September 12, 2007

Filed pursuant to Rule 433

Registration No. 333-141868

Final Term Sheet

USD 4,000,000,000 4.50% Global Notes due September 21, 2009

Terms:
Issuer:	KfW
Guarantor:	Federal Republic of Germany
Aggregate Principal Amount:	USD 4,000,000,000
Denomination:	USD 1,000
Maturity:	September 21, 2009
Redemption Amount:	100%
Interest Rate:	4.50% per annum, payable semi-annually in arrears
Date of Pricing:	September 12, 2007
Closing Date:	September 19, 2007
Interest Payment Dates:	March 21 and September 21 in each year
First Interest Payment Date:	March 21, 2008 (for interest accrued from and including September 19, 2007, to but excluding March 21, 2008)
Interest Payable on First Interest Payment Date:	USD 91,000,000 (for aggregate principal amount of USD 4,000,000,000)
Currency of Payments:	USD
Price to Public/Issue Price:	100.00%
Underwriting Commissions:	0.05%
Proceeds to Issuer:	99.95%
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:	500769CK8
ISIN:	US500769CK87
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:	Credit Suisse
	Goldman Sachs International
	HSBC
Co-lead Managers:	Barclays Capital
	Citigroup
	JPMorgan
	Lehman Brothers
	Mizuho International plc
	Morgan Stanley
	Nomura International
	RBC Capital Markets
	TD Securities
	UBS Investment Bank
Stabilization Manager:	Credit Suisse

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. The prospectus supplement relating to 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. Certain information relating to the notes is available through the following link: http://www.sec.gov/Archives/edgar/data/821533/000132693207000375/f01759e18vkza.htm#105. Alternatively, the manager will arrange to send you the prospectus, which you may request by calling toll-free +1-800-221-1037.

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.