Fresenius SE & Co. KGaA

Investor Presentation • Oct 2, 2006

Health Care Worldwide

UBS – Global Life Science Conference September 25, 2006

1

Structure Fresenius Group

Fresenius Medical Care is fully consolidated in the financial statements of Fresenius AG *including HELIOS acquisition

Fresenius Group: Outstanding Financial Results

Significant Sales and Earnings Growth in All Business Segments

* based on H1 2005 incl. HELIOS Kliniken

Fresenius Medical Care: The World´s Leading Renal Therapy Company

Very strong performance in all key metrics

• Organic revenue growth of 9%
• Positive revenue per treatment development worldwide
• Net income growth of 19%*) – ahead of expectation
• Integration of RCG proceeding very well
  • New organization in place
  • Execution of detailed plans on or ahead of schedule
• Fresenius Medical Care serves ~161,700 patients in 2,078 dialysis clinics (June 30, 2006)

*) on a comparable basis excl. one-time items and accounting change SFAS 123R

Fresenius Medical Care: H1 – Excellent Top and Bottom Line Growth

\$ U S m	H 1 2 0 0 6	H 1 2 0 0 5	G h t r o w
N t e r e v e n u e	3 9 1 2 ,	3 2 8 3 ,	* 1 9 % +
S S E l d i i i d F A R 1 2 3 t t c n g o n e m e e m s a n x u -
E B I T	5 8 7	4 5 9	2 8 % +
E B I T i i % m a r g n n	1 5 0	1 4 0
N i t e n c o m e	2 6 6	2 2 4	1 9 % +
E B I T	6 1 6	4 5 8	3 4 % +
E B I T i i % m a r g n n	1 5 7	1 4 0
N i t e n c o m e	2 4 6	2 2 3	1 0 % +

* 20% growth at constant currency

Fresenius Medical Care: 2006 Financial Outlook Raised

	F Y 2 0 0 5 \$ S U m	O l d i d g a n c e u	N i d e w g u a n c e
N t e r e v e n u e ( ) t t t a c o n s a n c r r e n c u y	6 7 7 2	\$ b 8 1 n ~	\$ b 8 3 n ~
) 1 N i t ( b f i i ) e n c o m e t t e o r e o n e m e e m s - G h t r o w	4 7 2	\$ 5 1 5 5 3 5 m -	\$ 5 4 2 m > 1 % 5 >
N i t ( f i i ) t t t e n c o m e a e r o n e m e e m s -	4 5 5	\$ 4 6 4 8 5 5 m -	\$ 0 2 5 m >

1) excl. one-time items such as Transformation and Settlement costs, RCG integration costs, write-off FME prepaid financing fees, the after-tax impact of the sale of dialysis clinics, and the change in stock option compensation expense (SFAS 123R)

Fresenius Kabi: Continued Strong Organic Sales Growth and EBIT Margin Expansion

• Focus on organic growth and on selective acquisitions to expand regional presence and product portfolio
• Achieve international product roll-out in medical devices and generic I.V. drugs – benefit from market access and established hospital distribution network
• Introduce new production technologies and processes to further gain efficiencies and optimize cost structures

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 2 0 0 6 i d r g n a g a n c e u	U d d i 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	1 4 1 0 % 5 5 -	1 5 % >

Fresenius ProServe: Significant German Hospital Privatization Opportunity

• Germany is Europe's largest hospital market (>\$80 billion market size)
• Only 9 % of German acute hospital beds managed by private operators
• Market provides value-creation opportunity for efficient players with superior medical quality
• HELIOS owns 51 clinics (>14,000 beds); superior growth and margin profile

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 closed; EPS-accretive in 2006

Engineering and Services business

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

Fresenius ProServe: Positive Sales and 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	G h t r o w
S l a e s	9 4 7	9 4 2	3 %
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	0 %
S f E i i i 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 c a n s r u u y a r m a p a n +	2 0 7	1 7 7	1 % 7
E B I T	6 2	4 5	1 % 5
H i l i t t o s p a o p e r a o n s	5 6	4 8	1 7 %
E i i i f 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 c a n s r u u y	9	6	5 0 %
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	N f 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	0 5 ~
O i v a r a n c a n c e r	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

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.

Attachments

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 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: Sales Growth Analysis Q2 2006

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

	N G i d 2 0 0 6 e w u a n c e		H 1 2 0 0 6			S t t a u s
€ 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
T f i d R C G 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 -
F T C l d t -r e a e l i i d i i t t c n c v e s u r e s	3 2		2 -	3 2		2 -	3
E l d i t a r y r e e m p o n F i 2 0 0 3 B d r e s e n s o n u		1 8 -	1 1 -		1 8 -	1 1 -	3
C F M i f f i d t r e -o p r e p a w – f i i f 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: 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 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 u s o n e r a p y	5 1 3	4 3 7	7 %
C l i i l N i i t t n c a r o n u	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	5 9	5 4	5 %

Financial Calender

October 31, 2006 Report on 1st – 3rd quarters 2006

Contact

Birgit Grund SVP Investor Relations Fresenius AG

Telephone: e-mail:

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

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