Fresenius SE & Co. KGaA

Investor Presentation • Oct 5, 2015

A Leading Global Health Care Group

Roadshow StockholmOctober 5, 2015

For detailed financial information please see our annual/quarterly reports and/or conference call materials on www.fresenius.com/ir.

Frankfurt stock exchange (DAX30): FRE US ADR program (OTC): FSNUY

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.

Strong and Balanced Health Care Portfolio

Dialysis products and services

Ownership: 31% Ownership: 100% Ownership: 100% Ownership: 77%

Hospital supplies Hospital operations Hospital projects and services

i b i 2 0 1 4 G N I C t t t r o u p e n c o m e o n r u o n
2 2 %	4 3 %	3 7 %	3 %

Corporate: -5%

Roadshow Stockholm, Fresenius SE & Co. KGaA, Investor Relations © Copyright, October 5, 2015

Fresenius Medical Care: Global Market Leader in Dialysis

• • Provide highest standard of care globally to more than 286,000 patients; delivering ~43 million treatments p.a.
• • High quality dialysis products & services
• -Complete therapy offerings
• -Vertically integrated
• • Service portfolio expansion in the field of Care Coordination
• • Global clinic acquisitions and expansion into new geographies to support future growth

2014 Sales: US\$15,832 m; EBIT: US\$2,255 m

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
• • Leading market positions; global market: >€29 bn1
• • Focus on organic growth driven by geographic product rollout and robust pipeline plus selective acquisitions

Addressable market

2014 Sales: €5,146 m; EBIT: €873 m

As of December 31, 2014

Fresenius Helios: Leading Private Hospital Operator in Germany

• Acute and post-acute care in 111 proprietary hospitals1
• High-quality medical care (e.g. mortality rate for heart failure and pneumonia >30% below German average)
• Strong track record in hospital operations and acquisitions: targeting 12 − 15% EBIT margin within 6 years per individual clinic location
• Landmark acquisition of 41 hospitals from Rhön-Klinikum provides excellent long-term growth opportunities

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

Roadshow Stockholm, Fresenius SE & Co. KGaA, Investor Relations © Copyright, October 5, 2015

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

2014 Sales: €1,042 m; EBIT: €59 m

Fresenius Group: Sales and Net Income Reach All-Time Highs

Before special items

Fresenius Group: Dividend Development and Total Shareholder Return

Total Return: Fresenius outperforms index

Dec 31, 2004 − Dec 31, 2014

1 Proposal Source: Bloomberg; dividends reinvested 1993-2013 stock split-adjusted; 2013 pre split: €1.25

Fresenius Group: Confirming 2017 Target / Exceeding Target at Current FX Rates

~€30 billion Sales; €1.4 to €1.5 billion Net Income

Roadshow Stockholm, Fresenius SE & Co. KGaA, Investor Relations © Copyright, October 5, 2015

Financials Q2/15

Fresenius Group: Financial Results

		/ Q 2 1 5	/ H 1 1 5
l S a e s	h G t r o w c c G h l t t t o e r w a c u a r a s	€ 6 9 4 6 m , 1 3 % 2 6 %	€ 1 3 4 2 9 m , 1 3 % 2 % 5
1 E B I T	h G t o c c r w h l G t t t r o w a c u a r a e s	€ 9 7 1 m 1 2 % 2 8 %	€ 8 2 2 1 m , 1 5 % 3 0 %
1 i N t e n c o m e	h G t r o w c c G h l t t t o a a a e s r w c u r	€ 3 5 0 m 2 2 % 3 % 5	€ 6 4 2 m 9 1 % 3 2 %

Before special items

For a detailed overview of special items please see the reconciliation tables on slides 30-31.

Roadshow Stockholm, Fresenius SE & Co. KGaA, Investor Relations © Copyright, October 5, 2015

Fresenius Group: Financial Results by Business Segment

	/ Q 2 1 5	G h t o r w Q 2 Y Y o	/ H 1 1 5	G h t o r w H 1 Y Y o
S l a e s E B I T	\$ S 9 9 U 4 1 m , \$ U S 5 4 7 m	9 % 2 % -	\$ S 8 9 U 1 5 m , \$ U S 1, 0 5 1 m	0 % 1 5 %
S l a e s 1 E B I T	€ 3 8 1, 5 m € 3 1 4 m	2 3 % 5 0 %	€ 2 9 3 2 m , € 5 7 1 m	9 % 1 3 9 %
S l a e s 1 E B I T	€ 3 8 3 1, m € 1 6 0 m	% 7 1 8 %	€ 2 7 7 4 m , € 3 0 7 m	0 % 1 2 3 %
S l a e s E B I T	€ 2 5 5 m € 9 m	2 3 % 0 %	€ 6 3 4 m € 1 6 m	6 % 1 7 %

Before special items

For a detailed overview of special items please see the reconciliation tables on slides 30-31.

Roadshow Stockholm, Fresenius SE & Co. KGaA, Investor Relations © Copyright, October 5, 2015

Q2 Business Segment Update

Accelerated sales and EBIT growth

Regional development

North America

• IV drug shortages persisting
• 5 product launches YTD
• Expected 2015 organic sales growth range now 8% to 12%

Europe

• Continued strong business momentum with 5% organic sales growth
• Timing of contract manufacturing orders suggest slightly lower H2 sales growth

Emerging Markets

• Organic sales growth expected to accelerate in H2, FY organic sales growth now forecast to reach high single digits
• Sale of €100 m Australian oncology compounding activities to streamline business, transaction expected to be closed by year-end

Kabi efficiency program

€100 m efficiency program fully on track; €30 m booked in Q2, remainder of approx. €60 m back-loaded in 2015

Q2 Business Segment Update

Hospital business fully on track

• 100 bps sequential margin expansion reflects continued successful integration of acquired Rhön hospitals
• Fully on track to meet full-year guidance

Strong organic sales growth

• Project business drives organic sales growth (31% organic sales growth), continued strong sales growth momentum in service business (11% organic sales growth)
• Fully on track to meet full-year guidance

Fresenius Group: Increased Outlook for Fresenius Kabi

		l d O	N e w
i F e e r s n u s b i K a	l h S t i a e s g r o w o g a n c r h E B I T t t t g o r w c o n s a n c u r r e n c y	4 % 7 % – 1 1 % 1 4 % –	8 6 % % – 1 8 % 2 1 % –
i F e s e n s r u l i H e o s	S l h t i a e s g r o w o r g a n c l h S t d t a e s g o r w r e p o r e E B I T	3 % % 5 – 6 % 9 % – € 6 3 0 6 0 5 m –
i F r e s e n u s d V a m e	l h S t i a e s g o r w o r g a n c h E B I T t g r o w	l d i i i % t s n g e g – % 0 % 5 1 –

Fresenius Group: Increased Earnings Guidance

	l d O	N e w
h R t e e n e g o v u r w t t t a c o n s a n c u r r e n c y	% 0 % 7 1 ‒	8 % 0 % 1 ‒
1 h N i t t e n c o m e g r o w t t t a c o n s a n c u r r e n c y	1 3 % 1 6 % –	1 8 % 2 1 % –

1 Net income attributable to shareholders of Fresenius SE& Co.KGaA; 2015 before integration costs for hospitals of Rhön-Klinikum AG (~€10 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

Attachments

Fresenius Group: Profit and Loss Statement

		G h t r o w	Q 2 Y Y o		G h t r o w	H 1 Y Y o
€ m	/ Q 2 1 5	l t a c u a t r a e s	t t c o n s a n t r a e s		l t a c u a t r a e s	t t c o n s a n t r a e s
l S a e s	6 9 4 6 ,	2 6 %	1 3 %	1 3 4 2 9 ,	2 5 %	1 3 %
1 E B I T	9 1 7	2 8 %	1 2 %	1 8 2 2 ,	3 0 %	1 % 5
N i t t t e n e r e s	1 6 5 -	1 4 % -	1 % -	3 3 0 -	1 7 % -	4 % -
1 I t n o m e e c a x s	2 3 4 -	8 % 1 -	2 % -	4 4 1 -	3 3 % -	6 % 1 -
2 N i t e n c o m e	3 5 0	3 5 %	2 2 %	6 4 2	3 2 %	1 9 %

1 Before special items

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

For a detailed overview of special items please see the reconciliation tables on slides 30-31.

Fresenius Kabi: Strong Organic Sales Growth

€ m	Q 2 / 1 5	i O g a n c r G h t o r w Q 2 Y Y o	H 1 / 1 5	i O g a n c r G h t o r w H 1 Y Y o
I. V D g s r u	6 4 6	2 8 %	1 1 9 1 ,	1 7 %
C l i i l i i N t t n c a o n u r	0 0 4	% 7	2 7 7	8 %
f h I i T n s o n e a p u r y	2 3 7	0 %	4 6 8	0 %
d l / M i D i e c a e c e s v f h l T i T a n s s o n e c n o o g r u y	2 5 5	2 % -	5 0 1	1 % -
l l T t o a s a e s	1 5 3 8 ,	1 1 %	2 9 3 2 ,	8 %

Fresenius Kabi: Strong EBIT Growth

€ m	Q 2 / 1 5	G h t r o w Q 2 Y Y o	/ H 1 1 5	G h t r o w H 1 Y Y o
E o p e u r i M a r g n	9 1 0 % 1 7.	2 % 1 0 b 1 5 p s	1 7 4 6. % 1 5	6 % 1 9 0 b 1 p s
h N A i t o r m e r c a M i a r g n	2 2 7 0 % 4 1.	6 3 % 2 9 0 b p s	0 3 4 3 9 3 %	% 4 1 0 0 b 1 p s
f / / f A i P i i L i A i A i t s a a c c a n m e r c a r c a - M i a g n r	7 0 1 5. 5 %	1 9 % b -7 0 p s	1 3 3 1 5. 6 %	2 3 % b 1 0 p s
C d C & R D t t o p o a e a n o p o a e r r r r	7 4 -	% 7 -	3 9 1 -	% 5 -
l T E B I T t o a t t t a c o n s a n c u r r e n c y M i a r g n	3 1 4 2 0 4 %	0 % 5 2 6 %	5 7 1 1 9 5 %	3 9 % 1 8 %

EBIT before special items

For a detailed overview of special items please see the reconciliation tables on slides 30-31.

Fresenius Helios: Sales Growth

€ m	/ Q 2 1 5	h G t r o w Q 2 Y Y o	/ H 1 1 5	h G t o r w H 1 Y Y o
b l h d l f l E i i i i t t s a s e c n c p o r o o	3 2 0 1 ,	2 %	2 8 3 5 ,	3 %
A i i i t c q u s o n s ( l d ) i t i 1 < c o n s o a o n y r	6 3		1 9 1
l l T t o a s a e s	8 1 3 3 ,	7 %	2 7 7 4 ,	1 0 %

Fresenius Helios: Strong EBIT margin increase

€ m	Q 2 / 1 5	G h t r o w Q 2 Y Y o	/ H 1 1 5	G h t r o w H 1 Y Y o
l l T t o a s a e s	3 8 3 1 ,	% 7	2 7 7 4 ,	0 % 1
E B I T
b l h d l f l E i i i i t t s a s e c n c p o r o o M i a r g n	1 5 5 1 1. 7 %	% 1 5 1 2 0 b p s	2 9 8 1 1. 5 %	2 0 % 1 6 0 b p s
A i i i t c q u s o n s	5		9
( l d ) i i 1 t < c o n s o a o n y r M i a g n r	7. 9 %		4 7 %
l T E B I T t o a	1 6 0	8 1 %	3 0 7	2 3 %
i M a r g n	6 % 1 1.	0 b 1 1 p s	% 1 1. 1	2 0 b 1 p s

EBIT before special items

For a detailed overview of special items please see the reconciliation tables on slides 30-31.

Fresenius Helios: Performance Indicators

	/ H 1 1 5	/ H 1 1 4	h C a n g e
1 f h i l N t o o o s p a s l A i i t c e c a e c n c s u r - l P i i t- t o s a c u e c a r e c n c s -	1 1 1 8 7 2 4	0 1 1 8 6 2 4	% 1 1 % 0 %
1 f b d N o o e s l A i i t c e c a e c n c s u r - l P i i t- t o s a c e c a e c n c s u r -	3 3 9 4 1 , 2 9, 2 1 8 5, 1 7 3	3 8 8 4 1 , 2 9, 0 6 8 5, 1 2 0	% 1 1 % 1 %
d i i A m s s o n s ( ) A i i t t t c e c a e n p a e n u r -	5 9 7, 8 2 0	5 5 7, 8 2 0	7 %
O c c p a n c u y P t- t o s a c e c a e u r -	8 1 %	8 2 %
f l h ( d ) A t t e a g e e n g o s a a s v r y y 2 A t c e c a e u r - P t- t o s a c u e c a r e -	6. 5 2 6. 7	6. 6 2 6. 8

1December 31, 2014

2German average (2013): 7.5

Fresenius Helios: 2014 Clinic Development Plan

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

1 includes all hospitals acquired from Rhön Klinikum, €29 m integration costs allocated to individual hospitals.

Roadshow Stockholm, Fresenius SE & Co. KGaA, Investor Relations © Copyright, October 5, 2015

Fresenius Vamed: Strong Sales Growth

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

Project business only

2December 31, 2014

Fresenius Group: Leverage Ratio

Pro forma acquisitions; before special items

2Pro forma excluding advances made for the acquisition of hospitals from Rhön-Klinikum AG; before special items

3Before special items; without major acquisitions

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

Cash Flow Development LTM

€ m	O t p e a r	i C F n g	C a p e x	( ) t n e	1 C h l F F e e a s o r w
	L T M H 1 / 1 5	L T M M i a g n r	L T M H 1 / 1 5	L T M H 1 / 1 5	L T M H 1 / 1 5	L T M M i a g n r
	8 0 7	1 3 9 %	3 5 4 -	6 3 % -	2 6 4	6 % 7
	8 5 4	0 6 % 1	2 6 1 -	% 4 7 -	3 2 3	3 9 % 5
	9	0 8 %	2 1 -	% 1 1 -	3 -	0 3 % -
Co / te rp or a he O t r	2 4 -	n a	1 1 -	n a	3 5 -	n a
l. C F M ex c	3 9 1 4 ,	2 % 1 1 7	6 3 8 -	2 % 5 -	7 1 1	2 6 % 5
G ro up	3 0 8 6 ,	1 1 9 %	1 3 9 6 - ,	5 4 % -	1 6 9 0 ,	6 5 %

1 Before acquisitions and dividends

2 Margin incl. FMC dividend

3 Understated: 6.8% excluding €53 million of capex commitments from acquisitions

Roadshow Stockholm, Fresenius SE & Co. KGaA, Investor Relations © Copyright, October 5, 2015

Margin = in % of sales

Reconciliation according to U.S. GAAP – Q2 2015 / Q2 2014

The Group's U.S. GAAP financial results as of June 30, 2015 and June 30, 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	Q 2/ 20 15 be for e ial ite sp ec ms	eff ici en cy pro gra m	int ion rat eg fo sts co r ire d ac qu Rh ön ho ita ls sp	Q 2/ 20 15 rdi to ac co ng U.S . G AA P ( inc l. s cia l pe ite ) ms	Q 2/ 20 14 be for e ial ite sp ec ms	Fe al nw int ion rat eg sts co	int ion rat eg fo sts co r ire d ac qu Rh ön ho ita ls sp	dis l g ain po sa fro Rh ön m ke sta	Q 2/ 20 14 rdi to ac co ng U.S . G AA P ( inc l. s cia l pe ite ) ms
Sa le s	6, 9 4 6			6, 9 4 6	5, 5 2 1				5, 5 2 1
E B I T	9 7 1	-3 0	-6	9 3 5	6 0 7	-2	-8	3 5	8 7 5
l In te t r t re s es u	-1 6 5			-1 6 5	-1 4 5				-1 4 5
Ne in be fo t ta co m e re xe s	8 0 6	-3 0	-6	7 7 0	6 1 5	-2	-8	3 5	6 4 0
In ta co me xe s	-2 3 4	9	2	-2 2 3	-1 9 9	1	2	-1	-1 9 7
Ne in t co m e	5 7 2	-2 1	-4	5 4 7	4 1 6	-1	-6	3 4	4 4 3
l l Le tro ing in te t ss no nc on re s	-2 2 2			-2 2 2	-1 5 7				-1 5 7
in i bu b le Ne t t tr ta co m e a ha ho l de f to s re rs o Fr iu S E & Co K Ga A es en s	3 5 0	- 2 1	-4	3 2 5	2 5 9	-1	-6	3 4	2 8 6

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

Reconciliation according to U.S. GAAP – H1 2015 / H1 2014

The Group's U.S. GAAP financial results as of June 30, 2015 and June 30, 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	/ 20 H1 15 be for e ial sp ec ite ms	eff ici en cy pro gra m	int ion rat eg fo sts co r ire d ac qu Rh ön ho ita ls sp	dis l po sa ins fr ga om tw o HE LIO S ho ita ls sp	/ 20 H1 15 rdi ac co ng U.S to GA AP ( inc l. ial sp ec ite ) ms	/ 20 H1 14 be for e ial sp ec ite ms	al Fe nw int ion rat eg sts co	int ion rat eg fo sts co r ire d ac qu Rh ön ho ita ls sp	dis l po sa ins fr ga om tw o HE LIO S ho ita ls sp	dis l po sa in fro ga m Rh ön ke sta	/ 20 H1 14 rdi ac co ng to U.S . G AA P ( inc l. ial sp ec ite ) ms
Sa le s	1 3, 4 2 9				1 3, 4 2 9	1 0, 7 3 3					1 0, 7 3 3
E B I T	8 2 2 1,	0 -4	-8	3 4	8 0 8 1,	0 3 1, 4	-3	-8	2 2	3 5	9 1, 4 4
l In te t r t re s es u	-3 3 0				-3 3 0	-2 8 3					-2 8 3
Ne in be fo t ta co m e re xe s	1, 4 9 2	-4 0	-8	3 4	1, 4 7 8	1, 1 2 0	-3	-8	2 2	3 5	1, 1 6 6
In ta co me xe s	-4 4 1	1 2	2		-4 2 7	-3 3 2	1	2	-1	-1	-3 3 1
Ne in t co m e	1, 0 5 1	-2 8	-6	3 4	1, 0 5 1	7 8 8	-2	-6	2 1	3 4	8 3 5
l l Le tro ing in te t ss no nc on re s	0 9 -4				0 9 -4	-3 0 1					-3 0 1
in i bu b le Ne t t tr ta co m e a ha ho l de f to s re rs o Fr iu S E & Co K Ga A es en s	6 2 4	-2 8	-6	3 4	6 2 4	8 4 7	-2	-6	2 1	3 4	3 5 4

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

Share Information

Share key facts

Number of shares¹ 543,478,807 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 June 30, 2015

Financial Calendar 2015

29.10.2015 Report on 3rd quarter 2015

Please note that these dates could be subject to change.

Contact

k G M i a r u s e o r g	S l V P I R i t t n v e s o r e a o n s i S & C G F E K A r e s e n u s o a	l l L i I t e s e g e n	l V P I R i t t n v e s o r e a o n s i S & C G F E K A r e s e n u s o a
h p o n e : l i e -m a :	9 6 1 2 6 0 8 2 8 4 7 4 5 + - k f M G i @ i a s. e o g e s e n s. c o m r u r r u	h p o n e : l i e -m a :	9 6 1 2 6 0 8 8 4 7 4 4 7 + - l l f L i I @ i t e s e g e n e s e n s. c o m r u

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