#175 YEARS OF SHAPING THE FUTURE >>> Invest in the future. Transform it now. Investor Relations November 2023 KFW#2Disclaimer (Haftungsausschluss) 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. 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. KFW Invest in the Future. Transform it now. / November 2023 2#3>>> KfW Overview and sustainability approach#4KfW at a glance > Germany's flagship development agency Professionally supervised and regulated Ratings The promotional bank of the Federal Republic of Germany, established in 1948 as a public law institution. Rating Agency > Benefits from explicit and direct statutory guarantee and institutional liability by the Federal Republic of Germany. Aaa Moody's AAA Scope > Regulated by the "Law concerning KfW" and exempt from corporate taxes. AAA S&P > Zero risk weighting of KfW's bonds according to the Shareholders 20% ■Federal Republic of Germany 80% ■German federal states Headquarters: Frankfurt am Main Branches: Berlin, Bonn Rating Agency > standardised approach of the Capital Requirements Regulation (CRR). Supervision by the German Federal Ministry of Prime ISS ESG Finance and the German Financial Supervisory Authority "BaFin". AAA MSCI Frankfurt Berlin Advanced > Subject to certain provisions of German and European bank regulatory laws by analogy, in large part with effect from January 1, 2016. Moody's ESG Solutions Bonn Cologne (DEG) A rating is not a recommendation to buy, sell or hold securities. Ratings are subject to revision or withdrawal at any time by the assigning rating organization. Each rating should be evaluated independently of any other rating. KFW Invest in the Future. Transform it now. / November 2023 4#5Worldwide presence About 80 representative offices Mexiko City Guatemala City San Salvador Tegucigalpa Managua Bogotá Quito Bonn Cologne Berlin London Brussels Chişinău Kyiv Frankfur Belgrad Sarajevo Priština Tiflis New York Podgorica Istanbul Baku Tirana Skopje Ankara Yerevan Tunis Rabat Ramallah-Al-Bire ⚫ Beirut Amman Cairo Abu Dhabi Lima⚫ ⚫La Paz • Brasilia KFW Invest in the Future. Transform it now. / November 2023 Dakar Bamako Niamey Ouagadougou Cotonou Accra Lomé Yaoundé Sanaa Addis Abeba Kampala Kigali Nairobi Kinshasa Bujumbura 7.984 Number of KfW employees (Average number) 1948 1950 1960 1970 1980 1990 2000 2010 2021 2022 Mazar-e-Sharif Taschkent Bishkek Ulan Bator Beijing Dushanbe Islamabad Kabul New Delh Kathmandu Dhaka Hanoi Mumbai Rangoon Vientiane Bangkok Manila Phnom Pen ●Daressalam Lusaka Lilongwe Windhoek • São Paulo Pretoria Maputo Johannesburg Ho Chi Minh City Singapore Jakarta 5#6KfW's business activities Q1-Q3 2023: EUR 80.8bn SME Bank & Private Clients International Domestic Standardized financing products for SMEs, business founders, start-ups, self-employed professionals and private individuals 32% Promotion of Developing Countries & Emerging Economies KfW's public (KfW Development Bank) & private sector activities (DEG) in developing countries 4% Customized Finance & Public Clients Individual financings for municipal & social infrastructure, customized financing for FI & promotional institutes of German federal states 36% KfW Capital Subsidiary (100%, est. 2018) to carry out KfW's entire private equity & venture capital business KFW CAPITAL 2% Financial Markets Export & Project Finance (KfW IPEX Bank) Green Bond investment portfolio Subsidiary (100%, est. 2007) for exports and project & corporate financing world-wide KFW IPEX-Bank 1% Environment 59% investment ratio: New business for environment and climate protection in % of total new business volume 2022 adjusted by special projects. Unadjusted ratio: 36%. Domestic 44% SME ratio: KFW Invest in the Future. Transform it now. / November 2023 25% New business for SMEs in % of total new domestic business volume in 2022 adjusted by special projects. Unadjusted ratio: 26%. 6#7Proven and successful business model KfW involves commercial banks in its domestic activities Liquidity management € $ ¥£ € $ \ £ Funding KFW Invest in the Future. Transform it now. / November 2023 KFW Bank >>> Lender >>> State liability Institution owned by the Federal Republic and the federal states Defined by KfW Law Promotional mandate Backed by Understanding II reached with the EU Commission Financing partner Final borrower 7#8Key financial figures of KfW Group (IFRS) Business activities (in EUR bn) – for the period Promotional business volume Income statement key figures (in EUR bn) – for the period Operating result before valuation & promotional activities Q3/2023 80.8 Q3/2022 127.9 Consolidated profit Consolidated profit before IFRS effects from hedging 1.3 1.2 1.2 1.0 1.1 1.1 Balance sheet (in EUR bn) - at the end of the period Total assets 555.2 585.5 Equity 37.8 36.1 Volume of business 709.7 730.9 Key regulatory figures (in %) - at the end of the period Tier 1 capital ratio 28.5 24.8 Total capital ratio 28.5 24.9 KFW Invest in the Future. Transform it now. / November 2023 8#9in bn EUR in bn EUR Business performance 75.5 77.3 135.5 107.7 166.9 80.8 2018 2019 2020 2021 2022 9M/2023 1.6 1.4 0.5 2.2 Support for energy sector Covid-19 aid • EUR 80.8bn Total promotional business volume in Q1-Q3 2023 About 72% domestic and 28% international business. 28% mandated business to secure energy supply 1.4 1.2 Strategic target (before IFRS effects) 2018 2019 2020 2021 2022 9M/2023 KFW Invest in the Future. Transform it now. / November 2023 in bn EUR EUR 1.2bn Consolidated profit in Q1-Q3 2023 Stable development of consolidated profit 20.1 in % 546 551 555 555 506 486 2018 2019 2020 2021 2022 Q3/2023 28.5 24.1 23.9 25.0 21.3 Regulatory requirement 16.1' 2018 2019 2020 2021 2022 Q3/2023 EUR 555bn Total assets as of Sep 30, 2023 Among top 3 of Germany's largest credit institutions in terms of total assets Tier 1 Capital Ratio 28.5% Equity as of Sep 30, 2023 EUR 37.8bn 9#10Highlights of KfW's lending business KfW Financings (in EUR bn) 2022 2.1 136.1 18.1 12.6 0,4 166.9 2021 82.9 13.6 10.1 0,4 107.0 9M/2023 58.8 20.7 0.5 80.8 9M/2022 87.0 6.0 0,4 127.9 1.5 ■Domestic Promotional Business ■ Export & Project Financing ■Financing Developing and Emerging Economies ■Financial Markets KFW Invest in the Future. Transform it now. / November 2023 Highlights 9M 2023 > New lending reached EUR 80.8bn (-37% yoy), slightly above the level before the outbreak of the war against Ukraine. › Significant decline in domestic business to EUR 57.9bn (-49% yoy) and a strong increase in international export and project finance to €20.7bn (+77% yoy). Domestic > Decline in domestic markets mainly attributable to decrease in loan commitments to energy companies, the switch from broad-based to targeted promotion for energy-efficient housing, and the expiration of the special COVID-19 programs. > Mandated transactions for energy companies incl. disbursements of emergency aid/price brakes for gas and heat amounting to EUR 11.5bn (28% of total business volume). International › Doubling of new export and project financing business to EUR 20.7 billion (09/2022: EUR 11.7 billion). > New commitments amounting to €3.1bn for the financing of developing and emerging economies (09 2022: €3.3bn). Financial Markets > Investments of €0.5bn in green bonds, bringing our green bond portfolio to around €2.6bn. 10 10#11Transformation agenda 'KfWplus' 2023 - Year of implementation – boosting resilien Promoting transformation - Climate & environment Digitalisation & innovation Managing impact & mobilising private The digital transformation & promotional bank Top-performing KfW 3. Digitalisation 101010101 capital 1. Agility Euro ΓΕ 2. Employee potential 4. Business & operating model, and governance Vision: Becoming THE digital transformation & promotional bank Promotional priorities in the coming years: Climate & Environment and Digitalisation & Innovation; together they represent the dual transformation of the economy and society. Making the impact of our activities measurable: We are developing 50 impact indicators, which will be summarised in a group-wide impact assessment. In addition, private capital is a lever for advancing the transformation. A variety of internal projects to further improve operational excellence. KFW Invest in the Future. Transform it now. / November 2023 11#12Excerpt of KfW's strategic target system Sustainability aspects are bindingly integrated into KfW's medium to long-term positioning Purpose Vision Sustainable promotion Transformation of economy and society to improve economic, environmental and social living conditions worldwide The digital transformation and promotional bank Managing Impact Subsidiarity Promoting transformation and boosting resilience Top-Performing KfW Focus on financing German SMEs Digitalization & Agility Operating model & governance KFW Invest in the Future. Transform it now. / November 2023 Sustainability 1.5 C compatibility of KfW financing SDG contribution of KfW Top ranking in sustainability Employee potential & customer centricity 12#13Climate protection transferred to Sustainable Finance concept Transforming the economy and society to improve economic, ecological and social living conditions worldwide Positioning is based on the sustainable finance concept (transForm) Sustainable promotion Purpose Transformation of economy and society to improve economic, environmental and social living conditions worldwide Vision Managing Impact Subsidiarity The digital transformation and promotional bank Promoting transformation. and boosting resilience Focus on financing German SMEs Top-Performing Digitalization & Agility Operating model & KfW governance 28 SDG contribution of KfW financings Paris compatibility of KfW financings Strengthening ESG risk management Report according to EU Taxonomy § Sustainability 1.5°C compatibility of KTW financing 4. SDG contribution of KfW Top ranking in sustainability ➤ Make SDG contributions transparent ➤ Communicate impacts more clearly ➤ Further strengthen data management ➤ Support the economy in the transformation process ► Promote sustainability in the financial market ➤ Achieve Paris climate goals ➤ Recognise ESG risks earlier ➤ Protect asset position ➤ Anticipate regulatory requirements Contribution to strengthening the transparency of sustainable economic activities ➤ Meeting the information needs of investors and stakeholders Employee potential & customer centricity KFW Invest in the Future. Transform it now. / November 2023 13#14SDG-MAPPING of KfW Group's new business in 2022 A contribution to all of the United Nations' Sustainable Development Goals 15 16 17 電影业 KFW 2022 POVERTY 2 W❤ 3 1 SDG 100% of KfW financing commitments are attributed to at least SDGs with the highest commitment volume in FY 2022 со 12 10 QMAY M 5 A SDG 11 - Sustainable Cities and Communities: EUR 50bn (-9.3%) SDG 13 Climate action: W EUR 57bn (+7.6%) SDG 7 - Affordable and clean energy: EUR 58bn (+12%) As in 2021, the focus of new KfW commitments in 2022 was on important issues of the future, in particular climate protection, clean energy and sustainable cities and communities. *The SDG mapping depicted was adjusted for special effects from mandated transactions amounting to 54.24 billion EUR to stabilize and secure energy supply in Germany, which were carried out on behalf of the German government in FY 2022. KFW Invest in the Future. Transform it now. / November 2023 14#15Sustainability has been and remains one of KfW's top priorities Financing landmark projects Clean Oceans Initiative (COI) Legacy Landscapes Fund (LLF) - Launched by KfW, AFD and EIB in 2018 Joined by CDP, ICO (2020) and EBRD (2022) Funding target: €4bn for sustainable projects to reduce the pollution in the world's oceans by the end of 2025 Focus on river and costal areas of developing countries in Africa, Asia and the Middle East A global network of sustainably funded, effectively managed conservation areas helping to halt the dramatic loss of biodiversity in outstanding legacy landscapes across developing countries. Set-up of a $1bn sinking plus endowment share with public and private donors KfW is engaged in manifold national and global activities to contribute to a sustainable development and act as vocal advocate. KFW Invest in the Future. Transform it now. / November 2023 15#16Sustainable own operations In-house environmental protection Fields of activities Energy consumption and green electricity Energy-efficient buildings Business travel and commuting Water and wastewater Recycled paper Charging stations for electric cars & e-bikes In-house targets (samples) Expansion of the charging infrastructure at the locations Conversion of the heating and cooling supply in headquarters (Frankfurt). Target: reduce GHG emissions by around 1,500 t/a KfW GHG emissions 2018 2019 2020 2021 2022 (in tons) Energy consumption 7,469 6,783 6,601 7,995 5,938 Total business travel 8,665 7,753 1,602 1,186 4,758 Total 16,236 14,632 8,218 9,184 10,820 Ø per employee 2.1 1.9 1.0 1.1 1.2 Reporting Internal sustainability & environmental management system since 1994 Environmental reporting/accounting since 1998 Sustainability report since 2006 Comprehensive sustainability reporting on www.kfw.de 100% of KfW's GHG emissions from energy consumption and business travel are offset by purchasing Clean Development Mechanism certificates. KFW Invest in the Future. Transform it now. / November 2023 16 16#17Sustainable investment approach Focus on liquidity, high credit ratings and interest rate hedging KfW's liquidity portfolio €33bn* Sustainable Investment Approach for the Liquidity Portfolio securing KfW's liquidity Best-in-Class Approach Strategy Pure fixed income portfolio Buy-and-hold strategy Only very good credit ratings (min. investment-grade) ■ No relevant interest rate risks due to comprehensive interest rate hedging Asset classes Government bonds and bonds issued by government- related issuers and agencies ■ Covered bonds ■ Financials ABCP, ABS *as of Dec 31, 2022 KFW Invest in the Future. Transform it now. / November 2023 ESG Integration ■ Only investments in bonds of issuers whose sustainability score is among the best 50% of the respective sector (sovereign issuers: "Prime status") ◉ Sustainability assessment of issuers performed by an external ESG data provider (ISS ESG) Exclusion Criteria ■ Exclusion criteria substantially based on the "IFC Exclusion List" and the exclusion list of KfW Group ■ Investments only in bonds issued by companies that are in compliance with the exclusion criteria + Human Rights Screening Engagement ■ The sustainability rating of an issuer is crucial for a potential bond investment Dialogue with the issuers on a regular basis 14 17#18>>> Green Bonds - Made by KfW KfW's green bond framework and the green bonds' mode of operation#19New Investors DIVERSIFY We want to attract new investors and thereby diversify our investor base Why issuing "Green Bonds - Made by KfW"? Overarching Strategy and Motivation Sustainability Profile ENHANCE We want to enhance our sustainability profile amongst our stakeholders Green Investments INCREASE We want to boost environmental investments via capital markets by being a catalyst Low Carbon Economy SUPPORT We want to actively support the transition to a low carbon economy KfW has set a strategic objective of achieving top sustainability rankings among its peers. KFW Invest in the Future. Transform it now. / November 2023 19 19#20Increasing investors' willingness to engage in green finance KfW is one of the most active participants in the green bond market Green Bonds Issuance Volume (EUR in billions per year, excl. ABS & U.S. municipalities) ~ €1trn 2 threshold in Green Bonds ever issued 1st Green Bonds by EIB and World Bank 1st Green Bond by a state by Poland 1st Green Covered €500bn Bond by BerlinHyp threshold in Green Bonds ever issued 452 443 Launch of the Green Bond Principles 1st Corporate Green Bond 205 181 |Launch of the Climate Bonds by Vasakronan/Sweden Initiative 110 100 68 24 32 0,1 0,1 4 1 2 10 2007/8 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 1st Green Bond - Made by KfW KFW €14.5bn €32.7bn KfW Green Bonds Launch of KfW Green Bond Portfolio KfW becomes ExCom-Member of Green Bond Principles KfW Green Bonds issued under Source: Bloomberg 1st Framework KFW Invest in the Future. Transform it now. / November 2023 issued under 2nd Framework 20 20#21Green Bonds - Made by KfW Overview on issuances and reporting KfW Green Bonds issued > EUR 70.0bn in EUR billions Year Details Allocation Reporting 16.2 ■ ZAR ■ USD ■ SEK 11.8 ■ PLN 10.6 8.1 8.3 ■ NOK ■ MXN ■ HUF ■ HKD 3.7 3.7 2.7 2.8 1.6 ■ GBP ■ EUR ■ DKK ■ CNY ■ CAD 2014 2015 2016 2017 2018 2019 2020 2021 2022 YTD 2023 ■ AUD 2014 2015 2016 2017 2 Green 5 Green 4 Green 7 Green Bonds Bonds Bonds Bonds Impact Reporting KFW Invest in the Future. Transform it now. / November 2023 2018 2019 3 Green Bonds & 1 promissory note loan 9 Green Bonds & 1 promissory note loan 2020 2021 2022 YTD 2023 11 Green Bonds + 3 taps 22 Green Bonds +15 taps 13 Green Bonds + 7 taps 14 Green Bonds + 4 taps in 2024 in 2024 in 2024 in 2025 21 21#221.000 2.000 3.000 4.000 5.000 6.000 in EUR mn 7.000 0 KFW Invest in the Future. Transform it now. / November 2023 KFW 0.05 05/30/24 KFW 0 1/4 06/30/25 KFW 0 1/2 09/28/2 KFW 0.01 05/05/27 KFW 0 09/15/28 ■Green Bonds ■Green Bonds 2023 KFW 0 06/15/29 KFW 2 11/15/29 KFW 2 3/4 05/15/30 03/24/31 KFW 3 1/4 03/2 KFW 0 09/15/31 KFW 1 3/8 06/07/32 ייוןוידוי EUR Green Bond issuances Outstanding nominal volume of EUR Green Bonds: EUR 40 bn KFW 2 3/4 02/14/33#23How do "Green Bonds - Made by KfW" work? Green Bonds - Made by KfW NOK 1.5bn 5y SEK 2bn 3y Underlying assets Public transport vehicles 1.5% Other technologies 1.0% Solar energy Funding approach A set of Green Bonds is linked to a non-dynamic set of disbursements out of three loan programmes. Reporting portfolio data, not project- by-project. Other clean transportation 0.5% Other OECD countries 1.9% The Netherlands 1.4% CNY 2.5bn 3y (incl. re-openings) 4%5,9% ,8% 3,3% AUD 0.9bn 3y (incl. re-opening) 5,6% 9,5% EUR 4.0bn 7y France 3.5% 37,4% Wind energy 17,0% 9,2% GBP 0.85bn 3y €10.6bn 2022 €15.24bn 2022 52,8% 36,4% Green Bonds Germany Non-residential buildings 93,2% 17,7% Residential buildings EUR 4.0bn 10y (incl. re-opening) Issued in 10 different currencies Most prominently EUR, GBP, AUD, CNY, SEK and NOK. ~ - 36,000 loans under the Renewable Energy, Energy Efficiency & Clean Transportation loan programmes in 2022 KFW Invest in the Future. Transform it now. / November 2023 Assets Residential & other buildings: 70.5% ◉ Wind energy: 17.0% France: 3.5% Solar: 9.5% Location Germany: 93.2% The Netherlands: 1.4% Public transport vehicles and other clean transportation: 1.9% " Other OECD countries: 1.9% 23 23#24Allocation and Impact of KfW Green Bonds Based on KfW's pro-rata financing of projects GHG reduced/avoided per €1m (in tons CO2e p.a. – left scale) 1.000 Cumulated GHG reduced/avoided (in million tons CO2e p.a. - right scale) 20 20 19,1 18 00 CO 2 2022 Framework 2022 8061 Highlights 1 Strong increase in green bond issuance volume with intro- duction of Framework 2019. Driver: energy-efficient housing 2 Renewable energy projects deliver a significantly higher impact per €1m investment than energy-efficient housing projects. 3 Cumulated environmental impact of 'green' projects totals 19m tons CO2e p.a. reduced/avoided. → corresponding to taking ~12m passenger cars off the street → comparable to the GHG effect of >30% of entire German forest 900 800 16 Renewable Energy 85% 700 ■ Energy Efficiency 14 Clean 12,8 600 Transportation 12 2% 500 10 Green bond net proceeds 400 (€ in billions - right scale) 300 71% 79% 79% 200 195 135 157 109 100 0 2014 2015 2016 2017 2018 2019 2020 2021 Framework 2014 Framework 2019 KFW Invest in the Future. Transform it now. / November 2023 24 24#25KfW Green Bond Framework Updated Green Bond Framework adding Clean Transportation as further project category Renewable Energy Green Bond Framework1 2nd update Energy Efficiency III Clean Transportation Project examples Wind energy (onshore and offshore) Photovoltaic panels - Hydropower or Biogas energy Electricity and heat generated from solid biomass, biogas or geothermal Grids and plants for the storage of heat or power, feed-in by renewable energy Project location: Germany or, if there is a German angle, outside of Germany AFFORDABLE AND GLANENERS 13 CLIMATE ACTION Project examples - Construction of new commercial and municipal buildings, including passive houses Energy-efficient renovation of existing buildings Single measures to save energy and reduce CO2 emissions of building Project location: Germany 7 AFFORDABLE AND CLEAN ENERGY SISIANABLE UITE ANOGOMMUNITIES Project examples Climate-friendly vehicles for passenger transport and light commercial vehicles Climate-friendly vehicles for freight transport Devices for active mobility (e.g. ebikes) Infrastructure for climate-friendly transport Project location: Germany In place since January 20222 ANDCOMMUNES 11 SUSTAINABLE CITIES 13 RENE ACTION 1. Relevant KfW loan programmes: "Renewable Energies - Standard (no. 270); "Federal Funding for Efficient Buildings' (BEG)" (no. 261-264), "Sustainable Mobility for Municipalities" (no. 267) and "Sustainable Mobility for Corporates" (no. 268, 269) 2. To watch the KfW webinar on the extended Green Bond Framework, please visit: Investor Relations | KfW KFW Invest in the Future. Transform it now. / November 2023 25#26Independent expert opinion by CICERO Shades of Green External analysis by renowned research institution *CICERO °C Shades of Green now a part of S&P Global CICERO Shades of Green (Center for Int'l Climate and Environmental Research Oslo/Norway) is an experienced, research centre recognized as “best external assessment provider". (Environmental finance Bond Awards 2020) Allocated to projects and solutions that correspond to the long-term vision of a low carbon and climate resilient future Allocated to projects and solutions that represent steps towards the long-term vision but are not quite there yet. Allocated to projects and solutions that are climate friendly but do not represent or contribute to the long-term vision. Framework 2022: Renewable Energy, Energy Efficiency & Clean Transportation In line with ICMA GBP (June 2021) Shades of Green: medium green Governance: excellent Framework 2019: Renewable Energy & Energy Efficiency In line with ICMA GBP (June 2018) Shades of Green: medium green Governance: excellent Framework 2014: Renewable Energy Shades of Green: dark green Governance: excellent KFW Invest in the Future. Transform it now. / November 2023 26 26#27Project evaluation and selection process Project Selection Project Evaluation - - KFW Lender >>> Bank Financing partner >> Final borrower KfW loans are extended to final borrowers via intermediaries such as commercial banks or local saving banks. Intermediaries apply their regular loan procedure, assume the liability for repayment to KfW and screen against the specific programmes' eligibility criteria KfW defined. In a 2nd step, the KfW lending department reviews the loan application and compliance with the eligibility criteria of the specific KfW loan programme. All projects approved by KfW's lending department for eligible loan programmes immediately qualify for KfW Green Bonds w/o further selection or approval process. Germany EU & High- Income- OECD countries All other countries - - - KfW's environmental & social risk management framework High level of environmental protection and social regulations applicable by the responsible authorities. No further ESG assessment by KfW. High level of environmental protection and social regulations applicable by the responsible authorities. No further ESG assessment by KfW. KfW's lending department assesses possible negative environmental or social impact. KfW's Competence Centre for Environment and Sustainability reviews projects that are considered relevant. All projects must comply with int'l regulations incl. those of EU, World Bank, and the International Labour Organisation (ILO). KFW Invest in the Future. Transform it now. / November 2023 27 27#28Case studies on renewable energy & energy efficiency projects Examples out of Green Bond Framework 2019 - 2021 Renewable Energy KfW loan programme "Renewable Energies - Standard" (no. 270) AFFORDABLE AND 13 MATE CLEAN ENERGY ACTION Wind farm "Häger / Sandruper See" by NOTUS energy GmbH Energy Efficiency KfW loan programme "Energy-efficient Construction" (no. 153) Black wooden family house 11 IND COMMUNITIES SUSTAINABLE CITES 13 LATE ACTION - North Rhine-Westphalia/Germany - 18,000 MWh p.a. renewable energy produced - 12,000 tons p.a. estimated GHG reduction - EUR 10.5m total project costs - KfW financing share: 86% PV system by HP-T Höglmeier Polymer-Tech GmbH Bavaria/Germany Energy-efficient measures: purely wooden home, formwork naturally conserved, solar panels power heatpump and power storage Second place of "KfW Award Construction 2021" in the category "New building" Townhouses "StadtFinken" - Bavaria/Germany 945 MWh p.a. renewable energy produced 127 tons p.a. estimated GHG reduction - EUR 420,000 total project costs KfW financing share: 95% KFW Invest in the Future. Transform it now. / November 2023 - Hamburg/Germany Energy-efficient measures: heatpump, biogas block heat and power plant, waste heat recovery, photovoltaics, certified building materials Winner of "KfW Award Construction 2020" in the category "New building" 28#29Management of proceeds Transparent tracking Green bonds in Net proceeds from issuance several currencies and sizes Green bond register Separate euro register for each calendar year, first-in → first-out Loans for eligible KfW programmes Amount equal to net proceeds allo- cated for disburse- ments of eligible green projects On a monthly basis, amounts matching requests for disbursements under eligible KfW programmes are allocated to an internal register starting with the beginning of the calendar year. Upon issuance of "Green Bonds - Made by KfW", an amount equal to the net proceeds in euros of such transactions is allocated to this internal register in their order of issuance. For any "Green Bonds - Made by KfW", KfW expects full allocation by end of the year of issuance. "Green Bonds - Made by KfW" can be increased (tapped). In terms of management of proceeds and reporting a tap is treated like a new issuance. The volume-weighted average maturity of the cumulated green bonds issued in one year may not exceed the average duration of the cumulated loan commitments for eligible green projects of the preceding year. KFW Invest in the Future. Transform it now. / November 2023 29 29#30Allocation and impact reporting on Green Bonds High level of transparency to build up trustful relationship with investors KfW aims to create transparency and trust in the effectiveness of its "Green Bonds - Made by KfW" by means of a regular reporting. Two separate reports provide information about the allocation and impact. Allocation Report Annual report until full allocation of an amount equal to net proceeds. Shows allocated and unallocated proceeds, if applicable. Shows breakdown by eligible category and country of the cumulated requests for disbursement of one calendar year. This non-dynamic set of projects is linked to the cumulated net proceeds of all green bonds issued in the same calendar year, therefore, all fully allocated "Green Bonds - Made by KfW" issued in one calendar year show the same breakdown by category/country. Prepared on a cumulated basis showing aggregated data. - Impact Report One-off report once the relevant loan programmes have been evaluated for an entire calendar year. Shows the estimated social and environmental ex-ante impact in accordance with the Harmonized Framework for Impact Reporting. Core indicators are: GHG emissions reduced/avoided, renewable energy generation, capacity of renewable energy added, energy savings Prepared on a cumulated basis showing aggregated data for each calendar year as well as the key underlying methodology and assumptions to the estimations. The non-dynamic set of projects is linked to the cumulated net proceeds of all green bonds issued in the same calendar year, therefore, all "Green Bonds - Made by KfW" issued in one calendar year show the same impact per unit financed. KFW Invest in the Future. Transform it now. / November 2023 30 30#31Green Bonds - Made by KfW Highlights of KfW's footprint in the green bond market High Quality Aligned with GB Principles & Harmonized Framework for Impact Reporting, SPO from CICERO Shades of Green¹. Liquidity Large sizes in benchmark maturities make KfW Green Bonds among the most liquid Green Bonds in the market. Variety KfW Green Bonds are available in various currencies - in benchmark size and non-vanilla, tailor-made MTNs. Environmental Finance Bond Awards 2023 Winner Green bond of the year - agency Credibility Top ESG ratings and a strong focus on green finance make KfW one of the most credible issuers of green bonds. Eligible project categories² Renewable energies • Energy efficiency • • Clean transportation Contribution to SDGs · 7: Affordable & Clean Energy 11: Sustainable Cities & Com- munities 13: Climate Action - Among Market Leaders Over €70bn of "Green Bonds Made by KfW" since 2014 make KfW one of the largest issuers globally. Green Indices Eligible for many green indices like "The BofA Merrill Lynch GB Index", "Barclays MSCI GB Index", "S&P GB Index", "Solactive GB Index". ATFROMBLE AND CLEANERER SUSTAINABLE CITIES 13 ACTION CLIMATE Green Bond Investor Since 2015 runs a dedicated green bond investment portfolio of €2 - 2.5bn mandated by the Federal Ministry of Environment. Thought Leader As member of the Exec. Committee of the ICMA Green Bond Principles, KfW is highly committed to foster green bond market standards. Global Engagement Engaging in and supporting of int'l and national initiatives to promote sustainability in capital markets (e.g. PRI, TCFD, EU TechExpert-Group). >>>> Invest in the Future. Transform it now. Green Bonds - Made by KfW 1. To view the full Second Party Opinion by CICERO Shades of Green press here: https://www.kfw.de/PDF/Investor-Relations/PDF-Dokumente-Green-Bonds/SPO-CICERO-Framework-V2022.pdf 2. To view KfW's Green Bond Webinar on the extended Green Bond Framework, press here: Investor Relations | KfW KFW Invest in the Future. Transform it now. / November 2023 31#32Top notch financial ratings from leading rating agencies Moody's, Scope Ratings and Standard & Poor's have assigned triple-A ratings to KfW MOODY'S Largest public development bank with strong capitalization, solid asset quality and conservative risk profile Aaa Outlook stable Short-term: P-1 KfW's strengths Strong ownership support in the form of a direct guarantee from the German government. Low liquidity risk, given the good market access and fallback options. Low asset risk from the bank's domestic promotional lending business. Mandatory profit retention safeguards strong capitalization. Last update: September 2023 SCOPE Solicited Ratings Strong and explicit linkages between KfW and the Federal Republic of Germany AAA Outlook stable Short-term: S-1+ KfW's strengths Explicit and direct statutory guarantee and institutional liability from the Federal Republic of Germany. KfW operates in a prudent manner and complies with capital and risk management requirements. Access to capital markets is very good and sustainable. Last update: May 2023 STANDARD & POOR'S Key national development bank with a crucial role for executing key German economic policies AAA Outlook stable Short-term: A-1+ KfW's strengths Timely and sufficient extraordinary support from German government. Integral link with the government. Explicit guarantee from the German government of KfW's financial liabilities. Legal maintenance obligation and dedicated role as key national development bank. Agent of choice for many financial support operations. Unsolicited Ratings Fitch Ratings KfW's strengths Direct and unlimited statutory guarantee and maintenance obligation drives ratings. Broad and long-lasting policy role to support the government's objectives. AAA Outlook stable Creditreform C Rating KfW's strengths Maintenance obligation of the German government. High asset quality & low default rates. Stable annual net income. Diversified, low-interest funding. Last update: Aug 2023 AAA Outlook stable KfW's top credit standing is recognized by the three mandated rating agencies and by further unsolicited agencies Last update: Feb 2023 Last update: Dec 2022 A rating is not a recommendation to buy, sell or hold securities. Ratings are subject to revision or withdrawal at any time by the assigning rating organization. Each rating should be evaluated independently of any other rating. KFW Invest in the Future. Transform it now. / November 2023 32 32#33Top ESG ratings confirm KfW's holistic sustainability approach Renowned international rating agencies assign KfW to be among top-performers in ESG ISS ESG‣ ethix.climate.oekom KfW is among the best- rated institutions in its peer group Prime MOODY'S ESG Solutions | 100 MSCI A+ KFW 10 KfW's rating is at the highest level possible KfW's ESG score KFW▸ C+ belongs to the top 5% worldwide KFW Industry 60 55 Industry AAA Advanced D- 0 KfW received a rating of C+ (on a scale of A+ to D-) in the ISS ESG Corporate Rating. Prime standard within its peer group KfW received a rating of AAA (on a scale of AAA to CCC) in the MSCI ESG Ratings assessment. KfW's Industry-Adjusted Score is at 10 out of 10, its Weighted-Average Key Issue Score is at 7.9 out of 10. KfW received an ESG overall score of 60 which equals the performance level "advanced". Last update: Dec 7, 2022 Last update: Dec 23, 2022 KfW has set a strategic objective of achieving top sustainability rankings among its peers. Last update: Sep 2021 1. A rating is not a recommendation to buy, sell or hold securities. Ratings are subject to revision or withdrawal at any time by the assigning rating organization. Each rating should be evaluated independently of any other rating. 2. The use by KfW of any MSCI ESG Research LLC or its affiliates ("MSCI") data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of KfW by MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided 'as-is' and without warranty. MSCI names and logos are trademarks or service marks of MSCI. KFW Invest in the Future. Transform it now. / November 2023 333#34A comparison of green and conventional KfW Bonds Issuer Guarantor Rating Risk weight Use of Proceeds Green Bonds - Made by KfW KFW Federal Republic of Germany Moody's: Aaa Scope Ratings: AAA Standard & Poor's: AAA 0% according to CRR/Basel III (standardised approach) General business, however, amount equal to net proceeds for climate- friend-ly projects accord. to KfW framework Allocation report & Impact report Conventional KfW Bonds KFW Federal Republic of Germany Moody's: Aaa Scope Ratings: AAA Standard & Poor's: AAA 0% according to CRR/Basel III (standardised approach) General business None Reporting Institutional investors, preferred allocation for "green" investors Target investors Currency Flexible, primarily EUR, USD, GBP, AUD, SEK, up to 20 currencies possible Term Determined by qualifying green assets, primarily 5 to 10 years KFW Invest in the Future. Transform it now. / November 2023 Institutional investors Flexible, primarily EUR, USD, GBP, AUD, SEK, up to 20 currencies possible Flexible, primarily 2 to 15 years#35KfW Green Bond awards Received in 2022 Environmental Finance Bond Awards 2023 Winner Green bond of the year - agency KFW KfW wins Largest Development Bank Green Bond in 2021 Climate Bonds 7TH CLIMATE BONDS AWARDS EUR 3bn KfW Green Bond 1.375% 2022/2032 Debut benchmark issue under our 2022 updated green bond framework 11.3 times oversubscribed order book (€34+ bn) Broad investor diversification (250+ accounts), 84% placed with 'green' investors KFW Invest in the Future. Transform it now. / November 2023 EUR 4bn KfW Green Bond 0,00% 2021/2029 ▪ Largest € Green Bond of the year 2021 issued by a non-sovereign SSA issuer (excluding re-openings) 85% of proceeds used for energy-efficient homes in Germany, 15% for renewable energy projects 35#36>>> KfW in the debt capital markets KfW as an issuer of bonds and notes#37Explicit and direct guarantee from the Federal Republic of Germany Basis of KfW's funding DEM DEUTSCHEN VOLKE KFW Invest in the Future. Transform it now. / November 2023 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. 37 37#38Wide selection of products addressing investor needs >>> Rely on the safe haven. KFW Invest in the Future. Transform it now. / November 2023 KfW Benchmark Programmes Large and highly liquid bonds, highly diversified investor base Regular offerings and taps Size: 3-6bn (7bn incl. taps, euro only) - €: 3, 5, 7, 10 and 15y - $: 3, 5 and 10y Format: EMTN, Global € $ Additional Public Bonds Large and liquid bonds, diversified investor base Tenors from 1 to 30y Green Bonds - Made by KfW - - - Liquid green bonds, diversified SRI investor base Focus: € and $ Regular offerings and taps Private placements possible Format: EMTN, Global, Kangaroo, US-MTN € $ £ A$ NOK SEK HK$... €88.6bn Jan-Oct 2023 Tailor-made Placements Liquid curves and strategic approach in £ and A$ - Customized products for investor needs Flexible in currency, structure and maturity Format: EMTN, US-MTN, NSV, SSD Regular offerings and taps Format: EMTN, Global, Kangaroo, Kauri € $ £ A$ NZ$ C$ SEK NOK 38#39Strong presence in debt capital markets 78.2 76.1 55.4 55.4 80.6 Funding volume (EUR in billions) 45.9 Funding target 2023: 90bn EUR thereof at least 10bn through green bonds 89.4 88.6 82.6 66.4 44.8 56.0 57.9 50.4 9.9 13.0 22.1 14.2 6.0 8.4 9.8 4.7 4.5 4.8 16.2 10.6 11.8 3.6 8.1 8.3 1.6 2018 2019 2020 2021 2022 October 2023 ■Private placements ■ Other public bonds ■KfW Benchmark Programme 14.0 15.5 5.1 3.7 2017 ■Green Bonds - Made by KfW KFW Invest in the Future. Transform it now. / November 2023 39 99#40KfW's funding by currencies and instruments Benchmark bonds are issued in core currencies EUR and USD Funding by currencies (in %) 14 70 12 60 10 50 8 40 6 30 4 20 10 2 0 0 EUR USD GBP AUD NOK 12019 (EUR 80.6bn) 2020 (EUR 66.4bn) 2021 (EUR 82.6bn) 2022 (EUR 89.4bn) CNH ZAR Others ■October 2023 (EUR 88.6bn) Comprehensive product portfolio and broad currency profile meet investors' requirements KFW Invest in the Future. Transform it now. / November 2023 40 40#41>>> Green Bond portfolio of KfW KfW as an investor in green bonds#42KfW is also an active investor in Green Bonds Key facts and recent developments regarding KfW's Green Bond Portfolio Key facts Since April 2015, KfW has been actively investing in Green Bonds on a global scale. The portfolio is backed by a mandate from the German Federal Ministry for the Environment, Nature Conservation, Building and Nuclear Safety (BMU). Focus: Green Bonds financing energy efficiency and renewable energy projects. Mainly invested in Europe. KfW's long-term goal is an active contribution to the global reduction of environmental pollution and climate change, through alternative funding of sustainable projects via the capital market. Objective KfW will continue investing in Green Bonds. Target range: €2.0-2.5bn KFW Invest in the Future. Transform it now. / November 2023 42#43KfW applies minimum criteria on its green bond investments Key portfolio guidelines and minimum requirements Key Portfolio Guidelines Asset classes Government bonds, SSAs, financials, covered bonds, ABS. + "Green Assessment": Minimum Requirements Prior to each investment decision, KfW evaluates Green Bonds by applying the following minimum criteria • Clear description of projects to be financed (including goals and projected impacts), Competent project selection and fully transparent process of management of proceeds, Regular public allocation and impact reporting • Issuer rating An ivestment grade rating mandatory. Currencies Primarily EUR but various other currencies possible KFW Invest in the Future. Transform it now. / November 2023 • External Review/SPO In addition, KfW increasingly includes the climate action and sustainability focus of the issuers themselves in its investment decisions. Taking into account the Green Bond Principles and current market developments, KfW is continuously advancing its minimum requirements. The Green Bond Principles 43 3#44Outlook 2023 KFW Invest in the Future. Transform it now. / November 2023 EUR 90bn Funding Target for 2023 Total funding volume expected at around EUR 90bn in 2023 ■ At least EUR 10bn funding by Green Bonds in different currencies ■ Continued wide range of bond formats and currencies planned for 2023 Vast majority of funding coming from EUR benchmark bonds with initial volumes of EUR 3 to 6bn, tap of selected outstanding EUR benchmark bonds up to a volume of EUR 7bn 44#45Contacts KfW Bankengruppe Palmengartenstrasse 5–9 60325 Frankfurt am Main Phone +49 69 7431 - Ext. +49 69 7431 - 3986 [email protected] Bloomberg: KfW <GO> www.kfw.de/investor-relations Department and name Extension Treasurer of KfW: Tim Armbruster - 5599 Treasury: Fax Markus Schmidtchen - 4783 Capital Markets: Petra Wehlert - 4650 Sven Wabbels -4148 Alexander Liebethal -4656 Investor Relations: Jürgen Köstner - 3536 Vanessa Wiese Andrea Nickolaizig - 7995 -68402 KFW Invest in the Future. Transform it now. / November 2023 Sign up here for our newsletter service 45#46Disclaimer 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. www.kfw.de/investor-relations References I Photo credits Full-page image: Boon Kai Chan / EyeEm Page 1/19 Page 4 Page 6 Page 15 Picture 1: KfW-Photo Archive / Alex Habermehl Picture 2: KfW-Photo Archive / Jonas Wresch Picture 3: KfW-Photo Archive / - Picture 4: DEG / Andreas Huppertz Picture 1: KfW-Photo Archive / Jens Steingässer Picture 2: KfW-Photo Archive / Rendel Freude Picture 3: KfW-Photo Archive / photothek.net Picture 4: KfW-Photo Archive / Johnny Miller Picture 5: KfW-Photo Archive / - Picture 6: KfW-Photo Archive / Uwe Töll Picture 1: KfW-Photo Archive / Johnny Miller Picture 2: KfW-Photo Archive / Johnny Miller Picture 3: KfW-Photo Archive / Fluglinse Picture 4: KfW-Photo Archive / Johnny Miller Picture 5: KfW-Photo Archive / photothek.net Picture 6: KfW-Photo Archive / Fred Hoogervorst Picture 7: KfW-Photo Archive / auslöser-photographie Page 16 Picture 1: KfW-Photo Archive / Rüdiger Nehmzow Page 25 Picture 1: KfW-Photo Archive / Charlie Fawell Picture 2: KfW-Photo Archive / Jonas Wresch Picture 3: KfW-Photo Archive / Rüdiger Nehmzow Picture 4: KfW-Photo Archive / Jens Steingässer Follow KfW Treasury on LinkedIn Page 28 Picture 5: iStock.com / Michael Flippo Picture 6: KfW-Photo Archive / Evgeny Makarov/Agentur Focus Picture 1: iTerra energy GmbH Picture 2: HP-T Höglmeier Polymer-Tech GmbH & Co. KG / Werner Röthlingshöfer Picture 3: KfW-Photo Archive / Claus Morgenstern Picture 4: KfW-Photo Archive / Claus Morgenstern Page 37 Picture 1: Deutscher Bundestag / Lichtblick / Achim Melde Page 38 Picture 1: Freunde des Hauses/Getty Images Page 42 Picture 1: KfW-Photo Archive / Charlie Fawell Page 44 Picture 1: KfW-Photo Archive / Charlie Fawell KFW Invest in the Future. Transform it now. / November 2023 46 46