Obligation KFWB 11.75% ( XS0277378898 ) en BRL

Société émettrice KFWB
Prix sur le marché 100 %  ▲ 
Pays  Allemagne
Code ISIN  XS0277378898 ( en BRL )
Coupon 11.75% par an ( paiement annuel )
Echéance Obligation remboursée le 15/12/2014 - Obligation échue



Prospectus brochure de l'obligation KfW XS0277378898 en BRL 11.75%, échue


Montant Minimal 5 000 BRL
Montant de l'émission 100 000 000 BRL
Notation Standard & Poor's ( S&P ) AAA ( Première qualité )
Notation Moody's Aaa ( Première qualité )
Commentaire L'émetteur est noté AAA donc son risque de défaillance est minime, par contre la devise dans laquelle a été émise cette obligation est le BRL donc il y a un risque de change au cas où le BRL baisserait.
Pour information, bien que l'obligation soit en BRL, le coupon est payé en USD.
Description détaillée 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 BRL, avec le code ISIN XS0277378898, paye un coupon de 11.75% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le Obligation remboursée le 15/12/2014

L'Obligation émise par KFWB ( Allemagne ) , en BRL, avec le code ISIN XS0277378898, a été notée Aaa ( Première qualité ) par l'agence de notation Moody's.

L'Obligation émise par KFWB ( Allemagne ) , en BRL, avec le code ISIN XS0277378898, a été notée AAA ( Première qualité ) par l'agence de notation Standard & Poor's ( S&P ).







SIMPLIFIED BASE PROSPECTUS
KfW
Frankfurt/Main
Federal Republic of Germany
KfW Note Programme
Application has been made to the Luxembourg Stock Exchange for the admission of Notes issued under this
Offering Programme to listing on the official list and to trading on the regulated market (within the meaning of
Council Directive 93/22/EEC of May 10, 1993 on investment services in the securities field, as amended) of the
Luxembourg Stock Exchange.
Notes issued under this Offering Programme may also be listed on the regulated market (geregelter Markt) of the
Frankfurt Stock Exchange or on any other alternative stock exchange, as may be agreed between the Issuer and
the relevant Dealer(s). The Issuer may also issue Notes which are not listed on any stock exchange.
Application has been made to the CSSF for the approval of this Simplified Base Prospectus for offering Notes
issued under this Offering Programme to the public in Luxembourg.
The date of this Simplified Base Prospectus is June 26, 2006. The Simplified Base Prospectus is valid for one year
from such date.
Arrangers
Barclays Capital
Dresdner Kleinwort Wasserstein
JPMorgan


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2


TABLE OF CONTENTS
Page
This Prospectus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
Responsibility Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
Notice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
Investment Considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
Summary of the Offering Programme and of the Terms and Conditions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
Issue Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
Emissionsbedingungen der Schuldverschreibungen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10
Terms and Conditions of the Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11
Form of Final Terms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
32
KfW. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
43
Selling Restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
46
General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
49
Taxation in the Federal Republic of Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
51
3


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4


THIS PROSPECTUS
This prospectus (hereinafter, the "Prospectus") has been drawn up in order to permit the admission of Notes
issued under this offering programme (the "Programme") to listing on the official list and to trading on the regu-
lated market (within the meaning of Council Directive 93/22/EEC of May 10, 1993 on investment services in the
securities field, as amended) of the Bourse de Luxembourg (the "Luxembourg Stock Exchange") and in order to
permit the offer of Notes issued under the Programme to the public in Luxembourg.
This Prospectus fulfils the requirements for a simplified base prospectus pursuant to Chapters 1 and 2 of Part III
of the Loi relative aux prospectus pour valeurs mobilières (the "Luxembourg Prospectus Act") and application
has been made to the Commission de Surveillance du Secteur Financier (the "CSSF") for the approval of this Pro-
spectus. It does not constitute a prospectus pursuant to Part II of the Luxembourg Prospectus Act transforming
Directive 2003/71/EC (the "Prospectus Directive") into law in Luxemburg. Accordingly, this Prospectus does not
purport to meet the format and the disclosure requirements of the Prospectus Directive and Commission Regula-
tion (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. Notes issued under the Pro-
gramme will therefore not qualify for the benefit of the single European passport pursuant to the Prospectus
Directive.
If so agreed between KfW (the "Issuer") and the relevant Dealer(s), the Issuer will procure the admission of Notes
issued under the Programme for trading on the regulated market (geregelter Markt) of the Frankfurter Wertpapier-
börse (the "Frankfurt Stock Exchange"), a regulated market within the meaning of Council Directive 93/22/EEC of
May 10, 1993 on investment services in the securities field, as amended, or for trading on any other alternative stock
exchange in accordance with the applicable national laws and applicable rules and regulations of the relevant
stock exchange.
RESPONSIBILITY STATEMENT
KfW with its registered office at Palmengartenstraße 5-9, D-60325 Frankfurt am Main, accepts responsibility for
the contents of this Prospectus and has taken all reasonable care to ensure that the facts stated therein are true
and accurate and that no material facts have been omitted.
NOTICE
The Issuer has covenanted to the Dealers that on or before each anniversary of the date of this Prospectus it will
update or amend the Prospectus by the publication of a supplement thereto or a new prospectus.
No person has been authorised to give any information or to make any representations, other than those contained
in this Prospectus, in connection with the issue and sale of the Notes and, if given or made, such information or
representations must not be relied upon as having been authorised by the Issuer, the Arrangers or any Dealer.
Neither the delivery of this Prospectus nor any sale made hereunder shall, under any circumstances, create any
implication that the information herein is correct as of any time subsequent to the date hereof.
This Prospectus is valid for one year following its date of issue and it and any supplement thereto as well as any
Final Terms reflects the status as of their respective dates of issue. The offering, sale or delivery of any Notes may
not be taken as an implication that the information contained in such documents is accurate and complete sub-
sequent to their respective dates of issue or that there has been no adverse change in the financial condition of
the Issuer since such date or that any other information supplied in connection with the Programme is correct at
any time subsequent to the date on which it is supplied or, if different, the date indicated in the document con-
taining the same.
The Issuer has given an undertaking in connection with the listing of the Notes issued under the Programme on
the Luxembourg Stock Exchange that, so long as any Note remains outstanding and listed on such exchange,
in the event of any adverse change in the financial condition of the Issuer which is material in the context of the
Programme and which is not reflected in the Prospectus, the Issuer will prepare a further supplement to the
Prospectus or publish a new prospectus for use in connection with any subsequent issue of Notes to be listed on
the Luxembourg Stock Exchange. If the terms of the Programme are modified or amended in a manner which
would make the Prospectus, as supplemented, inaccurate or misleading, a new prospectus will be prepared.
To the extent permitted by the laws of any relevant jurisdiction, neither the Arrangers nor any Dealer accepts any
responsibility for the accuracy and completeness of the information contained in this Prospectus or any supple-
ment thereof nor for the information contained in any Final Terms. This Prospectus does not constitute an offer or
an invitation by the Issuer or by the Arrangers or any of them to subscribe for or purchase any of the Notes.
5


The distribution of this Prospectus or any part hereof and any Final Terms and the offer, sale and delivery of any of
the Notes may be restricted by law in certain jurisdictions. Persons into whose possession this Prospectus or any
Final Terms comes are required to inform themselves about and to observe any such restrictions. For more infor-
mation, see "Selling Restrictions".
In connection with the issue of any Tranche of Notes under the Programme, the Dealer who is specified in the rele-
vant Final Terms as the stabilising manager (or persons acting on its behalf) may over-allot the Notes (provided
that the aggregate principal amount of Notes allotted does not exceed 105 percent of the Aggregate Principal
Amount of the Notes) or effect transactions with a view to supporting the price of the Notes at a level higher
than that which might otherwise prevail. However, there is no assurance that such Dealer (or persons acting on
its behalf) will undertake stabilisation action. Any stabilisation action may begin at any time after the adequate
public disclosure of the 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 Issue Date and 60 days after the date of the allotment of the Notes.
INVESTMENT CONSIDERATIONS
Each person contemplating making an investment in the Notes (each a "Potential Investor") must make its own
investigation and analysis of the creditworthiness of the Issuer and its own determination of the suitability of any
such investment, with particular reference to its own investment objectives and experience, and any other factors
which may be relevant to it in connection with such investment, either alone or with the help of a financial adviser.
In particular, each Potential Investor should:
(i) have sufficient knowledge and experience to make a meaningful evaluation of the relevant Notes, the merits
and risks of investing in the relevant Notes and the information contained in this Prospectus, including the
information included in the Final Terms relating to the relevant Notes, or any applicable supplement thereto;
(ii) have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its particular
financial situation and the investment(s) it is considering, an investment in the Notes and the impact the Notes
will have on its overall investment portfolio;
(iii)have sufficient financial resources and liquidity to bear all of the risks of an investment in the relevant Notes,
including where principal or interest is payable in one or more currencies, or where the currency for principal
or interest payments is different from the currency in which the Potential Investor undertakes its principal
financial activities;
(iv)understand thoroughly the terms and conditions of the relevant Notes and be familiar with the behaviour of
financial markets and of any financial variable which might have an impact on the return on the relevant Notes
(e.g. interest rates, currencies, or any indices);
(v) be able to evaluate (either alone or with the help of a financial adviser) possible scenarios for economic, interest
rate and other factors that may affect its investment and its ability to bear the applicable risks; and
(vi)be aware that there is no assurance that a liquid secondary market for the Notes develops or, if it so develops,
that it will continue to exist until maturity of the Notes and that it might not be able to sell the Notes at any
time at fair market prices if no liquid secondary market for the Notes develops or if it ceases to exist prior to
maturity of the Notes.
Some Notes may be complex financial instruments. Sophisticated institutional investors generally do not
purchase complex financial instruments as stand-alone investments but as additional investment to their overall
investment portfolio in order to reduce certain risks already inherent in their overall investment portfolio or
enhance the yield on their overall investment portfolio by adding certain risks to their overall portfolio in an
appropriate, well understood and measured way. A Potential Investor should not invest in Notes which are com-
plex financial instruments unless it has the expertise (either alone or together with a financial adviser) to evaluate
how the Notes will perform under changing conditions, the resulting effects on the value of the Notes and the
impact this investment will have on the Potential Investor's overall investment portfolio.
Prospective purchasers should also consult their own tax advisors as to the tax consequences of the purchase,
ownership and disposition of Notes.
6


SUMMARY OF THE PROGRAMME AND OF THE TERMS AND CONDITIONS
The Issuer may, at any time, issue notes ("Notes") under the Programme. The conditions of a particular issue of
Notes will be agreed with the respective Dealer(s) on a case-by-case basis.
The following summary does not purport to be a complete description of the provisions applicable to the Pro-
gramme or to the Notes issued thereunder.
Issuer
KfW
Guarantee
The Federal Republic of Germany guarantees the servicing of the Notes under Article 1a of
the Law Concerning the Kreditanstalt für Wiederaufbau (the "KfW Law").
Arrangers
Barclays Bank PLC
Dresdner Bank Aktiengesellschaft
J.P. Morgan Securities Ltd.
Dealers
There are no sponsoring Dealers with respect to the Programme, and, accordingly, there is
no dealer agreement between the Issuer and a group of Dealers. Instead, the Issuer has pro-
mulgated Standard Dealer Terms.
The Programme provides for the purchase of Notes by one or more Dealers (i) on a non-
syndicated basis, in which case the Issuer and the Dealer(s) will enter into a Subscription
Agreement for non-syndicated issues, or (ii) on a syndicated basis, in which case the Issuer
and the Dealers will enter into a Subscription Agreement for syndicated issues. Any such
Subscription Agreement will incorporate the Standard Dealer Terms by reference.
Fiscal Agent
KfW or Deutsche Bank Aktiengesellschaft or any other financial institution appointed as
Fiscal Agent in respect of a particular Series of Notes, as specified in the applicable Final
Terms.
The Issuer has promulgated Fiscal Agency Rules which will be incorporated by reference
into the Fiscal Agent Appointment Agreement made between the Issuer and the relevant
Fiscal Agent (other than KfW).
Luxembourg
Deutsche Bank Luxembourg S.A. or any other financial institution appointed as Luxembourg
Paying Agent
Paying Agent in respect of a particular Series of Notes, as specified in the applicable Final
Terms.
Calculation Agent/
The Calculation Agent in respect of a particular Series of Notes will generally be the Fiscal
Determination Agent Agent. However, the relevant Dealer or Lead Manager or another financial institution may
instead act as Calculation Agent, as specified in the applicable Final Terms.
The Issuer may appoint a Determination Agent in respect of a particular Series of Notes, as
specified in the applicable Final Terms. In such event, the Calculation Agent will be bound
by the determinations made by the Determination Agent in respect of the bases (such as
interest rates, conversion rates, prices, indices or otherwise) communicated by the Determi-
nation Agent to the Calculation Agent for the calculations to be made by the Calculation
Agent.
Specified Currencies Subject to applicable legal or regulatory restrictions, Notes may be denominated in Euros or
any other currency or currency unit, as may be agreed between the Issuer and the relevant
Dealer(s).
Maturities
Notes may be issued with maturities of 90 days or longer.
Distribution
The Notes may be offered by way of public or private placement, on a syndicated or non-
syndicated basis or by auction.
The method of distribution of each issue will be stated in the applicable Final Terms.
Method of Issue
Notes will be issued in tranches (each a "Tranche") consisting of Notes which are identical
in all respects. One or more Tranches, which are expressed to be consolidated and form a
single series and are identical in all respects, but having different issue dates, interest
commencement dates, issue prices and/or dates for first interest payments, may form a
series ("Series") of Notes. Further Notes may be issued as part of existing Series.
Form of Notes
Notes will be issued in bearer form only and will be represented by one or more global
Notes ("Global Notes") which will not be exchangeable for definitive Notes.
Notes with an initial maturity of more than one year (including Notes with a maturity of one
year or less that may be unilaterally rolled over or extended) will be issued in accordance
with U.S. Treasury Regulation Section 1.163-5(c)(2)(i) (C) (the "TEFRA C Rules") or U.S. Treasury
Regulation Section 1.163-5(c)(2)(i)(D) (the "TEFRA D Rules").
Notes issued in accordance with the TEFRA C Rules ("TEFRA C Notes") will be represented
by a permanent Global Note in bearer form, without interest coupons, in a principal amount
equal to the aggregate principal amount of such Notes ("Permanent Global Note").
7


Notes issued in accordance with the TEFRA D Rules ("TEFRA D Notes") will be represented
initially by a temporary global Note in bearer form, without interest coupons, in a principal
amount equal to the aggregate principal amount of such Notes (the "Temporary Global
Note"). Such Temporary Global Note will be exchangeable for one or more Permanent Global
Note(s) beginning 40 days after the date of issue of the Temporary Global Note comprising
the relevant Tranche upon delivery of certifications of non U.S.-beneficial ownership in the
form available from time to time at the specified office of the Fiscal Agent.
The Issuer expects that Notes denominated in U.S. dollars will be issued as TEFRA D Notes.
Notes not issued in accordance with the TEFRA C or the TEFRA D Rules, i.e. Notes with an
initial maturity of one year or less, will be represented by a Permanent Global Note.
Types of Notes
Notes may be Fixed Rate Notes, Floating Rate Notes, Zero Coupon Notes or Discount Notes.
Notes may be of any other type, such as Commodity Linked Notes, Dual Currency Notes,
Equity Linked Notes, FX-Linked Notes, Index Linked Notes, Instalment Notes, or may have
any other structure, all upon the terms set out in the applicable Final Terms.
Status of Notes
The obligations under the Notes constitute unsecured and unsubordinated obligations of the
Issuer ranking pari passu among themselves and pari passu with all other unsecured and
unsubordinated obligations of the Issuer.
Redemption
The Notes may be redeemable only at their stated maturity or before their stated maturity at
the option of the Issuer and/or Holder of the Notes or for other reasons, all as specified in the
applicable Final Terms.
There will be no call option for tax reasons.
Taxation
All payments by the Issuer in respect of the Notes will be made with deduction of taxes and
other duties, if such deduction is required by law.
Events of Default
None
Negative Pledge
None
Listing
Application has been made for the admission of Notes to listing on the official list and to trading
on the regulated market of the Luxembourg Stock Exchange. Notes may also be listed on the
regulated market (geregelter Markt) of the Frankfurt Stock Exchange or any other alternative
stock exchange, as may be agreed between the Issuer and the relevant Dealer(s). The Issuer
may also issue Notes which are not listed on any Stock Exchange.
Governing Law
German law
Selling Restrictions The distribution of Notes will comply with all restrictions under any applicable law in
connection with the offering and sale of each issue. See p. 46 below.
Clearance and
Notes will be accepted for clearing through one ore more Clearing Systems as specified in
Settlement
the applicable Final Terms. These systems will include those operated by Clearstream Banking AG,
Frankfurt am Main ("CBF"), Clearstream Banking, société anonyme, Luxembourg ("CBL")
and Euroclear Bank S.A./N.V. as operator of the Euroclear System ("Euroclear").
Ratings
The Programme has been rated Aaa by Moody's Investors Service Limited, AAA by Standard
& Poor's Ratings Services, a division of the McGraw Hill Companies Inc., and AAA by Fitch
Ratings Limited. Notes issued under the Programme may be rated by any or all of the Rating
Agencies named in the previous sentence or unrated. Where an issue of Notes is rated, its
rating will not necessarily be the same as the rating applicable to the Programme. A security
rating is not a recommendation to buy, sell or hold securities and may be subjected to sus-
pension, reduction or withdrawal at any time by the assigning rating agency.
Use of Proceeds
The net proceeds from the sale of the Notes under the Programme will be used in the general
business of the Issuer.
8


ISSUE PROCEDURES
General
The Issuer and the relevant Dealer(s) will agree on the terms and conditions applicable to each particular Tranche
of Notes (the "Conditions"). The Conditions will be constituted by the Terms and Conditions of the Notes set forth
below (the "Terms and Conditions") as completed, modified, supplemented or replaced by the provisions of the
Final Terms (the "Final Terms"). The Final Terms relating to each Tranche of Notes will specify:
· whether the Conditions are to be Long-Form Conditions or Integrated Conditions (each as described below);
and
· whether the Conditions will be in the German language or the English language or both (and, if both, whether
the German language version or the English language version is controlling).
As to whether Long-Form Conditions or Integrated Conditions will apply, the Issuer anticipates that:
· Long-Form Conditions will generally be used for Notes sold on a non-syndicated basis and which are not offered
to the public.
· Integrated Conditions will generally be used for Notes sold and distributed on a syndicated basis. Integrated
Conditions will be required where the Notes are to be offered to the public, in whole or in part, or are to be distri-
buted, in whole or in part, to non-professional investors.
As to the controlling language of the respective Conditions, the Issuer anticipates that, in general, subject to any
stock exchange or legal requirements applicable from time to time, and unless otherwise agreed between the
Issuer and the relevant Dealer:
· in the case of Notes sold and distributed on a syndicated basis, German will be the controlling language;
· in the case of Notes offered to the public, in whole or in part, in the Federal Republic of Germany, or distributed, in
whole or in part, to non-professional investors in the Federal Republic of Germany, German will be the controlling
language. If, in the event of such public offer or distribution to non-professional investors, however, English is
chosen as the controlling language, a German language translation of the Conditions will be available from the
principal office of the Fiscal Agent and KfW, as specified on the back cover of this Prospectus.
Long-Form Conditions
If the Final Terms specifies that Long-Form Conditions are to apply to the Notes, the provisions of the applicable
Final Terms and the Terms and Conditions, taken together, shall constitute the Conditions. Such Conditions will
be constituted as follows:
· the blanks in the provisions of the Terms and Conditions which are applicable to the Notes will be deemed to be
completed by the information contained in the Final Terms as if such information were inserted in the blanks of
such provisions;
· the Terms and Conditions will be modified, supplemented or replaced by the text of any provisions of the Final
Terms modifying, supplementing or replacing, in whole or in part, the provisions of the Terms and Conditions;
· alternative or optional provisions of the Terms and Conditions as to which the corresponding provisions of the
Final Terms are not completed or are deleted will be deemed to be not included in the Conditions; and
· all instructions and explanatory notes set out in square brackets in the Terms and Conditions and any footnotes
and explanatory text in the Final Terms will be deemed to be not included in the Conditions.
Where Long-Form Conditions apply, each global note representing the Notes of the relevant Series will have the
Final Terms and the Terms and Conditions attached.
Integrated Conditions
If the Final Terms specifies that Integrated Conditions are to apply to the Notes, the Conditions in respect of such
Notes will be constituted as follows:
· all of the blanks in all applicable provisions of the Terms and Conditions will be completed according to the
information contained in the Final Terms and all non-applicable provisions of the Terms and Conditions (includ-
ing the instructions and explanatory notes set out in square brackets) will be deleted; and/or
· the Terms and Conditions will be otherwise modified, supplemented or replaced, in whole or in part, according
to the information set forth in the Final Terms.
Where Integrated Conditions apply, the Integrated Conditions alone will constitute the Conditions. The Integrated
Conditions will be attached to each global note representing Notes of the relevant Series.
9


EMISSIONSBEDINGUNGEN DER SCHULDVERSCHREIBUNGEN
Diese Tranche von Schuldverschreibungen wird gemäß den von der KfW bekannt gegebenen Fiscal Agency Rules
mit Datum vom 26. Juni 2006 in ihrer jeweiligen Fassung (die ,,Fiscal Agency Rules") begeben. Ablichtungen der
Fiscal Agency Rules können kostenlos am Sitz der Emittentin in Frankfurt am Main oder der Hauptniederlassung
der Deutsche Bank Luxembourg S.A. in Luxemburg bezogen werden.
Im Falle von nicht-
[Die Bestimmungen dieser Emissionsbedingungen gelten für diese Schuldverschreibungen
konsolidierten Bedin-
so, wie sie durch die Angaben des beigefügten endgültigen Bedingungen (die ,,endgültigen
gungen, einfügen:
Bedingungen") vervollständigt, geändert, ergänzt oder ganz oder teilweise ersetzt werden.
Die Leerstellen in den auf die Schuldverschreibungen anwendbaren Bestimmungen dieser
Emissionsbedingungen gelten als durch die in den endgültigen Bedingungen enthaltenen
Angaben ausgefüllt, als ob die Leerstellen in den betreffenden Bestimmungen durch diese
Angaben ausgefüllt wären; sofern die endgültigen Bedingungen die Änderung, Ergänzung
oder (vollständige oder teilweise) Ersetzung bestimmter Emissionsbedingungen vorsehen,
gelten die betreffenden Bestimmungen der Emissionsbedingungen als entsprechend
geändert, ergänzt oder ersetzt; alternative oder wählbare Bestimmungen dieser Emissions-
bedingungen, deren Entsprechungen in den endgültigen Bedingungen nicht ausdrücklich
ausgefüllt oder die gestrichen sind, gelten als aus diesen Emissionsbedingungen ge-
strichen; sämtliche auf die Schuldverschreibungen nicht anwendbaren Bestimmungen
dieser Emissionsbedingungen (einschließlich der Anweisungen, Anmerkungen und
der Texte in eckigen Klammern) gelten als aus diesen Emissionsbedingungen gestrichen,
so dass die Bestimmungen der endgültigen Bedingungen Geltung erhalten. Kopien
der endgültigen Bedingungen sind kostenlos bei der bezeichneten Geschäftsstelle des
Fiscal Agent und bei den bezeichneten Geschäftsstellen einer jeden Zahlstelle erhältlich;
bei nicht an einer Börse notierten Schuldverschreibungen sind Kopien der betreffenden
endgültigen Bedingungen allerdings ausschließlich für die Gläubiger solcher Schuld-
verschreibungen erhältlich.]
§ 1
WÄHRUNG, STÜCKELUNG, FORM, DEFINITIONEN
(1) Währung; Stückelung. Diese Tranche von Schuldverschreibungen (die ,,Schuldver-
schreibungen") der KfW (die ,,Emittentin") wird in [festgelegte Währung einfügen]
(die ,,festgelegte Währung") im Gesamtnennbetrag von [Gesamtnennbetrag einfügen]
(in Worten: [Gesamtnennbetrag in Worten einfügen]) (der ,,Gesamtnennbetrag") in
der Stückelung von [festgelegte Stückelung einfügen] (die ,,festgelegte Stückelung")
begeben.
(2) Form. Die Schuldverschreibungen lauten auf den Inhaber.
Im Falle von Schuldver-
[(3) Dauerglobalurkunde. Die Schuldverschreibungen sind durch eine Dauerglobal-
schreibungen, die
urkunde (die ,,Dauerglobalurkunde") ohne Zinsscheine verbrieft. Die Dauerglobal-
durch eine
urkunde trägt die eigenhändigen Unterschriften zweier ordnungsgemäß bevollmäch-
Dauerglobalurkunde
tigter Vertreter der Emittentin und ist von dem Fiscal Agent oder in dessen Namen mit
verbrieft sind, einfügen:
einer Kontrollunterschrift versehen. Einzelurkunden und Zinsscheine werden nicht aus-
gegeben.]
Im Falle von TEFRA D-
[(3) Vorläufige Globalurkunde ­ Austausch.
Schuldverschreibun-
(a) Die Schuldverschreibungen sind anfänglich durch eine vorläufige Globalurkunde
gen, die anfänglich
(die ,,vorläufige Globalurkunde") ohne Zinsscheine verbrieft. Die vorläufige Global-
durch eine vorläufige
urkunde wird gegen Schuldverschreibungen in den festgelegten Stückelungen, die
Globalurkunde ver-
durch eine oder mehrere Dauerglobalurkunden (die ,,Dauerglobalurkunde") ohne
brieft sind, einfügen:
Zinsscheine verbrieft sind, ausgetauscht. Die vorläufige Globalurkunde und die
Dauerglobalurkunde tragen jeweils die eigenhändigen Unterschriften zweier ord-
nungsgemäß bevollmächtigter Vertreter der Emittentin und sind jeweils von dem
Fiscal Agent oder in dessen Namen mit einer Kontrollunterschrift versehen. Einzel-
urkunden und Zinsscheine werden nicht ausgegeben.
(b) Die vorläufige Globalurkunde ist frühestens 40 Tage nach dem Tag der Ausgabe der
vorläufigen Globalurkunde nach Vorlage von Bescheinigungen, wonach der oder
die wirtschaftlichen Eigentümer der durch die vorläufige Globalurkunde verbrieften
Schuldverschreibungen keine U.S.-Personen sind (ausgenommen bestimmte Finanz-
institute oder bestimmte Personen, die Schuldverschreibungen über solche Finanz-
institute halten), gegen die Dauerglobalurkunde austauschbar. Zinszahlungen auf
durch eine vorläufige Globalurkunde verbriefte Schuldverschreibungen erfolgen
erst nach Vorlage solcher Bescheinigungen. Eine gesonderte Bescheinigung ist hin-
sichtlich einer jeden solchen Zinszahlung erforderlich. Jede Bescheinigung, die am
oder nach dem 40. Tag nach dem Tag der Ausgabe der vorläufigen Globalurkunde
eingeht, wird als ein Ersuchen behandelt werden, diese vorläufige Globalurkunde
gemäß dieses Absatzes (b) dieses § 1(3) auszutauschen. Wertpapiere, die im Aus-
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