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Morgan Stanley Bank AG

Stabilisation notification

Frankfurt am Main (euro adhoc) -

Art. 9 (3) of commission regulation No. 2273/2003
  ots.CorporateNews transmitted by euro adhoc. The issuer is responsible for
  the content of this announcement.
banks
Notification
acc. to Art. 9 (3) of commission regulation No. 2273/2003 of 22. 
December 2003 as regards exemptions for buy-back programmes and 
stabilisation of financial instruments of
KfW, Berlin
- International Securities Identification Number (ISIN): DE000A0E9DE 
- - Wertpapierkennnummer (WKN): A0E9DE -
KfW bonds EUR 3,000,000,000 3.25 per cent. Exchangeable Bonds due 
2013 exchangeable into shares of Deutsche Telekom AG - Termination of
Stabilization Period
In connection with the offering by KfW of EUR 3,000,000,000 3.25 per 
cent. Exchangeable Bonds due 2013 exchangeable into shares of 
Deutsche Telekom AG, Morgan Stanley Bank AG acted as stabilisation 
manager.
The stabilization period has been terminated with the full exercise 
of the greenshoe option increasing the offering to a total of EUR 
3,300,000,000.
No stabilisation measures were undertaken by Morgan Stanley Bank AG 
as stabilisation manager during the stabilisation period
THIS ANNOUNCEMENT IS NOT AN OFFER OF SECURITIES FOR SALE. This 
announcement constitutes neither an offer to sell nor a solicitation 
to buy securities of KfW.  The securities have already been sold.
end of announcement                               euro adhoc

Further inquiry note:

Morgan Stanley Bank AG

Junghofstraße 13-15

D-60311 Frankfurt am Main

Branche: Banking
ISIN:
WKN: -

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