Document:

Exhibit 10.9

 

October 8, 2001

 

 

Mr. Ed Adams

Vice-Chairman

VirtualFund.com, Inc.

701 Xenia Ave S.

Golden Valley,

MN  55416-1029

 

Dear Mr. Adams:

 

I’m writing to outline

new terms of engagement, which supersede all prior terms, specifically

including those contained in our August 16, 2001 engagement letter.  This agreement is made between Financial

Drivers, Ltd., including its employees (DRIVERS) and VirtualFund.com, Inc.

(VFND).

 

 

Background

 

VFND currently has no

employees and is in the process of cleaning up the remaining obligations of it

prior activities.  As a publicly traded

company with a significant NOL carryforward, there is an obvious interest in

performing the day to day activities required to maintain its standing.

 

It is expected that Monte

Johnson, the current acting CEO will be leaving soon to pursue other

opportunities.  As such, the corporation

will need to name corporate officers as required by Minnesota law.

 

Additionally, the Board

is in the process of determining how to invest whatever cash might remain upon

the completion of its existing obligations, among its other duties.

 

 

Scope of Services, Expectations, and

Limitations

 

It is our understanding

that VFND has unresolved issues in the following areas:

 

>                 Legal Disputes

>                 Other Disputes

>                 Filings

>                 General Clean-up

>                 Daily Operations

>                 Future Matters

 

 

It is our mutual

understanding that we will serve in the position of interim CEO.  VFND is unusual in that it has no ongoing

operations, limited continuity among past and present human resources, and

faces challenges in transitioning from its former business to its future

business.  For these reasons, it is

understood and expected that, while we will hold the title of CEO, many parties

including DRIVERS, VFND’s Board members, and outside service providers will

have significant involvement in, and influence over, executive decisions.

 

This agreement can be

terminated by DRIVERS at any time upon 10 days written notice.  This agreement can be terminated by VFND

upon 10 days written notice if all amounts due DRIVERS have been paid in

full.  The Indemnification provisions of

the next section will survive the termination of this agreement indefinitely.

 

Finally, it is important

that you understand that, although we have Certified Public Accountants on

staff, neither I nor DRIVERS will not be expressing any form of assurances on

the work performed.  In short, our work

will include no assurances from us and always be subject to the review and

approval of the Board of Directors.

 

 

Indemnification

 

VirtualFund.com, Inc. has

been fraught with problems stemming from troubled ventures into the e-commerce

industry and the activities of Mel Masters and the precipitous exit from the

e-commerce industry and the ouster of Mel Masters.  These problems have culminated in numerous claims,

counter-claims, disputes, and litigation.

 

As we would all agree,

DRIVERS has no interest in becoming a party to whatever bad feelings and feuds

might continue to exist.

 

Therefore, DRIVERS

requires that VFND and its Board of Directors agree to provide adequate

Director & Officer 

 

 

2

 

insurance to protect

DRIVERS against any and all claims that arise now or in the future with respect

to its involvement with VFND.  Further,

VFND and its Board of Directors agrees to pay all costs related to DRIVERS’

defense of any claims made against it with respect to its involvement with

VFND.  And finally, VFND and its Board

of Directors agree to indemnify and hold DRIVERS harmless in the event DRIVERS

bears any financial loss resulting from claims made with respect to its

involvement with VFND.

 

 

 

 

Fees and Guarantees

 

Fees for the services of

Joe Pupel will be billed at $100 per hour. 

Fees for the services of all other DRIVERS personnel will be billed at

$85 per hour.   Additionally, you will

be billed for all out-of-pocket expenses. 

As this rate represents a significant reduction from our standard rates,

we require that you maintain a prepaid balance on account which totals

$6,000.  Additionally, you will be

billed weekly and all invoices are to be paid upon receipt.

 

DRIVERS expects the time

requirements to exceed 60 hours per month. 

DRIVERS must have the advance approval of VFND to incur chargeable time

in excess of 60 hours per calendar month. 

However, VFND will not withhold permission, and will pay DRIVERS for,

all time required to perform its services in accordance with minimum legal

requirements and standards of professionalism.

 

VFND guarantees minimum

payment for time incurred in October, November, and December of $6,000 per each

calendar month plus out-of-pocket expenses.

 

Please indicate your

acceptance of these terms by:

1.               signing, dating, and returning one copy

of this letter and

2.               providing a copy of the Board resolution

approving these terms.

 

 

3

 

 

	

  Very truly yours,

  
	

   

  
	

  /s/ Joseph D. Pupel

  
	

  Joseph D. Pupel

  
	

   

  
	

   

  
	

  Accepted by:

  
	

   

  
	

  /s/ Ed Adams

  
	

  Ed Adams, Vice-Chairman

  
	

   

  

 

 

 

4TO:  The Securities and Exchange Commission
     Washington, D.C. 20549

RE:  Cemreil Group, Inc.

                          INDEPENDENT AUDITORS' CONSENT

We consent to the use in this  Registration  Statement of Cemreil Group, Inc. on
Form SB-1 of our report  dated  October 17, 2002  appearing  in the  Prospectus,
which is part of this Registration  Statement.  We also consent to the reference
to us under the heading "Experts" in such Prospectus.

/s/ Cordovano and Harvey, P.C.

Cordovano and Harvey, P.C.
Denver, Colorado
December 17, 2002<PAGE>
                                                                     Exhibit 4.1

                             Dated _________, 2003

                         KREDITANSTALT FUR WIEDERAUFBAU
                                    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

           -----------------------------------------------------------

                                AGENCY AGREEMENT

           -----------------------------------------------------------

                                HENGELER MUELLER
                                Frankfurt am Main

<PAGE>

                                                            KfW Agency Agreement

                                     - 2 -

THIS AGREEMENT is made on _________, 2003 BETWEEN:

(1)      KREDITANSTALT FUR WIEDERAUFBAU (the "ISSUER"),

(2)      DEUTSCHE BANK AKTIENGESELLSCHAFT ("DEUTSCHE BANK"), and

(3)      DEUTSCHE BANK TRUST COMPANY AMERICAS ("DBTCA").

WHEREAS:

(A)      The Issuer will from time to time be offering and selling its global
         notes denominated in Euro ("EURO-BONDS") or United States dollars
         ("USD-NOTES").

(B)      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.

(C)      The parties hereto wish to record the relevant arrangements made
         between them in respect of said functions of Deutsche Bank and DBTCA.

IT IS HEREBY AGREED as follows:

1.       DEFINITIONS, INTERPRETATION

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

         "AGENT(s)" means the Euro Registrar, the Euro Paying Agent, the U.S.
         Registrar and the U.S. Paying Agent.

         "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, DTC.

         "CONDITIONS" means the terms and conditions applicable to a particular
         issue of Euro-Bonds or USD-Notes, and "MASTER CONDITIONS" means the
         forms of the terms and conditions set out in Schedule 1A (in respect of
         Euro-Bonds) and Schedule 1B (in respect of USD-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,
         and "MASTER GLOBAL

<PAGE>

                                                            KfW Agency Agreement

                                     - 3 -

         CERTIFICATES" means the forms of Global Certificates set out in
         Schedule 2A (in respect of Euro-Bonds) and Schedule 2B (in respect of
         USD-Notes) attached hereto.

         "NOTE(s)" means either or both the Euro-Bonds and the USD-Notes.

         "PAYING AGENT(s)" means either or both the Euro Paying Agent and the
         U.S. Paying Agent, and "RELEVANT PAYING AGENT" means the Paying Agent
         who acts as Paying Agent for a particular issue of Notes.

         "REGISTRAR(s)" means either or both the Euro Registrar and the U.S.
         Registrar, 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.

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").

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"); and

         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").

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 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).

<PAGE>

                                                            KfW Agency Agreement

                                     - 4 -

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.

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.

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

<PAGE>

                                                            KfW Agency Agreement

                                     - 5 -

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 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 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.

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.

<PAGE>

                                                            KfW Agency Agreement

                                      - 6 -

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.

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 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.

<PAGE>

                                                            KfW Agency Agreement

                                     - 7 -

7.       DUTIES OF THE REGISTRAR

7.1 The Euro Registrar shall maintain the Register pertaining to Euro-Bonds in
Frankfurt and the U.S. Registrar shall maintain the Register pertaining to
USD-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.

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

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 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

<PAGE>

                                                            KfW Agency Agreement

                                     - 8 -

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 Amount received by it, make
Dollar Payments and Euro 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 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.

<PAGE>

                                                            KfW Agency Agreement

                                     - 9 -

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.

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.

<PAGE>

                                                            KfW Agency Agreement

                                     - 10 -

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 Section 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:

         Kreditanstalt fur Wiederaufbau
         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

         Telephone:        0049 69 910 43534
         Telefax:          0049 69 910 41527
         Attention:        Corporate Trust and Agency Services

<PAGE>

                                                            KfW Agency Agreement

                                     - 11 -

(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 38395
         Attention:        Corporate Trust and Agency Services

(d)      If to the U.S. Registrar:
         Deutsche Bank Trust Company Americas
         c/o  Deutsche Bank Services New Jersey, Inc.
         100 Plaza One  - MSJCY/03-0603
         Jersey City, NJ 07311

         Telefax:          001 201 593 6443
         Attention:        Corporate Trust and Agency Services

(e)      If to the U.S. Paying Agent:
         Deutsche Bank Trust Company Americas
         c/o  Deutsche Bank Services New Jersey, Inc.
         100 Plaza One  - MSJCY/03-0603
         Jersey City, NJ 07311

         Telefax:          001 201 593 6443
         Attention:        Corporate Trust and Agency 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.

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

<PAGE>

                                                            KfW Agency Agreement

                                     - 12 -

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.

KREDITANSTALT FUR WIEDERAUFBAU

----------------------------------------

DEUTSCHE BANK AKTIENGESELLSCHAFT

----------------------------------------

DEUTSCHE BANK TRUST COMPANY AMERICAS

----------------------------------------

<PAGE>

                                                            KfW Agency Agreement

                                   Schedule 1A

                     Non-binding English Translation of the
                     TERMS AND CONDITIONS OF THE EURO-BONDS

                                    Section 1
                               General Provisions

(1) Principal Amount and Denomination. The issue of the __% Global Bonds due
200_ of Kreditanstalt fur Wiederaufbau, 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, societe 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 (Section
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 (Section 8).

<PAGE>

                                                            KfW Agency Agreement

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

                                    Section 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.

                                    Section 3
                                    Interest

(1) Interest Rate and Due Dates. The Bonds bear interest at the rate of ___% per
annum as from ____________, 200_. 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 ____________, 200_ for the period commencing
on ____________, 200_ (inclusive) and ending on ____________, 200_ (exclusive).
The interest amount for this period shall total Euro _______ for the aggregate
principal amount of Euro _______.

(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 Section
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.

<PAGE>

                                                            KfW Agency Agreement

                                    Section 4
                              Maturity, Repurchase

(1) The Bonds shall be redeemed at par on ____________, 200_. Subject to the
provisions of Section 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 Issuer may at any time purchase and resell Bonds in the open market or
otherwise.

                                    Section 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 (Section 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 (Section 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 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.

<PAGE>

                                                            KfW Agency Agreement

(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 (Section 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 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.

<PAGE>

                                                            KfW Agency Agreement

(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 Section 5,
substitute for itself its affiliate DBTCA.

                                    Section 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.

                                    Section 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 Section
11(3)(a).

                                    Section 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 Section 10.

<PAGE>

                                                            KfW Agency Agreement

(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.

                                    Section 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.

                                   Section 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.

                                   Section 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

<PAGE>

                                                            KfW Agency Agreement

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 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

<PAGE>

                                                            KfW Agency Agreement

                                   Schedule 1A

                         German Language Version of the
                     TERMS AND CONDITIONS OF THE EURO-BONDS

                               ANLEIHEBEDINGUNGEN

                                    Section 1
                             Allgemeine Bestimmungen

(1) Nennbetrag und Stueckelung. Die _ % Globalanleihe faellig 200_ der
Kreditanstalt fuer Wiederaufbau, 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 saemtliche Verpflichtungen der
Emittentin aus den Schuldverschreibungen erfuellt sind. Die CBF-Globalurkunde
lautet auf den Inhaber. Sie verbrieft die Schuldverschreibungen, die fuer
Finanzinstitute verwahrt werden, die Kontoinhaber bei der CBF sind,
einschliesslich derjenigen Schuldverschreibungen, die ueber Euroclear Bank
S.A./N.V., als dem Betreiber des Euroclear-Systems ("Euroclear") und Clearstream
Banking, societe anonyme, Luxembourg, verwahrt werden, die beide ueber eine
Kontenverbindung mit der CBF verfuegen, und weiter einschliesslich
derjenigen Schuldverschreibungen, die ueber ein anderes Clearing System verwahrt
werden, das ueber eine Kontenverbindung mit der CBF verfuegt. Die andere
Dauerglobalurkunde (die "DTC-Globalurkunde") wird von der Deutsche Bank Trust
Company Americas ("DBTCA"), oder einem etwaigen Rechtsnachfolger als Verwahrer
fuer The Depository Trust Company, New York ("DTC") verwahrt, bis saemtliche
Verpflichtungen der Emittentin aus den Schuldverschreibungen erfuellt 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 fuer Finanzinstitute verwahrt werden, die
DTC-Teilnehmer sind. Die CBF-Globalurkunde und die DTC-Globalurkunde tragen
jeweils die eigenhaendigen Unterschriften zweier ordnungsgemaess
bevollmaechtigter 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
Schuldverschreibungen entfaellt, ergibt sich aus dem Register (das "Register"),
das die Registerstelle (Section 8) zu diesem Zweck fuehrt. Effektive Urkunden
ueber einzelne Schuldverschreibungen und Zinsscheine werden nicht ausgegeben.
Kopien der CBF-Globalurkunde und der DTC-Globalurkunde sind bei der Zahlstelle
(Section 8) kostenlos erhaeltlich.

(3) UEbertragung. UEbertragungen von Schuldverschreibungen setzen entsprechende
Depotbuchungen voraus. UEbertragungen von Schuldverschreibungen zwischen
CBF-Kontoinhabern einerseits und DTC-Teilnehmern andererseits sowie der
Austausch von Schuldverschreibungen nach Absatz (4) sind waehrend des Zeitraums
vom Stichtag nach Section 5(2) bis zu dem zugehoerigen Zahlungstag (jeweils
einschliesslich) ausgeschlossen.

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

                                    Section 2
                                     Status

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

                                    Section 3
                                     Zinsen

(1) Zinssatz und Faelligkeit. Die Schuldverschreibungen werden vom _ 200_ an mit
jaehrlich _ % verzinst. Die Verzinsung der Schuldverschreibungen endet mit dem
Ablauf des Tages, der dem Tag vorangeht, an dem sie zur Rueckzahlung faellig
werden. Die Zinsen sind jaehrlich nachtraeglich am _ eines jeden Jahres zur
Zahlung faellig. Der erste Zinszahlungstermin ist der _ 200) fuer den Zeitraum
vom _ 200_ (einschliesslich) bis zum _ 200_ (ausschliesslich). Der
Zinsbetrag fuer diesen Zeitraum belaeuft sich auf Euro _ fuer den
Gesamtnennbetrag der Schuldverschreibungen.

(2) Verzug. Sofern die Emittentin die Schuldverschreibungen nicht am
Faelligkeitstag zurueckzahlt, werden die Schuldverschreibungen, vorbehaltlich
der Bestimmungen des Section 5(3), vom Faelligkeitstag bis zur tatsaechlichen
Rueckzahlung der Schuldverschreibungen zum gesetzlichen Verzugszinssatz
verzinst.

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

                                    Section 4
                             Faelligkeit; Rueckkauf

(1) Die Schuldverschreibungen sind am _ 200_ zu ihrem Nennbetrag
zurueckzuzahlen. Vorbehaltlich der Bestimmungen des Section 7 ist weder die
Emittentin noch ein Glaeubiger der Schuldverschreibungen (jeweils ein
"Anleiheglaeubiger") berechtigt, die Schuldverschreibungen vor ihrer Faelligkeit
zur Rueckzahlung zu kuendigen.

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

                                    Section 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 Hoehe des Gesamtnennbetrages der
Schuldverschreibungen, die durch die CBF-Globalurkunde und die DTC-Globalurkunde
verbrieft werden, so wie er durch die Registerstelle (Section 8) bei
Geschaeftsschluss am jeweiligen Stichtag (Absatz (2)) festgestellt wird.
Zahlungen von Kapital erfolgen gegen Einreichung der CBF-Globalurkunde und der
DTC-Globalurkunde bei der Zahlstelle (Section 8).

(b) Ein Anleiheglaeubiger, der seine Schuldverschreibungen ueber die DTC haelt
(ein "DTC-Anleiheglaeubiger"), erhaelt Zahlungen von Kapital und Zinsen auf die
Schuldverschreibungen in US-Dollar, soweit er nicht gemaess den nachfolgend
beschriebenen Verfahren Zahlungen in Euro waehlt. Soweit DTC-Anleiheglaeubiger
fuer eine Zahlung von Kapital oder Zinsen keine derartige Wahl getroffen haben,
wird der fuer alle diese DTC-Anleiheglaeubiger bei dieser Zahlung bestimmte
Gesamtbetrag (der "Euro-Umtauschbetrag") von der Zahlstelle in US-Dollar
umgetauscht und durch UEberweisung in gleichtaegig verfuegbaren Mitteln an den
eingetragenen Inhaber der DTC-Globalurkunde zur Auszahlung ueber 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 Geschaeftstag (Absatz (3)) vor dem
jeweiligen Zahlungstag fuer 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 fuehrenden Bank in New York City, die von der Zahlstelle zu diesem
Zweck ausgewaehlt wird, einen Ankaufskurs einholen. Falls kein Ankaufskurs einer
im Devisenhandel fuehrenden Bank erhaeltlich 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 fuer bei ihr als Tagesgeld angelegte Einlagen
gestellt wird, verzinst, soweit die Zahlstelle vernuenftigerweise in der Lage
ist, diese Mittel wieder anzulegen.

(c) Ein DTC-Anleiheglaeubiger kann Zahlung von Kapital und Zinsen auf die
Schuldverschreibungen in Euro waehlen, indem er die DTC durch den betreffenden
DTC-Teilnehmer dazu veranlasst, die Zahlstelle zu dem nachfolgend bestimmten
Zeitpunkt ueber (i) die Wahl dieses DTC-Anleiheglaeubigers, diese Zahlung ganz
oder zum Teil in Euro zu empfangen, und (ii) den Auftrag zur UEberweisung auf
ein Euro-Konto zu benachrichtigen. Eine derartige Wahl hat fuer die jeweilige
Zahlung durch den DTC-Anleiheglaeubiger zu dem Zeitpunkt und in der Art und
Weise zu erfolgen, wie sie von den jeweils anwendbaren Verfahrensregeln der DTC
gefordert wird, und ist gemaess diesen Verfahrensregeln unwiderruflich. Die
Benachrichtigung seitens der DTC ueber diese Wahl, den UEberweisungsauftrag und
den in Euro gemaess diesem Absatz (1)(c) zahlbaren Betrag muss bei der
Zahlstelle vor 17.00 Uhr (New Yorker Zeit) am fuenften New Yorker Geschaeftstag
(Absatz (3)) nach dem jeweiligen Stichtag (Absatz (2)) fuer Zinsen und vor 17.00
Uhr (New Yorker Zeit) am achten New Yorker Geschaeftstag vor dem Zahlungstag
(Absatz (4)) fuer die Zahlung von Kapital eingegangen sein. Zahlungen in Euro
gemaess diesem Absatz (1)(c) erfolgen durch UEberweisung von gleichtaegig
verfuegbaren 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 Hoehe der
geleisteten Zahlungen von ihren Verbindlichkeiten aus den Schuldverschreibungen.

(2) Stichtag. Der Stichtag (der "Stichtag") fuer die Zwecke von
UEbertragungsbeschraenkungen (Section 1(3)) und fuer Zahlungen (Absatz (1)) von
Kapital und Zinsen ist der jeweils fruehere der beiden folgenden Termine: (a)
der Tag, nach dem sich aufgrund der jeweils geltenden Regeln der CBF die
Empfangsberechtigung der CBF-Kontoinhaber fuer Zahlungen auf bei der CBF
verwahrte Schuldverschreibungen bestimmt, die auf Euro lauten und in
Dauerglobalurkunden verbrieft sind, und (b) der zehnte New Yorker Geschaeftstag
(Absatz (3)) vor dem jeweiligen Faelligkeitstag.

(3) Geschaeftstage. Ist ein Faelligkeitstag fuer die Zahlung von Kapital oder
Zinsen in Euro auf eine Schuldverschreibung nicht ein Frankfurter Geschaeftstag,
so wird die betreffende Zahlung erst am naechstfolgenden Frankfurter
Geschaeftstag geleistet, ohne dass wegen dieser Zahlungsverzoegerung
zusaetzliche Zinsen gezahlt werden. Ist ein Tag fuer die Zahlung von Kapital
oder Zinsen in US-Dollar an den eingetragenen Inhaber der DTC-Globalurkunde
nicht ein Frankfurter Geschaeftstag oder nicht ein New Yorker Geschaeftstag, so
wird die betreffende Zahlung erst am naechsten Tag, der zugleich Frankfurter und
New Yorker Geschaeftstag ist, geleistet, ohne dass wegen dieser
Zahlungsverzoegerung zusaetzliche Zinsen gezahlt werden. Ein "Frankfurter
Geschaeftstag" ist jeder Tag (ausser einem Samstag oder Sonntag), an dem
Kreditinstitute in Frankfurt am Main fuer den Geschaeftsverkehr geoeffnet sind.
Ein "New Yorker Geschaeftstag" ist jeder Tag, an dem Banken in New York City
nicht verpflichtet und nicht berechtigt sind, zu schliessen.

(4) Zahlungstag und Faelligkeitstag. Im Sinne dieser Anleihebedingungen ist
"Zahlungstag" der Tag, an dem, gegebenenfalls aufgrund einer Anpassung
gemaess Absatz (3), die Zahlung tatsaechlich zu leisten ist, und
"Faelligkeitstag" der vorgesehene Zahlungstermin ohne Beruecksichtigung einer
solchen Anpassung.

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

                                    Section 6
                                     Steuern

Saemtliche 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 Abzuege oder Einbehalte an, so ist die
Emittentin nicht verpflichtet, irgendwelche zusaetzlichen Betraege auf die
Schuldverschreibungen zu zahlen.

                                    Section 7
                       Kuendigung durch Anleiheglaeubiger

Jeder Anleiheglaeubiger ist berechtigt, seine Schuldverschreibungen zur
Rueckzahlung zum Nennbetrag zuzueglich bis zum Rueckzahlungstag aufgelaufener
Zinsen zu kuendigen, falls die Emittentin nach Massgabe dieser
Anleihebedingungen zahlbare Betraege nicht innerhalb von 30 Tagen nach dem
betreffenden Faelligkeitstag zahlt. Das Kuendigungsrecht erlischt, wenn der
Anleiheglaeubiger die betreffende Zahlung erhalten hat, bevor er das
Kuendigungsrecht ausgeuebt hat. Die Kuendigung zur Rueckzahlung hat in der Weise
zu erfolgen, dass der Anleiheglaeubiger der Emittentin eine schriftliche
Kuendigungserklaerung uebergibt oder durch eingeschriebenen Brief uebermittelt
und dabei durch eine Bescheinigung seiner Depotbank gemaess Section 11(3)(a)
nachweist, dass er im Zeitpunkt der Kuendigung Glaeubiger der betreffenden
Schuldverschreibungen ist.

                                    Section 8
                             Die Erfuellungsgehilfen

(1) Anfaengliche Erfuellungsgehilfen und bezeichnete Geschaeftsstellen. Die
anfaengliche Zahlstelle und die anfaengliche Registerstelle (zusammen die
"Erfuellungsgehilfen") und ihre anfaenglichen Geschaeftsstellen, durch welche
sie handeln (die "bezeichneten Geschaeftsstellen"), sind am Ende dieser
Anleihebedingungen aufgefuehrt.

(2) AEnderung der Erfuellungsgehilfen und ihrer bezeichneten Geschaeftsstellen.
Die Emittentin behaelt sich das Recht vor, jederzeit die Bestellung der
Zahlstelle oder der Registerstelle zu aendern oder zu beenden oder einer
AEnderung der Geschaeftsstelle, 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 Boerse oder Boersen zugelassen sind (und die
Regeln dieser Boerse(n) es erfordern), die Emittentin eine Zahlstelle mit
bezeichneter Geschaeftsstelle an dem Boersenort bzw. den Boersenorten zu
unterhalten hat. Die Emittentin hat jede AEnderung in der Person der
Erfuellungsgehilfen oder ihrer bezeichneten Geschaeftsstellen durch
Veroeffentlichung gemaess Section 10 bekanntzumachen.

(3) Keine Rechtsbeziehungen. Die Erfuellungsgehilfen handeln als solche
ausschliesslich als Erfuellungsgehilfen der Emittentin und haben keinerlei
rechtliche Beziehung welcher Art auch immer mit den Anleiheglaeubigern und sind
den Anleiheglaeubigern gegenueber in keinem Fall verantwortlich.

                                    Section 9
                     Begebung weiterer Schuldverschreibungen

Die Emittentin behaelt sich vor, von Zeit zu Zeit ohne Zustimmung der
Anleiheglaeubiger 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 erhoehen.
Der Begriff "Schuldverschreibungen" umfasst im Fall einer solchen Erhoehung
auch solche zusaetzlich begebenen Schuldverschreibungen.

                                   Section 10
                                Bekanntmachungen

Alle Bekanntmachungen, die die Schuldverschreibungen betreffen, werden in
folgenden Zeitungen veroeffentlicht: (a) in mindestens einer von der Frankfurter
Wertpapierboerse fuer Bekanntmachungen bestimmten fuehrenden Tageszeitung mit
allgemeiner Verbreitung in der Bundesrepublik Deutschland und (b) in einer in
englischer Sprache erscheinenden und in New York allgemein verbreiteten
fuehrenden Tageszeitung (voraussichtlich das Wall Street Journal). Saemtliche
Bekanntmachungen werden wirksam am dritten Tag, der auf die Veroeffentlichung
folgt oder, sofern die Veroeffentlichung mehr als einmal oder an verschiedenen
Tagen erfolgt, am dritten Tag, der auf die erste Veroeffentlichung folgt.

                                   Section 11
                        Anwendbares Recht; Gerichtsstand;
                     Geltendmachung von Anspruechen; Sprache

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

(2) Gerichtsstand. Zustaendig fuer alle Klagen oder sonstigen Verfahren aus oder
im Zusammenhang mit den Schuldverschreibungen ist ausschliesslich das
Landgericht in Frankfurt am Main.

(3) Geltendmachung von Anspruechen. Jeder Anleiheglaeubiger kann in
Rechtsstreitigkeiten gegen die Emittentin oder in Rechtsstreitigkeiten, an denen
der Anleiheglaeubiger 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 Anleiheglaeubigers
bezeichnet, (ii) einen Gesamtnennbetrag von Schuldverschreibungen angibt, die am
Ausstellungstag dieser Bescheinigung dem bei dieser Depotbank bestehenden Depot
des Anleiheglaeubigers gutgeschrieben sind, und (iii) bestaetigt, dass die
Depotbank der CBF oder der DTC sowie der Registerstelle eine schriftliche
Mitteilung gemacht hat, die die Angaben gemaess (i) und (ii) enthaelt, und
Bestaetigungsvermerke der CBF oder der DTC sowie des betroffenen
CBF-Kontoinhabers oder DTC-Teilnehmers traegt, 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 unterhaelt) von allgemein anerkanntem Ansehen,
das eine Genehmigung fuer das Wertpapier-Depotgeschaeft hat und bei dem der
Anleiheglaeubiger Schuldverschreibungen im Depot verwahren laesst.

(4) Sprache. Diese Anleihebedingungen sind in deutscher Sprache abgefasst.
Eine UEbersetzung in die englische Sprache ist beigefuegt. Der deutsche Text ist
bindend und massgeblich. Die UEbersetzung in die englische Sprache ist
unverbindlich.

                          REGISTERSTELLE UND ZAHLSTELLE

                        Deutsche Bank Aktiengesellschaft
                       Grosse Gallusstrasse 10-14
                            D-60272 Frankfurt am Main
                           Bundesrepublik Deutschland

<PAGE>

                                                            KfW Agency Agreement

                                   Schedule 1B

                         English Language Version of the
                      TERMS AND CONDITIONS OF THE USD-NOTES

                                    Section 1
                               General Provisions

(1) Principal Amount and Denomination. The issue of the ___% Global Notes due
____________ of Kreditanstalt fur Wiederaufbau, 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 (Section 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 (Section 8).

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

                                    Section 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.

<PAGE>

                                                            KfW Agency Agreement

                                    Section 3
                                    Interest

(1) Interest Rate and Due Dates. The Notes bear interest at the rate of ___% per
annum as from ____________, 200_. 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 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
____________, 200_ for the period commencing on ____________, 200_ (inclusive)
and ending on ____________, 200_ (exclusive). The interest amount for this
period shall total U.S.$____________ for the aggregate principal amount of
U.S.$____________.]

(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 Section
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.

                                    Section 4
                    Maturity, [Early Redemption,] Repurchase

(1) The Notes shall be redeemed at par on ____________, 200_. Subject to the
provisions of [subsection (2) and] Section 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 (Section
5(3)) prior written notice given in accordance with Section 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.

                                    Section 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 (Section 8).

<PAGE>

                                                            KfW Agency Agreement

(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.

(2) Record Date. The record date (the "Record Date") for purposes of transfer
restrictions (Section 1(3)) and 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.

                                    Section 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.

                                    Section 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 Section
11(3)(a).

<PAGE>

                                                            KfW Agency Agreement

                                    Section 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 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 Section 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.

                                    Section 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.

                                   Section 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.

<PAGE>

                                                            KfW Agency Agreement

                                   Section 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.

(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
                   c/o Deutsche Bank Services New Jersey, Inc.
                           100 Plaza One MSJCY/03-0603
                              Jersey City, NJ 07311

<PAGE>

                                                            KfW Agency Agreement

                                   Schedule 1B

                         German Language Version of the
                      TERMS AND CONDITIONS OF THE USD-NOTES

                               ANLEIHEBEDINGUNGEN

                                   Section 1
                             Allgemeine Bestimmungen

(1) Nennbetrag und Stuckelung. Die _ % Globalanleihe fallig 200_ der
Kreditanstalt fur Wiederaufbau, Frankfurt am Main, Bundesrepublik Deutschland
(die "Emittentin") im Gesamtnennbetrag von

                                    U.S.D. _

ist in o 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 fur 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 gefuhrt
wird. Die Globalurkunden tragen jeweils die eigenhandigen Unterschriften zweier
ordnungsgemass bevollmachtigter 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
(section 8) kostenlos erhaltlich.

(3) Ubertragung. Ubertragungen von Schuldverschreibungen setzen entsprechende
Depotbuchungen voraus.

                                   Section 2
                                     Status

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

                                   Section 3
                                     Zinsen

(1) Zinssatz und Falligkeit. Die Schuldverschreibungen werden vom _ 200_ an mit
jahrlich _ % verzinst. Die Verzinsung der Schuldverschreibungen endet mit dem
Ablauf des Tages, der dem Tag vorangeht, an dem sie zur Ruckzahlung fallig
werden. Die Zinsen sind

<PAGE>

halbjahrlich nachtraglich am _ und am _ eines jeden Jahres zur Zahlung fallig,
beginnend am _. [IM FALLE EINES LANGEN ODER KURZEN KUPONS HINZUFUGEN:Der erste
Zinszahlungstermin ist der _ 200_ fur den Zeitraum vom _ 200_ (einschliesslich)
bis zum _ 200_ (ausschliesslich).] Der Zinsbetrag fur diesen Zeitraum belauft
sich auf insgesamt U.S.D. _ fur den Gesamtnennbetrag der Schuldverschreibungen.

(2) Verzug. Sofern die Emittentin die Schuldverschreibungen nicht am
Falligkeitstag zuruckzahlt, werden die Schuldverschreibungen, vorbehaltlich der
Bestimmungen des section 5(3), vom Falligkeitstag bis zur tatsachlichen
Ruckzahlung der Schuldverschreibungen zum gesetzlichen Verzugszinssatz verzinst.

(3) Stuckzinsen. 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
zwolf Monaten von je 30 Tagen ermittelt.

                                   Section 4
                 Falligkeit; [Vorzeitige Ruckzahlung]; Ruckkauf

(1) Die Schuldverschreibungen sind am _ 200_ zu ihrem Nennbetrag zuruckzuzahlen.
Vorbehaltlich der Bestimmungen [von Absatz (2) und] des Section 7 ist weder die
Emittentin noch ein Glaubiger der Schuldverschreibungen (jeweils ein
"Anleiheglaubiger") berechtigt, die Schuldverschreibungen vor ihrer Falligkeit
zur Ruckzahlung zu kundigen.

[(2) Die Schuldverschreibungen konnen am _ nach Wahl der Emittentin insgesamt,
jedoch nicht teilweise, mit einer Vorankundigungsfrist von mindestens _ New
Yorker Geschaftstagen (section 5(3)) durch Bekanntmachung gemass section 10
zum Ruckkaufpreis von _ % ihres Nennbetrages zusammen mit den Stuckzinsen bis
zum _ (ausschliesslich) zur Ruckzahlung gekundigt werden.]

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

                                   Section 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 Geschaftsschluss am jeweiligen Stichtag
(Absatz 2) in das von der Registerstelle gefuhrte Register eingetragen ist oder
nach deren Order. Zahlungen von Kapital erfolgen gegen Einreichung der
Globalurkunden bei der Zahlstelle (section 8).

<PAGE>

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

(2) Stichtag. Der Stichtag (der "Stichtag") fur die Zwecke von Zahlungen (Absatz
(1)) von Kapital und Zinsen ist hinsichtlich jeder derartigen Zahlung der zehnte
New Yorker Geschaftstag vor dem jeweiligen Falligkeitstag.

(3) New Yorker Geschaftstag. Ist ein Falligkeitstag fur die Zahlung von Kapital
oder Zinsen nicht ein New Yorker Geschaftstag, so wird die betreffende Zahlung
erst am nachsten Tag, der ein New Yorker Geschaftstag ist, geleistet, ohne
dass wegen dieser Zahlungsverzogerung zusatzliche Zinsen gezahlt werden. Ein
"New Yorker Geschaftstag" ist jeder Tag, an dem Banken in New York City nicht
verpflichtet und nicht berechtigt sind, zu schliessen.

(4) Zahlungstag und Falligkeitstag. Im Sinne dieser Anleihebedingungen ist
"Zahlungstag" der Tag, an dem, gegebenenfalls aufgrund einer Anpassung gemass
Absatz (3), die Zahlung tatsachlich zu leisten ist, und "Falligkeitstag" der
vorgesehene Zahlungstermin ohne Berucksichtigung einer solchen Anpassung.

                                   Section 6
                                    Steuern

Samtliche 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 Abzuge oder Einbehalte an, so ist die
Emittentin nicht verpflichtet, irgendwelche zusatzlichen Betrage auf die
Schuldverschreibungen zu zahlen.

                                   Section 7
                        Kundigung durch Anleiheglaubiger

Jeder Anleiheglaubiger ist berechtigt, seine Schuldverschreibungen zur
Ruckzahlung zum Nennbetrag zuzuglich bis zum Ruckzahlungstag aufgelaufener
Zinsen zu kundigen, falls die Emittentin nach Massgabe dieser Anleihebedingungen
zahlbare Betrage nicht innerhalb von 30 Tagen nach dem betreffenden
Falligkeitstag zahlt. Das Kundigungsrecht erlischt, wenn der Anleiheglaubiger
die betreffende Zahlung erhalten hat, bevor er das Kundigungsrecht ausgeubt hat.
Die Kundigung zur Ruckzahlung hat in der Weise zu erfolgen, dass der
Anleiheglaubiger der Emittentin eine schriftliche Kundigungserklarung ubergibt
oder durch eingeschriebenen Brief ubermittelt und dabei durch eine Bescheinigung
seiner Depotbank gemass section 11(3)(a) nachweist, dass er im Zeitpunkt der
Kundigung Glaubiger der betreffenden Schuldverschreibungen ist.

<PAGE>

                                   Section 8
                             Die Erfullungsgehilfen

(1) Anfangliche Erfullungsgehilfen und bezeichnete Geschaftsstellen. Die
anfangliche Zahlstelle und die anfangliche Registerstelle (zusammen die
"Erfullungsgehilfen") und ihre anfanglichen Geschaftsstellen, durch welche sie
handeln (die "bezeichneten Geschaftsstellen"), sind am Ende dieser
Anleihebedingungen aufgefuhrt.

(2) Anderung der Erfullungsgehilfen und ihrer bezeichneten Geschaftsstellen. Die
Emittentin behalt sich das Recht vor, jederzeit die Bestellung der Zahlstelle
oder der Registerstelle zu andern oder zu beenden oder einer Anderung der
Geschaftsstelle, 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 Borse oder Borsen
zugelassen sind (und die Regeln dieser Borse(n) es erfordern), die Emittentin
eine Zahlstelle mit bezeichneter Geschaftsstelle an dem Borsenort bzw. den
Borsenorten zu unterhalten hat. Die Emittentin hat jede Anderung in der Person
der Erfullungsgehilfen oder ihrer bezeichneten Geschaftsstellen durch
Veroffentlichung gemass section 10 bekanntzumachen.

(3) Keine Rechtsbeziehungen. Die Erfullungsgehilfen handeln als solche
ausschliesslich als Erfullungsgehilfen der Emittentin und haben keinerlei
rechtliche Beziehung welcher Art auch immer mit den Anleiheglaubigern und sind
den Anleiheglaubigern gegenuber in keinem Fall verantwortlich.

                                   Section 9
                    Begebung weiterer Schuldverschreibungen

Die Emittentin behalt sich vor, von Zeit zu Zeit ohne Zustimmung der
Anleiheglaubiger 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 erhohen. Der
Begriff "Schuldverschreibungen" umfasst im Fall einer solchen Erhohung auch
solche zusatzlich begebenen Schuldverschreibungen.

                                   Section 10
                                Bekanntmachungen

Alle Bekanntmachungen, die die Schuldverschreibungen betreffen, werden in
folgenden Zeitungen veroffentlicht: (a) solange wie die Schuldverschreibungen an
der Luxemburger Wertpapierborse gelistet sind (und die Regeln dieser Borse das
verlangen) in einer fuhrenden Tageszeitung in Luxemburg (voraussichtlich das
Luxemburger Wort); (b) einer fuhrenden Tageszeitung mit allgemeiner Verbreitung
in der Bundesrepublik Deutschland; und (c) in einer in englischer Sprache
erscheinenden und in New York allgemein verbreiteten fuhrenden

<PAGE>

Tageszeitung (voraussichtlich das Wall Street Journal). Samtliche
Bekanntmachungen werden wirksam am dritten Tag, der auf die Veroffentlichung
folgt oder, sofern die Veroffentlichung mehr als einmal oder an verschiedenen
Tagen erfolgt, am dritten Tag, der auf die erste Veroffentlichung folgt.

                                   Section 11
                        Anwendbares Recht; Gerichtsstand;
                     Geltendmachung von Anspruchen; Sprache

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

(2) Gerichtsstand. Zustandig fur alle Klagen oder sonstigen Verfahren aus oder
im Zusammenhang mit den Schuldverschreibungen ist ausschliesslich das
Landgericht in Frankfurt am Main.

(3) Geltendmachung von Anspruchen. Jeder Anleiheglaubiger kann in
Rechtsstreitigkeiten gegen die Emittentin oder in Rechtsstreitigkeiten, an denen
der Anleiheglaubiger 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 Anleiheglaubigers
bezeichnet, (ii) einen Gesamtnennbetrag von Schuldverschreibungen angibt, die am
Ausstellungstag dieser Bescheinigung dem bei dieser Depotbank bestehenden Depot
des Anleiheglaubigers gutgeschrieben sind, und (iii) bestatigt, dass die
Depotbank der DTC sowie der Registerstelle eine schriftliche Mitteilung gemacht
hat, die die Angaben gemass (i) und (ii) enthalt, und Bestatigungsvermerke der
DTC sowie des betroffenen DTC-Teilnehmers tragt, 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 fur das Wertpapier-Depotgeschaft hat und bei dem der
Anleiheglaubiger Schuldverschreibungen im Depot verwahren lasst.

(4) Sprache. Diese Anleihebedingungen sind in [englischer] [deutscher] Sprache
abgefasst. Eine Ubersetzung in die [deutsche] [englische] Sprache ist beigefugt.
Der [englische] [deutsche] Text ist verbindlich und massgeblich. Die Ubersetzung
in die [deutsche] [englische] Sprache ist unverbindlich.

<PAGE>

                          REGISTERSTELLE UND ZAHLSTELLE

                      Deutsche Bank Trust Company Americas
                   c/o Deutsche Bank Services New Jersey, Inc.
                          100 Plaza One MSJCY / 03-0603
                              Jersey City, NJ 07311

<PAGE>

                                                            KfW Agency Agreement

                                   Schedule 2A

                     Non-binding English Translation of the
                       FORM OF THE CBF GLOBAL CERTIFICATE

ISIN ____________                                       Common Code ____________
CUSIP ____________                                              WKN ____________

                         KREDITANSTALT FUR WIEDERAUFBAU
                 Frankfurt am Main, Federal Republic of Germany

                         Euro  ____________ ___% Global Bonds due 200_

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 KREDITANSTALT FUR WIEDERAUFBAU UNDER THE
BONDS HAVE BEEN SATISFIED. ALL PAYMENTS MADE BY KREDITANSTALT FUR WIEDERAUFBAU
TO CBF SHALL DISCHARGE THE LIABILITY OF KREDITANSTALT FUR WIEDERAUFBAU 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 200_ in the aggregate principal amount of
____________ (euro ____________) issued by Kreditanstalt fur Wiederaufbau (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

<PAGE>

                                                            KfW Agency Agreement

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.

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 as of the Record
Date relative to the year 200_ and to pay interest on the principal sum
represented hereby as of each Record Date, all in accordance with the Terms and
Conditions of the Bonds (the "Conditions") attached hereto. "Record Date" shall
mean the date determined, in respect of each payment, in accordance with Section
5(2) of the Conditions. Interest shall be payable on the principal sum
represented by this certificate as from _________, 200_ (inclusive) until the
end of the day preceding the day on which such principal sum becomes due for
redemption. The first interest payment date will be _________, 200_.

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_

                                                  KREDITANSTALT FUR WIEDERAUFBAU

                                                  ------------------------------

--------------------------------
Authentication signature
for and on behalf of
Deutsche Bank Aktiengesellschaft,
as Registrar

<PAGE>

ISIN ISIN  _                                                       Common Code _
CUSIP _                                                                    WKN _

                         KREDITANSTALT FUER WIEDERAUFBAU
                  Frankfurt am Main, Bundesrepublik Deutschland

                      Euro _ _ % Globalanleihe faellig 200_

DIESE SAMMELSCHULDVERSCHREIBUNG IST ERSTELLT WORDEN, UM WAEHREND DER GESAMTEN
LAUFZEIT DER SCHULDVERSCHREIBUNGEN VON DER CLEARSTREAM BANKING AG ("CBF" ODER
"VERWAHRER") VERWAHRT ZU WERDEN UND ALS GRUNDLAGE FUER DIE LIEFERUNG UND
UEBERTRAGUNG VON SCHULDVERSCHREIBUNGEN IM VERWAHR- UND EFFEKTENGIROSYSTEM DER
CBF ZU DIENEN. Diese Sammelschuldverschreibung wird von der CBF verwahrt, bis
saemtliche Verpflichtungen der Kreditanstalt fuer Wiederaufbau aus den
Schuldverschreibungen erfuellt sind. Zahlungen der Kreditanstalt fuer
Wiederaufbau an die CBF befreien die Kreditanstalt fuer Wiederaufbau in Hoehe
der geleisteten Zahlungen von ihren Verbindlichkeiten aus den
Schuldverschreibungen.

                        INHABER-SAMMELSCHULDVERSCHREIBUNG
                           ueber einen Nennbetrag von
                            bis zu _ Milliarden Euro
                                    (Euro _)

der _ % Globalanleihe faellig 200_ im Gesamtnennbetrag von _ Euro (Euro _) der
Kreditanstalt fuer Wiederaufbau (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
Uebertragung von Schuldverschreibungen im Verwahr- und Effektengirosystem der
CBF zu ermoeglichen. Effektive Urkunden ueber einzelne Schuldverschreibungen und
Zinsscheine werden nicht ausgegeben.

Die tatsaechliche 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 fuer 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 beigefuegten
Anleihebedingungen (die "Anleihebedingungen") dem Inhaber dieser Urkunde bei
Faelligkeit der Schuldverschreibungen den Kapitalbetrag der
Schuldverschreibungen zu zahlen, die an dem auf das Jahr 200_ bezogenen Stichtag
in dieser Urkunde verbrieft sind, und auf den in dieser Urkunde am jeweiligen
Stichtag verbrieften Kapitalbetrag Zinsen zu zahlen. Stichtag ist der fuer jede
Zahlung jeweils nach Section 5(2) der Anleihebedingungen zu bestimmende Tag. Der
mit dieser Urkunde verbriefte Kapitalbetrag wird vom _ 200_ an
(einschliesslich) bis zum Ablauf des Tages verzinst, der dem Tag vorangeht,
an dem der Kapitalbetrag zur Rueckzahlung faellig wird. Der erste
Zinszahlungstag ist der _ 200_.

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_

                                         KREDITANSTALT FUER WIEDERAUFBAU

                                         -------------------  ------------------

--------------------------------
Kontrollunterschrift
(geleistet im Namen von
Deutsche Bank Aktiengesellschaft
als Registerstelle)

<PAGE>

                                                            KfW Agency Agreement

                                   Schedule 2A

                     Non-binding English Translation of the
                       FORM OF THE DTC GLOBAL CERTIFICATE

ISIN ____________                                       Common Code ____________
CUSIP ____________                                              WKN ____________

                         KREDITANSTALT FUR WIEDERAUFBAU
                 Frankfurt am Main, Federal Republic of Germany

                         Euro ____________ ___% Global Bonds due 200_

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 200_ in the aggregate principal amount of
____________ euro (euro ____________), issued by Kreditanstalt fur Wiederaufbau
(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

<PAGE>

                                                            KfW Agency Agreement

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.

The Issuer hereby undertakes to pay to Cede & Co., on the maturity date of the
Bonds, the principal sum of the Bonds represented hereby as of the Record Date
relative to the year 200_ and to pay interest on the principal sum represented
hereby as of each Record Date, all in accordance with the Terms and Conditions
of the Bonds (the "Conditions") attached hereto. "Record Date" shall mean the
date determined, in respect of each payment, in accordance with Section 5(2) of
the Conditions. Interest shall be payable on the principal sum represented by
this certificate as from ____________, 200_ (inclusive) until the end of the day
preceding the day on which such principal sum becomes due for redemption. The
first interest payment date will be ____________, 200_.

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_

                                                  KREDITANSTALT FUR WIEDERAUFBAU

                                                  ------------------------------

--------------------------------
Authentication signature
for and on behalf of
Deutsche Bank Aktiengesellschaft,
as Registrar

<PAGE>

                                                            KfW Agency Agreement

                                   Schedule 2A

                         German Language Version of the
                       FORM OF THE DTC GLOBAL CERTIFICATE

ISIN _                                                             Common Code _
CUSIP _                                                                    WKN _

                         KREDITANSTALT FUER WIEDERAUFBAU
                  Frankfurt am Main, Bundesrepublik Deutschland

                      Euro _ _ % Globalanleihe faellig 200_

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
                           ueber einen Nennbetrag von
                            bis zu _ Milliarden Euro
                                    (Euro _)

der _ % Globalanleihe faellig 200_ im Gesamtnennbetrag von _ Euro (Euro _) der
Kreditanstalt fuer Wiederaufbau (die "Emittentin").

Diese Sammelschuldverschreibung verbrieft bis zu _ 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 UEbertragung von Schuldverschreibungen
innerhalb dieses Systems im Buchungswege ohne Lieferung effektiver Stuecke zu
ermoeglichen. DTC und deren etwaiger Nachfolger als Verwahrer dieser
Sammelschuldverschreibung werden in dieser Urkunde auch als "Verwahrer"
bezeichnet. Effektive Urkunden ueber einzelne Schuldverschreibungen und
Zinsscheine werden nicht ausgegeben.

Die tatsaechliche 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 fuer 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 beigefuegten
Anleihebedingungen (die "Anleihebedingungen") an Cede & Co. am Tag der
Faelligkeit der Schuldverschreibungen den Kapitalbetrag der
Schuldverschreibungen zu zahlen, die an dem auf das Jahr 200_ bezogenen Stichtag
in dieser Urkunde verbrieft sind, und auf den in dieser Urkunde am jeweiligen
Stichtag verbrieften Kapitalbetrag Zinsen zu zahlen. Stichtag ist der fuer jede
Zahlung jeweils nach Section 5(2) der Anleihebedingungen zu bestimmende Tag. Der
mit dieser Urkunde verbriefte Kapitalbetrag wird vom _ 200_ an (einschliesslich)
bis zum Ablauf des Tages verzinst, der dem Tag vorangeht, an dem der
Kapitalbetrag zur Rueckzahlung faellig wird. Der erste Zinszahlungstag ist der o
200_.

Diese Sammelurkunde kann nur insgesamt uebertragen 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 Uebertragung ist nur
wirksam, wenn sie in den zu diesem Zweck von der Registerstelle gefuehrten
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_

                                         KREDITANSTALT FUER WIEDERAUFBAU

                                         ------------------  -------------------

--------------------------------
Kontrollunterschrift
(geleistet im Namen von
Deutsche Bank Aktiengesellschaft
als Registerstelle)

<PAGE>

                                                            KfW Agency Agreement

                                   Schedule 2B

                         German Language Version of the
                         FORM OF THE GLOBAL CERTIFICATES
                                U.S.$ 500.000.000

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

                         KREDITANSTALT FUR WIEDERAUFBAU
                  Frankfurt am Main, Bundesrepublik Deutschland

            U.S.$____________ ___% Globalanleihe fallig ____________

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
                            uber einen Nennbetrag von
                   funfhundert Millionen United States Dollars
                               (U.S.$ 500.000.000)

der ___% Globalanleihe fallig ____________ im Gesamtnennbetrag von ____________
United States Dollars (U.S.$ ____________) der Kreditanstalt fur Wiederaufbau
(die "Emittentin").

Diese Sammelschuldverschreibung verbrieft Teilschuldver-schreibungen 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 Ubertragung von Schuldverschreibungen
innerhalb dieses Systems im Buchungswege ohne Lieferung effektiver Stucke zu
ermoglichen. DTC und deren etwaiger Nachfolger als Verwahrer dieser
Sammelschuldverschreibung werden in dieser Urkunde auch als "Verwahrer"
bezeichnet.

<PAGE>

                                                            KfW Agency Agreement

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 fur 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 beigefugten
Anleihebedingungen (die "Anleihebedingungen") an Cede & Co. am Tag der
Falligkeit der Schuldverschreibungen den Kapitalbetrag der Schuldverschreibungen
zu zahlen, die an dem auf das Jahr __ bezogenen Stichtag in dieser Urkunde
verbrieft sind, und auf den in dieser Urkunde am jeweiligen Stichtag verbrieften
Kapitalbetrag Zinsen zu zahlen. Stichtag ist der fur jede Zahlung jeweils nach
Section 5(2) der Anleihebedingungen zu bestimmende Tag. Der mit dieser Urkunde
verbriefte Kapitalbetrag wird vom ____________ 200_ an (einschliesslich) bis zum
Ablauf des Tages verzinst, der dem Tag vorangeht, an dem der Kapitalbetrag zur
Ruckzahlung fallig wird. Der erste Zinszahlungstag ist der ____________ 200_.

Diese Sammelurkunde kann nur insgesamt ubertragen 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 Ubertragung ist nur
wirksam, wenn sie in den zu diesem Zweck von der Registerstelle gefuhrten
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_
                                                  KREDITANSTALT FUR WIEDERAUFBAU

                                                  ------------------------------

--------------------------------
Kontrollunterschrift
(geleistet im Namen von
Deutsche Bank Trust Company Americas
als Registerstelle)

<PAGE>

                                                            KfW Agency Agreement

                                   Schedule 2B

                         English Language Version of the
                         FORM OF THE GLOBAL CERTIFICATES
                                U.S.$ 500,000,000

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

                         KREDITANSTALT FUR WIEDERAUFBAU
                 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 Kreditanstalt
fur Wiederaufbau (the "Issuer").

This Global Certificate represents 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

<PAGE>

                                                            KfW Agency Agreement

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 as of the Record
Date relative to the year _________ and to pay interest on the principal sum
represented hereby as of each Record Date, all in accordance with the Terms and
Conditions of the Notes (the "Conditions") attached hereto. "Record Date" shall
mean the date determined, in respect of each payment, in accordance with Section
5(2) of the Conditions. Interest shall be payable on the principal sum
represented by this certificate as from _________, 200_ (inclusive) until the
end of the day preceding the day on which such principal sum becomes due for
redemption. The first interest payment date will be _________, 200_.

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_

                                                  KREDITANSTALT FUR WIEDERAUFBAU

                                                  ------------------------------

--------------------------------------------------
Authentication signature
for and on behalf of
Deutsche Bank Trust Company Americas, as Registrar

<PAGE>

                                                            KfW Agency Agreement

                                   Schedule 3

                          SUPPLEMENTAL AGENCY AGREEMENT

                            Supplement No.: __ to the
                                Agency Agreement
                             dated ___, 2003 between
                 Kreditanstalt fur Wiederaufbau (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 Agency Agreement (the "Agency Agreement").
The parties hereby reconfirm the terms and conditions of the 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] ___ __% Global [Bonds] [Notes] due 200_
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.

KREDITANSTALT FUR WIEDERAUFBAU

------------------------------------

[DEUTSCHE BANK AKTIENGESELLSCHAFT

----------------- --------------------]

[DEUTSCHE BANK TRUST COMPANY AMERICAS

--------------------------------]

Dated:  ___, 200_

<PAGE>

                                                            KfW Agency Agreement

                                     Annex 1

                      [ATTACH GLOBAL CERTIFICATE - ENGLISH]

<PAGE>

                                                            KfW Agency Agreement

                                     Annex 2

                      [ATTACH GLOBAL CERTIFICATE - GERMAN]

<PAGE>

                                                            KfW Agency Agreement

                                     Annex 3

        [ATTACH TERMS AND CONDITIONS AND UNOFFICIAL TRANSLATION THEREOF]

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