2014 financial statements: KfW IPEX-Bank achieves high volume of new commitments

Frankfurt am Main (ots) -

- A partner for German and European companies: new business
growing strongly, with financing totalling EUR 16.7 billion
- A key source of earnings for the KfW Group, contributing EUR 541
million to the consolidated result
- The separate entity KfW IPEX-Bank GmbH reports net income for
the year of EUR 139 million
- Outlook for 2015: market position to be further strengthened,
syndicated business to be expanded, moderate growth trajectory
maintained

Today in Frankfurt, KfW IPEX-Bank announced its figures for the
2014 financial year, which present a positive picture: The specialist
financier providing support to German and European exporters,
generated new commitments totalling EUR 15.4 billion in its original
lending business in 2014 (2013: EUR 13.7 billion). In addition, there
were new commitments of around EUR 1.3 billion for bank refinancing
within the CIRR ship financing scheme, a mandated business managed on
behalf of the German Federal Government. "The high volume of new
commitments was far greater than we expected. It testifies to the
robustness and strength of our business model," said Klaus R.
Michalak, CEO of KfW IPEX-Bank, commenting on these results. "In all
our sector departments we systematically took advantage of the market
opportunities that presented themselves during the year. We provided
our structuring expertise in syndicated financing not only to our
customers but also to other banks, and assumed a range of banking
roles within various club deals."

The operating result of KfW's Export and Project Finance business
sector, for which KfW IPEX-Bank is responsible, was EUR 619 million,
similar to the previous year's figure (2013: EUR 634 million). It
mainly comprises net interest income and net commission income, less
administrative expense. Lower risk provisions were required during
the reporting year due to the positive trend of risk exposures,
meaning that the result from ordinary operating activities rose to
EUR 602 million (2013: EUR 458 million). The Export and Project
Finance business sector contributed EUR 541 million to KfW's
consolidated earnings in 2014 (2013: EUR 437 million), above average
compared with previous years. This reaffirms the business sector's
status as one of the KfW Group's main sources of revenue. "Despite
challenging economic and market conditions, the business sector again
made an active contribution to securing KfW's long-term promotional
capability," added Michalak.

KfW IPEX-Bank GmbH is a legally independent and separate reporting
entity which performs all export and project finance market
transactions. It reported a net income for the year of EUR 139
million. The volume of lending in the Export and Project Finance
business sector was EUR 64.3 billion as at 31 December 2014 (previous
year: EUR 59.9 billion).

Outlook for 2015: Maintaining and expanding market position

In the current year, KfW IPEX-Bank aims to continue strengthening
its position as a leading specialist financier and reliable partner
for key industries vital to the German and European economies. The
Export and Project Finance business sector plans further moderate
organic growth during 2015. The 2015 target for new commitments is
EUR 14.2 billion (2014 target: EUR 13.2 billion). The management sees
potential in international syndicated business. To quote the
Management Board's foreword to the 2014 Annual Report which is
published today: "Working with partners for the joint financing of
large projects is a fundamental aspect of our business and will be
further expanded in the future."

The Annual Report published today at www.kfw-ipex-bank.de also
includes the 2014 Corporate Governance Report, published voluntarily
by KfW IPEX-Bank as part of the KfW Group.

**The full press release incl. A tabular overview of financial
measures, see under:
www.kfw-ipex-bank.de/International-financing/KfW-IPEX-Bank/.

About KfW IPEX-Bank GmbH

Within the KfW Group, KfW IPEX-Bank is responsible for
international project and export finance. Its function of providing
financing to boost the German and European economy is derived from
the legal mandate assigned to KfW. It offers medium- and long-term
financing to support key export industries, to develop economic and
social infrastructure and to fund environmental and climate
protection projects. KfW IPEX-Bank operates as a legally independent
group subsidiary and plays a major role in fulfilling KfW's
promotional mission. It is represented in the most important economic
and financial centres across the globe.

Contact:
KfW IPEX-Bank GmbH, Palmengartenstraße 5-9, 60325 Frankfurt
Pressestelle: Thomas Krick, 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