Obligation KFWB 2% ( US500769HD99 ) en USD

KFWB

100 % ▼

Allemagne

US500769HD99 ( en USD )

2% par an ( paiement semestriel )

30/11/2021 - Obligation échue

Prospectus brochure de l'obligation KFW US500769HD99 en USD 2%, échue

1 000 USD

1 500 000 000 USD

500769HD9

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 USD, avec le code ISIN US500769HD99, paye un coupon de 2% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 30/11/2021

$1,500,000,000 2.000% Global Notes due 2021 (Green Bond)
424B5 1 d297476d424b5.htm $1,500,000,000 2.000% GLOBAL NOTES DUE 2021 (GREEN BOND)
Table of Contents
PRICING SUPPLEMENT
Filed Pursuant to Rule 424(b)(5)
(To prospectus supplement dated November 18, 2016
Registration No. 333-214613
and prospectus dated November 18, 2016)

KfW, Frankfurt/Main, Federal Republic of Germany
$1,500,000,000
2.000% Global Notes due 2021 (Green Bond)
KfW, also known as Kreditanstalt für Wiederaufbau, will pay interest on the notes in two equal semi-annual installments in arrears on
May 30 and November 30, commencing on May 30, 2017. The notes will mature on November 30, 2021. The notes will not be redeemable at any
time prior to maturity.
As described under "Use of Proceeds," KfW will allocate an amount equal to the net proceeds from the sale of the notes to an internal
account that is linked to KfW's environmental investment program, "Renewable Energies--Standard."
KfW will make payments with respect to the notes without deduction or withholding of taxes, unless otherwise required by law. There will
be no "gross-up" provision requiring additional payments to be made in respect of the notes in the event of the imposition of a tax deduction or
withholding.
Pursuant to the Law Concerning KfW, the notes will benefit from a statutory guarantee of the Federal Republic of Germany.
The notes are governed by the laws of the Federal Republic of Germany and provide that the District Court (Landgericht) in
Frankfurt am Main is the exclusive jurisdiction in which an action or other legal proceedings arising out of or in connection with the notes
may be brought.
Application has been made to list the notes on the regulated market of the Luxembourg Stock Exchange pursuant to Chapter 2 of Part III of
the Loi relative aux prospectus pour valeurs mobilières dated July 10, 2005, as amended (the "Luxembourg Prospectus Act").

Per Note

Total

Price to public(1)
99.749%
$1,496,235,000
Underwriting commissions
0.125%
$
1,875,000
Proceeds to KfW(1)(2)
99.624%
$1,494,360,000

(1)
Plus accrued interest, if any, from November 30, 2016, if settlement occurs after that date.
(2)
Before deduction of expenses payable by KfW.
The managers named in this pricing supplement are offering the notes subject to various conditions. The managers will have the right to
reject any order in whole or in part and to withdraw, cancel or modify the offer without notice. It is expected that delivery of the notes will be
made upon the instructions of the managers through the facilities of The Depository Trust Company, New York, also known as DTC, as well as
through the facilities of other clearing systems that participate in DTC, including Clearstream Banking, société anonyme, Luxembourg, also known
as CBL, and Euroclear Bank SA/NV, also known as Euroclear, on or about November 30, 2016. 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 500769HD9, an ISIN number of US500769HD99 and a
common code of 152716443.
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.

BofA Merrill Lynch
Goldman Sachs International
Société Générale

Corporate & Investment Banking

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$1,500,000,000 2.000% Global Notes due 2021 (Green Bond)

Pricing Supplement dated November 24, 2016
Table of Contents
TABLE OF CONTENTS

Page

Page
Incorporation by Reference
PS-4
Subscription Agreement
PS-10
Use of Proceeds
PS-4
Validity of the Notes
PS-10
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-11
Maturity; Repurchase
PS-7
Additional Paying Agent
PS-11
Payments
PS-7
Securities Identification Numbers
PS-11
Taxes
PS-7
Authorization
PS-11
Termination for Default
PS-8
Auditors
PS-11
Registrar and Paying Agent
PS-8
Interim Financial Statements
PS-12
Further Issues
PS-8
Material Change
PS-12
Notices
PS-8
Litigation
PS-12
Governing Law; Jurisdiction; Enforcement and
Language
PS-8

This pricing supplement should be read together with the accompanying prospectus supplement dated November 18, 2016 setting forth
information relating to U.S. dollar-denominated global notes, the accompanying prospectus dated November 18, 2016, and the documents
incorporated herein by reference. See "Incorporation by Reference" in this pricing supplement. These documents taken together are herein referred
to as the "disclosure document." The documents incorporated herein by reference contain information regarding KfW, the Federal Republic of
Germany and other matters. Further information concerning KfW and the notes offered hereby may be found in the registration statement
(Registration Statement No. 333-214613) filed with the U.S. Securities and Exchange Commission (the "SEC") under the Securities Act of 1933
relating to our debt securities described in the prospectus.
If the information in this pricing supplement differs from the information contained in the accompanying prospectus supplement or
prospectus, you should rely on the information in this pricing supplement.

The disclosure document fulfills the requirements for a simplified prospectus pursuant to Chapter 2 of Part III of the Luxembourg Prospectus
Act. It does not constitute a prospectus pursuant to Part II of the Luxembourg Prospectus Act, which transforms Directive 2003/71/EC (the
"Prospectus Directive") into law in Luxembourg. Accordingly, the disclosure document does not purport to meet the format and the disclosure
requirements of the Prospectus Directive and Commission Regulation (EC) No. 809/2004 implementing the Prospectus Directive, and it has not
been, and will not be, submitted for approval to any competent authority within the meaning of the Prospectus Directive. The notes issued pursuant
to the disclosure document will therefore not qualify for the benefit of the single European passport pursuant to the Prospectus Directive.

The Luxembourg Stock Exchange takes no responsibility for the content of the disclosure document, makes no representations as to its
accuracy or completeness and expressly disclaims any liability for any loss arising from or in reliance upon the whole or any part of the contents of
the disclosure document. KfW accepts full responsibility for the accuracy of the information contained in the disclosure document, and confirms,
having made all reasonable inquiries, that to the best of its knowledge and belief there are no other facts the omission of which would make any
statement herein misleading in any material respect.

PS-2
Table of Contents
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$1,500,000,000 2.000% Global Notes due 2021 (Green Bond)
You should rely only on the information provided in the disclosure document. We have not authorized anyone else to provide you with
different information. We are not making an offer of these securities in any jurisdiction where such offer is not permitted. You should not assume
that the information contained in the disclosure document is accurate as of any date other than the date on the front of each document forming part
of the disclosure document or, with respect to information incorporated by reference, as of the date of such information.

References herein to "euro" or "" are to the single European currency adopted by certain participating member countries of the European
Union, including the Federal Republic of Germany, as of January 1, 1999. References to "U.S. dollars" or "$" are to United States dollars.
For historical information regarding exchange rates between euro and U.S. dollars, see KfW's annual report on Form 18-K, as amended,
which is incorporated by reference herein. The euro foreign exchange reference rate as published by the European Central Bank on November 23,
2016 was 1.00=$1.06.
References herein to "we" or "us" or similar expressions are to KfW. References to "KfW Bankengruppe" or "group" are to KfW and its
consolidated subsidiaries.

In connection with this offering of notes, Merrill Lynch International, or any person acting for it may over-allot the notes or effect
transactions with a view to supporting the market price of the notes at a level higher than that which might otherwise prevail. However,
there is no assurance that Merrill Lynch International, 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.
Any stabilization action or over-allotment must be conducted by Merrill Lynch International, or any person acting for it in accordance
with all applicable laws and rules.

PS-3
Table of Contents
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 Bank of New York Mellon (Luxembourg) S.A., 2-4 rue Eugene
Ruppert, L-2453 Luxembourg. See "General Information--Further Information" in this pricing supplement. You may also request a copy of these
filings at no cost by writing to The Bank of New York Mellon, 225 Liberty Street, New York, NY 10286, U.S.A., Attention: International
Corporate Trust.
USE OF PROCEEDS
We estimate that the net proceeds from the sale of the notes will be approximately $1,494,360,000 (after deducting underwriting
commissions). The net proceeds from the sale of the notes will be used by us in our general business.
Upon issuance, we will simultaneously allocate an amount equal to the net proceeds of the notes (which proceeds may be converted into
Euros) to an internal account used to track the allocation of funds from our "green bond" issuances. Amounts matching requests for disbursements
under our environmental investment program, "Erneuerbare Energien--Standard" ("Renewable Energies--Standard") will be deducted from the
portion of the balance of this internal account relating to the notes on an ongoing basis, starting with the beginning of the calendar year in which the
notes are issued and continuing until the portion of the balance relating to the notes has been completely reduced. As discussed below, the notes
will be reported on our website as fully allocated when requests for disbursements in the aggregate total the net proceeds from the notes.
Our financing program "Renewable Energies--Standard" aims to promote the development of electricity and heat from renewable resources.
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$1,500,000,000 2.000% Global Notes due 2021 (Green Bond)
Measures financed through this program may include but are not limited to the following:

· Photovoltaic equipment;

· Wind power plants and repowering measures;

· Hydro-electric power stations;

· Equipment for the generation and use of biogas; and

· Equipment for the geothermal generation of electricity.
The common objective of all projects financed under this program is the reduction of greenhouse gas emissions. Equipment for the use of
fossil fuels or nuclear power is not financed under the program.
Payment of principal of and interest on the notes will be made from our general funds and will not be linked to the performance of any
projects financed under the program "Renewable Energies--Standard."

PS-4
Table of Contents
Following the issuance of the notes and until the notes have been reported as fully allocated, we intend to regularly monitor the internal
account in terms of disbursements under the program "Renewable Energies--Standard" and report on these disbursements on a quarterly basis on
our website. Unless otherwise indicated, information available on or accessible through our website is not incorporated herein by reference.
If our use of the net proceeds from the notes is a factor in your decision to invest in the notes, you should consider the foregoing discussion
and consult with your counsel or other advisors before making an investment in the notes.

PS-5
Table of Contents
TERMS OF THE NOTES
The following description of the particular terms and conditions of the notes offered hereby (referred to as the "notes" in this pricing
supplement and the accompanying prospectus supplement and as the "securities" in the accompanying prospectus) supplements, and to the extent
inconsistent therewith replaces, the description of the general terms and conditions of notes set forth in the accompanying prospectus supplement
and prospectus, to which description reference is hereby made. The description of the terms and conditions below (with the exception of certain
explanatory text designated by italics) is substantially the same as the legally binding English language text thereof and is qualified in its entirety
by reference thereto. A copy of the form of conditions has been filed with the SEC as an exhibit to the registration statement.
General Provisions
Aggregate Principal Amount and Denomination. The notes will be issued in the aggregate principal amount of one billion five hundred
million U.S. dollars ($1,500,000,000), divided into one million five hundred thousand notes in the denomination of $1,000 each, which will rank
equally among themselves.
Global Certificates, Notes and Form. The notes will be represented by one or more permanent global certificates without interest coupons
(the "global certificates"). The global certificates will be kept in custody by The Bank of New York Mellon, New York, also known as BNY
Mellon, or any successor, as custodian for DTC until all of our obligations under the notes have been satisfied. The global certificates will be
issued in registered form in the name of Cede & Co., as nominee of DTC, also known as the registered holder, recorded in a register kept by the
registrar (as defined under "--Registrar and Paying Agent") and represent the notes credited to accounts maintained with DTC by financial
institutions that are participants in DTC. Each person ultimately holding a note is referred to herein as a "noteholder." Each global certificate will
be manually signed by two of our authorized representatives and manually authenticated by or on behalf of the registrar. Copies of the global
certificates will be available free of charge at the paying agent (as defined under "--Registrar and Paying Agent"). Definitive certificates and
interest coupons for individual notes will not be issued, unless DTC is unable or unwilling to continue providing its services and a successor
securities depository is not obtained. In such a case, a noteholder may request the issue of definitive certificates representing its individual notes
and corresponding interest coupons (see "Clearing and Settlement--The Clearing Systems--DTC" in the accompanying prospectus supplement).
Transfer. The notes may be transferred through DTC or its participants. Transfers of notes will require appropriate entries in securities
accounts as described in further detail under "Clearing and Settlement--Transfers" in the accompanying prospectus supplement.
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$1,500,000,000 2.000% Global Notes due 2021 (Green Bond)
Status
The notes will constitute unsecured and unsubordinated obligations of KfW and will rank equally with all of our other present and future
unsecured and unsubordinated obligations, but subject to any applicable mandatory statutory exceptions.
Interest
Interest Rate and Due Dates. The notes will bear interest at the rate of 2.000% per year as from November 30, 2016. 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 May 30 and November 30.
Late Payment. Should we fail to redeem the notes on the due date therefor, interest on the notes will, subject to the provisions with respect to
business days (as defined under "--Payments--Business Days" in this pricing

PS-6
Table of Contents
supplement), accrue beyond the due date until actual redemption of the notes at the default rate of interest established by law. Under German law,
the default rate is five percentage points above the base rate of interest announced by the German Federal Bank effective as of January 1 and
July 1 in each year. On June 28, 2016, the German Federal Bank announced a base rate of -0.88% per annum, making the default rate for the
second half of 2016 4.12%.
Accrued Interest. If it is necessary to compute interest for a period of other than a full year, interest will be calculated on the basis of a
360-day year consisting of twelve 30-day months.
Maturity; Repurchase
Maturity. The notes will be redeemed at their aggregate principal amount on November 30, 2021. Subject to the provisions with respect to
termination for default set forth under "--Termination for Default" in this pricing supplement, neither will we be entitled to redeem, nor will any
noteholder be entitled to demand the repayment of the notes prior to their stated maturity.
Repurchase. We may at any time purchase and resell notes in the open market or otherwise at any price. Notes so purchased and not resold
by us may, at our option, be held or surrendered to the paying agent for cancellation.
Payments
Payments. Payments of principal of, and interest on, the notes will be made in U.S. dollars on the relevant payment date (see "--Payment
Date and Due Date" below) to, or to the order of, the registered holder registered at the close of business on the relevant record date (see "--
Record Date" below) in the register kept by the registrar. The funds will be distributed through the relevant DTC participants (see "Clearing and
Settlement--Certification and Custody" in the accompanying prospectus supplement) to the noteholders as of the relevant record date.
All payments made by or on behalf of us to, or to the order of, the registered holder at the close of business on the relevant record date in the
register will discharge our liability under the notes to the extent of the sums so paid.
Record Date. The record date for purposes of payments of principal and interest (see "--Payments" above) will be, in respect of each such
payment, the tenth New York business day prior to the relevant payment date.
Business Days. If any due date for payment of principal or interest to, or to the order of, the registered holder is not a New York business
day, such payment will not be made until the next day which is a New York business day, and no further interest will be paid in respect of the
delay in such payment. "New York business day" means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on
which commercial banks are authorized or required by law, regulation or executive order to close in New York City.
Payment Date and Due Date. For the purposes of the terms and conditions of the notes, "payment date" means the day on which the payment
is actually to be made, where applicable as adjusted in accordance with the preceding paragraph, and "due date" means the interest payment date
or the maturity date set forth above, without taking account of any such adjustment.
Taxes
All payments by us in respect of the notes will be made without deduction or withholding of taxes or other duties, unless such deduction or
withholding is required by law. In the event of such deduction or withholding, we will not be required to pay any additional amounts in respect of
the notes. There will be no "gross-up" provision requiring additional payments to be made in respect of the notes in the event of imposition of
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$1,500,000,000 2.000% Global Notes due 2021 (Green Bond)
deduction or withholding of taxes or other duties.

PS-7
Table of Contents
Termination for Default
Any noteholder may, at its option, through DTC, declare its notes due and demand repayment thereof at their principal amount plus interest
accrued to the date of repayment if we fail to pay any amount payable under the notes within 30 days from the relevant due date. The right to
declare notes due will cease if we have made payment to, or to the order of, the registered holder before the noteholder has exercised such right.
Any notice declaring notes due will be made by means of a notice in text format (Textform, e.g. email or fax) or in written form to be sent to us
together with proof that such noteholder at the time of such notice is a holder of the relevant notes by means of a certificate of the noteholder's
custodian as set forth under "--Governing Law; Jurisdiction; Enforcement and Language--Enforcement" in this pricing supplement. Definitive
certificates and interest coupons for individual notes will not be issued in the event of a default.
Registrar and Paying Agent
We will appoint The Bank of New York Mellon (Luxembourg) S.A. as initial registrar (the "registrar"), BNY Mellon as paying agent, and,
to the extent required by law, The Bank of New York Mellon acting through its Frankfurt branch ("BNY Mellon Frankfurt") as additional paying
agent (BNY Mellon and, if applicable, BNY Mellon Frankfurt performing such function, the "paying agent"). We reserve the right at any time to
vary or terminate the appointment of the registrar or any paying agent or approve any change in the office through which they act (the "specified
office"), provided that there will at all times be a registrar and a paying agent, and provided further that so long as the notes are listed on any stock
exchange (and the rules of such stock exchange so require), we will maintain a paying agent with a specified office in the city in which such stock
exchange is located. We will give notice of any change in the registrar or the paying agent or in their specified offices by publication in the manner
set forth under "--Notices" in this pricing supplement.
The registrar and the paying agent in such capacities are acting exclusively as our agents and do not have any legal relationship of whatever
nature with the registered holder or any noteholder and are not in any event accountable to the registered holder or any noteholder.
Further Issues
We reserve the right, from time to time without the consent of the noteholders, to issue additional notes, on terms identical in all respects to
those set forth in the terms and conditions of the notes (except that the date from which interest will accrue may vary), so that such additional notes
will be consolidated with, form a single issue with and increase the aggregate principal amount of, the notes. The term "notes" will, in the event of
such increase, also include such additional notes.
Notices
All notices regarding the notes will be published (a) in the Federal Republic of Germany in the Federal Gazette (Bundesanzeiger) and, to the
extent legally required, in addition thereto, in any other form of media prescribed by law; and (b) also in a leading daily newspaper printed in the
English language and of general circulation in New York City (expected to be The Wall Street Journal). Any notice will become effective for all
purposes on the third day following the date of its publication or, if published more than once or on different dates, on the third day following the
date of first publication.
Governing Law; Jurisdiction; Enforcement and Language
Governing Law. The notes, both as to form and content, as well as our rights and duties and those of the noteholders, will be governed by and
will be construed in accordance with the laws of the Federal Republic of Germany. Any disposition of the notes, including transfers and pledges,
executed between DTC participants, and between DTC itself and DTC participants, will be governed by the laws of the State of New York.

PS-8
Table of Contents
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,
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$1,500,000,000 2.000% Global Notes due 2021 (Green Bond)
(ii) specifying a principal amount of notes credited on the date of such statement to such noteholder's securities account maintained with such
custodian and (iii) confirming that the custodian has given a written notice to DTC and the registrar containing the information pursuant to (i) and
(ii) and bearing acknowledgments of DTC and the relevant DTC participant and (b) copies of the global certificates certified as being true copies by
a duly authorized officer of DTC or the registrar. For purposes of the foregoing, "custodian" means any bank or other financial institution of
recognized standing authorized to engage in securities custody business with which the noteholder maintains a securities account in respect of any
notes and includes DTC and its participants, including any other clearing system which participates in DTC.
Language. The conditions are written in the English language and accompanied by a German language translation. The English text will be
controlling and binding. The German language translation is provided for convenience only.

PS-9
Table of Contents
SUBSCRIPTION AGREEMENT
Goldman Sachs International, Merrill Lynch International and Société Générale (collectively, the "managers") have agreed with us, severally
and not jointly, pursuant to a subscription agreement dated November 24, 2016 (the "subscription agreement"), to subscribe and pay for the
principal amount of the notes set forth opposite their respective names below at 99.749% of their principal amount less a combined commission of
0.125% of such principal amount.

Principal
amount
Managers

of notes

Goldman Sachs International

$
500,000,000
Merrill Lynch International

$
500,000,000
Société Générale

$
500,000,000

Total

$ 1,500,000,000

Under the terms and conditions of the subscription agreement, the managers are committed to take and pay for all of the notes, if any are
taken. The managers propose to offer the notes in part directly to the public at the price to public set forth on the cover page of this pricing
supplement and in part to dealers at such price less a concession of 0.125%. After the initial public offering, the price to public may be changed.
We have agreed in the subscription agreement to indemnify the managers against certain liabilities, including liabilities under the Securities
Act of 1933. The managers have agreed to bear certain expenses relating to the offering of the notes.
The notes will be offered for sale in those jurisdictions in the United States, Europe, Asia and elsewhere where it is legal to make such
offers. The selling restrictions applicable to the notes are set forth under "Subscription and Sale--Certain Selling Restrictions" in the
accompanying prospectus supplement.
VALIDITY OF THE NOTES
The validity of the notes will be passed upon on behalf of KfW by the Legal Department of KfW, and on behalf of the managers by Hengeler
Mueller Partnerschaft von Rechtsanwälten mbB, Frankfurt am Main. KfW is also being represented by Sullivan & Cromwell LLP, New York, New
York, and the managers are also being represented by Simpson Thacher & Bartlett LLP, New York, New York.

PS-10
Table of Contents
GENERAL INFORMATION
Further Information
Further information concerning the notes and concerning KfW and the Federal Republic of Germany may be found on file with the SEC, as
described in greater detail under the heading "Where You Can Find More Information" in the accompanying prospectus.
Documents Available
For so long as the notes are outstanding, copies of the documents mentioned in this pricing supplement will be available free of charge during
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$1,500,000,000 2.000% Global Notes due 2021 (Green Bond)
the usual business hours at the specified offices of the Luxembourg listing agent, The Bank of New York Mellon (Luxembourg) S.A., 2-4 rue
Eugene Ruppert, L-2453 Luxembourg ("BNY Mellon Luxembourg"), including:

· the form of global certificates, including the terms of the notes;

· the Law Concerning KfW and KfW's by-laws;

· the form of subscription agreement;

· the agency agreement appointing BNY Mellon, BNY Mellon Luxembourg and, to the extent required by law, BNY Mellon Frankfurt as

agents;

· the most recent annual report of KfW; and

· the documents incorporated by reference as stated under "Incorporation by Reference" in this pricing supplement.
Listing
Application has been made to list the notes on the regulated market of the Luxembourg Stock Exchange pursuant to Chapter 2 of Part III of
the Luxembourg Prospectus Act and in accordance with the rules thereof. This pricing supplement, together with the accompanying prospectus
supplement and prospectus, will be published on the website of the Luxembourg Stock Exchange (www.bourse.lu).
Additional Paying Agent
We have appointed The Bank of New York Mellon Filiale Frankfurt am Main, Messe Turm, Friedrich-Ebert-Anlage 49, 60327 Frankfurt am
Main, as an additional paying agent. Moreover, we have appointed BNY Mellon Luxembourg as Luxembourg paying and transfer agent, to act in
such capacities should we be required to issue definitive certificates representing individual notes. In such case, noteholders should contact BNY
Mellon Luxembourg regarding payment and transfer.
Securities Identification Numbers
The notes have been assigned a CUSIP number of 500769HD9, an ISIN number of US500769HD99, a common code of 152716443 and a
WKN number of A2DARK.
Authorization
The issuance of the notes was authorized by resolution of KfW's Board of Supervisory Directors on April 27, 2016.
Auditors
The independent auditors of KfW are KPMG AG Wirtschaftsprüfungsgesellschaft.

PS-11
Table of Contents
Interim Financial Statements
KfW does not publish interim financial statements.
Material Change
Except as disclosed herein, there has been no material adverse change in the business, financial position capitalization or results of operations
of KfW since the date of the latest audited financial statements of KfW.
Litigation
To the best knowledge of KfW, except as otherwise disclosed herein, there is no pending or threatened action, suit or proceeding before any
court or governmental agency, authority or body or any arbitrator involving KfW which would materially adversely affect the financial position of
KfW.

PS-12
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$1,500,000,000 2.000% Global Notes due 2021 (Green Bond)
PROSPECTUS SUPPLEMENT
(To prospectus dated November 18, 2016)

KfW, Frankfurt/Main, Federal Republic of Germany
Information Relating to U.S. Dollar-Denominated Global Notes

Prospectus Supplement dated November 18, 2016
Table of Contents
TABLE OF CONTENTS

Page

Page
Information Relating to U.S. Dollar-Denominated Global
Governing Law; Jurisdiction; Enforcement; Language

S-6
Notes

S-3
Clearing and Settlement

S-7
Description of the Notes

S-3
Certification and Custody

S-7
General Provisions

S-3
Payments

S-7
Status

S-3
Transfers

S-8
Interest

S-3
The Clearing Systems

S-8
Maturity; Early Redemption; Repurchase

S-4
Global Clearing and Settlement Procedures

S-11
Payments

S-4
Subscription and Sale

S-12
Taxes

S-5
Subscription Agreement

S-12
Termination for Default

S-5
Certain Selling Restrictions

S-12
Registrar and Paying Agent

S-5
Other Provisions

S-14
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$1,500,000,000 2.000% Global Notes due 2021 (Green Bond)
Further Issues

S-5
Delivery and Settlement

S-14
Notices

S-5

S-2
Table of Contents
INFORMATION RELATING TO U.S. DOLLAR-DENOMINATED GLOBAL NOTES
The following description will apply to certain U.S. dollar-denominated global notes offered by KfW's prospectus dated November 18, 2016
(referred to herein as the "notes" and in the prospectus as the "securities"). If and to the extent that the pricing supplement relating to any issue
of notes contains terms that are different from the general terms set forth herein, the terms described in that pricing supplement will apply with
respect to that issue of notes and supersede the information set forth herein. This description supplements and, if inconsistent, replaces the general
description of KfW's debt securities in the prospectus dated November 18, 2016.
DESCRIPTION OF THE NOTES
General Provisions
Aggregate Principal Amount and Denomination. The notes will be issued in the aggregate principal amount specified in the applicable
pricing supplement, divided into the appropriate number of notes in the denomination of $1,000 each, which will rank equally among themselves.
Global Certificates, Notes and Form. The notes will be represented by one or more permanent global certificates without interest coupons
(the "global certificates"). The global certificates will be kept in custody by a custodian specified in the applicable pricing supplement, or any
successor to such custodian, for The Depository Trust Company, New York, also known as DTC, until all of our obligations under the notes have
been satisfied. The global certificates will be issued in registered form in the name of Cede & Co., as nominee of DTC, also known as the
registered holder, recorded in a register kept by the registrar identified in the applicable pricing supplement and represent the notes credited to
accounts maintained with DTC by financial institutions that are participants in DTC. Each person ultimately holding a note is referred to herein as a
"noteholder." Each global certificate will be manually signed by two of our authorized representatives and manually authenticated by or on behalf
of the registrar. Copies of the global certificates will be available free of charge at the paying agent identified in the applicable pricing supplement.
Definitive certificates and interest coupons for individual notes will not be issued, unless DTC is unable or unwilling to continue providing its
services and a successor securities depository is not obtained. In such a case, a noteholder may request the issue of definitive certificates
representing its individual notes and corresponding interest coupons (see "Clearing and Settlement -- The Clearing Systems -- DTC").
Transfer. The notes may be transferred through DTC or its participants. Transfers of notes will require appropriate entries in securities
accounts as described in further detail under "Clearing and Settlement -- Transfers."
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. Unless otherwise specified in the applicable pricing supplement, the notes will bear interest at the rate per
year set forth in that pricing supplement as from the closing date or such other date as is set forth therein. The notes will cease to bear interest upon
the end of the day preceding the day on which they become due for redemption. Interest will be payable in two equal semi-annual installments in
arrears on the interest payment dates specified in the applicable pricing supplement, or as is otherwise set forth in that pricing supplement. The first
interest payment will be due on the first interest payment date specified in the applicable pricing supplement and will be made for the period
commencing on the closing date or such other date as is specified in the applicable pricing supplement (inclusive) and ending on the first interest
payment date specified in the applicable pricing supplement (exclusive).

S-3
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Document Outline

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