Balance sheet 2012: KfW IPEX-Bank holds steady course

Frankfurt am Main (ots) -

- Increase in new commitments in original credit business to EUR
12.9 billion
- Contribution to ensuring KfW's promotional capacity: Subsidiary
KfW IPEX-Bank generates EUR 298 million of KfW's consolidated
earnings
- Operating income of KfW IPEX-Bank GmbH of EUR 264 million at
prior-year level
- Bank anticipates new commitments in 2013 to match previous
year's volume

Today in Frankfurt am Main KfW IPEX-Bank presented its figures for
the past financial year: The specialist financier was able to
increase the volume of new commitments in its original credit
business by EUR 1.4 billion in 2012 over the previous year to EUR
12.9 billion. In addition, new commitments totalling EUR 0.5 billion
were provided for refinancing banks under CIRR ship financing, agency
business it conducts for the Federal Republic of Germany. Despite a
difficult market environment, KfW IPEX-Bank generated a total
commitment level of EUR 13.4 billion, matching that of the previous
year (2011: EUR 13.4 billion).

The operating result of the Export and Project Finance business
area of KfW - for which KfW IPEX-Bank is responsible - reached EUR
646 million in 2012, slightly higher year-on-year (2011: EUR 603
million). It mainly comprised net interest and commission income less
administrative expenses. The crisis in merchant shipping put
exceptionally high pressure on the valuation result during the year
under review, as a result of which the profit from operating
activities came in at EUR 307 million. The Export and Project Finance
business area generated EUR 298 million of KfW's group earnings,
defying adverse conditions to underline its role as a key contributor
to the consolidated earnings of KfW Bankengruppe and an active player
in ensuring KfW's promotional capacity in the long term.

KfW IPEX-Bank GmbH, which is legally independent and balances its
own accounts, conducts all export and project finance market
activities only. It was hit somewhat harder by the merchant shipping
crisis than the business area overall: At EUR 264 million, its
operating income remained on par with the previous year (2011: EUR
258 million), yet it was nearly completely offset by the required
risk provisions, as a result of which the bank posted only slightly
positive operating income before taxes of EUR 20 million for the 2012
financial year.

In its foreword to the 2012 Annual Report presented today
including the annual financial statements, the Management Board said:
"For KfW IPEX-Bank, and for many of our customers, 2012 was a
challenging year. Yet it is precisely because of this persistently
challenging environment that we have pushed ahead with our strategy
of helping German and European export companies to compete in the
global marketplace and supporting them in our role as an effective
project and export financier. And our active management of existing
loans meant that we were able to work with our customers, where
necessary, to develop solutions which created viable prospects for
all parties".

Strengthening and building on this market position in an
environment that continues to be economically challenging and
competitive is the aim of KfW IPEX-Bank, as described in its 2012
Annual Report. Its business activities remain focussed on providing
medium- and long-term financing to support the export industry,
granting loans for environmental and climate protection projects, and
financing transport and infrastructure projects as well as projects
to secure Germany's supply of raw materials.

KfW IPEX-Bank plans to generate the same volume of new commitments
in 2013 as in the previous year.

2012 Annual Report In the Annual Report published today at
http://www.kfw-ipex-bank.de you will also find the 2012 Corporate
Governance Report, which KfW IPEX-Bank, as part of KfW Bankengruppe,
has voluntarily committed itself to publishing.

An overview of the key financial figures is available at
http://ots.de/wB1e8

About KfW IPEX-Bank

Within KfW Bankengruppe, KfW IPEX-Bank GmbH is in charge of
international project and export finance. It is responsible for
providing financing to support the German and European economy, a
task derived from the legal mandate assigned to KfW Bankengruppe. Its
prime focus is on medium- and long-term lending to boost the export
economy, develop economic and social infrastructure and support
environmental and climate protection projects. KfW IPEX-Bank GmbH
operates as a legally independent group subsidiary and plays a major
role in fulfilling the promotional mission of KfW Bankengruppe. It
has around 560 employees and is represented in the key economic and
financial centres around the globe.

Contact:
KfW IPEX-Bank GmbH, Palmengartenstraße 5-9, 60325 Frankfurt
Pressestelle: E-Mail: Thomas.Krick@kfw.de
Tel. 069 7431-8454, Fax: 069 7431-9409,
E-Mail: info@kfw-ipex-bank.de,
Internet: www.kfw-ipex-bank.de