Fresenius SE & Co. KGaA

Investor Presentation • Mar 25, 2014

A Leading Global Health Care Group

Exane BNP Paribas – 16th Healthcare Conference, March 25, 2014

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

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: New Sales and Earnings Records – >1€ bn Net Income One Year Ahead of Plan

Before special items

Fresenius Group: Long-term Shareholder Returns

Fresenius outperforms index

1Proposal Source: Bloomberg; dividends reinvested

Fresenius Group: Financial Results

	l S a e s	1 E B I T	1 i N t e n c o m e
2 0 3 F Y 1	€ 2 0 3 3 1 m ,	€ 3 0 4 5 m ,	€ 0 1 5 1 m ,
G h t t t t r o w a c o n s a n t c u r r e n c y r a e s	8 %	1 %	1 4 %
G h l t t t o a a a r w c u t c e n c a e s u r r y r	5 %	1 % -	1 2 %

Before one-time items

Fresenius Group: Financial Results by Business Segment

F Y 2 0 1 3	i F r e s e n u s d i l M C e c a a r e	i F r e s e n u s b i K a	i F r e s e n u s l i H e o s	i F r e s e n u s d V a m e
l S a e s h G t r o w	\$ S 6 0 U 1 4 1 m , 6 %	€ 4 9 9 6 m , 1 0 %	€ 3 3 9 3 m , 6 %	€ 1 0 2 0 m , 2 1 %
E B I T h G t r o w	\$ S 2 2 6 U 5 m , 3 % -	€ 9 2 6 m 1 % -	€ 3 9 0 m 2 1 %	€ 5 5 m 8 %

Fresenius Kabi: 2013 Sales by Region – 2014 Prospects

Fresenius Kabi: Attractive Long-Term Growth Opportunities

U.S. I.V. Drugs ~\$16bn branded sales go off-patent by 2021

Asia-PacificRoll-out product portfolio

C l in ica l Nu i io tr t n	In fu io s n T he ra p y	I V Dr ug s	Me d ica l De ice v s
do In ia ne s	C h in a	Au l ia tr s a	C h in a
Ta iw an	Ho Ko ng ng	h C in a	d In ia
l Au tr ia s a	In do ia ne s	In d ia	In do ia ne s
C h in a	Ko re a	Ko re a	Ko re a
d In ia	Ta iw an	P h i l ip in p es	Ne Ze la d w a n
Ko re a	ha la d T i n	Ta iw an	Ta iw an
h l P i ip in p es	l Au tr ia s a	ha la d T i n	ha la d T i n
ha i la d T n	d In ia	do In ia ne s	V ie tn am
V ie tn am	V ie tn am	V ie tn am	l Au tr ia s a
ke Ma t L r ea	de ( 3 ) to r p	ke Ma t C r	ha l len ( 3 ) to > g er p

Fresenius Helios: Landmark Hospital Acquisition Provides Excellent Long-Term Growth Opportunities

• • Received antitrust approval, acquisition to close Feb, 27
• • Consolidate ~70% of the acquired business as of Jan 1; ~20% as of March 1; for two hospitals approval of municipal shareholders pending
• • Focus on integration
• -1st steps: integrate clinics into HELIOS' regional organization; e.g. combine procurement
• -Synergies of ~€85 million p.a. by 2015; starting 2014
• -Integration costs of ~€80 million; vast majority in 2014
• • Confirm acquisition EPS accretive in 2014 (excl. integration costs) and clearly accretive from 2015 onwards (incl. integration costs)

Largest German network – 112 hospitals1 Majority of population has access to a HELIOS hospital within one hour's drive

Fresenius Vamed: Achievements 2013

• • Outstanding year with 21% sales growth, exceeding €1 billion sales target one year ahead of plan
• • Project business: 5-year sales CAGR of 12%; 2013 order entry (€744 m) at all-time high – driving further growth
• • Service business: expansion with long-term contracts, creating a more balanced portfolio

Fresenius Kabi: Financial Outlook

Guidance reflects

• Uncertainty about U.S. I.V. drug market shortages
• Full-year effect from restricted use of HES blood volume substitutes
• Full-year effect from prior year price cuts in China

Guidance excludes €40 – €50 million Fenwal integration costs

Fresenius Helios & Fresenius Vamed: Financial Outlook

i l i l. F H e s e n s e o s e c r u x i d h ö h i l R t a c q e n o s p a s u r		i d G 2 0 1 4 a n c e u
l S a e s	h O i t g a n c g o r r w	3 % 5 % –
E B I T		3 9 0 l l 0 l l € i i € 4 1 i i m o n m o n –

Guidance excludes integration costs for acquired hospitals from Rhön Klinikum (total ~€80 million; thereof vast majority in 2014)

i d F V r e s e n u s a m e		i d 0 G 2 1 4 u a n c e
l S a e s	h O i t g a n c g o r r w	5 % 1 0 % –
E B I T	h t g r o w	% 0 % 5 1 –

Fresenius Group: Financial Outlook

	i d 1 G 2 0 1 4 a n c e u
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	2 % % 1 1 5 ‒
2 h N i t t e n o m e g o c r w t t t a c o n s a n c u r r e n c y	2 % 5 % ‒

2014 guidance reflects

• -U.S. Medicare dialysis reimbursement cut
• -Uncertainty about U.S. I.V. drug market shortages
• Full-year effects from restricted use of HES and prior year price cuts in China

Guidance includes acquired Rhön hospitals

² Net income attributable to shareholders of Fresenius SE& Co.KGaA before integration costs for Fenwal (€30-40 m after tax) and hospitals acquired from Rhön-Klinikum (vast majority of ~€65 m in total)

Fresenius Group: Attractive Mid-Term Growth Prospects

Strong and Balanced Health Care Portfolio

Attachments

Fresenius Group: Profit and Loss Statement

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

1 2013 before Fenwal integration costs (€54 million)

2012 before investment gain of €34 million and other one-time costs (€17 million) at Fresenius Medical Care as well as before one-time costs related to the offer to Rhön-Klinikum AG shareholders (€29 million)

²Net income attributable to shareholders of Fresenius SE & Co. KGaA; 2013 before Fenwal integration costs (€40 million);

Cash Flow Development 2013

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

1 Before acquisitions and dividends

2 Incl. FMC dividend

3 Understated: 3.7% excluding €35 million of capex commitments from acquisitions

Exane BNP Paribas – 16th Healthcare Conference, Fresenius SE & Co. KGaA, Investor Relations © Copyright, March 25, 2014

Fresenius Group: Cash Flow

€ m	2 0 1 3	i M a r g n	2 0 1 2	i M a r g n	h Y G t r o w Y o
i h l O C F t p e r a n g a s o w	2 3 2 0 ,	1 1 4 %	8 2 4 3 ,	1 2 6 %	5 % -
C ( ) t a p e x n e	0 1, 4 7 -	% 5 1 -	9 2 5 -	9 % 4 -	0 % 1 -
C h l F F e e a o r s w ( b f i i i d d i i d d ) t e o r e a c q u s o n s a n v e n s	2 3 1, 7	6 3 %	8 6 1, 4	% 7 7	% 1 4 -
A i i i t ( ) t c q s o n s u n e	2 5 5 6 - ,		2 2 9 9 - ,		1 1 % -
d d D i i e n s v	4 9 1 -		4 4 6 -		1 0 % -
C h l F F r e e a s o w ( f d d d d ) t i i t i i i a e r a c q u s o n s a n v e n s	1, 7 7 4 -	8 % 7 -	2 9 1, 5 -	6 % 5 -	% 4 1 -

Fresenius Group: Debt and Interest Ratios

2013 before integration costs for Fenwal (€54 million); debt excluding advances of €2.18 bn for the acquisition of hospitals from Rhön-Klinikum

32012 before one-time costs (€6 million) related to the offer to the shareholders of Rhön-Klinikum AG and for other one-time costs (€86 million) at Fresenius Medical Care.

²2012 pro forma including Liberty Dialysis Holdings, Inc., Damp Group, and Fenwal

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

Fresenius Kabi: Organic Sales Growth at Top End of Guidance

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

Fresenius Kabi:Organic Sales Growth at Top End of Guidance

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

Fresenius Kabi: EBIT Margin Fully in Line with Guidance

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

2013 EBIT excluding Fenwal integration costs (€54 million)

Exane BNP Paribas – 16th Healthcare Conference, Fresenius SE & Co. KGaA, Investor Relations © Copyright, March 25, 2014

Fresenius Helios: Excellent EBIT Growth

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

Fresenius Helios: 2013 Clinic Development Plan

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

Exane BNP Paribas – 16th Healthcare Conference, Fresenius SE & Co. KGaA, Investor Relations © Copyright, March 25, 2014

Fresenius Helios: Performance Indicators

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

Fresenius Vamed:

Excellent Sales Growth – EBIT Fully in Line with Guidance

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

Project business only

Exane BNP Paribas – 16th Healthcare Conference, Fresenius SE & Co. KGaA, Investor Relations © Copyright, March 25, 2014

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Share key facts

Number of shares¹ 179,778,253 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 8 ADRs = 1 ordinary share ADR CUSIP / ISIN 35804M105 / US35804M1053 Exchange OTCQX International Premier Structure Sponsored Level I ADR

As of January 31, 2014

Financial Calendar 2014

0 6 0 5 2 0 1 4	t R 1 Q 2 0 1 4 t t s e p o r o n u a r e r
1 6 0 5 2 0 1 4	l l k f / A G M i F M i t t n n u a e n e r a e e n g r a n u r a n ,
0 5 0 8 2 0 1 4	t h l f R 1 2 0 1 4 t s e p o r o n a
0 4 1 1 2 0 1 4	d t R 1 3 2 0 1 4 t t s r e p o r o n q u a r e r –

Please note that these dates could be subject to modifications.

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

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