Obligation Bundesregierung 0.12203% ( DE0001030575 ) en EUR

Bundesregierung

100 % ⇌

Allemagne

DE0001030575 ( en EUR )

0.12203% par an ( paiement annuel )

15/04/2046 - Obligation échue

Prospectus brochure de l'obligation Central government: Federal Republic of Germany DE0001030575 en EUR 0.12203%, échue

1 EUR

11 855 000 000 EUR

Le gouvernement fédéral allemand est une démocratie parlementaire dirigée par un chancelier, élu par le Bundestag (le parlement fédéral), et un président fédéral, principalement chargé de fonctions cérémonielles.

L'obligation allemande DE0001030575 émise par le gouvernement fédéral allemand, d'une valeur nominale totale de 11 855 000 000 EUR, avec un coupon de 0,12203%, échéant le 15/04/2046, a été intégralement remboursée à son échéance au prix de 100%.

This English language version of the issuance terms and conditions has been prepared for
convenience only. It does neither purport to serve as legal basis for an interpretation of the issuance
terms and conditions nor is it intended to create any rights against the German Government or
against the Federal Republic of Germany - Finance Agency and should therefore not be relied upon for
the purposes of an investment in German Government securities. The German language version of the
issuance terms and conditions is the only legally binding version. If in doubt, investors in German
Government securities should consult with their advisors to determine the consequences of an
investment in German Government securities.

Federal Ministry of Finance
Non-binding English Translation of the
Issuance terms and conditions for
inflation-linked Federal bonds and inflation-linked Federal notes
of 2 June 2015
The issuance terms and conditions for inflation-linked Federal bonds and inflation-linked Federal
notes as amended in the publication of 21 December 2012 (Federal Gazette AT 31.12.2012 B4) are
amended as follows as of 8 June 2015:
Issuance terms and conditions for
inflation-linked Federal bonds and inflation-linked Federal notes
The Federal Republic of Germany (hereinafter referred to as the "German Government") issues
inflation-linked Federal bonds and inflation-linked Federal notes (hereinafter referred to as "German
Government securities") subject to the following terms; for Federal bonds, Federal notes, Federal
Treasury notes and Treasury discount paper, specific issuance terms and conditions are in place.

§ 1
General Provisions
(1) Placing
The German Government securities will be issued by auction through the Auction Group Bund Issues
(Bietergruppe Bundesemissionen) ("Auction Process") or through a syndicate ("Syndication Process").
The Auction Processes are governed by the "Auction rules for the issue of Federal Bonds, five-year
Federal notes, Federal Treasury notes and Treasury discount paper". The conditions of the individual
issues and any deviations from these issuance terms and conditions are as stated in the relevant
invitation to bid announced and the determinations in the Auction Process which will be published
by Deutsche Bundesbank by press release. The conditions of the German Government securities
issued through a syndicate and any deviations from these issuance terms and conditions are
determined in the Syndication Process and will be announced by Bundesrepublik Deutschland
Finanzagentur GmbH by press release. The determined conditions are part of the issuance terms and
conditions of the relevant German Government securities.

(2) Aggregate Principal Amount and Denomination
The aggregate principal amount of an issue is fixed in each case by the German Government in the
Auction Process or in the Syndication Process, as applicable, and is divided into securities in the
denomination of Euro 0.01 each. The German Government reserves the right to further increase the
aggregate principal amount by further issuances through the Auction Process or the Syndication
Process, as applicable during the term of the German Government securities.
(3) Form and Custody
The German Government securities will be constituted by entry of a collective debt register claim
into the Federal Debt Register (Bundesschuldbuch) in the name of Clearstream Banking AG, Frankfurt
am Main ("CBF"), acting as fiduciary for the holders of the German Government securities (together
the "Holders" and each of them the "Holder"). Such collective debt register claim will be
administered by CBF for financial institutions that are account holders with CBF ("CBF account
holders"). The creation of an individual debt register claim is excluded.
No certificates will be issued throughout the time up to maturity.
(4) Business Day.
For the purpose of these issuance terms and conditions, "Business Day" means any day (other than a
Saturday or a Sunday) on which the Trans-European Automated Real-time Gross Settlement Express
Transfer System (TARGET 2) and CBF are operational.

§ 2
Interest
(1) Interest
For German Government securities interest is paid annually on the aggregate principal amount from
(and including) the date announced in the relevant invitation to bid relating to the Auction Process or
in the Syndication Process, as applicable ("Interest Commencement Date"). Payment of interest ends
at the end of the day prior to the date of maturity.
(2) Due Date
Interest shall be payable annually in arrears on the relevant Interest Payment Date. The Interest
Commencement Date and the date of the first interest payment and any subsequent interest
payments (each an "Interest Payment Date") shall be as announced in the relevant invitation to bid
relating to the Auction Process or as determined in the Syndication Process, as applicable.
(3) Interest Amount
On the fifth Business Day prior to the relevant Interest Payment Date (the "Calculation Date") the
Calculation Agent (as defined below) will calculate the applicable index-linked rate of interest (the
"Index-linked Interest Rate") and the applicable amount of interest payable on the Securities (the
"Interest Amount"). The Index-linked Interest Rate is calculated by multiplication of the rate of
interest as announced in the relevant invitation to bid relating to the Auction Process or in the
Syndication Process, as applicable, with the indexation coefficient to be calculated in relation to the

relevant Interest Payment Date. The Interest Amount is determined by multiplication of the nominal
amount of interest with the indexation coefficient to be determined for the relevant Interest
Payment Date. The nominal amount of interest is calculated by multiplication of the aggregate
principal amount of the German Government securities with the rate of interest as announced in the
relevant invitation to bid relating to the Auction Process or in the Syndication Process, as applicable.

"Indexation CoefficientInterest Payment Date" means, in relation to each Interest Payment Date:

Value of the Reference Index on the Interest Payment Datet
Base Index

The "Value of the Reference Index on the Interest Payment Datet" shall be calculated, in relation to
each Interest Payment Date, by linear interpolation in accordance with the following formula:

where HICP:
means the non-revised Harmonised Index of Consumer Prices (HICP) in the Euro Zone all items
excluding tobacco calculated monthly by the Statistical Office of the European Communities
("EUROSTAT") and published on the internet page http://ec.europa.eu/eurostat or its successor page
(the "Reference Index").
HICPM-3:
means, in relation to each Interest Payment Date, the value of the Reference Index of the third
month preceding the month in which the Interest Payment Date falls.
HICPM-2:
means, in relation to each Interest Payment Date, the value of the Reference Index of the second
month preceding the month in which the Interest Payment Date falls.

means the actual number of days of the month in which the Interest Payment Date falls from the first
day of the month to the Interest Payment Date (inclusive in each case).
DM:
means the actual number of days of the month in which the Interest Payment Date falls.
The "Base Index" is as announced in the relevant invitation to bid relating to the Auction Process or
as determined in the Syndication Process, as applicable.
The value of the Reference Index on the Interest Payment Datet and the Indexation Coefficient will
be, if so required, truncated to the sixth decimal place and then rounded to the nearest fifth decimal
place.
If on any Calculation Date the value of the Reference Index was published on a provisional basis only,
the Interest Amount and the Index-linked Interest Rate shall be calculated on the basis of such

provisional value of the Reference Index, and no adjustment of such Interest Amount and the Index-
linked Interest Rate shall be made upon publication of the definitive value of the Reference Index.
Any revision of, or amendment to, the Reference Index after its initial publication shall not prejudice
the determination of the respective Interest Amount payable, except in the case of a revision of the
Index Reference Period, meaning the period for which the Reference Index is set at 100 ("Base Year
Revision"). In such case, the Interest Amount shall be determined on the basis of the reference index
as so revised, and the Calculation Agent shall make all adjustments which in its opinion are suitable
to ensure that the Indexation Coefficient after such Base Year Revision corresponds to that prevailing
before the Base Year Revision. Any Base Year Revision shall have no effect on any Interest Amounts
which have previously been payable.
If at any time the Reference Index is corrected after its publication due to an obvious error, the
Calculation Agent shall apply the Reference Index as so corrected in the determination of the Interest
Amount. Any such correction shall have no effect on any Interest Amounts which have previously
been payable.
(4) Substitute Reference Index
If neither a provisional nor a definitive value of the Reference Index can be determined on any
Calculation Date and if no substitute index pursuant to subsection (5) has been determined, the
Calculation Agent will calculate a "Substitute Reference Index" (eHICPp) in accordance with the
following formula:

where P:
means the month for which the value of the Reference Index cannot be determined.
HICPP-1:
means the value of the Reference Index of the last preceding month during which the Reference
Index was published by EUROSTAT.
HICPP-13:
means the value of the Reference Index of the thirteenth preceding month during which the
Reference Index was published by EUROSTAT.
Upon publication of a provisional or definitive value of the Reference Index, such value shall apply as
from the date following such publication, and the Substitute Reference Index shall from then on
cease to apply.
Following the determination of a Substitute Reference Index all references to the Reference Index
shall be taken as references to the Substitute Reference Index.
(5) Substitute Index
"Substitute Index" means an index which is calculated in accordance with the following provisions:

a) Successor Index.
If on any Calculation Date the Reference Index (i) is no longer calculated and published by
EUROSTAT but calculated by a successor body acceptable to the Calculation Agent or (ii) has
been replaced by EUROSTAT or a successor body with a successor index, the calculation of
which is based, in the opinion of the Calculation Agent, on the same or substantially the
same formula and method of calculation, the index so calculated and published shall be
deemed to be the Reference Index.
b) Replacement.
If on any Calculation Date the Reference Index is no longer published and subsection (5) (a) is
not applicable, the Calculation Agent shall determine an alternative consumer price index
which, in the opinion of the Calculation Agent, comes economically closest to the Reference
Index, and the index so determined shall then be deemed to be the Reference Index.
(6) Notices
The Calculation Agent shall give notice by publication in accordance with § 6 subsection (2) of the
respective Interest Amount payable on any Interest Payment Date and the Index-linked Interest Rate
underlying such Interest Amount as soon as practicable upon the calculation of the Interest Amount,
but in no event later than on the Business Day preceding the relevant Interest Payment Date. If the
Calculation Agent bases the determination of the Interest Amount and the Index-linked Interest Rate
on the Substitute Reference Index pursuant to subsection (4) or on a Substitute Index pursuant to
subsection (5) (a) or (b), it shall specify such fact together with the notice pursuant to sentence 1.
(7) Determinations Binding
All determinations of Interest Amounts and all other determinations, opinions and decisions of the
Calculation Agent for the purposes of this § 2 shall be binding on the German Government and on
the Holders.
(8) Accrued Interest
If it is necessary to compute interest for a period of other than a full year ("Calculation Period"), it
shall be calculated on the basis of the actual days elapsed in the Calculation Period divided by the
actual number of days in the Interest Period (365 or 366) (Actual/Actual). "Interest Period" means a
period from the Interest Commencement Date or any Interest Payment Date (inclusive) to the next
following Interest Payment Date (exclusive).

§ 3
Maturity; Redemption Amount; Repurchase
(1) Maturity
The German Government securities shall be redeemed at their redemption amount on the date
determined and announced in the relevant invitation to bid relating to the Auction Process or in the
Syndication Process, as applicable (the "Due Date"). Neither the German Government nor any Holder
shall be entitled to redeem the German Government securities prior to their maturity.

(2) Redemption Amount
The Redemption Amount shall be calculated by the Calculation Agent pursuant to the following
formula:

Aggregate Principal Amount x Indexation CoefficientDue Date

where Indexation CoefficientDue Date has the same meaning as Indexation CoefficientInterest Payment Date in
§ 2 subsection (3). § 2 subsections (4) through (7) shall apply mutatis mutandis.
Should the Redemption Amount so calculated be less than the aggregate principal amount, the
Redemption Amount shall equal the aggregate principal amount.
(3) Repurchase
The German Government may at any time purchase, hold and resell German Government securities
in the open market or otherwise. German Government securities held by the German Government
for its own account or for account of one of its special funds (Sondervermögen) may be cancelled in
whole or in part in the Federal Debt Register.

§ 4
Payments
(1) Payments
Payments of principal of, and interest on, the German Government securities in the form of a
collective debt register claim shall be made in Euro on the relevant payment date (subsection (2)) to,
or to the order of, CBF for credit by CBF of the respective amounts due to CBF account holders.
Payments of principal of, and interest on, the German Government securities made by the German
Government to, or to the order of, CBF shall discharge the liability of the German Government under
the German Government securities to the extent of the sums so paid.
(2) Payment Date and Due Date
For the purpose of these issuance terms and conditions, "Payment Date" means the date on which
payment is actually to be made, where applicable as adjusted in accordance with subsection (3), and
"Due Date" means the payment date provided for, without taking account of any such adjustment.
(3) Business Day Convention
If any due date for the payment of principal or interest to, or to the order of, CBF is not a Business
Day, such payment will not be made until the next day which is a Business Day, and no further
interest shall be paid in respect of the delay in such payment.

§ 5
The Calculation Agent
Bundesrepublik Deutschland Finanzagentur GmbH shall be the "Calculation Agent". The German
Government may at any time appoint another entity as Calculation Agent. Notice of any such change

of Calculation Agent shall be given by publication in accordance with § 6 subsection (1). Any
Calculation Agent in such capacity acts exclusively as agent (Erfüllungsgehilfin) of the German
Government and does not have any legal relationship of whatever nature with the Holders. It is not
in any event accountable to any Holder.

§ 6
Publications / Announcements
(1) Publications
These issuance terms and conditions and any amendments thereof shall be published in the Federal
Gazette (Bundesanzeiger).
(2) Other Announcements
Other announcements concerning the German Government securities shall be published in the
Federal Gazette (Bundesanzeiger) and on the website of Bundesrepublik Deutschland
Finanzagentur GmbH. Announcements concerning increases of German Government securities
issued prior to 1 June 2015 shall be published in a leading daily newspaper of general circulation in
the Federal Republic of Germany authorized for the publication of mandatory stock exchange
announcements in addition to the aforementioned ways of publication. Any announcement will
become effective for all purposes on the day following the date of its publication, or, if published
more than once or on different dates, on the day following the first date of any such publication.

§ 7
Miscellaneous Provisions
(1) Listing
The German Government securities will be listed in the regulated market (regulierter Markt) at the
Frankfurt Stock Exchange.
(2) Eligibility for Trusts
The German Government securities are eligible for trusts pursuant to section 1807 (1) number 2 of
the German Civil Code (BGB).
(3) Eligibility for Investment in Premium Stock Reserve
The German Government securities are eligible for the investment of restricted assets pursuant to
section 54 (2) number 2 of the Act on the Supervision of Private Insurance Enterprises
(Versicherungsaufsichtsgesetz, VAG).
(4) Eligible Assets
The German Government securities are eligible as collateral for the open market and credit
operations of the ESCB in accordance with Article 18.1 of the Protocol on the Statute of the ESCB and
of the ECB.

(5) Governing Law
The German Government securities, both as to form and content, as well as the rights and duties of
the Holders and the German Government shall be governed by and construed in accordance with
German Law.
(6) Jurisdiction
Any action or other legal proceedings arising out of or in connection with the German Government
securities may exclusively be brought in the District Court (Landgericht) of Frankfurt am Main.
(7) Scope of Application
These issuance terms and conditions shall apply to all inflation-linked Federal bonds and inflation-
linked Federal notes of the German Government for which such terms and conditions are stipulated
to apply in the relevant invitation to bid in the Auction Process or in the Syndication Process, as
applicable.

§ 8
Amendments of Issuance Terms and Conditions
(1) Amendments
The Holders of the German Government securities may amend the issuance terms and conditions of
the relevant German Government securities with the consent of the German Government by
majority decision taken at a Holders' meeting or by a resolution adopted by written consent outside
of a Holders' meeting, all in accordance with the collective action clauses for German Government
securities (Umschuldungsklauseln für Bundeswertpapiere) (Schedule) in conjunction with §§ 4a
through 4k of the Act on Federal Debt Management (Bundesschuldenwesengesetz).
(2) Binding effect of amendment
Any amendment of the issuance terms and conditions of the relevant German Government securities
in accordance with subsection (1) shall have binding effect on all Holders.
(3) Publication of amendment
By derogation of § 6, the provisions of number 5 of the collective action clauses for German
Government securities shall apply to publications of any amendment of the terms and conditions of
the relevant German Government securities pursuant to subsection (1).

Berlin, 2 June 2015
VII C 2 WK 2255/06/10001
Federal Ministry of Finance
By Order
Kallenbach

Schedule
Collective Action Clauses for German Government securities
1General Definitions
(a) "German Government securities" means these German Government securities (of which these
terms and conditions form a part) and any other bills, treasury notes, bonds, obligations or other
debt securities issued by the German Government with an original stated maturity of more than
one year and which form one or more series covered by collective action clauses, and includes
any payment obligations, irrespective of their original stated maturity, that formerly constituted
a component part of German Government securities.
(b) "zero-coupon obligation" means a German Government security that does not expressly provide
for the accrual of interest, and includes former component parts of a German Government
security that did provide for the accrual of interest if that component part does not provide for
the accrual of interest.
(c) "index-linked German Government security" means a German Government security that
provides for the payment of additional amounts linked to changes in a published index, but does
not include a component part of an index-linked German Government security that is no longer
attached to that index-linked German Government security.
(d) "series" means all tranches of German Government securities that are (i) identical in all respects
except for their date of issuance or first payment date, and (ii) therefore are meant to form a
single series. Specifically, these German Government securities together with any tap issuances,
if any, form a single series for these purposes.
(e) "outstanding" in relation to these German Government securities means any German
Government security outstanding for purposes of Section 2.7 and in relation to another series,
any German Government security that is outstanding for purposes of Section 2.8.
(f) "modification" means any modification, amendment, supplement or waiver of the issuance
terms and conditions of German Government securities. In this context, issuance terms and
conditions shall include any agreement governing the issuance or administration of the relevant
German Government securities.
(g) "cross-series modification" means a modification involving (i) these German Government
securities and (ii) the German Government securities of other series.
(h) "reserved matter" in relation to these German Government securities means any of the
following modifications of the issuance terms and conditions:
(i)
a change of the due dates for payments;
(ii) a reduction of the nominal value and interest amounts, even if already overdue;
(iii) a change of the method used to calculate payments;
(iv) a reduction of the redemption price or change of the date of a possible early redemption;
(v) a change of the currency or place of payment;
(vi) the introduction of any conditions on obligations of the German Government to make
payments or any other modification of the obligations of the German Government to make
payments;
(vii) a change of circumstances under which these German Government securities may be
declared due and payable prior to their stated maturity;
(viii) a change of the seniority or ranking
(ix) a change of the governing law

(x) a change of the jurisdiction or a waiver of immunity by the German Government;
(xi) a change of the outstanding nominal value required for holder majorities of these German
Government securities or in case of a cross-series modification of the German
Government securities of another series; modification of the requirements for a quorum;
change of the definition of "outstanding" or
(xii) change of this paragraph (h).
The aforementioned definition of "reserved matter" will also apply to German Government
securities of another series.
(i) "holder" means holders of these German Government securities, the co-owners of the collective
debt register claim (Sammelschuldbuchforderung) or co-owners of the proportionate interest in
the global note; this also applies to German Government securities of another series.
(j) "record date" in relation to any proposed modification means the date fixed by the German
Government for determining the holders of this German Government security (or in relation to
a cross-series modification of other German Government securities) that are entitled to vote
on a resolution in a meeting or to sign a written resolution.
2Modification of German Government securities
2.1Reserved Matters. Modifications of these German Government securities in relation to
reserved matters require the consent of the German Government and the holders
(a) in case of a meeting, with a majority of not less than 75 per cent. of the outstanding nominal
value of these German Government represented at the time votes are cast; or
(b) in case of a written resolution, with a majority of not less than 66 2/3 per cent of the then
outstanding nominal value of the German Government securities.
2.2Cross-Series Modification. Cross-series modifications in relation to reserved matters require the
consent of the German Government and the holders:
(a)(i) in case of meetings, with a majority of not less than 75 per cent of the outstanding nominal
value of all series that would be affected and are represented at the time votes are cast; or
(a)(ii) in case of a written resolution, with a majority of not less than 66 2/3 per cent of the then
outstanding nominal value of all series that would be affected;
and
(b)(i) in case of meetings, with a majority of more than 66 2/3 per cent of the outstanding nominal
value of each relevant series represented at the time votes are cast; or
(b)(ii) in case of written resolutions, with a majority of more than 50 per cent of the then
outstanding nominal amount of each relevant series.
The holders of these German Government securities and the holders of the German Government
securities of each other affected series will vote in separate meetings held for the each series and/or
adopt separate written resolutions for each series.
2.3Proposed Cross-Series Modifications. Proposed cross-series modifications may be phrased in
the alternative (i.e. may include one or more proposed alternative modifications), provided that all
proposed alternative modifications are submitted to the vote of the holders of the affected series.