12 May 2021

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

Kreditanstalt fuer Wiederaufbau /ISIN  DE000A3H3KE9

Pre-stabilisation Period Announcement

Landesbank Baden-Württemberg (contact: Torsten Zittlau; telephone: +49 711 127 74640)

hereby gives notice, as Stabilisation Coordinator, that the Stabilisation Manager(s) named

below may stabilise the offer of the following securities in accordance with Commission

Delegated Regulation EU/1052/2016 under the Market Abuse Regulation (EU/596/2014).

The securities:
Issuer: Kreditanstalt für Wiederaufbau (Aaa/AAA/AAA by Moody’s, S&P & Scope)
Guarantor (if any): Federal Republic of Germany
Aggregate nominal
amount:		 EUR Benchmark
Description: 20 May-2036 EUR BMK, RegS, Bearer, Off the Issuer's EMTN Programme
Listing: Frankfurt Stock Exchange, regulated market
Offer Price: [XX.XXX]
Other offer terms: NA
Stabilisation:
Stabilisation
Manager(s):		 BofA Securities, Credit Agricole CIB, LBBW and Morgan Stanley
Stabilisation period
expected to start on:		 12. May 2021
Stabilisation period
expected to end 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 Stabilisation Manager(s) may over?allot the securities to the extent permitted in accordance with applicable law.
Stabilisation trading
venue:		 Over the counter (OTC)

In connection with the offer of the above securities, the Stabilisation 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 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 and the offer of the securities to which it relates are only addressed to

and directed at persons outside the United Kingdom and persons in the United Kingdom who have professional experience in matters related to investments or who are high net worth persons within Article 12(5) of the Financial Services and Markets Act 2000 (Financial

Promotion) Order 2005 and must not be acted on or relied on by other persons in the United Kingdom.

In addition, if and to the extent that this announcement is communicated in, or the offer of

the securities to which it relates is made in, any EEA Member State that has implemented

Directive 2003/71/EC, as amended (together with any applicable implementing measures in

any Member State, the “Prospectus Directive”) before the publication of a prospectus in

relation to the securities which has been approved by the competent authority in that

Member State in accordance with the Prospectus Directive (or which has been approved by a competent authority in another Member State and notified to the competent authority in that Member State in accordance with the Prospectus Directive), this announcement and the offer are only addressed to and directed at persons in that Member State who are qualified

investors within the meaning of the Prospectus Directive (or who are other persons to whom the offer may lawfully be addressed) and must not be acted on or relied on by other persons in that Member State.

This announcement is not an offer of securities for sale into the United States. The securities have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration. There will be no public offer of securities in the United States.