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Fresenius SE & Co. KGaA

Investor Presentation • Mar 11, 2015

166_ip_2015-03-11_a4c842b1-48d0-402f-a65c-4ef8bdd045b0.pdf

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Health Care Worldwide

Crédit Agricole CIB – High Yield Conference March 11, 2015 – 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

A Global Leader in Health Care Products and Services

  • -Sales €23.2bn, net income1 €1.8bn for 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

Crédit Agricole CIB – High Yield Conference © Copyright Page 5

Fresenius Group: Strong and Balanced Health Care Portfolio

Market Cap.5 €21.4 bn

  • 1 Before integration costs (Fenwal; acquired Rhoen hospitals) and disposal gains (two Helios hospitals; Rhoen stake)
  • 2 Based on market cap of FSE as of February 25, 2015
  • 3 Based on consolidated market capitalization of FSE and FME as of as of February 25, 2015 and consolidated net debt as of December 31, 2014
  • 4 Held by Fresenius ProServe GmbH, a wholly owned subsidiary of FSE
  • 5 Based on market cap of FME as of February 25, 2015
  • 6 Before integration costs (Fenwal)
  • 7 Before integration costs (acquired Rhoen hospitals) and disposal gains (two Helios hospitals; Rhoen stake)

Crédit Agricole CIB – High Yield Conference © Copyright Page 6

Fresenius Group: Sales Distribution by Region – 2014

Fresenius Group: Financial Results

Sales 5-year CAGR: 8%

EBIT15-year CAGR: 6%

Net Income1,25-year CAGR: 9%

1 – Before special items

2 – Incl. attributable to non-controlling interest

Sept3 – 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

Crédit Agricole CIB – High Yield Conference © Copyright Page 10 1 – Due to project delays in Russia and the Ukraine

Fresenius Vamed

Business Segments

Fresenius Medical Care: Global Market Leader in Dialysis

World leader in dialysis products and services treating 286,312 patients in 3,361 clinics worldwide1

Industry Dynamics

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

1970 1980 1990 2000 2010 2020E ~3.82.00.90.50.10.01

  • 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

Patients in million

Fresenius Medical Care: Key Figures 2014

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

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

2014 Sales by Region

Fresenius Kabi: Strong Growth Track Record & High Profitability

1 – Before special items

Fresenius Kabi: Key Figures 2014

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

2 – Before integration costs (Fenwal)

Fresenius Helios: Leading Private Hospital Operator in Germany

  • Acute and post-acute care in 110 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: Strong Growth Track Record & Increased Profitability

1 – Before special items

Crédit Agricole CIB – High Yield Conference © Copyright Page 18

Fresenius Helios: Key Figures 2014

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

2– 2014 before integration costs (€51 million) and disposal gains (two Helios hospitals: €22 million; Rhoen stake: €35 million)

3 – 2014 before integration costs (€41 million) and disposal gains (two Helios hospitals: €21 million; Rhoen stake: €34 million)

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

  • Technical operation 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 by Business

Fresenius Vamed: Key Figures 2014

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1 – 2% acquisitions

2 – project business only

Financial Overview

Fresenius Group: Demonstrated Strong Sales and EBITDA Growth

1 – Before special items

Crédit Agricole CIB – High Yield Conference © Copyright Page 23

Fresenius Group: Key Figures 2014

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1 – 4% organic growth, 12% acquisitions,

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

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

4 – incl. attributable to non-controlling interest

Fresenius Group: Financial Results by Business Segment 2014

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1- Before special items

Fresenius Group: Cash Flow

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Cash Flow Development 2014

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1- Before acquisitions and dividends

2- Margin incl. FMC dividend

3- Understated: 6.8% excluding €62 million of capex commitments from acquisitions

Crédit Agricole CIB – High Yield Conference © Copyright Page 27

Margin = in % of sales

Fresenius Group: Debt and Interest Ratios

  • 1 Before integration costs (Fenwal; acquired Rhön hospitals) and disposal gains (two HELIOS hospitals; Rhön stake)
  • 2 Pro forma including Rhön hospitals and FME acquisitions, excluding two HELIOS hospitals
  • 3 2013 before integration costs (Fenwal: €54 million); pro forma excluding advances made for the acquisition of hospitals from Rhön-Klinikum AG (€2.18 bn)
  • 4 - 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)

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 FME
  • 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 FME 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

Financing Facilities and Debt Structure

Fresenius Group: Current Debt and Cash Flow Structure as of Dec 31, 2014

Fresenius Medical Care Financing Fresenius SE Financing

  • 1 External debt as of December 31, 2014
  • 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 Medical Care: Debt Maturity Profile 1 December 31, 2014

1 – based on utilization of major long-term financing instruments

Fresenius excluding FMC: Debt Maturity Profile1 December 31, 2014 – Pro Forma FSE Amend & Extend

1 – based on utilization of major long-term financing instruments; pro forma for amendment of the 2013 Credit Agreement as of February 12, 2015

Fresenius Group: Debt Maturity Profile1 December 31, 2014 – Pro Forma FSE Amend & Extend

1 – based on utilization of major long-term financing instruments; pro forma for amendment of the 2013 Credit Agreement as of February 12, 2015

Fresenius Group: Capitalization December 31, 2014 – Pro Forma FSE Amend & Extend

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es
ue		 44
5		 54
0		 0.
8%
25
0%
S
d
2
02
4.
ior
N
ot
1
en
es
ue		 24
7		 30
0		 0.4
%
4.
00
0%
S
ior
N
d
2
02
4
ot
en
es
ue		 45
3		 55
0		 0.
8%
Co
b
le
nd
ti
Bo
nv
er
s		 46
0		 8
55		 0.
8%
Eu
No
te
ro
s		 1,
02
5		 1,
24
4		 1.8
%
he
r d
bt
Ot
e
, g
ro
ss		 74
9		 90
9		 1.3
%
l D
bt
(
FS
l.
C
),
To
ta
E e
FM
e
xc
gr
os
s		 61
6
7,		 9,
24
7		 13
.6
%
h (
l.
)
Ca
FM
C
s
ex
c		 65
3		 79
3		 1.2
%
l d
bt
(
l.
),
To
ta
FS
E e
FM
C
t
e
xc
ne		 6,
96
3		 8,
45
4		 12
.4
%
To
l F
MC
d
bt
1
ta
et
e
, n		 7,
31
6		 8,
88
2		 13
.1%
l c
lid
d
de
bt
To
ta
at
et
on
so
e
, n		 14
27
9
,		 17
33
6
,		 25
.5
%		 3
3.
4x
rk
liz
2
Ma
et
ita
at
ion
p
ca		 41
71
1
,		 20
0
47
,		 .5%
74		 10
.19
x
To
l c
ita
liz
io
ta
at
ap
n		 55
99
0
,		 64
53
6
,		 10
0.
0%		 13
.7
x
3
FS
E G
E
BI
TD
A
ro
up		 09
4,
5

1- Net of Cash and intercompany adjustments

2- Based on market capitalization for FSE and FMC as of Feb 25, 2015

3- before integration costs (Fenwal: €50 million; acquired Rhoen hospitals: €51 million) and disposal gains (two Helios hospitals: €22 million; Rhoen stake: €35 million)

4- Exchange rate as of December 31, 2014, except for market capitalization which uses exchange rate as of February 25, 2015

Summary and Outlook

Fresenius Medical Care: Financial Outlook 2015 and beyond

2
0
1
5
E		 2
0
1
6		 L
t
t
t
o
n
g
e
r
m
a
r
g
e
2
0
2
0
j
i
t
o
e
o
p
r
c
n		 C
G
2
0
1
2
0
2
0
A
R
5
-
l 5
7
%
-		 9
1
2
%
-		 0
%
1
S
a
e
s		 1
0
1
2
%
c
c
-		 9
1
2
%
c
c
-		 ~
N
I
t
e
n
c
o
m
e		 0
5
%
-		 1
5
2
0
%
-		 h
l
d
H
i
i
i
i
t
g
s
n
g
e
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: 2015 Financial Outlook by Business Segment

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

Fresenius Group: 2015 Financial Outlook

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		 7
%
1
0
%
‒
1,
2
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		 9
%
1
2
%
‒

1- Net income attributable to shareholders of Fresenius SE & Co.KGaA

1- 2015 before integration costs (hospitals of Rhön-Klinikum AG ~€10 million before tax), before costs for efficiency program at Fresenius Kabi (~€100 million before tax) and gain from the divestment of two HELIOS hospitals (€34 million before tax); 2014 before special items

Fresenius Group: Ideal Strategic Posture to Benefit from Major Healthcare Trends

Aging population and higher incidence of chronic diseasesWorld 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-patentin the U.S. by 2023

Rise of private providers in health care services

Further privatization of German hospital marketGlobal 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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