Obligation KFWB 0.02625% ( US500769EX80 ) en USD

KFWB

100 % ⇌

Allemagne

US500769EX80 ( en USD )

0.02625% par an ( paiement semestriel )

25/01/2022 - Obligation échue

Prospectus brochure de l'obligation Kfw US500769EX80 en USD 0.02625%, échue

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 KfW (ISIN : US500769EX80), émise en Allemagne et libellée en USD, affichant un taux d'intérêt de 0,02625% et une maturité au 25/01/2022 avec une fréquence de paiement semestrielle, a été remboursée à 100% à sa date d'échéance.

PRICING SUPPLEMENT
(To prospectus supplement dated May 20, 2011
and prospectus dated May 20, 2011)
5FEB200418351440
KfW, Frankfurt/Main, Federal Republic of Germany
$3,000,000,000
2.625% Global Notes due 2022
KfW, also known as Kreditanstalt f¨
ur Wiederaufbau, will pay interest on the notes in two equal
semi-annual installments in arrears on January 25 and July 25, commencing on July 25, 2012. The notes will
mature on January 25, 2022. The notes are not 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 mobili`eres dated
July 10, 2005 (the ``Luxembourg Prospectus Act'').
Per Note
Total
Price to public(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99.895%
$2,996,850,000
Underwriting commissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.175%
$
5,250,000
Proceeds to KfW(1)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99.720%
$2,991,600,000
(1) Plus accrued interest, if any, from January 25, 2012, 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,
soci´
et´
e anonyme, Luxembourg, also known as CBL, and Euroclear Bank SA/NV, also known as Euroclear, on
or about January 25, 2012. 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 500769EX8, an
ISIN number of US500769EX80 and a common code of 073740231.
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.
Citigroup
Deutsche Bank
Goldman Sachs International
Pricing Supplement dated January 23, 2012

TABLE OF CONTENTS
Page
Page
Incorporation by Reference . . . . . . . . . . . .
PS-4
Additional Information on United States
Use of Proceeds . . . . . . . . . . . . . . . . . . . .
PS-4
Taxation . . . . . . . . . . . . . . . . . . . . . . . .
PS-8
Terms of the Notes . . . . . . . . . . . . . . . . . .
PS-5
Subscription Agreement . . . . . . . . . . . . . .
PS-9
General Provisions . . . . . . . . . . . . . . . .
PS-5
Validity of the Notes . . . . . . . . . . . . . . . . .
PS-9
Status . . . . . . . . . . . . . . . . . . . . . . . . . .
PS-5
General Information . . . . . . . . . . . . . . . . . PS-10
Interest . . . . . . . . . . . . . . . . . . . . . . . .
PS-5
Further Information . . . . . . . . . . . . . . . PS-10
Maturity; Repurchase . . . . . . . . . . . . . .
PS-6
Documents Available . . . . . . . . . . . . . . . PS-10
Payments . . . . . . . . . . . . . . . . . . . . . . .
PS-6
Listing . . . . . . . . . . . . . . . . . . . . . . . . . PS-10
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . .
PS-6
Additional Paying Agent . . . . . . . . . . . . PS-10
Termination for Default . . . . . . . . . . . . .
PS-7
Securities Identification Numbers . . . . . . PS-10
Registrar and Paying Agent . . . . . . . . . .
PS-7
Authorization . . . . . . . . . . . . . . . . . . . . PS-10
Further Issues . . . . . . . . . . . . . . . . . . . .
PS-7
Auditors . . . . . . . . . . . . . . . . . . . . . . . . PS-10
Notices . . . . . . . . . . . . . . . . . . . . . . . . .
PS-7
Interim Financial Statements . . . . . . . . . PS-11
Governing Law; Jurisdiction;
Material Change . . . . . . . . . . . . . . . . . . PS-11
Enforcement and Language . . . . . . . .
PS-7
Litigation . . . . . . . . . . . . . . . . . . . . . . . PS-11
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
PS-2

knowledge and belief there are no other facts the omission of which would make any statement herein
misleading in any material respect.
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 ``A `` 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 January 20, 2012 was
A1.00= $1.2902.
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.
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
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 $2,991,600,000
(after deducting underwriting commissions). The net proceeds from the sale of the notes will be used
by us in our general business.
PS-4

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 three billion U.S. dollars ($3,000,000,000), divided into three 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 2.625% per year as from
January 25, 2012. 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 January 25 and July 25. The first interest payment date will be July 25, 2012.
Late Payment.
Should we fail to redeem the notes on the due date therefore, interest on the
notes shall, subject to the provisions with respect to business days (as defined under ``--Payments--
Business Days'' in this pricing supplement), accrue beyond the due date until actual redemption of the
PS-5

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 January 2012, the German Federal Bank announced a base rate of
0.12% per annum, making the default rate at that time 5.12%.
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 January 25, 2022. 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.
PS-6

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
PS-7

between DTC participants, and between DTC itself 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 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.
ADDITIONAL INFORMATION ON UNITED STATES TAXATION
As discussed under ``United States Taxation--Foreign Financial Assets Reporting'' in the
accompanying prospectus, legislation enacted in 2010 requires individuals that own ``specified foreign
financial assets'' (including certain debt of a ``foreign financial institution'' that is not traded on an
``established securities market,'' 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. Guidance subsequently issued by the United States Internal Revenue Services prescribes
higher reporting thresholds for certain individuals and exempts ``specified foreign financial assets'' held
in a financial account from reporting under this provision (although the financial account itself, if
maintained by a foreign financial institution, may remain subject to this reporting requirement). In
addition, proposed regulations extend this reporting requirement to certain United States entities.
Holders are urged to consult their tax advisers regarding the application of this legislation to their
ownership of the notes.
PS-8

SUBSCRIPTION AGREEMENT
Citigroup Global Markets Inc., Deutsche Bank AG, London Branch and Goldman Sachs
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 January 23, 2012 (the ``subscription agreement''), to subscribe and pay for
the principal amount of the notes set forth opposite their respective names below at 99.895% of their
principal amount less a combined commission of 0.175% of such principal amount.
Principal
amount
Managers
of notes
Citigroup Global Markets Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
900,000,000
Deutsche Bank AG, London Branch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
900,000,000
Goldman Sachs International . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
900,000,000
Barclays Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30,000,000
Credit Suisse Securities (Europe) Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30,000,000
Daiwa Capital Markets Europe Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30,000,000
FTN Financial Securities Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30,000,000
Jefferies International Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30,000,000
J.P. Morgan Securities Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30,000,000
Morgan Stanley & Co. International plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30,000,000
RBC Capital Markets, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30,000,000
The Royal Bank of Scotland plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30,000,000
UBS Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30,000,000
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
3,000,000,000
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 Rechtsanw¨
alten, 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.
PS-9

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, BNY Mellon Luxembourg 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, Messe Turm,
Friedrich-Ebert-Anlage 49, 60327 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 500769EX8, an ISIN number of
US500769EX80, a common code of 073740231 and a WKN number of A1MLVP.
Authorization
The issuance of the notes was authorized by resolution of KfW's Board of Supervisory Directors
on April 6, 2011.
Auditors
The independent auditors of KfW are KPMG AG Wirtschaftspr¨
ufungsgesellschaft.
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