Obligation KFWB 0.0205% ( US500769BN36 ) en JPY

KFWB

100 % ⇌

Allemagne

US500769BN36 ( en JPY )

0.0205% par an ( paiement annuel )

16/02/2026

Prospectus brochure de l'obligation Kfw US500769BN36 en JPY 0.0205%, échéance 16/02/2026

1 000 000 JPY

125 000 000 000 JPY

500769BN3

16/08/2025 ( Dans 35 jours )

La KfW (Kreditanstalt für Wiederaufbau) est une banque publique allemande qui fournit des prêts et des financements pour la promotion du développement économique et social en Allemagne et à l'international.

L'Obligation émise par KFWB ( Allemagne ) , en JPY, avec le code ISIN US500769BN36, paye un coupon de 0.0205% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 16/02/2026

PRICING SUPPLEMENT
(To prospectus supplement dated December 29, 2006
and prospectus dated December 21, 2006)
KfW, Frankfurt/Main, Federal Republic of Germany
¥25,000,000,000
2.05% Global Notes due 2026
KfW, also known as Kreditanstalt für Wiederaufbau, will pay interest on the notes in two equal, semi-annual installments in
arrears on August 16 and February 16, commencing on August 16, 2007. The first interest payment will be for interest accrued
from and including February 16, 2007 to, but excluding, August 16, 2007. The notes will mature on February 16, 2026. The notes
are not redeemable at any time prior to maturity. The notes will be fungible with and form a single series with KfW's
¥75,000,000,000 aggregate principal amount of 2.05% Global Notes due 2026, of which ¥50,000,000,000 principal amount was
issued on February 16, 2006 and ¥25,000,000,000 principal amount was issued on October 25, 2006.
KfW will make payments with respect to the notes without deduction or withholding of taxes, unless otherwise required by
law. There will be no "gross-up" provision requiring additional payments to be made in respect of the notes in the event of the
imposition of a tax deduction or withholding.
Pursuant to the Law Concerning KfW, the notes will benefit from a statutory guarantee of the Federal Republic of Germany.
Purchasers of the notes must make payment in Japanese yen. The manager may arrange for U.S. purchasers to pay for the
notes in U.S. dollars. KfW will pay the principal of and interest on the notes in Japanese yen. However, you will receive the
principal of and interest on the notes in U.S. dollars unless you elect to receive such payments in Japanese yen.
For information on exchange risks, see "Information on Currency Conversion and Foreign Exchange Exposure" in the
accompanying prospectus supplement and "Foreign Exchange Exposure" in this pricing supplement.
The notes are governed by the laws of the Federal Republic of Germany, and provide that the District Court
(Landgericht) in Frankfurt am Main is the exclusive jurisdiction in which an action or other legal proceedings arising out of
or in connection with the notes may exclusively be brought.
Application has been made to list the notes on the regulated market of the Luxembourg Stock Exchange pursuant to Chapter 2
of Part III of the Loi relative aux prospectus pour valeurs mobilières dated July 10, 2005 (the "Luxembourg Prospectus Act").
Per Note
Total
Price to public(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99.106%
¥24,776,500,000
Underwriting commissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.225%
¥
56,250,000
Proceeds to KfW(1)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
98.881%
¥24,720,250,000
(1) Plus accrued interest from and including February 16, 2007, to but excluding March 8, 2007 in the aggregate amount of
¥28,082,192 and additional accrued interest, if any, from and including March 8, 2007 if settlement occurs after that date.
(2) Before deduction of expenses payable by KfW.
The managers named in this pricing supplement are offering the notes subject to various conditions. The managers will have
the right to reject any order in whole or in part and to withdraw, cancel or modify the offer without notice. It is expected that
delivery of the notes will be made upon the instructions of the managers through the facilities of The Depository Trust Company,
New York, also known as DTC, as well as through the facilities of other clearing systems that participate in DTC, including
Clearstream Banking, société anonyme, Luxembourg, also known as CBL, and Euroclear Bank S.A./N.V., also known as
Euroclear, on or about March 8, 2007. The notes will be represented by one or more permanent global certificates and will not be
exchangeable for definitive certificates except in the limited circumstances described in the accompanying prospectus supplement.
The notes have been assigned a CUSIP number of 500769BN3, an ISIN number of US500769BN36 and a common code of
024451852.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of
these securities or determined if this pricing supplement, the accompanying prospectus supplement or prospectus to which
it relates is truthful or complete. Any representation to the contrary is a criminal offense.
Daiwa Securities SMBC Europe
Morgan Stanley
Pricing Supplement dated March 5, 2007

TABLE OF CONTENTS
Page
Page
INCORPORATION BY REFERENCE . . . . .
PS-4
SUBSCRIPTION AGREEMENT . . . . . . . . .
PS-10
USE OF PROCEEDS . . . . . . . . . . . . . . . . . . .
PS-4
VALIDITY OF THE NOTES . . . . . . . . . . . .
PS-10
FOREIGN EXCHANGE EXPOSURE . . . . . .
PS-5
GENERAL INFORMATION . . . . . . . . . . . .
PS-10
TERMS OF THE NOTES . . . . . . . . . . . . . . . .
PS-6
Further Information . . . . . . . . . . . . . . . .
PS-10
General Provisions . . . . . . . . . . . . . . . . . .
PS-6
Documents Available . . . . . . . . . . . . . .
PS-10
Status . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PS-6
Listing . . . . . . . . . . . . . . . . . . . . . . . . . .
PS-11
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . .
PS-6
Additional Paying Agent . . . . . . . . . . . .
PS-11
Maturity; Repurchase . . . . . . . . . . . . . . .
PS-7
Securities Identification Numbers . . . . .
PS-11
Payments . . . . . . . . . . . . . . . . . . . . . . . . .
PS-7
Authorization . . . . . . . . . . . . . . . . . . . . .
PS-11
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PS-8
Auditors . . . . . . . . . . . . . . . . . . . . . . . . .
PS-11
Termination for Default . . . . . . . . . . . . . .
PS-8
Interim Financial Statements . . . . . . . . .
PS-11
Registrar and Paying Agent . . . . . . . . . .
PS-8
Material Change . . . . . . . . . . . . . . . . . .
PS-11
Further Issues . . . . . . . . . . . . . . . . . . . . . .
PS-9
Litigation . . . . . . . . . . . . . . . . . . . . . . . .
PS-11
Notices . . . . . . . . . . . . . . . . . . . . . . . . . . .
PS-9
Governing Law, Jurisdiction,
Enforcement and Language . . . . . . . . .
PS-9
This pricing supplement should be read together with the accompanying prospectus supplement setting forth
information relating to global notes denominated in currencies other than U.S. dollars, euro or Canadian dollars
dated December 29, 2006, the accompanying prospectus dated December 21, 2006, and the documents
incorporated herein by reference. See "Incorporation by Reference" in this pricing supplement. These documents
taken together are herein referred to as the disclosure document. The documents incorporated herein by reference
contain information regarding KfW, the Federal Republic of Germany and other matters. Further information
concerning KfW and the notes offered hereby may be found in the registration statement (Registration Statement
No. 333-139448) filed with the U.S. Securities and Exchange Commission (the "SEC") under the Securities Act
of 1933 relating to our debt securities described in the prospectus.
If the information in this pricing supplement differs from the information contained in the accompanying
prospectus supplement or prospectus, you should rely on the information in this pricing supplement.
The disclosure document fulfills the requirements for a simplified prospectus pursuant to Chapter 2 of
Part III of the Luxembourg Prospectus Act. It does not constitute a prospectus pursuant to Part II of the
Luxemburg Prospectus Act, which transforms Directive 2003/71/EC (the "Prospectus Directive") into law in
Luxemburg. Accordingly, the disclosure document does not purport to meet the format and the disclosure
requirements of the Prospectus Directive and Commission Regulation (EC) No. 809/2004 implementing the
Prospectus Directive, and it has not been, and will not be, submitted for approval to any competent authority
within the meaning of the Prospectus Directive. The notes issued pursuant to the disclosure document will
therefore not qualify for the benefit of the single European passport pursuant to the Prospectus Directive.
The Luxembourg Stock Exchange takes no responsibility for the content of the disclosure document, makes
no representations as to its accuracy or completeness and expressly disclaims any liability for any loss arising
from or in reliance upon the whole or any part of the contents of the disclosure document. KfW accepts full
responsibility for the accuracy of the information contained in the disclosure document, and confirms, having
made all reasonable inquiries, that to the best of its knowledge and belief there are no other facts the omission of
which would make any statement herein misleading in any material respect.
PS-2

You should rely only on the information provided in the disclosure document. We have not authorized
anyone else to provide you with different information. We are not making an offer of these securities in any
jurisdiction where the offer is not permitted. You should not assume that the information contained in the
disclosure document is accurate as of any date other than the date on the front of each document forming part of
the disclosure document or, with respect to information incorporated by reference, as of date of such information.
References herein to "euro" or "" are to the single European currency adopted by certain participating
member countries of the European Union, including the Federal Republic of Germany, as of January 1, 1999.
References to "¥" or "yen" are to Japanese yen. References to "U.S. dollars" or "$" are to United States dollars.
For information regarding exchange rates between euro and U.S. dollars, see KfW's annual report on Form
18-K, as amended, which is incorporated by reference herein. The noon buying rate on March 2, 2007 was
1.00=$1.3182.
For information regarding exchange rates between yen and U.S. dollars, see "Foreign Exchange Exposure"
in this pricing supplement. The noon buying rate on March 2, 2007 was 116.82 yen=$1.00.
References herein to "we" or "us" are to KfW. References to "KfW Bankengruppe" or "group" are to KfW
and its consolidated subsidiaries.
In connection with this offering of notes, Morgan Stanley & Co. International Limited or any person
acting for it may over-allot the notes (provided that the aggregate principal amount of notes allotted does
not exceed 105 percent of the aggregate principal amount of the notes) or effect transactions with a view to
supporting the price of the notes at a level higher than that which might otherwise prevail. However, there
is no assurance that Morgan Stanley & Co. International Limited or any person acting for it will
undertake stabilization action. Any stabilization action may begin at any time after the adequate public
disclosure of the final terms of the offer of the notes and, if begun, may be ended at any time, but it must
end no later than the earlier of 30 days after the closing date and 60 days after the date of the allotment of
the notes.
PS-3

INCORPORATION BY REFERENCE
The SEC and the Luxembourg Stock Exchange allow us to "incorporate by reference" into this pricing
supplement and the accompanying prospectus supplement and prospectus the information in documents that we
file with them, which means that we can disclose important information to you by referring to those documents.
The information incorporated by reference is an important part of the information provided to you, and
information that we file later with the SEC and the Luxembourg Stock Exchange, in each case to the extent it
stipulates that it is to be incorporated by reference, will automatically update and supersede this information. We
incorporate by reference the documents and any amendments to them filed with the SEC and the Luxembourg
Stock Exchange until completion of this offering. For a list, see "Where You Can Find More Information" in the
accompanying prospectus.
We will provide, without charge, to each person to whom a copy of this pricing supplement has been
delivered, upon the request of such person, a copy of any or all of the documents deemed to be incorporated
herein by reference unless such documents have been modified or superseded as specified above. Requests for
such documents should be directed to KfW at its office at Palmengartenstraße 5-9, D-60325 Frankfurt am Main.
In addition, such documents will be available free of charge from the principal office in Luxembourg of Deutsche
Bank Luxembourg S.A. See "Further Information" in this pricing supplement. You may also request a copy of
these filings at no cost by writing to Deutsche Bank Trust Company Americas, c/o Deutsche Bank National Trust
Company, Trust & Securities Services, 25 DeForest Avenue, Mail Stop: SUM 01-0105 Summit,
New Jersey 07901, U.S.A.
USE OF PROCEEDS
We estimate that the net proceeds from the sale of the notes will be approximately ¥24,720,250,000 (after
deducting underwriting commissions and expenses). The net proceeds from the sale of the notes will be used by
us in our general business.
PS-4

FOREIGN EXCHANGE EXPOSURE
An investment in the notes, which may be denominated in, and provide for payments in, a currency other
than the currency of the country in which the purchaser is resident or the currency in which the purchaser
conducts its business or activities, entails significant risks that are not associated with a similar investment in a
security denominated in that other currency. For further information, see "Information on Currency Conversion
and Foreign Exchange Exposure" in the accompanying prospectus supplement.
The following table shows the average, high and low noon buying rates for yen, expressed in number of yen
per $1.00, for the periods and dates indicated. No representation is made that the yen or U.S. dollar amounts
referred to herein could have been or could be converted into U.S. dollars or yen, as the case may be, at any
particular rate. The noon buying rate for yen on March 2, 2007 was 116.82 yen=$1.00.
Year ended December 31,
Average(1)
High
Low
2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
124.725
134.57
115.71
2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
115.834
121.42
106.93
2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
107.634
114.30
102.56
2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
110.735
120.93
102.26
2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
115.990
119.81
110.07
(1) The average of the noon buying rates on the last business day of each month during the relevant period.
PS-5

TERMS OF THE NOTES
The following description of the particular terms and conditions of the notes offered hereby (referred to as
the "notes" in this pricing supplement and the accompanying prospectus supplement and as the "securities" in
the accompanying prospectus) supplements, and to the extent inconsistent therewith replaces, the description of
the general terms and conditions of notes set forth in the accompanying prospectus supplement and prospectus,
to which description reference is hereby made. The description of the terms and conditions below (with the
exception of certain explanatory text designated by italics) is substantially the same as the legally binding
English language text thereof and is qualified in its entirety by reference thereto. A copy of the form of conditions
has been filed with the SEC as an exhibit to the registration statement.
General Provisions
Principal Amount and Denomination. The notes will be issued in an aggregate principal amount of twenty-
five billion Japanese yen (¥25,000,000,000), divided into twenty-five thousand notes in the principal amount of
¥1,000,000 each, which will rank equally among themselves. The notes will be fungible with and form a single
series with KfW's ¥75,000,000,000 aggregate principal amount of 2.05% Global Notes due 2026, of which
¥50,000,000,000 principal amount was issued on February 16, 2006 and ¥25,000,000,000 principal amount was
issued on October 25, 2006.
Global Certificates--Form. The notes will be represented by one or more permanent global certificates
without interest coupons, which will be kept in custody by Deutsche Bank Trust Company Americas, also known
as DBTCA, or any successor, as custodian for DTC, until all our obligations under the notes have been satisfied.
The global certificates (as defined under "Clearing and Settlement--Certification and Custody; Appointment of
Registrar and Paying Agents" in the accompanying prospectus supplement) will be manually signed by two of
our authorized representatives and will each be manually authenticated by or on behalf of the registrar (as
defined under "Clearing and Settlement--Certification and Custody; Appointment of Registrar and Paying
Agents" in the accompanying prospectus supplement). According to the conditions, definitive certificates
representing individual notes and interest coupons will not be issued. Definitive certificates representing
individual notes may, however, be issued in the very limited circumstances described under "Clearing and
Settlement--The Clearing Systems--DTC" in the accompanying prospectus supplement.
Transfers. Transfers of notes will require appropriate entries in securities accounts as described in further
detail under "Clearing and Settlement--Transfers" in the accompanying prospectus supplement.
Status
The notes will constitute unsecured and unsubordinated obligations of KfW and will rank equally with all of
our other present and future unsecured and unsubordinated obligations, but subject to any applicable mandatory
statutory exceptions.
Interest
Interest Rate and Due Dates. The notes will bear interest on their principal amount at the rate of 2.05% per
year as from February 16, 2007. The notes will cease to bear interest upon the end of the day preceding the day
on which they become due for redemption. Interest is payable in two equal, semi-annual installments in arrears
on February 16 and August 16. The first interest payment will be made on August 16, 2007 for the period
commencing on February 16, 2007 (inclusive) and ending on August 16, 2007 (exclusive).
Late Payment. Should we fail to repay the notes on the due date therefor, interest on the notes shall, subject
to the provisions with respect to business days (as defined under "--Payments--Business Days" in this pricing
supplement), continue to accrue beyond the due date until actual repayment of the notes at the default rate of
PS-6

interest established by law. Under German law, the default rate is five percentage points above the basic rate of
interest announced by the German Federal Bank immediately after January 1 and July 1 in each year. For
example, in January 2007, the German Federal Bank announced a base rate of 2.70% per annum, making the
default rate at that time 7.70%.
Accrued Interest. Whenever it is necessary to compute any amount of accrued interest in respect of the notes
for a period of less than one full year, other than with respect to regular semi-annual interest payments, such
interest shall be calculated on the basis of the actual number of days in the period divided by 365 (known as
"ACTUAL/365 (fixed) Method").
Maturity; Repurchase
Maturity. The notes shall be redeemed at par on February 16, 2026. Subject to the provisions with respect to
termination for default set forth under "--Termination for Default" in this pricing supplement, neither KfW nor
any noteholder shall be entitled to redeem the notes before their stated maturity.
Repurchase. We may at any time purchase and resell notes in the open market or otherwise.
Payments
Payments. Payments of principal of, and interest on, the notes shall be made on the relevant payment date
(see "--Payment Date and Due Date" in this pricing supplement) to, or to the order of, the person registered at
the close of business on the relevant record date (see "--Record Date" in this pricing supplement) in the register
kept by the registrar in U.S. dollars or yen as set forth below. Payments of principal shall be made upon surrender
of the global certificates to the paying agent.
Any holder shall receive payments of principal and interest in respect of the notes in U.S. dollars, unless
such holder elects to receive payments in yen in accordance with the procedures set out below. To the extent that
holders shall not have made such election in respect of any payment of principal or interest, the aggregate
amount designated for all such holders in respect of any such payment (the "yen conversion amount") shall be
converted by the paying agent into U.S. dollars and paid by wire transfer of same day funds to the registered
holder of the global certificates for payment through DTC's settlement system to the relevant DTC participants.
All costs of any such conversion shall be deducted from such payments. Any such conversion shall be based on
the bid quotation of the paying agent, at or prior to 11:00 A.M., New York City time, on the second conversion
business day preceding the relevant payment date, for the purchase by the paying agent of the yen conversion
amount with U.S. dollars for settlement on such payment date. "Conversion business day" means a day which is
a New York business day, a Tokyo business day, and a Frankfurt business day (as defined under "--Business
Days" in this pricing supplement). If such bid quotation is not available, the paying agent shall obtain a bid
quotation from a leading foreign exchange bank in New York City selected by the paying agent for such purpose.
If no bid quotation from a leading foreign exchange bank is available, payment of the yen conversion amount
will be made in yen to the account or accounts specified by DTC to the paying agent. Until such account or
accounts are so specified, the funds still held by the paying agent shall bear interest at the rate of interest quoted
by the paying agent for deposits with it on an overnight basis, to the extent that the paying agent is reasonably
able to reinvest such funds.
Any holder may elect to receive payment of principal and interest with respect to the notes in yen by causing
DTC, through the relevant DTC participant, to notify the paying agent by the time specified below of (i) such
holder's election to receive all or a portion of such payment in yen and (ii) wire transfer instructions to a yen
account. Such election in respect of any payment shall be made by the holder at the time and in the manner
required by the DTC procedures applicable from time to time and shall, in accordance with such procedures, be
irrevocable. DTC's notification of such election, wire transfer instructions and the amount payable in yen
pursuant to this paragraph must be received by the paying agent prior to 5:00 P.M., New York City time, on the
PS-7

fifth New York business day (as defined under "--Business Days" in this pricing supplement) following the
relevant record date (as defined under "--Record Date" in this pricing supplement) in the case of interest and
prior to 5:00 P.M., New York City time, on the eighth New York business day prior to the payment date (see
"--Payment Date and Due Date" in this pricing supplement) for the payment of principal. Any payments under
this paragraph in yen shall be made by wire transfer of same day funds to yen accounts designated by DTC.
All payments made by us to, or to the order of, the registered holder of the global certificates shall discharge
our liability under the notes to the extent of the sums so paid.
Record Date. The record date (the "record date") for purposes of payments of principal and interest (see
"--Payments" in this pricing supplement) shall be, in respect of each such payment, the tenth New York business
day prior to the relevant payment date (see "--Payment Date and Due Date" in this pricing supplement).
Business Days. If any due date for payment of principal or interest in Japanese yen in respect of any note to
the registered holder of the global certificates is not a Tokyo business day, such payment will not be made until
the next following Tokyo business day, and no further interest shall be paid in respect of the delay in such
payment. If any due date for payment of principal or interest in U.S. dollars in respect of any note to the
registered holder of the global certificates is not a Tokyo business day or not a New York business day, such
payment shall not be made until the next day which is both a Tokyo business day and a New York business day,
and no further interest shall be paid in respect of the delay in such payment. "New York business day" means any
day on which banking institutions in New York City are not obligated and not authorized to close. "Tokyo
business day" means any day (other than a Saturday or Sunday) on which credit institutions are open for business
in Tokyo. "Frankfurt business day" means any day (other than a Saturday or Sunday) on which credit institutions
are open for business in Frankfurt am Main.
Payment Date and Due Date. For the purposes of the terms and conditions of the notes, "payment date"
means the day on which the payment is actually to be made, where applicable as adjusted in accordance with the
preceding paragraph, and "due date" means the payment date provided for herein, without taking account of any
such adjustment.
Taxes
All payments by us in respect of the notes shall be made without deduction or withholding of taxes or other
duties, unless such tax deduction or withholding is required by law. In the event of such deduction or
withholding, we shall not be required to pay any additional amounts in respect of the notes.
Termination for Default
Any noteholder may, at its option, declare its notes due and demand repayment thereof at their principal
amount plus interest accrued to the date of repayment if we shall fail to pay any amount payable under the notes
within 30 days from the relevant due date. The right to declare notes due shall cease if the noteholder has
received the relevant payment before it has exercised such right. Any notice declaring notes due shall be made by
means of a written notice to be delivered by hand or registered mail to us together with proof that such
noteholder at the time of such notice is a holder of the relevant notes by means of a certificate of the noteholder's
custodian as set forth under "--Governing Law, Jurisdiction, Enforcement and Language--Enforcement" in this
pricing supplement. Definitive certificates representing individual notes and interest coupons will not be issued
in the event of a default.
Registrar and Paying Agent
We will appoint DBTCA as initial registrar (the "registrar") and paying agent (the "paying agent"). We may
at any time vary or terminate the appointment of the registrar or the paying agent or approve any change in the
PS-8

office through which they act (the "specified office") provided that there shall at all times be a registrar and
paying agent, and provided further that so long as the notes are listed on any stock exchange (and the rules of
such stock exchange so require), we will maintain a paying agent with a specified office in the city in which such
stock exchange is located. We will give notice of any change in the registrar or paying agent or in their specified
office by publication in the manner set forth under "--Notices" in this pricing supplement.
The registrar and the paying agent in such capacities are acting exclusively as our agents and do not have
any legal relationship of any nature with or accountability to any noteholder.
Further Issues
We reserve the right, from time to time without the consent of the noteholders, to issue additional notes, on
terms identical in all respects to those set forth in the terms and conditions of the notes (except as to the date from
which interest shall accrue), so that such additional notes shall be consolidated with, form a single issue with and
increase the aggregate principal amount of, the notes. The term "notes" shall, in the event of such increase, also
include such additional issued notes.
Notices
All notices regarding the notes shall be published in the following journals: (a) so long as the notes are listed
on the Luxembourg Stock Exchange (and the rules of such Stock Exchange so require) at least one leading daily
newspaper of general circulation in Luxembourg (expected to be d'Wort); (b) a leading daily newspaper of
general circulation in the Federal Republic of Germany; and (c) a leading daily newspaper printed in the English
language and of general circulation in New York City (expected to be The Wall Street Journal). Any notice will
become effective for all purposes on the third day following the date of its publication or, if published more than
once or on different dates, on the third day following the first date of any such publication.
Governing Law, Jurisdiction, Enforcement and Language
Governing Law. The notes, both as to form and content, as well as our rights and duties and those of the
noteholders shall be governed by and shall be construed in accordance with the laws of the Federal Republic of
Germany. Transfers and pledges of notes executed between DTC participants and between DTC and DTC
participants will be governed by the laws of the State of New York.
Jurisdiction. Any action or other legal proceedings arising out of or in connection with the notes may
exclusively be brought in the District Court (Landgericht) in Frankfurt am Main.
Enforcement. Any noteholder may in any proceedings against us or to which the noteholder and we are
parties protect and enforce in its own name its rights arising under its notes on the basis of (a) a certificate issued
by its custodian (i) stating the full name and address of the noteholder, (ii) specifying an aggregate principal
amount of notes credited on the date of such statement to such noteholder's securities account maintained with
such custodian and (iii) confirming that the custodian has given a written notice to DTC and the registrar
containing the information pursuant to (i) and (ii) and bearing acknowledgments of DTC and the relevant DTC
participant and (b) copies of the global certificates certified as being true copies by a duly authorized officer of
DTC or the registrar. For purposes of the foregoing, "custodian" means any bank or other financial institution of
recognized standing authorized to engage in securities custody business with which the noteholder maintains a
securities account in respect of any notes and includes DTC and any other clearing system which is a participant
in DTC.
Language. The conditions are written in the English and German languages, with the English version
controlling and binding.
PS-9

SUBSCRIPTION AGREEMENT
Daiwa Securities SMBC Europe Limited and Morgan Stanley & Co. International Limited (the "managers")
have agreed with us pursuant to a subscription agreement dated March 5, 2007 (the "subscription agreement"),
severally and not jointly, to subscribe and pay for the principal amount of the notes set forth opposite their
respective names below at 99.106% of their principal amount, less a combined commission of 0.225% of such
principal amount, and plus accrued interest for the period from and including February 16, 2007 to but excluding
March 8, 2007. Under the terms and conditions of the subscription agreement, the managers are committed to take
and pay for all of the notes, if any are taken. After the initial public offering, the price to public may be changed.
Principal amount
Managers
of notes
Daiwa Securities SMBC Europe Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
¥12,500,000,000
Morgan Stanley & Co. International Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
¥12,500,000,000
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
¥25,000,000,000
We have agreed in the subscription agreement to indemnify the managers against certain liabilities,
including liabilities under the Securities Act of 1933. The managers have agreed to bear certain expenses relating
to the offering of the notes.
The notes will be offered for sale in those jurisdictions in the United States, Europe, Asia and elsewhere
where it is legal to make such offers. The selling restrictions applicable to the notes are set forth under
"Subscription and Sale--Certain Selling Restrictions" in the accompanying prospectus supplement.
VALIDITY OF THE NOTES
The validity of the notes will be passed upon on behalf of KfW by the legal department of KfW, and on
behalf of the managers by Hengeler Mueller Partnerschaft von Rechtsanwälten, Frankfurt am Main. KfW is also
being represented by Sullivan & Cromwell LLP, New York, New York, and the managers are also being
represented by Simpson Thacher & Bartlett LLP, New York, New York.
GENERAL INFORMATION
Further Information
Further information concerning the notes and concerning KfW and the Federal Republic of Germany may
be found on file with the SEC, as described in greater detail under the heading "Where You Can Find More
Information" in the accompanying prospectus.
Documents Available
For so long as the notes are outstanding, copies of the documents mentioned in this pricing supplement will be
available free of charge during the usual business hours at the specified offices of the Luxembourg listing agent,
Deutsche Bank Luxembourg S.A., 2 Boulevard Konrad Adenauer, L-1115, Luxembourg ("DB Luxembourg"),
including:
·
the form of global certificates, including the terms of the notes;
·
the Law Concerning KfW and KfW's by-laws;
·
the form of subscription agreement;
·
the agency agreement appointing DBTCA and, to the extent required by law, Deutsche Bank as agents;
·
the most recent annual reports of KfW; and
·
the documents incorporated by reference as stated under "Incorporation by Reference" in this pricing
supplement.
PS-10