Fresenius SE & Co. KGaA

Investor Presentation • Aug 4, 2005

Health Care Worldwide

Analyst Meeting August 4, 2005

Agenda

I. Business Update

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

II. Fresenius Financials First Half 2005

III. Outlook

Fresenius Group: Excellent Sales and Earnings Momentum

Business Segments: Key Highlights First Half 2005

	F i r e s e n s u C M d i l e c a a r e	F i r e s e n s u K b i a	F i r e s e n u s P S r o e r e v
S l a e s G h t r o w	\$ S U 3 2 8 3 m , 9 % +	€ 8 1 8 m 1 1 % +	3 0 € 5 m 9 % -
E B I T G h t r o w	\$ S U 4 5 8 m 1 1 % +	€ 1 1 0 m 2 9 % +	€ 7 m n a

Fresenius Medical Care - 17 % net income growth, 14.0 % EBIT margin - US and Europe are key growth and margin drivers Fresenius Kabi - Excellent first half earnings, margin expansion on track- I.V. drug business fully in line with expectations Fresenius ProServe - Earnings improvement accomplished - 15 % increase in order intake pointing to stronger second half

Fresenius Kabi: Sales First Half 2005

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

Fresenius Kabi: Sales Growth in All Regions

R i l S l H e g o n a a e s	5 1 2 0 0 € m	H 1 2 0 0 4 € m	G h t r o w	O i r g a n c G h t r o w
G e r m a n y	2 0 3	2 0 0	2 %	1 %
E G r o p e u e e r m a n x y	4 0 5	3 8 5	1 3 %	4 %
A i P i f i s a a c c -	8 5	7 5	1 3 %	1 6 %
L i A i t a n m e r c a	4 5	3 9	1 % 5	1 3 %
R W o	8 0	6 6	2 1 %	2 1 %

• Germany: positive sales momentum continued in Q2
• Europe: strong sales increase due to Labesfal and Infusia acquisitions
• Asia-Pacific: continued growth at double-digit rates
• Latin America: back to double-digit growth rates for H1

Fresenius Kabi: Excellent EBIT Performance

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

Fresenius Kabi: I.V. Drug Business Significantly Strengthened by Labesfal Acquisition

• Labesfal's financial results are fully in line with expectations
• Product registrations on track
• Targeting first sales of the Labesfal products in key European countries in early 2007

Fresenius Kabi: Generic I.V. Drugs – Exciting Market Potential

• The European hospital market for generic I.V. drugs has a market value of 2.5 – 3.0 €bn
• Fresenius Kabi addresses 1.2 €bn of the market with its portfolio
• The European hospital market for generic I.V. drugs is fragmented – no player has > 10 % market share –regional niche players dominate the market
• Fresenius Kabi is among the Top 5 suppliers
• High entry barriers due to significant investments in production for fluids/concentrates
• 3.7 €bn in European sales of patented I.V. drugs will go off-patent until 2010

Source: IMS, Datamonitor, Fresenius Kabi Internal Research Generic I.V. drugs = injectable forms of patent-free pharmaceutical molecules offered by originators and generic players

Fresenius Kabi: 2005 Earnings Outlook Raised

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 % ~
E B I T i m a r g n	1 3 5 % >

Fresenius ProServe: Key Figures H1 2005

€ m	H 1 2 0 0 5	H 1 2 0 0 4	C h a n g e
S l a e s	3 0 5	3 8 3	* 9 % -
H i l M t t o s p a a n a g e m e n ( W K A ) -	1 3 7	1 6 8	3 %
S H i l E i i i t o s p a n g n e e r n g + e r c e s ( V A M E D ) v -	1 4 5	1 5 4	6 % -
P h i l E i i S i t a r m a c e c a n g n e e r n g + e r c e s u v - P h l	3 2	4 1	2 3 % -
( ) a r m a p a n O h ** t ( / ) e r s l d l d i 2 0 0 4 s o c o s e n -	0	2 0	-
E B I T f b i t e o r e o n e m e e x p e n s e s E B I T	7 7	6 0	1 % 7 -
O d i k t r e r n a e	1 6 5	1 3 6	1 % 5

* -4 % organic; **hospitalia care; hospitalia activHealth

Fresenius ProServe: 2005 Outlook Confirmed

O i r g a n c r e e n e v u h t g r o w	5 8 % * -
E B I T	5 € 2 0 2 m -

* based on adjusted 2004 sales of 774 €m

Fresenius Group: Key Milestones for Continued Earnings and Value Growth

• Fresenius Medical Care – successful integration of RCG; change in legal structure and share conversion
• Fresenius Kabi – further operating margin expansion towards 15.5 % target in 2007; enhanced regional and product portfolio
• Fresenius ProServe – business turnaround; continued earnings improvements
• Fresenius Biotech – 2006 phase II antibody data

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Group Financials First Half 2005

Fresenius Group: Profit and Loss Statement

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

Fresenius Group: Sales Growth Analysis First Half 2005

Fresenius Group: Profit and Loss Statement

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

Fresenius Group: Cash Flow

i € n m	H 1 2 0 0 5	H 1 2 0 0 4	C h a n g e
C h f l a s o w	3 7 2	3 4 5	8 %	i i m a r g n n c r e a s e 1 0 0 % t o
C h i W k i i t a n g e n o r n g c a p a	l 4 3 -	5 -		i f l d b F M E t n u e n c e y a x S i h U t t p a m e n n e y
O i C h f l t p e r a n g a s o w	3 2 9	3 4 0	3 % -
C ( ) t a p e n e x	1 0 5 -	1 0 1 -	4 % -	h i h d i i H 2 g e r s p e n n g n l d p a n n e
C f F h l r e e a s o w ( f ) b 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	2 2 4	2 3 9	6 % -
A i i i ( ) t t c q s o n s n e u	1 8 2 -	5 3 -	-	i l F i K b i m a n y r e s e n u s a
D i i d d v e n s	1 2 7 -	1 1 9 -	% 7 -
F C h f 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 u s o n s a n v e n s	5 8 -	6 7	-

Fresenius Group: Capex and Acquisitions

Fresenius Group: Solid Balance Sheet Structure

Fresenius Group: Debt and Interest Ratios

	H 1 2 0 0 5	Y E 2 0 0 4	/ N d b E B I T D A t t e e
D b t e ( € ) m	2 9 9 3 ,	2 3 7 5 ,	4. 0
N d b t t e e ( € ) m	2 8 4 4 ,	2 9 5 5 ,	3. 5 3. 2 3. 0
N d b / E B I T D A t t e e	2 4	2 2	3. 0 2. 7
/ E B I T D A I t t n e r e s	6 2	4 5	2. 5 2. 4 2. 3 2. 2 2. 0 YE YE YE YE YE 01 02 03 04 31. 03. 05 30. 06. 05 05 p fo inc l. R C G is it ion ro rm a ac q u

Fresenius Group: 2005 Financial Outlook Raised*

Target

R h t e e n e g r o v u w t t t a c o n s a n c u r r e n c y	6 9 % –

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	2 0 2 5 % –

C i l d i t t a p a e x p e n u r e	4 0 0 4 5 0 € m –

* before Fresenius Medical Care's acquisition of Renal Care Group

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 4, 2005