ADR program

On October 26, 2011, Fresenius initiated a Sponsored Level I American Depositary Receipt (ADR) program in the U.S. ADRs are certificates that enable U.S. investors to indirectly hold shares in a non-American company and to trade these in the U.S. The ADR program provides U.S. investors with an easy way to invest in Fresenius in their domestic market and in their local currency, and to share in the company’s future development. Fresenius ADRs are traded in the U.S. on the over-the-counter (OTC) market. Eight ADRs correspond to one Fresenius share. The Deutsche Bank acts as the depository bank for the ADR program.