Stabilisation notification

Art. 9 (3) of commission regulation No. 2273/2003

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banks

Frankfurt am Main (euro adhoc) - Notification

acc. to Art. 9 (3) of commission regulation No. 2273/2003 of 22.
December 2003 as regards exemptions for buy-back programmes and
stabilisation of financial instruments of

KfW, Berlin

- International Securities Identification Number (ISIN): DE000A0E9DE
- - Wertpapierkennnummer (WKN): A0E9DE -

KfW bonds EUR 3,000,000,000 3.25 per cent. Exchangeable Bonds due
2013 exchangeable into shares of Deutsche Telekom AG - Termination of
Stabilization Period

In connection with the offering by KfW of EUR 3,000,000,000 3.25 per
cent. Exchangeable Bonds due 2013 exchangeable into shares of
Deutsche Telekom AG, Morgan Stanley Bank AG acted as stabilisation
manager.

The stabilization period has been terminated with the full exercise
of the greenshoe option increasing the offering to a total of EUR
3,300,000,000.

No stabilisation measures were undertaken by Morgan Stanley Bank AG
as stabilisation manager during the stabilisation period

THIS ANNOUNCEMENT IS NOT AN OFFER OF SECURITIES FOR SALE. This
announcement constitutes neither an offer to sell nor a solicitation
to buy securities of KfW. The securities have already been sold.

end of announcement euro adhoc
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ots Originaltext: Morgan Stanley Bank AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Morgan Stanley Bank AG

Junghofstraße 13-15

D-60311 Frankfurt am Main

Branche: Banking
ISIN:
WKN: -


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