20%

80%

Federal Republic of Germany

German federal states

KfW –

A two minute guide

The following information is dated 24 October 2012 and has not been subsequently updated. No person other than KfW has been authorized to use or distribute this document.

KfW at a glance

›

The promotional bank of the Federal Republic of Germany, established in 1948

as a public law institution

›

Exempt from corporate taxes and from the requirements of the German Banking

Act

›

Regulated by the “Law Concerning KfW”

›

Supervised by the German Federal Ministry of Finance in consultation with the

Federal Ministry of Economics and Technology

›

Benefits from explicit and direct statutory guarantee and institutional liability of

the Federal Republic of Germany

Ownership structure

Our credit quality*

The Law Concerning KfW expressly provides that the Federal Republic of Germany guarantees all existing and future

obligations of KfW in respect of money borrowed, bonds and notes

issued and derivative transactions entered into by

KfW, as well as obligations of third parties that are expressly guaranteed by KfW (Law Concerning KfW, §

1a).

* A rating is not a recommendation to buy, hold or sell the 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.

** Outlook changed to “negative”

on July 25, 2012.

Rating agency

Short-term rating

Long-term rating

Outlook

Fitch Ratings

F1+

AAA

Stable

Moody’s

P-1

Aaa

Negative**

Standard & Poor’s

A-1+

AAA

Stable

Our financial performance

(consolidated financial statements prepared in accordance with IFRS as adopted by the EU; capital ratios are calculated on the basis of the German Banking Act)

2011

2010

2009

Total promotional business volume

70,390

81,351

63,867

Operating result before valuation

1,869

2,302

2,198

Consolidated profit

2,068

2,631

1,127

Total assets

493,337

440,280

400,305

Equity

17,847

15,784

13,121

Tier 1 ratio

15.4%

12.4%

9.4%

Total capital ratio

17.8%

14.7%

11.7%

Our responsibility

We take particular responsibility for promoting the protection of the environment and the climate

Share of total promotional business volume as of December 31, 2011: 32%

Our main activities comprise:

›

Promotion of small and medium-sized enterprises, business founders, start-ups and self-employed professionals

›

Provision of housing-related loans and grants as well as financing for education to private individuals

›

Financing for infrastructure projects, primarily for municipalities, and global funding to other German regional

development agencies and financial institutions

›

Export and project finance

›

Promotion of developing and transition countries

Filed pursuant to Rule 433

Registration No. 333-181385

EUR

in

millions

(as

of

Dec.

31)

KfW –

A two minute guide

Benchmark Programmes

(EUR & USD)

›

Global format -

SEC registered

›

Target size: 3 -

5 billion

›

Benchmark maturities:

e.g. 3y, 5y, 10y

Other Public Bonds

›

Strategic non-core markets:

AUD, CAD, GBP, NOK, NZD, SEK

›

Niche markets: BRL, TRY, ZAR...

›

Complementary issues in EUR & USD

›

Fixed or floating rate, callables

›

EMTN or Global format

Private Placements

*

›

Tailor-made structured notes

›

Flexible in currency, structure, and

maturity

›

EMTN or US-MTN format

*

Term used here in the commercial sense to refer to

sales to a specific investor or a limited number of

investors.

79.7

76.4

74.7

0

20

40

60

80

100

2009

2010

2011

KfW’s US-MTN Program

0

10

20

30

40

50

60

Benchmark

Public

Private

2009

2010

2011

0

10

20

30

40

50

EUR

USD

AUD

GBP

NOK

JPY

Others

2009

2010

2011

Fact Sheet

Program volume

USD 10 billion

Targeted investors

US-domiciled investors

Currencies

USD and other major currencies

Governing law, forum

German law, Frankfurt am Main

Listing

None

Registered with the SEC

›

About KfW Bankengruppe: www.kfw.de

›

About KfW’s SEC-registered securities and company information: www.sec.gov/edgar.shtml

›

Subscription to KfW’s e-mail US-newsletter under: www.kfw.de/us-investors

Where to find out more

Dr. Frank Czichowski

Treasurer

+ 49 69 7431-2165

frank.czichowski@kfw.de

Horst Seissinger

Head of Capital Markets

+ 49 69 7431-2048

horst.seissinger@kfw.de

Petra Wehlert

Head of New Issues Public Bonds

+ 49 69 7431-4650

petra.wehlert@kfw.de

Alexander Liebethal

Head of New Issues Private Placements

+ 49 69 7431-4656

alexander.liebethal@kfw.de

Dr. Bernd Siegfried

Head of Investor Relations

+ 49 69 7431-4236

bernd.siegfried@kfw.de

How to contact us

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus

in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for

free by visiting EDGAR on the SEC website at www.sec.gov/edgar.shtml. KfW’s prospectus supplement relating to the US MTN Program is available through the following link:

http://www.sec.gov/Archives/edgar/data/821533/000104746912008092/a2209650z424b3.htm , KfW’s base prospectus relating to SEC-registered notes is available through the

following link: http://www.sec.gov/Archives/edgar/data/821533/000104746912008091/a2209648z424b3.htm Alternatively, the issuer will arrange to send you the prospectus,

which you may request by calling collect 1800 292 0049 (for the operator) and then 069 7431 22 22  (for KfW's Investor Relations Team) or by emailing investor.relations@kfw.de.

KfW is one of the largest regular borrowers in international capital markets. 

We are committed to a responsible issuance strategy focusing on the liquidity and stability of our bonds.

Funding

volume

(EUR

in

billion)

Issuance

by

instruments

(in

%)

Issuance

by

currencies

(in

%)

Our funding strategy and instruments