COMMERZBANK AG

Pre-stabilisation KfW € benchmark due 2027

Pre-Stabilisation notice

January 25, 2022

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 (KFW)

€ benchmark Notes due 2027

Pre-Stabilisation Notice

Commerzbank AG (contact: Daniela Olt-Farrelly; telephone: +49 69 136-20) 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: € benchmark
Description: fixed rate Senior, Unsecured, Unsubordinated, due 30 April 2027, launched under the issuer’s EMTN Programme
Offer price: tbc
Other offer terms: payment date 1 Feb 2022, denoms 1k/1k
Stabilisation:
Stabilisation Coordinator:
Stabilising Managers:
Commerzbank AG
Goldman Sachs Europe
HSBC
SG CIB
Stabilisation period expected to start on: 25 January 2022
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 SE (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 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