COMMERZBANK AG - Post-stabilisation KfW 0% € 5bn due 2022

Post-stabilisation notice

26^th April 2017

Not for distribution, directly or indirectly, in or into the United States or any jurisdiction in which such distribution would be unlawful.

Kreditanstalt fuer Wiederaufbau (KfW)

EUR 5,000,000,000 Senior unsecured Global due 2022

Post-Stabilisation Notice

Commerzbank (contact: Daniela Olt-Farrelly; telephone: [phone]) hereby gives notice that no stabilisation (within the meaning of Article 3.2 (d) of the Market Abuse Regulation (EU Regulation 596/2014) was undertaken by the Stabilising Managers named below in relation to the offer of the following securities.

Issuer:	Kreditanstalt fuer Wiederaufbau
Guarantor (if any):	Federal Republic of Germany
ISIN:	DE000A2DAR81
Aggregate nominal amount:	EUR 5,000,000,000
Description:	0% senior, unsecured Notes due 28th April 2022
Stabilisation Coordinator: Stabilisation Manager s:	Commerzbank AG [BNP Paribas Goldman Sachs

This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Issuer in any jurisdiction.

This announcement is not for distribution, directly or indirectly, in or into the United States or any other jurisdiction in which such distribution would be unlawful.

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