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Fresenius SE & Co. KGaA

Investor Presentation • Sep 26, 2008

166_ip_2008-09-26_0ed726ef-dbb8-4f28-b91b-d0906caa6844.pdf

Investor Presentation

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Health Care Worldwide

Deutsche Bank – Leveraged Finance Conference September 25, 2008 – Phoenix

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.

Agenda

  • Fresenius Group Overview
  • Business Segments
  • Fresenius Medical Care
  • Fresenius Kabi
  • Fresenius Helios
  • Fresenius Vamed
  • Financial Overview
  • Financing Structure
  • Summary and Outlook

Fresenius Group Overview

Business overview of the Fresenius Group

Financial overview of the Fresenius Group

Market Cap.3 \$16.0 bn

1 – based on market capitalisation of FSE and FMC as of September 1, 2008 and consolidated net debt as of June 30, 2008 2 – last twelve months ('LTM')

3 - as of September 1, 2008 4 – as held by Fresenius ProServe GmbH, a wholly owned subsidiary of Fresenius SE

Deutsche Bank – Leveraged Finance Conference, Phoenix, Fresenius SE © Copyright, September 25, 2008 Page 6

Leading Market Positions in Established and Emerging Markets

No. 1 in dialysis services worldwide

No. 1 in dialysis products worldwide

No. 1 in infusion and clinical nutrition therapy in Europe

Strong market positions in infusion and clinical nutrition therapy in Asia-Pacific and Latin America

Fresenius Group: Strong Financial Results

1 – constant currency

Deutsche Bank – Leveraged Finance Conference, Phoenix, Fresenius SE © Copyright, September 25, 2008 Page 8

FMC: Global leader in Dialysis Care and Dialysis Products ~ 181,100 Patients as of June 30, 2008

North America incl. Mexico & Managed Clinics

  • ~ 34% market share (USA only)
  • ~ 4-5% patient growth
  • ~ 125,600 patients in 1,680 clinics

~ 435,000 patients

Europe/Africa/Middle East

  • ~ 7% market share (Europe only)
  • ~ 5-6% patient growth
  • 28,800 patients in 382 clinics

~ 510,000 patients

Worldwide patient growth

6%

~

~ 180,000 patients ~ 580,000 patients

Latin America

  • ~ 10% market share
  • ~ 8-9% patient growth
  • ~ 18,400 patients in 174 clinics

Asia

  • ~ 1% market share
  • ~ 7-8% patient growth
  • ~ 8,400 patients in 114 clinics

Fresenius Kabi: Leader in infusion therapy and clinical nutrition in Europe with significant positions in Emerging Markets

Infusion Therapy

  • Infusion Solutions
  • Intravenously Administered Drugs
  • Medical Devices / Disposables

Clinical Nutrition

  • Parenteral Nutrition
  • Enteral Nutrition

  • Medical Devices / Disposables

  • Blood Processing Systems

  • Blood Bags and Filters

Fresenius Helios: Significant German hospital privatisation opportunity

  • Fresenius Helios is one of the three largest operators of private hospitals in Germany
  • 61 hospitals including 5 maximum care clinics
  • Acquired 5 hospitals in 2007 and 1 hospital chain in 2006
  • Germany is Europe's largest hospital market (~€65 billion market size)
  • Only ~14 %1 of German acute hospital beds managed by private operators; privatisation trend expected to gain pace
  • Market provides value-creation opportunity for efficient players with superior medical quality
  • Superior growth and margin profile of Fresenius Helios

1 - German Federal Statistics Office, as of 2006

Fresenius Vamed: Technical services for health care facilities

  • Project and management business in health care facilities worldwide

  • Realisation of approximately 450 health care projects in 47 countries since its foundation in 1982

  • Project development

  • Planning

  • Project management

  • Turnkey hospital projects

  • Complete medical equipment

  • Service and maintenance of medical-technical installations

  • Facility management

  • Technical management
  • General management

Fresenius Kabi - APP Pharmaceuticals

Fresenius Kabi overview

International presence

Track record of strong growth and profitability

1 - 1995-2001 without HemoCare

First half 2008 - organic sales growth of 10 %

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I.V. Drugs – a key growth area for Fresenius Kabi

APP at a glance

Business overview

  • Excellent market reputation with well-recognised I.V. generic drugs
  • Production plants in the U.S. and Puerto Rico
  • Headquartered in Schaumburg/ Illinois
  • Key financials 2007:
    • Sales: \$647 million
    • Adjusted EBITDA1 \$253 million
  • ~1,400 employees

Strong Growth Potential

1 - adjusted EBITDA: EBITDA before one-time charges and stock option expenses, as published by APP in Form 10-K for FY2007 (March 17, 2008)

APP – Comprehensive product portfolio with leading positions

1 - IMS Data

I.V. generics market in the U.S.: Competitive structure1

Market Volume: \$3.6 billion

APP No. 2 manufacturer in the U.S. I.V. generics market

1 - IMS, internal research

Deutsche Bank – Leveraged Finance Conference, Phoenix, Fresenius SE © Copyright, September 25, 2008 Page 21

APP provides an excellent strategic fit to Fresenius Kabi's I.V. drugs business

1 - active pharmaceutical ingredients 2 - primarily for oncological products

Compelling strategic rationale

Leading market position

  • APP no. 2 in the U.S.1
  • Superior sales and margin profile

Perfect strategic fit

  • Fresenius Kabi market entry into the U.S. with critical scale and strong management team
  • Combination of Fresenius Kabi and APP creates a global leader in I.V. generic drugs
  • Building global presence in all relevant markets
  • Future growth opportunities through introduction of Fresenius Kabi's products in the U.S.

Financial Overview

Fresenius Group : Strong sales and EBITDA growth

Fresenius Group: Double digit sales growth in all business segments

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Fresenius Medical Care: Proven track record of deleveraging

1 - pro forma incl. Renal Care Group

Fresenius Group: Proven track record of deleveraging

1 - pro forma incl. Renal Care Group

Deutsche Bank – Leveraged Finance Conference, Phoenix, Fresenius SE © Copyright, September 25, 2008 Page 28

Financing Structure

Fresenius Group: Debt and cash flow structure1

1 - external debt as of June 30, 2008 2 - incl. Fresenius Finance B.V. 3 – market value of the stake as of September 1, 2008

4 - as held by Fresenius ProServe GmbH, a wholly owned subsidiary of Fresenius SE, which provides the guarantees 5 - incl. subsidiaries

Sources and Uses

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The transaction has been prudently financed with approximately 27% equity

  • 1 \$250 million was utilised under the \$450 million Committed Revolving Credit Facility at Closing
  • 2 as of June 30, 2008

3 - including €289 million of share capital increase and €554 million of Mandatory Exchangeable (into FMC shares) Bonds

Deutsche Bank – Leveraged Finance Conference, Phoenix, Fresenius SE © Copyright, September 25, 2008 Page 31

Pro forma capitalisation – Fresenius Group

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Note: pro forma capitalisation as of June 30, 2008.

Deutsche Bank – Leveraged Finance Conference, Phoenix, Fresenius SE © Copyright, September 25, 2008 Page 32 1 - based on market capitalisation for FSE and FMC as of September 1, 2008 adjusted for the share capital increase

Fresenius SE (excl. FMC) debt maturity profile

Deutsche Bank – Leveraged Finance Conference, Phoenix, Fresenius SE © Copyright, September 25, 2008 Page 33 Note: as of June 30, 2008 pro forma including Credit Agreement and Bridge Credit Agreement. Assuming amortising Term Loan A and bullet Term Loan B

Summary and Outlook

Fresenius business segments: Financial outlook 2008 fully confirmed

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APP acquisition financing: Execution fully on track

Equity

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Fresenius Group: Strengths for Long-Term Sustainable Growth

Key driving forces of the health care market… …are met by our strengths

Fresenius Group: Long-term Growth Strategy

  • Focus on sustainable organic sales growth supported by demographics and strong demand for life-saving / life-sustaining products and services
  • Target additional growth through selective acquisitions to strengthen regional presence and product portfolio
  • Benefit from privatizing healthcare markets
  • Utilize strong innovation and technology capabilities
  • Benefit from decentralized management structures and entrepreneurship
  • Focus on proper integration of acquisitions, solid operations management, financial prudence and continued profitability improvements

Investment Highlights

Leading market positions

Diversified revenue base with four strong business segments

Global presence in growing, non-cyclical markets

Proven ability to integrate acquisitions

Clear track record of and commitment to de-leveraging

Strong financial performance and cash flow generation

Health Care Worldwide

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