investor presentation kfw

KFW GLOBAL INVESTOR BROADCAST 2023

07 December 2023 13:00 - 13:30

Date: 7th December 2023 Location: Online Format: Webinar

KfW Global Investor Broadcast

Time: 8:00am NYC / 1:00pm London / 2:00pm Frankfurt / 8:00pm Hong Kong / 9:00pm Tokyo

As we look back on a year of normalization for KfW’s core business, what were the highlights for the CEO of Germany’s state-owned promotional bank in the year of the bank’s 75th anniversary? What are his expectations in 2024 in order to accelerate intelligent transformation, strengthening Germany and Europe as a powerful industrial and technology location? How did KfW, as one of the leading SSA issuers, manage its funding needs when primary markets became more challenging during the course of the year? What are the Treasurer’s hot topics for KfW’s funding programme in 2024? KfW will introduce a new Green Bond Framework 4.0 valid for its green bonds from 2024 onwards. What’s new about the framework? What is important for investors to know? KfW’s CEO and Treasurer share their views. The broadcast will cover the following: 1. An interview with KfW’s CEO Stefan Wintels 2. An interview with KfW’s Treasurer Tim Armbruster 3. An introduction to KfW’s new Green Bond Framework 4.0 Carolin Roth, an internationally recognized financial journalist, will conduct the interviews. The broadcast and the transcript will be in English. The replay of the broadcast will continue to be available after the initial release, provisionally until April 2024. The semi-annual Global Investor Broadcast is intended to complement KfW’s regular investor communication conducted throughout the year.

Access: Registration via Deal Roadshow here .

• Entry code: KFW23
• Direct link here .

KfW presents itself. A presentation about KfW and its tasks

As of July 2021 Video „KfW at a glance“

There is a hyperlink behind the image – click right to open it and start the film. Note: Internet connection is required.

KfW presents itself / July 2021 2 18 November 1948 Law Concerning KfW enters into force

KfW presents itself / July 2021 3 History of KfW

1948 1950 1960 1970 1980

The beginning Reconstruction and the German Making our way in the world Reorientation towards Expansion of promotional economic miracle domestic investment areas In June 1948, The 1960s was the the Allied With money from the Marshall Plan dawn of a new era. SMEs became the object of Military amounting to the equivalent of EUR The Federal economic and political focus.The Government 1 billion, KfW funded the recon- Republic, which promotion of energy saving and commissioned struction of the German economy. was expanding innovation becomes a key area of the establish- It took on tasks that still belong to its economically, KfW’s work. hment of a core business today, namely export increasingly took Development policy was in a state central body for financing and SME finance. In the 1950s, the on responsibility in terms of of change: capital assistance reconstruction in the occupied foundation was also laid for the development aid . As early as became Financial Cooperation. western zones of Germany . financing of environmental projects. 1961, KfW was given a legal The increasing internationalisation The Law Concerning KfW mandate to do this. of the capital markets opens up enters into force on 18 Novem- new funding opportunities for KfW. ber 1948. 1990 2000 2010 2020

Reunification A period of change Responsible banking Modern crisis manager The The KfW Group The activities of KfW are manifold, Following its own experience of development emerges from the with an increasing focus on energy crises, KfW is optimising its internal of the East Kreditanstalt für efficiency and the heating processes and IT structures to (“Aufbau Wiederaufbau. transition. For KfW, major topics become a modern, future-oriented Ost”) saw the Responsibility of the future are sustainability, promotional bank. As a major climate beginning of defines the identity innovation and digitalisation in protection financier, it consistently the largest of KfW. Climate and Germany, as well as strengthening focuses on sustainability. With support programme in environmental protection projects European cooperation. commitments of over EUR 50 billion, German history. Some 70 % are just as much a focus as the it is supporting German companies of domestic economic funding of education and SMEs. during the coronavirus pandemic. promotion flow into the new German states until the mid- 1990s.

KfW presents itself / July 2021 4 More than 70 years of KfW Financing with a public mission

− Promotional bank of the Federal Republic of Germany

− Established in 1948 as Kreditanstalt für Wiederaufbau

− Shareholders: 80% Federal Republic, 20% federal states

− Headquarters: Frankfurt am Main Branches: Berlin, Bonn and Cologne

− Representative offices: about 80 offices and representations worldwide

− Balance sheet total 2020: EUR 546.4 billion

− Financing volume 2020: EUR 135.3 billion

− 7,610 employees (as of 31/12/2020)

− Best long-term rating: Aaa/AAA/AAA

KfW presents itself / July 2021 5 Worldwide presence About 80 representative offices

Bonn Cologne Moscow

London Berlin Brussels Chişinău Kyiv Frankfurt Belgrad Mazar-e-Sharif Ulan Bator Sarajevo Priština Tiflis Istanbul Tashkent Bishkek New York Podgorica Beijing Ankara Dushanbe Tirana Skopje Yerevan Tunis Erbil Islamabad Rabat Beirut Kabul Ramallah-Al-Bireh Bagdad Amman New Delhi Kathmandu Cairo Abu Dhabi Dhaka Hanoi Mumbai Mexico City Rangoon Tegucigalpa Vientiane Guatemala City Bamako Niamey Sanaa Dakar Bangkok Manila San Salvador Managua Ouagadougou Phnom Penh Cotonou Addis Abeba Ho Chi Minh City Colombo Bogotá AbidjanAccra Lomé Yaoundé Kampala Singapore Lagos Quito Kigali Nairobi Kinshasa Bujumbura Daressalam Jakarta

Lima Lusaka Lilongwe La Paz Brasilia Windhoek 7,610 São Paulo Pretoria Maputo Number of Johannesburg KfW employees worldwide as of 31/12/2020

1948 1950 1960 1970 1980 1990 2000 2010 2018 2019 2020 Source, comment, footnote

KfW presents itself / July 2021 6 Proven and successful business model

Financing Capital Customer partner market

Promotional mandate State liability

Institution owned by Defined by KfW Law Federal Republic and federal states

Backed by Understanding II reached with EU Commission

KfW presents itself / July 2021 7 Neutrality through on-lending principle in lending business No branch network of our own

Submits loan application If approved, customer’s with regular bank before bank forwards application start of investment to KfW

Financing Customer partner

Enters into the loan Refinances the loan at agreement and favourable refinancing disburses the loan interest rates

KfW presents itself / July 2021 8 Facing challenges from megatrends

Climate change & Digitalisation & Globalisation Social change environment innovation

Climate change and the environment, globalisation, digitalisation and social change – we face great challenges today. KfW is one of the world’s leading promotional banks. It applies its decades of experience on behalf of the German Federal Government and the federal states to improve the economic, social and ecological living conditions around the world.

KfW presents itself / July 2021 9 Domestic and international promotion Business sectors

We support the German and We promote Germany We promote development the European economy

SME Bank & Customised KfW Capital KfW IPEX-Bank KfW DEG Private Clients Finance & Entwicklungsbank Public Clients

Digital mass Individual Venture capital National / International Promotion of Promotion of business financing solutions fund export and developing countries developing countries and municipal investments project finance and emerging and emerging finance economies economies

KfW presents itself / July 2021 10 Domestic promotion We promote Germany’s future More than 660,000 promotional loans, venture capital investments, and promotional grants p.a.

KfW Domestic promotion

Business Technology- Private costumers, Municipalities, founders oriented e.g. housing, municipal & social & SMEs start-ups education organisations

KfW presents itself / July 2021 11 Domestic promotion Historical promotion year 2020 – Coronavirus aid programmes in the focus

137,000 € 106bn private charging € 4.8bn stations for electric for municipal commitments in total vehicles in 1 month and social infrastructure € 186m € 46bn EUR for expanding for renewables and for coronavirus aid special measures venture capital 7.6bn energy efficiency Supporting companies, start-ups, students and non-profits during the crisis

Record promotion volume for Energy-efficient construc- tion and Refurbishment

Studies, or training and education for 320,000 commitments

95,000 more than EUR 30bn people

KfW presents itself / July 2021 12 Domestic promotion KfW SME promotion - tailored support in crises and transformation

Around one fourth of Priority area Coronavirus aid investment loans to Innovation German SMEs 97% are refinanced by KfW in the long-term average benefits SMEs 774 million euros in new commitments for companies to tap into new markets and foster digital transformation

Priority area Corporate investment Priority area Start-ups

35bn euros in new commitments to 4,359 million euros in new commitments for strengthen competitiveness and help promoting start-up activity and entrepreneurial spirit companies tap into new markets

Priority area Environment & Sustainability Priority area Energy transition in the SME sector 181 million euros in new commitments for measures to support 7,428 million euros in new commitments to increase environmental protection and sustainable energy efficiency of buildings and production facilities and operations expand renewables . The focus is on smaller enterprises for which it is often more difficult to get access to the capital market: For selected purposes relevant in terms of promotional policy, : individual financing approaches are possible. of the loans go to companies with a 90% turnover not exceeding EUR 10m

KfW presents itself / July 2021 13 KfW IPEX-Bank at a glance

KfW IPEX-Bank finances and supports projects of German and European companies to strengthen our export industry.

Large and larger medium-sized companies conducting international business Target group (Export companies, as well as PEAs for large-scale investments in infrastructure, environmental and climate protection)

Volume of commitments EUR 16.1 billion 2020

Medium and long-term structured financings for − exports and other tied financings for export companies − maintenance and expansion of German and European infrastructure including Financing corresponding means of transport priorities − climate and environmental protection projects − securing German and European raw material supplies − foreign investments of German companies

KfW presents itself / July 2021 14 KfW Development Bank at a glance Folie alt

Promotion of investments and reform processes in developing countries and emerging Task economies

− German Federal Government (esp. BMZ, but also AA, BMU, BMBF) Mandate by − EU Commission − Selected bilateral donors

− Sustainably improve economic and social living conditions Objectives − Poverty reduction − Climate and environmental protection

Partners Governmental institutions and, where appropriate, non-governmental organisations

Promotional business EUR 11 billion volume 2020

KfW presents itself / July 2021 15 DEG Deutsche Investitions- und Entwicklungsgesellschaft mbH at a glance

DEG is paving the way for sustainable entrepreneurial success and effective development.

As one of the biggest development financiers for the private sector we finance, advise and Task support private businesses, important drivers for development

− Expand private sector structures through the financing of investments that contribute to local value creation in the long term − Sustainable development that creates qualified jobs and income, improves living conditions Objectives and opens opportunities − Promotion of innovative business models, introducing international standards in developing countries

Partners Companies operating in developing countries and emerging economies

Promotional business EUR 1.4 billion volume 2020

KfW presents itself / July 2021 16 Funding KfW is one of the world’s biggest and most active bond issuers on the international capital markets

Triple-A-Rating of KfW bonds − Funding takes place almost completely on the international money and capital markets, particularly in euros and US dollars. Other important currencies are the British pound, the Australian dollar and the Japanese yen. − The offer of different currencies, maturities and Excellent sustainability rating structures is targeted in particular at institutional investors. − KfW bonds are also an important asset class for Negligible Bank sustainable investors, as KfW gets excellent ratings ”Prime” BB from independent sustainability rating agencies. − “Green Bonds – Made by KfW” are designed to Awards offer investors the possibility to invest in climate protection and provide impetus for fostering environmental protection activities. − Issuing planned for 2021: EUR 70-80 billion

KfW presents itself / July 2021 17 Executive and advisory bodies Composition

Advisory bodies Executive bodies

Board of Supervisory Directors oversees the conduct of business & Advisory Council for Promotional asset administration Measures in Eastern Germany

Presidial and Risk and (currently inactive) Remuneration Audit Nomination Credit Committee Committee Committee Committee

SME Council Executive Board conducts KfW’s business and administers its assets

KfW presents itself / July 2021 18 Executive Board

Dr Günther Bräunig Dr Ingrid Hengster Melanie Kehr (CEO)

Christiane Laibach Bernd Loewen Dr Stefan Peiß

KfW presents itself / July 2021 19 Board of Supervisory Directors Function and composition

Tasks Board members

− Constantly supervises the conduct Chair and Deputy Chair of business and the administration of − Federal Minister of Finance and the Federal Minister for Economic assets Affairs and Energy in alternation − Approves the annual financial statements 37 members − Appoints auditors − Federal ministers specified in the Law Concerning KfW − Confers powers upon committees (KfW Law) − Presidial and Nomination − Members appointed by the Bundestag and Bundesrat Committee − Representatives of banks and savings banks − Remuneration Committee − Representatives of industry, the municipalities, agriculture, − Risk und Credit Committee commerce, handicrafts, housing and the trade unions − Audit Committee

KfW presents itself / July 2021 20 Mittelstandsrat (SME Advisory Council) Function and composition

Tasks Council members

− Concretises the public mission of Chair Mittelstandsbank − Federal Minister for Economic Affairs and Energy − Deliberates and decides on Deputy Chair proposals for the promotion of small − Federal Minister of Finance and medium-sized enterprises on the basis of the overall business planning of KfW Further Members − The commissioner of the Federal Government for the new federal states (eastern Germany) − Two representatives appointed by the Bundesrat − Four other members appointed by the Federal Ministry for Economic Affairs and Energy − One member appointed by the Federal Minister of Finance − One member appointed by the Minister for the Environment, Nature Conservation and Nuclear Safety

KfW presents itself / July 2021 21 Strategic investments (Capital shares as of 30 June 2021)

GZBV Deutsche Berliner Verwaltungs- KfW Energie- Energie- True Sale European Deutsche GmbH4 Selent Netz- Beteiligungs- KfW Capital Deutsche Elia Group Agentur Agentur International Investment Post CureVac HENSOLDT betreiber DEG mbH1 holding GmbH & Co. FuB GmbH tbg GmbH Telekom S.A./NV (100%) GmbH (dena) GmbH (BEA) AG2 3 3 5 GmbH KG GmbH (TSI) Fund (EIF) AG2 NV AG GmbH GZBV mbH & Co. KG4 (100%) (100%) (100%) (100%) (100%) (26%) (25%) (7.7%) (1.44%) (20.5%) (17.4%) (16%) (0.3%) (84.3%) (25.1%) (100%)

KfW IPEX-Bank GmbH

AKA Ausfuhrkredit GmbH

1 non-profit 2 holding arrangement 3 mandated transaction in accordance with Article 2 (4) of the KfW Law 4 mandated transaction in accordance with Article 2 (4) of the KfW Law (indirect participation in Airbus SE – around 11% of voting rights) 4 mandated transaction in accordance with Article 2 (4) of the KfW Law (indirect participation in Eurogrid GmbH – 20% of shares)

KfW presents itself / July 2021 Headquarters of KfW Group in Frankfurt http://campus.kfw.de

− 1949 Work begins at Gutleutstrasse 40 − 1968 Move to Palmengartenstrasse − 1987 - 2016 Progressive construction of the campus 1987: North and South Arcades 2002: East Arcade 2010: West Arcade 2011: Senckenberganlage 2012: „Villa 102“ 2016: Bockenheimer Landstraße 104 − 4,089 employees are currently working in KfW’s own as well as in leased premises − The buildings owned by KfW are featuring a high environmental and KfW Group technical standard and were awarded several Palmengartenstrasse 5-9 prizes 60325 Frankfurt Germany

KfW presents itself / July 2021 23 Berlin branch

− 1949 bis 1989 Headquarters of the Central Bank of the GDR (“Staatsbank”) − 1990 “Staatsbank Berlin” founded to wind up the Central Bank of the GDR (“Staatsbank der DDR”) − 1994 Staatsbank Berlin with all employees and tasks transferred to KfW − 2001 Branch office opened at Gendarmenmarkt

KfW Niederlassung Berlin Charlottenstrasse 33 10117 Berlin Germany

KfW presents itself / July 2021 24 Bonn branch

− 1950 Foundation of the “Vertriebenen Bank AG” − 1954 Transformation into a public law institution named “Lastenausgleichsbank” − 1986 Renamed as Deutsche Ausgleichsbank (DtA) − 2003 Merged with KfW

KfW Niederlassung Bonn Ludwig-Erhard-Platz 1-3 53179 Bonn Germany

KfW presents itself / July 2021 25 DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH

− 1962 Founded as a state-owned company − Since June 2001 100 % subsidiary of KfW Group − To date promoted approx. 3,430 investment projects in developing countries − 2020 New commitments of around EUR 1.4 billion

DEG Kämmergasse 22 50676 Köln Germany www.deginvest.de

KfW presents itself / July 2021 26 KfW Stiftung Taking responsibility – promoting diversity

− Non-profit foundation under civil law − Established in October 2012 − Endowment capital: EUR 20 million − Mission: providing impetus for tackling social challenges − climate action and environmental protection − demographic change − globalisation − In the focus: responsible entrepreneurship, social commitment, climate and the environment, arts and culture − Activities of KfW Stiftung: Event location of KfW Stiftung: projects encouraging replication the ancient "Frankfurt House of Literature"

KfW presents itself / July 2021 27 KfW Stiftung Fields of activity

Responsible Social Commitment Climate and Environment Arts and Culture Entrepreneurship

− Creating the infrastructure to − Fostering the enabling of − Raising awareness for preserving − Promoting intercultural dialogue resolve societal problems by inclusion and social participation biodiversity and capacity building with cultural producers from means of economic activity Africa, Asia, Latin America and the Middle East

Project examples:

− Incubator programmes for impact − Cultural inclusion, in particular of − Nature conservation projects to − Artists in Residence programmes start-ups of all stages (e.g. women (Mädchenbüro Milena) preserve endangered animal and in Germany (Künstlerhaus Impact Factory Duisburg), − Vocational inclusion of people plant species (Frankfurt botanical Bethanien and Solitude), South − Integration of know-how about with disabilities (EVIM / garden, Spring School on Africa and Ouganda (Art founding an impact-oriented Schlocker-Stiftung ) Conservation Project Connection Africa) business in start-up consultation, − Social inclusion of Management − Writing workshops in the Middle − Promoting the stakeholder disadvantaged young people East and Afghanistan (Goethe- dialogue for financing social (Manege GmbH, Don Bosco Institut, Untold/WeiterSchreiben) entrepreneurship centre) − Exhibitions and discussion pro- gramme (Villa 102)

KfW presents itself / July 2021 28 Photo credits/references

Title Full-page image / KfW / Stephan Sperl Slide 23 http://campus.kfw.de

Slide 2 KfW Group/ Thomas Schuch (video screenshot) Slide 24 KfW Photo Archive / Angelika Kohlmeier

Slide 3 KfW, Historical Group Archive / - Slide 25 KfW Photo Archive / -

Slide 4 (from top left to bottom right) Slide 26 DEG / Andreas Huppertz Picture 1: KfW, Historical Group Archive Picture 2: KfW, Historical Group Archive Slide 27 Jens Steingässer Picture 3: KfW, Historical Group Archive / ABB Switzerland Picture 4: Federal Government / Klaus Lehnartz Slide 28 Picture 1: KfW Stiftung / Felicitas Nadwornicek Picture 5: KfW Photo Archive / Holger Peters Picture 2: KfW Stiftung / Frank Blümler Picture 3: KfW Stiftung / Stephan Daub Folie 5 KfW, Historical Group Archive Picture 4: KfW Stiftung / Katrin Schilling

Slide 9 Picture 1: KfW Photo Archive / Holger Peters Picture 2: Fotolia.com/Nataliya Hora Picture 3: KfW Photo Archive / Charlie Fawell Picture 4: KfW Photo Archive / photothek.net

Slide 19 Dr Bräunig: KfW Photo Archive / Thorsten Futh Dr Hengster: KfW Photo Archive / Stephan Pick Ms Kehr: KfW Photo Archive / Thorsten Futh Ms Laibach: KfW Photo Archive / Alex Habermehl Mr Loewen: KfW Photo Archive / Thorsten Futh Dr Peiß: KfW Photo Archive / Thorsten Futh

KfW presents itself / July 2021 29 Thank you for your attention.

Explainer: Germany's new energy heavyweight: state lender KfW

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Green Bonds – Made by KfW. September 2019 Filed pursuant to Rule 433; Registration No. 333-224298

KfW – Commitment to sustainability KfW at a glance and the importance of its holistic sustainability approach Green Bonds – Made by KfW KfW’s green bond framework and the green bonds’ mode of operation Green Bond issuances Overview, experience and reporting KfW at debt capital markets KfW as an issuer of bonds and notes Green Bond portfolio of KfW KfW as an investor in green bonds Agenda Green Bonds - Made by KfW / September 2019

KfW – Commitment to sustainability KfW at a glance and the importance of its holistic sustainability approach Green Bonds - Made by KfW / September 2019

KfW in brief Shareholders The promotional bank of the Federal Republic of Germany, established in 1948 as a public law institution. Benefits from explicit and direct statutory guarantee and institutional liability by the Federal Republic of Germany. Regulated by the "Law concerning KfW" and exempt from corporate taxes. Zero risk weighting of KfW’s bonds.(2) Supervision by the German Federal Ministry of Finance and the German Financial Supervisory Authority "BaFin". Subject to certain provisions of German and European bank regulatory laws by analogy, in large part with effect from January 1, 2016. 80% 20% Bonn Federal Republic of Germany German federal states Berlin Frankfurt Sustainability Credit Aaa AAA Moody‘s S&P AAA Scope TOP 2 out of 19 out of 342 "Prime" # 1 ISS ESG Sustainalytics imug Rating(1) Cologne (DEG) Headquarters: Frankfurt am Main Branches: Berlin, Bonn Germanyʼs flagship development agency German credit Professionally supervised and regulated MSCI AAA (2) According to the standardized approach of the Capital Requirements Regulation (CRR) Green Bonds - Made by KfW / September 2019 (1) A rating is not a recommendation to buy, sell or hold securities. Ratings are subject to revision or withdrawal at any time by the assigning rating organization. Each rating should be evaluated independently of any other rating.

About 80 representative offices Worldwide presence Tiflis Yerevan Amman Kampala Windhoek Pretoria Lusaka Skopje Ankara Kyiv Belgrad Priština Sarajevo Tirana Berlin Frankfurt Istanbul London Brussels Cologne Podgorica Bonn Cairo Ramallah-Al-Bireh Addis Abeba Kigali Rabat Dakar Accra Ouagadougou Yaoundé Bamako Cotonou Kinshasa Niamey Manila Baku Beijing Jakarta Kabul Islamabad Ulan Bator Hanoi Dhaka Bishkek Taschkent Dushanbe Bangkok Phnom Penh Kathmandu New Delhi Mumbai Moscow Lima La Paz Brasilia Managua Tegucigalpa Mexiko City São Paulo Quito Bogotá Guatemala City New York Sanaa Maputo Daressalam Lilongwe Abu Dhabi Johannesburg Nairobi San Salvador Singapore Bujumbura Rangoon Tunis Mazar-e-Sharif Vientiane Ho Chi Minh City Chişinău Lomé Beirut Number of KfW employees Abidjan Green Bonds - Made by KfW / September 2019

KfW Capital Promotion of Developing Countries & Emerging Economies Financial Markets New business 2018: EUR 75.5bn (2017: EUR 76.5bn) KfW Group’s business activities Individual financings for municipal & social infrastructure, customized financing for FI & promotional institutes of German federal states Customized Finance & Public Clients Subsidiary (100%, est. 2018) to carry out KfW’s entire private equity & venture capital business KfW’s public (KfW Development Bank) & private sector activities (DEG) in developing countries ABS/ABCP & Green Bond Portfolio <1% Export & Project Finance (KfW IPEX-Bank) 13% 23% 14% 2% Environment investment ratio: New business for environment and climate protection in % of total new business volume. New business for SMEs in % of total new domestic business volume. 40% Domestic International Domestic SME ratio: 41% Subsidiary (100%, est. 2007) for exports and project & corporate financing world-wide 48% Standardized financing products for SMEs, business founders, start-ups, self-employed professionals and private individuals SME Bank & Private Clients Green Bonds - Made by KfW / September 2019 Based on 2018 data.

KfW involves commercial banks in its domestic activities Proven and successful business model Backed by Understanding II reached with EU Commission On-lending bank Lender Final borrower Green Bonds - Made by KfW / September 2019

Manifold activities to improve sustainabilty and to act as vocal advocate - examples Sustainability has been and remains one of KfWʼs top priorities Setting new corporate targets: KfW shall remain among top-performer in ESG ratings by renowned int’l ESG rating agencies Improving lending business: Development of a group-wide KfW Roadmap Sustainable Finance by 2020: Improvement of impact evaluation of KfW’s business (e.g. SDG mapping) Assessment of sustainability control elements in bank steering Consideration of ESG and climate risks in internal risk management process Financing landmark projects: Clean Ocean Initiative (KfW, EIB and AFD; 2018) EUR 2bn for sustainable projects to reduce the pollution in the world’s ocean within the next 5 years Focus on river and costal areas of developing countries in Asia, Africa, and the Middle East Engaging in global initiatives: PRI – Principles for Responsible Investments signatory Green Bond Principles Executive Committee member TCFD – Task-Force on Climate-related Financial Disclosure supporter "Sustainability has always been an important part of our DNA. KfW is sustainable in a holistic sense, i.e. our understanding of sustainability goes far beyond environment and climate protection. " Dr. Günther Bräunig, CEO Green Bonds - Made by KfW / September 2019

Since 2019 with explicit reference to SDGs, Paris Agreement and German Governmentʼs sustainability strategy Holistic sustainability approach at KfW KfW Bankengruppe Declaration on the respect for human rights in its business operations KfW sustainability mission statement and areas of action Sustainability management Banking business Employer Banking operations Sustainability communications Employer attractiveness Equality Reconciling of work and private life Social commitment Sustainability organisation: Chief Sustainability Officer Group officer for sustainability Network of decentralised sustainability officers Sustainability guidelines for banking business and operations Sustainability ratings and rankings Inclusion in strategic objectives Financings (in line with the megatrends of climate change and environment; globalisation, social change, digitalisation and innovation; social change) Capital market Risk management Corporate governance & compliance In-house environmental protection Procurement Sustainability report Sustainability portal Stakeholder management (dialogue and communication) Green Bonds - Made by KfW / September 2019 Banking business Employer Banking operations Employer attractiveness Equality Reconciling of work and private life Social commitment Financings (in line with the megatrends of climate change & environment; globalisation, social change, digitalisation & innovation) Corporate governance & compliance In-house environmental protection Procurement

KfWʼs business activities contribute to all 17 SDGs Most of KfW’s new commitments a year contribute to at least one SDG Focal SDGs are: Numbers represent the share of new commitments in 2018 A contribution to all of the United Nationsʼ Sustainable Development Goals Spotlight 1: Sustainable lending business The heart of KfWʼs business activities: PROMOTION 40% Climate Change & Environment 5% Digitalisation & Innovation 22% Globalisation 12% Social Change Initiative for SDG mapping of entire KfW Groupʼs business (preliminary results) Green Bonds - Made by KfW / September 2019

In-house environmental protection Internal sustainability & environmental management system since 1994 Spotlight 2: Sustainable own operations 100% of KfW’s GHG emissions from energy consumption and business travel are offset by purchasing Clean Development Mechanism certificates. Fields of activities Energy consumption and green electricity Energy-efficient buildings Business travel and commuting Water and wastewater Recycled paper Charging stations for electric cars & e-bikes In-house targets (samples) Car policy with binding criteria that promote ecological vehicles Conversion of the heating and cooling supply in head quarter (Frankfurt). Target: reduce GHG emissions by around 1,500 t/a KfW GHG emissions (in tons) 2015 2016 2017 2018 Energy consumption 6,294 6,734 7,070 7,570 Total business travel 7,394 7,411 8,208 8,665 Total 13,628 14,145 15,278 16,235 Ø per employee 2.2 2.1 2.1 2.1 Reporting Environmental reporting/accounting since 1998 Sustainability report since 2006 Comprehensive sustainability reporting on www.kfw.de Green Bonds - Made by KfW / September 2019

As PRI member KfW manages fixed-income investments in a sustainable manner Pure fixed income portfolio Buy-and-hold strategy Exclusively investment-grade bonds Strategy Government bonds, covered bonds Financials Bonds issued by government-related issuers and agencies ABS Asset Classes KfWʼs Liquidity Portfolio Spotlight 3: Sustainable investment approach Green Bonds - Made by KfW / September 2019 €27bn securing KfWʼs liquidity Exclusion Criteria Investments only in bonds from issuers who are in compliance with the IFC exclusion list Engagement The sustainability rating of an issuer is crucial for a potential bond investment Dialogue with the issuers on a regular basis ESG Integration Only investments in bonds of issuers whose sustainability score is among the best 80% of the respective sector Sustainability assessment of issuers performed by an external provider (ISS ESG) Sustainable Investment Approach for the Liquidity Portfolio Best-in-Class Approach

Top ESG ratings confirm KfW’s holistic sustainability approach Renown international rating agencies assign KfW to be among top-performers in ESG Green Bonds - Made by KfW / September 2019 KfW’s strengths Comprehensive policy regarding the respect for human rights. Development and implementation of an approach to calculate GHG emissions in the corp. value chain. Code of conduct covering impor-tant aspects of business ethics. Reasonable integration of environ-mental and social aspects into the own investment portfolio. KfW’s strengths KfW is rated as leader in sustainability aspects within its peer group and all banks worldwide. KfW continues with strong sustainability performance and even outperforms its excellent results from last year in all three ESG categories. KfW’s strengths Profound measures regarding the management of ESG issues. Performance regarding environmental and governance criteria is above average and on average regarding social criteria. Specifically striking is the positive performance in the area of environmental business operations. KfW is among the 2 best out of 19 develop-ment banks KfW is #1 out of 342 listed and non-listed banks KfW is among the best-rated institutions in its peer group Prime KfW has set a new strategic objective of achieving top sustainability rankings among its peers. A+ D- C+ Leader Industry KfW’s strengths In 2018, KfW received a rating of AAA (on a scale of AAA-CCC) in the MSCI ESG Ratings assessment. KfW’s rating is at very high level AAA 10 Last update: Sep 4, 2018 Last update: Sep 23, 2018 Last update: March 1, 2019 Last update: March 18, 2019 0 7.9 AAA D BB Leader 100 0 93 Industry BB Leader

Green Bonds – Made by KfW KfW’s green bond framework and the green bonds’ mode of operation Green Bonds - Made by KfW / September 2019

Overarching Strategy and Motivation Why issuing “Green Bonds – Made by KfW”? INCR EASE Green Investments We want to boost environmental investments via capital markets by being a catalyst SUP PORT Low Carbon Economy We want to actively support the transition to a low carbon economy ENHANCE Sustainability Profile We want to enhance our sustainability profile amongst our stakeholders Green Bonds - Made by KfW / September 2019 KfW’s mission: Performing promotional tasks to, among others, protect the environment. DIVERSIFY New Investors We want to attract new investors and thereby diversify our investor base Green Bonds – Made by KfW.

Increasing investors’ willingness to engage in green finance KfW is one of the most active participants in the green bond market Green Bonds Issuance Volume (EUR in billions per year, excl. ABS & U.S. municipalities) 1st Green Bonds by EIB and World Bank Launch of the Climate Bonds Initiative 1st Corporate Green Bond by Vasakronan/Sweden Launch of the Green Bond Principles 1st Green Covered Bond by BerlinHyp 1st Green Bond by a state by Poland €350bn in Green Bonds ever issued United Nations’ SDGs COP 21 Paris agreement 1st Green Bond – Made by KfW Launch of KfW Green Bond Portfolio KfW becomes ExCom-Member of Green Bond Principles €14.5bn KfW Green Bonds outstanding 1st Framework “Green Bonds – Made by KfW” Source: Bloomberg Green Bonds - Made by KfW / September 2019 2nd Framework ?

Funding How do “Green Bonds – Made by KfW“ work? Liquidity management Lender On-lending bank Final borrower Green Bonds - Made by KfW / September 2019 ESG conscious investors Renewable Energy & Energy Efficiency 2 Loan Programmes 36,268 loans 2018 Residential buildings Wind energy Solar Other renewables €9.3bn 2018 €1.6bn 2018 €1bn 8y Green Bonds – Made by KfW Distribution by Loan Programme and Country* Germany France SEK5bn 10y SEK1bn 5y Portfolio approach A portfolio of Green Bonds is linked to a non-dynamic portfolio of disbursements out of two loan programmes. Reporting portfolio data, not project-by-project. Other OECD countries * For illustration purpose only, may be subject to adjustments. Energy efficiency projects (construction and acquisition of new energy efficient residential buildings) were newly included in eligible loan programms for KfW Green Bonds.

What are the net proceeds of KfW Green Bonds used for? Use of Proceeds: all projects (co-)financed under two KfW loan programmes Renewable Energy KfW loan programme "Renewable Energies – Standard" (no. 270) Use: Renewable energy plants for electricity generation, combined electricity and heat generation and measures to integrate renewable energy into the energy system, in particular photovoltaic panels, wind mills (on/offshore), hydropower (<20MW), and biogas/mass. Excluded are plants using fossil fuels and any equipment for the use of nuclear power. Location: Projects in Germany or, if there is a German angle, outside Germany. Borrower: enterprises, private individuals, farmers, non-profit organizations. Loan: up to EUR 50m and up to 20y repayment term; financing share up to 100% of each project. Energy Efficiency KfW loan programme "Energy-efficient Construction" (no. 153) Use: Construction and acquisition of new energy-efficient residential buildings with low energy consumption and reduced carbon emissions. Eligible buildings, including passive houses, must be at least 25% more energy efficient than German regulations as defined in the energy savings ordinance for new buildings (EnEV 2016). Location: Projects in Germany. Borrower: all kind of house-builder, e.g. private individuals or enterprises. Loan: up to EUR 100,000 per housing unit and up to 30y repayment term (annuity). All eligible green projects aim for climate change mitigation, such as the reduction of GHG emissions. Newly added in 2019 The characteristics of the loan programmes are presented in an abbreviated manner. Green Bonds - Made by KfW / September 2019

Case studies on renewable energy & energy efficiency projects Brandenburg/Germany 34,000 MWh p.a. renewable energy produced 17,799 tons p.a. estimated GHG reduction EUR 22.5m total project costs KfW financing share: 88% Windpark „Dretzen II“ by NOTUS energy GmbH Bavaria/Germany 945 MWh p.a. renewable energy produced 127 tons p.a. estimated GHG reduction EUR 420,000 total project costs KfW financing share: 95% PV system by HP-T Höglmeier Polymer-Tech GmbH Renewable Energy KfW loan programme "Renewable Energies – Standard" (no. 270) Energy Efficiency KfW loan programme "Energy-efficient Construction" (no. 153) Munich/Germany Energy-efficient measures: passive-house components, compact building shape, controlled ventilation, district heating KfW Efficient house 40 Project costs: 2,460€/m² Apartment building in a backyard Bavaria/Germany Energy-efficient measures: wooden construction, clay plaster, reed insulation, biomass heating, ventilation with heat recovery KfW Efficient house 55 Project costs: 1,465€/m² New construction of a family home Green Bonds - Made by KfW / September 2019

KfW loans are extended to final borrowers via interme-diaries such as commercial banks or local saving banks. Intermediaries apply their regular loan procedure, assume the liability for repayment to KfW and screen against the specific programmes’ eligibility criteria KfW defined. In a 2nd step, the KfW lending department reviews the loan application and compliance with the eligibility criteria of the specific KfW loan programme. All projects approved by KfW’s lending department for eligible loan programmes immediately qualify for KfW Green Bonds w/o further selection or approval process. Process for project evaluation & selection How will the eligible green projects be selected? Project Selection KfW’s environmental & social risk management framework Project Evaluation High level of environmental protection and social regulations applicable by the responsible authorities. No further ESG assessment by KfW. Germany High level of environmental protection and social regulations applicable by the responsible authorities. No further ESG assessment by KfW. EU & High-Income-OECD countries KfW’s lending department assesses possi-ble negative environmental or social impact. KfW’s Competence Centre for Environment and Sustainability reviews projects that are considered relevant. All projects must comply with int’l regula-tions incl. those of EU, World Bank, and the International Labour Organisation (ILO). All other countries Green Bonds - Made by KfW / September 2019

On a monthly basis, amounts matching requests for disbursements under KfW’s programmes “Renewable Energies – Standard” and „Energy-efficient Construction“ are allocated to an internal register starting with the beginning of the calendar year. Upon issuance of “Green Bonds – Made by KfW”, an amount equal to the net proceeds in euros of such transactions is allocated to this internal register in their order of issuance. For any “Green Bonds – Made by KfW”, KfW expects full allocation by end of the year of issuance. “Green Bonds – Made by KfW” can be increased (tapped). In terms of management of proceeds and reporting a tap is treated like a new issuance. The volume-weighted average maturity of the cumulated green bonds issued in one year may not exceed the average duration of the cumulated loan commitments for eligible green projects of the preceding year. How will the proceeds of KfW Green Bonds be managed? Management of proceeds Transparent tracking Separate euro register for each calendar year, first-in -> first-out Amount equal to net proceeds used for disbursements of eligible green projects Green bond register Green bonds in several currencies and sizes Net proceeds from issuance Loans for renewable energy & energy efficiency Green Bonds - Made by KfW / September 2019

Allocation Report Annual report until full allocation of the net proceeds. Shows allocated and unallocated proceeds, if applicable. Shows breakdown by eligible category and country of the cumulated requests for disbursement of one year. This non-dynamic portfolio is linked to the cumulated net proceeds of all green bonds issued in the same calendar year, therefore, all fully allocated “Green Bonds – Made by KfW” issued in one calendar year show the same breakdown by category/country. Prepared on a portfolio basis and shows aggregated data. Impact Report One-off report once the relevant loan programmes have been evaluated for an entire calendar year. Shows the estimated social and environmental ex-ante impact in accordance with the Harmonized Framework for Impact Reporting. Core indicators for Renewable Energy: GHG emissions reduced/avoided, renewable energy generation, capacity of renewable energy added Core indicators for Energy Efficiency: GHG emissions reduced/avoided, energy savings Prepared on a portfolio basis and shows aggregated data for each calendar year as well as the key underlying methodology and assumptions to the estimations. The non-dynamic portfolio is linked to the cumulated net proceeds of all green bonds issued in the same calendar year, therefore, all “Green Bonds – Made by KfW” issued in one calendar year show the same impact per unit financed. Reporting How does KfW report on allocation and impact of Green Bonds? KfW aims to create transparency and trust in the effectiveness of its “Green Bonds – Made by KfW” with a regular reporting. Two separate reports provide information about the allocation and impact. Find out more and sign up for our newsletter service at https://www.kfw.de/KfW-Group/Investor-Relations/U.S.-investors/ Green Bonds - Made by KfW / September 2019

Cumulated impact 2014-2018 of all KfW Green Bonds2 Expected reduction of GHG emissions 12.0m tons of CO2e p.a. Expected renewable electricity generated 17.5m MWhel p.a. Renewable energy capacity added 8,910 MWel 1Figueres are based on numbers evaluated by external research institutions (ZSW or IWU) and own calculations. Data for projects outside Germany are not available. Assumption: Projects outside Germany deliver the same impact as projects located in Germany. The share of projects outside Germany in total project costs of Programme no. 270 between 2014 and 2018 varied from 20% to 50%. Actual and future impacts might be different. 2Issuance volume €14.5bn. Preliminary as the impact of the not yet evaluated years 2017 and 2018 is estimated based on prior year‘s results. Therefore subject to adjustments. 3Based on data from the German Federal Ministry of Environment: and the German Federal Motor Transport Authority: 139gCO2e/km; 14,015km/year. 4Based on an average power consumption of a German household of 3,207kWh per year. 5Based on an average power of 1.4 GW per nuclear power plant. Ex-ante data based on external programme evaluation and on KfW’s financing share Estimated impact of “Green Bonds – Made by KfW” Renewable Energy KfW loan programme "Renewable Energies – Standard" (no. 270) Energy Efficiency KfW loan programme "Energy-efficient Construction" (no. 153) Newly added in 2019. Expected split in 2019: 80% EE, 20% RE Impact data per €1m KfW loan amount1 2014 2015 2016 2017 2018 Annual GHG emissions reduced (in tons of CO2e) 880 859 794 Not yet available Not yet available Annual renewable electricity generation (in MWhel) 1,218 1,273 1,185 Not yet available Not yet available Renewable energy capacity added (in MWel) 0.61 0.64 0.61 Not yet available Not yet available Number of jobs created/preserved (in person years) 17 17 16 Not yet available Not yet available Annual savings in energy imports (in EUR) 46.5K 46.8K 44.3K Not yet available Not yet available Annual savings in external costs (in EUR) 89.7K 86.4K 80.7K Not yet available Not yet available Impact data per €1m KfW loan amount1 2014 2015 2016 2017 2018 Annual GHG emissions reduced (in tons of CO2e) 3.8 4.4 4.6 4.6 Not yet available Annual final energy savings (in MWh) 12.5 11.9 10.9 9.6 Not yet available Number of jobs created/preserved (in person years) 12 11 11 11 Not yet available equivalent to GHGs from more than 6.1m passenger cars3 equivalent to powering almost 5.5m German housholds4 equivalent to the power of more than 6 nuclear power plants5 Green Bonds - Made by KfW / September 2019 Cumulated impact 2014-2018 of all KfW Green Bonds2 All numbers reflect KfW’s financing share only

Green Bonds issuances Overview, experience and reporting Green Bonds - Made by KfW / September 2019

Green Bonds - Made by KfW / September 2019 Highlights of KfW’s footprint in the green bond market Green Bonds – Made by KfW High Quality Aligned with GBP & Harmoni-zed Framework for Reporting, SPO, external impact evaluation. #1 in Germany €19.2bn of „Green Bonds – Made by KfW“ since 2014 make KfW one of the largest issuers globally and by far the largest issuer in Germany. Liquidity Large sizes in benchmark maturities. Contribution to SDGs 7: Affordable & Clean Energy, 11: Sustainable Cities & Com-munities, 13: Climate Action. Vocal Advocate As member (since 2015) of the Exec. Committee of the Grren Bond Principles, KfW is highly committed to foster green bond market standards. Credibility Top ESG ratings and a strong focus on green finance make KfW one of the most credible issuers of green bonds. Green Indices Eligible for many green indices like “The BofA Merrill Lynch GB Index”, “Barclays MSCI GB Index”, “S&P GB Index”, “Solactive GB Index”. Global Engagement Engaging in and supporting of int‘l and national initiatives to promote sustainability in capital markets (e.g. PRI, TCFD, EU TechExpert-Group). AUD SEK GBP USD EUR Green Bond Investor Since 2015 runs a dedicated green bond investment portfolio of €2bn (target) mandated by the Federal Ministry of Environment. Currency Split of all KfW Green Bonds issued

Green Bonds - Made by KfW / September 2019 Green Bond issuances Green Bonds – Made by KfW EUR in billions Volume of green bonds issued by August 31, 2019: EUR 19.5bn EUR USD AUD GBP SEK HKD 2.7 3.7 2.8 3.7 1.6 5.1 EUR equivalent; based on ECB reference rate on the pricing date NOK

New Investors KfW Green Bonds attract Mainstream Investors Dedicated Green Investors KfW set three goals with regard to its investor base Investors in Green Bonds – Made by KfW Investor Characteristics of 5yr experience of Green Bonds – Made by KfW new investors since 2014, primarily asset mana-gers, which did never invest before in KfW bonds in primary markets. KfW Green Bonds shall comply with strong requirements of dedicated green investors. 50% SRI In 2018, SRI bought 50% of KfW Green Bonds while their orders stood at 30% → SRI preferred. KfW Green Bonds shall raise aware-ness of mainstream investors for sustainability and green finance. Almost every discussion with investors, even with central banks and treasuries, at least touches on green bonds. Green Bonds - Made by KfW / September 2019 From discussions with investors and feedback from lead managers: dedicated green investors and SRI tend to be more buy-and-hold Share of asset managers (incl. insurances/pension funds) in KfW Green Bonds much higher than in conventional KfW bonds 39% 24% Allocation of EUR/USD bonds 2014-2018 Investors by region Europe Americas Asia Australia Predominantly European investors

A comparison of green and conventional KfW Bonds Issuer Guarantor The Federal Republic of Germany Rating (1) Moody‘s: Aaa Scope Ratings: AAA Standard & Poor‘s: AAA Risk weight 0% according to CRR/Basel III Use of Proceeds General business, however, amount equal to net proceeds for climate friend-ly projects accord. to KfW Framework General business Reporting Allocation report & Impact report None Target investors Institutional investors, especially green or socially responsible investors (SRI) Institutional investors Currency Flexible, primarily EUR, USD, GBP, AUD, SEK, JPY. Up to 20 currencies possible. Term Determined by typical maturity in relevant loan programmes, primarily 5 to 10 years Flexible, primarily 2 to 15 year Repayment Bullet Green Bonds – Made by KfW Conventional KfW Bonds Pricing Green vs. Conventional Bonds (EUR, April 2019) Conventional Bonds Green Bonds “Green Bonds – Made by KfW” achieve currently tighter spread levels in comparison with KfW’s conventional bonds for the corresponding maturity. Maturity Spread 2017 2020 2023 2025 2028 2031 Green Bonds - Made by KfW / September 2019 (1) A rating is not a recommendation to buy, sell or hold securities. Ratings are subject to revision or withdrawal at any time by the assigning rating organization. Each rating should be evaluated independently of any other rating.

Overview on issuances and reporting Green Bonds – Made by KfW 2 Green Bonds issued in EUR and USD Net proceeds from the issuances totalled EUR 2.7bn Use of proceeds Available for the full year ended December 2014 Impact Available for the full year ended December 2014; based on loan programme evaluation by ZSW 2014 5 Green Bonds issued in AUD, GBP, EUR, USD and SEK Net proceeds from the issuances totalled EUR 3.7bn Available for the full year ended December 2015 Available for the full year ended December 2015; based on loan programme evaluation by ZSW 4 Green Bonds issued in SEK, EUR, GBP and USD Net proceeds from the issuances totalled EUR 2.8bn Available for the full year ended December 2016 Available for the full year ended December 2016; based on loan programme evaluation by ZSW 7 Green Bonds issued in EUR, USD, GBP und AUD Net proceeds from the issuances totalled EUR 3.7bn Available for the full year ended December 2017 Will be disclosed once a third party has evaluated the loan programme for 2017 and 2018 Green Bonds Reporting 2015 2016 2017 2018 3 Green Bonds and 1 Schuldschein issued in EUR and SEK Net proceeds from the issuances totalled EUR 1.6bn Available for the full year ended December 2018 Will be disclosed once a third party has evaluated the loan programme for 2017 and 2018 Green Bonds - Made by KfW / September 2019

For the full year ended December 31, 2014 2014: Reporting on the Use of Proceeds Requests for Disbursements under KfW's "Renewable Energies Programme – Standard" and green bond issue proceeds 2014 2 green bonds KfW issued two green bonds in 2014 – in EUR and USD. EUR 2.7bn Net proceeds from the green bonds issued in 2014 amounted to EUR 2.7bn. 100% allocated As of December 31, 2014, 100% from the green bond issuances in 2014 were allocated to KfW's programme "Renewable Energies - Standard". 80% wind energy, 75% in Germany 80% of the requests for disbursements were for wind energy, 17% for solar energy and the remainder for biogas/-mass, hydropower and others. 75% of the financed projects were located in Germany. 22% were located in France, Sweden and the UK. 5% of total funding Green bonds account for 5% of KfW's total funding which totalled EUR 57.4bn. Distribution of disbursements by renewable energy type (2014) Geographical distribution of disbursements (2014) Green Bonds - Made by KfW / September 2019

1 Values are based on programme impacts in 2014 in Germany – with numbers evaluated by ZSW – and internal calculations; impact for projects outside Germany might be different. Environmental and social impact for the full year 2014 based on external evaluation by ZSW 2014: Reporting on the impact 1,271 tons of GHG emission reductions (CO2-equivalent) p.a. EUR 67,155 of savings on energy imports to Germany and fossil fuel costs p.a. 25 jobs created and/or saved (person years) EUR 129,606 of savings in external costs p.a. (e.g. by avoiding environmental and health damage) Commitments under KfW’s programme “Renewable Energies – Standard” in 2014 Number of loan commitments 4,805 Volume of loan commitments (EUR mn) 3,786 Thereof outside Germany (EUR mn) 1,001 Investments financed (EUR mn) 5,909 Thereof outside Germany (EUR mn) 1,886 Average loan volume per commitment (EUR) 787,910 Average investment financed per commitment (EUR) 1,229,780 Average share of financing 64% Installed electrical power supported in 2014 MWel Plant type Biogas 5.5 Solid biomass 0.1 Photovoltaic energy 570.3 Hydropower 11.0 Wind energy onshore 3,082.5 Total 3,669.4 Annual electricity production TWh 7.0 Impact of EUR 1 million investment in “Green Bonds – Made by KfW” issued 20141: Green Bonds - Made by KfW / September 2019

For the full year ended December 31, 2015 2015: Reporting on the Use of Proceeds Distribution of disbursements by renewable energy type (2015) Geographical distribution of disbursements (2015) 5 green bonds KfW issued five green bonds in 2015 – thereof three new currencies: AUD, GBP and SEK. EUR 3.7bn Net proceeds from the green bonds issued in 2015 amounted to EUR 3.7bn. 100% allocated As of December 31, 2015, 100% from the green bond issuances in 2015 were allocated to KfW's programme "Renewable Energies - Standard". 90% wind energy, 79% in Germany With 98%, the majority of all requests for disbursements were related to projects for the use of wind energy (90%) and solar energy (8%). 79% of the financed projects were located in Germany. 21% were located in France, Finland, Italy, the UK, the Netherlands, Austria, Canada and Ireland. 6% of total funding Green bonds account for 6% of KfW's total funding which totalled EUR 62.6bn. Requests for Disbursements under KfW's "Renewable Energies Programme – Standard" and green bond issue proceeds 2015 Green Bonds - Made by KfW / September 2019

1 Values are based on programme impacts in 2015 in Germany – with numbers evaluated by ZSW – and internal calculations; impact for projects outside Germany might be different. Calculated impact accounts for KfW's financing share in Germany Environmental and social impact for the full year 2015 based on external evaluation by ZSW 2015: Reporting on the impact Commitments under KfW’s programme “Renewable Energies – Standard” in 2015 Number of loan commitments 2,887 Volume of loan commitments (EUR mn) 4,266 Thereof outside Germany (EUR mn) 1,088 Investments financed (EUR mn) 5,421 Thereof outside Germany (EUR mn) 1,336 Average loan volume per commitment (EUR) 1,477,781 Average investment financed per commitment (EUR) 1,877,657 Average share of financing 79% Installed electrical power supported in 2015 MWel Plant type Biogas 13.7 Solid biomass 0.5 Photovoltaic energy 560.6 Hydropower 8.3 Wind energy onshore 3,015.9 Total 3,598.9 Annual electricity production TWh 6.7 859 tons of GHG emission reductions (CO2-equivalent) p.a. EUR 46,759 of savings on energy imports to Germany and fossil fuel costs p.a. 16 jobs created and/or saved (person years) EUR 86,418 of savings in external costs p.a. (e.g. by avoiding environmental and health damage) Impact of EUR 1 million investment in “Green Bonds – Made by KfW” issued 20151: Green Bonds - Made by KfW / September 2019

For the full year ended December 31, 2016 2016: Reporting on the Use of Proceeds Requests for Disbursements under KfW's programme "Renewable Energies – Standard" and green bond issue proceeds 2016 Distribution of disbursements by renewable energy type (2016) Geographical distribution of disbursements (2016) 4 green bonds KfW issued four green bonds in 2016 – thereof three new bonds (SEK, EUR, USD) and one tap (GBP). EUR 2.8bn Net proceeds from the green bonds issued in 2016 amounted to EUR 2.8bn. 100% allocated As of December 31, 2016, 100% from the green bond issuances in 2016 were allocated to KfW's programme "Renewable Energies - Standard". 86% wind energy, 79% in Germany With 99%, the majority of all requests for disbursements were related to projects for the use of wind energy (86%) and solar energy (13%). 79% of the financed projects were located in Germany. 21% were located in France, Denmark, the United Kingdom, Finland, the Netherlands, Croatia, Japan, Ireland, Austria, and Canada. 4% of total funding Green bonds account for 4% of KfW's total funding which totalled EUR 72.8bn. Green Bonds - Made by KfW / September 2019

1 Values are based on programme impacts in 2016 in Germany – with numbers evaluated by ZSW – and internal calculations; impact for projects outside Germany might be different. Calculated impact accounts for KfW's financing share in Germany Environmental and social impact for the full year 2016 based on external evaluation by ZWS 2016: Reporting on the Impact Commitments under KfW’s programme “Renewable Energies – Standard” in 2016 Number of loan commitments 3,138 Volume of loan commitments (EUR mn) 4,516 Thereof outside Germany (EUR mn) 826 Investments financed (EUR mn) 5,670 Thereof outside Germany (EUR mn) 1,112 Average loan volume per commitment (EUR) 1,438,987 Average investment financed per commitment (EUR) 1,806,860 Average share of financing 80% Installed electrical power supported in 2016 MWel Plant type Biogas 0.9 Solid biomass - Photovoltaic energy 538.5 Hydropower 1.78 Wind energy onshore 3,015.2 Total 3,556.4 Annual electricity production TWh 6.7 794 tons of GHG emission reductions (CO2-equivalent) p.a. EUR 44,321 of savings on energy imports to Germany and fossil fuel costs p.a. 16 jobs created and/or saved (person years) EUR 80,721 of savings in external costs p.a. (e.g. by avoiding environmental and health damage) Impact of EUR 1 million investment in “Green Bonds – Made by KfW” issued 20161: Green Bonds - Made by KfW / September 2019

For the full year ended on December 31, 2017 2017: Reporting on the Use of Proceeds Requests for disbursements under KfW's programme "Renewable Energies – Standard" and green bond issue proceeds 2017 Distribution of disbursements by renewable energy type (2017) Geographical distribution of disbursements (2017) 7 green bonds KfW issued four green bonds in 2017 – thereof four new bonds (EUR, USD) and three taps (GBP, AUD). EUR 3.7bn Net proceeds from the green bonds issued in 2017 amounted to EUR 3.7bn. 100% allocated As of December 31, 2017, 100% from the green bond issuances in 2017 were allocated to KfW's programme "Renewable Energies - Standard" 86% wind energy, 73% in Germany 98% of all requests for disbursements were related to projects for the use of wind energy (86%) and solar energy (12%). 73%, the projects financed were located in Germany. 27% of all requests for disbursements were related to projects located in France, Finland, Norway, Ireland, Denmark, Japan, the UK, Italy, Sweden, the Netherlands and Croatia. 5% of total funding Green bonds account for 5% of KfW's total funding which totalled EUR 78.2bn. Green Bonds – Made by KfW 3.7bn EUR Total 4.1bn EUR Green Bonds - Made by KfW / September 2019

For the full year ended on December 31, 2018 2018: Reporting on the Use of Proceeds Requests for disbursements under KfW's programme "Renewable Energies – Standard" and green bond issue proceeds 2018 Distribution of disbursements by renewable energy type (2018) Geographical distribution of disbursements (2018) 4 green bonds KfW issued three green bonds in EUR and SEK and one green promissary note loan (Schuldschein) in EUR in 2018. EUR 1.6bn Net proceeds from the green bonds issued in 2018 amounted to EUR 1.6bn. 100% allocated As of December 31, 2018, 100% from the green bond issuances in 2018 were allocated to KfW's programme "Renewable Energies - Standard" 83% wind energy, 47% in Germany 99% of all requests for disbursements were related to projects for the use of wind energy (83%) and solar energy (16%). 47% of the projects financed were located in Germany. 26% of all requests for disbursements were related to projects located in France, 10% in Sweden, and the remainder in the Netherlands, Ireland, Denmark, Finland, Italy, Japan and the UK. 2% of total funding Green bonds account for 2% of KfW's total funding which totalled EUR 76.1bn. Green Bonds – Made by KfW 1.6 bn EUR Total 1.62 bn EUR Green Bonds - Made by KfW / September 2019

KfW at debt capital markets KfW as an issuer of bonds and notes Green Bonds - Made by KfW / September 2019

Green Bonds - Made by KfW / September 2019 Since 2017 calculations based on the IRBA approach for a large part of the portfolio. For the remaining sub-portfolios KfW applies the CRSA approach until full IRBA approval. Solid business performance Key financial figures of KfW Group (IFRS) 2017 2018 1H 2019 Business activities (in EUR bn) – for the period Promotional business volume 76.5 75.5 33.6 Income statement key figures (in EUR mn) – for the period Operating result before valuation & promotional activities 1,661 1,387 843 Consolidated profit 1,427 1,636 904 Consolidated profit before IFRS effects from hedging 1,192 1,311 805 Balance sheet (in EUR bn) – at the end of the period Total assets 472.3 485.8 519.1 Equity 28.7 30.3 30.9 Volume of business 572.2 590.7 618.4 Key regulatory figures (in %)(1) – at the end of the period Tier 1 capital ratio 20.6% 20.1% 21.2% Total capital ratio 20.6% 20.1% 21.2%

Green Bonds - Made by KfW / September 2019 Highlights in 2018 and 1H2019 In 2018, KfW Group achieved a total volume of EUR 75.5bn in its promotional activity (-1.3% vs 2017). While KfW’s international business increased significantly, this was offset by a substantial decrease in its domestic business sectors. In light of the robust economic growth and good financing conditions for private and commercial investors, KfW scaled back its domestic promotion to EUR 46.0bn (2017: EUR 51.8bn). However, segments that provide impetus for the future were expanded, e.g. digitalisation and innovation. Also, there is great demand for the new Baukindergeld, a grant-based government-sponsored program launched in 09/2018, which helps families buy their own homes. International business grew by 20% to EUR 28.3bn. It was marked by a 29% increase in commitments in export and project finance (EUR 17.7bn) driven by an increase in almost all sectors. The promotion of developing countries and emerging economies grew by 8% to EUR 10.6bn, of which 82% were accounted for by KfW Development Bank and 18% by DEG. Focus areas are Africa and the Middle East. KfW Capital was founded in 08/2018 as a wholly owned subsidiary of KfW for the purpose of bundling its venture capital activities in one entity. Its business objective is to invest in German and European venture capital and venture debt funds with the aim to improve access to capital for innovative technology-oriented growth companies in Germany. While commitments in 2018 amounted to EUR 141m, KfW Capital aims to invest roughly EUR 2 billion within the next ten years. In the Financial markets business sector KfW invested a total of around EUR 1.1bn in securitisation transactions to promote SMEs (2019e: EUR 1bn). In addition, KfW supported climate change mitigation and environmental protection by investing EUR 0.4bn in green bonds (2019e: EUR 0.3bn). With a consolidated profit of EUR 1.6bn, KfW’s earnings position developed very well overall in 2018, significantly exceeding expectations. KfW expects a consolidated result 2019 before IFRS effects from hedging of approx. EUR 0.8bn, and therefore below its strategic target of EUR 1bn. In 1H2019, KfW Group committed EUR 33.6bn (-7% yoy) with 64% resulting from domestic and 36% from int’l business. Decreasing domestic commitments were only partially offset by increasing int’l commitments. Profit evolved very well (EUR 904m, +10% yoy) primarily due to persistently low need for credit risk provisions. Total assets are up 7% to EUR 519bn vs year-end 2018 mainly because of an increase in liquidity held due to the high funding volume in 1H2019.

Green Bonds - Made by KfW / September 2019 Business performance 75.5 bn EUR Total promotional business volume 2018 About 60% domestic and 40% international business. In 2018/19 shift towards int’l business. 486 bn EUR Total assets at end-2018 Germany’s 3rd largest credit institution in terms of total assets. 1.6 bn EUR Consolidated profit 2018 Better than expected, due to extremely low risk provisioning and positive valuation effects. Capital Ratio (Tier 1) 2017 2018 2015 .1 2016 1H 2019 18.3 22.3 20.6 20.1 21.2 16.8 preliminary IRBA CRSA IRBA approved BaFin minimum requirement BaFin approval as advanced IRBA institution since 6/2017. The increase of the Tier 1 capital ratio of KfW as of June 30, 2019, was mainly due to methodical adjustments of the evaluation procedure. in bn EUR in bn EUR in bn EUR in % IRBA approval Strategic target (before IFRS effects)

Basis of KfW’s funding Explicit and direct guarantee from the Federal Republic of Germany Defined by law Guarantee established in 1998 Direct, explicit and unconditional §1a of the Law concerning KfW: The Federal Republic guarantees all obligations of KfW in respect of loans extended to and debt securities issued by KfW, fixed forward transactions or options entered into by KfW and other credits extended to KfW as well as credits extended to third parties inasmuch as they are expressly guaranteed by KfW. Green Bonds - Made by KfW / September 2019

Tailor-made Placements Customized products for investor needs Flexible in currency, structure and maturity Uridashi transactions Green Bonds – Made by KfW Diversified SRI investor base Focus: € and $ Regular offerings and taps Private placements possible KfW Benchmark Programmes Large and liquid bonds, diversified investor base Regular offerings and taps Size: 3–5bn (6bn incl. taps, euro only) 3, 5, 7 and 10y Additional Public Bonds Large and liquid bonds, diversified investor base Tenors from 1 to 30y Liquid curves and strategic approach in ₤ and A$ Regular offerings and taps Wide selection of products addressing investor needs € $ € $ ₤ A$ NZ$ C$ SEK NOK € $ ₤ A$ SEK HK$ … € $ ¥ HK$ Mex$ CN¥ ZAR … Green Bonds - Made by KfW / September 2019

Relying on debt capital markets KfW is one of the largest issuers of bonds and notes Strong presence in debt capital markets Funding volume (EUR in billions) KfW Benchmark Programmes Green Bonds – Made by KfW Additional Public Bonds Tailor-made Placements 62.6 72.8 78.2 76.1 Green Bonds - Made by KfW / September 2019 Capitalization (at end-1H2019) Capital Markets Money Markets Other Liabilities (primarily collateral from derivative transactions) Equity

Benchmark bonds are key – core currencies euro and US dollar KfW’s funding by currencies and instruments Benchmark Programmes Instruments (in %) Currencies (in %) Additional Public Bonds Tailor-made Placements 2017 (EUR 78.2bn) 2019 H1 (EUR 53.6bn) 2016 (EUR 72.8bn) 2018 (EUR 76.1bn) 7 benchmark bonds (plus 3 taps) issued in EUR (2x 5y, 3y, 10y) and USD (2y, 3y, 5y) accounting for EUR 30.4bn raised. 2 “Green Bonds – Made by KfW” issuances in EUR and SEK with an equivalent of EUR 3.6bn. The SEK 7bn issuance in 3yrs marks the largest SEK green bond at the time. Ongoing strong demand for large and liquid benchmark bonds: 62% of total funding by June 2019. The challenging market environment led to a particularly flexible funding strategy. EUR remains by far #1 funding currency (approx. EUR 30.4bn, 57% of total funding). Decreasing share of USD funding as EUR funding levels are very competitive vs USD (after hedging into EUR). Strong investor demand for Sterling pushes the share of GBP as funding currency #3. Highlights in 1H 2019 Green Bonds Green Bonds - Made by KfW / September 2019

KfW in the capital markets in 2019 Strong presence in the capital markets with funding target of EUR 80 billion. KfW’s outstanding access to the capital markets, including in USD, facilitates the issue of liquid bonds. KfW relies on its proven strategy of diversification and therefore continues to offer a wide selection of products addressing investors’ needs. The KfW Benchmark Programmes remain the most important funding source. GBP, AUD and JPY are important for KfW’s funding mix. Increasing commitment to green bonds. EUR & USD remain key currencies in 2019 (2018: 88%). Green Bonds - Made by KfW / September 2019 Green Bonds – Made by KfW.

KfW as an investor in green bonds Green Bond portfolio of KfW Green Bonds - Made by KfW / September 2019

Motivation & Goals KfW’s long-term goal is an active contribution to the global reduction of environmental pollution and climate change, through alternative funding of sustainable projects via the capital market. The portfolio is backed by the Federal Ministry for the Environment, Nature Conservation, Building and Nuclear Safety (BMUB). KfW actively supports the green bond market with the development of qualitative standards and an engagement process with market participants. Since April 2015, KfW has been actively investing in Green Bonds on a global scale. Eligible Categories Renewable energy fund Energy efficiency projects Environmental friendly transportation Waste industry (Waste-) water-management Biodiversity measures Other refinancings with a positive impact on climate and environmental protection Goals and eligible categories of KfW’s Green Bond Portfolio KfW is also an active investor in Green Bonds Target volume €2bn Green Bonds - Made by KfW / September 2019

Minimum criteria & key portfolio figures of KfW’s Green Bond Portfolio KfW has strict criteria on its green bond investments KfW will invest in various fixed income securities Sovereigns and regions Supranationals, agencies and other state-owned or partially state-owned institutions Financials Corporates Covered bonds and „Pfandbriefe“ ABS (senior tranches only) Key Portfolio Figures Management of proceeds Transparent process of funds allocated and a competent project selection. Project description A clear description of the projects refinanced (including goals and projected impact). Reporting A frequent public reporting as well as an independent second party opinion. Minimum Criteria An investment-grade rating is mandatory. Currencies: primarily EUR and USD, but various other European currencies possible. Green Bonds - Made by KfW / September 2019

Green Bonds - Made by KfW / September 2019 Photo credits / references Title slide: full-page image: gettyImages, plainpicture / Piotr Krzeslak, Cultura Slide 5, Picture 1: KfW Photo Archive / Rüdiger Nehmzow Slide 5, Picture 2: KfW Photo Archive / Angelika Kohlmeier Slide 5, Picture 3: KfW Photo Archive / - Slide 5, Picture 4: DEG / Andreas Huppertz Slide 7, Picture 1: KfW-Photo Archive / photothek.net Slide 7, Picture 2: KfW-Photo Archive / Jürgen Lösel Slide 7, Picture 3: KfW-Photo Archive / Frank Blümler Slide 7, Picture 4: KfW Photo Archive / photothek.net Slide 7, Picture 5: KfW Bankengruppe / Jens Steingässer Slide 7, Picture 6: KfW-Photo Archive / Charlie Fawell Slide 9: KfW Photo Archive / Jens Steingässer Slide 11, Picture 1: thinkstock / Top Photo Corporation Slide 11, Picture 2: Fótolia / Olivier Le Moal Slide 11, Picture 3: KfW-Photo Archive / Thomas Klewar Slide 11, Picture 4: KfW-Bildarchiv / photothek.net Slide 12: KfW-Photo Archive / Thomas Futh Slide 16: : gettyImages, plainpicture / Piotr Krzeslak, Cultura Slide 20, Picture 1: NOTUS energy / FRICKE Film Slide 20, Picture 2: HP-T Höglmeier Polymer-Tech GmbH & Co. KG / Werner Röthlingshöfer Slide 20, Picture 3: KfW-Photo Archive / Claus Morgenstern Slide 20, Picture 4: KfW-Photo Archive / Claus Morgenstern Slide 43: Deutscher Bundestag / Lichtblick / Achim Melde Slide 44: Freunde des Hauses / gettyImages Slide 47: full-page image: gettyImages, plainpicture / Piotr Krzeslak, Cultura Slide 49: KfW-Photo Archive / Charlie Fawell Disclaimer, slide 14: The use by KfW of any MSCI ESG Research LLC Data, and the use of MSCI logos, trademarks, service marks or index names herin, do not constitute a sponsorship, endorsement or promotion of KfW by MSCI or any of its affiliates. MSCI services and data are the property of MSCI or its information providers. MSCI and MSCI research names and logos are trademarks or service marks of MSCI or its affiliates

Contacts Treasurer of KfW: Ext. Dr. Frank Czichowski- 2165 Treasury: Markus Schmidtchen- 4783 Capital Markets: Petra Wehlert- 4650 Otto Weyhausen-Brinkmann- 4652 Alexander Liebethal- 4656 Investor Relations: Jürgen Köstner - 3536 Dorota Reiter- 8537 Serviceline- 2222 KfW Bankengruppe Palmengartenstrasse 5–9 60325 Frankfurt am Main Phone +49 69 7431 - Ext. Fax+49 69 7431 - 3986 [email protected] Bloomberg: KfW <GO> https://www.kfw.de/KfW-Group/Investor-Relations/U.S.-investors/ Sign up here for our newsletter service Green Bonds - Made by KfW / September 2019

KfW Group - Company Profile

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Published: November 30, 2023 Report Code: CMT1663110-CP

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Because successfully supporting exports safeguards the future

As a transformation bank, KfW IPEX-Bank finances technologies of the future to accompany the transition to a sustainable society. With demanding sector guidelines for CO-intensive sectors, it ensures its financings are compatible with the goals of the Paris Agreement. With its GHG accounting, it pursues the goal of achieving a greenhouse gas-neutral portfolio by 2050.

Statement on the financial year

2022 was a year of great challenges. The world was repeatedly shaken by political, economic and social crises: Russia’s war of aggression in Ukraine with its impact on global economic growth, the uncertainty of international food and energy supplies, but also the return of inflation at levels not seen for many years.

In the midst of these shocks, we find ourselves in a crucial phase: Can we, together with the German and European economy and our international customers, initiate and permanently secure the changeover to a sustainable society in Germany, Europe and the world in all three dimensions – economic, environmental and social?

Our focus on future technologies shows that we are on the right track. Despite the challenges mentioned above, KfW IPEX-Bank was able to increase its new commitments significantly to EUR 18.1 billion in 2022 compared to EUR 13.6 billion the previous year. Our activities are driven by a prevailing environmental awareness among civil society and governments and in much of the global economy. They are underpinned by new commitments of EUR 2.8 billion in the Power and Environment sector department, a large part of which has been committed to energy transition projects such as wind farms or alternative energy generation projects.

The push towards a climate-friendly, digital and resilient world has begun. Many projects, large and small, are already under way that show we have the strength and energy to see this through. We are therefore optimistic about the future and feel very confident that Germany, Europe and the world are strong enough to partially reinvent themselves.

Management Board of KfW IPEX-Bank Belgin Rudack (CEO, from 1 April 2023) and Klaus R. Michalak (CEO, until 31 March 2023)

Despite considerable economic challenges and dynamic geopolitical developments, KfW IPEX-Bank can look back on a good financial year. Together with our customers, we are working hard to transform our society – and together we hope for peace in Ukraine.

Belgin Rudack (CEO, from 1 April 2023)

We are underpinning KfW IPEX-Bank's excellent market position as a partner to European industry and business with new commitments of EUR 18.1 billion. We have been able to help our customers make substantial investments even in difficult times.

Klaus R. Michalak (CEO, until 31 March 2023)

Our focus in 2022 was once again on financing projects for the energy transition and climate protection - this is impressively documented by new commitments of EUR 2.8 billion from the Power and Environment sector department. In this way, we are making a significant contribution to a sustainable future worth living in.

Dr Velibor Marjanovic (Member of the Management Board)

In the past year we focused in particular on supporting long-standing customers and structuring financing backed by good collateral. KfW IPEX-Bank assumed responsibility in leading roles and actively sought the involvement of other banks, institutional investors and insurance companies in order to create investment security.

Claudia Schneider (Member of the Management Board)

Besides the restructuring of the energy sector and the transport revolution, we are also concerned with digital transformation – another major focus area of our time. We enabled the expansion of fibre-optic networks worldwide in 2022 with loans totalling EUR 1.9 billion. In this way we are helping to shape the digital society.

Andreas Ufer (Member of the Management Board)

Key figures (table overview, accessible)

* The difference between the total sum and the addition of the partial values results from rounding differences.

We are transforming mobility

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We are financing the energy transition

We are expanding infrastructure

We are boosting the economy

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Progressive and responsible

Current facts and figures of our human resources policy

Management Report and Financial Statements (PDF, 3 MB, non-accessible)

Report of the Board of Supervisory Directors (PDF, 355 KB, non-accessible)

Corporate Governance Report (PDF, 384 KB, non-accessible)

All financial publications in the download center

Legal notice:

The information contained in this online Annual Report 2022 is based on KfW IPEX-Bank’s Management Report 2022, which you can download here (PDF, 3 MB, non-accessible) . Should this online Annual Report 2022, despite the great care taken in preparation of its content, contain any contradictions or errors compared to the Management Report, KfW IPEX-Bank’s Management Report 2022 takes priority.

Sangdong Mine – Project Update and Third KfW Drawdown

Nov 15, 2022 | Investment Information , Korea Tungsten , News Release

• US$9.82 million drawdown of KfW IPEX-Bank (“KfW”) project finance facility completed – third scheduled drawdown;
• Total drawn under KfW IPEX-Bank facility now stands at US$26.7 of total US$75.1 million facility;
• Sangdong mine construction remains on track and when in operation will be the world’s largest tungsten mine outside of China;
• Exploring additional downstream processing opportunities which could see Almonty directly participating in the battery anode and cathode and semi-conductor manufacturing industry in South Korea.

Toronto – November 15, 2022 , – Almonty Industries Inc. ( “Almonty” or the “Company” ) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI.F) is pleased to announce it has completed its third scheduled drawdown of the total US$75.1 million KfW IPEX-Bank project finance facility for its Sangdong Tungsten Mine (the Loan Facility), and to provide a project update from the Chairman of the Company.

The total amount drawn under the Loan Facility now stands at US$26.7 million. The Company is pleased to report that the drawdowns are being completed on schedule as per the project drawdown agreement.

“We are pleased to have received the third drawdown from our financing partners, KfW IPEX-Bank, under the US$75.1 million project financing loan facility which are occurring in-line with the drawdown schedule which is occurring on time as planned.”   “I was pleased to host representatives from the KfW IPEX-Bank, our offtake partner Plansee/GTP and the independent consultants, Hatch, to the site at the Sangdong Tungsten Mine in October 2022. In addition to a construction update, the parties further investigated the potential of Almonty to directly participate in the battery anode and cathode and semi-conductor manufacturing industry via the potential development of a 3,000t p.a. vertical nano tungsten oxide plant in South Korea.”   “Almonty has already signed an LOI with KfW IPEX-Bank in January 2022 to potentially fund up to US$50 million of this downstream processing opportunity which would see Almonty participate in the full supply chain from mine to battery products. We will continue to progress this opportunity in tandem with the construction of the Sangdong Tungsten Mine which is progressing as planned. Further details will follow once engineering design work has been commenced.”   “I am also pleased to note the strong tungsten price which has risen to circa US$350/MTU which represents a 50% rise over the past year. This strong price, coupled with our unprecedented floor price guarantee in our contract with our offtake partner Plansee GTP of US$235/MTU (with no upside cap) has the potential to generate truly spectacular returns for our shareholders once commissioning has commenced in the second half of 2023.”

KfW Facility Background

The Loan Facility is funded by KfW IPEX-Bank GmbH, a 100% German state-owned development bank, pursuant to which the Company has access to a total US$75.1 million to finance the development and operation of the Sangdong Mine. The terms of the Loan Facility are favourable to the Company and the Sangdong Mine is targeted to be in operation well before the Loan Facility matures and becomes repayable.

This announcement has been approved by Lewis Black, Chairman, President and CEO.

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Latest News

• Almonty Announces the Filing of its Audited Annual Consolidated Financial Statements, MD&A & AIF for the Year Ended December 31, 2023 and $2.2M in Positive EBITDA from Mining Operations

Almonty Announces the Filing of its Audited Annual Consolidated Financial Statements, MD&A & AIF for the Year Ended December 31, 2023 and $2.2M in Positive EBITDA from Mining Operations.

• Placement of Common Share Units and CDI’s raises C$1.47M with Further Commitments of C$1.178 million for acceleration of Tungsten downstream planning and Molybdenum reserves conversion.

Almonty Industries Inc. is pleased to announce that it has closed on a non-brokered private placement through the sale of 2,668,000 units (“CDN Units”) at a price of $0.55 per unit raising gross proceeds of $1,467,400.

Unlocking the Potential of Panasqueira Mine: Almonty Industries’ Investment Highlights

Panasqueira Mine’s Level 4 (L4) opening is poised to redefine the landscape of tungsten mining with its immense potential and low-risk profile.

About Almonty

The principal business of Toronto, Canada-based Almonty Industries Inc. is the mining, processing and shipping of tungsten concentrate from its Los Santos Mine in western Spain and its Panasqueira mine in Portugal as well as the development of its Sangdong tungsten mine in Gangwon Province, South Korea and the development of the Valtreixal tin/tungsten project in north western Spain.

The Los Santos Mine was acquired by Almonty in September 2011 and is located approximately 50 kilometres from Salamanca in western Spain and produces tungsten concentrate. The Panasqueira mine, which has been in production since 1896, is located approximately 260 kilometres northeast of Lisbon, Portugal, was acquired in January 2016 and produces tungsten concentrate.

The Sangdong mine, which was historically one of the largest tungsten mines in the world and one of the few long-life, high-grade tungsten deposits outside of China, was acquired in September 2015 through the acquisition of a 100% interest in Woulfe Mining Corp.

Almonty owns 100% of the Valtreixal tin-tungsten project in north-western Spain.

Further information about Almonty’s activities may be found at www.almonty.com and under Almonty’s profile at www.sedar.com .

Legal Notice

The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published or distributed should inform themselves about and observe such restrictions.

Disclaimer for Forward-Looking Statements

When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. These statements and information are based on management’s beliefs, estimates and opinions on the date that statements are made and reflect Almonty’s current expectations.

Forward-looking statements in this press release include, but are not limited to, statements regarding the expected use of proceeds of the Debenture Offering. The forward-looking statements and information in this press release include information relating to the intentions of management. Such statements and information reflect the current view of Almonty with respect to risks and uncertainties that may cause actual results to vary. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Almonty to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the receipt of all required approvals, unanticipated costs and expenses, general market and industry conditions and perational risks, including large project risk and contractual factors, any specific risks relating to fluctuations in the price of ammonium para tungstate (“APT”) from which the sale price of Almonty’s tungsten concentrate is derived, actual results of mining and exploration activities, environmental, economic and political risks of the jurisdictions in which Almonty’s operations are located and changes in project parameters as plans continue to be refined, forecasts and assessments relating to Almonty’s business, credit and liquidity risks, hedging risk, competition in the mining industry, risks related to the market price of Almonty’s shares, the ability of Almonty to retain key management employees or procure the services of skilled and experienced personnel, risks related to claims and legal proceedings against Almonty and any of its operating mines, risks relating to unknown defects and impairments, risks related to the adequacy of internal control over financial reporting, risks related to governmental regulations, including environmental regulations, risks related to international  operations of Almonty, risks relating to exploration, development and operations at Almonty’s tungsten mines, the ability of Almonty to obtain and maintain necessary permits, the ability of Almonty to comply with applicable laws, regulations and permitting requirements, lack of suitable infrastructure and employees to support Almonty’s mining operations, uncertainty in the accuracy of mineral reserves and mineral resources estimates, production estimates from Almonty’s mining operations, inability to replace and expand mineral reserves, uncertainties related to title and indigenous rights with respect to mineral properties owned directly or indirectly by Almonty, challenges related to global financial conditions, risks related to future sales or issuance of equity securities, differences in the interpretation or application of tax laws and regulations or accounting policies and rules of the TSX.

Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to, the receipt of all required final approvals, no unanticipated delays in the project financing, no material unanticipated costs and expenses, no material adverse change in general market and industry conditions and no unanticipated material operational risks, including large project risk and contractual factors, no material adverse change in the market price of APT, the continuing ability to fund or obtain funding for outstanding commitments, expectations regarding the resolution of legal and tax matters, no negative change to applicable laws, the ability to secure local contractors, employees and assistance as and when required and on reasonable terms, and such other assumptions and factors as are set out herein. Although Almonty has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward-looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Almonty. Accordingly, readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary.

Investors are cautioned against attributing undue certainty to forward-looking statements. Almonty cautions that the foregoing list of material factors is not exhaustive. When relying on Almonty’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events.

Almonty has also assumed that material factors will not cause any forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF ALMONTY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE ALMONTY MAY ELECT TO DO SO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS. 

For further information, please contact:

Lewis Black Chairman, President and CEO Telephone: +1 647-438-9766 E-mail: [email protected]

The head office of Almonty is:

100 King Street West Suite 5700 Toronto, Ontario M5X 1C7

TSX-T : AII.TO

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