KfW Rely on the safe haven - Investor presentation

Explicit 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

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