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Fresenius SE & Co. KGaA

Investor Presentation • Jun 12, 2015

166_ip_2015-06-12_4a3c7677-0705-4ac2-8e68-50a5f15db1cd.pdf

Investor Presentation

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Health Care Worldwide

Barclays – High Yield Bond and Syndicated Loan Conference June 12, 2015 – Colorado Springs

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

A Global Leader in Health Care Products and Services

  • Sales €23.2bn, net income1 €1.8bn for FY 2014
  • Strong and well-diversified portfolio
  • Global presence in approx. 100 countries
  • Long-term opportunities in growing markets
  • Leading market positions

1 – Net income incl. attributable to non-controlling interest, before one-time items

Fresenius Group: Strong and Balanced Health Care Portfolio

Market Cap.5 €24.7 bn

  • 1 Before integration costs (Fenwal, acquired Rhön hospitals) and disposal gains (two HELIOS hospitals; Rhön stake)
  • 2 market cap of FSE as of May 28, 2015
  • 3 Based on consolidated market capitalization of FSE and FMC as of as of May 28, 2015 and consolidated net debt as of March 31, 2015
  • 4 Held by Fresenius ProServe GmbH, a wholly owned subsidiary of FSE
  • 5 market cap of FMC as of May 28, 2015
  • 6 Before integration costs (Fenwal)
  • 7 Before integration costs (acquired Rhön hospitals) and disposal gains (two HELIOS hospitals Rhön stake)

Fresenius Group: Sales Distribution by Region 2014

Fresenius Group: Financial Results

Sales 5-year CAGR: 10%

EBIT1 5-year CAGR: 7%

Net Income1,2 5-year CAGR: 10%

1 – Before special items

  • 2 Net Income incl. attributable to non-controlling interest
  • 3 2011 sales were adjusted by -€161m according to a U.S. GAAP accounting change. This solely relates to Fresenius Medical Care North America

Fresenius Group: Organic Growth 1999 – 2014

Fresenius Group:

Sustainable Organic Sales Growth in all Business Segments

Fresenius Medical Care

Fresenius Helios

25%15% 15%4% 5% 13%0%9%8%12%9% 9%5% 4%2008 2009 2010 2011 2012 2013 2014Fresenius KabiFresenius Vamed1

2008 2009 2010 2011 2012 2013 2014

Business Segments

Fresenius Medical Care:Key Facts

Fresenius Medical Care: Global Market Leader in Dialysis

  • World leader in dialysis products and services treating 286,768 patients in 3,396 clinics worldwide1

Industry Dynamics

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

    • 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

1 – as of Dec 31, 2014

Fresenius Medical Care:Market Leader in all Regions

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Fresenius Medical Care: Key Figures 2014

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1 – 5% organic growth, 5% acquisitions, -2% currency effect

Fresenius Medical Care: Key Figures Q1/2015

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1 – 7% organic growth, 10% acquisitions, -6% currency effect

Fresenius Medical Care: Cash Flow Q1/2015

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Fresenius Medical Care:Leverage Ratio and Ratings

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

Emerging markets €1,513 m Europe €2,102 m North America€1,531 m 29%41%30%2014 Sales by Region €5.1 bn

Fresenius Kabi: Strong Growth Track Record & High Profitability

Fresenius Kabi: Key Figures 2014

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1 – 4% organic growth, -2% currency effect, 1% acquisitions

2 – Before integration costs (Fenwal)

Fresenius Kabi: Key Figures Q1/2015

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1 – 2015 before costs for the Kabi efficiency program, 2014 before Fenwal integration costs

2 – 5% organic growth, 10% currency effect, 1% acquisitions, -1% divestitures

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

2014 Sales: €5,244 m; EBIT: €553 m

Fresenius Helios: Key Figures 2014

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1 – 4% organic growth, 53% acquisitions, -2% divestitures

2 – 2014 before integration costs (€51 m) and disposal gains (two HELIOS hospitals: €22 m; Rhön stake: €35 m)

3 – 2014 before integration costs (€41 m) and disposal gains (two HELIOS hospitals: €21 m; Rhön stake: €34 m)

Fresenius Helios: Key Figures Q1/2015

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1 – Q1/2015: Excluding disposal gains from the divestment of two HELIOS hospitals (€34 m) and integration costs for acquired Rhön hospitals (€2 m)

Q1/2014: Excluding disposal gains from the divestment of two HELIOS hospitals (€22 m)

2 – 4% organic growth, 10% acquisitions, -1% divestitures

Financial Overview

Fresenius Group: Demonstrated Strong Sales and EBITDA Growth

1 – Before special items

Fresenius Group: Key Figures 2014

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1 – 4% organic growth, 12% acquisitions,

2 – 2014 before integration costs (Fenwal: €50 million; acquired Rhön hospitals: €51 million) and disposal gains (two HELIOS hospitals: €22 million; Rhön stake: €35 million); 2013 before integration costs (Fenwal: €54 million)

3 – 2014 before integration costs (Fenwal: €33 million; acquired Rhön hospitals: €41 million) and disposal gains (two HELIOS hospitals: €21 million; Rhön stake: €34 million); 2013 before integration costs (Fenwal: €40 million)

4 – incl. attributable to non-controlling interest

Fresenius Group: Key Figures Q1/2015

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1 – 6% organic growth, 11% currency effect, 8% acquisitions, -1 % divestitures

2 – 2015 before integration costs for acquired Rhön hospitals (€2 million), before costs for efficiency program at Fresenius Kabi (€10 million) and disposal gains from the divestment of two HELIOS hospitals (€34 million); 6 – as of December 31, 2014

2014 before Fenwal integration costs (€1 million) and disposal gains from the divestment of two HELIOS hospitals (€22 million)

3 – 2015 before integration costs for acquired Rhön hospitals (€2 million), before costs for efficiency program at Fresenius Kabi (€7 million) and disposal gains from the divestment of two HELIOS hospitals (€34 million); 2014 before Fenwal integration costs (€1 million) and disposal gains from the divestment of two HELIOS hospitals (€21 million)

Presentation Barclays High Yield Bond and Syndicated Loan Conference Colorado Springs © Copyright Page 29

5 – €11 million one-time effect from dissolution

of tax audit accrual

Fresenius Group: Cash Flow Development Q1/2015

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

1 - Before acquisitions and dividends

2 - Margin incl. FMC dividend

3 - Understated: 7.4% excluding €69 million of capex commitments from acquisitions

Presentation Barclays High Yield Bond and Syndicated Loan Conference Colorado Springs © Copyright Page 30

Margin = in % of sales

Fresenius Group: Debt and Interest Ratios

1 –Before integration costs, disposal gains (two HELIOS hospitals; Rhön stake) and costs for Fresenius Kabi efficiency program

2 –Pro forma including acquired Rhön hospitals and Fresenius Medical Care acquisitions; excluding two HELIOS hospitals

3 –Before integration costs and disposal gains (two HELIOS hospitals; Rhön stake)

4 –At annual average exchange rates for both net debt and EBITDA; without major acquisitions; before special items

5 –Before integration costs, disposal gains (two HELIOS hospitals) and costs for Fresenius Kabi efficiency program

Fresenius Group: Proven Track Record of Deleveraging

1 – Pro forma incl. Renal Care Group

2 – Pro forma incl. APP Pharmaceuticals Inc., before APP-transaction related special items

3 – Pro forma incl. Damp Group, Liberty Dialysis Holdings, Inc. and Fenwal, adjusted for €6 million one-time costs related to the 2012 takeover offer to Rhön-Klinikum AG shareholders as well as for €86 million other one-time costs at FMC

4 – Pro forma excluding advances made for the acquisition of hospitals and outpatient facilities of Rhön-Klinikum AG; Before integration costs (Fenwal)

5 – Pro forma acquired Rhön hospitals and FMC acquistions; excluding two HELIOS hospitals; before integration costs (Fenwal; acquired Rhön hospitals) and disposal gains (two HELIOS hospitals; Rhön stake)

6 – At annual average exchange rates for both net debt and EBITDA, without major acquisitons and before special items

7 – Pro forma acquired Rhön hospitals and FMC acquisitions; excluding two HELIOS hospitals; before costs for the efficiency program and integration costs (Fenwal, acquired Rhön hospitals) and disposal gains (two HELIOS hospitals, Rhön stake)

Financing Facilities and Debt Structure

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

  • 1 External debt as of March 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 March 31, 2015

in
€
illi
m
on		 \$
in
illi
m
on		 %
f t
ot
al
o
ca
p		 EB
IT
DA
LT
M
x
\$
FS
E 2
01
3
Cr
dit
A
nt
: T
Lo
A
(
€,
U
S-
)
e
g
ree
me
er
m
an		 1,
94
0		 2,
0
87		 3.1
%
\$
FS
E 2
01
3
Cr
dit
A
: T
Lo
B
(
U
S-
)
nt
e
g
ree
me
er
m
an		 45
8		 49
3		 0.7
%
d
du
(
\$
)
8.7
5
0
%
9.
0
0
0
%
Se
nio
r N
ote
20
15
€,
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s
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7		 79
3		 1.2
%
du
4.2
5
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%
Se
nio
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20
19
s
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0
0		 5
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8
%
du
2.3
75
%
Se
nio
r N
ote
20
19
s
e		 29
9		 3
22		 0.5
%
du
2.8
75
%
Se
nio
r N
ote
20
20
s
e		 5
0
0		 5
3
8		 0.
8
%
du
3.
0
0
0
%
Se
nio
r N
ote
20
21
s
e		 44
5		 47
9		 0.7
%
du
4.2
5
0
%
Se
nio
r N
ote
20
21
s
e		 27
9		 3
0
0		 0.4
%
du
4.0
0
0
%
Se
nio
r N
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20
24
s
e		 45
3		 48
7		 0.7
%
Co
b
le
ds
ert
i
Bo
nv
n		 46
2		 49
7		 0.7
%
Eu
No
tes
ro		 0
25
1,		 10
3
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Ot
he
de
bt,
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ros
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5		 0.7
%
(
),
To
l D
eb
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l.
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ss		 7,
55
8		 8,
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h
(
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)
Ca
MC
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4		 0.7
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),
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l d
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ta
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8
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95		 12
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%
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l c
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eb
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,		 08
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,		 .5%
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Ma
ke
ita
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2
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r
ap
n		 48
64
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3,
0
07		 76
.5
%		 11
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ta
l c
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at
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,		 69
09
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10
0.		 14
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3
FS
E G
E
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TD
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ro
up		 4,
39
7

1 - Net of Cash and intercompany adjustments

2 - Based on market capitalization for FSE and FMC as of May 28, 2015

3 - Pro forma acquisitions (Rhön hospitals -€1 m, FMC acquisitions €55 m, excl. two HELIOS hospitals); before integration costs (Fenwal €49 m, acquired Rhön hospitals €53 m, disposal gains two HELIOS hospitals €34 m, Rhön stake €35 m and costs for efficiency program €10 m)

4 - Exchange rate as of March 31, 2015, except for market capitalization which uses exchange rate as of May 28, 2015

Fresenius Group: Debt Maturity Profile1 March 31, 2015

1 – based on utilization of major financing instruments

Summary and Outlook

Fresenius Medical Care: Financial Outlook 2015 and beyond

2
0
E
1
5		 2
0
1
6		 L
t
t
t
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m
a
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1
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c
-		 9
1
2
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c
c
-		 1
0
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~
N
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0
%
-		 h
l
d
H
i
i
i
i
t
g
s
n
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g
  • -The outlook is based on exchange rates prevailing at the beginning of 2015
  • Information includes savings from the Global Efficiency Program
  • -Potential acquisitions are not included
  • The outlook is based on the execution and the operating cost investments within the Care Coordination business – in line with FMC's 2020 strategy

cc = constant currency CAGR = Compound Annual Growth Rate

Fresenius Group: Increased Outlook for Fresenius Kabi

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

Fresenius Group: Increased Earnings Guidance

O
l
d		 N
e
w
h
R
t
e
v
e
n
u
e
g
r
o
w
t
t
t
a
c
o
n
s
a
n
c
u
r
r
e
n
c
y		 7
%
1
0
%
‒
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
e
n
c
u
r
r
y		 9
%
1
2
%
‒		 1
3
%
1
6
%
–

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

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

Mid-Term Target ~ €30 billion sales€1.4 to €1.5 billion net income1 by 2017

Strong and Balanced Health Care Portfolio

1 – excl. attributable to non-controlling interest

Investment Highlights

Leading market positions

Diversified revenue base with four strong business segments

Global presence in growing, non-cyclical markets

Proven ability to integrate acquisitions

Clear track record of and commitment to de-leveraging

Strong financial performance and cash flow generation

Health Care Worldwide

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