MANAGEMENT AND EMPLOYEES

The executive bodies of KfW are the Board of Managing Directors (Vorstand) and the Board of Supervisory Directors (Verwaltungsrat).

Board of Managing Directors

The Board of Managing Directors presently consists of six members, which are appointed by the Board of Supervisory Directors. The Board of Managing Directors is responsible for the day-to-day conduct of KfW’s business and the administration of its assets. The names of the members of the Board of Managing Directors and the dates of their appointments to the Board are set forth below:

Name Date of Initial Appointment Dr. Günther Bräunig October 1, 2006 Dr. Peter Fleischer August 22, 2003 Dr. Norbert Kloppenburg January 1, 2007 Wolfgang Kroh December 1, 2000 Detlef Leinberger October 1, 1999 Ingrid Matthäus-Maier (official spokeswoman) July 1, 1999

Members of the Board of Managing Directors are full-time employees of KfW and are generally appointed for five-year terms of office. Reappointment is permitted. Each Managing Director is responsible for certain aspects of KfW’s activities but shares the responsibility for all actions taken by the Board. There is no chief executive officer of KfW. The official spokeswoman of the Board of Managing Directors is Ingrid Matthäus-Maier.

On December 9, 2005, the Board of Managing Directors elected its member Ingrid Matthäus-Maier to become spokeswoman of the Board of Managing Directors as of October 1, 2006. Ms. Matthäus-Maier replaced Hans W. Reich, who retired as of September 30, 2006. Also on December 9, 2005, the Board of Supervisory Directors appointed Dr. Günther Bräunig, at that time General Manager of KfW, to the Board of Managing Directors as of October 1, 2006. On March 31, 2006, the Board of Supervisory Directors appointed Dr. Norbert Kloppenburg, at that time a director of KfW, to the Board of Managing Directors as of January 1, 2007. Dr. Kloppenburg replaced Dr. Peter Klaus, who retired as of April 30, 2007.

Board of Supervisory Directors

The Board of Supervisory Directors has 37 members at present and consists of the Federal Minister of Finance, the Federal Minister of Economics and Technology, the Federal Minister of Foreign Affairs, the Federal Minister of Food, Agriculture and Consumer Protection, , the Federal Minister of Transport, Building and Urban Affairs, the Federal Minister for Economic Cooperation and Development, the Federal Minister for the Environment, Nature Conservation and Nuclear Safety, seven members appointed by the Bundesrat (the upper house of Parliament), seven members appointed by the (the lower house of Parliament), five representatives of the commercial banks, two representatives of industry, one representative each of the local municipalities, agriculture, crafts, trade and the housing industry and four representatives of the trade unions. The representatives of the commercial banks, industry, the local municipalities, agriculture, crafts, trade, the housing industry and the trade unions are appointed by the Federal Government after consultation with their constituencies.

The Federal Minister of Finance and the Federal Minister for Economics and Technology are appointed by the Federal Government as Chairman and Deputy Chairman of the Board of Supervisory Directors on a year-by-year rotating basis. The term of office of all Federal Ministers is five years while the other members of the Board of Supervisory Directors are appointed for three years. There are two committees of the Board of Supervisory Directors, the Legal and Administrative Committee and the Credit Committee, which approves all loan commitments to a single borrower of between EUR 50 million and EUR 100 million.

The Board of Supervisory Directors supervises the overall conduct of KfW’s business and the administration of its assets. It may give the Board of Managing Directors general or special directives. In particular, the Board of Supervisory Directors approves all loan commitments to a single borrower exceeding

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EUR 100 million and may reserve the right to approve other transactions or types of transactions. It is not, however, authorized to represent KfW or to commit funds on KfW’s behalf.

The members of the Board of Supervisory Directors are:

Name Position

Dr. Günter Baumann Member of the Board of Managing Directors of Deutscher Industrie- und Handelskammertag

Anton F. Börner President of the Bundesverband des Deutschen Groß- und Außenhandels e.V.

Dr. Uwe Brandl President of the Bayerischer Gemeindetag

Frank Bsirske Chairman of ver.di – Vereinigte Dienstleistungsgewerkschaft

Prof Dr. Ingolf Deubel Minister of Finance of the State of Rhineland-Palatinate

Rüdiger Dorn President of Haus & Grund Deutschland

Prof. Dr. Minister of Finance of the Free State of

Dr. Thomas R. Fischer Spokesman of the Board of Managing Directors of WestLB

Sigmar Gabriel Federal Minister for the Environment, Nature Conservation and Nuclear Safety

Heinrich Haasis President of the Deutscher Sparkassen- und Giroverband

Michael Glos Federal Minister of Economics and Technology

Peter Jacoby Minister of Finance of the State of Saarland

Bartholomäus Kalb Member of the German Bundestag

Roland Koch Minister President of the State of Hesse

Jürgen Koppelin Member of the German Bundestag

Oskar Lafontaine Member of the German Bundestag

Claus Matecki Member of the Federal Executive Board of the Confederation of German Trade Unions (DGB)

Dr. Member of the German Bundestag

Franz-Josef Möllenberg Chairman of the Trade Union Nahrung-Genuss-Gaststätten

Hartmut Möllring Minister of Finance of the State of Lower Saxony

Klaus-Peter Müller President of the Bundesverband Deutscher Banken e.V.

Stefan Ortseifen CEO of IKB Deutsche Industriebank AG

Matthias Platzeck Minister President of the State of Brandenburg

Dr. Christopher Pleister President of the Bundesverband der Deutschen Volks- und Raiffeisenbanken e.V. (BVR)

Christine Scheel Member of the German Bundestag

Hanns-Eberhard Schleyer Secretary-General of the Zentralverband des Deutschen Handwerks

Horst Seehofer Federal Minister of Food, Agriculture and Consumer Protection

Michael Sommer Chairman of the Deutscher Gewerkschaftsbund

Gerhard Sonnleitner President of the Deutscher Bauernverband e.V.

Jörg-Otto Spiller Member of the German Bundestag

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Name Position

Peer Steinbrück Federal Minister of Finance

Dr. Frank-Walter Steinmeier Federal Minister of Foreign Affairs

Ludwig Stiegler Member of the German Bundestag

Erwin Teufel Minister President of the State of Baden-Württemberg (retired)

Jürgen R. Thumann President of the Bundesverband der Deutschen Industrie e.V

Wolfgang Tiefensee Federal Minister of Transport, Building and Urban Affairs

Heidemarie Wieczorek-Zeul Federal Minister for Economic Cooperation and Development

Employees

At December 31, 2006, KfW employed 3,580 persons, compared to 3,452 persons at December 31, 2005.

Of KfW’s staff, approximately 29% are engaged in investment finance, 12% in financial cooperation, 11% in export and project finance, and the balance in KfW’s accounting, disbursements, collateral, funding and lending support departments and in general administrative and staff functions.

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