Fresenius SE & Co. KGaA

Investor Presentation • Feb 25, 2014

Conference Call – 2013 Results

February 25, 2014

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

¹ Before special items

Fresenius Group: Long-term Shareholder Returns

21st consecutive dividend increase

2013: +14% Fresenius outperforms index

¹ Proposal

Source: Bloomberg; dividends reinvested

Fresenius Group: Financial Results

	Sales	EBIT1	Net income1
FY 2013	€20,331 m	€3,045 m	€1,051 m
Growth at constant currency rates	8%	1%	14%
Growth at actual currency rates	5%	-1%	12%

¹ Before one-time items

Fresenius Group: Financial Results by Business Segment

FY 2013	Fresenius Medical Care	Fresenius Kabi	Fresenius Helios	Fresenius Vamed
Sales Growth	US\$14,610 m 6%	€4,996 m 10%	€3,393 m 6%	€1,020 m 21%
EBIT Growth	US\$2,256 m -3%	€926 m -1%	€390 m 21%	€55m 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-Pacific Roll-out product portfolio

Clinical Nutrition	Infusion Therapy	IV Drugs	Medical Devices
Indonesia	China	Australia	China
Taiwan	Hong Kong	China	India
Australia	Indonesia	India	Indonesia
China	Korea	Korea	Korea
India	Taiwan	Philippines	New Zealand
Korea	Thailand	Taiwan	Taiwan
Philippines	Australia	Thailand	Thailand
Thailand	India	Indonesia	Vietnam
Vietnam	Vietnam	Vietnam	Australia
Market Leader (top 3)			Market Challenger (> top 3)

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

¹ Pro forma closing

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 Group: Attractive Mid-Term Growth Prospects

New Stretch Target ~€30 billion sales €1.4 to €1.5 billion net income by 2017

Strong and Balanced Health Care Portfolio

Group Financials 2013 − Outlook 2014

Fresenius Group: Profit and Loss Statement

€m	Q4/13 FY/13			Growth FY/13 YoY
			actual rates	constant rates
Sales	5,299	20,331	5%	8%
EBIT1	843	3,045	-1%	1%
Net interest	-135	-584	12%	10%
Income taxes	-187	-683	3%	0%
Net income2	298	1,051	12%	14%

1 2013 before Fenwal integration costs (€54 million)

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

Fresenius Kabi: EBIT Margin Fully in Line with Guidance

€m	FY/13	FY/12	Growth
Europe	357	390	-8%
Margin	17.4%	20.0%
North America	547	500	9%
Margin	35.9%	40.5%
Asia-Pacific/Latin America/Africa	235	286	-18%
Margin	16.5%	21.2%
Corporate and Corporate R&D	-213	-242	12%
Total EBIT (incl. Fenwal) Margin Total EBIT (excl. Fenwal) Margin	926 18.5% 901 19.8%	934 20.6%	-1%

2013 EBIT excluding Fenwal integration costs (€54 million)

Fresenius Helios: Excellent EBIT Growth

€m	Q4/13	FY/13	FY/12	Growth FY/13
Total sales	856	3,393	3,200	6%
EBIT
Established clinic portfolio Margin	107 12.6%	386 11.8%	324 10.1%	19%
Acquisitions / Divestitures (consolidation / deconsolidation <1 yr)	1	4	-2
Total EBIT	108	390	322	21%
Margin	12.6%	11.5%	10.1%

Fresenius Helios: 2013 Clinic Development Plan

	Years in Portfolio
	<1	1	2	3	4	5	6	>6	Total
No. of clinics	-	12	3	1	-	6	4	48	74
Revenue (€m)	-	390	155	38	-	196	312	2,198	3,289
Target
EBIT margin (%)	-	2.0	4.0	6.0	8.0	10.0	12.0	12.0-15.0
EBIT (€m)	-	7.8	6.2	2.3	-	19.6	37.4	263.8	337.1
Reported
EBIT margin (%)	-	11.4	0.5	3.4	-	7.5	12.8	13.0	11.8
EBIT (€m)	-	44.6	0.8	1.3	-	14.7	39.9	285.9	387.2
No. of clinics > target	-	9	1	-	-	2	2	17	31
No. of clinics < target IFRS	-	3	2	1	-	4	2	31	43

Cash Flow Development

€m		Free Cash Flow1 Operating CF Capex (net)
	Q4/13	FY Margin	Q4/13	FY Margin	Q4/13	FY Margin
	185	9.8%	-122	-6.3%	63	3.5%
	72	7.6%	-86	-4.9%	-14	3 2.7%
	44	3.0%	-3	-1.0%	41	2.0%
Corporate/ Other	19	n/a	-4	n/a	15	n/a
excl. FMC	320	2 9.2%	-215	-5.4%	105	2 3.8%
Group	754	11.4%	-388	-5.1%	366	6.3%

1 Before acquisitions and dividends

2 Incl. FMC dividend

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

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

Fresenius Helios excl. acquired Rhön hospitals		Guidance 2014
Sales	Organic growth	3% – 5%
EBIT		€390 million – €410 million

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

Fresenius Vamed		Guidance 2014
Sales	Organic growth	5% – 10%
EBIT	growth	5% – 10%

Fresenius Group: Financial Outlook

	Guidance 20141
Revenue growth at constant currency	12% ‒ 15%
Net income growth2 at constant currency	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

¹ Guidance includes acquired Rhön hospitals

²Net 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)

Attachments

Fresenius Group: Overview – Calculation of Noncontrolling Interest

€m	FY/13	FY/12
Earnings before tax and noncontrolling interest	2,407	2,391
Taxes	-669	-659
Noncontrolling interest, thereof	-727	-806
Fresenius Medical Care net income not attributable to Fresenius (FY/13: ~69%)	-577	-639
Noncontrolling interest holders in Fresenius Medical Care (FY/13: US\$145 m according to Fresenius Medical Care's Financial Statements)	-109	-109
Noncontrolling interest holders in Fresenius Kabi (-€25 m), Fresenius Helios (-€7 m) and due to Fresenius Vamed's 23% external ownership (-€9 m)	-41	-58
Net income attributable to Fresenius SE & Co. KGaA	1,011	926

Fresenius Group: Cash Flow

€m	2013	Margin	2012	Margin	Growth YoY
Operating Cash Flow	2,320	11.4%	2,438	12.6%	-5%
Capex (net)	-1,047	-5.1%	-952	-4.9%	-10%
Free Cash Flow (before acquisitions and dividends)	1,273	6.3%	1,486	7.7%	-14%
Acquisitions (net)	-2,556		-2,299		-11%
Dividends	-491		-446		-10%
Free Cash Flow (after acquisitions and dividends)	-1,774	-8.7%	-1,259	-6.5%	-41%

Cash Flow Development 2013

€m	Operating CF		Capex	(net)		Free Cash Flow1
	2013	Margin	2013	Margin	2013	Margin
	488	9.8%	-311	-6.3%	177	3.5%
	258	7.6%	-167	-4.9%	91	3 2.7%
	31	3.0%	-11	-1.0%	20	2.0%
Corporate/ Other	11	n/a	-10	n/a	1	n/a
excl. FMC	788	2 9.2%	-499	-5.4%	289	2 3.8%
Group	2,320	11.4%	-1,047	-5.1%	1,273	6.3%

1 Before acquisitions and dividends

2 Incl. FMC dividend

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

Fresenius Group: Debt and Interest Ratios

¹ 2013 before integration costs for Fenwal (€54 million); debt excluding advances of €2.18 bn for the acquisition of hospitals from Rhön-Klinikum

² 2012 pro forma including Liberty Dialysis Holdings, Inc., Damp Group, and Fenwal

³ 2012 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.

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

Fresenius Group: Solid Balance Sheet Structure

Fresenius Group: Debt Maturity Profile¹ Dec 31, 2013 – Pro-forma 2014 Senior Notes Issuances2

¹ Based on utilization of major long-term financing instruments

² Pro Forma for Jan / Feb 2014 issuance of Senior Notes

Fresenius Kabi: Organic Sales Growth at Top End of Guidance

€m	2013	2012	Organic Growth
Europe	2,053	1,953	2%
North America	1,522	1,236	5%
Asia-Pacific	927	863	6%
Latin America/Africa	494	487	9%
Total sales	4,996	4,539	5%

Fresenius Kabi: Organic Sales Growth at Top End of Guidance

€m	2013	2012	Organic Growth
Infusion Therapy	980	1,010	2%
I.V. Drugs	1,733	1,701	5%
Clinical Nutrition	1,332	1,314	5%
Medical Devices/ Transfusion Technology	951	514	7%
Total sales	4,996	4,539	5%

Fresenius Kabi: Profit and Loss Statement

€m	2013	2012	Remarks 2013
Sales	4,996	4,539	5% organic growth
Cost of goods sold	-2,834	-2,422
Gross profit	2,162	2,117
% of sales	43.3	46.6
SG&A	-986	-989
% of sales	19.7	21.8
R&D expenses % of sales	-250 5.0	-194 4.3	+29% mainly due to first-time consolidation of Fenwal
EBITDA	1,143	1,101
margin %	22.9	24.3

Fresenius Kabi: Profit and Loss Statement (cont'd)

€m	2013	2012	Remarks 2013
EBIT margin %	926 18.5	934 20.6	currency-adjusted: +1% affected by first-time consolidation of Fenwal (excl. Fenwal: 19.8%)
Net interest	-236	-286
Earnings before taxes and noncontrolling interest	690	648
Income taxes Tax rate %	-178 25.8	-166 25.6
Noncontrolling interest	-25	-38
Net income1	487	444
1 Attributable to shareholders of Fresenius Kabi AG

Fresenius Kabi: Cash Flow Statement

€m	1 2013	2012	Remarks 2013
Net income (incl. noncontrolling interest)	472	482
Depreciation / amortization	217	167
Change in working capital	-201	-53
Cash flow from operations Margin %	488 9.8	596 13.1	2012 incl. one-time effects due to cash collection Spain/Portugal
CAPEX, net	-311	-239	74% discretionary (2012:79%) 26% non-discretionary (2012: 21%)
Cash flow before acquisitions and dividends	177	357
Acquisitions, net	-76	-564
Free cash flow (before dividends)	101	-207

¹ 2013 including integration costs for Fenwal

Fresenius Kabi: Balance Sheet

€m	2013	2012	Remarks 2013
Accounts receivable	747	800	DSO 2013: 55 days (2012: 59)
Inventories	1,010	889	SOI 2013: 130 days (2012: 119)
Fixed assets	6,008	5,982	Goodwill (Dec 31, 2013): €4.1 bn
Other assets	833	991
Total assets	8,598	8,662
Debt	4,735	4,964
Other liabilities	1,579	1,599
Equity (incl. noncontrolling int.)	2,284	2,099
Total liabilities and shareholders' equity	8,598	8,662

Fresenius Helios: Organic Sales Growth Fully in Line with Guidance

€m	2013	2012	Growth
Established clinic portfolio	3,275	3,193	3%
Acquisitions (consolidation <1 yr)	118
Divestitures (deconsolidation <1 yr)		7
Total sales	3,393	3,200	6%

Fresenius Helios: Performance Indicators

	2013	2012	Change
No. of hospitals - Acute care clinics - Post-acute care clinics	74 51 23	72 50 22	3% 2% 5%
No. of beds - Acute care clinics - Post-acute care clinics	23,502 18,885 4,617	23,286 18,701 4,585	1% 1% 1%
Admissions - Acute care (inpatient)	754,703	729,673	3%
Occupancy - Post-acute care	83%	85%
Average length of stay (days) - Acute care - Post-acute care	6.6 26.5	6.7 27.0
Bad debt in % of sales	0.2%	0.4%

Fresenius Helios: Sales Influence Hospital Acquisitions / Divestitures

Acquisitions	Annualized sales
Damp Group (excl. Wismar divested before closing), Northern Germany	~€427 m	consolidated as of March 31, 2012
Hospital Wipperfürth, North-Rhine Westphalia	~€20 m	consolidated as of January 1, 2013

Fresenius Helios: Profit & Loss Statement

€m	2013	2012	Remarks 2013
Sales	3,393	3,200	3% organic sales growth
Operating expenses: Salaries, wages and benefits	-2,038	-1,930	60.1% of sales (2012: 60.3%)
Supplies	-673	-630	19.8% of sales (2012: 19.7%)
Others	-174	-208	5.1% of sales (2012: 6.5%)
EBITDA Margin %	508 15.0	432 13.5
Depreciation / amortization	-118	-110
EBIT Margin %	390 11.5	322 10.1

Fresenius Helios: Profit & Loss Statement (cont'd)

€m	2013	2012	Remarks 2013
Net interest	-48	-67	Better refinancing terms
Earnings before taxes and noncontrolling interest	342	255
Income taxes Tax rate %	-60 17.5	-42 16.5
Noncontrolling interest	-7	-10
Net income1	275	203

¹ Attributable to shareholders of Helios Kliniken GmbH

Fresenius Helios: Cash Flow

€m	2013	2012	Remarks 2013
Net income (incl. noncontrolling interest)	282	213
Depreciation / amortization	118	110
Change in working capital	-142	-83
Cash flow from operations Margin %	258 7.6	240 7.5
CAPEX, net	-167	-171
Cash flow before acquisitions and dividends	91	69
Acquisitions, net	-2,127	-332	Advances related to the acquisition of hospitals from Rhön-Klinikum
Free cash flow (before dividends)	-2,036	-263

Fresenius Helios: Balance Sheet

€m	2013	2012	Remarks 2013
Accounts receivable	386	387	DSO 2013: 42 days (2012: 43)
Property, plant and equipment (net)	1,499	1,444
Goodwill	2,164	2,150	Incl. goodwill from 2005 HELIOS acquisition (€1.2 bn)
Other assets	2,548	427	Incl. advances related to the acquisition of hospitals from Rhön
Total assets	6,597	4,408	Klinikum
Debt	3,538	1,293	Incl. debt from 2005 HELIOS acquisition (€600 m) and advances related to the acquisition of
Other liabilities	833	978	hospitals from Rhön-Klinikum
Equity (incl. noncontrolling interest)	2,226	2,137
Total liabilities and shareholders' equity	6,597	4,408

Fresenius Vamed: Excellent Sales Growth – EBIT Fully in Line with Guidance

€m	Q4/13	FY/13	FY/12	Growth FY/13
Project business	251	583	506	15%
Service business	115	437	340	29%
Total sales	366	1,020	846	21%
Total EBIT	30	55	51	8%
Margin	8.2%	5.4%	6.0%
Order intake1	364	744	657	13%

¹ Project business only

Fresenius Vamed: Sustainable EBIT Development

€m	2013	2012	Change
Project business Margin	27 4.6%	25 4.9%	8%
Service business Margin	28 6.4%	26 7.6%	8%
Total EBIT	55	51	8%
Margin	5.4%	6.0%
Net income1	37	35	6%

¹ Attributable to shareholders of Vamed AG

Fresenius Vamed: Profit & Loss Statement

€m	2013	2012	Remarks 2013
Sales	1,020	846	13% organic growth
Cost of goods sold	-889	-723
Gross profit	131	123
Margin %	12.8	14.5
SG&A	-76	-72
% of sales	7.5	8.5
EBITDA	65	59
Margin %	6.4	7.0
EBIT	55	51
Margin %	5.4	6.0

Fresenius Vamed: Profit & Loss Statement (cont'd)

€m	2013	2012	Remarks 2013
Net interest	-3	-1
Earnings before taxes and noncontrolling interest	52	50
Income taxes Tax rate %	-14 26.2	-14 27.6
Noncontrolling interest	-1	-1
Net income1	37	35
ROE (before taxes) %	19.8	20.8

¹ Attributable to shareholders of Vamed AG

Fresenius Vamed: Cash Flow

€m	2013	2012	Remarks 2013
Net income (incl. noncontrolling interest)	38	36
Depreciation / amortization	10	8
Change in working capital	-17	-9
Cash flow from operations Margin %	31 3.0	35 4.1
CAPEX, net	-11	-11
Cash flow before acquisitions and dividends	20	24
Acquisitions, net	-11	-33
Free cash flow (before dividends)	9	-9

Fresenius Vamed: Balance Sheet

€m	2013	2012	Remarks 2013
Accounts receivable	157	189	DSO 2013: 56 days (2012: 82)
Property, plant and equipment	46	34
Intangible assets	91	84
Other assets	432	369
Total assets	726	676
Debt	117	74
Other liabilities	346	362
Equity (incl. noncontrolling interest)	263	240
Total liabilities and shareholders' equity	726	676

Fresenius Group: Key Figures According to IFRS

€m	2013 U.S. GAAP	2013 IFRS
Sales	20,331	20,545
EBIT1	3,045	3,000
Net interest	-584	-584
Net income2	1,011	988
Net income3	1,051	1,028
Operating Cash flow	2,320	2,337
Balance sheet total	32,758	32,859

¹ 2013 adjusted for one-time integration costs of Fenwal. 2 Net income attributable to shareholders of Fresenius SE & Co. KGaA

³ Net income attributable to shareholders of Fresenius SE & Co. KGaA, 2013 adjusted for one-time integration costs of Fenwal.

Share Information

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

¹ As of January 31, 2014

Financial Calendar 2014

06.05.2014	Report on 1st Quarter 2014
16.05.2014	Annual General Meeting, Frankfurt/Main
05.08.2014	Report on 1st half 2014
04.11.2014	Report on 1st 3rd – quarter 2014

Please note that these dates could be subject to modifications.

Contact

Birgit Grund	SVP Investor Relations Fresenius SE & Co. KGaA
Telephone:	+49 6172 608-2485
e-mail:	Birgit.Grund@fresenius.com

For further information and current news: http://www.fresenius.com