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Securities Compliance

KfW is committed to lawful action, diligence, integrity, professionalism, adherence to market standards and observance of our customer's best interests. However, despite all our best efforts it cannot be ruled out that, in individual cases, the legitimate interests of a customer and the interests even of an institution like KfW, a state-owned promotional institution that has obligations to its customers as well as its owners and employees under its promotional mandate, may be at odds (conflicts of interest).

Such conflicts of interest may arise between KfW, other enterprises of the Group, the management, the employees and other persons with whom KfW is associated, as well as their customers/business partners, or between their customers and business partners. In the interests of the customers/business partners, KfW has taken a range of measures designed to avoid these situations to the greatest possible extent.

We will be pleased to provide our customers with detailed information on possible conflicts of interest and our countermeasures on request.

If you have any further queries regarding possible conflicts of interest, please do not hesitate to contact us.

Further Information

Contact

KfW Group

Palmengartenstrasse 5-9

60325 Frankfurt am Main

Germany

Phone

+49 69 74 31 0

Fax

+49 69 74 31 29 44

eMail

info@kfw.de