Obligation KFWB 2.375% ( US500769HR85 ) en USD

KFWB

100 % ▲

Allemagne

US500769HR85 ( en USD )

2.375% par an ( paiement semestriel )

29/12/2022 - Obligation échue

Prospectus brochure de l'obligation KFW US500769HR85 en USD 2.375%, échue

1 000 USD

5 000 000 000 USD

500769HR8

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 US500769HR85, paye un coupon de 2.375% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 29/12/2022

PRICING SUPPLEMENT
(To prospectus supplement dated November 18, 2016
and prospectus dated November 18, 2016)
9JAN201811055284
KfW, Frankfurt/Main, Federal Republic of Germany
$5,000,000,000
2.375% Global Notes due 2022
KfW, also known as Kreditanstalt f¨
ur Wiederaufbau, will pay interest on the notes in two equal semi-annual installments
in arrears on June 29 and December 29, commencing on June 29, 2018. The first interest payment will be for interest accrued
from, and including, January 19, 2018 to, but excluding, June 29, 2018. The notes will mature on December 29, 2022. The notes
will not be redeemable at any time prior to maturity.
KfW will make payments with respect to the notes without deduction or withholding of taxes, unless otherwise required by
law. There will be no ``gross-up'' provision requiring additional payments to be made in respect of the notes in the event of the
imposition of a tax deduction or withholding.
Pursuant to the Law Concerning KfW, the notes will benefit from a statutory guarantee of the Federal Republic of
Germany.
The notes are governed by the laws of the Federal Republic of Germany and provide that the District Court (Landgericht) in
Frankfurt am Main is the exclusive jurisdiction in which an action or other legal proceedings arising out of or in connection
with the notes may be brought.
Application has been made to list the notes on the regulated market of the Luxembourg Stock Exchange pursuant to
Chapter 2 of Part III of the Loi relative aux prospectus pour valeurs mobili`eres dated July 10, 2005, as amended (the
``Luxembourg Prospectus Act'').
Per Note
Total
Price to public(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99.501%
$4,975,050,000
Underwriting commissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.125%
$
6,250,000
Proceeds to KfW(1)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99.376%
$4,968,800,000
(1)
Plus accrued interest, if any, from January 19, 2018, 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, soci´
et´
e anonyme, Luxembourg, also known as CBL, and Euroclear Bank SA/NV, also known
as Euroclear, on or about January 19, 2018. 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 500769HR8, an ISIN number of US500769HR85
and a common code of 175445641.
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.
Barclays
Deutsche Bank
Morgan Stanley
Pricing Supplement dated January 16, 2018

TABLE OF CONTENTS
Page
Page
Incorporation by Reference . . . . . . . . . . . . . . . . . .
PS-4
Subscription Agreement . . . . . . . . . . . . . . . . . .
PS-9
Use of Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . .
PS-4
Delivery and Settlement . . . . . . . . . . . . . . . . . .
PS-9
Terms of the Notes . . . . . . . . . . . . . . . . . . . . . . . .
PS-5
Notice by the Managers to Distributors
General Provisions . . . . . . . . . . . . . . . . . . . . . .
PS-5
Regarding MiFID II Product Governance . . . .
PS-9
Status . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PS-5
Validity of the Notes . . . . . . . . . . . . . . . . . . . . . . .
PS-10
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PS-5
General Information . . . . . . . . . . . . . . . . . . . . . . .
PS-11
Maturity; Repurchase . . . . . . . . . . . . . . . . . . . .
PS-6
Further Information . . . . . . . . . . . . . . . . . . . . .
PS-11
Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PS-6
Documents Available . . . . . . . . . . . . . . . . . . . . .
PS-11
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PS-6
Listing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PS-11
Termination for Default . . . . . . . . . . . . . . . . . . .
PS-6
Additional Paying Agent . . . . . . . . . . . . . . . . . .
PS-11
Registrar and Paying Agent . . . . . . . . . . . . . . . .
PS-7
Securities Identification Numbers . . . . . . . . . . . .
PS-11
Further Issues . . . . . . . . . . . . . . . . . . . . . . . . . .
PS-7
Authorization . . . . . . . . . . . . . . . . . . . . . . . . . .
PS-11
Notices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PS-7
Auditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PS-11
Governing Law; Jurisdiction; Enforcement and
Interim Financial Statements . . . . . . . . . . . . . . .
PS-12
Language . . . . . . . . . . . . . . . . . . . . . . . . . . .
PS-7
Material Change . . . . . . . . . . . . . . . . . . . . . . . .
PS-12
Supplemental Information on United States
Litigation . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PS-12
Taxation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PS-8
Subscription and Sale . . . . . . . . . . . . . . . . . . . . . .
PS-9
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.
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
PS-2

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 ``A `` 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 January 15, 2018 was A1.00 = $1.2277.
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, Deutsche Bank AG, London Branch, or any person acting for it may over-allot the
notes or effect transactions with a view to supporting the market price of the notes at a level higher than that which might
otherwise prevail. However, stabilization may not necessarily occur. Any stabilization action may begin at any time after the
adequate public disclosure of the final terms of the offer of the notes and, if begun, may cease at any time, but it must end no
later than the earlier of 30 days after the closing date and 60 days after the date of the allotment of the notes. Any stabilization
action or over-allotment must be conducted by Deutsche Bank AG, London Branch, or any person acting for it in accordance
with all applicable laws and rules.
PS-3

INCORPORATION BY REFERENCE
The SEC and the Luxembourg Stock Exchange allow us to ``incorporate by reference'' into this pricing supplement and
the accompanying prospectus supplement and prospectus the information in documents that we file with them, which means
that we can disclose important information to you by referring to those documents. The information incorporated by reference
is an important part of the information provided to you, and information that we file later with the SEC and the Luxembourg
Stock Exchange, in each case to the extent it stipulates that it is to be incorporated by reference, will automatically update and
supersede this information. We incorporate by reference the documents and any amendments to them filed with the SEC and
the Luxembourg Stock Exchange until completion of this offering. For a list, see ``Where You Can Find More Information'' in
the accompanying prospectus.
We will provide, without charge, to each person to whom a copy of this pricing supplement has been delivered, upon the
request of such person, a copy of any or all of the documents deemed to be incorporated herein by reference unless such documents
have been modified or superseded as specified above. Requests for such documents should be directed to KfW at its office at
Palmengartenstraße 5-9, D-60325 Frankfurt am Main. In addition, such documents will be available free of charge from The Bank
of New York Mellon SA/NV, Luxembourg Branch, 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.
USE OF PROCEEDS
We estimate that the net proceeds from the sale of the notes will be approximately $4,968,800,000 (after deducting
underwriting commissions). The net proceeds from the sale of the notes will be used by us in our general business.
PS-4

TERMS OF THE NOTES
The following description of the particular terms and conditions of the notes offered hereby (referred to as the ``notes'' in this
pricing supplement and the accompanying prospectus supplement and as the ``securities'' in the accompanying prospectus)
supplements, and to the extent inconsistent therewith replaces, the description of the general terms and conditions of notes set forth
in the accompanying prospectus supplement and prospectus, to which description reference is hereby made. The description of the
terms and conditions below (with the exception of certain explanatory text designated by italics) is substantially the same as the
legally binding English language text thereof and is qualified in its entirety by reference thereto. A copy of the form of conditions has
been filed with the SEC as an exhibit to the registration statement.
General Provisions
Aggregate Principal Amount and Denomination.
The notes will be issued in the aggregate principal amount of five billion
U.S. dollars ($5,000,000,000), divided into five million notes in the denomination of $1,000 each, which will rank equally
among themselves.
Global Certificates, Notes and Form.
The notes will be represented by one or more permanent global certificates without
interest coupons (the ``global certificates''). The global certificates will be kept in custody by 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.
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 2.375% per year as from January 19, 2018. The
notes will cease to bear interest upon the end of the day preceding the day on which they become due for redemption. Interest
is payable, subject to the last two sentences of this subsection, in two equal semi-annual installments in arrears on June 29 and
December 29. The first interest payment, which will be for the period commencing on January 19, 2018 (inclusive) and ending
on June 29, 2018 (exclusive), will be due on June 29, 2018. The interest amount for this period will total $52,777,777.78 for the
aggregate principal amount of $5,000,000,000.
Late Payment.
Should we fail to redeem the notes on the due date therefor, interest on the notes will, subject to the
provisions with respect to business days (as defined under ``--Payments--Business Days'' in this pricing supplement), accrue
beyond the due date until actual redemption of the notes at the default rate of interest established by law. Under German law,
the default rate is five percentage points above the base rate of interest announced by the German Federal Bank effective as of
January 1 and July 1 in each year. On December 19, 2017, the German Federal Bank announced a base rate of -0.88% per annum,
making the default rate for the first half of 2018 4.12%.
PS-5

Accrued Interest.
If it is necessary to compute interest for a period of other than a full year (``Calculation Period''),
interest will be calculated on the basis of a 360-day year consisting of twelve 30-day months (unless (A) the last day of the
Calculation Period is the 31st day of a month and the first day of the Calculation Period is a day other than the 30th or 31st day
of a month, in which case the month that includes that last day shall not be considered to be shortened to a 30-day month, or
(B) the last day of the Calculation Period is the last day of the month of February, in which case the month of February shall
not be considered to be lengthened to a 30-day month).
Maturity; Repurchase
Maturity.
The notes will be redeemed at their aggregate principal amount on December 29, 2022. 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 deduction or withholding of taxes or other duties.
Termination for Default
Any noteholder may, at its option, through DTC, declare its notes due and demand repayment thereof at their principal
amount plus interest accrued to the date of repayment if we fail to pay any amount payable under the notes within 30 days
from the relevant due date. The right to declare notes due will cease if we have made payment to, or to the order of, the
registered holder before the noteholder has exercised such right. Any notice declaring notes due will be made by means of a
notice in text format (Textform, e.g. email or fax) or in written form to be sent to us together with proof that such noteholder at
PS-6

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 SA/NV, Luxembourg Branch 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 in
performing such function, the ``paying agent''). We reserve the right at any time to vary or terminate the appointment of the
registrar or any paying agent or approve any change in the office through which they act (the ``specified office''), provided that
there will at all times be a registrar and a paying agent, and provided further that so long as the notes are listed on any stock
exchange (and the rules of such stock exchange so require), we will maintain a paying agent with a specified office in the city in
which such stock exchange is located. We will give notice of any change in the registrar or the paying agent or in their specified
offices by publication in the manner set forth under ``--Notices'' in this pricing supplement.
The registrar and the paying agent in such capacities are acting exclusively as our agents and do not have any legal
relationship of whatever nature with the registered holder or any noteholder and are not in any event accountable to the
registered holder or any noteholder.
Further Issues
We reserve the right, from time to time without the consent of the noteholders, to issue additional notes, on terms
identical in all respects to those set forth in the terms and conditions of the notes (except that the date from which interest will
accrue may vary), so that such additional notes will be consolidated with, form a single issue with and increase the aggregate
principal amount of, the notes. The term ``notes'' will, in the event of such increase, also include such additional notes.
Notices
All notices regarding the notes will be published (a) in the Federal Republic of Germany in the Federal Gazette
(Bundesanzeiger) and, to the extent legally required, in addition thereto, in any other form of media prescribed by law; and
(b) also in a leading daily newspaper printed in the English language and of general circulation in New York City (expected to
be The Wall Street Journal). Any notice will become effective for all purposes on the third day following the date of its
publication or, if published more than once or on different dates, on the third day following the date of first publication.
Governing Law; Jurisdiction; Enforcement and Language
Governing Law.
The notes, both as to form and content, as well as our rights and duties and those of the noteholders,
will be governed by and will be construed in accordance with the laws of the Federal Republic of Germany. Any disposition of
the notes, including transfers and pledges, executed between DTC participants, and between DTC itself and DTC participants,
will be governed by the laws of the State of New York.
Jurisdiction.
Any action or other legal proceedings arising out of or in connection with the notes may exclusively be
brought in the District Court (Landgericht) in Frankfurt am Main.
Enforcement.
Any noteholder may in any proceedings against us or to which the noteholder and we are parties protect
and enforce in its own name its rights arising under its notes on the basis of (a) a certificate issued by its custodian (i) stating
the full name and address of the noteholder, (ii) specifying a principal amount of notes credited on the date of such statement
to such noteholder's securities account maintained with such custodian and (iii) confirming that the custodian has given a
written notice to DTC and the registrar containing the information pursuant to (i) and (ii) and bearing acknowledgments of
DTC and the relevant DTC participant and (b) copies of the global certificates certified as being true copies by a duly
authorized officer of DTC or the registrar. For purposes of the foregoing, ``custodian'' means any bank or other financial
institution of recognized standing authorized to engage in securities custody business with which the noteholder maintains a
securities account in respect of any notes and includes DTC and its participants, including any other clearing system which
participates in DTC.
Language.
The conditions are written in the English language and accompanied by a German language translation. The
English text will be controlling and binding. The German language translation is provided for convenience only.
PS-7

SUPPLEMENTAL INFORMATION ON UNITED STATES TAXATION
Under recently enacted legislation, United States holders that use an accrual method of accounting for tax purposes may
be required to include de minimis original issue discount in income no later than the time such amounts are reflected on
certain financial statements. The application of this rule may require a United States holder to include de minimis original
issue discount on the notes in income prior to the sale or maturity of the notes, although the precise application of this rule is
unclear at this time. United States holders that use an accrual method of accounting and that maintain financial statements
should consult with their tax advisors regarding the potential applicability of this legislation to their particular situation.
PS-8

SUBSCRIPTION AND SALE
Subscription Agreement
Barclays Bank PLC, Deutsche Bank AG, London Branch and Morgan Stanley & Co. International plc (collectively, the
``managers'') have agreed with us, severally and not jointly, pursuant to a subscription agreement dated January 16, 2018 (the
``subscription agreement''), to subscribe and pay for the principal amount of the notes set forth opposite their respective
names below at 99.501% of their principal amount less a combined commission of 0.125% of such principal amount.
Principal amount
Managers
of notes
Barclays Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,666,667,000
Deutsche Bank AG, London Branch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,666,667,000
Morgan Stanley & Co. International plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,666,666,000
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$5,000,000,000
Under the terms and conditions of the subscription agreement, the managers are committed to take and pay for all of the
notes, if any are taken. The managers propose to offer the notes in part directly to the public at the price to public set forth on
the cover page of this pricing supplement and in part to dealers at such price less a concession of 0.125%. 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.
Delivery and Settlement
It is expected that delivery of the notes will be made upon instruction of the managers against payment on or about the
closing date, which will be the fifth business day following the date of pricing of the notes (such settlement being referred to as
``T+5''). Under Rule 15c6-1 under the U.S. Securities Exchange Act of 1934, as amended, trades in the secondary market are
required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers
who wish to trade notes prior to the delivery of the notes hereunder may be required, by virtue of the fact that the notes will
initially settle in T+5, to specify an alternate settlement arrangement at the time of any such trade to prevent a failed
settlement. Purchasers of the notes who wish to trade the notes prior to their date of delivery hereunder should consult their
advisors.
Notice by the Managers to Distributors Regarding MiFID II Product Governance
The managers acting in their capacity as manufacturers of the notes in the meaning of Directive 2014/65/EU and
implementing legislation (as amended, ``MiFID II'') hereby inform prospective distributors for the purpose of the product
governance rules under MiFID II that the target market assessment made by the managers in respect of the notes in
accordance with the product governance rules under MiFID II has led the managers to the conclusion that: (i) the target
market for the notes is eligible counterparties, professional clients and retail clients each as defined in MiFID II; and (ii) all
channels for distribution of the notes are appropriate. Any distributor should take into consideration the managers' target
market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment
in respect of the notes (by either adopting or refining the managers' target market assessment), determining appropriate
distribution channels and performing the suitability and appropriateness assessment with respect to each client.
PS-9

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 Rechtsanw¨
alten 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