Growing shareholder base in the United States

The regional distribution of our shareholders changed again in the course of the year. The number of shares held in the USA increased by five percentage points, whilst the percentage attributable to German shareholders fell. The interest of our largest individual shareholder, KfW Bankengruppe, remained constant, representing 30.5% of the share capital.

Shareholder structure 31 December 2007 * In 2005 KfW issued a convertible bond in Japan for private investors (volume: 55.6 million shares). Investors can convert this bond until January 2010. ** Some institutional investors are not entered directly in the share register but listed via a depository bank.

Regional distribution of identified institutional investors* * The chart refers to institutional investors named in the share register. Their share of the free float was 50,9% on the reporting date. Source: Thomson Financial As at December 2007