On a proposal from the President approved by the Board of Directors at its meeting on 12 May 2009, Dr Axel Nawrath has been appointed Alternate Expert Member of the Board of Directors to succeed Mr Detlef Leinberger. His term of office runs until the day of the Bank’s Annual Meeting in 2013.

Dr Axel Nawrath was born in Hanover, Germany in 1954.

He gained a doctorate in Law from the Johann Wolfgang Goethe-University, Frankfurt am Main.

Dr Nawrath is currently a Member of the Managing Board of KfW. During his professional career he held posts at the Federal Ministry of Finance, among others as Director General for National and International Financial Markets and Monetary Policy and as State Secretary, at the German Delegation to NATO in Brussels, the Bundesrechnungshof (Federal Audit Office), where he was a Member, the Deutsche Börse Group as Managing Director and the Frankfurter Wertpapierbörse as General Manager.

Dr Nawrath is also a Member of the Supervisory Board of Deutsche Energie-Agentur GmbH, Berlin.