Obligation KFWB 0.02375% ( US500769EQ30 ) en USD

KFWB

100 % ▼

Allemagne

US500769EQ30 ( en USD )

0.02375% par an ( paiement semestriel )

25/08/2021 - Obligation échue

Prospectus brochure de l'obligation Kfw US500769EQ30 en USD 0.02375%, échue

500769EQ3

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 USD, avec le code ISIN US500769EQ30, paye un coupon de 0.02375% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 25/08/2021

Pricing Supplement $2,000,000,000 2.375% Global Notes due 2021
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424B5 1 d424b5.htm PRICING SUPPLEMENT $2,000,000,000 2.375% GLOBAL NOTES DUE 2021
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PRICING SUPPLEMENT
Filed Pursuant to Rule 424(b)(5)
(To prospectus supplement dated May 20, 2011
Registration No. 333-174268
and prospectus dated May 20, 2011)

KfW, Frankfurt/Main, Federal Republic of Germany
KfW, also known as Kreditanstalt für Wiederaufbau, will pay interest on the notes in two equal semi-annual installments in
arrears on February 25 and August 25, commencing on February 25, 2012. The notes will mature on August 25, 2021. The notes will
not be redeemable at any time prior to maturity.
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.
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 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)

99.735%
$1,994,700,000
Underwriting commissions

0.175%
$
3,500,000
Proceeds to KfW(1)(2)

99.560%
$1,991,200,000
(1) Plus accrued interest, if any, from August 25, 2011, 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 SA/NV, also known as Euroclear, on or about August 25,
2011. 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 500769EQ3, an ISIN number of US500769EQ30 and a common code of 066858006.
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.

BofA Merrill Lynch

Deutsche Bank

Goldman Sachs International

Pricing Supplement dated August 22, 2011
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TABLE OF CONTENTS

Page

Page
Incorporation by Reference
PS-4
Additional Information on United States Taxation
PS-8

Use of Proceeds
PS-4
Subscription Agreement
PS-9

Terms of the Notes
PS-5
Validity of the Notes
PS-9

General Provisions
PS-5
General Information
PS-10
Status
PS-5
Further Information
PS-10
Interest
PS-5
Documents Available
PS-10
Maturity; Repurchase
PS-6
Listing
PS-10
Payments
PS-6
Additional Paying Agent
PS-10
Taxes
PS-6
Securities Identification Numbers
PS-10
Termination for Default
PS-7
Authorization
PS-10
Registrar and Paying Agent
PS-7
Auditors
PS-10
Further Issues
PS-7
Interim Financial Statements
PS-11
Notices
PS-7
Material Change
PS-11
Governing Law; Jurisdiction; Enforcement and
Litigation
PS-11
Language
PS-7

This pricing supplement should be read together with the accompanying prospectus supplement dated May 20, 2011 setting forth
information relating to U.S. dollar-denominated global notes, the accompanying prospectus dated May 20, 2011, 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. 333-174268) 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 Luxembourg Prospectus Act, which transforms Directive
2003/71/EC (the "Prospectus Directive") into law in Luxembourg. 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.

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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 such 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 the 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 "U.S. dollars" or "$" are to United
States dollars.
For historical 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 euro foreign exchange reference rate as published by the European Central
Bank on August 19, 2011 was 1.00=$1.4385.
References herein to "we" or "us" or similar expressions are to KfW. References to "KfW Bankengruppe" or "group" are to
KfW and its consolidated subsidiaries.

In connection with this offering of notes, Deutsche Bank AG, London Branch, or any person acting for it may over-allot
the notes or effect transactions with a view to supporting the market price of the notes at a level higher than that which might
otherwise prevail. However, there is no assurance that Deutsche Bank AG, London Branch, 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. Any stabilization action or over-allotment must
be conducted by Deutsche Bank AG, London Branch, or any person acting for it in accordance with all applicable laws and
rules.

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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 Bank of
New York Mellon (Luxembourg) S.A., 2-4 rue Eugene Ruppert, L-2453 Luxembourg. See "General Information--Further
Information" in this pricing supplement. You may also request a copy of these filings at no cost by writing to The Bank of New York
Mellon, One Wall Street, New York, NY 10286, U.S.A.
USE OF PROCEEDS
We estimate that the net proceeds from the sale of the notes will be approximately $1,991,200,000 (after deducting underwriting
commissions). The net proceeds from the sale of the notes will be used by us in our general business.

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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
Aggregate Principal Amount and Denomination. The notes will be issued in the aggregate principal amount of two billion U.S.
dollars ($2,000,000,000), divided into two million notes in the denomination of $1,000 each, which will rank equally among
themselves.
Global Certificates, Notes and Form. The notes will be represented by one or more permanent global certificates without
interest coupons (the "global certificates"). The global certificates will be kept in custody by The Bank of New York Mellon, New
York, also known as BNY Mellon, or any successor, as custodian for DTC until all of our obligations under the notes have been
satisfied. The global certificates will be issued in registered form in the name of Cede & Co., as nominee of DTC, also known as the
registered holder, recorded in a register kept by the registrar (as defined under "--Registrar and Paying Agent") and represent the
notes credited to accounts maintained with DTC by financial institutions that are participants in DTC. Each person ultimately holding
a note is referred to herein as a "noteholder." Each global certificate will be manually signed by two of our authorized
representatives and manually authenticated by or on behalf of the registrar. Copies of the global certificates will be available free of
charge at the paying agent (as defined under "--Registrar and Paying Agent"). Definitive certificates and interest coupons for
individual notes will not be issued, unless DTC is unable or unwilling to continue providing its services and a successor securities
depository is not obtained. In such a case, a noteholder may request the issue of definitive certificates representing its individual
notes and corresponding interest coupons (see "Clearing and Settlement--The Clearing Systems--DTC" in the accompanying
prospectus supplement).
Transfer. The notes may be transferred through DTC or its participants. 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 at the rate of 2.375% per year as from August 25, 2011. 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 25 and August 25. The first interest payment date will be February 25,
2012.
Late Payment. Should we fail to redeem 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

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pricing supplement), accrue beyond the due date until actual redemption of the notes at the default rate of 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. In July 2011, the German Federal Bank announced a base rate of
0.37% per annum, making the default rate at that time 5.37%.
Accrued Interest. If it is necessary to compute interest for a period of other than a full year, interest shall be calculated on the
basis of a 360-day year consisting of twelve 30-day months.
Maturity; Repurchase
Maturity. The notes will be redeemed at par on August 25, 2021. Subject to the provisions with respect to termination for
default set forth under "--Termination for Default" in this pricing supplement, neither we nor any noteholder will be entitled to
redeem the notes prior to their stated maturity.
Repurchase. We may at any time purchase and resell notes in the open market or otherwise at any price. Notes so purchased and
not resold by us may, at our own discretion, be held or surrendered to the paying agent for cancellation.
Payments
Payments. Payments of principal of, and interest on, the notes will be made in U.S. dollars on the relevant payment date (see
"--Payment Date and Due Date" below) to, or to the order of, the registered holder registered at the close of business on the relevant
record date (see "--Record Date" below) in the register kept by the registrar. The funds will be distributed through the relevant DTC
participants (see "Clearing and Settlement--Certification and Custody" in the accompanying prospectus supplement) to the
noteholders as of the relevant record date.
All payments made by or on behalf of us to, or to the order of, the registered holder at the close of business on the relevant
record date in the register will discharge our liability under the notes to the extent of the sums so paid.
Record Date. The record date for purposes of payments of principal and interest (see "--Payments" above) will be, in respect
of each such payment, the tenth New York business day prior to the relevant payment date.
Business Days. If any due date for payment of principal or interest to, or to the order of, the registered holder is not a New York
business day, such payment will not be made until the next day which is a New York business day, and no further interest will be paid
in respect of the delay in such payment. "New York business day" means any day, other than a Saturday or Sunday, that is neither a
legal holiday nor a day on which commercial banks are authorized or required by law, regulation or executive order to close in New
York City.
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 interest payment date or the maturity date set forth above, without taking account of any such adjustment.
Taxes
All payments by us in respect of the notes will be made without deduction or withholding of taxes or other duties, unless such
deduction or withholding is required by law. In the event of such deduction or withholding, we will not be required to pay any
additional amounts in respect of the notes. There will be no "gross-up" provision requiring additional payments to be made in
respect of the notes in the event of imposition of deduction or withholding of taxes or other duties.

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Termination for Default
Any noteholder may, at its option, through DTC, declare its notes due and demand repayment thereof at their principal amount
plus interest accrued to the date of repayment if we fail to pay any amount payable under the notes within 30 days from the relevant
due date. The right to declare notes due will cease if we have made payment to, or to the order of, the registered holder before the
noteholder has exercised such right. Any notice declaring notes due will 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 and interest coupons for individual notes will not be issued in
the event of a default.
Registrar and Paying Agent
We will appoint The Bank of New York Mellon (Luxembourg) S.A. as initial registrar (the "registrar"), BNY Mellon as paying
agent, and, to the extent required by law, The Bank of New York Mellon acting through its Frankfurt branch ("BNY Mellon
Frankfurt") as additional paying agent (BNY Mellon and, if applicable, BNY Mellon Frankfurt in performing such function, the
"paying agent"). We reserve the right at any time to vary or terminate the appointment of the registrar or any paying agent or approve
any change in the 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 offices 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 whatever nature with the registered holder or any noteholder and are not in any event accountable to the registered holder or 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 that the date from which interest shall accrue may vary), 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 notes.
Notices
All notices regarding the notes shall be published (a) in the Federal Republic of Germany in the electronic Federal Gazette
(elektronischer Bundesanzeiger) and, to the extent legally required, in addition thereto, in any other form of media prescribed by
law; and (b) also in 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 date of first 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, will be
governed by and will be construed in accordance with the laws of the Federal Republic of Germany. Any disposition of the notes,
including transfers and pledges, executed between DTC participants, and between DTC itself and DTC participants, will be governed
by the laws of the State of New York.

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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 a 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 its
participants, including any other clearing system which participates in DTC.
Language. The conditions are written in the English language and accompanied by a German language translation. The English
text will be controlling and binding. The German language translation is provided for convenience only.
ADDIT IONAL INFORMATION ON UNITED STATES TAXATION
As discussed in the accompanying prospectus under the caption "United States Taxation--Foreign Financial Assets Reporting,"
legislation enacted in 2010 requires individuals that own "specified foreign financial assets" (which may include the notes) with an
aggregate value in excess of $50,000 to file an information report with respect to such assets with their United States federal income
tax returns. The Internal Revenue Service has suspended this filing requirement for tax returns that are filed before it issues the return
on which to report the relevant information. However, once the Internal Revenue Service issues the return, taxpayers that were not
required to report in prior years because of the suspension will nevertheless be required to report the relevant information for such
prior years on such return.

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SUBSCRIPTION AGREEMENT
Deutsche Bank AG, London Branch, Goldman Sachs International and Merrill Lynch International (the "joint lead managers")
and the other managers named below (together with the joint lead managers, the "managers") have agreed with us, severally and not
jointly, pursuant to a subscription agreement dated August 22, 2011 (the "subscription agreement"), to subscribe and pay for the
principal amount of the notes set forth opposite their respective names below at 99.735% of their principal amount less a combined
commission of 0.175% of such principal amount.

Principal
amount
Managers

of notes

Deutsche Bank AG, London Branch

$ 600,000,000
Goldman Sachs International

600,000,000

Merrill Lynch International

600,000,000

Barclays Bank PLC

20,000,000

BNP Paribas

20,000,000

Citigroup Global Markets Inc.

20,000,000

Credit Suisse Securities (Europe) Limited

20,000,000

J.P. Morgan Securities Ltd.

20,000,000

Mitsubishi UFJ Securities International plc

20,000,000

Morgan Stanley & Co. International plc

20,000,000

RBC Capital Markets, LLC

20,000,000

The Royal Bank of Scotland plc

20,000,000

UBS Limited

20,000,000

Total

$2,000,000,000

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.
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.

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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, The Bank of New York Mellon
(Luxembourg) S.A., 2-4 rue Eugene Ruppert, L-2453 Luxembourg ("BNY Mellon 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 BNY Mellon and, to the extent required by law, BNY Mellon Frankfurt as agents;

· the most recent annual report of KfW; and

· the documents incorporated by reference as stated under "Incorporation by Reference" in this pricing supplement.
Listing
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 Luxembourg Prospectus Act and in accordance with the rules thereof. This pricing supplement, together with the
accompanying prospectus supplement and prospectus, will be published on the website of the Luxembourg Stock Exchange
(www.bourse.lu).
Additional Paying Agent
We have appointed The Bank of New York Mellon Filiale Frankfurt am Main, Bockenheimer Landstrasse 24, 60323, Frankfurt
am Main, as an additional paying agent. Moreover, we have appointed BNY Mellon Luxembourg as Luxembourg paying and transfer
agent, to act in such capacities should we be required to issue definitive certificates representing individual notes. In such case,
noteholders should contact BNY Mellon Luxembourg regarding payment and transfer.
Securities Identification Numbers
The notes have been assigned a CUSIP number of 500769EQ3, an ISIN number of US500769EQ30, a common code of
066858006 and a WKN number of A1K01H.
Authorization
The issuance of the notes was authorized by resolution of KfW's Board of Supervisory Directors on December 8, 2010.
Auditors
The independent auditors of KfW are KPMG AG Wirtschaftsprüfungsgesellschaft.

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