Fresenius SE & Co. KGaA

Investor Presentation • Mar 1, 2016

A Leading Global Health Care Group

J.P. Morgan Global High Yield & Leveraged Finance Conference March 1, 2016 – Miami Beach

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
• Summary and Outlook
• Appendix

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 \$27.9 bn

• 1 Before special items
• 2 Based on consolidated market capitalization of FSE as of January 29, 2016
• 3 Based on consolidated market capitalization of FSE and FME as of January 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 January 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

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

1 – Due to project delays in Russia and Ukraine

J.P. Morgan Global High Yield & Leveraged Finance Conference, March 1, 2016 © Copyright Page 9

8%

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

1 – At actual FX rates for both EBITDA and net debt; 2011-2015 adjusted due to debt issuance cost restatement (U.S. GAAP standard ASU 2015-03)

Business Segments

Fresenius Medical Care: Global Market Leader in Dialysis

• World leader in dialysis products and services Patients in million 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
• ~6% patient growth p.a. driven by age, life style and mortality reduction

1 – As of December 31, 2015

Fresenius Medical Care: Key Figures 2015

\$ million	FY 2015	FY 2014	Growth
Total Sales	16,738	15,832	1 +6%
EBITDA	3,044	2,954	+3%
EBITDA margin	18.2%	18.7%
2 EBIT, excluding special items	2,388	2,271	+5%
EBIT margin	14.3%	14.4%
2,3 Net Income, excluding special items	1,082	1,058	+2%

• 1 6% organic growth, 6% acquisitions, -1% divestitures, -5% currency effects
• 2 Divestiture of dialysis business in Venezuela, sale of the European marketing rights to Vifor and settlement costs for an agreement in principle for the GranuFlo® case in 2015 as well as closing of manufacturing plants in 2014
• 3 Net Income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA
• J.P. Morgan Global High Yield & Leveraged Finance Conference, March 1, 2016 © Copyright Page 13

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

Fresenius Kabi: Key Figures 2015

€ million	FY 2015	FY 2014	Growth
Sales	5,950	5,146	1 +16%
- I.V. Drugs - Clinical Nutrition - Infusion Therapy - Medical Devices/ - Transfusion Technology	2,429 1,560 914 1,047	1,813 1,384 977 972	+34% +13% -6% +8%
2 EBITDA	1,446	1,084	+33%
EBITDA margin	24.3%	21.1%
2 EBIT	1,189	873	+36%
EBIT margin	20.0%	17.0%
3 Net Income	669	468	+43%

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

2 – Before special items

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

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 December 31, 2015
• J.P. Morgan Global High Yield & Leveraged Finance Conference, March 1, 2016 © Copyright Page 17

Largest Network with 111 Hospitals 2

Fresenius Helios: Strong Growth Track Record & Increased Profitability

Fresenius Helios: Key Figures 2015

€ million	FY 2015	FY 2014	Growth
			1
Total Sales	5,578	5,244	+6%
2 EBITDA	831	732	+14%
EBITDA margin	14.9%	14.0%
2 EBIT	640	553	+16%
EBIT margin	11.5%	10.5%
3 Net Income	483	400	+21%

1 – 3% organic growth, 4% acquisitions, -1% divestitures

2 – Before special items

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

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 Vamed: Key Figures 2015

€ million	FY 2015	FY 2014	Growth
Total Sales	1,118	1,042	1 +7%
EBITDA EBITDA margin	75 6.7%	71 6.8%	+6%
EBIT EBIT margin	64 5.7%	59 5.7%	+8%
2 Net Income	44	41	+7%

1 – 6% organic growth, 1% currency effects

2 – Net income attributable to shareholders of VAMED AG

Summary and Outlook

Fresenius Group: 2016 Financial Guidance

Sales growth at constant currency	6% ‒ 8%
Net income growth1 at constant currency	8% ‒ 12%

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)

Fresenius Group: 2016 Financial Outlook by Business Segment

Fresenius Kabi	Sales growthorganic EBIT constant currency	low single-digit roughly flat
Fresenius Helios	Sales growthorganic EBIT	3% – 5% €670 – 700 m
Fresenius Vamed	Sales growthorganic EBIT growth	5% – 10% 5% – 10%

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
• J.P. Morgan Global High Yield & Leveraged Finance Conference, March 1, 2016 © Copyright Page 25

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: 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

Appendix

Fresenius Group: Financial Results

		FY 2015	FY 2014
Sales	Growth cc Growth actual rates	€27,626 m 9% 19%	€23,231 m
EBIT1	Growth cc Growth actual rates	€3,958 m 13% 25%	€3,158 m
Net income1,2	Growth cc Growth actual rates	€2,362 m 16% 29%	€1,831 m

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

FY 2015	Fresenius Medical Care	Fresenius Kabi	Fresenius Helios	Fresenius Vamed
Sales Growth	\$16,738 m 6%	€5,950 m 16%	€5,578 m 6%	€1,118 m 7%
EBIT Growth	m1 \$2,388 5%	€1,189 m2 36%	€640 m2 16%	€64 m 8%

• 1 Excluding special items: Divestiture of dialysis business in Venezuela, sale of the European marketing rights to Vifor and settlement costs for an agreement in principle for the GranuFlo® case in 2015 as well as closing of manufacturing plants in 2014
• 2 Before special items
• J.P. Morgan Global High Yield & Leveraged Finance Conference, March 1, 2016 © Copyright Page 30

Fresenius Group: Demonstrated Strong Sales and EBITDA Growth

1 – Before special items

Fresenius Group: Key Figures 2015

€ million	FY 2015	FY 2014	Change actual rates	Change constant rates
				1
Sales	27,626	23,231	+19%	+9%
EBITDA2	5,073	4,095	+24%	+12%
EBIT2,4	3,958	3,158	+25%	+13%
Interest, net	-613	-602	-2%	+8%
EBT	3,345	2,556	+31%	+17%
Taxes2	-983	-725	-36%	-21%
Net Income3,4	2,362	1,831	+29%	+16%

Employees 222,305 216,275

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

2 – Before special items

• 3 Net income incl. attributable to non-controlling interest; before special items
• 4 Including GranuFlo®/NaturaLyte® settlement costs (-€54 million before tax; -€10 million after tax)

Fresenius Group: Cash Flow Development 2015

€ million	Operating CF		CAPEX (net)			Free Cash Flow1
	913	15.3%	-324	-5.4%	589	9.9%
	618	11.1%	-271	-4.9%	347	3 6.2%
	53	4.7%	-11	-0.9%	42	3.8%
Corporate/ Other	-24	n.a.	-12	n.a.	-36	n.a.
excl. FMC	1,560	2 13.0%	-618	-4.9%	942	2 8.1%
	1,767	11.7%	-844	-5.6%	923	6.1%
Group	3,327	12.0%	-1,462	-5.2%	1,865	6.8% Margin = in % of sales

1 – Before acquisitions and dividends 3 – Understated: 7.0% excluding €44 million of capex commitments from acquisitions

2 – Margin incl. FMC dividend

Reconciliation according to U.S. GAAP FY 2015 / FY 2014

The Group's U.S. GAAP financial results as of December 31, 2015 and December 31, 2014 comprise 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	FY/2015 before special items	efficiency program	integration costs for acquired Rhön hospitals	disposal gains from two HELIOS hospitals	FY/2015 according to U.S. GAAP (incl. special items)	FY/2014 before special items	Fenwal integration costs	integration costs for acquired Rhön hospitals	disposal gains from two HELIOS hospitals	disposal gain from Rhön stake	FY/2014 according to U.S. GAAP (incl. special items)
Sales	27,626				27,626	23,231					23,231
EBIT	3,958	-105	-12	34	3,875	3,158	-50	-51	22	35	3,114
Interest result	-613				-613	-602					-602
Net income before taxes	3,345	-105	-12	34	3,262	2,556	-50	-51	22	35	2,512
Income taxes	-983	16	2		-965	-725	17	10	-1	-1	-700
Net income	2,362	-89	-10	34	2,297	1,831	-33	-41	21	34	1,812
Less noncontrolling interest	-939				-939	-745					-745
Net income attributable to shareholders of Fresenius SE & Co. KGaA	1,423	-89	-10	34	1,358	1,086	-33	-41	21	34	1,067

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

Financing Facilities and Debt Structure

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

Fresenius Medical Care Financing Fresenius SE Financing

• 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

	in € million	4 in \$ million4	% of total cap	EBITDA LTM x
FSE 2013 Credit Agreement: Term Loan A (€, US-\$)	1,774	1,932	2.7%
FSE 2013 Credit Agreement: Term Loan B (US-\$)	449	489	0.7%
Senior Notes (€, US-\$)	2,750	2,994	4.3%
Convertible Bonds	469	511	0.7%
Schuldschein Loans	917	998	1.4%
Other debt less total debt issuance costs, gross	492	536	0.8%
Total Debt (FSE excl. FMC), gross	6,852	7,459	10.6%
Cash (excl. FMC)	539	587	0.8%
Total debt (FSE excl. FMC), net	6,313	6,872	9.8%
Total FMC debt, net1	7,412	8,069	11.4%
Total consolidated debt, net	13,725	14,942	21.2%	3 2.7x
Market capitalization2	51,101	55,802	78.8%	10.0x
Total capitalization	64,826	70,744	100.0%	12.6x
FSE Group EBITDA3				5,127

• 1 Net of Cash and intercompany adjustments
• 2 Based on market capitalization for FSE and FMC as of January 29, 2016

3 - Before special items

4 - Exchange rate as of December 31, 2015, except for market capitalization which uses exchange rate as of January 29, 2016

Fresenius Group: Debt Maturity Profile1 – December 31, 2015

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: 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

	Dec 31, 2015	Dec 31, 2014	1,2 Net debt/EBITDA
Debt (€m)	14,769	15,454
thereof 52% \$ denominated			3.24
Net debt (€m)	13,725	14,279	3.10 3.05
1,2,3 Net debt/EBITDA	2.68	4 3.24	2.87 2.57 2.69 2.68
3 EBITDA/Interest	8.4	6.8	2.54 Target at actual 2016 at average FX rates for the last twelve months YE:~2.5
			YE/11 YE/12 YE/13 YE/14 Q1/15 Q2/15 Q3/15 Q4/15

• 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 Rhön hospitals and FME acquisitions, excluding two Helios hospitals
• J.P. Morgan Global High Yield & Leveraged Finance Conference, March 1, 2016 © Copyright Page 41

Fresenius SE & Co. KGaA: Rating Development over Time

Moody's Standard & Poor's Fitch

A Leading Global Healthcare Group