Document:

EX-4.1

 

Exhibit 4.1

Dated December 16, 2004

KfW

as Issuer

and

DEUTSCHE BANK AKTIENGESELLSCHAFT

as registrar and paying agent

in respect of the Issuer’s global bonds denominated in Euro

and

DEUTSCHE BANK TRUST COMPANY AMERICAS

as registrar and paying agent

in respect of the Issuer’s global notes denominated in U.S. dollars and

in respect of the Issuer’s global notes denominated in currencies

other than Euro and U.S. dollars

AMENDED AND RESTATED

AGENCY AGREEMENT

HENGELER MUELLER

Frankfurt am Main

 

 

THIS AGREEMENT is made on December 16, 2004 BETWEEN:

	(1)	 	KfW (the “Issuer”),
	 
	(2)	 	DEUTSCHE BANK AKTIENGESELLSCHAFT (“Deutsche Bank”), and
	 
	(3)	 	DEUTSCHE BANK TRUST COMPANY AMERICAS (“DBTCA”).

WHEREAS:

	(A)	 	The Issuer, Deutsche Bank and DBTCA have entered into an Agency Agreement dated January 16,
2003 as amended and restated by the Amended and Restated Agency Agreement dated October 7,
2004 recording the arrangements between them in relation to the offering and selling from time
to time of global notes by the Issuer denominated in Euro (“Euro-Bonds”), United States
dollars (“USD-Notes”) and Canadian dollars (the “Agency Agreement”).
	 
	(B)	 	The Issuer intends to offer and sell from time to time in addition to its Euro-Bonds and
USD-Notes global notes denominated in any currency other than Euro and USD as designated from
time to time in the Conditions applicable to a particular issue of Notes, including Canadian
dollars (the “Designated Currency”).
	 
	(C)	 	The Issuer wishes to engage Deutsche Bank as registrar and paying agent in respect of its
Euro-Bonds and DBTCA to act in a similar capacity in respect of its USD-Notes and its Notes
denominated in a Designated Currency (“Designated Currency-Notes”).
	 
	(D)	 	The parties hereto wish to record the relevant arrangements made between them in respect of
said functions of Deutsche Bank and DBTCA and to amend and restate the Agency Agreement as set
out herein.

IT IS HEREBY AGREED as follows:

	1.	 	AMENDMENT AND RESTATEMENT; DEFINITIONS AND INTERPRETATION

1.1 The parties hereto agree that, with effect from the date hereof, the Agency Agreement shall for
all purposes be amended and restated in the form of this Agreement.

1.2 The following terms shall, unless the context otherwise requires, have the respective meanings
indicated below:

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“Agent(s)” means the Euro Registrar, the Euro Paying Agent, the U.S. Registrar,
the U.S. Paying Agent, the Registrar for Designated Currencies and the Paying Agent for
Designated Currencies.

“Clearing System(s)” means CBF and DTC, and “Relevant Clearing System”
means, in the case of Euro-Bonds, CBF and DTC and, in the case of USD-Notes and Designated
Currency-Notes, DTC.

“Conditions” means the terms and conditions applicable to a particular issue of
Euro-Bonds, USD-Notes or Designated Currency-Notes, and “Master Conditions” means
the forms of the terms and conditions set out in Schedule 1A (in respect of Euro-Bonds),
Schedule 1B (in respect of USD-Notes) and Schedule 1C (in respect of Designated
Currency-Notes) attached hereto.

“Global Certificate(s)” means the CBF Global Certificate and the DTC Global
Certificate(s) representing a particular issue of Euro-Bonds and the Global Certificate(s)
representing a particular issue of USD-Notes or Designated Currency-Notes.

“Master Global Certificates” means the forms of Global Certificates set out in
Schedule 2A (in respect of Euro-Bonds), Schedule 2B (in respect of USD-Notes) and Schedule
2C (in respect of Designated Currency-Notes) attached hereto.

“Note(s)” means any of the Euro-Bonds, the USD-Notes or the Designated
Currency-Notes or all of them.

“Paying Agent(s)” means any of the Euro Paying Agent, the U.S. Paying Agent or the
Paying Agent for Designated Currency-Notes or all of them, and “Relevant Paying
Agent” means the Paying Agent who acts as Paying Agent for a particular issue of Notes.

“Registrar(s)” means any of the Euro Registrar, the U.S. Registrar or the Registrar
for Designated Currency-Notes or all of them, and “Relevant Registrar” means the
Registrar who acts as Registrar for a particular issue of Notes.

“Supplemental Agency Agreement” means an agreement in or substantially in the form
of Schedule 3 attached hereto (or in such other form as the parties thereto may agree)
which shall be supplemental to this Agreement.

1.3    Terms not defined in this Agreement shall have the same meanings as in the Master Conditions.
Any reference herein to “Frankfurt” shall be a reference to Frankfurt am Main, Federal Republic of
Germany (“Germany”) and any reference herein to “New York” shall be a reference to New York City in
the State of New York, United States of America (“USA”). Any reference herein to the “Principal
Financial Centre of the Designated Currency” shall be a reference to the principal financial centre
of the Designated Currency if and to the extent so specified in § 5(1)(b) of the Conditions of
relevant Designated Currency-Notes.

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2. APPOINTMENTS

	2.1	 	The Issuer hereby appoints:

	 	2.1.1	 	Deutsche Bank to act as Registrar and Paying Agent in respect of Euro-Bonds
of the Issuer (in such respective capacities the “Euro Registrar” and the “Euro Paying
Agent”);
	 
	 	2.1.2.	 	DBTCA to act as Registrar and Paying Agent in respect of USD-Notes of the Issuer (in
such respective capacities, the “U.S. Registrar” and the “U.S. Paying Agent”); and
	 
	 	2.1.3.	 	DBTCA to act as Registrar and Paying Agent in respect of Designated Currency-Notes
of the Issuer (in such respective capacities, the “Registrar for Designated
Currency-Notes” and the “ Paying Agent for Designated Currency-Notes”).

2.2    Deutsche Bank and DBTCA hereby accept their respective appointments, and agree to act in such
capacities, on the terms and conditions set out in this Agreement, the Conditions of the relevant
Notes and any Supplemental Agency Agreement.

2.3    The Euro Paying Agent agrees to perform its obligations hereunder through DBTCA, to the extent
that this is necessary or appropriate in order to make payments to the registered holder of the DTC
Global Certificate(s).

2.4    Where Notes are intended to be listed on the Luxembourg Stock Exchange, Deutsche Bank agrees to
procure the appointment of a Luxembourg listing and paying agent (for as long as such appointment
is required by the rules of the Luxembourg Stock Exchange).

	3.	 	SUPPLEMENTAL AGENCY AGREEMENTS; THE NOTES

3.1    On or before the Closing Date (Clause 3.2) for any issue of Notes, the Issuer and the Relevant
Agent shall enter into a Supplemental Agency Agreement subjecting such Notes to the provisions of
this Agreement. The form(s) of the Global Certificate(s) and of the Conditions applicable to the
Notes shall be appended to the Supplemental Agency Agreement.

3.2    Any issue of Notes will be represented by one or more Global Certificates as shall be specified
in the Conditions. The Conditions shall be attached to, or endorsed upon, each Global Certificate.
Each Global Certificate shall be signed manually by two authorized representatives of the Issuer
and dated the date for payment of the net subscription amount for the Notes to the Issuer (the
"Closing Date”). Each Global Certificate shall be authenticated manually by or on behalf of the
Relevant Registrar.

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3.3    The parties expect that the Global Certificate(s) and the Conditions will generally be
substantially in the form of the Master Global Certificates and the Master Conditions.

	4.	 	PAYING AGENCY

4.1    In order to provide for the payment of the principal of, and interest on, the Notes, as such
payment shall become due and payable the Issuer shall:

	4.1.1	 	in the case of Euro-Bonds pay to the Euro Paying Agent the amount in Euro of interest on, or
principal of, all the Notes outstanding or maturing on such due date in same day funds by
10.00 a.m. in Frankfurt on each payment date to such account at such bank in Frankfurt as the
Euro Paying Agent may specify;
	 
	4.1.2	 	in the case of USD-Notes pay to the U.S. Paying Agent the amount in USD of interest on, or
principal of, all the Notes outstanding or maturing on such due date in same day funds by
10.00 a.m. in New York on each payment date to such account at such bank in New York as the
U.S. Paying Agent may specify;
	 
	4.1.3	 	in the case of Designated Currency-Notes pay to the Paying Agent for Designated
Currencies-Notes the amount in the Designated Currency of interest on, or principal of, all
the Notes outstanding or maturing on such due date in same day funds by 10.00 a.m. or such
other time as may be specified by the Paying Agent for Designated Currency-Notes with three
Frankfurt and New York Business Days prior notice to the Issuer in the Principal Financial
Centre of the Designated Currency on each payment date to such account at such bank in the
Principal Financial Centre of the Designated Currency as the Paying Agent for Designated
Currency-Notes may specify.

The Issuer hereby authorizes and directs the Relevant Paying Agent, from the amounts so paid to it
to make payment of the principal of, and interest on, the Notes, as specified in Clause 4.3 below,
on the relevant payment date as set forth in the Conditions.

The Relevant Paying Agent shall give payment instructions by facsimile or authenticated SWIFT
message to the Issuer not later than five Frankfurt Business Days prior to each payment date
stating the amount of principal and/or interest payable by the Issuer on the payment date and the
account and bank to which payment is to be made.

4.2    If for any reason (other than negligence or wilful misconduct on the part of the Relevant
Paying Agent or its officers, employees or agents) the Relevant Paying Agent does not, by the time
specified in Clause 4.1, receive unconditionally the full amount payable by the Issuer on the
relevant payment date in respect of all the outstanding Notes, the Relevant Paying Agent shall
forthwith notify the Issuer by facsimile and shall not be bound to make any payment of principal or
interest in respect of the Notes until it has received to its order the full amount of the moneys
then due and payable in respect of all the outstanding Notes, provided, however, that if the
Relevant Paying Agent shall, in its

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discretion, make any payment of principal or interest on or after the payment date therefor in
respect of the Notes prior to its unconditional receipt of the full amount payable in respect of
all outstanding Notes, the Issuer will promptly pay such amount to the Relevant Paying Agent and
shall compensate the Relevant Paying Agent at an agreed-upon rate for the use of such funds.

4.3    Out of the sums paid to the Euro Paying Agent in respect of interest and principal on the
Euro-Bonds, the Paying Agent shall make payment to CBF in Euro and to the registered holder of the
DTC Global Certificate(s) as stipulated in Clause 8.1 and 8.2 below, in the amounts specified in
the payment provisions of the Conditions. The Paying Agent shall obtain from the Registrar, and the
Registrar shall supply, such details as are required for the Paying Agent to make payment as stated
above.

Out of the sums paid to the U.S. Paying Agent in respect of interest and principal on the
USD-Notes, the U.S. Paying Agent shall make payment to the registered holder of the Global
Certificate(s) as specified in the Conditions.

Out of the sums paid to the Paying Agent for Designated Currency-Notes in respect of interest and
principal on the Designated Currency-Notes, such Paying Agent shall make payments to the registered
holder of the Global Certificate(s) as stipulated in Clause 8.3 and 8.4 below in the amounts
specified in the payment provisions of the Conditions.

4.4    Without prejudice to the obligations of the Issuer to make payments in accordance with the
provisions of Clause 4.1, if payment of the appropriate amount shall be made by or on behalf of the
Issuer later than the time specified in Clause 4.1, but otherwise in accordance with the provisions
thereof, the Relevant Paying Agent shall forthwith give notice to CBF and DTC that it has received
such amount. Promptly after the receipt of the appropriate amount the Relevant Paying Agent shall
make or cause to be made payments as provided in Clauses 4.1 and 4.3.

4.5    If the Issuer should default in the payment of principal under the Notes, the Relevant Paying
Agent agrees, upon consultation with the Issuer, to calculate the default rate of interest, from
time to time applicable, referred to in the interest provisions of the Conditions.

4.6    In respect of moneys paid to it relating to any Notes, the Relevant Paying Agent

	 	4.6.1	 	shall not be entitled to exercise any lien, right of set-off or similar claim, and
	 
	 	4.6.2	 	shall not be liable for interest thereon.

4.7    All payments by the Relevant Paying Agent hereunder shall be made without the Relevant Paying
Agent charging any commission, fee or cost to CBF or DTC or to any Holders, except as expressly
provided for in the payment provisions of the Conditions.

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	5.	 	DOCUMENTS FOR INSPECTION AND PUBLICATION OF NOTICES

5.1    On behalf and at the request and expense of the Issuer, the Relevant Paying Agent shall cause
to be published any notices required to be given by the Issuer in accordance with the Conditions.

5.2    The Issuer shall provide to the Relevant Paying Agent sufficient copies of all documents
required by the Conditions to be available for issue or inspection, and the Relevant Paying Agent
shall make such copies available to Holders upon their request.

5.3    The Issuer shall provide the Relevant Paying Agent with a copy (prior to publication) of all
notices to be issued in connection with the Notes.

	6.	 	CANCELLATION OF NOTES

6.1    Promptly upon the Issuer’s request, the Relevant Registrar shall take all measures necessary to
cancel any Notes which the Issuer has repurchased or whose maturity has been accelerated pursuant
to the Conditions and which the Issuer has transferred for that purpose to the Registrar’s account
with the Relevant Clearing System. The Relevant Registrar shall cause any such Notes (i) when
represented by a CBF Global Certificate, to be cancelled in accordance with the procedures
established for that purpose by CBF, resulting in a reduction in the aggregate amount of Notes
represented by such CBF Global Certificate by the aggregate amount of Notes so cancelled, and (ii)
when represented by a Global Certificate in the case of USD-Notes and Designated Currency-Notes or
a DTC Global Certificate in the case of Euro-Bonds, to be cancelled in accordance with the
procedures established for that purpose by DTC, resulting in a reduction in the aggregate amount of
Notes represented by such Global Certificates by the aggregate amount of Notes so cancelled.

6.2    On the same day such cancellation is effected, the Relevant Registrar shall record such
cancellation of Notes on the Register in such a way that the aggregate amount of Notes cancelled at
any time together with the aggregate principal amount of Notes then outstanding and represented by
the Global Certificate shall equal the aggregate principal amount of Notes originally issued by the
Issuer.

6.3    The Relevant Registrar shall furnish the Issuer within ten Frankfurt Business Days from the
date of such cancellation with a certificate of cancellation signed by an authorized officer
confirming cancellation of such Notes and the corresponding reduction of the relevant Global
Certificate.

	7.	 	DUTIES OF THE REGISTRAR

7.1    The Euro Registrar shall maintain the Register pertaining to Euro-Bonds in Frankfurt , the U.S.
Registrar shall maintain the Register pertaining to USD-Notes in New York, and the Registrar for
the Designated Currency-Notes shall maintain the Register

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pertaining to Designated Currency-Notes in New York, in each case in accordance with the
Conditions. The respective Register shall show the aggregate amount of Notes represented by each
Global Certificate at the date of issue and all subsequent transfers and exchanges involving a
change in such amounts and the names of the Relevant Clearing System or its nominee (each a
"Payee”). On the first Frankfurt Business Day after the Record Date for any interest payment on the
Euro-Bonds, the Euro Registrar shall send the payment details in respect of the Payee and the Euro
accounts to which transfers should be made to the Euro Paying Agent. On the first New York Business
Day after the Record Date for any interest payment on the USD-Notes, the U.S. Registrar shall send
the payment details in respect of the Payee and the Dollar accounts to which transfers should be
made to the U.S. Paying Agent. On the first New York Business Day after the Record Date for any
interest payment on the Designated Currency-Notes, the Registrar for Designated Currency-Notes
shall send the payment details in respect of the Payee and the Designated Currency accounts to
which transfers should be made to the Paying Agent for Designated Currency-Notes.

7.2    For purposes of transfers of Euro-Bonds between DTC and CBF, the Euro Registrar shall establish
a clearing account for the deposit and reimbursement of settlement proceeds; any moneys deposited
in such account are to be disbursed by the Euro Registrar in settlement of such transfers.
Transfers or exchanges of Euro-Bonds will be made in accordance with the Conditions, the procedures
established for this purpose between CBF, DTC and the Euro Registrar and CBF’s and DTC’s
regulations applicable to such transfers or exchanges. Any such transfer or exchange which results
in a change to the aggregate principal amount of Euro-Bonds held by CBF and DTC are required to be
notified by CBF and DTC to the Registrar as a transfer from one Global Certificate to the other.
The Euro Registrar shall enter promptly details of the transfer or exchange in the Register
pertaining to the Euro-Bonds, which entry shall, without further action, cause the aggregate
principal amounts represented by each Global Certificate to be amended accordingly.

7.3    The Relevant Registrar shall ensure that no transfers or exchanges of Euro-Bonds shall take
place during the period commencing on the Record Date and ending on the related payment date (both
dates inclusive) as provided in the Conditions.

7.4    Each Registrar shall at all reasonable times during office hours make the relevant Register
available to the Issuer and the Paying Agent or any person authorized by either of them for
inspections and for the taking of copies thereof or extracts therefrom, and the Registrar shall
deliver to such persons information contained in the Register or relating to the Notes as they may
reasonably request.

	8.	 	PAYMENTS TO DTC HOLDERS IN RESPECT OF EURO-BONDS AND PAYMENTS TO HOLDERS IN RESPECT OF
DESIGNATED CURRENCY-NOTES

8.1    All amounts of principal and interest due in respect of the Euro-Bonds which are represented by
the DTC Global Certificate (each a “DTC EUR Amount”) shall be paid in U.S. dollars (each such
payment being referred to herein as a “Dollar Payment”), unless

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DTC has advised that the relevant Holder has made an effective election to receive all or a portion
of its payment in Euro outside DTC (each a “Euro Payment”) in accordance with the procedures
described in the payment provisions of the Conditions.

8.2    The Euro Paying Agent shall, from each DTC EUR Amount received by it, make Dollar Payments and
Euro Payments in accordance with the payment provisions of the Conditions.

8.3    All amounts of principal and interest due in respect of the Designated Currency-Notes (each a
"DTC Designated Currency Amount”) shall be paid in U.S. dollars (each such payment being referred
to herein as a “Dollar Payment”), unless DTC has advised that the relevant Holder has made an
effective election to receive all or a portion of its payment in the Designated Currency outside
DTC (each a “Designated Currency Payment”) in accordance with the procedures described in the
payment provisions of the Conditions.

8.4    The Paying Agent for Designated Currency-Notes shall, from each DTC Designated Currency Amount
received by it, make Dollar Payments and Designated Currency Payments in accordance with the
payment provisions of the Conditions.

	9.	 	CONDITIONS OF APPOINTMENT

9.1    The Issuer will pay to the Agents a remuneration for all services rendered by the Agents in
connection with the Notes and reimburse the Agents for the expenses incurred in connection with
their appointment or the exercise of their powers and duties hereunder; all as separately agreed
upon by the Agents and the Issuer.

9.2    The Issuer will indemnify and hold harmless each of the Agents against any loss, liability or
expense which it may incur or which may be made against it arising out of or in connection with its
appointment or the exercise of its power and duties hereunder, except such as may result from such
Agent’s own negligence or willful misconduct or that of its officers, employees or agents.

9.3    Each Agent will indemnify and hold harmless the Issuer against any loss, liability or expense
incurred by the Issuer resulting from the negligence or willful misconduct on the part of such
Agent (or such Agent’s officers, employees or agents) and arising out of or in connection with such
Agent’s duties hereunder.

9.4    Any Agent may consult with legal and other professional advisers selected in good faith and
satisfactory to it, and the legal or other professional opinion of such advisers, as the case may
be, shall be full and complete protection in respect of any action taken, omitted or suffered
hereunder in good faith and in accordance with such opinion.

9.5    Each of the Agents shall be protected and shall incur no liability for or in respect of any
action taken, omitted or suffered in reliance upon any instruction or communication from the Issuer
or any document reasonably believed by it to be genuine and to have been

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delivered, signed or sent by the proper party or parties, except as may result from its own
negligence or willful misconduct or that of its officers, employees or agents.

9.6    In acting hereunder and in connection with the Notes, the Agents do not assume any relationship
of agency or trust for the Holders, and shall not have any obligation towards them; except that all
funds held by the Paying Agent for payment of principal of or interest on the Notes shall be held
exclusively for the benefit of and for payment to the Holders, but need not be segregated from
other funds, except as required by law and as set forth herein and in the Conditions, and shall be
applied as set forth herein and in the Conditions.

9.7    Nothing herein shall be deemed to require any Agent to advance its own funds in the performance
of its duties hereunder.

	10.	 	CHANGES IN AGENTS

10.1    Any Registrar or Paying Agent in its capacity as such may be removed at any time by the giving
to it of at least 30 days’ written notice to that effect signed on behalf of the Issuer specifying
the date on which such removal shall become effective. Any Registrar or Paying Agent may at any
time resign by giving at least 90 days’ written notice (unless the Issuer agrees to accept less
notice) to that effect to the Issuer specifying the date on which such resignation shall become
effective. Notwithstanding the foregoing, no such resignation or removal shall take effect within
30 days before or after any payment date and, in the case of the resignation or removal of any
Registrar or Paying Agent, as the case may be, shall not take effect until a new Registrar or
Paying Agent, as the case may be, has been appointed by the Issuer as hereinafter provided, and
such Agent has accepted such appointment. Any change in any Agent shall be notified by the Issuer
to the other Agents. The Issuer agrees with each Agent that if by the day falling 10 days before
the expiry of any notice, the Issuer has not appointed a successor Agent, the Agent shall be
entitled on behalf of the Issuer to appoint as a successor Agent in its place a reputable financial
institution.

10.2    Upon its resignation or removal taking effect, the Paying Agent shall hold all moneys
deposited with or held by it hereunder in respect of the Notes to the order of the successor Paying
Agent, but shall have no other duties or responsibilities hereunder and shall be entitled to the
payment by the Issuer of its remuneration for services rendered hereunder and to the reimbursement
of its expenses incurred up to its resignation or removal taking effect in accordance with the
terms of Clause 9.1.

10.3    In case at any time any Registrar or Paying Agent shall resign or shall be removed, the
successor Registrar or Paying Agent may be appointed by the Issuer by an instrument in writing
given to the successor Registrar or Paying Agent. Upon the appointment of such successor Registrar
or Paying Agent and acceptance by it of such appointment, the Registrar or Paying Agent so
superseded shall cease to be a Registrar or Paying Agent hereunder.

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10.4    Any successor Registrar or Paying Agent appointed hereunder shall execute and deliver to the
Issuer an instrument accepting such appointment and, without any further act, deed or conveyance,
it shall become vested with all the authorities, rights, powers, immunities, duties and obligations
of such predecessor with like effect as if originally named as Registrar or Paying Agent in
accordance with this Agreement, and such predecessor Paying Agent, if any, upon payment by the
Issuer of any amounts due and payable to any Agent pursuant to this Agreement, shall thereupon
become obliged to deliver and pay over to any such successor Paying Agent, and any such successor
Paying Agent shall be entitled to receive, all moneys, documents and records held by it hereunder.
On the termination of its appointment a Registrar or Paying Agent shall pass all records and
documents held by it pursuant to this Agreement to the respective successor Agent.

10.5    Each Agent shall give not less than 30 days’ notice to the Issuer of any proposed change in
its specified office.

10.6    The Issuer shall ensure that prompt notice of any such proposed appointment, termination,
resignation or change of specified office is given to the Payees and, in accordance with § 10 of
the Conditions, to the Holders.

	11.	 	NOTICES

11.1    Unless hereunder otherwise specifically provided, any order, notice, request, direction or
other communication from the Issuer made or given in relation to the Notes under any provision of
this Agreement shall be sufficient if it is signed by two duly authorized officers of the Issuer,
and delivered by the Issuer to the Registrar and the Paying Agent.

11.2    Notices shall be addressed to the relevant party hereto as follows:

	 	 	 	 	 
	(a)	 	If to the Issuer:
	 
	 	 	 	 
	 	 	KfW
	 	 	Palmengartenstrasse 5-9
	 	 	D-60325 Frankfurt am Main
	 	 	Federal Republic of Germany
	 
	 	 	 	 
	

	 	Telefax:
	 	0049 69 7431 2193
	

	 	Attention:
	 	Bereich FM
	 
	 	 	 	 
	(b)	 	If to the Euro Registrar:
	 
	 	 	 	 
	 	 	Deutsche Bank Aktiengesellschaft
	 	 	Grosse Gallusstrasse 10-14
	 	 	D-60272 Frankfurt am Main
	 	 	Federal Republic of Germany

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	 	Telephone:
	 	0049 69 910 43534
	

	 	Telefax:
	 	0049 69 910 41527
	

	 	Attention:
	 	Trust and Security Services
	 
	 	 	 	 
	(c)	 	If to the Euro Paying Agent:
	 
	 	 	 	 
	 	 	Deutsche Bank Aktiengesellschaft
	 	 	Grosse Gallusstrasse 10-14
	 	 	D-60272 Frankfurt am Main
	 	 	Federal Republic of Germany
	 
	 	 	 	 
	

	 	Telephone:
	 	0049 69 910 33271
	

	 	Telefax:
	 	0049 69 910 38672
	

	 	Attention:
	 	Trust and Security Services
	 
	 	 	 	 
	(d)	 	If to the U.S. Registrar or the Registrar for Designated Currency-Notes:
	 
	 	 	 	 
	 	 	Deutsche Bank Trust Company Americas
	 	 	60 Wall Street
	 	 	MS NYC60-2515
	 	 	New York, NY 10005
	 
	 	 	 	 
	

	 	Telefax:
	 	001 212 797 8614
	

	 	Attention:
	 	Trust and Security Services
	 
	 	 	 	 
	(e)	 	If to the U.S. Paying Agent or the Paying Agent for Designated Currency- Notes:
	 
	 	 	 	 
	 	 	Deutsche Bank Trust Company Americas
	 	 	60 Wall Street
	 	 	MS NYC60-2515
	 	 	New York, NY 10005
	 
	 	 	 	 
	

	 	Telefax:
	 	001 212 797 8614
	

	 	Attention:
	 	Trust and Security Services

or at any other address of which any of the foregoing shall have notified the others in accordance
with this Clause 11.2.

	12.	 	MISCELLANEOUS

12.1    This Agreement may be amended by the parties hereto without the consent of any Holder for the
purpose of curing any ambiguity or of curing, correcting or supplementing any defective provision
contained herein, or in any manner which the parties hereto may mutually deem necessary or
desirable and which shall not be inconsistent with the Notes and which shall not, in their opinion,
be materially prejudicial to the interest of the Holders.

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12.2    This Agreement shall in all respects be governed by and construed in accordance with German
law.

12.3    Any action or other legal proceedings arising out of or in connection with this Agreement
shall be brought in the District Court (Landgericht) in Frankfurt am Main.

This Agreement has been entered into on the date stated at the beginning.

KfW

	 	 	 
	/s/ Jochen Leubner	 	/s/ Wolf-Ingo Gobin
	   
Jochen Leubner

	 	   
Wolf-Ingo Gobin

DEUTSCHE BANK AKTIENGESELLSCHAFT

	 	 	 
	/s/ Keith Barclay	 	/s/ Vivien Wichmann
	   
Keith Barclay

	 	   
Vivien Wichmann

DEUTSCHE BANK TRUST COMPANY AMERICAS

	 	 	 
	/s/ Keith Barclay	 	/s/ Vivien Wichmann
	   
Keith Barclay

	 	   
Vivien Wichmann

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Schedule 1A

Non-binding English Translation of the

TERMS AND CONDITIONS OF THE EURO-BONDS

§ 1

General Provisions

(1)    Principal Amount and Denomination. The issue of the • % Global Bonds due
  •   of KfW, Frankfurt am Main, Federal Republic of Germany (the “Issuer”) in the aggregate
principal amount of

Euro •

is divided into • million bonds in the principal amount of Euro 1,000 each which rank pari
passu among themselves (the “Bonds”).

(2)    Certification and Custody. The Bonds are represented by two or more permanent global
certificates without interest coupons. One of the permanent global certificates (the “CBF Global
Certificate”) will be kept in custody by Clearstream Banking AG, Frankfurt am Main (“CBF”) until
all obligations of the Issuer under the Bonds have been satisfied. The CBF Global Certificate is
issued in bearer form and represents the Bonds kept in custody for financial institutions that are
accountholders of CBF, including such Bonds which are held through Euroclear Bank S.A./N.V., as
operator of the Euroclear System (“Euroclear”) and Clearstream Banking, société anonyme,
Luxembourg, each of which maintains an account with CBF, and further including such Bonds which are
held through any other clearing system which maintains an account with CBF. The other permanent
global certificate (the “DTC Global Certificate”) will be kept in custody by Deutsche Bank Trust
Company Americas (“DBTCA”), or any successor, as custodian for The Depository Trust Company, New
York (“DTC”) until all obligations of the Issuer under the Bonds have been satisfied. The DTC
Global Certificate is issued in registered form in the name of Cede & Co., as nominee of DTC, and
represents the Bonds kept in custody for financial institutions that are participants in DTC. The
CBF Global Certificate and the DTC Global Certificate shall each be manually signed by two
authorized representatives of the Issuer and shall each be manually authenticated by or on behalf
of the Registrar. Together, the Bonds represented by the CBF Global Certificate and the DTC Global
Certificate, respectively, will equal the aggregate principal amount of the Bonds outstanding at
any time. The amount of Bonds represented by each of the CBF Global Certificate and the DTC Global
Certificate is evidenced by the register (the “Register”) maintained for that purpose by the
Registrar (§ 8). Definitive certificates representing individual Bonds and interest coupons shall
not be issued. Copies of the CBF Global Certificate and the DTC Global Certificate are available
free of charge at the Paying Agent (§ 8).

(3)    Transfer. Transfers of Bonds shall require appropriate entries in securities accounts.

14

 

Transfers of Bonds between CBF accountholders on the one hand and DTC participants on the other
hand and exchanges of Bonds pursuant to subsection (4) may not be effected during the period
commencing on the Record Date (§ 5(2)) and ending on the related payment date (both dates
inclusive).

(4)    Exchange. The Bonds represented by the DTC Global Certificate may be exchanged for
Bonds represented by the CBF Global Certificate and vice versa. Such exchanges shall be recorded on
the Register and shall be effected by an increase or a reduction in the aggregate amount of Bonds
represented by the DTC Global Certificate by the aggregate principal amount of Bonds so exchanged
and a corresponding reduction or increase in the aggregate amount of Bonds represented by the CBF
Global Certificate.

§ 2

Status

The Bonds constitute unsecured and unsubordinated obligations of the Issuer and rank pari passu
with all other present and future unsecured and unsubordinated obligations of the Issuer, but
subject to any applicable mandatory statutory exceptions.

§ 3

Interest

(1)    [In case of Notes with fixed interest rate: Interest Rate and Due Dates. The Bonds bear
interest at the rate of • % per annum as from •. The Bonds shall cease to bear interest
upon the end of the day preceding the day on which they become due for redemption. Interest shall
be payable annually in arrears on • of each year. The first interest payment date will be
• for the period commencing on • (inclusive) and ending on • (exclusive). The
interest amount for this period shall total Euro • for the aggregate principal amount of Euro
•.]

[In case of Notes with an interest rate other than a fixed rate set forth details of calculation
and determination of such interest rate in full here.]

(2)    Late Payment. Should the Issuer fail to redeem the Bonds on the due date therefor,
interest on the Bonds shall, subject to the provisions of § 5(3), continue to accrue beyond the due
date until actual redemption of the Bonds at the default rate of interest established by law.

(3)    Accrued Interest. If it is necessary to compute interest for a period of other than a
full year, interest shall be calculated on the basis of the actual/actual interest determination
method.

15

 

§ 4

Maturity, [Early Redemption,] Repurchase

(1)    The Bonds shall be redeemed at par on •. Subject to the provisions of [subsection (2)
and]§ 7, neither the Issuer nor any holder of a Bond (each a “Holder”) shall be entitled to redeem
the Bonds prior to their stated maturity.

[(2)    The Notes may be redeemed, as a whole but not in part, on • at the option of the Issuer
upon not less than • New York and Frankfurt Business Days (§ 5(3)) prior written notice given
in accordance with § 10, at a redemption price equal to • % of the principal amount of the
Notes, together with interest accrued to, but excluding, •.]

(•)    The Issuer may at any time purchase and resell Bonds in the open market or otherwise.

§ 5

Payments

(1)    Payments. (a) Payments of principal of, and interest on, the Bonds shall be made on the
relevant payment date (subsection (4)) to CBF in Euro and to the registered holder of the DTC
Global Certificate in U.S. dollars or Euro as set forth below. The amount of payments to CBF and to
the registered holder of the DTC Global Certificate, respectively, shall correspond to the
aggregate principal amount of Bonds represented by the CBF Global Certificate and the DTC Global
Certificate, as established by the Registrar (§ 8) at the close of business on the relevant Record
Date (subsection (2)). Payments of principal shall be made upon surrender of the CBF Global
Certificate and the DTC Global Certificate, as the case may be, to the Paying Agent (§ 8).

(b)    Any Holder holding Bonds through DTC (a “DTC Holder”) shall receive payments of principal and
interest in respect of the Bonds in U.S. dollars, unless such DTC Holder elects to receive payments
in Euro in accordance with the procedures set out below. To the extent that DTC Holders shall not
have made such election in respect of any payment of principal or interest, the aggregate amount
designated for all such DTC Holders in respect of such payment (the “Euro Conversion Amount”) shall
be converted by the Paying Agent into U.S. dollars and paid by wire transfer of same day funds to
the registered holder of the DTC Global Certificate for payment through DTC’s settlement system to
the relevant DTC participants. All costs of any such conversion shall be deducted from such
payments. Any such conversion shall be based on the bid quotation of the Paying Agent, at or prior
to 11:00 a.m. New York time, on the second New York Business Day (subsection (3)) preceding the
relevant payment date, for the purchase by the Paying Agent of the Euro Conversion Amount with U.S.
dollars for settlement on such payment date. If such bid quotation is not available, the Paying
Agent shall obtain a bid quotation from a leading foreign exchange bank in New York City selected
by the Paying Agent for such purpose. If no bid quotation from a leading foreign exchange bank is
available, payment of the Euro Conversion Amount will be made in Euro to the account or accounts
specified by DTC to the Paying Agent. Until such account or accounts are so specified, the funds
still held by

16

 

the Paying Agent shall bear interest at the rate of interest quoted by the Paying Agent for
deposits with it on an overnight basis, to the extent that the Paying Agent is reasonably able to
reinvest such funds.

(c)    Any DTC Holder may elect to receive payment of principal and interest with respect to the Bonds
in Euro by causing DTC, through the relevant DTC participant, to notify the Paying Agent by the
time specified below of (i) such DTC Holder’s election to receive all or a portion of such payment
in Euro and (ii) wire transfer instructions to a Euro account. Such election in respect of any
payment shall be made by the DTC Holder at the time and in the manner required by the DTC
procedures applicable from time to time and shall, in accordance with such procedures, be
irrevocable. DTC’s notification of such election, wire transfer instructions and of the amount
payable in Euro pursuant to this subsection (1)(c) must be received by the Paying Agent prior to
5:00 p.m. New York time on the fifth New York Business Day (subsection (3)) following the relevant
Record Date (subsection (2)) in the case of interest and prior to 5:00 p.m. New York time on the
eighth New York Business Day prior to the payment date (subsection (4)) for the payment of
principal. Any payments under this subsection (1)(c) in Euro shall be made by wire transfer of same
day funds to Euro accounts designated by DTC.

(d)    All payments made by the Issuer to CBF and to, or to the order of, the registered holder of the
DTC Global Certificate, respectively, shall discharge the liability of the Issuer under the Bonds
to the extent of the sums so paid.

(2)    Record Date. The record date (the “Record Date”) for purposes of transfer restrictions
(§ 1(3)) and payments (subsection (1)) of principal and interest shall be, in respect of each such
payment, the earlier of the following dates: (a) the date determined in accordance with the
conventions observed by CBF from time to time for the entitlement of CBF accountholders to payments
in respect of debt securities denominated in Euro and represented by permanent global certificates,
and (b) the tenth New York Business Day (subsection (3)) preceding the relevant due date.

(3)    Business Days. If any due date for payment of principal or interest in Euro in respect
of any Bonds is not a Frankfurt Business Day, such payment will not be made until the next
following Frankfurt Business Day, and no further interest shall be paid in respect of the delay in
such payment. If any due date for payment of principal or interest in U.S. dollars to the
registered holder of the DTC Global Certificate is not a Frankfurt Business Day or not a New York
Business Day, such payment will not be made until the next day which is both a Frankfurt Business
Day and a New York Business Day, and no further interest shall be paid in respect of the delay in
such payment. “Frankfurt Business Day” means any day (other than a Saturday or Sunday) on which
credit institutions are open for business in Frankfurt am Main. “New York Business Day” means any
day on which banking institutions in New York City are not obliged and not authorised to close.

(4)    Payment Date and Due Date. For the purposes of these Terms and Conditions “payment
date” means the day on which the payment is actually to be made, where applicable as adjusted in
accordance with subsection (3), and “due date” means the payment date provided for herein, without
taking account of any such adjustment.

17

 

(5)    Substitution of Paying Agent. The Paying Agent may, in respect of its functions and
duties under subsections 1(a), (b) and (c) of this § 5, substitute for itself its affiliate DBTCA.

§ 6

Taxation

All payments by the Issuer in respect of the Bonds shall be made without deduction or withholding
of taxes or other duties, unless such deduction or withholding is required by law. In the event of
such deduction or withholding, the Issuer shall not be required to pay any additional amounts in
respect of the Bonds.

§ 7

Termination for Default

Any Holder may, at his option, declare Bonds held by him due and demand repayment thereof at their
principal amount plus interest accrued to the date of repayment if the Issuer shall fail to pay any
amount payable hereunder within 30 days from the relevant due date. The right to declare Bonds due
shall cease if the Holder has received the relevant payment before the Holder has exercised such
right. Any notice declaring Bonds due shall be made by means of a written notice to be delivered by
hand or registered mail to the Issuer together with proof that such Holder at the time of such
notice is a holder of the relevant Bonds by means of a certificate of the Holder’s Custodian
pursuant to § 11(3)(a).

§ 8

The Agents

(1)    Initial Agents and Specified Offices. The initial Paying Agent and Registrar (together
the “Agents”) and their initial offices through which they act (the “Specified Offices”) are set
forth at the end of these Terms and Conditions.

(2)    Change of Agents and their Specified Offices. The Issuer reserves the right at any time
to vary or terminate the appointment of the Paying Agent or Registrar or approve any change in the
office through which they act, provided that there shall at all times be a Registrar and Paying
Agent, and provided further that so long as the Bonds are listed on any stock exchange(s) (and the
rules of such stock exchange(s) so require), the Issuer shall maintain a Paying Agent with a
Specified Office in the city in which such stock exchange(s) is (are) located. The Issuer shall
give notice of any change in the Agents or their Specified Offices by publication in accordance
with § 10.

(3)    No Legal Relationship. The Agents in such capacity are acting exclusively as agents of
the Issuer and do not have any legal relationship of whatever nature with the Holders and are not
in any event accountable to any Holder.

18

 

§ 9

Further Issues

The Issuer reserves the right, from time to time without the consent of the Holders, to issue
additional bonds, on terms identical in all respects to those set forth herein (except as to the
date from which interest shall accrue), so that such additional bonds shall be consolidated with,
form a single issue with and increase the aggregate principal amount of, the Bonds. The term
“Bonds” shall, in the event of such increase, also include such additionally issued bonds.

§ 10

Notices

All notices regarding the Bonds shall be published in the following journals: (a) at least one
leading daily newspaper of general circulation in the Federal Republic of Germany admitted by the
Frankfurt Stock Exchange to carry stock exchange announcements and (b) a leading daily newspaper
printed in the English language and of general circulation in New York City (expected to be the
Wall Street Journal). Any notice will become effective for all purposes on the third day following
the date of its publication, or, if published more than once or on different dates, on the third
day following the first date of any such publication.

§ 11

Governing Law, Jurisdiction, Enforcement, Language

(1)    Governing Law. The Bonds, both as to form and content, as well as the rights and duties
of the Holders and the Issuer shall be governed by and shall be construed in accordance with the
laws of the Federal Republic of Germany. Transfers and pledges of Bonds held through DTC and
executed between DTC participants and between DTC and DTC participants will be governed by the laws
of the State of New York.

(2)    Jurisdiction. Any action or other legal proceedings arising out of or in connection
with the Bonds may exclusively be brought in the District Court (Landgericht) in Frankfurt am Main.

(3)    Enforcement. Any Holder may in any proceedings against the Issuer or to which the
Holder and the Issuer are parties protect and enforce in its own name its rights arising under its
Bonds on the basis of (a) a certificate issued by its Custodian (i) stating the full name and
address of the Holder, (ii) specifying an aggregate principal amount of Bonds credited on the date
of such statement to such Holder’s securities account maintained with such Custodian and (iii)
confirming that the Custodian has given a written notice to CBF or DTC, as the case may be, and the
Registrar containing the information pursuant to (i) and (ii) and bearing acknowledgements of CBF
or DTC and the relevant CBF accountholder or DTC participant and (b) a copy of the CBF Global
Certificate or the DTC Global

19

 

Certificate certified as being a true copy by a duly authorised officer of CBF or DTC, as the case
may be, or the Registrar. For purposes of the foregoing, “Custodian” means any bank or other
financial institution of recognised standing authorised to engage in securities custody business
with which the Holder maintains a securities account in respect of any Bonds and includes CBF, DTC
and any other clearing system which maintains an account with CBF.

(4)    Language. These Terms and Conditions are written in the German language and provided
with an English language translation. The German text shall be controlling and binding. The English
language translation is provided for convenience only.

Registrar and Paying Agent

Deutsche Bank Aktiengesellschaft

Grosse Gallusstrasse 10-14

D-60272 Frankfurt am Main

Federal Republic of Germany

20

 

Schedule 1A

German Language Version of the

TERMS AND CONDITIONS OF THE EURO-BONDS

ANLEIHEBEDINGUNGEN

§ 1

Allgemeine Bestimmungen

(1)    Nennbetrag und Stückelung. Die • % Globalanleihe fällig   •   der KfW,
Frankfurt am Main, Bundesrepublik Deutschland (die “Emittentin”) im Gesamtnennbetrag von

Euro •

ist in • Millionen untereinander gleichberechtigte Teilschuldverschreibungen im Nennbetrag
von je Euro 1.000 (die “Schuldverschreibungen”) eingeteilt.

(2)    Verbriefung und Verwahrung. Die Schuldverschreibungen werden durch zwei oder mehr
Dauerglobalurkunden ohne Zinsscheine verbrieft. Eine der beiden Dauerglobalurkunden (die
“CBF-Globalurkunde”) wird von der Clearstream Banking AG, Frankfurt am Main, (“CBF”) verwahrt, bis
sämtliche Verpflichtungen der Emittentin aus den Schuldverschreibungen erfüllt sind. Die
CBF-Globalurkunde lautet auf den Inhaber. Sie verbrieft die Schuldverschreibungen, die für
Finanzinstitute verwahrt werden, die Kontoinhaber bei der CBF sind, einschließlich derjenigen
Schuldverschreibungen, die über Euroclear Bank S.A./N.V., als dem Betreiber des Euroclear-Systems
(“Euroclear”) und Clearstream Banking, société anonyme, Luxembourg, verwahrt werden, die beide über
eine Kontenverbindung mit der CBF verfügen, und weiter einschließlich derjenigen
Schuldverschreibungen, die über ein anderes Clearing System verwahrt werden, das über eine
Kontenverbindung mit der CBF verfügt. Die andere Dauerglobalurkunde (die “DTC-Globalurkunde”) wird
von der Deutsche Bank Trust Company Americas (“DBTCA”), oder einem etwaigen Rechtsnachfolger als
Verwahrer für The Depository Trust Company, New York (“DTC”) verwahrt, bis sämtliche
Verpflichtungen der Emittentin aus den Schuldverschreibungen erfüllt sind. Die DTC-Globalurkunde
ist als Namenspapier ausgegeben und auf den Namen von Cede & Co. als dem Beauftragten von DTC
ausgestellt worden. Sie verbrieft die Schuldverschreibungen, die für Finanzinstitute verwahrt
werden, die DTC-Teilnehmer sind. Die CBF-Globalurkunde und die DTC-Globalurkunde tragen jeweils die
eigenhändigen Unterschriften zweier ordnungsgemäß bevollmächtigter Vertreter der Emittentin und
sind jeweils von der Registerstelle oder in deren Namen mit einer handschriftlichen
Kontrollunterschrift versehen. Die durch die CBF-Globalurkunde und die DTC-Globalurkunde
verbrieften Schuldverschreibungen entsprechen zusammen dem jeweils ausstehenden Gesamtnennbetrag
der Anleihe. Der Betrag, der jeweils auf die durch die CBF-Globalurkunde und die DTC-Globalurkunde
verbrieften

21

 

Schuldverschreibungen entfällt, ergibt sich aus dem Register (das “Register”), das die
Registerstelle (§ 8) zu diesem Zweck führt. Effektive Urkunden über einzelne Schuldverschreibungen
und Zinsscheine werden nicht ausgegeben. Kopien der CBF-Globalurkunde und der DTC-Globalurkunde
sind bei der Zahlstelle (§ 8) kostenlos erhältlich.

(3)    Übertragung. Übertragungen von Schuldverschreibungen setzen entsprechende
Depotbuchungen voraus. Übertragungen von Schuldverschreibungen zwischen CBF-Kontoinhabern
einerseits und DTC-Teilnehmern andererseits sowie der Austausch von Schuldverschreibungen nach
Absatz (4) sind während des Zeitraums vom Stichtag nach § 5(2) bis zu dem zugehörigen Zahlungstag
(jeweils einschließlich) ausgeschlossen.

(4)    Austausch. Die durch die DTC-Globalurkunde verbrieften Schuldverschreibungen können
gegen die durch die CBF-Globalurkunde verbrieften Schuldverschreibungen ausgetauscht werden und
umgekehrt. Ein solcher Austausch ist im Register zu vermerken und erfolgt durch Erhöhung oder
Verminderung des Gesamtnennbetrags der durch die DTC-Globalurkunde verbrieften
Schuldverschreibungen um den Gesamtnennbetrag der so ausgetauschten Schuldverschreibungen und eine
gleich hohe Verminderung oder Erhöhung des Gesamtnennbetrags der durch die CBF-Globalurkunde
verbrieften Schuldverschreibungen.

§ 2

Status

Die Schuldverschreibungen begründen nicht besicherte und nicht nachrangige Verbindlichkeiten der
Emittentin und stehen im gleichen Rang mit allen anderen gegenwärtigen und zukünftigen nicht
besicherten und nicht nachrangigen Verbindlichkeiten der Emittentin, soweit nicht zwingende
gesetzliche Bestimmungen etwas anderes vorschreiben.

§ 3

Zinsen

(1)    [Im Falle von Schuldverschreibungen mit festem Zinssatz: Zinssatz und Fälligkeit. Die
Schuldverschreibungen werden vom • an mit jährlich • % verzinst. Die Verzinsung der
Schuldverschreibungen endet mit dem Ablauf des Tages, der dem Tag vorangeht, an dem sie zur
Rückzahlung fällig werden. Die Zinsen sind jährlich nachträglich am • eines jeden Jahres zur
Zahlung fällig. [Im Falle eines langen oder kurzen
Kupons hinzufügen: Der erste Zinszahlungstermin ist der • für den Zeitraum vom •
(einschließlich) bis zum • (ausschließlich). Der Zinsbetrag für diesen Zeitraum beläuft sich
auf Euro • für den Gesamtnennbetrag der
Schuldverschreibungen.]]

[Im Falle von Schuldverschreibungen mit einem Zinssatz, der kein fester Zinssatz ist, Einzelheiten
zur Berechnung und Bestimmung dieses Zinssatzes hier einfügen.]

22

 

(2)    Verzug. Sofern die Emittentin die Schuldverschreibungen nicht am Fälligkeitstag
zurückzahlt, werden die Schuldverschreibungen, vorbehaltlich der Bestimmungen des § 5(3), vom
Fälligkeitstag bis zur tatsächlichen Rückzahlung der Schuldverschreibungen zum gesetzlichen
Verzugszinssatz verzinst.

(3)    Stückzinsen. Sind Zinsen auf einen Zeitraum zu berechnen, der nicht ein Jahr ist, so
werden sie auf der Grundlage der taggenauen Zinsberechnungsmethode ermittelt.

§ 4

Fälligkeit; [Vorzeitige Rückzahlung;] Rückkauf

(1)    Die Schuldverschreibungen sind am • zu ihrem Nennbetrag zurückzuzahlen. Vorbehaltlich der
Bestimmungen in [Absatz (2) und] § 7 ist weder die Emittentin noch ein Gläubiger der
Schuldverschreibungen (jeweils ein “Anleihegläubiger”) berechtigt, die Schuldverschreibungen vor
ihrer Fälligkeit zur Rückzahlung zu kündigen.

[(2)    Die Schuldverschreibungen können am • nach Wahl der Emittentin insgesamt, jedoch nicht
teilweise, mit einer Vorankündigungsfrist von mindestens • New Yorker und Frankfurter
Geschäftstagen (§ 5(3)) durch Bekanntmachung gemäß § 10 zum Rückkaufpreis von • % ihres
Nennbetrages zusammen mit den Stückzinsen bis zum • (ausschließlich) zur Rückzahlung
gekündigt werden.]

(•)    Die Emittentin ist berechtigt, Schuldverschreibungen jederzeit im Markt oder anderweitig
zu kaufen und wieder zu verkaufen.

§ 5

Zahlungen

(1)    Zahlungen. (a) Zahlungen von Kapital und Zinsen auf die Schuldverschreibungen erfolgen
am jeweiligen Zahlungstag (Absatz (4)) an die CBF in Euro und an den eingetragenen Inhaber der
DTC-Globalurkunde in US-Dollar oder Euro nach Maßgabe der nachfolgenden Bestimmungen. Der Betrag
der Zahlungen an die CBF einerseits und den eingetragenen Inhaber der DTC-Globalurkunde
andererseits bemißt sich nach der Höhe des Gesamtnennbetrages der Schuldverschreibungen, die durch
die CBF-Globalurkunde und die DTC-Globalurkunde verbrieft werden, so wie er durch die
Registerstelle (§ 8) bei Geschäftsschluß am jeweiligen Stichtag (Absatz (2)) festgestellt wird.
Zahlungen von Kapital erfolgen gegen Einreichung der CBF-Globalurkunde und der DTC-Globalurkunde
bei der Zahlstelle (§ 8).

(b)    Ein Anleihegläubiger, der seine Schuldverschreibungen über die DTC hält (ein
“DTC-Anleihegläubiger”), erhält Zahlungen von Kapital und Zinsen auf die Schuldverschreibungen in
US-Dollar, soweit er nicht gemäß den nachfolgend beschriebenen Verfahren Zahlungen in Euro wählt.
Soweit DTC-Anleihegläubiger für eine Zahlung von Kapital oder Zinsen keine derartige Wahl getroffen
haben, wird der für alle diese DTC-Anleihegläubiger bei dieser Zahlung bestimmte Gesamtbetrag (der
“Euro-

23

 

Umtauschbetrag”) von der Zahlstelle in US-Dollar umgetauscht und durch Überweisung in gleichtägig
verfügbaren Mitteln an den eingetragenen Inhaber der DTC-Globalurkunde zur Auszahlung über das
Abrechnungssystem der DTC an die betreffenden DTC-Teilnehmer gezahlt. Alle Kosten eines derartigen
Umtauschs werden von diesen Zahlungen abgezogen. Jeder derartige Umtausch basiert auf dem
Ankaufskurs der Zahlstelle vor oder um 11.00 Uhr New Yorker Zeit am zweiten New Yorker Geschäftstag
(Absatz (3)) vor dem jeweiligen Zahlungstag für den Kauf des Euro-Umtauschbetrages durch die
Zahlstelle gegen US-Dollar zur Abrechnung an diesem Zahlungstag. Falls es einen derartigen
Ankaufskurs nicht gibt, wird die Zahlstelle von einer im Devisenhandel führenden Bank in New York
City, die von der Zahlstelle zu diesem Zweck ausgewählt wird, einen Ankaufskurs einholen. Falls
kein Ankaufskurs einer im Devisenhandel führenden Bank erhältlich ist, erfolgt die Zahlung des
Euro-Umtauschbetrages in Euro auf das Konto oder die Konten, die der Zahlstelle von der DTC
bezeichnet werden. Bis dieses Konto oder diese Konten derart bezeichnet sind, werden die noch von
der Zahlstelle gehaltenen Mittel mit einem Zinssatz, der von der Zahlstelle für bei ihr als
Tagesgeld angelegte Einlagen gestellt wird, verzinst, soweit die Zahlstelle vernünftigerweise in
der Lage ist, diese Mittel wieder anzulegen.

(c)    Ein DTC-Anleihegläubiger kann Zahlung von Kapital und Zinsen auf die Schuldverschreibungen in
Euro wählen, indem er die DTC durch den betreffenden DTC-Teilnehmer dazu veranlaßt, die Zahlstelle
zu dem nachfolgend bestimmten Zeitpunkt über (i) die Wahl dieses DTC-Anleihegläubigers, diese
Zahlung ganz oder zum Teil in Euro zu empfangen, und (ii) den Auftrag zur Überweisung auf ein
Euro-Konto zu benachrichtigen. Eine derartige Wahl hat für die jeweilige Zahlung durch den
DTC-Anleihegläubiger zu dem Zeitpunkt und in der Art und Weise zu erfolgen, wie sie von den jeweils
anwendbaren Verfahrensregeln der DTC gefordert wird, und ist gemäß diesen Verfahrensregeln
unwiderruflich. Die Benachrichtigung seitens der DTC über diese Wahl, den Überweisungsauftrag und
den in Euro gemäß diesem Absatz (1)(c) zahlbaren Betrag muß bei der Zahlstelle vor 17.00 Uhr (New
Yorker Zeit) am fünften New Yorker Geschäftstag (Absatz (3)) nach dem jeweiligen Stichtag (Absatz
(2)) für Zinsen und vor 17.00 Uhr (New Yorker Zeit) am achten New Yorker Geschäftstag vor dem
Zahlungstag (Absatz (4)) für die Zahlung von Kapital eingegangen sein. Zahlungen in Euro gemäß
diesem Absatz (1)(c) erfolgen durch Überweisung von gleichtägig verfügbaren Mitteln auf die von der
DTC bezeichneten Euro-Konten.

(d)    Zahlungen der Emittentin an die CBF und an den eingetragenen Inhaber der DTC-Globalurkunde oder
nach dessen Weisung befreien die Emittentin in Höhe der geleisteten Zahlungen von ihren
Verbindlichkeiten aus den Schuldverschreibungen.

(2)    Stichtag. Der Stichtag (der “Stichtag”) für die Zwecke von Übertragungsbeschränkungen
(§ 1(3)) und für Zahlungen (Absatz (1)) von Kapital und Zinsen ist der jeweils frühere der beiden
folgenden Termine: (a) der Tag, nach dem sich aufgrund der jeweils geltenden Regeln der CBF die
Empfangsberechtigung der CBF-Kontoinhaber für Zahlungen auf bei der CBF verwahrte
Schuldverschreibungen bestimmt, die auf Euro lauten und in Dauerglobalurkunden verbrieft sind, und
(b) der zehnte New Yorker Geschäftstag (Absatz (3)) vor dem jeweiligen Fälligkeitstag.

24

 

(3)    Geschäftstage. Ist ein Fälligkeitstag für die Zahlung von Kapital oder Zinsen in Euro
auf eine Schuldverschreibung nicht ein Frankfurter Geschäftstag, so wird die betreffende Zahlung
erst am nächstfolgenden Frankfurter Geschäftstag geleistet, ohne daß wegen dieser
Zahlungsverzögerung zusätzliche Zinsen gezahlt werden. Ist ein Fälligkeitstag für die Zahlung von
Kapital oder Zinsen in US-Dollar an den eingetragenen Inhaber der DTC-Globalurkunde nicht ein
Frankfurter Geschäftstag oder nicht ein New Yorker Geschäftstag, so wird die betreffende Zahlung
erst am nächsten Tag, der zugleich Frankfurter und New Yorker Geschäftstag ist, geleistet, ohne daß
wegen dieser Zahlungsverzögerung zusätzliche Zinsen gezahlt werden. Ein “Frankfurter Geschäftstag”
ist jeder Tag (außer einem Samstag oder Sonntag), an dem Kreditinstitute in Frankfurt am Main für
den Geschäftsverkehr geöffnet sind. Ein “New Yorker Geschäftstag” ist jeder Tag, an dem Banken in
New York City nicht verpflichtet und nicht berechtigt sind, zu schließen.

(4)    Zahlungstag und Fälligkeitstag. Im Sinne dieser Anleihebedingungen ist “Zahlungstag”
der Tag, an dem, gegebenenfalls aufgrund einer Anpassung gemäß Absatz (3), die Zahlung tatsächlich
zu leisten ist, und “Fälligkeitstag” der vorgesehene Zahlungstermin ohne Berücksichtigung einer
solchen Anpassung.

(5)    Substitution der Zahlstelle. Die Zahlstelle ist berechtigt, sich hinsichtlich ihrer
Aufgaben und Verpflichtungen nach § 5 Abs. 1(a), (b) und (c) durch die mit ihr verbundene
Gesellschaft DBTCA zu substituieren.

§ 6

Steuern

Sämtliche Zahlungen der Emittentin auf die Schuldverschreibungen sind ohne Abzug oder Einbehalt von
Steuern oder sonstigen Abgaben zu leisten, es sei denn, die Emittentin ist rechtlich verpflichtet,
solche Steuern und Abgaben abzuziehen oder einzubehalten. Fallen derartige Abzüge oder Einbehalte
an, so ist die Emittentin nicht verpflichtet, irgendwelche zusätzlichen Beträge auf die
Schuldverschreibungen zu zahlen.

§ 7

Kündigung durch Anleihegläubiger

Jeder Anleihegläubiger ist berechtigt, seine Schuldverschreibungen zur Rückzahlung zum Nennbetrag
zuzüglich bis zum Rückzahlungstag aufgelaufener Zinsen zu kündigen, falls die Emittentin nach
Maßgabe dieser Anleihebedingungen zahlbare Beträge nicht innerhalb von 30 Tagen nach dem
betreffenden Fälligkeitstag zahlt. Das Kündigungsrecht erlischt, wenn der Anleihegläubiger die
betreffende Zahlung erhalten hat, bevor er das Kündigungsrecht ausgeübt hat. Die Kündigung zur
Rückzahlung hat in der Weise zu erfolgen, daß der Anleihegläubiger der Emittentin eine schriftliche
Kündigungserklärung übergibt oder durch eingeschriebenen Brief übermittelt und dabei durch eine
Bescheinigung seiner Depotbank gemäß § 11(3)(a) nachweist, daß er im Zeitpunkt der Kündigung
Gläubiger der betreffenden Schuldverschreibungen ist.

25

 

§ 8

Die Erfüllungsgehilfen

(1)    Anfängliche Erfüllungsgehilfen und bezeichnete Geschäftsstellen. Die anfängliche
Zahlstelle und die anfängliche Registerstelle (zusammen die “Erfüllungsgehilfen”) und ihre
anfänglichen Geschäftsstellen, durch welche sie handeln (die “bezeichneten Geschäftsstellen”), sind
am Ende dieser Anleihebedingungen aufgeführt.

(2)    Änderung der Erfüllungsgehilfen und ihrer bezeichneten Geschäftsstellen. Die Emittentin
behält sich das Recht vor, jederzeit die Bestellung der Zahlstelle oder der Registerstelle zu
ändern oder zu beenden oder einer Änderung der Geschäftsstelle, durch welche sie handeln,
zuzustimmen, vorausgesetzt, daß stets eine Registerstelle und eine Zahlstelle vorhanden sein muß,
und weiter vorausgesetzt, daß solange die Schuldverschreibungen an einer Börse oder Börsen
zugelassen sind (und die Regeln dieser Börse(n) es erfordern), die Emittentin eine Zahlstelle mit
bezeichneter Geschäftsstelle an dem Börsenort bzw. den Börsenorten zu unterhalten hat. Die
Emittentin hat jede Änderung in der Person der Erfüllungsgehilfen oder ihrer bezeichneten
Geschäftsstellen durch Veröffentlichung gemäß § 10 bekanntzumachen.

(3)    Keine Rechtsbeziehungen. Die Erfüllungsgehilfen handeln als solche ausschließlich als
Erfüllungsgehilfen der Emittentin und haben keinerlei rechtliche Beziehung welcher Art auch immer
mit den Anleihegläubigern und sind den Anleihegläubigern gegenüber in keinem Fall verantwortlich.

§ 9

Begebung weiterer Schuldverschreibungen

Die Emittentin behält sich vor, von Zeit zu Zeit ohne Zustimmung der Anleihegläubiger weitere
Schuldverschreibungen mit gleicher Ausstattung (gegebenenfalls mit Ausnahme des Tages des
Verzinsungsbeginns) in der Weise zu begeben, daß sie mit den Schuldverschreibungen zusammengefaßt
werden, eine einheitliche Emission mit ihnen bilden und ihren Gesamtnennbetrag erhöhen. Der Begriff
“Schuldverschreibungen” umfaßt im Fall einer solchen Erhöhung auch solche zusätzlich begebenen
Schuldverschreibungen.

§ 10

Bekanntmachungen

Alle Bekanntmachungen, die die Schuldverschreibungen betreffen, werden in folgenden Zeitungen
veröffentlicht: (a) in mindestens einer von der Frankfurter Wertpapierbörse für Bekanntmachungen
bestimmten führenden Tageszeitung mit allgemeiner Verbreitung in der Bundesrepublik Deutschland und
(b) in einer in englischer Sprache erscheinenden und in New York allgemein verbreiteten führenden
Tageszeitung (voraussichtlich das Wall Street Journal). Sämtliche Bekanntmachungen werden wirksam
am dritten Tag, der auf die

26

 

Veröffentlichung folgt oder, sofern die Veröffentlichung mehr als einmal oder an verschiedenen
Tagen erfolgt, am dritten Tag, der auf die erste Veröffentlichung folgt.

§ 11

Anwendbares Recht; Gerichtsstand;

Geltendmachung von Ansprüchen; Sprache

(1)    Anwendbares Recht. Form und Inhalt der Schuldverschreibungen, die Rechte und Pflichten
der Anleihegläubiger und der Emittentin bestimmen sich in jeder Hinsicht nach deutschem Recht.
Übertragungen und Verpfändungen von bei DTC verwahrten Schuldverschreibungen, die zwischen
DTC-Teilnehmern und zwischen der DTC und DTC-Teilnehmern durchgeführt werden, unterliegen dem Recht
des Staates New York.

(2)    Gerichtsstand. Zuständig für alle Klagen oder sonstigen Verfahren aus oder im
Zusammenhang mit den Schuldverschreibungen ist ausschließlich das Landgericht in Frankfurt am Main.

(3)    Geltendmachung von Ansprüchen. Jeder Anleihegläubiger kann in Rechtsstreitigkeiten
gegen die Emittentin oder in Rechtsstreitigkeiten, an denen der Anleihegläubiger und die Emittentin
beteiligt sind, im eigenen Namen seine Rechte aus den ihm zustehenden Schuldverschreibungen unter
Vorlage folgender Unterlagen wahrnehmen und durchsetzen: (a) einer Bescheinigung seiner Depotbank,
die (i) den vollen Namen und die volle Anschrift des Anleihegläubigers bezeichnet, (ii) einen
Gesamtnennbetrag von Schuldverschreibungen angibt, die am Ausstellungstag dieser Bescheinigung dem
bei dieser Depotbank bestehenden Depot des Anleihegläubigers gutgeschrieben sind, und (iii)
bestätigt, daß die Depotbank der CBF oder der DTC sowie der Registerstelle eine schriftliche
Mitteilung gemacht hat, die die Angaben gemäß (i) und (ii) enthält, und Bestätigungsvermerke der
CBF oder der DTC sowie des betroffenen CBF-Kontoinhabers oder DTC-Teilnehmers trägt, sowie (b)
einer von einem Vertretungsberechtigten der CBF oder der DTC oder der Registerstelle beglaubigten
Ablichtung der CBF-Globalurkunde oder der DTC-Globalurkunde. Im Sinne der vorstehenden Bestimmungen
ist “Depotbank” ein Bank- oder sonstiges Finanzinstitut (einschließlich CBF, DTC und jedes anderen
Clearing Systems, das eine Kontenverbindung mit CBF unterhält) von allgemein anerkanntem Ansehen,
das eine Genehmigung für das Wertpapier-Depotgeschäft hat und bei dem der Anleihegläubiger
Schuldverschreibungen im Depot verwahren läßt.

(4)    Sprache. Diese Anleihebedingungen sind in deutscher Sprache abgefaßt. Eine Übersetzung
in die englische Sprache ist beigefügt. Der deutsche Text ist bindend und maßgeblich. Die
Übersetzung in die englische Sprache ist unverbindlich.

27

 

Registerstelle und Zahlstelle

Deutsche Bank Aktiengesellschaft

Große Gallusstraße 10-14

D-60272 Frankfurt am Main

Bundesrepublik Deutschland

28

 

Schedule 1B

English Language Version of the

TERMS AND CONDITIONS OF THE USD-NOTES

§ 1

General Provisions

(1)    Principal Amount and Denomination. The issue of the • % Global Notes due •
of KfW, Frankfurt am Main, Federal Republic of Germany (the “Issuer”) in the aggregate principal
amount of

U.S.$ •

is divided into • notes in the principal amount of U.S.$ 1,000 each which rank pari passu
among themselves (the “Notes”).

(2)    Global Certificate. Form. The Notes are represented by one or more permanent global
certificates without interest coupons (the “Global Certificates”). The Global Certificates are kept
in custody by Deutsche Bank Trust Company Americas, or any successor, as custodian for The
Depository Trust Company, New York (“DTC”). The Global Certificates are in registered form in the
name of Cede & Co., as nominee of DTC recorded in a register (the “Register”) and kept by the
Registrar (§ 8). Each Global Certificate is manually signed by two authorized representatives of
the Issuer and manually authenticated by or on behalf of the Registrar. Copies of the Global
Certificates are available free of charge at the Paying Agent (§ 8).

(3)    Transfer. Transfers of Notes shall require appropriate entries in securities accounts.

§ 2

Status

The Notes constitute unsecured and unsubordinated obligations of the Issuer and rank pari passu
with all other present and future unsecured and unsubordinated obligations of the Issuer, but
subject to any applicable mandatory statutory exceptions.

§ 3

Interest

(1)    [In case of Notes with fixed interest rate: Interest Rate and Due Dates. The Notes bear
interest at the rate of • % per annum as from • . The Notes shall cease to bear interest
upon the end of the day preceding the day on which they become due for redemption.

29

 

Interest shall be payable semi-annually in arrears on • and • of each year, commencing
on •. [If the first interest period is long or short, add: The first interest payment date
will be • for the period commencing on • (inclusive) and ending on • (exclusive). The
interest amount for this period shall total U.S.$ • for the aggregate principal amount.]

[In case of Notes with an interest rate other than a fixed rate set forth details of calculation
and determination of such interest rate in full here.]

(2)    Late Payment. Should the Issuer fail to redeem the Notes on the due date therefor,
interest on the Notes shall, subject to the provisions of § 5(3), continue to accrue beyond the
due date until actual redemption of the Notes at the default rate of interest established by law.

(3)    Accrued Interest. If it is necessary to compute interest for a period of other than a
full year, interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day
months.

§ 4

Maturity, [Early Redemption,] Repurchase

(1)    The Notes shall be redeemed at par on •. Subject to the provisions of [subsection (2)
and] § 7, neither the Issuer nor any holder of a Note (each a “Holder”) shall be entitled to redeem
the Notes prior to their stated maturity.

[(2)    The Notes may be redeemed, as a whole but not in part, on • at the option of the Issuer
upon not less than • New York Business Days (§ 5(3)) prior written notice given in accordance
with § 10, at a redemption price equal to • % of the principal amount of the Notes, together
with interest accrued to, but excluding, •.]

(•)    The Issuer may at any time purchase and resell Notes in the open market or otherwise.

§ 5

Payments

(1)    Payments. (a) Payments of principal of, and interest on, the Notes shall be made in
United States dollars on the relevant payment date (subsection (4)) to, or to the order of, the
person registered at the close of business on the relevant Record Date (subsection (2)) in the
Register kept by the Registrar. Payments of principal shall be made upon surrender of the Global
Certificates to the Paying Agent (§ 8).

(b)    All payments made by the Issuer to, or to the order of, the person registered at the close of
business on the relevant Record Date in the Register kept by the Registrar, shall discharge the
liability of the Issuer under the Notes to the extent of the sums so paid.

30

 

(2)    Record Date. The record date (the “Record Date”) for purposes of payments (subsection
(1)) of principal and interest shall be, in respect of each such payment, the tenth New York
Business Day preceding the relevant payment date.

(3)    New York Business Day. If any date for payment of principal or interest to the
registered holder of the Global Certificate(s) is not a New York Business Day, such payment will
not be made until the next day which is a New York Business Day, and no further interest shall be
paid in respect of the delay in such payment. “New York Business Day” means any day on which
banking institutions in New York City are not obliged and not authorised to close.

(4)    Payment Date and Due Date. For the purposes of these Terms and Conditions “payment
date” means the day on which the payment is actually to be made, where applicable as adjusted in
accordance with subsection (3), and “due date” means the payment date provided for herein, without
taking account of any such adjustment.

§ 6

Taxation

All payments by the Issuer in respect of the Notes shall be made without deduction or withholding
of taxes or other duties, unless such deduction or withholding is required by law. In the event of
such deduction or withholding, the Issuer shall not be required to pay any additional amounts in
respect of the Notes.

§ 7

Termination for Default

Any Holder may, at his option, declare Notes held by him due and demand repayment thereof at their
principal amount plus interest accrued to the date of repayment if the Issuer shall fail to pay any
amount payable hereunder within 30 days from the relevant due date. The right to declare Notes due
shall cease if the Holder has received the relevant payment before the Holder has exercised such
right. Any notice declaring Notes due shall be made by means of a written notice to be delivered by
hand or registered mail to the Issuer together with proof that such Holder at the time of such
notice is a holder of the relevant Notes by means of a certificate of the Holder’s Custodian
pursuant to § 11(3)(a).

§ 8

The Agents

(1)    Initial Agents and Specified Offices. The initial Paying Agent and Registrar (together
the “Agents”) and their initial offices through which they act (the “Specified Offices”) are set
forth at the end of these Terms and Conditions.

31

 

(2)    Change of Agents and their Specified Offices. The Issuer reserves the right at any time
to vary or terminate the appointment of the Paying Agent or Registrar or approve any change in the
office through which they act, provided that there shall at all times be a Registrar and Paying
Agent, and provided further that so long as the Notes are listed on any stock exchange(s) (and the
rules of such stock exchange(s) so require), the Issuer shall maintain a Paying Agent with a
Specified Office in the city in which such stock exchange(s) is (are) located. The Issuer shall
give notice of any change in the Agents or their Specified Offices by publication in accordance
with § 10.

(3)    No Legal Relationship. The Agents in such capacity are acting exclusively as agents of
the Issuer and do not have any legal relationship of whatever nature with the Holders and are not
in any event accountable to any Holder.

§ 9

Further Issues

The Issuer reserves the right, from time to time without the consent of the Holders, to issue
additional notes, on terms identical in all respects to those set forth herein (except as to the
date from which interest shall accrue), so that such additional notes shall be consolidated with,
form a single issue with and increase the aggregate principal amount of, the Notes. The term
“Notes” shall, in the event of such increase, also include such additionally issued notes.

§ 10

Notices

All notices regarding the Notes shall be published in the following journals: (a) so long as the
Notes are listed on the Luxembourg Stock Exchange (and the rules of such Stock Exchange so require)
in a leading daily newspaper in Luxembourg (expected to be the Luxemburger Wort); (b) a leading
daily newspaper of general circulation in the Federal Republic of Germany; and (c) a leading daily
newspaper printed in the English language and of general circulation in New York City (expected to
be the Wall Street Journal). Any notice will become effective for all purposes on the third day
following the date of its publication, or, if published more than once or on different dates, on
the third day following the first date of any such publication.

§ 11

Governing Law, Jurisdiction, Enforcement, Language

(1)    Governing Law. The Notes, both as to form and content, as well as the rights and duties
of the Holders and the Issuer shall be governed by and shall be construed in accordance with the
laws of the Federal Republic of Germany. Transfers and pledges of Notes executed between DTC
participants and between DTC and DTC participants shall be governed by the laws of the State of New
York.

32

 

(2)    Jurisdiction. Any action or other legal proceedings arising out of or in connection
with the Notes may exclusively be brought in the District Court (Landgericht) in Frankfurt am Main.

(3)    Enforcement. Any Holder may in any proceedings against the Issuer or to which the
Holder and the Issuer are parties protect and enforce in its own name its rights arising under its
Notes on the basis of (a) a certificate issued by its Custodian (i) stating the full name and
address of the Holder, (ii) specifying an aggregate principal amount of Notes credited on the date
of such statement to such Holder’s securities account maintained with such Custodian and (iii)
confirming that the Custodian has given a written notice to DTC and the Registrar containing the
information pursuant to (i) and (ii) and bearing acknowledgements of DTC and the relevant DTC
participant and (b) copies of the Global Certificates certified as being true copies by a duly
authorised officer of DTC or the Registrar. For purposes of the foregoing, “Custodian” means any
bank or other financial institution of recognised standing authorised to engage in securities
custody business with which the Holder maintains a securities account in respect of any Notes and
includes DTC and any other clearing system which participates in DTC.

(4)    Language. These Terms and Conditions are written in the [English] [German] language and
provided with a[n] [German] [English] language translation. The [English] [German] text shall be
controlling and binding. The [German] [English] language translation is provided for convenience
only.

Registrar and Paying Agent

Deutsche Bank Trust Company Americas

60 Wall Street

MS NYC60-2515

New York, NY 10005

33

 

Schedule 1B

German Language Version of the

TERMS AND CONDITIONS OF THE USD-NOTES

ANLEIHEBEDINGUNGEN

§ 1

Allgemeine Bestimmungen

(1)    Nennbetrag und Stückelung. Die • % Globalanleihe fällig   •   der KfW,
Frankfurt am Main, Bundesrepublik Deutschland (die “Emittentin”) im Gesamtnennbetrag von

U.S.D. •

ist in • untereinander gleichberechtigte Teilschuldverschreibungen im Nennbetrag von je
U.S.D. 1.000 (die “Schuldverschreibungen”) eingeteilt.

(2)    Globalurkunde. Form. Die Schuldverschreibungen werden durch eine oder mehrere
Dauerglobalurkunden ohne Zinsscheine verbrieft (die “Globalurkunden”). Die Globalurkunden werden
von der Deutsche Bank Trust Company Americas (“DBTCA”) oder einem etwaigen Rechtsnachfolger als
Verwahrer für The Depository Trust Company, New York (“DTC”) verwahrt. Die Globalurkunden sind als
Namenspapiere auf den Namen von Cede & Co. als dem Beauftragten von DTC ausgestellt und in ein
Register (das “Register”) eingetragen, welches von der Registerstelle geführt wird. Die
Globalurkunden tragen jeweils die eigenhändigen Unterschriften zweier ordnungsgemäß
bevollmächtigter Vertreter der Emittentin und sind jeweils von der Registerstelle oder in deren
Namen mit einer handschriftlichen Kontrollunterschrift versehen. Kopien der Globalurkunden sind
bei der Zahlstelle (§ 8) kostenlos erhältlich.

(3)    Übertragung. Übertragungen von Schuldverschreibungen setzen entsprechende
Depotbuchungen voraus.

§ 2

Status

Die Schuldverschreibungen begründen nicht besicherte und nicht nachrangige Verbindlichkeiten der
Emittentin und stehen im gleichen Rang mit allen anderen gegenwärtigen und zukünftigen nicht
besicherten und nicht nachrangigen Verbindlichkeiten der Emittentin, soweit nicht zwingende
gesetzliche Bestimmungen etwas anderes vorschreiben.

34

 

§ 3

Zinsen

(1)    [Im Falle von Schuldverschreibungen mit festem Zinssatz: Zinssatz und Fälligkeit. Die
Schuldverschreibungen werden vom • an mit jährlich • % verzinst. Die Verzinsung der
Schuldverschreibungen endet mit dem Ablauf des Tages, der dem Tag vorangeht, an dem sie zur
Rückzahlung fällig werden. Die Zinsen sind halbjährlich nachträglich am • und am •
eines jeden Jahres zur Zahlung fällig, beginnend am •. [Im Falle eines langen oder kurzen
Kupons hinzufügen: Der erste Zinszahlungstermin ist der • für den Zeitraum vom •
(einschließlich) bis zum • (ausschließlich). Der Zinsbetrag für diesen Zeitraum beläuft sich
auf insgesamt U.S.D. • für den Gesamtnennbetrag der Schuldverschreibungen.] ]

[Im Falle von Schuldverschreibungen mit einem Zinssatz, der kein fester Zinssatz ist,
Einzelheiten zur Berechnung und Bestimmung dieses Zinssatzes hier einfügen.]

(2)    Verzug. Sofern die Emittentin die Schuldverschreibungen nicht am Fälligkeitstag
zurückzahlt, werden die Schuldverschreibungen, vorbehaltlich der Bestimmungen des § 5(3), vom
Fälligkeitstag bis zur tatsächlichen Rückzahlung der Schuldverschreibungen zum gesetzlichen
Verzugszinssatz verzinst.

(3)    Stückzinsen. Sind Zinsen auf einen Zeitraum zu berechnen, der nicht ein Jahr ist, so
werden sie auf der Grundlage eines Jahres von 360 Tagen bestehend aus zwölf Monaten von je 30 Tagen
ermittelt.

§ 4

Fälligkeit; [Vorzeitige Rückzahlung;] Rückkauf

(1)    Die Schuldverschreibungen sind am • zu ihrem Nennbetrag zurückzuzahlen. Vorbehaltlich der
Bestimmungen in [Absatz (2) und] § 7 ist weder die Emittentin noch ein Gläubiger der
Schuldverschreibungen (jeweils ein “Anleihegläubiger”) berechtigt, die Schuldverschreibungen vor
ihrer Fälligkeit zur Rückzahlung zu kündigen.

[(2)    Die Schuldverschreibungen können am • nach Wahl der Emittentin insgesamt, jedoch nicht
teilweise, mit einer Vorankündigungsfrist von mindestens • New Yorker Geschäftstagen (§ 5(3))
durch Bekanntmachung gemäß § 10 zum Rückkaufpreis von • % ihres Nennbetrages zusammen mit den
Stückzinsen bis zum • (ausschließlich) zur Rückzahlung gekündigt werden.]

(•)    Die Emittentin ist berechtigt, Schuldverschreibungen jederzeit im Markt oder anderweitig
zu kaufen und wieder zu verkaufen.

35

 

§ 5

Zahlungen

(1)    Zahlungen. (a) Zahlungen von Kapital und Zinsen auf die Schuldverschreibungen erfolgen
am jeweiligen Zahlungstag (Absatz (4)) in United States Dollars an die Person, die bei
Geschäftsschluß am jeweiligen Stichtag (Absatz 2) in das von der Registerstelle geführte Register
eingetragen ist oder nach deren Order. Zahlungen von Kapital erfolgen gegen Einreichung der
Globalurkunden bei der Zahlstelle (§ 8).

(b)    Zahlungen der Emittentin an die Person, die bei Geschäftsabschluß am jeweiligen Stichtag in das
von der Registerstelle geführte Register eingetragen ist, oder nach deren Order befreien die
Emittentin in Höhe der geleisteten Zahlungen von ihren Verbindlichkeiten aus den
Schuldverschreibungen.

(2)    Stichtag. Der Stichtag (der “Stichtag”) für die Zwecke von Zahlungen (Absatz (1)) von
Kapital und Zinsen ist hinsichtlich jeder derartigen Zahlung der zehnte New Yorker Geschäftstag vor
dem jeweiligen Fälligkeitstag.

(3)    New Yorker Geschäftstag. Ist ein Fälligkeitstag für die Zahlung von Kapital oder Zinsen
nicht ein New Yorker Geschäftstag, so wird die betreffende Zahlung erst am nächsten Tag, der ein
New Yorker Geschäftstag ist, geleistet, ohne daß wegen dieser Zahlungsverzögerung zusätzliche
Zinsen gezahlt werden. Ein “New Yorker Geschäftstag” ist jeder Tag, an dem Banken in New York City
nicht verpflichtet und nicht berechtigt sind, zu schließen.

(4)    Zahlungstag und Fälligkeitstag. Im Sinne dieser Anleihebedingungen ist “Zahlungstag”
der Tag, an dem, gegebenenfalls aufgrund einer Anpassung gemäß Absatz (3), die Zahlung tatsächlich
zu leisten ist, und “Fälligkeitstag” der vorgesehene Zahlungstermin ohne Berücksichtigung einer
solchen Anpassung.

§ 6

Steuern

Sämtliche Zahlungen der Emittentin auf die Schuldverschreibungen sind ohne Abzug oder Einbehalt von
Steuern oder sonstigen Abgaben zu leisten, es sei denn, die Emittentin ist rechtlich verpflichtet,
solche Steuern oder Abgaben abzuziehen oder einzubehalten. Fallen derartige Abzüge oder Einbehalte
an, so ist die Emittentin nicht verpflichtet, irgendwelche zusätzlichen Beträge auf die
Schuldverschreibungen zu zahlen.

§ 7

Kündigung durch Anleihegläubiger

Jeder Anleihegläubiger ist berechtigt, seine Schuldverschreibungen zur Rückzahlung zum Nennbetrag
zuzüglich bis zum Rückzahlungstag aufgelaufener Zinsen zu kündigen, falls die Emittentin nach
Maßgabe dieser Anleihebedingungen zahlbare Beträge nicht innerhalb

36

 

von 30 Tagen nach dem betreffenden Fälligkeitstag zahlt. Das Kündigungsrecht erlischt, wenn der
Anleihegläubiger die betreffende Zahlung erhalten hat, bevor er das Kündigungsrecht ausgeübt hat.
Die Kündigung zur Rückzahlung hat in der Weise zu erfolgen, daß der Anleihegläubiger der Emittentin
eine schriftliche Kündigungserklärung übergibt oder durch eingeschriebenen Brief übermittelt und
dabei durch eine Bescheinigung seiner Depotbank gemäß § 11(3)(a) nachweist, daß er im Zeitpunkt der
Kündigung Gläubiger der betreffenden Schuldverschreibungen ist.

§ 8

Die Erfüllungsgehilfen

(1)    Anfängliche Erfüllungsgehilfen und bezeichnete Geschäftsstellen. Die anfängliche
Zahlstelle und die anfängliche Registerstelle (zusammen die “Erfüllungsgehilfen”) und ihre
anfänglichen Geschäftsstellen, durch welche sie handeln (die “bezeichneten Geschäftsstellen”), sind
am Ende dieser Anleihebedingungen aufgeführt.

(2)    Änderung der Erfüllungsgehilfen und ihrer bezeichneten Geschäftsstellen. Die Emittentin
behält sich das Recht vor, jederzeit die Bestellung der Zahlstelle oder der Registerstelle zu
ändern oder zu beenden oder einer Änderung der Geschäftsstelle, durch welche sie handeln,
zuzustimmen, vorausgesetzt, daß stets eine Registerstelle und eine Zahlstelle vorhanden sein muß,
und weiter vorausgesetzt, daß solange die Schuldverschreibungen an einer Börse oder Börsen
zugelassen sind (und die Regeln dieser Börse(n) es erfordern), die Emittentin eine Zahlstelle mit
bezeichneter Geschäftsstelle an dem Börsenort bzw. den Börsenorten zu unterhalten hat. Die
Emittentin hat jede Änderung in der Person der Erfüllungsgehilfen oder ihrer bezeichneten
Geschäftsstellen durch Veröffentlichung gemäß § 10 bekanntzumachen.

(3)    Keine Rechtsbeziehungen. Die Erfüllungsgehilfen handeln als solche ausschließlich als
Erfüllungsgehilfen der Emittentin und haben keinerlei rechtliche Beziehung welcher Art auch immer
mit den Anleihegläubigern und sind den Anleihegläubigern gegenüber in keinem Fall verantwortlich.

§ 9

Begebung weiterer Schuldverschreibungen

Die Emittentin behält sich vor, von Zeit zu Zeit ohne Zustimmung der Anleihegläubiger weitere
Schuldverschreibungen mit gleicher Ausstattung (gegebenenfalls mit Ausnahme des Tages des
Verzinsungsbeginns) in der Weise zu begeben, daß sie mit den Schuldverschreibungen zusammengefaßt
werden, eine einheitliche Emission mit ihnen bilden und ihren Gesamtnennbetrag erhöhen. Der Begriff
“Schuldverschreibungen” umfaßt im Fall einer solchen Erhöhung auch solche zusätzlich begebenen
Schuldverschreibungen.

37

 

§ 10

Bekanntmachungen

Alle Bekanntmachungen, die die Schuldverschreibungen betreffen, werden in folgenden Zeitungen
veröffentlicht: (a) solange wie die Schuldverschreibungen an der Luxemburger Wertpapierbörse
gelistet sind (und die Regeln dieser Börse das verlangen) in einer führenden Tageszeitung in
Luxemburg (voraussichtlich das Luxemburger Wort); (b) einer führenden Tageszeitung mit allgemeiner
Verbreitung in der Bundesrepublik Deutschland; und (c) in einer in englischer Sprache erscheinenden
und in New York allgemein verbreiteten führenden Tageszeitung (voraussichtlich das Wall Street
Journal). Sämtliche Bekanntmachungen werden wirksam am dritten Tag, der auf die Veröffentlichung
folgt oder, sofern die Veröffentlichung mehr als einmal oder an verschiedenen Tagen erfolgt, am
dritten Tag, der auf die erste Veröffentlichung folgt.

§ 11

Anwendbares Recht; Gerichtsstand;

Geltendmachung von Ansprüchen; Sprache

(1)    Anwendbares Recht. Form und Inhalt der Schuldverschreibungen, die Rechte und Pflichten
der Anleihegläubiger und der Emittentin bestimmen sich in jeder Hinsicht nach deutschem Recht.
Übertragungen und Verpfändungen von bei DTC verwahrten Schuldverschreibungen, die zwischen
DTC-Teilnehmern und zwischen der DTC und DTC-Teilnehmern durchgeführt werden, unterliegen dem Recht
des Staates New York.

(2)    Gerichtsstand. Zuständig für alle Klagen oder sonstigen Verfahren aus oder im
Zusammenhang mit den Schuldverschreibungen ist ausschließlich das Landgericht in Frankfurt am Main.

(3)    Geltendmachung von Ansprüchen. Jeder Anleihegläubiger kann in Rechtsstreitigkeiten
gegen die Emittentin oder in Rechtsstreitigkeiten, an denen der Anleihegläubiger und die Emittentin
beteiligt sind, im eigenen Namen seine Rechte aus den ihm zustehenden Schuldverschreibungen unter
Vorlage folgender Unterlagen wahrnehmen und durchsetzen: (a) einer Bescheinigung seiner Depotbank,
die (i) den vollen Namen und die volle Anschrift des Anleihegläubigers bezeichnet, (ii) einen
Gesamtnennbetrag von Schuldverschreibungen angibt, die am Ausstellungstag dieser Bescheinigung dem
bei dieser Depotbank bestehenden Depot des Anleihegläubigers gutgeschrieben sind, und (iii)
bestätigt, daß die Depotbank der DTC sowie der Registerstelle eine schriftliche Mitteilung gemacht
hat, die die Angaben gemäß (i) und (ii) enthält, und Bestätigungsvermerke der DTC sowie des
betroffenen DTC-Teilnehmers trägt, sowie (b) von einem Vertretungsberechtigten der DTC oder der
Registerstelle beglaubigte Ablichtungen der Globalurkunden. Im Sinne der vorstehenden Bestimmungen
ist “Depotbank” ein Bank- oder sonstiges Finanzinstitut (einschließlich DTC und jedes anderen
Clearing Systems, das DTC Teilnehmer ist) von allgemein anerkanntem Ansehen, das eine Genehmigung
für das Wertpapier-Depotgeschäft hat und bei dem der Anleihegläubiger Schuldverschreibungen im
Depot verwahren läßt.

38

 

(4)    Sprache. Diese Anleihebedingungen sind in [englischer] [deutscher] Sprache abgefaßt.
Eine Übersetzung in die [deutsche] [englische] Sprache ist beigefügt. Der [englische] [deutsche]
Text ist verbindlich und maßgeblich. Die Übersetzung in die [deutsche] [englische] Sprache ist
unverbindlich.

Registerstelle und Zahlstelle

Deutsche Bank Trust Company Americas

60 Wall Street

MS NYC60-2515

New York, NY 10005

39

 

Schedule 1C

English Language Version of the

TERMS AND CONDITIONS OF THE DESIGNATED CURRENCY-NOTES

§ 1

General Provisions

(1)    Currency,
Principal Amount and Denomination. The issue of •% Global
Notes due • of KfW,
Frankfurt am Main, Federal Republic of Germany (the “Issuer”) is issued in • (the “Designated
Currency”) in the aggregate principal amount of • (in words: •) and is divided into
• notes in the principal amount of • • each which rank pari passu among
themselves (the “Notes”).

(2)    Global Certificate. Form. The Notes are represented by one or more permanent global
certificates without interest coupons (the “Global Certificates”). The Global Certificates are kept
in custody by Deutsche Bank Trust Company Americas, or any successor, as custodian for The
Depository Trust Company, New York (“DTC”). The Global Certificates are in registered form in the
name of Cede & Co., as nominee of DTC, recorded in a register (the “Register”) and kept by the
Registrar (§ 8). Each Global Certificate is manually signed by two authorized representatives of
the Issuer and manually authenticated by or on behalf of the Registrar. Copies of the Global
Certificates are available free of charge at the Paying Agent (§ 8).

(3)    Transfer. Transfers of Notes shall require appropriate entries in securities accounts.

§ 2

Status

The Notes constitute unsecured and unsubordinated obligations of the Issuer and rank pari passu
with all other present and future unsecured and unsubordinated obligations of the Issuer, but
subject to any applicable mandatory statutory exceptions.

§ 3

Interest

(1)    [In case of Notes with fixed interest rate: Interest Rate and Due Dates. The Notes bear
interest at the rate of • % per annum as from •. The Notes shall cease to bear interest
upon the end of the day preceding the day on which they become due for redemption. Interest shall
be payable in two equal annual instalments in arrears on • and •. [If the first
interest period is long or short, add: The first interest payment date will be • for the
period commencing on • (inclusive) and ending on • (exclusive). The interest amount for
this period shall total • • for the aggregate principal amount.]]

40

 

[In case of Notes with an interest rate other than a fixed rate set forth details of calculation
and determination of such interest rate in full here.]

(2)    Late Payment. Should the Issuer fail to redeem the Notes on the due date therefor,
interest on the Notes shall, subject to the provisions of § 5(3), continue to accrue beyond the due
date until actual redemption of the Notes at the default rate of interest established by law.

(3)    Accrued Interest. Whenever it is necessary to compute any amount of accrued interest
for a period of less than one full year, other than with respect to regular semi-annual interest
payments, such interest shall be calculated on the basis of the actual number of days in the period
and a year of 365 or 366 days, as the case may be.

§ 4

Maturity, [Early Redemption,] Repurchase

(1)    The Notes shall be redeemed at par on •. Subject to the provisions of [subsection (2)
and] § 7, neither the Issuer nor any holder of a Note (each a “Holder”) shall be entitled to redeem
the Notes prior to their stated maturity.

[(2)    The Notes may be redeemed, as a whole but not in part, on • at the option of the Issuer
upon not less than • New York and • Business Days (§ 5(3)) prior written notice given
in accordance with § 10, at a redemption price equal to • % of the principal amount of the
Notes, together with interest accrued to, but excluding, •.]

(•)    The Issuer may at any time purchase and resell Notes in the open market or otherwise.

§ 5

Payments

(1)    Payments. (a) Payments of principal of, and interest on, the Notes shall be made on the
relevant payment date (subsection (4)) to the registered holder of the Global Certificates in U.S.
dollars or the Designated Currency as set forth below. Payments of principal shall be made upon
surrender of the Global Certificates to the Paying Agent (§ 8).

(b)    Any Holder shall receive payments of principal and interest in respect of the Notes in U.S.
dollars, unless such Holder elects to receive payments in the Designated Currency in accordance
with the procedures set out below. To the extent that Holders shall not have made such election in
respect of any payment of principal or interest, the aggregate amount designated for all such
Holders in respect of such payment (the “Designated Currency Conversion Amount”) shall be converted
by the Paying Agent into U.S. dollars and paid by wire transfer of same day funds to the registered
holder of the Global Certificates for payment through DTC’s settlement system to the relevant DTC
participants. All costs of

41

 

any such conversion shall be deducted from such payments. Any such conversion shall be based on the
bid quotation of the Paying Agent, at or prior to 11:00 a.m. New York time, on the second
Conversion Business Day preceding the relevant payment date, for the purchase by the Paying Agent
of the Designated Currency Conversion Amount with U.S. dollars for settlement on such payment date.
Conversion Business Day means a day which is a New York Business Day, a • Business Dayand a
Frankfurt Business Day (subsection (3)). If such bid quotation is not available, the Paying Agent
shall obtain a bid quotation from a leading foreign exchange bank in New York City selected by the
Paying Agent for such purpose. If no bid quotation from a leading foreign exchange bank is
available, payment of the Designated Currency Conversion Amount will be made in the Designated
Currency to the account or accounts specified by DTC to the Paying Agent. Until such account or
accounts are so specified, the funds still held by the Paying Agent shall bear interest at the rate
of interest quoted by the Paying Agent for deposits with it on an overnight basis, to the extent
that the Paying Agent is reasonably able to reinvest such funds.

(c)    Any Holder may elect to receive payment of principal and interest with respect to the Notes in
the Designated Currency by causing DTC, through the relevant DTC participant, to notify the Paying
Agent by the time specified below of (i) such Holder’s election to receive all or a portion of such
payment in the Designated Currency and (ii) wire transfer instructions to a Designated Currency
account. Such election in respect of any payment shall be made by the Holder at the time and in the
manner required by the DTC procedures applicable from time to time and shall, in accordance with
such procedures, be irrevocable. DTC’s notification of such election, wire transfer instructions
and of the amount payable in the Designated Currency pursuant to this subsection (1)(c) must be
received by the Paying Agent prior to 5:00 p.m. New York time on the fifth New York Business Day
(subsection (3)) following the relevant Record Date (subsection (2)) in the case of interest and
prior to 5:00 p.m. New York time on the eighth New York Business Day prior to the payment date
(subsection (4)) for the payment of principal. Any payments under this subsection (1)(c) in the
Designated Currency shall be made by wire transfer of same day funds to Designated Currency
accounts specified by DTC.

(d)    All payments made by the Issuer to, or to the order of, the registered holder of the Global
Certificates shall discharge the liability of the Issuer under the Notes to the extent of the sums
so paid.

(2)    Record Date. The record date (the “Record Date”) for purposes of payments (subsection
(1)) of principal and interest shall be, in respect of each such payment, the tenth New York
Business Day (subsection (3)) preceding the relevant due date.

(3)    Business Days. If any due date for payment of principal or interest in the Designated
Currency in respect of any Note to the registered holder of the Global Certificates is not a
• Business Day, such payment will not be made until the next following • Business Day,
and no further interest shall be paid in respect of the delay in such payment. If any due date for
payment of principal or interest in U.S. dollars in respect of any Note to the registered holder of
the Global Certificates, is not a • Business Day or not a New York Business Day, such payment
will not be made until the next day which is

42

 

both a • Business Day and a New York Business Day, and no further interest shall be paid in
respect of the delay in such payment. “New York Business Day” means any day on which banking
institutions in New York City are not obliged and not authorised to close. “• Business Day”
means any day (other than a Saturday or Sunday) on which credit institutions are open for business
in •. “Frankfurt Business Day” means any day (other than a Saturday or Sunday) on which
credit institutions are open for business in Frankfurt am Main.

(4)    Payment Date and Due Date. For the purposes of these Terms and Conditions “payment
date” means the day on which the payment is actually to be made, where applicable as adjusted in
accordance with subsection (3), and “due date” means the payment date provided for herein, without
taking account of any such adjustment.

§ 6

Taxation

All payments by the Issuer in respect of the Notes shall be made without deduction or withholding
of taxes or other duties, unless such deduction or withholding is required by law. In the event of
such deduction or withholding, the Issuer shall not be required to pay any additional amounts in
respect of the Notes.

§ 7

Termination for Default

Any Holder may, at his option, declare Notes held by him due and demand repayment thereof at their
principal amount plus interest accrued to the date of repayment if the Issuer shall fail to pay any
amount payable hereunder within 30 days from the relevant due date. The right to declare Notes due
shall cease if the Holder has received the relevant payment before the Holder has exercised such
right. Any notice declaring Notes due shall be made by means of a written notice to be delivered by
hand or registered mail to the Issuer together with proof that such Holder at the time of such
notice is a holder of the relevant Notes by means of a certificate of the Holder’s Custodian
pursuant to § 11(3)(a).

§ 8

The Agents

(1)    Initial Agents and Specified Offices. The initial Paying Agent and Registrar (together
the “Agents”) and their initial offices through which they act (the “Specified Offices”) are set
forth at the end of these Terms and Conditions.

(2)    Change of Agents and their Specified Offices. The Issuer reserves the right at any time
to vary or terminate the appointment of the Paying Agent or Registrar or approve any change in the
office through which they act, provided that there shall at all times be a Registrar and Paying
Agent, and provided further that so long as the Notes are listed on

43

 

any stock exchange(s) (and the rules of such stock exchange(s) so require), the Issuer shall
maintain a Paying Agent with a Specified Office in the city in which such stock exchange(s) is
(are) located. The Issuer shall give notice of any change in the Agents or their Specified Offices
by publication in accordance with § 10.

(3)    No Legal Relationship. The Agents in such capacity are acting exclusively as agents of
the Issuer and do not have any legal relationship of whatever nature with the Holders and are not
in any event accountable to any Holder.

§ 9

Further Issues

The Issuer reserves the right, from time to time without the consent of the Holders, to issue
additional notes, on terms identical in all respects to those set forth herein (except as to the
date from which interest shall accrue), so that such additional notes shall be consolidated with,
form a single issue with and increase the aggregate principal amount of, the Notes. The term
“Notes” shall, in the event of such increase, also include such additionally issued notes.

§ 10

Notices

All notices regarding the Notes shall be published in the following journals: (a) so long as the
Notes are listed on the Luxembourg Stock Exchange (and the rules of such Stock Exchange so require)
in a leading daily newspaper in Luxembourg (expected to be the Luxemburger Wort); (b) a leading
daily newspaper of general circulation in the Federal Republic of Germany; (c) a leading daily
newspaper printed in the English language and of general circulation in New York City (expected to
be the Wall Street Journal); and (d) a leading daily newspaper of general circulation in •
(expected to be • ). Any notice will become effective for all purposes on the third day
following the date of its publication, or, if published more than once or on different dates, on
the third day following the first date of any such publication.

§ 11

Governing Law, Jurisdiction, Enforcement, Language

(1)    Governing Law. The Notes, both as to form and content, as well as the rights and duties
of the Holders and the Issuer shall be governed by and shall be construed in accordance with the
laws of the Federal Republic of Germany. Transfers and pledges of Notes executed between DTC
participants and between DTC and DTC participants shall be governed by the laws of the State of New
York.

44

 

(2)    Jurisdiction. Any action or other legal proceedings arising out of or in connection
with the Notes may exclusively be brought in the District Court (Landgericht) in Frankfurt am Main.

(3)    Enforcement. Any Holder may in any proceedings against the Issuer or to which the
Holder and the Issuer are parties protect and enforce in its own name its rights arising under its
Notes on the basis of (a) a certificate issued by its Custodian (i) stating the full name and
address of the Holder, (ii) specifying an aggregate principal amount of Notes credited on the date
of such statement to such Holder’s securities account maintained with such Custodian and (iii)
confirming that the Custodian has given a written notice to DTC and the Registrar containing the
information pursuant to (i) and (ii) and bearing acknowledgements of DTC and the relevant DTC
participant and (b) copies of the Global Certificates certified as being true copies by a duly
authorized officer of DTC or the Registrar. For purposes of the foregoing, “Custodian” means any
bank or other financial institution of recognized standing authorized to engage in securities
custody business with which the Holder maintains a securities account in respect of any Notes and
includes DTC and any other clearing system which participates in DTC.

(4)    Language. These Terms and Conditions are written in the English language and provided
with a German language translation. The English text shall be controlling and binding. The German
language translation is provided for convenience only.

Registrar and Paying Agent

Deutsche Bank Trust Company Americas

60 Wall Street

MS NYC60-2515

New York, NY 10005

45

 

Schedule 1C

German Language Version of the

TERMS AND CONDITIONS OF THE DESIGNATED CURRENCY-NOTES

§ 1

Allgemeine Bestimmungen

(1)    Währung,
Nennbetrag und Stückelung. Die •% Globalanleihe
fällig • der KfW, Frankfurt am Main,
Bundesrepublik Deutschland (die “Emittentin”) wird in • (die “festgelegte Währung”) im
Gesamtnennbetrag von • (in Worten: • ) begeben und ist ist in • untereinander
gleichberechtigte Teilschuldverschreibungen im Nennbetrag von je • • (die
“Schuldverschreibungen”) eingeteilt.

(2)    Globalurkunde. Form. Die Schuldverschreibungen werden durch eine oder mehrere
Dauerglobalurkunden ohne Zinsscheine verbrieft (die “Globalurkunden”). Die Globalurkunden werden
von der Deutsche Bank Trust Company Americas (“DBTCA”) oder einem etwaigen Rechtsnachfolger als
Verwahrer für The Depository Trust Company, New York (“DTC”) verwahrt. Die Globalurkunden sind als
Namenspapiere auf den Namen von Cede & Co. als dem Beauftragten von DTC ausgestellt und in ein
Register (das “Register”) eingetragen, welches von der Registerstelle (§ 8)geführt wird. Die
Globalurkunden tragen jeweils die eigenhändigen Unterschriften zweier ordnungsgemäß
bevollmächtigter Vertreter der Emittentin und sind jeweils von der Registerstelle oder in deren
Namen mit einer handschriftlichen Kontrollunterschrift versehen. Kopien der Globalurkunden sind
bei der Zahlstelle (§ 8) kostenlos erhältlich.

(3)    Übertragung. Übertragungen von Schuldverschreibungen setzen entsprechende
Depotbuchungen voraus.

§ 2

Status

Die Schuldverschreibungen begründen nicht besicherte und nicht nachrangige Verbindlichkeiten der
Emittentin und stehen im gleichen Rang mit allen anderen gegenwärtigen und zukünftigen nicht
besicherten und nicht nachrangigen Verbindlichkeiten der Emittentin, soweit nicht zwingende
gesetzliche Bestimmungen etwas anderes vorschreiben.

46

 

§ 3

Zinsen

(1)    [Im Falle von Schuldverschreibungen mit festem Zinssatz: Zinssatz und Fälligkeit. Die
Schuldverschreibungen werden vom • an mit jährlich • % verzinst. Die Verzinsung der
Schuldverschreibungen endet mit dem Ablauf des Tages, der dem Tag vorangeht, an dem sie zur
Rückzahlung fällig werden. Die Zinsen sind in zwei gleichen halbjährlichen Teilbeträgen
nachträglich am • und am • zur Zahlung fällig. [Im Falle eines langen oder kurzen
Kupons hinzufügen: Der erste Zinszahlungstermin ist der • für den Zeitraum vom •
(einschließlich) bis zum • (ausschließlich). Der Zinsbetrag für diesen Zeitraum beläuft sich
auf • für den Gesamtnennbetrag der Schuldverschreibungen.]]

[Im Falle von Schuldverschreibungen mit einem Zinssatz, der kein fester Zinssatz ist, Einzelheiten
zur Berechnung und Bestimmung dieses Zinssatzes hier einfügen.]

(2)    Verzug. Sofern die Emittentin die Schuldverschreibungen nicht am Fälligkeitstag
zurückzahlt, werden die Schuldverschreibungen, vorbehaltlich der Bestimmungen des § 5(3), vom
Fälligkeitstag bis zur tatsächlichen Rückzahlung der Schuldverschreibungen zum gesetzlichen
Verzugszinssatz verzinst.

(3)    Stückzinsen. Sind Beträge von Stückzinsen in bezug auf die Schuldverschreibungen
(ausser regulären halbjährlichen Zinszahlungen) für einen Zeitraum von weniger als einem Jahr zu
berechnen, so werden diese auf der Grundlage der tatsächlichen Anzahl von Tagen in diesem Zeitraum
und eines Jahres von 365 oder 366 Tagen ermittelt.

§ 4

Fälligkeit; [Vorzeitige Rückzahlung;] Rückkauf

(1)    Die Schuldverschreibungen sind am • zu ihrem Nennbetrag zurückzuzahlen. Vorbehaltlich der
Bestimmungen in [Absatz (2) und] § 7 ist weder die Emittentin noch ein Gläubiger der
Schuldverschreibungen (jeweils ein “Anleihegläubiger”) berechtigt, die Schuldverschreibungen vor
ihrer Fälligkeit zur Rückzahlung zu kündigen.

[(2)    Die Schuldverschreibungen können am • nach Wahl der Emittentin insgesamt, jedoch nicht
teilweise, mit einer Vorankündigungsfrist von mindestens • New Yorker und •
Geschäftstagen (§ 5(3)) durch Bekanntmachung gemäß § 10 zum Rückkaufpreis von • % ihres
Nennbetrages zusammen mit den Stückzinsen bis zum • (ausschließlich) zur Rückzahlung
gekündigt werden.]

(•)    Die Emittentin ist berechtigt, Schuldverschreibungen jederzeit im Markt oder anderweitig
zu kaufen und wieder zu verkaufen.

47

 

§ 5

Zahlungen

(1)    Zahlungen. (a) Zahlungen von Kapital und Zinsen auf die Schuldverschreibungen erfolgen
am jeweiligen Zahlungstag (Absatz (4)) in US-Dollar oder in der festgelegten Währung nach Maßgabe
der nachfolgenden Bestimmungen an den eingetragenen Inhaber der Globalurkunden. Zahlungen von
Kapital erfolgen gegen Einreichung der Globalurkunden bei der Zahlstelle (§ 8).

(b)    Ein Anleihegläubiger erhält Zahlungen von Kapital und Zinsen auf die Schuldverschreibungen in
US-Dollar, soweit er nicht gemäß den nachfolgend beschriebenen Verfahren Zahlungen in der
festgelegten Währung wählt. Soweit Anleihegläubiger für eine Zahlung von Kapital oder Zinsen keine
derartige Wahl getroffen haben, wird der für alle diese Anleihegläubiger bei dieser Zahlung
bestimmte Gesamtbetrag (der “Umtauschbetrag der festgelegten Währung”) von der Zahlstelle in
US-Dollar umgetauscht und durch Überweisung in gleichtägig verfügbaren Mitteln an den eingetragenen
Inhaber der Globalurkunden zur Auszahlung über das Abrechnungssystem der DTC an die betreffenden
DTC-Teilnehmer gezahlt. Alle Kosten eines derartigen Umtauschs werden von diesen Zahlungen
abgezogen. Jeder derartige Umtausch basiert auf dem Ankaufskurs der Zahlstelle vor oder um 11.00
Uhr New Yorker Zeit am zweiten Umtausch-Geschäftstag vor dem jeweiligen Zahlungstag für den Kauf
des Umtauschbetrages der festgelegten Währung durch die Zahlstelle gegen US-Dollar zur Abrechnung
an diesem Zahlungstag. Umtausch-Geschäftstag ist ein Tag, der ein Geschäftstag in New York, [ein
Geschäftstag in • ] und ein Geschäftstag in Frankfurt ist (Absatz (3)). Falls es einen
derartigen Ankaufskurs nicht gibt, wird die Zahlstelle von einer im Devisenhandel führenden Bank in
New York City, die von der Zahlstelle zu diesem Zweck ausgewählt wird, einen Ankaufskurs einholen.
Falls kein Ankaufskurs einer im Devisenhandel führenden Bank erhältlich ist, erfolgt die Zahlung
des Umtauschbetrages in der festgelegten Währung auf das Konto oder die Konten, die der Zahlstelle
von der DTC bezeichnet werden. Bis dieses Konto oder diese Konten derart bezeichnet sind, werden
die noch von der Zahlstelle gehaltenen Mittel mit einem Zinssatz, der von der Zahlstelle für bei
ihr als Tagesgeld angelegte Einlagen gestellt wird, verzinst, soweit die Zahlstelle
vernünftigerweise in der Lage ist, diese Mittel wieder anzulegen.

(c)    Ein Anleihegläubiger kann Zahlung von Kapital und Zinsen auf die Schuldverschreibungen in der
festgelegten Währung wählen, indem er die DTC durch den betreffenden DTC-Teilnehmer dazu veranlaßt,
die Zahlstelle zu dem nachfolgend bestimmten Zeitpunkt über (i) die Wahl dieses Anleihegläubigers,
diese Zahlung ganz oder zum Teil in der festgelegten Währung zu empfangen, und (ii) den Auftrag zur
Überweisung auf ein Konto in der festgelegten Währung zu benachrichtigen. Eine derartige Wahl hat
für die jeweilige Zahlung durch den Anleihegläubiger zu dem Zeitpunkt und in der Art und Weise zu
erfolgen, wie sie von den jeweils anwendbaren Verfahrensregeln der DTC gefordert wird, und ist
gemäß diesen Verfahrensregeln unwiderruflich. Die Benachrichtigung seitens der DTC über diese Wahl,
den Überweisungsauftrag und den in der festgelegten Währung gemäß diesem Absatz (1)(c) zahlbaren
Betrag muß bei der Zahlstelle vor 17.00 Uhr (New Yorker Zeit) am fünften New Yorker Geschäftstag
(Absatz (3)) nach dem jeweiligen Stichtag (Absatz (2)) für Zinsen

48

 

und vor 17.00 Uhr (New Yorker Zeit) am achten New Yorker Geschäftstag vor dem Zahlungstag (Absatz
(4)) für die Zahlung von Kapital eingegangen sein. Zahlungen in der festgelegten Währung gemäß
diesem Absatz (1)(c) erfolgen durch Überweisung von gleichtägig verfügbaren Mitteln auf die von der
DTC bezeichneten Konten in der festgelegten Währung.

(d)    Zahlungen der Emittentin an den eingetragenen Inhaber der Globalurkunden oder nach dessen
Weisung befreien die Emittentin in Höhe der geleisteten Zahlungen von ihren Verbindlichkeiten aus
den Schuldverschreibungen.

(2)    Stichtag. Der Stichtag (der “Stichtag”) für Zahlungen (Absatz (1)) von Kapital und
Zinsen ist der zehnte New Yorker Geschäftstag (Absatz (3)) vor dem jeweiligen Fälligkeitstag.

(3)    Geschäftstage. Ist ein Fälligkeitstag für die Zahlung von Kapital oder Zinsen in der
festgelegten Währung auf eine Schuldverschreibung an den eingetragenen Inhaber der Globalurkunden
nicht ein • Geschäftstag, so wird die betreffende Zahlung erst am nächstfolgenden •
Geschäftstag geleistet, ohne dass wegen dieser Zahlungsverzögerung zusätzliche Zinsen gezahlt
werden. Ist ein Fälligkeitstag für die Zahlung von Kapital oder Zinsen in US-Dollar auf eine
Schuldverschreibung an den eingetragenen Inhaber der Globalurkunden nicht ein • Geschäftstag
oder nicht ein New Yorker Geschäftstag, so wird die betreffende Zahlung erst am nächsten Tag, der
zugleich ein • Geschäftstag und ein New Yorker Geschäftstag ist, geleistet, ohne dass wegen
dieser Zahlungsverzögerung zusätzliche Zinsen gezahlt werden. Ein “New Yorker Geschäftstag” ist
jeder Tag, an dem Banken in New York City nicht verpflichtet und nicht berechtigt sind, zu
schließen. Ein “• Geschäftstag” ist jeder Tag (außer einem Samstag oder Sonntag), an dem
Kreditinstitute in Toronto für den Geschäftsverkehr geöffnet sind. Ein “Frankfurter Geschäftstag”
ist jeder Tag (außer einem Samstag oder Sonntag), an dem Kreditinstitute in Frankfurt am Main für
den Geschäftsverkehr geöffnet sind.

(4)    Zahlungstag und Fälligkeitstag. Im Sinne dieser Anleihebedingungen ist “Zahlungstag”
der Tag, an dem, gegebenenfalls aufgrund einer Anpassung gemäß Absatz (3), die Zahlung tatsächlich
zu leisten ist, und “Fälligkeitstag” der vorgesehene Zahlungstermin ohne Berücksichtigung einer
solchen Anpassung.

§ 6

Steuern

Sämtliche Zahlungen der Emittentin auf die Schuldverschreibungen sind ohne Abzug oder Einbehalt von
Steuern oder sonstigen Abgaben zu leisten, es sei denn, die Emittentin ist rechtlich verpflichtet,
solche Steuern oder Abgaben abzuziehen oder einzubehalten. Fallen derartige Abzüge oder Einbehalte
an, so ist die Emittentin nicht verpflichtet, irgendwelche zusätzlichen Beträge auf die
Schuldverschreibungen zu zahlen.

49

 

§ 7

Kündigung durch Anleihegläubiger

Jeder Anleihegläubiger ist berechtigt, seine Schuldverschreibungen zur Rückzahlung zum Nennbetrag
zuzüglich bis zum Rückzahlungstag aufgelaufener Zinsen zu kündigen, falls die Emittentin nach
Maßgabe dieser Anleihebedingungen zahlbare Beträge nicht innerhalb von 30 Tagen nach dem
betreffenden Fälligkeitstag zahlt. Das Kündigungsrecht erlischt, wenn der Anleihegläubiger die
betreffende Zahlung erhalten hat, bevor er das Kündigungsrecht ausgeübt hat. Die Kündigung zur
Rückzahlung hat in der Weise zu erfolgen, daß der Anleihegläubiger der Emittentin eine schriftliche
Kündigungserklärung übergibt oder durch eingeschriebenen Brief übermittelt und dabei durch eine
Bescheinigung seiner Depotbank gemäß § 11(3)(a) nachweist, daß er im Zeitpunkt der Kündigung
Gläubiger der betreffenden Schuldverschreibungen ist.

§ 8

Die Erfüllungsgehilfen

(1)    Anfängliche Erfüllungsgehilfen und bezeichnete Geschäftsstellen. Die anfängliche
Zahlstelle und die anfängliche Registerstelle (zusammen die “Erfüllungsgehilfen”) und ihre
anfänglichen Geschäftsstellen, durch welche sie handeln (die “bezeichneten Geschäftsstellen”), sind
am Ende dieser Anleihebedingungen aufgeführt.

(2)    Änderung der Erfüllungsgehilfen und ihrer bezeichneten Geschäftsstellen. Die Emittentin
behält sich das Recht vor, jederzeit die Bestellung der Zahlstelle oder der Registerstelle zu
ändern oder zu beenden oder einer Änderung der Geschäftsstelle, durch welche sie handeln,
zuzustimmen, vorausgesetzt, daß stets eine Registerstelle und eine Zahlstelle vorhanden sein muß,
und weiter vorausgesetzt, daß solange die Schuldverschreibungen an einer Börse oder Börsen
zugelassen sind (und die Regeln dieser Börse(n) es erfordern), die Emittentin eine Zahlstelle mit
bezeichneter Geschäftsstelle an dem Börsenort bzw. den Börsenorten zu unterhalten hat. Die
Emittentin hat jede Änderung in der Person der Erfüllungsgehilfen oder ihrer bezeichneten
Geschäftsstellen durch Veröffentlichung gemäß § 10 bekanntzumachen.

(3)    Keine Rechtsbeziehungen. Die Erfüllungsgehilfen handeln als solche ausschließlich als
Erfüllungsgehilfen der Emittentin und haben keinerlei rechtliche Beziehung welcher Art auch immer
mit den Anleihegläubigern und sind den Anleihegläubigern gegenüber in keinem Fall verantwortlich.

§ 9

Begebung weiterer Schuldverschreibungen

Die Emittentin behält sich vor, von Zeit zu Zeit ohne Zustimmung der Anleihegläubiger weitere
Schuldverschreibungen mit gleicher Ausstattung (gegebenenfalls mit Ausnahme des Tages des
Verzinsungsbeginns) in der Weise zu begeben, daß sie mit den Schuldverschreibungen zusammengefaßt
werden, eine einheitliche Emission mit ihnen

50

 

bilden und ihren Gesamtnennbetrag erhöhen. Der Begriff “Schuldverschreibungen” umfaßt im Fall einer
solchen Erhöhung auch solche zusätzlich begebenen Schuldverschreibungen.

§ 10

Bekanntmachungen

Alle Bekanntmachungen, die die Schuldverschreibungen betreffen, werden in folgenden Zeitungen
veröffentlicht: (a) solange wie die Schuldverschreibungen an der Luxemburger Wertpapierbörse
gelistet sind (und die Regeln dieser Börse das verlangen) in einer führenden Tageszeitung in
Luxemburg (voraussichtlich das Luxemburger Wort); (b) einer führenden Tageszeitung mit allgemeiner
Verbreitung in der Bundesrepublik Deutschland; und (c) in einer in englischer Sprache erscheinenden
und in New York allgemein verbreiteten führenden Tageszeitung (voraussichtlich das Wall Street
Journal); und (d) in einer führenden Tageszeitung in • mit allgemeiner Verbreitung
(voraussichtlich •). Sämtliche Bekanntmachungen werden wirksam am dritten Tag, der auf die
Veröffentlichung folgt oder, sofern die Veröffentlichung mehr als einmal oder an verschiedenen
Tagen erfolgt, am dritten Tag, der auf die erste Veröffentlichung folgt.

§ 11

Anwendbares Recht; Gerichtsstand;

Geltendmachung von Ansprüchen; Sprache

(1)    Anwendbares Recht. Form und Inhalt der Schuldverschreibungen, die Rechte und Pflichten
der Anleihegläubiger und der Emittentin bestimmen sich in jeder Hinsicht nach deutschem Recht.
Übertragungen und Verpfändungen von bei DTC verwahrten Schuldverschreibungen, die zwischen
DTC-Teilnehmern und zwischen der DTC und DTC-Teilnehmern durchgeführt werden, unterliegen dem Recht
des Staates New York.

(2)    Gerichtsstand. Zuständig für alle Klagen oder sonstigen Verfahren aus oder im
Zusammenhang mit den Schuldverschreibungen ist ausschließlich das Landgericht in Frankfurt am Main.

(3)    Geltendmachung von Ansprüchen. Jeder Anleihegläubiger kann in Rechtsstreitigkeiten
gegen die Emittentin oder in Rechtsstreitigkeiten, an denen der Anleihegläubiger und die Emittentin
beteiligt sind, im eigenen Namen seine Rechte aus den ihm zustehenden Schuldverschreibungen unter
Vorlage folgender Unterlagen wahrnehmen und durchsetzen: (a) einer Bescheinigung seiner Depotbank,
die (i) den vollen Namen und die volle Anschrift des Anleihegläubigers bezeichnet, (ii) einen
Gesamtnennbetrag von Schuldverschreibungen angibt, die am Ausstellungstag dieser Bescheinigung dem
bei dieser Depotbank bestehenden Depot des Anleihegläubigers gutgeschrieben sind, und (iii)
bestätigt, daß die Depotbank der DTC sowie der Registerstelle eine schriftliche Mitteilung gemacht
hat, die die Angaben gemäß (i) und (ii) enthält, und Bestätigungsvermerke der DTC sowie des
betroffenen DTC-Teilnehmers trägt, sowie (b) von einem Vertretungsberechtigten der DTC oder der
Registerstelle beglaubigte Ablichtungen der Globalurkunden. Im Sinne der vorstehenden Bestimmungen
ist

51

 

“Depotbank” ein Bank- oder sonstiges Finanzinstitut (einschließlich DTC und jedes anderen Clearing
Systems, das DTC Teilnehmer ist) von allgemein anerkanntem Ansehen, das eine Genehmigung für das
Wertpapier-Depotgeschäft hat und bei dem der Anleihegläubiger Schuldverschreibungen im Depot
verwahren läßt.

(4)    Sprache. Diese Anleihebedingungen sind in [englischer] [deutscher] Sprache abgefaßt.
Eine Übersetzung in die [deutsche] [englische] Sprache ist beigefügt. Der [englische] [deutsche]
Text ist verbindlich und maßgeblich. Die Übersetzung in die [deutsche] [englische] Sprache ist
unverbindlich.

Registerstelle und Zahlstelle

Deutsche Bank Trust Company Americas

60 Wall Street

MS NYC60-2515

New York, NY 10005

52

 

Schedule 2A

Non-binding English Translation of the

FORM OF THE CBF GLOBAL CERTIFICATE

			
	ISIN •
	 	Common Code •
	CUSIP •
	 	WKN •

KfW

Frankfurt am Main, Federal Republic of Germany

Euro • • % Global Bonds due •

THIS GLOBAL CERTIFICATE HAS BEEN CREATED IN ORDER TO BE HELD IN CUSTODY BY CLEARSTREAM BANKING AG
(“CBF” OR THE “DEPOSITARY”) AND TO SERVE AS THE BASIS FOR THE DELIVERY AND TRANSFER OF BONDS TO BE
HELD IN THE CBF DEPOSITARY AND CLEARING SYSTEM THROUGHOUT THE LIFE OF THE BONDS. THIS GLOBAL
CERTIFICATE WILL BE KEPT IN CUSTODY BY CBF UNTIL ALL OBLIGATIONS OF KfW UNDER THE BONDS HAVE BEEN
SATISFIED. ALL PAYMENTS MADE BY KfW TO CBF SHALL DISCHARGE THE LIABILITY OF KfW UNDER THE BONDS TO
THE EXTENT OF THE SUMS SO PAID.

GLOBAL BEARER CERTIFICATE

representing a principal amount of

up to • billion euro (euro • )

of the • % Global Bonds due • in the aggregate principal amount of • (euro • )
issued by KfW (the “Issuer”).

This Global Certificate represents up to • million bonds in the principal amount of euro
1,000 each (the “Bonds”). It has been issued by the Issuer as a bearer instrument and been
deposited with CBF in order to permit delivery and transfer of Bonds within the CBF depositary and
clearing system. Definitive Certificates representing individual Bonds and interest coupons shall
not be issued.

The actual number of Bonds represented from time to time by this Global Certificate shall be
evidenced by the records of the Depositary, which in turn shall be based on the register maintained
by Deutsche Bank Aktiengesellschaft, Frankfurt am Main (the “Register”), or any successor in such
capacity appointed by the Issuer, acting as registrar (the “Registrar”) on behalf of the Issuer. In
the case of any inconsistency between the Register and the records of the Depositary, the Register
prevails, except in the case of manifest error.

53

 

The Issuer hereby undertakes to pay to the bearer hereof, on the maturity date of the Bonds, the
principal sum of the Bonds represented hereby and to pay interest on the principal sum represented
hereby, all in accordance with the Terms and Conditions of the Bonds (the “Conditions”) attached
hereto.

The Conditions form part of this Global Certificate.

This Global Certificate is only valid if it has been provided with the manual authentication
signature on behalf of the Registrar.

Frankfurt am Main, Federal Republic of Germany

• , 200 •

KfW

___________________ __________________

                                                                        

Authentication signature

for and on behalf of

Deutsche Bank Aktiengesellschaft,

as Registrar

54

 

Schedule 2A

German Language Version of the

FORM OF THE CBF GLOBAL CERTIFICATE

			
	ISIN •
	 	Common Code •
	CUSIP •
	 	WKN •

KfW

Frankfurt am Main, Bundesrepublik Deutschland

Euro • • % Globalanleihe fällig •

DIESE SAMMELSCHULDVERSCHREIBUNG IST ERSTELLT WORDEN, UM WÄHREND DER GESAMTEN LAUFZEIT DER
SCHULDVERSCHREIBUNGEN VON DER CLEARSTREAM BANKING AG (“CBF” ODER “VERWAHRER”) VERWAHRT ZU WERDEN
UND ALS GRUNDLAGE FÜR DIE LIEFERUNG UND ÜBERTRAGUNG VON SCHULDVERSCHREIBUNGEN IM VERWAHR- UND
EFFEKTENGIROSYSTEM DER CBF ZU DIENEN. DIESE SAMMELSCHULDVERSCHREIBUNG WIRD VON DER CBF VERWAHRT,
BIS SäMTLICHE VERPFLICHTUNGEN DER KfW AUS DEN
SCHULDVERSCHREIBUNGEN ERFÜLLT SIND. ZAHLUNGEN DER
KfWAN DIE CBF BEFREIEN DIE KfWIN HÖHE DER GELEISTETEN ZAHLUNGEN VON IHREN VERBINDLICHKEITEN AUS DEN
SCHULDVERSCHREIBUNGEN.

INHABER-SAMMELSCHULDVERSCHREIBUNG

über einen Nennbetrag von

bis zu • Milliarden Euro

(Euro • )

der • % Globalanleihe fällig • im Gesamtnennbetrag von • Euro (Euro • ) der
KfW (die “Emittentin”).

Diese Sammelschuldverschreibung verbrieft bis zu • Millionen Teilschuldverschreibungen im
Nennbetrag von je Euro 1.000 (die “Schuldverschreibungen”). Sie ist von der Emittentin als
Inhaberurkunde begeben und bei der CBF zur Verwahrung eingeliefert worden, um die Lieferung und
Übertragung von Schuldverschreibungen im Verwahr- und Effektengirosystem der CBF zu ermöglichen.
Effektive Urkunden über einzelne Schuldverschreibungen und Zinsscheine werden nicht ausgegeben.

55

 

Die tatsächliche Zahl der durch diese Sammelschuldverschreibung jeweils verbrieften
Schuldverschreibungen ergibt sich aus den Unterlagen des Verwahrers, die ihrerseits beruhen auf dem
Register der Deutsche Bank Aktiengesellschaft, Frankfurt am Main (das “Register”), die als
Registerstelle für die Emittentin fungiert, oder eines etwa von der Emittentin bestellten
Nachfolgers in dieser Funktion (die “Registerstelle”). Im Falle von Unstimmigkeiten zwischen dem
Register und den Unterlagen des Verwahrers ist das Register, außer im Falle eines offenkundigen
Irrtums, maßgeblich.

Die Emittentin verpflichtet sich hiermit, nach Maßgabe der beigefügten Anleihebedingungen (die
“Anleihebedingungen”) dem Inhaber dieser Urkunde bei Fälligkeit der Schuldverschreibungen den
Kapitalbetrag der Schuldverschreibungen, die durch diese Urkunde verbrieft sind, zu zahlen und auf
den in dieser Urkunde verbrieften Kapitalbetrag Zinsen zu zahlen.

Die Anleihebedingungen sind Teil dieser Sammelschuldverschreibung.

Diese Sammelschuldverschreibung ist nur wirksam, wenn sie mit der im Namen der Registerstelle
geleisteten handschriftlichen Kontrollunterschrift versehen ist.

Frankfurt am Main, Bundesrepublik Deutschland

• 200 •

KfW

___________________ __________________

                                                                        

Kontrollunterschrift

(geleistet im Namen von

Deutsche Bank Aktiengesellschaft

als Registerstelle)

56

 

Schedule 2A

Non-binding English Translation of the

FORM OF THE DTC GLOBAL CERTIFICATE

			
	ISIN •
	 	Common Code •
	CUSIP •
	 	WKN •

KfW

Frankfurt am Main, Federal Republic of Germany

Euro • • % Global Bonds due •

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORISED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORISED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORISED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

GLOBAL REGISTERED CERTIFICATE

representing a principal amount of

up to • billion euro

(euro • )

of the • % Global Bonds due • in the aggregate principal amount of • euro (euro
• ), issued by KfW (the “Issuer”).

This Global Certificate represents up to • million bonds in the principal amount of euro
1,000 each (the “Bonds”). It has been issued by the Issuer as a registered global certificate to
Cede & Co., as nominee of DTC, and been deposited in the DTC depositary and clearing system in
order to permit delivery and transfer of Bonds in book-entry form without physical delivery of
definitive certificates within that system. DTC and its successor, if any, as depositary for this
Global Certificate shall herein also be referred to as the “Depositary”. Definitive Certificates
representing individual Bonds and interest coupons shall not be issued.

The actual number of Bonds represented from time to time by this Global Certificate shall be
evidenced by the records of the Depositary, which in turn shall be based on the register maintained
by Deutsche Bank Aktiengesellschaft, Frankfurt am Main (the “Register”), or any successor in such
capacity appointed by the Issuer, acting as registrar (the “Registrar”)

57

 

on behalf of the Issuer. In the case of any inconsistency between the Register and the records of
the Depositary, the Register prevails, except in the case of manifest error.

The Issuer hereby undertakes to pay to Cede & Co., on the maturity date of the Bonds, the principal
sum of the Bonds represented hereby and to pay interest on the principal sum represented hereby,
all in accordance with the Terms and Conditions of the Bonds (the “Conditions”) attached hereto.

This Global Certificate may not be transferred except as a whole by DTC to a nominee of DTC or by a
nominee of DTC to DTC or another nominee of DTC or by DTC or any such nominee to a successor
depositary or a nominee of such successor depositary. Any transfer shall be effective only if
registered upon the books maintained for that purpose by the Registrar.

The Conditions form part of this Global Certificate.

This Global Certificate is only valid if it has been provided with the manual authentication
signature on behalf of the Registrar.

Frankfurt am Main, Federal Republic of Germany

• , 200 •

KfW

___________________ __________________

                                                                        

Authentication signature

for and on behalf of

Deutsche Bank Aktiengesellschaft,

as Registrar

58

 

Schedule 2A

German Language Version of the

FORM OF THE DTC GLOBAL CERTIFICATE

			
	ISIN •
	 	Common Code •
	CUSIP •
	 	WKN •

KfW

Frankfurt am Main, Bundesrepublik Deutschland

Euro • • % Globalanleihe fällig •

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORISED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORISED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORISED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

NAMENS-SAMMELSCHULDVERSCHREIBUNG

über einen Nennbetrag von

bis zu • Milliarden Euro

(Euro • )

der • % Globalanleihe fällig • im Gesamtnennbetrag von • Euro (Euro • ) der
KfW (die “Emittentin”).

Diese Sammelschuldverschreibung verbrieft bis zu • Millionen Teilschuldverschreibungen im
Nennbetrag von je Euro 1.000 (die “Schuldverschreibungen”). Sie ist von der Emittentin als
Namens-Sammelschuldverschreibung an Cede & Co. als Beauftragte der DTC begeben und in das Verwahr-
und Clearingsystem der DTC zur Verwahrung eingeliefert worden, um die Lieferung und Übertragung von
Schuldverschreibungen innerhalb dieses Systems im Buchungswege ohne Lieferung effektiver Stücke zu
ermöglichen. DTC und deren etwaiger Nachfolger als Verwahrer dieser Sammelschuldverschreibung
werden in dieser Urkunde auch als “Verwahrer” bezeichnet. Effektive Urkunden über einzelne
Schuldverschreibungen und Zinsscheine werden nicht ausgegeben.

59

 

Die tatsächliche Zahl der in dieser Sammelschuldverschreibung jeweils verbrieften
Schuldverschreibungen ergibt sich aus den Unterlagen des Verwahrers, die ihrerseits beruhen auf dem
Register der Deutsche Bank Aktiengesellschaft, Frankfurt am Main (das “Register”), die als
Registerstelle für die Emittentin fungiert, oder eines etwa von der Emittentin bestellten
Nachfolgers in dieser Funktion (die “Registerstelle”). Im Falle von Unstimmigkeiten zwischen dem
Register und den Unterlagen des Verwahrers ist das Register, außer im Falle eines offenkundigen
Irrtums, maßgeblich.

Die Emittentin verpflichtet sich hiermit, nach Maßgabe der beigefügten Anleihebedingungen (die
“Anleihebedingungen”) an Cede & Co. am Tag der Fälligkeit der Schuldverschreibungen den
Kapitalbetrag der Schuldverschreibungen, die durch diese Urkunde verbrieft sind, zu zahlen und auf
den in dieser Urkunde verbrieften Kapitalbetrag Zinsen zu zahlen.

Diese Sammelurkunde kann nur insgesamt übertragen werden, und zwar nur entweder von DTC auf einen
Beauftragten der DTC, von einem Beauftragten der DTC auf DTC oder auf einen anderen Beauftragten
der DTC oder von DTC oder einem solchen Beauftragten auf einen als Nachfolger der DTC fungierenden
neuen Verwahrer oder einen Beauftragten eines solchen neuen Verwahrers. Die Übertragung ist nur
wirksam, wenn sie in den zu diesem Zweck von der Registerstelle geführten Unterlagen vermerkt wird.

Die Anleihebedingungen sind Teil dieser Sammelschuldverschreibung.

Diese Sammelschuldverschreibung ist nur wirksam, wenn sie mit der im Namen der Registerstelle
geleisteten handschriftlichen Kontrollunterschrift versehen ist.

Frankfurt am Main, Bundesrepublik Deutschland

• 200 •

KfW

__________________ ___________________

                                                                        

Kontrollunterschrift

(geleistet im Namen von

Deutsche Bank Aktiengesellschaft

als Registerstelle)

60

 

Schedule 2B

German Language Version of the

FORM OF THE GLOBAL CERTIFICATES

U.S.$ 500.000.000

			
	ISIN •
	 	Common Code •
	CUSIP •	 	 
	No. R- •	 	 

KfW

Frankfurt am Main, Bundesrepublik Deutschland

U.S.$ • % Globalanleihe fällig •

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORISED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORISED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORISED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

NAMENS-SAMMELSCHULDVERSCHREIBUNG

über einen Nennbetrag von

fünfhundert Millionen United States Dollars

(U.S.$ 500.000.000)

der • % Globalanleihe fällig • im Gesamtnennbetrag von • United States Dollars (U.S.$ • ) der KfW
(die “Emittentin”).

Diese Sammelschuldverschreibung verbrieft fünfhunderttausend Teilschuldverschreibungen im
Nennbetrag von je U.S.$ 1.000 (die “Schuldverschreibungen”). Sie ist von der Emittentin als
Namens-Sammelschuldverschreibung an Cede & Co. als Beauftragte der DTC begeben und in das Verwahr-
und Clearingsystem der DTC zur Verwahrung eingeliefert worden, um die Lieferung und Übertragung von
Schuldverschreibungen innerhalb dieses Systems im Buchungswege ohne Lieferung effektiver Stücke zu
ermöglichen. DTC und deren etwaiger Nachfolger als Verwahrer dieser Sammelschuldverschreibung
werden in dieser Urkunde auch als “Verwahrer” bezeichnet.

Die in dieser Sammelschuldverschreibung verbrieften Schuldverschreibungen ergeben sich aus den
Unterlagen des Verwahrers, die ihrerseits beruhen auf dem Register der Deutsche

61

 

Bank Trust Company Americas, einer Bankgesellschaft nach dem Recht des Staates New York (das
“Register”), die als Registerstelle für die Emittentin fungiert, oder eines etwa von der Emittentin
bestellten Nachfolgers in dieser Funktion (die “Registerstelle”). Im Falle von Unstimmigkeiten
zwischen dem Register und den Unterlagen des Verwahrers ist das Register, außer im Falle eines
offenkundigen Irrtums, maßgeblich.

Die Emittentin verpflichtet sich hiermit, nach Maßgabe der beigefügten Anleihebedingungen (die
“Anleihebedingungen”) an Cede & Co. am Tag der Fälligkeit der Schuldverschreibungen den
Kapitalbetrag der Schuldverschreibungen, die durch diese Urkunde verbrieft sind, zu zahlen und auf
den in dieser Urkunde verbrieften Kapitalbetrag Zinsen zu zahlen.

Diese Sammelurkunde kann nur insgesamt übertragen werden, und zwar nur entweder von DTC auf einen
Beauftragten der DTC, von einem Beauftragten der DTC auf DTC oder auf einen anderen Beauftragten
der DTC oder von DTC oder einem solchen Beauftragten auf einen als Nachfolger der DTC fungierenden
neuen Verwahrer oder einen Beauftragten eines solchen neuen Verwahrers. Die Übertragung ist nur
wirksam, wenn sie in den zu diesem Zweck von der Registerstelle geführten Unterlagen vermerkt wird.

Die Anleihebedingungen sind Teil dieser Sammelschuldverschreibung.

Diese Sammelschuldverschreibung ist nur wirksam, wenn sie mit der im Namen der Registerstelle
geleisteten handschriftlichen Kontrollunterschrift versehen ist.

Frankfurt am Main, Bundesrepublik Deutschland

• 200 •

KfW

__________________ ___________________

                                                                        

Kontrollunterschrift

(geleistet im Namen von

Deutsche Bank Trust Company Americas

als Registerstelle)

62

 

Schedule 2B

English Language Version of the

FORM OF THE GLOBAL CERTIFICATES

U.S.$ 500,000,000

			
	ISIN •
	 	Common Code •
	CUSIP •	 	 
	No. R- •	 	 

KfW

Frankfurt am Main, Federal Republic of Germany

U.S.$ • • % Global Notes due •

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORISED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORISED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORISED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

GLOBAL REGISTERED CERTIFICATE

representing a principal amount of

five hundred million United States dollars

(U.S.$ 500,000,000)

of the • % Global Notes due • in the aggregate principal amount of • United States dollars (U.S.$
• ), issued by KfW (the “Issuer”).

This Global Certificate represents five hundred thousand notes in the principal amount of U.S.$
1,000 each (the “Notes”). It has been issued by the Issuer as a registered global certificate to
Cede & Co., as nominee of DTC, and been deposited in the DTC depositary and clearing system in
order to permit delivery and transfer of Notes in book-entry form without physical delivery of
definitive certificates within that system. DTC and its successor, if any, as depositary for this
Global Certificate shall herein also be referred to as the “Depositary”.

The Notes represented by this Global Certificate shall be evidenced by the records of the
Depositary, which in turn shall be based on the register maintained by Deutsche Bank Trust Company
Americas, a New York banking corporation (the “Register”), or any

63

 

successor in such capacity appointed by the Issuer, acting as registrar (the “Registrar”) on behalf
of the Issuer. In the case of any inconsistency between the Register and the records of the
Depositary, the Register prevails, except in the case of manifest error.

The Issuer hereby undertakes to pay to Cede & Co., on the maturity date of the Notes, the principal
sum of the Notes represented hereby and to pay interest on the principal sum represented hereby,
all in accordance with the Terms and Conditions of the Notes (the “Conditions”) attached hereto.

This Global Certificate may not be transferred except as a whole by DTC to a nominee of DTC or by a
nominee of DTC to DTC or another nominee of DTC or by DTC or any such nominee to a successor
depositary or a nominee of such successor depositary. Any transfer shall be effective only if
registered upon the books maintained for that purpose by the Registrar.

The Conditions form part of this Global Certificate.

This Global Certificate is only valid if it has been provided with the manual authentication
signature on behalf of the Registrar.

Frankfurt am Main, Federal Republic of Germany

• , 200 •

KfW

___________________ __________________

                                                                        

Authentication signature

for and on behalf of

Deutsche Bank Trust Company Americas,

as Registrar

64

 

Schedule 2C

German Language Version of the

FORM OF THE GLOBAL CERTIFICATES

[insert Designated Currency and principal amount of Global Certificate]

			
	ISIN •
	 	Common Code •
	CUSIP •	 	 
	No. R-•	 	 

KfW

Frankfurt am Main, Bundesrepublik Deutschland

• • • % Globalanleihe fällig •

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORISED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORISED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORISED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

NAMENS-SAMMELSCHULDVERSCHREIBUNG

über einen Nennbetrag von

•

(• )

der • % Globalanleihe fällig • im Gesamtnennbetrag von • • (in Worten
• ) der KfW (die “Emittentin”).

Diese Sammelschuldverschreibung verbrieft • Teilschuldverschreibungen im Nennbetrag von je
• (die “Schuldverschreibungen”). Sie ist von der Emittentin als
Namens-Sammelschuldverschreibung an Cede & Co. als Beauftragte der DTC begeben und in das Verwahr-
und Clearingsystem der DTC zur Verwahrung eingeliefert worden, um die Lieferung und Übertragung von
Schuldverschreibungen innerhalb dieses Systems im Buchungswege ohne Lieferung effektiver Stücke zu
ermöglichen. DTC und deren etwaiger Nachfolger als Verwahrer dieser Sammelschuldverschreibung
werden in dieser Urkunde auch als “Verwahrer” bezeichnet.

65

 

Die in dieser Sammelschuldverschreibung verbrieften Schuldverschreibungen ergeben sich aus den
Unterlagen des Verwahrers, die ihrerseits beruhen auf dem Register der Deutsche Bank Trust Company
Americas, einer Bankgesellschaft nach dem Recht des Staates New York (das “Register”), die als
Registerstelle für die Emittentin fungiert, oder eines etwa von der Emittentin bestellten
Nachfolgers in dieser Funktion (die “Registerstelle”). Im Falle von Unstimmigkeiten zwischen dem
Register und den Unterlagen des Verwahrers ist das Register, außer im Falle eines offenkundigen
Irrtums, maßgeblich.

Die Emittentin verpflichtet sich hiermit, nach Maßgabe der beigefügten Anleihebedingungen (die
“Anleihebedingungen”) an Cede & Co. am Tag der Fälligkeit der Schuldverschreibungen den
Kapitalbetrag der Schuldverschreibungen, die durch diese Urkunde verbrieft sind, zu zahlen und auf
den in dieser Urkunde verbrieften Kapitalbetrag Zinsen zu zahlen.

Diese Sammelurkunde kann nur insgesamt übertragen werden, und zwar nur entweder von DTC auf einen
Beauftragten der DTC, von einem Beauftragten der DTC auf DTC oder auf einen anderen Beauftragten
der DTC oder von DTC oder einem solchen Beauftragten auf einen als Nachfolger der DTC fungierenden
neuen Verwahrer oder einen Beauftragten eines solchen neuen Verwahrers. Die Übertragung ist nur
wirksam, wenn sie in den zu diesem Zweck von der Registerstelle geführten Unterlagen vermerkt wird.

Die Anleihebedingungen sind Teil dieser Sammelschuldverschreibung.

Diese Sammelschuldverschreibung ist nur wirksam, wenn sie mit der im Namen der Registerstelle
geleisteten handschriftlichen Kontrollunterschrift versehen ist.

Frankfurt am Main, Bundesrepublik Deutschland

• 200 •

KfW

__________________ ___________________

                                                                        

Kontrollunterschrift

(geleistet im Namen von

Deutsche Bank Trust Company Americas

als Registerstelle)

66

 

Schedule 2C

English Language Version of the

FORM OF THE GLOBAL CERTIFICATES

[insert Designated Currency and principal amount of Global Certificate]

			
	ISIN •
	 	Common Code •
	CUSIP •	 	 
	No. R-•	 	 

KfW

Frankfurt am Main, Federal Republic of Germany

• • • % Global Notes due •

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORISED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORISED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORISED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

GLOBAL REGISTERED CERTIFICATE

representing a principal amount of

•

(• )

of the • • % Global Notes due • in the aggregate principal amount of •
(• ), issued by KfW (the “Issuer”).

This Global Certificate represents five hundred thousand notes in the principal amount of •
each (the “Notes”). It has been issued by the Issuer as a registered global certificate to Cede &
Co., as nominee of DTC, and been deposited in the DTC depositary and clearing system in order to
permit delivery and transfer of Notes in book-entry form without physical delivery of definitive
certificates within that system. DTC and its successor, if any, as depositary for this Global
Certificate shall herein also be referred to as the “Depositary”.

The Notes represented by this Global Certificate shall be evidenced by the records of the
Depositary, which in turn shall be based on the register maintained by Deutsche Bank Trust Company
Americas, a New York banking corporation (the “Register”), or any

67

 

successor in such capacity appointed by the Issuer, acting as registrar (the “Registrar”) on behalf
of the Issuer. In the case of any inconsistency between the Register and the records of the
Depositary, the Register prevails, except in the case of manifest error.

The Issuer hereby undertakes to pay to Cede & Co., on the maturity date of the Notes, the principal
sum of the Notes represented hereby and to pay interest on the principal sum represented hereby all
in accordance with the Terms and Conditions of the Notes (the “Conditions”) attached hereto.

This Global Certificate may not be transferred except as a whole by DTC to a nominee of DTC or by a
nominee of DTC to DTC or another nominee of DTC or by DTC or any such nominee to a successor
depositary or a nominee of such successor depositary. Any transfer shall be effective only if
registered upon the books maintained for that purpose by the Registrar.

The Conditions form part of this Global Certificate.

This Global Certificate is only valid if it has been provided with the manual authentication
signature on behalf of the Registrar.

Frankfurt am Main, Federal Republic of Germany

• , 200 •

KfW

___________________ __________________

                                                                        

Authentication signature

for and on behalf of

Deutsche Bank Trust Company Americas,

as Registrar

68

 

Schedule 3

FORM OF SUPPLEMENTAL AGENCY AGREEMENT

Supplement No.: • to the

Amended and Restated Agency Agreement

dated December 16, 2004 between

KfW (the “Issuer”),

Deutsche Bank Aktiengesellschaft (“Deutsche Bank”),

and Deutsche Bank Trust Company Americas (“DBTCA”),

as amended from time to time

This Agreement between the Issuer and [Deutsche Bank] [DBTCA] (the “Agent”) is in relation to the
issue of debt securities (the “Issue”) identified below and supplemental to the above-referenced
Amended and Restated Agency Agreement (the “Amended and Restated Agency Agreement”). The parties
hereby reconfirm the terms and conditions of the Amended and Restated Agency Agreement and agree
that the Issue shall be subject in all respects to such terms and conditions.

The term “Issue” means the [Euro] [USD] [Designated Currency] • • % Global [Bonds]
[Notes] due • to be issued on • , 200 • which will be evidenced by the Global
Certificates attached hereto in Annexes 1 and 2 and governed by the Terms and Conditions of the
[Bonds] [Notes] attached hereto in Annex 3.

This Agreement constitutes an authorisation of the Agent to authenticate the Global Certificates.

KfW

_________________ ____________________

[DEUTSCHE BANK AKTIENGESELLSCHAFT

_________________ ____________________]

[DEUTSCHE BANK TRUST COMPANY AMERICAS

________________________________]

Dated: • , 200 •

69

 

Annex 1

[ATTACH GLOBAL CERTIFICATE — ENGLISH]

70

 

Annex 2

[ATTACH GLOBAL CERTIFICATE — GERMAN]

71

 

Annex 3

[ATTACH TERMS AND CONDITIONS AND UNOFFICIAL TRANSLATION THEREOF]

72EX-4.1

 

Exhibit 4.1

WCI COMMUNITIES, INC.

$125,000,000

4.0% CONTINGENT CONVERTIBLE SENIOR SUBORDINATED NOTES DUE 2023

SUPPLEMENTAL INDENTURE

Dated as of December 15, 2004

to

INDENTURE

Dated as of August 5, 2003

THE BANK OF NEW YORK

Trustee

 

 

SUPPLEMENTAL INDENTURE

     Supplemental Indenture (this “Supplemental Indenture”), dated as of December 15, 2004
among WCI Communities, Inc., a Delaware corporation (the “Company”), those subsidiaries of the
Company listed in Schedule I hereto (the “Guarantors”) and The Bank of New York, as trustee under
the indenture referred to below (the “Trustee”).

W I T N E S S E T H

     WHEREAS, the Company and the Guarantors have heretofore executed and delivered to the Trustee
an indenture (the “Indenture”), dated as of August 5, 2003 providing for the issuance of 4.0%
Contingent Convertible Senior Subordinated Notes due 2023 (the “Notes”);

     WHEREAS, pursuant to Section 9.01(d) of the Indenture, the Company, the Guarantors and the
Trustee may amend or supplement the Indenture, the Note Guarantees or the Notes without the consent
of any Holder of a Note or the Guarantees to make any change that does not adversely affect the
legal rights thereunder of any Holders of the Notes;

     WHEREAS, pursuant to Section 12.02 of the Indenture, the Company may, at its option, in lieu
of delivering shares of Common Stock to any Holder of a Note desiring to convert such Note, elect
to pay such Holder an amount of cash equivalent to the value of the shares of Common Stock issuable
upon conversion of such Note;

     WHEREAS, the Company and the Guarantors desire to enter into this Supplemental Indenture to
amend certain provisions of the Indenture without requiring the consent of any Holder of a Note or
the Guarantees pursuant to Section 9.01(d); and

     WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and
deliver this Supplemental Indenture.

     NOW THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the Company, the

 

 

Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit of
the Holders of the Notes as follows:

     1. Capitalized Terms. Capitalized terms used herein without definition
shall have the meanings assigned to them in the Indenture.

     2. ARTICLE I.

     (a) Section 1.01 shall be amended to:

(i) Delete the definition of “Cash Conversion Price” in its entirety and to
substitute in place thereof the following definition:

""Cash Conversion Price” means, in respect of each $1,000 of
principal amount of Notes, an amount in cash equal to the product of
(i) the average of the Closing Price of the Common Stock for each
Trading Day in the five consecutive Trading Day period immediately
following the Conversion Date multiplied by (ii) the number of shares
of Common Stock issuable upon conversion of such Note on such date
and appropriately adjusted to take into account the occurrence,
during such five consecutive Trading Day period, of any event
requiring adjustment of the Conversion Price under this Indenture.”

(ii) Insert the following definition immediately following the definition of
“Person”:

""Principal Shares” means the number of shares equal to (1) the
Principal Amount divided by (2) the average of the Closing Price of
the Common Stock for each Trading Day in the five consecutive Trading
Day period immediately following the Conversion Date and
appropriately adjusted to take into account the occurrence, during
such five consecutive Trading Day period, of any event requiring
adjustment of the Conversion Price under this Indenture.”

     (b) Section 1.02 shall be amended to:

(i) Insert the following definition immediately following the definition of
“Conversion Date”:

2

 

""Conversion Premium”. 12.01”

(ii) Insert the following definition immediately following the definition of
“Expiration Time”:

""Net Shares”. 12.01”

(iii) Insert the following definition immediately following the definition
of “Pre-Dividend Sale Price”:

""Principal Amount”. 12.01”

     3. ARTICLE III.

     (a) Section 3.09(a) shall be amended to delete the following text contained in the first line
of clause (a): “Subject to Section 3.09(b) below, if” and substitute in place thereof the word
“If”.

     (b) Section 3.09(b) shall be amended to delete it in its entirety and substitute in place
thereof the word “Reserved.”

     4. ARTICLE XII.

     (a) Section 12.01 shall be amended to delete in its entirety the sixth paragraph of such
Section and substitute in place thereof the following:

“In the event that a Holder elects to convert all or a portion of a Note into shares
of Common Stock, the Company shall pay to the Holder an amount in cash equal to the
lesser of the Cash Conversion Price or the principal amount (the “Principal Amount”)
of the Note that is being converted. In the event that the Cash Conversion Price
exceeds the Principal Amount (such excess referred to as the “Conversion Premium”),
the number of shares of Common Stock issuable upon conversion of a Note (referred to
as the “Net Shares”) shall be determined by the Company by (1) dividing the
Principal Amount by the Conversion Price in effect on the Conversion Date and (2)
subtracting from that amount the Principal Shares. The initial Conversion Price is
set forth in paragraph 8 of the Notes and is subject to adjustment as provided in
this Article 12. If any Notes are properly presented for conversion, the Company,
at its option, instead of delivering the Net Shares issuable upon conversion of such
Notes, may pay the Holder the Cash Conversion Price minus the Principal Amount.”

3

 

     (b) Section 12.02 shall be amended to delete the third paragraph of such Section in its
entirety and substitute in place thereof the following:

“The Company may, at its option, in lieu of delivering the Net Shares, elect to pay
the Holder surrendering such Note an amount of cash equal to the average of the
Common Stock Price for the five consecutive Trading Days immediately following the
Conversion Date multiplied by the number of Net Shares. The Company shall make its
election no later than the Conversion Date to deliver shares of Common Stock
representing the Net Shares or to pay cash in lieu of the delivery of Net Shares,
unless in either case it has already informed Holders of its election in connection
with its optional redemption of the Notes as set forth in Section 3.12 hereof, and
the Trustee shall inform Holders of such election on the Conversion Date (or as soon
as may be practicable thereafter). The failure by the Company to make such election
on the Conversion Date shall be deemed an election to deliver shares of Common Stock
representing the Net Shares. The Company’s obligation to satisfy all or a portion
of its obligations to deliver shares upon conversion in cash and/or cash and shares
of Common Stock shall be made to Holders surrendering Notes no later than the tenth
Business Day following the applicable Conversion Date. The Company shall notify the
Trustee and the Conversion Agent of the Cash Conversion Price, Principal Amount,
Conversion Premium, and Net Share amount and whether the Company has elected to
settle the Conversion Premium by delivery of only Net Shares, the payment of only
cash or a combination of a portion of Net Shares and cash in accordance with Article
XII of this Indenture promptly after the determination of the amounts thereof.”

     (c) The following shall be added as Section 12.16 to ARTICLE XII:

“12.16 References to Settlement with Common Stock.

For the avoidance of doubt, any provision of this Indenture or the form of any Note
which references the delivery or issuance of shares of Common Stock by the Company
upon a conversion of the Notes shall be applicable only to the extent that the
Company does not elect to settle the Conversion Premium in cash.”

     5. EXHIBIT
A AND AMENDMENT OF NOTE.

     (a) Exhibit A shall be amended to delete in its entirety the text contained in Exhibit A and
to replace such text with the text included in Exhibit A hereto.

     (b) Each of the Notes shall be deemed amended and restated to delete in its entirety the text
contained in such Notes and to replace such text with the text included in Exhibit A hereto.

4

 

     6. NEW YORK LAW TO GOVERN. THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

     7. COUNTERPARTS. The parties may sign any number of copies of this
Supplemental Indenture. Each signed copy shall be an original, but all of them together represent
the same agreement.

     8. EFFECT OF HEADINGS. The Section headings herein are for convenience only
and shall not affect the construction hereof.

     9. THE TRUSTEE. The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for
or in respect of the recitals contained herein, all of which recitals are made solely by the
Company and the Guarantors.

     10. CONTINUING EFFECT. Except as amended or supplemented by this
Supplemental Indenture, the provisions of the Indenture are in all respects ratified and confirmed
and shall remain in full force and effect.

5

 

     IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed, all as of the date first above written.

	 	 	 	 	 
	 	 	WCI Communities, Inc.
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	

	

	 	 	 	Name:
	

	 	 	 	Title:

	 	 	 
	

	 	GUARANTORS:
	 
	 	 
	

	 	Carpentry Management Associates, LLC
	

	 	Dix Hills Home & Land Company LLC
	

	 	Lake Grove Home & Land Co., LLC
	

	 	Mansion Ridge Home & Land Company LLC
	

	 	New Home & Land Company LLC
	

	 	Southbury Home & Land Company LLC
	

	 	Spectrum East Fishkill, LLC
	

	 	Spectrum Eastport, LLC
	

	 	Spectrum Kensington LLC
	

	 	Spectrum Lake Grove LLC
	

	 	Spectrum Long Beach, LLC
	

	 	Spectrum Manhattan Woods, LLC
	

	 	Spectrum North Bergen LLC
	

	 	Spectrum Pocantico, LLC
	

	 	Spectrum Wilson Park, LLC
	

	 	Spectrum Westport, LLC
	

	 	The Valimar Home & Land Co., LLC

	 	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	

	

	 	 	 	Name: James D. Cullen
	

	 	 	 	Title: Authorized Representative

 

 

	 	 	 
	

	 	GC Assets of Nassau, Inc.
	

	 	The Mansion Ridge Sewer Company, Inc.
	

	 	Spectrum Bellefair Corp.
	

	 	Spectrum Brae Burn Corp.
	

	 	Spectrum Construction Corp.
	

	 	Spectrum Design Studio, Inc.
	

	 	Spectrum Glen Cove Corp.
	

	 	Spectrum Half Moon, Corp.
	

	 	Spectrum Holmdel Corp.
	

	 	Spectrum-Irvington Corp.
	

	 	Spectrum Valimar Corp.
	

	 	Spectrum PDC Corp.
	

	 	Spectrum Landing Corp.
	

	 	Spectrum Monroe Corp.
	

	 	Spectrum-Riverwoods Corp.

	 	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	

	

	 	 	 	Name: James D. Cullen
	

	 	 	 	Title: Vice President

 

 

	 	 	 
	

	 	Bay Colony-Gateway, Inc.
	

	 	Community Specialized Services, Inc.
	

	 	Financial Resources Group, Inc.
	

	 	First Fidelity Title, Inc.
	

	 	Florida Design Communities, Inc.
	

	 	Florida Lifestyle Management Company
	

	 	Resort at Singer Island Properties, Inc.
	

	 	Spectrum Homes, Inc.
	

	 	Spectrum Real Estate Development, LLC
	

	 	Sun City Center Golf Properties, Inc.
	

	 	Sun City Center Realty, Inc.
	

	 	Watermark Realty, Inc.
	

	 	WCI Amenities, Inc.
	

	 	WCI Architecture & Land Planning, Inc.
	

	 	WCI Business Development, Inc.
	

	 	WCI Capital Corporation
	

	 	WCI Homebuilding, Inc.
	

	 	WCI Homebuilding Northeast, U.S., Inc.
	

	 	WCI Marketing, Inc.
	

	 	WCI/Spectrum Communities, LLC
	

	 	WCI Towers, Inc.

	 	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	

	

	 	 	 	Name: James D. Cullen
	

	 	 	 	Title: Vice President

	 	 	 
	

	 	Bay Colony Realty Associates, Inc.
	

	 	Bay Colony of Naples, Inc.
	

	 	The Colony At Pelican Landing Golf Club, Inc.
	

	 	Communities Amenities, Inc.
	

	 	Communities Finance Company, LLC
	

	 	Communities Home Builders, Inc.
	

	 	Coral Ridge Communities, Inc.
	

	 	Coral Ridge Properties, Inc.
	

	 	Coral Ridge Realty, Inc.
	

	 	Coral Ridge Realty Sales, Inc.
	

	 	Florida National Properties, Inc.
	

	 	Gateway Communications Services, Inc.
	

	 	Gateway Communities, Inc.

 

 

	 	 	 
	

	 	Gateway Realty Sales, Inc.
	

	 	Heron Bay, Inc.
	

	 	Heron Bay Golf Course Properties, Inc.
	

	 	JYC Holdings, Inc.
	

	 	Marbella at Pelican Bay, Inc.
	

	 	Pelican Bay Properties, Inc.
	

	 	Pelican Landing Communities, Inc.
	

	 	Pelican Landing Golf Resort Ventures, Inc.
	

	 	Pelican Landing Properties, Inc.
	

	 	Pelican Marsh Properties, Inc.
	

	 	Sarasota Tower, Inc.
	

	 	Tarpon Cove Realty, Inc.
	

	 	Tarpon Cove Yacht & Racquet Club, Inc.
	

	 	Tiburon Golf Ventures, Inc.
	

	 	Watermark Realty Referral, Inc.
	

	 	WCI Communities Property Management, Inc.
	

	 	WCI Golf Group, Inc.
	

	 	WCI Homes, Inc.
	

	 	WCI Realty, Inc.

	 	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	

	

	 	 	 	Name: James D. Cullen
	

	 	 	 	Title: Vice President

	 	 	 
	

	 	The Bank of New York,
   as
Trustee

	 	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	

	

	 	 	 	Name:
	

	 	 	 	Title:

 

 

Schedule I

SCHEDULE OF GUARANTORS

WCI/Spectrum Communities, LLC

Spectrum Homes, Inc.

Spectrum Real Estate Development, LLC

Spectrum Lake Grove LLC

Spectrum Pocantico, LLC

Spectrum Wilson Park, LLC

Spectrum Manhattan Woods, LLC

Spectrum Long Beach, LLC

Spectrum Eastport, LLC

Spectrum East Fishkill, LLC

Spectrum Kensington LLC

Spectrum North Bergen LLC

Spectrum Brae Burn Corp.

Dix Hills Home & Land Company LLC

Spectrum Glen Cove Corp.

Spectrum Half Moon, Corp.

Mansion Ridge Home & Land Company LLC

Spectrum Monroe Corp.

Southbury Home & Land Company LLC

Spectrum Westport, LLC

Lake Grove Home & Land Co., LLC

WCI Amenities, Inc.

WCI Business Development, Inc.

WCI Homebuilding, Inc.

WCI Homebuilding Northeast, U.S., Inc.

WCI Marketing, Inc.

WCI Towers, Inc.

Bay Colony-Gateway, Inc.

Financial Resources Group, Inc.

First Fidelity Title, Inc.

Florida Lifestyle Management Company

Resort at Singer Island Properties, Inc.

Sun City Center Golf Properties, Inc.

Sun City Center Realty, Inc.

Watermark Realty, Inc.

The Colony at Pelican Landing Golf Club, Inc.

Communities Amenities, Inc.

Communities Home Builders, Inc.

Gateway Communications Services, Inc.

JYC Holdings, Inc.

Marbella at Pelican Bay, Inc.

 

 

Pelican Landing Golf Resort Ventures, Inc.

Sarasota Tower, Inc.

Tarpon Cove Yacht & Racquet Club, Inc.

Tiburon Golf Ventures, Inc.

Watermark Realty Referral, Inc.

WCI Communities Property Management, Inc.

WCI Golf Group, Inc.

WCI Realty, Inc.

Bay Colony Realty Associates, Inc.

Bay Colony of Naples, Inc.

Coral Ridge Communities, Inc.

Coral Ridge Properties, Inc.

Coral Ridge Realty, Inc.

Coral Ridge Realty Sales, Inc.

Florida National Properties, Inc.

Gateway Communities, Inc.

Gateway Realty Sales, Inc.

Heron Bay, Inc.

Heron Bay Golf Course Properties, Inc.

Pelican Bay Properties, Inc.

Pelican Landing Communities, Inc.

Pelican Landing Properties, Inc.

Pelican Marsh Properties, Inc.

Tarpon Cove Realty, Inc.

WCI Homes, Inc.

Communities Finance Company, LLC

WCI Capital Corporation

Communities Specialized Services, Inc.

WCI Architecture & Land Planning, Inc.

 

 

Exhibit A

 

 

EXHIBIT A

[Insert the Global Note Legend, if applicable pursuant to the provisions of the Indenture]

[Insert the Private Placement Legend, if applicable pursuant to the provisions of the Indenture]

[Face of Note]

CUSIP No.

ISIN No.

4.0% Contingent Convertible Senior Subordinated Notes due 2023

No. ___

$____________

_________

WCI COMMUNITIES, INC.

	 	 	 
	promises to pay to
	 	 
	

	 	

or registered assigns,

	 	 	 
	the principal sum of
	 	 
	

	 	

Dollars on August 5, 2023.

Interest Payment Dates: August 5 and February 5

Record Dates: July 20 and January 20

	 	 	 	 	 
	 	WCI COMMUNITIES, Inc.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

This is one of the Notes referred to

in the within-mentioned Indenture:

Dated: _______________, ____

The Bank of New York,

     as Trustee

	 
	By:                                                            

	Authorized Signatory

 

 

[Back of Note]

4.0% Contingent Convertible Senior Subordinated Notes due 2023

     Capitalized terms used herein shall have the meanings assigned to them in the Indenture
referred to below unless otherwise indicated.

     1. Interest. WCI Communities, Inc., a Delaware corporation (the “Company”),
promises to pay interest on the principal amount of this Note at 4.0% per annum from August 5, 2003
until maturity and shall pay the Additional Amounts payable pursuant to Section 3 of the
Registration Rights Agreement referred to below. The Company will pay interest and, if applicable,
Contingent Interest, if any, and Additional Amounts semi-annually in arrears on August 5 and
February 5 of each year, or if any such day is not a Business Day, on the next succeeding Business
Day (each an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date
to which interest has been paid or, if no interest has been paid, from the date of issuance;
provided that if there is no existing Default in the payment of interest, and if this Note is
authenticated between a record date referred to on the face hereof and the next succeeding Interest
Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided,
further, that the first Interest Payment Date shall be February 5, 2004. The Company shall pay
interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
principal and premium, if any, from time to time on demand at a rate that is 1% per annum in excess
of the rate then in effect; it shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue installments of interest and, if applicable,
Contingent Interest, if any, and Additional Amounts (without regard to any applicable grace
periods) from time to time on demand at the same rate to the extent lawful. Interest will be
computed on the basis of a 360-day year of twelve 30-day months.

     The Company shall pay additional interest (“Contingent Interest”) to the Holders during any
six-month period (a “Contingent Interest Period”) from August 5 to, but excluding, February 5 and
from February 5 to, but excluding, August 5, with the initial six-month period commencing August 5,
2006, if the average of the Trading Price for the five Trading Days ending on the third Trading Day
immediately preceding the first day of the applicable Contingent Interest Period (the “Contingent
Interest Average Trading Price”) equals $1,200 or more. The amount of Contingent Interest payable
per $1,000 principal amount of Notes in respect of any Contingent Interest Period shall equal 0.50%
per annum on the Contingent Interest Average Trading Price. The Company will pay Contingent
Interest, if any, in the same manner as it will pay interest as described above. Upon
determination that Contingent Interest on the Notes will accrue during any relevant six month
period, on or prior to the start of such six month period, the Company shall issue a press release
announcing the payment of such Contingent Interest and shall notify the Trustee in writing.

     2. Method of Payment. The Company will pay interest on the Notes (including
Contingent Interest, if any) (except defaulted interest) and Additional

 

 

Amounts to the Persons who are registered Holders of Notes at the close of business on the
July 20 or January 20 next preceding the Interest Payment Date, even if such Notes are canceled
after such record date and on or before such Interest Payment Date, except as provided in Section
2.12 of the Indenture with respect to defaulted interest. The Notes will be payable as to
principal, premium and Additional Amounts, if any, and interest (including Contingent Interest, if
any) at the office or agency of the Company maintained for such purpose within or without The City
and State of New York, or, at the option of the Company, payment of interest and Additional Amounts
may be made by check mailed to the Holders at their addresses set forth in the register of Holders,
and provided that payment by wire transfer of immediately available funds will be required with
respect to principal of and interest, premium and Additional Amounts on, all Global Notes and all
other Notes the Holders of which shall have provided wire transfer instructions to the Company or
the Paying Agent at least fifteen (15) Business Days prior to the applicable payment date. Such
payment shall be in such coin or currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts.

     3. Agent and Registrar. Initially, The Bank of New York, the Trustee under
the Indenture, will act as Paying Agent and Registrar. The Company may change any Paying Agent or
Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such
capacity.

     4. Indenture. The Company issued the Notes under an Indenture dated as of
August 5, 2003 (“Indenture”) between the Company, the Guarantors listed on the signature page
therein (the “Guarantors”) and the Trustee. The terms of the Notes include those stated in the
Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as
amended (15 U.S. Code §§ 77aaa-77bbbb). The Notes are subject to all such terms, and Holders are
referred to the Indenture and such Act for a statement of such terms. To the extent any provision
of this Note conflicts with the express provisions of the Indenture, the provisions of the
Indenture shall govern and be controlling.

5. optional redemption.

     No sinking fund is provided for in the Notes. Beginning on August 11, 2008 and during the
periods thereafter to maturity, the Notes are redeemable for cash as a whole, or from time to time
in part, in any integral multiple of $1,000, at any time at the option of the Company at a
redemption price (the “Redemption Price”) equal to 100% of the principal amount, together with
accrued but unpaid interest, thereon (including Contingent Interest and Additional Amounts, if
any), up to but not including the Redemption Date.

     In addition, on or after August 11, 2006, the Company may redeem the Notes, in whole or in
part, for cash at a price equal to 100% of the principal amount of the Notes plus accrued but
unpaid interest (including Contingent Interest and Additional Amounts, if any) up to but not
including the Redemption Date, in the event that the Common Stock Price for at least 20 Trading
Days in the period of 30 consecutive Trading Days ending on the last Trading Day of the calendar
month preceding the

 

 

calendar month in which the Notice of Redemption is properly mailed to holders is more than
135% of the then applicable Conversion Price on that 30th Trading Day.

     The Company will pay interest to a Person other than the Holder of record on the Record Date
if we redeem the Notes on a date that is after the Record Date and prior to the corresponding
interest payment date. In this instance, the Company will pay interest accrued and unpaid on the
Notes being redeemed, to but not including the Redemption Date to the same person to whom we will
pay the principal of such Notes.

     6. purchase by the company at the option of the holder; purchase at the option of
the holder upon a Change of Control.

     Subject to the terms and conditions of the Indenture, the Company shall become obligated to
purchase for cash, at the option of the Holder, all or any portion of the Notes held by such
Holder, in any integral multiple of $1,000, on August 5, 2008, August 5, 2013 and August 5, 2018
(each, a “Purchase Date”) at a purchase price per Note equal to 100% of the aggregate principal
amount of the Note on the date of purchase (the “Purchase Price”), together with accrued but unpaid
interest (including Contingent Interest and Additional Amounts, if any), thereon, up to but not
including the Purchase Date upon delivery of a Purchase Notice containing the information set forth
in the Indenture, together with the Notes subject thereto, at any time from the opening of business
on the date that is 30 Business Days prior to such Purchase Date until the close of business on the
Business Day prior to such Purchase Date, and upon delivery of the Notes to the Paying Agent by the
Holder as set forth in the Indenture.

     At the option of the Holder and subject to the terms and conditions of the Indenture, the
Company shall become obligated to purchase the Notes held by such Holder after the occurrence of a
Change of Control of the Company for a Change of Control Purchase Price equal to 100% of the
principal amount thereof plus accrued but unpaid interest (including Contingent Interest and
Additional Amounts, if any), thereon, up to but not including the Change of Control Purchase Date
which Change of Control Purchase Price (provided that, if the Change of Control Purchase Date is on
or after an interest record date but on or prior to the related interest payment date, accrued but
unpaid interest will be payable to the Holders in whose names the Notes are registered at the close
of business on the relevant record date). Holders have the right to withdraw any Purchase Notice
or Change of Control Purchase Notice, as the case may be, by delivering to the Paying Agent a
written notice of withdrawal in accordance with the provisions of the Indenture.

     If cash sufficient to pay the Purchase Price or Change of Control Purchase Price, as the case
may be, and accrued but unpaid interest (including Contingent Interest and Additional Amounts, if
any), on all Notes or portions thereof to be purchased as of the Purchase Date or the Change of
Control Purchase Date, as the case may be, is deposited with the Paying Agent on the Business Day
prior to the Purchase Date or the Change of Control Purchase Date, interest (including Contingent
Interest and Additional Amounts, if any), shall cease to accrue on such Notes (or portions thereof)
as of such Purchase Date or Change of Control Purchase Date, and the Holder thereof shall have no

 

 

other rights as such other than the right to receive the Purchase Price or Change of Control
Purchase Price, as the case may be, and interest (including Contingent Interest and Additional
Amounts, if any), upon surrender of such Note.

     7. NOTICE OF REDEMPTION.

     Notice of redemption pursuant to paragraph 5 of this Note will be mailed at least 30 days but
not more than 60 days before the redemption date to each Holder of Notes to be redeemed at the
Holder’s registered address. If money sufficient to pay the Redemption Price of all Notes (or
portions thereof) to be redeemed on the redemption date is deposited with the Paying Agent prior to
or on the redemption date, immediately after such redemption date, interest (including Contingent
Interest and Additional Amounts, if any) cease to accrue on such Notes or portions thereof. Notes
in denominations larger than $1,000 of principal amount may be redeemed in part but only in
integral multiples of $1,000 of principal amount.

     8. CONVERSION

     Subject to the provisions of Article 12 of the Indenture, a Holder of a Note may convert such
Note into shares of Common Stock of the Company if any of the conditions specified in paragraphs
(a) through (g) of Section 12.01 of the Indenture is satisfied; provided, however, that if such
Note is called for redemption, the conversion right will terminate at the close of business on the
second Business Day immediately preceding the Redemption Date of such Note (unless the Company
shall default in making the redemption payment when due, in which case the conversion right shall
terminate at the close of business on the date such Default is cured and such Note is redeemed).
The initial conversion price is $27.57 per share, subject to adjustment under certain circumstances
as described in the Indenture (the “Conversion Price”). In the event that a Holder elects to
convert all or a portion of a Note into shares of Common Stock, the Company shall pay to the Holder
an amount in cash equal to the lesser of the Cash Conversion Price or the principal amount (the
“Principal Amount”) of the Note that is being converted. In the event that the Cash Conversion
Price exceeds the Principal Amount (such excess referred to as the “Conversion Premium”), the
number of shares issuable upon conversion of a Note (referred to as the “Net Shares”), is
determined by (1) dividing the Principal Amount by the Conversion Price in effect on the conversion
date, and (2) subtracting from that amount the Principal Shares. In the event of a conversion of a
Note, the Company has the option to deliver an amount equal to the Cash Conversion Price minus the
Principal Amount to the Holder of the Note surrendered for such conversion as provided in Section
12.02 of the Indenture in lieu of delivering the Net Shares. Upon conversion, no adjustment for
interest (including Contingent Interest and Additional Amounts, if any), or dividends will be made.
No fractional shares will be issued upon conversion; in lieu thereof, an amount will be paid in
cash based upon the current market price (as defined in the Indenture) of the Common Stock on the
last Trading Day prior to the date of conversion.

     To convert a Note, a Holder must (a) complete and sign the conversion notice set forth below
and deliver such notice to the Conversion Agent, (b) surrender the

 

 

Note to the Conversion Agent, (c) furnish appropriate endorsements and transfer documents if
required by the Registrar or the Conversion Agent, (d) pay any transfer or similar tax, if required
and (e) if the Note is held in book-entry form, complete and deliver to the Depositary appropriate
instructions pursuant to the Depositary’s book-entry conversion programs. If a Holder surrenders a
Note for conversion between the record date for the payment of an installment of interest and the
related interest payment date, the Note must be accompanied by payment of an amount equal to the
interest (including Contingent Interest and Additional Amounts, if any), payable on such interest
payment date on the principal amount of the Note or portion thereof then converted; provided,
however, that no such payment shall be required if such Note has been called for redemption on a
redemption date within the period between and including such record date and such interest payment
date, or if such Note is surrendered for conversion on the interest payment date. A Holder may
convert a portion of a Note equal to $1,000 or any integral multiple thereof.

     A Note in respect of which a Holder has delivered a Purchase Notice or a Change of Control
Purchase Notice exercising the option of such Holder to require the Company to repurchase such Note
as provided in Section 3.08 or Section 3.09, respectively, of the Indenture may be converted only
if such notice of exercise is withdrawn in accordance with the terms of the Indenture.

     9. Denominations, Transfer, Exchange. The Notes are in registered form
without coupons in denominations of $1,000 and integral multiples of $1,000. The transfer of Notes
may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the
Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer
documents and the Company may require a Holder to pay any taxes and fees required by law or
permitted by the Indenture. The Company need not exchange or register the transfer of any Note or
portion of a Note selected for redemption, except for the unredeemed portion of any Note being
redeemed in part. Also, the Company need not exchange or register the transfer of any Notes for a
period of 15 days before a selection of Notes to be redeemed or during the period between a record
date and the succeeding Interest Payment Date.

     10. Persons Deemed Owners. The registered Holder of a Note may be treated
as its owner for all purposes.

     11. Amendment, Supplement and Waiver. Subject to certain exceptions, the
Indenture, the Note Guarantees or the Notes may be amended or supplemented with the consent of the
Holders of at least a majority in principal amount of the then outstanding Notes and Additional
Notes, if any, voting as a single class, and any existing default or compliance with any provision
of the Indenture, the Note Guarantees or the Notes may be waived with the consent of the Holders of
a majority in principal amount of the then outstanding Notes and Additional Notes, if any, voting
as a single class. Without the consent of any Holder of a Note, the Indenture, the Note Guarantees
or the Notes may be amended or supplemented to cure any ambiguity, defect or inconsistency, to
provide for uncertificated Notes in addition to or in place of certificated Notes, to provide for
the assumption of the Company’s or Guarantor’s obligations to

 

 

Holders of the Notes in case of a merger or consolidation, to make any change that would
provide any additional rights or benefits to the Holders of the Notes or that does not adversely
affect the legal rights under the Indenture of any such Holder, to comply with the requirements of
the Securities and Exchange Commission in order to effect or maintain the qualification of the
Indenture under the Trust Indenture Act, to provide for the Issuance of Additional Notes in
accordance with the limitations set forth in the Indenture, or to allow any Guarantor to execute a
supplemental indenture to the Indenture and/or a Note Guarantee with respect to the Notes.

     12. Defaults and Remedies. An “Event of Default” occurs if (i) the Company
defaults for 30 days in the payment when due of interest (including Contingent Interest, if any)
on, or Additional Amounts, if any, with respect to, the Notes (whether or not prohibited by the
subordination provisions of the Indenture or any other reason); (ii) the Company fails to pay the
principal on any Notes, when it becomes due and payable, at maturity, upon acceleration, upon
redemption or otherwise (including the failure to make a Change of Control Offer or make a payment
to purchase Notes tendered pursuant to a Change of Control Offer or the failure to repurchase Notes
pursuant to paragraph 5 hereof), whether or not such failure shall be due to the subordination
provisions of the Indenture or agreements with respect to any other Indebtedness or any other
reason; (iii) the Company or any of the Guarantors fail to comply with any covenant,
representation, warranty or other agreement in the Indenture or this Note for 30 days after written
notice specifying the default (and demanding that such default be remedied) to the Company by the
Trustee or the Holders of at least 25% in aggregate principal amount of Notes (including Additional
Notes, if any) then outstanding voting as a single class (except in the case of a default under
Section 5.01 of the Indenture, which will constitute an Event of Default with such notice
requirement but without such passage of time requirement); (iv) there is a default under any
mortgage, indenture or instrument under which there may be issued or by which there may be secured
or evidenced any Indebtedness for money borrowed by the Company or any of the Guarantors (or the
payment of which is guaranteed by the Company or any of the Guarantors) (other than Indebtedness
owed to the Company or any of the Guarantors or Non-Recourse Financing to the extent such default
is not due to the default by the Company under any other Indebtedness) whether such Indebtedness or
guarantee now exists, or is created after the date of the Indenture, if that default: (I) is
caused by a failure to pay such Indebtedness at its Stated Maturity and such Indebtedness together
with other Indebtedness in default for failure to pay principal at Stated Maturity (or the maturity
of which as then accelerated) exceeds $10.0 million in the aggregate (a “Payment Default”); or (II)
results in the acceleration of such Indebtedness prior to its express maturity and, in each case,
the principal amount of any such Indebtedness, together with the principal amount of any other such
Indebtedness under which there has been a Payment Default or the maturity of which has been so
accelerated, aggregates $10.0 million or more; (v) there is failure by the Company or any of the
Guarantors to pay final judgments aggregating in excess of $10.0 million (except to the extent the
judgment or judgments are in respect of Non-Recourse Financing), which judgments are not paid,
discharged or stayed for a period of 60 days (vi) certain events of bankruptcy or insolvency with
respect to the Company or any of Guarantors; and (vii) except as permitted by the Indenture, any
Note Guarantee shall be held in any judicial proceeding to be unenforceable or invalid or shall
cease for

 

 

any reason to be in full force and effect or any Guarantor or any Person acting on its behalf
shall deny or disaffirm its obligations under such Guarantor’s Note Guarantee. If any Event of
Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of
the then outstanding Notes may declare all the Notes to be due and payable. Notwithstanding the
foregoing, in the case of an Event of Default arising from certain events of bankruptcy or
insolvency, all outstanding Notes will become due and payable without further action or notice.
Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to
certain limitations, Holders of a majority in principal amount of the then outstanding Notes may
direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of
the Notes notice of any continuing Default or Event of Default (except a Default or Event of
Default relating to the payment of principal or interest) if it determines that withholding notice
is in their interest. The Holders of a majority in aggregate principal amount of the Notes then
outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any
existing Default or Event of Default and its consequences under the Indenture except a continuing
Default or Event of Default in the payment of interest on, premium and Additional Amounts, if any,
or the principal of, the Notes. The Company is required to deliver to the Trustee annually a
statement regarding compliance with the Indenture, and the Company is required upon becoming aware
of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default
or Event of Default.

     13. Tax Treatment of Notes. The Company agrees and the Holders, by purchasing the
Notes, will be deemed to agree that (i) the Notes are contingent payment debt instruments as
defined in Treasury Regulations Section 1.1275-4(b), (ii) each Holder shall be bound by the
Company’s application of the Treasury Regulations to the Notes, including the Company’s
determination that the rate at which interest will be deemed to accrue on the Notes for United
States federal income tax purposes will be 8.9% compounded semi-annually, which is the rate
comparable to the rate at which the Company would borrow on a noncontingent, nonconvertible basis
with terms and conditions otherwise comparable to the Notes, (iii) each Holder shall use the
projected payment schedule with respect to the Notes determined by the Company, as required by
Treasury Regulations Section 1.1275-4(b)(4)(iv), to determine its interest accruals and adjustments
as provided in Treasury Regulations Section 1.1275-4(b), and (iv) the Company and each Holder will
not take any position on a tax return inconsistent with (i), (ii), or (iii), unless required by
applicable law. A Holder of Notes may obtain the issue price, amount of original issue discount,
issue date, yield to maturity, comparable yield and projected payment schedule for the Notes by
submitting a written request for such information to the Company at the following address: WCI
Communities, Inc.; 24301 Walden Center Drive; Bonita Springs, FL 34134; (239) 947-2600; Attention:
James D. Cullen, Esq.

     14. Subordination. The Indebtedness evidenced by this Note is, to the
extent and in the manner provided in the Indenture, subordinated and subject in right of payment to
the prior payment in full of all amounts then due on all Senior Debt (whether outstanding on the
date hereof or hereafter created, incurred, assumed or guaranteed) of the Company, and this Note is
issued subject to such provisions of the Indenture with respect thereto. Each Holder of this Note,
by accepting the same, (a)

 

 

agrees to and shall be bound by such provisions, (b) authorizes and directs the Trustee on
such Holder’s behalf to take such action as may be necessary or appropriate to effectuate the
subordination so provided and (c) appoints the Trustee such Holder’s attorney-in-fact for any and
all such purposes.

     15. Trustee Dealings with Company. The Trustee, in its individual or any
other capacity, may make loans to, accept deposits from, and perform services for the Company or
its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the
Trustee.

     16. No Recourse Against Others. A director, officer, employee, incorporator
or stockholder, of the Company or any Guarantor, as such, shall not have any liability for any
obligations of the Company or any Guarantor under the Notes, the Note Guarantees or the Indenture
or for any claim based on, in respect of, or by reason of, such obligations or their creation.
Each Holder by accepting a Note waives and releases all such liability. The waiver and release are
part of the consideration for the issuance of the Notes.

     17. Authentication. This Note shall not be valid until authenticated by the
manual signature of the Trustee or an authenticating agent.

     18. Abbreviations. Customary abbreviations may be used in the name of a
Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the
entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST
(= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

     19. Additional Rights of Holders of Restricted Global Notes and Restricted
Definitive Notes. In addition to the rights provided to Holders of Notes under the Indenture,
Holders of Restricted Global Notes and Restricted Definitive Notes shall have all the rights set
forth in the Resale Registration Rights Agreement dated as of August 5, 2003, between the Company
and the parties named on the signature pages thereof (the “Registration Rights Agreement”).

     20. CUSIP Numbers. Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be
printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption as a
convenience to Holders. No representation is made as to the accuracy of such numbers either as
printed on the Notes or as contained in any notice of redemption and reliance may be placed only on
the other identification numbers placed thereon.

     The Company will furnish to any Holder upon written request and without charge a copy of the
Indenture and/or the Registration Rights Agreement. Requests may be made to:

WCI Communities, Inc.

24301 Walden Center Drive

 

 

Suite 300

Bonita Springs, Florida 34134

Attention: Vivien N. Hastings, Esq.

 

 

Assignment Form

To assign this Note, fill in the form below and have your signature guaranteed:

     (I) or (we) assign and transfer this Note to:

                              (Insert assignee’s legal name)

(Insert assignee’s soc. sec. or tax I.D. no.)

(Print or type assignee’s name, address and zip code)

and irrevocably appoint

to transfer this Note on the books of the Company. The agent may substitute another to act
for him.

Date: ______________________

Your Name :

(Print your name exactly as your name appears

on the face of this Note)

Your Signature:

           (Sign exactly as your name appears on the face of this Note)

Signature Guarantee*: ________________________

* Participant in a recognized Signature Guarantee Medallion Program (or other signature
guarantor acceptable to the Trustee).

 

 

CONVERSION NOTICE

	 	 	 
	TO:

	 	WCI COMMUNITIES, INC.

24301 Walden Center Drive

Suite 300

Bonita Springs, Florida 34134

Attn: Vivien Hastings, Esq.

Telecopier No. (239) 498-8277
	

	 	 
	COPY TO:

	 	THE BANK OF NEW YORK

101 Barclay Street, Floor 8 West

New York, New York 10286

Attn: Corporate Trust Administration (WCI Communities, Inc. 4.0%

Contingent Convertible Senior Subordinated Notes due 2023)

Telecopier No. (212) 815-5707

     The undersigned registered owner of this Note hereby irrevocably exercises the option to
convert this Note, or the portion hereof (the principal amount of which is an integral multiple of
$1,000) below designated, into shares of Common Stock in accordance with the terms of the Indenture
referred to in this Note, and directs that the shares issuable and deliverable upon such
conversion, together with any check in payment for fractional shares and any Notes representing any
unconverted principal amount hereof, be issued and delivered to the registered holder hereof unless
a different name has been indicated below. If shares or any portion of this Note not converted are
to be issued in the name of a person other than the undersigned, the undersigned will pay all
transfer taxes payable with respect thereto. Any amount required to be paid to the undersigned on
account of interest (including Contingent Interest, if any) and Additional Amounts, if any,
accompanies this Note.

Dated: 

Your Name:

(Print your name exactly as it appears on the face of this Note)

Your Signature:

(Sign exactly as your name appears on the face of this Note)

Signature Guarantee*:

Social Security or other Taxpayer

Identification Number:

DTC Participant Number:

     Principal amount to be converted (if less than all): $

 

 

	*	 	Participant in a recognized Signature Guarantee Medallion Program (or other signature
guarantor acceptable to the Trustee).

 

 

Fill in for registration of shares (if to be issued) and Notes (if to be delivered) other than to
and in the name of the registered holder:

                         (Name)

                         (Street Address)

                         (City, State and Zip Code)

 

 

NOTICE OF EXERCISE OF REPURCHASE RIGHT UPON A CHANGE OF CONTROL

	 	 	 
	TO:

	 	WCI COMMUNITIES, INC.
	

	 	24301 Walden Center Drive
	

	 	Suite 300
	

	 	Bonita Springs, Florida 34134
	

	 	Attn: Vivien Hastings, Esq.
	

	 	Telecopier No. (239) 498-8277

     The undersigned registered owner of this Note hereby irrevocably acknowledges receipt of a
notice from WCI Communities, Inc. (the “Company”) as to the occurrence of a Change of Control with
respect to the Company and requests and instructs the Company to repay the entire principal amount
of this Note, or the portion thereof (the principal amount of which is an integral multiple of
$1,000) below designated, in accordance with the terms of the Indenture referred to in this Note,
together with accrued but unpaid interest (including Contingent Interest and Additional Amounts, if
any) to, but excluding, such date, to the registered holder hereof.

Dated: 

Your Name:

(Print your name exactly as it appears on the face of this Note)

Your Signature:

(Sign exactly as your name appears on the face of this Note)

Signature Guarantee*:

Social Security or other Taxpayer

Identification Number:

DTC Participant Number:

	*	 	Participant in a recognized Signature Guarantee Medallion Program (or other signature
guarantor acceptable to the Trustee).

     Principal amount to be repaid (if less than all): $

 

 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE*

     The following exchanges of a part of this Global Note for an interest in another Global

     Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for

     an interest in this Global Note, have been made:

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Principal Amount of	 	 
	 	 	 	 	 	 	this Global Note	 	Signature of
	 	 	Amount of decrease	 	Amount of increase	 	following such	 	authorized officer
	 	 	in Principal Amount	 	in Principal Amount	 	decrease (or	 	of Trustee or Note
	Date
	 	of this Global Note
	 	of this Global Note
	 	increase)
	 	Custodian

	 
	 	 	 	 	 	 	 	 

* This schedule should be included only if the Note is issued in global form.

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