Emissionsprogramme

ECP Memorandum 2018

Debt Issuance Programme

This Simplified Base Prospectus fulfils the requirements for a simplified base prospectus pursuant to Chapter 2 of Part III of the Luxembourg Prospectus Law. It does not constitute a prospectus for the purposes of Directive 2003/71/EC, as amended (the "Prospectus Directive") nor does it constitute a prospectus pursuant to Part II of the Luxembourg Prospectus Law transforming the Prospectus Directive into law in Luxembourg, because the Prospectus Directive and Part II of the Luxembourg Prospectus Law do not apply to securities unconditionally and irrevocably guaranteed by a member state of the European Economic Area (each, a "Member State"). Accordingly, this Simplified Base Prospectus does not purport to meet the format and the disclosure requirements of the Prospectus Directive and Commission Regulation (EC) 809/2004, as amended, implementing the Prospectus Directive, and it has not been, and will not be, submitted for approval to any competent authority within the meaning of the Prospectus Directive.

This document constitutes the simplified base prospectus (the "Simplified Base Prospectus") of FMS Wertmanagement. The Simplified Base Prospectus fulfils the requirements for a simplified base prospectus pursuant to Chapter 2 of Part III of the Luxembourg Law on Prospectuses for Securities dated 10th July, 2005, as amended (Loi relative aux prospectus pour valeurs mobilières). It does not constitute a prospectus for the purposes of Directive 2003/71/EC, as amended (the "Prospectus Directive"). Accordingly, the Simplified Base Prospectus does not purport to meet the format and the disclosure requirements of the Prospectus Directive and Commission Regulation (EC) No 809/2004, as amended, implementing the Prospectus Directive, and it has not been, and will not be, submitted for approval to any competent authority within the meaning of the Prospectus Directive.

Supplement (Nachtrag) No. 1, dated 25 October 2013

This document constitutes the base prospectus (the "Base Prospectus") of FMS Wertmanagement in respect of non-equity securities within the meaning of Art. 22 No. 6(4) of the Commission Regulation (EC) no. 809/2004 of 29 April 2004 (the "Commission Regulation").

This document constitutes the base prospectus (the "Base Prospectus") of FMS Wertmanagement in respect of non-equity securities within the meaning of Art. 22 No. 6(4) of the Commission Regulation (EC) no. 809/2004 of 29 April 2004 (the "Commission Regulation").

Supplement (Nachtrag) No. 1, dated 14 November 2011

This document constitutes the base prospectus (the "Base Prospectus") of FMS Wertmanagement in respect of non-equity securities within the meaning of Art. 22 No. 6(4) of the Commission Regulation (EC) no. 809/2004 of 29 April 2004 (the "Commission Regulation").