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Fresenius SE & Co. KGaA

Investor Presentation • Mar 10, 2016

166_ip_2016-03-10_566641eb-e9af-4a49-823e-4cfafd33d658.pdf

Investor Presentation

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A Leading Global Health Care Group

Crédit Agricole – Global High Yield Conference March 10, 2016 – London

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

  • Company Overview
  • Business Segments
  • Fresenius Medical Care
  • Fresenius Kabi
  • Fresenius Helios
  • Fresenius Vamed

Financial Overview

  • Financing Facilities and Debt Structure
  • Summary and Outlook

Company Overview

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

1 – Net income incl. attributable to non-controlling interest, before special items but including GranuFlo®/NaturaLyte® settlement costs (-€54 million before tax, -€10 million after tax)

Fresenius Group: Strong and Balanced Health Care Portfolio

Market Cap.5 €23.8 bn

  • 1 Before special items
  • 2 Based on consolidated market capitalization of FSE as of February 29, 2016
  • 3 Based on consolidated market capitalization of FSE and FME as of February 29, 2016 and consolidated net debt as of December 31, 2015
  • 4 Held by Fresenius ProServe GmbH, a wholly owned subsidiary of FSE
  • 5 Based on market capitalization of FME as of February 29, 2016

Fresenius Group: Financial Results

1 – Before special items but including GranuFlo®/NaturaLyte® settlement costs (-€54 million before tax, -€10 million after tax)

2 – Incl. attributable to non-controlling interest

Crédit Agricole – Global High Yield Conference, March 10, 2016 © Copyright Page 7 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: Organic Growth 1999 – 2015

Fresenius Group:

Sustainable Organic Sales Growth in all Business Segments

Fresenius Medical Care

1 – Due to project delays in Russia and Ukraine

Fresenius Group: Financial Results

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1 – Before special items but including GranuFlo®/NaturaLyte® settlement costs (-€54 million before tax, -€10 million after tax)

2 – Incl. attributable to non-controlling interest

Fresenius Group: Financial Results by Business Segment

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1 – Excluding FMC special items: divestiture of dialysis business in Venezuela (-\$26 m), sale of the European marketing rights to Vifor (\$25 m) and settlement costs for an agreement in principle for the GranuFlo ®case in 2015 (-\$60 m)

2 – Before special items

Business Segments

Fresenius Medical Care: Global Market Leader in Dialysis

  • World leader in dialysis products and services treating 294,381 patients in 3,418 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

Industry Dynamics

~6% global patient growth p.a. ~3.8 million patients by 2020 expected

Patients in million

Fresenius Medical Care:Market Leader in All Regions 1

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Crédit Agricole – Global High Yield Conference, March 10, 2016 © Copyright Page 14 1 – Company data and internal estimates, as of December 31, 2015

Fresenius Medical Care: Key Figures 2015

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1 – 6% organic growth, 6% acquisitions, -1% divestitures, -5% currency effects

2 – Divestiture of dialysis business in Venezuela (-\$26 m), sale of the European marketing rights to Vifor (\$25 m) and settlement costs for an agreement in principle for the GranuFlo ®case (-\$60 m) in 2015 as well as closing of manufacturing plants in 2014 (-\$16 m)

3 – Net Income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA, divestiture of dialysis business in Venezuela (-\$27 m), sale of the European marketing rights to Vifor (\$11 m) and settlement costs for an agreement in principle for the GranuFlo ® case (-\$37 m) in 2015 as well as closing of manufacturing plants in 2014 (-\$13 m)

Fresenius Medical Care:Leverage Ratio and Ratings

Total Debt

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

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

2015 Sales by Region

Fresenius Kabi: Strong Growth Track Record & High Profitability

Fresenius Kabi: Key Figures 2015

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1 – 8% organic growth, 1% acquisitions, -2% divestitures, 9% currency effects

2 – Before special items (€105 million expenses for efficiency program)

3 – Net income attributable to shareholders of Fresenius Kabi AG, before special items (€89 million expenses for efficiency program)

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 (0.2% in 2015, 0.3% in 2014) due to comprehensive insurance coverage of German population
  • Crédit Agricole Global High Yield Conference, March 10, 2016 © Copyright Page 20 1 – German Federal Statistical Office 2015; total costs, gross of the German hospitals less academic research and teaching

Largest Network with 111 Hospitals

Fresenius Helios: Strong Growth Track Record & Increased Profitability

1 – Before special items

Fresenius Helios: Key Figures 2015

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  • 1 3% organic growth, 4% acquisitions, -1% divestitures
  • 2 Before special items (-€12 million integration costs of Rhoen hospitals, €34 million disposal gains from two Helios hospitals)
  • 3 Net income attributable to shareholders of HELIOS Kliniken GmbH, before special items (-€10 million integration costs of Rhoe nhospitals, €34 million disposal gains from two Helios hospitals)

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

Financial Overview

Fresenius Group: Demonstrated Strong Sales and EBITDA Growth

1 – Before special items

Fresenius Group: Key Figures 2015

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1 – 6% organic growth, 4% acquisitions, -1% divestitures, 10% currency effects

2 – Before special items (-€105 million expenses for Kabi efficiency program, -€12 million integration costs of Rhoen hospitals, €34 million disposal gains from two Helios hospitals)

3 – Net income incl. attributable to non-controlling interest, before special items (-€89 million expenses for Kabi efficiency program, -€10 million integration costs of Rhoen hospitals, €34 million disposal gains from two Helios hospitals)

Crédit Agricole – Global High Yield Conference, March 10, 2016 © Copyright Page 26 4 – Including GranuFlo®/NaturaLyte® settlement costs (-€54 million before tax, -€10 million after tax)

Fresenius Group: Cash Flow Development 2015

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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 At average annual FX rates for both net debt and EBITDA, before special items

Fresenius Group: Debt and Interest Ratios

  • 1 At average annual FX rates for both net debt and EBITDA
  • 2 Adjusted due to debt issuance cost restatement (U.S. GAAP standard ASU 2015-03)
  • 3 Before special items
  • 4 Proforma including acquired Rhoen hospitals and FME acquisitions, excluding two Helios hospitals

Financing Facilities and Debt Structure

Fresenius Group: Current Debt and Cash Flow Structure – December 31, 2015

  • 1 External debt as of December 31, 2015
  • 2 Incl. Fresenius Finance B.V. and other financing subsidiaries
  • 3 Controlling stake

4 – As held by Fresenius ProServe GmbH, a wholly owned subsidiary

of Fresenius SE & Co. KGaA, which provides the guarantees 5 – Incl. subsidiaries

Fresenius Group: Capitalization – December 31, 2015

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8
7
2		 9.
9
%
l
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7
%
To
l c
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Ma
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7
4
%		 9.
7x
To
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%		 1
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3
F
S
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7

1 - Net of Cash and intercompany adjustments

2 - Based on market capitalization for FSE and FMC as of February 29, 2016

3 - Before special items

Crédit Agricole – Global High Yield Conference, March 10, 2016 © Copyright Page 32 4 - Exchange rate as of December 31, 2015, except for market capitalization which uses exchange rate as of February 29, 2016

Fresenius Medical Care:Debt Maturity Profile – December 31, 2015 1

1 – Based on utilization of major financing instruments

Fresenius Group excl. FMC: Debt Maturity Profile1 – December 31, 2015

1 – Based on utilization of major financing instruments

Fresenius Group: Debt Maturity Profile1 – December 31, 2015

Summary and Outlook

Fresenius Medical Care: 2016 Financial Guidance

h
R
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t
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y		 7
%
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%
‒
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1
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‒
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o
r		 3
0
≤
  • Including savings from the Global Efficiency Program
  • Potential acquisitions not included
  • Net income growth based on US\$ 1,057 million in 20151
  • 1 Net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA (US\$ 1,029 million), including GranuFlo®/NaturaLyte® agreement in principle (+US\$ 37 million) and excluding acquisitions in 2015 of US\$ 9 million

Fresenius Group: 2016 Financial Outlook by Business Segment

F
i
r
e
s
e
n
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K
b
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a		 S
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H
l
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s		 S
l
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a
e
s
g
o
r
w
i
o
g
a
n
c
r
E
B
I
T		 3
%
%
5
–
€
6
7
0
7
0
0
m
–
F
i
r
e
s
e
n
u
s
V
d
a
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e		 S
l
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t
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g
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r
w
i
o
g
a
n
c
r
h
E
B
I
T
t
g
o
r
w		 %
0
%
5
1
–
5
%
1
0
%
–

Fresenius Group: 2016 Financial Guidance

S
l
h
t
a
e
s
g
o
r
w
t
t
t
a
c
o
n
s
a
n
c
u
r
r
e
n
c
y		 6
%
8
%
‒
1
h
N
i
t
t
e
n
c
o
m
e
g
o
r
w
t
t
t
a
c
o
n
s
a
n
c
u
r
r
e
n
c
y		 8
%
2
%
1
‒
2
b
/
N
D
E
B
I
T
D
A
t
t
e
e		 2
5
~
  • 1 Net income attributable to shareholders of Fresenius SE& Co.KGaA, 2015 before special items but including GranuFlo®/NaturaLyte® settlement costs (-€54 million before tax, -€10 million after tax)
  • 2 At average annual FX rates for both net debt and EBITDA, before special items

Fresenius Group: Ideal Strategic Posture to Benefit from Major Healthcare Trends

Aging population and higher incidence of chronic diseases World population aged 60+ will more than double by 2050 to >2 bn (OECD)

Increasing health care spending in emerging markets

Increasing health care coverage and per capita spending (e.g. India: \$215, China: \$646, vs. USA: \$9,146; WHO)

Continuing growth of generics

Approx. \$19 bn branded IV drug sales (base: 2013) go off-patent in the U.S. by 2023

Rise of private providers in health care services

Further privatization of German hospital market Global opportunity to provide dialysis services (e.g. China, India)

Fresenius Group: New Mid-Term Growth Targets

FY 20191

~€36-40 billion sales

€2.0 to €2.25 billion net income2

Strong and Balanced Health Care Portfolio

  • 1 At comp. FX rates, including small and mid-size acquisitions, EAT CAGR at mid-point of guidance: 10.5%. Previous implied EAT CAGR of mid-term target: 8.4%
  • 2 Excl. attributable non-controlling interest

Fresenius Group: Investment Highlights

Diversified revenue base with four strong business segments

Global presence in growing, non-cyclical markets

Leading market positions

Proven ability to integrate acquisitions

Clear track record of and commitment to de-leveraging

Strong financial performance and cash flow generation

A Leading Global Healthcare Group

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