Fresenius SE & Co. KGaA

Investor Presentation • Oct 14, 2005

Fresenius Continues Profitable Growth

Analyst Meeting, October 14, 2005

Disclaimer

THIS PRESENTATION IS FOR INFORMATION PURPOSES ONLY AND MAY NOT BE FURTHER DISTRIBUTED OR PASSED ON TO ANY OTHER PERSON OR PUBLISHED, IN WHOLE OR IN PART, FOR ANY PURPOSE.

This presentation does not constitute or form part of, and should not be construed as, any offer or invitation to subscribe for, underwrite or otherwise acquire, any securities of Fresenius AG ("Fresenius") or any present or future member of its group nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities in Fresenius or any member of its group or any commitment whatsoever.

The information contained in this presentation is for background purposes only and is subject to amendment, revision and updating. Certain statements contained in this presentation may be statements of future expectations and other forwardlooking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties. In addition to statements which are forward-looking by reason of context, including without limitation, statements referring to risk limitations, operational profitability, financial strength, performance targets, profitable growth opportunities, and risk adequate pricing, as well as the words "may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, or continue", "potential, future, or further", and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements as a result of, among other factors, changing business or other market conditions and the prospects for growth anticipated by the management of Fresenius. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Fresenius does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak only as of the date of this presentation.

Overview

Acquisition of HELIOS – Creating a Leader in German Hospital Management

Acquisition of the Clinico Business – Perfect Fit with Fresenius Kabi's Growth Strategy

Acquisition Financing Committed – Solid Financial Profile

Fresenius Group: Excellent Q1-3/2005 – Outlook 2005

Agenda

Acquisition of HELIOS – Creating a Leader in German Hospital Management

HELIOS Acquisition Highlights

• Unique opportunity to establish a leading position in the Ger man hospital market
• Platform for further gro wth
• Creating a strong third busin ess segment within the Fresenius Group
• Large G erman hospital market provides value-creation opportunity for efficient players with superior medical quality
• Successful company with a well-proven business model
• Excellent management team with strong track-record in hospital operations and acquisitions; ongoing commitment to Fresenius
• Perfect geographic fit with the W KA clinics and synergy potential

WKA = Wittgensteiner Kliniken AG

HELIOS at a Glance

Strong Growth Track-Record

(a) As of September 30, 2005. (b) Based on sales.

HELIOS – Excellent Reputation in the German Hospital Market

• Established brand for industry-leading medical quality standards and outstanding reporting transparency
  • – Annual Medical Reports (since 1999)
  • – Patient and results oriented: first clinic chain to publish mortality rates per DRG
• The only German private chain managing 4 maximum-care hospitals with more than 1,000 beds each
• Successful cluster strategy with maximum-care hospitals as competence and growth centers
• Optimized medical and logistics processes in place, strict internal benchmark system
• Advanced business model to manage cost and quality in alignment with patients and insurers

HELIOS-Acquisition Establishes a Strong Third Business Segment within the Group

HELIOS-Acquisition Establishes a Strong Third Business Segment within the Group

N ote: Percentages relate to sum of seg ments e xcl. segment 'Other/C orporate', totals include seg ment 'Other/C orporate' (a) Prelimin ary numbers based on management estimates; assuming no differences between IF R S and US-GAAP at H ELIOS. US\$/€ FX rate of 1.24 used for con v ersion of R C G financials. Subject to change.

Fresenius ProServe – Creates Pure Play Hospital Operator and Service Provider

S t t r a e g y	P f r o o r m a -	( ) K F i i l 2 0 0 4 a e y n a n c a s
C f G l i t t " e a r s r a e g c o c u s o n e r m a n h i l b i t o s p a u s n e s s	S l a e s	€ 1 9 7 4 m ,
I d h h h i l t t t t t " n e g r a e a p p r o a c o e o s p a k t m a r e H i l t t o s p a m a n a g e m e n - / S E i i i n g n e e r n g e r c e s v -	E B I T	€ 1 0 5 m
C f i i l i d d h " t t t t r c a s e o a r e s s r e g r o z u u w i i t t o p p o r u n e s
C O S b i H E L I 's d W K A 's " o m n e s a n O S h i l i i i d H E L I t t t o s p a a c v e s u n e r t m a n a g e m e n

(a) Preliminary numbers based on management estimates. Assuming no differences between IFRS and US-GAAP at HELIOS. Subject to change.

Compelling Strategic Rationale

• Germany is Europe's largest hospital market (volume: ~65 €bn)
• Demographic trends create long-term patient growth
• Quality demands and cost pressure drive market change
• Increasing pressure on public hospitals enables private operators to substantially increase market position
• nation creates one of the top three l eading private hospital n Germany based on sales
• n profil e

• ementary geographic footprint

• HELIOS management team will stay on board

• ng industry, acquisition and restructuring know-how

Attractive Market and Value Enhancing Growth Potential

Source: Federal Statistical Office Germ a ny (2003)

Prime Asset with Leading Market Position – Growth Track-Record of HELIOS

Successful acquisition track-record since 1994

• Sustainable business model – cash flow financed growth
• Operating cash flow margin 2004: 15.1 %

Source: HELIO S annual reports (IFRS).

Perfect Strategic Fit – HELIOS / WKA

Strong Regional Fit

	W K A	H E L I O S	P r o f o r m a
S l 2 0 0 4 a e s ( €m )	3 4 3	1 1 6 1 ,	5 1 0 4 ,
E l m p o y e e s ( ) De 3 1, 2 0 0 4 c	7 0 4 1 ,	1 7 7 5 0 ,	2 4 7 9 1 ,
H i l t o s p a s ( Se 3 0, 2 0 0 5 ) p	( ) b 3 1	2 4	5 5
B d e s ( Se 3 0, 2 0 0 ) 5 p	( b ) 9 0 0 5 ~ ,	9 3 0 0 ~ ,	1 5 2 0 0 ~ ,

Including HELIOS, Fresenius will be among the top 3 private hospital operators in Germany(a) creating an attractive platform for further growth

(a) Based on published sales. (b)Own and managed.

© Fresenius AG |

Perfect Strategic Fit – Synergies HELIOS / WKA

• Combination is expected to yield an attractive synergy potential

  • – G&A redundancies
  • – Purchasing

• Fresenius expects a likely synergy potential (pre-tax) following a successful integration of HELIOS of approx. 6 €m (post one-time integration costs) in 2006 and approx. 15 €m thereafter

• No revenue synergies included in business plan assumptions
• Accelerated earnings enhancement at WKA expected

Agenda

Acquisition of the Clinico Business – Perfect Fit with Fresenius Kabi's Growth Strategy

Clinico – Overview and Acquisition Highlights

Fresenius Kabi acquires the business of Clinico GmbH Develops, manufactures and delivers medical devices for Infusion Therapy and Clinical Nutrition

• Preliminary Sales FY 2004/2005 (ended September 30): approx. 51 €m

• 1,500 employees

• Complementary product portfolio, e.g. sterile disposables for the application of drugs and clinical nutrition, catheter systems
• State-of-the-art production facilities in Germany, Poland and China
• Attractive margins

Clinico – Strategic Rationale

• Extending Fresenius Kabi's medical devices product portfolio
• Leverage on Fresenius Kabi's international hospital sales and distribution network
• Benefiting from Clinico's cost efficient production facilities; increasing international production capacity
• Gain additional development and production know-how
• Building competitive advantage as a vertically integrated company for Infusion Therapy and Clinical Nutrition with comprehensive product portfolio
• Margin enhancing for Fresenius Kabi

Agenda

Acquisition Financing Committed – Solid Financial Profile

Acquisition Financing Committed

Financial Impact

Agenda

Fresenius Group: Excellent Q1-3/2005 – Outlook 2005

Fresenius Group: Excellent Performance Continues

Business Segments: Key Highlights Q1-3/2005 (Preliminary)

	F i r e s e n s u M d i l C 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 s u P S r o e r v e
S l a e s G h t r o w	\$ 0 0 0 5 m , 9 % +	1 2 3 9 € m , 1 2 % +	2 € 5 5 m 5 % -
E B I T G h t r o w	( ) \$ 6 9 4 a m 1 1 % +	1 0 € 7 m 3 2 % +	1 1 € m -

• Freseni us Medical Care
• Fresenius Kabi
• Fresenius ProServe
• – Achieved excellent Q3 results
• –On track for the full year target
• –Continued strong sales momentum in all regions
• – Excellent EBIT margin improvement – Q3/05: 14.3 %
• –Sales and earnings in line with our expectations
• – Strong Q4/05 due to good order entry expected

(a) Includes 8 \$m of one-time costs related to the transformation of Fresenius Medical Care's legal form into a KGaA.

Fresenius Group: 2005 Financial Outlook(a)

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

i N h t t e n c o m e g r o w	2 5 % >
t t t a c o n s a n c u r r e n c y	d d u p g r a e

(a) Before Fresenius Medical Care's acquisition of Renal Care Grou p and Fresenius' acquisitions of HELIOS and the business of Clinico.

Next Steps

HELIOS Acquisition

• Approval of antitrust authorities
• Closing expected in Q4/2005

Clinico Acquisition

• Approval of antitrust authorities
• Closing expected in Q4/2005

Financing

Announcement of capital increase details planned in the coming weeks

Results Reporting

November 3, 2005: Final results Q1-3/2005; analysts meeting

Fresenius Continues Profitable Growth

Analyst Meeting, October 14, 2005

Contact

Birgit Grund SVP Investor Relations Fresenius AG

Phone: e-mail:

++49 6172 608-2485 Birgit.Grund@fresenius.de

Further information and current news: http://www.fresenius-ag.com