Approval of proposal by KfW IPEX-Bank GmbH

The following press release was published by the Board of Governors of the Federal Reserve System on June 23, 2008. It is reproduced in full below.

The Federal Reserve Board on Monday announced the approval of an application by KfW IPEX-Bank GmbH, Frankfurt, Germany, to establish a representative office in New York, New York.

Attached is the Order relating to this action.

Source: Board of Governors of the Federal Reserve System