Filed pursuant to Rule 433

Registration No. 333-174268

August 18, 2011

Final Term Sheet

USD 2,000,000,000 2.375% Global Notes due 2021

Terms:
Issuer:	KfW
Guarantor:	Federal Republic of Germany
Aggregate Principal Amount:	USD 2,000,000,000
Denomination:	USD 1,000
Maturity:	August 25, 2021
Redemption Amount:	100%
Interest Rate:	2.375% per annum, payable semi-annually in arrears
Date of Pricing:	August 18, 2011
Closing Date:	August 25, 2011
Interest Payment Dates:	August 25 and February 25 in each year
Currency of Payments:	USD
Price to Public/Issue Price:	99.735%
Underwriting Commissions:	0.175%
Proceeds to Issuer:	99.560%
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:	US500769EQ30
CUSIP:	500769EQ3
Selling Restrictions:	European Economic Area, UK, Japan, Canada, Hong Kong
Ratings of Issuer:	AAA by Standard & Poor’s, Aaa by Moody’s Investors Service and AAA by Fitch Ratings.1

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.

Lead Managers:	BofA Merrill Lynch Deutsche Bank Goldman Sachs International
Co-Lead Managers:	Barclays Capital BNP PARIBAS Citi Credit Suisse J.P. Morgan Mitsubishi UFJ Securities International plc Morgan Stanley RBC Capital Markets The Royal Bank of Scotland UBS Investment Bank
Stabilization Manager:	Deutsche Bank AG, London Branch
Registrar:	The Bank of New York Mellon (Luxembourg) S.A.
Paying Agent:	The Bank of New York Mellon
Additional Paying Agent:	The Bank of New York Mellon, Filiale Frankfurt am Main

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/821533/000104746911005436/a2204268z424b3.htm . KfW’s base prospectus relating to the notes is available through the following link: http://www.sec.gov/Archives/edgar/data/821533/000104746911005435/a2204267z424b3.htm . Alternatively, Deutsche Bank will arrange to send you the prospectus, which you may request by calling toll-free: +1-800-503-4611.