Filed pursuant to Rule 433

Registration No. 333-206499

January 7, 2016

Final Term Sheet

EUR 3,000,000,000 0.375% Global Bonds due 2023

Terms:
Issuer:	KfW
Guarantor:	Federal Republic of Germany
Aggregate Principal Amount:	EUR 3,000,000,000
Denomination:	EUR 1,000
Maturity:	March 15, 2023
Redemption Amount:	100%
Interest Rate:	0.375% per annum, payable annually in arrears
Date of Pricing:	January 7, 2016
Closing Date:	January 14, 2016
Interest Payment Dates:	March 15 in each year
First Interest Payment Date:	March 15, 2016 (for interest accrued from, and including, January 14, 2016 to, but excluding, March 15, 2016)
Interest Payable on First Interest Payment Date:	EUR 1,875,000.00 (for aggregate principal amount of EUR 3,000,000,000)
Currency of Payments:	EUR
Price to Public/Issue Price:	99.810%
Underwriting Commissions:	0.150%
Proceeds to Issuer:	99.660%
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:	DE000A168Y22
Ratings of Issuer:1	Aaa by Moody’s Investors Service, AAA by Scope Ratings and AAA by Standard & Poor’s
Lead Managers:	BNP PARIBAS Deutsche Bank HSBC
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/821533/000104746915008393/a2225793z424b3.htm. KfW’s base prospectus relating to the bonds is available through the following link:

http://www.sec.gov/Archives/edgar/data/821533/000104746915008388/a2225819z424b3.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.