Obligation FMS Vermögensverwaltung 1.375% ( US30254WAJ80 ) en USD

FMS Vermögensverwaltung

100 % ▼

Allemagne

US30254WAJ80 ( en USD )

1.375% par an ( paiement semestriel )

08/06/2021 - Obligation échue

Prospectus brochure de l'obligation FMS Wertmanagement US30254WAJ80 en USD 1.375%, échue

200 000 USD

1 500 000 000 USD

30254WAJ8

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 US30254WAJ80, paye un coupon de 1.375% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 08/06/2021

PROSPECTUS SUPPLEMENT
(To prospectus dated August 20, 2014)
FMS WERTMANAGEMENT
$1,500,000,000
1.375% Notes due June 8, 2021
FMS Wertmanagement ("FMS-WM"), will pay interest on the 1.375% Notes due June 8, 2021 (the
"Notes") in two semi-annual installments on June 8 and December 8 of each year. Interest will accrue on the
Notes from and including June 15, 2016, and the first interest payment date will be December 8, 2016. The Notes
will mature on June 8, 2021. 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 99.383% AND ACCRUED INTEREST
Underwriting
Price to
Discounts
Proceeds to
Public(1)
And Commissions(2)
FMS-WM(1)(3)
Per Note . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99.383%
0.125%
99.258%
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,490,745,000
$1,875,000
$1,488,870,000
(1) Plus accrued interest, if any, from June 15, 2016, 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
June 15, 2016.
This prospectus supplement may only be used for the purposes for which it has been published.
Barclays
BNP PARIBAS
Deutsche Bank
Goldman Sachs International
Prospectus Supplement dated June 8, 2016.

TABLE OF CONTENTS
Prospectus Supplement
WHERE YOU CAN FIND MORE INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-4
SUMMARY OF THE OFFERING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-5
USE OF PROCEEDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-7
DESCRIPTION OF THE NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-8
ADDITIONAL INFORMATION ON GERMAN TAXATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-11
CAPITALIZATION AND INDEBTEDNESS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-12
UNDERWRITING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-13
VALIDITY OF THE NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-16
GENERAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-17
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
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

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

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, 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"), 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

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 1.375% Notes due June 8, 2021.
Issue Date . . . . . . . . . . . . . . . . . . . . . . . . June 15, 2016.
Maturity Date . . . . . . . . . . . . . . . . . . . . . June 8, 2021.
Interest Payment Dates . . . . . . . . . . . . . . June 8 and December 8 of each year, commencing December 8, 2016.
Interest Rate . . . . . . . . . . . . . . . . . . . . . . . 1.375% per annum, from June 15, 2016. 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-5

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: 30254WAJ8
ISIN: US30254WAJ80
Common Code: 143312496
S-6

USE OF PROCEEDS
We estimate that the net proceeds from the sale of the Notes will be approximately $1,488,870,000 (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.
S-7

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 1.375% Notes due June 8, 2021 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 June 8 and December 8 of each year (each, an "Interest Payment Date"), subject to the
Business Day Convention as defined below. The Notes will bear interest from June 15, 2016 and the initial
interest payment will be made on December 8, 2016. Interest will be calculated on the basis of a 360-day year
consisting of twelve 30-day months unadjusted. The Notes will mature on June 8, 2021 (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.
S-8

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.
FMS-WM will redeem the Notes on the Maturity Date at 100% of the principal amount plus accrued but
unpaid interest to date.
The Notes will be sold in denominations of $200,000 and integral multiples of $1,000 in excess thereof.
Any monies paid by FMS-WM to the Fiscal Agent or any paying agent for the payment of the principal of (or
premium, if any, on) or interest, respectively, on any Notes that remain unclaimed at the end of ten years or five
years, respectively, after such principal (or premium, if any) or interest shall have become due and payable (whether
at maturity or otherwise) shall then be repaid to FMS-WM upon its written request. Upon such repayment all
liability of the Fiscal Agent and any paying agent with respect to such monies shall cease. Any obligation FMS-WM
may have to pay the principal of (or premium, if any, on) the Notes shall terminate at the end of ten years after such
principal or premium shall have become due and payable. Any obligation FMS-WM may have to pay any interest
on the Notes shall terminate at the end of five years after such interest shall have become due and payable.
Redemption
The Notes shall not be redeemed prior to maturity.
No Payment of Additional Amounts
All payments of principal and interest on the Notes will be subject to any fiscal or other laws and
regulations applicable thereto. FMS-WM has no obligation to pay you any additional amounts in respect of the
Notes as a result of possible withholding or deduction for taxes pursuant to any such law and/or regulations.
Accordingly, the holder will, in the event of any such withholding or deduction, receive less than he or she would
have received without such withholding or deduction.
Ranking
The obligations under the Notes constitute unsecured and unsubordinated obligations of FMS-WM ranking
pari passu among themselves and pari passu with all other unsecured and unsubordinated obligations of
FMS-WM, unless such obligations are given priority under mandatory provisions of statutory law.
Negative Pledge
The Notes will not contain a negative pledge provision.
Termination for Default
Each holder will be entitled to declare its securities due and demand immediate redemption of the principal
amount of its securities together with accrued but unpaid interest (if any) to the date of repayment, in the event
that FMS-WM fails to pay principal or interest within 30 days from the relevant due date. The right to declare
securities due shall terminate if the situation giving rise to it has been cured before the right is exercised.
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Notice
Any notice, including any notice declaring Notes due, in connection with events of default shall be made by
means of a written declaration in the German or English language delivered to the specified office of the Fiscal
Agent together with proof that such holder at the time of such notice is a holder of the relevant Notes.
Amendments (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 the holders of the Notes representing not less than
50% of the principal amount of the Notes then outstanding. However, amendments of the terms and conditions of
the Notes or the Fiscal Agency Agreement which relate to the following matters require the affirmative vote by
the holders of not less than 75% of the principal amount of the Notes then outstanding:
(1) changes in the due date for the payment of interest or the reduction or elimination of the interest rate on
the Notes;
(2) changes in the due date for the payment of the principal on the Notes;
(3) reduction of the principal amount on the Notes;
(4) subordination of outstanding amounts payable under the Notes in insolvency proceedings of FMS-WM;
(5) conversion or exchange of the Notes into equity securities or other types of securities of FMS-WM;
(6) exchange and release of collateral on the Notes, if any;
(7) change in the currency of the Notes;
(8) waiver of or limitations on termination rights of the holders of Notes; and
(9) substitution of FMS-WM as payment obligor on the Notes.
Such resolutions voted by the applicable majority of the holders of notes of a series shall be binding on all
holders of Notes. Amendments made to the terms or conditions contained in the notes or the Fiscal Agency
Agreement which do not provide for identical conditions for all holders of Notes shall be void, unless the
disadvantaged holders of Notes have given an express consent to such unequal conditions.
FMS-WM may, in agreement with the Fiscal Agent but without the vote or consent of the holders of the
Notes, modify any of the terms and conditions of the Fiscal Agency Agreement and the Notes for the purpose of:
(1) adding to FMS-WM's covenants for the benefit of the holders of the Notes;
(2) surrendering any right or power conferred on FMS-WM;
(3) securing the Notes;
(4) curing any ambiguity or correcting or supplementing any defective provision of the Fiscal Agency
Agreement or the Notes; or
(5) amending the Fiscal Agency Agreement or the Notes for any purpose that FMS-WM may consider
necessary or desirable that does not adversely affect the interests of the holders of the Notes in any
material respect.
Jurisdiction
FMS-WM will accept the jurisdiction of any state or federal court in the City of New York, in respect of any
action arising out of or based on the Notes that may be maintained by any holder of those Notes. FMS-WM will
appoint Corporation Service Company, 1180 Avenue of the Americas, Suite 210, New York, NY 10036 as its
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