Fresenius SE & Co. KGaA

Investor Presentation • Dec 20, 2016

A Leading Global Health Care Group

ING Bank – Dutch non deal related credit update December 20, 2016

Safe Harbor Statement

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.

Agenda

• 1 Company Overview
• 2 Business Segments
• − Fresenius Kabi
• − Fresenius Vamed
• − Fresenius Helios
• 3 Acquisition of Quirónsalud
• 4 Financial Overview
• 5 Financing Facilities and Debt Structure
• 6 Summary and Outlook

Company Overview

Fresenius Group: A Global Leader in Health Care Products and Services

• − Sales €28.6 bn, net income1 €2.6 bn in LTM September 30, 2016
• − Strong and well-diversified portfolio
• − Leading market positions
• − Global presence
• − Long-term opportunities in growing, non-cyclical markets

1 – Net income incl. attributable to non-controlling interest, 2015 before special items

Fresenius Group: Strong and Balanced Health Care Portfolio

• 1 LTM September 30, 2016
• 2– 2015 before special items
• 3 Based on market capitalization of FSE as of November 15, 2016
• 4 Based on consolidated market capitalization of FSE and FME as of November 15, 2016 and consolidated net debt as of Sept 30, 2016
• 5 Held by Fresenius ProServe GmbH, a wholly owned subsidiary of FSE
• 6 Based on market capitalization of FME as of November 15, 2016

Fresenius Group: Financial Results

• 2 Incl. attributable to non-controlling interest
• 3 2011 sales were adjusted by -€161 m according to a U.S. GAAP accounting change. This solely relates to Fresenius Medical Care North America

Fresenius Group: Sustainable Organic Sales Growth

Fresenius Group: Sustainable Organic Sales Growth in all Business Segments

1 – LTM September 30, 2016

2 – Due to project delays in Russia and Ukraine

Business Segments

Fresenius Kabi: A Worldwide Leading Hospital Supplier

• − Comprehensive product portfolio for critically and chronically ill patients:
• − Generic I.V. Drugs
• − Clinical Nutrition
• − Infusion Therapy
• − Medical Devices / Transfusion Technology
• − Global addressable market: >€33 bn
• − Leading market positions
• − Focus on organic growth driven by geographic product rollout and robust product pipeline
• − Aim to expand the business through selective acquisitions

Fresenius Kabi: Strong Growth Track Record & High Profitability

1 – Before special items

2 – LTM September 30, 2016

Fresenius Helios: Leading Hospital Operator in Germany

• − German Acute Care Hospital Market: ~€91 bn1, thereof 18% privatized
• − ~ 6% share in German Acute Care Hospital Market
• − High-quality medical care
• − Solid organic growth based on growing number of admissions and reimbursement rate increases
• − Strong track record in hospital operations and acquisitions: targeting 12 − 15% EBIT margin within 6 years per individual clinic location
• − Negligible bad debt ratio due to comprehensive insurance coverage of German population

1 – German Federal Statistical Office 2015; total costs, gross of the German hospitals less academic research and teaching

2 – As of June 30, 2016

Fresenius Helios: Strong Growth Track Record & High Profitability

1 – Before special items

2 – LTM September 30, 2016

Acquisition of Quirónsalud

Highly accretive from 2017 – leverage back to

current levels after 1.5 years

part of its FY 2016 reporting

record and ongoing commitment to Fresenius

Strong management team with proven track

Combination forms powerful platform for knowledge & best practice transfer

New mid-term targets for Fresenius Group as

Acquisition Highlights

growth prospects

Excellent Reputation in the Spanish Hospital Market

Hospital Network With Clear Focus on Large Metropolitan Areas

43 hospitals, 39 outpatient centers ~300 ORP centers
~€2.5bn Sales (2016e)
€460 - 480m EBITDA (2016e)
6,600 beds and 35,000 staff
9.4m outpatient admissions p.a.
320,000 inpatient admissions p.a.

Spanish Health Care Market – Key Facts

Average length of stay

Hospital discharges

Hospital beds

Private Health Care System in Spain

NHS = National Health Care System; HIC = Health Insurance Companies * Expectation: mid-term CAGR +1.5%

Structural Growth Drivers

Health care expenditure per capita in Spain below EU average

Close dovetailing of inpatient and outpatient care

Public – NHS (PPPs)

Expansion of existing facilities

Greenfield projects

Acquisition of private hospitals

Financial Outlook

Total consideration	€5.76bn (on a cash and debt-free basis) • Approx. 10.8x1 • EBITDA 2017e
Financing	Issuance of ~6.1m shares valued at • €400m to Victor Madera Balance of the purchase price debt-financed •
Net debt/EBITDA	2016 pro forma ~3.1x • 2017e back within 2.5 ‒ 3.0x range •

1 – based on mid-point of projected 2017 EBITDA range of €520 ‒ €550m

Financial Overview

Fresenius Group: Key Figures Q1-Q3/2016

€ million	Q1-Q3/2016	Q1-Q3/2015	Change actual rates	Change constant rates
Sales	21,345	20,369	+5%	+6%1
EBITDA2	3,949	3,674	+7%	+8%
EBIT2	3,092	2,849	+9%	+9%
Interest, net	-433	-476	-9%	+8%
EBT	2,659	2,373	+12%	+13%
Taxes2	-746	-703	-6%	-7%
Net Income3	1,913	1,670	+15%	+15%
Employees	231,432	222,3054

1 – 6% organic growth, 1% acquisitions, -1% divestitures, -1% currency effects

2 – 2015 before special items

3 – Net income incl. attributable to non-controlling interest, 2015 before special items

4 – As of December 31, 2015

Fresenius Group: Proven Track Record of Deleveraging

Net Debt/EBITDA

• 1 Pro forma acquisitions, before special items
• 2 Before special items
• 3 Adjusted due to debt issuance cost restatement (U.S. GAAP standard ASU 2015 03)
• 4 Pro forma excluding advances made for the acquisition of hospitals from Rhoen-Klinikum AG, before special items
• 5 At annual average FX rates for both EBITDA and net debt, excluding potential acquisitions

Fresenius Group: Capitalization – September 30, 2016

	€ million	\$ million3	% of total cap	EBITDA LTM x
FSE 2013 Credit Agreement: Revolver (€, US-\$)	0	0 4	0.0%
FSE 2013 Credit Agreement: Term Loan A (€, US-\$)	1,602	1,788	2.4%
Senior Notes (€, US-\$)	2,736	3,054	4.2%
Convertible Bonds	475	530	0.7%
Schuldschein Loans	1,167	1,302	1.8%
Commercial Paper	190	212	0.3%
Other debt less total debt issuance costs, gross	496	554	0.8%
Total Debt (FSE excl. FMC), gross	6,666	7,440	10.2%
Cash (excl. FMC)	621	693	0.9%
Total debt (FSE excl. FMC), net	6,045	6,747	9.2%
Total FMC debt, net	7,397	8,256	11.3%
Consolidation Adjustments	(97)	(108)
Total consolidated debt, net	13,345	14,894	20.4%	2.5x 2
Market capitalization1	52,048	56,029	79.6%	9.7x
Total capitalization	65,392	70,923	100.0%	12.2x
Group EBITDA2				5,355

1 – Based on market capitalization for FSE and FMC as of November 15, 2016

2 – 2015 before special items; pro forma acquisitions

3 – Exchange rate as of as of Sept 30, 2016, except for market capitalization which uses exchange rate as of November 15, 2016

Fresenius Group excl. Fresenius Medical Care Debt Maturity Profile¹ September 30, 2016

1 - Based on utilization of major financing instruments

Summary and Outlook

Fresenius Medical Care: 2016 Financial Outlook confirmed

	Revenue growth at constant currency	+7% - 10%
	Net Income growth at current exchange rate	+15% - 20%

• 2016 net income growth outlook is based on current exchange rates
• Savings from the global Efficiency Program are included
• Acquisitions 2015/2016 are not included
• Net income growth based on \$1,057 million in 2015 1
• 1 Net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA (\$1,029 million), including GranuFlo®/NaturaLyte® agreement in principle (+\$37 million) and excluding acquisitions in 2015 of \$9 million

Fresenius Group: 2016 Financial Outlook by Business Segment

		Old	New
	Sales growth organic	3% – 5%	4% – 6%
	EBIT growth (cc)	3% – 5%	4% – 6%
	Sales growth organic	3% – 5%	unchanged
	EBIT	€670 – 700 m	unchanged
	Sales growth organic	5% – 10%	unchanged
	EBIT growth	5% – 10%	unchanged

Fresenius Group: 2016 Financial Guidance

	2015	2016
	Actual	Old	New
Sales growth constant currency	€27.6 bn	6% – 8%	unchanged
Net income1 growth constant currency	€1,423 m	11% – 14%	12% – 14%

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

Aging Population and Increasing Healthcare Spending

60+

• Aging population and higher incidence of chronic diseases World population age 60+ will reach >2bn by 2050 (WHO)

• Increasing health expenditure per capita, 2014 vs. 2004 – USA \$9,403 (+147%), China: \$420 (+592%), India: \$75 (+277%)1

• By 2022, one third of all global health expenditure will occur in Emerging Economies2 1/3

• 1 World Bank: Health expenditure per capita

• 2 World Economic Forum: Health Systems Leapfrogging in Emerging Economies Project Paper (2014)
• 3 WHO: Global status report on non communicable diseases

Investment Highlights

BACK-UP

Fresenius Medical Care: Global Market Leader in Dialysis

• − World leader in dialysis products and services treating 306,366 patients in 3,579 clinics worldwide1
• − Provide highest standard of patient care
• − Vertical integration
• − High quality products & services
• − Complete therapy offerings
• − Leader in growing market
• − Dialysis market growing 4% cc and estimated to reach around \$100 bn by 2020
• − Patient growth driven by age, life style and mortality reduction
• − Growth opportunities in emerging markets

~6% global patient growth p.a.

~3.8 million patients by 2020 expected

1 – As of September 30, 2016

Fresenius Medical Care: Market Leader in All Regions1

North America Provider Patients Countries 187,600 2 187,300 1 24,000 1 15,200 1 14,200 1

Europe, Middle East, Africa

Provider	Patients	Countries
	59,200	26
	22,300	15
	18,700	1
	18,300	22
	7,000	1
Other	4,620	4
	2,290	3

Latin America

Provider	Patients	Countries
	30,200	7
	8,270	3
	4,730	3
	3,800	2
	1,530	2

Asia Pacific
Provider	Patients	Countries
	29,400	12
	5,300	6
Showai-Kai	5,150	5
	4,030	1
	3,300	5
	610	2

1 – Company data and internal estimates, as of Q3/2016

Fresenius Medical Care: Key Figures Q1-Q3/2016

\$ million	Q1-Q3/2016	Q1-Q3/2015	Growth
Total Sales	13,224	12,390	+7%1
EBITDA	2,424	2,202	+10%
margin	18.3%	17.8%
EBIT	1,851	1,665	+11%
margin	14.0%	13.4%
Interest, net	-308	-304	+1%
EBT	1,543	1,361	+13%
Taxes	-471	-441	+7%
Non-controlling interest	-217	-207	+5%
Net Income2	855	713	+20%

1 – 7% organic growth, 2% acquisitions, -1% divestitures, -1% currency effects

2 – Net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA

Fresenius Medical Care: Leverage Ratio and Ratings

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

Fresenius Vamed: A Leading Global Specialist in Hospital Projects and Services

• − Specialized in project development, building hospital infrastructure and providing hospital services (technical services and operational management)
• − Track record:
• − >760 health care projects in 78 countries successfully completed
• − Services provided to > 550 hospitals and 135,000 beds globally
• − Continuous demand for hospital infrastructure and operating efficiency; key markets: Europe, Asia-Pacific, Africa

Fresenius Group: Key Financials Q1-Q3/2016

1 – 2015 before special items

2 – Incl. attributable to non-controlling interest, 2015 before special items

Fresenius Group: Cash Flow Development Q1-Q3/2016

	Operating CF		Capex	(net)	Free Cash Flow1
€ million	Q1–3/2016	LTM Margin	Q1–3/2016	LTM Margin	Q1–3/2016	LTM Margin
	646	16.2%	-208	-5.4%	438	10.8%
	437	11.5%	-176	-5.3%	261	6.2%3
	22	10.6%	-6	-0.8%	16	9.8%
Corporate/Other	-7	n.a.	-5	n.a.	-12	n.a.
Excl. FMC	1,098	14.4%2	-395	-5.1%	703	9.3%2
	1,161	12.0%	-657	-5.6%	504	6.5%
	2,259	12.0%	-1.052	-5.5%	1,207	6.5%

1 – Before acquisitions and dividends

2 – Margin incl. FMC dividend

3 – Understated: 7.1% excluding €51 million of capex commitments from acquisitions

Fresenius Kabi: Key Figures Q1-Q3/2016

€ million	Q1-Q3/2016	Q1-Q3/2015	Growth
Sales	4,457	4,431	+1%1
- I.V. Drugs	1,871	1,802	+4%
- Clinical Nutrition - Infusion Therapy	1,173 636	1,167 704	+1% -10%
- Medical Devices/ - Transfusion Technology	777	758	+3%
EBITDA2 margin	1,101 24.7%	1,060 23.9%	+4%
EBIT2 margin	916 20.6%	872 19.7%	+5%
Net Income3	532	479	+11%

1 – 6% organic growth, 0% acquisitions, -2% divestitures, -3% currency effects

2 – 2015 before special items

3 – Net income attributable to shareholders of Fresenius Kabi AG, 2015 before special items

Fresenius Helios: Key Figures Q1-Q3/2016

€ million	Q1-Q3/2016	Q1-Q3/2015	Growth
Total Sales	4,382	4,167	+5%1
EBITDA2 margin	650 14.8%	612 14.7%	6% 1
EBIT2 margin	507 11.6%	472 11.3%	+7%
Net Income3	402	352	+14%

1 – 4% organic growth, 1% acquisitions, 0% divestitures, 0% currency effects

2 – 2015 before special items

3 – Net income attributable to shareholders of HELIOS Kliniken GmbH, 2015 before special items