#1KFW Rely on the safe haven. Investor presentation Investor Relations April 2024#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 Rely on the safe haven - Investor presentation / April 2024 2#3Table of contents Capital Market Funding 01 Overview and Business Model 05 Green Bonds → slides 4 to 14 02 Commitment to Sustainability → slides 15 to 20 06 90 Capital Market Funding Other Public Bonds → slides 34 to 44 slides 45 to 48 Funding at KfW 03 07 Capital Market Activities Liquidity Management at KfW → slides 21 to 28 → slides 49 to 50 Capital Market Funding 04 Benchmark Programmes → slides 29 to 33 KFW Rely on the safe haven - Investor presentation / April 2024 80 08 Outlook slide 52 to 53 3#4KfW Overview and business model Table of contents#5KfW at a glance Shareholders Ratings 20% Credit Rating Agency Aaa Moody's 80% AAA Scope AAA S&P ESG Rating Agency Headquarters: Frankfurt am Main Branches: Berlin, Bonn ISS ESG Germany's flagship development agency - Professionally supervised and regulated • 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 by the Federal Republic of Germany. Regulated by the "Law concerning KfW" and exempt from corporate taxes. Zero risk weighting of KfW's bonds according to the standardized approach of the Capital Requirements Regulation (CRR). Supervision by the German Federal Ministry of Finance and the German Financial Supervisory Authority "BaFin". Subject to certain provisions of German and European bank regulatory laws by analogy, in large part with effect from January 1, 2016. Prime AAA KFW Rely on the safe haven - Investor presentation/April 2024 ■ Federal Republic of Germany ■German federal states MSCI Advanced Moody's ESG Frankfurt Berlin Solutions Bonn Cologne (DEG) 5#6Worldwide presence About 80 representative offices Mexiko City Bonn Cologne London Brussels Berlin FrankfurtBelgrad Chişinău Kyiv Sarajevo Priština Tiflis Podgorica New York Tirana Skopje Tunis Rabat Ramallah-Al-Bire 8,310 Number of KfW employees (Average number) 1948 1950 1960 1970 1980 1990 2000 2010 2021 2022 2023 Istanbul Baku Mazar-e-Sharif Taschkent Bishkek Ulan Bator Beijing Ankara ye Beirut Amman Yerevan Dushanbe Islamabad Kabul. New Delhi Kathmandu Cairo Abu Dhabi⚫ Dhaka Hanoi Mumbai Rangoon Vientiane Sanaa Bangkok Manila Phnom Penh. Guatemala City Tegucigalpa San Salvador Managua Bogotá Quito Dakar Bamako Niamey Ouagadougou Cotonou Accra Lomé •Yaoundé Kigali Nairobi Kinshasa Addis Abeba Kampala Bujumbura ⚫Daressalam Lima⚫ Lusaka Lilongwe La Paz • Brasilia Windhoek. São Paulo Pretoria Maputo Johannesburg KFW Rely on the safe haven - Investor presentation / April 2024 Ho Chi Minh City Singapore Jakarta 6#7Proven and successful business model KfW involves commercial banks in its domestic activities Liquidity management € E £ Lender KFW BANK Financing partner Final borrower Funding State liability Promotional mandate Institution owned by the Federal Defined by KfW Law Republic and the federal states Backed by Understanding II reached with EU Commission KFW Rely on the safe haven - Investor presentation / April 2024 7#8KfW's business activities¹ Promotional business volume FY 2023: EUR 111.3bn SME Bank & Private Clients Standardized financing products for SMEs, business founders, start-ups, self-employed professionals and private individuals Customized Finance & Public Clients Individual financings for municipal & social infrastructure, customized financing for FI & promotional institutes of German federal states International Domestic 35% Promotion of Developing Countries & Emerging Economies Financial Markets KfW's public (KfW Development Bank) & private sector activities (DEG) in developing countries Green Bond investment portfolio 10% 32% <1% KfW Capital Subsidiary (100%, est. 2018) to carry out KfW's entire private equity & venture capital business KFW CAPITAL Export & Project Finance (KfW IPEX Bank) 2% Subsidiary (100%, est. 2007) for exports and project & corporate financing world-wide Environment investment ratio 45% New original business for environment and climate protection in % of total new business volume 2023 adjusted for special mandates. Unadjusted ratio: 35%. Domestic SME ratio 46% 1_Small deviations in the total commitment volume result from internal offsetting (some IPEX programs make use of KfW financing) KFW Rely on the safe haven - Investor presentation / April 2024 KFW IPEX-Bank 21%) New original business for SMEs in % of total new domestic business volume in 2023 adjusted for special mandates. Unadjusted ratio: 31%. 80#9in bn € in bn € Business Performance 75.5 77.3 166.9 546 551 555 561 135.5 107.7 111.3 ■Support for energy sector Covid-19 aid • € 111.3bn volume in 2023 About 70% domestic and 30% international business Mandated business for energy companies decreased to 10% 506 486 Total promotional business in bn € 2018 2019 2020 2021 2022 2023 1.6 1.4 2.2 1.4 1.6 u.lt 0.5 Strategic target (before IFRS effects) 2018 2019 2020 2021 2022 2023 KFW Rely on the safe haven - Investor presentation / April 2024 • € 1.6bn Consolidated profit in 2023 Consolidated profit slightly above the average of the last five years and significantly higher than in the previous year. in % 2018 2019 2020 2021 2022 2023 27.9 25.0 24.1 23.9 21.3 20.1 16.3 2018 2019 2020 2021 2022 2023 Regulatory requirement € 561bn Total assets as of Dec 31, 2023 Among top 3 Germany's largest credit institutions in terms of total assets. Tier 1 Capital Ratio 27.9% Equity as of Dec 31, 2023 € 38.1bn 9#10Highlights of KfW's lending business Lending business decreased -33% yoy to EUR 111.3bn; record volume of international finance KfW Financings (in EUR bn) 2023 77.1 24.2 9.0 0.5 111.3 2022 136.1 18.1 12.6 0.4 2021 82.9 13.6 10.1 0.4 107.0 ■Domestic Promotional Business ■ Export & Project Financing Financing Developing and Emerging Economies Financial Markets 166.9 Highlights 2023 New lending reached EUR 111.3bn (-33% yoy), but slightly above the level of 2021 (before the outbreak of the war against Ukraine). Significant decline in domestic business to EUR 77.1bn (-43% yoy) and a strong increase in international export and project finance to EUR 24.2bn (+33% yoy). Domestic Decline in domestic markets mainly attributable to the restructuring of mandated transactions for energy companies and significantly lower federal funding commitments for efficient buildings due to a shift from broad-based to targeted promotion with more demanding funding conditions. Mandated transactions for energy companies decreased to EUR 11.5bn (10% of total business volume). International • Record volume of new export and project financing business of EUR 24.2bn (2022: EUR 18.1 billion). New commitments for the financing of developing and emerging economies of EUR 9.0bn (2022: EUR 8.6bn). Financial Markets Investments of EUR 0.5bn in green bonds. KFW Rely on the safe haven - Investor presentation / April 2024 10 10#11Mandated transactions to support energy sector Outstanding committed volume¹ of mandated transactions (in € bn) 45 39.4 39.4 39.0 40 34.0 34.0 34.0 34.0 34.0 34.0 34.0 34.0 34.0 34.0 35 30 25 20 15 10 5 0 | | | | | | | | | | | | ! 7.9 03 2024 03 2023 04 2023 05 2023 06 2023 07 2023 08 2023 09 2023 10 2023 11 2023 12 2023 01 2024 02 2024 1_Lower net volume due to repayments and sale of receivables to the Federal Government. Disbursements Outstanding committed volume Commitments by purpose € 34.0bn as of Mar 2024 ■ Gas margining: 18% Electricity margining: 12% ■ Replacing sources of gas procurement: 6% ■Gas storage: 54% ■Redemption of loans: 4% ■LNG-import: 6% Commitments by duration KFW Rely on the safe haven - Investor presentation / April 2024 Mandated transactions ■ < 1 year: 6% ■1 to 3 years: 59% € 34.0bn ■3 to 5 years: 13% as of Mar 2024 ■5 to 10 years: 22% KfW is conducting mandated transactions on behalf of the Federal Government to secure the energy supply and strengthen the resilience of the German economy. Credit risks in the context of these transactions are borne by the Federal Government. 11#12Key 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 Consolidated profit 2023 2022 111.3 166.9 1.8 1.5 1.6 1.4 1.3 1.2 Consolidated profit before IFRS effects from hedging Balance sheet (in EUR bn) - at the end of the period Total assets 560.7 554.6 Equity 38.1 36.6 Volume of business 724.4 709.6 Key regulatory figures (in %) – at the end of the period - Tier 1 capital ratio 27.9 25.0 Total capital ratio 27.9 25.2 KFW Rely on the safe haven - Investor presentation / April 2024 12#13Allocation of the economic capital for credit risk Strong focus on Germany and financial industry due to business model 2% 6% 4% ■Germany 7% 7% 3% 4% Euro-area countries (excl. Germany) 4% 7% 5% EU countries (excl. euro-area countries and Germany) 5% Europe outside EU By region 2023 8% 56% ■ Africa By sector 2023 58% 14% Exposure to Germany: 56% ■Asia (incl. Australia and New Zealand) ■Latin America ■North America KFW Rely on the safe haven - Investor presentation / April 2024 10% Exposure to banking sector: 58% ■Banking sector Industrial sector ■Retail sector ■Non-basic consumer goods Utility companies ■Financial sector ■Communication services ■ Other 13#14Major strategic holdings of KfW Capital shares as of 31 December 2023 Mandated transactions Strategic holdings in accordance with article 2 (4) of the KfW Law Privatization initiatives5 DEG mbH¹ 100% HENSOLDT AG 25.1% Deutsche Post AG 20.5%7 KfW Beteiligungsholding GmbH KfW IPEX-Bank GmbH 100% CureVac NV 13.3% Deutsche Telekom AG 16.6% 100% GZBV Verwaltungs-GmbH AKA Ausfuhrkredit GmbH 0.21% GZBV mbH & Co. KG³ 100% 84.3% KfW Capital GmbH & Co. KG 100% Selent Netzbetreiber GmbH4 100% European Investment Fund (EIF) 2.3% German LNG Terminal GmbH 50% tbg GmbH² 100% Expand Netzbetreiber GmbH6 100% Berliner Energie-Agentur GmbH (BEA) 25% True Sale International GmbH (TSI) 7.7% FuB GmbH² 100% 1_Mandated transaction in accordance with article 2 (4) of the KfW Law (non-profit) 2_tbg GmbH: tbg Technologie-Beteiligungs-Gesellschaft mbH; Fub GmbH: Finanzierungs- und Beratungsgesellschaft mbH 3_Indirect participation in Airbus SE - around 11% of voting rights 4_Indirect participation in Eurogrid GmbH - 20% of shares. Eurogrid holds 100% of the German transmission operator 50Herz Transmission GmbH. KfW holds 0.3% of Elia Group S.A./NV which holds 80% of Eurogrid. 5 Mandated transactions in accordance with article 2 (4) of the KfW Law 6 Indirect participation in Transnet BW GmbH (via Übertragungsnetz Immobilienverwaltungsgesellschaft mbH & Co. KG which holds 24.95% of shares) 7_On February 6th 2024, KfW sold 4.0% in Deutsche Post AG to institutional investors. Since that, the aggregate holding is approximately 16.5%. KFW Rely on the safe haven - Investor presentation / April 2024 14#15KfW Commitment to sustainability Table of contents#16Transformation agenda 'KfWplus' 2023-year of implementation Promoting transformation - - boosting resilience Climate & environment Digitalisation & innovation Managing impact & mobilising private capital Top-performing KfW 3. Digitalisation 101010101 1. Agility 2. Employee potential 4. Business & The digital transformation & promotional bank operating model, and governance Vision: Becoming THE digital transformation & promotional bank Promotional priorities Climate & Environment Digitalization & Innovation → Dual transformation of the economy and society. Impact Management: Making impact measurable: Development of 50 impact indicators, which will be the base of our group-wide impact assessment. Private capital as lever for advancing the transformation. A variety of internal projects to further improve operational excellence. KFW Rely on the safe haven - Investor presentation/April 2024 16#17KfW's Sustainable Finance Concept - project transForm Sustainability aspects are bindingly integrated into KfW's medium to long-term positioning Purpose Vision Excerpt of KfW's strategic target system Managing impact Subsidiarity Sustainable promotion Transformation of economy and society to improve economic, environmental and social living conditions worldwide ப The digital transformation and promotional bank Promoting transformation & boosting resilience Focus on financing German SMES LI Sustainability .1.5°C compatibility of KFW financing .SDG contribution of KFW financing • Top ranking In ESG ratings Top- performing Digitalisation, agility & innovation Operating model & governance Employee potential & customer centricity KfW Sustainability aspects are bindingly integrated into KfW's medium- and long-term strategy KFW Rely on the safe haven - Investor presentation / April 2024 Transforming the economy and society to improve economic, ecological and social living conditions worldwide Positioning is based on the Sustainable finance concept (transForm) SDG contribution of KfW financings Paris compatibility of KfW financings Strengthening ESG risk management Report according to EU Taxonomy 17#18Sustainability in the Financial Markets department (KfW Treasury) Holistic approach for all business counterparties Financial Markets (KfW Treasury) Responsible for: ✓ Liquidity Management ✓ Funding ✓ Asset/Liability Management ESG is fully integrated in financial markets activities Dialogue • • • Business segments Money market activities / Repo Derivatives Portfolio management (Liquidity portfolio) KfW bond issuances (incl. Green Bonds) Counterparties Depending on the specific business segment, different rating thresholds are applicable to each counterparty. New ESG Integration in internal Credit Assessments "ESG risk profiles" assessing business partners' ESG risks in a standardised manner Negative ESG rating could potentionally trigger a rating adjustment "ESG risk profiles" as new instrument for a comprehensive ESG risk management Counterparty Screening Exclusion criteria based on the exclusion list of KfW Group Human Rights screening referring to the Policy Statement on Human Rights of KfW Group Regular dialogue with KfW's Financial Markets counterparties on sustainability topics Dedicated dialogue with KfW's Financial Markets counterparties on specific ESG topics KFW Rely on the safe haven - Investor presentation/April 2024 18#19SDG mapping of KfW Groups' new business A contribution to all of the United Nations' Sustainable Development Goals 16 PEACE RUSTICE AND STRONG K 17 FOR THE GOALS 1 POVERTY 2m SSS 3 W WELL-BEING 15 16 4 13 со 8 11 KFW 2023 5 A 100% of KfW financing commitments are attributed to at least 1 SDG (2023)1 SDGs with the highest commitment volume in FY 2023 • SDG 7 - Affordable and Clean Energy: EUR 47bn (-18.8%) • SDG 8 - Decent Work and Economic Growth: EUR 51bn (+26.8%) • SDG 13 - Climate Action: EUR 35bn (-38.7%) AB EQUALITES 8 DECENT WORN AND The focus of new KfW commitments in 2023 was on important issues of the future, in particular climate protection, clean energy and sustainable cities and communities. 1_The SDG mapping depicted was adjusted for special effects from mandated transactions amounting to - 11.5 billion EUR to stabilize and secure energy supply in Germany, which were carried out on behalf of the German government in FY 2023. KFW Rely on the safe haven - Investor presentation / April 2024 19#20Sustainability has been and remains one of KfW's top priorities Financing landmark projects Clean Oceans Initiative (COI) Legacy Landscapes Funds (LLF) • Launched in 2018 • Investment partners: KfW, AfD, EIB, CDP, ICO, EBRD • Funding target: €4bn, current investment amount: €3.2bn Project examples: 1 €3.2bn as of March 2024 Sustainable Ocean Fund (SOF): Promote investments in KfW's share: €882m sustainable fisheries, marine and costal protection, waste recycling and/or reduction of plastic pollution. • 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 Wastewater Improvement in Cape Town, South Afrika KfW is engaged in manifold national and global activities to contribute to a sustainable development and act as vocal advocate. KFW Rely on the safe haven - Investor presentation / April 2024 2 20 20#21Funding at KfW KfW's capital market activities Table of contents#22Explicit and direct guarantee from the Federal Republic of Germany Basis of KfW's funding KFW DEM DEUTSCHEN VOLKE -D 1000 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. 22 22#23Increasing importance of debt capital markets for KfW KfW's funding volumes at debt capital markets EUR in billions 75.3 90.2 76.1 2023 65.4 2018 2008 50.7 2013 2003 32.0 1998 5.5 7.6 0.1 0.3 0.2 0.3 1.3 2.4 1993 1988 1958 1963 1968 1973 1978 1983 First successful bond issuance 1987 SEC registration KFW Rely on the safe haven - Investor presentation / April 2024 Germany's federal government grants an explicit guarantee 2001 Launch of EUR Benchmark Programme 2014 Inaugural KfW Green Bond 23 23#24Financial and ESG ratings¹ from leading rating agencies KfW assigned triple-A ratings from financial rating agencies and is among top-performers in ESG Financial Ratings from leading rating agencies MOODY'S Largest public development bank with strong capitalization, solid asset quality and conservative risk profile Aaa Outlook stable Short-term: P-1 SCOPE Strong and explicit linkages between KfW and the Federal Republic of Germany AAA Outlook stable Short-term: S-1+ ESG ratings confirm KfW's holistic sustainability approach ISS ESG➤ ethix.climate.oekom KfW is among the best- rated institutions in its peer group Prime A+ KFW ▸ C+ Industry 2 MSCI KFW▸ 10 KfW's rating is at the highest level possible AAA D- 0 Unsolicited rating MOODY'S ESG Solutions 100 Last update: Feb 2023 KfW's ESG score belongs to the top 5% worldwide KFW 60 55 STANDARD & POOR'S Key national development bank with a crucial role for executing key German economic policies AAA Outlook stable Short-term: A-1+ Fitch Ratings AAA Outlook stable Creditreform C Rating AAA Outlook stable Advanced 0 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 Rely on the safe haven - Investor presentation / April 2024 24 24#25Wide selection of products addressing investor needs KfW Benchmark Programmes Green Bonds - Made by KfW • Large and highly liquid bonds, highly diversified investor base • • Liquid green bonds, diversified SRI investor base Focus: € and $ • Regular offerings and taps • Size: 3-5bn (7bn incl. taps, euro only) • €: 3, 5, 7, 10 and 15y Regular offerings and taps . • Private placements possible Format: EMTN, Global, Kangaroo, US-MTN • $: 3, 5 and 10y • Format: EMTN, Global € $ €35.6bn Mar 2024 Additional Public Bonds Large and liquid bonds, diversified investor base Tenors from 1 to 30y Liquid curves and strategic approach in ₤ and A$ Regular offerings and taps . Format: EMTN, Global, Kangaroo, Kauri € $ £ A$ NZ$ C$ SEK NOK KFW Rely on the safe haven - Investor presentation / April 2024 €$£ A$ NOK SEK HK$... Tailor-made Placements Customized products for investor needs Flexible in currency, structure and maturity Format: EMTN, US-MTN, NSV, SSD 25 25#26Strong presence in debt capital markets 100 90 6.0 80.6 80 78.2 76.1 70 60 60 55.4 45.9 60 50 55.4 5.5 40 30 Funding volume (EUR in billions) 66.4 Funding target 2024: EUR 90-95bn thereof EUR 10-13bn via green bonds 89.4 90.2 82.6 56.0 57.9 5.7 50.4 44.8 5.4 5.4 5.4 | 35.6 I 5.3 5.2 9.9 13.0 14.3 22.1 6.0 8.4 9.8 4.5 4.8 16.2 12.9 10.6 3.6 8.1 8.3 1.6 2018 2019 Tailor-made placements 2020 Additional public bonds 2021 2022 2023 KfW Benchmark Programmes 20 14.0 15.5 10 5.1 3.7 0 2017 Green Bonds - Made by KfW KFW Rely on the safe haven - Investor presentation/April 2024 26.0 4.8 4.9 1.8 2.9 Mar 2024 Average duration in yrs 26#27KfW's funding by currencies and instruments Benchmark bonds are issued in core currencies EUR and USD Funding by currencies (in %) ㅇㅎㅇ 영공 엉엉엉 20 30 40 50 60 70 14 12 10 8 6 2 EUR USD GBP AUD 2019 (EUR 80.6bn) 2020 (EUR 66.4bn) 2021 (EUR 82.6bn) 2022 (EUR 89.4bn) NOK CNH 2023 (EUR 90.2bn) Comprehensive product portfolio and broad currency profile meets investors' requirements. KFW Rely on the safe haven - Investor presentation / April 2024 ZAR IM. Others ■Mar 2024 (EUR 35.6bn) 27#28Awards For KfW's market activities Safest Bank Award 2023 EUR 3bn KfW Green Bond 2.75% 2023/2033 EUR 4bn KfW Green Bond 0.00% 2021/2029 FEST BANK AWARD 2023 GLOBAL FINANCE • Winner of "Safest Bank Award" for 15 consecutive years • Eligible for the award are the world's largest 500 banks by asset size • Calculated based on long-term foreign currency ratings issued by Moody's, S&P and Fitch Ratings Environmental Finance Bond Awards Environmental Finance Environmental Finance Sustainable Debt Bond Awards 2022 Winner Green bond of the year 2023 Winner Green bond of the year -agency -agency Awards 2024 Winner Green bond of the year-agency • Largest ever order book for a KfW Green Bond: €34+ bn Broad investor diversification with 280+ accounts Winner of this award for the third time in the row 2024 Best SSA Issuer KFW cmdportal Best GBP Issuer Best SSA Money Market Issuer Best USD Money Market Issuer KFW KfW wins Largest Development Bank Green Bond in 2021 Climate Bonds 7TH CLIMATE BONDS AWARDS 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 Most Impressive SSA MTN Issuer Overall Most Impressive SSA Funding Team Best Agency Funding Team with an Annual Borrowing Requirement of Over €30bn Most Impressive Agency Funding Official GlobalCapital Bond Awards Recognising the best in bonds, chosen by the market WINNER Most Impressive SSA MTN Issuer KFW "An SSA borrower that is active in international and local SSA bond markets" "Achieve the same in the GBP denominated market" "SSA borrower that is active in both the local and international money markets offering a full range of products, in multiple currencies across the yield curve and to the broadest range of investors." "Tailoring issues to meet investor needs, showing flexibility in sizes, maturities and currencies [...]. USCP program, offering US investors short-term KfW papers." Winner of four awards, voted by market participants More than EUR 8bn equivalent in tailor-made MTNs issued in YTD KFW Rely on the safe haven - Investor presentation / April 2024 GlobalCapital 28#29Capital market funding KfW's Benchmark Programmes Table of contents#308.000 7.000 6.000 5.000 4.000 3.000 2.000 1.000 KFW 1 1/2 06/11/24 KFW 007/04/24 KFW 0 11/15/24 KFW 0 04/02/24 KFW 0 1/8 10/04/24 KFW 0 5/8 01/15/25 KFW 0 02/18/25 KFW 0.01 03/31/25 KFW 0 3/8 04/23/25 KFW 0 1/8 06/30/25 KfW EUR Benchmark Programme • • Highlights KfW's EUR-Benchmark-Programme is the backbone of KfW's funding strategy. KfW is the second largest EUR issuer among supras and agencies worldwide. In times of uncertainty and high volatility, KfW's benchmark bonds are regarded as safe haven asset and liquid investment. KfW is strongly committed to liquidity and regular issuance across all benchmark maturities each year. Secondary market liquidity is closely monitored. Well diversified investor base (by region and type of investor). Flexible funding approach allows prompt reaction to market opportunities depending on investor demand. KFW 0 1/4 09/15/25 KFW Rely on the safe haven - Investor presentation / April 2024 KFW 2 1/2 11/19/25 KFW 0 3/8 03/09/26 KFW 2 7/8 05/29/26 KFW 0 09/30/26 KFW 0 5/8 02/22/27 KFW 0 03/31/27 KFW 0 04/30/27 KFW 1 1/4 06/30/27 KFW 2 3/8 08/05/27 KFW 0 1/2 09/15/27 KFW 2 3/4 03/15/28 KFW 0 06/15/26 KFW 0 12/15/27 KFW 0 5/8 01/07/28 KFW 0 3/4 06/28/28 ■New lines issued in 2024 KFW 3 1/8 10/10/28 KFW O 3/4 01/15/29 KFW 2 7/8 12/28/29 KFW 0 3/8 04/23/30 KFW 0 09/17/30 KFW 0 01/10/31 KFW 0 1/8 01/09/32 KFW 011/09/28 KFW 3 1/8 06/07/30 KFW 2 3/4 02/20/31 Taps 3.0 2024 Total 16.0 € EUR BM bn EUR 2024 Tenor Coupon (%) Lead Managers 1/2024 6.0 Jan 3 3y 2.375 BofA, DB, GS, HSBC II/2024 3.0 Jan 3 10y 2.625 BofA, DB, GS, HSBC III/2024 4.0 Feb 13 7y 2.75 Crédit Agricole, DZ BANK, J.P. Morgan, TD various Total € 237bn KFW 2 7/8 06/07/33 KFW 2 5/8 01/10/34 KFW 0.05 09/29/34 KFW 1 3/8 07/31/35 וווווווו KFW 0 3/8 05/20/36 KFW 1 1/4 07/04/36 KFW 1 1/8 06/15/37 KFW 0 7/8 07/04/39 KFW 1 1/8 03/31/37 30 50#31• KfW USD Benchmark Programme $ USD BM bn USD 2024 Tenor Coupon (%) Lead Managers Highlights 1/2024 5.0 Jan 9 5y 4.00 Barclays, Citi, JPM, MS • KfW's USD Global programme strategically complements KfW's benchmark programmes. II/2024 5.0 Mar 6 Зу 4.375 Barclays, BMO, BofA, MS 2024 Total 10.0 • KfW is the largest USD SSA issuer worldwide. • KfW is strongly committed to liquidity and regular issuance across all benchmark maturities and closely monitors secondary market liquidity. 6.000 5.000 4.000 3.000 2.000 1.000 KfW's USD Global programme has become a true "benchmark" in the market for many other issuers as well. KFW 1 5/8 05/10/24 KFW 1 3/8 08/05/24 KFW 3 3/8 08/23/24 KFW 0 1/2 09/20/24 KFW 2 1/2 11/20/24 KFW 1 1/4 01/31/25 KFW Rely on the safe haven - Investor presentation / April 2024 KFW 2 05/02/25 KFW 3 1/8 06/10/25 KFW 0 3/8 07/18/25 KFW 5 1/8 09/29/25 KFW 0 5/8 01/22/26 KFW 3 5/8 04/01/26 ■New lines issued in 2024 KFW 4 5/8 08/07/26 KFW 3 05/20/27 KFW 3 3/4 02/15/28 KFW 2 7/8 04/03/28 KFW 3 7/8 06/15/28 KFW 4 03/15/29 Total $ 78bn KFW 4 3/4 10/29/30 KFW 4 1/8 07/15/33 31#32KfW's global investor base Distribution of KfW's benchmark investor base (EUR & USD) Geographic distribution (in %)¹ € 70 10 2623200 50 40 Investor distribution (in %)¹ 70 Europe ex Germany 50 40 2623200 Germany 10 Asia Other 2019 2020 2021 2022 2023 2024 $ 70 60 50 262 EMEA 40 30 Americas 20 Asia 10 Other 0 2019 2020 2021 2022 2023 2024 1 Based on allocation of EUR/USD benchmark bonds KFW Rely on the safe haven - Investor presentation / April 2024 ㅇㅎㅇ 엉엉엉. 10 20 40 30 50 60 70 Central Banks Banks Asset Manager Ins. & Pension Other 2019 2020 2021 2022 2023 2024 Banks Central Banks Asset Manager 0 Other 2019 2020 2021 2022 2023 2024 32#33Liquidity is key KfW Benchmark Bonds are among the most liquid bonds on the market Attributes to support liquidity of KfW benchmark bonds Turnover in KfW benchmark bonds in secondary markets • KfW is public sector entity in the EU • Risk weight: 0% according to CRR/Basel III PSPP and PEPP eligibility: 33% limit PSPP only Total turnover in KfW benchmark bonds is shown in relation to the total outstanding and the new issues of EUR and USD benchmark bonds of each funding year, respectively. 227.0 • Frequent issuer of benchmark bonds in core currencies EUR and USD EUR 216.0 195.0 157.8 172.5 • Four lead managers for EUR BM bonds and four for the USD BM bonds Large-volume BM bonds (sizes of 3bn to 7bn EUR/USD) 144.0 147.0 148.1 Total Outstandings (aggregate principal) 147.6 98.0 124.0 138.5 116.4 123.9 • • Traded by approx. 30-40 banks OTC and at various stock exchanges Broad order book diversification (Ø more than 140 investors in 2023) 32.5 37.5 41.5 32.5 33.8 41.3 34.0 New Issuance (aggregate 2017 2018 2019 2020 2021 2022 2023 Bonds and notes issued by KfW are in principle eligible in the EU as level 1 assets pursuant to Article 10 para. 1 lit. (c)(v) of the Commission Delegated Regulation (EU) 2015/61 of October 10, 2014. principal) USD 194.0 146.0 164.6 KfW's bonds and notes have been assessed as "HQLA US Eligible Assets" by Bloomberg, see Bloomberg, 96.0 92.0 83.5 88.0 90.0 78.0 83.0 Total Turnover 53.7 54.4 41.0 60.2 KFW Corp <GO>,Choose Bond, DES <GO>, 13 <GO> 25.0 21.5 23.4 24.0 12.2 16.6 14.8 2017 2018 2019 2020 2021 2022 2023 1_No warranty is given as to the completeness or accuracy of the total turnover data which has been supplied by 15-20 different banks and accumulated but not verified by KfW. KFW Rely on the safe haven - Investor presentation / April 2024 33 33#34Capital Market Funding Green Bonds - Made by KfW Table of contents#35Increasing 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 billion per year, excl. ABS & U.S. municipalities) 1st Green Bond by a state by Poland 1st Green Covered Bond by BerlinHyp 0.1 1st Green Bonds by EIB and World Bank Launch of the Climate Bonds Initiative Launch of the Green Bond Principles 1st Corporate Green Bond by Vasakronan/Sweden €1tn threshold in green bonds ever issued 205 2020 110 68 24 4 2 2018 2016 2014 2007/08 2010 2012 473 443 2023 2022 Source: Bloomberg 1st Green Bond - Made by KfW Launch of KfW Green Bond Portfolio KfW becomes ExCom-Member of Green Bond Principles KFW Rely on the safe haven - Investor presentation/April 2024 €14.5bn Green Bonds issued under 1st Framework €32.7bn Green Bonds issued under 2nd Framework €23.7bn Green Bonds issued under 3rd Framework 35#36Green 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 Sustainalytics. Liquidity With large sizes in benchmark maturities make KfW Green Bonds are 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. Credibility Top ESG ratings and a strong focus on green finance make KfW one of the most credible issuers of green bonds. Eligible Project Categories Renewable energies Green buildings ⚫ Clean transportation ⚫ . Biodiversity Corporate investments in climate mitigation 11 Contribution to SDGs 7: Affordable & Clean Energy 13 9: Industry, Innovation & Infrastructure 11: Sustainable Cities & Communities 13: Climate Action 14 14: Life Below Water RETOREVABLE SICURE 15 15: Life On Land 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". Green Bond Framework To learn more about KfW's extended Green Bond Framework, click here: Global Engagement Engaging in and supporting of international and national initiatives to promote sustainability in capital markets (e.g. PRI, TCFD, etc). Green Bond Portfolio From 2015 to 2023, KfW invested ~ €3.4bn in Green Bonds based on a promotional mandate from the Federal Ministry of Environment. Environmental Finance Bond Awards 2023 Winner Green bond of the year Invest in the Future. Transform it now. Green Bonds - Made by KfW - agency KFW Rely on the safe haven - Investor presentation / April 2024 36#37Green Bond Framework 4.0 KfW's new Green Bond Framework is an evolution in terms of both content and strategy F RENEWABLE ENERGY 目 Updated GREEN BUILDINGS CLEAN TRANSPORTATION New BIODIVERSITY CORPORATE INVESTMENS FOR CLIMATE CHANGE MITIGATION • • Wind energy (onshore & offshore) Photovoltaic panels Hydropower Biogas energy Grids and plants for the storage of heat or power Domestic loan programme, international co-operation & project & export finance • Construction of new climate-friendly buildings with EH/EG 40 energy standard & CO₂ budget over life cycle Renovation of existing buildings which achieve the energy standard of an EH/ EG 85 or better Domestic loan programmes • • • Climate-friendly vehicles for passenger transport and light commercial vehicles Climate friendly vehicles for freight transport Infrastructure for public transport Infrastructure for active mobility Domestic loan programmes, international co-operation & project & export finance Financings or co-financings seeking to protect, maintain, restore or enhance biodiversity and ecosystems Forest restoration, agroforestry, climate adaptation in arboreal ecosystems, education of local population International co-operation projects • Production of climate-friendly technologies and products Climate-friendly production processes to decarbonize production processes Energy production from renewable sources for a company's own power consumption Domestic loan programme LLAN EMERGY Y ICTION CLEAN ENERGY To watch the KfW webinar on the extended Green Bond Framework, please visit: Investor Relations | KfW KFW Rely on the safe haven - Investor presentation / April 2024 SUSTAINABLE CITES LIFE AND COMMENTS 14 BELOW WATER 15 QINDUSTRY, INNOVATION AND INFRASTRUCTURE 13 GAMATE ACTION New 37#38Green Bonds - Made by KfW Overview on net proceeds and reporting KfW Green Bonds' total net proceeds > EUR 70.0bn 10 years Green Bonds - Made by KfW 16.2 ■ ZAR USD 12.9 ■ SEK ■ PLN 10.6 ■ NOK ■ MXN in EUR billions 8.1 8.3 ■ HUF ■ HKD GBP 3.7 3.7 2.7 2.8 1.6 EUR 2.9 ■ DKK - CNY ■ CAD ■ AUD 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Mar 2024 Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Mar 2024 Allocation 2 GB 5 GB 4 GB 7 GB 3 GB & 9 GB & 11 GB & 1 promissory Details note 1 promissory note 3 taps 22 GB & 15 taps 13 GB & 7 taps 15 GB & 7 taps 3 GB Reporting Impact Reporting KFW Rely on the safe haven - Investor presentation / April 2024 in 2025 in 2024 in 2024 2025 (expected) 2026 (expected) 38 598#39EUR Green Bond issuances Outstanding EUR Green Bonds EUR 40.0bn in EUR mn 7.000 6.000 5.000 4.000 3.000 2.000 1.000 0 KFW 0.05 05/30/24 KFW 0 1/4 06/30/25 KFW 0 1/2 09/28/26 ulu KFW 0.01 05/05/27 KFW O 09/15/28 KFW 0 06/15/29 KFW 2 11/15/29 KFW 2 3/4 05/15/30 ■Green Bonds Green Bonds 2023 KFW Rely on the safe haven - Investor presentation / April 2024 KFW 3 1/4 03/24/31 KFW 0 09/15/31 KFW 1 3/8 06/07/32 KFW 2 3/4 02/14/33 EUR Green Bond Issuances 2023 Issue date bn EUR Maturity Tenor Feb 14, 2023 3.0 Feb 2033 10y May 24, 2023 3.0 May 2030 7.0y Oct 4, 2023 3.0 Mar 2031 7.5y Nov 9, 2023 (tap) 1.0 Jun 2032 8.6y Total 10.0 39#40Allocation of KfW Green Bonds 2023 • Green Bonds - Made by KfW Issued in 9 different currencies: EUR, AUD, NOK, GBP, CAD, CNY, SEK, USD, HKD Underlying assets Eligible categories 2023: Renewable Energy, Energy Efficiency & Clean Transportation SEK 2.0bn 5y CNY 1.75bn 3y (incl. re-opening) 1.3% 1.0% CAD 0.5bn 5y NOK 6.0bn 5y (incl. re-openings) 2.7% 4.1% GBP 0.5bn 8y 4.5% AUD 1.3bn 5y (incl. re-openings) 6.0% 6.8% EUR 1.0bn 9y (re-opening) EUR 3.0bn 10y 23.0% NOK 1.5bn 5y (re-opening) Various: SEK 1.0bn, USD 0.1bn, HKD 0.7bn, CNY 0.3bn 23.2% EUR 3.0bn 7y 1.8% 2.3% €12.9bn 2023 23.2% EUR 3.0bn 7y Clean transportation 1.5% Other renewable energy technologies 1.1% France 1.7% Solar energy 8.4% Italy 0.7% Other OECD countries 2.0% Wind energy 17.6% €15.9bn 2023 55.2% Residential buildings Non-residential 16.3% buildings 95.7% Germany KfW aims to create transparency and trust in the effectiveness of its Green Bonds via a regular reporting. Two separate reports provide information about the allocation and impact. Since 2022 the allocation report has been reviewed by an independent auditor (limited assurance). KFW Rely on the safe haven - Investor presentation/April 2024 40#41Allocation and impact of KfW Green Bonds Based on KfW's pro-rata financing of projects GHG reduced/avoided per €1mn (in tons CO2e p.a. - left scale) Cumulated GHG reduced/avoided (in million tons CO2e p.a. - right scale) ≈2 20 18 Highlights 1 Strong increase in green bond issuance volume with introduction of Framework 2019. Driver: energy- efficient housing 2 Renewable energy projects deliver a significantly higher impact per €1mn investment than energy- efficient housing projects. 3 Cumulated environmental impact of 'green' projects totals 21.8m tons CO₂e p.a. reduced/avoided. → corresponds to more than 3% of Germany's overall 2023 CO₂e emissions of 673m tons.² 1.000 900 800 17.0 700 Renewable Energy Energy Efficiency 85% 600 Clean Transportation 12.8 21.8 22 16 14 1% 12 500 Green bond net proceeds (€ in billions right scale) 2% 71% 10 71% 400 8 79% 79% 300 6 210 195 200 135 157 4 109 100 2 0 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Framework 2014 Framework 2019 Framework 20221 1 Estimated impact based on impact data already evaluated for the project categories Renewable Energies, Energy Efficiency and Clean Transportation, each provided by independent research agencies, for the years 2019 to 2022 (to the extend available), 2_Source: Umweltbundesamt (German Environment Agency) KFW Rely on the safe haven - Investor presentation / April 2024 41#42Independent opinion by Morningstar Sustainalytics External analysis by renowned research institution KfW Green Bond Framework 4.0 - applicable from January 2024 onwards MORNINGSTAR SUSTAINALYTICS Morningstar Sustainalytics, a globally-recognized provider of ESG research, ratings and data, and has completed over 1000 Second Party Opinion (SPO) projects. Sustainalytics is of the opinion that the Green Bonds - Made by KfW Framework is credible and impactful and aligns with the Green Bond Principles 2021. Sustainalytics mapped the criteria defined in the Framework's use of proceeds categories to 78 activities in the EU Taxonomy. Sustainalytics is of the opinion that 63 activities align with the applicable significant contribution (SC) criteria, 7 partially align and 8 are not aligned. Sustainalytics assessed the Framework and the alignment thereof with relevant industry standards including the EU Taxonomy and provided views on the robustness and credibility of the Framework. Framework 2014 (assessed by CICERO) Framework 2019 (assessed by CICERO) Framework 2022 (assessed by CICERO) Shades of Green: dark green ✓ Governance: excellent KFW Rely on the safe haven - Investor presentation / April 2024 In line with ICMA GBP (June 2018) Shades of Green: medium green ✓ Governance: excellent In line with ICMA GBP (June 2021) Shades of Green: medium green ✓ Governance: excellent 42#43Project evaluation and selection process KFW Bank >> Lender Financing partner Final borrower . Domestic projects 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. International financings For financing provided by KfW in the context of international cooperation and project and export finance, a selection process has been set up for the identification and approval of Eligible Green Projects in line with the criteria of KfW's Green Bond Framework. The relevant business functions within KfW group are responsible for selecting a list of potential eligible financings that is then submitted to KfW's Financial Markets Department. Representatives from KfW's financial markets as well as representatives responsible for sustainability and finance from the relevant business functions within KfW group will meet on a regular basis to review proposed Eligible Green Projects and validate the selection. KFW Rely on the safe haven - Investor presentation / April 2024 43#44Management of proceeds Transparent tracking 1 Green bonds in several currencies and sizes 2 Separate euro register for each calendar year 3 Amount equal to net proceeds allocated to disbursements of eligible green projects On a monthly basis, amounts matching requests for disbursements under eligible KfW programmes are allocated to an internal register. If Eligible Green Projects from the last quarter of a given calendar year have not been allocated to a green bond by year-end, KfW may allocate those eligible green projects to green bonds issued in the following calendar year. C 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 and is subject to the framework applicable at the time of 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. Net proceeds from issuance KFW Rely on the safe haven - Investor presentation / April 2024 Green bond register Loans for eligible KfW programmes 44#45Capital market funding Other public bonds Table of contents#46in GBP mn KfW in GBP KfW is one of the leading SSA issuers in the Sterling market KfW's GBP curve across the maturity spectrum (only fixed rate lines outstanding) 4.000 3.500 3.000 2.500 2.000 1.500 1.000 500 KFW 0 7/8 07/18/24 2024 Best GBP Issuer KFW cmdportal E ....... KFW 3 3/4 07/30/27 KFW O 3/4 12/07/27 KFW 1 3/8 12/09/24 KFW 5 1/2 06/18/25 KFW 1 1/8 07/04/25 • KfW is active as a frequent issuer Characteristics • GBP is of strategic relevance for KfW funding mix • KfW is providing highly liquid lines of GBP 1bn+ • KfW provides tailor-made sizes and maturities KFW Rely on the safe haven - Investor presentation / April 2024 KFW 3 7/8 09/02/25 KFW 1 3/8 12/15/25 KFW 4 1/8 02/18/26 KFW 1 1/4 07/31/26 ■Issued in 2024 KFW 0 7/8 09/15/26 KFW 0 1/8 12/30/26 ■Green Bonds KFW 4 7/8 10/10/28 Green Bonds 2024 KFW 6 12/07/28 KFW 3 3/4 01/09/29 KFW 4 7/8 02/03/31 KFW 5 3/4 06/07/32 KFW 5 06/09/36 Highlights 2023 KfW is largest GBP issuer (ex UK DMO) with GBP 7.35bn GBP is 3rd most important currency for KfW funding In 2023 KfW issued 4 new lines and 12 taps 46 46#473.000 2.500 2.000 1.500 1.000 500 KfW in AUD KfW is among the largest SSA Kangaroo issuers in AUD mn 3.500 KfW's AUD curve across the maturity spectrum (fixed rate lines outstanding) KFW 5 03/19/24 KFW 1 1/2 07/24/24 KFW 4 02/27/25 KFW 2.15 08/25/25 KFW Rely on the safe haven - Investor presentation / April 2024 KFW 4.1 02/20/26 KFW 3.2 09/11/26 KFW 2 02/15/27 KFW 4.3 07/13/27 Issued in 2024 Green Bonds KFW 3.2 03/15/28 KFW 3.8 05/24/28 Green Bonds 2024 KFW 4.2 02/08/29 KFW 4.4 07/12/29 Characteristics • KfW secured top position as the largest Kangaroo SSA issuer in terms of outstanding volume (2023: AUD 18.6bn) • KfW maintains its strategic approach to the Kangaroo market and is a regular and agile issuer • KfW Kangaroo bonds are RBA repo eligible Highlights 2023 KfW's new issuance volume reached a 12-year high in 2023 (AUD 6bn) • KfW was by far the largest Kangaroo issuer in 2023 Three new large and liquid lines (4.5y, 5.5y green, 6y) in 2023 Number of taps 2023: 22 KFW 4.65 02/28/31 KFW 2.35 02/18/32 47 17 A$$#48KfW in NOK & SEK Expanding green activities into Nordic region in NOK mn 7.000 6.000 5.000 4.000 3.000 2.000 1.000 KFW 1 5/8 04/03/24 in SEK mn 6.000 5.000 4,000 3.000 2.000 1.000. KFW 0 1/8 05/14/24 KFW 4.65 07/10/24 KFW 1 1/2 04/07/25 KFW 3.35 10/18/24 KfW's NOK curve across the maturity spectrum KFW 5.255 05/21/25 KFW 1 1/8 08/08/25 KFW 4 1/2 05/26/26 KFW 4.454 06/16/26 KFW 2 7/8 02/17/27 KFW 3.367 12/02/27 KFW 3.18 03/15/28 Issued in 2024 Green Bonds Green Bonds 2024 KFW 4 1/4 09/29/28 KFW 4 1/4 01/30/29 KFW 3 7/8 02/15/29 KfW's SEK curve across the maturity spectrum KFW 0 1/4 09/09/26 KFW 1 3/8 02/02/28 ་ KFW 4.37 11/28/30 KFW 4.65 07/09/32 KFW 1.33 03/29/28 KFW 3 5/8 10/31/28 Issued in 2023 ■Green Bonds Green Bonds 2024 KFW Rely on the safe haven - Investor presentation / April 2024 KFW 3 1/2 09/24/30 KFW 3.2 09/01/31 NOK/SEK Characteristics • KfW is one of the largest NOK and SEK issuer in the market • Offering in both markets some of the most liquid bonds . Flexibility in deal/tap size and maturities. Tailor-made issuance in DKK is possible • . Highlights 2023 One of the largest issuer in NOK and SEK KfW issued 3 new NOK lines (1 green) and 5 taps KfW issued 2 new Green SEK lines 48 88#49Table of contents Liquidity management at KfW Portfolio management and money market activities#50KfW's liquidity portfolio € 34bn¹ securing KfW's liquidity Strategy KFW Rely on the safe haven Investor presentation / April 2024 • • 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 1_As of Dec 31, 2023 50 50#51Money market Large ECP/ USCP programmes for short term liquidity ECP programme € USCP programme Tailor-made solutions • • • Multi-currency commercial paper (ECP) programme with a programme size of EUR 90bn (since August 2022) Flexible in all maturities, starting with 1 week Sizes start from EUR 2.5m and are not capped In 2023, KfW has issued 532 ECPs with a total volume of EUR 72bn . USD CP programme with a size of USD 30bn (since March 2022) Flexible in all maturities including same-day funding; max. USD 1.0bn maturities per day In 2023, KfW has issued 415 USCPs with a total volume of USD 41bn Top CP-Ratings P-1 (Moody's) S-1+ (Scope) A-1+ (S&P) KFW Rely on the safe haven - Investor presentation / April 2024 KfW aims to meet investors' needs by showing flexibility in sizes, maturities and currencies (wide currency range possible in ECP programme) Variety of currencies 2% 14% ECP Mar 2024 84% In 2023, KfW has issued CPs in 8 currencies under its ECP programme: USD, EUR, GBP, CHF, AUD, HKD, NZD, CAD Overall, CPs were issued in 17 currencies since the launch of the ■ USD ■ EUR programme ■ GBP ■ Others 51#52Outlook Table of contents#53Outlook 2024 EUR 90-95bn Funding target for 2024 KFW Rely on the safe haven - Investor presentation / April 2024 • • Total funding volume expected at EUR 90-95bn in 2024 EUR 10-13bn funding via Green Bonds in different currencies Broad diversification in terms of bond formats and currencies: Min. 50% of funding coming from EUR • USD gaining importance • Excellent market access through issuances in other currencies 53 33#54Contacts KfW Bankengruppe Palmengartenstrasse 5-9 60325 Frankfurt am Main Tim Armbruster Markus Schmidtchen Petra Wehlert Sven Wabbels Doris Kramer Jürgen Köstner Vanessa Wiese Andrea Nickolaizig Treasurer of KfW - 5599 Phone +49 69 7431 - Ext. Treasury - 4783 - 4650 - 4148 [email protected] Bloomberg: KfW <GO> www.kfw.de/investor-relations - 3531 Capital Markets Capital Markets Investor Relations & Sustainability Investor Relations & Sustainability Investor Relations & Sustainability Investor Relations & Sustainability - 3536 - 7995 -68402 Sign up here for our newsletter service: KFW Rely on the safe haven - Investor presentation / April 2024 54 54#55References / Photo Credits 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. References Cover page Page 5 Page 8 Page 20 Page 22 Page 34/ Page 36 Page 37 Photo Credits Full-page image: Freunde des Hauses/Getty Images 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 Picture 1: Deutscher Bundestag / Lichtblick / Achim Melde Picture 1: gettyImages, plainpicture / Piotr Krzeslak, Cultura Picture 1: KfW-Photo Archive / Charlie Fawell Picture 2: KfW-Photo Archive/Jens Steingässer Picture 3: KfW-Photo Archive / Carsten Wiebers Picture 4: KfW-Photo Archive /Jonas Wresch Picture 5: KfW-Photo Archive / photothek.net Page 50 Picture 1: KfW-Photo Archive / Alex Habermehl KFW Rely on the safe haven - Investor presentation / April 2024 Page 53 Picture 1: stock.adobe.com / sidorovstock 55#56Social Media Follow KfW Treasury on LinkedIn 56 KFW Rely on the safe haven - Investor presentation / April 2024