Filed pursuant to Rule 433

Registration No. 333-166911

July 7, 2010

Final Term Sheet

USD 5,000,000,000 1.375% Global Notes due 2013

Terms:
Issuer:	KfW
Guarantor:	Federal Republic of Germany
Aggregate Principal Amount:	USD 5,000,000,000
Denomination:	USD 1,000
Maturity:	July 15, 2013
Redemption Amount:	100%
Interest Rate:	1.375% per annum, payable semi-annually in arrears
Date of Pricing:	July 7, 2010
Closing Date:	July 14, 2010
Interest Payment Dates:	January 15 and July 15 in each year
First Interest Payment Date:	January 15, 2011 (for interest accrued from and including July 14, 2010 to but excluding January 15, 2011)
Interest Payable on First Interest Payment Date:	USD 34,565,972.22 (for aggregate principal amount of USD 5,000,000,000)
Currency of Payments:	USD
Price to Public/Issue Price:	99.734%
Underwriting Commissions:	0.10%
Proceeds to Issuer:	99.634%
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:	US500769DY72
CUSIP:	500769DY7
Selling Restrictions:	European Economic Area, UK, Japan, Canada, Hong Kong

Ratings of Issuer:	AAA by Standard & Poor’s Ratings Services, Aaa by Moody’s Investors Service Limited and AAA by Fitch Ratings Limited.1
Lead Managers:	Barclays Capital Morgan Stanley The Royal Bank of Scotland
Co-Lead Managers:	BofA Merrill Lynch Credit Suisse Deutsche Bank Goldman Sachs International HSBC J.P. Morgan Mitsubishi UFJ Securities International plc Nomura International RBC Capital Markets 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/821533/000119312510127714/d424b3.htm . KfW’s base prospectus relating to the notes is available through the following link: http://www.sec.gov/Archives/edgar/data/821533/000119312510127661/d424b3.htm . Alternatively, Barclays Capital will arrange to send you the prospectus, which you may request by calling toll-free: +1-888-603-5847.

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.