Shareholder structure

The following describes the shareholder structure by the end of 2010 – before the conversion of preference shares into ordinary shares. The Else Kröner-Fresenius-Stiftung was the largest shareholder of Fresenius SE, with approximately 58% of the voting shares. Allianz Lebensversicherungs-AG claimed to hold between 5 and 10% of the voting shares. In addition, we received notifications pursuant to the German Securities Trading Act (WpHG) from Artio Global Investors and from Fidelity. For further information on notifications after the conversion, please see notes 26 and 27.

As of December 31, 2010, a shareholder survey covering 92% of our subscribed capital identified the ownership of 99% of the ordinary shares and 85% of the preference shares. According to this survey, a total of 306 institutional investors held about 85.3 million shares (52% of subscribed capital). This was split into 22.2 million ordinary shares (27% of the ordinary shares) and 63.0 million preference shares (78% of the preference shares). 4.7 million ordinary shares and 5.5 million preference shares were identified as retail holdings. The top ten investors held 14% of the ordinary share capital and 29% of the preference share capital. Both share classes were mostly held by investors in Germany, Great Britain, and the United States.

The analysis of our shareholder structure provides us with valuable information on the current structure and any changes that have occurred. The regional distribution of our institutional investors, for instance, serves as a good basis for the targeted planning and adjustment of our roadshow activities. The latest survey showed that our shareholder base is solid. This confirms we are right in pursuing our path of intensifying the dialogue with institutional investors and our roadshow activities in Europe and the United States.

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