Company Announcements

Pre-Stabilisation notice

April 30, 2024

Not for distribution, directly or indirectly, in or into the United States or any jurisdiction in which such distribution would be unlawful.

Kreditanstalt fuer Wiederaufbau (KfW)

Green benchmark bond due 2032

Pre-Stabilisation Notice

Commerzbank AG (contact: Daniela Olt-Farrelly; telephone: +49 69 136-20) hereby announces, as Stabilisation Coordinator, that the Stabilising Managers named below may stabilise the offer of the following securities in accordance with Commission Delegated Regulation (EU) 2016/1052 under the Market Abuse Regulation (EU Regulation 596/2014).

The security to be stabilised:

Issuer:                                Kreditanstalt fuer Wiederaufbau (KfW)

Guarantor (if any):                    Federal Republic of Germany

Aggregate nominal amount:              EUR benchmark

                                       Green Bond Euro RegS Bearer benchmark
Description:                           transaction maturing on 31st Mar 2032,
                                       off the Issuer’s EMTN programme, denoms
                                       1k/1k, payment date 8 May 2024

Offer price:                           tbc

                                       rated Aaa/AAA/AAA (Moody's/Scope/S&P,
Other offer terms:                     all stable) and with ESG ratings Prime,
                                       C+ (ISS-ESG), Advanced (Moody's ESG
                                       Solution), AAA (MSCI ESG Issuer Rating)

Stabilisation:

Stabilisation Coordinator:Stabilising  Commerzbank AGDanske BankNatWest
Managers:                              MarketsSociété Générale

Stabilisation period expected to start 30th April 2024
on:

Stabilisation period expected to end   no later than 30 days after the proposed
on:                                    issue date of the securities

Existence, maximum size and conditions The Stabilising Managers may over-allot
of use of over-allotment facility.     the securities to the extent permitted
                                       in accordance with applicable law.

Stabilisation trading venue:           Luxembourg regulated market

In connection with the offer of the above securities, the Stabilising Manager(s) may over-allot the securities or effect transactions with a view to supporting the market price of the securities during the stabilisation period at a level higher than that which might otherwise prevail. However, stabilisation may not necessarily occur and any stabilisation action, if begun, may cease at any time Any stabilisation action or over-allotment shall be conducted in accordance with all applicable laws and rules.

This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Issuer in any jurisdiction.

This announcement is not for distribution, directly or indirectly, in or into the United States or any other jurisdiction in which such distribution would be unlawful.

END