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KfW, rated Aaa/AAA/AAA............>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: KfW, rated Aaa/AAA/AAA (Moody's/Scope/S&P, all stable) and
guaranteed by the FEDERAL REPUBLIC OF GERMANY, has mandated J.P. MORGAN, LBBW
and NATWEST MARKETS to lead manage a new short 7-year Global Euro benchmark
issue no. III/2018, due 23 April 2025.
- Launch is expected in the near future, subject to market conditions.

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