Filed pursuant to Rule 433

Registration No. 333-141868

April 24, 2007

Final Term Sheet

USD 3,000,000,000 4.75% Global Notes due May 15, 2012

Terms:
Issuer:	KfW
Guarantor:	Federal Republic of Germany
Aggregate Principal Amount:	USD 3,000,000,000
Denomination:	USD 1,000
Maturity:	May 15, 2012
Redemption Amount:	100%
Interest Rate:	4.75% per annum, payable semi-annually in arrears
Date of Pricing:	April 24, 2007
Closing Date:	April 30, 2007
Interest Payment Dates:	May 15 and November 15 in each year
First Interest Payment Date:	November 15, 2007
Interest Payable on First Payment Date:	USD 77,187,500
Currency of Payments:	USD
Price to Public/Issue Price:	99.665%
Underwriting Commissions:	0.10%
Proceeds to Issuer:	99.565%
Format:	SEC-registered global notes
Listing:	Luxembourg Stock Exchange (regulated market)
Business Day:	New York
Business Day Convention:	Following, unadjusted
Day Count Fraction:	30/360
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:	DTC (deliverable through CBL and Euroclear)
Selling Restrictions:	European Economic Area, UK, Japan, Canada, Hong Kong
CUSIP:	500769 CD4
ISIN:	US500769CD45

Ratings of Issuer:	AAA by Standard & Poor’s Rating Services, Aaa by Moody’s Investor Services Limited and AAA by Fitch Ratings Limited.1
Lead Managers:	Citigroup Global Markets Inc. Goldman Sachs International J.P. Morgan Securities Ltd.
Co-lead Managers:	Barclays Bank PLC Credit Suisse Securities (Europe) Limited Lehman Brothers International (Europe) Merrill Lynch International Mitsubishi UFJ Securities International plc Morgan Stanley & Co. International Limited Nomura International plc Royal Bank of Canada Europe Limited The Royal Bank of Scotland plc The Toronto-Dominion Bank
Stabilization Manager:	Citigroup Global Markets Inc.

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. Certain information on the notes is available under the following link: http://www.sec.gov/Archives/edgar/data/821533/000132693207000158/f01596e424b3.htm. KfW’s base prospectus relating to the notes is available through the following link: http://www.sec.gov/Archives/edgar/data/821533/000132693207000153/f01595e424b3.htm. Alternatively, the manager will arrange to send you the prospectus, which you may request by calling toll-free +1-877-858-5407.

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.