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Press release

Frankfurt am Main 30 January 2020 Page 1 of 2

Announcement of a multi-ISIN auction

Reopening of two inflation-linked bonds of the Federal Republic of Germany

The German Federal Government will reopen the following inflation-linked bonds through a multi-ISIN auction on 4 February 2020:

0.50 % inflation-linkedbond of the Federal Republic of Germany of 2014 (2030) ISIN DE0001030559

Current volume: € 15.55 billion

Maturity: 15 April 2030

Interest payment: 15 April annually

Next interest payment: 15 April 2020

Reference index: HICP excluding tobacco

Indexbasis: 99.15592

Indexation Coefficient: 1.05741 (on the value date 6 February 2020)

0.10 % inflation-linkedbond of the Federal Republic of Germany of 2015 (2046) ISIN DE0001030575

Current volume: € 8.85 billion

Maturity: 15 April 2046

Interest payment: 15 April annually

Next interest payment: 15 April 2020

Reference index: HICP excluding tobacco

Indexbasis: 98.67766

Indexation Coefficient: 1.06254 (on the value date 6 February 2020)

An increase of € 500 million in total is envisaged for the reopening of both bonds (including respective retention quote) with a planned share of € 250 million for the 0.50% inflation-linked bond of the Federal Republic of Germany of 2014 (2030), ISIN DE0001030559, and of € 250 million for the 0.10% inflation-linked bond of the Federal Republic of Germany of 2015 (2046), ISIN DE0001030575. The effective increase of each bond will be determined by the allotment on 4 February 2020.

Deutsche Bundesbank, Communications Department

Wilhelm-Epstein-Strasse 14, 60431 Frankfurt am Main, Germany, Tel: [phone] or 3512, Fax: [phone] [e-mail], www.bundesbank.de

Reproduction permitted only if source is stated.

Frankfurt am Main 30 January 2020 Page 2 of 2

Members of the Bund Issues Auction Group are entitled to bid. Bids for each bond are to be submitted through the Bund Bidding System BBS and must be for a par value of not less than

• 1 million or an integral multiple thereof. The price bids must be expressed in terms of full 0.01 percentage points. Non-competitive bids are possible. The bids accepted by the issuer will be allotted at the price specified in the bid. Non-competitive bids are filled at the weighted average price of the bids accepted. The right to scale down bids is reserved.

The auction allotments for inflation-linked German Government securities will be included in the ranking list of the Bund Issues Auction Group. The weighting factors of inflation-linked German Government securities thereby correspond to the weighting factors of the nominal interest-bearing Federal securities with the same maturity.

Time schedule of the auction procedure:

Date of invitation to bid:	Monday, 3 February 2020
Bidding period:	Tuesday, 4 February 2020,
	from 8.00 a.m. until 11.30 a.m. Frankfurt time
Inclusion in stock
exchange trading:	Tuesday, 4 February 2020
Value date:	Thursday, 6 February 2020

In addition, the Auction rules, the Special terms and conditions of the Deutsche Bundesbank for auctions of Federal securities using the Bund Bidding System (BBS) and the Issuance terms and conditions for inflation-linked Federal bonds and inflation-linked Federal notes shall apply.

Deutsche Bundesbank, Communications Department

Wilhelm-Epstein-Strasse 14, 60431 Frankfurt am Main, Germany, Tel: [phone] or 3512, Fax: [phone] [e-mail], www.bundesbank.de

Reproduction permitted only if source is stated.