Filed pursuant to Rule 433

Registration No. 333-192196

January 8, 2015

Final Term Sheet

EUR 3,000,000,000 0.625% Global Bonds due 2025

Terms:
Issuer:	KfW
Guarantor:	Federal Republic of Germany
Aggregate Principal Amount:	EUR 3,000,000,000
Denomination:	EUR 1,000
Maturity:	January 15, 2025
Redemption Amount:	100%
Interest Rate:	0.625% per annum, payable annually in arrears
Date of Pricing:	January 8, 2015
Closing Date:	January 15, 2015
Interest Payment Dates:	January 15 in each year
Currency of Payments:	EUR
Price to Public/Issue Price:	99.672%
Underwriting Commissions:	0.175%
Proceeds to Issuer:	99.497%
Format:	SEC-registered global bonds
Listing:	Frankfurt Stock Exchange (regulated market)
Business Day:	Frankfurt
Business Day Convention:	Following, unadjusted
Day Count Fraction:	Actual/Actual ICMA
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:	CBF (CBL, Euroclear)
Selling Restrictions:	European Economic Area, UK, Japan, Canada, Hong Kong
ISIN:	DE000A11QTD2

Ratings of Issuer:1	AAA by Standard & Poor’s, Aaa by Moody’s Investors Service and AAA by Fitch Ratings
Lead Managers:	Barclays Crédit Agricole CIB Deutsche Bank
Stabilization Manager:	Deutsche Bank Aktiengesellschaft
Paying Agent:	KfW

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 bonds is available under the following link:

http://www.sec.gov/Archives/edgar/data/821533/000119312513445220/d624303d424b3.htm. KfW’s base prospectus relating to the bonds is available through the following link:

http://www.sec.gov/Archives/edgar/data/821533/000119312513445094/d624297d424b3.htm .

Alternatively, Deutsche Bank will arrange to send you the prospectus, which you may request by calling toll-free +1-800-503-4611.

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.