COMMERZBANK AG - Post-stabilisation KfW 1.5% € 1bn Global Tap 2024

Post-stabilisation notice

October 20, 2016

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

Kreditanstalt fuer Wiederaufbau –KfW-

1.50%  EUR 1,000,000,000 Increase of Global Bonds due 2024

Post-Stabilisation Notice

Commerzbank (contact: Klaus-Peter Eitel; 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:	KfW
Guarantor (if any):	Federal Republic of Germany
Aggregate nominal amount:	EUR 1,000,000,000
Description:	1.50 % Global Notes Increase due 11th June 2024
Coordinating Stabilising Manager: Stabilisation Managers:	Commerzbank AG Deutsche Bank HSBC

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 countries or any other jurisdiction in which such distribution would be unlawful.

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