In good times and bad times: always a safe investment.
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1 In good times and bad times: always a safe investment.
2 Haftungsausschluss / Disclaimer Die in diesem Dokument enthaltenen Informationen stellen kein Angebot zum Kauf von Wertpapieren in den USA dar. Wertpapiere dürfen in den USA nur mit vorheriger Registrierung oder ohne vorherige Registrierung nur aufgrund einer Ausnahmeregelung verkauft oder zum Kauf angeboten werden. Ein Angebot zum Kauf von Wertpapieren wird in den USA nur auf Grundlage eines Prospekts erfolgen, der von der KfW zur Verfügung gestellt wird und detaillierte Informationen über KfW, ihre Geschäftsleitung, ihre Jahresabschlüsse sowie Informationen über die Bundesrepublik Deutschland enthalten wird. The information contained in this document does not constitute an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any offering of securities in the United States will be made by means of a prospectus that may be obtained from KfW and will contain detailed information about KfW and its management, financial statements and information about the Federal Republic of Germany. 2
3 Agenda 1 KfW: Overview and Recent Developments 2 Funding at KfW 3
4 KfW: Overview and Recent Developments
5 KfW in brief Frankfurt The promotional bank of the Federal Republic of Germany, established in 1948 as a public law institution. Benefits from explicit and direct statutory guarantee and institutional liability from the Federal Republic of Germany. German federal states Shareholders 20% Federal Republic of Germany Regulated by the Law concerning KfW and exempt from corporate taxes. 80% Berlin Zero risk weighting of KfW s bonds. (1) Supervision by the German Federal Ministry of Finance and the German Financial Supervisory Authority BaFin. Rating Credit Aaa AAA AAA Moody s Scope S&P Bonn Subject to certain provisions of German and European bank regulatory laws by analogy, in large part with effect from January 1, (1) According to the standardized approach of the Capital Requirements Regulation (CRR). Sustainability TOP 9 imug out of 109 Prime # 2 oekom out of 343 Sustainalytics 5
6 KfW Group s business activities KfW aims for sustainable improvement of the economic, social, and ecological conditions of people s lives. New business 2016: EUR 81.0bn SME Bank Municipal and Private Client Bank/ Credit Institutions Export & project finance Promotion of developing countries & emerging economies Financial markets Promotion of small- and medium-sized enterprises, business start-ups and other commercial clients in Germany Housing programmes, environmental and climate protection, educational finance for private clients in Germany as well as financing for public clients (e.g., municipalities, regional promotional banks) Customized financing for exports and project & corporate financing world-wide KfW s public (KfW Development Bank) & private sector (DEG) development cooperation activities ABS & Green-Bond-Portfolio 26% 42% 20% 11% 2% Environment investment quota: New business for environment and climate protection in % of total new business volume. Based on year-end 2016 data. Domestic 44% 41% SME quota: New business for SMEs in % of total new domestic business volume. 6
7 Proven and successful business model Customer Customer s bank Capital markets Promotional mandate Defined by KfW Law State liability Institution owned by the Federal Republic and the federal states 7
8 Economic risk-bearing capacity of KfW Large share of tier 1 capital reflects high quality of KfW s financial resources. Very sound capital basis. Credit Risk (inkl. SLI) 8,299 (8,026) Market price risk 5,450 (5,278) Op-Risk 1,033 (1,110) Projectrisk 118 (98) Hidden burdens 18 (45) 14,919 (14,557) Economic capital requirements Tier 1 capital in EUR million confidence level 99.99% 25,890 (24,090) Tier 2 capital 25,890 (24,210)* 10,971 (9,653) Available financial resources Excess coverage figures as of (figures as of ) Tier 1 ratio: 22.3% Total capital ratio: 22.3% Based on year-end 2016 data. * As of 31 December 2015 KfW s tier 2 capital stood at EUR 120mn. 8
9 Allocation of the economic capital for credit risk Strong focus on Germany and financial industry due to business model By region By sector 8% 4% 7% 6% 2% 53% Germany Euro-area countries (excl. Germany) EU countries (excl. euro-area countries and Germany) Europe outside EU 2% 3% 3% 7% 14% 56% Financial sector Consumer/retail Financial investment/funds Energy/environment 6% 14% Africa Asia (incl. Australia and New Zealand) Latin America 6% 9% Commodities Transport infrastructure Essential goods North America Other Exposure to Germany: 53% Exposure to financial sector: 56% Credit risk of EUR 8,299mn at year-end 2016 includes loans, securities, investments and derivatives. Based on year-end 2016 data. 9
10 Business performance Total promotional business volume in EUR bn About 3/4 domestic and 1/4 international business. Stable development over the years. Rising share of domestic business in in EUR bn Total assets 482 Germany s 3 rd largest credit institution in terms of total assets Q in EUR bn Consolidated profit Q Profit developed well thanks to a strong valuation result. Decreasing profit in 2017 as predicted, but higher than expected. Very good valuation result due to non-recurring effects Q Tier in % 18.3 Capital ratio (Tier I) Q BaFin approval as advanced IRBA institution since 6/2017. Decrease in 2017 mainly due to effects of the IRBA approval process. 10
11 Key financial figures of KfW Group (IFRS) Solid business performance Business activities (in EUR bn) for the period Q Promotional business volume Income statement key figures (in EUR mn) for the period Operating result before valuation & promotional activities 2,066 1,898 1,320 Consolidated profit 2,171 2,002 1,099 Consolidated profit before IFRS effects from hedging 1,900 1, Balance sheet (in EUR bn) at the end of the period Total assets Equity Volume of business Key regulatory figures (in %) (1) at the end of the period Tier 1 capital ratio 18.3% 22.3% 20.3% Total capital ratio 18.4% 22.3% 20.3% (1) Up to 2015 calculated voluntarily for internal purposes on the basis of the relevant legal provisions. In 2016, calculated for internal purposes based on the voluntary application of all material IRBA rules. In 2017, calculated based on the IRBA approach for a large part of the portfolio. For the remaining sub-portfolios KfW applies the CRSA approach until full IRBA approval. 11
12 Highlights in the first nine months of 2017 Total commitments reached a volume of EUR 54.7bn for the first nine months of 2017, nearly unchanged from the same period in the previous year: EUR 54.6bn, +0.2%. Domestic promotional business continued to grow successfully to EUR 41.1bn, even exceeding previous year's high level by 1% due to consistently high demand for residential construction and commercial loans. International business is lower than in the previous year period (EUR 12.9bn vs. EUR 13.2bn) due to a decrease in new commitments at KfW Development Bank. However, the volume for entire 2017 is expected to reach last year's level. KfW extended its green bond investment activities: Target volume of promotional green bond portfolio doubled to EUR 2bn. In the first nine months of 2017, KfW invested EUR 257mn (EUR 176mn) in nine green bonds. With a consolidated profit of EUR 1.1bn the earnings position for the first nine months of 2017 developed well thanks to a strong valuation result, even though figures failed to meet last year s level (EUR 1.3bn), as expected. BaFin approval for applying IRBA for a large part of KfW's portfolio when calculating regulatory capital requirements. With 20.3% tier 1 ratio, KfW fully complies with BaFin minimum requirements of 14.7% (incl. a SREP surcharge of 3.0%). In July, KfW raised the target corridor of its funding needs for 2017 by EUR 5bn to EUR 75-80bn. 12
13 Funding at KfW
14 KfW s funding highlights in the first nine months of single transactions in 8 different currencies account for a total funding of EUR 67.1bn. 5 "Green Bonds Made by KfW" issuances in EUR, USD, AUD and GBP with an equivalent of EUR 2.7bn. The EUR 2bn issuance marks KfW's largest green bond so far. 10 benchmark bonds (plus 3 taps) issued in EUR (5y, 2x 7y, 2x 10y) and USD (2x 3y, 2x 5y) accounting for 73% of total funding. Particularly strong demand for large and liquid benchmark bonds: some EUR 49bn already raised. EUR share was up at 55% of total funding volume (vs. 38% in the previous year period), exceeding the USD share that fell to 34% (vs. 46% same period in 2016). Excellent sustainability and credit ratings. Core currencies: EUR & USD 90% bn EUR EUR & USD other Increased funding needs in Awards Best Supranational and Agency Deal in Euros The World s Safest Bank Most Impressive Government Agency Green/SRI Bond Issuer Best Overall Issuer Best SSA Issuer Best Uridashi Issuer Best Overall ECP Issuer 14
15 Explicit and direct guarantee from the Federal Republic of Germany Basis of KfW s funding Guarantee established in 1998 Defined by law Direct, explicit and unconditional 1a of the Law concerning KfW: The Federal Republic guarantees all obligations of KfW in respect of loans extended to and debt securities issued by KfW, fixed forward transactions or options entered into by KfW and other credits extended to KfW as well as credits extended to third parties inasmuch as they are expressly guaranteed by KfW. 15
16 KfW s rating Financial Rating Long-term Rating Outlook Short-term Rating Aaa stable P-1 AAA stable S-1+ AAA stable A-1+ KfW s AAA-Rating is based on its: explicit government guarantee high quality assets good access to liquidity ESG Rating Among the 5 best out of 116 assessed financial institutions Prime : among the best-rated institutions in its peer group No. 2 out of 396 listed and non-listed banks KfW s top ESG ratings are assigned by independent rating agencies 16
17 SRI eligibility of KfW bonds KfW follows a holistic approach which puts emphasis on the overall sustainability Increasing awareness of investors to climate-themed or socially responsible investing KfW bonds offer attractive investment opportunities for socially responsible investors KfW is one of the world s largest financiers of environmental investments with around EUR 200bn invested within the last 10 years KfW is among the world s best ESG-rated financial institutions Approx. 44% of KfW s new funds raised are spent on climate and environmental protection measures. Approx. 11% of KfW s new funds raised are used for financings of developing and transition countries. 17
18 KfW s funding: three pillar strategy A well-structured range of products offers suitable opportunities for various investors needs Benchmark programme Large and liquid bonds in EUR and USD At least 3, 5, 7 and 10 year benchmark maturities each year Target benchmark sizes: EUR 3 5 bn USD 3 5 bn 2016: EUR 72.8 bn 2017 target: EUR bn Other public transactions Large and liquid bonds in non-benchmark maturities with or without call option (EUR and USD) in strategic markets (GBP, AUD, SEK, JPY, CNH, NOK, CHF ) in further currencies Green Bonds Other structured public bonds in various currencies Private placements Customized bonds for investor needs Flexible in currency, structure and maturity 2016: 14 transactions 2016: 103 transactions 2016: 89 transactions 68% 26% 6% 18
19 Capital markets Strong presence in the capital markets Funding volume in EUR bn Capitalization (as of ) Already raised in 2017: EUR 77.1bn (as of November 30, 2017) 10% <1% 6% 6% Total EUR 481.3bn Benchmark bonds Public transactions Private placements 78% Capital market Money market Other liabilities (primarily collateral from derivative transactions) Subordinated capital Equity 19
20 KfW s funding by currencies and instruments Benchmark bonds are key core currencies Euro and US Dollar Benchmark bonds Instruments (in %) Public transactions Private placements Currencies (in %) EUR USD AUD GBP JPY Others 2012 (EUR 78.7 bn) 2013 (EUR 65.4 bn) 2014 (EUR 57.4 bn) 2015 (EUR 62.6 bn) 2016 (EUR 72.8 bn) Highlights in 2016: 11 Benchmark bonds (plus 3 taps) in EUR and USD. In 2016, benchmark bonds accounted for more than 68% of total funding. The challenging market environment led to a particularly flexible funding strategy. For the second time, the USD share (approx. EUR 34.3bn equivalent, 47% of total funding) exceeded the EUR share (approx. EUR 25.3bn, 36%) in
21 KfW s global investor base Distribution of KfW s EUR-Benchmark investor base in % Geographic Distribution in % Investor Distribution 60,0 60,0 50,0 50,0 40,0 Europe ex Germany 40,0 Banks 30,0 Germany 30,0 Central Banks 20,0 Asia 20,0 Asset Mgt. 10,0 Other 10,0 0, Americas 0, Ins. & Pension Other Europe ex Germany Asia Other Germany Americas Central Banks Asset Mgt. Other Banks Ins. & Pension : based on allocations. 2012: based on orders. 21
22 KfW s global investor base Distribution of KfW s USD-Benchmark investor base $ in % Geographic Distribution in % Investor Distribution 50,0 70,0 40,0 30,0 Americas Europe Asia 60,0 50,0 40,0 Central Banks 20,0 30,0 Banks 20,0 Asset Mgt. 10,0 0,0 MEA Other ,0 0,0 Other Ins. & Pension Asia MEA Europe Central Banks Banks Asset Mgt. Americas Other Ins. & Pension Other : based on allocations. 2012: based on orders. 22
23 KfW s Benchmark-Programmes in EUR and USD Basic features Large-volume global bonds (SEC registered) Government surrogate, 0% risk weighting Benchmark maturities Target issue sizes: EUR 3 5 bn Transparent syndication process High liquidity: KfW bonds are traded globally by approx. 25 banks For more information about the KfW Benchmark-Programmes please refer to or to Bloomberg: KfW <GO> 23
24 KfW EUR-Benchmark-Programme Current outstandings Spread in bps KfW s EUR benchmark curve across the maturity spectrum Amount Outstanding Swap Spread Gov. Spread Amount Outstanding in EUR million Issued in 2017 Beside USD KfW s most important strategic market with a share of 36% of overall funding activity in KfW highly committed to liquidity and regular issuance across major maturities. Despite low yields solid secondary market performance. Current outstanding volume: EUR 147bn. 24
25 KfW USD-Global-Programme Current outstandings $ Spread in bps KfW s USD global curve across the maturity spectrum Amount Outstanding Swap Spread Gov. Spread Amount outstanding in USD million Issued in 2017 Amounting to 47% (vs. 45% in 2015) of KfW's total funding, USD was the main funding currency for the second time in a row in High commitment to liquidity permanent review of secondary market liquidity. Current outstanding volume: USD 131bn. Strategic USD-Global programme complemented by off-the-programme fixed and floating rate issues serving specific investors needs (esp. short dated). 25
26 Other public transactions Diversification of investor base EUR USD AUD BRL CNH GBP INR JPY MXN NOK NZD SEK SGD TRY ZAR Issues outside Benchmark-Programmes Non-benchmark maturities Callables, floaters Complementary currencies to cover different capital markets Complete yield curve with the aim to enhance liquidity through taps Expand the programme to new currencies/markets Institutional and retail as well as local investor base 26
27 KfW in GBP KfW is one of the leading SSA issuers in the Sterling market Spread in bps KfW s GBP curve across the maturity spectrum (only fixed rate lines outstanding) Amount outstanding in GBP million Green Bond Amount Outstanding Swap Spread Gov. Spread New lines issued in 2017 Characteristics 15 fixed rate lines outstanding over the entire curve up to Second biggest SSA issuer in GBP (outstanding volume: GBP 20.4bn). Fixed rate issuance is complemented by lightly structured transactions (primarily Step-ups, Callables, FRNs). Listing Luxembourg possible. Highlights Important strategic market for KfW: GBP funding for KfW totals GBP 5.3bn in 2016 (2015: GBP 3.3bn), highest funding volume in GBP since GBP remains the 3 rd most important currency after EUR and USD in 2016 with an increased share of 8.9% of KfW's total funding. KfW issued one of the biggest sole lead GBP taps within the SSA segment (GBP 650mm). 27
28 KfW in AUD KfW is the largest SSA Kangaroo issuer A$ Spread in bps KfW s AUD curve across the maturity spectrum (only fixed rate lines outstanding) Amount outstanding in AUD million Green Bond , KFW 6 1/4 KFW 3 3/4 02/23/18 07/18/18 KFW 4 01/16/19 KFW 6 1/4 KFW 2 3/4 KFW /04/19 04/16/20 07/02/20 KFW 6 08/20/20 KFW /17/21 KFW 6 1/4 KFW 5 1/2 KFW /19/21 02/09/22 06/06/22 KFW 5 03/19/24 KFW 4 02/27/25 KFW /11/ KFW /15/ Amount Outstanding Swap Spread Gov. Spread New lines issued in 2017 Characteristics KfW maintains strategic approach to the Kangaroo market and is a regular issuer. With 15 fixed rate lines outstanding, KfW offers the widest choice of maturities in the Kangaroo market. KfW is the largest SSA issuer in terms of outstanding volume (AUD 26.1bn). KfW Kangaroo bonds are RBA repo eligible. Highlights 2016 AUD 3.25bn issued vs AUD 3.55bn. 4 th most important funding currency in 2016 (3%). KfW stays committed to extend its curve and to offer current coupon bonds through the introduction of new lines. 28
29 KfW in JPY Outstanding: Global JPY 125bn 2.05%, due February 2026 Global JPY 50bn 2.60%, due June 2037 Public issues Japanese retail (Uridashi) Predominantly structured JPY (Nikkei-Linked and Dual Currency), Available also in other currencies e.g. AUD, BRL (settle JPY), USD, TRY EUR bn equivalent raised via 36 transactions EUR bn equivalent raised via 41 transactions EUR bn equivalent raised via 34 transactions EUR bn equivalent raised via 36 transactions EUR bn equivalent raised via 38 transactions Private placements (MTNs) Mostly structured issues, of which JPY/AUD-linked PRDCs are predominant; Minimum issue size JPY 100 mn JPY 1.00 bn raised via 2 trades JPY 7.65 bn raised via 35 trades JPY bn raised via 89 trades JPY 12.8 bn raised via 43 trades JPY 3.5 bn raised via 12 trades 29
30 KfW in NOK A strong addition to KfW s funding programme NOK Amount outstanding in NOK million KfW s NOK curve across the maturity spectrum FRN VPS VPS VPS Characteristics Flexibility in deal/tap size. Fixed and floating rate notes possible. Listing Luxembourg. Issuance targeting domestic (via VPS-Clearing with stand-alone documentation) and retail/other institutional accounts (documentation under KfW EMTN programme). Highlights NOK funding for KfW in 2016 totals NOK 6,25bn (2015: NOK 1,25bn). 5 transactions in total; thereof 3 transactions in VPS format (first time since 2013 in VPS). New product issued by KfW in 2016: NOK 2,5bn FRN with high coupon in VPS format. 30
31 KfW in SEK Expanding green activities into Nordic region SEK Amount outstanding in SEK million KfW s SEK curve across the maturity spectrum FRN SGB SGB Green Bond 1,000 SGB Characteristics Flexibility in deal/tap size. Fixed and floating rate notes possible. Swedish Government Bonds 1047, 1051, 1052, 1054 matches already in place. Listing Luxembourg. Highlights In 2016, KfW issued its first SEK Green Bond in public format. The transaction had a deal size of SEK 1bn and attracted domestic and international investors. 31
32 Green Bonds Made by KfW Highlights of KfW s green bonds Net proceeds from the issuance are used for financing projects for the power generation from wind, water, photovoltaics and biomass under KfW s programme Renewable Energies - Standard 2016: 4 bonds amounting to EUR 2.8bn 4% of total funding Green bonds outstanding: EUR 9.2bn; market share of 7% EUR, USD, AUD, GBP and SEK with potentially more currencies to come Comparable to other KfW bonds regarding structure, pricing, rating 1 Environmental and social impact Estimated GHG reduction of 800 tons (1) p.a. per EUR 1 million green bond investment Creation and protection of jobs Reduction of energy imports to Germany and fossil burning costs Environmental impact evaluated by the non-profit foundation ZSW (2) 2 High credibility Independent 2 nd opinion for KfW s Green Bonds by CICERO (3) Green Bond rating "b+" by oekom KfW is among global ESG leaders Excellent credit quality, large size Cicero graded KfW Green Bonds as dark green which is the best grade achievable (1) Average value for based on ZSW evaluated numbers. Current and future impact might differ (2) ZSW: Center for Solar Energy and Hydrogen Research Baden-Württemberg 3) CICERO: Center for International Climate and Environmental Research Oslo 32
33 KfW in RMB KfW establishes itself in the promising RMB market RMB KfW is convinced of the increasing global importance of the Renminbi. KfW sets a clear example in establishing financial centre Frankfurt as a European renminbi centre. 2012: KfW s inaugural RMB bond Largest offshore transaction issued by a non-asian SSA 2014: KfW s 2 nd public RMB bond First KfW RMB bond ever listed in Frankfurt RMB 1bn, due May : 2 further issuances with Frankfurt listing Private Placement: RMB 1.6bn due February 2017 Public bond: RMB 1.25bn, due March : 1 public bond including 1 tap with Frankfurt listing & 4 private placements Private Placement: 4 Transactions, RMB 730m Public bond: RMB 1.1bn, due September 2018 Characteristics Documentation: EMTN Public transactions and private placements Listing in Frankfurt International and local investor base KfW s RMB RMB 1.25 bn (about EUR 186 mn) Maturity: 20 March March 2018 Coupon: 4.25% p.a., payable semi-annually ISIN: DE000A14J850 Lead Manager: HSBC KfW s RMB RMB 1.1 bn (about EUR 147 mn) Maturity: 9 Sept Sept Coupon: 3.18% p.a., payable annually ISIN: DE000A2BPB68 Lead Manager: Crédit Agricole 33
34 Private placements (1) Current product development Currencies 2016 Targets Customized products for investor needs Flexible approach Broad investor diversification in various currencies and structures 8% 2% 8% 10% 61% 11% EUR USD HKD GBP SGD Other Key figures 2016 Current product development EUR 4.3 bn 89 transactions 7 currencies (EUR, USD, GBP, CNY, SGD, JPY, HKD) KfW satisfies current investor s requirements: Increased demand for EUR Private Placements Broader variety of structured Private Placements in 2016 SGD and HKD returning currencies in private placement segment in 2016 KfW satisfies investor s preferences for yield enhancing products in combination with an AAA credit quality Figures for 2016 are as of 31 December
35 Private placements (2) KfW offers tailor-made structures to investors Structures Highly diversified: Step-up callables Range accruals Zeros CMS-linked structures FX-linked structures etc. Redemption profile: Bullet Callable TARN Trigger Funding policy Minimum size: EUR, USD 10 mn USMTN 5 mn JPY 100 mn (MTN) JPY 1 bn (Uridashi) Minimum non call 6 months, multi-callable structures can be quarterly callable for 50 mn (EMTN) 10 mn (US-MTN) Minimum non call 3 months and quarterly callable for JPY-MTN and Uridashi Method of distribution: Underwriting 35
36 Namensschuldverschreibungen Issuance volume 1 (in EUR mn) Due to increased investor demand, KfW offers Namensschuldverschreibungen since August 2009 So far, solid investor demand and constant broadening of investor base Schuldscheindarlehen remain available Issuance volume comprises Namensschuldverschreibungen and Schuldscheindarlehen Characteristics Investor base: German insurances and pension funds Product variations: fixed rate and zero bonds with optional issuer call options as well as double-/triple-or-quit structures Stand-alone KfW documentation Assignments possible of EUR 1 mn Minimum issuance volume of EUR 10 mn Reduced demand in 2014 due to the low yield environment 36
37 Money market Its CP programmes make KfW an important issuer in the money market as well EUR / USD-CP Programme Issuer Rating Maturities KfW P-1 (Moody s) / S-1+ (Scope Ratings) / A-1+ (S&P) Up to 1 year Guarantor Currencies Federal Republic of Germany EUR-CP: multicurrency USD-CP: USD As of 30 June 2017 EUR-CP (in mn) USD-CP (in mn) Programme volume EUR 60,000* USD 10,000 Issue volume EUR 68,897 USD 24,400 Number of transactions Average ticket volume EUR 161 USD 112 Average maturity 116 days 58 days Outstanding volume (at the end of period) EUR 37,765 USD 7,470 Targeted outstanding volume +/- EUR 35,000 +/- USD 7,500 * The programme volume was increased from EUR 50bn to EUR 60bn on November 10,
38 KfW in the capital markets in 2017 Strong presence in the capital markets with funding target of EUR billion. KfW's outstanding access to the capital markets, including in USD, facilitates the issue of liquid global bonds. KfW relies on its proven 3-pillar-strategie. EUR & USD remain key currencies in 2017 (2016: 83%). The benchmark program is the most important funding source. GBP, AUD and Uridashi will remain important for KfW s funding mix. Continuing commitment to green bonds. 38
39 Disclaimer This document is provided for information purposes only. This document may not be reproduced either in full or in part, nor may it be passed on to another party. It constitutes neither an offer nor an invitation to subscribe or to purchase securities, nor is this document or the information contained herein meant to serve as a basis for any kind of obligation, contractual or otherwise. In all legal systems this document may only be distributed in compliance with the respective applicable law, and persons obtaining possession of this document should familiarise themselves with and adhere to the relevant applicable legal provisions. A breach of these restrictions may constitute a violation of US securities law regulations or of the law applicable in other legal systems. The information contained in this document is historical and speaks only as of its date. KfW disclaims any intention or obligation to update or revise the information contained in this document. By accessing this document you acknowledge acceptance of these terms. 39
40 Photo credits/references Titel slide: FischerAppelt / Christian Lohfink Slide 4: full-page image / KfW / Stephan Sperl Slide 5, Picture 1: KfW Photo Archive / Rüdiger Nehmzow Slide 5, Picture 2: KfW Photo Archive / Angelika Kohlmeier Slide 5, Picture 3: KfW Photo Archive / - Slide 6, Picture 1: KfW Photo Archive / - Slide 6, Picture 2: KfW Photo Archive / Jens Steingässer Slide 6, Picture 3: KfW Photo Archive / Bernhard Schurian Slide 6, Picture 4: KfW Photo Archive / photothek.net Slide 6, Picture 5: KfW Bankengruppe / Jens Steingässer Slide 13: full-page image / KfW / Stephan Sperl Slide 15: Deutscher Bundestag / Lichtblick / Achim Melde Slide 23, 24, 25: FischerAppelt / Christian Lohfink Slide 32, 38: gettyimages, plainpicture / Piotr Krzeslak, Cultura Slide 39: full-page image / KfW / Stephan Sperl 40
41 Contact Treasurer of KfW: Ext. Dr. Frank Czichowski Treasury: Markus Schmidtchen Capital Markets: Petra Wehlert Otto Weyhausen-Brinkmann Alexander Liebethal Investor Relations: Jürgen Köstner Nicolas Pfuhl Dorota Reiter Philipp Mahn Serviceline KfW Bankengruppe Palmengartenstrasse Frankfurt am Main Fon Ext Fax investor.relations@kfw.de Bloomberg: KfW <GO> Sign up here for our newsletter service 41
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