<div id="readability-page-1"><div>RNS Number : 9534O Bank of Montreal 14 January 2026 pre-Stabilisation AnnouncementNot for distribution, directly or indirectly, in or into the United States or any jurisdiction in which such distribution would be unlawful.Kreditanstalt für Wiederaufbau (KfW)Pre-Stabilisation NoticeBank of Montreal Europe plc (contact: Massimo Antonelli; telephone: +44 (0) 20 7664 8062) hereby gives notice that the Stabilising Manager named below may stabilise the offer of the following securities in accordance with Commission Delegated Regulation EU 2016/1052 of 8 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the conditions applicable to stabilisation measures.<div><table><tbody><tr><td colspan="2">The securities:</td></tr><tr><td>Issuer:</td><td>Kreditanstalt für Wiederaufbau (KfW)</td></tr><tr><td>Guarantor (if any):</td><td>Federal Republic of Germany</td></tr><tr><td>Aggregate nominal amount:</td><td>USD 5,000,000,000</td></tr><tr><td>Description:</td><td>USD 5,000,000,000 3.7500 per cent. Global Fixed Rate Notes due 14 March 2031</td></tr><tr><td>Offer price:</td><td>99.888 per cent.</td></tr><tr><td>Other offer terms:</td><td>TBA</td></tr><tr><td colspan="2">Stabilisation:</td></tr><tr><td>Stabilising Manager:</td><td>Bank of Montreal Europe plc</td></tr><tr><td>Stabilisation period expected to start on:</td><td>14 January 2026</td></tr><tr><td>Stabilisation period expected to end no later than:</td><td>30 days after the proposed issue date of the securities</td></tr><tr><td>Existence, maximum size and conditions of use of over-allotment facility:</td><td>The Stabilising Manager may over-allot the securities to the extent permitted in accordance with applicable law.</td></tr></tbody></table></div>In connection with the offer of the above securities, the Stabilising Manager may over-allot the securities or effect transactions with a view to supporting the market price of the securities at a level higher than that which might otherwise prevail. However, there is no assurance that the Stabilising Manager will take any stabilisation action and any stabilisation action, if begun, may be ended 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 material was produced by Bank of Montreal Europe plc, a firm regulated by the Central Bank of Ireland.This announcement and the offer of the securities to which it relates are only addressed to and directed at persons outside the United Kingdom and persons in the United Kingdom who have professional experience in matters related to investments or who are high net worth persons within article 12(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and must not be acted on or relied on by other persons in the United Kingdom.In addition, if and to the extent that this announcement is communicated in, or the offer of the securities to which it relates is made in, any EEA Member State that has implemented Directive 2003/71/EC (together with any applicable implementing measures in any Member State, the &#34;Prospectus Directive&#34;) before the publication of a prospectus in relation to the securities which has been approved by the competent authority in that Member State in accordance with the Prospectus Directive (or which has been approved by a competent authority in another Member State and notified to the competent authority in that Member State in accordance with the Prospectus Directive), this announcement and the offer are only addressed to and directed at persons in that Member State who are qualified investors within the meaning of the Prospectus Directive (or who are other persons to whom the offer may lawfully be addressed) and must not be acted on or relied on by other persons in that Member State.This announcement is not an offer of securities for sale into the United States. The securities have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration. There will be no public offer of securities in the United States.This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. 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Bank of Montreal Europe plc has issued a pre-stabilisation notice regarding the offer of USD 5 billion in Global Fixed Rate Notes due March 14, 2031, for Kreditanstalt für Wiederaufbau (KfW). The stabilisation period is expected to start on January 14, 2026, and may last up to 30 days. The announcement clarifies that it does not constitute an offer to sell securities in the United States or any jurisdiction where such distribution would be unlawful. The securities are directed at qualified investors outside the UK and EEA.

REG - Bank of Montreal Kreditanst. für Wied - Pre -Stabilisation Notice - KFW