Third Quarterly Report 2006.

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1 Third Quarterly Report 2006.

2 KFW BANKENGRUPPE. Development of operations. In the first three quarters of 2006 the total financing volume of KfW Bankengruppe rose to EUR 51.8 billion, up by more than a third on the same period in 2005 (EUR 37.4 billion). In addition to the very successful programmes for the refurbishment of old buildings and ecological construction of KfW Förderbank (KfW promotional bank), the positive business development of KfW IPEX-Bank and the increased financing volume of KfW Entwicklungsbank (KfW development bank) contributed to the growth. To refer to the key figures as you read, please fold out the next page.

3 KEY FIGURES. In EUR billion I. KfW Mittelstandsbank Loan financing of which Entrepreneur Loan Global loans to trade and industry Mezzanine financing Equity financing Securitisations II. KfW Förderbank Housing investments of which Global loans to the housing industry Education Municipal infrastructure Environmental protection investments Global credit lines for promotional institutions in the federal states Securitisations Investment finance in Germany and Europe III. KfW IPEX-Bank Industry, telecommunications, basic industries Power, renewables and water Transport and transport infrastructure Other (AKA export loans, grants) IV. KfW Entwicklungsbank V. DEG Total financing volume Environmental and climate protection Funds raised Balance sheet total Differences in the totals are due to rounding. 1 Included in the total financing volume as general promotional business by KfW Mittelstandsbank and KfW Förderbank.

4 KFW MITTELSTANDSBANK. Increase in the financing volume of KfW Mittelstandsbank. In the first three quarters of this year, KfW Mittelstandsbank attained a financing volume of EUR 12.5 billion. Compared with the same period last year, this was an increase in the financing volume of 9 %. This increase is mainly the result of the new ABS SME portfolio and securitisation transactions of a total volume of EUR 2.6 billions, which is roughly one fifth higher than in the first three quarters of High growth rates in the promotional loan programmes and mezzanine financing. With EUR 4.7 billion in commitments, the basic financing programme for small and medium-sized enterprises, the Unternehmerkredit (Entrepreneur Loan), posted a substantial increase of almost EUR 1 billion. This development reflects the growing demand for loans by German SMEs, which had already become apparent in the course of the year. The volume of new lending to business start-ups, self-employed professionals and SMEs amounted to more than EUR 7.3 billion and, thus, remained slightly below the previous year s result. This is due to the fact that commitments for global loans decreased by more than EUR 2 billion compared with the previous year s period, when new commitments in this area had been exceptionally high. Commitments for mezzanine financings rose from EUR 0.4 billion in the first nine months of last year to EUR 1.7 billion in the first three quarters of This substantial increase is mainly due to the ERP Innovation Programme, which was launched at the end of last year and offers mezzanine capital in the form of subordinated loans for innovation projects. With commitments of EUR 0.2 billion, equity finance roughly attained last year s level. 2

5 Microfinance Fund Germany started. The access to micro-loans causes particular problems because loans to business founders and young enterprises imply a higher default risk. Moreover, due to the higher loan processing costs and the comparably high fixed costs, small-scale loans are less attractive for the banks. Against this background, the Federal Ministry for Economics and Technology (BMWi), the Federal Ministry for Labour and Social Affairs (BMAS), GLS Bank and KfW Bankengruppe launched the pilot project Microfinance Fund Germany. The Microfinance Fund works like a guarantee fund and fully assumes the credit default risk of banks that hand out short-term micro-loans (of up to approx. 2 years) in the amount of up to EUR 10,000 to business start-ups and young entrepreneurs. The extension of microloans is closely linked with start-up and management consulting. The assistance provided by an adviser helps to identify promising business ideas, which are then recommended to the banks for financing. In addition, the advisory institution has to take part of the default risk of the loan by assuming 20 % of the liability for the micro-loans it has recommended for financing. As the advisory institution shares part of the risk it will have an economic interest in proposing only projects that have good prospects of success. At the same time, the participation of the advisory institution will reduce the bank s loan processing costs due to its involvement in the lending, the ongoing monitoring and support and, possibly, in action to be taken in the event of loss. 3

6 KFW FÖRDERBANK. Initiative to promote housing, the environment and growth continues its success. With a commitment volume of EUR 12 billion, the programmes to promote housing investments increased by 50 % over the same period last year. This increase is mainly due to the initiative to promote Housing, Environment, Growth implemented by the German government and KfW. In the CO 2 Building Rehabilitation Programme, substantial improvements in lending conditions led to loan commitments that, at EUR 3.2 billion, were three times as high as in the first three quarters of Loan commitments also increased noticeably in the KfW programmes CO 2 Building Rehabilitation and Ecological Construction. In the KfW Home Ownership Programme, KfW Förderbank provided a total of EUR 3.3 billion in the first nine months of this year to support the new construction or the purchase of 57,200 houses or apartments. High demand for KfW Student Loans. The KfW Student Loan, which was introduced in April 2006, is in high demand. The KfW Student Loan offers students the chance to finance their studies independently of the income and assets their parents. As of 30 September 2006 more than 5,700 students had already benefited from the student loan offer. Around 60 % of loan commitments were made to borrowers in then first four semesters of their study course. The average monthly loan amount per student was roughly EUR 500. Besides information on the KfW Student Loan provided on the KfW website around 1,750 sales partners of KfW, i. e. banks and student services, offer personal financing advice. 4

7 In the area of education, KfW made available altogether 56,407 loans for a volume of EUR 872 billion in the first nine months of the year. Substantial rise in KfW infrastructure loans. Loan commitments to promote investment in the municipal infrastructure in the third quarter of 2006 were roughly a quarter higher than in the same period last year. This increase is due to an improvement in loan conditions and more intensive public relations and advisory activities. Of the total commitment volume, EUR 1.1 billion was accounted for by municipal loans to promote municipal investment, EUR 0.6 billion by the Social Investment Programme that is intended to promote investment by non-profit organisations and EUR 0.5 billion by the Municipal Investment Programme with the objective of promoting investment by municipal enterprises. Financing of environmental protection investments. In the first three quarters of 2006 KfW Förderbank provided EUR 3.7 billion in loans to finance industrial pollution control investments and the exploitation of renewable energies, which is an increase of 35 % compared with the same period in There was a marked increase in demand under the ERP Environmental Protection and Energy Conservation Programme, which helps commercial investors to finance measures to improve environmental and climate protection. In comparison with the previous year s period, loan commitments in this programme were up 66 %, from EUR 1.5 billion to EUR 2.5 billion in the first nine months of the year. 5

8 Carbon Fund: Further purchase agreement concluded. In the third quarter of 2006 the KfW Carbon Fund successfully concluded a purchase agreement (ERPA) with a wind farm in Egypt for the transfer of 550,000 carbon credits until the year In addition, five preliminary agreements (LoIs) were concluded with hydro-power projects in India and China, which are expected to deliver more than 1.5 million carbon credits. Altogether, KfW has concluded purchase agreements and preliminary agreements for approximately EUR 43.6 million, covering around 4.8 million carbon credits to be transferred until Thus, roughly 50 % of the total Carbon Fund volume of EUR 83.9 millions is covered by purchase agreements. Another 13 promising projects are currently in the pipeline. Of these projects, 55 % are in the area of renewable energies. The main regional focus continues to be on Asia, particularly India and China, followed by Latin America and Africa. 6

9 KFW IPEX-BANK. In the first three quarters of 2006 KfW IPEX-Bank concluded new business for EUR 10.3 billion, of which EUR 3.5 billion for projects in Germany and EUR 6.8 billion for projects abroad. Commitment for PPP projects. In the field of domestic project and corporate financing sizeable loans were granted to industrial enterprises, particularly in the manufacturing sector as well as in the area of energy and the environment. The bank expanded its involvement in PPP projects in the school sector in Germany. Establishment of further representations. The regions of Europe continued to be the most important customer markets for KfW IPEX-Bank s international business. But the bank also continues to expand its network of representative offices in regions outside Europe to be able to service specific target regions and markets more intensively. In September 2006 KfW IPEX-Bank opened an office in Moscow. The representative office of KfW IPEX-Bank in Turkey was moved from Ankara to Istanbul. Further representative offices are planned to be established in the Indian subcontinent and in the Gulf region. In its foreign business KfW IPEX-Bank again financed extensive investments for a turn-key methanol project in Trinidad/Tobago. In Brazil it financed the construction of further biomass power stations. In India the bank extended a long-term loan to the Indian SREI Infrastructure Finance Ltd., the market leader for leasing of infrastructure equipment such as building machines. 7

10 KFW ENTWICKLUNGSBANK AND DEG. In the first three quarters of this year KfW Entwicklungsbank committed total funds of EUR 1.3 billion in the area of Financial Cooperation with developing and industrialising countries, of which EUR 756 million were provided from the German federal budget and EUR 531 million were funds raised by KfW in the capital market. In addition, DEG, a subsidiary of KfW, provided EUR 571 million to finance investments in developing and industrialising countries. Joint declaration by development banks on lowering the risk of HIV/AIDS. One of the greatest challenges facing the international community is the health of the world's population. On the occasion of the 16th International HIV/AIDS Conference in Toronto the development banks released a joint statement on the reduction of the HIV/AIDS risk in the context of infrastructure projects which is borne by the IBRD, ADB, AfDB, JBIC, DFID and KfW Entwicklungsbank. This joint statement was signed on 18 August This topic, designated Mainstreaming of AIDS prevention, is about how to systematically take the HIV/AIDS problem into consideration in development projects. It accounts for an important share of the activities of KfW Entwicklungsbank in the area of health promotion. In this way the developing countries are supported in their efforts to improve the health of the population. The spread of HIV/AIDS is frequently aggravated around construction sites through migrant labour and prostitution. For this reason, the development banks' initiative specifically addresses prevention, that is, educating project personnel, construction workers and target groups, and the availability of condoms in infrastructure projects. 8

11 FUNDING. KfW Benchmark Programme for 2006 completed. In the first three quarters of 2006 KfW raised EUR 43.8 billion in the capital market and, thus, has already covered about 80 % of the funding volume of EUR billion planned for the year. In September KfW issued its third EUR-denominated Benchmark bond in Thus, the 2006 EUR-Benchmark Programme is complete. The bond has a volume of EUR 3 billion and a term of 3 years. Under its programme in US dollars, KfW has issued two bonds for USD 3 billion each and one for USD 2 billion since the start of the year. The total volume of the two Benchmark Programmes of KfW amounts to approximately EUR 19.4 billion or 44 % of the total issue volume. Other public transactions accounted for 43 % of the funding volume and private placements for 13 %. In 2006 KfW has already issued bonds and notes in 22 different currencies. At 43 % of funds raised in 2006 so far, the Euro continues to be the most important currency, followed by the US dollar at 27 %. Other major borrowing currencies of KfW are the British pound (12 %) and the Japanese yen (5 %). The remainder 13 % was raised in the other 18 currencies. 9

12 HOLDING ARRANGEMENTS. Successful placement of Deutsche Post AG shares. In July 2006 KfW sold shares of Deutsche Post AG for EUR 1.3 billion (63.6 million shares) to institutional investors in a direct placement. In addition, a greenshoe option of 15 % of the original allotment size was exercised, which increased the total volume of the transaction to EUR 1.5 billion (73.1 million shares). This size makes it the largest transaction conducted in the context of an accelerated placement procedure in Germany in the current year. The transaction was accepted very well in the market, with the highest demand coming from foreign investors. Due to the dynamic market reaction the discount to the previous closing price was only 2 %. As a result of the share placement the number of Deutsche Post shares held by KfW decreased by 6.1% to 35.5 % (424.0 million shares). At the same time the free float increased to approximately 68.8 %. 10

13

14 KfW Bankengruppe Palmengartenstrasse 5 9, Frankfurt am Main, Germany Telephone , Fax ,

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