Obligation FMS Vermögensverwaltung 0.01625% ( US30254WAD11 ) en USD

FMS Vermögensverwaltung

100 % ▼

Allemagne

US30254WAD11 ( en USD )

0.01625% par an ( paiement semestriel )

20/11/2018 - Obligation échue

Prospectus brochure de l'obligation Fms Wertmanagement US30254WAD11 en USD 0.01625%, échue

200 000 USD

2 000 000 000 USD

30254WAD1

FMS Wertmanagement est une société de gestion d'actifs spécialisée dans l'investissement dans les infrastructures et les énergies renouvelables, proposant des solutions d'investissement aux investisseurs institutionnels et privés.

L'Obligation émise par FMS Vermögensverwaltung ( Allemagne ) , en USD, avec le code ISIN US30254WAD11, paye un coupon de 0.01625% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 20/11/2018

PROSPECTUS SUPPLEMENT
(To prospectus dated March 1, 2013)
FMS WERTMANAGEMENT
$2,000,000,000
1.625% Notes due November 20, 2018
FMS Wertmanagement ("FMS-WM"), will pay interest on the 1.625% Notes due November 20, 2018 (the
"Notes") in two semi-annual installments on May 20 and November 20 of each year. Interest will accrue on the
Notes from and including November 20, 2013, and the first interest payment date will be May 20, 2014. The
Notes will mature on November 20, 2018. The Notes will not be redeemable at any time prior to maturity. There
is no sinking fund for the Notes.
FMS-WM has applied for the Notes to be admitted to the Euro MTF Market of the Luxembourg Stock
Exchange.
FMS-WM is wholly owned by the German Financial Market Stabilization Fund known as SoFFin, which is
obligated to provide FMS-WM with liquidity support and to compensate it for losses. The Federal Republic of
Germany (the "Federal Republic") is directly liable for all of SoFFin's obligations. Accordingly, FMS-WM's
obligations, including the Notes offered hereby, are effectively backed by the full faith and credit of the Federal
Republic. See "Responsibility of the Federal Republic for FMS-WM" in the accompanying prospectus.
PRICE 99.838% AND ACCRUED INTEREST
Underwriting
Price to
Discounts
Proceeds to
Public(1)
And Commissions(2)
FMS-WM(1)(3)
Per Note . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99.838%
0.125%
99.713%
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,996,760,000
$2,500,000
$1,994,260,000
(1) Plus accrued interest, if any, from November 20, 2013, if settlement occurs after that date.
(2) FMS-WM has agreed to indemnify the Underwriters (as defined herein) against certain liabilities, including
liabilities under the Securities Act of 1933, as amended.
(3) Before deducting expenses related to the offering.
Neither the Securities and Exchange Commission, any state securities commission, the Luxembourg
Stock Exchange nor any foreign governmental agency has approved or disapproved of these securities or
determined whether this prospectus supplement or the accompanying prospectus is accurate and
complete. Any representation to the contrary is a criminal offense.
The Underwriters expect to deliver the Notes to purchasers in book-entry form only through The
Depository Trust Company ("DTC") and through the facilities of other clearing systems that participate in
DTC, including Clearstream Banking, société anonyme, Luxembourg and Euroclear Bank SA/NV on
November 20, 2013.
This prospectus supplement may only be used for the purposes for which it has been published.
Deutsche Bank
HSBC
J.P. Morgan
Morgan Stanley
Prospectus Supplement dated November 13, 2013

TABLE OF CONTENTS
Prospectus Supplement
WHERE YOU CAN FIND MORE INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-4
RECENT DEVELOPMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-5
SUMMARY OF THE OFFERING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-9
USE OF PROCEEDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-11
DESCRIPTION OF THE NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-12
CAPITALIZATION AND INDEBTEDNESS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-16
UNDERWRITING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-17
VALIDITY OF THE NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-20
GENERAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-21
Prospectus
ABOUT THIS PROSPECTUS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
FORWARD-LOOKING STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
WHERE YOU CAN FIND MORE INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
PRESENTATION OF FINANCIAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
FMS-WM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
Creation and Legal Status . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
Relationship with the Federal Republic of Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
USE OF PROCEEDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
DESCRIPTION OF SECURITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
Fiscal Agent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
No Payment of Additional Amounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
Ranking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
Negative Pledge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
Events of Default . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
Notice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
Amendments (Collective Action Clause) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
Jurisdiction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10
Governing Law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10
CLEARING AND SETTLEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11
Certification and Custody . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11
Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11
Transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12
The Clearing Systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12
Global Clearing and Settlement Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
RESPONSIBILITY OF THE FEDERAL REPUBLIC FOR FMS-WM . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16
SoFFin's Liquidity Support and Loss Compensation Obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16
The Federal Republic's Liability for SoFFin's Obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17
DEBT RECORD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17
TAXATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18
United States Taxation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18
German Taxation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30
PLAN OF DISTRIBUTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
34
VALIDITY OF THE SECURITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35
AUTHORIZED REPRESENTATIVE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36
OFFICIAL STATEMENTS AND DOCUMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36
LIMITATIONS ON ACTIONS AGAINST THE FEDERAL REPUBLIC . . . . . . . . . . . . . . . . . . . . . . . . . .
36
ENFORCEMENT OF CIVIL LIABILITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36
S-2

This prospectus supplement should be read together with the accompanying prospectus dated March 1,
2013, and the documents incorporated herein by reference (see "Where You Can Find More Information" in this
prospectus supplement). These documents taken together are herein referred to as the "disclosure document."
The documents incorporated herein by reference contain information regarding FMS-WM and other matters.
Further information concerning FMS-WM and the Notes offered hereby may be found in the registration
statement (Registration No. 333-186853) 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 prospectus supplement differs from the information contained in the accompanying
prospectus, you should rely on the information in this prospectus supplement. If a capitalized term is used in this
prospectus supplement and not defined, it is defined in the accompanying prospectus and has the same meaning
herein.
You should rely only on the information provided in the disclosure document. We have not, and the
Underwriters have not, authorized anyone else to provide you with different information. We are not, and the
Underwriters are not, making an offer of these securities in any jurisdiction where the offer is not permitted.
The distribution of this disclosure document, and the offering of the Notes in certain jurisdictions may be
restricted by law. Persons into whose possession this disclosure document comes should inform themselves about
and observe any such restrictions. This disclosure document does not constitute, and may not be used in
connection with, an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not
authorized or in which the person making such offer or solicitation is not qualified to do so or to any person to
whom it is unlawful to make such offer or solicitation. See "Underwriting."
FMS-WM 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.
FMS-WM has not, and the Underwriters have not, authorized anyone to give you any other information, and
FMS-WM takes, and the Underwriters take, no responsibility for any other information that others may give you.
You should not assume that the information contained in this 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.
Inquiries regarding our listing status on the Luxembourg Stock Exchange should be directed to our
Luxembourg listing agent, The Bank of New York Mellon (Luxembourg) S.A., Vertigo Building Polaris,
2-4 rue Eugène Ruppert, L-2453 Luxembourg, Luxembourg.
This prospectus supplement and the accompanying prospectus will be available for inspection on the
website of the Luxembourg Stock Exchange at http://www.bourse.lu.
References herein to "euro", "EUR" or "" are to the single European currency adopted by certain
participating member countries of the European Union, as of January 1, 1999. References to "U.S. dollars,"
"USD" or "$" are to United States dollars.
References herein to "we" or "us" or similar expressions are to FMS-WM.
S-3

WHERE YOU CAN FIND MORE INFORMATION
The registration statement on Schedule B filed by FMS-WM (Registration No. 333-186853), including the
attached exhibits and schedules, contains additional relevant information about the Notes. The rules and
regulations of the Securities and Exchange Commission ("SEC") allow FMS-WM to omit certain information
included in the registration statement from this prospectus supplement and the accompanying prospectus. The
registration statement, including its various exhibits, is available to the public over the internet at the SEC's
website: http://www.sec.gov. You may also read and copy these documents at the SEC's public reference room,
located at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further
information on the public reference room.
FMS-WM files annual reports and other information with the SEC, which are available to the public over
the internet at http://www.sec.gov or may be read and copied at the SEC's public reference room. The SEC
allows FMS-WM to "incorporate by reference" the documents that FMS-WM files with the SEC, which means
that FMS-WM can disclose important information to you by referring you to those documents. The information
incorporated by reference is considered to be part of this prospectus supplement and the accompanying
prospectus, and later information that FMS-WM files with the SEC will automatically update and supersede this
information, as well as the information included in this prospectus supplement and the accompanying prospectus.
We incorporate by reference the annual report on Form 18-K for FMS-WM for the fiscal year ended
December 31, 2012, as filed with the SEC on August 30, 2013 (File No. 333-184318) (the "Annual Report"), as
subsequently amended by Amendment No. 1 on Form 18-K/A filed with the SEC on October 21, 2013 and any
future periodic reports and amendments filed with the SEC under the United States Securities Exchange Act of
1934, as amended, between the date of this prospectus supplement and the termination of the offering of the
Notes. FMS-WM's Form 18-K and amendments on Form 18-K/A, if any, contain or will contain, among other
information, its most recently published annual report and financial statements, from time to time.
You can obtain any of the documents incorporated by reference in this document through us, from the SEC
as described above or, with respect to the Annual Report and so long as any of the Notes are listed on the
Luxembourg Stock Exchange, on the website of the Luxembourg Stock Exchange at http://www.bourse.lu.
Documents incorporated by reference are available from us without charge by requesting them in writing or by
telephone from FMS-WM at the following address and telephone number:
FMS Wertmanagement
Prinzregentenstrasse 56
80538 Munich, Federal Republic of Germany
+49 89 9547627-0
S-4

RECENT DEVELOPMENTS
FMS-WM
Following enactment of the amending bill by signature of the Federal President and the bill's publication in
the Federal Gazette (Bundesanzeiger) in early September 2013, the German Act on the Establishment of a
Financial Market Stabilisation Fund (Gesetz zur Errichtung eines Finanzmarktstabilisierungsfonds, "FMStFG")
will be amended with effect from January 1, 2014 to provide for, in addition to SoFFin's loss compensation
obligation, a guarantee by SoFFin in respect of all loans, debt securities, fixed forward transactions, options and
other credits extended to FMS-WM as well as credits extended to third parties to the extent they are expressly
guaranteed by FMS-WM, which FMS-WM has borrowed, issued, entered into, incurred or which have been
transferred to FMS-WM during the time period for which SoFFin is the sole obligor of the loss compensation
obligation (alleiniger Verlustausgleichspflichtiger), including the Notes. The Federal Republic is directly liable
for all of SoFFin's obligations pursuant to Section 5 of the FMStFG.
The Federal Republic of Germany
Overview of Key Economic Figures
The following economic information regarding the Federal Republic is derived from the public official
documents cited below. Certain of the information is preliminary.
Inflation Rate
INFLATION RATE
(based on overall consumer price index)
Percentage change
Percentage change
on the
on
same month
Reference period
previous month
in previous year
October 2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.0
2.0
November 2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.1
1.9
December 2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.3
2.0
January 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(0.5)
1.7
February 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.6
1.5
March 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.5
1.4
April 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(0.5)
1.2
May 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.4
1.5
June 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.1
1.8
July 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.5
1.9
August 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.0
1.5
September 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.0
1.4
October 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(0.2)
1.2
Consumer prices in Germany were 1.2% higher in October 2013 than in October 2012. The last time a lower
inflation rate was observed was in August 2010 (1.0%).
The moderate inflation rate was mainly due to the price development of mineral oil products, which
decreased by 7.0% in October 2013 compared to October 2012. The decrease in prices for heating oil (10.4%)
and motor fuels (5.8%) had a downward effect on overall inflation. Excluding the effect of prices for mineral oil
products, the inflation rate in October 2013 would have been 1.7% compared to October 2012. Overall, energy
prices in October 2013 decreased by 0.5% from October 2012. This was due to the fact that contrary to the
decrease in prices for mineral oil products, electricity prices in October 2013 increased considerably by 11.5%
compared to October 2012. The prices of both goods and services each increased by 1.2% in October 2013
compared to October 2012.
S-5

Compared with September 2013, the consumer price index declined by 0.2% in October 2013. In
October 2013, prices decreased for package holidays (5.1%), air tickets (1.2%) and accommodation services
(-1.1%) compared to September 2013, in part for seasonal reasons. Energy prices also decreased by 1.3% month-
on-month. Prices decreased especially for motor fuels (-3.0%) and heating oil (-2.8%). Prices for education
decreased by 4.6% in October 2013 compared to September 2013, mainly due to the abolishment of tuition fees
at public institutions of higher education in Bavaria. Food prices in general increased slightly by 0.2% in
October 2013 compared to September 2013.
Source: Statistisches Bundesamt, Consumer prices in October 2013: +1.2% on October 2012, press release of
November 12, 2013 (https://www.destatis.de/EN/PressServices/Press/pr/2013/11/PE13_375_611.html).
Unemployment Rate
UNEMPLOYMENT RATE
(percent of unemployed persons in the total labor force according to the
International Labour Organization (ILO) definition)(1)
Reference period
Original percentages
Adjusted percentages(2)
September 2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.1
5.4
October 2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.2
5.4
November 2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.2
5.4
December 2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.3
5.4
January 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.9
5.4
February 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.0
5.4
March 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.6
5.4
April 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.3
5.4
May 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.2
5.3
June 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.4
5.3
July 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.3
5.3
August 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.0
5.3
September 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.1
5.2
(1) The time series on unemployment are based on the German Labour Force Survey.
(2) Adjusted for seasonal and irregular effects (trend cycle component) using the X-12-ARIMA method.
The number of employed persons increased by approximately 250,000 persons, or 0.6%, from
September 2012 to September 2013. Compared to August 2013, the number of employed persons in
September 2013 increased by approximately 2,000 after adjustment for seasonal fluctuations.
In September 2013, the number of unemployed persons increased by approximately 30,000, or 1.4%,
compared to September 2012. When adjusted for seasonal and irregular effects (trend cycle component), the
number of unemployed persons in September 2013 decreased by 0.4% to 2.24 million compared to August 2013.
Sources: Statistisches Bundesamt, Labour market in September 2013: employment above 42 million for the
first time, press release of October 30, 2013
(https://www.destatis.de/EN/PressServices/Press/pr/2013/10/PE13_364_132.html); Statistisches Bundesamt,
Genesis-Online Datenbank, Tabelle 13231-0001, Erwerbslose, Erwerbstätige, Erwerbspersonen,
Erwerbslosenquote: Deutschland, Monate, Original- und bereinigte Daten
(https://www-genesis.destatis.de/genesis/online/logon?sequenz=tabelleErgebnis&selectionname=13231-
0001&zeitscheiben=2&leerzeilen=false2).
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Current Account and Foreign Trade
CURRENT ACCOUNT AND FOREIGN TRADE
Item
January to September 2013
January to September 2012
(balance in EUR billion)(1)
Foreign trade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
147.8
145.1
Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6.8)
(4.9)
Factor income (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
45.3
44.3
Current transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(33.7)
(30.9)
Supplementary trade items . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(17.6)
(20.2)
Current account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
135.1
133.4
(1) Figures may not add up due to rounding.
Source: Statistisches Bundesamt, German exports in September 2013: +3.6% on September 2012, press release
of November 08, 2013 (https://www.destatis.de/EN/PressServices/Press/pr/2013/11/PE13_372_51.html).
Germany's General Government Deficit, General Government Gross Debt and the Excessive Deficit
Procedure
According to the EDP notification table published by Eurostat in October 2013, the Federal Government
forecasts that the German general government deficit for full year 2013 will be 0.2% of GDP. The general
government gross debt ratio is forecast to be 79.6% in 2013, a decrease from 81.0% in 2012.
Source: Eurostat, EDP Notification Tables, October 2013, Germany
(http://epp.eurostat.ec.europa.eu/portal/page/portal/government_finance_statistics/documents/DE_2013-10.pdf).
Other Recent Developments
On October 22, 2013, the Bundestag met for its constitutive session and the Federal President requested the
Federal Chancellor, Dr. Angela Merkel, and the Federal Ministers to continue to conduct government business
until a successor Federal Chancellor is appointed. The negotiations to enter into a coalition agreement between
CDU/CSU and SPD started on October 23, 2013, and discussions on a range of issues are expected to be held
over the coming weeks, with the last round of negotiations currently scheduled for November 27, 2013.
Sources: Federal Chancellor, Neuer Bundestag hat sich konstituiert, press release of October 22, 2013
(http://www.bundeskanzlerin.de/Content/DE/Artikel/2013/10/2013-10-22-konstituierung-deutscher-
bundestag.html); Federal Chancellor, Bundesregierung geschäftsführend im Amt
(http://www.bundeskanzlerin.de/Content/DE/Artikel/2013/10/2013-10-22-geschaeftsfuehrende-
bundesregierung.html); CDU, Aktuelle Termine zu den Koalitionsgesprächen zwischen CDU und SPD
(http://www.cdu.de/media/2911); SPD, Jetzt wird verhandelt, press release of October 23, 2013
(http://www.spd.de/aktuelles/110880/20131023_koalitionsverhandlungen.html).
On October 15, 2013, the Council of the European Union adopted regulations creating a single supervisory
mechanism for the oversight of banks and other credit institutions, thus establishing one of the main elements of
Europe's banking union. The single supervisory mechanism ("SSM") will be composed of the European Central
Bank ("ECB") and the supervisory authorities of the Member States. It will cover the euro area as well as
non-euro area countries that choose to participate. The ECB will have direct oversight of euro area banks, in a
differentiated manner and in close cooperation with national supervisory authorities, and will be responsible for
the overall functioning of the SSM. On October 23, 2013, the ECB announced details of a comprehensive
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assessment of large banks to be conducted in cooperation with national supervisory authorities of Member States
participating in the SSM. The assessment, which consists of a risk assessment, an asset quality review and a
stress test, will be conducted over a twelve-month period starting in November 2013 in preparation of the ECB
assuming full responsibility for supervision as part of the SSM. The assessment covers more than 120 institutions
overall, which include 24 German institutions.
Sources: Council of the European Union, Council approves single supervisory mechanism for banking, press
release of October 15, 2013
(http://www.consilium.europa.eu/uedocs/cms_Data/docs/pressdata/en/ecofin/139012.pdf); European Central
Bank, ECB starts comprehensive assessment in advance of supervisory role, press release of October 23, 2013
(http://www.ecb.europa.eu/press/pr/date/2013/html/pr131023.en.html); European Central Bank, Note on
Comprehensive Assessment October 2013
(http://www.ecb.europa.eu/pub/pdf/other/
notecomprehensiveassessment201310en.pdf?065ff8953213aaf23e385c1119dd541a).
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SUMMARY OF THE OFFERING
The following summary is qualified in its entirety by, and should be read in conjunction with, the more
detailed information appearing elsewhere in this prospectus supplement and the accompanying prospectus.
Issuer . . . . . . . . . . . . . . . . . . . . . . . . . . . . FMS Wertmanagement
Securities Offered . . . . . . . . . . . . . . . . . . $2,000,000,000 principal amount of 1.625% Notes due November 20,
2018.
Issue Date . . . . . . . . . . . . . . . . . . . . . . . . November 20, 2013.
Maturity Date . . . . . . . . . . . . . . . . . . . . . November 20, 2018.
Interest Payment Dates . . . . . . . . . . . . . . May 20 and November 20 of each year, commencing May 20, 2014.
Interest Rate . . . . . . . . . . . . . . . . . . . . . . . 1.625% per annum, from November 20, 2013. Interest will be
calculated on the basis of a 360-day year consisting of twelve 30-day
months unadjusted.
Redemption . . . . . . . . . . . . . . . . . . . . . . . The Notes are not subject to redemption prior to maturity.
The Federal Republic of Germany . . . . . The Notes are effectively backed by the full faith and credit of the
Federal Republic, see "Responsibility of the Federal Republic for
FMS-WM" in the accompanying prospectus.
Settlement Cycle . . . . . . . . . . . . . . . . . . . T+5
Listing and Admission to Trading . . . . . . FMS-WM has applied for the Notes to be admitted to the Euro MTF
Market of the Luxembourg Stock Exchange.
Form, Registration and Settlement . . . . . The Notes will be represented by one or more Global Notes registered
in the name of Cede & Co. as nominee for DTC. The Global Notes
will be deposited with a custodian for DTC. Except as described in
the accompanying prospectus, beneficial interests in the Global Notes
will be represented through accounts of financial institutions acting
on behalf of the beneficial owners as direct and indirect participants
in DTC. Investors may elect to hold interests in the Global Notes
through DTC, if they are participants in DTC, or indirectly through
organizations that are participants in DTC. Owners of beneficial
interests in the Global Notes will not be entitled to have Notes
registered in their names and will not receive or be entitled to receive
physical delivery of definitive Notes. Initial settlement for the Notes
will be made in immediately available funds in dollars. See "Clearing
and Settlement" in the accompanying prospectus.
No Additional Amounts . . . . . . . . . . . . . FMS-WM will have no obligation to pay holders any additional
amounts in respect of the Notes as a result of possible withholding or
deduction for taxes pursuant to any fiscal or other laws and regulation
applicable to the Notes. For further details, see "Description of the
Notes--No Payment of Additional Amounts" in the accompanying
prospectus.
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Collective Action Clause . . . . . . . . . . . . . The Notes will contain a collective action clause. The holders of the
Notes may agree with FMS-WM to amend the terms or conditions
contained in the Notes or the Fiscal Agency Agreement with the
affirmative vote by holders of Notes representing not less than 50% of
the principal amount of the Notes then outstanding. Certain material
amendments of the terms and conditions of the Notes or the Fiscal
Agency Agreement, including changes in the due date for the
payment of interest or principal or the reduction or elimination of the
interest rate on the Notes, reduction of the principal amount on the
Notes and changes in the currency of the Notes will require the
affirmative vote by holders of not less than 75% of the principal
amount of the Notes then outstanding.
Fiscal Agent . . . . . . . . . . . . . . . . . . . . . . . The Bank of New York Mellon will be acting in its capacity as Fiscal
Agent through its corporate trust office located at 101 Barclay Street,
New York, NY 10286.
Securities Codes . . . . . . . . . . . . . . . . . . . CUSIP: 30254WAD1
ISIN: US30254WAD11
Common Code: 099628898
S-10