FSNUY Fresenius SE and Company KGaA (PK)

Exhibit 99.1

(1)	Fresenius SE & Co. KGaA, Else-Kröner-Str. 1, 61352 Bad Homburg vor der Höhe, Federal Republic of Germany (the “Seller”);

(2)	BofA Securities Europe SA, 51 rue La Boétie, 75008 Paris, France (“BofA”);

(3)	Goldman Sachs Bank Europe SE, Marienturm, Taunusanlage 9-10, 60329 Frankfurt am Main, Federal Republic of Germany (“Goldman Sachs”, and together with BofA, the “Joint Global Coordinators”);

(4)	BNP PARIBAS, 16, boulevard des Italiens, 75009 Paris, France (“BNP”);

(5)	Deutsche Bank Aktiengesellschaft, Taunusanlage 12, 60325 Frankfurt am Main, Federal Republic of Germany (“Deutsche Bank”, and together with the Joint Global Coordinators and BNP, the “Joint Bookrunners”); and

(6)	Banco Santander, S.A., Paseo de Pereda 9-12, 39004 Santander, Spain (“Santander” or the “Co-Lead Manager”, and the Co-Lead Manager together with the Joint Bookrunners the “Managers” and each a “Manager”, and the Seller and the Managers each a “Party” and together the “Parties”).

(A)

Fresenius Medical Care AG is a German stock corporation (Aktiengesellschaft) existing under the laws of Germany, with registered office at Else-Kröner-Str. 1, 61352 Bad Homburg vor der Höhe, Germany, registered with the commercial register of the local court (Amtsgericht) of Hof, Germany, under number HRB 6841 (the “Company”).

(B)	The share capital (Grundkapital) of the Company amounts to EUR 293,413,449.00 and is divided into 293,413,449 ordinary bearer shares with no par value (auf den Inhaber lautende Stückaktien) each with a pro rata amount of the share capital of EUR 1.00 (the “Shares”).

(C)	The Shares are represented by a global share certificate, which is deposited with Clearstream Banking AG. The shareholders’ right to receive individual share certificates is generally excluded by § 5(2) of the articles of association of the Company.

(D)	The Shares are listed in the regulated market (prime standard) at the Frankfurt Stock Exchange (ISIN DE0005785802) and American depositary shares representing the Shares are listed on the New York Stock Exchange.

(E)	As at the date of this Agreement, the Seller holds 94,380,382 Shares, representing 32.17% of the share capital of the Company and intends to sell via the Managers up to 10.5 million Shares (the “Placement Shares”).

1	Sale and purchase of the Placement Shares

1.1	Certain Definitions

(i)

the launch ad hoc release in connection with the Placement prepared by the Seller, dated the date of this Agreement; and

(ii)

the launch press release, dated the date of this Agreement, and the pricing press release, dated the Pricing Date, each as prepared by the Seller and provided to the Managers for use by the Managers in connection with the Placement.

1.2	Subject to the terms and conditions set forth in this Agreement, the Managers agree to use their reasonable endeavors to procure purchasers for the Placement Shares, on an agency

1.3

The price per share at which each Placement Share is to be sold to investors by the Managers (the “Placement Price”) and the actual number of Placement Shares to be sold in the Placement will be agreed upon between the Seller and Managers in the Pricing Agreement on the Pricing Date. For the avoidance of doubt, nothing in this Agreement constitutes an obligation or commitment by any Party to enter into the Pricing Agreement (as defined below) or to sell or purchase any Placement Shares.

1.4

Subject to the terms and conditions of this Agreement and the execution of the Pricing Agreement, the Seller agrees to sell the Placement Shares, and each Manager will severally and not jointly purchase and pay for its Relevant Proportion of the number of Placement Shares to be taken up by it, at the Placement Price (as defined below) on the Closing Date.

1.5	The Managers shall be neither joint debtors nor joint creditors (keine Gesamtschuldner- oder Gesamtgläubigerschaft); there shall be no joint or fractional co ownership in respect of Placement Shares among the Managers (kein Gesamthands- und Miteigentum nach Bruchteilen).

1.6

The Placement will be outside the United States in reliance on Regulation S under the Securities Act and by way of a private placement in the United States only to persons reasonably believed to be “qualified institutional buyers” (as defined in Rule 144A under the Securities Act) in transactions exempt from the registration requirements of the Securities Act.

1.7

With reference to Article 27 of EU Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments (“MiFID II”), and the provisions of applicable national laws implementing such article, the Seller herewith instructs the Managers to place the Placement Shares in accordance with the terms and the placement structure set forth in this Agreement and the Pricing Agreement (specific instruction from the client according to Article 27(1) sentence 2 MiFID II and the provisions of applicable national laws implementing such article, including § 82(4) of the German Securities Trading Act (Wertpapierhandelsgesetz)).

2	Settlement

2.1

The Seller and the Managers agree that the Placement Shares shall be transferred to the Managers concurrently with and in consideration of (Zug-um-Zug) payment of the Net Payment Amount at 9:00 a.m. (Frankfurt am Main time) on the Closing Date free of all costs and rights of third parties. The transfer of the Placement Shares and the payment of the Net Payment Amount will be effected by way of a “payment/delivery transaction” (Zahlungs-/Lieferungsgeschäft) (within the meaning of sec. A no. I in conjunction with sec. B no. XXIV (2) and XXV (2) of the General Terms and Conditions of Clearstream Banking AG dated 2 September 2024–Clearstream GTC).

2.2	The Seller will instruct its custodian bank to transfer the Placement Shares by way of a “payment/delivery transaction” (Zahlungs‑/Lieferungsgeschäft) to the following securities account of the Settlement Manager acting on behalf of the Managers:

2.3

It is understood and agreed by the Parties hereto that, irrespective of any closing procedures which involve transfer of possession of such Placement Shares to the Settlement Manager for transfer of possession to the investors or the booking of Placement Shares into a technical settlement account with the Settlement Manager, title to such Placement Shares shall directly be transferred (Direkterwerb) from the Seller to the respective investors. The transfer of title shall be effected by booking of the Placement Shares to the custody account of the respective investors without intermediate ownership by the Settlement Manager or one of the Managers (kein Durchgangserwerb). For the purpose of transfer of title to the Placement Shares to investors, the Seller hereby irrevocably authorizes the Settlement Manager to act as representative (Vertreter) for the Seller and to make the necessary declarations on its behalf to transfer the title. The title to the Placement Shares shall be transferred against payment of the Placement Price for the Placement Shares sold to the respective investors. Such direct transfer of title to the acquiring investors shall fulfil the Seller’s obligations vis-à-vis the Managers to transfer the title to the Placement Shares.

3	Fees and Expenses

3.1

Fees

3.1.1

The Seller will pay to the Managers a base fee as separately agreed (the “Base Fee”), which will be split among the Managers pro-rata according to their Relevant Proportion.

3.1.2

In addition, the Seller, in its sole discretion, may pay to the Joint Bookrunners an additional fee as separately agreed (the “Additional Fee”) which will be split

3.1.3

The Base Fee and the Additional Fee (if any) (together the “Fees”) are payable plus VAT (if applicable).

3.2

Expenses

3.2.1

The Managers shall be responsible for their own costs and expenses, except that the Seller will reimburse the Managers for the costs and expenses for the Managers’ legal advisors to the extent as separately agreed, and the costs and expenses of the Joint Bookrunners for Dealogic/Dealaxis up to a total amount of per Joint Bookrunner to the extent as separately agreed.

3.2.2

The foregoing provision shall survive any completion or termination of this Agreement.

4	Seller’s Representations, Warranties and Undertakings

4.1	the Seller is a duly incorporated partnership limited by shares (Kommanditgesellschaft auf Aktien) with a societas europaea as general partner under the laws of Germany and European law with power and authority (corporate and other) to own its properties and conduct its businesses;

4.2	the Seller is not in insolvency or liquidation and no reasons for the opening of insolvency proceedings exist;

4.3

this Agreement and the Pricing Agreement and any other relevant transaction documents have been or will have been duly authorized, executed and delivered by the Seller or by the General Partner acting on behalf of the Seller each constitutes or will constitute legal, valid, and binding obligations of the Seller, enforceable in accordance with their respective terms, subject to the laws of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other similar laws relating to or affecting creditors’ rights generally and by general equitable principles (whether considered in a proceeding in equity or at law);

4.4

the execution, delivery and performance of this Agreement and the Pricing Agreement by the Seller or by the General Partner acting on behalf of the Seller will not conflict with or infringe any applicable law, regulation or order of any governmental agency or body or any court, domestic or foreign, having jurisdiction over the Seller or any of its properties, or any agreement or instrument to which the Seller is a party or by which the Seller is bound or to which any of the properties of the Seller is subject or any provision of the constitutional documents of the Seller and will not result in any violation of the terms of any material instrument or agreement to which the Seller is a party or by which the Seller or its property is bound;

4.5

the most recently published IFRS audited consolidated financial statements, together with the related notes, and the most recently published unaudited consolidated interim financial statements, together with the related notes, issued subsequent thereto (if any) of the Seller present fairly the financial position, results of operations and cash flows of the Seller and its Subsidiaries at the dates and for the periods to which they relate and have been prepared in accordance with IFRS, applied on a consistent basis, except as otherwise stated therein;

4.6

other than as publicly disclosed, there are no pending proceedings, actions or suits against or affecting either the Seller or the Fresenius Group, which, if determined adversely to it would have a Material Adverse Effect, or which directly relate to the Placement; and to the best of its knowledge no such proceedings, actions or suits are threatened or contemplated;

4.7

the information in the Offering Materials, at the date on which it was made, was true and correct and not misleading. To the best knowledge of the Seller, there are no other facts with respect to the Seller or the Fresenius Group or the Placement Shares the omission of which would, in the context of the Placement, make any information contained in the Offering Materials misleading in any material respect;

4.8

all licenses, consents, approvals, authorizations, orders, and clearances, if any, from all regulatory authorities required by the Seller for or in connection with, the Placement, and the execution of, delivery of and compliance with, the terms of, this Agreement and the Pricing Agreement (if any) have been obtained and are in full force and effect;

4.9	the Seller is the sole legal owner of the Placement Shares, the Placement Shares are fully paid and fully entitled to dividends for the fiscal year 2024 of the Company as well as free from any rights of third parties (except for security interests of the custodian banks) and freely transferable;

4.10

upon delivery of the Placement Shares, the Placement Shares will not be subject to any security interests, charges, liens and encumbrances, pre-emptive rights or any other third party rights (except for any statutory liens in favor of custodial banks in their capacity as “Depotbanken”), and will be freely transferable under applicable German laws under terms as provided in the Company’s articles of association and will rank pari passu in all respects and are fully fungible with the other outstanding ordinary shares of the Company;

4.11	the Placement Shares are validly issued and effectively admitted to trading on the regulated market and the sub-segment of the regulated market with additional post admission obligations (Prime Standard) of the Frankfurt Stock Exchange;

4.12

the sale of the Placement Shares by the Seller in the manner contemplated hereby will not violate the laws applicable in Germany or any other jurisdiction relevant for the actions of the Seller restricting or prohibiting insider trading or insider dealing in securities assuming, to the extent relevant, that such laws would be applicable to the sale of the Placement Shares;

4.13

none of the Seller, any of its affiliates (as defined in Rule 501(b) of Regulation D (“Regulation D”) under the Securities Act, an “Affiliate”) or any person acting on its or their behalf (other than the Managers, as to whom no representation or warranty is made) has taken or will take, directly or indirectly, any action to facilitate the sale or resale of the Placement Shares through stabilization of the price of any security of the Company;

4.14	none of the Seller, any of its Affiliates or any person acting on its or their behalf (other than the Managers, as to whom no representation or warranty is made):

4.14.1

has made or will make, directly or indirectly, offers or sales of any security, or has solicited or will solicit, directly or indirectly, offers to buy any security, or has otherwise negotiated or will negotiate in respect of any security under circumstances that would require the registration of any Placement Shares under the Securities Act;

4.14.2

has engaged or will engage in any “general solicitation” or “general advertising” (within the meaning of Rule 502(c) of Regulation D) with respect to the Placement Shares; or

4.14.3

has engaged or will engage in “directed selling efforts” (within the meaning of Rule 902(c) of Regulation S) with respect to the Placement Shares;

4.15	the Company is a “foreign issuer” (as defined in Rule 405 under the Securities Act) and the Seller reasonably believes that there is no “substantial U.S. market interest” (as defined in Rule 902(j) of Regulation S) in the class of securities of which the Placement Shares is part;

4.16	to the knowledge of the Seller, the Company is not, and as a result of the sale of the Placement Shares contemplated herein, will not be, an “investment company” as defined in the United States Investment Company Act of 1940, as amended;

4.17

none of the Seller, any of its Subsidiaries, directors, officers or, to the best knowledge of the Seller, employees or any agent, affiliate or representative of the Seller is an individual or entity (a “Seller Person”) currently the subject of any Sanctions. In this clause “Sanctions” shall be defined collectively as any economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the United States Government, including, without limitation, the U.S. Department of Treasury’s Office of the Foreign Assets Control (“OFAC”), the U.S. Department of State; the United Nations Security Council (“UNSC”); the European Union; United Kingdom’s His Majesty’s Treasury (“HMT”); Germany or any other relevant sanctions authority, including the United Nations.

4.18

the operations of the Seller and, to the best knowledge of the Seller, its Subsidiaries are and have been conducted at all times in compliance with the applicable financial recordkeeping and reporting requirements of the money laundering statutes of all applicable jurisdictions, the money laundering statutes themselves and the rules and regulations thereunder administered or enforced by any governmental agency (collectively, the “Money Laundering Laws”) in all material respects and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Seller or any of its Subsidiaries with respect to the Money Laundering Laws is pending or, to the best knowledge of the Seller, threatened;

4.19	Anti-Bribery and Anti-Corruption Laws

(i)

neither the Seller nor any of its Subsidiaries or, to the best knowledge of the Seller, any director, officer, agent, employee or affiliate (except for Else Kröner-Fresenius-Stiftung and the Company as to which no representation is being made) of the Seller, or any of its Subsidiaries has taken any action, directly or indirectly, that would result in a violation by such persons of the U.S. Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the “FCPA”), the UK Bribery Act or any other applicable anti-bribery law or statute, except for such violations, if any, that, as of the date this representation is given, are not expected to result, individually or in the aggregate, in a Material Adverse Effect or would otherwise be material in the context of the Placement;

(ii)

neither the Seller nor, to the best knowledge of the Seller, its Subsidiaries, is currently in breach of the FCPA, to the extent the FCPA is applicable to the Seller and its Subsidiaries, the UK Bribery Act and any other applicable anti-bribery law or statute, that would, or could reasonably be expected to, result in a Material Adverse Effect or would otherwise be material in the context of the Placement; and

(iii)

the Seller and, to the best knowledge of the Seller, its Subsidiaries have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith and compliance with, as applicable, the FCPA, the UK Bribery Act, the OECD Convention on Bribery

4.20

except for the Placement, the Seller is not aware of any inside information as defined in Art. 7 MAR and in other applicable laws with respect to the Seller, the Company or the Placement Shares which is required to be published in accordance with Art. 17(1) MAR or other applicable laws, it being understood, in each case, that the representation in this Clause 4.20 shall not oblige any board member, director, officer or employee of the Seller or the General Partner to disclose any circumstances regarding the Company or its consolidated subsidiaries to the Managers in contradiction of non-disclosure requirements imposed by applicable statutory law or by contractual agreement in connection with his membership/participation in the activities of the supervisory board (Aufsichtsrat) of the Company; the Seller makes no use of its rights under Art. 17(4) MAR and other applicable laws to delay its obligation to publicly disclose inside information relating to itself;

4.21	the Seller has not manipulated, and will not manipulate, the price of any of the Shares or any other security of the Company in violation of MAR or other laws applicable to the Seller;

4.22

none of the Seller, any of its Affiliates or any person acting on its or their behalf (except for the Managers, as to whom no representation or warranty is made) has distributed and, prior to the later to occur of (i) the Closing Date and (ii) completion of the distribution of the Placement Shares, none of the Seller, any of its Affiliates or any person acting on its or their behalf (except for the Managers, as to whom no representation is made) shall distribute, any offering or sales materials in connection with the offering and sale of the Placement Shares; and

4.23

no withholding or deduction for any taxes, duties, assessments or governmental charges of whatever nature is imposed or made for or on account of any income, registration, transfer or turnover taxes, customs or other duties or taxes of any kind, levied, collected, withheld or assessed by or within Germany, or by any subdivision of or authority therein or thereof having the power to tax in Germany, in connection with (i) the offer, sale, and delivery of the Placement Shares to or for the respective accounts of the Managers in the manner contemplated in this Agreement, (ii) the offer, sale and delivery by the Managers of the Placement Shares to the investors in the manner contemplated in this Agreement, (iii) the authorization, execution or delivery of this Agreement and (iv) the performance of the Seller’s obligations under this Agreement.

5	The Managers’ Representations and Warranties

5.1	Each Manager represents and warrants by way of an independent guarantee and irrespective of negligence (selbständiges verschuldensunabhängiges Garantieversprechen) that:

5.1.1

it acknowledges that the Placement Shares have not been and will not be registered under the Securities Act and may not be offered or sold within the United States except in accordance with an exemption from the registration requirements of the Securities Act;

5.1.2

none of it, any of its Affiliates or any person acting on its or their behalf:

(i)

has made or will make any offer or sale of the Placement Shares as part of its distribution at any time except (a) outside the United States in “offshore transactions” (within the meaning of Regulation S) in reliance on

(ii)

has made or will make, directly or indirectly, offers or sales of any security, or has solicited or will solicit, directly or indirectly, offers to buy any security, or has otherwise negotiated or will negotiate in respect of any security under circumstances that would require the registration of any Placement Shares under the Securities Act;

(iii)

has engaged or will engage in any “general solicitation” or “general advertising” (within the meaning of Rule 502(c) of Regulation D) with respect to the Placement Shares; or

(iv)

has engaged or will engage in “directed selling efforts” (within the meaning of Rule 902(c) of Regulation S) with respect to the Placement Shares;

5.1.3

it has not offered or sold, and agrees that it will not offer or sell, any Placement Shares to any persons in the EEA except to such persons that are qualified investors within the meaning of the Prospectus Regulation;

5.1.4

in relation to each Relevant Member State it has not made and will not make an offer to the public of any Placement Shares which are the subject of the offering contemplated by this Agreement in that Relevant Member State, except that it may make an offer to the public in that Relevant Member State of any Placement Shares at any time under the following exemptions under the Prospectus Regulation, if they have been implemented in that Relevant Member State:

(i)

to legal entities which are qualified investors as defined in the Prospectus Regulation;

(ii)

to fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus Regulation), as permitted under the Prospectus Regulation; or

(iii)

in any other circumstances falling within Article 1(4) of the Prospectus Regulation in the case of a member state of the European Economic Area;

5.1.5

it has not made and will not make an offer to the public in the United Kingdom of any Placement Shares which are the subject of the offering contemplated by this Agreement, except that it may make an offer to the public in the United Kingdom of any Placement Shares at any time:

(i)

to legal entities which are qualified investors as defined in the UK Prospectus Regulation;

(ii)

to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the UK Prospectus Regulation); or

(iii)

in any other circumstances falling within section 86 of the Financial Services and Markets Act 2000 (as amended, the “FSMA”);

5.1.6

it has only communicated or caused to be communicated and will only communicate or cause to be communicated in the United Kingdom any invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) received by it in connection with the sale of any Placement Shares, in circumstances in which section 21(1) of the FSMA does not apply to the Seller; and

5.1.7

it has not taken, directly or indirectly, any action which was designed to or which has constituted or which might reasonably be expected to cause the stabilization or manipulation of the price of the Placement Shares.

6	Indemnification

6.1

Without prejudice to the other rights or remedies of the Managers, the Seller agrees with the Managers to indemnify the Managers and any of their affiliates, and each person who controls such Manager (within the meaning of section 15 of the Securities Act or section 20 of the U.S. Securities Exchange Act of 1934) and each of their directors, officers, employees, and agents (“Indemnified Persons” and each an “Indemnified Person”) from and against any losses, claims, damages, liabilities, charges, expenses or demands (or actions in respect thereof, whether threatened or pending), in each case including VAT, if applicable, to which they or any of them may become subject, arising out of, or in relation to, or in connection with

(i)

any actual breach of the representations, warranties, obligations or undertakings contained in or made by the Seller pursuant to this Agreement; or

(ii)

any facts and/or circumstances alleged by a third party which, if accurate, would constitute a breach by the Seller of any of its representations, warranties, obligations or undertakings set out in this Agreement.

6.2	The following shall apply:

6.2.1

Promptly after receipt by an Indemnified Person under this Clause 6 of notice of the commencement of any action, such Indemnified Person will, if a claim in respect thereof is to be made against the indemnifying party under this Clause 6, notify the indemnifying party in writing of the commencement thereof.

6.2.2

The failure so to notify the indemnifying party (i) will not relieve it from liability under this Clause 6 unless and to the extent it did not otherwise learn of such action and such failure results in the forfeiture by the indemnifying party of substantial rights and defenses and (ii) will not, in any event, relieve the indemnifying party from any obligations to any Indemnified Person other than the indemnification obligation provided in this Clause 6.

6.2.3

The Indemnified Person shall be entitled to appoint counsel (including local counsel) at the indemnifying party’s expense to represent the Indemnified Person in any action for which indemnification is sought (in which case the indemnifying party shall not thereafter be responsible for the fees and expenses of any separate counsel, retained by the Indemnified Person or parties except as set forth below); provided, however, that the indemnifying party shall be entitled to reject such appointment for cause (wichtigem Grund) within 10 days of receiving notice of such appointment.

6.3

An Indemnified Person shall not be entitled to any indemnification under Clause 6.1 to the extent that the relevant losses, claims, damages or liabilities have been finally judicially determined to have been caused by such Indemnified Person’s willful (Vorsatz) or grossly negligent (grobe Fahrlässigkeit) violation of its warranties, undertakings or other obligations under this Agreement.

6.4

No indemnifying party shall, without the written consent of the Indemnified Person (such consent not to be unreasonably withheld or delayed), effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action, suit, proceeding (including any governmental or regulatory investigation), claim or demand (“Action”) in respect of which indemnification or contribution may be sought under this Agreement, unless such settlement, compromise or judgment (i) includes an unconditional release of the Indemnified Person from all liability arising out of such Action and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified party.

6.5

Without the written consent of the indemnifying party, such consent not to be unreasonably withheld, an Indemnified Person shall not be entitled to effect the settlement of any Action in respect of which indemnification is being sought hereunder. However, an Indemnified Person may settle such Action without such written consent if (i) the indemnifying party has not within 30 calendar days from the date of receipt of the indemnifying party of the aforementioned request, communicated either the granting or the withholding of its consent or (ii) the indemnifying party is in default with its obligation under Clause 6.1 above, to reimburse the Indemnified Person’s legal or other expenses in relation to the Action and such default has continued for 30 calendar days.

6.6	The foregoing indemnities shall remain unaffected by any termination of this Agreement or the completion of the Placement.

7	Conditions Precedent

7.1	The obligations of the Managers under this Agreement shall further be conditional upon the receipt by the Joint Global Coordinators on behalf of the Managers before 09:00 a.m. Frankfurt am Main time on the Closing Date of executed opinions by

7.1.1

Linklaters LLP, legal counsel to the Seller as to German law, in form and substance reasonably satisfactory to the Joint Global Coordinators on behalf of the Managers;

7.1.2

Linklaters LLP, legal counsel to the Seller as to US law, in form and substance reasonably satisfactory to the Joint Global Coordinators on behalf of the Managers;

7.1.3

Latham & Watkins LLP, legal counsel to the Managers as to German law, in form and substance reasonably satisfactory to the Joint Global Coordinators on behalf of the Managers; and

7.1.4

Latham & Watkins LLP, legal counsel to the Managers as to US law, in form and substance reasonably satisfactory to the Joint Global Coordinators on behalf of the Managers,

7.2	The Joint Global Coordinators on behalf of the Managers may, at their discretion and upon such terms as they think fit, waive compliance with any of the conditions contained in Clause 7.1.

8	Termination

8.1	If the Joint Global Coordinators are, in their discretion, acting in good faith, of the opinion that

8.1.1

at or prior to the time of settlement on the Closing Date (i) any of the representations and warranties made by the Seller is inaccurate or the Seller has not performed its obligations hereunder, or (ii) there shall have been any failure in any material respect to perform any of the Seller’s undertakings or obligations in this Agreement, or

8.1.2

compared to the situation as per the date of the signing of this Agreement there has been any material adverse change, or development reasonably likely to involve a material adverse change, in the condition, business, results of operations or prospects of (i) the Seller or the Fresenius Group, or (ii) the Company, or the Company and its subsidiaries taken as a whole, which occurs or is made public on or after the date of this Agreement, provided that the effect of such change makes it, in the good faith judgement of the Joint Global Coordinators on behalf of the Managers, impracticable or inadvisable to market the Placement Shares or to enforce contracts for the sale of the Placement Shares, or

8.1.3

a suspension, limitation or interruption of the trading of the financial instruments issued by the Company or more generally of the financial instruments negotiated in the regulated market at the Frankfurt Stock Exchange, the London Stock Exchange or the New York Stock Exchange, or

8.1.4

a suspension, by a competent authority, of the banking activities or securities settlement or clearance in Germany, the United States or the United Kingdom, or

8.1.5

a suspension, limitation or interruption of the clearing and/or of the settlement/delivery systems on the regulated market at the Frankfurt Stock Exchange, the London Stock Exchange or the New York Stock Exchange, or

8.1.6

any outbreak or escalation of hostilities, act of terrorism, or the declaration by the United States, Germany or the United Kingdom of a national emergency or war or other calamity or crisis, or

8.1.7

any material adverse change or development involving a prospective material adverse change in or affecting the financial markets in the United States, the United Kingdom or the EEA or in international financial, political or economic conditions, currency exchange rates or exchange controls,

8.2	Consequences of termination. Upon such termination, no Party shall be under any liability to any other Party in respect of this Agreement, except that all provisions in Clause 3.2, 6, 13 and 14 in this Agreement shall continue in full force and effect.

9	Announcement

10	Lock-up Undertaking

10.1	the transfer (sale/assignment) of the Placement Shares in connection with this Agreement;

10.2	any sale, transfer or disposal of Shares held by the Seller to any of its affiliates, provided that such affiliate agrees to the lock-up undertaking provided herein;

10.3	any sale, transfer or disposal of Shares to the Company in connection with any share buyback by the Company in whichever form; and

10.4	the (i) concurrent issue by the Seller of exchangeable bonds exchangeable into ordinary bearer shares of the Company and (ii) any potential collar transaction with respect to the Shares during the Lock-up Period.

11	Confidentiality

12	Communications

12.1	if to the Seller:

12.2	if to the Joint Bookrunners:

	Attention:	Equity Capital Markets Syndicate Desk
	Email:	ecm_paris@bofa.com

	Attention:	Josef Ritter
	Email:	Josef.Ritter@db.com

	Attention:	Equity Capital Markets
	Email:	eq-synd-GSBE@ny.email.gs.com

12.3	if to the Co-Lead Manager:

	Attention:	Fabrizio Giordano, Javier Mata
	Email:	dlecmeurope@gruposantander.com;
		Fabrizio.Giordano@santandercib.co.uk;
		franjmata@gruposantander.com

13	Recognition of U.S. Special Resolution Regimes

13.1

In the event that any Manager that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from any such Manager of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.

13.2

In the event that any Manager that is a Covered Entity or a Covered Affiliate of such Manager becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Manager are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

13.3	For the purposes of this Clause 13, the following definitions shall apply:

(i)

a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

(ii)

a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

(iii)

a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b);

14	Miscellaneous

14.1	This Agreement shall be governed by, and construed in accordance with, the laws of Germany.

14.2	Any non-contractual rights and obligations arising out of or in connection with this Agreement shall also be governed by the laws of Germany.

14.3	Place of performance is Frankfurt am Main, Germany.

14.4

Any action or other legal proceedings (the “Proceedings”) arising out of or in connection with this Agreement shall be brought in the District Court (Landgericht) in Frankfurt am Main, Germany. Nothing contained herein shall limit the right of any party hereto to take Proceedings against any other party hereto in any other court of competent jurisdiction, nor shall the taking of Proceedings in one or more jurisdictions preclude the taking of Proceedings in any other jurisdiction, whether concurrently or not.

14.5	Any provision of this Agreement, including this Clause 14.5, may be amended or supplemented only if the Seller and the Managers so agree in writing.

14.6	For purposes of identifying the contracting party and beneficial owner pursuant to § 3(1) German AML law (Geldwäschegesetz - GwG), the Seller confirms that it conducts the arrangement made by this Agreement for its own account.

14.7

The Seller acknowledges and agrees that the Managers are acting solely pursuant to a contractual relationship with the Seller on an arm’s-length basis with respect to the Placement (including in connection with determining the terms of the Placement) and that in connection with the Placement and the process leading to such transaction, the Managers have not acted as and is not a financial adviser or a fiduciary of the Seller or the Seller’s stockholders, creditors, employees, Affiliates or any other party. The Managers have not assumed and will not assume an advisory or fiduciary responsibility in favor of the Seller with respect to the Placement or the process leading to the Placement (irrespective of whether any Manager has advised or is currently advising the Seller on other matters) and the Managers have no obligation to the Seller with respect to the Placement except the obligations expressly set out in this Agreement. The Seller further acknowledges and agrees that the Managers and their Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Seller and that the Managers have not provided any legal, accounting, regulatory or tax advice with respect to the Placement. The Seller confirms that it has consulted its own legal, accounting, regulatory and tax advisers to the extent it deemed appropriate.

(1)	Fresenius SE & Co. KGaA, Else-Kröner-Str. 1, 61352 Bad Homburg vor der Höhe, Federal Republic of Germany (the “Seller”);

(2)	BofA Securities Europe SA, 51 rue La Boétie, 75008 Paris, France (“BofA”);

(3)	Goldman Sachs Bank Europe SE, Marienturm, Taunusanlage 9-10, 60329 Frankfurt am Main, Federal Republic of Germany (“Goldman Sachs”, and together with BofA, the “Joint Global Coordinators”);

(4)	BNP PARIBAS, 16, boulevard des Italiens, 75009 Paris, France (“BNP”);

(5)	Deutsche Bank Aktiengesellschaft, Taunusanlage 12, 60325 Frankfurt am Main, Federal Republic of Germany (“Deutsche Bank”, and together with the Joint Global Coordinators and BNP, the “Joint Bookrunners”); and

(6)	Banco Santander, S.A., Paseo de Pereda 9-12, 39004 Santander, Spain (“Santander” or the “Co-Lead Manager”, and the Co-Lead Manager together with the Joint Bookrunners the “Managers” and each a “Manager”, and the Seller and the Managers each a “Party” and together the “Parties”).

1	Determinations

1.1	Number of Placement Shares

1.2	Placement Price

1.3	Gross Placement Proceeds

1.4	Trade Date, Closing Date

1.4.1

The Trade Date is 4 March 2025 (T0).

1.4.2

The Closing Date shall be 6 March 2025 (T+2).

2	Definitions

3	Seller’s Representations and Warranties

4	Pricing Agreement

5	Miscellaneous

5.1	This Pricing Agreement shall be governed by, and construed in accordance with, the laws of Germany.

5.2	Any non-contractual rights and obligations arising out of or in connection with this Pricing Agreement shall also be governed by the laws of Germany.

5.3	Place of performance is Frankfurt am Main, Germany.

5.4

Any action or other legal proceedings (the “Proceedings”) arising out of or in connection with this Pricing Agreement shall be brought in the District Court (Landgericht) in Frankfurt am Main, Germany. Nothing contained herein shall limit the right of any party hereto to take Proceedings against any other party hereto in any other court of competent jurisdiction, nor shall the taking of Proceedings in one or more jurisdictions preclude the taking of Proceedings in any other jurisdiction, whether concurrently or not.

5.5	Any provision of this Pricing Agreement, including this Clause 5.5, may be amended or supplemented only if the Seller and the Managers so agree in writing.

/s/ Sara Hennicken		/s/ Thomas Neidert
By: Sara Hennicken, CFO		By: Thomas Neidert, SVP Global Treasury

/s/ Jerome Renard
By: Jerome Renard, Head of EU ECM

/s/ Jens Hofmann		/s/ Philipp Suess
By: Jens Hofmann, Managing Director		By: Philipp Suess, Managing Director

/s/ Carsten Schwefer		/s/ Thierry Petit
By: Carsten Schwefer, Managing Director		By: Thierry Petit, Managing Director

/s/ Heiko Leopold		/s/ Rico Pedrett
By: Heiko Leopold		By: Rico Pedrett

/s/ Javier Mata		/s/ Pablo Mateo
By: Javier Mata		By: Pablo Mateo

(1)	Fresenius SE & Co. KGaA, Else-Kröner-Str. 1, 61352 Bad Homburg vor der Höhe, Federal Republic of Germany (the “Seller”);

(2)	BofA Securities Europe SA, 51 rue La Boétie, 75008 Paris, France (“BofA”);

(3)	Goldman Sachs Bank Europe SE, Marienturm, Taunusanlage 9-10, 60329 Frankfurt am Main, Federal Republic of Germany (“Goldman Sachs”, and together with BofA, the “Joint Global Coordinators”);

(4)	BNP PARIBAS, 16, boulevard des Italiens, 75009 Paris, France (“BNP”);

(5)	Deutsche Bank Aktiengesellschaft, Taunusanlage 12, 60325 Frankfurt am Main, Federal Republic of Germany (“Deutsche Bank”, and together with the Joint Global Coordinators and BNP, the “Joint Bookrunners”); and

(6)	Banco Santander, S.A., Paseo de Pereda 9-12, 39004 Santander, Spain (“Santander” or the “Co-Lead Manager”, and the Co-Lead Manager together with the Joint Bookrunners the “Managers” and each a “Manager”, and the Seller and the Managers each a “Party” and together the “Parties”).

1	Determinations

1.1	Number of Placement Shares

1.2	Placement Price

1.3	Gross Placement Proceeds

1.4	Trade Date, Closing Date

1.4.1

The Trade Date is 4 March 2025 (T0).

1.4.2

The Closing Date shall be 6 March 2025 (T+2).

2	Definitions

3	Seller’s Representations and Warranties

4	Pricing Agreement

5	Miscellaneous

5.1	This Pricing Agreement shall be governed by, and construed in accordance with, the laws of Germany.

5.2	Any non-contractual rights and obligations arising out of or in connection with this Pricing Agreement shall also be governed by the laws of Germany.

5.3	Place of performance is Frankfurt am Main, Germany.

5.4

Any action or other legal proceedings (the “Proceedings”) arising out of or in connection with this Pricing Agreement shall be brought in the District Court (Landgericht) in Frankfurt am Main, Germany. Nothing contained herein shall limit the right of any party hereto to take Proceedings against any other party hereto in any other court of competent jurisdiction, nor shall the taking of Proceedings in one or more jurisdictions preclude the taking of Proceedings in any other jurisdiction, whether concurrently or not.

5.5	Any provision of this Pricing Agreement, including this Clause 5.5, may be amended or supplemented only if the Seller and the Managers so agree in writing.

/s/ Sara Hennicken		/s/ Thomas Neidert
By: Sara Hennicken, CFO		By: Thomas Neidert, SVP Global Treasury

/s/ Jerome Renard
By: Jerome Renard, Head of EU ECM

/s/ Jens Hofmann		/s/ Philipp Suess
By: Jens Hofmann, Managing Director		By: Philipp Suess, Managing Director

/s/ Carsten Schwefer		/s/ Thierry Petit
By: Carsten Schwefer, Managing Director		By: Thierry Petit, Managing Director

/s/ Heiko Leopold		/s/ Rico Pedrett
By: Heiko Leopold		By: Rico Pedrett

/s/ Javier Mata		/s/ Pablo Mateo
By: Javier Mata		By: Pablo Mateo

(1)	Fresenius SE & Co. KGaA, Else-Kröner-Str. 1, 61352 Bad Homburg vor der Höhe, Federal Republic of Germany (the “Issuer”);

(2)	BofA Securities Europe SA, 51 rue La Boétie, 75008 Paris, France (“BofA”);

(3)	Goldman Sachs Bank Europe SE, Marienturm, Taunusanlage 9-10, 60329 Frankfurt am Main, Federal Republic of Germany (“Goldman Sachs”, and together with BofA, the “Joint Global Coordinators”);

(4)	BNP PARIBAS, 16, boulevard des Italiens, 75009 Paris, France (“BNP”);

(5)	Deutsche Bank Aktiengesellschaft, Taunusanlage 12, 60325 Frankfurt am Main, Federal Republic of Germany (“Deutsche Bank”, and together with the Joint Global Coordinators and BNP, the “Joint Bookrunners”); and

(6)	Banco Santander, S.A., Paseo de Pereda 9-12, 39004 Santander, Spain (“Santander” or the “Co-Lead Manager”, and the Co-Lead Manager together with the Joint Bookrunners the “Managers” and each a “Manager”, and the Seller and the Managers each a “Party” and together the “Parties”).

(A)	The Issuer proposes to issue up to EUR 600,000,000 in aggregate principal amount of Exchangeable Bonds due 2028 (the “Bonds”, which expression where the context so admits shall include the Global Bond (as defined below) to be delivered in respect of the Bonds), ISIN DE000A4DFSR9.

(B)	The terms and conditions of the Bonds (the “Terms and Conditions”) will be substantially in the form attached hereto as Schedule 1.

(C)	The Bonds will, subject to and in accordance with the Terms and Conditions, be exchangeable into ordinary bearer shares of Fresenius Medical Care AG (the “Company”), ISIN DE0005785802 (the “Shares”).

(D)

Payments and other functions in respect of the Bonds will be made or performed on behalf of the Issuer by the agents appointed under a paying, exchange and calculation agency agreement expected to be dated on or around the Closing Date (the “Agency Agreement”) between the Issuer, Deutsche Bank Aktiengesellschaft as Principal Paying Agent and Principal Exchange Agent and Conv-Ex Advisors Limited as Calculation Agent.

(E)

The Issuer and Clearstream Banking AG, Frankfurt am Main, Germany (“Clearstream Frankfurt”) will not later than on the Closing Date enter into a book-entry registration agreement pursuant to which the Issuer will appoint Clearstream Frankfurt as its book-entry registrar in respect of the Bonds and will agree to maintain a register showing the aggregate number of the Bonds represented by the Global Bond under the name of Clearstream Frankfurt, and Clearstream Frankfurt will agree, as agent of the Issuer, to maintain records of the Bonds credited to the accounts of the accountholders of Clearstream Frankfurt for the benefit of the holders of the co-ownership interests in the Global Bond, and the Issuer and Clearstream Frankfurt will agree, for the benefit of the holders of co-ownership interests in the Global Bond, that the actual number of Bonds from time to time shall be evidenced by the records of Clearstream Frankfurt (the “Book-Entry Registration Agreement”).

(F)	The Issuer is a partnership limited by shares (Kommanditgesellschaft auf Aktien) with a societas europaea as general partner under German and European law and registered

(G)

The Managers will offer and sell the Bonds outside the United States of America (the “United States”) in “offshore transactions” (within the meaning of Regulation S) in reliance on Regulation S (“Regulation S”) under the U.S. Securities Act of 1933, as amended (the “Securities Act”) (the “Bonds Offering”).

(H)	Concurrently with the Bonds Offering, the following offerings are being contemplated:

(I)

The Issuer intends to sell via the Managers up to 10.5 million Shares (such Shares, the “Seller Placement Shares”) pursuant to an accelerated bookbuilding process (such offering, the “Seller Share Offering”).

(II)

The Joint Bookrunners have further advised the Issuer that the Joint Bookrunners intend to make, offers of Shares held by or procured on behalf of buyers of the Bonds (such Shares, the “Delta Placement Shares” and such offering, the “Delta Share Offering”) in short sales in order to facilitate the hedging of the market risk to which the buyers of Bonds are exposed with respect to the Bonds that they may acquire in the Bonds Offering.

(I)	The Bonds shall be admitted to trading on the Open Market (Freiverkehr) segment of the Frankfurt Stock Exchange within one month after the Closing Date.

1	Certain Definitions

1.1	Definitions and Interpretation: References to capitalized terms not defined in this Agreement are to those terms as defined in the Terms and Conditions, except where the context requires otherwise. Words importing the plural shall include the singular and vice versa.

1.2	In addition, in this Agreement (including the recitals):

(i)

the launch ad hoc release in connection with the Bonds Offering and the Seller Share Offering prepared by the Issuer, dated the date of this Agreement; and

(ii)

the launch press release and the launch termsheet, each dated the date of this Agreement, and the pricing press release and pricing termsheet, each dated the Pricing Date, each as prepared by the Issuer and provided to the Managers for use by the Managers in connection with the Bonds Offering and the Seller Share Offering.

2	Offering and Subscription; Commissions and Publicity

2.1

Bonds Offering: The Managers will use reasonable endeavors to offer the Bonds for sale on a best-efforts basis to institutional investors. Offers and sales of the Bonds will be made exclusively outside the United States in an international private offering, in reliance on Regulation S under the Securities Act during the bookbuilding period of the Bonds Offering, which is expected to begin on 3 March 2025.

2.2	Agreement to Issue: Subject to the execution of the Pricing Agreement (as defined below), the Issuer agrees to issue the Bonds to the Managers and to deliver the Bonds to the Managers on the Closing Date.

2.3	Pricing Agreement: The final terms and conditions of the Bonds, i.e.

2.3.1

the final aggregate principal amount of the Bonds to be issued (the “Aggregate Principal Amount”);

2.3.2

the issue price in per cent. of the Aggregate Principal Amount (the “Issue Price”);

2.3.3

the Exchange Premium; and

2.3.4

the Exchange Price,

2.4

Quota: Subject to (i) the execution of the Pricing Agreement by all parties thereto, (ii) the terms and conditions of this Agreement and the Pricing Agreement, and (iii) the satisfaction or waiver of the conditions precedent in accordance with Clause 7.1, each Manager will severally and not jointly subscribe for its Relevant Proportion for which the Managers have successfully procured purchasers at the Issue Price on the Closing Date.

	Manager	Proportion
	BofA	32.0 per cent.
	Goldman Sachs	32.0 per cent.
	BNP	15.5 per cent.
	Deutsche Bank	15.5 per cent.
	Santander	5.0 per cent.
	Total:	100 per cent.

2.5

Liability several and not joint: The Managers will be severally liable (Einzelschuldner) and be neither joint debtors (Schuldner zur gesamten Hand) nor joint and several debtors (Gesamtschuldner) with respect to any of their obligations, nor joint creditors (Gesamthandsgläubiger), nor joint and several creditors (Gesamtgläubiger) with respect to any of their rights, under this Agreement. Each of the Managers will acquire sole title to the Bonds which it subscribes pursuant to Clause 2.4 and there shall be no joint ownership in the Bonds by the Managers.

2.6	The Bonds: The Bonds will be represented by the Global Bond with the Terms and Conditions attached to it. The Issuer will deliver the Global Bond to Clearstream Banking AG, Frankfurt am Main (“Clearstream Frankfurt”) as central securities depositary and book-entry registrar.

2.7	The Agency Agreement: The Issuer will, not later than the Closing Date, enter into the Agency Agreement.

2.8	Book-Entry Registration Agreement: The Issuer and Clearstream Frankfurt will enter into the Book-Entry Registration Agreement on or around the Closing Date.

2.9

Publicity: The Issuer confirms the arrangements made on its behalf by the Managers for announcements in respect of the Bonds to be published on such dates and in such newspapers or other publications as it may agree with the Joint Global Coordinators on behalf of the Managers, including, without limitation, the Offering Materials, the Terms and Conditions or any of the other documents or materials distributed or issued by the Issuer in connection with the Bonds Offering.

2.10	Selling Restrictions: Each Manager severally and not jointly warrants and agrees that it has complied and will comply with the provisions of Schedule 3.

2.11

Proprietary Trading: In connection with the Offerings, the Managers and any of their respective affiliates acting as an investor for its own account may take up Bonds and in that capacity may retain, purchase or sell for its own account the Bonds and any other securities of the Issuer or related investments and may offer or sell such securities or other investments otherwise than in connection with the Offerings. In addition, certain of the Managers or their respective affiliates may enter into financing arrangements with investors. Accordingly, references in this document to the Bonds being offered or placed should be read as including any offering or placement of securities to the Managers and any of their respective affiliates acting in such capacity. The Managers do not intend to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligation to do so.

2.12

Agreement Among Managers: Execution of this Agreement by each Managers constitutes acceptance by it of the ICMA Agreement Among Managers German law Version 2, save that Clause 3 thereof shall not apply and subject to any other amendment agreed in writing at any time prior to the date of this Agreement, and provided that references therein to “Lead Manager” shall be “Joint Global Coordinators” and “Managers” shall be deemed to be to each Manager.

3	Representations and Warranties

3.1	Capacity, Validity, Consents

3.1.1

the Issuer is a duly incorporated partnership limited by shares (Kommanditgesellschaft auf Aktien) with a societas europaea as general partner under the laws of Germany and European law with power and authority (corporate and other) to own its properties and conduct its businesses;

3.1.2

the Issuer is not in insolvency or liquidation and no reasons for the opening of insolvency proceedings exist;

3.1.3

the issue of the Bonds and the execution of the Contracts and any other relevant transaction documents have been or will have been duly authorized, executed and

3.1.4

no action or thing is required to be taken, fulfilled or done (including without limitation the obtaining of any consent or licence or the making of any filing or registration) for the issue of the Bonds, the carrying out of the other transactions contemplated by the Contracts or the compliance by the Issuer with the terms of the Bonds and the Contracts, as the case may be;

3.1.5

all licenses, consents, approvals, authorizations, orders, and clearances from all regulatory authorities required by the Issuer for or in connection with, the Bonds Offering, and the execution of, delivery of and compliance with, the terms of, the Contracts (if any), have been obtained and are in full force and effect;

3.1.6

the issue and sale of the Bonds and the execution, delivery and performance of the Contracts by the Issuer or by the General Partner acting on behalf of the Issuer will not conflict with or infringe any applicable law, regulation or order of any governmental agency or body or any court, domestic or foreign, having jurisdiction over the Issuer or any of its properties, or any agreement or instrument to which the Issuer is a party or by which the Issuer is bound or to which any of the properties of the Issuer is subject or any provision of the constitutional documents of the Issuer and will not result in any violation of the terms of any material instrument or agreement to which the Issuer is a party or by which the Issuer or its property is bound;

3.1.7

the issue and sale of the Bonds by the Issuer in the manner contemplated hereby will not violate the laws applicable in Germany or any other jurisdiction relevant for the actions of the Issuer restricting or prohibiting insider trading or insider dealing in securities assuming, to the extent relevant, that such laws would be applicable to the issue and sale of the Bonds;

3.2	Underlying Shares

3.2.1

the Shares are fully paid and fully entitled to dividends for the fiscal year 2024 of the Company as well as free from any rights of third parties (except for security interests of the custodian banks) and freely transferable;

3.2.2

upon exchange of the Bonds and delivery of the Shares underlying the Bonds, the Shares will not be subject to any security interests, charges, liens and encumbrances, pre-emptive rights or any other third-party rights (except for any statutory liens in favor of custodial banks in their capacity as “Depotbanken”), and will be freely transferable under applicable German laws under terms as provided in the Company’s articles of association and will rank pari passu in all respects and are fully fungible with the other outstanding ordinary shares of the Company;

3.2.3

the Shares are validly issued and effectively admitted to trading on the regulated market and the sub-segment of the regulated market with additional post admission obligations (Prime Standard) of the Frankfurt Stock Exchange;

3.3	Financial Information, Proceedings

3.3.1

the most recently published IFRS audited consolidated financial statements, together with the related notes, and the most recently published unaudited consolidated interim financial statements, together with the related notes, issued subsequent thereto (if any) of the Issuer present fairly the financial position, results of operations and cash flows of the Issuer and its Subsidiaries at the dates and for the periods to which they relate and have been prepared in accordance with IFRS, applied on a consistent basis, except as otherwise stated therein;

3.3.2

other than as publicly disclosed, there are no pending proceedings, actions or suits against or affecting either the Issuer or the Fresenius Group, which, if determined adversely to it would have a Material Adverse Effect, or which directly relate to the Bonds Offering or the Delta Share Offering; and to the best of its knowledge no such proceedings, actions or suits are threatened or contemplated;

3.4	Bonds, Public Statements and Offering Materials

3.4.1

no stamp duties or similar registration and transfer taxes or other duties are assessable by, or payable in, Germany, and no withholding or deduction for any taxes, duties, assessments or governmental charges of whatever nature is imposed or made for or on account of any income, registration, transfer or turnover taxes, customs or other duties or taxes of any kind, levied, collected, withheld or assessed by or within, Germany, or by any subdivision of or authority therein or thereof having the power to tax in Germany, in connection with (i) the offer, sale, and delivery of the Bonds to or for the respective accounts of the Managers in the manner contemplated in this Agreement, (ii) the offer, sale and delivery by the Managers of the Bonds to the investors in the manner contemplated in this Agreement, (iii) the authorization, execution or delivery of this Agreement and (iv) the performance of the Issuer’s obligations under this Agreement;

3.4.2

upon issuance, the Bonds will constitute senior unsecured obligations of the Issuer and will rank as set forth in § 3 of the Terms and Conditions;

3.4.3

there exists no event or circumstance which is or may (with the passing of time, the giving of notice, the making of any determination, or any combination thereof) constitute, an Event of Default in relation to the Bonds;

3.4.4

Public Statements:

(i)

no Public Statement (as defined below) which is material to an investor in the Bonds contains an untrue statement of material fact or omits to state a fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading in any material respect;

(ii)

any opinions and beliefs or any forward-looking statements of the Issuer contained in the Public Statements are made in good faith after due and careful consideration and are based upon reasonable assumptions;

(iii)

the Public Statements taken as a whole contain all information with respect to the Bonds, the Issuer and Fresenius Group which, according to the particular nature of the Issuer and of the Bonds, is necessary to enable investors and their investment advisers to make an informed investment decision in relation to the Bonds and an informed assessment of the assets and liabilities, financial position, profits and losses, and prospects of the Issuer;

(iv)

all expressions of opinion, intention or expectation contained in any such Public Statements were truly and honestly held and made on reasonable grounds after due and careful consideration and enquiry.

3.4.5

none of the Offering Materials contains as of their date or will contain as at the Pricing Date, the Concurrent Equity Offering Settlement Date and the Closing Date, any untrue, inaccurate, incomplete or misleading statements that are material in the context of the Issuer, the Bonds Offering or the subscription of the Bonds; there are no other facts not disclosed in such documents, as at the dates thereof, at the Pricing Date, the Concurrent Equity Offering Settlement Date and at the Closing Date, the omission of which makes or, as the case may be, will make any statement therein misleading; each of the Term Sheets is a fair and accurate summary of the Terms and Conditions; and the opinions and intentions expressed therein are honestly held and based on reasonable assumptions;

3.5.1

since 31 December 2024, and save as disclosed in any subsequent announcement by the Issuer, prior to the date of this Agreement, there has not occurred any material adverse change, or any development reasonably likely to involve a material adverse change in the financial condition, business or prospects of the Issuer or the Fresenius Group, whether or not arising in the ordinary course of business, which are material with respect to the Issuer or the Fresenius Group in the context of the Bonds Offering and Delta Share Offering;

3.5.2

the Issuer and Fresenius Group have and the Issuer is satisfied that it and Fresenius Group will have, sufficient working capital for their requirements for at least 12 months following the date of this Agreement.

3.6	Compliance general

3.6.1

none of the Issuer, any of its Subsidiaries, directors, officers or, to the best knowledge of the Issuer, employees or any agent, affiliate or representative of the Issuer is an individual or entity (a “Issuer Person”) currently the subject of any Sanctions. In this clause “Sanctions” shall be defined collectively as any economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the United States Government, including, without limitation, the U.S. Department of Treasury’s Office of the Foreign Assets Control (“OFAC”), the U.S. Department of State; the United Nations Security Council (“UNSC”); the European Union; United

3.6.2

the operations of the Issuer and, to the best knowledge of the Issuer, its Subsidiaries are and have been conducted at all times in compliance with the applicable financial recordkeeping and reporting requirements of the money laundering statutes of all

3.6.3

Anti-Bribery and Anti-Corruption Laws

(i)

neither the Issuer nor any of its Subsidiaries or, to the best knowledge of the Issuer, any director, officer, agent, employee or affiliate (except for Else Kröner-Fresenius-Stiftung and the Company as to which no representation is being made) of the Issuer, or any of its Subsidiaries has taken any action, directly or indirectly, that would result in a violation by such persons of the U.S. Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the “FCPA”), the UK Bribery Act or any other applicable anti-bribery law or statute, except for such violations, if any, that, as of the date this representation is given, are not expected to result, individually or in the aggregate, in a Material Adverse Effect or would otherwise be material in the context of the Placement;

(ii)

neither the Issuer nor, to the best knowledge of the Issuer, its Subsidiaries, is currently in breach of the FCPA, to the extent the FCPA is applicable to the Issuer and its Subsidiaries, the UK Bribery Act and any other applicable anti-bribery law or statute, that would, or could reasonably be expected to, result in a Material Adverse Effect or would otherwise be material in the context of the Placement; and

(iii)

the Issuer and, to the best knowledge of the Issuer, its Subsidiaries have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith and compliance with, as applicable, the FCPA, the UK Bribery Act, the OECD Convention on Bribery of Foreign Public Officials in International Transactions or similar laws or regulations of any other relevant jurisdiction;

3.6.4

except for the Offering, the Issuer is not aware of any inside information as defined in Art. 7 MAR and in other applicable laws with respect to the Issuer, the Company, the Bonds or the Shares which is required to be published in accordance with Art. 17(1) MAR or other applicable laws, it being understood, in each case, that the representation in this Clause 3.6.4 shall not oblige any board member, director, officer or employee of the Issuer or the General Partner to disclose any circumstances regarding the Company or its consolidated subsidiaries to the Managers in contradiction of non-disclosure requirements imposed by applicable statutory law or by contractual agreement in connection with his membership/participation in the activities of the supervisory board (Aufsichtsrat) of the Company; the Issuer makes no use of its rights under Art. 17(4) MAR and other applicable laws to temporarily exempt itself from its obligation to publicly disclose inside information relating to itself;

3.6.5

the Issuer has not manipulated, and will not manipulate, the price of any of the Shares or any other security of the Company in violation of MAR or other laws applicable to the Issuer;

3.6.6

none of the Issuer, any of its Affiliates or any person acting on its or their behalf (except for the Managers, as to whom no representation or warranty is made) has distributed and, prior to the later to occur of (i) the Closing Date and (ii) completion of the distribution of the Bonds, none of the Issuer, any of its Affiliates or any person acting on its or their behalf (except for the Managers, as to whom no representation is made) shall distribute, any offering or sales materials in connection with the offering and sale of the Bonds;

3.6.7

the Issuer has not taken, directly or indirectly, any action to facilitate the sale or resale of the Bonds through stabilization of the price of any security of the Company; and

3.7	Compliance with U.S. law

3.7.1

none of the Issuer, any of its affiliates (as defined in Rule 501(b) of Regulation D (“Regulation D”) under the Securities Act, an “Affiliate”) or any person acting on its or their behalf (other than the Managers, as to whom no representation or warranty is made) has taken or will take, directly or indirectly, any action to facilitate the sale or resale of the Bonds or the Shares through stabilization of the price of any security of the Issuer or the Company;

3.7.2

none of the Issuer, any of its Affiliates or any person acting on its or their behalf (other than the Managers, as to whom no representation or warranty is made):

(i)

has made or will make, directly or indirectly, offers or sales of any security, or has solicited or will solicit, directly or indirectly, offers to buy any security, or has otherwise negotiated or will negotiate in respect of any security under circumstances that would require the registration of any of the Bonds or the Shares under the Securities Act; or

(ii)

has engaged or will engage in any “general solicitation” or “general advertising” (within the meaning of Rule 502(c) of Regulation D) with respect to the Bonds or the Shares; or

(iii)

has engaged or will engage in “directed selling efforts” (within the meaning of Rule 902(c) of Regulation S) with respect to the Bonds or the Shares;

3.7.3

each of the Issuer and the Company is a “foreign issuer” (as defined in Rule 405 under the Securities Act) and the Issuer reasonably believes that there is no “substantial U.S. market interest” (as defined in Rule 902(j) of Regulation S) in the Issuer’s debt securities or the class of securities of which the Shares are part.

4	Indemnification

4.1

Without prejudice to the other rights or remedies of the Managers, the Issuer agrees with the Managers to indemnify the Managers and any of their affiliates, and each person who controls such Manager (within the meaning of section 15 of the Securities Act or section 20 of the U.S. Securities Exchange Act of 1934) and each of their directors, officers, employees, and agents (“Indemnified Persons” and each an “Indemnified Person”) from and against any losses, claims, damages, liabilities, charges, expenses or demands (or actions in respect thereof, whether threatened or pending), in each case including VAT, if applicable,

(i)

any actual breach of the representations, warranties, obligations or undertakings contained in or made by the Issuer pursuant to this Agreement; or

(ii)

any facts and/or circumstances alleged by a third party which, if accurate, would constitute a breach by the Issuer of any of its representations, warranties, obligations or undertakings set out in this Agreement.

4.2	The following shall apply:

4.2.1

Promptly after receipt by an Indemnified Person under this Clause 4 of notice of the commencement of any action, such Indemnified Person will, if a claim in respect thereof is to be made against the indemnifying party under this Clause 4, notify the indemnifying party in writing of the commencement thereof.

4.2.2

The failure so to notify the indemnifying party (i) will not relieve it from liability under this Clause 4 unless and to the extent it did not otherwise learn of such action and such failure results in the forfeiture by the indemnifying party of substantial rights and defenses and (ii) will not, in any event, relieve the indemnifying party from any obligations to any Indemnified Person other than the indemnification obligation provided in this Clause 4.

4.2.3

The Indemnified Person shall be entitled to appoint counsel (including local counsel) at the indemnifying party’s expense to represent the Indemnified Person in any action for which indemnification is sought (in which case the indemnifying party shall not thereafter be responsible for the fees and expenses of any separate counsel, retained by the Indemnified Person or parties except as set forth below); provided, however, that the indemnifying party shall be entitled to reject such appointment for cause (wichtigem Grund) within 10 days of receiving notice of such appointment.

4.3

An Indemnified Person shall not be entitled to any indemnification under Clause 4.1 to the extent that the relevant losses, claims, damages or liabilities have been finally judicially determined to have been caused by such Indemnified Person’s willful (Vorsatz) or grossly negligent (grobe Fahrlässigkeit) violation of its warranties, undertakings or other obligations under this Agreement.

4.4

No indemnifying party shall, without the written consent of the Indemnified Person (such consent not to be unreasonably withheld or delayed), effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action, suit, proceeding (including any governmental or regulatory investigation), claim or demand (“Action”) in respect of which indemnification or contribution may be sought under this Agreement, unless such settlement, compromise or judgment (i) includes an unconditional release of the Indemnified Person from all liability arising out of such Action and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified party.

4.5	Without the written consent of the indemnifying party, such consent not to be unreasonably withheld, an Indemnified Person shall not be entitled to effect the settlement of any Action in

4.6	The foregoing indemnities shall remain unaffected by any termination of this Agreement or the completion of the Offering.

5	Undertakings

5.1

Supplemental Information: if at any time prior to the payment of the net subscription monies for the Bonds on the Closing Date, any event shall have occurred as a result of which the Public Statements or Press Releases, as then amended or supplemented, would include an untrue statement of a material fact or omit to state any fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading in any material respect or if for any other reason it shall be necessary to amend or supplement the Public Statements or Press Releases, the Issuer will promptly notify the Managers and will prepare and publish promptly such announcements as may be agreed with the Managers which will correct such statement or omission.

5.2

Taxes: (1) it will pay any stamp, issue, registration, documentary or other similar taxes and duties, if any, including any interest and penalties arising in respect thereof, if any, payable in connection with the creation, issue and offering of the Bonds, the execution or delivery of the Contracts; and (2) all sums payable by the Issuer under the Contracts are (unless expressly stated otherwise) exclusive of any applicable value added tax, which shall be payable in addition on presentation of an appropriate value added tax invoice.

5.3

Warranties: it will forthwith notify the Managers if at any time prior to payment of the net subscription monies for the Bonds on the Closing Date anything occurs which renders or which it is aware is likely to render untrue or incorrect in any respect any of the representations and warranties contained in Clause 3 and will forthwith take such steps as the Managers may reasonably require to remedy and/or publicise the fact.

5.4

Publicity: between the date hereof and the earlier of (A) the completion (in the determination of the Joint Global Coordinators, acting on behalf of the Managers) of the distribution of the Bonds or (B) 30 days after the Closing Date (both dates inclusive), it will, and it will cause its Subsidiaries and all other parties acting on its behalf to, subject to applicable laws and regulations, notify and consult with, and take account of the comments reasonable in the circumstances of, the Managers prior to issuing any announcement concerning, or which could be material in the context of, the Issuer, the Fresenius Group, the Offerings or the subscription of the Bonds, except to the extent such announcement is required by law or regulation in which case the Issuer will, if and to the extent permitted by law or regulation and practicable, give prior notice to the Joint Global Coordinators, acting on behalf of the Managers.

5.5	Lock-up: The Issuer undertakes that during the period commencing on the Pricing Date and ending 180 days after the Closing Date (the “Lock-up Period”) it will not, without the prior written consent of the Joint Global Coordinators on behalf of the Managers, at any time, sell,

5.5.1

the transfer (sale/assignment) of the Private Placement Shares in connection with this Agreement;

5.5.2

the issue by the Issuer of the Bonds and the delivery of Shares under the Bonds upon their exchange;

5.5.3

any sale, transfer or disposal of Shares held by the Issuer to any of its affiliates, provided that such affiliate agrees to the lock-up undertaking provided herein;

5.5.4

any sale, transfer or disposal of Shares to the Company in connection with any share buyback by the Company in whichever form; and

5.5.5

the (i) concurrent accelerated bookbuilding offering with respect to the Seller Placement Shares and (ii) any potential collar transaction with respect to the Buyer Placement Shares during the Lock-up Period.

5.6

Compliance: The Issuer undertakes that it will at all times ensure, that all necessary action is taken and all necessary conditions are fulfilled (including, without limitation, the obtaining of all necessary consents) so that they may lawfully comply with their obligations under the Bonds and the Contracts, as the case may be, and, so that they may comply with any applicable laws and regulations from time to time promulgated by any governmental and regulatory authorities relevant in the context of the issue of the Bonds.

5.7

Use of Proceeds: The Issuer will use the net proceeds of the Bonds Offering in line with the #FutureFresenius strategy and the Issuer’s stated capital allocation priorities, including further strengthening the balance sheet, reducing leverage, and delivering long-term growth and shareholder value. The Issuer undertakes that it will use the proceeds from the issuance of Bonds only for purposes that comply with the laws applicable to the Issuer at that time. The undertaking set out in this Clause 5.7 shall only apply if and to the extent that they do not result in a violation of the Council Regulation (EC) No. 2271/1996 (or any law or regulation implementing such Regulation in any member state of the European Union or the United Kingdom), § 7 of the German Foreign Trade and Payments Ordinance (Außenwirtschaftsverordnung - AWV) or any other similar and applicable anti-boycott law or regulation, each as amended from time to time.

5.8

Stabilisation: during the period commencing the date hereof and ending 30 days after the last date on which the Bonds are issued, it will not (and will cause its affiliates not to) engage, directly or indirectly, in any transaction for the purpose of creating actual, or apparent, active trading in or raising, stabilising or maintaining the price of the Bonds or the Shares.

6	Trading of Bonds

7	Conditions Precedent

7.1	The several obligations of the Managers under this Agreement and the Pricing Agreement are conditional upon:

7.1.1

Other Contracts: the execution and delivery on or before the Closing Date of the Contracts by the respective parties thereto;

7.1.2

Global Bond: the Issuer having signed the Global Bond and delivered it to Clearstream Frankfurt in accordance with Clause 2.6;

7.1.3

Compliance: on each of the date hereof, the Pricing Date, the Concurrent Equity Offering Settlement Date and on the Closing Date (i) the representations and warranties of the Issuer in this Agreement being true, accurate and correct at, and as if made on, such date, and (ii) the Issuer having performed all of its obligations under this Agreement or the Pricing Agreement to be performed on or before such date and on the Closing Date there having been delivered to the Joint Global Coordinators on behalf of the Managers, a certificate, dated the Closing Date, signed by or on behalf of the Issuer to such effect, substantially in the form set out in Schedule 5 (the “Closing Certificate”);

7.1.4

Legal Opinions: on or before the Closing Date, there having been delivered to the Joint Global Coordinators on behalf of the Managers legal opinions as to German law, in form and substance satisfactory to the Joint Global Coordinators on behalf of the Managers, dated the Closing Date of Linklaters LLP, legal advisers to the Issuer, and Latham & Watkins LLP, legal advisers to the Managers as to German law;

7.1.5

Consents and Approvals: a confirmation that all corporate and other consents, approvals or authorisations required in connection with the issue of the Bonds and the entry into the Contracts and the performance by the Issuer of its obligations under the Bonds and the Contracts have been obtained and are in full force and effect being delivered only to Latham & Watkins LLP, legal advisors to the Managers as to German law, on or before the Closing Date;

7.1.6

Issuer Documents: a copy of each of the following documents relating to the Issuer, certified by a duly authorized signatory of the Issuer as being current, being delivered to the Joint Global Coordinators on behalf of the Managers on or before the Closing Date:

(i)

the current articles of association of the Issuer;

(ii)

an excerpt from the Commercial Register with respect to the Issuer; and

(iii)

a list of the names and titles and specimen signatures of the persons authorised to sign on behalf of the Issuer (Unterschriftenverzeichnis);

7.1.7

No Material Adverse Change: compared to the situation as per the date of the signing of this Agreement there having been at the Closing Date no adverse change, nor any development that could reasonably be expected to result in an adverse

7.1.8

No Supplemental Information: there having been no event which would require notice or information to be given by the Issuer to the Managers under Clause 5.1 since the date of this Agreement; and

7.1.9

No order or lawsuit: no action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any governmental or regulatory authority that would prevent the issuance and sale or delivery of the Bonds; and no preliminary injunction or order of any court shall have been applied for or served on the Issuer prohibiting or substantially inhibiting the Issuer to consummate the transactions contemplated in this Agreement.

7.2	Waiver: The Joint Global Coordinators on behalf of the Managers may, at their discretion and upon such terms as they think fit, waive compliance with the whole or any part of Clause 7.1.

8

Closing

8.1

Issue of Bonds: At 10:00 a.m. (Frankfurt am Main time) (or such other time as may be agreed between the Issuer and the Joint Global Coordinators on behalf of the Managers) on the Closing Date, the Issuer will cause all Bonds to be transferred to the Settlement Lead Manager on behalf of the Managers, by way of book-entry transfer to the relevant account of the Settlement Lead Manager maintained with Clearstream Frankfurt (as separately notified by the Settlement Lead Manager to the Issuer prior to the Closing Date) or as the Settlement Lead Manager may otherwise direct the Issuer no later than two Business Days prior to the Closing Date.

8.2

Payment: Against transfer of the Bonds in accordance with Clause 8.1, the Managers will pay or cause to be paid to the Issuer the aggregate net subscription monies for the Bonds (being the aggregate amount payable for the Bonds, calculated at the Issue Price, less the fee referred to in Clause 9.1 in respect of the Bonds). Such payment shall be made by the Settlement Lead Manager on behalf of the Managers, in euro in immediately available funds to such account as shall be notified by the Issuer to the Managers.

9	Fees and Expenses

9.1

Fees

9.1.1

The Issuer will pay to the Managers a base fee as separately agreed (the “Base Fee”), which will be split among the Managers pro-rata according to their Relevant Proportion.

9.1.2

In addition, the Issuer, in its sole discretion, may pay to the Joint Bookrunners an additional fee as separately agreed (the “Additional Fee”) which will be split between the Joint Bookrunners by the Issuer in its sole discretion. The Issuer shall decide upon the payment of the Additional Fee at its sole discretion based upon the performance of the Joint Bookrunners within seven Business Days following the Pricing Date and pay the Additional Fee, if any, within 30 days following the Closing Date.

9.1.3

The Base Fee and the Additional Fee (if any) (together the “Fees”) are payable plus VAT (if applicable).

9.2

Expenses

9.2.1

The Managers shall be responsible for their own costs and expenses, except that the Issuer will reimburse the Managers for the costs and expenses for the Managers’ legal advisors to the extent as separately agreed and the costs and expenses of the Joint Bookrunners for Dealogic/Dealaxis up to a total amount of per Joint Bookrunner to the extent as separately agreed.

9.2.2

The foregoing provision shall survive any completion or termination of this Agreement.

10	Termination

10.1	If the Joint Global Coordinators are, in their discretion, acting in good faith, of the opinion that

10.1.1

at 10:00 a.m. (Frankfurt am Main time) on the Closing Date (i) any of the representations and warranties made by the Issuer is inaccurate or the Issuer has not performed all of its obligations hereunder, or (ii) there shall have been any failure in any material respect to perform any of the Issuer’s undertakings or obligations in this Agreement, or

10.1.2

compared to the situation as per the date of the signing of this Agreement there has been any material adverse change, or development reasonably likely to involve a material adverse change, in the condition, business, results of operations or prospects of (i) the Issuer or the Fresenius Group, or (ii) the Company, or the Company and its subsidiaries taken as a whole, which occurs or is made public on or after the date of this Agreement, provided that the effect of such change makes it, in the good faith judgement of the Joint Global Coordinators on behalf of the Managers, impracticable or inadvisable to offer the Bonds for sale or to enforce contracts for the offer and sale of the Bonds, or

10.1.3

a suspension, limitation or interruption of the trading of the financial instruments issued by the Issuer or more generally of the financial instruments negotiated in the regulated market at the Frankfurt Stock Exchange, the London Stock Exchange or the New York Stock Exchange, or

10.1.4

a suspension, by a competent authority, of the banking activities or securities settlement or clearance in Germany, the United States or the United Kingdom, or

10.1.5

a suspension, limitation or interruption of the clearing and/or of the settlement/delivery systems on the regulated market at the Frankfurt Stock Exchange, the London Stock Exchange or the New York Stock Exchange, or

10.1.6

any outbreak or escalation of hostilities, act of terrorism, or the declaration by the United States, Germany or the United Kingdom of a national emergency or war or other calamity or crisis, or

10.1.7

any material adverse change or development involving a prospective material adverse change in or affecting the financial markets in the United States, the United Kingdom or the EEA or in international financial, political or economic conditions, currency exchange rates or exchange controls,

10.2	Upon such termination, no Party shall be under any liability to any other Party in respect of this Agreement, except that all provisions in Clause 4, 9.2, 14, 15 and 16 this Agreement shall continue in full force and effect.

11	Survival of Representations and Obligations

12	Communications

12.1	Addresses: Any notice or communication relating to this Agreement shall be given in written form to the following addresses:

(c)

if to the Co-Lead Manager, to it at:

12.2	Effectiveness: Any such communication shall take effect upon actual receipt (Zugang).

13	Product Governance

13.1

Solely for the purposes of the requirements of Article 9(8) of the MiFID Product Governance rules under EU Delegated Directive 2017/593 (the “Product Governance Rules”) regarding the mutual responsibilities of manufacturers under the product governance requirements contained within: (a) Directive 2014/65/EU on markets in financial instruments, as amended (“MiFID II”); (b) Articles 9 and 10 of the Delegated Directive; and (c) local implementing measures (the “MiFID II Product Governance Requirements”):

13.1.1

Each of the Joint Bookrunners (each a “Manufacturer” and together the “Manufacturers”) acknowledges to each other Manufacturer that it understands the responsibilities conferred upon it under the Product Governance Rules relating to each of the product approval process, the target market and the proposed distribution channels as applying to the Bonds.

13.1.2

Each of the Issuer and the Co-Lead Managers notes the application of the Product Governance Rules and acknowledges the target market and distribution channels identified as applying to the Bonds by the Manufacturers.

13.2	Solely for the purposes of the requirements of 3.2.7R of the FCA Handbook Product Intervention and Product Governance Sourcebook (the “UK MiFIR Product Governance Rules”) regarding the mutual responsibilities of manufacturers under the UK MiFIR Product Governance Rules:

13.2.2

Each of the Managers, except for Goldman Sachs, and the Issuer note the application of the UK MiFIR Product Governance Rules and acknowledge the target market and distribution channels identified as applying to the Bonds by the UK Manufacturer.

14	Recognition of U.S. Special Resolution Regimes

14.1

In the event that any Manager that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from any such Manager of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.

14.2

In the event that any Manager that is a Covered Entity or a Covered Affiliate of such Manager becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Manager are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

14.3	For the purposes of this Clause 14, the following definitions shall apply:

(i)

a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

(ii)

a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

(iii)

a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b);

15	Final Clauses

15.1	This Agreement shall be governed by, and construed in accordance with, the laws of Germany.

15.2	Any non-contractual rights and obligations arising out of or in connection with this Agreement shall also be governed by the laws of Germany.

15.3	Place of performance is Frankfurt am Main, Germany.

15.4	Any action or other legal proceedings (the “Proceedings”) arising out of or in connection with this Agreement shall be brought in the district court (Landgericht) in Frankfurt am Main,

15.5	Any provision of this Agreement, including this Clause 15.5, may be amended or supplemented only if the Issuer and the Managers so agree in writing.

16	No Fiduciary Duties

17

Headings

18

Schedules

19	Entire Agreement

20	Partial Invalidity

21	Counterparts

Bedingungen der Umtauschschuldverschreibungen (die “Emissionsbedingungen”)		Terms and Conditions of the Exchangeable Bonds (the “Terms and Conditions”)
Die deutsche Version dieser Emissionsbedingungen ist bindend. Die englische Übersetzung dient nur zu Informationszwecken.		The German text of these Terms and Conditions is binding. The English translation is for information purposes only.
§ 1      Bestimmte Definitionen		§ 1     Certain Definitions
In diesen Emissionsbedingungen haben die folgenden Begriffe die ihnen nachfolgend zugewiesenen Bedeutungen:		In these Terms and Conditions, the following terms will have the following meanings:
“AktG” bezeichnet das Aktiengesetz in seiner jeweils gültigen Fassung.		“AktG” means the German Stock Corporation Act (Aktiengesetz), as amended.
“Aktie” bezeichnet die auf den Inhaber lautende Stammaktie ohne Nennbetrag (Stückaktie) der Gesellschaft, ISIN DE0005785802.		“Share” means the no par value ordinary bearer share of the Company, ISIN DE0005785802.
“Aktienkurs” an einem Handelstag ist:		“Share Price” means, as at any Trading Day:
(i)     der volumengewichtete durchschnittliche Kurs für die Aktie an dem Relevanten Markt an dem betreffenden Handelstag, wie er auf der Bloomberg Bildschirmseite HP für die Aktie (Einstellung “PR094 VWAP (Vol Weighted Average Price)”) in dem Bloomberg Informationssystem (oder auf einer Nachfolgeseite bzw. unter einer Nachfolge-Einstellung) angezeigt wird (am Tag der Begebung der Schuldverschreibungen ist dies die Bloomberg Bildschirmseite FME GY Equity HP); bzw.		(i)      the volume-weighted average price of the Share on the Relevant Market as at the relevant Trading Day as appearing on Bloomberg screen page HP in respect of the Share (setting “PR094 VWAP (Vol Weighted Average Price)”) on the Bloomberg information system (or any successor screen page or setting) (such Bloomberg page being, as at the date of issue of the Bonds, FME GY Equity HP); or
(ii)    falls kein volumengewichteter durchschnittlicher Kurs für die Aktie von dem Bloomberg Informationssystem wie in der vorstehenden Ziffer (i) beschrieben erhältlich ist, der volumengewichtete durchschnittliche Kurs für die Aktie an dem Relevanten Markt an dem betreffenden Handelstag, wie er von dem Relevanten Markt (oder einer anderen, von einem Unabhängigen Sachverständigen festgelegten, adäquaten Quelle) hergeleitet wird; bzw.		(ii)     if no volume-weighted average price of the Share is available from the Bloomberg information system as described in clause (i) above, the volume-weighted average price of the Share on the Relevant Market as at the relevant Trading Day as derived from such Relevant Market (or other appropriate source as determined by an Independent Expert); or
(iii)   falls der volumengewichtete durchschnittliche Kurs für die Aktie so nicht festgestellt werden kann, der an dem Relevanten Markt		(iii)    if no volume-weighted average price of the Share can be so determined, the official closing price (Börsenschlusskurs) of the Share as at the

veröffentlichte Börsenschlusskurs für die Aktie an dem betreffenden Handelstag; bzw.		relevant Trading Day as reported on the Relevant Market; or
(iv)    falls der Börsenschlusskurs für die Aktie so nicht festgestellt werden kann, der letzte veröffentlichte Kurs der Aktie an dem Relevanten Markt am betreffenden Handelstag; bzw.		(iv)    if no such official closing price of the Share can be so determined, the last reported official quotation of the Share on the Relevant Market as at the relevant Trading Day; or
(v)      falls der Aktienkurs nicht gemäß den vorstehenden Ziffern (i) bis (iv) festgestellt werden kann, der von einem Unabhängigen Sachverständigen auf der Basis solcher Notierungen oder anderer Informationen, die dieser Unabhängige Sachverständige für maßgeblich hält, festgelegte Aktienkurs; diese Festlegung ist abschließend. Falls die Feststellung des Aktienkurses aufgegeben wird, bezieht sich der Begriff Aktienkurs in diesen Emissionsbedingungen auf einen Kurs, der den Aktienkurs (x) kraft Gesetzes oder (y) aufgrund einer allgemein anerkannten Marktpraxis ersetzt,		(v)     if the Share Price cannot be determined in accordance with clauses (i) to (iv) above, the Share Price as determined by an Independent Expert on the basis of such quotations or other information as such Independent Expert considers appropriate; any such determination will be conclusive. Any reference in these Terms and Conditions to the Share Price will include, if the reporting of the Share Price is discontinued, a reference to a quotation which replaces the Share Price (x) by operation of law or (y) on the basis of generally accepted market practice,
jeweils (sofern erforderlich) umgerechnet in EUR mit dem an dem betreffenden Handelstag geltenden Maßgeblichen Wechselkurs, der von der Berechnungsstelle festgestellt wird.		in each case converted (if necessary) into EUR at the Relevant FX Rate in effect as at the relevant Trading Day as determined by the Calculation Agent.
“Angepasster Aktienkurs” an einem Handelstag bezeichnet den Aktienkurs an diesem Handelstag, wobei:		“Adjusted Share Price” means, as at any Trading Day, the Share Price as at such Trading Day, provided that:
(i)        für Zwecke der Bestimmung des Barausgleichsbetrags,		(i)      for purposes of the determination of the Cash Alternative Amount,
(A)     wenn dieser Handelstag auf den Ex-Tag eines Anpassungsereignisses fällt oder diesem nachfolgt; und		(A)     if such Trading Day falls on or after the Ex-Date of an Adjustment Event, and
(B)     wenn an diesem Handelstag die Anpassung des Umtauschpreises gemäß § 10(k) noch nicht wirksam ist (wobei für diesen Zweck unterstellt wird, dass der Liefertag, auf den in § 10 Bezug genommen wird, der Barausgleichstag ist),		(B)     if on such Trading Day such adjustment to the Exchange Price is not yet effective in accordance with § 10(k) (assuming for this purpose that the Settlement Date referred to in § 10 is the Cash Settlement Date),
dann wird die Berechnungsstelle den Angepassten Aktienkurs an diesem Handelstag bestimmen, indem sie den Aktienkurs durch den für die betreffende Anpassung auf den Umtauschpreis angewendeten Anpassungsfaktor teilt.		then the Calculation Agent will determine the Adjusted Share Price as at such Trading Day by dividing the Share Price as at such Trading Day by the adjustment factor applied to the Exchange Price in respect of such adjustment.

Für Zwecke dieser Ziffer (i) und ausschließlich für die Bestimmung des Barausgleichsbetrages gilt dies mit folgender Maßgabe: Wenn der Angepasste Aktienkurs nicht wie zuvor vorgesehen an oder vor dem dritten Geschäftstag vor dem Barausgleichstag bestimmt werden kann, dann wird ein Unabhängiger Sachverständiger (an oder vor dem dritten Geschäftstag vor dem Barausgleichstag) den Angepassten Aktienkurs zu einem solchen Tag in einer Weise bestimmen, die er für angemessen hält;		Solely for purposes of this clause (i) and the determination of the Cash Alternative Amount, this is subject to the following proviso: If the Adjusted Share Price cannot be determined as provided above on or before the third Business Day prior to the Cash Settlement Date, an Independent Expert will (on or before the third Business Day prior to the Cash Settlement Date) determine the Adjusted Share Price as at such day in such manner as it considers to be appropriate;
und		and
(ii)      für Zwecke der Bestimmung des Zusätzlichen Geldbetrags,		(ii)     for purposes of the determination of the Additional Cash Amount,
(A)     wenn dieser Handelstag auf einen Tag fällt, der vor dem Ex-Tag in Bezug auf ein Anpassungsereignis liegt, dessen Stichtag vor dem betreffenden ARO-Liefertag liegt, entspricht der Angepasste Aktienkurs an dem betreffenden Handelstag dem Aktienkurs an diesem Handelstag multipliziert mit dem Anpassungsfaktor, der auf den Umtauschpreis gemäß § 10 in Bezug auf dieses Ereignis angewendet worden wäre, wenn eine solche Anpassung erforderlich gewesen wäre; oder		(A)     if such Trading Day falls on a day before the Ex-Date in respect of any Adjustment Event the Record Date of which falls prior to the relevant SRO Settlement Date, then the Adjusted Share Price as at the relevant Trading Day will be the Share Price as at such Trading Day multiplied by the adjustment factor that would have been applied to the Exchange Price pursuant to § 10 in respect of such event had such adjustment been required to be made; or
(B)     wenn dieser Handelstag auf den Ex-Tag in Bezug auf ein Anpassungsereignis fällt oder diesem nachfolgt, dessen Stichtag an oder nach dem betreffenden ARO-Liefertag liegt, entspricht der Angepasste Aktienkurs an dem betreffenden Handelstag dem Aktienkurs an diesem Handelstag geteilt durch den Anpassungsfaktor, der auf den Umtauschpreis gemäß § 10 in Bezug auf dieses Ereignis angewendet worden wäre, wenn eine solche Anpassung erforderlich gewesen wäre.		(B)     if such Trading Day falls on or after the Ex-Date in respect of any Adjustment Event the Record Date of which falls on or after the relevant SRO Settlement Date, then the Adjusted Share Price as at the relevant Trading Day will be the Share Price as at such Trading Day divided by the adjustment factor that would have been applied to the Exchange Price pursuant to § 10 in respect of such event had such adjustment been required to be made.
Für Zwecke dieser Ziffer (ii) gilt dies mit folgender Maßgabe: Wenn der Angepasste Aktienkurs nicht wie zuvor vorgesehen an oder vor dem dritten Geschäftstag vor dem Endfälligkeitstag bestimmt werden kann, dann wird ein unabhängiger Sachverständiger (an oder vor dem dritten Geschäftstag vor dem Endfälligkeitstag) den		For purposes of this clause (ii) this is subject to the following proviso: If the Adjusted Share Price as at such Trading Day cannot be determined as provided above on or before the third Business Day prior to the Maturity Date, an Independent Expert will (on or before the third Business Day prior to the Maturity Date) determine the Adjusted

Angepassten Aktienkurs zu einem solchen Tag in einer Weise bestimmt, die er für angemessen hält.		Share Price as at such day in such manner as it considers to be appropriate.
“Anleihegläubiger” bezeichnet den Inhaber eines Miteigentumsanteils oder ähnlichen Rechts an der Globalurkunde.		“Bondholder” means the holder of a co-ownership interest or similar right in the Global Bond.
“Anpassungsereignis” bezeichnet ein Ereignis, das zu einer Anpassung des Umtauschpreises gemäß § 10 führt.		“Adjustment Event” means any event which would result in an adjustment of the Exchange Price in accordance with § 10.
“Anpassungstag” hat die in § 10(k) festgelegte Bedeutung.		“Adjustment Date” has the meaning set out in § 10(k).
“Barausgleichstag” bezeichnet im Hinblick auf die Zahlung des Barausgleichsbetrags den fünften Geschäftstag nach dem letzten Tag des Berechnungszeitraums.		“Cash Settlement Date” means with respect to the payment of the Cash Alternative Amount the fifth Business Day following the last day of the Calculation Period.
“Berechnungsstelle” hat die in § 13(a) festgelegte Bedeutung.		“Calculation Agent” has the meaning set out in § 13(a).
“Berechnungszeitraum” bezeichnet		“Calculation Period” means,
(i)     für Zwecke der Bestimmung des Barausgleichsbetrags den Zeitraum von 20 aufeinander folgenden Handelstagen, der an dem zweiten auf den Bar-ausgleichs-options-Benach-richtigungs-tag folgenden Handelstag beginnt; oder		(i)     for purposes of the determination of the Cash Alternative Amount, the period of 20 consecutive Trading Days commencing on the second Trading Day after the relevant Cash Alternative Election Notice Date; or
(ii)    für Zwecke der Bestimmung des Zusätzlichen Geldbetrags den Zeitraum von (x) 20 aufeinander folgenden Handelstagen, der an dem 27. Vorgese-henen Handelstag vor dem Endfälligkeitstag (bzw. wenn der 27. Vorgesehene Handelstag vor dem End-fälligkeitstag kein Handelstag ist, dem ersten darauffolgenden Handelstag) (einschließlich) beginnt, bzw. (y) die geringere Anzahl von Handelstagen, die in dem Zeitraum enthalten sind, der an dem 27. Vorgesehenen Handelstag vor dem Endfälligkeitstag (einschließlich) beginnt und an dem sechsten Vorgesehenen Handelstag vor dem Endfälligkeitstag (einschließlich) endet.		(ii)    for purposes of the determination of the Additional Cash Amount, the period of (x) 20 consecutive Trading Days commencing on and including the 27th Scheduled Trading Day prior to the Maturity Date (or, if such 27th Scheduled Trading Day prior to the Maturity Date is not a Trading Day, the immediately succeeding Trading Day), or (y) such lesser number of Trading Days as are comprised in the period commencing on and including the 27th Scheduled Trading Day prior to the Maturity Date and ending on and including the sixth Scheduled Trading Day prior to the Maturity Date.
Dabei gilt Folgendes:		Where:
“Vorgesehener Handelstag” bezeichnet jeden Tag (außer einem Samstag oder Sonntag), an dem der Relevante Markt für die Aktie gemäß dem erstmals für das betreffende Kalenderjahr veröffentlichten		“Scheduled Trading Day” means each day (other than a Saturday or a Sunday) on which the Relevant Market for the Share is scheduled to be open for business as set out in the trading calendar first published by

Handelskalender des Relevanten Markts zur Öffnung vorgesehen ist, unabhängig davon, ob (i) der Relevante Markt an diesem Tag tatsächlich geöffnet ist oder (ii) dieser Tag ein Handelstag für die Aktie ist.		such Relevant Market in respect of the relevant calendar year, regardless of whether (i) the Relevant Market is actually open for business on such day, or (ii) such day is a Trading Day for the Share.
“BGB” bezeichnet das Bürgerliche Gesetzbuch in seiner jeweils gültigen Fassung.		“BGB” means the German Civil Code (Bürgerliches Gesetzbuch), as amended.
“Bedingter Umtauschzeitraum” bezeichnet, in Bezug auf eine Schuldverschreibung, jeden der folgenden Zeiträume:		“Contingent Exchange Period” means, in respect of any Bond, any of the following periods:
(i)     falls die Schuldverschreibungen durch die Emittentin gemäß § 5(b) oder § 5(c) gekündigt werden, den Zeitraum ab dem Tag, an dem die Emit-tentin die Kün-digungserklärung gemäß § 5(b) oder § 5(c) veröffentlicht (einschließlich), bis zu dem 35. Geschäftstag, der dem Vorzeitigen Rückzahlungstag vorausgeht (ein-schließlich);		(i)      if the Bonds are called by the Issuer for redemption in accordance with § 5(b) or § 5(c), the period from and including the date on which the call notice pursuant to § 5(b) or § 5(c) is published to and including the 35th Business Day prior to the Early Redemption Date;
(ii)     falls ein Kündigungsgrund (wie in § 12(a) definiert) eintritt, den Zeitraum ab dem Tag, an dem der Kündigungsgrund eingetreten ist (einschließlich), bis zu dem Geschäftstag, der gegebenenfalls dem Tag, an dem der Kündigungsgrund geheilt wurde, unmittelbar vorausgeht (einschließlich);		(ii)     if any Event of Default (as defined in § 12(a)) occurs, the period from and including the date on which the Event of Default occurs to and including the Business Day immediately preceding the date, if any, on which such Event of Default will have been cured or waived;
(iii)   falls ein Put-Ereignis (wie in § 5(d)(i) definiert) eintritt, den Zeitraum ab dem Tag, an dem die Emittentin den Anleihegläubigern den Eintritt eines Put-Ereignisses mitgeteilt hat (einschließlich), bis zu dem Tag, der 10 Geschäftstage vor dem Put-Wirksamkeitstag (wie in § 5(d)(i) definiert) liegt (einschließlich);		(iii)    if a Put Event (as defined in § 5(d)(i)) occurs, the period from and including the day on which the Issuer gives notice to the Bondholders of the occurrence of a Put Event to and including the date falling 10 Business Days prior to the Put Effective Date (as defined in § 5(d)(i));
(iv)    wenn die Gesellschaft ankündigt, ihren Aktionären Wertpapiere, Rechte oder sonstige Ver-mö-gensgegenstände (ein-schließ-lich Geldbeträge) auszuschütten, zu-zu-teilen oder zu gewähren, und wenn der Angemessene Markt-wert an dem CoEx-Referenztag der je Aktie ausgeschütteten, zugeteilten oder gewährten Wertpapiere, Rechte oder sonstigen Vermögensgegen-stände, wie von der Berechnungsstelle festgestellt, größer ist als 20 % des rechnerischen Durchschnitts der Aktien-kurse an jedem Handels-tag während eines Zeitraums von 20 aufeinander-folgenden Han-dels-		(iv)    if the Company announces a distribution, allotment or grant to its shareholders of any securities, rights or other assets (including cash amounts), and if the Fair Market Value on the CoEx Reference Date of such securities, rights or other assets distributed, allotted or granted per Share, as determined by the Calculation Agent, is greater than 20 per cent. of the arithmetic average of the Share Prices on each Trading Day during the period of 20 consecutive Trading Days ending on and including the last Trading Day prior to the

tagen, endend an dem letzten Handelstag vor dem CoEx-Referenztag (bzw., soweit anwendbar, vor dem Angepassten FMV-Tag) (ein-schließ-lich), den Zeitraum:		CoEx Reference Date (or the Adjusted FMV Date, if applicable), the period:
(A)    ab dem Geschäftstag (einschließ-lich), der unmittelbar auf den späteren der folgenden Tage folgt:		(A)    from and including the Business Day immediately following the later of the following days:
(I)     dem CoEx-Referenztag; bzw.		(I)      the CoEx Reference Date; and
(II)   dem Tag, an dem der Angemessene Marktwert festgestellt werden kann,		(II)     the date on which the Fair Market Value can be determined,
(B)   bis zu dem Geschäftstag (einschließlich), der dem späteren der folgenden Tage unmittelbar vorausgeht:		(B)     to and including the Business Day immediately preceding the later of the following days:
(I)    dem Ex-Tag der betreffenden Ausschüt-tung, Zuteilung oder Gewährung; bzw.		(I)     the Ex-Date of such distri-bution, allotment or grant; and
(II)    dem 10. Geschäftstag nach dem gemäß dem vorstehenden Buchstaben (A) festgestellten Tag;		(II)    the 10th Business Day following the date determined to be applicable pursuant to clause (A) above;
(v)    wenn ein Paritätsereignis bzw. ein IA-Paritätsereignis eingetreten ist (oder als eingetreten gilt), den Zeitraum von 10 Ge-schäftstagen ab dem ersten Geschäftstag nach dem betreffenden Emittenten-Mitteilungstag (wie in § 8(e) definiert) (ein-schließ-lich);		(v)     if a Parity Event or an IA Parity Event has (or is deemed to have) occurred, the period of 10 Business Days from and including the first Business Day following the relevant Issuer Notice Date (as defined in § 8(e));
(vi)    im Falle der Veröffentlichung eines Übernahmeangebots, der Zeitraum ab dem auf den Vollzugstag folgenden Tag bis zu dem 10. darauffolgenden Geschäftstag (jeweils einschließlich),		(vi)    in case of the publication of a Take-over Offer, the period from and including the day immediately following the Offer Settlement Date to and including the 10th Business Day thereafter,
wobei in jeder der vorgenannten Ziffern (i) bis (vi) der Bedingte Umtauschzeitraum jeweils bereits an dem CoEx-Zeitraum-Beendigungstag (einschließlich) endet, wenn der CoEx-Zeitraum-Beendigungstag vor dem letzten Tag des betreffenden Zeitraums gemäß den vorstehenden Ziffern (i) bis (vi) liegt.		provided that, in each of the clauses (i) to (vi) above, the Contingent Exchange Period shall end on and including the CoEx Period Termination Date if the CoEx Period Termination Date falls prior to the last day of the relevant period pursuant to clauses (i) to (vi) above.
Weder die Emittentin noch die Berechnungsstelle ist verpflichtet, zu überwachen, ob ein Bedingter Umtauschzeitraum eintritt. Ferner ist (mit Ausnahme der in den nachstehend in § 8(e) ausdrücklich anders geregelten Fälle) weder die Emittentin noch die Berechnungsstelle verpflichtet, die Anleihegläubiger		Neither the Issuer nor the Calculation Agent will be under any duty to monitor the occurrence of a Contingent Exchange Period. In addition, neither the Issuer nor the Calculation Agent will be under any duty to notify (other than where specifically provided otherwise in § 8(e) below) Bondholders of the occurrence of a Contingent Exchange Period.

darüber zu benachrichtigen, ob ein Bedingter Umtauschzeitraum eingetreten ist.
Der relevante Investoren-Mitteilungstag und ob ein Paritätsereignis oder ein IA-Paritätsereignis eingetreten ist (oder als eingetreten gilt), wird gemäß § 8(e) festgestellt.		The relevant Investor Notice Date and whether a Parity Event or an IA Parity Event has (or is deemed to have) occurred will be determined in accordance with § 8(e).
“Clearingsystem” bezeichnet die Clearstream Banking AG, Frankfurt am Main (“Clearstream Frankfurt”) oder jeden Funktionsnachfolger.		“Clearing System” means Clearstream Banking AG, Frankfurt am Main (“Clearstream Frankfurt”) or any successor in such capacity.
“CoEx-Referenztag” bezeichnet den Tag, an dem die Gesellschaft erstmalig die Bedingungen einer Ausschüttung, Zuteilung oder Gewährung von Wertpapieren, Rechten oder sonstigen Vermögensgegenständen an ihre Aktionäre (einschließlich Geldbeträge) öffentlich bekanntmacht.		“CoEx Reference Date” means the date on which the Company for the first time publicly announces the terms of the distribution, allotment or grant to its shareholders of any securities, rights or other assets (including cash amounts).
“Depotbank” bezeichnet ein Bank- oder sonstiges Finanzinstitut, bei dem der Anleihegläubiger Schuldverschreibungen auf einem Wertpapierdepotkonto verwahren lässt und das ein Konto bei dem Clearingsystem hat, und schließt Clearstream Frankfurt ein.		“Custodian” means any bank or other financial institution with which the Bondholder maintains a securities account in respect of any Bonds and having an account maintained with the Clearing System and includes Clearstream Frankfurt.
“Emittentin” ist die Fresenius SE & Co. KGaA.		“Issuer” means Fresenius SE & Co. KGaA.
“Endfälligkeitstag” ist der 11. März 2028.		“Maturity Date” means 11 March 2028.
“EUREX” bezeichnet die EUREX Deutschland oder deren Rechts- oder Funktionsnachfolgerin.		“EUREX” means EUREX Deutschland or any legal or functional successor thereof.
“Ex-Tag” hat die in § 10(n) festgelegte Bedeutung.		“Ex-Date” has the meaning set out in § 10(n).
“Festgelegter Nennbetrag” hat die in § 2(a) festgelegte Bedeutung.		“Principal Amount” has the meaning set out in § 2(a).
“Gesamtumtauschnennbetrag” bezeichnet den Gesamtnennbetrag der von einem Anleihegläubiger mit einer einzelnen Umtauscherklärung zum Umtausch eingereichten Schuldverschreibungen, der von der Umtauschstelle gemäß § 8(b)(iii) festgestellt wird.		“Aggregate Exchange Principal Amount” means the aggregate principal amount of Bonds delivered by a Bondholder for exchange with a single Exchange Notice as determined by the Exchange Agent in accordance with § 8(b)(iii).
“Geschäftsjahr” bezeichnet das satzungsmäßige Geschäftsjahr der Gesellschaft.		“Financial Year” means the financial year as set out in the articles of association of the Company.
“Geschäftstag” bezeichnet jeden Tag (außer einem Samstag oder Sonntag), an dem (a)(i) das Real-time Gross Settlement System des Eurosystems (T2) oder dessen Nachfolgesystem und (ii) das Clearingsystem Zahlungen abwickeln, und (b) Geschäftsbanken und Devisenmärkte in Frankfurt am Main geöffnet sind.		“Business Day” means each day (other than a Saturday or Sunday) on which (a)(i) the real-time gross settlement system operated by the Eurosystem (T2) or any successor system and (ii) the Clearing System settle payments, and (b) commercial banks and foreign exchange markets in Frankfurt am Main are open for business.

“Gesellschaft” bezeichnet die Fresenius Medical Care AG.		“Company” means Fresenius Medical Care AG.
“Globalurkunde” hat die in § 2(b) festgelegte Bedeutung.		“Global Bond” has the meaning set out in § 2(b).
“Gruppe” bezeichnet die Emittentin und ihre jeweils konsolidierten Tochtergesellschaften.		“Group” means the Issuer and all of its consolidated Subsidiaries from time to time.
“Handelstag” bezeichnet		“Trading Day” means,
(i)     für Zwecke der Bestimmung des Aktienkurses jeden Tag, an dem der Relevante Markt für die Aktie für den Handel geöffnet ist und der Aktienkurs gemäß den Ziffern (i) bis (iv) der Definition dieses Begriffs ermittelt werden kann; bzw.		(i)     for purposes of the determination of the Share Price, each day on which the Relevant Market for the Share is open for business and the Share Price can be determined in accordance with clauses (i) to (iv) of the definition of such term; or
(ii)    für Zwecke der Bestimmung eines Wertpapierkurses jeden Tag, an dem der Relevante Markt für andere Wertpapiere, Rechte oder sonstige Vermögensgegenstände für den Handel geöffnet ist und Wertpapierkurse gemäß den Ziffern (i) bis (iii) der Definition dieses Begriffs ermittelt werden können.		(ii)    for purposes of the determination of any Security Price, each day on which the Relevant Market for any other securities, rights or other assets is open for business and Security Prices can be determined in accordance with clauses (i) to (iii) of the definition of such term.
“IA-Paritätsereignis” hat die in § 8(e) festgelegte Bedeutung.		“IA Parity Event” has the meaning set out in § 8(e).
“IFRS” bezeichnet die International Financial Reporting Standards des International Accounting Standards Board, wie sie von der Europäischen Union anerkannt werden.		“IFRS” means the International Financial Reporting Standards of the International Accounting Standards Board, as adopted by the European Union.
“Kündigungsgrund” hat die in § 12(a) festgelegte Bedeutung.		“Event of Default” has the meaning set out in § 12(a).
“Liefertag” bezeichnet den Tag, an dem die Emittentin die betreffenden Aktien nach Maßgabe dieser Emissionsbedingungen liefert.		“Settlement Date” means the date on which the Issuer delivers the relevant Shares in accordance with these Terms and Conditions.
“Maßgeblicher Wechselkurs” für die Umrechnung von einer Währung in EUR an einem bestimmten Tag bezeichnet den Kassa-Wechselmittelkurs (spot mid-rate) zwischen den betreffenden Währungen um 13:00 Uhr Frankfurter Zeit an diesem Tag, wie er auf der Bloomberg Bildschirmseite BFIX (oder einer Nachfolger-Bildschirmseite) erscheint oder von dieser hergeleitet wird.		“Relevant FX Rate” means on any day, and, in respect of the conversion of any currency into EUR, the spot mid-rate of exchange at 1:00 p.m. Frankfurt time on that day for such pair of currencies as appearing on or derived from Bloomberg page BFIX (or any successor page thereto).
Falls der Maßgebliche Wechselkurs nicht gemäß den vorstehenden Bestimmungen ermittelt werden kann, ist der Maßgebliche Wechselkurs der in entsprechender Anwendung der vorstehenden Regelungen bestimmte		If the Relevant FX Rate cannot be determined in accordance with the foregoing provisions, the Relevant FX Rate will be the exchange rate determined in accordance with the foregoing provisions mutatis

Wechselkurs an dem letzten Tag vor dem betreffenden Tag, an dem der Wechselkurs ermittelt werden kann. Wenn der Maßgebliche Wechselkurs nicht auf diese Weise ermittelt werden kann, dann wird ein Unabhängiger Sachverständiger den Maßgeblichen Wechselkurs auf der Basis solcher Notierungen oder anderer Informationen bestimmen, die dieser Unabhängige Sachverständige für maßgeblich hält; diese Bestimmung ist abschließend.		mutandis but with respect to the last day preceding such day on which such rate can be determined. If the Relevant FX Rate cannot be so determined, an Independent Expert will determine the Relevant FX Rate on the basis of such quotations or other information as such Independent Expert considers appropriate; any such determination will be conclusive.
“Maßgebliches Umtauschverhältnis” bezeichnet das Ergeb-nis (ohne Rundung und einschließlich Bruchteilen von Aktien) aus der Division (i) des Gesamtumtausch-nenn-be-trags durch (ii) den an dem betreffenden Umtauschtag maßgeblichen Umtauschpreis (vorbehaltlich etwaiger nachfolgender Anpassungen des Umtauschpreises gemäß § 10). Das Maßgebliche Umtauschverhältnis wird von der Berechnungsstelle berechnet.		“Relevant Exchange Ratio” means the result (without rounding and including fractions of Shares) of the division of (i) the Aggregate Exchange Principal Amount by (ii) the Exchange Price in effect as at the relevant Exchange Date (subject to any subsequent Exchange Price adjustment in accordance with § 10). The Relevant Exchange Ratio will be determined by the Calculation Agent.
“Paritätsereignis” hat die in § 8(e) festgelegte Bedeutung.		“Parity Event” has the meaning set out in § 8(e).
“Person” bezeichnet eine natürliche Person, eine Körperschaft, eine Personengesellschaft, ein Joint Venture, eine Vereinigung, eine Aktiengesellschaft, einen Trust, eine Einrichtung ohne eigene Rechtspersönlichkeit, eine staatliche Stelle oder Behörde, eine Gebietskörperschaft oder einen sonstigen Rechtsträger.		“Person” means any individual, corporation, partnership, joint venture, association, joint stock company, trust, unincorporated organisation, government or any agency, instrumentality or political subdivision thereof, or any other entity.
“Prämienausgleichsbetrag” hat die in § 11(e) festgelegte Bedeutung.		“Premium Compensation Amount” has the meaning set out in § 11(e).
“Put-Wirksamkeitstag” hat die in § 5(d)(i) festgelegte Bedeutung.		“Put Effective Date” has the meaning set out in § 5(d)(i).
“QIB” bezeichnet einen “qualifizierten institutionellen Käufer” gemäß der Definition in Rule 144A des Securities Act.		“QIB” means a “qualified institutional buyer” as defined in Rule 144A under the Securities Act.
“Regulation S” bezeichnet Regulation S des Securities Act.		“Regulation S” means Regulation S under the Securities Act.
“Relevanter Markt” bezeichnet		“Relevant Market” means
(i)      im Falle der Aktie, XETRA oder, falls die Aktie im betreffenden Zeitpunkt nicht mehr in XETRA gehandelt wird, eine andere Wertpapierbörse oder einen anderen Wertpapier-Markt, an der bzw. dem die Aktie im betreffenden Zeitpunkt hauptsächlich gehandelt wird; und		(i)      in the case of the Share, XETRA, or if at the relevant time the Share is no longer traded on XETRA, such other stock exchange or securities market on which the Share is mainly traded at the relevant time; and

(ii)    im Falle anderer Wertpapiere, Rechte oder sonstiger Vermögensgegenstände, eine andere Wertpapierbörse oder einen anderen Wertpapier-Markt, an der bzw. dem die Wertpapiere, Rechte oder sonstigen Vermögensgegenstände im betreffenden Zeitpunkt hauptsächlich gehandelt werden.		(ii)    in the case of any other securities, rights or other assets, such stock exchange or securities market on which such other securities, rights or other assets are mainly traded at the relevant time.
“Schuldverschreibung(en)” hat die in § 2(a) festgelegte Bedeutung.		“Bond(s)” has the meaning set out in § 2(a).
“Securities Act” bezeichnet den U.S. Securities Act of 1933 in seiner jeweils gültigen Fassung.		“Securities Act” means the U.S. Securities Act of 1933, as amended.
“Stichtag” hat die in § 10(n) festgelegte Bedeutung.		“Record Date” has the meaning set out in § 10(n).
“Tochtergesellschaft” bezeichnet eine Kapitalgesellschaft, eine Gesellschaft mit Haftungsbeschränkung, eine Vereinigung, eine Personengesellschaft oder ein sonstiges Unternehmen, deren bzw. dessen Ergebnisse gemäß IFRS mit den Ergebnissen folgender Personen konsolidiert werden:		“Subsidiary” means any corporation, limited liability company, association, partnership or other business entity whose results of operations are consolidated in accordance with IFRS with those of:
(i)       der Emittentin;		(i)       the Issuer;
(ii)      der Emittentin und einer oder mehrerer Tochtergesellschaften der Emittentin; oder		(ii)      the Issuer and one or more Subsidiaries of the Issuer; or
(iii)     einer oder mehrerer Tochtergesellschaften der Emittentin.		(iii)     one or more Subsidiaries of the Issuer.
“Umtauscherklärung” hat die in § 8(b)(i) festgelegte Bedeutung.		“Exchange Notice” has the meaning set out in § 8(b)(i).
“Umtauschpreis” bezeichnet anfänglich € [●], wobei dieser Betrag gegebenenfalls jeweils nach Maßgabe dieser Emissionsbedingungen angepasst wird.		“Exchange Price” means initially € [●], which amount is subject to adjustment from time to time in accordance with these Terms and Conditions.
“Umtauschrecht” hat die in § 8(a)(i) festgelegte Bedeutung.		“Exchange Right” has the meaning set out in § 8(a)(i).
“Umtauschstelle(n)” hat die in § 13(a) festgelegte Bedeutung.		“Exchange Agent(s)” has the meaning set out in § 13(a).
“Umtauschtag” hat die in § 8(b)(iv) festgelegte Bedeutung.		“Exchange Date” has the meaning set out in § 8(b)(iv).
“Umtauschverhältnis” je Schuldverschreibung an einem Tag ist gleich der Festgelegte Nennbetrag geteilt durch den an diesem Tag maßgeblichen Umtauschpreis.		“Exchange Ratio” per Bond as at any day is equal to the Principal Amount divided by the Exchange Price in effect as at such day.

“Umtauschzeitraum” bezeichnet		“Exchange Period” means
(i)     gegebenenfalls jeden etwaigen Bedingten Umtauschzeitraum, der innerhalb des Zeitraums ab dem 21. April 2025 (einschließlich) bis zum CoEx-Zeitraum-Beendigungstag (einschließlich) beginnt; und		(i)     each Contingent Exchange Period (if any) commencing during the period from and including 21 April 2025 to and including the CoEx Period Termination Date; and
(ii)    gegebenenfalls den Zeitraum ab dem 11. September 2027 (einschließlich) bis zu dem Umtausch-zeitraum-Ablauf-tag (einschließlich).		(ii)    the period (if any) from and including 11 September 2027 to and including the Exchange Period Expiry Date.
Dabei gilt Folgendes:		Where:
“CoEx-Zeitraum-Beendigungstag” bezeichnet, im Hinblick auf jede Schuldverschreibung, den früheren der folgenden Tage:		“CoEx Period Termination Date” means, in respect of any Bond, the earlier of the following dates:
(x)     den Geschäftstag, der dem 11. September 2027 unmittelbar vorausgeht; bzw.		(x)     the Business Day immediately preceding 11 September 2027; and
(y)     den Vorzeitigen Umtausch-zeitraum-Ablauf-tag.		(y)     the Early Exchange Period Expiry Date.
“Umtausch-zeitraum-Ablauf-tag” bezeichnet den früheren der folgenden Tage:		“Exchange Period Expiry Date” means the earlier of the following dates:
(x)     den 35. Geschäftstag vor dem Endfälligkeitstag; bzw.		(x)     the 35th Business Day prior to the Maturity Date; and
(y)     den Vorzeitigen Umtausch-zeitraum-Ablauf-tag.		(y)     the Early Exchange Period Expiry Date.
“Vorzeitiger Umtausch-zeitraum-Ablauf-tag” bezeichnet, im Hinblick auf jede Schuldverschreibung, den früheren der folgenden Tage:		“Early Exchange Period Expiry Date” means, in respect of any Bond, the earlier of the following dates:
(x)     falls die Schuldverschreibungen durch die Emittentin gemäß § 5(b) oder § 5(c) gekündigt werden, dem 35. Geschäftstag, der dem Vorzeitigen Rückzahlungstag vorausgeht; bzw.		(x)     if the Bonds are redeemed by the Issuer in accordance with § 5(b) or § 5(c), the 35th Business Day prior to the Early Redemption Date; and
(y)     wenn ein Kündigungsgrund (wie in § 12(a) definiert) eintritt und der Anleihegläubiger gemäß § 12(b) mitteilt, dass er die Schuldverschreibung für fällig erklärt und sofortige Rückzahlung verlangt, der Geschäftstag, der dem Tag unmittelbar vorausgeht, an dem diese Mitteilung erfolgt ist.		(y)     if any Event of Default (as defined in § 12(a)) occurs and the Bondholder gives notice in accordance with § 12(b) that it declares such Bond due and demands immediate redemption thereof, the Business Day immediately preceding the date on which such notice is so given.
“UmwG” bezeichnet das Umwandlungsgesetz in seiner jeweils gültigen Fassung.		“UmwG” means the German Transformation Act (Umwandlungsgesetz), as amended.

“Unabhängiger Sachverständiger” bezeichnet eine unabhängige international anerkannte Bank oder einen unabhängigen Finanzberater mit einschlägiger Expertise, die bzw. der von der Emittentin auf eigene Kosten bestellt wird, wobei die Berechnungsstelle der Unabhängige Sachverständige sein kann.		“Independent Expert” means an independent bank of international standing or an independent financial adviser with relevant expertise appointed by the Issuer at its own expense, which may be the Calculation Agent.
“Verbundenes Unternehmen” einer bestimmten Person bezeichnet:		“Affiliate” of any specified Person means:
(i)      jede andere Person, die diese Person direkt oder indirekt kontrolliert bzw. direkt oder indirekt von ihr kontrolliert wird, oder		(i)       any other Person, directly or indirectly, controlling or controlled by, or
(ii)     mit dieser bestimmten Person unter direkter oder indirekter gemeinsamer Kontrolle steht.		(ii)      under direct or indirect common control with such specified Person.
Für den Zweck dieser Definition bezeichnet “gemeinsame Kontrolle” bei Verwendung in Bezug auf eine Person die Befugnis, deren Geschäftsführung und Unternehmenspolitik direkt oder indirekt zu bestimmen (§ 15 AktG), sei es durch den Besitz von stimmberechtigten Kapitalanteilen, eine vertragliche Festlegung oder anderweitig, und die Bedeutung der Begriffe “kontrolliert” und “kontrollieren” ist entsprechend zu verstehen.		For the purposes of this definition, “common control” when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise (§ 15 AktG); and the terms “controlling” and “controlled” have meanings correlative to the foregoing.
“Vereinigte Staaten” bezeichnet die Vereinigten Staaten von Amerika (einschließlich deren Bundesstaaten und des District of Columbia) sowie deren Territorien (einschließlich Puerto Rico, der U.S. Virgin Islands, Guam, American Samoa, Wake Island und Northern Mariana Islands).		“United States” means the United States of America (including the States thereof and the District of Columbia) and its possessions (including Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and Northern Mariana Islands).
“Verwaltungsstelle(n)” hat die in § 13(a) festgelegte Bedeutung.		“Agent(s)” has the meaning set out in § 13(a).
“Vorgesehener Liefertag” bezeichnet		“Scheduled Settlement Date” means
(i)     den fünften Geschäftstag nach dem betreffenden Umtauschtag; und		(i)     the fifth Business Day following the relevant Exchange Date; and
(ii)    im Falle der Ausübung der Aktienrückzahlungsoption den betreffenden ARO-Liefertag.		(ii)    in the case of an exercise of the Share Redemption Option, the relevant SRO Settlement Date.
“Vorzeitiger Rückzahlungstag” bezeichnet den jeweils von der Emittentin in der Mitteilung gemäß und vorbehaltlich § 5(b) oder § 5(c) für die Rückzahlung der Schuldverschreibungen festgelegten Tag, der ein Zahlungsgeschäftstag sein muss.		“Early Redemption Date” means the date fixed for redemption of the Bonds in the Issuer’s notice in accordance with and subject to § 5(b) or § 5(c), which must be a Payment Business Day.

“Wertpapierkurs” hat die in § 10(n) festgelegte Bedeutung.		“Security Price” has the meaning set out in § 10(n).
“Wesentliche Tochtergesellschaft” bezeichnet eine Tochtergesellschaft der Fresenius SE & Co. KGaA:		“Material Subsidiary” means any Subsidiary of Fresenius SE & Co. KGaA which:
(i)     deren unkonsolidiertes EBITDA 5 % oder mehr des EBITDA der Fresenius SE & Co. KGaA und ihrer Tochtergesellschaften auf einer konsolidierten Basis darstellt, oder		(i)     has unconsolidated EBITDA representing 5 % or more of the EBITDA of Fresenius SE & Co. KGaA and its Subsidiaries on a consolidated basis; or
(ii)     deren unkonsolidiertes Bruttovermögen 5 % oder mehr des Bruttovermögens der Fresenius SE & Co. KGaA und ihrer Tochtergesellschaften auf einer konsolidierten Basis darstellt,		(ii)    has unconsolidated gross assets representing 5 % or more of the gross assets of Fresenius SE & Co. KGaA and its Subsidiaries on a consolidated basis,
(iii)    in allen Fällen bestimmt nach dem letzten geprüften Jahresabschluss, der in Übereinstimmung mit IFRS erstellt wurde.		(iii)    in each case as determined by reference to the latest audited annual financial statements prepared in accordance with IFRS.
Dabei entspricht “EBITDA” dem Operativen Ergebnis zuzüglich Abschreibungen und wird von dem nach IFRS ermittelten Operativen Ergebnis abgeleitet.		Where “EBITDA” means operating income plus depreciation and amortisation and is derived from the operating income determined in accordance with IFRS.
“WpHG” bezeichnet das Wertpapierhandelsgesetz in seiner jeweils gültigen Fassung.		“WpHG” means the German Securities Trading Act (Wertpapierhandelsgesetz), as amended.
“WpÜG” bezeichnet das Wertpapiererwerbs- und Übernahmegesetz in seiner jeweils gültigen Fassung.		“WpÜG” means the German Securities Acquisition and Take-Over Act (Wertpapiererwerbs- und Übernahmegesetz), as amended.
“XETRA” bezeichnet das elektronische XETRA Handelssystem der Deutsche Börse AG oder dessen Rechts- oder Funktionsnachfolger.		“XETRA” means the electronic XETRA trading system of Deutsche Börse AG or any legal or functional successor thereof.
“Zahlstelle(n)” hat die in § 13(a) festgelegte Bedeutung.		“Paying Agent(s)” has the meaning set out in § 13(a).
“Zahlungsgeschäftstag” ist jeder Tag (außer einem Samstag oder Sonntag), an dem (i) das Real-time Gross Settlement System des Eurosystems (T2) oder dessen Nachfolgesystem und (ii) das Clearingsystem Zahlungen abwickeln.		“Payment Business Day” means each day (other than a Saturday or Sunday) on which (i) the real-time gross settlement system operated by the Eurosystem (T2) or any successor system and (ii) the Clearing System settle payments.
§ 2      Form und Nennbetrag		§ 2      Form and Denomination
(a)     Die Emission der Emittentin von Umtauschschuldverschreibungen im Gesamtnennbetrag von		(a)      The issue by the Issuer of exchangeable bonds in the aggregate principal amount of
€ [●]		€ [●]
(in Worten: EUR [●])		(in words: EUR [●])

ist in untereinander gleichrangige, auf den Inhaber lautende Schuldverschreibungen (die “Schuldverschreibungen” und jeweils eine “Schuldverschreibung”) im Nennbetrag von jeweils € 100.000 (der “Festgelegte Nennbetrag”) eingeteilt.		is divided into bonds in bearer form with a principal amount of € 100,000 (the “Principal Amount”) each, which rank pari passu among themselves (the “Bonds” and each a “Bond”).
(b)     Die Schuldverschreibungen sind durch eine Globalurkunde (die “Globalurkunde”) verbrieft. Die Globalurkunde trägt die eigenhändigen Unterschriften zweier ordnungsgemäß bevollmächtigter Vertreter der Emittentin und ist von der Zahlstelle oder in deren Namen mit einer Kontrollunterschrift versehen.		(b)     The Bonds are represented by a global bond (the “Global Bond”). The Global Bond will be signed manually by two authorised signatories of the Issuer and will be authenticated by or on behalf of the Paying Agent.
Einzelurkunden werden nicht ausgegeben. Der Anspruch der Anleihegläubiger auf die physische Herausgabe der Globalurkunde und die Ausgabe einzelner Schuldverschreibungen ist ausgeschlossen.		Definitive bond certificates will not be issued. The Bondholders will have no right to request physical delivery of the Global Bond or to require the issue of definitive bond certificates.
Die Globalurkunde wird bei Clearstream Frankfurt hinterlegt, wird so lange von Clearstream Frankfurt verwahrt und darf von Clearstream Frankfurt nicht übertragen werden, bis sämtliche Verbindlichkeiten der Emittentin aus den Schuldverschreibungen erfüllt sind. Die Emittentin räumt Clearstream Frankfurt ein dauerhaftes, unwiderrufliches und absolutes Besitzrecht an der Globalurkunde ein. Kopien der Globalurkunde können von jedem Anleihegläubiger bei der Zahlstelle bezogen werden, wobei die jeweilige Kopie nicht selbst ein durchsetzbares Inhaberpapier darstellt.		The Global Bond will be deposited with Clearstream Frankfurt, will be held by Clearstream Frankfurt and may not be transferred by Clearstream Frankfurt until the Issuer has satisfied and discharged all its obligations under the Bonds. The Issuer grants Clearstream Frankfurt a permanent, irrevocable and absolute possession right in the Global Bond. Copies of the Global Bond are available for each Bondholder at the Paying Agent, where no such copy is itself an enforceable bearer instrument.
(c)     Den Anleihegläubigern stehen Miteigentumsanteile bzw. Rechte an der Globalurkunde zu, die nach Maßgabe des anwendbaren Rechts und der Regeln und Bestimmungen des Clearingsystems übertragen werden können.		(c)     The Bondholders will receive proportional co-ownership interests or rights in the Global Bond, which are transferable in accordance with applicable law and the rules and regulations of the Clearing System.
(d)     Die Globalurkunde wird eine Legende in englischer Sprache tragen, die im Wesentlichen der nachfolgenden Form entspricht:		(d)     The Global Bond will bear an English legend substantially the form set forth below:
“WEDER DIE DURCH DIESE GLOBALURKUNDE VERBRIEFTEN SCHULDVERSCHREIBUNGEN NOCH DIE WERTPAPIERE, IN DIE DIESE SCHULDVERSCHREIBUNGEN UMGETAUSCHT WERDEN KÖNNEN, SIND BEI		“NEITHER THE BONDS REPRESENTED BY THIS GLOBAL BOND NOR THE SECURITIES INTO WHICH SUCH BONDS ARE EXCHANGEABLE HAVE BEEN REGISTERED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES

DER U.S. SECURITIES AND EXCHANGE COMMISSION ODER DER WERTPAPIERAUFSICHT EINES BUNDESSTAATS DER VEREINIGTEN STAATEN REGISTRIERT. DIE DURCH DIESE GLOBALURKUNDE VERBRIEFTEN SCHULDVERSCHREIBUNGEN WURDEN UNTER BERUFUNG AUF EINE AUSNAHMEREGELUNG VON DER REGISTRIERUNG GEMÄSS DEM U.S. SECURITIES ACT VON 1933 IN DER JEWEILS GÜLTIGEN FASSUNG (DER “SECURITIES ACT”) VERKAUFT UND DÜRFEN DAHER NUR GEMÄSS EINER WIRKSAMEN REGISTRIERUNGSERKLÄRUNG GEMÄSS DEM SECURITIES ACT ODER GEMÄSS EINER VERFÜGBAREN AUSNAHMEREGELUNG VON DEN REGISTRIERUNGSANFORDERUNGEN DES SECURITIES ACT ODER IN EINER TRANSAKTION, DIE NICHT DEN REGISTRIERUNGSANFORDERUNGEN DES SECURITIES ACT UNTERLIEGT, UND IN ÜBEREINSTIMMUNG MIT DEN GELTENDEN WERTPAPIERGESETZEN DER U.S.-BUNDESSTAATEN VERKAUFT ODER ANGEBOTEN WERDEN.”		COMMISSION OF ANY STATE OF THE UNITED STATES. THE BONDS REPRESENTED BY THIS GLOBAL BOND HAVE BEEN SOLD IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE U.S. STATE SECURITIES LAWS.”
§ 3      Status der Schuldverschreibungen; Negativverpflichtung		§ 3     Status of the Bonds; Negative Pledge
(a)      Status der Schuldverschreibungen.		(a)      Status of the Bonds.
Die Schuldverschreibungen begründen nicht nachrangige und nicht besicherte Verbindlichkeiten der Emittentin, die im gleichen Rang untereinander und, im Falle der Auflösung, der Liquidation oder der Insolvenz der Emittentin oder eines der Abwendung der Insolvenz der Emittentin dienenden Verfahrens, im gleichen Rang mit allen anderen gegenwärtigen und zukünftigen nicht besicherten und nicht nachrangigen Verbindlichkeiten der Emittentin stehen, mit Ausnahme von Verbindlichkeiten, die nach geltenden Rechtsvorschriften vorrangig sind.		The Bonds constitute unsubordinated and unsecured obligations of the Issuer ranking pari passu among themselves and, in the event of the dissolution, liquidation or insolvency of the Issuer or any proceeding to avoid insolvency of the Issuer, pari passu with all other present and future unsubordinated and unsecured obligations of the Issuer, save for such obligations which may be preferred by applicable law.
(b)      Negativerklärung.		(b)      Negative Pledge.
Die Emittentin verpflichtet sich, solange Schuldverschreibungen ausstehen, jedoch nur bis zu dem Zeitpunkt, an dem alle Beträge an		So long as any of the Bonds remain outstanding, but only up to the time all amounts of principal

Kapital dem Clearingsystem zur Verfügung gestellt worden sind,		have been placed at the disposal of the Clearing System, the Issuer undertakes
(i)     keine Grundpfandrechte, Pfandrechte oder sonstigen dinglichen Sicherungsrechte (ein “Sicherungsrecht”) an gegenwärtigen oder zukünftigen Teilen ihres Vermögens oder ihres Vermögens insgesamt zur Sicherung der gegenwärtigen oder zukünftigen Kapitalmarktverbindlichkeiten zu bestellen oder fortbestehen zu lassen, und		(i)     not to grant or permit to subsist any mortgage, land charge, lien or any other security right in rem (dingliches Sicherungsrecht) (the “Security Interest”) over any or all of its present or future assets, as security for any present or future Capital Market Indebtedness; and
(ii)    soweit rechtlich möglich, zu veranlassen, dass keine ihrer Tochtergesellschaften Sicherungsrechte an gegenwärtigen oder zukünftigen Teilen ihres Vermögens oder ihres Vermögens insgesamt zur Sicherung der gegenwärtigen oder zukünftigen Kapitalmarktverbindlichkeiten bestellt oder fortbestehen lässt,		(ii)    to procure, to the extent legally possible, that none of its Subsidiaries will grant or permit to subsist any Security Interest over any or all of its present or future assets, as security for any present or future Capital Market Indebtedness,
ohne jeweils die Anleihegläubiger zur gleichen Zeit auf gleiche Weise und anteilig an diesen Sicherungsrechten teilhaben zu lassen.		without at the same time having the Bondholders share equally and ratably in such Security Interest.
Diese Verpflichtung gilt nicht in Bezug auf Sicherungsrechte, die:		This undertaking shall not apply with respect to any Security Interest which:
(i)     an gegenwärtigen oder zukünftigen Ansprüchen der Emittentin oder Ansprüchen einer ihrer Tochtergesellschaften gegen verbundene Unternehmen im Sinne der §§ 15 f. AktG oder gegen Dritte aufgrund von einer Übertragung von Erlösen aus dem Verkauf von Wertpapieren bestehen, soweit diese Sicherheiten zur Sicherung von Verpflichtungen aus diesen durch die Emittentin oder durch eine ihrer Tochtergesellschaften ausgegebenen Wertpapieren dienen;		(i)      is provided over any of the Issuer’s claims or claims of any of its Subsidiaries against any affiliated companies within the meaning of § 15 et seq. AktG or any third party, which claims exist now or arise at any time in the future, as a result of the passing on of the proceeds from the sale by the Issuer of any securities, provided that any such security serves to secure obligations under such securities issued by the Issuer or by any of its Subsidiaries;
(ii)     an Vermögensgegenständen bestellt sind, die bereits zum Zeitpunkt des Erwerbs des betreffenden Vermögensgegenstandes durch die Emittentin oder durch eine ihrer Tochtergesellschaften bestanden, oder am Vermögen einer neu erworbenen Gesellschaft bestehen, die Mitglied der Gruppe wird;		(ii)      is existing on assets at the time of the acquisition thereof by the Issuer or by any of its Subsidiaries or is existing over assets of a newly acquired company which becomes a member of the Group;

(iii)    zum Ausgabetag der Schuldverschreibungen bestehen;		(iii)    is existing on the date of issue of the Bonds;
(iv)    eine im Zeitpunkt einer Akquisition bestehende Kapitalmarktverbindlichkeit besichern, die infolge der Akquisition eine Verpflichtung der Emittentin oder einer Gesellschaft der Gruppe wird, sofern diese Kapitalmarktverbindlichkeit nicht im Hinblick auf diese Akquisition begründet wurde;		(iv)    secures a Capital Market Indebtedness existing at the time of acquisition that becomes an obligation of the Issuer or of any company within the Group as a consequence of such acquisition, provided that such Capital Market Indebtedness was not created in contemplation of such acquisition;
(v)     aufgrund anwendbaren Rechts gesetzlich vorgeschriebene Sicherheiten sind oder solche, deren Bestehen eine Voraussetzung zur Erteilung einer behördlichen Genehmigung sind;		(v)     is mandatory pursuant to applicable laws or required as a prerequisite for obtaining any governmental approvals;
(vi)    im Zusammenhang mit durch die Emittentin oder durch eine ihrer Tochtergesellschaften begebenen asset backed securities (ABS) stehen;		(vi)    is provided in connection with any issuance of asset backed securities by the Issuer or by any of its Subsidiaries;
(vii)   im Zusammenhang mit durch Zweckgesellschaften begebenen asset backed securities (ABS) stehen, bei denen die Emittentin oder eine ihrer Tochtergesellschaften der Originator der zugrundeliegenden Vermögensgegenstände ist;		(vii)    is provided in respect of any issuance of asset backed securities made by a special purpose vehicle where the Issuer or any of its Subsidiaries is the originator of the underlying assets;
(viii)  der Erneuerung, Verlängerung oder dem Austausch irgendeiner Sicherheit gemäß vorstehend (i) bis (vii) dienen; oder		(viii)   is provided in connection with the renewal, extension or replacement of any security pursuant to foregoing (i) through (vii); or
(ix)    Kapitalmarktverbindlichkeiten besichern, deren Kapitalbetrag (bei Aufaddierung auf den Kapitalbetrag sonstiger Kapitalmarktverbindlichkeiten, für die andere Sicherheiten als die nach (i) bis (viii) zulässigen bestehen) EUR 100.000.000 (oder deren jeweiligen Gegenwert in anderen Währungen) nicht überschreitet.		(ix)    secures Capital Market Indebtedness the principal amount of which (when aggregated with the principal amount of any other Capital Market Indebtedness which has the benefit of a security other than any permitted under the sub-paragraphs (i) to (viii) above) does not exceed EUR 100,000,000 (or its equivalent in other currencies at any time).
Ein nach diesem § 3(b) zu leistendes Sicherungsrecht kann auch zu Gunsten eines Treuhänders der Anleihegläubiger bestellt werden.		Any Security Interest which is to be provided pursuant to this § 3(b) may also be provided to a person acting as trustee for the Bondholders.
“Kapitalmarktverbindlichkeit” bezeichnet jede Verbindlichkeit zur Rückzahlung aufgenommener Geldbeträge, die durch Schuldscheindarlehen		“Capital Market Indebtedness” means any obligation for the payment of borrowed money which is evidenced by a certificate of

dokumentiert ist oder durch Schuldverschreibungen oder sonstige Wertpapiere mit einer ursprünglichen Laufzeit von mehr als einem Jahr, die an einer Börse oder an einem anderen anerkannten Wertpapiermarkt zugelassen oder gehandelt werden oder zugelassen oder gehandelt werden können, verbrieft, verkörpert oder dokumentiert ist.		indebtedness (Schuldscheindarlehen) or which is represented by any bond or debt security with an original maturity of more than one year which is, or is intended to be, or is capable of being listed or traded on a stock exchange or other recognised securities market.
§ 4      Keine Zinsen		§ 4      No Interest
(a)     Auf die Schuldverschreibungen werden keine periodischen Zinszahlungen geleistet.		(a)      There will not be any periodic payments of interest on the Bonds.
(b)      Falls die Emittentin die Schuld-ver-schrei-bun-gen bei Fälligkeit nicht zurückzahlt, ist der Festgelegte Nennbetrag jeder Schuld-ver-schrei-bun-gen ab dem Tag der Fälligkeit (einschließlich) bis zu dem Tag der tatsächlichen Rückzahlung der Schuld-ver-schrei-bun-gen (ausschließlich) in Höhe des gesetzlich festgelegten Zinssatzes für Verzugszinsen zu verzinsen.		(b)    If the Issuer fails to redeem the Bonds when due (fällig), each Bond will bear interest on its Principal Amount from and including the due date to but excluding the day of actual redemption of the Bonds at the statutory default rate of interest.
§ 5      Fälligkeit, Rückzahlung und Erwerb		§ 5      Maturity, Redemption and Purchase
(a)     Die Emittentin hat die Schuldverschreibungen an dem Endfälligkeitstag zu ihrem Festgelegten Nennbetrag zurückzuzahlen, soweit sie nicht vorher zurückgezahlt, umgetauscht, oder zurückgekauft und entwertet worden sind.		(a)     On the Maturity Date, the Issuer will redeem the Bonds at their Principal Amount, to the extent the Bonds have not previously been redeemed, exchanged or repurchased and cancelled.
Die Emittentin ist berechtigt, die Schuldverschreibungen (insgesamt, jedoch nicht nur teilweise) nach Maßgabe des § 5(e) zurückzuzahlen, anstatt ihre Verpflichtung gemäß diesem § 5(a) zur Rückzahlung der Schuldverschreibungen durch Zahlung eines Geldbetrags zu erfüllen.		The Issuer will be entitled to fulfil its obligation to redeem the Bonds in cash under this § 5(a) by redeeming all, but not some only, of the Bonds in accordance with § 5(e) instead.
(b)     Die Emittentin ist berechtigt, die ausstehenden Schuldverschreibungen (insgesamt jedoch nicht nur teilweise) durch Mitteilung an die Anleihegläubiger gemäß § 14 unter Einhaltung einer Frist von mindestens 45 und höchstens 60 Geschäftstagen mit Wirkung zu dem Vorzeitigen Rückzahlungstag (der frühestens auf den 11. März 2027 und spätestens auf den letzten Tag des Umtauschzeitraums gemäß Absatz (x) der Definition des Begriffs “Umtausch-zeitraum-Ablauf-tag” fallen darf) zu kündigen. Voraussetzung einer solchen Kündigung ist, dass der Aktienkurs an mindestens 20 Handelstagen		(b)     The Issuer may, on giving not less than 45 and no more than 60 Business Days’ prior notice to the Bondholders in accordance with § 14, redeem all, but not some only, of the outstanding Bonds with effect on the Early Redemption Date (which will be no earlier than 11 March 2027 and no later than the last day of the Exchange Period in accordance with clause (x) of the definition of the term “Exchange Period Expiry Date”). However, such notice may only be given if the Share Price on not less than 20 Trading Days during an observation period of 30 consecutive Trading Days is equal to or exceeds 130 per cent. of the

innerhalb eines Beobachtungszeitraums von 30 aufeinander folgenden Handelstagen mindestens 130 % des an diesen Handelstagen jeweils geltenden Umtauschpreises beträgt.		Exchange Price in effect as at each such Trading Day.
Im Falle einer solchen Kündigung hat die Emittentin die Schuldverschreibungen an dem Vorzeitigen Rückzahlungstag zu ihrem Festgelegten Nennbetrag zurückzuzahlen.		In the case such notice is given, the Issuer will redeem the Bonds, on the Early Redemption Date, at their Principal Amount.
Die Emittentin hat die Mitteilung der vorzeitigen Rückzahlung spätestens an dem fünften Geschäftstag nach dem letzten Tag des betreffenden Beobachtungszeitraums von 30 aufeinander folgenden Handelstagen zu veröffentlichen.		The Issuer must publish the notice of early redemption no later than on the fifth Business Day after the last day of the relevant observation period of 30 consecutive Trading Days.
Die Mitteilung der vorzeitigen Rückzahlung ist unwiderruflich und hat folgende Informationen anzugeben: (i) den Vorzeitigen Rückzahlungstag, (ii) den letzten Tag des Umtauschzeitraums gemäß Absatz (x) der Definition des Begriffs “Vorzeitiger Umtausch-zeitraum-Ablauf-tag”, und (iii) die Tatsachen, die das Kündigungsrecht der Emittentin begründen.		The notice of early redemption is irrevocable and must specify (i) the Early Redemption Date, (ii) the last day of the Exchange Period in accordance with clause (x) of the definition of the term “Early Exchange Period Expiry Date”, and (iii) the facts which establish the right of the Issuer to redeem the Bonds.
(c)     Die Emittentin ist berechtigt, die ausstehenden Schuldverschreibungen (insgesamt, jedoch nicht nur teilweise) durch Mitteilung an die Anleihegläubiger gemäß § 14 unter Einhaltung einer Frist von mindestens 45 und höchstens 60 Geschäftstagen mit Wirkung zu dem Vorzeitigen Rückzahlungstag (der spätestens auf den letzten Tag des Umtauschzeitraums gemäß Absatz (x) der Definition des Begriffs “Umtausch-zeitraum-Ablauf-tag” fallen darf) zu kündigen, und zwar		(c)     The Issuer may, on giving not less than 45 and no more than 60 Business Days’ prior notice to the Bondholders in accordance with § 14, redeem all, but not some only, of the outstanding Bonds with effect on the Early Redemption Date (which may fall no later than on the last day of the Exchange Period in accordance with clause (x) of the definition of the term “Exchange Period Expiry Date”)
(i)      wenn zu irgendeinem Zeitpunkt der Gesamtnennbetrag der ausstehenden und nicht von der Emittentin und ihren Tochtergesellschaften gehaltenen Schuldverschreibungen auf 20 % oder weniger des Gesamtnennbetrags der Schuldverschreibungen, die ursprünglich ausgegeben wurden (einschließlich Schuldverschreibungen, die gemäß § 15 zusätzlich begeben worden sind), gefallen ist; oder		(i)      if at any time the aggregate principal amount of the Bonds outstanding and held by persons other than the Issuer and its Subsidiaries has fallen to 20 per cent. or less of the aggregate principal amount of the Bonds originally issued (including any Bonds additionally issued in accordance with § 15); or
(ii)     während eines Zeitraums von 30 Geschäftstagen nach dem Vollzugstag (wie in § 11(e) definiert) des Ausschließlichen		(ii)     during a period of 30 Business Days following the Offer Settlement Date (as defined in § 11(e)) of an All Cash Offer if an

Barangebots, wenn ein Ausschließliches Barangebot (wie in § 11(e) definiert) veröffentlicht wird.		All Cash Offer (as defined in § 11(e)) is published.
Im Falle einer solchen Kündigung hat die Emittentin die Schuldverschreibungen an dem Vorzeitigen Rückzahlungstag zu ihrem Festgelegten Nennbetrag zurückzuzahlen.		In the case such notice is given, the Issuer will redeem the Bonds, on the Early Redemption Date, at their Principal Amount.
Die Mitteilung der vorzeitigen Rückzahlung ist unwiderruflich und hat folgende Informationen anzugeben: (i) den Vorzeitigen Rückzahlungstag, (ii) den letzten Tag des Umtauschzeitraums gemäß Absatz (x) der Definition des Begriffs “Vorzeitiger Umtausch-zeitraum-Ablauf-tag”, und (iii) die Tatsachen, die das Kündigungsrecht der Emittentin begründen.		The notice of early redemption is irrevocable and must specify (i) the Early Redemption Date, (ii) the last day of the Exchange Period in accordance with clause (x) of the definition of the term “Early Exchange Period Expiry Date”, and (iii) the facts which establish the right of the Issuer to redeem the Bonds.
(d)      Put-Ereignis		(d)      Put Event
(i)       Wenn ein Put-Ereignis eintritt, wird die Emittentin:		(i)       If a Put Event occurs, the Issuer will:
(A)     unverzüglich, nachdem sie Kenntnis von dem Put-Ereignis erhalten hat, diese Tatsache gemäß § 14 mitteilen; und		(A)     without undue delay after becoming aware of the Put Event, give notice to the Bondholders in accordance with § 14; and
(B)     den Put-Wirksamkeitstag bestimmen und den Anleihegläubigern gemäß § 14 mitteilen.		(B)     determine, and give notice to the Bondholders in accordance with § 14 of, the Put Effective Date.
Dabei gilt Folgendes:		Where:
“Put-Ereignis” bezeichnet den Eintritt eines der folgenden Ereignisse:		“Put Event” means the occurrence of any of the following:
(i)       ein Delisting-Event; oder		(i)       a Delisting Event; or
(ii)      ein Kontrollwechselereignis bezüglich der Emittentin.		(ii)      a Change of Control Event in respect of the Issuer.
“Put-Wirksamkeitstag” bezeichnet den von der Emittentin gemäß § 5(d)(i)(B) festgelegten Geschäftstag, der frühestens 30 und spätestens 60 Tage nach dem Tag, an dem die Mitteilung des Put-Ereignisses gemäß § 5(d)(i)(A) veröffentlicht worden ist, liegen darf.		“Put Effective Date” means the Business Day fixed by the Issuer in accordance with § 5(d)(i)(B) which will be not less than 30 and no more than 60 days after the date on which the notice of the Put Event is published in accordance with § 5(d)(i)(A).
(ii)    Wenn die Emittentin gemäß § 5(d)(i)(B) ein Put-Ereignis mitgeteilt hat, ist jeder Anleihe-gläubiger nach seiner Wahl berechtigt, während des Zeitraums ab dem Tag dieser Mitteilung (einschließlich) bis 16:00 Uhr		(ii)     If the Issuer gives notice in accordance with § 5(d)(i)(B) of a Put Event, each Bondholder may, at their option, during the period from and including the date on which such notice is given and ending at 4:00 p.m. (Frankfurt

(Frankfurter Zeit) an dem Tag, der 10 Geschäftstage vor dem Put-Wirksamkeitstag liegt, mit Wirkung zum Put-Wirksamkeitstag alle oder einzelne seiner Schuldverschreibungen, die noch nicht gewandelt oder zurückgezahlt wurden, durch Erklärung gemäß § 5(d)(iii) fällig zu stellen.		time) on the date falling 10 Business Days prior to the Put Effective Date, declare all or some only of their Bonds not previously exchanged or redeemed due by giving notice in accordance with § 5(d)(iii) which notice will take effect on the Put Effective Date.
(iii)   Der betreffende Anleihegläubiger hat seine Kündigungserklärung in Textform unter Verwendung des dann gültigen Vordrucks, der bei der Zahlstelle erhältlich ist, über seine Depotbank gegenüber der Zahlstelle gemäß den Regeln und Verfahren des Clearingsystems vor Ablauf der Frist gemäß § 5(d)(ii) abzugeben. Die Erklärung ist unwiderruflich. Der betreffende Anleihegläubiger hat dabei seine Schuldverschreibung(en), für die das Kündigungsrecht ausgeübt wird, vor Ablauf der Frist gemäß § 5(d)(ii) an die Zahlstelle zu liefern.		(iii)   The relevant Bondholder must give the notice by delivering it in text form using the then valid form obtainable from the Paying Agent via their Custodian to the Paying Agent in accordance with the rules and procedures of the Clearing System before the end of the period referred to in § 5(d)(ii). The notice is irrevocable. The relevant Bondholder must deliver to the Paying Agent their Bond(s) for which the put right is being exercised before the end of the period referred to in § 5(d)(ii).
Wenn ein Anleihegläubiger die Schuldverschreibungen gemäß diesem § 5(d)(iii) kündigt, hat die Emittentin die Schuldverschreibung(en), für die das Kündigungsrecht ausgeübt wird, an dem Put-Wirksamkeitstag zu ihrem Festgelegten Nennbetrag zurückzuzahlen.		If a Bondholder gives notice in accordance with this § 5(d)(iii), the Issuer must redeem, on the Put Effective Date, the Bond(s) for which the put right is being exercised at their Principal Amount.
(iv)     Definitionen		(iv)    Definitions
“Delisting-Event” bezeichnet eines der folgenden Ereignisse:		“Delisting Event” means the occurrence of any of the following:
(i)     die Aktien sind nicht mehr an einer anerkannten nationalen oder internationalen Wertpapierbörse notiert und in den Handel einbezogen; oder		(i)     the Shares cease to be listed and admitted to trading on a recognised national or international stock exchange; or
(ii)     der Handel in den Aktien an dem Relevanten Markt für die Aktien ist für einen Zeitraum von 10 aufeinanderfolgenden Handelstagen oder für mehr als 15 Handelstage in einem Zeitraum von 30 aufeinanderfolgenden Handelstagen ausgesetzt, wobei der Handel in den Aktien an dem Relevanten Markt an		(ii)    trading of the Shares on the Relevant Market for the Shares is suspended for a period of 10 consecutive Trading Days or for more than 15 Trading Days in any period of 30 consecutive Trading Days, provided trading of the Shares on the Relevant Market is not considered to be suspended on any day on which a general suspension of

einem Tag nicht als ausgesetzt gilt, falls eine allgemeine Aussetzung des Handels an dem Relevanten Markt vorliegt.		trading on the Relevant Market has occurred.
“Kontrollwechselereignis” liegt vor, wenn ein Kontrollwechsel zusammen mit einer Ratingherabstufung eintritt.		“Change of Control Event” means the occurrence of a Change of Control together with a Ratings Decline.
Dabei gilt Folgendes:		Where:
“Investment Grade” bezeichnet ein Rating von (i) BBB- oder höher im Fall von S&P und Fitch und (ii) Baa3 oder höher im Fall von Moody’s, oder das entsprechende Äquivalent dieser Ratings im Fall von S&P, Moody’s oder Fitch sowie das entsprechende Äquivalent in den Ratingkategorien einer anderen Ratingagentur, durch die S&P, Moody’s oder Fitch ersetzt wurde.		“Investment Grade” means a rating of (i) BBB- or higher by S&P and Fitch and, (ii) Baa3 or higher by Moody’s, or the equivalent of such ratings by S&P, Moody’s or Fitch and the equivalent in respect of rating categories of any Rating Agencies substituted for S&P, Moody’s or Fitch.
“Komplementär” bezeichnet die Fresenius Management SE, eine societas europaea nach deutschem Recht, sowie ihre Nachfolger, Abtretungsempfänger und sonstige Personen, die zum jeweiligen Zeitpunkt als persönlich haftender Gesellschafter von Fresenius SE & Co. KGaA auftreten.		“General Partner” means Fresenius Management SE, a societas europaea organised under the laws of Germany, including its successors and assigns and other Persons, in each case who serve as the general partner (persönlich haftender Gesellschafter) of Fresenius SE & Co. KGaA from time to time.
“Kontrollwechsel” bezeichnet den Eintritt eines oder mehrerer der folgenden Ereignisse:		A “Change of Control” means the occurrence of one or more of the following events:
(i)     so lange Fresenius SE & Co. KGaA die Rechtsform einer KGaA hat: Wenn es sich bei dem mit der Geschäftsführung von Fresenius SE & Co. KGaA beauftragten Komplementär der Gesellschaft zu irgendeinem Zeitpunkt nicht um eine Tochtergesellschaft der Else Kröner-Fresenius-Stiftung handelt oder wenn die Else Kröner-Fresenius-Stiftung zu irgendeinem Zeitpunkt nicht mehr als 10 % des stimmberechtigten		(i)     so long as Fresenius SE & Co. KGaA is organised as a KGaA, if the General Partner of Fresenius SE & Co. KGaA charged with the management of Fresenius SE & Co. KGaA shall at any time fail to be a Subsidiary of Else Kröner-Fresenius-Stiftung, or if Else Kröner-Fresenius-Stiftung shall fail at any time to own or control more than 10 % of the capital stock with ordinary voting power in Fresenius SE & Co. KGaA;

Grundkapitals an Fresenius SE & Co. KGaA hält und kontrolliert;
(ii)    wenn Fresenius SE & Co. KGaA nicht mehr die Rechtsform einer KGaA hat, ein Ereignis, in dessen Folge (A) eine Person oder mehrere Personen (“Relevante Personen”), die abgestimmt handeln (wie in § 30(2) WpÜG definiert), oder einer oder mehrere Dritte, die im Auftrag einer solchen Relevanten Personen handeln, mit Ausnahme des Zulässigen Inhabers, unmittelbar oder mittelbar rechtliches oder wirtschaftliches Eigentum in jedweder Form bzw. die unmittelbare oder mittelbare rechtliche oder wirtschaftliche Verfügungsbefugnis in jedweder Form (wie in § 34 WpHG beschrieben) an insgesamt mehr als 50 % der stimmberechtigten Aktien der Fresenius SE & Co. KGaA erlangen; oder		(ii)    if Fresenius SE & Co. KGaA is no longer organised as a KGaA, any event the result of which is that (A) any person or group (“Relevant Person(s)”) acting in concert (as defined in § 30(2) WpÜG) or any person or group acting on behalf of any such Relevant Person(s), other than the Permitted Holder, is or becomes the direct or indirect legal or beneficial ownership or any legal or beneficial entitlement (as defined in § 34 WpHG) of, in the aggregate, more than 50 % of the voting shares of Fresenius SE & Co. KGaA; or
(iii)   ein Verkauf, ein Leasing, ein Tausch oder eine sonstige Übertragung (im Rahmen einer einzigen Transaktion oder einer Reihe miteinander zusammenhängender Transaktionen) aller oder aller wesentlichen Vermögenswerte der Fresenius SE & Co. KGaA an eine oder mehrere Relevante Personen, oder einen oder mehrere Dritte, die im Auftrag solcher Relevanten Personen handeln.		(iii)    any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all of the assets of Fresenius SE & Co. KGaA to any Relevant Person or any person or group acting on behalf of any such Relevant Person(s).
“Ratingagentur” bezeichnet (i) S&P Global Ratings Europe Limited sowie deren Tochter- oder Nachfolgegesellschaften (“S&P”), (ii) Moody’s Deutschland GmbH sowie deren Tochter- oder		“Rating Agency” means (i) S&P Global Ratings Europe Limited and its subsidiaries or successors (“S&P”), (ii) Moody’s Deutschland GmbH and its subsidiaries or successors (“Moody’s”), and (iii) Fitch Ratings

Nachfolgegesellschaften (“Moody’s”), (iii) Fitch Ratings Ireland Limited sowie deren Tochter- oder Nachfolgegesellschaften (“Fitch”), oder (iv) falls S&P, Moody’s oder Fitch oder alle drei kein Rating für Fresenius SE & Co. KGaA öffentlich zur Verfügung stellen, eine Ratingagentur oder Ratingagenturen mit europaweitem Ansehen, die von Fresenius SE & Co. KGaA ausgewählt wird und S&P, Moody’s oder Fitch oder alle diese Agenturen ersetzt.		Ireland Limited and its subsidiaries or successors (“Fitch”), or (iv) if S&P, Moody’s or Fitch, or all three shall not make a rating of Fresenius SE & Co. KGaA publicly available, a European-wide reputable securities rating agency or agencies, as the case may be, selected by Fresenius SE & Co. KGaA, which shall be substituted for S&P, Moody’s or Fitch or all three, as the case may be.
Eine “Ratingherabstufung” liegt vor, falls Fresenius SE & Co. KGaA (aufgrund einer Beauftragung durch Fresenius SE & Co. KGaA) bei Eintritt des Kontrollwechsels von einer Ratingagentur (i) mit Investment Grade bewertet ist und dieses Rating von einer Ratingagentur innerhalb von 120 Tagen nach dem Kontrollwechsel zu einem non-investment grade Rating herabgestuft oder das Rating zurückgezogen wurde und nicht innerhalb dieser 120-Tagesperiode anschließend (im Falle einer Herabstufung) durch diese Ratingagentur wieder auf ein Investment Grade Rating heraufgestuft oder (im Falle eines Zurückziehens) durch das Investment Grade Rating einer anderen Ratingagentur ersetzt wurde; oder (ii) unterhalb von Investment Grade bewertet ist und dieses Rating von einer Ratingagentur innerhalb von 120 Tagen nach dem Kontrollwechsel um eine oder mehrere Stufen (einschließlich Untergliederungen innerhalb von sowie zwischen Ratingkategorien) herabgestuft und nicht innerhalb dieser 120-Tagesperiode anschließend wieder auf das ursprüngliche oder ein besseres Rating durch diese Ratingagentur heraufgestuft wurde;		“Ratings Decline” means that if, at the time of the occurrence of a Change of Control, Fresenius SE & Co. KGaA has been, from any Rating Agency it has solicited, (i) rated Investment Grade and such rating from any Rating Agency is, within 120 days from such time, either downgraded to a non-investment grade rating or withdrawn and is not within such 120-day period subsequently (in the case of a downgrade) upgraded to Investment Grade by such Rating Agency or (in the case of withdrawal) replaced by an Investment Grade rating from any other Rating Agency; or (ii) rated below Investment Grade and such rating from any Rating Agency is, within 120 days from such time, downgraded by one or more gradations (including gradations within Rating Categories as well as between Rating Categories) and is not within such 120-day period subsequently upgraded to its earlier credit rating or better by such Rating Agency, provided that if at the time of the occurrence of the Change of Control Fresenius SE & Co. KGaA carries a rating from more than one Rating Agency, at least one of which is Investment Grade, then sub-paragraph (i) will apply; and in making

wobei, falls Fresenius SE & Co. KGaA zum Zeitpunkt des Eintritts des Kontrollwechsels über ein Rating von mehr als einer Ratingagentur verfügt, von denen mindestens eines ein Investment Grade Rating ist, Absatz (i) Anwendung findet; und im Zusammenhang mit einer der oben genannten Entscheidungen die betreffende Ratingagentur öffentlich bekannt macht oder gegenüber Fresenius SE & Co. KGaA schriftlich bestätigt, dass diese Entscheidung ganz oder teilweise auf den Kontrollwechsel zurückzuführen ist.		the relevant decision(s) referred to above, the relevant Rating Agency announces publicly or confirms in writing to Fresenius SE & Co. KGaA that such decision(s) resulted, in whole or in part, from the occurrence of the Change of Control.
Eine Ratingherabstufung liegt jedoch nicht vor, falls Fresenius SE & Co. KGaA (aufgrund einer Beauftragung durch Fresenius SE & Co. KGaA) am Ende der 120-Tagesperiode von mindestens zwei Ratingagenturen mit Investment Grade bewertet wird.		Provided however that, no Ratings Decline will occur if at the end of the 120-day period Fresenius SE & Co. KGaA has been rated Investment Grade by at least two Rating Agencies, it has solicited.
“Ratingkategorie” bezeichnet:		“Rating Category” means:
(i)     in Bezug auf S&P oder Fitch eine der folgenden Kategorien: BB, B, CCC, CC, C und D (bzw. entsprechende Nachfolgekategorien);		(i)     with respect to S&P or Fitch, any of the following categories: BB, B, CCC, CC, C and D (or equivalent successor categories);
(ii)    in Bezug auf Moody’s eine der folgenden Kategorien: Ba, B, Caa, Ca, C und D (bzw. entsprechende Nachfolgekategorien); und		(ii)    with respect to Moody’s, any of the following categories: Ba, B, Caa, Ca, C and D (or equivalent successor categories), and
(iii)   diesen Kategorien von S&P oder Moody’s oder Fitch entsprechende Ratingkategorien einer anderen Ratingagentur. Bei der Bestimmung, ob das Rating von Fresenius SE & Co. KGaA um eine oder mehrere Stufen herabgestuft wurde, werden die jeweiligen Ratingkategorien weiter untergliedernde Zusätze (“+” und “-” bei S&P, “1”, “2” und “3” bei Moody’s, “+” und “-” bei		(iii)   the equivalent of any such category of S&P, Moody’s or Fitch used by another rating agency in determining whether the rating of Fresenius SE & Co. KGaA has decreased by one or more gradations, gradations within rating categories (“+” and “-” for S&P, “1”, “2” and “3” for Moody’s, “+” and “-” for Fitch; or the equivalent gradations for another rating agency) shall be taken into account (e.g., with

Fitch bzw. entsprechende Zusätze anderer Ratingagenturen) berücksichtigt (z. B. entspricht bei S&P eine Ratingänderung von BB+ auf BB oder von BB- auf B+ jeweils einer Herabstufung um eine Stufe).		respect to S&P, a decline in a rating from BB+ to BB, as well as from BB- to B+, will constitute a decrease of one gradation).
“Zulässiger Inhaber” bezeichnet die Else Kröner-Fresenius-Stiftung und alle mit ihr Verbundenen Unternehmen.		“Permitted Holder” means Else Kröner-Fresenius-Stiftung and any of its Affiliates.
(e)      Aktienrückzahlungsoption.		(e)      Share Redemption Option.
(i)     Vorbehaltlich § 5(e)(ii) ist die Emittentin berechtigt (die “Aktienrückzahlungs-option” oder “ARO”), den Festgelegten Nennbetrag jeder an dem Endfällig-keitstag zurückzu-zahlenden Schuldverschreibung in zwei Schritten wie folgt zurückzuzahlen:		(i)      Subject to § 5(e)(ii) the Issuer will have the right (the “Share Redemption Option” or “SRO”) to redeem the Principal Amount of each Bond to be redeemed on the Maturity Date, in two steps as follows:
(A)     Erster Schritt: An dem betreffenden ARO-Liefertag liefert die Emittentin eine Anzahl von Aktien je Schuldverschreibung, die der Anzahl der Rückzahlungs-Aktien abgerundet auf die nächste ganze Aktie, entspricht.		(A)     First Step: On the relevant SRO Settlement Date, the Issuer will deliver such number of Shares per Bond as is equal to the Number of Redemption Shares, rounded down to the nearest full Share.
(B)     Zweiter und letzter Schritt: An dem Endfälligkeitstag zahlt die Emittentin die Schuldverschreibungen zurück, indem sie den Zusätzlichen Geldbetrag zahlt.		(B)     Second and last Step: On the Maturity Date, the Issuer will redeem the Bond by paying the Additional Cash Amount.
Ferner zahlt die Emittentin an dem Endfälligkeitstag anstatt der Lieferung eines etwaigen aufgrund der Rundung gemäß § 5(e)(i)(A) verbleibenden Bruchteils einer Aktie, einen Betrag in Geld je Schuldverschreibung, der dem Produkt (gerundet auf den nächsten vollen Cent, wobei ab € 0,005 aufgerundet wird) des entsprechenden Bruchteils und des Aktienkurses an dem Handelstag unmittelbar vor dem ARO-Ausübungstag, wie von der Berechnungsstelle berechnet, entspricht. Auf diesen Geldbetrag sind keine Zinsen zu zahlen.		In addition, on the Maturity Date, the Issuer will pay in lieu of the fraction (if any) of a Share resulting from the rounding as set out in§ 5(e)(i)(A), an amount in cash per Bond equal to the product (rounded to the nearest full Cent with € 0.005 being rounded upwards) of the relevant fraction and the Share Price as at the Trading Day immediately preceding the SRO Exercise Date, as determined by the Calculation Agent. No interest will accrue on such cash amount.

(ii)     Die Emittentin ist nicht berechtigt, die Aktienrückzahlungsoption auszuüben, wenn an dem Tag, an dem die Emittentin ihre ARO-Ausübungserklärung gemäß § 14 veröffentlicht,		(ii)    The Issuer will not be entitled to exercise the Share Redemption Option if on the date on which the Issuer publishes the SRO Exercise Notice in accordance with § 14
(A)     die Aktie der Gesellschaft nicht an einer anerkannten nationalen oder internationalen Wertpapierbörse notiert oder gehandelt wird; oder		(A)     the Share of the Company is not listed or traded on a recognised national or international stock exchange; or
(B)     ein Kündigungsgrund gemäß § 12(a) eingetreten ist und andauert; oder		(B)     an Event of Default in accordance with § 12(a) has occurred and is continuing; or
(C)     ein Übernahmeangebot (wie in § 11(e) definiert) abgegeben worden ist  und andauert; oder		(C)     a Take-over Offer (as defined in § 11(e)) has been made and is continuing; or
(D)     ein Kontrollwechselereignis eingetreten ist.		(D)     a Change of Control Event has occurred.
(iii)    Die Emittentin ist berechtigt, die Aktienrückzahlungsoption mit Wirkung zum ARO-Ausübungstag auszuüben, indem sie eine Erklärung (die “ARO-Ausübungserklärung”) durch Mitteilung gemäß § 14 frühestens 60 Geschäftstage vor dem Endfälligkeitstag und spätestens an dem ARO-Ausübungstag veröffentlicht.		(iii)    The Issuer may exercise the Share Redemption Option with effect on the SRO Exercise Date by giving notice (the “SRO Exercise Notice”) by publication in accordance with § 14 not earlier than 60 Business Days prior to the Maturity Date, and not later than on the SRO Exercise Date.
(iv)    Die ARO-Ausübungserklärung hat den Festgelegten Anteil, die Anzahl der an dem betreffenden ARO-Liefertag zu liefernden Aktien, die (im Zeitpunkt der Abgabe der ARO-Ausübungserklärung) voraussichtlich der Anzahl der Rückzahlungs-Aktien entspricht, und den Zeitraum, der (an dem Tag, an dem die ARO-Ausübungserklärung veröffent-licht wird) der erwartete Berechnungszeitraum ist, anzugeben.		(iv)    The SRO Exercise Notice must specify the Specified Proportion, the number of Shares to be delivered on the relevant SRO Settlement Date, which is expected to be (as at the date on which the SRO Exercise Notice is given) equal to the Number of Redemption Shares, and the period which is expected to be (as at the date on which the SRO Exercise Notice is given) the relevant Calculation Period.
(v)     Auf den Zusätzlichen Geldbetrag sind keine Zinsen zu zahlen.		(v)     No interest will accrue on the Additional Cash Amount.
(vi)    Die Emittentin ist zur Rückzahlung der Schuldverschreibung gemäß § 5(e)(i) nicht berechtigt, wenn an oder vor dem betreffenden ARO-Liefertag eines der in § 5(e)(ii) genannten Ereignisse eingetreten ist und fortdauert (auflösende Bedingung). In einem solchen Falle werden die ausstehenden Schuldverschreibungen in		(vi)    The Issuer will not be entitled to redeem the Bonds in accordance with § 5(e)(i) if any of the events specified in § 5(e)(ii) has occurred and is continuing on or prior to the relevant SRO Settlement Date (condition subsequent). In such case the outstanding Bonds will be redeemed for cash in accordance with the first paragraph of

Geld gemäß dem ersten Absatz von § 5(a) zurückgezahlt; die Zahlung ist gemäß § 6 zu leisten.		§ 5(a), and payment in respect thereof will be made in accordance with § 6.
(vii)   Die Emittentin hat die Anleihegläubiger spätestens an dem dritten Geschäftstag vor dem Endfälligkeitstag durch Mitteilung gemäß § 14 über den auf jede Schuldverschreibung zu zahlenden Zusätzlichen Geldbetrag zu benachrichtigen.		(vii)    No later than on the third Business Day prior to the Maturity Date, the Issuer will notify the Bondholders in accordance with § 14 of the Additional Cash Amount to be paid in relation to each Bond.
(viii)  Die Emittentin ist berechtigt, jederzeit vor Ausübung der Aktienrückzahlungsoption durch eine Mitteilung gemäß § 14 auf das Recht zur Ausübung der Aktienrückzahlungsoption zu verzichten; ein solcher Verzicht ist unwiderruflich.		(viii)   The Issuer will be entitled to waive at any time prior to the exercise of the Share Redemption Option the right to exercise the Share Redemption Option by giving notice in accordance with § 14; such notice will be irrevocable.
(ix)    In diesem § 5(e) haben die folgenden Begriffe die ihnen nachfolgend zugewiesene Bedeutung:		(ix)    In this § 5(e) the following terms will have the following meaning:
“Aktien-Marktwert” je Schuldverschreibung bezeichnet den rechnerischen Durchschnitt der Täglichen Aktien-Marktwerte an jedem Handelstag des betreffenden Berechnungszeitraums.		“Share Market Value” per Bond means the arithmetic average of the Daily Share Market Values on each Trading Day of the relevant Calculation Period.
“Anzahl der Rückzahlungs-Aktien” je Schuldverschreibung bezeichnet die Anzahl von Aktien, die dem Festgelegten Anteil multipliziert mit dem Festgelegten Nennbetrag geteilt durch den ARO-Umtauschpreis entspricht.		“Number of Redemption Shares” per Bond means the number of Shares as is equal to the Specified Proportion multiplied by the Principal Amount divided by the SRO Exchange Price.
“ARO-Ausübungstag” bezeichnet den 35. Geschäftstag vor dem Endfälligkeitstag.		“SRO Exercise Date” means the 35th Business Day prior to the Maturity Date.
“ARO-Liefertag” den 29. Geschäftstag vor dem Endfälligkeitstag.		“SRO Settlement Date” means the 29th Business Day prior to the Maturity Date.
“ARO-Umtauschpreis” bezeichnet den an dem ARO-Ausübungstag maßgeblichen Umtauschpreis, der (unabhängig davon, ob das Umtauschrecht an diesem Tag ausübbar ist) gegebenenfalls gemäß § 10 angepasst wird, wobei § 10 entsprechend für die Anpassung des ARO-Umtauschpreises gilt, wobei für diese Zwecke unterstellt wird, dass (i) der Liefertag, auf den in § 10 Bezug genommen wird, der betreffende ARO-Liefertag ist,		“SRO Exchange Price” means the Exchange Price in effect on the SRO Exercise Date, as adjusted from time to time (regardless of whether the Exchange Right is exercisable on such date) in accordance with § 10, where § 10 will apply mutatis mutandis to adjustments of the SRO Exchange Price and assuming for this purpose that (i) the Settlement Date referred to in § 10 is the relevant SRO Settlement Date, (ii) references in § 10 to

Durch:		Durch:
(Zeichnungsberechtigter)		(Zeichnungsberechtigter)

		Kontrollunterschrift (ohne Obligo, Gewährleistung oder Rückgriff):
		(Zeichnungsberechtigter)

By:		By:
(Authorized Signatory)		(Authorized Signatory)

		Authentication Signature (without liability, warranty or recourse):
		(Authorized Signatory)

1

General: No action has been or will be taken in any jurisdiction by the Managers or the Issuer that would to the best of their knowledge permit a public offering of the Bonds, or possession or distribution of any offering or publicity material relating to the Bonds, in any country or jurisdiction where action for that purpose is required. Each Manager will comply to the best of its knowledge and belief in all material respects with all applicable laws and regulations in each jurisdiction in which it engages, acquires, offers, sells or delivers Bonds or distributes any offering or publicity material relating to the Bonds or the Shares to be delivered upon exchange of the Bonds, in all cases at its own expense.

2	United States:

2.1

The Bonds and the Shares to be delivered upon exchange of the Bonds have not been and will not be registered under the Securities Act and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

2.2	Each Manager represents that none of it, any of its Affiliates or any person acting on its or their behalf:

2.2.1

has made or will make any offer or sale of the Bonds constituting part of its allotment at any time except outside the United States in “offshore transactions” (within the meaning of Regulation S) in accordance with Rule 903 of Regulation S;

2.2.2

has made or will make, directly or indirectly, offers or sales of any security, or has solicited or will solicit, directly or indirectly, offers to buy any security, or has otherwise negotiated or will negotiate in respect of any security under circumstances that would require the registration of any of the Bonds or the Shares under the Securities Act;

2.2.3

has engaged or will engage in any “general solicitation” or “general advertising” (within the meaning of Rule 502(c) of Regulation D) with respect to the Shares; and

2.2.4

has engaged or will engage in “directed selling efforts” (within the meaning of Rule 902(c) of Regulation S) with respect to the Bonds or the Shares.

2.3

Each Manager represents that it has not entered and agrees that it will not enter into any contractual arrangement with any distributor (as that term is defined in Regulation S) with respect to the distribution or delivery of the Bonds, except with its affiliates or with the prior written consent of the Issuer.

3	United Kingdom:

3.1	Prohibition of Sales to UK Retail Investors

(a)

a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (“EUWA”); or

(b)

a customer within the meaning of the provisions of the Financial Services and Markets Act 2000, as amended (the “FSMA”) and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA.

3.2	Other regulatory restrictions

3.2.1

it has only communicated or caused to be communicated and will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) received by it in connection with the issue or sale of any Bonds in circumstances in which section 21(1) of the FSMA does not apply to the Issuer; and

3.2.2

it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the Bonds in, from or otherwise involving the United Kingdom.

4	European Economic Area – Prohibition of Sales to EEA Retail Investors:

(1)	Fresenius SE & Co. KGaA, Else-Kröner-Str. 1, 61352 Bad Homburg vor der Höhe, Federal Republic of Germany (the “Issuer”);

(2)	BofA Securities Europe SA, 51 rue La Boétie, 75008 Paris, France (“BofA”);

(3)	Goldman Sachs Bank Europe SE, Marienturm, Taunusanlage 9-10, 60329 Frankfurt am Main, Federal Republic of Germany (“Goldman Sachs”, and together with BofA, the “Joint Global Coordinators”);

(4)	BNP PARIBAS, 16, boulevard des Italiens, 75009 Paris, France (“BNP”);

(5)	Deutsche Bank Aktiengesellschaft, Taunusanlage 12, 60325 Frankfurt am Main, Federal Republic of Germany (“Deutsche Bank”, and together with the Joint Global Coordinators and BNP, the “Joint Bookrunners”); and

(6)	Banco Santander, S.A., Paseo de Pereda 9-12, 39004 Santander, Spain (“Santander” or the “Co-Lead Manager”, and the Co-Lead Manager together with the Joint Bookrunners the “Managers” and each a “Manager”, and the Seller and the Managers each a “Party” and together the “Parties”).

1	Certain Definitions; Subscription Agreement

1.1	References to capitalized terms not defined in this Pricing Agreement are to those terms as defined in the Subscription Agreement and in the Terms and Conditions (as defined in the Subscription Agreement), except where the context requires otherwise.

1.2

In case of any conflicts between the provisions contained in (A) this Pricing Agreement, (B) the Subscription Agreement or (C) any other agreement entered into between the Issuer and the Managers prior to the date of this Pricing Agreement and relating to the transaction contemplated by this Pricing Agreement, the provisions contained in this Pricing Agreement shall prevail.

2	Terms of the Issuance of the Bonds

2.1	The terms of the Bonds have been agreed between the parties to this Pricing Agreement as follows:

	Maturity Date:	11 March 2028
	Aggregate Principal Amount of Bonds:	EUR [●]
	Issue Price:	[●] per cent. of the Aggregate Principal Amount of Bonds

	Reference Share Price:	EUR [●] (being the placing price of the concurrent accelerated equity offering by the Issuer of a certain block of Shares and the placing price of a Share in the Concurrent Equity Offering)
	Exchange Premium:	[●] per cent.
	Exchange Price:	EUR [●]

2.2	The final Terms and Condition are attached hereto as Annex.

3	Final Clauses

3.1	This Pricing Agreement shall be governed by, and construed in accordance with, the laws of Germany.

3.2	Any non-contractual rights and obligations arising out of or in connection with this Pricing Agreement shall also be governed by the laws of Germany.

3.3	Place of performance is Frankfurt am Main, Germany.

3.4

Any action or other legal proceedings (the “Proceedings”) arising out of or in connection with this Pricing Agreement shall be brought in the District Court (Landgericht) in Frankfurt am Main, Germany. Nothing contained herein shall limit the right of any party hereto to take Proceedings against any other party hereto in any other court of competent jurisdiction, nor shall the taking of Proceedings in one or more jurisdictions preclude the taking of Proceedings in any other jurisdiction, whether concurrently or not.

3.5	Any provision of this Pricing Agreement, including this Clause 3.5, may be amended or supplemented only if the Issuer and the Managers so agree in writing.

By:		By:

By:

By:		By:

By:		By:

By:		By:

By:		By:

(a)	the representations and warranties contained in the Subscription Agreement are true, accurate and correct in all respects as at, and as if made on, the date hereof; and

(b)	the Issuer has performed all of its material obligations under the Contracts to be performed on or before the date hereof and is not in breach of any provision of the Contracts.

By:		By:
Title:		Title:

/s/ Sara Hennicken		/s/ Thomas Neidert
By: Sara Hennicken, CFO		By: Thomas Neidert, SVP Global Treasury

/s/ Jerome Renard
By: Jerome Renard, Head of EU ECM

/s/ Jens Hofmann		/s/ Philipp Suess
By: Jens Hofmann, Managing Director		By: Philipp Suess, Managing Director

/s/ Carsten Schwefer		/s/ Thierry Petit
By: Carsten Schwefer, Managing Director		By: Thierry Petit, Managing Director

/s/ Heiko Leopold		/s/ Rico Pedrett
By: Heiko Leopold		By: Rico Pedrett

/s/ Javier Mata		/s/ Pablo Mateo
By: Javier Mata		By: Pablo Mateo