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Fresenius SE & Co. KGaA

Investor Presentation • May 31, 2016

166_ip_2016-05-31_c140747b-eade-41e2-a404-04f7e62aebc5.pdf

Investor Presentation

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A LEADING GLOBAL HEALTHCARE COMPANY

Kepler Cheuvreux One-Stop-Shop – May 31, 2016

Frankfurt stock exchange (DAX30): FRE │ US ADR program (OTC): FSNUY │ www.fresenius.com/investors

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.

A GLOBAL LEADER IN HEALTHCARE PRODUCTS AND SERVICES

Kepler Cheuvreux One-Stop-Shop, Fresenius SE & Co. KGaA, Investor Relations © Copyright, May 31, 2016

STRONG, DIVERSIFIED PRODUCT AND SERVICE PORTFOLIO

FRESENIUS MEDICAL CARE: GLOBAL DIALYSIS MARKET LEADER

  • The world's leading provider of dialysis products and services treating 294,043 patients in 3,432 clinics1
  • Provide highest standard of product quality and patient care

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

Market Dynamics

Global Dialysis Market 2015: ~US\$73 bn; ~6% patient growth p.a.

Growth Drivers: Aging population, increasing incidence of diabetes and high blood pressure, treatment quality improvements

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 2015: >€33 bn

Growth Drivers: Patent expirations, rising demand for health care services, higher health care spending in Emerging Markets

FRESENIUS HELIOS: LEADING GERMAN HOSPITAL OPERATOR

  • ~6% share in German acute care hospital market
  • Strong track record in hospital acquisitions and operations
  • High-quality medical care, e.g., mortality rate for heart failure and pneumonia below German average
  • Comprehensive healthcare services coverage

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

Market Dynamics

German Acute Care Hospital Market: ~€91 bn1

Growth Drivers: Aging population leading to increasing hospital admissions, further market consolidation

Majority of population has access to a HELIOS hospital within one hour's drive1

1 As of Dec 31, 2015

  • 111 hospitals

  • 34,000 beds

  • ~1.3 million inpatient admissions
  • ~3.4 million outpatient admissions

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

  • Offers project development, planning, turnkey construction, maintenance as well as technical management, and total operational management
  • Strong track record: More than 760 projects in 78 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:

DIVIDEND DEVELOPMENT AND TOTAL SHAREHOLDER RETURN

Source: Bloomberg; dividends reinvested

%

Dividend Development and Total Shareholder Return TOTAL SHAREHOLDER RETURN CAGR, ROUNDED

Source: Bloomberg; dividends reinvested

Kepler Cheuvreux One-Stop-Shop, Fresenius SE & Co. KGaA, Investor Relations © Copyright, May 31, 2016

INVESTMENT HIGHLIGHTS

FINANCIALS Q1/2016

FRESENIUS GROUP: Q1/2016 FINANCIAL RESULTS

/
Q
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2015 before special items

Kepler Cheuvreux One-Stop-Shop, Fresenius SE & Co. KGaA, Investor Relations © Copyright, May 31, 2016

FRESENIUS GROUP:

Q1/2016 FINANCIAL RESULTS BY BUSINESS SEGMENT

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Q
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B
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m		 %
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%

2015 before special items

For a detailed overview of special items please see the reconciliation table on slide 26.

Q1/2016 BUSINESS SEGMENT UPDATE

Strong start into fiscal year 2016

Regional development

North America

  • IV drug shortages continue; 20 Kabi-marketed products currently designated in shortage
  • 3 product launches YTD
  • Confirm roughly flat FY/16 organic sales growth expectation, based on tough comps starting Q2/16

Europe

  • Lower contract manufacturing sales volume expected until later in 2016
  • Confirm FY/16 outlook of low to mid single-digit organic sales growth

Emerging Markets

  • China: 8% organic sales growth; fewer tenders completed than anticipated; continued double-digit volume growth still expected
  • Asia Pacific ex China: Ongoing recovery, 5% organic sales growth
  • Latin America/Africa standing out with 21% organic sales growth
  • Fully on track to meet FY/16 outlook of mid to high single-digit organic sales growth

Q1/2016 BUSINESS SEGMENT UPDATE

Hospital business fully on track

  • 36%Organic sales (+3%) and EBIT growth (+8%) fully in line with Q1 expectations
  • Acquisition of 500-bed municipal hospital in Velbert closed; consolidation as of May 1, 2016
  • First university hospital (Munich) joining 'Wir für Gesundheit' network
  • Fully on track to meet FY/16 outlook

Organic sales growth in line with expectations

  • Project and service businesses contributing equally (both +6%) to organic sales growth
  • Strong order intake of €237 m in Q1/16 (Q1/15: €192 m)
  • Fully on track to meet FY/16 outlook

FRESENIUS GROUP:

2016 FINANCIAL OUTLOOK BY BUSINESS SEGMENT

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–

FRESENIUS GROUP: 2016 FINANCIAL GUIDANCE

S
l
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‒
1
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y		 8
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1
2
%
‒

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

FRESENIUS GROUP: MID-TERM GROWTH TARGETS

FY 2019

€36 - 40 billion in sales€2.0 - 2.25 billion in net income

  • At comparable exchange rates
  • Includes small and mid-size acquisitions
  • EAT CAGR at mid-point of mid-term target: 10.5 % (Previous implied EAT CAGR of mid-term target: 8.4 %)

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

ATTACHMENTS

FRESENIUS GROUP: PROFIT AND LOSS STATEMENT

€
m		 /
Q
1
2
0
1
6		 /
Q
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1 2015 before special items

2Net income attributable to shareholders of Fresenius SE & Co. KGaA; 2015 before special items

For a detailed overview of special items please see the reconciliation table on slide 26.

Growth Q1 YoY

FRESENIUS KABI:

STRONG ORGANIC SALES GROWTH IN Q1/2016

l
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FRESENIUS KABI:

STRONG ORGANIC SALES GROWTH IN Q1/2016

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FRESENIUS KABI:

STRONG EBIT GROWTH IN Q1/2016

€
m		 /
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2015 before special items

For a detailed overview of special items please see the reconciliation table on slide 26.

Kepler Cheuvreux One-Stop-Shop, Fresenius SE & Co. KGaA, Investor Relations © Copyright, May 31, 2016

FRESENIUS HELIOS:

ORGANIC SALES GROWTH FULLY IN LINE WITH EXPECTATION

€
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FRESENIUS HELIOS: STRONG EBIT MARGIN INCREASE

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For a detailed overview of special items please see the reconciliation table on slide 26.

FRESENIUS HELIOS: PERFORMANCE INDICATORS

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1 December 31, 2015

2 German average (2014): 7.4

FRESENIUS HELIOS:

ACQUISITIONS / DIVESTITURES – CONSOLIDATION EFFECTS

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FRESENIUS HELIOS: 2015 CLINIC DEVELOPMENT PLAN

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T
i
(
%
)
m
a
r
g
n		 - 2.
0		 4
0		 6.
0		 8.
0		 1
0.
0		 1
2.
0		 1
2.
0
1
5.
0
–
(
)
E
B
I
T
€
m		 - - - 2
4
6		 8
1
3.		 2
0
0.
2		 - 3
4
0.
5		 5
7
9
1
d
R
t
e
p
o
r
e
(
)
E
B
I
T
i
%
m
a
g
n
r		 6.
2		 - - 9
8		 6.
9		 1
0.
4		 - 1
3.
2		 1
1.
7
E
B
I
T
(
€
)
m		 0.
4		 - - 4
0.
1		 1
1.
9		 2
0
7.
9		 - 3
7
3.
3		 6
3
3.
6
f
l
N
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s
a
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r		 - - - 8 1 1
9		 - 2
5		 5
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N
l
i
i
t
t
<
o.
o
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s
a
r
g
e		 - - - 4 2 2
1		 - 3
0		 5
7

1 Includes all hospitals acquired from Rhön Klinikum, €12 m integration costs allocated to individual hospitals.

FRESENIUS VAMED: STRONG ORDER INTAKE

€
m		 /
Q
1
2
0
1
6		 /
Q
1
2
0
1
5		 h
G
t
o
r
w
b
P
j
i
t
o
e
c
s
n
e
s
s
r
u		 8
5		 8
0		 6
%
S
b
i
i
e
r
v
c
e
u
s
n
e
s
s		 3
3
1		 2
8
1		 %
4
l
l
T
t
o
a
s
a
e
s		 2
1
8		 2
0
8		 5
%
l
T
t
E
B
I
T
o
a
Ma
in
rg		 7
3.
2
%		 7
3.
4
%		 0
%
bp
-2
0
s
1
O
d
k
i
t
r
e
r
n
a
e		 2
3
7		 9
2
1		 2
3
%
1
d
b
k
l
O
e
a
o
g
r
r
c		 1,
8
0
3		 2
1,
6
5
0		 9
%

FRESENIUS GROUP: LEVERAGE RATIO

Pro forma acquisitions; before special items

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

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

Before special items

52015 before special items

At annual average FX rates for both EBITDA and net debt

Kepler Cheuvreux One-Stop-Shop, Fresenius SE & Co. KGaA, Investor Relations © Copyright, May 31, 2016

CASH FLOW DEVELOPMENT

O
C
t
i
F
p
e
r
a
n
g		 C
(
)
t
a
p
e
x
n
e		 1
C
h
l
F
F
r
e
e
a
s
o
w
€
m		 /
Q
1
2
0
1
6		 L
T
M
M
i
g
n
a
r		 /
Q
1
2
0
1
6		 L
T
M
M
i
g
n
a
r		 /
Q
1
2
0
1
6		 L
T
M
M
i
g
n
a
r
1
2
4		 1
5
8
%		 6
7
-		 5
4
%
-		 5
7		 1
0
4
%
6
6		 1
0
1
%		 3
7
-		 4
9
%
-		 2
9		 3
5
2
%
8
1
-		 6
%
4		 2
-		 %
1
1
-		 2
0
-		 3
%
5
/
h
C
O
t
t
o
p
o
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e
e
r
r
r		 1
-		 n
a		 3
-		 n
a		 4
-		 n
a
l.
F
M
C
ex
c		 1
7
1		 2
1
3
1
%		 1
0
9
-		 4
9
%
-		 6
2		 2
8
2
%
Gr
ou
p		 3
3
4		 2
%
1
1		 3
3
2
-		 %
5
5
-		 2 %
5
7

1Before acquisitions and dividends

2Margin incl. FMC dividend

3Understated: 6.0% excluding €46 million of capex commitments from acquisitions

CASH FLOW DEVELOPMENT LTM

O
i
C
F
t
p
e
a
n
g
r		 (
)
C
t
a
p
e
n
e
x		 h
l
1
F
C
F
e
e
a
s
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r
w
€
m		 L
T
M
/
Q
1
2
0
1
6		 i
L
T
M
M
a
r
g
n		 L
T
M
/
Q
1
2
0
1
6		 i
L
T
M
M
a
r
g
n		 L
T
M
/
Q
1
2
0
1
6		 i
L
T
M
M
a
r
g
n
9
5
4		 1
5
8
%		 3
2
6
-		 5
4
%
-		 6
2
8		 1
0
4
%
5
7
0		 1
0
1
%		 2
7
8
-		 4
9
%
-		 2
9
2		 3
5
2
%
2
7		 6
%
4		 2
1
-		 %
1
1
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0		 3
%
5
/
h
C
O
t
t
o
p
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e
e
r
r
r		 1 n
a		 1
3
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a		 1
2
-		 n
a
l.
F
M
C
ex
c		 1,
6
7
1		 2
1
3
1
%		 6
2
9
-		 4
9
%
-		 1,
0
4
2		 2
8
2
%
Gr
ou
p		 3
3
0
1
,		 2
%
1
1		 2
1,
5
1
-		 %
5
5
-		 6
0
9
1,		 %
5
7

1 Before acquisitions and dividends

2 Margin incl. FMC dividend

3 Understated: 6.0% excluding €46 million of capex commitments from acquisitions

FRESENIUS GROUP: CONSISTENT CASH GENERATION AND PROVEN TRACK RECORD OF DELEVERAGING

1 2011-2015 adjusted due to debt issuance cost restatement (U.S. GAAP standard ASU 2015-03)

Kepler Cheuvreux One-Stop-Shop, Fresenius SE & Co. KGaA, Investor Relations © Copyright, May 31, 2016

FRESENIUS GROUP: SOLID BALANCE SHEET STRUCTURE

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

RECONCILIATION ACCORDING TO U.S. GAAPQ1 2016 / Q1 2015

The Group's U.S. GAAP financial results as of March 31, 2016 do not include special items, whereas the U.S. GAAP financial results as of March 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.

€
m		 /
be
for
Q
1
20
15
e
ia
l it
sp
ec
em
s		 f
fic
ien
e
cy
p
rog
ram
KA
BI		 int
ion
for
rat
sts
eg
co
d R
hö
ire
ac
qu
n
ho
ita
ls
sp		 d
isp
l g
ins
fro
os
a
a
m
tw
o H
EL
IO
S
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ita
ls
sp		 Q
1
/
20
15
d
ing
ac
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(
l.
to
U.
S.
GA
AP
inc
ia
l it
)
sp
ec
em
s
l
S
a
e
s		 6,
8
3
4		 6,
8
3
4
E
B
I
T
l
I
t
t
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r
e
s
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u		 8
5
1
-1
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5		 -1
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7
3
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6
5
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b
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N
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o
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I
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x		 8
6
6
-2
0
7		 -1
0
3		 -2 3
4		 8
7
0
-2
0
4
N
i
t
e
n
c
o
m
e
N
l
l
i
i
t
t
t
o
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c
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n
g
n
e
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s
r
r		 4
7
9
-1
8
7		 -7 2
-		 3
4		 5
0
4
-1
8
7
i
i
b
b
l
N
t
t
t
t
e
n
c
o
m
e
a
r
u
a
e
h
h
l
d
f
i
F
S
E
&
t
o
s
a
r
e
o
e
r
s
o
r
e
s
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n
u
s
C
K
G
A
o.
a		 2
9
2		 7
-		 2
-		 3
4		 3
1
7

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

SHARE INFORMATION

Share key facts

Number of shares1 545,810,836 Ticker symbol FRE Bloomberg symbol FRE GR Reuters symbol FREG.de

WKN / ISIN 578560 / DE0005785604

ADR key facts

Ticker symbol FSNUY Depositary bank Deutsche Bank

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

As of March 31, 2016

FINANCIAL CALENDAR 2016

02.08.2016 Report on 2nd quarter 2016 27.10.2016 Report on 3rd quarter 2016

Please note that these dates could be subject to change.

CONTACT

Investor RelationsFresenius SE & Co. KGaAphone: +49 6172 608-2485 e-mail: [email protected]

For further information and current news: www.fresenius.com

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