Fresenius SE & Co. KGaA

Investor Presentation • Mar 30, 2017

Bankhaus Lampe Deutschlandkonferenz

Baden-Baden, 30 March 2017

This presentation contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ materially from those described in these forward-looking statements due to certain factors, e.g. changes in business, economic and competitive conditions, regulatory reforms, results of clinical trials, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. Fresenius does not undertake any responsibility to update the forward-looking statements contained in this presentation.

A Global Leader In HealthCare Products And Services

~€29.1 bn in Sales

Strong portfolio of products (30% of sales) and services (70% of sales)

(as of Dec. 31, 2016) Total Shareholder Return: 10-year CAGR: ~17%

Global presence in 100+ countries

233,000+ employees worldwide (as of Dec 31, 2016)

Strong, Diversified Product And Service Portfolio

Ownership: 31% Ownership: 100% Ownership: 100% Ownership: 77%

Dialysis Products Healthcare Services	Hospital Supplies and Services	Hospital Operations	Hospital Projects and Services
Sales 2016: US\$17.9 bn	Sales 2016: €6.0 bn	Sales 2016: €5.8 bn	Sales 2016: €1.2 bn
		Sales 2016 pro-forma Quirónsalud: ~€8.4 bn

Total Shareholder Return – CAGR, rounded

Source: Bloomberg; dividends reinvested

Fresenius Group: Consistent Cash Generation And Proven Track Record of Deleveraging

CFFO margin FCF margin (before acquisitions & dividends)

Capex in % of sales

1 Net debt at year-end exchange rate; EBITDA at LTM average exchange rates 2 Pro forma Quirónsalud: 3.2

Net Debt / EBITDA1

Fresenius Medical Care: Global Dialysis Market Leader

• The world's leading provider of dialysis products and services treating 308,471 patients in 3,624 clinics1
• Provide highest standard of product quality and patient care

Dialysis products

Dialysis services

• Expansion in Care Coordination and global dialysis service opportunities; enter new geographies

Market Dynamics

Global Dialysis Market 2016:

• ~US\$76 bn
• ~6% patient growth p.a.

Growth Drivers:

• Aging population, increasing incidence of diabetes and high blood pressure, treatment quality improvements

¹ As of Dec 31, 2016

Fresenius Kabi: A Leading Global Hospital Supplier

• Comprehensive product portfolio for critically and chronically ill patients
• Strong Emerging Markets presence
• Leading market positions in four product segments

• Focus on organic growth through geographic product rollouts and new product launches

Market Dynamics

Global Addressable Market 2016:

• >€48 bn

Growth Drivers:

• Patent expirations, rising demand for health care services, higher health care spending in Emerging Markets

Fresenius Helios: Europe's largest private hospital operator Helios Kliniken Germany

• ~6% share in German acute care hospital market
• Solid organic growth based on growing number of admissions and reimbursement rate increases
• Strong track record in hospital acquisitions and operation
• Ranks as quality leader in the German hospital sector: defined quality targets, publication of medical treatment results, peer review processes
• Key medical indicators, e.g. mortality rate for heart failure, pneumonia below German average

¹ German Federal Statistical Office 2016; total costs, gross of the German hospitals less academic research and teaching

Market Dynamics

German Acute Care Hospital Market:

• ~€94 bn1

Growth Drivers:

• Aging population leading to increasing hospital admissions, further market consolidation

Largest network & nationwide presence

• 112 hospitals
• ~35,000 beds
• ~1.3 million inpatient admissions p.a.
• ~3.9 million outpatient admissions p.a.

As of Dec 31, 2016

Fresenius Helios: Europe's largest private hospital operator Quirónsalud Spain

• ~€2.5bn sales in 2016
• ~10% share in Spanish private hospital market
• Market leader in size and quality with excellent growth prospects
• Broad revenue base with privately insured patients, PPPs, self-pay and Occupational Risk Prevention (ORP)
• Strong management team with proven track record
• Cross-selling opportunities

Acute Care

Occupational Risk Prevention Outpatient

¹ Market data based on company research. Market definition does neither include Public Private Partnerships (PPP) nor Occupational Risk Prevention centers (ORP).

Market Dynamics

Spanish Private Hospital Market:

• ~€13 bn1

Growth Drivers:

• Aging population, increasing number of privately insured patients, greenfield projects, market consolidation

Quirónsalud hospitals in every major metropolitan region of Spain

Fresenius Vamed: Leading Global hospital Projects And Services Specialist

• Manages hospital construction/expansion projects (51% of sales) and provides services (49% of sales) for health care facilities worldwide

Projects

• Offers project development, planning, turnkey construction, maintenance as well as technical management, and total operational management
• Strong track record: More than 800 projects in 79 countries completed

Market Dynamics

Growth Drivers:

• Emerging Market demand for building and developing hospital infrastructure
• Outsourcing of non-medical services from public to private operators

Fresenius Group: 2017 Financial Outlook by Business Segment

€m except otherwise stated		20161 Base	2017e1
	Sales growth (organic)	6,007	5% – 7%
		EBIT growth (cc)	1,171	5% – 7%
		Sales growth (organic)	2 5,843	3% – 5%
		Sales (reported)	2 5,843	~€8.6 billion thereof Quirónsalud3 ~€2.5 billion
		EBIT	2 683	1,020 –1,070 thereof Quirónsalud3: EBIT of €300 to €320m (EBITDA €480 to €500m, amortization €80m, depreciation €100m)
		Sales growth (organic)	1,160	5% – 10%
		EBIT growth	69	5% – 10%

¹ All data according to IFRS; for a detailed reconciliation of US-GAAP to IFRS please see slides 42-43.

² Helios Kliniken Germany, excluding Quirónsalud

³ 11 months consolidated

€m except otherwise stated		20161 Base	2017e1
Sales growth (cc)		29,471	15% – 17%
	Net income2 growth (cc)	1,560	17% – 20%

1 All data according to IFRS; for a detailed reconciliation of US-GAAP to IFRS please see slides 42-43. 2 Net income attributable to shareholders of Fresenius SE & Co.KGaA

Development Legacy Business Market Opportunities

• Organic growth
• Development of I.V. generics and nutrition products
• Leverage on market access
• Filling the blanks: roll-out of existing product portfolio

• Bolt-on acquisitions

• Enter new geographic markets

• Enteral Nutrition for outpatients (e.g. digital tool)
• Extension of product portfolio via acquisitions: New market segments, (e.g. OTC, Biosimilars), new therapeutic areas

HELIOS Kliniken Quirónsalud

• Integrated clusters
• Expanded use of telemedicine
• Digital innovations
• Treating patients as consumers

• Selective acquisitions in Germany

• Quality and technology leadership

• Cross-selling opportunities with ORPs
• Greenfield projects
• Further market consolidation

Incremental pre-tax synergies of ~€50m p.a.

Building European platform for international patients

Further international expansion

Marketing of Existing Value Chain	Strengthening and Extension of Value Chain	Expansion of Geographic Presence
Integrated project and • service business model	High-end services •	Further market • penetration in existing
- Life cycle models	• Total operational	target markets
- PPP models	management of health care facilities	• New international market entries

Fresenius Group: Ambitious Mid-Term Targets

¹ Mid-point of the 2017 sales guidance, adjusted for current exchange rates

² Mid-point of the 2017 net income guidance, adjusted for current exchange rates

³ Calculated on the basis of the mid-point of the 2020 target range

At current exchange rates; excluding strategic acquisitions; at current IFRS rules

Financials FY/16

Fresenius Group: FY/2016 Highlights

HELIOS internationalization: Acquisition of Quirónsalud

All business segments contributed to solid organic growth

Continued double-digit earnings growth

Positive outlook for 2017

Ambitious new mid-term targets

Fresenius Group: FY/2016 Key Financials

Constant currency growth rates

2015 EBIT before special items

Net income attributable to shareholders of Fresenius SE & Co. KGaA; 2015 before special items

Fresenius Group: FY/2016 Profit and Loss Statement

€m	Q4/2016	Q4 YoY1 Δ	FY/2016	FY YoY1 Δ
Sales	7,738	6%	29,083	6%
EBIT2	1,235	11%	4,327	10%
Net interest	-149	-8%	-582	5%
Income taxes2	-305	-9%	-1,051	-8%
Net income2,3	439	7%	1,593	13%

¹ Constant currency growth rates

² 2015 before special items

³ Net income attributable to shareholders of Fresenius SE & Co. KGaA

For a detailed overview of special items please see the reconciliation tables on slides 42–43.

Fresenius Group: FY/2016 Key Financials

2015 EBIT before special items

FY/2016 Financial Results by Business Segment

		Q4/2016	Δ Q4 YoY
	Sales	US\$4,687 m	8%
	EBIT	US\$786 m	19%
	Sales	€1,550 m	2%
	EBIT1	€308 m	-3%
	Sales	€1,461 m	4%
	EBIT	€175 m	4%
	Sales	€420 m	9%
	EBIT	€38 m	12%

1 2015 before special items

For a detailed overview of special items please see the reconciliation tables on slides 42–43.

Fresenius Kabi (1/2): Expected Organic Sales Growth 2017

North America

Mid-single-digit

• Comps remain tough, following two exceptional years
• Outlook assumes gradual further easing of IV drug shortages, more competition on some key molecules and continued price pressure
• Vigorous launch activity in 2017: >10 product launches expected

Europe

Low to mid-single-digit

• Improving contract manufacturing business

Fresenius Kabi (2/2): Expected Organic Sales Growth 2017

Emerging Markets

Likely double-digit

• China: new tender policy implementation expected to be mostly completed end of H1/2017; low to mid single digit price decline and continued double-digit volume growth projected
• Asia-Pacific excl. China: ongoing recovery healthy growth expected
• Latin America /Africa: Continued strong growth expected

Fresenius Kabi: Organic Sales Growth by Regions

Total sales	1,550	3%	6,007	5%
Asia-Pacific/Latin America/Africa	442	7%	1,702	10%
Latin America/Africa	155	8%	594	14%
Asia-Pacific	287	6%	1,108	8%
North America	542	-1%	2,170	3%
Europe	566	4%	2,135	3%
€m	Q4/2016	Organic Growth	FY/2016	Organic Growth

Fresenius Kabi: Organic Sales Growth by Product Segment

Total sales	1,550	3%	6,007	5%
Transfusion Technology
Medical Devices/	262	-9%	1,039	1%
Clinical Nutrition	403	7%	1,576	7%
Infusion Therapy	225	7%	861	6%
IV Drugs	660	5%	2,531	5%
€m	Q4/2016	Organic Growth	FY/2016	Organic Growth

Fresenius Kabi: EBIT

€m	Q4/2016	Q4 YoY1 Δ	FY/2016	FY YoY1 Δ
Europe	100	8%	343	0%
Margin	17.7%	60 bps	16.1%	-50 bps
North America	168	-15%	837	5%
Margin	31.0%	-490 bps	38.6%	50 bps
Asia-Pacific/Latin America/Africa	103	21%	348	19%
Margin	23.3%	230 bps	20.4%	230 bps
Corporate and Corporate R&D	-63	-2%	-304	-16%
Total EBIT	308	-1%	1,224	5%
Margin	19.9%	-100 bps	20.4%	40 bps

¹ Constant currency growth rates

2015 before special items

Margin growth at actual rates

For a detailed overview of special items please see the reconciliation tables on slides 42–43.

Fresenius Helios: Key Topics FY/2016

HELIOS Kliniken

• German Hospital Structures Act considered neutral for 2017 HELIOS results
• Continued favorable reimbursement environment; DRG inflator set at 2.50%

• Niederberg contributed positively in 2016

• FY/16 in line with outlook:

• − Sales of €2,540 m (+16%, 6% org.)
• − EBITDA2 of €461 m (+16%)
• Successful financing: Cost of debt ~1.7%
• Consolidation since February 1, 2017

1 Organic sales growth

2 Before special items; primarily relating to the transaction

Fresenius Helios: Strong Sales Growth

€m	Q4/2016	Δ Q4 YoY	FY/2016	Δ FY YoY
Established clinic portfolio	1,441	2%	5,793	4%
Acquisitions (consolidation <1 yr)	20	n.a.	50	n.a.
Total Sales	1,461	4%	5,843	5%

For a detailed overview of special items please see the reconciliation tables on slides 42–43.

€m	Q4/2016	Δ Q4 YoY	FY/2016	Δ FY YoY
Total sales	1,461	4%	5,843	5%
EBIT Established clinic portfolio	173	3%	679	6%
Margin	12.0%	10 bps	11.7%	20 bps
Acquisitions / Divestitures (consolidation / deconsolidation <1 yr) Margin	2 10.0%	-- --	3 6.0%	-- --
Total EBIT Margin	175 12.0%	4% 10 bps	682 11.7%	7% 20 bps

2015 before special items

For a detailed overview of special items please see the reconciliation tables on slides 42–43.

Fresenius Helios: Performance Indicators

	FY/2016	FY/2015	Change
No. of hospitals Acute care clinics - Post-acute care clinics	112 88 24	111 87 24	1% 1% 0%
No. of beds - Acute care clinics - Post-acute care clinics	34,706 29,618 5,088	34,076 28,914 5,162	2% 2% -1%
Admissions - Acute care (inpatient)	1,229,125	1,193,423	3%
Occupancy - Post-acute care	82%	82%
Average length of stay (days) Acute care1 - - Post-acute care	6.4 26.1	6.4 26.4
Bad debt of sales	0.3%	0.2%

1 German average (2015): 7.3

Fresenius Vamed: Key Topics FY/2016

• Strong Q4/16: 10% organic sales growth and 12% EBIT growth
• €1,017 m order intake at all-time high, providing a solid basis for growth in FY/2017
• Further expansion of geographic presence primarily in emerging and developing countries

€m	Q4/ 2016	Δ Q4 YoY	FY/ 2016	Δ FY YoY
Project business	269	11%	594	3%
Service business	151	4%	566	4%
Total sales	420	10%2	1,160	5%2
Total EBIT	38	12%	69	8%
Order intake1	343	-20%	1,017	13%

¹ Project business only ² Organic sales growth

Fresenius Group: Overview – Calculation of Noncontrolling Interest

€m	FY/2016	FY/2015
Earnings before tax and noncontrolling interest	3,745	3,262
Taxes	-1,051	-965
Noncontrolling interest, thereof	-1,101	-939
Fresenius Medical Care net income not attributable to Fresenius (Q1–4/16: ~69%)	-776	-641
Noncontrolling interest holders in Fresenius Medical Care (Q1–4/16: US\$306 m according to Fresenius Medical Care's Financial Statements)	-276	-256
Noncontrolling interest holders in Fresenius Kabi (-€36 m), Fresenius Helios (-€2 m), Fresenius Vamed (-€1 m) and due to Fresenius Vamed's 23% external ownership (-€10 m)	-49	-42
Net income attributable to Fresenius SE & Co. KGaA	1,593	1,358

		Operating CF		Capex (net)		Free Cash Flow1
€m	FY/2016	LTM Margin	FY/2016	LTM Margin	FY/2016	LTM Margin
	991	16.5%	-323	-5.4%	668	11.1%
	622	10.6%	-349	-5.9%	273	4.7%3
	27	2.3%	-11	-0.9%	16	1.4%
Corporate/Other	1	n.a.	-6	n.a.	-5	n.a.
Excl. FMC	1,717	13.3%2	-689	-5.4%	1,028	7.9%2
	3,574	12.3%	-1.603	-5.5%	1,971	6.8%

¹ Before acquisitions and dividends

² Margin incl. FMC dividend

³ Understated: 5.4% excluding €43 million of capex commitments from acquisitions

€m	FY/2016	LTM Margin	FY/2015	LTM Margin	Δ YoY
Operating Cash Flow	3,574	12.3%	3,327	12.0%	7%
Capex (net)	-1,603	-5.5%	-1,462	-5.2%	-10%
Free Cash Flow (before acquisitions and dividends)	1,971	6.8%	1,865	6.8%	6%
Acquisitions (net)	-485		-32		--
Dividends	-738		-639		-15%
Free Cash Flow (after acquisitions and dividends)	748	2.6%	1,194	4.3%	-37%

Fresenius Group: Leverage Ratio*

*At annual average FX rates for both EBITDA and net debt

¹ Pro forma acquisitions; before special items

² Adjusted due to debt issuance cost restatement (U.S. GAAP standard ASU 2015-03)

³ Pro forma excluding advances made for the acquisition of hospitals from Rhön-Klinikum AG; before special items

⁴ Before special items

⁵ Pro forma acquisitions

⁶ Pro forma Quirónsalud: 3.1

⁷ Calculated at expected annual average exchange rates, for both net debt and EBITDA; without large unannounced acquisitions

Fresenius Group Debt Maturity Profile¹ December 31, 2016 Pro Forma2

¹ Based on utilization of major financing instruments

² Pro Forma the acquisition of Quironsalud: €2.6bn Senior Notes, €1.2bn Incremental facilities, € 1.0bn Schuldschein loans and €500 million Synthetic Convertible bonds

€m except otherwise	stated	2016 according to U.S. GAAP	Δ	2016 according to IFRS
Sales EBIT		6,007	--	6,007
		1,224	-53 1	1,171
	Sales	5,843 2	--	5,843 2
	EBIT	682 2	1	683 2
	Sales	1,160	--	1,160
	EBIT	69	--	69

¹ Under IFRS, research and development expenses include non-recurring valuation losses on capitalized development expenses. These relate to in-process R&D of product approval projects which were bought with the acquisition of Fresenius Kabi USA, Inc. Under US-GAAP these expenses were already recognized at the time of acquisition. Moreover differences stem from the timing of accruals.

² Helios Kliniken Germany, excluding Quirónsalud

€m		2016 according to U.S. GAAP	Δ	2016 according to IFRS
	Sales	29,083	388 1	29,471
	Net income2	1,593	33 3	1,560

¹ Under U.S. GAAP, certain value adjustments for receivables at Fresenius Medical Care North America were directly deducted from sales.

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

³ Under IFRS, research and development expenses include non-recurring valuation losses on capitalized development expenses. These relate to in-process R&D of product approval projects which were bought with the acquisition of Fresenius Kabi USA, Inc. Under US-GAAP these expenses were already recognized at the time of acquisition. Moreover differences stem from the timing of accruals.

Fresenius Group: Key Figures According to IFRS

€m	FY/2016 U.S. GAAP	FY/2016 IFRS
Sales	29,083	29,471
EBIT	4,327	4,302
Net interest	-582	-582
Net income	1,5931	1,5601
Operating cash flow	3,574	3,585
Balance sheet total	46,447	46,697

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

Reconciliation according to U.S. GAAP Q4 2016/ Q4 2015

The Group's U.S. GAAP financial results as of December 31, 2016 do not include special items, whereas the U.S. GAAP financial results as of December 31, 2015 include special items. Net income attributable to shareholders of Fresenius SE & Co.KGaA was adjusted for these special items. The table below shows the special items and the reconciliation from net income (before special items) to earnings according to U.S. GAAP.

Net income attributable to shareholders of Fresenius SE & Co. KGaA	414	-55	0	0	359
Noncontrolling interest	-278				-278
Net income	692	-55	0	0	637
Income taxes	-280				-280
Net income before taxes	972	-55	0	0	917
Interest result	-137				-137
EBIT	1,109	-55	0	0	1,054
Sales	7,257				7,257
€m	Q4/2015 before special items	efficiency program KABI	integration costs for acquired Rhön hospitals	disposal gains from two HELIOS hospitals	Q4/2015 according to U.S. GAAP (incl. special items)

The special items are reported in the Group Corporate/Other segment.

Reconciliation according to U.S. GAAP FY 2016/FY 2015

The Group's U.S. GAAP financial results as of December 31, 2016 do not include special items, whereas the U.S. GAAP financial results as of December 31, 2015 include special items. Net income attributable to shareholders of Fresenius SE & Co.KGaA was adjusted for these special items. The table below shows the special items and the reconciliation from net income (before special items) to earnings according to U.S. GAAP.

Income taxes Net income	2,362	-89	-10	34	2,297
Net income before taxes	3,345 -983	-105 16	-12 2	34	3,262 -965
EBIT Interest result	3,958 -613	-105	-12	34	3,875 -613
Sales	27,626				27,626
€m	FY/2015 before special items	efficiency program KABI	integration costs for acquired Rhön hospitals	disposal gains from two HELIOS hospitals	FY/2015 according to U.S. GAAP (incl. special items)

The special items are reported in the Group Corporate/Other segment.

Share Information

Share key facts
Number of shares1	553,426,015
WKN / ISIN	578560 / DE0005785604
Ticker symbol	FRE
Bloomberg symbol	FRE GR
Reuters symbol	FREG.de
ADR key facts
Ratio	4 ADRs = 1 ordinary share
ADR CUSIP / ISIN	35804M105 / US35804M1053
Ticker symbol	FSNUY
Exchange	OTCQX International Premier
Structure	Sponsored Level I ADR
Depositary bank	Deutsche Bank

¹ As of January 31, 2017

Financial Calendar / Contact

Financial Calendar 2017

03.05.2017	Report on 1st quarter 2017
12.05.2017	Annual General Meeting, Frankfurt/Main
01.08.2017	Report on 2nd quarter 2017
02.11.2017	Report on 3rd quarter 2017

Please note that these dates could be subject to change.

Contact

Investor Relations Fresenius SE & Co. KGaA phone: +49 6172 608-2485 e-mail: ir-fre@fresenius.com For further information and current news: www.fresenius.com

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