Filed pursuant to Rule 433

Registration No. 333-141868

January 9, 2008

Final Term Sheet

USD 5,000,000,000 3.25% Global Notes due 2011

Terms:
Issuer:	KfW
Guarantor:	Federal Republic of Germany
Aggregate Principal Amount:	USD 5,000,000,000
Denomination:	USD 1,000
Maturity:	February 15, 2011
Redemption Amount:	100%
Interest Rate:	3.25% per annum, payable semi-annually in arrears
Date of Pricing:	January 9, 2008
Closing Date:	January 16, 2008
Interest Payment Dates:	February 15 and August 15 in each year
First Interest Payment Date:	February 15, 2008 (for interest accrued from and including January 16, 2008, to but excluding February 15, 2008)
Interest Payable on First Interest Payment Date:	USD 13,090,277.78 (for aggregate principal amount of USD 5,000,000,000)
Currency of Payments:	USD
Price to Public/Issue Price:	99.941%
Underwriting Commissions:	0.75%
Proceeds to Issuer:	99.866%
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)
ISIN:	US500769 CN27
CUSIP:	500769 CN2

Selling Restrictions:	European Economic Area, UK, Japan, Canada, Hong Kong
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:	Barclays Capital
	Morgan Stanley
	RBC Capital Markets
Co-Lead Managers:	BNP Paribas
	HSBC
	JPMorgan
	Lehman Brothers
	Merrill Lynch & Co.
	Mitsubishi UFJ Securities International plc
	Nomura Securities
	TD Securities
Stabilization Manager:	Barclays Bank PLC

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, Barclays Bank PLC will arrange to send you the prospectus, which you may request by calling toll-free +1 (888) 227-2275, Ext. 2663.

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.