Rely on the safe haven. - kfw.de

1 KfW Bonds - rely on the safe haven / March 2021 Relyon Bonds - rely on the safe haven / March 2021 Haftungsausschluss / ,dervonderKfWzurVerf gunggestelltwirdunddetaillierteInformati onen berKfW,ihreGesch ftsleitung,ihreJahresabschl ssesowieInformationen , Bonds - rely on the safe haven / March 2021 Overviewand RecentDevelopmentsKfW:3 KfW in briefShareholders The promotional bank of the Federal Republic of Germany, established in 1948 as a public law institution. Benefits from explicit and direct statutory guarantee and institutional liability by the Federal Republic of Germany. Regulated by the "Law concerning KfW"and exempt from corporate taxes. Zero risk weighting of KfW sbonds.(2) Supervision by the German Federal Ministry of Finance and the German Financial Supervisory Authority "BaFin". Subject to certain provisions of German and European bank regulatory laws by analogy, in large part with effect from January 1, RepublicofGermanyGermanfederalstatesBerl inFrankfurtSustainabilityCreditAaaAAAM oody sS&PAAAS copeTOP2 out of 19out of 77"Prime"TOP 3 ISS ESGS ustainalyticsimugRating(1)Cologne (DEG)Headquarters: Frankfurt am Main Branches: Berlin, Bonn Germany sflagshipdevelopmentagencyGerman creditProfessionallysupervisedand regulatedMSCIAAA(1)A rating is not a recommendation to buy, sell or hold securities.

2 Ratings are subject to revision or withdrawal at any time bythe assigning rating organization. Each rating should be evaluated independently of any other rating.(2) According to the standardized approach of the Capital Requirements Regulation (CRR)KfW Bonds - rely on the safe haven / March 20214 KfW Bonds - rely on the safe haven / March 2021 About80 representativeofficesWorldwide presence73821948195019601970198019902000 2010201620182020 TiflisYerevanAmmanKampalaWindhoekPretori aLusakaSkopjeAnkaraKyivBelgradPri tinaSarajevoTiranaBerlinFrankfurtIstanbu lLondonBrusselsColognePodgoricaBonnCairo Ramallah-Al-BirehAddis AbebaKigaliRabatDakarAccraOuagadougouYao und BamakoCotonouKinshasaNiameyManilaBakuBei jingJakartaKabulIslamabadUlan BatorHanoiDhakaBishkekTaschkentDushanbeB angkokPhnom PenhKathmanduNew DelhiMumbaiMoscowLimaLa PazBrasiliaManaguaTegucigalpaMexiko CityS o PauloQuitoBogot Guatemala CityNew YorkSanaaMaputoDaressalamLilongweAbu DhabiJohannesburgNairobiSan SalvadorSingaporeBujumburaRangoonTunisMa zar-e-SharifVientianeHo Chi Minh CityChi in uLom BeirutNumberofKfW

3 EmployeesAbidjan564%14%1%9%<1%12%KfW CapitalPromotion of Developing Countries & Emerging EconomiesFinancial MarketsNew business 2020: EUR 135bn (+75% yoy)KfW Group sbusinessactivitiesIndividual financings for municipal & social infrastructure, customized financing for FI & promotional institutes of German federal states Customized Finance & Public ClientsSubsidiary (100%, est. 2018) to carry out KfW s entire private equity & venture capital businessKfW spublic (KfW Development Bank) & private sector activities (DEG) in developing countriesGreen Bond PortfolioExport & Project Finance(KfW IPEX-Bank)Environment investmentratio:New business for environment and climate protection in % of total new business business for SMEs in % of total new domestic business *DomesticInternationalDomesticSME ratio:48%Subsidiary (100%, est. 2007) for exports and project & corporate financing world-wideStandardized financing products for SMEs, business founders, start-ups, self-employed professionals and private individualsSME Bank & Private Clients*excludingCovid-19 relatedloanfacilities: 50%Basedon 2020 Bonds - rely on the safe haven / March 20216 KfW involves commercial banks in its domestic activitiesProven and successful business modelKfW Bonds - rely on the safe haven / March 2021 Backed by Understanding IIreached with EU Commission7 KfW Bonds - rely on the safe haven / March 2021 Strong focus on Germany and financial industry due to business modelAllocationoftheeconomiccapitalforcr editrisk87%4%2%1%1%2%2%1%GermanyEuro-are a countries ( )EU countries (excl.)

4 Euro-areacountries and Germany)Europe outside EUAfricaAsia (incl. Australia and NewZealand)Latin AmericaNorth AmericaBy region86%5%2%1%1%1%1%3%Financial sectorFinancialinvestment/fundsConsumerE nergy/environmentPublic SectorTransport infrastructureEssential goodsOtherBy sectorExposuretoGermany:87%Exposuretofin ancialsector:86%8 Basedon year-end 2020 contributiontoall oftheUnited Nations SustainableDevelopment GoalsSDG-MAPPING of KfW Group snew business in 2020 KfW Bonds - rely on the safe haven / March 2021100% ofKfW financingcommitmentsareattributedtoat least 1 SDG9 SDG 7 -Affordable and clean energy: Pledges reached EUR billion -also an increase of 53% compared to the previous year (EUR billion). SDG 8 -Decent work and economic growth: In the course of the pandemic-related support measures for the economy, KfW increased its financing commitments by 156% to EUR billion compared to the previous year (EUR billion).

5 SDG 11 -Sustainable Cities and Communities: Commitments reached EUR billion -an increase of 58% compared to the previous year (EUR billion). SDG 13 -Climate action: Commitments reached EUR billion -an increase of 53% compared to the previous year (EUR billion).Manifoldactivitiestoimprovesust ainabiltyand toactasvocaladvocate-examplesSustainabil ityhasbeenand remainsoneofKfW stop prioritiesSetting new corporate targets:KfW shall remain among top-performer in ESG ratings by renowned int l ESGrating agenciesImproving lending business:Developed a group-wide KfW Roadmap Sustainable Finance: Improvement of impact evaluation of KfW sbusiness ( SDG mapping) Assessment of sustainability control elements in bank steering Consideration of ESGand climate risks in internal risk management processFinancing landmark projects:Clean Ocean Initiative(KfW, EIB and AFD.)

6 2018) EUR 2bn for sustainable projects to reduce the pollution in the world s ocean within the next 5 years Focus on river and costal areas of developing countries in Asia, Africa, and the Middle EastEngaging in global initiatives: PRI Principles for Responsible Investments signatory Green Bond Principles Executive Committee member TCFD Task-Force on Climate-related Financial Disclosure supporter"Sustainability has always been an important part of our DNA. KfW is sustainable in a holistic sense, our understanding of sustainability goes far beyond environment and climate protection."Dr. G nther Br unig, CEOKfW Bonds - rely on the safe haven / March 202110 KfW Bonds - rely on the safe haven / March 2021 Business bnEURT otal promotionalbusinessvolume2020 About 79% domestic and 21% international business. 2020: 38% COVID-19 aid on behalf of gov bnEURT otal assetsat 31 Dec2020 Among top 3 of Germany s largest credit institution in terms of total bnEURC onsolidated profit2020 Due to the pandemic, profit before IFRS effects from hedging is, however, significantly less than the previous 1 Capital CRSAIRBA approvedBaFin minimumrequirementat yearend 2020 The increase of the Tier 1 capital ratio of KfW as of December 31, 2020, isprimarilydue to the transition to a new system for calculating credit risk indicators in pillar I as part of the Internal Ratings-Based Approach (IRBA) approval bnEURin bnEURin bnEURIRBA approvalStrategic target(beforeIFRS effects)

7 202011 COVID-19 aidKfW Bonds - rely on the safe haven / March 2021 Large share of tier 1 capital reflects high quality of KfW sfinancial sound capital risk-bearing capacity of KfW12 OperationalriskMarket riskCredit riskCapital buffer for modelrisk57(91)Project risk1,400(1,200)30,372 (29,775) Internal Capital15,849 (14,467) Economic capital requirements14,523 (15,308) Excesscoverage9,494(8,539)3,689(3,275)69 3(844)516(518)Equity investment riskfigures 2020 in EUR m (figures 2019)KfW Bonds - rely on the safe haven / March 2021 Solid business performanceKey financial figures of KfW Group (IFRS)201820192020 Business activities (in EUR bn) for the periodPromotional business statement key figures (in EUR m) for the periodOperating result before valuation & promotional activities1,3871, profit1,6361,367525 Consolidated profit before IFRS effects from hedging1,3111,447633 Balance sheet (in EUR bn) at the end of the periodTotal of regulatory figures (in %) at the end of the periodTier 1 capital capital Financings (in bnEuro)KfW Highlights promotional businessExport & Project FinancingFinancings Developing and Emerging EconomiesCapital market-related financingBusiness Highlights FY 2020 Record level of EUR (+75% yoy) in promotional activities, thereof almost 38% COVID-19 support measures.

8 Record level of ~EUR 45bn of our financings were for climate and environmental Almost half (47%) of new domestic business is for SME financings Record commitments of EUR for energy efficient residential buildings Despite the crisis, topics with relevance for the future pursued: VC for young companies, energy efficiency, infrastructure and digitizationInternational Because of COVID 19, the commitment volume in the Export and project finance business sector was down by 25% Commitments in the developing and Emerging markets increased by 16%, EUR 5bn to cushion COVID-19 pandemic impactFinancial Markets KfW invested EUR in green bonds to support climate change mitigation and environmental protection. +75%KfW Bonds - rely on the safe haven / March 2021 KfW Bonds - rely on the safe haven / March 2021*Additional 5bn EUR related to COVID 19 measures have been committed in KfW'spromotional activities in developing and emerging economies.

9 Focus on supportingtheGerman economyon behalf oftheGerman governmentCOVID-19 relatedloanfacilitiesFacts and Figures(asof31 March 2021) On behalf of the government and part of a compre-hensivepackage of measures. Launched in March. Loanfacilitiesasliquidityaidforbusinesse sin Germany affectedbytheCOVID-19 : nofinancialdifficultiesat end of2019. Promotional terms are significantly modified in order to facilitate the approval and Special Programme 2020 About 130,164 applicationstotalling~ 99% ofall applicationsforloans< 3m 48 applicationsfordirectlendingtotalling~ 15bn, 99% ofall applicationsalreadyprocessed Commitmentvolume: ~ 49bn* Average loanamount: ~ 398kOn-lendingloanvia commercialbanksDirectlendingin consortiumNoriskassessmentLoans< EUR 800kRisk: 100% govtFast-track riskassmtLoans< EUR 100mRisk: 80/90% govt20/10% bankOrdinaryriskassmtLoans> EUR 25mmax.

10 80% oftotalRisk: 100% govtLoanapplications130kAlreadyprocessed 99%Commitmentvolume 49bn*15 KfW Bonds - rely on the safe haven / March 2021 Fundingat KfW16 KfW sfunding highlights in 2020 EUR yearsleveldue Benchmarksdominate(EUR 45bn) amidultralowyields. Ongoinghigh currenciesvia 172 transactionsunderpinKfW s global approachin BondsKfW s excellentaccessto$-marketallowstoborrow$ via 9 highlyliquid bench-marktransactions(plus 7 taps) in EUR and BondsEUR in total & 6bn EUR Green Bond was the largest issued by any non-sovereign SSA Bonds - rely on the safe haven / March 202117 EURUSDGBPCOVID -19 Gov tFunds100bn programmesizeofwhich39bn havebeendrawntoprovideCOVID aidstothepublic. Emerging MarketsRemarkable very fine tailor-made placements in CNY, HK$ and ZAR. CurrenciesEuro increasedin importancesignificantly, with64% oftotal funding.