Obligation FMS Vermögensverwaltung 1.75% ( US30254WAG42 ) en USD

FMS Vermögensverwaltung

100 % ▼

Allemagne

US30254WAG42 ( en USD )

1.75% par an ( paiement semestriel )

17/03/2020 - Obligation échue

Prospectus brochure de l'obligation FMS Wertmanagement US30254WAG42 en USD 1.75%, échue

200 000 USD

1 500 000 000 USD

30254WAG4

AAA ( Première qualité )

Aaa ( Première qualité )

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 US30254WAG42, paye un coupon de 1.75% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 17/03/2020

L'Obligation émise par FMS Vermögensverwaltung ( Allemagne ) , en USD, avec le code ISIN US30254WAG42, a été notée Aaa ( Première qualité ) par l'agence de notation Moody's.

L'Obligation émise par FMS Vermögensverwaltung ( Allemagne ) , en USD, avec le code ISIN US30254WAG42, a été notée AAA ( Première qualité ) par l'agence de notation Standard & Poor's ( S&P ).

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424B5 1 d877887d424b5.htm 424B5
Table of Contents
Filed Pursuant to Rule 424(b)(5)
Registration Statement No. 333-198118

PROSPECTUS SUPPLEMENT
(To prospectus dated August 20, 2014)
FMS WERTMANAGEMENT
$1,500,000,000
1.75% Notes due March 17, 2020
FMS Wertmanagement ("FMS-WM"), will pay interest on the 1.75% Notes due March 17, 2020 (the "Notes") in two semi-annual
installments on March 17 and September 17 of each year. Interest will accrue on the Notes from and including March 17, 2015, and the first interest
payment date will be September 17, 2015. The Notes will mature on March 17, 2020. 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 for listing and trading on the Euro MTF Market of the Luxembourg Stock Exchange.

Pursuant to the German Financial Market Stabilization Fund Act (Finanzmarktstabilisierungsfondsgesetz, "FMStFG"), the Notes issued by
FMS-WM will benefit from a statutory guarantee by the German Financial Market Stabilization Fund (Finanzmarktstabilisierungsfonds,
"SoFFin"). The Federal Republic of Germany (the "Federal Republic") is, in turn, directly liable for all of SoFFin's obligations. See
"Responsibility of the Federal Republic for FMS-WM" in the accompanying prospectus.

PRICE 99.933% AND ACCRUED INTEREST

Underwriting
Price to
Discounts
Proceeds to

Public(1)

And Commissions(2)

FMS-WM(1)(3)
Per Note

99.933%

0.125%

99.808%
Total

$1,498,995,000
$
1,875,000
$1,497,120,000

(1)
Plus accrued interest, if any, from March 17, 2015, 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 March 17, 2015.
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424B5
This prospectus supplement may only be used for the purposes for which it has been published.

Barclays

Credit Suisse

Goldman Sachs International

HSBC

Prospectus Supplement dated March 10, 2015.
Table of Contents
TABLE OF CONTENTS

Prospectus Supplement

WHERE YOU CAN FIND MORE INFORMATION
S-4
RECENT DEVELOPMENTS
S-5
SUMMARY OF THE OFFERING
S-10
USE OF PROCEEDS
S-12
DESCRIPTION OF THE NOTES
S-13
CAPITALIZATION AND INDEBTEDNESS
S-17
UNDERWRITING
S-18
VALIDITY OF THE NOTES
S-21
GENERAL INFORMATION
S-22
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

3
Relationship with the Federal Republic of Germany

4
USE OF PROCEEDS

6
DESCRIPTION OF SECURITIES

7
General

7
Fiscal Agent

7
No Payment of Additional Amounts

8
Ranking

8
Negative Pledge

8
Termination for Default

8
Notices

8
Amendments (Collective Action Clause)

8
Jurisdiction

9
Governing Law

9
CLEARING AND SETTLEMENT

10
Certification and Custody

10
Payments

10
Transfers

11
The Clearing Systems

11
Global Clearing and Settlement Procedures

13
RESPONSIBILITY OF THE FEDERAL REPUBLIC FOR FMS-WM

15
Guarantee

15
Liquidity Support and Loss Compensation Obligations

15
DEBT RECORD

16
TAXATION

17
United States Taxation

17
German Taxation

29
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PLAN OF DISTRIBUTION

32
VALIDITY OF THE SECURITIES

33
AUTHORIZED REPRESENTATIVE

34
OFFICIAL STATEMENTS AND DOCUMENTS

34
LIMITATIONS ON ACTIONS AGAINST THE FEDERAL REPUBLIC

34
ENFORCEMENT OF CIVIL LIABILITIES

34

S-2
Table of Contents
This prospectus supplement should be read together with the accompanying prospectus dated August 20, 2014, 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. 333-198118) filed with the U.S. Securities and Exchange Commission 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.
This disclosure document constitutes a single prospectus for purposes of Luxembourg law on prospectus securities dated July 10, 2005, as
amended. 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 published 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
Table of Contents
WHERE YOU CAN FIND MORE INFORMATION
The registration statement on Schedule B filed by FMS-WM (Registration No. 333-198118), including the attached exhibits and schedules,
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contains additional relevant information about the Notes. The rules and regulations of the Securities and Exchange Commission (the "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 Conventional Reading Room, located at 100 F Street, N.E., Room 1580, Washington, D.C.
20549. Please call the SEC at 1-800-SEC-0330 for further information on the Conventional Reading 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, 2013, as filed with the SEC on August 13, 2014 (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 2, 2014 and any future filings made with the SEC to the extent such filings
indicate that they are intended to be incorporated by reference. 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 FMS-WM free of 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
Table of Contents
RECENT DEVELOPMENTS
FMS-WM
Other Recent Developments
Starting in September 2014, several articles were published in the press which criticized the extent of FMS-WM's participation in the Greek
debt exchange in February 2012. Subsequently, the Office of the Public Prosecutor in Munich I initiated a criminal investigation against the
Executive Board of FMS-WM for alleged breach of trust (Untreue) in connection with FMS-WM's participation in the Greek debt exchange.
While the Office of the Public Prosecutor has concluded the initial criminal investigation relating to FMS-WM's participation in the Greek debt
exchange without bringing charges, it has subsequently initiated a second investigation against, inter alia, certain representatives of FMS-WM
relating to the same topic. FMS-WM believes that the second investigation will also show that the allegations are without merit and is cooperating
fully with the Office of the Public Prosecutor.
On October 9, 2014, the German Federal Agency for Financial Market Stabilization (Bundesanstalt für Finanzmarktstabilisierung, "FMSA")
approved certain technical amendments to FMS-WM's charter, including minor changes with respect to the timing of reporting to the FMSA on
progress made under the winding-up plan and the addition of a reference to the applicability of Section 8a paragraph 4 sentence 1 No. 1b) of the
FMStFG, the provision of the FMStFG which sets forth the guarantee of certain debt obligations of FMS-WM, including the Notes, by SoFFin.
At its meeting on December 8, 2014, the Supervisory Board made the following change to the Executive Board: Effective January 1, 2015,
Frank Hellwig, previously the General Manager of FMS-WM, was nominated to the Executive Board. He is responsible for Legal & Compliance,
IT, Sourcing & Servicer Steering, Operations Management and Human Resources. Norbert Kickum, who had been an Executive Board member
since March 1, 2012, left FMS-WM at his own request and by full mutual agreement with effect from November 30, 2014.
On December 19, 2014, FMS-WM closed the takeover of Depfa Bank plc together with its subsidiaries from Hypo Real Estate Holding AG.
On January 25, 2015, Dr. Herbert Walter was appointed as member of the Supervisory Board. Mr. Walter as new chairman of the steering
committee of the FMSA replaced Dr. Christopher Pleister, who retired.
Federal Republic of Germany
Overview of Key Economic Figures
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The following economic information regarding the Federal Republic is derived from the public official documents cited below. Certain of the
information is preliminary.
Gross Domestic Product (GDP)
GROSS DOMESTIC PRODUCT
(adjusted for price, seasonal and calendar effects)(1)

Percentage change on
Percentage change on
the same quarter
Reference period

previous quarter

in previous year

4th quarter 2013

0.4

1.1
1st quarter 2014

0.8

2.4
2nd quarter 2014

-0.1

1.4
3rd quarter 2014

0.1

1.2
4th quarter 2014

0.7

1.4

(1)
Adjustment for seasonal and calendar effects according to the Census X-12-ARIMA method.

S-5
Table of Contents
Germany's gross domestic product ("GDP") increased by 0.7% after price, seasonal and calendar adjustments in the fourth quarter of 2014
compared to the third quarter of 2014. Compared to the previous quarter, positive contributions mainly came from domestic demand. The final
consumption expenditure of households rose by another 0.8% and government final consumption expenditure increased by 0.2% on the previous
quarter. A positive development was also observed for fixed capital formation. Gross fixed capital formation in machinery and equipment (+0.4%)
and in other products (+0.2%) showed moderate increases, while increases in construction were was markedly higher (+2.1%) than in the third
quarter of 2014. There was almost no change with respect to inventories (negative contribution to growth of 0.2 percentage points). Overall,
domestic uses contributed +0.5 percentage points to GDP growth in the fourth quarter of 2014. External demand again grew significantly in the
fourth quarter of 2014. According to provisional calculations, exports of goods and services were up by 1.3% compared with the third quarter of
2014. Imports, however, saw a similar increase (+1.0%). Arithmetically, the balance of exports and imports thus contributed +0.2 percentage
points to GDP growth.
In a year-on-year comparison, the German economy accelerated slightly since summer. GDP in the fourth quarter of 2014 increased by 1.4%
in price- and calendar-adjusted terms, following an increase of 1.2% in the third quarter of 2014.
Source: Statistisches Bundesamt, Detailed gross domestic product results for the 4th quarter of 2014, press release of February 24, 2015
(https://www.destatis.de/EN/PressServices/Press/pr/2015/02/PE15_61_811.html).
In 2014 as a whole, price-adjusted GDP increased by 1.6% compared to 2013, according to updated calculations of the German Federal
Statistical Office. The higher annual growth rate compared to 2013 (+0.1%) and 2012 (+0.4%) was influenced by strong domestic demand. In
price- and calendar-adjusted terms, GDP increased by 1.6% in 2014 as a whole (according to updated calculations of the German Federal
Statistical Office) because the number of working days in 2014 was almost the same as in 2013.
One of the most significant factors behind German economic growth in 2014 was final consumption expenditure of households and of
government, which increased, in price-adjusted terms, by 1.1% and 1.0%, respectively, compared to 2013. In addition, gross fixed capital
formation in machinery and equipment increased by 3.7% and gross fixed capital formation in construction increased by 3.4% compared to 2013.
German exports of goods and services increased, in price-adjusted terms, by 3.7% in 2014 compared to 2013, while imports increased by
3.3%. The balance of exports and imports thus made a relatively small contribution of 0.4 percentage points to GDP growth in 2014.
Source: Statistisches Bundesamt, German economy in solid shape in 2014, press release of January 15, 2015
(https://www.destatis.de/EN/PressServices/Press/pr/2015/01/PE15_016_811.html), Statistisches Bundesamt, Gross domestic product increased
considerably in 4th quarter of 2014, press release of February 13, 2015
(https://www.destatis.de/EN/PressServices/Press/pr/2015/02/PE15_048_811.html).

S-6
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Table of Contents
Inflation Rate
INFLATION RATE
(based on overall consumer price index)

Percentage change on
Percentage change on
the same month
Reference period

previous month

in previous year

January 2014

-0.6

1.3
February 2014

0.5

1.2
March 2014

0.3

1.0
April 2014

-0.2

1.3
May 2014

-0.1

0.9
June 2014

0.3

1.0
July 2014

0.3

0.8
August 2014

0.0

0.8
September 2014

0.0

0.8
October 2014

-0.3

0.8
November 2014

0.0

0.6
December 2014

0.0

0.2
January 2015

-1.1

-0.4
On an annual average, consumer prices in Germany increased by 0.9% in 2014 compared to 2013. The year-on-year rate of price increase
has thus been decreasing since 2011 (2011: 2.1%; 2012: 2.0%; 2013: 1.5%). The moderate year-on-year rate of price increase in 2014 was mainly
due to low inflation rates in the second half of 2014. A major factor underlying the development of price levels in 2014 was the decline in energy
prices, which decreased by 2.1% compared to 2013. This was predominantly a result of a reduction in crude oil prices. Compared to 2013, food
prices increased by 1.0% in 2014. Over the same period, prices for total goods increased by 0.2% while prices for services increased by 1.6%.
In January 2015, consumer prices in Germany declined by 0.4% compared to December 2014. This marked the lowest year-on-year rate of
price increase since July 2009. The inflation rate in January 2015 was mainly due to the continuing downward price trend for mineral oil products
(19.2% on January 2014, of which heating oil: 30.8%; motor fuels: 15.4%), while prices for other energy products developed more moderately
(for example, charges for central and district heating: 2.1%; gas: 1.5%; electricity: +0.2%). The prices of energy (total) were down 9.0%.
Excluding energy prices, the inflation rate in January 2015 would have been +0.8%. Year-on-year price decreases in January 2015 were also
recorded for food (1.3%), which had an additional downward effect on the overall inflation rate. Excluding energy and food prices, the inflation
rate in January 2015 would have been +1.1%. As regards food, price decreases for observed especially for edible oils and fats (9.7%; including
butter: 18.7%), vegetables (5.9%) and fruit (3.2%). The prices of goods (total) fell by 2.0% in January 2015 compared with January 2014, with
prices being down not only for energy and food but also for consumer electronics (7.9%) and telephones (6.4%).
Compared with December 2014, the consumer price index in January 2015 decreased markedly by 1.1%. A major reason were seasonal
factors, with prices for package holiday (-19.5%) and air travel (2.6%) being notably lower than in the vacation month of December. As shops
gave discounts on winter goods, prices were also down for clothing (6.3%) and footwear (2.4%). In addition, energy prices were down 3.2% in
January 2015 compared with December 2014, especially for motor fuels (5.8%) and heating oil (12.3%).
Source: Statistisches Bundesamt, Consumer prices in 2014: +0.9% on 2013, press release of January 16, 2015
(https://www.destatis.de/EN/PressServices/Press/pr/2015/01/PE15_017_611.html); Statistisches Bundesamt, Consumer prices in January 2015: 
0.4% on January 2014, press release of February 12, 2015 (https://www.destatis.de/EN/PressServices/Press/pr/2015/02/PE15_045_611.html).

S-7
Table of Contents
Unemployment Rate
UNEMPLOYMENT RATE
(percent of unemployed persons in the total labor force according to the
International Labour Organization (ILO) definition)(1)

Adjusted
Reference period

Original percentages
percentages(2)
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January 2014

5.5

5.1
February 2014

5.4

5.1
March 2014

5.4

5.0
April 2014

5.1

5.0
May 2014

4.8

5.0
June 2014

4.8

5.0
July 2014

4.7

5.0
August 2014

5.0

5.0
September 2014

4.9

5.0
October 2014

4.8

4.9
November 2014

5.0

4.9
December 2014

4.5

4.8
January 2015

4.9

4.7

(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 412,000 persons, or 1.0%, from January 2014 to January 2015. Compared to
December 2014, the number of employed persons in January 2015 increased by approximately 41,000, or 0.1%, after adjustment for seasonal
fluctuations.
In January 2015, the number of unemployed persons increased by approximately 150,000, or 7.9%, compared to December 2014. When
adjusted for seasonal and irregular effects (trend cycle component), the number of unemployed persons in January 2015 decreased by 1.5% to
1.98 million compared to December 2014.
Sources: Statistisches Bundesamt, January 2015: employment up 1.0% on a year earlier, press release of February 26, 2015
(https://www.destatis.de/EN/PressServices/Press/pr/2015/02/PE15_066_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=false).
Current Account and Foreign Trade
CURRENT ACCOUNT AND FOREIGN TRADE

(balance in EUR billion)(1)

Item

January 2015
January 2014
Trade in goods, including supplementary trade items

15.8

16.0
Services

-2.4

-2.8
Primary income

7.7

4.9
Secondary income

-4.4

-4.2

Current account

16.8

13.9

(1)
Figures may not add up due to rounding.

S-8
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Source: Statistisches Bundesamt, German exports in January 2015: -0.6% on January 2015, press release of March 9, 2015
(https://www.destatis.de/EN/PressServices/Press/pr/2015/03/PE15_083_51.html).
Germany's General Government Deficit/Surplus and General Government Gross Debt
According to updated calculations of the Federal Statistical Office, the German Federal Government, federal states and municipalities as well
as social security funds (together, the general government) recorded a net lending of roughly EUR 18.0 billion in 2014. For the first time since
German reunification, all levels of government recorded a surplus.
When measured as a percentage of GDP at current prices, the surplus ratio of the general government was 0.6%.
Source: Statistisches Bundesamt, General government recorded surplus of 18 billion euros in 2014, press release of February 24, 2015
(https://www.destatis.de/EN/PressServices/Press/pr/2015/02/PE15_062_813.html).
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Other Recent Developments
Policy Responses to the Global Economic and Financial Crisis
On January 13, 2015, the European Commission adopted a legislative proposal establishing the European Fund for Strategic Investments
("EFSI") with an initial contribution on the European Union ("EU") level of EUR 21 billion. The EFSI is set up as a dedicated trust-fund within the
European Investment Bank ("EIB") with a view to presenting a different risk profile, providing additional sources of financing and targeting
projects delivering greater societal and economic value beyond the projects currently financed through the EIB or existing EU programs. The EFSI
is part of the European Commission's investment plan for Europe, a proposed package of measures seeking to mobilize EUR 315 billion in public
and private investments over the next three years (20152017). The EFSI is open to contributions from member states of the EU ("Member
States"), national promotional banks, regional authorities and private investors, including entities outside the EU subject to the consent of existing
contributors. Contributions to the EFSI by Member States will not be counted when defining the fiscal adjustment under either the preventive or
corrective arm of the Stability and Growth Pact.
Sources: European Commission, Delivery of 315 billion Investment Plan on track: Commission presents law for the European Fund for Strategic
Investments, press release of January 13, 2015
(http://europa.eu/rapid/press-release_IP-15-3222_en.htm); European Commission, Factsheet 2: Where Does the Money Come From?
(http://ec.europa.eu/priorities/jobs-growth-investment/plan/docs/factsheet2-where-from_en.pdf).
On January 22, 2015, the European Central Bank ("ECB") announced an expanded asset purchase program under which the ECB will add
the purchase of sovereign bonds to its existing private sector asset purchase programs in order to address the risks of a prolonged period of low
inflation. The ECB will buy bonds issued by euro area central governments, agencies and European institutions in the secondary market against
central bank money. Monthly purchases under the program are expected to amount to EUR 60 billion. The ECB has announced it intends to carry
out these purchases until at least September 2016 and, in any case, until the ECB sees a sustained adjustment in the path of inflation that is
consistent with its aim of achieving inflation rates below, but close to, 2% over the medium term.
Source: European Central Bank, ECB announces expanded asset purchase programme, press release of January 22, 2015
(http://www.ecb.europa.eu/press/pr/date/2015/html/pr150122_1.en.html).

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Table of Contents
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
$1,500,000,000 principal amount of 1.75% Notes due March 17, 2020.

Issue Date
March 17, 2015.

Maturity Date
March 17, 2020.

Interest Payment Dates
March 17 and September 17 of each year, commencing September 17, 2015.

Interest Rate
1.75% per annum, from March 17, 2015. 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 will benefit from a statutory guarantee by the German Financial Market
Stabilization Fund (Finanzmarktstabilisierungsfonds, "SoFFin"). The Federal Republic
is, in turn, directly liable for all of SoFFin's obligations. See "Responsibility of the
Federal Republic for FMS-WM" in the accompanying prospectus.

Settlement Cycle
T+5

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424B5
Listing and Admission to Trading
FMS-WM has applied for the Notes to be admitted for listing and trading on 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 regulations applicable to the Notes.

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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: 30254W AG4
ISIN: US30254WAG42
Common Code: 120427601

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USE OF PROCEEDS
We estimate that the net proceeds from the sale of the Notes will be approximately $1,497,120,000 (after deducting underwriting
commissions). The net proceeds from the sale of the Notes will be primarily used to refinance existing liabilities in order to replace maturing,
short-term money market instruments with long-term funding. Any remaining proceeds will be used for general corporate purposes.

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424B5
DESCRIPTION OF THE NOTES
The following is a brief description of the terms and conditions of the Notes offered by FMS-WM and the fiscal agency agreement with
respect thereto. The description does not purport to be complete and is qualified in their entirety by reference to the fiscal agency agreement and to
the form of global note filed by FMS-WM with the SEC as exhibits to the registration statement of which this prospectus supplement and the
accompanying prospectus are a part. For a complete description of the Notes, you should also read the fiscal agency agreement and the form of
global note, a copy of which has been filed as an exhibit to FMS-WM's registration statement and will be available for inspection as described
below under "General Information."
General
The 1.75% Notes due March 17, 2020 offered hereby will be issued under a fiscal agency agreement as amended (the "Fiscal Agency
Agreement"), between FMS-WM and The Bank of New York Mellon, as fiscal agent, principal paying agent, transfer agent and registrar
(collectively, the "Fiscal Agent"). The Notes constitute direct and unsecured obligations of FMS-WM.
Interest
Interest will be paid on the Notes at the rate set forth on the cover page of this prospectus supplement and will be payable on March 17 and
September 17 of each year (each, an "Interest Payment Date"), subject to the Business Day Convention as defined below. The Notes will bear
interest from March 17, 2015 and the initial interest payment will be made on September 17, 2015. Interest will be calculated on the basis of a 360-
day year consisting of twelve 30-day months unadjusted. The Notes will mature on March 17, 2020 (the "Maturity Date"). The Notes are not
subject to any sinking fund.
If an Interest Payment Date or the Maturity Date is a day on which banking institutions are authorized or obligated by law to close in New
York or in a place of payment, then payment of principal or interest need not be made on such Interest Payment Date or Maturity Date, as
applicable. FMS-WM may make the required payment on the next succeeding day that is not a day on which banking institutions are authorized or
obligated by law to close in New York or in the place of payment. The payment will be made with the same force and effect as if made on the
Interest Payment Date or Maturity Date and no additional interest shall accrue for the period from the Interest Payment Date or Maturity Date to the
date of actual payment. Such adjustments of the Interest Payment Date or Maturity Date are referred to as the "Business Day Convention."
Fiscal Agent
The duties of the Fiscal Agent will be governed by the Fiscal Agency Agreement. FMS-WM may replace the Fiscal Agent. FMS-WM may
maintain deposit accounts and conduct other banking transactions in the ordinary course of business with the Fiscal Agent. The Fiscal Agent is an
agent of FMS-WM, is not a trustee for the holders of the Notes and does not have the same responsibilities or duties to act for such holders as
would a trustee.
The Fiscal Agent will be responsible for:

· maintaining a record of the aggregate holdings of Notes;

· ensuring that payments of principal and interest in respect of the notes received by the Fiscal Agent from FMS-WM are duly credited to

the holders of the Notes; and

· transmitting to FMS-WM any notices from the holders of the Notes, or, as described below under "--Notices," transmitting notices

from FMS-WM to holders of the Notes.
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, New York 10286.

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Payment of Principal and Interest
Interest will be payable to the persons in whose names the Notes are registered at the close of business on the date that is 15 calendar days
prior to each Interest Payment Date (the "Record Date"). The Record Date may be changed by agreement among FMS-WM, the Fiscal Agent and
all applicable securities clearing systems. The principal of and interest on the Notes will be paid in such coin or currency of the United States as of
the time of payment is legal tender for the payment of public and private debts. FMS-WM may change or terminate the designation of paying
agents from time to time. Payments of principal and interest at such agencies will be subject to applicable laws and regulations, including any
withholding or other taxes, and will be effected by wire transfer to the person entitled to such payment at the person's address appearing on the
register of Notes maintained by the security registrar.
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