[nés yh/xx 0M] eo.'OI N3A 66, 20/61 19/02 '99 08:42 FAX ______S&C LOfAJON NO 3 0002

THIS NOTE CONSUTUTES A SONGER TERMDEBT SECUMTYISSUED1N ACCORDANCE YYITH REGULATIONS MADE UNDËR SECTION 4 OF THE BANKING ACT 1987. THE ISSUER OF THIS’ NOTE IS KFW INTERNATIONAL FINANCE INC-, WHICH IS NOT AN AUTHORIZED INSTITUTION OR A EUROPEAN AUTHORIZED INSTITUTION (AS SUCH TERMS ARE DEFINED IN THE BANKING ACT 1987 (EXEMPT TRANSACTIONS) REGULATIONS 1997). REPAYMENT OF THE PRINCIPAL AND PAYMENT OF ANYINTEREST OR PREMIUM IN CONNECTION W1TH THIS NOTE HAS BEËN GUARANTEÊP BY KREDITANSTALT FÜR WIEDERAUFBAU, WHICH IS NOT AN AUTHORIZED INSTITUTION OR A EUROPEAN AUTHORISED INSTITUTION,

PR1CING SUPPLEMENT

Februaty 16, 1999

Increase by £400,000,000 0.00 per cent. Notes due December 7, 2028

Comprising £250,000,000 6.00 per cent. Notes due December 7, 2028 (tho "Originel Notes") and £150,000,000 6,00 psr ccm, Notes due December 7, 2028 (the "Increase Notes" and, rogetber with üie Original Notes, the "Notes")

of the £600,000,000 6.00 per cent. Notes due December 7, 2028

issued pursuant to the U.S.$ 25,000,000,000 Multïcurrency Debt Issuance Program of KFW International Finance Inc. (incorporated ïînder the laws of the State of Delaware)

uncouditionally and irrevocably guaranteed by Kreditanstalt fiir Wiederauibau (su, institution organïzed under public law of die Fédéral Republic of Gennany)

Original Notes Issue Pries-, 118.517 9ô (Plus accrued but unpaid interest from and including December 7, 1998 to but excluding February 19, 1999)

Increase Notes Issue Price: 118.390% (Plus accrued but unpaîd interest from and including December 7, 1998 to but excluding February 19, 1999)

Issue Date: February 19,1999

This Piicing Suppiemem is issued to give details of an issue of Notes under the U.S. $25,000,000,000 Multicurrency Debt Issuance Program of KfW International Finance Inc. (the "Program '') and is to be read in conjunctioa wjth the Tenus and Conditions of the Notes (the ' Tenus and Conditions") set forth in the Offering Circiüar dated My 21, 1998 pertaining to the Program, as the

LONDON: 110275.5

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Coûdiüopfi") set forii. ia the Offerkig Cïrcular pettaining to the Program, as the saine naay be amended or supplernented from time to finie, Capïtalizcd ternis aot othenvîse deJGaed hereia shall bave the meaniags specifled in the Terma and Conditions. Ail référencés in this Pricing Supplément to mimberetl Articles and sections are to Articles and sections of the Tenus and Condition».

Fotm of Conditions □ Long-Form B Iniegratcd

Govemlng Law 0 State of New York 0 Fédéral Republie of Gennany

Language of Conditions El English only D Gemanonly D English and Gemaa (English comrolling) Cl German and English (Gemaa contfolling)

CURRENCY, DENOMINATION, FORM AND TITtE, CERTAIN DEFINITIONS (Article 1) Currency and Dmatnirusion Speciiïed Cuirency Pounds sterling (”£") Aggregare Principal Amouat £400,000,000 Amhoxized Danomlnatioii(s) £1,000 £10,000 and £100,000 Number of Notes fo be issued in. each Amhorized N/A Dcnomiaation (per dénomination) Definitive Notes

B Coupons

□ Talons

Û Receipts Temporary Global Note — Exchange Temporary Global Note exchangeable for: □ Definitive Notes

B Permanent Global Note(s) (specify if more iban one)

LONDON: 110275.3 2

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întcrost payable priot to Exchwge Date

Certain Définitions Clearing System 8 Morgan Gnaianty Trust Company of New York, Brussels office (Buroclest Operator) 1

S Cedelbank. société anonyme

□ Deutscber Kassenvereiû AG

a Société lûterprofessionelie pour la Compensation des Valeurs Mobilières

□ Other — specifÿ Caîcularion Agent D Fiscal Agent

□ Other (specifÿ) i INTEREST (Article 3)

S FiJted Rate Notes Raie oflnlerest and IntereSt Poymnî Dam Rate of Interest 6.00 per cent, per armnm Fised Interest Datis(s) December 7, in eacliyoar First Interest Payment Date December 7, 1999 tua al Broken Amouut(s) (per denoroinatîon) N/A Final Broken Amoimt(s) (per dénomination) N/A Day Couni Fraction

□ Actual/365 (Acmal/Actual)

□ Acrual/365 (Fixed)

□ ActUal/360

□ 30/360 gr 360/360 (Bund Basis)

S 30E/360 (Eurobond Basis)

LONDON: U027S.3 3

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FINAL REDEMPTION (Article 4) Notes other tban Installment Notes Mamrity Daw Dccembcr 7, 2028 Rédemption Month N/A Final Rédemption Amount (per dénomination) Face Amount ËABLY REDEMPTION (Article 5) Early Rédemption for Reasons of Taxation Reference Date for Tax Rédemption May 11, 1998 Early Rédemption at the Option ofrhe Jssuer No

Early Rédemption at the Option ofa Hôlder No

Early Rédemption Amount H Final Rédemption Amount PAYMENTS (Article 6) Mannér of Payaient Principal Financial Cerner of Country of Specifîed London Currency Payment Date Business Day Convention P Modified poilowing Business Day Convention

□ FRN Convention (specüy period(s))

® Followiag Business Day Convention

□ Preceding Business Day Convention Adjustment for interest No Relevam Financial Ccni'er(s) (speeify ail) London and New York

LONDON: 110275,3

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I i FISCAL AGENT AND PAYING AGENTS (Articlè 7) ! Fiscal Agent and Principal Paying Ageat/specifîed yfficc DeuWolie Bank ! Aktiengesûllschaft 1 Grosse Gaîlusstrasse 10-14 i D-60272 Frankfurt am Main, , l Fédéral Republie of Genaany Paying Agems/specified offices ! i Banque de Luxembourg SA i( ' • 14, Boulevard Royal L'2449 Luxembourg

Barolays Bank PLC i i 8 Angel Court » Tlirogmonou Street London EC2R 7HT i England Stock Excisanges/locations Luxembourg and London NOTICES (Article 12) |

Place and medium of publication , |

S Luxembourg (Luxemburger Won) : B London (Financial Titnta) ! i □ Gennany (BSrsen 'ldmng) , i

□ Paris (La Tribune or Les Echos) \ □ Other (spcciiy) .

GENERAL PROVISIONS APPLICABLE TO THE NOTE(S) i Additional selling restrictiofis (specify) N/A Method of distribution Non-underwrinen No Undcrwritten i Yes (Sce details bf-low) ’ ; Stabîlizing DeUler/Manager ; UBS AG, acting througb ks division Warburg DiBon Read Securitles IdentUicatlon Numbers | i Common Code 8701296 ISIN Code ! XS0087012968 Germau Securities Code (WKN) i 18989S

LONDON: 110275J 5

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I I

Any other securilies ntxmbei Until Maich 3l, 1999, or sucb other date as interests in The Tcmpoxary Global Note are eXchanged foi interests in tlie Permanent Global Note, üte temporary Conunon Code of the Notes is 94S6399, tbe temporary ISIN Code ûf the Notes is XS0094S63999, and the temporary Garmaxi Sccurities Code of the Noces is 291921 wiüi respect to sueh interests. List in g (s) Yes H Luxembourg

□ Paris

O Frankfurt

0 O cher : London Supplémenta) Tax Disclosure (speciiÿ) 1 Noue Other relevant tenns and conditions (speciiy) i

Commencing Marcb 31, 1999, or sucb other date as interests in the Temporary Global Note are exchanged for interests in the Permanent Global Note, the Notes will be fully fungible with and wil] be Consolidated and form a single class with the Issùer’s £600,000,000 aggregace principal amounr of 6.00 per cent. Notes due December 7, 2028, which were issued on May 12, 1998 and Scptember 24, 1998.

Paymeuts of interest made on December 7,1999 will be for interest accrued from and mcluding December 7, 1998 to but excluding December 71 1999,

On pages 90 and 91 of the Offering Circulai, dated July 21, 1998, relating to th® Notes, commenciug with the third paragraph of "Management - Boaid of Supervisory Directors" on page 90, the naraes of the following persons listed thwcln as members of the Board of Supervisory Directors are hereby rcplaced as indicaced by the corrasponding new names: ) g?£Nams5 , NcwJ^giçs

Dr. Théo Waigel, Bonn , Bonn Dr. Gtotcr Rexrodt, Bonn Dr. Wemer Muller, Bonn Jochen Borchert, Bonn Karl-Heinz Funke, Bonn Dr. Klaus Kihkcl, Bonn Joseph Fischer, Bonn Dr. HorSt KChler, Bonn Dr. Dietrich H. Hoppcnstedt, Bonn Dr. , Bonn Jurgen Trittin, Bona Cari-Dieter Spranger, Bonn Hcidexnaric Wieczordc-Zeul, Bonn , Bonn Franz 'Müntefering, Bonn

LONDOM: 110275,3 6

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In rie Offemg Circulai, dared July 21, 1998, rejaiing to thc Notes, die références te "Fédéral Mixdster of Transport" in the firet sentence of îhe ixrst paragrapi of "Management - Board of Supcrvisory Directors" on page 90 and in the last line of ùc saine section on page 91 are hareiy replaced with "Fédéral Miûister of Transport, Construcnoîi and Housing",

On page 93 of the Ûffering Circular, dated July 21,1998, relaüng to the Notes, the last sentence of the fourihparagraph of "Acdvîries - General" U hcrcby replaced with the following text; "In November 1998, KfW acquiied from the Fédéral Govemmect a furtber block of Deutsche Telekom AG shares, constituting approximately 11% of that company’s oütstandjüg shate capital and in lanuaty 1999, acquired another block of shares consüroting approxlmaiely 1.2 % of thaï company’s outstanding share capital, After giving effcct ta these acquisitions and a sale by KfW in December 1998 of approjdmately 2% of Deutsche Telekom AG's ouestanding share capital to France Telecom, KfW holds approximately 23.8 % of Deutsche Telekom AG’ s outstanding shares, the total net pmehase pries of which was approximarely DM 19,5 billion. These subséquent purchases by KfW were both subject to cocditions simllar to the firsi ona."

The Issuer confïrms that h;

(a) wlil comply with its obligaüons trader the relevant noies (as defmed in the Banking AcC 1987 (Exempt Transactions) Régulations 1997) in relation to the admission to and çontinulng listing of the Program;

(b) bas not, since the last publication, if any, in compliance with lhe relevant rules of information about the Program, any previous issues ruade trader it and listed on the same exchange as the Program, or the Notes, having ruade ail roasonable enquiiies, bccorüe aWaxe of any change in circumstances which could rcasonably be regarded as significantly and advorsely affeettag 1rs abilîty to meet its obligations as Issuer in respect of the Notes as they fall due; and

(c) has complied and wlll continue to comply with its obligations under the Régulations to lodge ail relevant information (as defurad in the Régulations) in relation to any such Notes with the London Stock Exchange.

A, Name and Undcrwritlng Commitment of tire Manager: COMMIXMfaNT

UBS AG, acting through ita division Warburg Dillon Read £400,000,000

B. Fees and Commjrsions

Comblned management and undorwriting commission: 0.45 per cent.

Original Notes Subscription Price: 118,067% plus interest acoruedonthe Notes at the rate of 6.00% per annum from and includlng December 7, 1998 to but excluding Fehruary 19, 1999.

Increase Notes Subscription Price: 117,94fl% plus interest accrued on the Notes at the rate of 6.00 % per annum from and including December 7, 1998 to but excluding February 19, 1999-

Tbe above Pricing Supplément comprises the details required to list this issue of Notes pursuant to the listing of the U, S J 25,000,000,000 Multicurrency Debt Issuance Program of KfW International Finance fcc. (as from February 19, 1999).

LONDON: U 0275.3 7

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I I

KfW INTERNATIONAL FINANCE INC,

Name: Heike Reichelt Title: Attomey-in'-Faot

KREDITANSTALT FÜR WIEDERAUFBAU

By:______;------Nome: Dr. Frank Czichowski Title: First Vice President

LONDON11102753 8

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