Fresenius SE & Co. KGaA

Investor Presentation • Mar 4, 2015

A Leading Global Health Care Group

Credit Suisse – Global Health Care Conference, March 4, 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.

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

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

Fresenius Group: Financial Results

		Q / 4 1 4	/ F Y 1 4
S l a e s	G h t r o w c c h l G t t t o a c a a e s r w u r	€ 6 5 2 0 m , 2 0 % 2 3 %	€ 2 3 2 3 1 m , 6 % 1 % 1 4
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 3 5 m 7 % 1 1 %	€ 3 8 1 5 m , 4 % 4 %
1 i N t e n c o m e	G h t o r w c c h l G t t t o a c a a e s r w u r	€ 3 1 8 m % 5 % 7	€ 1 0 8 6 m , % 4 3 %

Before one-time items

Fresenius Group: Financial Results by Business Segment

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

Fresenius Kabi: 2015 Regional Growth Prospects

Fresenius Kabi: Efficiency Program Initiated

Program designed to maintain cost leadership and increase profitability

• Increase efficiency in production
• Streamline administrative structures
• Implementation costs: ~€100 million in 2015; 50% cash-effective
• Geographic split: Europe 2/3, Asia-Pacific/Latin America/Africa 1/3
• Full annual savings run rate of ~€40 million by 2018, initial savings of ~€10 million in 2015, linear build-up

Fresenius Kabi: New Mid-Term Expectations

• 5% 8% Sales Growth organic
• 6% 10% EBIT Growth constant currency

h G i t D o e s r w r v r
k G i M t o n g a e s r w r	i d i l i A t t t P t P r a c v e r o u c p e n e	S k t E i M t r o n g m e r g n g a r e s P r e s e n c e
€ 2 9 b l b l k t n g o a m a r e ; - 4 % h t g r o w	2 0 d l h j 1 I. V. t r u g a u n c p r o e c s - l d i d w o r w e	d i L t o n g -s a n n g p r e s e n c e, - l l d i d t t o c a p r o u c o n a n c o s t t s c e s r u u r
C l d d b i t i i o n s o a o n r v e n y - h i h l i d d t t g e r q u a y s a n a r s	l d l l- R i t t e g o n a p r o u c r o o u s, - l i i l i i i U S t t e. g. c n c a n u r o n n d k i t a n e m e g n g m a e s r r	C h i l k € 5 5 0 t t n a a r g e s m a r e ; m ~ - l 2 0 1 4 t t t s a e s e p e c o g o a ; x r w d b l d i i t t o e- g a e s u r

Fresenius Helios: Integration Fully on Track

• • Operating business in great shape:
• -4% organic sales growth
• • ~€1.8 bn sales contribution from acquired hospitals in 2014; EBIT margin increased to 8.8%
• -Integration fully on track, below cost budget:

	T t a r g e	2 0 1 4	2 0 1 5 e
S i l i i l l y n e r g e s c n c e v e	€ 8 5 m p. a. ~ i h l i b i l d- b t t- t s r a g n e u u p e w e e n d i 2 0 1 6 n o w a n s p r n g	0 % 4 ~	% ( 6 0 ~ / ) H 1 2 0 1 6
I i t t t n e g r a o n c o s	l d f € 6 0- 8 0 o e e n o m a n g e w r r ~	€ 5 0 m ~	€ 1 0 m ~

• Mid-term EBIT margin target of 12 – 15% (upper half) in line with HELIOS' hospital development plan

Fresenius Helios: Best Positioned in German Acute Care Market

Fresenius Vamed: Expanded and Diversified Geographic Presence

• Project delays in Russia/Ukraine leading to flat organic sales growth
• €1.7 bn German university hospital project (construction, 30-year technical management contract) on track, started in Q4
• Expanded geographic presence entry into seven local markets – 3% contribution to 2014 project sales
• €840 million 2014 order intake (+13%) in project business, diversified regional split:

Sustained Double-Digit Sales and EBIT Growth

German university hospital: 50:50 contract VAMED and consortium partner

Fresenius Group: 2015 Financial Outlook by Business Segment

i F r e s e 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 h E B I T t g o r w t t c o n s a n c u r r e n c y	3 % % 5 – 4 % 6 % –
i F e s e n s r u l i H e o s	S l h t a e s g o r w i o g a n r 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 0 5 m –

i F e s e n s r u	l h S t a e s g o r w i o g a n c r	l d i i i % t s n g e g
d V a m e	h E B I T t g o r w	5 % 1 0 % –

Fresenius Group: 2015 Financial Outlook

h R t e v e n u e g r o w t t t a c o n s a n c e n c u r r y	7 % 1 0 % ‒
1 h N i t t e n c o m e g o r w t t t o n n e n a c s a c u r r c y	9 % 2 % 1 ‒

1 Net income attributable to shareholders of Fresenius SE& Co.KGaA; 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: Confirming 2017 Target / Exceeding Target at Current FX Rates

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

Credit Suisse – Global Health Care Conference, Fresenius SE & Co. KGaA, Investor Relations © Copyright, March 4, 2015

Page 15

Before special items

Attachments

Fresenius Group: Profit and Loss Statement

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

1 2014 before integration costs (Fenwal – Q4: €44 m / FY: €50 m; acquired Rhön hospitals – Q4: €39 m / FY: €51 m) and disposal gains (two HELIOS hospitals – Q4: n.a. / FY: €22 m; Rhön Stake – Q4: n.a. / FY: €35 m); 2013 before integration costs (Fenwal – Q4: €20 m; FY: €54 m)

2 Net income attributable to shareholders of Fresenius SE & Co. KGaA; 2014 before integration costs (Fenwal Q4: €29 m / FY: €33 m; acquired Rhön hospitals Q4: €32 m / FY: €41 m) and disposal gains (two HELIOS hospitals – Q4: n.a. / FY: €21 m; Rhön Stake – Q4: n.a. / FY: €34 m); 2013 before integration costs (Fenwal – Q4: €14 m; FY: €40 m)

Fresenius Kabi: Strong Organic Sales Growth in Q4

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

Fresenius Kabi: Strong Organic Sales Growth in Q4

€ m	/ Q 4 1 4	O i r g a n c h G t r o w Q 4 Y Y o	/ F Y 1 4	O i r g a n c h G t r o w F Y Y Y o
E u r o p e	6 5 4	% 7	2 0 2 1 ,	3 %
h N A i t o m e a r r c	3 4 1	6 %	3 1 5 1 ,	% 1
f i i i A P s a a c c -	2 6 4	% 5	9 8 7	% 7
/ f L i A i A i t a n m e c a c a r r	1 4 5	1 5 %	5 2 6	1 4 %
l l T t o a s a e s	8 1 3 6 ,	7 %	5 1 4 6 ,	4 %

Fresenius Kabi: EBIT Margin Fully in Line with Guidance

€ m	/ Q 4 1 4	h G t r o w Q 4 Y Y o	/ F Y 1 4	h G t r o w F Y Y Y o
E u r o p e i M a r g n	8 1 1 2 0. 9 %	6 % 1 6 0 b 1 p s	3 4 5 6. % 1 4	3 % - 0 0 b -1 p s
h N A i t o r m e r c a M i a r g n	3 8 1 3 3. % 4	8 % 1 3 0 b 1 p s	5 5 7 3 6. % 4	2 % 0 b 5 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	5 9 1 4 4 %	7 % b -8 0 p s	2 3 9 1 5. 8 %	2 % b -7 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	6 7 -	% 7 7 -	2 6 8 -	2 6 % -
l T E B I T t o a	2 3 9	3 %	8 3 7	6 % -
M i a g n r	1 7. 2 %	0 % c c 2 0 b -1 p s	1 7. 0 %	-4 % c c 0 b -1 5 p s

EBIT excluding integration costs (Fenwal – Q4: €44 million / FY: €50 million)

Fresenius Helios: Sales and EBIT Growth Driven by First-Time Consolidation of Rhön Hospitals

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

Before integration costs (acquired Rhön hospitals: €51 million) and disposal gains (two HELIOS hospitals: €22 million; Rhön stake: €35 million)

Fresenius Helios: Performance Indicators

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

Fresenius Helios: 2014 Clinic Development Plan

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

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

Fresenius Vamed: Sales and EBIT in Line with Expectations

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

Project business only

Fresenius Group: Leverage Ratio

Net debt/EBITDA (at annual average FX rates for both EBITDA and net debt)

Before integration costs and disposal gains (two Helios hospitals; Rhön stake)

2Pro forma including Rhön hospitals and FME acquisitions, excluding two Helios hospitals

3Pro forma excluding advances made for the acquisition of hospitals from Rhön-Klinikum AG; before special items

4Before special items; without major acquisitions

5Pro forma acquisitions; before special items

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

Cash Flow Development 2014

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

1 Before acquisitions and dividends

2 Margin incl. FMC dividend

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

Credit Suisse – Global Health Care Conference, Fresenius SE & Co. KGaA, Investor Relations © Copyright, March 4, 2015

Margin = in % of sales

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Share key facts

Number of shares¹ 541,532,600 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 December 31, 2014

Financial Calendar 2015

3 0 0 2 0 4 1 5	t 2 0 R 1 1 5 t t s e p o o n q e r u a r r
2 0 0 2 0 5 1 5	f l G l k / A M i F M i t t n n e n e e e n g n n u a r a r a u r a ,
3 0 0 2 0 7 1 5	d 2 2 0 R 1 5 t t n e p o o n q e r u a r r
2 9 0 2 0 1 1 5	d 3 2 0 R 1 5 t t r e p o o n q e r u a r r

Please note that these dates could be subject to change.

Contact

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

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