REG-Commerzbank AG: Pre-stabilisation

COMMERZBANK AGAnnouncement

30/04/2024 08:30

Pre-Stabilisation notice

April 30, 2024

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)

Green benchmark bond due 2032

Pre-Stabilisation Notice

Commerzbank AG (contact: Daniela Olt-Farrelly; telephone: +49 69 136-20)
hereby announces, as Stabilisation Coordinator, that the Stabilising Managers
named below may stabilise the offer of the following securities in accordance
with Commission Delegated Regulation (EU) 2016/1052 under the Market Abuse
Regulation (EU Regulation 596/2014).

 The security to be stabilised:                                                                                                                                                                                                        
 Issuer:                                                                    Kreditanstalt fuer Wiederaufbau (KfW)                                                                                                                      
 Guarantor (if any):                                                        Federal Republic of Germany                                                                                                                                
 Aggregate nominal amount:                                                  EUR benchmark                                                                                                                                              
 Description:                                                               Green Bond Euro RegS Bearer benchmark transaction maturing on 31st Mar 2032, off the Issuer’s EMTN programme, denoms 1k/1k, payment date 8 May 2024        
 Offer price:                                                               tbc                                                                                                                                                        
 Other offer terms:                                                         rated Aaa/AAA/AAA (Moody's/Scope/S&P, all stable) and with ESG ratings Prime, C+ (ISS-ESG), Advanced (Moody's ESG Solution), AAA (MSCI ESG Issuer Rating)  
 Stabilisation:                                                                                                                                                                                                                        
 Stabilisation Coordinator: Stabilising Managers:                           Commerzbank AG Danske Bank NatWest Markets Société Générale                                                                                                
 Stabilisation period expected to start on:                                 30 (th)April 2024                                                                                                                                          
 Stabilisation period expected to end on:                                   no later than 30 days after the proposed issue date of the securities                                                                                      
 Existence, maximum size and conditions of use of over-allotment facility.  The Stabilising Managers may over-allot the securities to the extent permitted in accordance with applicable law.                                          
 Stabilisation trading venue:                                               Luxembourg regulated market                                                                                                                                

In connection with the offer of the above securities, the Stabilising
Manager(s) may over-allot the securities or effect transactions with a view to
supporting the market price of the securities during the stabilisation period
at a level higher than that which might otherwise prevail. However,
stabilisation may not necessarily occur and any stabilisation action, if
begun, may cease at any time Any stabilisation action or over-allotment shall
be conducted in accordance with all applicable laws and rules.

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.

END




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