Obligation FMS Vermögensverwaltung 1.75% ( US30254WAL37 ) en USD

FMS Vermögensverwaltung

100 % ▼

Allemagne

US30254WAL37 ( en USD )

1.75% par an ( paiement semestriel )

24/01/2020 - Obligation échue

Prospectus brochure de l'obligation FMS Wertmanagement US30254WAL37 en USD 1.75%, échue

200 000 USD

2 000 000 000 USD

30254WAL3

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 US30254WAL37, paye un coupon de 1.75% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 24/01/2020

PROSPECTUS SUPPLEMENT
(To prospectus dated January 13, 2017)
FMS WERTMANAGEMENT
$2,000,000,000
1.750% Notes due January 24, 2020
FMS Wertmanagement ("FMS-WM"), will pay interest on the 1.750% Notes due January 24, 2020 (the
"Notes") in two semi-annual installments on January 24 and July 24 of each year. Interest will accrue on the
Notes from and including January 25, 2017, and the first interest payment date will be July 24, 2017. The Notes
will mature on January 24, 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 99.910% AND ACCRUED INTEREST
Underwriting
Price to
Discounts
Proceeds to
Public(1)
And Commissions(2)
FMS-WM(1)(3)
Per Note . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99.910%
0.100%
99.810%
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,998,200,000
$2,000,000
$1,996,200,000
(1) Plus accrued interest, if any, from January 25, 2017, 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
January 25, 2017.
This prospectus supplement may only be used for the purposes for which it has been published.
BofA Merrill Lynch
J.P. Morgan
Nomura
TD Securities
Prospectus Supplement dated January 18, 2017.

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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
Relationship with the Federal Republic of Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
USE OF PROCEEDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
DESCRIPTION OF SECURITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
Fiscal Agent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
No Payment of Additional Amounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
Ranking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
Negative Pledge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
Termination for Default . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
Notices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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
Guarantee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16
Liquidity Support and Loss Compensation Obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16
DEBT RECORD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17
TAXATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18
United States Taxation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18
German Taxation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
29
PLAN OF DISTRIBUTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
33
VALIDITY OF THE SECURITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
34
AUTHORIZED REPRESENTATIVE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35
OFFICIAL STATEMENTS AND DOCUMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35
LIMITATIONS ON ACTIONS AGAINST THE FEDERAL REPUBLIC . . . . . . . . . . . . . . . . . . . . . . . . . .
35
ENFORCEMENT OF CIVIL LIABILITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35
S-2

This prospectus supplement should be read together with the accompanying prospectus dated January 13,
2017, 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. 333-215186) 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

WHERE YOU CAN FIND MORE INFORMATION
The registration statement on Schedule B filed by FMS-WM (Registration No. 333-215186), including the
attached exhibits and schedules, 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, 2015, as filed with the SEC on June 6, 2016 (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 11, 2016, 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

RECENT DEVELOPMENTS
FMS-WM
Other Recent Developments
With effect from January 6, 2017, the German Federal Agency for Financial Market Stabilization
(Bundesanstalt für Finanzmarktstabilisierung, FMSA) appointed Mr. Ingo Mandt to the Supervisory Board of
FMS-WM. The change was made in connection with the end of Mr. Klemens Breuer's term of office. Mr. Mandt
is a member of the board of managing directors of Landesbank Baden-Württemberg.
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.
Gross Domestic Product (GDP)
GROSS DOMESTIC PRODUCT
(adjusted for price, seasonal and calendar effects)(1)
Percentage change on
Percentage change on the same
Reference period
previous quarter
quarter in previous year
3rd quarter 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.2
1.7
4th quarter 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.4
1.3
1st quarter 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.7
1.9
2nd quarter 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.4
1.8
3rd quarter 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.2
1.7
(1) Adjustment for seasonal and calendar effects according to the Census X-12-ARIMA method.
Germany's gross domestic product ("GDP") increased by 0.2% after price, seasonal and calendar
adjustments in the third quarter of 2016 compared to the second quarter of 2016. When adjusted for price,
seasonal and calendar variations, positive contributions were made mainly by domestic final consumption
expenditure in the third quarter of 2016. Household final consumption expenditure and government final
consumption expenditure increased by 0.4% and 1.0%, respectively, compared to the second quarter of 2016.
Gross fixed capital formation stagnated. While gross fixed capital formation in construction increased by 0.3%,
capital formation in machinery and equipment decreased by 0.6% in the third quarter compared to the second
quarter of 2016. Foreign trade, too, had a downward effect on German economic growth. Based on provisional
calculations, imports of goods and services increased by 0.2% after price, seasonal and calendar adjustments
compared with the second quarter of 2016, and exports decreased by 0.4%. The balance of exports and imports
had a negative effect of 0.3 percentage points on GDP.
In a year-on-year comparison, the German economy's growth decelerated slightly. GDP in the third quarter
of 2016 increased by 1.7% in price- and calender-adjusted terms compared to the corresponding period in 2015,
following an increase of 1.8% in the second quarter of 2016 and of 1.9% in the first quarter of 2016.
Source: Statistisches Bundesamt, Detailed gross domestic product results for the 3rd quarter of 2016, press release
of November 24, 2016 (https://www.destatis.de/EN/PressServices/Press/pr/2016/11/PE16_413_811.html).
S-5

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
November 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.1
0.4
December 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-0.1
0.3
January 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-0.8
0.5
February 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.4
0.0
March 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.8
0.3
April 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-0.4
-0.1
May 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.3
0.1
June 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.1
0.3
July 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.3
0.4
August 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.0
0.4
September 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.1
0.7
October 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.2
0.8
November 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.1
0.8
In November 2016, consumer prices in Germany increased by 0.8% compared to November 2015. This
means that the inflation remained at the two-year-high reached in October 2016. The development of energy
prices, which decreased by 2.7% in November 2016 compared to November 2015, had a downward effect on the
overall increase in prices in November 2016, as had been the case in the preceding months. The year-on-year
decrease in energy prices thus accelerated. Household energy prices and motor fuel prices decreased by 2.9% and
2.2%, respectively, compared to the corresponding period in 2015. Excluding the prices of energy products, the
inflation rate in November 2016 compared to November 2015 would have been 1.2%.
Food prices increased by 1.2% in November 2016 compared to November 2015. Overall, the prices of
goods increased by 0.5% in November 2016 compared to November 2015. Prices for services increased by 1.1%
in November 2016 compared to November 2015, mainly due to a 1.4% increase in net rents exclusive of heating
expenses.
Compared to October 2016, the consumer price index increased slightly by 0.1% in November 2016. In
particular, food prices increased by 1.3% from October 2016 to November 2016. The rise in food prices in
November 2016 was offset by a decrease in energy prices, which decreased by 1.2% from October 2016 to
November 2016.
Source: Statistisches Bundesamt, Consumer prices in November 2016: +0.8% on November 2015, press release
of December 13, 2016 (https://www.destatis.de/EN/PressServices/Press/pr/2016/12/PE16_447_611.html).
S-6

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)
November 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.5
4.5
December 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.5
4.4
January 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.3
4.4
February 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.6
4.3
March 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.5
4.3
April 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.2
4.3
May 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.2
4.2
June 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.2
4.2
July 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.3
4.2
August 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.1
4.2
September 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3.8
4.1
October 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.0
4.1
November 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3.9
4.1
(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 305,000 persons, or 0.7%, from November
2015 to November 2016. Compared to October 2016, the number of employed persons in November 2016
increased by approximately 34,000, after adjustment for seasonal fluctuations.
In November 2016, the number of unemployed persons decreased by approximately 234,000, or 11.9%,
compared to November 2015. Adjusted for seasonal and irregular effects (trend cycle component), the number of
unemployed persons in November 2016 decreased by 0.6% to 1.76 million compared to October 2016.
Sources: Statistisches Bundesamt, 43.8 million persons in employment in November 2016, press release of
January
3,
2017
(https://www.destatis.de/EN/PressServices/Press/pr/2017/01/PE17_002_132.html);
Statistisches Bundesamt, Genesis-Online Datenbank, Result 13231-0001, Unemployed persons, persons in
employment, economically active population, unemployment rate: Germany, months, original and adjusted
data (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 to November 2016
January to November 2015
Trade in goods, including supplementary trade items . . . . . . .
254.6
241.6
Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-29.1
-32.1
Primary income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
52.6
52.5
Secondary income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-36.4
-35.1
Current account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
241.8
227.0
(1) Figures may not add up due to rounding.
Source: Statistisches Bundesamt, German exports in November 2016: +5.6% on November 2015, press release
of January 9, 2017 (https://www.destatis.de/EN/PressServices/Press/pr/2017/01/PE17_006_51.html).
S-7

Germany's General Government Deficit/Surplus and General Government Gross Debt
According to provisional calculations of the Federal Statistical Office, the German Federal Government,
federal states and municipalities as well as security funds (together, the general government) recorded a net
lending of EUR 19.2 billion in 2016. When measured as a percentage of GDP at current prices, the surplus ratio
of the general government was 0.6%.
Source: Statistisches Bundesamt, German economy continues to grow in 2016, press release of January 12, 2017
(https://www.destatis.de/EN/PressServices/Press/pr/2017/01/PE17_010_811.html).
S-8

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 1.750% Notes due January 24,
2020.
Issue Date . . . . . . . . . . . . . . . . . . . . . . . . January 25, 2017.
Maturity Date . . . . . . . . . . . . . . . . . . . . . January 24, 2020.
Interest Payment Dates . . . . . . . . . . . . . . January 24 and July 24 of each year, commencing July 24, 2017.
Interest Rate . . . . . . . . . . . . . . . . . . . . . . . 1.750% per annum, from January 25, 2017. 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
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.
S-9

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: 30254WAL3
ISIN: US30254WAL37
Common Code: 098266801
S-10