanstalt 4.375% ( NO0010598469 ) en NOK

Wiederaufbaukreditanstalt

100 % ▼

Allemagne

NO0010598469 ( en NOK )

4.375% par an ( paiement annuel )

24/05/2021 - Obligation échue

Prospectus brochure de l'obligation Kreditanstalt für Wiederaufbau NO0010598469 en NOK 4.375%, échue

500 000 NOK

1 000 000 000 NOK

La Kreditanstalt für Wiederaufbau (KfW) est une banque publique allemande de développement qui fournit des prêts et des financements à des projets économiques et sociaux, tant en Allemagne qu'à l'international.

L'Obligation émise par Wiederaufbaukreditanstalt ( Allemagne ) , en NOK, avec le code ISIN NO0010598469, paye un coupon de 4.375% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 24/05/2021

SIMPLIFIED PROSPECTUS

KfW
Frankfurt/Main
Federal Republic of Germany

NOK 500,000,000 4.375% Bonds due May 25, 2021
to be consolidated and form a single Series
with the outstanding NOK 500,000,000 4.375% Bonds due May 25, 2021 issued on January 19, 2011

Issue Price
Aggregate Principal Amount
Tranche B Bonds
110.09%
NOK 500,000,000

KfW (the "Issuer") will issue on September 5, 2012 (the "Issue Date") fixed rate bonds (the "Bonds") in an
aggregate principal amount of NOK 500,000,000 in one tranche (the "Tranche B Bonds") at an issue price of
110.09% of their aggregate principal amount plus accrued interest of NOK 6,172,945.21.
The Bonds will bear interest from (and including) May 25, 2012 to (but excluding) May 25, 2021 (the "Maturity
Date") at a fixed rate of 4.375% per annum. Interest will be payable on the Bonds annually in arrear in Norwegian
Kroner on May 25 in each year (subject to adjustment as specified herein for non-Payment Business Days) (each,
an "Interest Payment Date"), commencing on May 25, 2013. See "TERMS AND CONDITIONS OF THE BONDS
Interest; Payments". The Bonds are expected to be redeemed in full on the Maturity Date (subject to adjustment
as specified herein for non-Payment Business Days). See "TERMS AND CONDITIONS OF THE BONDS
Redemption; Payments".
The Manager will purchase the Bonds from the Issuer on the Issue Date. The Manager will offer Bonds, from time
to time, in negotiated transactions or otherwise at varying prices to be determined at the time of the sale.
Application has been made to the Luxembourg Stock Exchange for the admission of the Bonds to listing on the
official list and to trading on the regulated market (within the meaning of the Markets in Financial Instruments
Directive 2004/39/EC) of the Luxembourg Stock Exchange.

Manager
Nordea
Markets

The date of this Simplified Prospectus is September 5, 2012.

THE BONDS HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS, AND UNLESS
SO REGISTERED MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE
ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES
ACT) EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.
ACCORDINGLY, THE BONDS ARE BEING OFFERED AND SOLD ONLY TO PERSONS (OTHER THAN U.S.
PERSONS) OUTSIDE THE UNITED STATES PURSUANT TO REGULATION S UNDER THE SECURITIES ACT.
FOR A DESCRIPTION OF CERTAIN RESTRICTIONS ON RESALES OR TRANSFERS, SEE "SUBSCRIPTION
AND SALE" BELOW.
The Bonds are governed by the laws of the Kingdom of Norway ("Norway").
The Bonds will be issued in the form of dematerialised bonds registered in, and held through, Verdipapirsentralen
ASA (the "VPS"). VPS is the Norwegian paperless centralised securities registry. It is a computerised book-entry
system in which the ownership of, and all transactions relating to, registered securities must be recorded. All
transactions relating to securities registered with VPS are made through computerised book entries. VPS confirms
each entry by sending a transcript to the registered holder irrespective of any beneficial ownership. To effect such
entries, the individual holder of securities must establish a securities account with an account agent. Norwegian
banks, the Bank of Norway, authorised securities brokers in Norway and credit institutions and authorised
securities brokers with its head office in another EEA state and which are subject to supervision in their home state
are allowed to act as account agents. It is also possible to register a holding of securities through a nominee
approved by the Financial Supervisory Authority of Norway. The entry of a transaction in VPS is prima facie
evidence in determining the legal rights of parties as against the issuing entity or a third party claiming an interest
in the given security. VPS is liable for any economic loss resulting from an error in connection with its registration
activities unless the error is caused by matters outside the control of the VPS and which the VPS could not
reasonably be expected to avoid or overcome. The VPS's liability is as a main rule limited to NOK 500,000,000 for
each error. The VPS is only liable for indirect economic loss to the extent such indirect economic loss is a result of
wilful misconduct or gross negligence on the part of the VPS. In cases of wilful misconduct or gross negligence on
the part of VPS, the above-mentioned liability cap does not apply. The courts may reduce or set aside VPS's
liability if the person making the claim has wilfully or negligently contributed to the loss.
The Bonds may be transferred in book-entry form only. The Bonds will be issued in a denomination of
NOK 500,000.
Clearing through Clearstream Banking, société anonyme, Luxembourg ("CBL") and Euroclear SA/NV
("Euroclear"), each an international central securities depositary (together the "ICSDs"), will also be possible upon
issue of the Bonds.
In this Simplified Prospectus references to "NOK" or "Norwegian Kroner" or "Kroner" or "Kr" are to the currency
of Norway and references to "euro" or "EUR" or "" are to the single unified currency of the members of the
European Union that have adopted the euro in accordance with the Treaty on European Union, as amended.
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TABLE OF CONTENTS

Page

This Prospectus.......................................................................................................................................................... 6
Responsibility Statement ............................................................................................................................................ 6
Notice ......................................................................................................................................................................... 6
Investment Considerations ......................................................................................................................................... 7
Summary .................................................................................................................................................................... 8
Terms and Conditions of the Bonds ......................................................................................................................... 10
KfW........................................................................................................................................................................... 14
Use of Proceeds ....................................................................................................................................................... 18
Taxation.................................................................................................................................................................... 19
Clearing and Settlement ........................................................................................................................................... 23
Subscription and Sale............................................................................................................................................... 24
Selling Restrictions ................................................................................................................................................... 24
General Information.................................................................................................................................................. 27

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THIS PROSPECTUS
This prospectus (hereinafter, the "Prospectus") has been drawn up in order to permit the admission of the Bonds
to listing on the official list and to trading on the regulated market "Bourse de Luxembourg" of the Luxembourg
Stock Exchange (the "Luxembourg Stock Exchange"). The Luxembourg Stock Exchange's regulated market is a
regulated market for the purposes of the Markets in Financial Instruments Directive 2004/39/EC (the "Regulated
Market").
This Prospectus fulfils the requirements for a simplified prospectus pursuant to Chapter 2 of Part III of the Loi
relative aux prospectus pour valeurs mobilières (the "Luxembourg Prospectus Act") and application has been
made to the Luxembourg Stock Exchange for the approval of this Prospectus. It does not constitute a prospectus
for the purposes of Directive 2003/71/EC (the "Prospectus Directive"), as amended by Directive 2010/73/EU of
the European Parliament and of the Council of 24 November 2010, nor does it constitute a prospectus pursuant to
Part II of the Luxembourg Prospectus Act transforming the Prospectus Directive into law in Luxemburg.
Accordingly, this Prospectus 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 Bonds will therefore not qualify for the benefit of the single European passport pursuant
to the Prospectus Directive.

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 has taken all reasonable care to ensure that the facts
stated therein are true and accurate and that no material facts have been omitted.

NOTICE
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 Bonds, and, if given or made, such
information or representations must not be relied upon as having been authorised by the Issuer or the Manager
(the "Manager") named on the cover page of this Prospectus.
Neither the delivery of this Prospectus nor any offering, sale or delivery of any Bonds shall, under any
circumstances, create any implication (i) that the information in this Prospectus is correct as of any time
subsequent to the date hereof or, as the case may be, subsequent to the date on which this Prospectus has been
most recently amended or supplemented, or (ii) that there has been no adverse change in the financial situation of
the Issuer which is material in the context of the issue and offering of the Bonds since the date of this Prospectus
or, as the case may be, the date on which this Prospectus has been most recently amended or supplemented or
(iii) that any other information supplied in connection with the issue of the Bonds 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.
To the extent permitted by the laws of any relevant jurisdiction the Manager accepts no responsibility for the
accuracy and completeness of the information contained in this Prospectus. This Prospectus does not constitute
an offer or an invitation by the Issuer or by the Manager to subscribe for or purchase any of the Bonds. Neither this
Prospectus nor any other information supplied in connection with the Bonds should be considered as a
recommendation by the Issuer or the Manager to a recipient hereof and thereof that such recipient should
purchase any Bonds. This Prospectus may not be used for or in connection with any offer or invitation in any
jurisdiction or in any circumstances in which such offer or invitation is unlawful or unauthorised.
No action has been taken by the Issuer or the Manager other than as set out in this Prospectus that would permit a
public offering of the Bonds, or possession or distribution of this Prospectus or any other offering material in any
country or jurisdiction where action for that purpose is required. Accordingly, no Bonds may be offered or sold,
directly or indirectly, and neither this Prospectus (nor any part hereof) nor any offering circular, prospectus, form of
application, advertisement or other offering materials may be issued, distributed or published in any country or
jurisdiction except in compliance with applicable laws, orders, rules and regulations, and the Manager has
represented that all offers and sales by it have been made on such terms.
This Prospectus does not constitute, and may not be used for the purposes of, an offer or solicitation by anyone in
any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it is unlawful to make
such offer or solicitation.
The distribution of this Prospectus (or of any part thereof) and the offer, sale and delivery of the Bonds in certain
jurisdictions may be restricted by law. Persons into whose possession this Prospectus (or any part thereof) comes
are required by the Issuer and the Manager to inform themselves about and to observe any such restrictions. In
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particular, the Bonds represent obligations of the Issuer only, and do not represent obligations of the Manager or
any of its respective affiliates or any affiliate of the Issuer or any other third person or entity.
For a further description of certain restrictions on offerings and sales of the Bonds and distribution of this
Prospectus (or of any part thereof) see "SELLING RESTRICTIONS".

In connection with the issue and distribution of the Bonds, the Manager, or any person acting for it, may
over-allot Bonds or effect transactions with a view to supporting the market price of the Bonds at a level
higher than that which might otherwise prevail. However, there is no assurance that the Manager or any
person acting for it will undertake such action. Any stabilisation action may begin on or after the date on
which adequate public disclosure of the terms of the offer of the Bonds is made and, if begun, may be
ended at any time, but it must end no later than the earlier of 30 calendar days after the issue date of the
Bonds and 60 calendar days after the date of the allotment of the Bonds. In doing so, the Manager or any
person acting for it shall act as principal and not as agent of the Issuer. Any stabilisation action or over-
allotment must be conducted by the Manager or any person acting for it in accordance with all applicable
laws and rules.

INVESTMENT CONSIDERATIONS
Each person contemplating making an investment in the Bonds (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 Bonds, the merits
and risks of investing in the Bonds and the information contained in this Prospectus;
(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 Bonds and
the impact the Bonds 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
Bonds, including 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 Bonds and be familiar with the behaviour of
financial markets and of any financial variable which might have an impact on the return on the
Bonds (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 that may affect its investment and its ability to bear the
applicable risks; and
(vi)
be aware that there is no assurance that a liquid secondary market for the Bonds develops or, if it so
develops, that it will continue to exist until maturity of the Bonds and that it might not be able to sell
the Bonds at any time at fair market prices if no liquid secondary market for the Bonds develops or if
it ceases to exist prior to maturity of the Bonds.
Prospective purchasers should also consult their own tax advisors as to the tax consequences of the purchase,
ownership and disposition of Bonds. Under certain circumstances, the Issuer or any other non-United States
financial institution through which payments under the Bonds are made may be required to withhold U.S. tax in
respect of Bonds issued after January 1, 2013 pursuant to the foreign account provisions of the U.S. Foreign
Account Tax Compliance Act of 2010 (FATCA) for more information, see "TAXATION".
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SUMMARY
The following summary should be read as an introduction to this Prospectus. It does not purport to be complete
and is taken from, and is qualified in its entirety by reference to the detailed information appearing elsewhere in this
Prospectus. Any decision by an investor to invest in the Bonds should be based on consideration of this
Prospectus as a whole.
Expressions defined in the Terms and Conditions of the Bonds (see below "TERMS AND CONDITIONS OF THE
BONDS") shall have the same meaning in the following summary.
Summary regarding the Bonds
Issuer
KfW
Guarantee
The Federal Republic of Germany guarantees the servicing of the Bonds under
Article 1a of the Law Concerning KfW (Gesetz über die Kreditanstalt für
Wiederaufbau, or the "KfW Law").
Aggregate Principal Amount
NOK 500,000,000
Principal Amounts of single
Tranche B: NOK 500,000,000;
Tranche
Manager
Nordea Bank Danmark A/S
Fiscal Agent
Danske Bank A/S
2-12 Holmens Kanal
1092 København K
Denmark
Attn. Corporate Actions
German Paying Agent
Deutsche Bank Aktiengesellschaft
Große Gallusstraße 10-14
60272 Frankfurt am Main
Federal Republic of Germany
Luxembourg Paying
Deutsche Bank Luxembourg S.A.
and Listing Agent
2 Boulevard Konrad Adenauer
1115 Luxembourg
Luxembourg
Issue Price
Tranche B: 110.09%
Issue Date
September 5, 2012
Maturity Date
May 25, 2021
(or if such day is not a Payment Business Day, the next succeeding day which is
a Payment Business Day)
Denomination
The Bonds are issued in a denomination of NOK 500,000 each.
Method of Issue
The Bonds are issued in tranches (each a "Tranche") consisting of Bonds 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 Bonds. Further Bonds may be issued
as part of existing Series.
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Form and Clearing
The Bonds are issued in the form of dematerialised bonds registered in
Verdipapirsentralen ASA (the "VPS").
The Bonds are held through VPS, which is the Norwegian paperless centralised
securities registry. It is a computerised book-entry system in which the
ownership of, and all transactions relating to, registered securities must be
recorded. All transactions relating to securities registered with VPS are made
through computerised book entries. The Bonds will be created and held in
uncertificated book entry form in accounts with VPS and title to the Bonds will be
evidenced by book entry interests in accordance with the provisions of
applicable legislation and regulations for the VPS as subsequently amended and
supplemented and no physical document of title will be issued in respect of the
Bonds.
Clearing through the ICSDs CBL and Euroclear will also be possible upon issue
of the Bonds.
Clearing Codes
The Bonds have been assigned an ISIN of NO 0010598469, a German Security
Code of A1H3FA and a Common Code of 057837721.
Interest
The Bonds bear interest at a fixed rate of 4.375% per annum.
Interest shall be payable in arrear on each Interest Payment Date. The first
payment of interest will be made on May 25, 2013.
Accrued Interest
NOK 6,172,945.21 for the period from (and including) May 25, 2012 to (but
excluding) September 5, 2012.
Yield
The reoffer yield is calculated on the basis of the issue price of the Bonds and
amounts to 3.038% per annum in the case of the Tranche B Bonds.
Interest Payment Dates
On May 25 of each year (or if any such day is not a Payment Business Day, the
next succeeding day which is a Payment Business Day).
Status of Bonds
The obligations under the Bonds 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.
Taxation
All payments by the Issuer in respect of the Bonds will be made with deduction
of taxes and other duties, if such deduction is required by law.
There will be no call option for tax reasons.
Redemption
Unless previously redeemed in whole or in part or purchased and cancelled, the
Bonds shall be redeemed at their outstanding principal amount on the Maturity
Date.
Events of Default
None
Negative Pledge
None
Listing and
Application has been made for the admission of Bonds to listing on the official
admission to trading
list and to trading on the regulated market of the Luxembourg Stock Exchange.
Governing Law
The Bonds are governed by Norwegian law.
Jurisdiction
The legal venue for any disputes arising from the Terms and Conditions of the
Bonds is Oslo Tingrett.
Selling Restrictions
Subject to certain exceptions, the Bonds are not being offered, sold or delivered
within the United States or to U.S. persons. For a description of these and other
restrictions on sale and transfer see "SELLING RESTRICTIONS".
Use of Proceeds
The net proceeds from the issuance of the Bonds (after deducting fees and
expenses) will amount to
Tranche B: NOK 550,450,000 (excluding accrued interest)
and will be used for general corporate purposes of the Issuer.
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TERMS AND CONDITIONS OF THE BONDS
The following is the text of the terms and conditions (the "Terms and Conditions") applicable to the
NOK 500,000,000 4.375% Bonds due May 25, 2021 to be consolidated and form a single Series with the
outstanding NOK 500,000,000 4.375 % Bonds due May 25, 2021 issued on January 19, 2011. In the case of any
overlap or inconsistency in the definition of a term or expression in the Terms and Conditions and elsewhere in this
Prospectus, the definition in the Terms and Conditions will prevail.

§ 1
CURRENCY, DENOMINATION, FORM, CERTAIN DEFINITIONS
(1) Currency; Denomination. These Bonds (the "Bonds") of KfW (the "Issuer") are being issued in Norwegian
Kroner (NOK) (the "Specified Currency") in the aggregate principal amount of NOK 500,000,000 (in words:
NOK five hundred million) (the "Aggregate Principal Amount") in the denomination of NOK 500,000 (the
"Specified Denomination"). The Aggregate Principal Amount may be increased by the Issuer.
(2) Identification; Terms and Conditions. The Bonds have been assigned an ISIN number of NO 0010598469, a
German Security Code of A1H3FA and a Common Code of 057837721. These Terms and Conditions govern the
Bonds.
(3) Form. The Bonds are being issued in the form of dematerialised bonds registered in Verdipapirsentralen ASA,
(the "VPS").
(4) Clearing System. The Bonds are held through VPS, which is the Norwegian paperless centralised securities
registry. It is a computerised book-entry system in which the ownership of, and all transactions relating to,
registered securities must be recorded. All transactions relating to securities registered with VPS are made
through computerised book entries. The Bonds will be created and held in uncertificated book entry form in
accounts with VPS and title to the Bonds will be evidenced by book entry interests in accordance with the
provisions of applicable legislation and regulations for the VPS as subsequently amended and supplemented and
no physical document of title will be issued in respect of the Bonds. Norwegian laws, regulations and operating
procedures applicable to and/or issued by VPS are referred to as "VPS-Rules".
The Bonds will also be eligible with the international central securities depositaries (" ICSDs"). ICSDs mean
Clearstream Banking, société anonyme, Luxembourg ("CBL") and Euroclear SA/NV ("Euroclear").
(5) Holder of Bonds. "Holder" means any holder of a proportionate co-ownership or other beneficial interest or
right in the Bonds.
(6) Registered Holder of Bonds. "Registered Holder" means any holder of a securities account with the VPS
(including nominee securities accounts) on which any Bonds are registered.
(7) Business Day. In these Conditions, "Business Day" means any day (other than a Saturday or a Sunday) on
which VPS as well as the Trans-European Automated Real-time Gross Settlement Express Transfer System
("TARGET") are open and commercial banks and foreign exchange markets are open for general business and
settle payments in Oslo.

§ 2
STATUS
The obligations under the Bonds constitute direct, unconditional, 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.

§ 3
INTEREST
(1) Rate of Interest and Interest Payment Dates. The Bonds shall bear interest on the outstanding Aggregate
Principal Amount at the rate of 4.375% per annum from (and including) May 25, 2012 to (but excluding) the
Maturity Date (as defined in § 4(1)). Interest shall be payable in arrear on May 25 in each year (each such date, an
"Interest Payment Date"), subject to adjustment in accordance with § 5(4).
(2) Accrual of Interest. The Bonds 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 Bonds when due, interest shall continue to accrue on the
outstanding Aggregate Principal Amount of the Bonds from and including the due date to but excluding the date of
the actual redemption of the Bonds at the default rate of interest according to the Norwegian Default Interest Act,
(1976), (Norwegian: Forsinkelsesrenteloven).
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