Fresenius SE & Co. KGaA

Earnings Release • Mar 1, 2018

Roadshow Paris

1 March 2018

This presentation contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ materially from those described in these forward-looking statements due to certain factors, e.g. changes in business, economic and competitive conditions, regulatory reforms, results of clinical trials, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. Fresenius does not undertake any responsibility to update the forward-looking statements contained in this presentation.

Fresenius Group: FY/17 Highlights

Fresenius Kabi: Update on US Generic IV Drug Market

2018 pricing environment expected to be in line with recent years

• Nothing 'out of the ordinary' in generic injectables market
• Key molecules to see more competition, however unchanged pricing environment in large base business
• Continued low single-digit price decline for base business anticipated in 2018
• Healthy volume growth projected to more than offset price decline

Strong customer relationships

• New FDA focus on accelerating generics approvals - excellent relationships with GPOs mitigate risk
• Broad portfolio, supply reliability and strong pipeline of new products are key assets in relationships with GPOs

1 Association for Accessible Medicines, 2018

Generics help to keep health care expenses down

• Generic drugs represent 89% of US prescriptions but just 27% of costs1

Fresenius Kabi: Prepared for the Next Decade

North America growth initiatives

• Substantial investments in U.S. plants to increase capacity and foster automation
• Growth and expansion of product portfolio
• − Ramp-up of pre-filled syringe business
• − Good progress with Parenteral Nutrition
• − IV solutions production planned on U.S. ground in the medium-term
• − New compounding center with high levels of automation
• − Introduction of Agilia and INfusia pump

Worldwide growth initiatives

• New building with two additional antibiotics production lines in Portugal
• Intensified retail strategy for Enteral Nutrition
• Launch of Propofol in pre-filled syringe in China

Biosimilars

• Three late stage molecules making good progress
• − Adalimumab launch expected early 2019
• − Pegfilgrastim pivotal studies initiated for EU and U.S. on time
• − Tocilizumab phase I studies for EU and U.S. initiated

Fresenius Kabi: Current Topics

• Fresenius is conducting an independent investigation, using external experts, into alleged breaches of FDA data integrity requirements relating to product development at Akorn, Inc.
• Management and Supervisory Boards of Fresenius will assess the findings of that investigation.
• Consummation of transaction may be affected if the closing conditions under the merger agreement are not met.
• Fresenius continues to seek FTC clearance.

HES

• EMA's committees recommended suspending market authorization for HES in Europe
• Fresenius is convinced that HES should remain on the market
• Kabi's outlook for 2018 considers meaningful risk adjustment

Fresenius Helios: Prepared for the Next Decade

Helios Health

• Organizational structure to manage crossborder synergies and knowledge transfer
• Building a platform for future growth

German Hospital Market

• Regulatory focus on minimum nursing staff levels
• Quality of care to be factored into remuneration
• Digitalization and clustering to raise efficiencies of Helios Germany

Spanish Hospital Market

• Adding capacities through expansion of existing facilities
• Setting up greenfield hospitals
• Pursuing market consolidation opportunities

Fresenius Group: 2020 Mid-Term Growth Targets Confirmed

At February 2017 exchange rates and IFRS rules Net income attributable to shareholders of Fresenius SE & Co. KGaA

Financial Review Q4 & FY/17

Fresenius Group: FY/17 Key Financials

All figures consistent with scope of original guidance: before acquisition-related expenses, expenditures for further development of biosimilars business, book gain from U.S. tax reform and FCPA provision

All growth rates in constant currency (cc)

Net income attributable to shareholders of Fresenius SE & Co. KGaA

For a detailed overview of adjustments and special items please see the reconciliation tables on slides 44-45.

Fresenius Group: Q4 & FY/17 Profit and Loss Statement

€m	Q4/17	Δ YoY cc	FY/17	Δ YoY cc
Sales	8,695	17%	33,886	16%
EBIT (adjusted)1	1,354	14%	4,890	15%
items)2 EBIT (before special	1,308	11%	4,830	14%
Net interest3	-152	-8%	-636	-11%
Income taxes3,4	-329	-14%	-1,184	-15%
(adjusted)5,6 Net income	520	22%	1,859	21%
Net income items)2,4,6 (before special	487	15%	1,816	18%
Net income6	511	21%	1,814	18%

¹ Consistent with scope of original guidance: before acquisition-related expenses, expenditures for further development of biosimilars business and FCPA provision

² Before acquisition-related expenses and FCPA provision

³ Before acquisition-related expenses 4 Before book gain from U.S. tax reform

⁵ Consistent with scope of original guidance: before acquisition-related expenses, expenditures for further development of biosimilars business, book gain from U.S. tax reform and FCPA provision

⁶ Net income attributable to shareholders of Fresenius SE & Co. KGaA

Fresenius Group: FY/17 Business Segment Growth

¹ EBIT adjusted: Before effects of agreement with the United States Departments of Veterans Affairs and Justice (VA agreement),

natural disaster costs and FCPA provision 2 Growth rate consistent with scope of original guidance: before acquisition-related expenses,

expenditures for further development of biosimilars business and FCPA provision

³ Growth rate consistent with scope of original guidance: before acquisition-related expenses and expenditures for further development of biosimilars business

For a detailed overview of adjustments and special items please see the reconciliation tables on slides 44-45.

Fresenius Kabi: Organic Sales Growth by Regions

€m	Q4/17	Δ YoY organic	FY/17	Δ YoY organic
North America	554	11%	2,290	8%
Europe	579	3%	2,214	5%
Asia-Pacific/Latin America/Africa	461	11%	1,854	11%
Asia-Pacific	302	11%	1,196	11%
Latin America/Africa	159	10%	658	10%
Total sales	1,594	8%	6,358	7%

Fresenius Kabi: Q4 & FY/17 EBIT Growth

€m	Q4/17	Δ YoY cc	FY/17	Δ YoY cc
North America Margin	194 35.0%	25% 350 bps	853 37.2%	8% 10 bps
Europe Margin	107 18.5%	10% 120 bps	351 15.9%	5% 20 bps
Asia-Pacific/Latin America/Africa Margin	101 21.9%	2% -190 bps	373 20.1%	10% -50 bps
Corporate and Corporate R&D	-130	-108%	-400	-26%
EBIT2 Total adjusted Margin2	318 19.9%	9% 0 bps	1,237 19.5%	8% 0 bps
Total EBIT1 Margin1	272 17.1%	-6% -280 bps	1,177 18.5%	3% -100 bps

Margin growth at actual rates

¹ Before acquisition-related expenses

² Consistent with scope of original guidance: before acquisition-related expenses and expenditures for further development of biosimilars business

For a detailed overview of adjustments and special items please see the reconciliation tables on slides 44-45.

Fresenius Kabi: Expected Organic Sales Growth 2018

North America

Mid-single-digit growth

• Growth in 2018 driven by increased number of new drug launches, ramp-up of pre-filled syringe business, standard IV solutions and parenteral nutrition
• More competition for key molecules; unchanged pricing environment in base business
• Vigorous launch activity in 2018: 15+ product launches expected Europe

Low to mid-single-digit growth

• Enteral nutrition continues to drive growth

Fresenius Kabi: Expected Organic Sales Growth 2018

Emerging Markets

Likely double-digit growth

China

• New tender policy implementation now expected to be mostly completed mid 2018
• Low to mid single-digit price decline and continued double-digit volume growth projected
• Significant organic growth expected

Asia-Pacific ex China:

• Excellent growth momentum expected

Latin America/Africa:

• Continued strong growth expected despite difficult situation for local economies

Fresenius Helios

Helios Germany

• Lack of privatization opportunities limits growth potential
• No new acquisitions for almost two years
• 2018 DRG inflator set at 2.97% final price increase will be lower
• Additional "DRG catalogue effects" in FY/18

Helios Spain

• Strong growth in Q4/17:
• 12% sales growth
• EBIT growth exceeds sales growth
• Seizing growth opportunities

Fresenius Helios: Q4 & FY/17 Key Financials

€m	Q4/17	Δ YoY	FY/17	Δ YoY
Total sales	2,246	54%	8,668	48%
Thereof Helios Germany	1,512	3%	6,074	4%
Helios Spain1 Thereof	734	--	2,594	--
Total EBIT Margin	283 12.6%	61% 60 bps	1,052 12.1%	54% 40 bps
Thereof Helios Germany Margin	176 11.6%	0% -40 bps	725 11.9%	6% 20 bps
Helios Spain1 Thereof Margin	107 14.6%	-- --	327 12.6%	-- --

¹ Consolidated since 1 February 2017

Fresenius Vamed

• Strong FY/17: Organic sales growth of 6% in line with and EBIT growth at upper-end of guidance range
• Revenue share of more stable and high margin service business outstrips project business
• €1,096m order intake at all-time high; excellent basis for future growth

€m	Q4/17	Δ YoY	FY/17	Δ YoY
Project business	305	13%	606	2%
Service business	175	16%	622	10%
Total sales	480	14%	1,228	6%
Total EBIT	44	16%	76	10%
Order intake1	399	16%	1,096	8%
Order backlog1			2,147	9%

¹ Project business only

Fresenius Group: Cash Flow

	Operating CF			Capex (net)		Free Cash Flow1
€m	Q4/17	LTM Margin	Q4/17	LTM Margin	Q4/17	LTM Margin
	370	15.9%2	-158	-6.6%	212	9.3%
	173	8.5%	-185	-4.8%	-12	3.7%3
	35	3.4%	-5	-0.5%	30	2.9%
Corporate/Other	10	n.a.	-14	n.a.	-4	n.a.
Excl. FMC	588	11.4%4	-362	-5.4%	226	6.0%4
	1,116	11.6%	-589	-5.0%	527	6.6%
FY/17	3,937	11.6%	-1,705	-5.0%	2,232	6.6%

¹ Before acquisitions and dividends

² Including the cash prepayment of €45 million for biosimilars business (LTM: 16.6% operating cashflow margin excl. cash prepayment biosimilars)

³ Understated: 4.2% excluding €40 million of capex commitments from acquisitions 4 Margin incl. FMC dividend

Fresenius Group: 2018 Financial Outlook by Business Segment

€m (except otherwise stated)			FY/17 Base	FY/18e1
		Sales growth (org)	6,358	4% - 7%
	EBIT growth (cc)	1,1772	-6 %2 -3% to
		EBIT growth (cc) excl. biosimilars	1,2373	5%3 ~2% -
	Sales growth (org)	8,6684	6%5 3% -
	EBIT growth	1,0524	7% - 10%
	Sales growth (org)	1,228	5% - 10%
	EBIT growth	76	5% - 10%

¹ Excluding pending acquisitions of Akorn and NxStage

² Before special items (before acquisition-related expenses); including expenditures for further development of biosimilars business

(€60 m in FY/17 and expected expenditures of ~€160 m in FY/18)

³ Before special items (acquisition-related expenses); excluding expenditures for further development of biosimilars business

(€60 m in FY/17 and expected expenditures of ~€160 m in FY/18) 4 Helios Spain consolidated for 11 months

⁵ Organic growth reflects 11 months contribution of Helios Spain in 2018

For a detailed overview of adjustments and special items please see the reconciliation tables on slides 44-45.

Fresenius Group: 2018 Financial Guidance

€m (except otherwise stated)		FY/17 Base	FY/181
	Sales growth (cc)	33,4002	5% - 8%
	Net income3 growth (cc)	1,8164	9%5 6% -
	Net income3 growth (cc) excl. biosimilars	1,8596	13%7 ~10% -

¹ Excluding pending acquisitions of Akorn and NxStage

² Adjusted for IFRS15 (€486 m at Fresenius Medical Care)

³ Net income attributable to shareholders of Fresenius SE & Co.KGaA

⁴ Before special items (before acquisition-related expenses, book gain from the U.S. tax reform and FCPA provision)

⁵ Before special items (before acquisition-related expenses); including expenditures for further development of biosimilars business (€43 m after tax in FY/17 and expected expenditures of ~€120 m after tax in FY/18)

⁶ Adjusted net income: before acquisition-related expenses, expenditures for further development of biosimilars business, book gain from the U.S. tax reform and FCPA provision

⁷ Before special items (before acquisition-related expenses); excluding expenditures for further development of biosimilars business (€43 m after tax in FY/17 and expected expenditures of ~€120 m after tax in FY/18)

For a detailed overview of adjustments and special items please see the reconciliation tables on slides 44-45.

Attachments

Fresenius Group: 25th Consecutive Dividend Increase

Dividend growth aligned to EPS growth Pay-out ratio: 23%

¹ Proposal

Fresenius Group: Profit and Loss Statement

			Growth Q4 YoY		Growth FY YoY
€m	Q4/2017	actual rates	constant rates	FY/2017	actual rates	constant rates
Sales	8,695	11%	17%	33,886	15%	16%
EBIT1	1,308	5%	11%	4,830	12%	14%
Net interest2	-152	-2%	-8%	-636	-9%	-11%
Income taxes2,3	-329	-8%	-14%	-1,184	-13%	-15%
Net income4	487	10%	15%	1,816	16%	18%

1 Before special items (before acquisition-related expenses, before FCPA provision)

² Before special items (before acquisition-related expenses)

3 Before book gain from U.S. tax reform

4 Net income attributable to shareholders of Fresenius SE & Co. KGaA; before special items (before acquisition-related expenses, book gain from U.S. tax reform and FCPA provision)

For a detailed overview of adjustments and special items please see the reconciliation tables on slides 44-45.

Fresenius Group: Calculation of Noncontrolling Interest

€m	FY/17	FY/16
Earnings before tax and noncontrolling interest	4,194	3,720
Taxes	-1,184	-1,044
Noncontrolling interest, thereof	-1,194	-1,116
Fresenius Medical Care net income not attributable to Fresenius (FY/17: ~69%)	-864	-791
Noncontrolling interest holders in Fresenius Medical Care	-274	-276
Noncontrolling interest holders in Fresenius Kabi (-€39 m), Fresenius Helios (-€5 m), and due to Fresenius Vamed's 23% external ownership (-€12m)	-56	-49
Net income attributable to Fresenius SE & Co. KGaA	1,816	1,560

Before special items

For a detailed overview of adjustments and special items please see the reconciliation tables on slides 44-45.

€m	Q4/17	LTM Margin	Q4/16	LTM Margin	Δ YoY
Operating Cash Flow	1,116	11.6 %	1,312	12.2%	-15%
Capex (net)	-589	-5.0%	-549	-5.5%	-7%
Free Cash Flow (before acquisitions and dividends)	527	6.6%	763	6.7%	-31%
Acquisitions (net)	210		-181
Dividends	-61		-88
Free Cash Flow (after acquisitions and dividends)	676	-13.4%	494	2.5%	37%

	Operating CF		Capex (net)		Free Cash Flow1
€m	FY/2017	LTM Margin	FY/2017	LTM Margin	FY/2017	LTM Margin
	1,010	15.9%4	-420	-6.6%	590	9.3%
	733	8.5%	-411	-4.8%	322	3.7%3
	42	3.4%	-7	-0.5%	35	2.9%
Corporate/Other	-40	n.a.	-26	n.a.	-66	n.a.
Excl. FMC	1,745	11.4%2	-864	-5.4%	881	6.0%2
	3,937	11.6%	-1,705	-5.0%	2,232	6.6%

¹ Before acquisitions and dividends

² Margin incl. FMC dividend

³ Understated: 4.2% excluding €40 million of capex commitments from acquisitions

⁴ Including the cash prepayment of €45 million for biosimilars business (LTM: 16.6% operating cashflow margin excl. cash prepayment biosimilars)

Fresenius Group: Leverage Ratio

Before special items; pro forma acquisitions At annual average FX rates for both EBITDA and net debt

¹ Pro forma excluding advances made for the acquisition of hospitals from Rhön-Klinikum AG

² Excluding pending acquisitions of Akorn and NxStage; excluding further potential acquisitions; at current IFRS rules

Fresenius Group Consistent Cash Generation

Capex gross, in % of sales

CFFO margin FCF margin (before acquisitions & dividends)

Net Debt / EBITDA1

1 Net debt at year-end exchange rate; EBITDA at LTM average exchange rates; before special items; pro forma acquisitions

Fresenius Group: Solid Balance Sheet Structure

Fresenius Group: Well Balanced Financing Mix and Maturity Profile

2.8% p.a.

Maturity profile

Fresenius excluding Fresenius Medical Care

Average maturity 3.6 years.

Financing mix

Fresenius Kabi: Organic Sales Growth by Product Segment

Total sales	1,594	8%	6,358	7%
Medical Devices/ Transfusion Technology	281	12%	1,085	5%
Clinical Nutrition	417	8%	1,671	8%
Infusion Therapy	227	5%	903	6%
IV Drugs	669	8%	2,699	8%
€m	Q4/17	Δ YoY organic	FY/17	Δ YoY organic

Fresenius Kabi: Profit and Loss Statement

€m	2017	2016
Sales	6,358	6,007
EBITDA margin %	1,483 23.3	1,468 24.4
EBIT margin %	1,177 18.5	1,171 19.5
Net interest	-119	-149
Earnings before taxes and noncontrolling interest	1,058	1,022
Income taxes Tax rate %	-317 30.0	-311 30.4
Noncontrolling interest	-39	-36
Net income1	702	675

Before special items ¹ Attributable to shareholders of Fresenius SE & Co. KGaA

Fresenius Kabi: Cash Flow Statement

€m	2017	2016
Net income1 (incl. noncontrolling interest)	739	711
Depreciation / amortization	306	297
Change in working capital	-35	-4
Cash flow from operations Margin %	1,010 15.9	1,004 16.7
CAPEX, net	-420	-336
Cash flow before acquisitions and dividends	590	668
Acquisitions, net	-152	-114
Free cash flow (before dividends)	438	554

¹ After special items

Fresenius Kabi: Balance Sheet

€m	2017	2016
Accounts receivable	841	779
Inventories	1,361	1,354
Fixed assets	8,092	7,974
Other assets	1,498	1,323
Total assets	11,792	11,430
Debt	4,806	5,155
Other liabilities	2,997	2,308
Equity (incl. noncontrolling int.)	3,989	3,967
Total liabilities and shareholders' equity	11,792	11,430

Fresenius Helios Germany: Performance Indicators

	FY/17	FY/16	Δ YoY
No. of hospitals - Acute care clinics - Post-acute care clinics	111 88 23	112 88 24	-1% 0% -4%
No. of beds - Acute care clinics - Post-acute care clinics	34,610 29,438 5,172	34,706 29,618 5,088	0% -1% 2%
Admissions - Acute care (inpatient)	1,237,068	1,229,125	1%
Occupancy - Post-acute care	82%	82%
Average length of stay (days) Acute care1 - - Post-acute care	6.2 26.0	6.4 26.1
Bad debt of sales	0.2%	0.3%

1 German average (2016): 7.3

Fresenius Helios: Profit & Loss Statement

€m	20171	2016
Sales	8,668	5,843
EBITDA Margin % Depreciation / amortization	1,426 16.5 -374	879 15.0 -196
EBIT Margin %	1,052 12.1	683 11.7
Net interest	-155	-37
Earnings before taxes and noncontrolling interest	897	646
Income taxes Tax rate %	-164 18.3	-100 15.5
Noncontrolling interest	-5	-2
Net income2	728	544

¹ Including Helios Spain

² Attributable to shareholders of Fresenius SE & Co. KGaA

Fresenius Helios: Cash Flow

€m	20171	2016
Net income (incl. noncontrolling interest)	733	546
Depreciation / amortization	374	196
Change in working capital	-374	-120
Cash flow from operations Margin %	733 8.5	622 10.6
CAPEX, net	-411	-349
Cash flow before acquisitions and dividends	322	273
Acquisitions, net	-5,945	-48
Free cash flow (before dividends)	-5,623	225

¹ Including Helios Spain

Fresenius Helios: Balance Sheet

€m	20171	2016
Accounts receivable	1,834	749
Property, plant and equipment (net)	4,113	2,630
Goodwill	7,902	4,538
Other assets	2,734	779
Total assets	16,583	8,696
Debt	6,665	1,406
Other liabilities	2,529	1,440
Equity (incl. noncontrolling interest)	7,389	5,850
Total liabilities and shareholders' equity	16,583	8,696

¹ Including Helios Spain

Fresenius Vamed: Profit & Loss Statement

€m	2017	2016
Sales	1,228	1,160
EBITDA Margin %	87 7.1	80 6.9
EBIT Margin %	76 6.1	69 5.9
Net interest	-2	-2
Earnings before taxes and noncontrolling interest	74	67
Income taxes Tax rate %	-23 31.1	-21 31.0
Noncontrolling interest	-1	-1
Net income1	50	45
ROE (before taxes) %	19.0	19.6

¹ Attributable to shareholders of Vamed AG

Fresenius Vamed: Cash Flow

€m	2017	2016
Net income (incl. noncontrolling interest)	51	46
Depreciation / amortization	11	11
Change in working capital	-20	-30
Cash flow from operations Margin %	42 3.4	27 2.3
CAPEX, net	-7	-11
Cash flow (before acquisitions and dividends)	35	16
Acquisitions, net	-19	0
Free cash flow (before dividends)	16	16

Fresenius Vamed: Balance Sheet

€m	2017	2016
Accounts receivable	238	209
Property, plant and equipment	80	72
Intangible assets	127	103
Other assets	837	724
Total assets	1,282	1,108
Debt	245	176
Other liabilities	648	591
Equity (incl. noncontrolling interest)	389	341
Total liabilities and shareholders' equity	1,282	1,108

Reconciliation Q4/17

Consolidated results for 2017 include special items related to the acquisition of the biosimilars business of Merck KGaA, the announced acquisition of the shares in Akorn, Inc. (acquisition related expenses). These are mainly transaction costs in the form of legal and consulting fees as well as costs of the financing commitment for the Akorn transaction. Moreover special items arose from a book gain from the revaluation of deferred tax liabilities due to U.S. tax reform as well as from the FCPA provision. In order to compare the results with the scope of original guidance, key figures are additionally adjusted for expenditures for further development of the biosimilars business. The following presentation shows the corresponding reconciliation to the IFRS values. There were neither adjustments nor special items in 2016.

€m	Basis for guidance comparison: Before special items and before biosimilars business	Expenditures for further development of biosimilars business	Before special items	Special items (acquisition related expenses)	Special items (book gain U.S. tax reform)	Special items (FCPA provision)	After special items (IFRS reported)
Sales	8,695		8,695				8,695
EBIT Net interest	1,354 -150	-46 -2	1,308 -152	-16 -7		-200	1,092 -159
Net income before taxes Income taxes	1,204 -344	-48 15	1,156 -329	-23 6	266	-200	933 -57
Net income Noncontrolling interest	860 -340	-33	827 -340	-17	266 -163	-200 138	876 -365
Net income attributable to shareholders of Fresenius SE & Co. KGaA	520	-33	487	-17	103	-62	511

The acquisition-related expenses are reported in the Group Corporate/Other segment.

Reconciliation FY/17

Consolidated results for 2017 include special items related to the acquisition of the biosimilars business of Merck KGaA, the announced acquisition of the shares in Akorn, Inc. (acquisition related expenses). These are mainly transaction costs in the form of legal and consulting fees as well as costs of the financing commitment for the Akorn transaction. Moreover special items arose from a book gain from the revaluation of deferred tax liabilities due to U.S. tax reform as well as from the FCPA provision. In order to compare the results with the scope of original guidance, key figures are additionally adjusted for expenditures for further development of the biosimilars business. The following presentation shows the corresponding reconciliation to the IFRS values. There were neither adjustments nor special items in 2016.

€m	Basis for guidance comparison: Before special items and before biosimilars business	Expenditures for further development of biosimilars business	Before special items	Special items (acquisition related expenses)	Special items (book gain U.S. tax reform)	Special items (FCPA provision)	After special items (IFRS reported)
Sales	33,886		33,886				33,886
EBIT Net interest	4,890 -634	-60 -2	4,830 -636	-41 -15		-200	4,589 -651
Net income before taxes Income taxes	4,256 -1,203	-62 19	4,194 -1,184	-56 13	266	-200	3,938 -905
Net income Noncontrolling interest	3,053 -1,194	-43	3,010 -1,194	-43	266 -163	-200 138	3,033 -1,219
Net income attributable to shareholders of Fresenius SE & Co. KGaA	1,859	-43	1,816	-43	103	-62	1,814

The acquisition-related expenses are reported in the Group Corporate/Other segment.

Financial Calendar / Contact

Financial Calendar

3 May 2018	Results Q1/2018
18 May 2018	Annual General Meeting
7/8 June 2018	Capital Markets Day
31 July 2018	Results Q2/2018
30 October 2018	Results Q3/2018

Please note that these dates could be subject to change.

Contact

Investor Relations Fresenius SE & Co. KGaA phone: +49 6172 608-2485 e-mail: ir-fre@fresenius.com For further information and current news: www.fresenius.com

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