Pre-Stabilisation notice

9th January 2018

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

KFW

EUR Benchmark Global SEC Registered due 2028

Pre-Stabilisation Notice

Commerzbank AG (contact: Daniela Olt-Farrelly; telephone: +49 69 13623492) hereby announces, as Stabilisation Coordinator, that the Stabilising Managers named below may stabilise the offer of the following securities in accordance with Commission Delegated Regulation (EU) 2016/1052 under the Market Abuse Regulation (EU Regulation 596/2014).

The security to be stabilised:
Issuer: KfW
Guarantor (if any): Federal Republic of Germany
Aggregate nominal amount: EUR Benchmark
Description: Global SEC registered shelf due 7th Jan 2028;
Offer price: tbc
Other offer terms: payment date 16th Jan 2018; listing Frankfurt, denoms 1k/1k, German law,ISIN DE000A2GSNR0
Stabilisation:
Stabilisation Coordinator:
Stabilising Managers:		 Commerzbank
BNP
Goldman Sachs
Stabilisation period expected to start on: 9th January 2018
Stabilisation period expected to end on:   no later than 30 days after the proposed issue date of the securities
Existence, maximum size and conditions of use of over-allotment facility. The Stabilising Managers may over-allot the securities to the extent permitted in accordance with applicable law.
Stabilisation trading venue: Frankfurt stock exchange regulated market

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

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

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

END