On a proposal from the President approved by the Board of Directors, Ms Ingrid Hengster has been appointed Expert Member of the Board of Directors to succeed Mr Axel Nawrath who had tendered his resignation.

Ms Hengster has been a member of the Executive Board of KfW since 1 April 2014 and before this appointment she worked as CEO Country Executive for Germany, Austria, Switzerland and Eastern Europe at the Royal Bank of Scotland Group.

Previously, Ms Hengster held various positions in the banking sector including as CEO and Managing Director at ABN Amro.

Ms Hengster holds a Master in International Business Administration from Vienna University and a Doctorate in Law from Salzburg University.

The term of office of Ms Hengster wilI expire in 2018 at the end of the day either of the Annual Meeting or of the approval of the financial statements for the previous financial year, whichever is the later,