KFW — Capital/Financing Update 2025

Sep 17, 2025

Series: KFW233 Tranche: 11

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KfW, Frankfurt/Main, Federal Republic of Germany (an institution organized under public law of the Federal Republic of Germany)

Australian and New Zealand Medium Term Note Programme

TERMS SHEET

in connection with the issue of

A$100,000,000 3.20% Australian Notes due 15 March 2028 (“Notes”) (to be consolidated and form a single Series with the Issuer’s A$150,000,000 3.20% Australian Notes due 15 March 2028, issued on 6 September 2017, A$150,000,000 3.20% Australian Notes due 15 March 2028, issued on 12 January 2018, A$100,000,000 3.20% Australian Notes due 15 March 2028, issued on 24 January 2018, A$100,000,000 3.20% Australian Notes due 15 March 2028, issued on 31 July 2018, A$100,000,000 3.20% Australian Notes due 15 March 2028, issued on 31 August 2018, A$100,000,000 3.20% Australian Notes due 15 March 2028, issued on 4 August 2022, A$100,000,000 3.20% Australian Notes due 15 March 2028, issued on 16 May 2023, A$100,000,000 3.20% Australian Notes due 15 March 2028, issued on 12 October 2023, A$100,000,000 3.20% Australian Notes due 15 March 2028, issued on 21 March 2024 and A$100,000,000 3.20% Australian Notes due 15 March 2028, issued on 5 November 2024)

The date of this Terms Sheet is 17 September 2025. This Terms Sheet is issued in relation to the Tranche of Notes described above. It is supplementary to, and should be read in conjunction with the Information Memorandum dated 12 December 2024 (“ Information Memorandum ”) and the terms and conditions set out in the Second Deed of Terms and Conditions dated 27 February 2015 made by the Issuer, the Arranger and each Registrar in relation to the Programme. Terms not defined herein have the meanings given to them in the Second Deed of Terms and Conditions.

This Terms Sheet does not constitute, and may not be used for the purposes of, an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it is unlawful to make such offer or solicitation, and no action is being taken to permit an offering of the Notes or the distribution of this Terms Sheet in any jurisdiction where such action is required.

The particulars to be specified in relation to the Tranche of Notes referred to above are as follows:

1.	Issuer:	KfW
2.	Lead Manager:	The Toronto-Dominion Bank
3.	Relevant Dealer:	The Toronto-Dominion Bank
4.	Registrar:	Computershare Investor	Services	Pty	Limited
		(ABN 48 078 279 277)

152841121_3

1. Calculation Agent: Computershare Investor Services Pty Limited (ABN 48 078 279 277) 6. Stabilisation Manager: Not Applicable 7. Principal Amount (face amount) A$100,000,000 on the Issue Date of the Notes: 8. Denomination: A$1,000 The aggregate consideration payable to the Issuer by the relevant Noteholder in Australia must be at least A$500,000 (or its equivalent in an alternate currency, in each case disregarding moneys lent by the offeror or its associates)

2. Number of Notes to be issued: 100,000 (to be consolidated and form a single Series with the 1,100,000 Notes comprising the Issuer’s A$150,000,000 3.20% Australian Notes due 15 March 2028, issued on 6 September 2017, A$150,000,000 3.20% Australian Notes due 15 March 2028, issued on 12 January 2018, A$100,000,000 3.20% Australian Notes due 15 March 2028, issued on 24 January 2018, A$100,000,000 3.20% Australian Notes due 15 March 2028, issued on 31 July 2018, A$100,000,000 3.20% Australian Notes due 15 March 2028, issued on 31 August 2018, A$100,000,000 3.20% Australian Notes due 15 March 2028, issued on 4 August 2022, A$100,000,000 3.20% Australian Notes due 15 March 2028, issued on 16 May 2023, A$100,000,000 3.20% Australian Notes due 15 March 2028, issued on 12 October 2023, A$100,000,000 3.20% Australian Notes due 15 March 2028, issued on 21 March 2024 and A$100,000,000 3.20% Australian Notes due 15 March 2028, issued on 5 November 2024)

3. Total Principal Amount of Series:

A$1,200,000,000 (being the Total Principal Amount of this Tranche with the A$150,000,000 3.20% Australian Notes due 15 March 2028, issued on 6 September 2017, A$150,000,000 3.20% Australian Notes due 15 March 2028, issued on 12 January 2018, A$100,000,000 3.20% Australian Notes due 15 March 2028, issued on 24 January 2018, A$100,000,000 3.20% Australian Notes due 15 March 2028, issued on 31 July 2018, A$100,000,000 3.20% Australian Notes due 15 March 2028, issued on 31 August 2018, A$100,000,000 3.20% Australian Notes due 15 March 2028, issued on 4 August 2022, A$100,000,000 3.20% Australian Notes due 15 March 2028, issued on 16 May 2023, A$100,000,000 3.20% Australian Notes due 15 March 2028, issued on 12 October 2023, A$100,000,000 3.20% Australian Notes due 15 March 2028, issued on 21 March 2024 and A$100,000,000 3.20% Australian Notes due 15 March 2028, issued on 5 November 2024)

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11.	If to form a single Series with an	Issue Date
	existing Series, specify date on
	which all Notes of the Series
	become fungible, if not the Issue
	Date:
12.	Type of Notes:	Australian Notes - Fixed Rate Notes
13.	Maturity Date:	15 March 2028
14.	Issue Price:	98.915% of the Principal Amount (plus accrued interest
		payable for the period from and including 15 September
		2025 to but excluding 19 September 2025 of 4 days of
		A$35,000)
15.	Purchase Price:	98.915% of the Principal Amount (plus accrued interest
		payable for the period from and including 15 September
		2025 to but excluding 19 September 2025 of 4 days of
		A$35,000)
16.	Issue Date:	19 September 2025
17.	Clearing System:	Austraclear System

Interests in the Notes may also be traded through Euroclear and Clearstream, Luxembourg as set out in on page 9 of the Information Memorandum.

Interest Calculation and Payment, Repayment

18.	Amortised Notes	Not Applicable
19.	Dual Currency Notes	Not Applicable
20.	Fixed Rate Notes	Applicable
	Fixed Interest Rate:	3.20% per annum
	Interest Commencement Date:	15 September 2025
	Interest Payment Dates:	15 March and 15 September in each year from, and
		including, 15 March 2026 to, and including, the Maturity
		Date
	Redemption Amount:	A$1,000 per Note (100% of the Principal Amount)
	Business Day Convention:	Following Business Day Convention
	Day Count Fraction:	RBA Bond Basis
	Business Day:	Sydney
21.	Floating Rate Notes	Not Applicable
22.	High Interest (premium) Notes	Not Applicable
23.	Indexed Notes	Not Applicable

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24	Low Interest (discount) Notes	Not Applicable
25.	Structured Notes	Not Applicable
26.	Zero Coupon Notes	Not Applicable
Other	terms and conditions
27.	Partly Paid Notes:	Not Applicable
28.	Special Issuance Instructions:	Not Applicable
29	Events Affecting Maturity:	Not Applicable
30.	Call Option (early redemption at	Not Applicable
	the option of the Issuer):
31.	Put option (early redemption at	Not Applicable
	the option of the Noteholders)
	(give details):
32.	Maturity Extension Option (option	Not Applicable
	of the Noteholder to extend
	maturity, at the offer of the
	Issuer) (give details):
	Minimum notice:
33.	Other relevant terms and	Not Applicable
	conditions:
34.	Listed:	Australian Securities Exchange
35.	Additional Business Centre:	Not Applicable
36.	ISIN:	AU000KFWHAG0
37.	Common Code:	167787193
38.	Additional documents	Not Applicable
	incorporated by reference:
39.	Selling Restrictions:	As set out in the section of the Information Memorandum
		entitled “Selling Restrictions”.

The above details are confirmed by the Issuer, in respect of:

Brackelsberg, Silke Reck, Alexandra 2025.09.17 2025.09.17 11:56:46 +02'00' 12:11:15 +02'00' Silke Brackelsberg Alexandra Reck

Date: 17 September 2025

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