Fresenius SE & Co. KGaA

Investor Presentation • Aug 3, 2006

Health Care Worldwide

Analyst Meeting, August 3, 2006

Agenda

I. Business Update

• • Fresenius Group
• • Fresenius Kabi
• • Fresenius ProServe
• • Fresenius Biotech

II. Fresenius Financials H1 2006

III. Outlook 2006

Fresenius Group: Outstanding Financial Results

Significant Sales and Earnings Growth in All Business Segments

* based on H1 2005 incl. HELIOS Kliniken

Fresenius Kabi: Revenue and Operating Margin Above Expectations

• Strong sales growth in all regions and product segments
• Significant margin and earnings improvement; Q2/06 margin at 15.1 % – exceeding full-year guidance
• Continued productivity gains and improvements in product mix

Fresenius Kabi: Sales H1 2006

€ m	H 1 2 0 0 6	H 1 2 0 0 5	O i r g a n c G h t r o w
S T l l t o a a e s	9 3 7	8 1 8	8 %
S B P d t t r o c e g m e n y u :
I f i T h n s o n e r a p u y	5 1 3	4 3 7	7 %
C l i i l N i i t t n c a u r o n	3 6 5	3 2 7	9 %
T f i T h l r a n s s o n e c n o o g u y	9 5	4 5	% 5

Fresenius Kabi: Sales Growth in All Regions

Fresenius Kabi: Outstanding EBIT Growth, Q2/06 First Quarter > 15 % ever!

€ m	H 1 2 0 0 6	H 1 2 0 0 5	C h a n g e
E B I T E B I T i m a r g n	1 3 9 1 4 8 %	1 1 0 1 3 4 %	2 6 %
E B I T b R i y e g o n :
E r o p e u E B I T i m a r g n	1 2 4 1 9 0 %	1 0 3 1 6 9 %	2 0 %
I i l t t n e r n a o n a E B I T i m a r g n	4 6 1 6 3 %	3 5 1 6 7 %	3 1 %
C d C R & D t t o r p o r a e a n o r p o r a e	3 1 -	2 8 -

Fresenius Kabi: 2006 Financial Outlook Raised

	O i i l i d 2 0 0 6 r g n a g a n c e u	i U d d d t p a e g a n c e u
R h t e e n e g r o v u w t t t a c o n s a n c r r e n c u y	1 0 % ~	1 1 1 2 % ~ –
E B I T i m a r g n	5 5 1 4 1 0 % –	5 1 % >

Fresenius ProServe: Fully on Track for 2006 Targets

Hospital Operations

• Positive revenue and earnings development
• Integration of WKA into the HELIOS Group finalized; 2006 synergy expectations of 6 €m confirmed; now focus on further WKA-profitability improvements
• HUMAINE acquisition expected to close in Q3/06; EPS-accretive in 2006
• Sale of Reichenbach clinic initiated to obtain German cartel clearance for HUMAINE acquisition

Engineering and Services business

• Favorable sales development
• Strong order intake at VAMED and Pharmaplan – generating further growth
• Profitability within target expectations

Fresenius ProServe: Sales Development Fully in Line with Plan

€ m	H 1 2 0 0 6	H 1 2 0 0 5 i l. H E L I O S n c	O i r g a n c G h t r o w
S l a e s	9 7 4	9 4 2	4 %
S l b D i i i a e s y v s o n :
O H i l i t t ( O S ) H E L I o s p a p e r a o n s	6 7 7	6 7 5	2 %
E i i S i f h i l d h t t n g n e e r n g + e r v c e s o r o s p a s a n e h i l i d t t ( ) V A M E D P h l p a r m a c e u c a n u s r y + a r m a p a n	2 0 7	1 7 7	1 7 %
O d i k E i i d i i i t r e r n a e n g n e e r n g v s o n	1 8 5	1 6 5	1 9 %

Fresenius ProServe: Positive EBIT Development

€ m	H 1 2 0 0 6	H 1 2 0 0 5 O S i l. H E L I n c	C h a n g e
E B I T E B I T i m a r g n	6 2 6 4 %	4 5 5 7 %	1 % 5
E B I T b D i i i s o n y v :
H i l i t t o s p a o p e r a o n s E B I T i m a r g n	5 6 7 3 %	4 8 6 3 %	1 7 %
f E i i i h i l d t n g n e e r n g + s e r v c e s o r o s p a s a n h h i l i d t t t e p a r m a c e u c a n u s r y E B I T i m a r g n	9 4 3 %	6 3 4 %	0 % 5
C t t o r p o r a e c o s s	3 -	-	-

Hospital Operations – Addressing Investor Concerns about Market Environment

Areas of concern:

• 2007 German VAT increase
• Strikes at German university and municipal hospitals
• Proposed 1 % budget cut

Issues to consider:

• No items becoming effective before January 2007
• Management team focused on compensating earnings impact – sufficient lead time
• VAT: significant share of HELIOS´ purchases not impacted; will negotiate with suppliers to mitigate impact on remaining purchases
• Salary levels and employment conditions at HELIOS superior to university and municipal hospitals – recognized by labor representatives
• Continued operating margin upside due to WKA improvement, HUMAINE integration and recently privatized HELIOS locations

Conclusion:

• Expect continued EBIT growth in 2007
• Privatization opportunities will increase mid-term

Fresenius ProServe: 2006 Financial Outlook Fully Confirmed

O i r g a n c r e e n e v u h t g r o w	B d l i l. H E L I O S f € 2 0 0 5 2 0 0 9 a s e o n s a e s n c o m ,	1 3 % -
E B I T		1 4 0 1 0 € 5 m -

Fresenius Biotech: Update

2006 EBIT outlook of -45 to -50 €m confirmed (H1 2006: -19 €m)

Confirm: Results from Phase II/III study on malignant ascites expected end of Q4 2006

ƒ S l i d h I I d i t t o m o r p a s e s e s u u -	S t t a s u	f N i t t o o p a e n s
B t r e a s c a n c e r	d t t s a r e	4 0 ~
G i t a s r c c a n c e r	d t t s a r e	5 0 ~
O i a r a n c a n c e r v	l d p a n n e	4 0 ~

Fresenius Group: Unique Opportunities in All Business Segments

C F i M d i l r e s e n u s e c a a r e :	M k l d i i N h A i k I i l t t t t t t t t a r e e a e r n a r a c e o r m e r c a n m a r e n e r n a o n a v ;
	f i h i h d i b i l i h l b l i t t t t t t s e g m e n w s u p e r o r g r o w a n p r o a y e o n y p u c –
	S i i i i i U d i l i i t t t t t t t n v e s m e n o p p o r u n y o p a r c p a e n n o n a y s s s e r v c e -
	d h d i l i d b i t a n e m o a s s p r o c s s n e s s y u u

Fresenius Kabi: Superior growth resulting from leading emerging markets position and successful core market product initiatives

Fresenius ProServe: Two-pronged strategy to benefit from significant German hospital privatization opportunity through leading hospital management and outsourcing project management presence

Fresenius Biotech: Attractive growth option based on proprietary antibody technology

Group Financials H1 2006

Fresenius Group: Profit and Loss Statement

€ m	Q 2 2 0 0 6	H 1 2 0 0 6	H Y Y 1 2 0 0 6 o l t t t a c a c o n s a n u t t r a e s r a e s		R k H 1 e m a r s o n
S l a e s	2 6 9 0 ,	0 8 5 7 ,	3 % 7 +	3 4 % +	9 % i h t o r g a n c g r o w
E B I T	3 9 0	6 8 1	0 % 5 +	4 6 % +
I l t t n e r e s r e s u	1 1 0 t -	1 9 4 -	1 0 0 % -	9 5 % -
T a e s x	1 2 8 -	2 0 4 -	4 6 % -	4 1 % -
N i t e n c o m e	7 5	1 4 0	3 9 % +	3 6 % +
S E P ( f ) ( p r e s	€ ) 1 4 8	2 7 7	1 2 % +	9 % +

Fresenius Group: Sales Growth Analysis Q2 2006

Fresenius Group: Profit and Loss Statement

€ m	Q 2 2 0 0 6	H 1 2 0 0 6	H 1 2 0 0 6 Y Y o l t t t a c u a c o n s a n t t r a e s r a e s		R k H 1 e m a r s o n
S l a e s	2 6 9 0 ,	5 0 7 8 ,	3 7 % +	3 4 % +	9 % i h t o r g a n c g r o w
E B I T	3 9 0	6 8 1	0 % 5 +	4 6 % +	( ) i l. 2 1 € i t t n c + m n e o n e m e - i / S F A S R 1 2 3 t e m s
I l t t t n e r e s r e s u	1 1 0 -	1 9 4 -	1 0 0 % -	9 % 5 -	i l. € f i i 3 0 t n c m r e n a n c n g c o s s
T a e s x	1 2 8 -	2 0 4 -	4 6 % -	4 1 % -
N i t e n c o m e	7 5	1 4 0	3 9 % +	3 6 % +
S ( ) ( E P f € p r e s	) 1 4 8	2 7 7	1 2 % +	9 % +

Fresenius Group: Interest Development

Fresenius Group: Debt Portfolio

Floating Floating Fixed rate/ Hedged 22 % 78 % 86 % 14 % 5,698 \$m 6,154 €m 1,672 €m Fresenius Medical Care 4,482 €m Fresenius Group excl. FME 1,672 €m Fixed rate/ Hedged

As of June 30, 2006

An increase of Euro and US interest rates by 50 bps will increase the interest expense by 6 €m p.a.

Fresenius Group: Profit and Loss Statement

€ m	Q 2 2 0 0 6	H H Y Y 1 2 0 0 6 1 2 0 0 6 o l t t t a c u a c o n s a n t t r a e s r a e s		R k H 1 e m a r s o n
S l a e s	2 6 9 0 ,	0 8 5 7 ,	3 % 7 +	3 4 % +	9 % i h t o r g a n c g r o w
E B I T	3 9 0	6 8 1	5 0 % +	4 6 % +	( ) i l. 2 1 € i t t n c + m n e o n e m e - i / S F A S R 1 2 3 t e m s
I l t t n e r e s r e s u	1 1 0 t -	1 9 4 -	1 0 0 % -	9 % 5 -	i l. € f i i 3 0 t n c m r e n a n c n g c o s s
T a e s x	1 2 8 -	2 0 4 -	4 6 % -	4 1 % -	i l. € 3 6 t t n c m a x p a y m e n o n f d i i d i l i l i i t t v e s u r e o a y s s c n c s
N i t e n c o m e	7 5	1 4 0	3 9 % +	3 6 % +	i l. € i i / 1 9 t t n c m o n e m e e m s - - S F A S R 1 2 3
S ( ) ( E P f p r e s	) € 1 4 8	2 7 7	1 2 % +	9 % +

Fresenius Group: Impact of Acquisition / Financing Related One-time expenses and Accounting Change

	G N i d 2 0 0 6 e a n c e w u			H 1 2 0 0 6			S t t a s u
€ m	E B I T	I t t n e r e s	N i t e n c o m e	E B I T	I t t n e r e s	N i t e n c o m e
f C G T i d R t r a n s o r m a o n a n i i t t n e g r a o n	1 9 -		4 -	3 -		-
A i h t c c o u n n g c a n g e – k i t t s o c o p o n s	1 6 -		7 -	8 -		3 -
C F T l d t -r e a e l i i d i i t t c n c e s r e s v u	3 2		2 -	3 2		2 -	3
E l d i t a r r e e m p o n y F i B d 2 0 0 3 r e s e n u s o n		1 8 -	1 1 -		1 8 -	1 1 -	3
C f f F M i i d t w r e -o p r e p a – f f i i n a n c n g e e s		1 2 -	3 -		1 2 -	3 -	3
T l t o a	3 -	3 0 -	2 7 -	2 1	3 0 -	1 9 -	3 7 0 %

Fresenius Group: Net Income Development

Fresenius Group: Cash Flow

€ m	Q 2 2 0 0 6	H 1 2 0 0 6	H 1 2 0 0 6 Y Y o	R k H 1 e m a r s o n
C h f l a s o w	2 5 4	4 7 1	2 7 % +	i h t t s r o n g e a r n n g s g r o w
C h i W k i i a n g e n o r n g c a p	l 5 5 t a -	8 6 -	8 8 % +	i l. € R C G i i i 6 1 t n c m a c q u s o n l d t t t r e a e a x p a y m e n s
O C f i h l t p e r a n g a s o w	1 9 9	3 8 5	1 % 7 +
C ( ) t a p e n e x	1 1 8 -	2 1 3 -	1 0 3 % +
C h f l a s o w ( ) b f i i i d d i i d d t e o r e a c q s o n s a n e n s u v	8 1	1 2 7	2 3 % -
A i i i ( ) t t c q s o n s n e u	2 7 5 +	3 0 1 5 - ,	--	C G i l R l m a n y e n a a r e r o u p
D i i d d v e n s	1 4 5 -	1 4 5 -	--
C f F h l r e e a s o w ( f ) i i i d d i i d d t t a e r a c q s o n s a n e n s u v	2 0 2	2 9 9 7 - ,	--

Fresenius Group: Debt and Interest Ratios

Fresenius Group: 2006 Financial Outlook Raised

	O i i l 2 0 0 6 i d r g n a g u a n c e	U d d i d t p a e g u a n c e
R e e n e v u t t t a c o n s a n c r r e n c u y R h t e v e n u e g r o w	€ b 1 0 5 n ~ 3 0 % ~	1 0 € b 7 n ~ 3 5 % ~
N i h t t e n c o m e g r o w t t t a c o n s a n c r r e n c u y	3 0 % >	4 0 % ~

Fresenius

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.

Health Care Worldwide

Analyst Meeting, August 3, 2006

Attachments

Fresenius Group: Key Figures According to IFRS

i € n m	H 1 2 0 0 6 S G U A A P	H 1 2 0 0 6 S I F R
S l a e s	0 8 5 7 ,	5 0 8 7 ,
E B I T	6 8 1	6 8 6
I l t t t n e r e s r e s u	1 9 4 -	1 9 4 -
N i t e n c o m e	1 4 0	1 4 2
O C i h f l t p e r a n g a s o w	3 9 3	3 9 5
B l h l t t t a a n c e s e e o a	1 4 8 3 1 ,	1 4 8 5 0 ,