Document:

Agency agreement

 

Exhibit 4.1

EXECUTION COPY

Dated December 15, 2006

KfW

as Issuer

and

DEUTSCHE BANK AKTIENGESELLSCHAFT

as registrar and paying agent

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

and

DEUTSCHE BANK TRUST COMPANY AMERICAS

as registrar and paying agent

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

and

as registrar and paying agent

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

other than Euro, U.S. dollars and Canadian dollars

                                                            

AMENDED AND RESTATED

AGENCY AGREEMENT

                                                            

HENGELER MUELLER

Frankfurt am Main

 

     THIS AGREEMENT is made on December 15, 2006 BETWEEN:

(1)     KfW (the “Issuer”),

(2)     DEUTSCHE BANK AKTIENGESELLSCHAFT (“Deutsche Bank”), and

(3)     DEUTSCHE BANK TRUST COMPANY AMERICAS (“DBTCA”).

WHEREAS:

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

IT IS HEREBY AGREED as follows:

1.      AMENDMENT AND RESTATEMENT; CERTAIN DEFINITIONS AND INTERPRETATION

	1.1	 	The parties hereto agree that, with effect from the date hereof, the Agency Agreement shall
for all purposes be amended and restated in the form of this Agreement.
	 
	1.2	 	The following terms shall, unless the context otherwise requires, have the respective
meanings indicated below:
	 
	 	 	“Agent(s)” means the Euro Registrar, the Euro Paying Agent, the U.S. Registrar, the U.S.
Paying Agent, the CAD Registrar, the CAD Paying Agent, the Registrar for Designated
Currencies, the Paying Agent for Designated Currencies, the Calculation Agent (if
applicable), the Determination Agent (if applicable) and the Exchange Rate Agent (if
applicable).
	 
	 	 	“Calculation Agent”, if applicable, means the Relevant Paying Agent in its capacity as
calculation agent in respect of the Notes or any other calculation agent appointed by the
Issuer in accordance with this Agency Agreement.
	 
	 	 	“Clearing System(s)” means Clearstream Banking AG, Frankfurt am Main (also known as CBF),
Euroclear Bank S.A/N.V. as Euroclear operator (also known as Euroclear), Clearstream
Banking, société anonyme, Luxembourg (also known as CBL), and The Depositary Trust Company
(also known as DTC) as the case may be; and “Relevant Clearing System” means, in the case
of Euro-Bonds, CBF and DTC, and, in the case of USD-Notes, CAD-Notes and Designated
Currency-Notes, DTC.

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	 	 	“Conditions” means the terms and conditions applicable to a particular issue of Euro-Bonds,
USD-Notes, CAD-Notes or Designated Currency-Notes, forming part of the Global
Certificate(s), and “Master Conditions” means the forms of the terms and conditions set out
in Schedule 1A (in respect of Euro-Bonds), Schedule 1B (in respect of
USD-Notes), Schedule 1C (in respect of CAD-Notes), and Schedule 1D (in
respect of Designated Currency-Notes) attached hereto.
	 
	 	 	“Determination Agent”, if applicable, means any determination agent appointed by the
Issuer in accordance with this Agency Agreement.
	 
	 	 	“Exchange Rate Agent”, if applicable, means Deutsche Bank in its capacity as exchange rate
agent in respect of the Notes or any other exchange rate agent that the Issuer may appoint
in accordance with this Agency Agreement.
	 
	 	 	“Frankfurt Business Day” means any day (other than a Saturday or Sunday) on which credit
institutions are open for business in Frankfurt am Main.
	 
	 	 	“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, CAD-Notes or Designated Currency-Notes.
	 
	 	 	“Master Global Certificates” means the forms of Global Certificates set out in Schedule
2A (in respect of Euro-Bonds), Schedule 2B (in respect of USD-Notes),
Schedule 2C (in respect of CAD-Notes) and Schedule 2D (in respect of
Designated Currency-Notes) attached hereto.
	 
	 	 	“New York Business Day” means any day other than a Saturday or Sunday, that is neither a
legal holiday nor a day on which commercial banks are authorized or required by law,
regulation or executive order to close in The City of New York.
	 
	 	 	“Note(s)” means any of the Euro-Bonds, the USD-Notes, the CAD-Notes or the Designated
Currency-Notes, or all of them.
	 
	 	 	“Paying Agent(s)” means any of the Euro Paying Agent, the U.S. Paying Agent, the CAD Paying
Agent or the Paying Agent for Designated Currency-Notes, or all of them, and “Relevant
Paying Agent” means the Paying Agent who acts as Paying Agent for a particular issue of
Notes.
	 
	 	 	“Registrar(s)” means any of the Euro Registrar, the U.S. Registrar, the CAD Registrar or
the Registrar for Designated Currency-Notes or all of them, and “Relevant Registrar” means
the Registrar who acts as Registrar for a particular issue of Notes.
	 
	 	 	“Supplemental Agency Agreement” means an agreement in or substantially in the form of
Schedule 3 attached hereto (or in such other form as the parties thereto may agree)
which shall be supplemental to this Agreement.
	 
	1.3	 	Terms not defined in this Agreement shall have the same meanings as in the Master Conditions.
Any reference herein to “Frankfurt” shall be a reference to Frankfurt am Main, Federal
Republic of Germany (“Germany”) and any reference herein to “New York” shall be a reference to
The City of New York in the State of New York, United States of America (“USA”). Any reference
herein to the “Principal Financial Centre of the Designated Currency” shall be a reference to
the principal financial centre of the Designated Currency if and to the extent so specified in
§ 5(1)(b) of the Conditions of the relevant Designated Currency-Notes.

2.      APPOINTMENTS 

	2.1	 	The Issuer hereby appoints:

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	 	2.1.1	 	Deutsche Bank to act as Registrar and Paying Agent in respect of Euro-Bonds
of the Issuer (in such respective capacities the “Euro Registrar” and the “Euro Paying
Agent”);
	 
	 	2.1.2	 	DBTCA to act as Registrar and Paying Agent in respect of USD-Notes of the
Issuer (in such respective capacities, the “U.S. Registrar” and the “U.S. Paying
Agent”) and, to the extent required by law, Deutsche Bank to act as additional Paying
Agent;
	 
	 	2.1.3	 	DBTCA to act as Registrar and Paying Agent in respect of CAD-Notes of the
Issuer (in such respective capacities, the “CAD Registrar” and the “CAD Paying Agent”)
and, to the extent required by law, Deutsche Bank to act as additional Paying Agent;
	 
	 	2.1.4	 	DBTCA to act as Registrar and Paying Agent in respect of Designated
Currency-Notes of the Issuer (in such respective capacities, the “Registrar for
Designated Currency-Notes” and the “Paying Agent for Designated Currency-Notes”) and,
to the extent required by law, Deutsche Bank to act as additional 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 Agency Agreement, the Conditions of
the relevant Notes and any Supplemental Agency Agreement.
	 
	2.3	 	Deutsche Bank agrees to perform its obligations hereunder through DBTCA, to the extent that
this is necessary or appropriate in order to make payments to the registered holder of the DTC
Global Certificate(s).
	 
	2.4	 	Where Notes are intended to be listed on the Luxembourg Stock Exchange, Deutsche Bank agrees
to procure the appointment of a Luxembourg listing and paying agent (for as long as such
appointment is required by the rules of the Luxembourg Stock Exchange).

3.      SUPPLEMENTAL AGENCY AGREEMENTS; THE NOTES

	3.1	 	On or before the Closing Date (as defined in 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 Agency Agreement and appointing any additional Agent as the case may
be. 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.

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4. ISSUANCE OF NOTES

	4.1	 	Upon the conclusion of any subscription agreement for the issuance of any Notes, the Issuer
shall deliver to Deutsche Bank the completed Global Certificate(s) (in unauthenticated form,
but executed on behalf of the Issuer) in relation to a specific issuance. In respect of
USD-Notes, CAD-Notes and Designated Currency-Notes, Deutsche Bank shall hold the Global
Certificate(s) in escrow for on-ward delivery to DBTCA.
	 
	4.2	 	The Relevant Registrar, as the case may be, shall hold in safe custody all unauthenticated
Global Certificates delivered to it in accordance with Subsection 4.1 above and shall ensure
that the same are authenticated and delivered only in accordance with the terms hereof and, if
applicable, the relevant Global Certificate(s).
	 
	4.3.	 	The Relevant Registrar is authorized by the Issuer to authenticate such Global Certificate as
may be required hereunder by the signature of any person duly authorized for such purpose by
such Registrar.
	 
	4.4	 	In respect of USD-Notes, CAD-Notes and Designated Currency-Notes, DBTCA will act as custodian
for DTC. In respect of Euro-Bonds, Deutsche Bank will act as custodian for DTC.

5. PAYING AGENCY

	5.1	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:

	 	5.1.1	 	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;
	 
	 	5.1.2	 	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;
	 
	 	5.1.3	 	in the case of CAD-Notes pay to the CAD Paying Agent the amount in CAD 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 CAD Paying Agent may specify;
	 
	 	5.1.4	 	in the case of Designated Currency-Notes pay to the Paying Agent for
Designated Currencies-Notes the amount in the Designated Currency of interest on, or
principal of, all the Notes outstanding or maturing on such due date in same day funds
by 10.00 a.m. in the Principal Financial Centre of the Designated Currency or such
other time as may be specified by the Paying Agent for Designated Currency-Notes with
three Frankfurt and New York Business Days prior notice to the Issuer on each payment
date to such account at such bank in the Principal Financial Centre of the Designated
Currency as the Paying Agent for Designated Currency-Notes may specify.

	 	The Issuer hereby authorizes and directs the Relevant Paying Agent, from the amounts so
paid to it to make payment of the principal of, and interest on, the Notes, as specified in
Clause 5.2 below, on the relevant payment date as set forth in the Conditions.
	 
	5.2	The Relevant Paying Agent shall give payment instructions by facsimile or authenticated SWIFT
message to the Issuer not later than five Frankfurt Business Days prior to each payment date
stating the amount of principal and/or interest payable by the Issuer on the payment date and
the account and bank to which payment is to be made.

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	5.3	 	Out of the sums paid to the Euro Paying Agent in respect of interest and principal on the
Euro-Bonds, the Euro Paying Agent shall make payment to CBF in Euro and to the registered
holder of the DTC Global Certificate(s) as stipulated in Clause 10.1 and 10.2 below, in the
amounts specified in the payment provisions of the Conditions. The Euro Paying Agent shall
obtain from the Euro Registrar, and such Registrar shall supply, such details as are required
for the Euro Paying Agent to make payment as stated above.
	 
	 	 	Out of the sums paid to the U.S. Paying Agent in respect of interest and principal on the
USD-Notes, the U.S. Paying Agent shall make payment to the registered holder of the Global
Certificate(s) as specified in the Conditions.
	 
	 	 	Out of the sums paid to the CAD Paying Agent in respect of interest and principal on the
CAD-Notes, the CAD Paying Agent shall make payment to the registered holder of the Global
Certificate(s) as stipulated in Clause 10.3 and 10.4 below, in the amounts specified in the
payment provisions of the Conditions.
	 
	 	 	Out of the sums paid to the Paying Agent for Designated Currency-Notes in respect of
interest and principal on the Designated Currency-Notes, such Paying Agent shall make
payments to the registered holder of the Global Certificate(s) as stipulated in Clause 10.5
and 10.6 below, in the amounts specified in the payment provisions of the Conditions.
	 
	 	 	If for any reason (other than negligence or willful 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 5.1, 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 therefore 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.
	 
	5.4	 	Without prejudice to the obligations of the Issuer to make payments in accordance with the
provisions of Clause 5.1, if payment of the appropriate amount shall be made by or on behalf
of the Issuer later than the time specified in Clause 5.1, but otherwise in accordance with
the provisions thereof, the Relevant Paying Agent shall forthwith give notice to the Relevant
Clearing System 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 5.1, 5.2 and 5.3.
	 
	5.5	 	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.
	 
	5.6	 	In respect of monies paid to it relating to any Notes, the Relevant Paying Agent

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

	 
	5.7	 	All payments by the Relevant Paying Agent hereunder shall be made without the Relevant Paying
Agent charging any commission, fee or cost to the Relevant Clearing System or to any Holder,
except as expressly provided for in the payment provisions of the Conditions.
	 
	5.8	 	The Relevant Paying Agent shall maintain records of all payments made in respect of the Notes
and shall make such records available to the Issuer upon reasonable request.

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6.      PUBLICATION OF NOTICES AND DOCUMENTS FOR INSPECTION 

	6.1	 	On behalf and at the request and expense of the Issuer, the Relevant Paying Agent shall cause
to be published any notices and give any notices to the Relevant Clearing System required to
be given by the Issuer in accordance with the Conditions.
	 
	6.2	 	The Issuer shall provide the Relevant Paying Agent at the time agreed with the Relevant
Paying Agent from time to time with a copy of all notices in final form (prior to publication)
to be issued in connection with the Notes.
	 
	6.3	 	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.

7.      EARLY REDEMPTION AND REPAYMENT OF NOTES

	7.1	 	If the Issuer decides to redeem any outstanding Notes prior to their Maturity Date in
accordance with the Conditions, it shall give notice of such decision to the Relevant Paying
Agent not later than 3.00 p.m., Frankfurt time, on the fifth Frankfurt Business Day
immediately preceding the date on which the notice shall be published in accordance with the
Conditions. The Relevant Paying Agent shall publish and deliver to the Relevant Clearing
System such notice not later than three Frankfurt Business Days immediately preceding such
date.
	 
	7.2	 	The Relevant Paying Agent shall, upon receipt of any repayment notice by the Registered
Holder of the Global Certificate(s) the conditions of which provide for repayment at the
option of the Holders, notify forthwith the Relevant Paying Agent and the Issuer thereof. The
Relevant Paying Agent shall, upon payment by the Issuer of the applicable repayment price,
together with accrued interest to the applicable repayment date, cancel the Notes in
accordance with Clause 8.

8.      CANCELLATION OF NOTES

	8.1	 	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, CAD-Notes and Designated Currency-Notes, or a DTC Global Certificate in the case of
Euro-Bonds, to be cancelled in accordance with the procedures established for that purpose by
DTC, resulting in a reduction in the aggregate amount of Notes represented by such Global
Certificates by the aggregate amount of Notes so cancelled.
	 
	8.2	 	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.
	 
	8.3	 	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.

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9.      DUTIES OF THE REGISTRAR

	9.1	 	The Euro Registrar shall maintain the Register pertaining to Euro-Bonds in Frankfurt, and the
U.S. Registrar, the CAD Registrar and the Registrar for the Designated Currency-Notes shall
maintain the Register pertaining to USD-Notes, CAD-Notes and Designated Currency-Notes in New
York, in each case in accordance with the Conditions and subject to reasonable market
practice. 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”). In accordance with reasonable practice, 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 CAD-Notes or the Designated Currency-Notes, the
Relevant Registrar shall send the payment details in respect of the Payee and the respective
accounts to which transfers should be made to the Relevant Paying Agent.
	 
	9.2	 	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 Euro 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.
	 
	9.3	 	The Euro 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.
	 
	9.4	 	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.

	10.	 	PAYMENTS TO DTC HOLDERS IN RESPECT OF EURO-BONDS AND PAYMENTS TO HOLDERS OF CAD-NOTES OR
DESIGNATED CURRENCY-NOTES

	10.1	 	All amounts of principal and interest due in respect of the Euro-Bonds which are represented
by the DTC Global Certificate (each a “DTC EUR Amount”) shall be paid in U.S. dollars (each
such payment being referred to herein as a “Dollar Payment”), unless DTC has advised that the
relevant Holder has made an effective election to receive all or a portion of its payment in
Euro outside DTC (each a “Euro Payment”) in accordance with the procedures described in the
payment provisions of the Conditions.
	 
	10.2	 	The Euro Paying Agent shall, from each DTC EUR Amount received by it, make Dollar Payments
and Euro Payments in accordance with the payment provisions of the Conditions.
	 
	10.3	 	All amounts of principal and interest due in respect of the CAD-Notes (each a “CAD Amount”)
shall be paid in U.S. dollars (each such payment being referred to herein as a “Dollar
Payment”), unless DTC has advised that the relevant Holder has made an effective election to
receive all or a portion of its payment in Canadian dollars outside DTC (each a “CAD Payment”)
in accordance with the procedures described in the payment provisions of the Conditions.

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	10.4	 	The CAD Paying Agent shall, from each CAD Amount received by it, make Dollar Payments and CAD
Payments in accordance with the payment provisions of the Conditions.
	 
	10.5	 	All amounts of principal and interest due in respect of the Designated Currency-Notes (each a
“Designated Currency Amount”) shall be paid in U.S. dollars (each such payment being referred
to herein as a “Dollar Payment”), unless DTC has advised that the relevant Holder has made an
effective election to receive all or a portion of its payment in the Designated Currency
outside DTC (each a “Designated Currency Payment”) in accordance with the procedures described
in the payment provisions of the Conditions.
	 
	10.6	 	The Paying Agent for Designated Currency-Notes shall, from each Designated Currency Amount
received by it, make Dollar Payments and Designated Currency Payments in accordance with the
payment provisions of the Conditions.

11.     FURTHER DUTIES OF THE ISSUER

If the Issuer is, in respect of any payment, required to withhold or deduct any amount for or on
account of taxes or duties of whatever nature as specifically contemplated under the Conditions,
the Issuer shall give notice thereof to the Relevant Paying Agent as soon as it becomes aware of
the requirement to make such withholding or deduction and shall give to the Relevant Paying Agent
such information as it shall require to enable it to comply with such requirement.

12.     APPOINTMENT AND DUTIES OF THE EXCHANGE RATE AGENT

	12.1	 	Deutsche Bank shall act as Exchange Rate Agent in respect of a specific issuance of Notes for
which an Exchange Rate Agent is needed, unless another institution is appointed as Exchange
Rate Agent in respect of such issuance in accordance with the Conditions. The Relevant Paying
Agent shall inform the Exchange Rate Agent in a timely manner before any date on which a
conversion is required to be made, taking into consideration the Conditions.
	 
	12.2	 	The Exchange Rate Agent shall in respect of each issuance of Notes in relation to which it is
appointed perform such determinations as specified in the Conditions.

13.     APPOINTMENT AND DUTIES OF THE CALCULATION AGENT

	13.1	 	The Calculation Agent in respect of a specific issuance of Notes shall act in accordance with
the Conditions. If the Relevant Paying Agent shall act as Calculation Agent, such fact will
be indicated in the Supplemental Agency Agreement. The Issuer will notify the Calculation
Agent by forwarding the applicable pricing prospectus according to the time-line agreed with
the Calculation Agent.
	 
	13.2	 	Subject to Clause 13.4, the Calculation Agent shall in respect of each issuance of Notes in
relation to which it is appointed as such:

	 	13.2.1 	obtain such quotes and rates and/or make such determinations, calculations,
adjustments and notifications as may be required to be made by it as specified in the
Conditions;
	 
	 	13.2.2  	maintain a record of all quotations obtained by it and of all amounts, rates and
other items determined or calculated by it and make such record available for
inspection at all reasonable times during normal business hours by the Issuer and the
Relevant Paying Agent; and
	 
	 	13.2.3  	shall communicate to the Relevant Paying Agent in a timely manner the determinations
and calculations made by such Calculation Agent in respect of such Notes.

	13.3	 	If the Calculation Agent is unable for any reason to perform the duties specified in Clause
13.2.1 above, it shall forthwith notify the Issuer and the Relevant Paying Agent of such fact.

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	13.4	 	If the Issuer has appointed a Determination Agent with respect to which the Calculation Agent
is appointed, the determinations made by such Determination Agent in respect of the bases
(such as interest rates, conversion rates, prices, indices or otherwise) for the calculations
to be made by such Calculation Agent communicated by the Determination Agent to the
Calculation Agent shall be binding on the Calculation Agent.

14.    CONDITIONS OF APPOINTMENT

	14.1	 	The obligations of the Agents hereunder shall be several, and not joint.
	 
	14.2	 	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.
	 
	14.3	 	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.
	 
	14.4	 	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.
	 
	14.5	 	The indemnity provisions under Clauses 14.3 and 14.4 shall survive the termination or expiry
of this Agreement.
	 
	14.6	 	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.
	 
	14.7	 	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.
	 
	14.8	 	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.
	 
	14.9	 	Nothing herein shall be deemed to require any Agent to advance its own funds in the
performance of its duties hereunder.

15.    CHANGES IN AGENTS

	15.1	 	Any 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 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 Agent, as the case may
be,

10

 

	 	 	shall not take effect until a successor Agent, 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.
	 
	15.2	 	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 15.1.
	 
	15.3	 	In case at any time any Agent shall resign or shall be removed, the successor Agent may be
appointed by the Issuer by an instrument in writing given to the successor Agent. Upon the
appointment of such successor Agent and acceptance by it of such appointment, the Agent so
superseded shall cease to be an Agent hereunder.
	 
	15.4	 	Any 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 Agent in accordance with this Agreement, and such
predecessor 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 Agent, and any such successor Agent shall be entitled to receive, all
moneys, documents and records held by it hereunder. On the termination of its appointment the
Agent shall pass all records and documents held by it pursuant to this Agreement to the
respective successor Agent.
	 
	15.5	 	Each Agent shall give not less than 30 days’ notice to the Issuer of any proposed change in
its specified office.
	 
	15.6	 	The Issuer shall ensure that prompt notice of any such proposed appointment, termination,
resignation or change of specified office is given to the Payees and, in accordance with § 10
of the Conditions, to the Holders.
	 
	16.	 	NOTICES

	16.1	 	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.
	 
	16.2	 	Notices shall be addressed to the relevant party hereto as follows:
	 
	(a)	 	If to the Issuer:

	 
	 	 	KfW

Palmengartenstraße 5-9

D-60325 Frankfurt am Main

Federal Republic of Germany

Telefax: 0049 69 7431 2193

Attention: Bereich FM

11

 

	(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 62591

Telefax: 0049 69 910 43242

Attention: Trust and Security Services

	 
	(c)	 	If to the Euro Paying Agent:

	 
	 	 	Deutsche Bank Aktiengesellschaft

Große Gallusstraße 10-14

D-60272 Frankfurt am Main

Federal Republic of Germany

	 
	 	 	Telephone: 0049 69 910 30094

Telefax: 0049 69 910 38672

Attention: Trust and Security Services

	 
	(d)	 	If to the U.S. Registrar, the CAD Registrar or the Registrar for Designated Currency-Notes:

	 
	 	 	Deutsche Bank Trust Company Americas

c/o Deutsche Bank National Trust Company

Trust & Securities Services

25 DeForest Avenue

2nd Floor

Summit, NJ 07901

United States

	 
	 	 	Telefax: 001 732 578 4635

Attention: Trust and Securities Services

	 
	(e)	 	If to the U.S. Paying Agent, the CAD Paying Agent or the Paying Agent for Designated
Currency-Notes:

	 
	 	 	Deutsche Bank Trust Company Americas

c/o Deutsche Bank National Trust Company

Trust & Securities Services

25 DeForest Avenue

2nd Floor

Summit, NJ 07901

United States

	 
	 	 	Telefax: 001 732 578 4635

Attention: Trust and Securities Services

	 
	 	 	or at any other address of which any of the foregoing shall have notified the others in
accordance with this Clause 16.2.
	 
	17.	 	MISCELLANEOUS

	17.1	 	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

 

	17.2	 	This Agreement shall in all respects be governed by and construed in accordance with the laws
of the Federal Republic of Germany without regard to conflict of laws principles.
	 
	17.3	 	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, Germany.
	 
	17.4	 	This Agreement may be executed in one or more counterparts and, if executed in more than one
counterpart, the executed counterparts hereof shall constitute a single instrument.

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

KfW

	 	 	 
	/s/ Horst Seissinger	 	/s/ Jochen Leubner
	 	 	 
	First Vice President	 	Vice President
	 

	 

	DEUTSCHE BANK AKTIENGESELLSCHAFT
	 

	/s/ Vivien Wichmann	 	/s/ Brigitte Fromm
	 	 	 
	 

	 

	DEUTSCHE
BANK TRUST COMPANY AMERICAS

by DEUTSCHE BANK NATIONAL TRUST COMPANY
	 

	/s/ Rodney Gaughan	 	/s/ David Contino
	 	 	 
	Assistant Vice President	 	Assistant Vice President

13

 

Schedule 1A

ANLEIHEBEDINGUNGEN
DER EURO-SCHULDVERSCHREIBUNGEN

§ 1

Allgemeine Bestimmungen

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

Euro ___________

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

(2)     Globalurkunde. Schuldverschreibungen. Form. Die Schuldverschreibungen werden durch zwei
oder mehr Dauerglobalurkunden ohne Zinsscheine verbrieft. Eine der beiden Dauerglobalurkunden (die

“CBF-Globalurkunde”) wird von der Clearstream Banking AG, Frankfurt am Main, (“CBF”) verwahrt, bis
sämtliche Verpflichtungen der Emittentin aus den
Schuldverschreibungen erfüllt sind. Die CBF-Globalurkunde lautet auf den Inhaber. Sie verbrieft die Schuldverschreibungen, die für
Finanzinstitute verwahrt werden, die Kontoinhaber bei der CBF sind, einschließlich derjenigen
Schuldverschreibungen, die über Euroclear Bank S.A./N.V., als dem Betreiber des Euroclear-Systems
(“Euroclear”) und Clearstream Banking, société anonyme, Luxembourg, verwahrt werden, die beide über
eine Kontenverbindung mit der CBF verfügen, und weiter einschließlich derjenigen
Schuldverschreibungen, die über ein anderes Clearing System verwahrt werden, das über eine
Kontenverbindung mit der CBF verfügt. Die andere Dauerglobalurkunde (die “DTC-Globalurkunde”) wird
von der Deutsche Bank Trust Company Americas, c/o Deutsche Bank National Trust Company (“DBTCA”),
oder einem etwaigen Rechtsnachfolger als Verwahrer für The Depository Trust Company, New York
(“DTC”) verwahrt, bis sämtliche Verpflichtungen der Emittentin aus den Schuldverschreibungen
erfüllt sind. Die DTC-Globalurkunde ist als Namenspapier ausgegeben und auf den Namen von Cede &
Co. als dem Beauftragten von DTC (der “Eingetragene Gläubiger”) ausgestellt worden und verbrieft
die Schuldverschreibungen, die den von teilnehmenden Finanzinstituten geführten Konten bei DTC
gutgeschrieben sind. Jede Person, die letztendlich Inhaber einer Schuldverschreibung ist, wird als
“Anleihegläubiger” bezeichnet. Die CBF-Globalurkunde und die DTC-Globalurkunde tragen jeweils die
eigenhändigen Unterschriften zweier ordnungsgemäß bevollmächtigter Vertreter der Emittentin und
sind jeweils von der Registerstelle (wie in § 8 unten definiert) 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 entfällt, ergibt sich aus dem Register (das
“Register”), das die Registerstelle zu diesem Zweck führt. Effektive Urkunden über einzelne
Schuldverschreibungen und Zinsscheine werden nicht ausgegeben. Kopien der CBF-Globalurkunde und der
DTC-Globalurkunde sind bei der Zahlstelle (wie in § 8 unten definiert) kostenlos erhältlich.

 

2

 

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

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

§ 2

Status

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

§ 3

Zinsen

(1)     Zinssatz und Fälligkeit. Die Schuldverschreibungen werden vom ____________ an mit
jährlich ____________ % verzinst. Die Verzinsung der Schuldverschreibungen endet mit dem Ablauf des
Tages, der dem Tag vorangeht, an dem sie zur Rückzahlung fällig werden. Die Zinsen sind jährlich
nachträglich am ____________ zur Zahlung fällig. Der erste Zahlungstermin ist der ____________ für
den Zeitraum vom ____________ (einschließlich) bis zum ____________ (ausschließlich). [Einzufügen im
Falle einer kurzen oder langen ersten Zinsperiode: Der Zinsbetrag für diesen Zeitraum beläuft sich
auf Euro ____________ für den Gesamtnennbetrag der Schuldverschreibungen.]

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

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

 

3

 

§ 4

Fälligkeit; [Vorzeitige Rückzahlung;] Rückkauf

(1)     Die Schuldverschreibungen sind am ____________ zu ihrem Nennbetrag zurückzuzahlen. Vorbehaltlich
der Bestimmungen des § 7 ist weder die Emittentin noch ein Anleihegläubiger berechtigt, die
Schuldverschreibungen vor ihrer Fälligkeit zur Rückzahlung zu kündigen.

[Einzufügen im Falle eines vorzeitigen Rückzahlungsrechts: (2) Die Schuldverschreibungen können am
[Datum] nach Wahl der Emittentin insgesamt, jedoch nicht teilweise, mit einer Vorankündigungsfrist
von mindestens fünf New Yorker Geschäftstagen (wie in § 5(3) unten definiert) durch Bekanntmachung
gemäß § 10 zum Rückkaufpreis von ____________ ihres Nennbetrages zusammen mit den Stückzinsen bis
zum Rückzahlungstag (ausschließlich) zur Rückzahlung gekündigt werden.]

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

§ 5

Zahlungen

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

(b)     Ein Anleihegläubiger, der seine Schuldverschreibungen über die DTC hält (ein
“DTC-Anleihegläubiger”), erhält Zahlungen von Kapital und Zinsen auf die Schuldverschreibungen in
US-Dollar, soweit er nicht gemäß den nachfolgend beschriebenen Verfahren Zahlungen in Euro wählt.
Soweit DTC-Anleihegläubiger für eine Zahlung von Kapital oder Zinsen keine derartige Wahl getroffen
haben, wird der für alle diese DTC-Anleihegläubiger bei dieser Zahlung bestimmte Gesamtbetrag (der
“Euro-Umtauschbetrag”) von der Zahlstelle in US-Dollar umgetauscht und durch Überweisung in
gleichtägig verfügbaren Mitteln an den Eingetragenen Gläubiger zur Auszahlung über das
Abrechnungssystem der DTC an die betreffenden DTC-Teilnehmer gezahlt. Alle Kosten eines derartigen
Umtauschs werden von diesen Zahlungen abgezogen. Jeder derartige Umtausch basiert auf dem
Ankaufskurs der Zahlstelle vor oder um 11.00 Uhr (New Yorker Zeit) am zweiten New Yorker
Geschäftstag (wie in Absatz (3) unten definiert) vor dem

 

4

 

jeweiligen Zahlungstag für den Kauf des Euro-Umtauschbetrages durch die Zahlstelle gegen US-Dollar
zur Abrechnung an diesem Zahlungstag. Falls es einen derartigen Ankaufskurs nicht gibt, wird die
Zahlstelle von einer im Devisenhandel führenden Bank in New York City, die von der Zahlstelle zu
diesem Zweck ausgewählt wird, einen Ankaufskurs einholen. Falls kein Ankaufskurs einer im
Devisenhandel führenden Bank erhältlich ist, erfolgt die Zahlung des Euro-Umtauschbetrages in Euro
auf das Konto oder die Konten, die der Zahlstelle von der DTC bezeichnet werden. Bis dieses Konto
oder diese Konten derart bezeichnet sind, werden die noch von der Zahlstelle gehaltenen Mittel mit
einem Zinssatz, der von der Zahlstelle für bei ihr als Tagesgeld angelegte Einlagen gestellt wird,
verzinst, soweit die Zahlstelle vernünftigerweise in der Lage ist, diese Mittel wieder anzulegen.

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

(d)     Zahlungen der oder im Namen der Emittentin an die CBF und an den Eingetragenen Gläubiger, der
bei Geschäftsschluß am jeweiligen Stichtag eingetragen ist, oder nach dessen Order befreien die
Emittentin in Höhe der geleisteten Zahlungen von ihren Verbindlichkeiten aus den
Schuldverschreibungen.

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

(3)     Geschäftstage. Ist ein Fälligkeitstag für die Zahlung von Kapital oder Zinsen in Euro
auf eine Schuldverschreibung kein Frankfurter Geschäftstag (wie unten definiert), so wird die
betreffende Zahlung erst am nächstfolgenden Frankfurter Geschäftstag geleistet, ohne daß wegen
dieser Zahlungsverzögerung zusätzliche Zinsen gezahlt werden. Ist ein Tag für die Zahlung von
Kapital oder Zinsen in US-Dollar an den Eingetragenen Gläubiger oder nach dessen Order kein
Frankfurter Geschäftstag oder kein New Yorker Geschäftstag (wie unten

 

5

 

definiert), so wird die betreffende Zahlung erst am nächsten Tag, der zugleich ein Frankfurter und
New Yorker Geschäftstag ist, geleistet, ohne daß wegen dieser Zahlungsverzögerung zusätzliche
Zinsen gezahlt werden. Ein “Frankfurter Geschäftstag” ist jeder Tag (außer einem Samstag oder
Sonntag), an dem Kreditinstitute in Frankfurt am Main für den Geschäftsverkehr geöffnet sind. Ein
“New Yorker Geschäftstag” ist jeder Tag, außer einem Samstag oder Sonntag, der weder ein
gesetzlicher Feiertag noch ein Tag ist, an dem Banken berechtigt oder gesetzlich, durch Vorschrift
oder durch Anordnung verpflichtet sind, in New York City zu schließen.

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

(5)     Substitution der Zahlstelle. Die Zahlstelle ist berechtigt, sich hinsichtlich ihrer
Aufgaben und Verpflichtungen nach § 5 Abs. 1(a), (b) und (c) durch die mit ihr verbundene
Gesellschaft DBTCA zu substituieren, sofern, soweit gesetzlich erforderlich, eine zusätzliche
Zahlstelle in der Bundesrepublik Deutschland aufrecht erhalten wird.

§ 6

Steuern

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

§ 7

Kündigung durch Anleihegläubiger

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

 

6

 

§ 8

Die Erfüllungsgehilfen

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

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

(3)     Keine Rechtsbeziehungen. Die Erfüllungsgehilfen handeln als solche ausschließlich als
Erfüllungsgehilfen der Emittentin und haben keinerlei rechtliche Beziehung welcher Art auch immer
mit dem Eingetragenen Gläubiger oder einem Anleihegläubiger und sind diesen gegenüber in keinem
Fall verantwortlich.

§ 9

Begebung weiterer Schuldverschreibungen

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

§ 10

Bekanntmachungen

Alle Bekanntmachungen, die die Schuldverschreibungen betreffen, erfolgen (a) im elektronischen
Bundesanzeiger und, soweit darüber hinaus rechtlich erforderlich, in den gesetzlich bestimmten
Medien und (b) zusätzlich in einer in englischer Sprache erscheinenden und in New York City
allgemein verbreiteten führenden Tageszeitung (voraussichtlich The Wall Street Journal). Sämtliche
Bekanntmachungen werden wirksam am dritten Tag, der auf die Veröffentlichung folgt oder, sofern die
Veröffentlichung mehr als einmal oder an verschiedenen Tagen erfolgt, am dritten Tag, der auf die
erste Veröffentlichung folgt.

 

7

 

§ 11

Anwendbares Recht; Gerichtsstand;

Geltendmachung von Ansprüchen; Sprache

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

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

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

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

Registerstelle und Zahlstelle

Deutsche Bank Aktiengesellschaft

Große Gallusstraße 10-14

D-60272 Frankfurt am Main

Bundesrepublik Deutschland

 

8

 

Non-binding English Translation of the

TERMS AND CONDITIONS OF EURO-BONDS

§ 1

General Provisions

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

Euro ___________

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

(2)     Global Certificates. Bonds. Form. The Bonds will be 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 credited to accounts of financial
institutions that are accountholders of CBF, including such Bonds which are held through Euroclear
Bank S.A./N.V., as operator of the Euroclear System (“Euroclear”) and Clearstream Banking, société
anonyme, Luxembourg, each of which maintains an account with CBF, and further including such Bonds
which are held through any other clearing system which maintains an account with CBF. The other
permanent global certificate (the “DTC Global Certificate”) will be kept in custody by Deutsche
Bank Trust Company Americas, c/o Deutsche Bank National Trust Company (“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 (the “Registered Holder”), and represents the Bonds credited
to accounts maintained with DTC by financial institutions that are
participants in DTC. Each person ultimately
holding a Bond is referred to as a “Holder”. 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 (as defined in § 8 below).
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”) kept by the Registrar. 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 (as
defined in § 8 below).

(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

 

9

 

the period commencing on the Record Date (§ 5(2)) and ending on the related payment date (both
dates inclusive).

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

§ 2

Status

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

§ 3

Interest

(1)     Interest Rate and Due Dates. The Bonds bear interest at the rate of ____________ % per
annum as from ____________. The Bonds shall cease to bear interest upon the end of the day preceding
the day on which they become due for redemption. Interest shall be payable annually in arrears on
____________. The first interest payment date will be ____________ for the period commencing on
____________ (inclusive) and ending on ____________ (exclusive). [Insert in case of short or long
first coupon: 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 § 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 (ICMA) interest
determination method.

§ 4

Maturity, [Early Redemption,] Repurchase

(1)     The Bonds shall be redeemed at par on ____________. Subject to the provisions of § 7, neither the
Issuer nor any Holder shall be entitled to redeem the Bonds prior to their stated maturity.

 

10

 

[Insert in case of a call-option: (2) The Bonds may be redeemed, as a whole but not in part, on
[Date] at the option of the Issuer upon not less than five New York Business Days (as defined in §
5(3) below) prior written notice given in accordance with § 10, at a redemption price equal to
____________ of the principal amount of the Bonds, together with interest accrued to, but excluding,
the redemption date.]

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

§ 5

Payments

(1)     Payments. (a) Payments of principal of, and interest on, the Bonds shall be made on the
relevant payment date (as defined in subsection (4) below) to CBF in Euro and to or to the order of
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 or to the order of the Registered Holder, respectively, shall
correspond to the aggregate principal amount of Bonds represented by the CBF Global Certificate and
the DTC Global Certificate, as established by the Registrar (§ 8) at the close of business on the
relevant Record Date (as defined in subsection (2) below). 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 (as defined in § 8 below).

(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 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 (as defined in subsection (3) below) 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.

(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

 

11

 

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 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 following the relevant Record
Date 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 (as defined in subsection (4) below) 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 or on behalf of the Issuer to CBF and to, or to the order of, the
Registered Holder at the close of business on the relevant Record Date, respectively, shall
discharge the liability of the Issuer under the Bonds to the extent of the sums so paid.

(2)     Record Date. The record date (the “Record Date”) for purposes of transfer restrictions
(§ 1(3)) and payments (as described in subsection (1) above) 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 (as defined in subsection
(3) below) preceding the relevant payment date.

(3)     Business Days. If any date for payment of principal or interest in Euro in respect of
any Bonds is not a Frankfurt Business Day (as defined below), 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 in respect
of any bond to or to the order of the Registered Holder is not a Frankfurt Business Day and not a
New York Business Day (as defined below), 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 other than a Saturday or Sunday, that is neither a legal holiday nor a
day on which commercial banks are authorized or required by law, regulation or executive order to
close in The City of New York.

(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 interest payment date or the maturity date
provided for herein, without taking account of any such adjustment.

(5)     Substitution of Paying Agent. The Paying Agent may, in respect of its functions and
duties under subsections 1(a), (b) and (c) of this § 5, substitute for itself its affiliate DBTCA,
if and to the extent, if so required by law, an additional Paying Agent will be maintained in the
Federal Republic of Germany.

 

12

 

§ 6

Taxation

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

§ 7

Termination for Default

Any Holder may declare its Bonds 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 Issuer has made payment to or to the order of the Registered Holder before the
Holder has exercised such right. Any notice declaring Bonds due shall be made by means of a written
notice to be delivered by hand or registered mail to the Issuer together with proof that such
Holder at the time of such notice is a Holder of the relevant Bonds by means of a certificate of
the Holder’s Custodian pursuant to § 11(3)(a).

§ 8

The Agents

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

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

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

 

13

 

§ 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 additional bonds.

§ 10

Notices

All notices regarding the Bonds shall be published (a) in the electronic Federal Gazette
(elektronischer Bundesanzeiger), and if legally required, in the form of media determined by law in
addition thereto, and (b) also in a leading daily newspaper printed in the English language and of
general circulation in New York City (expected to be The Wall Street Journal). Any notice will
become effective for all purposes on the third day following the date of its publication, or, if
published more than once or on different dates, on the third day following the first date of any
such publication.

§ 11

Governing Law, Jurisdiction, Enforcement, Language

(1)     Governing Law. The Bonds, both as to form and content, as well as the rights and duties
of the Holders and the Issuer shall be governed by and shall be construed in accordance with the
laws of the Federal Republic of Germany. Any disposition of the Bonds, including transfers and
pledges of Bonds held through DTC and executed between DTC participants, and between DTC itself 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 Bonds may exclusively be brought in the District Court (Landgericht) in Frankfurt am Main.

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

 

14

 

Holder maintains a securities account in respect of any Bonds and includes CBF, DTC and its
participants, including 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

 

Schedule 1B

TERMS AND CONDITIONS OF USD NOTES

§ 1

General Provisions

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

U.S.$ ______________

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

(2)     Global Certificate. Notes. 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, c/o Deutsche Bank National Trust
Company, 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 (the
“Registered Holder”), recorded in a register (the “Register”) kept by the Registrar (as defined in
§ 8 below) and will represent the Notes credited to accounts maintained with DTC by financial
institutions that are participants in DTC. Each person ultimately holding a Note is referred to as a “Holder”.
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 (as defined in § 8 below).

(3)     Transfer. The Notes may be transferred through DTC or its participants. Transfers of
Notes shall require appropriate entries in securities accounts.

§ 2

Status

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

§ 3

Interest

(1)     Interest Rate and Due Dates. The Notes bear interest at the rate of ____________ % per annum
as from ____________. The Notes shall cease to bear interest upon the end of the day preceding the
day on which they become due for redemption. Interest shall be payable in two equal semi-annual
installments [Insert in case of short or long first coupon:, subject to the last sentence of this
subsection,] in arrears on ____________ and ____________. The first interest payment date will be
____________ for the period commencing on ____________ (inclusive) and ending on
____________ (exclusive). [Insert in case

 

2

 

of short or long first coupon: 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 § 5(3), continue to accrue beyond the due
date until actual redemption of the Notes at the default rate of interest established by law.

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

§ 4

Maturity, [Early Redemption,] Repurchase

(1)     The Notes shall be redeemed at par on ____________. Subject to the provisions of § 7,
neither the Issuer nor any Holder shall be entitled to redeem the Notes prior to their stated
maturity.

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

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

§ 5

Payments

(1)     Payments. (a) Payments of principal of, and interest on, the Notes shall be made in
United States dollars on the relevant payment date (as defined in subsection (4) below) to, or to
the order of, the Registered Holder registered at the close of business on the relevant Record Date
(as defined in subsection (2) below) in the Register kept by the Registrar. The funds will be
distributed through the relevant DTC participants to the Holders as of the Record Date. Payments of
principal shall be made upon surrender of the Global Certificates to the Paying Agent (as defined
in § 8 below).

(b)     All payments made by or on behalf of the Issuer to, or to the order of, the Registered Holder
at the close of business on the relevant Record Date shall discharge the liability of the Issuer
under the Notes to the extent of the sums so paid.

(2)     Record Date. The record date (the “Record Date”) for purposes of payments (as
described in subsection (1) above) 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 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 other than a Saturday or Sunday, that is
neither a legal holiday nor a day on which commercial banks are

 

3

 

authorized or required by law, regulation or executive order to close in The City of New York.

(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 interest payment date or the maturity date
provided for herein, without taking account of any such adjustment.

§ 6

Taxation

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

§ 7

Termination for Default

Any Holder may, through DTC, declare its Notes 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 Issuer has made payment to or to the order of the Registered Holder before the Holder
has exercised such right. Any notice declaring Notes due shall be made by means of a written notice
to be delivered by hand or registered mail to the Issuer together with proof that such Holder at
the time of such notice is a Holder of the relevant Notes by means of a certificate of the Holder’s
Custodian pursuant to § 11(3)(a).

§ 8

The Agents

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

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

 

4

 

§ 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 additional notes.

§ 10

Notices

All notices regarding the Notes shall be published (a) in the electronic Federal Gazette
(elektronischer Bundesanzeiger) and, if legally required, in the form of media determined by law in
addition thereto, and (b) also in a leading daily newspaper printed in the English language and of
general circulation in New York City (expected to be The Wall Street Journal). Any notice will
become effective for all purposes on the third day following the date of its publication, or, if
published more than once or on different dates, on the third day following the first date of any
such publication.

§ 11

Governing Law, Jurisdiction, Enforcement, Language

(1)     Governing Law. The Notes, both as to form and content, as well as the rights and
duties of the Holders and the Issuer shall be governed by and shall be construed in accordance with
the laws of the Federal Republic of Germany. Any disposition of the Notes, including transfers and
pledges of Notes executed between DTC participants and between DTC itself 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
authorized officer of DTC or the Registrar. For purposes of the foregoing, “Custodian” means any
bank or other financial institution of recognized standing authorized to engage in securities
custody business with which the Holder maintains a securities account in respect of any Notes and
includes DTC and its participants, including any other clearing system which participates in DTC.

 

5

 

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

Registrar and Paying Agent

Deutsche Bank Trust Company Americas

c/o Deutsche Bank National Trust Company

Trust & Securities Services

25 DeForest Avenue, 2nd Floor

Mail Stop: SUM01-0105

Summit, NJ 07901

U.S.A.

Additional Paying Agent

Deutsche Bank Aktiengesellschaft

Große Gallusstraße 10-14

D-60272 Frankfurt am Main

Federal Republic of Germany

 

6

 

Non-binding German Translation of the

TERMS AND CONDITIONS OF USD NOTES

ANLEIHEBEDINGUNGEN DER USD-SCHULDVERSCHREIBUNGEN

§ 1

Allgemeine Bestimmungen

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

U.S.$ ______________

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

(2)     Globalurkunde. Schuldverschreibungen. Form. Die Schuldverschreibungen werden durch
eine oder mehrere Dauerglobalurkunden ohne Zinsscheine verbrieft (die “Globalurkunden”). Die
Globalurkunden werden von der Deutsche Bank Trust Company Americas, c/o Deutsche Bank National
Trust Company (“DBTCA”) oder einem etwaigen Rechtsnachfolger als Verwahrer für The Depository Trust
Company, New York (“DTC”) verwahrt. Die Globalurkunden sind als Namenspapiere auf den Namen von
Cede & Co. als dem Beauftragten von DTC (der “Eingetragene Gläubiger”) ausgestellt und in ein
Register (das “Register”) eingetragen, welches von der Registerstelle (wie in § 8 unten definiert)
geführt wird und verbriefen die Schuldverschreibungen, die den von teilnehmenden Finanzinstituten
geführten Konten bei DTC gutgeschrieben sind. Jede Person, die
letztendlich Inhaber einer Schuldverschreibung
ist, wird als “Anleihegläubiger” bezeichnet. Die Globalurkunden tragen jeweils die eigenhändigen
Unterschriften zweier ordnungsgemäß bevollmächtigter Vertreter der Emittentin und sind jeweils von
der Registerstelle oder in deren Namen mit einer handschriftlichen Kontrollunterschrift versehen.
Kopien der Globalurkunden sind bei den Zahlstellen (wie in § 8 unten definiert) kostenlos
erhältlich.

(3)     Übertragung. Die Schuldverschreibungen können durch DTC oder deren Teilnehmer
übertragen werden. Übertragungen von Schuldverschreibungen setzen entsprechende Depotbuchungen
voraus.

§ 2

Status

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

 

7

 

§ 3

Zinsen

(1)     Zinssatz und Fälligkeit. Die Schuldverschreibungen werden vom ____________ an mit
jährlich ____________ % verzinst. Die Verzinsung der Schuldverschreibungen endet mit dem Ablauf des
Tages, der dem Tag vorangeht, an dem sie zur Rückzahlung fällig werden. Die Zinsen sind in zwei
gleichen halbjährlichen Zahlungen [Einzufügen im Falle einer kurzen oder langen ersten Zinsperiode:
(vorbehaltlich des letzten Satzes dieses Absatzes)] nachträglich am ____________ und ____________ zur
Zahlung fällig. Der erste Zinszahlungstermin ist der ____________ für den Zeitraum vom
____________ (einschließlich) bis zum ____________ (ausschließlich). [Einzufügen im Falle
einer kurzen oder langen ersten Zinsperiode: Der Zinsbetrag für diesen Zeitraum beläuft sich auf
U.S.D. ____________ für den Gesamtnennbetrag der Schuldverschreibungen.]

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

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

§ 4

Fälligkeit; [Vorzeitige Rückzahlung;] Rückkauf

(1)     Die Schuldverschreibungen sind am ____________ zu ihrem Nennbetrag zurückzuzahlen.
Vorbehaltlich der Bestimmungen in § 7 ist weder die Emittentin noch ein Anleihegläubiger
berechtigt, die Schuldverschreibungen vor ihrer Fälligkeit zur Rückzahlung zu kündigen.

[Einzufügen im Falle eines vorzeitigen Rückzahlungsrechts: (2) Die Schuldverschreibungen können am
[Datum] nach Wahl der Emittentin insgesamt, jedoch nicht teilweise, mit einer Vorankündigungsfrist
von mindestens fünf New Yorker Geschäftstagen (wie in § 5(3) unten definiert) durch Bekanntmachung
gemäß § 10 zum Rückkaufpreis von ____________ ihres Nennbetrages zusammen mit den Stückzinsen bis
zum Rückzahlungstag (ausschließlich) zur Rückzahlung gekündigt werden.]

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

§ 5

Zahlungen

(1)     Zahlungen. (a) Zahlungen von Kapital und Zinsen auf die Schuldverschreibungen
erfolgen am jeweiligen Zahlungstag (wie in Absatz (4) unten definiert) in United States Dollars an
den Eingetragenen Gläubiger, der bei Geschäftsschluss am jeweiligen Stichtag (wie in Absatz 2 unten
definiert) in das von der Registerstelle geführte Register eingetragen ist oder nach dessen Order.
Die Beträge werden durch die jeweiligen DTC-Teilnehmer an die

 

8

 

Anleihegläubiger zum Stichtag verteilt. Zahlungen von Kapital erfolgen gegen Einreichung der
Globalurkunden bei der Zahlstelle (wie in § 8 unten definiert).

(b)     Zahlungen der oder im Namen der Emittentin an den Eingetragenen Gläubiger, der bei
Geschäftsabschluss am jeweiligen Stichtag eingetragen ist, oder nach dessen Order befreien die
Emittentin in Höhe der geleisteten Zahlungen von ihren Verbindlichkeiten aus den
Schuldverschreibungen.

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

(3)     New Yorker Geschäftstag. Ist ein Fälligkeitstag für die Zahlung von Kapital oder
Zinsen an den Eingetragenen Gläubiger oder nach dessen Order kein New Yorker Geschäftstag, so wird
die betreffende Zahlung erst am nächsten Tag, der ein New Yorker Geschäftstag ist, geleistet, ohne
dass wegen dieser Zahlungsverzögerung zusätzliche Zinsen gezahlt werden. Ein “New Yorker
Geschäftstag” ist jeder Tag, ausser einem Samstag oder Sonntag, der weder ein gesetzlicher Feiertag
noch ein Tag ist, an dem Banken berechtigt oder gesetzlich, durch Vorschrift oder durch Anordnung
verpflichtet sind, in New York City zu schließen.

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

§ 6

Steuern

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

§ 7

Kündigung durch Anleihegläubiger

Jeder Anleihegläubiger ist berechtigt, seine Schuldverschreibungen durch DTC zur Rückzahlung zum
Nennbetrag zuzüglich bis zum Rückzahlungstag aufgelaufener Zinsen zu kündigen, falls die Emittentin
nach Maßgabe dieser Anleihebedingungen zahlbare Beträge nicht innerhalb von 30 Tagen nach dem
betreffenden Fälligkeitstag zahlt. Das Kündigungsrecht erlischt, wenn die Emittentin die
betreffende Zahlung an den Eingetragenen Gläubiger oder nach dessen Order geleistet hat, bevor der
Anleihegläubiger das Kündigungsrecht ausgeübt hat. Die Kündigung zur Rückzahlung hat in der Weise
zu erfolgen, dass der Anleihegläubiger der Emittentin eine schriftliche Kündigungserklärung
übergibt oder durch eingeschriebenen Brief übermittelt und dabei durch eine Bescheinigung

 

9

 

seiner Depotbank gemäß § 11(3)(a) nachweist, dass er im Zeitpunkt der Kündigung Anleihegläubiger
der betreffenden Schuldverschreibungen ist.

§ 8

Die Erfüllungsgehilfen

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

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

(3)     Keine Rechtsbeziehungen. Die Erfüllungsgehilfen handeln als solche ausschließlich als
Erfüllungsgehilfen der Emittentin und haben keinerlei rechtliche Beziehung welcher Art auch immer
mit dem Eingetragenen Gläubiger oder einem Anleihegläubiger und sind diesen gegenüber in keinem
Fall verantwortlich.

§ 9

Begebung weiterer Schuldverschreibungen

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

§ 10

Bekanntmachungen

Alle Bekanntmachungen, die die Schuldverschreibungen betreffen, erfolgen (a) im elektronischen
Bundesanzeiger, und, soweit darüber hinaus rechtlich erforderlich, in den gesetzlich bestimmten
Medien, und (b) zusätzlich in einer in englischer Sprache erscheinenden und in New York City
allgemein verbreiteten führenden Tageszeitung (voraussichtlich The Wall Street Journal). Sämtliche
Bekanntmachungen werden wirksam am dritten Tag, der auf die Veröffentlichung folgt oder, sofern die
Veröffentlichung mehr als einmal oder an verschiedenen Tagen erfolgt, am dritten Tag, der auf die
erste Veröffentlichung folgt.

 

10

 

§ 11

Anwendbares Recht; Gerichtsstand;

Geltendmachung von Ansprüchen; Sprache

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

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

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

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

 

11

 

Registerstelle und Zahlstelle

Deutsche Bank Trust Company Americas

c/o Deutsche Bank National Trust Company

Trust & Securities Services

25 DeForest Avenue, 2nd Floor

Mail Stop: SUM01-0105

Summit, NJ 07901

USA

Zusätzliche Zahlstelle

Deutsche Bank Aktiengesellschaft

Große Gallusstraße 10-14

D-60272 Frankfurt am Main

Bundesrepublik Deutschland

 

Schedule 1C

TERMS AND CONDITIONS OF CAD NOTES

§ 1

General Provisions

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

CAD ___________

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

(2)     Global Certificate. Notes. 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, c/o Deutsche Bank
National Trust Company, 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 (the “Registered Holder”), recorded in a register (the “Register”) kept by the Registrar (as
defined in § 8 below) and will represent the Notes credited to accounts maintained with DTC by
financial institutions that are participants in DTC. Each person
ultimately holding a Note is referred to as a
“Holder”. 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 Agents (as defined in § 8 below).

(3)     Transfer. The Notes may be transferred through DTC or its participants.
Transfers of Notes shall require appropriate entries in securities accounts.

§ 2

Status

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

§ 3

Interest

(1)     Interest Rate and Due Dates. The Notes bear interest at the rate of
____________% per annum as from ____________. The Notes shall cease to bear interest upon the end of
the day preceding the day on which they become due for redemption. Interest shall be payable in two
equal semi-annual installments [Insert in case of short or long first coupon: , subject to the last
sentence of this subsection,] in arrears on ____________ and ____________. The first interest payment
date will be ____________ for the period commencing on ____________ (inclusive) and ending on
____________ (exclusive). [Insert in case of short or long first

 

2

 

coupon: The interest amount for this period shall total CAD ____________ for the aggregate principal
amount of CAD ____________.]

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

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

§ 4

Maturity, [Early Redemption,] Repurchase

(1)     The Notes shall be redeemed at par on ____________. Subject to the provisions of § 7, neither the
Issuer nor any Holder shall be entitled to redeem the Notes prior to their stated maturity.

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

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

§ 5

Payments

(1)     Payments. (a) Payments of principal of, and interest on, the Notes shall be made on the
relevant payment date (as defined in subsection (4) below) to, or to the order of, the Registered
Holder registered at the close of business on the relevant Record Date (as defined subsection (2)
below) in the Register kept by the Registrar in U.S. dollars or CAD as set forth below. Payments of
principal shall be made upon surrender of the Global Certificates to the Paying Agent (as defined
in § 8 below).

(b)     Any Holder shall receive payments of principal and interest in respect of the Notes in U.S.
dollars, unless such Holder elects to receive payments in CAD in accordance with the procedures set
out below. To the extent that Holders shall not have made such election in respect of any payment
of principal or interest, the aggregate amount designated for all such Holders in respect of such
payment (the “CAD 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 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 Conversion Business Day preceding
the relevant payment date, for the purchase by the Paying Agent of the CAD Conversion Amount with
U.S. dollars for settlement on such payment date. Conversion Business Day means a day

 

3

 

which is a New York Business Day, a Toronto Business Day and a Frankfurt Business Day (as defined
in subsection (3) below). 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 CAD Conversion Amount will be made in CAD to the account or accounts specified by DTC to the
Paying Agent. Until such account or accounts are so specified, the funds still held by the Paying
Agent shall bear interest at the rate of interest quoted by the Paying Agent for deposits with it
on an overnight basis, to the extent that the Paying Agent is reasonably able to reinvest such
funds.

(c)     Any Holder may elect to receive payment of principal and interest with respect to the Notes in
CAD by causing DTC, through the relevant DTC participant, to notify the Paying Agent by the time
specified below of (i) such Holder’s election to receive all or a portion of such payment in CAD
and (ii) wire transfer instructions to a CAD account. Such election in respect of any payment shall
be made by the Holder at the time and in the manner required by the DTC procedures applicable from
time to time and shall, in accordance with such procedures, be irrevocable. DTC’s notification of
such election, wire transfer instructions and of the amount payable in CAD 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 following the relevant Record Date 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 (as
defined in subsection (4) below) for the payment of principal. Any payments under this subsection
(1)(c) in CAD shall be made by wire transfer of same day funds to CAD accounts designated by DTC.

(d)     All payments made by or on behalf of the Issuer to, or to the order of, the Registered Holder
at the close of business on the relevant Record Date shall discharge the liability of the Issuer
under the Notes to the extent of the sums so paid.

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

(3)     Business Days. If any date for payment of principal or interest in CAD in respect of
any Note, to or to the order of the Registered Holder is not a Toronto Business Day, such payment
will not be made until the next following Toronto Business Day, and no further interest shall be
paid in respect of the delay in such payment. If any due date for payment of principal or interest
in U.S. dollars in respect of any Note to or to the order of the Registered Holder is not a Toronto
Business Day or not a New York Business Day, such payment will not be made until the next day which
is both a Toronto Business Day and a New York Business Day, and no further interest shall be paid
in respect of the delay in such payment. “New York Business Day” means any day other than a
Saturday or Sunday, that is neither a legal holiday nor a day on which commercial banks are
authorized or required by law, regulation or executive order to close in The City of New York.
“Toronto Business Day” means any day (other than a Saturday or Sunday) on which credit institutions
are open for business in Toronto. “Frankfurt Business Day” means any day (other than a Saturday or
Sunday) on which credit institutions are open for business in Frankfurt am Main.

 

4

 

(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 interest payment date or the maturity date
provided for herein, without taking account of any such adjustment.

§ 6

Taxation

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

§ 7

Termination for Default

Any Holder may, through DTC, declare its Notes 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 Issuer has made payment to or to the order of the Registered Holder before the Holder
has exercised such right. Any notice declaring Notes due shall be made by means of a written notice
to be delivered by hand or registered mail to the Issuer together with proof that such Holder at
the time of such notice is a Holder of the relevant Notes by means of a certificate of the Holder’s
Custodian pursuant to § 11(3)(a).

§ 8

The Agents

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

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

 

5

 

§ 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 additional notes.

§ 10

Notices

All notices regarding the Notes shall be published (a) in the electronic Federal Gazette
(elektronischer Bundesanzeiger), and if legally required, in the form of media determined by law in
addition thereto; (b) also in a leading daily newspaper printed in the English language and of
general circulation in New York City (expected to be The Wall Street Journal); and (c) a leading
daily newspaper printed in the English language and of general circulation in Canada (expected to
be the The Globe and Mail). Any notice will become effective for all purposes on the third day
following the date of its publication, or, if published more than once or on different dates, on
the third day following the first date of any such publication.

§ 11

Governing Law, Jurisdiction, Enforcement, Language

(1)     Governing Law. The Notes, both as to form and content, as well as the rights
and duties of the Holders and the Issuer shall be governed by and shall be construed in accordance
with the laws of the Federal Republic of Germany. Any disposition of the Notes, including transfers
and pledges of Notes executed between DTC participants and between DTC itself 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
authorized officer of DTC or the Registrar. For purposes of the foregoing, “Custodian” means any
bank or other financial institution of recognized standing authorized to engage in securities
custody business with which the Holder maintains a securities account in respect of any Notes and
includes DTC and its participants, including any other clearing system which participates in DTC.

 

6

 

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

Registrar and Paying Agent

Deutsche Bank Trust Company Americas

c/o Deutsche Bank National Trust Company

Trust & Securities Services

25 DeForest Avenue, 2nd Floor

Mail Stop: SUM01-0105

Summit, NJ 07901

U.S.A

Additional Paying Agent

Deutsche Bank Aktiengesellschaft

Große Gallusstraße 10-14

D-60272 Frankfurt am Main

Federal Republic of Germany

 

7

 

Non-binding German Translation of the

TERMS AND CONDITIONS OF CAD NOTES

ANLEIHEBEDINGUNGEN FÜR CAD-SCHULDVERSCHREIBUNGEN

§ 1

Allgemeine Bestimmungen

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

CAD ___________

ist in ____________ untereinander gleichberechtigte Teilschuldverschreibungen im Nennbetrag von je
CAD 1.000 (die “Schuldverschreibungen”) eingeteilt.

(2)     Globalurkunde. Schuldverschreibungen. Form. Die Schuldverschreibungen werden
durch eine oder mehrere Dauerglobalurkunden ohne Zinsscheine verbrieft (die “Globalurkunden”). Die
Globalurkunden werden von der Deutsche Bank Trust Company Americas, c/o Deutsche Bank National
Trust Company (“DBTCA”) oder einem etwaigen Rechtsnachfolger als Verwahrer für The Depository Trust
Company, New York (“DTC”) verwahrt). Die Globalurkunden sind als Namenspapiere auf den Namen von
Cede & Co. als dem Beauftragten von DTC (der “Eingetragene Gläubiger”) ausgestellt und in ein
Register (das “Register”) eingetragen, welches von der Registerstelle (wie in § 8 unten
definiert) geführt wird und verbriefen die Schuldverschreibungen, die den von teilnehmenden
Finanzinstituten geführten Konten bei DTC gutgeschrieben sind.
Jede Person, die letztendlich Inhaber einer
Schuldverschreibung ist, wird als “Anleihegläubiger” bezeichnet. Die Globalurkunden tragen jeweils
die eigenhändigen Unterschriften zweier ordnungsgemäß bevollmächtigter Vertreter der Emittentin und
sind jeweils von der Registerstelle oder in deren Namen mit einer handschriftlichen
Kontrollunterschrift versehen. Kopien der Globalurkunden sind bei den Zahlstellen (wie in § 8 unten
definiert) kostenlos erhältlich.

(3)     Übertragung. Die Schuldverschreibungen können durch DTC oder deren Teilnehmer
übertragen werden. Übertragungen von Schuldverschreibungen setzen entsprechende Depotbuchungen
voraus.

§ 2

Status

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

 

8

 

§ 3

Zinsen

(1)     Zinssatz und Fälligkeit. Die Schuldverschreibungen werden vom ____________ an
mit jährlich ____________% verzinst. Die Verzinsung der Schuldverschreibungen endet mit dem Ablauf
des Tages, der dem Tag vorangeht, an dem sie zur Rückzahlung fällig werden. Die Zinsen sind in zwei
gleichen halbjährlichen Zahlungen [Einzufügen im Falle einer kurzen oder langen ersten Zinsperiode:
(vorbehaltlich des letzten Satzes dieses Absatzes)] nachträglich am ____________ und ____________ zur
Zahlung fällig. Der erste Zinszahlungstermin ist der ____________ für den Zeitraum vom ____________
(einschließlich) bis zum ____________ (ausschließlich). [Einzufügen im Falle einer kurzen oder
langen ersten Zinsperiode: Der Zinsbetrag für diesen Zeitraum beläuft sich auf CAD ____________ für
den Gesamtnennbetrag der Schuldverschreibungen.]

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

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

§ 4

Fälligkeit; [Vorzeitige Rückzahlung;] Rückkauf

(1)     Die Schuldverschreibungen sind am ____________ zu ihrem Nennbetrag zurückzuzahlen. Vorbehaltlich
der Bestimmungen in § 7 ist weder die Emittentin noch ein Anleihegläubiger berechtigt, die
Schuldverschreibungen vor ihrer Fälligkeit zur Rückzahlung zu kündigen.

[Einzufügen im Falle eines vorzeitigen Rückzahlungsrechts: (2) Die Schuldverschreibungen können am
[Datum] nach Wahl der Emittentin insgesamt, jedoch nicht teilweise, mit einer Vorankündigungsfrist
von mindestens fünf New Yorker Geschäftstagen (wie in § 5(3) unten definiert) durch Bekanntmachung
gemäß § 10 zum Rückkaufpreis von ____________ ihres Nennbetrages zusammen mit den Stückzinsen bis
zum Rückzahlungstag (ausschließlich) zur Rückzahlung gekündigt werden.]

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

§ 5

Zahlungen

(1)     Zahlungen. (a) Zahlungen von Kapital und Zinsen auf die Schuldverschreibungen erfolgen
am jeweiligen Zahlungstag (wie in Absatz (4) unten definiert) an den Eingetragenen Gläubiger, der
bei Geschäftsschluß am jeweiligen Stichtag (wie in Absatz 2 unten definiert) in das von der
Registerstelle geführte Register eingetragen ist oder nach dessen Order in US-

 

9

 

Dollar oder CAD nach Maßgabe der nachfolgenden Bestimmungen. Zahlungen von Kapital erfolgen gegen
Einreichung der Globalurkunden bei der Zahlstelle (wie in § 8 unten definiert).

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

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

(d)     Zahlungen der oder im Namen der Emittentin an den Eingetragenen Gläubiger, der bei
Geschäftsabschluss am jeweiligen Stichtag eingetragen ist, oder nach dessen Order befreien die
Emittentin in Höhe der geleisteten Zahlungen von ihren Verbindlichkeiten aus den
Schuldverschreibungen.

 

10

 

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

(3)     Geschäftstage. Ist ein Fälligkeitstag für die Zahlung von Kapital oder Zinsen in CAD
auf eine Schuldverschreibung an den Eingetragenen Gläubiger oder nach dessen Order kein Toronto
Geschäftstag, so wird die betreffende Zahlung erst am nächstfolgenden Toronto Geschäftstag
geleistet, ohne dass wegen dieser Zahlungsverzögerung zusätzliche Zinsen gezahlt werden. Ist ein
Fälligkeitstag für die Zahlung von Kapital oder Zinsen in US-Dollar auf eine Schuldverschreibung an
den Eingetragenen Gläubiger oder nach dessen Order kein Toronto Geschäftstag oder kein New Yorker
Geschäftstag, so wird die betreffende Zahlung erst am nächsten Tag, der zugleich ein Toronto
Geschäftstag und ein New Yorker Geschäftstag ist, geleistet, ohne dass wegen dieser
Zahlungsverzögerung zusätzliche Zinsen gezahlt werden. Ein “New Yorker Geschäftstag” ist jeder Tag,
außer einem Samstag oder Sonntag, der weder ein gesetzlicher Feiertag noch ein Tag ist, an dem
Banken berechtigt oder gesetzlich, durch Vorschrift oder durch Anordnung verpflichtet sind, in New
York City zu schließen. Ein “Toronto Geschäftstag” ist jeder Tag (außer einem Samstag oder
Sonntag), an dem Kreditinstitute in Toronto für den Geschäftsverkehr geöffnet sind. Ein
“Frankfurter Geschäftstag” ist jeder Tag (außer einem Samstag oder Sonntag), an dem Kreditinstitute
in Frankfurt am Main für den Geschäftsverkehr geöffnet sind.

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

§ 6

Steuern

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

§ 7

Kündigung durch Anleihegläubiger

Jeder Anleihegläubiger ist berechtigt, seine Schuldverschreibungen durch DTC zur Rückzahlung zum
Nennbetrag zuzüglich bis zum Rückzahlungstag aufgelaufener Zinsen zu kündigen, falls die Emittentin
nach Maßgabe dieser Anleihebedingungen zahlbare Beträge nicht innerhalb von 30 Tagen nach dem
betreffenden Fälligkeitstag zahlt. Das Kündigungsrecht erlischt, wenn die Emittentin die
betreffende Zahlung an den Eingetragenen Gläubiger oder nach dessen Order geleistet hat, bevor der
Anleihegläubiger das Kündigungsrecht ausgeübt hat. Die Kündigung zur Rückzahlung hat in der Weise
zu erfolgen, dass der Anleihegläubiger der Emittentin eine schriftliche Kündigungserklärung
übergibt oder durch eingeschriebenen Brief übermittelt und dabei durch eine Bescheinigung

 

11

 

seiner Depotbank gemäß § 11(3)(a) nachweist, dass er im Zeitpunkt der Kündigung Anleihegläubiger
der betreffenden Schuldverschreibungen ist.

§ 8

Die Erfüllungsgehilfen

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

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

(3)     Keine Rechtsbeziehungen. Die Erfüllungsgehilfen handeln als solche
ausschließlich als Erfüllungsgehilfen der Emittentin und haben keinerlei rechtliche Beziehung
welcher Art auch immer mit dem Eingetragenen Gläubiger oder einem Anleihegläubiger und sind diesen
gegenüber in keinem Fall verantwortlich.

§ 9

Begebung weiterer Schuldverschreibungen

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

§ 10

Bekanntmachungen

Alle Bekanntmachungen, die die Schuldverschreibungen betreffen, erfolgen (a) im elektronischen
Bundesanzeiger und, soweit darüber hinaus rechtlich erforderlich, in den gesetzlich bestimmten
Medien; (b) zusätzlich in einer in englischer Sprache erscheinenden und in New York City allgemein
verbreiteten führenden Tageszeitung (voraussichtlich The Wall Street Journal) und (c) in einer in
englischer Sprache erscheinenden und in Kanada allgemein verbreiteten führenden Tageszeitung
(voraussichtlich The Globe and Mail). Sämtliche Bekanntmachungen werden wirksam am dritten Tag, der
auf die Veröffentlichung folgt oder, sofern die Veröffentlichung mehr als einmal oder an
verschiedenen Tagen erfolgt, am dritten Tag, der auf die erste Veröffentlichung folgt.

 

12

 

§ 11

Anwendbares Recht; Gerichtsstand;

Geltendmachung von Ansprüchen; Sprache

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

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

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

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

 

13

 

Registerstelle und Zahlstelle

Deutsche Bank Trust Company Americas

c/o Deutsche Bank National Trust Company

Trust & Securities Services

25 DeForest Avenue, 2nd Floor

Mail Stop: SUM01-0105

Summit, NJ 07901

U.S.A

Zusätzliche Zahlstelle

Deutsche Bank Aktiengesellschaft

Große Gallusstraße 10-14

D-60272 Frankfurt am Main

Bundesrepublik Deutschland

 

Schedule 1D

TERMS
AND CONDITIONS OF DESIGNATED CURRENCY-NOTES

§
1

General Provisions

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

[INSERT DESIGNATED CURRENCY] ______________

is divided into ___notes in the principal amount of [INSERT DESIGNATED CURRENCY] [1,000]
each which rank pari passu among themselves (the “Notes”).

(2)     Global Certificate. Notes. 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, c/o Deutsche Bank National Trust
Company (“DBTCA”), 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, (the “Registered Holder”), and recorded in a register (the “Register”) kept by the Registrar
(as defined in § 8 below) and will represent the Notes credited to accounts maintained with DTC by
financial institutions that are participants in DTC. Each person
ultimately holding a Note is referred to as a
“Holder”. 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 Agents (as defined in § 8 below).

(3)     Transfer. The Notes may be transferred through DTC or its participants. Transfers of
Notes shall require appropriate entries in securities accounts.

§
2

Status

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

§ 3

Interest

(1)     Interest Rate and Due Dates. The Notes bear interest at the rate of ___% per annum
as from ___. The Notes shall cease to bear interest upon the end of the day preceding the
day on which they become due for redemption. Interest shall be payable in two equal semi-annual
installments [Insert in case of short or long first coupon:, subject to the last sentence of this
subsection,] in arrears on ___and ___. The first interest payment date will be
___for the period commencing on

 

2

___(inclusive) and ending on
___(exclusive). [Insert in case of short or long first coupon: The interest amount
for this period shall total [INSERT DESIGNATED CURRENCY] ___for the aggregate
principal amount of [INSERT DESIGNATED CURRENCY] ___.]

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

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

§ 4

Maturity, [Early Redemption,] Repurchase

(1)     The Notes shall be redeemed at par on ___. Subject to the provisions of § 7,
neither the Issuer nor any Holder shall be entitled to redeem the Notes prior to their stated
maturity.

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

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

§ 5

Payments

(1)     Payments. (a) Payments of principal of, and interest on, the Notes shall be made on the
relevant payment date (as defined in subsection (4) below) to, or to the order of, the Registered
Holder registered at the close of business on the relevant Record Date (as defined in subsection
(2) below) in the Register kept by the Registrar in U.S. dollars or [INSERT DESIGNATED CURRENCY] as
set forth below. Payments of principal shall be made upon surrender of the Global Certificates to
the Paying Agent (as defined in § 8 below).

(b)     Any Holder shall receive payments of principal and interest in respect of the Notes in U.S.
dollars, unless such Holder elects to receive payments in [INSERT DESIGNATED CURRENCY] in
accordance with the procedures set out below. To the extent that Holders shall not have made such
election in respect of any payment of principal or interest, the aggregate amount designated for
all such Holders in respect of such payment (the “[INSERT DESIGNATED CURRENCY] Conversion Amount”)
shall be converted by the Paying Agent into U.S. dollars and paid by wire transfer of same day
funds to the Registered Holder 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 City time), on the second Conversion Business Day preceding the relevant payment date, for the
purchase

 

3

by the Paying Agent of the [INSERT DESIGNATED CURRENCY] Conversion Amount with U.S. dollars for
settlement on such payment date. Conversion Business Day means a day which is a New York Business
Day, a [INSERT RELEVANT LOCATION] Business Day and a Frankfurt Business Day (all as defined in
subsection (3) below). 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
[INSERT DESIGNATED CURRENCY] Conversion Amount will be made in [INSERT DESIGNATED CURRENCY] to the
account or accounts specified by DTC to the Paying Agent. Until such account or accounts are so
specified, the funds still held by the Paying Agent shall bear interest at the rate of interest
quoted by the Paying Agent for deposits with it on an overnight basis, to the extent that the
Paying Agent is reasonably able to reinvest such funds.

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

(d)     All payments made by or on behalf of the Issuer to, or to the order of, the Registered Holder
at the close of business on the relevant Record Date shall discharge the liability of the Issuer
under the Notes to the extent of the sums so paid.

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

(3)     Business Days. If any date for payment of principal or interest in [INSERT DESIGNATED
CURRENCY] in respect of any Note, to or to the order of the Registered Holder is not a [INSERT
RELEVANT LOCATION] Business Day, such payment will not be made until the next following [INSERT
RELEVANT LOCATION] Business Day, and no further interest shall be paid in respect of the delay in
such payment. If any due date for payment of principal or interest in U.S. dollars in respect of
any Note to or to the order of the Registered Holder is not a [INSERT RELEVANT LOCATION] Business
Day or not a New York Business Day, such payment will not be made until the next day which is both
a [INSERT RELEVANT LOCATION] Business Day and a New York Business Day, and no further interest
shall be paid in respect of the delay in such payment. “New York Business

 

4

Day” means any day other than a Saturday or Sunday, that is neither a legal holiday nor a day on
which commercial banks are authorized or required by law, regulation or executive order to close in
The City of New York. “[INSERT RELEVANT LOCATION] Business Day” means any day (other than a
Saturday or Sunday) on which credit institutions are open for business in [INSERT RELEVANT
LOCATION]. “Frankfurt Business Day” means any day (other than a Saturday or Sunday) on which credit
institutions are open for business in Frankfurt am Main.

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

§ 6

Taxation

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

§ 7

Termination for Default

Any Holder may, through DTC, declare its Notes 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 Issuer has made payment to or to the order of the Registered Holder before the Holder
has exercised such right. Any notice declaring Notes due shall be made by means of a written notice
to be delivered by hand or registered mail to the Issuer together with proof that such Holder at
the time of such notice is a Holder of the relevant Notes by means of a certificate of the Holder’s
Custodian pursuant to § 11(3)(a).

§ 8

The Agents

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

 

5

(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 Registered Holder or
the Holders and are not in any event accountable to the Registered Holder or any Holder.

§ 9

Further Issues

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

§ 10

Notices

All notices regarding the Notes shall be published (a) in the electronic Federal Gazette
(elektronischer Bundesanzeiger) and, if legally required, in the form of media determined by law in
addition thereto, and (b) also in a leading daily newspaper printed in the English language and of
general circulation in New York City (expected to be The Wall Street Journal). Any notice will
become effective for all purposes on the third day following the date of its publication, or, if
published more than once or on different dates, on the third day following the first date of any
such publication.

§ 11

Governing Law, Jurisdiction, Enforcement, Language

(1)     Governing Law. The Notes, both as to form and content, as well as the rights and
duties of the Holders and the Issuer shall be governed by and shall be construed in accordance with
the laws of the Federal Republic of Germany. Any disposition of the Notes, including transfers and
pledges of Notes executed between DTC participants and between DTC itself 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
authorized officer of DTC or the Registrar. For purposes of the foregoing, “Custodian” means any
bank or other financial institution of recognized standing authorized to engage in securities
custody business with which the Holder maintains a

 

6

securities account in respect of any Notes and includes DTC and its participants, including any
other clearing system which participates in DTC.

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

Registrar and Paying Agent

Deutsche Bank Trust Company Americas

c/o Deutsche Bank National Trust Company

Trust & Securities Services

25 DeForest Avenue, 2nd Floor

Mail Stop: SUM01-0105

Summit, NJ 07901

U.S.A.

Additional Paying Agent

Deutsche Bank Aktiengesellschaft

Große Gallusstraße 10-14

D-60272 Frankfurt am Main

Federal Republic of Germany

 

7

Non-binding German Translation of the

TERMS AND CONDITIONS OF DESIGNATED CURRENCY-NOTES

ANLEIHEBEDINGUNGEN DER SCHULDVERSCHREIBUNGEN

§ 1

Allgemeine Bestimmungen

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

[INSERT DESIGNATED CURRENCY] ______________

ist in ___untereinander gleichberechtigte Teilschuldverschreibungen im Nennbetrag von je
[INSERT DESIGNATED CURRENCY] [1.000] (die “Schuldverschreibungen”) eingeteilt.

(2)     Globalurkunde. Schuldverschreibungen. Form. Die Schuldverschreibungen werden durch
eine oder mehrere Dauerglobalurkunden ohne Zinsscheine verbrieft (die “Globalurkunden”). Die
Globalurkunden werden von der Deutsche Bank Trust Company Americas, c/o Deutsche Bank National
Trust Company (“DBTCA”) oder einem etwaigen Rechtsnachfolger als Verwahrer für The Depository Trust
Company, New York (“DTC”) verwahrt. Die Globalurkunden sind als Namenspapiere auf den Namen von
Cede & Co. als dem Beauftragten von DTC (der “Eingetragene Gläubiger”) ausgestellt und in ein
Register (das “Register”) eingetragen, welches von der Registerstelle geführt wird und verbriefen
die Schuldverschreibungen, die den von teilnehmenden Finanzinstituten geführten Konten bei DTC
gutgeschrieben sind. Jede Person, die letztendlich Inhaber einer Schuldverschreibung ist, wird als
“Anleihegläubiger” bezeichnet. Die Globalurkunden tragen jeweils die eigenhändigen Unterschriften
zweier ordnungsgemäß bevollmächtigter Vertreter der Emittentin und sind jeweils von der
Registerstelle (wie in § 8 unten definiert) oder in deren Namen mit einer handschriftlichen
Kontrollunterschrift versehen. Kopien der Globalurkunden sind bei den Zahlstellen (wie in § 8
unten definiert) kostenlos erhältlich.

(3)     Übertragung. Die Schuldverschreibungen können durch DTC oder deren Teilnehmer
übertragen werden. Übertragungen von Schuldverschreibungen setzen entsprechende Depotbuchungen
voraus.

§ 2

Status

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

 

8

§ 3

Zinsen

(1)     Zinssatz und Fälligkeit. Die Schuldverschreibungen werden vom ___an mit
jährlich ___% verzinst. Die Verzinsung der Schuldverschreibungen endet mit dem Ablauf des
Tages, der dem Tag vorangeht, an dem sie zur Rückzahlung fällig werden. Die Zinsen sind in zwei
gleichen halbjährlichen Zahlungen [Einzufügen im Falle einer kurzen oder langen ersten Zinsperiode:
(vorbehaltlich des letzten Satzes dieses Absatzes)] nachträglich am ___und ___zur
Zahlung fällig. Der erste Zinszahlungstermin ist der ___für den Zeitraum vom
___(einschließlich) bis zum ___(ausschließlich). [Einzufügen im Falle
einer kurzen oder langen ersten Zinsperiode: Der Zinsbetrag für diesen Zeitraum beläuft sich auf
[INSERT DESIGNATED CURRENCY] ___für den Gesamtnennbetrag der
Schuldverschreibungen.]

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

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

§ 4

Fälligkeit; [Vorzeitige Rückzahlung;] Rückkauf

(1)     Die Schuldverschreibungen sind am ___zu ihrem Nennbetrag zurückzuzahlen.
Vorbehaltlich der Bestimmungen in § 7 ist weder die Emittentin noch ein Anleihegläubiger
berechtigt, die Schuldverschreibungen vor ihrer Fälligkeit zur Rückzahlung zu kündigen.

[Einzufügen im Falle eines vorzeitigen Rückzahlungsrechts: (2) Die Schuldverschreibungen können am
[Datum] nach Wahl der Emittentin insgesamt, jedoch nicht teilweise, mit einer Vorankündigungsfrist
von mindestens fünf New Yorker Geschäftstagen (wie in § 5(3) unten definiert) durch Bekanntmachung
gemäß § 10 zum Rückkaufpreis von ___ihres Nennbetrages zusammen mit den Stückzinsen bis
zum Rückzahlungstag (ausschließlich) zur Rückzahlung gekündigt werden.]

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

§ 5

Zahlungen

(1)     Zahlungen. (a) Zahlungen von Kapital und Zinsen auf die Schuldverschreibungen erfolgen
am jeweiligen Zahlungstag (wie in Absatz (4) unten beschrieben) an den Eingetragenen Gläubiger, der
bei Geschäftsschluß am jeweiligen Stichtag (wie in Absatz 2 unten definiert) in das von der
Registerstelle geführte Register eingetragen ist oder nach

 

9

dessen Order in US-Dollar oder [INSERT DESIGNATED CURRENCY] nach Maßgabe der nachfolgenden
Bestimmungen. Zahlungen von Kapital erfolgen gegen Einreichung der Globalurkunden bei der
Zahlstelle (wie in § 8 unten definiert).

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

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

 

10

(d)     Zahlungen der oder im Namen der Emittentin an den Eingetragenen Gläubiger, der bei
Geschäftsabschluss am jeweiligen Stichtag eingetragen ist, oder nach dessen Order befreien die
Emittentin in Höhe der geleisteten Zahlungen von ihren Verbindlichkeiten aus den
Schuldverschreibungen.

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

(3)     Geschäftstage. Ist ein Fälligkeitstag für die Zahlung von Kapital oder Zinsen in
[INSERT DESIGNATED CURRENCY] auf eine Schuldverschreibung an den Eingetragenen Gläubiger oder
dessen Order kein [INSERT RELEVANT LOCATION] Geschäftstag, so wird die betreffende Zahlung erst am
nächstfolgenden [INSERT RELEVANT LOCATION] Geschäftstag geleistet, ohne dass wegen dieser
Zahlungsverzögerung zusätzliche Zinsen gezahlt werden. Ist ein Fälligkeitstag für die Zahlung von
Kapital oder Zinsen in US-Dollar auf eine Schuldverschreibung an den Eingetragenen Gläubiger oder
dessen Order kein [INSERT RELEVANT LOCATION] Geschäftstag oder kein New Yorker Geschäftstag,
so wird die betreffende Zahlung erst am nächsten Tag, der zugleich ein [INSERT RELEVANT LOCATION]
Geschäftstag und ein New Yorker Geschäftstag ist, geleistet, ohne dass wegen dieser
Zahlungsverzögerung zusätzliche Zinsen gezahlt werden. Ein “New Yorker Geschäftstag” ist jeder Tag,
außer einem Samstag oder Sonntag, der weder ein gesetzlicher Feiertag noch ein Tag ist, an dem
Banken berechtigt oder gesetzlich, durch Vorschrift oder durch Anordnung verpflichtet sind, in New
York City zu schließen. Ein “[INSERT RELEVANT LOCATION] Geschäftstag” ist jeder Tag (außer einem
Samstag oder Sonntag), an dem Kreditinstitute in [INSERT RELEVANT LOCATION] für den
Geschäftsverkehr geöffnet sind. Ein “Frankfurter Geschäftstag” ist jeder Tag (außer einem Samstag
oder Sonntag), an dem Kreditinstitute in Frankfurt am Main für den Geschäftsverkehr geöffnet sind.

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

§
6

Steuern

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

§ 7

Kündigung durch Anleihegläubiger

Jeder Anleihegläubiger ist berechtigt, seine Schuldverschreibungen durch DTC zur Rückzahlung zum
Nennbetrag zuzüglich bis zum Rückzahlungstag aufgelaufener Zinsen zu

 

11

kündigen, falls die Emittentin nach Maßgabe dieser Anleihebedingungen zahlbare Beträge nicht
innerhalb von 30 Tagen nach dem betreffenden Fälligkeitstag zahlt. Das Kündigungsrecht erlischt,
wenn die Emittentin die betreffende Zahlung an den Eingetragenen Gläubiger oder nach dessen Order
geleistet hat, bevor der Anleihegläubiger das Kündigungsrecht ausgeübt hat. Die Kündigung zur
Rückzahlung hat in der Weise zu erfolgen, dass der Anleihegläubiger der Emittentin eine
schriftliche Kündigungserklärung übergibt oder durch eingeschriebenen Brief übermittelt und dabei
durch eine Bescheinigung seiner Depotbank gemäß § 11(3)(a) nachweist, dass er im Zeitpunkt der
Kündigung Anleihegläubiger der betreffenden Schuldverschreibungen ist.

§ 8

Die Erfüllungsgehilfen

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

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

(3)     Keine Rechtsbeziehungen. Die Erfüllungsgehilfen handeln als solche ausschließlich als
Erfüllungsgehilfen der Emittentin und haben keinerlei rechtliche Beziehung welcher Art auch immer
mit dem Eingetragenen Gläubiger oder einem Anleihegläubiger und sind diesen gegenüber in keinem
Fall verantwortlich.

§ 9

Begebung weiterer Schuldverschreibungen

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

§ 10

Bekanntmachungen

Alle Bekanntmachungen, die die Schuldverschreibungen betreffen, erfolgen (a) im elektronischen
Bundesanzeiger, und, soweit darüber hinaus rechtlich erforderlich, in den

 

12

gesetzlich bestimmten Medien, und (b) zusätzlich in einer in englischer Sprache erscheinenden und
in New York City allgemein verbreiteten führenden Tageszeitung (voraussichtlich das Wall Street
Journal). Sämtliche Bekanntmachungen werden wirksam am dritten Tag, der auf die Veröffentlichung
folgt oder, sofern die Veröffentlichung mehr als einmal oder an verschiedenen Tagen erfolgt, am
dritten Tag, der auf die erste Veröffentlichung folgt.

§ 11

Anwendbares Recht; Gerichtsstand;

Geltendmachung von Ansprüchen; Sprache

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

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

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

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

 

13

Registerstelle und Zahlstelle

Deutsche Bank Trust Company Americas

c/o Deutsche Bank National Trust Company

Trust & Securities Services

25 DeForest Avenue, 2nd Floor

Mail Stop: SUM01-0105

Summit, NJ 07901

U.S.A.

Zusätzliche Zahlstelle

Deutsche Bank Aktiengesellschaft

Große Gallusstraße 10-14

D-60272 Frankfurt am Main

Bundesrepublik Deutschland

 

Schedule 2A

FORM OF THE CBF GLOBAL CERTIFICATE

	 	 	 
	ISIN_____________
	 	Common Code _____________
	CUSIP ___________
	 	WKN _____________

KfW

Frankfurt am Main, Bundesrepublik Deutschland

Euro ____________ ____________% Globalanleihe fällig _____________

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

INHABER-SAMMELSCHULDVERSCHREIBUNG

über einen Nennbetrag von

bis zu _____________ Euro

(Euro ____________)

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

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

Die tatsächliche Zahl der durch diese Sammelschuldverschreibung jeweils verbrieften
Schuldverschreibungen sind den Konten der teilnehmenden Finanzinstitute beim Verwahrer
gutgeschrieben, die ihrerseits auf dem Register der Deutsche Bank Aktiengesellschaft, Frankfurt am
Main (das “Register”), die als Registerstelle für die Emittentin fungiert, oder eines etwa von der
Emittentin bestellten Nachfolgers in dieser Funktion (die “Registerstelle”)

 

2

 

beruhen. Im Falle von Unstimmigkeiten zwischen dem Register und den Unterlagen des Verwahrers ist
das Register, außer im Falle eines offenkundigen Irrtums, maßgeblich.

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

Die Anleihebedingungen sind Teil dieser Sammelschuldverschreibung.

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

Frankfurt am Main, Bundesrepublik Deutschland

____________

KfW

___________________ ___________________

______________________________

Kontrollunterschrift

(geleistet im Namen von

Deutsche Bank Aktiengesellschaft

als Registerstelle)

 

3

 

Non-binding English Translation of the

FORM OF THE CBF GLOBAL CERTIFICATE

	 	 	 
	ISIN_____________
	 	Common Code _____________
	CUSIP ___________
	 	WKN _____________

KfW

Frankfurt am Main, Federal Republic of Germany

Euro ____________ _____________% Global Bonds due ____________

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

GLOBAL BEARER CERTIFICATE

representing a principal amount of

up to ____________ Euro (Euro ____________)

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

This Global Certificate represents up to ____________ 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 are recorded in
the accounts of the Depositary for its participating financial institutions, which in turn shall be
based on the register (the “Register”) maintained by Deutsche Bank Aktiengesellschaft, Frankfurt am
Main, 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.

 

4

 

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

The Terms and 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

____________

KfW

___________________ ___________________

______________________________

Authentication signature

for and on behalf of

Deutsche Bank Aktiengesellschaft,

as Registrar

 

5

 

FORM OF THE DTC GLOBAL CERTIFICATE

	 	 	 
	ISIN_____________
	 	Common Code _____________
	CUSIP ___________
	 	WKN _____________

KfW

Frankfurt am Main, Bundesrepublik Deutschland

Euro ____________ _____________% Globalanleihe fällig ____________

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED 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 AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED 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 HOLDER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN AND IS WITHOUT ANY
LEGAL EFFECT.

NAMENS-SAMMELSCHULDVERSCHREIBUNG

über einen Nennbetrag von

bis zu ____________ Euro

(Euro ____________)

der ____________% Globalanleihe fällig ____________ im Gesamtnennbetrag von Euro ____________ (Euro ____________)
der KfW (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 Übertragung von
Schuldverschreibungen innerhalb dieses Systems im Buchungswege ohne Lieferung effektiver Stücke zu
ermöglichen. DTC und deren etwaiger Nachfolger als Verwahrer dieser Sammelschuldverschreibung
werden in dieser Urkunde auch als “Verwahrer” bezeichnet. Effektive Urkunden über einzelne
Schuldverschreibungen und Zinsscheine werden nicht ausgegeben.

Die tatsächliche Zahl der in dieser Sammelschuldverschreibung jeweils verbrieften
Schuldverschreibungen sind den Konten der teilnehmenden Finanzinstitute beim Verwahrer
gutgeschrieben, die ihrerseits auf dem Register der Deutsche Bank Aktiengesellschaft,

 

6

 

Frankfurt am Main (das “Register”),
die als Registerstelle für die Emittentin fungiert, oder eines
etwa von der Emittentin bestellten Nachfolgers in dieser Funktion (die “Registerstelle”) beruhen.
Im Falle von Unstimmigkeiten zwischen dem Register und den Unterlagen des Verwahrers ist das
Register, außer im Falle eines offenkundigen Irrtums, maßgeblich.

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

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

Die Anleihebedingungen sind Teil dieser Sammelschuldverschreibung.

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

Frankfurt am Main, Bundesrepublik Deutschland

____________

KfW

__________________ ___________________

_____________________________

Kontrollunterschrift

(geleistet im Namen von

Deutsche Bank Aktiengesellschaft

als Registerstelle)

 

7

 

Non-binding English Translation of the

FORM OF THE DTC GLOBAL CERTIFICATE

	 	 	 
	ISIN_____________
	 	Common Code _____________
	CUSIP ___________
	 	WKN _____________

KfW

Frankfurt am Main, Federal Republic of Germany

Euro ____________ ____________% Global Bonds due ____________

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED 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 AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED 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 HOLDER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN AND IS WITHOUT ANY
LEGAL EFFECT.

GLOBAL REGISTERED CERTIFICATE

representing a principal amount of

up to ____________ Euro

(Euro____________)

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

This Global Certificate represents up to ____________ 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 are recorded in
the accounts of the Depositary for its participating financial institutions, which in turn shall be
based on the register (the “Register”) maintained by Deutsche Bank Aktiengesellschaft, Frankfurt am
Main, or any successor in such capacity appointed by the

 

8

 

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 or to the order of Cede & Co. or its registered assigns, on
the maturity date of the Bonds, the principal sum of the Bonds represented hereby and to pay
interest on the principal sum represented of the Bonds hereby, all in accordance with the Terms and
Conditions of the Bonds (the “Terms and Conditions”) attached hereto.

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

The Terms and 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

____________

KfW

___________________ ___________________

_____________________________

Authentication signature

for and on behalf of

Deutsche Bank Aktiengesellschaft,

as Registrar

 

Schedule 2B

English Language Version of the

FORM OF THE GLOBAL CERTIFICATES

U.S.$ 500,000,000

	 	 	 
	ISIN US ________________
	 	Common Code _____________
	CUSIP _________________
	 	Valoren No. _____________
	No. R-l
	 	 

KfW

Frankfurt am Main, Federal Republic of Germany

U.S.$ ________________ ________% Global Notes due ________

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORISED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORISED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORISED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED HOLDER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN AND IS WITHOUT ANY
LEGAL EFFECT.

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 U.S.$
____________ (____________United States dollars), issued by KfW (the “Issuer”).

This Global Certificate represents five hundred thousand notes in the principal amount of U.S.$
1,000 each (the “Notes”). It has been issued by the Issuer as a registered global certificate to
Cede & Co., as nominee of DTC, and has been deposited in the DTC depositary and clearing system in
order to permit delivery and transfer of Notes within that system 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 are recorded in the accounts of the Depositary for
its participating financial institutions, which in turn shall be based on the register (the
“Register”) maintained by Deutsche Bank Trust Company Americas, c/o Deutsche Bank National Trust
Company, 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

 

2

 

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 or to the order of Cede & Co. or its registered assigns, on
the maturity date of the Notes, the principal sum of the Notes represented hereby and to pay
interest on the principal sum of the Notes represented hereby all in accordance with the Terms and
Conditions of the Notes (the “Conditions”) attached hereto.

This Global Certificate may not be transferred except as a whole by DTC to a nominee of DTC or by a
nominee of DTC to DTC or another nominee of DTC or by DTC or any such nominee to a successor
depositary or a nominee of such successor depositary. Any transfer shall be effective only if
registered upon the books maintained for that purpose by the Registrar. This Global Certificate
will not be exchangeable for definitive certificates representing individual notes unless DTC is
unable or unwilling to continue providing its services and a successor securities depositary is not
obtained.

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

[DATE]

KfW

___________________ ___________________

___________________________________

Authentication signature

for and on behalf of

Deutsche Bank Trust Company Americas,

c/o Deutsche Bank National Trust Company

as Registrar

 

3

 

German Language Version of the

FORM OF THE GLOBAL CERTIFICATES

U.S.$ 500.000.000

	 	 	 
	ISIN US _____________
	 	Common Code ____________
	CUSIP ______________
	 	Valoren No. ____________
	No. R-l
	 	 

KfW

Frankfurt am Main, Bundesrepublik Deutschland

U.S.$ _______________ ______% Globalanleihe fällig ___________

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORISED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORISED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORISED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED HOLDER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN AND IS WITHOUT ANY
LEGAL EFFECT.

NAMENS-SAMMELSCHULDVERSCHREIBUNG

über einen Nennbetrag von

fünfhundert Millionen United States Dollars

(U.S.$ 500.000.000)

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

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

Die in dieser Sammelschuldverschreibung verbrieften Schuldverschreibungen sind den Konten der
teilnehmenden Finanzinstitute beim Verwahrer gutgeschrieben, die ihrerseits auf dem Register der
Deutsche Bank Trust Company Americas, c/o Deutsche Bank National Trust Company (das “Register”),
die als Registerstelle für die Emittentin fungiert, oder eines

 

4

 

etwa von der Emittentin bestellten Nachfolgers in dieser Funktion (die “Registerstelle”) beruhen.
Im Falle von Unstimmigkeiten zwischen dem Register und den Unterlagen des Verwahrers ist das
Register, außer im Falle eines offenkundigen Irrtums, maßgeblich.

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

Diese Sammelurkunde kann nur insgesamt übertragen werden, und zwar nur entweder von DTC auf einen
Beauftragten der DTC, von einem Beauftragten der DTC auf DTC oder auf einen anderen Beauftragten
der DTC oder von DTC oder einem solchen Beauftragten auf einen als Nachfolger der DTC fungierenden
neuen Verwahrer oder einen Beauftragten eines solchen neuen Verwahrers. Die Übertragung ist nur
wirksam, wenn sie in den zu diesem Zweck von der Registerstelle geführten Unterlagen vermerkt wird.
Diese Sammelschuldverschreibung wird nicht gegen einzelne Schuldverschreibungen verbriefende
Einzelurkunden ausgetauscht, außer DTC ist nicht in der Lage oder bereit, seine Dienste weiterhin
anzubieten und ein Nachfolger des Wertpapierverwahrers wird nicht ernannt.

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

[DATE]

KfW

___________________ ___________________

___________________________________

Kontrollunterschrift

(geleistet im Namen von

Deutsche Bank Trust Company Americas,

c/o Deutsche Bank National Trust Company

als Registerstelle)

 

Schedule 2C

English Language Version of the

FORM OF THE GLOBAL CERTIFICATES

CAD l

	 	 	 
	ISIN US _____________
	 	Common Code _____________
	CUSIP ______________
	 	Valoren No. _____________
	No. R-l
	 	 

KfW

Frankfurt am Main, Federal Republic of Germany

CAD ______________ _______ % 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 HOLDER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN AND IS WITHOUT ANY
LEGAL EFFECT.

GLOBAL REGISTERED CERTIFICATE

representing a principal amount of

l million Canadian dollars

(CAD l)

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

This Global Certificate represents five hundred thousand notes in the principal amount of CAD 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 has been deposited in the DTC depositary and clearing system in order
to permit delivery and transfer of Notes within that system 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 are recorded in the accounts of the Depositary for
its participating financial institutions, which in turn shall be based on the register (the
“Register”) maintained by Deutsche Bank Trust Company Americas, c/o Deutsche Bank National Trust
Company, or any successor in such capacity appointed by the

 

2

 

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 or to the order of Cede & Co. or its registered assigns, on
the maturity date of the Notes, the principal sum of the Notes represented hereby and to pay
interest on the principal sum of the Notes represented hereby all in accordance with the Terms and
Conditions of the Notes (the “Conditions”) attached hereto.

This Global Certificate may not be transferred except as a whole by DTC to a nominee of DTC or by a
nominee of DTC to DTC or another nominee of DTC or by DTC or any such nominee to a successor
depositary or a nominee of such successor depositary. Any transfer shall be effective only if
registered upon the books maintained for that purpose by the Registrar. This Global Certificate
will not be exchangeable for definitive certificates representing individual notes unless DTC is
unable or unwilling to continue providing its services and a successor securities depositary is not
obtained.

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

[DATE]

KfW

___________________ ___________________

__________________________________

Authentication signature

for and on behalf of

Deutsche Bank Trust Company Americas,

c/o Deutsche Bank National Trust Company

as Registrar

 

3

 

German Language Version of the

FORM OF THE GLOBAL CERTIFICATES

CAD l

	 	 	 
	ISIN US _____________
	 	Common Code _____________
	CUSIP ______________
	 	Valoren No. _____________
	No. R-l
	 	 

KfW

Frankfurt am Main, Bundesrepublik Deutschland

CAD ____________ ______% Globalanleihe fällig ____________

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORISED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORISED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORISED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED HOLDER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN AND IS WITHOUT ANY
LEGAL EFFECT.

NAMENS-SAMMELSCHULDVERSCHREIBUNG

über einen Nennbetrag von

l Millionen Canadian Dollars

(CAD l)

der ____________% Globalanleihe fällig ____________ im Gesamtnennbetrag von CAD ____________ (____________
Canadian Dollars) der KfW (die “Emittentin”).

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

Die in dieser Sammelschuldverschreibung verbrieften Schuldverschreibungen sind den Konten der
teilnehmenden Finanzinstitute beim Verwahrer gutgeschrieben, die ihrerseits auf dem Register der
Deutsche Bank Trust Company Americas, c/o Deutsche Bank National Trust Company (das “Register”),
die als Registerstelle für die Emittentin fungiert, oder eines

 

4

 

etwa von der Emittentin bestellten Nachfolgers in dieser Funktion (die “Registerstelle”) beruhen.
Im Falle von Unstimmigkeiten zwischen dem Register und den Unterlagen des Verwahrers ist das
Register, außer im Falle eines offenkundigen Irrtums, maßgeblich.

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

Diese Sammelurkunde kann nur insgesamt übertragen werden, und zwar nur entweder von DTC auf einen
Beauftragten der DTC, von einem Beauftragten der DTC auf DTC oder auf einen anderen Beauftragten
der DTC oder von DTC oder einem solchen Beauftragten auf einen als Nachfolger der DTC fungierenden
neuen Verwahrer oder einen Beauftragten eines solchen neuen Verwahrers. Die Übertragung ist nur
wirksam, wenn sie in den zu diesem Zweck von der Registerstelle geführten Unterlagen vermerkt wird.
Diese Sammelschuldverschreibung wird nicht gegen einzelne Schuldverschreibungen verbriefende
Einzelurkunden ausgetauscht, außer DTC ist nicht in der Lage oder bereit, seine Dienste weiterhin
anzubieten und ein Nachfolger des Wertpapierverwahrers wird nicht ernannt.

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

[DATE]

KfW

___________________ ___________________

___________________________________

Kontrollunterschrift

(geleistet im Namen von

Deutsche Bank Trust Company Americas,

c/o Deutsche Bank National Trust Company

als Registerstelle)

 

Schedule 2D

English Language Version of the

FORM OF THE GLOBAL CERTIFICATES

[INSERT DESIGNATED CURRENCY] [INSERT EQUIVALENT AMOUNT TO U.S. $ 500,000,000]

	 	 	 
	ISIN US _____________

CUSIP _____________

No. R-l
	 	Common Code _____________

Valoren No. _____________

KfW

Frankfurt am Main, Federal Republic of Germany

[INSERT DESIGNATED CURRENCY] ______________ _______ % 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 HOLDER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN AND IS WITHOUT ANY
LEGAL EFFECT.

GLOBAL REGISTERED CERTIFICATE

representing a principal amount of

five hundred million [INSERT DESIGNATED CURRENCY]

([INSERT DESIGNATED CURRENCY] [INSERT EQUIVALENT AMOUNT TO U.S. $ 500,000,000])

of the ___% Global Notes due ___in the aggregate principal amount of [INSERT DESIGNATED
CURRENCY] ___(___[INSERT DESIGNATED CURRENCY]), issued by KfW (the “Issuer”).

This Global Certificate represents five hundred thousand notes in the principal amount of [INSERT
DESIGNATED CURRENCY] [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 has been deposited in the DTC depositary
and clearing system in order to permit delivery and transfer of Notes within that system 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”.

 

2

The Notes represented by this Global Certificate are recorded in the accounts of the Depositary for
its participating financial institutions, which in turn shall be based on the register (the
“Register”) maintained by Deutsche Bank Trust Company Americas, c/o Deutsche Bank National Trust
Company, 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 or to the order of Cede & Co. or its registered assigns, on
the maturity date of the Notes, the principal sum of the Notes represented hereby and to pay
interest on the principal sum of the Notes represented hereby all in accordance with the Terms and
Conditions of the Notes (the “Conditions”) attached hereto.

This Global Certificate may not be transferred except as a whole by DTC to a nominee of DTC or by a
nominee of DTC to DTC or another nominee of DTC or by DTC or any such nominee to a successor
depositary or a nominee of such successor depositary. Any transfer shall be effective only if
registered upon the books maintained for that purpose by the Registrar. This Global Certificate
will not be exchangeable for definitive certificates representing individual notes unless DTC is
unable or unwilling to continue providing its services and a successor securities depositary is not
obtained.

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

[DATE]

	 	 	 	 	 
	 	 	 	KfW
	 
	 	 	__________________
__________________
	 
	 
	____________________________________

Authentication signature

for and on behalf of

Deutsche Bank Trust Company Americas,

c/o Deutsche Bank National Trust Company

as Registrar

 

3

German
Language Version of the

FORM OF THE GLOBAL CERTIFICATES

[INSERT DESIGNATED CURRENCY] [INSERT EQUIVALENT AMOUNT TO U.S. $ 500,00]

	 	 	 
	ISIN
US _____________

CUSIP _____________

No. R-l

	 	Common Code _____________

Valoren No. _____________

KfW

Frankfurt
am Main, Bundesrepublik Deutschland

[INSERT DESIGNATED CURRENCY] ________ ___ % Globalanleihe fällig _____

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORISED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORISED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORISED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED HOLDER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN AND IS WITHOUT ANY
LEGAL EFFECT.

NAMENS-SAMMELSCHULDVERSCHREIBUNG

über einen Nennbetrag von

fünfhundert Millionen [INSERT DESIGNATED CURRENCY]

([INSERT DESIGNATED CURRENCY] [INSERT EQUIVALENT AMOUNT TO U.S. $ 500,00])

der ___% Globalanleihe fällig ___im Gesamtnennbetrag von [INSERT DESIGNATED CURRENCY]
___(___[INSERT DESIGNATED CURRENCY]) der KfW (die “Emittentin”).

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

 

4

Die in dieser Sammelschuldverschreibung verbrieften Schuldverschreibungen sind den Konten der
teilnehmenden Finanzinstitute beim Verwahrer gutgeschrieben, die ihrerseits auf dem Register der
Deutsche Bank Trust Company Americas, c/o Deutsche Bank National Trust Company (das “Register”),
die als Registerstelle für die Emittentin fungiert, oder eines etwa von der Emittentin bestellten
Nachfolgers in dieser Funktion (die “Registerstelle”) beruhen. Im Falle von Unstimmigkeiten
zwischen dem Register und den Unterlagen des Verwahrers ist das Register, außer im Falle eines
offenkundigen Irrtums, maßgeblich.

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

Diese Sammelurkunde kann nur insgesamt übertragen werden, und zwar nur entweder von DTC auf einen
Beauftragten der DTC, von einem Beauftragten der DTC auf DTC oder auf einen anderen Beauftragten
der DTC oder von DTC oder einem solchen Beauftragten auf einen als Nachfolger der DTC fungierenden
neuen Verwahrer oder einen Beauftragten eines solchen neuen Verwahrers. Die Übertragung ist nur
wirksam, wenn sie in den zu diesem Zweck von der Registerstelle geführten Unterlagen vermerkt wird.
Diese Sammelschuldverschreibung wird nicht gegen einzelne Schuldverschreibungen verbriefende
Einzelurkunden ausgetauscht, außer DTC ist nicht in der Lage oder bereit, seine Dienste weiterhin
anzubieten und ein Nachfolger des Wertpapierverwahrers wird nicht ernannt.

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

[DATE]

	 	 	 	 	 
	 

	 	 	 	KfW
	 

	 	_____________________
_____________________	 	 
	__________________________________

Kontrollunterschrift

(geleistet im Namen von

Deutsche Bank Trust Company Americas,

c/o Deutsche Bank National Trust Company

als Registerstelle)
	 	 	 	 

 

Schedule 3

FORM OF SUPPLEMENTAL AGENCY AGREEMENT

Supplement No.: l to the

Amended and Restated Agency Agreement

dated December 15, 2006 between

KfW (the “Issuer”),

Deutsche Bank Aktiengesellschaft (“Deutsche Bank”), and

Deutsche Bank Trust Company Americas,

c/o Deutsche Bank National Trust Company (“DBTCA”),

as amended from time to time

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

The term “Issue” means the [insert currency and amount] [Floating Rate] Global Notes due l to
be issued on l which will be evidenced by the Global Certificates attached hereto in Annexes
1 and 2 and governed by the Terms and Conditions of the Notes (the “Conditions”) attached hereto in
Annex 3.

[KfW hereby appoints the Agent as Calculation Agent in relation to this Issue.]

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

KfW

_______________
_____________________

[DEUTSCHE BANK AKTIENGESELLSCHAFT]

[DEUTSCHE BANK TRUST COMPANY AMERICAS,

c/o DEUTSCHE BANK NATIONAL TRUST COMPANY]

______________________

	 	 	Dated: l

22

 

Annex 1

English Language Version of the

FORM OF THE GLOBAL CERTIFICATES

[To be attached]

Annex 2

German Language Version of the

FORM OF THE GLOBAL CERTIFICATES

[To be attached]

Annex 3

TERMS AND CONDITIONS OF THE NOTES

[To be attached]

23Fiscal agency agreement

 

Exhibit 4.3

Fiscal Agency Agreement

Dated
January 4, 2006

KfW

as Issuer

and

DEUTSCHE BANK TRUST COMPANY AMERICAS

as Fiscal Agent and Registrar

and

DEUTSCHE BANK AKTIENGESELLSCHAFT

as Exchange Rate Agent

in respect of the Issuer’s Medium-Term Notes

Due Nine Months or More from Date of Issue

 

 

     THIS
AGREEMENT is made on January 4, 2006 BETWEEN:

     (1) KfW (the “Issuer”),

     (2) DEUTSCHE BANK TRUST COMPANY AMERICAS (“DBTCA”); and

     (3) DEUTSCHE BANK AKTIENGESELLSCHAFT (“DB”).

     WHEREAS:

	 	(A)	 	The Issuer intends to offer and sell from time to time
medium-term notes due nine months or more from date of issue (the “Notes”).
	 
	 	(B)	 	The Issuer wishes to engage DBTCA as its fiscal agent and
registrar in respect of its Notes.
	 
	 	(C)	 	The Issuer wishes to engage DB as its exchange rate agent of
its Notes, if applicable.

     IT IS HEREBY AGREED as follows:

1. DEFINITIONS AND INTERPRETATION

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

     “Administrative Procedures” means the administrative procedures as agreed from time to
time among the Issuer, the Dealers and the Fiscal Agent with respect to and used as guidance in
preparing and executing the issuance and sale of the Notes.

     “Agents” means the Calculation Agent (if applicable), the Exchange Rate Agent (if
applicable), the Determination Agent (if applicable), the Fiscal Agent and the Registrar appointed
by the Issuer in accordance with this Agreement.

     “Calculation Agent” means DBTCA in its capacity as calculation agent in respect of the
Notes or any other calculation agent appointed by the Issuer in accordance with this Agreement.

     “Conditions” means the terms and conditions applicable to a particular issue of Notes,
forming part of the Global Certificate and substantially in the form set out in the attached form
of Global Certificate.

     “Dealers” means the institutions that entered into or acceded to the Distribution
Agreement with the Issuer and shall include any other institution that has entered into a Terms
Agreement with the Issuer to act as dealer for the resale of Notes.

 

 

     “Distribution Agreement” means the agreement to be entered into between the Issuer and the
Dealers on or about January 5, 2006 for the sale of Notes by the Issuer to one ore more Dealers as
principal for the resale to investors and other purchasers in the United States of America.

     “DTC” means The Depositary Trust Company, or any successor thereto.

     “Exchange Rate Agent” means DB in its capacity as exchange rate agent in respect of
the Notes or any other exchange rate agent that the Issuer may appoint in accordance with this
Agreement.

     “Fiscal Agent” means DBTCA in its capacity as fiscal agent in respect of the Notes or
any other fiscal agent that the Issuer may appoint in accordance with this Agreement.

     “Frankfurt Business Day” means any day other than a Saturday, Sunday or legal holiday
in Frankfurt am Main, or a day on which commercial banks are authorized or required by law,
regulation, or executive order to close in Frankfurt am Main.

     “Global Certificate” means one or more global certificates representing a particular
issue of Notes, substantially in the form set out in Schedule 1 (in respect of fixed rate notes)
and in Schedule 2 (in respect of floating rate notes) attached hereto, with the Conditions attached
to and forming part of the Global Certificate.

     “Holder” means each actual purchaser having an ownership interest in the Notes
represented by the Global Certificate as recorded in the systems of DTC or its participants.

     “New York Business Day” means any day other than a Saturday, Sunday or legal holiday
in The City of New York, or a day on which commercial banks are authorized or required by law,
regulation, or executive order to close in The City of New York.

     “Registered Holder” means Cede & Co. as nominee of DTC, or any successor nominee of
DTC, shown as the registered holder of the Global Certificate in the register maintained by the
Registrar.

     “Registrar” means DBTCA in its capacity as registrar for the Notes or any other
registrar that the Issuer may appoint in accordance with this Agreement.

     “Relevant Dealer(s)” means any Dealer(s) that has (have) entered into a Terms
Agreement with the Issuer for the purchase of Notes for resale in accordance with the Distribution
Agreement.

     “Specific Terms” means the specific terms applicable to a particular issue of Notes,
forming part of the Global Certificate and substantially in the form set out in the attached form
of Global Certificate.

-2-

 

     “Terms Agreement” means an agreement entered into from time to time between the Issuer
and any Relevant Dealer(s) for the purchase of a particular issue of Notes by the Relevant
Dealer(s) for resale in accordance with the Distribution Agreement.

     1.2 Terms not defined in this Agreement shall have the same meanings as in the form of Global
Certificate. Any reference herein to “Frankfurt” shall be a reference to Frankfurt am Main,
Federal Republic of Germany and any reference herein to “New York” shall be a reference to The
City of New York in the State of New York, United States of America.

     1.3 All references in this Agreement to costs or charges or expenses shall include any value
added tax or similar tax charged or chargeable in respect thereof, if applicable.

     1.4 All references in this Agreement to principal and/or interest or both in respect of a
particular issue of Notes or to any moneys payable by the Issuer under this Agreement shall have
the meaning set out in the Global Certificate for such issue.

     1.5 All references in this Agreement to an agreement, instrument or other document
(including, without limitation, this Agreement, the Distribution Agreement, the Administrative
Procedures and the Global Certificate) shall be construed as a reference to that agreement,
instrument or document as the same may be amended, varied or supplemented from time to time.

2. APPOINTMENT OF THE FISCAL AGENT AND REGISTRAR

     2.1 The Issuer hereby appoints DBTCA to act as Fiscal Agent and Registrar in respect of the
Notes.

     2.2 DBTCA hereby accepts its appointment, and agrees to act in such capacity, on the terms
and conditions set out in this Agreement and the Global Certificate of the relevant Notes as well
as in accordance with the Administrative Procedures.

3. THE NOTES

     3.1 The Notes will be issued in fully registered form without coupons and represented by one
or more Global Certificates. The Conditions shall be attached to each Global Certificate. Each
Global Certificate shall be signed manually by two authorized representatives of the Issuer, dated
the Original Issue Date, and be authenticated manually by or on behalf of the Fiscal Agent.

     3.2 The parties expect that the Global Certificate will be substantially in the form set
forth in Schedule 1 or 2 hereto, as the case may be.

-3-

 

4. ISSUANCE OF NOTES

     4.1 Upon the conclusion of any Terms Agreement, the Issuer shall, as soon as practicable, but
not later than 11.00 a.m. (New York time) on the second New York Business Day prior to the
proposed Original Issue Date of the respective Notes:

     4.1.1 confirm to the Fiscal Agent by email, fax or any other electronic information
system agreed between the Fiscal Agent and the Issuer all such information as the Fiscal
Agent may reasonably require to carry out its functions under this Agreement and such
details as are necessary to enable it to authenticate and deliver the Global Certificate;

     4.1.2 deliver to the Fiscal Agent a copy of the Terms Agreement, duly executed on
behalf of the Issuer;

     4.1.3 (if no standard payment instructions have been given to the Fiscal Agent or if
they do not apply to the settlement of the relevant issuance) designate by fax the account
of the Issuer to which payment of the proceeds of issue should be made; and

     4.1.4 deliver to the Fiscal Agent the completed Global Certificate (in unauthenticated
form but executed on behalf of the Issuer) in relation to a specific issuance.

     4.2 The Fiscal Agent shall assign in respect of each issuance the CUSIP number, and shall
inform the Issuer thereof.

     4.3 The Fiscal Agent shall hold in safe custody all unauthenticated Global Certificates
delivered to it in accordance with this Clause 4 and shall ensure that the same are authenticated
and delivered only in accordance with the terms hereof and, if applicable, the relevant Global
Certificate.

     4.4 The Fiscal Agent is authorized by the Issuer to authenticate such Global Certificate as
may be required to be authenticated hereunder by the signature of any person duly authorized for
such purpose by the Fiscal Agent.

     4.5 On or before 10.00 a.m. (New York time) on the last New York Business Day prior to the
Original Issue Date in relation to a specific issuance, the Fiscal Agent shall authenticate the
relevant Global Certificate. The Fiscal Agent shall instruct DTC in accordance with DTC’s
settlement procedures to credit the Notes represented by the Global Certificate to the Fiscal
Agent’s participation account and to hold each such Note to the order of the Issuer. The Fiscal
Agent shall instruct DTC (i) to debit the Notes to the Fiscal Agent’s participation account and
credit the Notes to the participation account of the Relevant Dealer and (ii) to debit the
settlement account of the Relevant Dealer and credit the settlement account of the Fiscal Agent,
in an amount equal to the net proceeds of such Notes. By giving such instruction the Fiscal Agent

-4-

 

shall be deemed to confirm to DTC that (i) the Global Certificate representing such Note has
been issued and authenticated and (ii) the Fiscal Agent is holding such Global Certificate as
custodian for DTC pursuant to the relevant agreement with DTC.

     4.6 Upon receipt, the Fiscal Agent will pay the Issuer, by wire transfer of immediately
available funds to the account notified in accordance with Clause 4.1.3 above, the amount
transferred to the Fiscal Agent in accordance with Clause 4.5.

     4.7 If on the relevant Original Issue Date the Fiscal Agent does not receive the full
proceeds of issue in respect of any Note (the “Defaulted Note”) and, as a result, the Defaulted
Note remains in the Fiscal Agent’s distribution account with DTC after such Original Issue Date,
the Fiscal Agent shall:

     4.7.1 continue to hold the Defaulted Note to the order of the Issuer;

     4.7.2 notify the Issuer and the Relevant Dealer forthwith of the non-receipt of the
proceeds of issue in respect of the Defaulted Note; and, subsequently,

     4.7.3 notify the Issuer and the Relevant Dealer forthwith upon receipt of the full
proceeds of issue in respect of such Defaulted Note.

5. PAYMENTS

     5.1 In order to provide for the payment in U.S. dollars of the principal of, and interest on,
the Notes, as such payment shall become due and payable, the Issuer shall pay to the Fiscal Agent
the amount in U.S. dollars 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 Fiscal Agent may specify. In order to provide for the payment in
a Specified Currency other than U.S. dollars of the principal of, and interest on, the Notes, as
such payment shall become due and payable, the Issuer shall pay to the Fiscal Agent the amount in
such Specified Currency of interest on, or principal of, all the Notes outstanding or maturing on
such due date in same day funds by 10.00 a.m. or such other time as may be specified by the Fiscal
Agent for such Notes with three Frankfurt and New York Business Days prior notice to the Issuer in
the Principal Financial Centre of the Specified Currency on each payment date to such account at
such bank in the Principal Financial Centre of the Specified Currency as the Fiscal Agent may
specify.

     5.2 The Fiscal Agent shall give payment instructions by facsimile or authenticated SWIFT
message to the Issuer not later than five New York Business Days prior to each payment date
stating the amount of principal and/or interest payable by the Issuer on the payment date and the
account and bank to which payment is to be made, provided that if the date on which the interest
for the relevant period is determined falls

-5-

 

on a date later than the date required for the notice to be given under this sentence, such
notice may be given on the date on which such determination is made.

     5.3 Out of the sums paid to the Fiscal Agent in respect of interest and principal on the
Notes, the Fiscal Agent shall make payment to, or to the order of, the Registered Holder (except
as provided under Clause 5.4 below) in accordance with the Conditions and the Administrative
Procedures.

     5.4 In case of any payment to be made by the Fiscal Agent in other currencies than U.S.
dollars, the Fiscal Agent shall make such payment to the account(s) and in an amount as specified
by DTC to the Fiscal Agent prior to 5:00 p.m. New York time on the fifth New York Business Day
following the relevant Record Date 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 for the payment of principal.

     5.5 If for any reason (other than negligence or willful misconduct on the part of the Fiscal
Agent or its officers, employees or agents) the Fiscal Agent does not, by the time specified in
Clause 5.1, receive unconditionally the full amount payable by the Issuer on the relevant payment
date in respect of all outstanding Notes of any particular issue of Notes, the Fiscal Agent shall
forthwith notify the Issuer and shall not be bound to make any payment of principal or interest in
respect of such 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.

     5.6 Without prejudice to the obligations of the Issuer to make payments in accordance with
the provisions of Clause 5.1, if payment of the appropriate amount shall be made by or on behalf
of the Issuer later than the time specified in Clause 5.1, but otherwise in accordance with the
provisions thereof, the Fiscal Agent shall forthwith give notice to DTC that it has received such
amount. Promptly after the receipt of the appropriate amount the Fiscal Agent shall make or cause
to be made payments as provided in Clause 5.3.

     5.7 If the Issuer should default in the payment of principal under any issue of Notes, the
Fiscal 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 with
respect to such Notes.

     5.8 If for any reason the Fiscal Agent considers in its sole discretion (exercised in good
faith) that the amounts to be received by the Fiscal Agent pursuant to Clause 5.1 will be, or the
amounts actually received by it pursuant thereto are, insufficient to satisfy all claims in
respect of all payments then falling due in respect of the Notes, the Fiscal Agent shall promptly
notify the Issuer thereof. The Fiscal Agent shall not be obliged to pay any such claims until it
has received the full amount of all such payments.

-6-

 

5.9 In respect of moneys paid to it relating to any issue of Notes, the Fiscal Agent

     5.9.1 shall not be entitled to exercise any lien, right of set-off or similar claim,
and

     5.9.2 shall not be liable for interest thereon.

     5.10 All payments by the Fiscal Agent hereunder shall be made without the Fiscal Agent
charging any commission, fee or cost to DTC or to any Holder, except as expressly provided for in
the payment provisions of the Conditions.

     5.11 The Fiscal Agent shall make available to the Issuer, free of charge, the reporting tool
“Global program reporting on the web” that allows the Issuer to track at any time the total
principal amount of outstanding Notes. If such reporting tool is not available to the Issuer, the
Fiscal Agent will, upon request of the Issuer, deliver to the Issuer a written statement
indicating the total principal amount of outstanding Notes as of the close of business at the end
of a month so requested.

6. EARLY REDEMPTION AND REPAYMENT OF NOTES

     6.1 If the Issuer decides to redeem any outstanding Notes prior to their Maturity Date in
accordance with the Conditions, it shall give notice of such decision to the Fiscal Agent not
later than 10.00 a.m. in New York on the fifth New York Business Day immediately preceding the
date on which DTC shall receive notice of such redemption in accordance with the Conditions. The
Fiscal Agent shall deliver to DTC such notice not later than three New York Business Days
immediately preceding such date.

     6.2 The Fiscal Agent shall, upon receipt of any repayment notice by the Registered Holder of
the Global Certificate the conditions of which provide for repayment at the option of the Holders,
notify forthwith the Fiscal Agent and the Issuer thereof. The Fiscal Agent shall, upon payment by
the Issuer of the applicable Repayment Price, together with accrued interest to the applicable
Repayment Date, cancel the Notes in accordance with Clause 7.

7. CANCELLATION OF NOTES

     7.1 Promptly upon the Issuer’s written request, the Fiscal Agent shall take all measures
necessary to cancel any Notes which the Issuer has repurchased or whose maturity has been
accelerated pursuant to the Conditions. The Fiscal Agent shall cause any such Notes represented
by a Global Certificate to be cancelled in accordance with the procedures established for that
purpose by DTC, resulting in a reduction in the

-7-

 

aggregate amount of Notes represented by such Global Certificate by the aggregate amount of
Notes so cancelled.

     7.2 On the same day such cancellation is effected, the Fiscal Agent shall instruct the
Registrar to 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.

     7.3 The Fiscal Agent 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.

			
	8.	 	MISCELLANEOUS DUTIES OF THE ISSUER, REGISTRAR AND THE FISCAL AGENT

     8.1 If the Issuer is, in respect of any payment, required to withhold or deduct any amount
for or on account of taxes or duties of whatever nature as specifically contemplated under the
Conditions, the Issuer shall give notice thereof to the Fiscal Agent as soon as it becomes aware
of the requirement to make such withholding or deduction and shall give to the Fiscal Agent such
information as it shall require to enable it to comply with such requirement.

     8.2 The Registrar shall maintain the Register pertaining to the Notes in New York. The
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 name of the Registered Holder.

     8.3 The Registrar shall at all reasonable times and at the written request during office
hours make the Register available to the Issuer and the Fiscal 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.

     8.4 On behalf and at the request and expense of the Issuer, the Fiscal Agent shall give any
notices to DTC required to be given by the Issuer in accordance with the Conditions.

9. APPOINTMENT AND DUTIES OF THE EXCHANGE RATE AGENT

     9.1 DB shall act as Exchange Rate Agent in respect of a specific issuance of Notes unless
another institution is appointed as Exchange Rate Agent in respect of such

-8-

 

issuance in accordance with the Specific Terms. If DB shall act as Exchange Rate Agent, such
fact will be indicated in the Specific Terms. In such case the Issuer will notify DB by
forwarding the applicable Specific Terms in a timely manner after the relevant Original Issue
Date. Furthermore, the Fiscal Agent shall inform the Exchange Rate Agent in a timely manner
before any date on which a conversion is required to be made, taking into consideration the
relevant Specific Terms and Conditions.

     9.2 The Exchange Rate Agent shall in respect of each issuance of Notes in relation to which
it is appointed perform such determinations as specified in the Conditions.

10. APPOINTMENT AND DUTIES OF THE CALCULATION AGENT

     10.1 The Fiscal Agent shall act as Calculation Agent in respect of a specific issuance of
Notes unless another institution is appointed as Calculation Agent in respect of such issuance in
accordance with the Specific Terms. If the Fiscal Agent shall act as Calculation Agent, such fact
will be indicated in the Specific Terms. In such case the Issuer will notify the Fiscal Agent by
forwarding the applicable Specific Terms in a timely manner before the first date on which the
Calculation Agent is required to make any calculation or determination.

     10.2 Subject to Clause 10.4, the Calculation Agent shall in respect of each issuance of Notes
in relation to which it is appointed as such:

     10.2.1 obtain such quotes and rates and/or make such determinations, calculations,
adjustments and notifications as may be required to be made by it as specified in the
Conditions and the Administrative Procedures; and

     10.2.2 maintain a record of all quotations obtained by it and of all amounts, rates
and other items determined or calculated by it and make such record available for
inspection at all reasonable times during normal business hours by the Issuer and the
Fiscal Agent.

     10.3 If the Fiscal Agent is unable for any reason to perform the duties specified in Clause
10.2.1 above, it shall forthwith notify the Issuer of such fact.

     10.4 If the Issuer has appointed a Determination Agent in the Specific Terms relating to
floating rate notes with respect to which the Calculation Agent is appointed, the determinations
made by such Determination Agent in respect of the bases (such as interest rates, conversion
rates, prices, indices or otherwise) for the calculations to be made by such Determination Agent
communicated by the Determination Agent to the Calculation Agent shall be binding on the
Calculation Agent.

-9-

 

11. CONDITIONS OF APPOINTMENT

     11.1 The obligations of the Agents hereunder shall be several, and not joint.

     11.2 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.

     11.3 The parties to this Agreement agree that, at the request of the relevant Agent, the fees
and expenses may be reviewed from time to time in accordance with such Agent’s then current fee
levels. In addition, each Agent reserves the right to charge the Issuer additional fees and
expenses in respect of the performance by such Agent of any additional services requested by the
Issuer and not provided for in this Agreement.

     11.4 The Issuer will indemnify and hold harmless each of the Agents against any loss,
liability, expense (including legal fees) or claim 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.

     11.5 Each Agent will indemnify and hold harmless the Issuer against any loss, liability,
expense (including legal fees) or claim which the Issuer may incur or which may be made against it
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.

     11.6 The indemnity provisions under Clauses 11.4 and 11.5 shall survive the termination or
expiry of this Agreement.

     11.7 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.

     11.8 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.

     11.9 In acting hereunder and in connection with the Notes, the Agents do not assume any
relationship of agency or trust for the Registered Holder or the Holders, and

-10-

 

shall not have any obligation towards them; except that all funds held by the Fiscal Agent
for payment of principal of or interest on the Notes shall be held exclusively for the benefit of
and for payment (i) if in U.S. dollars to, or to the order of, the Registered Holder, or (ii) if
in a currency other than U.S. dollars, to the accounts specified by DTC, 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.

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

12. CHANGES IN AGENTS

     12.1 Any 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 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 Agent, as the case may be,
shall not take effect until a successor Agent has been appointed by the Issuer as hereinafter
provided, and such successor 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 relevant Agent shall be entitled on behalf of the Issuer to appoint as a successor
Agent in its place a reputable financial institution.

     12.2 Upon its resignation or removal taking effect, the Fiscal Agent shall hold all moneys
deposited with or held by it hereunder in respect of the Notes to the order of the successor
Fiscal 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 12.1.

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

     12.4 Any successor 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 its
predecessor with like effect as if originally named as Agent in accordance with this Agreement,
and such predecessor Agent, if any, upon payment

-11-

 

by the Issuer of any amounts due and payable to such Agent pursuant to this Agreement, shall
thereupon become obliged to deliver and pay over to any such successor Agent, and any such
successor Agent shall be entitled to receive, all moneys, documents and records held by it
hereunder. On the termination of its appointment an Agent shall pass all records and documents
held by it pursuant to this Agreement to the respective successor Agent.

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

     12.6 The Issuer shall ensure that prompt notice of any such proposed appointment,
termination, resignation or change of specified office is given to DTC for communication by DTC
and its participants to the Holders in accordance with the Conditions.

13. NOTICES

     13.1 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 in writing and signed by two duly authorized officers of the Issuer,
and delivered to the Agent(s) by mail, facsimile, or by hand.

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

(a) If to the Issuer:

KfW

Palmengartenstrasse 5-9

D-60325 Frankfurt am Main

Federal Republic of Germany

Telefax:       0049 69 7431 4324

Attention:   Bereich FM

(b) If to the Fiscal Agent:

Deutsche Bank Trust Company Americas

60 Wall Street

MS NYC60-2515

New York, NY 10005

Telefax:       001 732-578-4635

Attention:   Trust and Security Services

-12-

 

(c) If to the Exchange Rate Agent:

Deutsche Bank Aktiengesellschaft

Grosse Gallusstraße 10 – 14

60272 Frankfurt/Main

Telefax:       0049 69 910 38672

Attention:   Trust & Security Services

or at any other address of which any of the foregoing shall have notified the others in accordance
with Clause 12.5 and this Clause 13.2.

14. MISCELLANEOUS

     14.1 Amendments to this Agreement, including this Clause 14.1, shall only be made in writing.

     14.2 Should any provision of this Agreement be or become invalid in whole or in part, the
other provisions of this Agreement shall remain in full force and effect. Any invalid provision
shall be deemed to be replaced by a valid provision which accomplishes as far as legally possible
the economic effects of the invalid provision.

     14.3 This Agreement shall in all respects be governed by and construed in accordance with the
laws of the Federal Republic of Germany without regard to conflict of laws principles.

     14.4 Any action or other legal proceedings arising out of or in connection with this
Agreement shall be brought exclusively in the district court (Landgericht) in Frankfurt am Main,
Germany.

     14.5 This Agreement may be executed in one or more counterparts and, if executed in more than
one counterpart, the executed counterparts hereof shall constitute a single instrument.

-13-

 

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

	 	 	 
	KfW
	 	 
	/s/
Horst Seissinger
	 	/s/ Wolf-Ingo Gobin
	 

	 	 
	 
	 	 
	DEUTSCHE BANK TRUST COMPANY AMERICAS
	 	 
	/s/
Annie Jaghatspanyan
	 	 
	 

	 	 
	 
	 	 
	DEUTSCHE BANK AKTIENGESELLSCHAFT
	 	 
	/s/
Vivien Wichmann
	 	/s/ Keith Barclay
	 

	 	 

-14-

 

SCHEDULE 1

Form
of Global Certificate (Fixed Rate Notes)

     UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED 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 AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED 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 HOLDER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN, AND IS WITHOUT ANY
LEGAL EFFECT.

CUSIP NO. _______

KfW

MEDIUM-TERM NOTES

(Fixed Rate)

Global Registered Certificate

Representing a principal amount of

[Specify the Aggregate Principal Amount, Interest Rate and Maturity Date]

issued by KfW (the “Issuer”)

GENERAL

     This Global Certificate represents [l] notes in the principal amount of [l] each (the
“Notes”).

     This Global Certificate has been issued by the Issuer as a registered global certificate to
Cede & Co., as nominee of DTC, and has been deposited in the DTC depositary and clearing system in
order to permit delivery and transfer of Notes within that system in book-entry form without
physical delivery of definitive certificates. 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 (the “Register”) maintained by Deutsche
Bank Trust Company Americas, a New York banking corporation, 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 or to the order of Cede & Co., or its registered
assigns, on the maturity date of the Notes the principal sum of the Notes represented hereby and to
pay interest on the principal sum of the Notes represented

1

 

hereby, all in accordance with the specific terms of the Notes set out below (the “Specific
Terms”) and the general terms and conditions of the Notes attached hereto (the “Conditions”). The
Conditions form part of this Global Certificate.

     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 Global
Certificate will not be exchangeable for definitive certificates representing individual notes
unless DTC is unable or unwilling to continue providing its services and a successor securities
depositary is not obtained.

     This Global Certificate is only valid if it has been provided with the manual authentication
signature on behalf of the Fiscal Agent appointed by the Issuer in accordance with the fiscal
agency agreement entered into by the Issuer, Deutsche Bank Trust
Company Americas (the “Fiscal Agent”) and Deutsche
Bank Aktiengesellschaft on
January 4, 2006, as
amended from time to time (the “Fiscal Agency Agreement”).

2

 

SPECIFIC TERMS

     The following terms apply to the Notes represented by this Global Certificate as and to the
extent shown below:

 

	 	 	 
	Aggregate Principal Amount:                     

	 	Interest Rate:                      % per annum
	Original Issue Date:                     

	 	Maturity Date:                     

	Interest Commencement Date:                     
	 	Final Redemption Price:                     

 

Payments:

     First Interest Payment Date:                     

     Interest Payment Date(s):                     

Redemption:     o Yes                      o No

     Redemption Commencement Date (as provided in §7(3) of the Conditions):                     

     Redemption Date(s) (as provided in §7(2) of the Conditions):                     

     Minimum Redemption Notice Period:                     

     Redemption Price (expressed as a percentage of the Aggregate Principal Amount to be redeemed):                     

Repayment:     o Yes                     o No

     Repayment Date(s):                     

     Minimum Repayment Notice Period:                     

     Repayment Price (expressed as a percentage of the Aggregate Principal Amount to be repaid):                     

Specified Currency: U.S. dollars for all payments unless otherwise specified below:

     Payments of principal and any premium:                     

     Payments of interest:                     

     Authorized Denomination:                     

     Exchange Rate Agent:                     

Original Issue Discount Note (“OID”):     o Yes                     o No

     Total Amount of OID:                     

     Yield to Maturity:                     

     Initial Accrual Period OID:                     

Other Terms of Notes:

                         

                         

     Terms left blank or marked “N/A,” “No,” “None” or in a similar manner do not apply to the Note
except as may otherwise be specified.

Frankfurt am Main, Federal Republic of Germany                     , 200     

                                                                                     

KfW

                                                                                     

Authentication signature for and on behalf of

Deutsche Bank Trust Company Americas

as Fiscal Agent

3

 

TERMS AND CONDITIONS OF THE NOTES

     Capitalized terms used but not defined in these Terms and Conditions (the “Conditions”) shall
have the same meaning as set out under “General” and “Specific Terms” in the Global Certificate.
In the event of any inconsistency between the Specific Terms and the Conditions, the Specific Terms
shall prevail.

§ 1

Form

     The Notes shall only be issued in book-entry form represented by one or more fully registered
Global Certificates without coupons. Cede & Co. as nominee of DTC, or any successor nominee of
DTC, shall be the registered holder of the Notes (the “Registered Holder”). Each actual purchaser
having an ownership interest in the Notes represented by the Global Certificate(s) as recorded in
the systems of DTC or its participants is referred to as a “Holder.” The Notes may be transferred
only through DTC or its participants.

§ 2

Status

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

§ 3

Interest

     Each Note bears interest from the Interest Commencement Date at the rate per annum equal to
the Interest Rate until the principal thereof is paid.

     Interest shall accrue from and including the Interest Commencement Date, if no interest has
yet been paid, or the immediately preceding Interest Payment Date on which interest was paid.
Interest shall accrue until, but excluding, the applicable Interest
Payment Date or the Maturity Date
(or any other day on which the Notes become due for redemption or repayment), as the case may be.
If it is necessary to compute interest for a period other than a full calendar year, interest shall
be calculated on the basis of a 360-day year consisting of twelve 30-day months.

     Interest shall be payable in arrears on each Interest Payment Date and on the Maturity Date
(or any other day on which the Notes become due for redemption or

5

 

repayment). The first interest payment shall be made on the First Interest Payment Date.

     Should the Issuer fail to redeem any Note on its due date, interest on the Note shall continue
to accrue (subject to the provisions of § 5 regarding payments due on a day other than a Business
Day) beyond the due date until actual redemption of the Note at the default rate of interest
established by law.

§ 4

Maturity

     Subject to the provisions of §§ 7, 8, and 11, the Notes shall be redeemed at the Final
Redemption Price on the Maturity Date, unless stated otherwise in the Specific Terms.

§ 5

Payment

     Currency of payment. The Issuer will make payments of all amounts payable on the Notes
in U.S. dollars unless the Specified Currency is a currency other than U.S. dollars and the Holder
elects (in the manner described below) to receive payments in such Specified Currency.

     Any Holder may elect to receive payment of principal and interest with respect to the Notes in
the Specified Currency by causing DTC, through the relevant DTC
participant, to notify the Fiscal
Agent by the time specified below of (i) such Holder’s election to receive all or a portion of such
payment in the Specified Currency and (ii) wire transfer instructions to a specified currency
account (the “Specified Currency Account”). Such election in respect of any payment shall be made
by the Holder at the time and in the manner required by the DTC procedures applicable from time to
time and shall, in accordance with such procedures, be irrevocable.
The Fiscal Agent must receive
DTC’s notification of such election, wire transfer instructions, and the amount payable in the
Specified Currency prior to 5:00 p.m. New York time on the fifth New York Business Day following
the relevant Record Date 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 for the payment of principal.

     Absent such election, the Exchange Rate Agent will convert the aggregate amount payable in
U.S. dollars (the “Conversion Amount”) into U.S. dollars. All costs of any such conversion shall
be deducted from such payments. Any such conversion shall be based on the bid quotation of the
Exchange Rate Agent, at or prior to 11:00 a.m. New York time, on the second Conversion Business Day
(as defined below) preceding the relevant payment date, for the purchase by the Exchange Rate Agent
of the Conversion Amount with U.S. dollars for settlement on such payment date. “Conversion
Business Day” means a day which is a New York Business Day and a Frankfurt Business Day (as defined
in the section below entitled “Business Day”). If such bid quotation is not available, the
Exchange Rate Agent shall obtain a bid quotation from a leading foreign exchange bank in The City
of New York selected

6

 

by the Exchange Rate Agent for such purpose. If no bid quotation from a leading foreign
exchange bank is available, payment of the Conversion Amount will be made in the Specified Currency
to the account or accounts specified by DTC to the Fiscal Agent. Until such account or accounts are
so specified, the funds still held by the Fiscal Agent shall bear interest at the rate of interest
quoted by the Fiscal Agent for deposits with it on an overnight basis, to the extent that the
Fiscal Agent is reasonably able to reinvest such funds.

     If the Issuer determines that any amount payable on a relevant payment date in a Specified
Currency other than U.S. dollars is not available to it in freely negotiable and convertible funds
for reasons beyond its control or that such Specified Currency (or any successor currency to it
provided for by law) is no longer used for the settlement of international financial transactions,
the Issuer may fulfill its payment obligations by making such payment in U.S. dollars on, or as
soon as reasonably practicable after, the respective payment date on the basis of the Applicable
Exchange Rate. No further interest or any other payment shall be due as a result thereof. The
“Applicable Exchange Rate” for a Specified Currency other than U.S. dollars means (i) if available,
the noon dollar buying rate in The City of New York for cable transfers for the Specified Currency
on the second Business Day prior to the particular payment as certified for customs purposes (or,
if not so certified, as otherwise determined) by the Federal Reserve Bank of New York or, (ii) if
such rate is not available, the foreign exchange rate for the Specified Currency as determined by
the Issuer in its equitable discretion.

     Manner of payment. The Issuer will make payments of any amount payable on the Notes
through the Fiscal Agent by wire transfer of immediately available funds.

     Payments in U.S. dollars shall be made by the Fiscal Agent on the relevant payment date to, or
to the order of, the Registered Holder as of the Record Date (as defined below). Such funds will
be distributed through the relevant DTC participants to the Holders as of the Record Date. The
“Record Date” shall be the fifteenth calendar day immediately preceding the relevant payment date.

     If a Holder elects payment in a Specified Currency other than U.S. dollars as set out above,
payments in such Specified Currency shall be made by the Fiscal Agent on the relevant payment date
to the Specified Currency Account.

     Payments made by the Issuer to, or to the order of, the Registered Holder (or, if applicable,
to the Specified Currency Account) shall discharge the liability of the Issuer under the Notes to
the extent of the sums so paid. Neither the Issuer nor the Fiscal Agent will have any
responsibility or liability for any aspect of the records of any DTC participant relating to or
payments made by any DTC participant to a Holder or for maintaining, supervising, or reviewing any
such records.

     Payments of principal (except in the case of partial redemption or partial repayment pursuant
to §§ 7, 8, and 11) shall be made upon surrender of the Global Certificates(s) to the Fiscal Agent.
The Fiscal Agent shall maintain records of payments of principal and interest made in respect of
the Notes.

7

 

     Account designation. The Registered Holder shall designate the account for wire
transfer by transmitting the appropriate information to the Fiscal Agent by mail, hand delivery,
fax, or in any other manner approved by the Fiscal Agent. Unless revoked, any such account
designation made with respect to the Notes by the Registered Holder will remain in effect with
respect to any further payments. Holders must make account designations in accordance with the
procedures of DTC and the relevant DTC participant.

     Payments due on a Business Day. Unless otherwise determined in the Specific Terms, if
any amount payable on the Notes is due on a day (a “Specified Day”) that is not a Business Day,
such amount will not be paid or made available for payment until the next succeeding Business Day
with the same force and effect as if such amount were paid on the Specified Day, and no further
interest shall be paid in respect of the delay of such payment.

     Business Day. Unless otherwise designated in the Specific Terms, a “Business Day”
means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which
commercial banks are authorized or required by law, regulation or executive order to close in The
City of New York (such day also being referred to as a “New York Business Day”); provided, however,
that:

     (i) with respect to Notes with a Specified Currency that is euros, the day must also be a day
on which the Trans-European Automated Real-Time Gross Settlement Express Transfer (“TARGET”)
System, or any successor system, is open; and

     (ii) with respect to Notes with a Specified Currency other than U.S. dollars or euros, the day
must also not be a day on which commercial banks are authorized or required by law, regulation or
executive order to close in the Principal Financial Center (as defined below) of the country
issuing the Specified Currency.

“Principal Financial Center” means, as applicable: the capital city of the country issuing
the Specified Currency; provided, however, that with respect to U.S. dollars,
Australian dollars, Canadian dollars, euros, South African rand and Swiss francs, the
“Principal Financial Center” shall be The City of New York, Sydney, Toronto, Johannesburg
and Zurich, respectively.

     A “Frankfurt Business Day” is any day other than a Saturday, Sunday, legal holiday in
Frankfurt am Main, or a day on which commercial banks are authorized or required by law,
regulation, or executive order to close in Frankfurt am Main.

     U.S. dollars. References to U.S. dollars or $ shall mean, as of any time, the coin or
currency that is then lawful currency in the United States of America.

     Euros.
References to the euro or € shall mean, as of any time, the lawful currency
of the member states of the European Union that have adopted the single currency in accordance with
the Treaty establishing the European Community, as amended by the Treaty on European Union and the
Treaty of Amsterdam, and as further amended from time to time.

8

 

     Other currencies. References to a particular currency other than U.S. dollars and
euros shall mean, as of any time, the coin or currency that is then lawful currency in the country
issuing such currency on the Original Issue Date.

§ 6

The Agents

     The
Issuer has initially appointed Deutsche Bank Trust Company Americas
as the Fiscal Agent and Registrar pursuant to the Fiscal Agency Agreement. If the principal of or interest
on the Notes is payable in a Specified Currency other than U.S. dollars, the Issuer has initially
appointed the institution named in the Specific Terms as Exchange Rate Agent to act as such agent
with respect to the Notes. The Fiscal Agent, Registrar and the Exchange Rate Agent
are referred to herein as the “Agents.”

     The Issuer may, in its sole discretion, appoint any other institution to serve as any such
Agent from time to time. The Issuer will give prompt written notice of any change in any such
appointment to the Fiscal Agent and by notification pursuant to § 12 hereof.

     All determinations made by any Agent may be made by such Agent in its sole discretion and,
absent manifest error, shall be conclusive for all purposes and binding on the Registered Holder,
Holders, and the Issuer.

     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 Registered Holder or the Holders and are not in any
event accountable to the Registered Holder or any Holder.

§ 7

Redemption at the Issuer’s Option

     The Notes shall not be redeemable by the Issuer before the Maturity Date unless a Redemption
Date or a Redemption Commencement Date is designated in the Specific Terms.

     If a Redemption Date is so specified, and unless otherwise designated in the Specific Terms,
the Notes may be so redeemed on such Redemption Date, in whole or in part, in any amount equal to
an Authorized Denomination or integral multiple thereof (provided that the remaining principal amount
thereof shall at least equal an Authorized Denomination) at the Redemption Price together with
interest accrued thereon to, but excluding, the Redemption Date. Such redemption shall be upon
notice in compliance with §12 hereof and in compliance with the Minimum Redemption Notice Period as
specified in the Specific Terms.

     If a Redemption Commencement Date is so specified, and unless otherwise designated in the
Specific Terms, the Notes may be so redeemed any time thereafter, in whole or in part, and in any
amount equal to an Authorized Denomination or integral multiple thereof (provided that the remaining
principal amount thereof shall at least

9

 

equal an Authorized Denomination) at the Redemption Price together with interest accrued
thereon to, but excluding, the Redemption Date. Such redemption shall be upon notice of not less
than 30 and not more than 60 calendar days and in compliance with §12 hereof.

§ 8

Repayment at the Holder’s Option

     The Notes shall not be repayable before the Maturity Date unless one or more Repayment Dates
are designated in the Specific Terms. If a Repayment Date is so specified, and unless otherwise
designated in the Specific Terms, a Holder may request (in the manner described below) repayment of
any Note, in whole or in part, in any amount equal to an Authorized
Denomination or integral multiple
thereof (provided that the remaining principal amount thereof shall at least equal an Authorized
Denomination) at the Repayment Price together with interest accrued thereon to, but excluding, the
Repayment Date.

     In order to exercise such repayment option, a Holder must instruct DTC or its participants in
a timely manner as required by the DTC procedures applicable from time to time.

     If so instructed, DTC shall cause the Registered Holder to request such repayment of the
Fiscal Agent on behalf of the Holder in compliance with the Minimum Repayment Notice Period
designated in the Specific Terms. All instructions given to the Fiscal Agent relating to the
option to elect repayment are irrevocable.

     The Issuer shall only be obliged to repay Notes in respect to which a Holder has exercised its
repayment option against transfer of such Holder’s ownership interest in the relevant Notes to the
Fiscal Agent.

§ 9

Further Issues, Purchases and Cancellation

     The Issuer may from time to time, without the consent of the Holders, issue further Notes
having the same terms and conditions as the Notes in all respects (or in all respects except for
the issue date, interest commencement date and/or issue price) so as to form a single issuance with
the Notes. The term “Notes” shall, in the event of such increase, also include such further Notes.

     The Issuer may at any time purchase Notes in the open market or otherwise and at any price.
Notes purchased by the Issuer may, at the option of the Issuer, be held or resold, or transferred
to the Fiscal Agent for cancellation. If such Notes are redeemed in full or are transferred for
cancellation they shall be cancelled forthwith and may not be reissued or resold.

10

 

§ 10

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.

§ 11

Termination for Default

     If the Issuer shall fail to pay any amount payable hereunder within 30 days from the relevant
due date, any Holder may, through the Depositary, declare any Notes due and demand repayment
thereof at their principal amount plus interest accrued to the date of repayment. Any notice
declaring the Notes due shall be made by means of 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 has
an ownership interest in the relevant Notes by means of a certificate of the Holder’s Custodian
pursuant to § 14(a) hereof. The right to declare Notes due shall cease if the Issuer has made
payment to or to the order of the Registered Holder (or, in the case of payments to be made in a
Specified Currency other than U.S. dollars, the Specified Currency Account) before the Holder has
exercised such right.

§ 12

Notices

     Any notice required to be made by the Issuer concerning the Notes shall be given in writing to
DTC for communication by DTC and its participants to the Holders. Any such notice shall be deemed
to have been given to the Holders on the third day after the day on which the said notice was given
to DTC.

§ 13

Governing Law, Exclusion of General Business Conditions Law

THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE FEDERAL REPUBLIC OF
GERMANY WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES.

NOTWITHSTANDING THE ABOVE, THE PROVISIONS ON GENERAL BUSINESS CONDITIONS (ALLGEMEINE
GESCHÄFTSBEDINGUNGEN, §§ 305-310 OF THE GERMAN CIVIL CODE) SHALL NOT APPLY TO THE NOTES.

ANY DISPOSITION OF THE NOTES, INCLUDING TRANSFERS AND PLEDGES OF NOTES EXECUTED BETWEEN DTC
PARTICIPANTS, AND

11

 

BETWEEN DTC AND DTC PARTICIPANTS SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

§ 14

Remedies

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.

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 the Notes
on the basis of (a) a certificate issued by its Custodian (as defined below) (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 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 Certificate(s) certified as being true copies by a duly
authorized officer of DTC or the Registrar. For purposes of the foregoing, “Custodian” means any
bank or other financial institution of recognized standing authorized to engage in securities
custody business with which the Holder maintains a securities account
in respect of the
Notes and includes DTC and its participants.

12

 

SCHEDULE 2

Form of Global Certificate (Floating Rate Notes)

     UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED 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 AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED 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 HOLDER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN, AND IS WITHOUT ANY
LEGAL EFFECT.

CUSIP NO. _______

KfW

MEDIUM-TERM NOTES

(Floating Rate)

Global Registered Certificate

Representing a principal amount of

[Title of the securities]

issued by KfW (the “Issuer”)

GENERAL

     This Global Certificate represents [l] notes in the principal amount of [l] each (the
“Notes”).

     This Global Certificate has been issued by the Issuer as a registered global certificate to
Cede & Co., as nominee of DTC, and has been deposited in the DTC depositary and clearing system in
order to permit delivery and transfer of Notes within that system in book-entry form without
physical delivery of definitive certificates. 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 (the “Register”) maintained by Deutsche
Bank Trust Company Americas, a New York banking corporation, 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.

1

 

     The Issuer hereby undertakes to pay to or to the order of Cede & Co., or its registered
assigns, on the maturity date of the Notes the principal sum of the Notes represented hereby and to
pay interest on the principal sum of the Notes represented hereby, all in accordance with the
specific terms of the Notes set out below (the “Specific Terms”) and the general terms and
conditions of the Notes attached hereto (the “Conditions”). The Conditions form part of this
Global Certificate.

     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 Global
Certificate will not be exchangeable for definitive certificates representing individual notes
unless DTC is unable or unwilling to continue providing its services and a successor securities
depositary is not obtained.

     This Global Certificate is only valid if it has been provided with the manual authentication
signature on behalf of the Fiscal Agent appointed by the Issuer in accordance with the fiscal
agency agreement entered into by the Issuer, Deutsche Bank Trust
Company Americas (the “Fiscal Agent”) and Deutsche
Bank Aktiengesellschaft on January 4, 2006 as
amended from time to time (the “Fiscal Agency Agreement”).

2

 

SPECIFIC TERMS

     The following terms apply to the Notes represented by this Global Certificate as and to the
extent shown below:

 

	 	 	 
	Aggregate Principal Amount:                     

	 	Maturity Date:                     
	 
	 	 
	Original Issue Date:                     

	 	Initial Interest Rate:                     
	 
	 	 
	Interest Commencement Date:                     

	 	First Interest Payment Date:                     
	 
	 	 
	

	 	Final Redemption Price:                     
	 	 	 

 

Indexed Notes:

     Details:                     

Type of Floating Rate Note:

     o Regular Floating Rate

     o Floating Rate/Fixed Rate

          Fixed Interest Rate:                     

          Fixed Rate Commencement Date:                     

     o Fixed Rate/Floating Rate

          Floating Rate Commencement Date:                     

     o Inverse Floating Rate

     o Other:                     

Interest Rate Basis/Bases:

      o CD Rate

      o CMT Rate:                     

          o CMT Moneyline Telerate Page 7051

          o CMT Moneyline Telerate Page 7052

               o Weekly Average

               o Monthly Average

     o Commercial Paper Rate

     o Eleventh District Cost of Funds Rate

     o Federal Funds Rate

     o LIBOR

          LIBOR Currency (if not U.S. dollars):                     

          LIBOR Moneyline Telerate Page:                     

          LIBOR Reuters Screen Page:                     

     o Prime Rate

     o Treasury Rate:                     

     o Other:                     

	 	 	 
	Spread:                     

	 	Maximum Interest Rate:                     
	Spread Multiplier:                     

	 	Minimum Interest Rate:                     
	Index Maturity:                     
	 	 

Interest Reset Period:

					
	o daily

	 	o weekly
	 	o monthly
	o quarterly

	 	o semi-annually
	 	o annually

Interest Reset Date(s): as provided in §3(B) of the Conditions (unless otherwise specified)                     

Interest Determination Date(s): as provided in §3(C) of the Conditions (unless otherwise
specified)                     

 

 

Interest Calculation Date(s): as provided in §3(F)(1) of the Conditions (unless otherwise
specified)                     

     Calculation Agent:

          o Deutsche Bank Trust Company Americas

          o Other:                     

Interest Payment Date(s): unless otherwise specified, the                      of the following

     (subject to §3(E) in the Conditions)

     o Each of the 12 calendar months in each year

     o Each March, June, September and December in each year:

     Each of the following two calendar months in each year:                     

     The following calendar month in each year:                     

Redemption:          o Yes                    o No

     Redemption Commencement Date (as provided in §7(3) of the Conditions):                     

     Redemption Date(s) (as provided in §7(2) of the Conditions):                     

     Minimum Redemption Notice Period:                     

     Redemption Price (expressed as a percentage of the Aggregate Principal Amount to be redeemed):                     

Repayment:          o Yes                    o No

     Repayment Date(s):                     

     Minimum Repayment Notice Period:                     

     Repayment Price (expressed as a percentage of the Aggregate Principal Amount to be repaid):                     

Specified Currency: U.S. dollars for all payments unless otherwise specified below:

     Payments of principal and any premium:                     

     Payments of interest:                     

     Authorized Denomination:                     

     Exchange Rate Agent:                     

Original Issue Discount Note (“OID”):          o Yes                    o No

     Total Amount of OID:                     

     Yield to Maturity:                     

     Initial Accrual Period OID:                     

Other Terms of Notes:

                         

                         

                         

     Terms
left blank or marked “N/A,” “No,” “None” or in a similar manner do not apply to the Note
except as may otherwise be specified.

Frankfurt am Main, Federal Republic of Germany                     , 200     

	 	 	 
	 	 	 
	 	 	 

	KfW

	 	 
	 
	 	 
	 	 	 
	 	 	 

Authentication signature for and on behalf of

Deutsche Bank Trust Company Americas

as Fiscal Agent

 

 

TERMS AND CONDITIONS OF THE NOTES

     Capitalized terms used but not defined in these Terms and Conditions (the “Conditions”) shall
have the same meaning as set out under “General” and “Specific Terms” in the Global Certificate.
In the event of any inconsistency between the Specific Terms and the Conditions, the Specific Terms
shall prevail.

§ 1

Form

     The Notes shall only be issued in book-entry form represented by one or more fully registered
Global Certificates without coupons. Cede & Co. as nominee of DTC, or any successor nominee of
DTC, shall be the registered holder of the Notes (the “Registered Holder”). Each actual purchaser
having an ownership interest in the Notes represented by the Global Certificate(s) as recorded in
the systems of DTC or its participants is referred to as a “Holder.” The Notes may be transferred
only through DTC or its participants.

§ 2

Status

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

§ 3

Interest

     Each Note bears interest from the Interest Commencement Date pursuant to the interest rate
formula as designated in the Specific Terms until the principal thereof is paid.

     Interest shall accrue from and including the Interest Commencement Date, if no interest has
yet been paid, or the immediately preceding Interest Payment Date on which interest was paid. Interest shall accrue until, but
excluding, the applicable Interest Payment Date or the Maturity Date (or any
other day on which the Notes become due for redemption or repayment), as the case may be.

     Interest shall be payable in arrears on each Interest Payment Date and on the Maturity Date
(or any other day on which the Notes become due for redemption or repayment). The first interest
payment shall be made on the First Interest Payment Date.

     Should the Issuer fail to redeem any Note on its due date, interest on the Note shall continue
to accrue (subject to §3(E) regarding payments due on a day other than

7

 

a Business Day) beyond the due date until actual redemption of the Note at the default rate of
interest established by law.

(A) Types of Notes. All Notes are Regular Floating Rate Notes unless they are designated
as Fixed Rate/Floating Rate Notes, Floating Rate/Fixed Rate Notes or as Inverse Floating Rate Notes in
the Specific Terms or as otherwise determined in the Specific Terms. The interest on the Notes
shall never be less than zero. The Initial Interest Rate will be the interest rate for the period
from the Interest Commencement Date to the first Interest Reset Date; commencing on the first
Interest Reset Date, the interest rate will be reset as of each Interest Reset Date.

	 	(1)	 	If a Note is a Regular Floating Rate Note, the interest rate is any
applicable Interest Rate Basis plus or minus any applicable Spread and/or multiplied
by any applicable Spread Multiplier.
	 
	 	(2)	 	If a Note is a Fixed Rate/Floating Rate Note, the interest rate is the Fixed
Interest Rate designated in the Specific Terms; provided, however, that the interest
rate commencing on the Floating Rate Commencement Date will be the applicable Interest
Rate Basis plus or minus any applicable Spread and/or multiplied by any applicable
Spread Multiplier.
	 
	 	(3)	 	If a Note is a Floating Rate/Fixed Rate Note, the interest rate is the
applicable Interest Rate Basis plus or minus any applicable Spread and/or multiplied
by any applicable Spread Multiplier; provided, however, that the interest rate
commencing on the Fixed Rate Commencement Date will be the Fixed Interest Rate
designated in the Specific Terms (or, if not so specified, the interest rate in effect
on the day immediately preceding the Fixed Rate Commencement Date).
	 
	 	(4)	 	If a Note is an Inverse Floating Rate Note, the interest rate is the Fixed
Interest Rate minus the Interest Rate Basis plus or minus any applicable Spread and/or
multiplied by any applicable Spread Multiplier.

(B) Interest Reset Dates. The interest rate on the Notes will be reset on the dates
provided in the Specific Terms (the “Interest Reset
Dates”), and the period from and including the
most recent Interest Reset Date, to but excluding the next subsequent Interest Reset Dates, will be
the “Interest Reset Period.” Unless otherwise designated in the Specific Terms, the Interest Reset
Dates will be as follows (subject to the following paragraph):

	 	(1)	 	in the case of Notes that reset daily, each Business Day;
	 
	 	(2)	 	in the case of Notes that reset weekly, the Wednesday of each week; however,
if the applicable Interest Rate Basis is the Treasury Rate (except as otherwise
provided with regard to the Treasury Rate in § 3(C)(5) below) the Tuesday of each
week;

8

 

	 	(3)	 	in the case of Notes that reset monthly, the third Wednesday of each month;
however, if the Interest Rate Basis is the Eleventh District Cost of Funds Rate, the
first calendar day of each month;
	 
	 	(4)	 	in the case of Notes that reset quarterly, the third Wednesday of each March,
June, September and December;
	 
	 	(5)	 	in the case of Notes that reset semi-annually, the third Wednesday of each of
the two months in each year specified in the Specific Terms; and
	 
	 	(6)	 	in the case of Notes that reset annually, the third Wednesday of the month in
each year specified in the Specific Terms;

provided, however, that for Floating Rate/Fixed Rate Notes, the interest rate will not reset after
the designated Fixed Rate Commencement Date.

     If any Interest Reset Date would otherwise be a day that is not a Business Day, such Interest
Reset Date shall be postponed to the next succeeding day that is a Business Day (and the interest
rate in effect immediately prior to the postponed Interest Reset Date will remain in effect to but
excluding such Business Day), except that, unless otherwise designated in the Specific Terms, if
the Interest Rate Basis is LIBOR and such next succeeding Business Day falls in the next succeeding
calendar month, such Interest Reset Date shall be the immediately preceding Business Day.

(C) Interest Determination Dates. The interest rate applicable to an Interest Reset Period
commencing as of the applicable Interest Reset Date will be determined by reference to the
applicable Interest Rate Basis as of the particular “Interest
Determination Date,” which will be:

	 	(1)	 	with respect to the Commercial Paper Rate, the Federal Funds Rate and the
Prime Rate, the Business Day immediately preceding the related Interest Reset Date;
	 
	 	(2)	 	with respect to the CD Rate and the CMT Rate, the second Business Day
preceding the related Interest Reset Date;
	 
	 	(3)	 	with respect to the Eleventh District Cost of Funds Rate, the last working
day of the month immediately preceding the related Interest Reset Date on which the
Federal Home Loan Bank of San Francisco publishes the Index (as defined in § 3(J)(2)
below);
	 
	 	(4)	 	with respect to LIBOR, the second London Banking Day (as defined in § 5
below) preceding the related Interest Reset Date; and
	 
	 	(5)	 	with respect to the Treasury Rate, the day on which Treasury Bills (as
defined in § 3(N)(1) below) are normally auctioned for the week in which the related
Interest Reset Date falls; provided, however, that if an auction is held on the Friday
of the week preceding the related Interest Reset Date, the Interest Determination Date
will be such preceding Friday.

9

 

     If the interest rate of a Note is determined with reference to two or more Interest Rate
Bases, the Interest Determination Date pertaining to such Note will be the latest Business Day on
which each Interest Rate Basis is determinable that is at least two Business Days before the
related Interest Reset Date for the applicable Note.

(D) Maximum and Minimum Interest Rates. A Note may also have a maximum numerical
limitation that may accrue during any Interest Reset Period (a
“Maximum Interest Rate”), and/or a
minimum numerical limitation that may accrue during any Interest Reset Period (a “Minimum Interest
Rate”).

(E) Interest Payment Dates. “Interest Payment Dates” means dates on which interest on the
Notes is payable, and the Maturity Date. Unless otherwise designated in the Specific Terms, the
Interest Payment Dates will be:

	 	(1)	 	in the case of Notes that reset daily, weekly or monthly, the third Wednesday
of each month or the third Wednesday of March, June, September and December of each
year, as designated in the Specific Terms;
	 
	 	(2)	 	in the case of Notes that reset quarterly, the third Wednesday of March,
June, September and December of each year;
	 
	 	(3)	 	in the case of Notes that reset semi-annually, the third Wednesday of the two
months of each year designated in the Specific Terms; and
	 
	 	(4)	 	in the case of Notes that reset annually, the third Wednesday of the month of
each year specified in the Specific Terms.

     If any Interest Payment Date other than the Maturity Date would otherwise be a day that is not
a Business Day, such Interest Payment Date will be postponed to the next succeeding Business Day
(and interest will accrue at the rate in effect immediately prior to the postponed Interest Payment
Date to but excluding the postponed Interest Payment Date), except that in the case of a Note as to
which LIBOR is an applicable Interest Rate Basis and that Business Day falls in the next succeeding
calendar month, the particular Interest Payment Date will be the immediately preceding Business Day
(and interest will accrue at the interest rate then in effect only to but excluding such preceding
Business Day).

     If the Maturity Date falls on a day that is not a Business Day, the required payment of
interest will be made on the next succeeding Business Day, and no additional interest will accrue
in respect of the payment made on that next succeeding Business Day.

(F) Interest Calculation. The Calculation Agent will determine the interest rate
applicable to each Interest Reset Period on or prior to the Interest Calculation Date (as defined
below), except with respect to LIBOR and the Eleventh District Cost of Funds Rate, which will be
determined on the particular Interest Determination Date. Upon request of a Holder, the
Calculation Agent will disclose the interest rate then in effect and, if determined, the interest
rate that will become effective as a result of the determination made for the next succeeding
Interest Reset Date with respect to the particular Note.

10

 

	 	(1)	 	The “Interest Calculation Date” if applicable, pertaining to any Interest
Reset Period will be the earlier of (i) the tenth calendar day after the particular
Interest Determination Date for the particular Interest Reset Period or, if such day
is not a Business Day, the next succeeding Business Day; and (ii) the third Frankfurt
Business Day immediately preceding the applicable Interest Payment Date or the
Maturity Date, as the case may be.
	 
	 	(2)	 	All percentages resulting from any calculation on Notes will be rounded to
the nearest one hundred-thousandth of a percentage point, with five one millionths
(0.000005) of a percentage point rounded upwards. All amounts used in or resulting
from any calculation of interest payable on the Notes will be rounded, in the case of
U.S. dollars, to the nearest cent or, in the case of a non-U.S. currency, to the
nearest unit (with one-half cent or unit being rounded upwards).
	 
	 	(3)	 	With respect to each Note, accrued interest is calculated by multiplying the
principal amount of the Note by an accrued interest factor. Unless specified
otherwise, the accrued interest factor is computed by adding the interest factors
calculated for each day in the particular interest period for which accrued interest
is being calculated. The interest factor for each day will be computed by dividing the
interest rate applicable to such day

	 	(a)	 	by 360, in the case of Notes as to which the CD Rate, the
Commercial Paper Rate, the Eleventh District Cost of Funds Rate, the Federal
Funds Rate, LIBOR, or the Prime Rate is an applicable Interest Rate Basis; or
	 
	 	(b)	 	by the actual number of days in the year, in the case of
Notes as to which the CMT Rate or the Treasury Rate is an applicable Interest
Rate Basis.

     The interest factor for Notes as to which the interest rate is calculated with reference to
two or more Interest Rate Bases will be calculated in each period in the same manner as if only the
applicable Interest Rate Basis designated in the Specific Terms applied.

     The Calculation Agent shall determine the rate derived from each Interest Rate Basis in
accordance with the following provisions.

(G) Determination of the CD Rate. The “CD Rate” means:

	 	(1)	 	the rate on the particular Interest Determination Date for negotiable U.S.
dollar certificates of deposit having the Index Maturity designated in the Specific
Terms as published in H.15(519) (as defined below) under the caption “CDs (secondary
market)”; or
	 
	 	(2)	 	if the rate referred to in clause (1) above is not so
published by 3:00 P.M., New York City time, on the related Interest Calculation Date, the rate on the
particular Interest Determination Date for negotiable U.S.

11

 

	 	 	 	dollar certificates of deposit of the particular Index Maturity as published in
H.15 Daily Update (as defined below), or other recognized electronic source used
for the purpose of displaying the applicable rate, under the caption “CDs
(secondary market)”; or
	 
	 	(3)	 	if the rate referred to in clause (2) above is not so published by 3:00 P.M.,
New York City time, on the related Interest Calculation Date, the rate on the
particular Interest Determination Date calculated by the Calculation Agent as the
arithmetic mean of the secondary market offered rates as of 10:00 A.M., New York City
time, on that Interest Determination Date, of three leading nonbank dealers in
negotiable U.S. dollar certificates of deposit in The City of New York (which may
include the Agents or their affiliates) selected by the Calculation Agent for
negotiable U.S. dollar certificates of deposit of major U.S. money market banks for
negotiable U.S. certificates of deposit with a remaining maturity closest to the
particular Index Maturity in an amount that is, in the judgment of the Calculation
Agent, representative for a single transaction in that market at that time; or
	 
	 	(4)	 	if the dealers so selected by the Calculation Agent are not quoting as
mentioned in clause (3) above, the CD Rate in effect on the particular Interest
Determination Date.

“H.15(519)” means the weekly statistical release designated as H.15(519), or any successor
publication, published by the Board of Governors of the Federal Reserve System.

“H.15 Daily Update” means the daily update of H.15(519), available through the
world-wide-web site of the Board of Governors of the Federal Reserve System at
http://www.federalreserve.gov/releases/H15/update, or any successor site or publication.

(H) Determination of the CMT Rate. The “CMT Rate” means:

	 	(1)	 	if CMT Moneyline Telerate Page 7051 is designated in the Specific Terms:

	 	(a)	 	the percentage equal to the yield for United States
Treasury securities at “constant maturity” having the Index Maturity
specified in the Specific Terms as published in H.15(519) under the caption
“Treasury Constant Maturities”, as the yield is displayed on Moneyline
Telerate (or any successor service) on page 7051 (or any other page as may
replace the specified page on that service) (“Moneyline Telerate
Page 7051”),
for the particular Interest Determination Date; or
	 
	 	(b)	 	if the rate referred to in clause (1)(a) above does not so
appear on Moneyline Telerate Page 7051, the percentage equal to the yield for
United States Treasury securities at “constant maturity” having the
particular Index Maturity and for the

12

 

	 	 	 	particular Interest Determination Date as published in H.15(519) under the
caption “Treasury Constant Maturities”; or
	 
	 	(c)	 	if the rate referred to in clause (1)(b) above does not so
appear in H.15(519), the rate on the particular Interest Determination Date
for the period of the particular Index Maturity as may then be published by
either the Federal Reserve System Board of Governors or the United States
Department of the Treasury that the Calculation Agent determines to be
comparable to the rate which would otherwise have been published in
H.15(519); or
	 
	 	(d)	 	if the rates referred to in clauses (1)(a) through (c)
above do not so appear, the rate as described in §3(H)(3) below.

	 	(2)	 	if CMT Moneyline Telerate Page 7052 is designated in the Specific Terms:

	 	(a)	 	the percentage equal to the one-week or one-month, as
specified in the Specific Terms, average yield for United States Treasury
securities at “constant maturity” having the Index Maturity specified in the
Specific Terms as published in H.15(519) opposite the caption “Treasury
Constant Maturities”, as the yield is displayed on Moneyline Telerate (or any
successor service) (on page 7052 or any other page as may replace the
specified page on that service) (“Moneyline Telerate Page
7052”), for the
week or month, as applicable, ending immediately preceding the week or month,
as applicable, in which the particular Interest Determination Date falls; or
	 
	 	(b)	 	if the rate referred to in clause (2)(a) above does not so
appear on Moneyline Telerate Page 7052, the percentage equal to the one-week
or one-month, as specified in the Specific Terms, average yield for United
States Treasury securities at “constant maturity” having the particular Index
Maturity and for the week or month, as applicable, preceding the particular
Interest Determination Date as published in H.15(519) opposite the caption
“Treasury Constant Maturities”; or
	 
	 	(c)	 	if the rate referred to in clause (2)(b) above does not so
appear in H.15(519), the one-week or one-month, as specified in the Specific
Terms, average yield for United States Treasury securities at “constant
maturity” having the particular Index Maturity as otherwise announced by the
Federal Reserve Bank of New York for the week or month, as applicable, ending
immediately preceding the week or month, as applicable, in which the
particular Interest Determination Date falls; or
	 
	 	(d)	 	if the rates referred to in clauses (2)(a) through (c)
above do not so appear, the rate as described in §3(H)(3) below.

13

 

	 	(3)	 	If either the Moneyline Telerate Page 7051 or the Moneyline Telerate
Page 7052 is designated in the Specific Terms and

	 	(a)	 	if the rates referred to in clauses (1)(c) or (2)(c) above
(as appropriate) are not so published, the rate on the particular Interest
Determination Date calculated by the Calculation Agent as a yield to maturity
based on the arithmetic mean of the secondary market bid prices at
approximately 3:30 P.M., New York City time, on that Interest Determination
Date of three leading primary United States government securities dealers in
The City of New York (which may include the Agents or their affiliates)
(each, a “Reference Dealer”), selected by the Calculation Agent from five
Reference Dealers selected by the Calculation Agent and eliminating the
highest quotation, or, in the event of equality, one of the highest, and the
lowest quotation or, in the event of equality, one of the lowest, for United
States Treasury securities with an original maturity equal to the particular
Index Maturity, a remaining term to maturity no more than one year shorter
than that Index Maturity and in a principal amount that is, in the judgment
of the Calculation Agent, representative for a single transaction in the
securities in that market at that time; or
	 
	 	(b)	 	if fewer than five but more than two of secondary market
bid prices referred to in clause (3)(a) above are provided as requested, the
rate on the particular Interest Determination Date calculated by the
Calculation Agent based on the arithmetic mean of the secondary market bid
prices obtained and neither the highest nor the lowest of the quotations
shall be eliminated; or
	 
	 	(c)	 	if fewer than three secondary market bid prices referred to
in clause (3)(a) above are provided as requested, the rate on the particular
Interest Determination Date calculated by the Calculation Agent as a yield to
maturity based on the arithmetic mean of the secondary market bid prices as
of approximately 3:30 P.M., New York City time, on that Interest Determination
Date of three Reference Dealers selected by the Calculation Agent from five
Reference Dealers selected by the Calculation Agent and eliminating the
highest quotation or, in the event of equality, one of the highest and the
lowest quotation or, in the event of equality, one of the lowest, for United
States Treasury securities with an original maturity greater than the
particular Index Maturity, a remaining term to maturity closest to that Index
Maturity and in a principal amount that is, in the judgment of the
Calculation Agent, representative for a single transaction in the securities
in that market at that time; or
	 
	 	(d)	 	if fewer than five but more than two secondary market bid
prices referred to in clause (3)(c) above are provided as

14

 

	 	 	 	requested, the rate on the particular Interest Determination Date
calculated by the Calculation Agent based on the arithmetic mean of the
secondary market bid prices obtained and neither the highest nor the
lowest of the quotations will be eliminated; or
	 
	 	(e)	 	if fewer than three secondary market bid prices referred to
in clause (3)(d) above are provided as requested, the CMT Rate in effect on
the particular Interest Determination Date.

If two United States Treasury securities with an original maturity greater than the Index
Maturity specified in the Specific Terms have remaining terms to maturity equally close to
the particular Index Maturity, the quotes for the United States Treasury security with the
shorter original remaining term to maturity will be used.

(I) Determination of the Commercial Paper Rate. “Commercial Paper Rate” means:

	 	(1)	 	the Money Market Yield (as defined below) on the particular Interest
Determination Date of the rate for commercial paper having the Index Maturity
specified in the Specific Terms as published in H.15(519) under the caption
“Commercial Paper-Nonfinancial”; or
	 
	 	(2)	 	if the rate referred to in clause (1) above is not so published by 3:00 P.M.,
New York City time, on the related Interest Calculation Date, the Money Market Yield
of the rate on the particular Interest Determination Date for commercial paper having
the particular Index Maturity as published in H.15 Daily Update, or such other
recognized electronic source used for the purpose of displaying the applicable rate,
under the caption “Commercial Paper-Nonfinancial”; or
	 
	 	(3)	 	if the rate referred to in clause (2) above is not so
published by 3:00 P.M.,
New York City time, on the related Interest Calculation Date, the rate on the
particular Interest Determination Date calculated by the Calculation Agent as the
Money Market Yield of the arithmetic mean of the offered rates at
approximately 11:00 A.M., New York City time, on that Interest Determination Date of three leading dealers
of U.S. dollar commercial paper in The City of New York (which may include the Agents
or their affiliates) selected by the Calculation Agent for commercial paper having the
particular Index Maturity placed for industrial issuers whose bond rating is “Aa”, or
the equivalent, from a nationally recognized statistical rating organization; or
	 
	 	(4)	 	if the dealers so selected by the Calculation Agent are not quoting as
mentioned in clause (3) above, the Commercial Paper Rate in effect on the particular
Interest Determination Date.

“Money Market Yield” means a yield (expressed as a percentage) calculated in accordance
with the following formula:

15

 

	 	 	 	 	 	 	 
	 

	 	 	 	D x 360	 	 
	 
	 	Money Maket Yield   =	 	 

	 	x 100
	 

	 	 	 	360 - (D x M)	 	 

where “D” refers to the applicable per annum rate for commercial paper quoted on a bank
discount basis and expressed as a decimal and “M” refers to the actual number of days in
the applicable Interest Reset Period.

(J) Determination of the Eleventh District Cost of Funds Rate. “Eleventh District Cost of
Funds Rate” means:

	 	(1)	 	the rate equal to the monthly weighted average cost of funds for the calendar
month immediately preceding the month in which the particular Interest Determination
Date falls as set forth under the caption “11th District” on the display on Moneyline
Telerate (or any successor service) on page 7058 (or any other page as may replace the
specified page on that service) (“Moneyline Telerate Page
7058”) as of 11:00 A.M., San Francisco time, on that Interest Determination Date; or
	 
	 	(2)	 	if the rate referred to in clause (1) above does not so appear on Moneyline
Telerate Page 7058, the monthly weighted average cost of funds paid by member
institutions of the Eleventh Federal Home Loan Bank District that was most recently
announced (the “Index”) by the Federal Home Loan Bank of San Francisco as the cost of
funds for the calendar month immediately preceding that Interest Determination Date;
or
	 
	 	(3)	 	if the Federal Home Loan Bank of San Francisco fails to announce the Index on
or prior to the particular Interest Determination Date for the calendar month
immediately preceding that Interest Determination Date, the Eleventh District Cost of
Funds Rate in effect on the particular Interest Determination Date.

(K) Federal Funds Rate. “Federal Funds Rate” means:

	 	(1)	 	the rate with respect to the particular Interest Determination Date for U.S.
dollar federal funds as published in H.15(519) under the caption “Federal Funds
(Effective)” and displayed on Moneyline Telerate (or any
successor service) on page 120 (or any other page as may replace
the specified page on that service) (“Moneyline
Telerate Page 120”); or
	 
	 	(2)	 	if the rate referred to in clause (1) above does not so appear on Moneyline
Telerate Page 120 or is not so published by 3:00 P.M., New York
City time, on the
related Interest Calculation Date, the rate with respect to the particular Interest
Determination Date for U.S. dollar federal funds as published in H.15 Daily Update,
or such other recognized electronic source used for the purpose of displaying the
applicable rate, under the caption “Federal Funds (Effective)”; or
	 
	 	(3)	 	if the rate referred to in clause (2) above is not so
published by 3:00 P.M., New York City time, on the related Interest Calculation Date, the

16

 

	 	 	 	rate with respect to the particular Interest Determination Date calculated by the
Calculation Agent as the arithmetic mean of the rates for the last transaction in
overnight U.S. dollar federal funds arranged by three leading brokers of U.S.
dollar federal funds transactions in The City of New York (which may include the
Agents or their affiliates), selected by the Calculation Agent prior
to 9:00 A.M.,
New York City time, on the Business Day following that Interest Determination Date;
or
	 
	 	(4)	 	if the brokers so selected by the Calculation Agent are not quoting as
mentioned in clause (3) above, the Federal Funds Rate in effect on the particular
Interest Determination Date.

(L) Determination of LIBOR. “LIBOR” means:

	 	(1)	 	if “LIBOR Moneyline Telerate” is designated in the Specific Terms or if
neither “LIBOR Reuters” nor “LIBOR Moneyline Telerate” is designated in the Specific
Terms as the method for calculating LIBOR, the rate for deposits in the LIBOR Currency
(as defined below) having the Index Maturity designated in the Specific Terms,
commencing on the related Interest Reset Date, that appears on the LIBOR Page (as
defined below) as of 11:00 A.M., London time, on the particular Interest Determination
Date; or
	 
	 	(2)	 	if “LIBOR Reuters” is designated in the Specific Terms, the arithmetic mean
of the offered rates, calculated by the Calculation Agent, or the offered rate, if the
LIBOR Page by its terms provides only for a single rate, for deposits in the LIBOR
Currency having the particular Index Maturity, commencing on the related Interest
Reset Date, that appear or appears, as the case may be, on the LIBOR Page as of 11:00
A.M., London time, on the particular Interest Determination Date; or
	 
	 	(3)	 	if fewer than two offered rates appear, or no rate appears, as the case may
be, on the particular Interest Determination Date on the LIBOR Page as specified in
clause (1) or (2) above, as applicable, the rate calculated by the Calculation Agent
of at least two offered quotations obtained by the Calculation Agent after requesting
the principal London offices of each of four major reference banks (which may include
the Agents or their affiliates), in the London interbank market to provide the
Calculation Agent with its offered quotation for deposits in the LIBOR Currency for
the period of the particular Index Maturity, commencing on the related Interest Reset
Date, to prime banks in the London interbank market at approximately 11:00 A.M.,
London time, on that Interest Determination Date and in a principal amount that is, in
the judgment of the Calculation Agent, representative for a single transaction in the
LIBOR Currency in that market at that time; or
	 
	 	(4)	 	if fewer than two offered quotations referred to in clause (3) above are
provided as requested, the rate calculated by the Calculation Agent as the arithmetic
mean of the rates quoted at approximately 11:00 A.M.,

17

 

	 	 	 	in the applicable Principal Financial Center (as defined in § 5 below), on the
particular Interest Determination Date by three major banks (which may include the
Agents or their affiliates), in that Principal Financial Center selected by the
Calculation Agent for loans in the LIBOR Currency to leading European banks,
having the particular Index Maturity and in a principal amount that is, in the
judgment of the Calculation Agent, representative for a single transaction in the
LIBOR Currency in that market at that time; or
	 
	 	(5)	 	if the banks so selected by the Calculation Agent are not quoting as
mentioned in clause (4) above, LIBOR in effect on the particular Interest
Determination Date.

“LIBOR Currency” means the currency designated in the Specific Terms as to which LIBOR
shall be calculated or, if no currency is specified in the Specific Terms, U.S. dollars.

“LIBOR Page” means either:

	 	(a)	 	if “LIBOR Reuters” is specified in the Specific Terms, the
display on the Reuter Monitor Money Rates Service (or any successor service)
on the page designated in the Specific Terms (or any other page as may
replace that page on that service) for the purpose of displaying the London
interbank rates of major banks for the LIBOR Currency; or
	 
	 	(b)	 	if “LIBOR Moneyline Telerate” is specified in the Specific
Terms or neither “LIBOR Reuters” nor “LIBOR Moneyline Telerate” is designated
in the Specific Terms as the method for calculating LIBOR, the display on
Moneyline Telerate (or any successor service) on the page designated in the
Specific Terms (or any other page as may replace such page on such service)
for the purpose of displaying the London interbank rates of major banks for
the LIBOR Currency.

(M) Determination of Prime Rate.
 “Prime Rate” means:

	 	(1)	 	the rate on the particular Interest Determination Date as published in
H.15(519) under the caption “Bank Prime Loan”; or
	 
	 	(2)	 	if the rate referred to in clause (1) above is not so
published by 3:00 P.M.,
New York City time, on the related Interest Calculation Date, the rate on the
particular Interest Determination Date as published in H.15 Daily Update, or such
other recognized electronic source used for the purpose of displaying the applicable
rate, under the caption “Bank Prime Loan”; or
	 
	 	(3)	 	if the rate referred to in clause (2) above is not so
published by 3:00 P.M.,
New York City time, on the related Interest Calculation Date, the rate on the
particular Interest Determination Date calculated by the Calculation Agent as the
arithmetic mean of the rates of interest

18

 

	 	 	 	publicly announced by each bank that appears on the Reuters Screen US PRIME 1 Page
(as defined below) as the applicable bank’s prime rate or base lending rate as of
11:00 A.M., New York City time, on that Interest Determination Date; or
	 
	 	(4)	 	if fewer than four rates referred to in clause (3) above are so published by
3:00 P.M., New York City time, on the related Interest Calculation Date, the rate
calculated by the Calculation Agent as the particular Interest Determination Date
calculated by the Calculation Agent as the arithmetic mean of the prime rates or base
lending rates quoted on the basis of the actual number of days in the year divided by
a 360-day year as of the close of business on that Interest Determination Date by
three major banks (which may include the Agents or their affiliates) in The City of
New York selected by the Calculation Agent; or
	 
	 	(5)	 	if the banks so selected by the Calculation Agent are not quoting as
mentioned in clause (4) above, the Prime Rate in effect on the particular Interest
Determination Date.

“Reuters Screen US PRIME 1 Page”  means the display on the Reuter Monitor Money Rates
Service (or any successor service) on the “US PRIME 1” page (or any other page as may
replace that page on that service) for the purpose of displaying prime rates or base
lending rates of major United States banks.

(N) Determination of Treasury Rate. “Treasury Rate”  means:

	 	(1)	 	the rate from the auction held on the particular Interest Determination Date
(the “Auction” ) of direct obligations of the United
States (“Treasury Bills” ) having
the Index Maturity designated in the Specific Terms under the caption “INVESTMENT
RATE” on the display on Moneyline Telerate (or any successor service) on page 56 (or
any other page as may replace that page on that service) (“Moneyline Telerate Page
56”) or page 57 (or any other page as may replace that page on that service)
(“Moneyline Telerate Page 57”); or
	 
	 	(2)	 	if the rate referred to in clause (1) above is not so
published by 3:00 P.M.,
New York City time, on the related Interest Calculation Date, the Bond Equivalent Yield
(as defined below) of the rate for the applicable Treasury Bills as published in H.15
Daily Update, or another recognized electronic source used for the purpose of
displaying the applicable rate, under the caption “U.S. Government Securities/Treasury
Bills/Auction High”; or
	 
	 	(3)	 	if the rate referred to in clause (2) above is not so
published by 3:00 P.M.,
New York City time, on the related Interest Calculation Date, the Bond Equivalent Yield
of the auction rate of the applicable Treasury Bills as announced by the United States
Department of the Treasury; or

19

 

	 	(4)	 	if the rate referred to in clause (3) above is not so announced by the United
States Department of the Treasury, or if the Auction is not held, the Bond Equivalent
Yield of the rate on the particular Interest Determination Date of the applicable
Treasury Bills as published in H.15(519) under the caption “U.S. Government
Securities/Treasury Bills/Secondary Market”; or
	 
	 	(5)	 	if the rate referred to in clause (4) above is not so
published by 3:00 P.M.,
New York City time, on the related Interest Calculation Date, the rate on the
particular Interest Determination Date of the applicable Treasury Bills as published
in H.15 Daily Update, or another recognized electronic source used for the purpose of
displaying the applicable rate, under the caption “U.S. Government Securities/Treasury
Bills/Secondary Market”; or
	 
	 	(6)	 	if the rate referred to in clause (5) above is not so
published by 3:00 P.M.,
New York City time, on the related Interest Calculation Date, the rate on the
particular Interest Determination Date calculated by the Calculation Agent as the Bond
Equivalent Yield of the arithmetic mean of the secondary market bid rates, as of
approximately 3:30 P.M., New York City time, on that Interest Determination Date, of
three primary United States government securities dealers (which may include the
Agents or their affiliates) selected by the Calculation Agent, for the issue of
Treasury Bills with a remaining maturity closest to the Index Maturity designated in
the Specific Terms; or
	 
	 	(7)	 	if the dealers so selected by the Calculation Agent are not quoting as
mentioned in clause (6) above, the Treasury Rate in effect on the particular Interest
Determination Date.

“Bond Equivalent Yield” means a yield (expressed as a percentage) calculated in accordance
with the following formula:

	 	 	 	 	 	 	 
	 

	 	 	 	D x N	 	 
	 

	 	Bond Equivalent Yield =
	 	 

	 	x 100
	 

	 	 	 	360 - (D x M)	 	 

where “D” refers to the applicable per annum rate for Treasury Bills quoted on a bank
discount basis and expressed as a decimal, “N” refers to 365 or 366, as the case may be,
and “M” refers to the actual number of days in the applicable Interest Reset Period.

§ 4

Maturity

     Subject to the provisions of §§ 7, 8, and 11, the Notes shall be redeemed at the Final
Redemption Price on the Maturity Date, unless stated otherwise in the Specific Terms. If the
Maturity Date falls on a day that is not a Business Day, the required payment of principal and
premium, if any will be made on the next succeeding

20

 

Business Day, and no interest will accrue in respect of the payment made on that next
succeeding Business Day.

§ 5

Payment

     Currency of payment. The Issuer will make payments of all amounts payable on the Notes
in U.S. dollars unless the Specified Currency is a currency other than U.S. dollars and the Holder
elects (in the manner described below) to receive payments in such Specified Currency.

     Any Holder may elect to receive payment of principal and interest with respect to the Notes in
the Specified Currency by causing DTC, through the relevant DTC participant, to notify the Fiscal
Agent by the time specified below of (i) such Holder’s election to receive all or a portion of such
payment in the Specified Currency and (ii) wire transfer instructions to a specified currency
account (the “Specified Currency Account”). Such election in respect of any payment shall be made
by the Holder at the time and in the manner required by the DTC procedures applicable from time to
time and shall, in accordance with such procedures, be irrevocable. The Fiscal Agent must receive
DTC’s notification of such election, wire transfer instructions, and the amount payable in the
Specified Currency prior to 5:00 P.M., New York time, on the fifth New York Business Day following
the relevant Record Date 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 for the payment of principal.

     Absent such election, the Exchange Rate Agent will convert the aggregate amount payable in
U.S. dollars (the “Conversion Amount”) into U.S. dollars. All costs of any such conversion shall
be deducted from such payments. Any such conversion shall be based on the bid quotation of the
Exchange Rate Agent, at or prior to 11:00 A.M., New York time, on the second Conversion Business Day
(as defined below) preceding the relevant payment date, for the purchase by the Exchange Rate Agent
of the Conversion Amount with U.S. dollars for settlement on such payment date. “Conversion
Business Day” means a day which is a New York Business Day and a Frankfurt Business Day (as defined
in the section below entitled “Business Day”). If such bid quotation is not available, the
Exchange Rate Agent shall obtain a bid quotation from a leading foreign exchange bank in The City
of New York selected by the Exchange Rate Agent for such purpose. If no bid quotation from a
leading foreign exchange bank is available, payment of the Conversion Amount will be made in the
Specified Currency to the account or accounts specified by DTC to the Fiscal Agent. Until such
account or accounts are so specified, the funds still held by the Fiscal Agent shall bear interest
at the rate of interest quoted by the Fiscal Agent for deposits with it on an overnight basis, to
the extent that the Fiscal Agent is reasonably able to reinvest such funds.

     If the Issuer determines that any amount payable on a relevant payment date in a Specified
Currency other than U.S. dollars is not available to it in freely negotiable and convertible funds
for reasons beyond its control or that such Specified Currency (or any successor currency to it
provided for by law) is no longer used for the settlement of international financial transactions,
the Issuer may fulfill its payment

21

 

obligations by making such payment in U.S. dollars on, or as soon as reasonably practicable
after, the respective payment date on the basis of the Applicable Exchange Rate. No further
interest or any other payment shall be due as a result thereof. The “Applicable Exchange Rate” for
a Specified Currency other than U.S. dollars means (i) if available, the noon dollar buying rate in
The City of New York for cable transfers for the Specified Currency on the second Business Day
prior to the particular payment date as certified for customs purposes (or, if not so certified, as
otherwise determined) by the Federal Reserve Bank of New York or,
(ii) if such rate is not
available, the foreign exchange rate for the Specified Currency as determined by the Issuer in its
equitable discretion.

     Manner of payment. The Issuer will make payments of any amount payable on the Notes
through the Fiscal Agent by wire transfer of immediately available funds.

     Payments in U.S. dollars shall be made by the Fiscal Agent on the relevant payment date to, or
to the order of, the Registered Holder as of the Record Date (as defined below). Such funds will
be distributed through the relevant DTC participants to the Holders as of the Record Date. The
“Record Date” shall be the fifteenth calendar day immediately preceding the relevant payment date.

     If a Holder elects payment in a Specified Currency other than U.S. dollars as set out above,
payments in such Specified Currency shall be made by the Fiscal Agent on the relevant payment date
to the Specified Currency Account.

     Payments made by the Issuer to, or to the order of, the Registered Holder (or, if applicable,
to the Specified Currency Account) shall discharge the liability of the Issuer under the Notes to
the extent of the sums so paid. Neither the Issuer nor the Fiscal Agent will have any
responsibility or liability for any aspect of the records of any DTC participant relating to or
payments made by any DTC participant to a Holder or for maintaining, supervising, or reviewing any
such records.

     Payments of principal (except in the case of partial redemption or partial repayment pursuant
to §§ 7, 8, and 11) shall be made upon surrender of the Global Certificates(s) to the Fiscal Agent.
The Fiscal Agent shall maintain records of payments of principal and interest made in respect of
the Notes.

     Account designation. The Registered Holder shall designate the account for wire
transfer by transmitting the appropriate information to the Fiscal Agent by mail, hand delivery,
fax, or in any other manner approved by the Fiscal Agent. Unless revoked, any such account
designation made with respect to the Notes by the Registered Holder will remain in effect with
respect to any further payments. Holders must make account designations in accordance with the
procedures of DTC and the relevant DTC participant.

     Business Day. Unless otherwise designated in the Specific Terms, a “Business Day”
means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which
commercial banks are authorized or required by law, regulation or executive order to close in The
City of New York (such day also being referred to as a “New York Business Day”); provided, however,
that:

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     (i) with respect to Notes with a Specified Currency that is euros, the day must also be a day
on which the Trans-European Automated Real-Time Gross Settlement Express Transfer (“TARGET”)
System, or any successor system, is open;

     (ii) with respect to Notes with a Specified Currency other than U.S. dollars or euros, the day
must also not be a day on which commercial banks are authorized or required by law, regulation or
executive order to close in the Principal Financial Center (as defined below) of the country
issuing the Specified Currency; and

     (iii) with respect to Notes as to which LIBOR is an applicable Interest Rate Basis, the day
must also be a London Banking Day.

“London Banking Day” means a day on which commercial banks are open for business (including
dealings in the LIBOR Currency (as defined in §3(L) above)) in London.

“Principal Financial Center” means, as applicable: the capital city of the country issuing
the Specified Currency; or the capital city of the country to which the LIBOR Currency
relates; provided, however, that with respect to U.S. dollars, Australian dollars,
Canadian dollars, euros, South African rand and Swiss francs, the “Principal Financial
Center” shall be The City of New York, Sydney, Toronto, London (solely in the case of the
LIBOR Currency), Johannesburg and Zurich, respectively.

          A “Frankfurt Business Day” is any day other than a Saturday, Sunday, legal holiday in
Frankfurt am Main, or a day on which commercial banks are authorized or required by law,
regulation, or executive order to close in Frankfurt am Main.

     U.S. dollars. References to U.S. dollars or $ shall mean, as of any time, the coin or
currency that is then lawful currency in the United States of America.

     Euros. References to the euro or € shall mean, as of any time, the lawful currency of
the member states of the European Union that have adopted the single currency in accordance with
the Treaty establishing the European Community, as amended by the Treaty on European Union and the
Treaty of Amsterdam, and as further amended from time to time.

     Other currencies. References to a particular currency other than U.S. dollars and
euros shall mean, as of any time, the coin or currency that is then lawful currency in the country
issuing such currency on the Original Issue Date.

§ 6

The Agents

     The Issuer has initially appointed Deutsche Bank Trust Company Americas as the Fiscal Agent
and Registrar pursuant to the Fiscal Agency Agreement. The Issuer has initially appointed the
institutions named in the Specific Terms as Calculation Agent, Determination Agent, and, if the
principal of or interest on the Notes is payable in a Specified Currency other than U.S. dollars,
as Exchange Rate Agent, to

23

 

act as such agent with respect to the Notes. The Fiscal Agent, Registrar, the Exchange Rate
Agent, Calculation Agent and Determination Agent are referred to herein as the “Agents.”

     The Issuer may, in its sole discretion, appoint any other institution to serve as any such
Agent from time to time. The Issuer will give prompt written notice of any change in any such
appointment to the Fiscal Agent and by notification pursuant to § 12 hereof.

     All determinations made by any Agent may be made by such Agent in its sole discretion and,
absent manifest error, shall be conclusive for all purposes and binding on the Registered Holder,
Holders, and the Issuer.

     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 Registered Holder or the Holders and are not in any
event accountable to the Registered Holder or any Holder.

§ 7

Redemption at the Issuer’s Option

     The Notes shall not be redeemable by the Issuer before the Maturity Date unless a Redemption
Date or a Redemption Commencement Date is designated in the Specific Terms.

     If a Redemption Date is so specified, and unless otherwise designated in the Specific Terms,
the Notes may be so redeemed on such Redemption Date, in whole or in part, in any amount equal to
an Authorized Denomination or integral multiple thereof (provided that the remaining principal amount
thereof shall at least equal an Authorized Denomination) at the Redemption Price together with
interest accrued thereon to, but excluding, the Redemption Date. Such redemption shall be upon
notice in compliance with §12 hereof and in compliance with the Minimum Redemption Notice Period as
specified in the Specific Terms.

     If a Redemption Commencement Date is so specified, and unless otherwise designated in the
Specific Terms, the Notes may be so redeemed any time thereafter, in whole or in part, and in any
amount equal to an Authorized Denomination or integral multiple thereof (provided that the remaining
principal amount thereof shall at least equal an Authorized Denomination) at the Redemption Price
together with interest accrued thereon to, but excluding, the Redemption Date. Such redemption
shall be upon notice of not less than 30 and not more than 60 calendar days and in compliance with
§12 hereof.

§ 8

Repayment at the Holder’s Option

     The Notes shall not be repayable before the Maturity Date unless one or more Repayment Dates
are designated in the Specific Terms. If a Repayment Date is so specified, and unless otherwise
designated in the Specific Terms, a Holder may

24

 

request (in the manner described below) repayment of any Note, in whole or in part, in any
amount equal to an Authorized Denomination or integral multiple thereof (provided that the remaining
principal amount thereof shall at least equal an Authorized Denomination) at the Repayment Price
together with interest accrued thereon to, but excluding, the Repayment Date.

     In order to exercise such repayment option, a Holder must instruct DTC or its participants in
a timely manner as required by the DTC procedures applicable from time to time.

     If so instructed, DTC shall cause the Registered Holder to request such repayment of the
Fiscal Agent on behalf of the Holder in compliance with the Minimum Repayment Notice Period
designated in the Specific Terms. All instructions given to the Fiscal Agent relating to the
option to elect repayment are irrevocable.

     The Issuer shall only be obliged to repay Notes in respect to which a Holder has exercised its
repayment option against transfer of such Holder’s ownership interest in the relevant Notes to the
Fiscal Agent.

§ 9

Further Issues, Purchases and Cancellation

     The Issuer may from time to time, without the consent of the Holders, issue further Notes
having the same terms and conditions as the Notes in all respects (or in all respects except for
the issue date, interest commencement date and/or issue price) so as to form a single issuance with
the Notes. The term “Notes” shall, in the event of such increase, also include such further Notes.

     The Issuer may at any time purchase Notes in the open market or otherwise and at any price.
Notes purchased by the Issuer may, at the option of the Issuer, be held or resold, or transferred
to the Fiscal Agent for cancellation. If such Notes are redeemed in full or are transferred for
cancellation they shall be cancelled forthwith and may not be reissued or resold.

§ 10

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.

§ 11

Termination for Default

     If the Issuer shall fail to pay any amount payable hereunder within 30 days from the relevant
due date, any Holder may, through the Depositary, declare any

25

 

Notes due and demand repayment thereof at their principal amount plus interest accrued to the
date of repayment. Any notice declaring the Notes due shall be made by means of 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 has an ownership interest in the relevant Notes by means of a certificate of
the Holder’s Custodian pursuant to § 14(a) hereof. The right to declare Notes due shall cease if
the Issuer has made payment to or to the order of the Registered Holder (or, in the case of
payments to be made in a Specified Currency other than U.S. dollars, the Specified Currency
Account) before the Holder has exercised such right.

§ 12

Notices

     Any notice required to be made by the Issuer concerning the Notes shall be given in writing to
DTC for communication by DTC and its participants to the Holders. Any such notice shall be deemed
to have been given to the Holders on the third day after the day on which the said notice was given
to DTC.

§ 13

Governing Law, Exclusion of General Business Conditions Law

THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE FEDERAL REPUBLIC OF
GERMANY WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES.

NOTWITHSTANDING THE ABOVE, THE PROVISIONS ON GENERAL BUSINESS CONDITIONS (ALLGEMEINE
GESCHÄFTSBEDINGUNGEN, §§ 305-310 OF THE GERMAN CIVIL CODE) SHALL NOT APPLY TO THE NOTES.

ANY DISPOSITION OF THE NOTES, INCLUDING 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.

§ 14

Remedies

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.

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 the Notes
on the basis of (a) a certificate issued by its Custodian (as defined below) (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 written notice to DTC and the Registrar containing
the

26

 

information pursuant to (i) and (ii) and bearing acknowledgements of DTC and the relevant DTC
participant, and (b) copies of the Global Certificate(s) certified as being true copies by a duly
authorized officer of DTC or the Registrar. For purposes of the foregoing, “Custodian” means any
bank or other financial institution of recognized standing authorized to engage in securities
custody business with which the Holder maintains a securities account
in respect of the
Notes and includes DTC and its participants.

27

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