Fresenius SE & Co. KGaA

Investor Presentation • Feb 23, 2016

A LEADING GLOBAL HEALTH CARE GROUP

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 forwardlooking 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

General Presentation, Fresenius SE & Co. KGaA, Investor Relations © Copyright, February 2016

STRONG, DIVERSIFIED PRODUCT AND SERVICE PORTFOLIO

AGING POPULATION AND HIGHER INCIDENCE OF CHRONIC DISEASES

Source: ¹ WHO: 10 facts on aging and the life course (2014) 2WHO: Global status report on non communicable diseases (2014)

INCREASING HEALTH CARE SPENDING

Source:¹ World Bank: Health expenditure per capita (2013);

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 >290,000 patients in 3,418 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

1 As of Sep 30, 2015

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 2015: >€33 bn

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

FRESENIUS KABI: IMPRESSIVE GROWTH

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 HELIOS: EXCELLENT SALES AND EBIT DEVELOPMENT

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 VAMED: STEADY SALES AND EBIT GROWTH

FRESENIUS GROUP: EXCELLENT FINANCIAL PERFORMANCE DRIVEN BY ORGANIC GROWTH AND ACQUISITIONS

Earnings per share in €

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)

General Presentation, Fresenius SE & Co. KGaA, Investor Relations © Copyright, February 2016

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

Source: Bloomberg; dividends reinvested

FRESENIUS GROUP:

2016 FINANCIAL OUTLOOK BY BUSINESS SEGMENT

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

FRESENIUS GROUP: 2016 FINANCIAL GUIDANCE

l h S t a e s g o r w t t 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 r o w t t c o n s a n c e n c u r r y	8 % 1 2 % ‒

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

FRESENIUS GROUP: NEW 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

INVESTMENT HIGHLIGHTS

SHARE INFORMATION

Share key facts

1 b f h N u m e r o s a r e s	3 9, 3 0 5 4 5, 7 4
W K N / I S I N	5 7 8 5 6 0 / D E 0 0 0 5 7 8 5 6 0 4
k b l T i e m o c r s y	F R E
l b b l B o o m e g s m o r y	F R E G R
b l R t e e s s m o u r y	d F R E G e

ADR key facts

Ratio 4 ADRs = 1 ordinary share ADR CUSIP / ISIN 35804M105 / US35804M1053 Ticker symbol FSNUY Exchange OTCQX International Premier Structure Sponsored Level I ADR Depositary bank Deutsche Bank

1As of January 31, 2016