Obligation KFWB 0.026% ( US500769CG75 ) en JPY

KFWB

100 % ▼

Allemagne

US500769CG75 ( en JPY )

0.026% par an ( paiement annuel )

20/06/2037

Prospectus brochure de l'obligation Kfw US500769CG75 en JPY 0.026%, échéance 20/06/2037

1 000 000 JPY

50 000 000 000 JPY

500769CG7

20/06/2026 ( Dans 187 jours )

La KfW (Kreditanstalt für Wiederaufbau) est une banque publique allemande qui fournit des prêts et des financements pour la promotion du développement économique et social en Allemagne et à l'international.

L'Obligation émise par KFWB ( Allemagne ) , en JPY, avec le code ISIN US500769CG75, paye un coupon de 0.026% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 20/06/2037

PRICING SUPPLEMENT
(To prospectus supplement dated April 10, 2007
and prospectus dated April 9, 2007)
KfW, Frankfurt/Main, Federal Republic of Germany
¥50,000,000,000
2.60% Global Notes due 2037
KfW, also known as Kreditanstalt für Wiederaufbau, will pay interest on the notes in two equal semi-annual installments in
arrears on June 20 and December 20, commencing on December 20, 2007. The first interest payment will be for interest accrued
from and including June 20, 2007 to, but excluding, December 20, 2007. The notes will mature on June 20, 2037. The notes are not
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.
Purchasers of the notes must make payment in Japanese yen. The managers may arrange for U.S. purchasers to pay for the
notes in U.S. dollars. KfW will pay the principal of and interest on the notes in Japanese yen. However, you will receive the
principal of and interest on the notes in U.S. dollars unless you elect to receive such payments in Japanese yen.
For information on exchange risks, see "Information on Currency Conversion and Foreign Exchange Exposure" in the
accompanying prospectus supplement and "Foreign Exchange Exposure" in this pricing supplement.
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 (the "Luxembourg Prospectus Act").
Per Note
Total
Price to public(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99.685%
¥49,842,500,000
Underwriting commissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.275%
¥
137,500,000
Proceeds to KfW(1)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99.410%
¥49,705,000,000
(1) Plus accrued interest, if any, from June 20, 2007 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 June 20, 2007. 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 500769CG7, an ISIN number of US500769CG75 and a common code of
030676815.
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.
Nikko Citigroup
Pricing Supplement dated June 15, 2007

TABLE OF CONTENTS
Page
Page
INCORPORATION BY REFERENCE . . . . .
PS-4
ADDITIONAL TAX INFORMATION . . . .
PS-10
USE OF PROCEEDS . . . . . . . . . . . . . . . . . . .
PS-4
SUBSCRIPTION AGREEMENT . . . . . . . . .
PS-11
FOREIGN EXCHANGE EXPOSURE . . . . . .
PS-5
VALIDITY OF THE NOTES . . . . . . . . . . . .
PS-11
TERMS OF THE NOTES . . . . . . . . . . . . . . . .
PS-6
GENERAL INFORMATION . . . . . . . . . . . .
PS-11
General Provisions . . . . . . . . . . . . . . . . . .
PS-6
Further Information . . . . . . . . . . . . . . . .
PS-11
Status . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PS-6
Documents Available . . . . . . . . . . . . . .
PS-11
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . .
PS-6
Listing . . . . . . . . . . . . . . . . . . . . . . . . . .
PS-12
Maturity; Repurchase . . . . . . . . . . . . . . .
PS-7
Additional Paying Agent . . . . . . . . . . . .
PS-12
Payments . . . . . . . . . . . . . . . . . . . . . . . . .
PS-7
Securities Identification Numbers . . . . .
PS-12
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PS-8
Authorization . . . . . . . . . . . . . . . . . . . . .
PS-12
Termination for Default . . . . . . . . . . . . . .
PS-8
Auditors . . . . . . . . . . . . . . . . . . . . . . . . .
PS-12
Registrar and Paying Agents . . . . . . . . . .
PS-8
Interim Financial Statements . . . . . . . . .
PS-12
Further Issues . . . . . . . . . . . . . . . . . . . . . .
PS-9
Material Change . . . . . . . . . . . . . . . . . .
PS-12
Notices . . . . . . . . . . . . . . . . . . . . . . . . . . .
PS-9
Litigation . . . . . . . . . . . . . . . . . . . . . . . .
PS-12
Governing Law, Jurisdiction,
Enforcement and Language . . . . . . . . .
PS-9
This pricing supplement should be read together with the accompanying prospectus supplement setting forth
information relating to global notes denominated in currencies other than U.S. dollars, euro or Canadian dollars
dated April 10, 2007, the accompanying prospectus dated April 9, 2007, 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. 333-141868) 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
Luxemburg Prospectus Act, which transforms Directive 2003/71/EC (the "Prospectus Directive") into law in
Luxemburg. 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 the 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 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 "¥" or "yen" are to Japanese yen. References to "U.S. dollars" or "$" are to United States dollars.
For 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 noon buying rate for euro on June 14, 2007
was 1.00=$1.3311. For information regarding exchange rates between yen and U.S. dollars, see "Foreign
Exchange Exposure" in this pricing supplement.
References herein to "we" or "us" are to KfW. References to "KfW Bankengruppe" or "group" are to KfW
and its consolidated subsidiaries.
In connection with this offering of notes, Citigroup Global Markets Limited or any person acting for
it may over-allot the notes (provided that the aggregate principal amount of notes allotted does not exceed
105 percent of the aggregate principal amount of 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, there is no
assurance that Citigroup Global Markets Limited or any person acting for it will undertake stabilization
action. 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 be ended 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.
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 the principal office in Luxembourg of Deutsche
Bank Luxembourg S.A. See "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, c/o Deutsche Bank National Trust
Company, Trust & Securities Services, 25 DeForest Avenue, Mail Stop: SUM 01-0105, Summit,
New Jersey 07901, U.S.A.
USE OF PROCEEDS
We estimate that the net proceeds from the sale of the notes will be approximately ¥49,705,000,000 (after
deducting underwriting commissions and expenses). The net proceeds from the sale of the notes will be used by
us in our general business.
PS-4

FOREIGN EXCHANGE EXPOSURE
An investment in the notes, which may be denominated in, and provide for payments in, a currency other
than the currency of the country in which the purchaser is resident or the currency in which the purchaser
conducts its business or activities, entails significant risks that are not associated with a similar investment in a
security denominated in that other currency. For further information, see "Information on Currency Conversion
and Foreign Exchange Exposure" in the accompanying prospectus supplement.
The following table shows the average, high and low noon buying rates for yen, expressed in number of yen
per $1.00, for the years indicated. No representation is made that the yen or U.S. dollar amounts referred to
herein could have been or could be converted into U.S. dollars or yen, as the case may be, at any particular rate.
The noon buying rate for yen on June 14, 2007 was ¥122.97=$1.00.
Year ended December 31,
Average(1)
High
Low
2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
124.725
134.57
115.71
2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
115.834
121.42
106.93
2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
107.634
114.30
102.56
2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
110.735
120.93
102.26
2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
115.990
119.81
110.07
(1) The average of the noon buying rates on the last business day of each month during the relevant period.
PS-5

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
Principal Amount and Denomination. The notes will be issued in an aggregate principal amount of fifty
billion Japanese yen (¥50,000,000,000), divided into fifty thousand notes in the principal amount of ¥1,000,000
each, which will rank equally among themselves.
Global Certificates--Form. The notes will be represented by one or more permanent global certificates
without interest coupons, which will be kept in custody by Deutsche Bank Trust Company Americas, also known
as DBTCA, or any successor, as custodian for DTC, until all our obligations under the notes have been satisfied.
The global certificates (as defined under "Clearing and Settlement--Certification and Custody; Appointment of
Registrar and Paying Agents" in the accompanying prospectus supplement) will be in registered form in the
name of Cede & Co., as nominee of DTC, recorded in a register kept by the registrar (as defined under "Clearing
and Settlement--Certification and Custody; Appointment of Registrar and Paying Agents" in the accompanying
prospectus supplement). The global certificates will represent the notes credited to accounts maintained with
DTC by financial institutions that are participants in DTC. Each global certificate will be manually signed by two
of our authorized representatives and will each be 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 Agents"). Definitive certificates representing individual notes and interest coupons will only be issued in
the limited circumstances described under "Clearing and Settlement--The Clearing Systems--DTC."
Transfers. 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 on their principal amount at the rate of 2.60% per
year as from June 20, 2007. 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 in two equal semi-annual installments in arrears on
June 20 and December 20. The first interest payment will be made on December 20, 2007 for the period
commencing on June 20, 2007 (inclusive) and ending on December 20, 2007 (exclusive).
Late Payment. Should we fail to repay the notes on the due date therefor, interest on the notes shall, 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 repayment of the notes at the default rate of
PS-6

interest established by law. Under German law, the default rate is five percentage points above the basic rate of
interest announced by the German Federal Bank immediately after January 1 and July 1 in each year. For
example, in January 2007, the German Federal Bank announced a base rate of 2.70% per annum, making the
default rate at that time 7.70%.
Accrued Interest. Whenever it is necessary to compute any amount of accrued interest in respect of the notes
for a period of less than one full year, other than with respect to regular semi-annual interest payments, such
interest shall be calculated on the basis of the actual number of days in the period divided by 365 (known as
"ACTUAL/365 (fixed) Method").
Maturity; Repurchase
Maturity. The notes shall be redeemed at par on June 20, 2037. Subject to the provisions with respect to
termination for default set forth under "--Termination for Default" in this pricing supplement, neither we nor
any noteholder shall be entitled to redeem the notes before their stated maturity.
Repurchase. We may at any time purchase and resell notes in the open market or otherwise. Notes so
purchased and not resold by us may, in our discretion, be held or surrendered to the paying agent for
cancellation.
Payments
Payments. Payments of principal of, and interest on, the notes shall be made on the relevant payment date
(see "--Payment Date and Due Date" below) to, or to the order of, the person registered at the close of business
on the relevant record date (see "--Record Date" below) in the register kept by the registrar in U.S. dollars or
yen as set forth below. Payments of principal shall be made upon surrender of the global certificates to the paying
agent.
Any noteholder shall receive payments of principal and interest in respect of the notes in U.S. dollars, unless
such noteholder elects to receive payments in yen in accordance with the procedures set out below. To the extent
that noteholders shall not have made such election in respect of any payment of principal or interest, the
aggregate amount designated for all such holders in respect of any such payment (the "yen conversion amount")
shall be converted by the paying agent into U.S. dollars and paid by wire transfer of same day funds to the
registered holder of the global certificates for payment through DTC's settlement system to the relevant DTC
participants. All costs of any such conversion shall be deducted from such payments. Any such conversion shall
be based on the paying agent's bid quotation, at or prior to 11:00 A.M., New York City time, on the second
conversion business day (as defined below) preceding the relevant payment date, for the purchase by the paying
agent of the yen conversion amount with U.S. dollars for settlement on such payment date. "Conversion business
day" means a day which is a New York business day, a Tokyo business day, and a Frankfurt business day (as
defined under "--Business Days" below). If such bid quotation is not available, the paying agent shall obtain a
bid quotation from a leading foreign exchange bank in New York City selected by the paying agent for such
purpose. If no bid quotation from a leading foreign exchange bank is available, payment of the yen conversion
amount will be made in yen to the account or accounts specified by DTC to the paying agent. Until such account
or accounts are so specified, the funds still held by the paying agent shall bear interest at the rate of interest
quoted by the paying agent for deposits with it on an overnight basis, to the extent that the paying agent is
reasonably able to reinvest such funds.
Any noteholder may elect to receive payment of principal and interest with respect to the notes in yen by
causing DTC, through the relevant DTC participant, to notify the paying agent by the time specified below of
(i) such holder's election to receive all or a portion of such payment in yen and (ii) wire transfer instructions to a
yen account. Such election in respect of any payment shall be made by the holder at the time and in the manner
required by the DTC procedures applicable from time to time and shall, in accordance with such procedures, be
irrevocable. DTC's notification of such election, wire transfer instructions and the amount payable in yen
pursuant to this paragraph must be received by the paying agent prior to 5:00 P.M., New York City time, on the
PS-7

fifth New York business day (as defined under "--Business Days" below) following the relevant record date (as
defined under "--Record Date" below) in the case of interest and prior to 5:00 P.M., New York City time, on the
eighth New York business day prior to the payment date (see "--Payment Date and Due Date" below) for the
payment of principal. Any payments under this paragraph in Japanese yen shall be made by wire transfer of same
day funds to yen accounts designated by DTC.
All payments made by us to, or to the order of, the registered holder of the global certificates shall 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)
shall be, in respect of each such payment, the tenth New York business day prior to the relevant payment date
(see "--Payment Date and Due Date" below).
Business Days. If any due date for payment of principal or interest in Japanese yen in respect of any note to
the registered holder of the global certificates is not a Tokyo business day, such payment will not be made until
the next following Tokyo business day, and no further interest shall be paid in respect of the delay in such
payment. If any due date for payment of principal or interest in U.S. dollars in respect of any note to the
registered holder of the global certificates is not a Tokyo business day or not a New York business day, such
payment shall not be made until the next day which is both a Tokyo business day and a New York business day,
and no further interest shall be paid in respect of the delay in such payment. "New York business day" means any
day on which banking institutions in New York City are not obligated and not authorized to close. "Tokyo
business day" means any day (other than a Saturday or Sunday) on which credit institutions are open for business
in Tokyo. "Frankfurt business day" means any day (other than a Saturday or Sunday) on which credit institutions
are open for business in Frankfurt am Main.
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 provided for herein,
without taking account of any such adjustment.
Taxes
All payments by us in respect of the notes shall 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 shall 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, through DTC, declare its notes due and demand repayment thereof at their principal
amount plus interest accrued to the date of repayment if we shall fail to pay any amount payable under the notes
within 30 days from the relevant due date. The right to declare notes due shall cease if we have made payment to,
or to the order of, the registered holder of the global certificates before the noteholder has exercised such right.
Any notice declaring notes due shall be made by means of a written notice to be delivered by hand or registered
mail 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 representing
individual notes and interest coupons will not be issued in the event of a default.
Registrar and Paying Agents
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
PS-8

agent (DBTCA and, if applicable, Deutsche Bank Frankfurt in performing such function, the "paying agent").
We may at any time 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 shall at all times be a
registrar and 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 paying agent or in
their specified office by publication in the manner set forth under "--Notices" in this pricing supplement.
The registrar and the paying agents in such capacities are acting exclusively as our agents and do not have
any legal relationship of any nature with or accountability to the registered holder of the global certificates or to
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 as to the date from
which interest shall accrue), so that such additional notes shall be consolidated with, form a single issue with and
increase the aggregate principal amount of, the notes. The term "notes" shall, in the event of such increase, also
include such additional issued notes.
Notices
All notices regarding the notes shall be published (a) in the electronic Federal Gazette (elektronischer
Bundesanzeiger) and, if legally required, in the form of media determined by law in addition thereto, 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 first date of any such publication.
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 shall be governed by and shall be construed in accordance with the laws of the Federal Republic of
Germany. Any dispositions of the notes, including transfers and pledges of notes executed between DTC
participants and between DTC 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 an aggregate 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 any other clearing system which is a participant
in DTC.
Language. The conditions are written in the English and German languages, with the English version
controlling and binding.
PS-9

ADDITIONAL TAX INFORMATION
The following information relates to certain German income tax consequences of owning the notes and
supercedes the disclosure set forth under "Federal Republic Taxation--Proposal for the Introduction of a Flat
Tax on Investment Income" in the accompanying prospectus.
Draft legislation introduced in the German Bundestag on March 27, 2007 provides for the introduction of a
flat tax on investment income (Abgeltungssteuer). The flat tax would be collected by way of withholding from
interest income received after December 31, 2008. In addition, capital gains derived from non-business financial
assets would be subject to the flat tax irrespective of any holding period, in cases where the assets are acquired
after December 31, 2008. The flat tax would be collected at a rate of 25% (plus 5.5% solidarity surcharge thereon
and, if applicable, church tax) of gross income. It would satisfy the income tax liability of a non-business
investor with respect to investment income. However, investors would be able to apply for a tax assessment on
the basis of applicable general rules if the resulting income tax burden were lower.
PS-10