Fresenius SE & Co. KGaA

Investor Presentation • Jan 14, 2016

A Leading Global Health Care Group

BNP Paribas – High Yield & Leveraged Finance Conference January 14, 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

Fresenius Group: Strong and Balanced Health Care Portfolio

Market Cap.⁶ €24.3 bn

• 1 LTM September 2015
• 2 Before special items
• 3 Market capitalization of FSE as of December 30, 2015
• 4 Based on consolidated market capitalization of FSE and FME as of December 30, 2015 and consolidated net debt as of September 30, 2015
• 5 Held by Fresenius ProServe GmbH, a wholly owned subsidiary of FSE
• 6 Based on market capitalization of FME as of December 30, 2015

Fresenius Group: Financial Results

2 – Incl. attributable to non-controlling interest

BNP Paribas – High Yield & Leveraged Finance Conference, January 14, 2016 © Copyright Page 7 Sept 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

5% 7% 5% 4% 5% 3% 4% 3% 2008 2009 2010 2011 2012 2013 2014 2015

1 – LTM September

Fresenius Helios Fresenius Vamed

Fresenius Group: Financial Results

		Q1-Q3/15	Q1-Q3/14
Sales	Growth cc Growth actual rates	€20,369 m 11% 22%	€16,711 m
EBIT1	Growth cc Growth actual rates	€2,849 m 14% 28%	€2,223 m
Net income1,2	Growth cc Growth actual rates	€1,670 m 17% 32%	€1,263 m

1 – Before special items

2 – Incl. attributable to non-controlling interest

Fresenius Group: Financial Results by Business Segment

Q1-Q3/2015	Fresenius Fresenius Fresenius Medical Care Kabi Helios			Fresenius Vamed
Sales Growth	\$12,390 m 8%	€4,431 m 18%	€4,167 m 7%	€731 m 12%
EBIT Growth	\$1,665 m 5%	€872 m1 38%	€472 m1 19%	€30 m 11%

Business Segments

Fresenius Medical Care: Global Market Leader in Dialysis

• World leader in dialysis products and services treating 290,250 patients in 3,402 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

^{1 –} As of September 30, 2015

Fresenius Medical Care: Market Leader in All Regions1

1 – Company data and estimates, as of September 30, 2015

Fresenius Medical Care: Key Figures Q1-Q3/2015

€ million \$ million	Q1/2013 Q1-Q3/2015	Q1/2012 Q1-Q3/2014	Growth Growth
Total Sales	12,390	11,511	1 +8%
EBITDA	2,202	2,105	+5%
EBITDA margin	17.8%	18.3%
EBIT	1,665	1,591	+5%
EBIT margin	13.4%	13.8%
2 Net income	713	710	+0%

1 – 7% organic growth, 7% acquisitions, -1% divestitures, -5% currency effects

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

Fresenius Medical Care: Leverage Ratio and Ratings

\$ million

Total debt Debt/EBITDA

Fresenius Kabi: A Worldwide Leading Hospital Supplier

• Comprehensive product portfolio for critically and chronically ill patients
• IV Drugs
• Clinical Nutrition
• Infusion Therapy
• Medical Devices / Transfusion Technology
• Global addressable market: >€29 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

2 – LTM September

Fresenius Kabi: Key Figures Q1-Q3/2015

million \$ million	Q1Q1-Q3/2015 -Q3/2015	Q1-Q3/2014 Q1 -Q3/2014	Growth Growth
Sales - I.V. Drugs - Clinical Nutrition - Infusion Therapy - Medical Devices/ Transfusion Technology	4,431 1,802 1,167 704 758	3,760 1,312 1,020 724 704	1 +18% +37% +14% -3% +8%
2 EBITDA EBITDA margin	1,060 23.9%	785 20.9%	+35%
2 EBIT EBIT margin	872 19.7%	634 16.9%	+38%
3 Net income	479	337	+42%

1 – 9% organic growth, 1% acquisitions, -2% divestitures, 10% 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: ~€87 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 2014; total costs, gross of the German hospitals less academic research and teaching

Fresenius Helios: Strong Growth Track Record & Increased Profitability

286

318

369

CAGR 18%

432

508

732

810

Fresenius Helios: Key Figures Q1-Q3/2015

€ \$ million million	Q1-Q3/2015 Q1/2013	Q1-Q3/2014 Q1/2012	Growth Growth
Total Sales	4,167	3,883	1 +7%
2 EBITDA	612	534	+15%
EBITDA margin	14.7%	13.8%
2 EBIT	472	397	+19%
EBIT margin	11.3%	10.2%
3 Net income	352	286	+23%

1 – 3% organic growth, 5% 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:

• 710 health care projects in 77 countries successfully completed

• Services provided to 510 hospitals and 130,000 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

2 – LTM September

Fresenius Group: Key Figures Q1-Q3/2015

€ million	Q1-Q3/2015	Q1-Q3/2014	Change actual rates	Change constant rates
Sales	20,369	16,711	+22%1	+11%
EBITDA2	3,674	2,905	+26%	+13%
EBIT2	2,849	2,223	+28%	+14%
Interest, net	-476	- 431	-10%	+1%
EBT2	2,373	1,792	+32%	+17%
2 Taxes	-703	-529	-33%	-17%
Net income3	1,670	1,263	+32%	+17%
Employees	220,853	214,401

1 – 6% organic growth, 5% acquisitions, 11% currency effects

2 – Before special items

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

Fresenius Group: Cash Flow Development LTM September 30, 2015

€ million	Operating CF		Capex	(net)		Free Cash Flow1
	798	13.7%	-337	-5.8%	461	7.9%
	540	9.8%	-258	-4.7%	282	3 5.1%
	-9	-0.8%	-11	-1.0%	-20	-1.8%
Corporate/ Other	-16	n.a.	-9	n.a.	-25	n.a.
excl. FMC	1,313	2 11.2%	-615	-5.0%	698	2 6.2%
	1,728	12.0%	-792	-5.5%	936	6.5%
Group	3,041	11.3%	-1,407	-5.2%	1,634	6.1%

Margin = in % of sales

1 – Before acquisitions and dividends 3 – Understated: 5.8% excluding €37 million of capex commitments from acquisitions

2 – Margin incl. FMC dividend

Fresenius Group: Proven Track Record of Deleveraging

1 – At average exchange rates for the last twelve months for both net debt and EBITDA; before special items 2 – Pro forma acquisitions; before special items

Fresenius Group: Debt and Interest Ratios

YE/09 YE/10 YE/11 YE/12 YE/13 YE/14 Q1/15 Q2/15 Q3/15

• 1 Pro forma including Fresenius Medical Care acquisitions
• 2 Before integration costs, disposal gains (two HELIOS hospitals) and costs for Fresenius Kabi efficiency program
• 3 Before integration costs and disposal gains (two HELIOS hospitals; Rhön stake)
• 4 Pro forma including acquired Rhön hospitals and Fresenius Medical Care acquisitions; excluding two HELIOS hospitals
• 5 At average exchange rates for the last twelve months for both net debt and EBITDA;before special items

Financing Facilities and Debt Structure

Fresenius Group: Current Debt and Cash Flow Structure – September 30, 2015

Fresenius Medical Care Financing Fresenius SE Financing

• 1 External debt as of September 30, 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 – September 30, 2015

	€ million	4 \$ million	% of total cap	EBITDA LTM x
FSE 2013 Credit Agreement: Revolver (€, \$)	179	200	0.3%
FSE 2013 Credit Agreement: Term Loan A (€, \$)	1,806	2,023	2.7%
FSE 2013 Credit Agreement: Term Loan B (\$)	437	490	0.6%
Senior Notes (€, \$)	2,734	3,063	4.0%
Convertible Bonds	467	523	0.7%
Euro Notes	917	1,027	1.4%
Commercial Paper	220	246	0.3%
Other debt, gross	426	477	0.6%
Total Debt (FSE excl. FMC), gross	7,186	8,050	10.6%
Cash (excl. FMC)	420	471	0.6%
Total debt (FSE excl. FMC), net	6,766	7,579	10.0%
Total FMC debt, net1	7,496	8,398	11.2%
Total consolidated debt, net	14,262	15,977	21.2%	3 2.9x
Market capitalization2	52,984	57,891	78.8%	10.9x
Total capitalization	67,246	73,868	100.0%	13.8x
FSE Group EBITDA3				4,870

1 - Net of Cash and intercompany adjustments

2 - Based on market capitalization for FSE and FMC as of December 30, 2015

3 - Before special items

BNP Paribas – High Yield & Leveraged Finance Conference, January 14, 2016 © Copyright Page 32 4 - Exchange rate as of September 30, 2015, except for market capitalization which uses exchange rate as of December 30, 2015

Fresenius Medical Care: Debt Maturity Profile – September 30, 2015 1

1 – Based on utilization of major financing instruments

Fresenius Group excl. FMC: Debt Maturity Profile¹ – September 30, 2015

Senior Notes Euro Notes (Schuldscheindarlehen) Credit Agreement Equity-neutral convertible bonds Commercial Papers

1 – Based on utilization of major financing instruments

Fresenius Group: Debt Maturity Profile1 – September 30, 2015

Summary and Outlook

Fresenius Medical Care: Financial Outlook

	2015E	2016 Projection
Sales	5-7% 10-12% cc	7-10% cc
Net Income	0-5%	15-20%

• Based on current exchange rates
• Including savings from the Global Efficiency Program
• Potential acquisitions not included
• Based on the execution and the operating cost investments within Care Coordination - in line with FMEꞌs 2020 strategy

Fresenius Group: New Outlook for Fresenius Kabi and Fresenius Vamed

		Previous	New1
Fresenius Kabi	Sales growth organic EBIT growth constant currency	6% – 8% 18% – 21%	~ 8% 19% – 22%
Fresenius Helios	Sales growth organic Sales growth reported EBIT	3% – 5% 6% – 9% €630 – 650 m	3% – 5% 6% – 9% €630 – 650 m
Fresenius Vamed	Sales growth organic EBIT growth	single–digit % 5% – 10%	5% – 10% 5% – 10%

1 – Post Q3 earnings release

Fresenius Group: Increased Earnings Guidance

	Previous	New1
Revenue growth at constant currency	8% ‒ 10%	8% ‒ 10%
Net income growth2 at constant currency	18% – 21%	20% – 22%
Net Debt/EBITDA3	~ 3.0x	<3.0x

• 1 Post Q3 earnings release
• 2 Net income attributable to shareholders of Fresenius SE & Co.KGaA; 2015 before integration costs for hospitals of Rhön-Klinikum AG (€12 m before tax), before costs for efficiency program at Fresenius Kabi (~€100 m before tax) and disposal gains from the divestment of two HELIOS hospitals (€34 m before tax); 2014 before special items
• 3 At average exchange rates for the last twelve months 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: \$157, China: \$480, vs. USA: \$8,895; 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: Attractive Mid-Term Growth Prospects Exceeding Target at Current FX Rates

Mid-Term Target as released early 2014: ~ €30 billion sales, €1.4 to €1.5 billion net income1 by 2017

2017 net income target will be reached 2 years ahead of schedule; new mid-term targets in February 2016

Strong and Balanced Health Care Portfolio

1 – 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