The most successful year in the company's history: KfW IPEX-Bank issues 2015 Annual Report

Frankfurt am Main (ots) -

- New commitments of EUR 20.2 billion support German and European
economies
- EUR 628 million contribution to KfW's consolidated earnings
- KfW IPEX-Bank generates operating income before taxes of EUR 274
million as a separate reporting entity
- Outlook for 2016: Consolidate market position further, focus on
syndicated business, moderate growth

Following the publication yesterday of KfW's 2015 Annual Report,
KfW IPEX-Bank GmbH, which is responsible for the Export and Project
Finance business sector, is today providing a detailed insight into
this part of the Group's international business. In 2015, the
development bank's wholly-owned subsidiary achieved its best ever
result since it was hived off from KfW in 2008. The volume of new
commitments came to EUR 20.2 billion (2014: EUR 16.6 billion).

"We can look back on an exceptional 2015 financial year," explains
the opening passage of the Management Board's foreword to the Annual
Report, which was published today (https://www.kfw-ipex-bank.de/Inter
national-financing/KfW-IPEX-Bank/). The specialist financier
generated a commitment volume of EUR 17.4 billion (2014: EUR 15.4
billion) in its original lending business. In addition, there were
new commitments for bank refinancing under the CIRR ship financing
scheme - agency business managed on behalf of the German Federal
Government. At around EUR 2.2 billion, these commitments were almost
EUR 1 billion higher than in the previous year (2014: EUR 1.3
billion). The new commitment volume also included an equity
investment of EUR 600 million for the implementation of the NordLink
subsea cable project.

With a contribution of EUR 628 million to KfW's consolidated
earnings, KfW IPEX-Bank reaffirmed its status as one of KfW Group's
main sources of revenue. "The business sector once again played an
active role in securing KfW's long-term promotional capacity, despite
challenging economic and market conditions," said Klaus R. Michalak,
CEO of KfW IPEX-Bank.

The operating result of KfW's Export and Project Finance business
sector, for which KfW IPEX-Bank is responsible, was EUR 690 million,
exceeding the level of success already achieved in the previous year
(2014: EUR 619 million). It mainly comprised net interest income,
which increased substantially year on year, and net commission
income, less administrative expense, which saw only a slight rise.
Risk provisions for the lending business also had an extraordinary
(positive) effect on the result. Net reversals of provisions meant
that the result from ordinary business activities totalled EUR 722
million. All recognisable risks were, however, covered by
commensurate risk provisions.

KfW IPEX-Bank GmbH is a legally independent and separate reporting
entity which performs all export and project finance market
transactions. It reported operating income before taxes of EUR 274
million - also a very good result. The volume of lending in the
Export and Project Finance business sector was EUR 69.4 billion as at
31 December 2015 (previous year: EUR 64.3 billion).

Outlook for 2016: KfW IPEX-Bank is concentrating its business on
reinforcing its position as a dependable specialist financier and
strong partner for the German and European economies. It will
continue to focus on close cooperation with clients and partner banks
in the future. "Particularly when it comes to providing clients with
large volumes of debt capital, KfW IPEX-Bank works constructively
with other banks to structure tailored syndicated financing," said
Michalak. Overall, the Export and Project Finance business sector
plans further moderate organic growth. The bank's performance in 2015
was the cumulative result of a number of individual factors and
cannot simply be projected into the future. The 2016 target for new
commitments is therefore EUR 16.2 billion.

The Annual Report published today at
https://www.kfw-ipex-bank.de/International-financing/KfW-IPEX-Bank/
also includes the 2015 Corporate Governance Report, published
voluntarily by KfW IPEX-Bank as part of the KfW Group.

**The full press release with a summary table of key figures of
KfW IPEX-Bank can be found at: http://ots.de/CX2SG

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