Fresenius Shares

In 2010, both our ordinary shares and our preference shares clearly outperformed the DAX.

At the beginning of the year, Fresenius shares showed a modest performance in line with the market as a whole. The price of the ordinary share reached its low for the year of €41.80 on January 12, 2010. The price of the preference share reached its low for the year of €47.96 on February 5, 2010. Thereafter, both share classes continuously gained ground. On March 30, 2010 we announced our plan to convert the preference shares into ordinary shares in combination with a change of legal form to a partnership limited by shares (KGaA). Following the announcement, the price of the ordinary share jumped to the level of that of the preference share, closing the gap between the two share classes barring a few euro cents. At the beginning of May, uncertainties surrounding the size of the EU safety net and concerns whether still more countries might need to take recourse to it triggered a short downward correction. Fresenius shares were also affected. With the announcement of good financial results for the first quarter they steadied and began to recover. Both share classes rallied strongly after excellent six-month figures were released and the outlook for individual business segments was raised at the beginning of August. The upward trend gathered pace, driven by another round of excellent results in the third quarter of 2010, whereupon the outlook for the Group was raised again. The ensuing price rise took both the ordinary share and the preference share to all-time highs.

The ordinary shares reached their year high of €67.59 on December 2, 2010 before closing at €62.75 shortly thereafter. The preference shares reached their year high of €68.40 on November 26, 2010 and went on to close the year at €64.07. The ordinary share achieved an increase of 44% and the preference share of 28% over their year-end 2009 closing prices.

Fresenius SE’s market capitalization was €10.3 billion as of December 31, 2010, an increase of 37% compared to December 31, 2009.

As the table shows, the average daily trading volume in Fresenius shares on Xetra was lower in 2010 than in 2009. DAX trading volume was down 2% in the same time period.

XETRA TRADING VOLUME

  Average
trading volume
2010
No. of shares
Average
trading volume
2009
No. of shares
Change in %
Ordinary share 60,288 72,012 -16
Preference share 371,172 500,509 -26

  Average
trading volume
2010
No. of shares
Average
trading volume
2009
No. of shares
Change in %
Ordinary share 60,288 72,012 -16
Preference share 371,172 500,509 -26

Fresenius shares are listed on the stock exchanges in Frankfurt am Main, Düsseldorf, and Munich. Fresenius is included in Germany’s leading index, the DAX, as well as the Prime Standard Pharma & Healthcare Index, and the Dow Jones Stoxx 600 Healthcare Index. We are also listed in the Dow Jones Euro Stoxx and the FTSE Eurofirst 300 indices.

CAPITAL STRUCTURE

Stock options on ordinary and preference shares under the 1998 and 2003 stock option plans were exercised in 2010, increasing the number of ordinary and preference shares by 567,357 each. Further information on the stock option plans can be found on here.

At the end of 2010, there were 81,225,045 bearer ordinary shares and 81,225,045 bearer preference shares outstanding.

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