Filed pursuant to Rule 433

Registration No. 333-121363

Relating to prospectus supplement dated April 28, 2006

Final Term Sheet

CAD 400 million 4.50% Global Notes due 2011

Terms:
Issuer:	KfW
Guarantor:	Federal Republic of Germany
Aggregate Principal Amount:	CAD 400,000,000
Denomination:	CAD 1,000
Maturity:	May 18, 2011
Redemption Amount:	100%
Interest Rate:	4.50% per annum, payable in two equal, semi-annual installments in arrears
Date of Pricing:	April 26, 2006
Closing Date:	May 18, 2006
Interest Payment Dates:	May 18 and November 18 in each year
First Interest Payment Date:	November 18, 2006
Currency of Payments:	USD unless holder elects CAD
Price to Public/Issue Price:	99.792%
Underwriting Commissions:	0.175%
Proceeds to KfW:	99.617%
Format:	SEC registered global notes
Listing:	Luxembourg Stock Exchange (regulated market)
Business Day:	For payments in USD: New York and Toronto For payments in CAD: Toronto
Business Day Convention:	Following, unadjusted
Day Count Fraction:	Actual/Actual Canadian Compound Method
Governing Law /Jurisdiction:	German Law; District Court Frankfurt am Main
Gross-Up:	No gross-up if tax deduction or withholding is imposed
Cross-Default:	None
Clearing System:	CDS, DTC, CBL, Euroclear
Selling Restrictions:	USA, European Economic Area, UK, Germany, Japan, Canada, Hong Kong
CUSIP:	500769BS2
ISIN:	US500769BS23

Rating of the Issuer:	AAA by Standard & Poor’s Rating Services, Aaa by Moody’s Investor Services Limited and AAA by Fitch Ratings Limited.1
Lead Managers:	Merrill Lynch International
	Royal Bank of Canada Europe Limited
Co-Lead Manager:	Canadian Imperial Bank of Commerce, London Branch
Stabilization Manager:	Merrill Lynch International

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication 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 these documents for free by visiting EDGAR on the SEC Website at www.sec.gov. (KfW’s base prospectus relating to the notes is available through the following link:

http://www.sec.gov/Archives/edgar/data/821533/000115697306000021/f01146b5e424b5.htm#301).

Alternatively, any manager participating in the offering will arrange to send you the prospectus, which you may request by calling toll-free 1(866) 500-5408.

¹ A security rating is not a recommendation to buy, sell or hold securities. Ratings are subject to revision or withdrawal at any time by the assigning rating organization. Each rating should be evaluated independently of any other rating.