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Fresenius SE & Co. KGaA

Investor Presentation • Mar 24, 2017

166_ip_2017-03-24_4edbacfd-3291-4d8c-95ba-4b4d40294654.pdf

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A Leading Global Health Care Group

February 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%

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Aging Population and Higher Incidence of Chronic Diseases

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Source: 1 WHO: 10 facts on aging and the life course 2WHO: Global status report on non communicable diseases

Increasing Health Care Spending

Increasing health expenditure

per capita (2014 vs. 2004 - USA US\$9,403 (+147%), China: US\$420 (+592%), India: US\$75 (+277%)1

1/3

By 2022, one third of all global health expenditure will occur in Emergin g Economies 2

Health care spendin g in developed countries is growin g steadily (2012-2022 with ~4% p.a. 2)

Source:1 World Bank: Health expenditure per capita;

2World Economic Forum: Health Systems Leapfrogging in Emerging Economies – Project Paper (2014)

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

As of Dec 31, 2016

Fresenius Medical Care: Strong Track Record of Growth

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 Kabi: Impressive Growth

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

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 Helios: Excellent Sales And EBIT Development1

1Excluding Quirónsalud

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

Services

Market Dynamics

Growth Drivers:

  • • Emerging Market demand for building and developing hospital infrastructure

  • • Outsourcing of non-medical services from public to private operators

  • 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

Fresenius Vamed: Steady Sales And EBIT Growth

8461,020 1,042 1,118 1,160 '12 '13 '14 '15 '165155596469'12 '13 '14 '15 '16Sales in € million EBIT in € million CAGR8%CAGR8%

Fresenius Group: Excellent Financial Performance Driven By Organic Growth And Acquisitions

1,444 1,609 1,727 2,054 2,418 2,563 3,075 3,045 3,158 3,958 4,327 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016CAGR12%

Earnings per share in €

Net income in € million

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

Total Shareholder Return – CAGR, rounded

Source: Bloomberg; dividends reinvested

Fresenius Group: 2017 Financial Outlook by Business Segment

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All data according to IFRS; for a detailed reconciliation of US-GAAP to IFRS please see slides 49-50.

2Helios Kliniken Germany, excluding Quirónsalud

11 months consolidated

Fresenius Group: 2017 Financial Guidance

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1 All data according to IFRS; for a detailed reconciliation of US-GAAP to IFRS please see slides 49-50.

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

Fresenius Group: Ambitious Mid-Term Targets

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

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

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

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

Investment Highlights

Share Information

Share key facts

Number of shares1 553,426,015 Ticker symbol FRE Bloomberg symbol FRE GR Reuters symbol FREG.de

ADR key facts

Ticker symbol FSNUY Depositary bank Deutsche Bank

WKN / ISIN 578560 / DE0005785604

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

As of January 31, 2017

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