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Fresenius SE & Co. KGaA

Investor Presentation • Apr 25, 2017

166_ip_2017-04-25_8386a768-234a-4041-9301-145ccc9d1626.pdf

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Fresenius Kabi to Strengthen and Diversify Product Portfolio by Acquiring Akorn and Merck KGaA's Biosimilars Business

Bad Homburg, 25 April 2017

Safe Harbor Statement

THIS RELEASE IS FOR INFORMATION PURPOSES ONLY.

This release does not constitute or form part of, and should not be construed as, any offer or invitation to subscribe for, underwrite or otherwise acquire, any securities of Fresenius SE & Co. KGaA ("Fresenius") or any present or future member of its group nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities in Fresenius or any member of its group or any commitment whatsoever.

In particular, this release is not an offer of securities in the United States of America (including its territories and possessions), and securities of Fresenius may not be offered or sold in the United States of America absent registration under the Securities Act of 1933 (which Fresenius does not intend to effect) or pursuant to an exemption from registration.

The information contained in this release is for background purposes only and is subject to amendment, revision and updating. Certain statements contained in this release may be statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties. In addition to statements which are forward-looking by reason of context, including without limitation, statements referring to risk limitations, operational profitability, financial strength, performance targets, profitable growth opportunities, and risk adequate pricing, as well as the words "may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, or continue", "potential, future, or further", and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements as a result of, among other factors, changing business or other market conditions and the prospects for growth anticipated by the management of Fresenius. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements contained in this release regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Fresenius does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak only as of the date of this release.

Highlights

Acquisition of Akorn

Akorn: Transaction Highlights

Complementary product portfolio and pipeline diversifies Fresenius Kabi's IV generics offering

Access to additional distribution channels: retail, clinics and physicians

Adds growth potential in attractive adjacent segments such as ophthalmology and clinical dermatology

Substantial cost and growth synergies paired with limited integration complexity

Fully debt-financed

1 Net income attributable to shareholders of Fresenius SE & Co. KGaA; before integration costs

Akorn: Complementary Product Portfolio and Distribution Channels

Note: Sales mix based on 2016 data

Akorn: Diversified U.S. Portfolio

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Akorn: Concentrated U.S. Footprint

Akorn: Detailed and Comprehensive Due Diligence

Process

  • •Bilateral exchange with Akorn since 11/2016
  • • Very comprehensive due diligence over more than two months covering all functional areas
  • • Virtual data room, management presentations and expert meetings
  • •Multiple visits of all manufacturing plants
  • •Detailed bottom-up business plan
  • • Internal resources supported by external advisers and specialists in new product areas

Addressed areas

  • • ANDA pipeline, related regulatory approvals and R&D costs
  • • New distribution channels and Akorn'sstrengths
  • • Sales practices, pricing history and related customer perception
  • •Competition in key product areas
  • • Plant status (technical and regulatory) and future manufacturing strategy
  • •Serialization readiness
  • • Accounting issues and internal control systems
  • •Current trading

Akorn: Substantial Cost and Growth Synergies

Synergies: progressive build-up to ~US\$100 m p.a. before tax in the mid-term

Main synergy drivers: Integration and modernization of production network, improvement of supply chain and combination of other functions

Integration costs: ~US\$140 m before tax in total for time frame 2018 – 2022; largest P&L impact in 2018

Akorn: Financial Outlook

1 Akorn announced on April 24, 2017, that based on a preliminary review of Q1 results, it is reaffirming its previously announced 2017 guidance (including revenue of US\$1,010 to 1,060 million and adjusted EBITDA of US\$363 to 401 million), excluding any one-time costs related to the transaction with Fresenius Kabi

2Fresenius Kabi business plan

Akorn: Financially Sound Acquisition

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Projected net debt as of December 31, 2017

2 Net income attributable to shareholders of Fresenius SE & Co. KGaA

Acquisition of Merck KGaA's Biosimilars Business

Biosimilars: Transaction Highlights

Strategic step to enhance Fresenius Kabi's position as a leading player in the injectable pharmaceuticals market

Direct access to attractive biosimilarsdevelopment platform

Experienced team of biosimilars experts with excellent development know-how

Highly variable consideration strictly tied to development targets

EBITDA break-even in 2022

High triple-digit million sales from 2023 onwards

Biosimilars: Highly Attractive Platform

Background: Established in 2012 as a Business Unit within the biopharmaceutical development/production network of Merck KGaA

Pipeline: Single-digit number of molecules in oncology and autoimmune diseases

Organization: Core team of >70 experts located in Aubonne and Vevey, Switzerland

--
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Network: External partners supporting development, documentation and regulatory affairs

Merck Biopharma provides support in manufacturing (one production suite reserved for biosimilars), analytics, regulatory, quality, safety and clinical operations.

Biosimilars: Enhancing Kabi's Already Strong Position in Injectables

Biosimilars: Sound Risk/Reward Ratio

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1Net income attributable to shareholders of Fresenius SE & Co. KGaA

Acquisition of Akorn & Merck KGaA's Biosimilars Business

Expanding U.S. Market Access

Who Brings What to a Great Party?

Combined Implications of Transactions on Group Financials

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1Before amortization and integration costs

2After amortization and after integration costs

Well Positioned for the Next Decade

Partner of choicefor our customers

Continue to build everstronger and diversified portfolio

Quality leadership in the industry

Share Information

Share key facts

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Ratio 4 ADRs = 1 ordinary share ADR CUSIP / ISIN 35804M105 / US35804M1053 Exchange OTCQX International Premier Structure Sponsored Level I ADR

1As of March 31, 2017

23

Non-GAAP financial measures

For additional information on the performance indicators used please refer to our website https://www.fresenius.com/alternative-performance-measures.

For information regarding non-GAAP financial measures or adjusted figures derived from Akorn's public information, please see section "Non-GAAP Financial Measures" on Akorn's FY/16 press release using following link:

http://investors.akorn.com/phoenix.zhtml?c=78132&p=irol-newsArticle&ID=2250528

Financial Calendar / Contact

Financial Calendar 2017

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Please note that these dates could be subject to change.

Contact

Investor RelationsFresenius SE & Co. KGaAphone: +49 6172 608-2485 e-mail: [email protected] further information and current news: www.fresenius.com

Follow us on Twitter www.twitter.com/fresenius_ir and LinkedIn: www.linkedin.com/company/fresenius-investor-relations

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