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| CUSIP: | | 500769 JR6 |
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| Selling Restrictions: | | European Economic Area, UK, Japan, Canada, Hong Kong |
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| Ratings of Issuer:1 | | Aaa by Moody’s Investors Service, AAA by Scope Ratings and AAA by S&P Global Ratings |
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| Managers: | | BofA Securities
Citigroup
TD Securities |
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| Stabilization Manager: | | The Toronto-Dominion Bank |
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| Registrar: | | Citibank N.A., London Branch |
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| Paying Agent: | | Citibank N.A., London Branch |
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| Additional Paying Agent: | | Citibank Europe Plc, Frankfurt Branch |
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which thiscommunication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get thesedocuments for free by visiting EDGAR on the SEC Website at www.sec.gov.
The prospectus supplement relating to the notes is available under thefollowing link:
https://www.sec.gov/Archives/edgar/data/0000821533/000110465921142926/tm2131584-8_424b3.htm.
KfW’s base prospectus relating to the notes is available through the following link:
https://www.sec.gov/Archives/edgar/data/0000821533/000110465921142909/tm2131584-3_sb.htm.
Alternatively, The Toronto-Dominion Bank will arrange to send you the prospectus, which you may request by calling toll-free +1-855-495-9846.
Notice by BofASecurities Europe SA and Citigroup Global Markets Europe AG to Distributors regarding MiFID II Product Governance
BofA Securities Europe SA andCitigroup Global Markets Europe AG (the “EU Manufacturers”) acting in their capacity as manufacturers of the notes in the meaning of Directive 2014/65/EU and implementing legislation (as amended, “MiFID II”) hereby informprospective distributors for the purpose of the product governance rules under MiFID II that the target market assessment made by the EU Manufacturers in respect of the notes in accordance with the product governance rules under MiFID II has led theEU Manufacturers to the conclusion that: (i) the target market for the notes is eligible counterparties, professional clients and retail clients each as defined in MiFID II; and (ii) all channels for distribution of the notes areappropriate. Any distributor should take into consideration the EU Manufacturers’ target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the notes (byeither adopting or refining the EU Manufacturers’ target market assessment), determining appropriate distribution channels and performing the suitability and appropriateness assessment with respect to each client.
Notice by The Toronto-Dominion Bank to Distributors regarding UK MiFIR Product Governance
The Toronto-Dominion Bank (the “UK Manufacturer”), acting in its capacity as manufacturer of the notes for the purposes of the FCA Handbook ProductIntervention and Product Governance Sourcebook (the “UK MiFIR Product Governance Rules”), hereby informs prospective distributors for the purpose of the UK MiFIR Product Governance Rules that the target market assessment made by the UKManufacturer in respect of the notes in accordance with the UK MiFIR Product Governance Rules has led the UK Manufacturer to the conclusion that: (i) the target market for the notes is eligible counterparties, professional clients and retailclients, each as defined in Regulation 600/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (“UK MiFIR”); and (ii) all channels for distribution of the notes are appropriate. Any distributorshould take into consideration the target market assessment of the UK Manufacturer; however, a distributor subject to UK MiFIR Product Governance Rules is responsible for undertaking its own target market assessment in respect of the notes (byeither adopting or refining the target market assessment of the UK Manufacturer), determining appropriate distribution channels and performing the suitability and appropriateness assessment with respect to each client.
| 1 | A security rating is not a recommendation to buy, sell or hold securities. Ratings are subject to revision orwithdrawal at any time by the assigning rating organization. Each rating should be evaluated independently of any other rating. |
