Obligation KFWB 0% ( US500769JK15 ) en USD

KFWB

100 % ▼

Allemagne

US500769JK15 ( en USD )

11/02/2024 - Obligation échue

Prospectus brochure de l'obligation KFW US500769JK15 en USD 0%, échue

200 000 USD

1 500 000 000 USD

500769JK1

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 US500769JK15, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 11/02/2024

PRICING SUPPLEMENT
(To prospectus supplement dated July 30, 2020
and prospectus dated July 30, 2020)
KfW, Frankfurt/Main, Federal Republic of Germany
$1,000,000,000
SOFR Floating Rate Global Notes due 2024
KfW, also known as Kreditanstalt für Wiederaufbau, will pay interest on the notes at a floating rate in accordance with
the SOFR Average calculation method as defined under "Terms of the Notes--Interest" herein. The first interest payment on
the notes will be made on May 12, 2021, for the period from (and including) February 12, 2021 to (but excluding) May 12,
2021. Thereafter interest payments on the notes will be made quarterly in arrears on February 12, May 12, August 12, and
November 12 in each year. The notes will mature on February 12, 2024. 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.
For additional information and certain considerations related to the Secured Overnight Financing Rate ("SOFR")
and SOFR-linked notes, see "Additional Information and Certain Considerations Related to the SOFR and SOFR-
Based Notes" in this pricing supplement.
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 du 16 juillet 2019 relative aux prospectus pour valeurs mobilières et portant mise en æuvre du
re`glement (UE) 2017/1129 (the "Luxembourg Prospectus Act").
Per Note
Total
Price to public(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
102.603%
$1,026,030,000
Underwriting commissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
--%
$
--
Proceeds to KfW(1)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
102.603%
$1,026,030,000
(1) Plus accrued interest, if any, from, and including, February 12, 2021, 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 S.A., also known as CBL, and Euroclear Bank SA/NV, also known as Euroclear, on or about
February 12, 2021. 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 500769JK1, an ISIN number of US500769JK15 and a common code of 229838644.
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.
BMO Capital Markets
Citigroup
TD Securities
Pricing Supplement dated February 8, 2021

TABLE OF CONTENTS
Page
Page
Incorporation by Reference . . . . . . . . . . . . . .
PS-4
Subscription and Sale . . . . . . . . . . . . . . . . . .
PS-16
Use of Proceeds . . . . . . . . . . . . . . . . . . . . . . .
PS-4
Subscription Agreement . . . . . . . . . . . .
PS-16
Terms of the Notes . . . . . . . . . . . . . . . . . . . .
PS-5
Certain Selling Restrictions . . . . . . . . .
PS-16
General Provisions . . . . . . . . . . . . . . . . .
PS-5
Notices by the Managers to Distributors
Status . . . . . . . . . . . . . . . . . . . . . . . . . . .
PS-5
Regarding Product Governance . . . .
PS-17
Interest . . . . . . . . . . . . . . . . . . . . . . . . . .
PS-5
Validity of the Notes . . . . . . . . . . . . . . . . . . .
PS-18
Maturity; Repurchase . . . . . . . . . . . . . .
PS-10
General Information . . . . . . . . . . . . . . . . . . .
PS-19
Payments . . . . . . . . . . . . . . . . . . . . . . . .
PS-10
Further Information . . . . . . . . . . . . . . . .
PS-19
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . .
PS-11
Documents Available . . . . . . . . . . . . . .
PS-19
Termination for Default . . . . . . . . . . . . .
PS-11
Issuer Legal Entity Identifier (LEI) . . .
PS-19
Registrar, Paying Agent and
Listing . . . . . . . . . . . . . . . . . . . . . . . . . .
PS-19
Calculation Agent . . . . . . . . . . . . . . .
PS-11
Additional Paying Agent . . . . . . . . . . . .
PS-19
Further Issues . . . . . . . . . . . . . . . . . . . . .
PS-12
Securities Identification Numbers . . . . .
PS-19
Notices . . . . . . . . . . . . . . . . . . . . . . . . . .
PS-12
Authorization . . . . . . . . . . . . . . . . . . . . .
PS-19
Governing Law; Jurisdiction;
Auditors . . . . . . . . . . . . . . . . . . . . . . . . .
PS-19
Enforcement and Language . . . . . . . .
PS-12
Interim Financial Statements . . . . . . . . .
PS-20
Additional Information and Certain
Material Change . . . . . . . . . . . . . . . . . .
PS-20
Considerations Related to the SOFR and
Litigation . . . . . . . . . . . . . . . . . . . . . . . .
PS-20
SOFR-Based Notes . . . . . . . . . . . . . . . . . .
PS-13
This pricing supplement should be read together with the accompanying prospectus supplement dated
July 30, 2020 setting forth information relating to U.S. dollar-denominated global notes, the accompanying
prospectus dated July 30, 2020, 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. 333-238461) 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 an alleviated 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. Accordingly, the disclosure document does not purport to meet the format and the
disclosure requirements of the Prospectus Regulation (EU) 2017/1129 (the "Prospectus Regulation"), and it has
not been, and will not be, submitted for approval to any competent authority within the meaning of the
Prospectus Regulation. The notes issued pursuant to the disclosure document will therefore not qualify for the
benefit of the passporting regime pursuant to the Prospectus Regulation.
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
PS-2

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 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.
The euro foreign exchange reference rate as published by the European Central Bank on February 5, 2021
was 1.00=$1.1983.
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, The Toronto-Dominion Bank 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 The Toronto-Dominion Bank or any person acting for it in
accordance with all applicable laws and regulations.
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. See
"General Information--Further Information" in this pricing supplement. You may also request a copy of these
filings at no cost by writing to Citibank N.A., London Branch, Citigroup Centre, Canada Square, Canary Wharf,
London E14 5LB, United Kingdom.
USE OF PROCEEDS
We estimate that the net proceeds from the sale of the notes will be approximately $1,026,030,000 (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 one billion U.S. dollars ($1,000,000,000), divided into 5,000 notes in the denomination of $200,000 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
Citibank N.A., London Branch, also known as Citibank, or any successor, as custodian for DTC until all of
KfW's 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, Paying Agent and Calculation 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 KfW's 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,
Paying Agent and Calculation 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
KfW's other present and future unsecured and unsubordinated obligations, but subject to any applicable
mandatory statutory exceptions.
Interest
Interest Payment Dates. The notes will bear interest on their aggregate principal amount from (and
including) February 12, 2021 (the "interest commencement date") to (but excluding) the first interest payment
date and thereafter from (and including) each interest payment date to (but excluding) the next following interest
payment date. Interest on the notes will be payable in arrears on each interest payment date. "Interest payment
date" means, subject to the business day convention described under "--Payments--Business Days" below,
February 12, May 12, August 12 and November 12 in each year, commencing on May 12, 2021.
Rate of Interest. The rate of interest (the "rate of interest") for each interest period (as defined below) will,
except as provided below, be SOFR Average (as defined below) plus the Margin (as defined below).
PS-5

"SOFR Average" will be calculated by the calculation agent on each interest determination date in
accordance with the provisions set out below and the following formula (with the resulting percentage being
rounded to the nearest one ten-thousandth of a percentage point, with 0.00005 being rounded upwards):
where:
SOFR IndexStart
means the SOFR Index value on the day which is five U.S. Government Securities
Business Days (as defined below) prior to the first date of such interest period;
SOFR IndexEnd
means the SOFR Index value on the day which is five U.S. Government Securities
Business Days prior to the interest payment date relating to such interest period (or in
the final interest period, the maturity date);
dc
means the number of calendar days in the observation period (as defined below)
relating to such interest period.
"Observation period" means, in respect of the first interest period, the period beginning (and including) the
date five U.S. Government Securities Business Days prior to the interest commencement date and ending (but
excluding) the date five U.S. Government Securities Business Days prior to the first interest payment date; and in
respect of any subsequent interest period, the period beginning (and including) the date five U.S. Government
Securities Business Days prior to the first day of the relevant interest period and ending (but excluding) the date
five U.S. Government Securities Business Days prior the relevant interest payment date for the relevant interest
period.
"Interest period" means the period from (and including) the interest commencement date to (but excluding)
the first interest payment date and from (and including) each interest payment date to (but excluding) the
following interest payment date.
"Interest determination date" means the fifth U.S. Government Securities Business Day (as defined below)
prior to the interest payment date of the relevant interest period.
"Margin" means 1.00 per cent. per annum.
"U.S. Government Securities Business Day" means any day, except for a Saturday, Sunday or a day on
which the Securities Industry and Financial Markets Association recommends that the fixed income departments
of its members be closed for the entire day for purposes of trading in U.S. government securities.
"SOFR Index" in relation to any U.S. Government Securities Business Day shall be the value published by
the SOFR administrator (as defined below) on the New York Fed's Website (as defined below) on or about
8:00 a.m. (New York City time) on such U.S. Government Securities Business Day. Currently, the SOFR
administrator publishes the SOFR Index on its website https://apps.newyorkfed.org/markets/autorates/
sofr-avg-ind.1 In the event that the value originally published by the SOFR administrator on or about 8:00 a.m.
(New York City time) on any U.S. Government Securities Business Day is subsequently corrected and such
corrected value is published by the SOFR administrator on or about 2:30 p.m. (New York City time) on the
original date of publication, then such corrected value, instead of the value that was originally published, shall be
deemed the SOFR Index in relation to such U.S. Government Securities Business Day.
1
This internet website is an inactive textual reference only, meaning that the information contained on the website is not part of this
preliminary pricing supplement, the accompanying prospectus supplement or the accompanying prospectus, and such information is not
incorporated by reference herein or therein.
PS-6

SOFR Average Fallback Provisions. If SOFR IndexStart or SOFR IndexEnd is not published on the relevant
interest determination date, "SOFR Average" will be calculated by the calculation agent for the applicable
interest period for which such index is not available in accordance with the provisions set out below and the
following formula for Compounded SOFR (with the resulting percentage being rounded to the nearest one
ten-thousandth of a percentage point, with 0.00005 being rounded upwards):
where:
SOFR
means, in respect of any U.S. Government Securities Business Day, the daily SOFR
provided by the Federal Reserve Bank of New York, as the administrator of the
benchmark (or a successor administrator) (the "SOFR administrator"), as published
on the New York Fed's Website on or about 8:00 a.m. (New York City time) on the
U.S. Government Securities Business Day immediately following such U.S.
Government Securities Business Day. In the event that the rate originally published
by the SOFR administrator on or about 8:00 a.m. (New York City time) on any U.S.
Government Securities Business Day is subsequently corrected and such corrected
rate is published by the SOFR administrator on or about 2:30 p.m. (New York City
time) on the original date of publication, then such corrected rate, instead of the rate
that was originally published, shall be deemed the SOFR in relation to such U.S.
Government Securities Business Day.
do
means the number of U.S. Government Securities Business Days in the relevant
observation period;
i
means a series of whole numbers from one to do, each representing the relevant U.S.
Government Securities Business Day in chronological order from (and including) the
first U.S. Government Securities Business Day in the relevant Observation Period;
ni
for any U.S. Government Securities Business Day "i" means the number of calendar
days from (and including) the relevant U.S. Government Securities Business Day "i"
up to (but excluding) the immediately following U.S. Government Securities
Business Day;
d
means the number of calendar days in the relevant observation period.
SOFRi
means for any day "i" in the relevant observation period, the reference rate equal to
SOFR in respect of that day "i".
"New York Fed's Website" means the website of the Federal Reserve Bank of New York currently at
http://www.newyorkfed.org2 or any successor website officially designated by the Federal Reserve Bank of New
York.
If the SOFR is not published as specified in the first paragraph of this section "SOFR Average Fallback
Provisions", on any particular U.S. Government Securities Business Day, unless both a SOFR cessation event (as
defined below) and a SOFR cessation effective date (as defined below) have occurred, the rate of SOFR for such
U.S. Government Securities Business Day shall be equal to the rate of SOFR in respect of the last U.S.
Government Securities Business Day for which such rate was published on the New York Fed's Website.
If the SOFR is not published as specified in the first paragraph of this section "SOFR Average Fallback
Provisions" on any particular U.S. Government Securities Business Day, and both a SOFR cessation event and a
2
This internet website is an inactive textual reference only, meaning that the information contained on the website is not part of this
preliminary pricing supplement, the accompanying prospectus supplement or the accompanying prospectus, and such information is not
incorporated by reference herein or therein.
PS-7

SOFR cessation effective date have occurred, the rate of SOFR for each U.S. Government Securities Business
Day in the relevant observation period on or after such SOFR cessation effective date will be determined as if
references to SOFR were references to the rate (inclusive of any spreads or adjustments) recommended as the
replacement for SOFR by the U.S. Federal Reserve Board and/or the Federal Reserve Bank of New York, or by a
committee officially endorsed or convened by the U.S. Federal Reserve Board and/or the Federal Reserve Bank
of New York for the purpose of recommending a replacement for SOFR (which rate may be produced by the
Federal Reserve Bank of New York or another designated administrator).
If no such rate is recommended as described in the preceding paragraph within one U.S. Government
Securities Business Day of the SOFR cessation event and no OBFR cessation event (as defined below) has
occurred, then the rate of SOFR will be determined by applying the above formula for Compounded SOFR as
described in the first paragraph of this section "SOFR Average Fallback Provisions" mutatis mutandis as if for
each U.S. Government Securities Business Day occurring on or after the SOFR cessation effective date:
·
references to "SOFR" were references to the daily Overnight Bank Funding Rate ("OBFR") as
provided by the Federal Reserve Bank of New York, as the administrator of such rate (or any successor
administrator of such rate) (the "OBFR administrator"), on the New York Fed's Website on or about
9:00 a.m. (New York City time) on each day on which commercial banks are open for general business
(including dealings in foreign exchange and foreign currency deposits) in New York City ("New York
City Banking Day") in respect of the New York City Banking Day immediately preceding such day. In
the event that the rate originally published by the OBFR administrator on or about 9:00 a.m. (New
York City time) on any New York City Banking Day is subsequently corrected and such corrected rate
is published by the OBFR administrator on or about 2:30 p.m. (New York City time) on the original
date of publication, then such corrected rate, instead of the rate that was originally published, shall be
deemed the OBFR in respect of the New York City banking day immediately preceding such day;
·
references to "U.S. Government Securities Business Day" were references to "New York City Banking
Day";
·
references to "SOFR cessation event" were references to "OBFR cessation event" (as defined below);
and
·
references to "SOFR cessation effective date" were references to "OBFR Cessation Effective Date" (as
defined below).
If no such rate has been recommended as described in the second preceding paragraph above within one
U.S. Government Securities Business Day of the SOFR cessation event and an OBFR Cessation Event has
occurred, then the rate of SOFR will be determined by applying the above formula for Compounded SOFR as
described in the first paragraph of this section "SOFR Average Fallback Provisions" mutatis mutandis as if for
each U.S. Government Securities Business Day occurring on or after the later of the SOFR cessation effective
date and the OBFR Cessation Effective Date:
·
references to "SOFR" were references to the short-term interest rate target set by the Federal Open
Market Committee and published on the website of the Board of Governors of the Federal Reserve
System currently at https://www.federalreserve.gov3, or any successor website of the Board of
Governors of the Federal Reserve System (the "Federal Reserve's website") or, if the Federal Open
Market Committee does not target a single rate, the mid-point of the short-term interest rate target
range set by the Federal Open Market Committee and published on the Federal Reserve's Website
(calculated as the arithmetic average of the upper bound of the target range and the lower bound of the
target range, rounded, if necessary, to the nearest second decimal place, 0.005 being rounded upwards);
3
This internet website is an inactive textual reference only, meaning that the information contained on the website is not part of this
preliminary pricing supplement, the accompanying prospectus supplement or the accompanying prospectus, and such information is not
incorporated by reference herein or therein.
PS-8

·
references to "U.S. Government Securities Business Day" were references to "New York City Banking
Day"; and
·
references to the "New York Fed's Website" were references to the "Federal Reserve's Website".
Any substitution of the SOFR, as specified in the preceding three paragraphs above, will remain effective
for the remaining term to maturity of the Notes and shall be published by KfW as described under "Notices"
below.
"SOFR cessation event" means the occurrence of one or more of the following events, as determined by
KfW and notified by KfW to the calculation agent:
·
a public statement by the Federal Reserve Bank of New York (or a successor administrator of SOFR)
announcing that it has ceased or will cease to provide SOFR permanently or indefinitely, provided that,
at that time, there is no successor administrator that will continue to provide SOFR;
·
the publication of information which reasonably confirms that the Federal Reserve Bank of New York
(or a successor administrator of SOFR) has ceased or will cease to provide SOFR permanently or
indefinitely, provided that, at that time, there is no successor administrator that will continue to provide
SOFR; or
·
a public statement by a U.S. or EU regulator or other U.S. or EU official sector entity, such as the
European Central Bank, the European Securities and Markets Authority (ESMA), the Federal Reserve
Bank of New York, the Commodity Futures Trading Commission (CFTC) or the Securities and
Exchange Commission (SEC), prohibiting the use of SOFR.
"SOFR cessation effective date" means, in respect of a SOFR cessation event, the date on which the Federal
Reserve Bank of New York (or a successor administrator of SOFR) ceases to publish SOFR or the date as of
which SOFR may no longer be used;
"OBFR cessation event" means the occurrence of one or more of the following events, as determined by
KfW and notified by KfW to the calculation agent:
·
a public statement by the Federal Reserve Bank of New York (or a successor administrator of OBFR)
announcing that it has ceased or will cease to provide OBFR permanently or indefinitely, provided that,
at that time, there is no successor administrator that will continue to provide OBFR;
·
the publication of information which reasonably confirms that the Federal Reserve Bank of New York
(or a successor administrator of OBFR) has ceased or will cease to provide OBFR permanently or
indefinitely, provided that, at that time, there is no successor administrator that will continue to provide
OBFR; or
·
a public statement by a U.S. or EU regulator or other U.S. or EU official sector entity, such as the
European Central Bank, the European Securities and Markets Authority (ESMA), the Federal Reserve
Bank of New York, the Commodity Futures Trading Commission (CFTC) or the Securities and
Exchange Commission (SEC), prohibiting the use of OBFR.
"OBFR cessation effective date" means, in respect of a OBFR cessation event, the date on which the Federal
Reserve Bank of New York (or any successor administrator of OBFR), ceases to publish OBFR, or the date as of
which OBFR may no longer be used.
Minimum Rate of Interest. If the rate of interest in respect of any interest period determined in accordance
with "--Rate of Interest" above is less than 0.00%, the rate of interest for such interest period shall be 0.00%.
Interest Amount. The calculation agent will, on or as soon as practicable after each interest determination
date, determine the rate of interest and calculate the amount of interest payable on the Notes for the relevant
PS-9

interest period (the "interest amount"). Each interest amount shall be calculated by applying the rate of interest
and the Day Count Fraction (as defined under "--Accrued Interest") to the aggregate principal amount of the
Notes and rounding the resultant figure to the nearest U.S. cent (with 0.5 U.S. cents being rounded upwards).
Notification of Rate of Interest and Interest Amount. The calculation agent will cause the rate of interest,
each interest amount, each interest period and the relevant interest payment date to be notified to KfW, the
paying agents and the noteholders as set forth under "--Notices" as soon as possible after determination, but in
no event later than the second U.S. Government Securities Business Day thereafter and, if required by the rules
of the Luxembourg Stock Exchange, also to be notified to the Luxembourg Stock Exchange as soon as possible
after determination.
Binding Effect of Determinations. All certificates, communications, opinions, determinations, calculations,
quotations and decisions given, expressed, made or obtained for these purposes by the calculation agent shall (in
the absence of manifest error) be binding on KfW, the paying agents and the noteholders.
Late Payment. Should KfW 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 29,
2020, the German Federal Bank announced a base rate of -0.88% per annum, making the default rate for the
first half of 2021 4.12%.
Accrued Interest. Whenever it is necessary to compute any amount of interest on any note for any period of
time (from, and including, the first day and to, but excluding, the last day of such period, the "calculation
period"), such interest will be calculated on the basis of the actual number of days in the calculation period
divided by 360 (known as the "ACTUAL/360 Method" and referred to herein as "day count fraction").
Maturity; Repurchase
Maturity. The notes will be redeemed at their aggregate principal amount on February 12, 2024. Subject to
the provisions with respect to termination for default set forth under "--Termination for Default" in this pricing
supplement, neither will KfW be entitled to redeem, nor will any noteholder be entitled to demand the repayment
of the notes prior to their stated maturity.
Repurchase. KfW may at any time purchase and resell notes in the open market or otherwise at any price.
Notes so purchased and not resold by KfW may, at its 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 KfW to, or to the order of, the registered holder at the close of business
on the relevant record date in the register will discharge KfW's 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.
PS-10