FWP 1 d528702dfwp.htm TWO MINUTE GUIDE Two Minute Guide
KfW –
A two minute guide
Filed pursuant to Rule 433
Registration No. 333-181385
The following information is dated April 30, 2013 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)
EUR
in
mn
2012
2011
2010
Total promotional business volume
73,420
70,390
81,351
Operating result before valuation
2,246
1,869
2,302
Consolidated profit
2,384
2,068
2,631
Total assets*
511,622
493,337
440,280
Equity*
20,692
17,847
15,784
Tier 1 ratio*
18.2%
15.4%
12.4%
Total capital ratio*
20.6%
17.8%
14.7%
Our responsibility
We take particular responsibility for promoting the protection of the environment and the climate
Share of total promotional business volume in 2012: 40%
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
20%
80%
Federal Republic of Germany
German federal states
* As of December 31.

KfW –
A two minute guide
Our funding strategy and instruments
Benchmark Programs (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: e.g., 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.
76.4
79.7
78.7
0
20
40
60
80
100
2010
2011
2012
0
10
20
30
40
50
60
Benchmark
Other Public
Private
2010
2011
2012
0
10
20
30
40
50
EUR
USD
AUD
GBP
NOK
JPY
Others
2010
2011
2012
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
+ 49 69 7431-4650
petra.wehlert@kfw.de
Alexander Liebethal
Head of New Issues
+ 49 69 7431-4656
alexander.liebethal@kfw.de
Jürgen Köstner
Head of Investor Relations
+ 49 69 7431-3536
juergen.koestner@kfw.de
How to contact us
1
pillar
2
nd
pillar
3
pillar
st
rd
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 1 800 292 0049 (for the operator) and then 069 7431 22 22
(for KfW's Investor Relations Team) or by emailing investor.relations@kfw.de.  
(EUR
in
billion)
(in
%)
(in
%)
Funding
volume
Issuance
by
instruments
Issuance
by
currencies
KfW’s
US-MTN
Program
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.