Fresenius SE & Co. KGaA

Investor Presentation • Jan 21, 2014

A Leading Global Health Care Group

Commerzbank German Investment Seminar, January 13, 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 At a Glance

A Global Leader in Health Care Products and Services

• Sales >€20 bn, net income >€1 bn in 2013e
• Strong and well-diversified portfolio
• Global presence in approx. 100 countries

• Long-term opportunities in growing markets

• 10-year compounded annual total shareholder return ~20%

Strong and Balanced Health Care Portfolio

Ownership: 31% Ownership: 100% Ownership: 100% Ownership: 77%

Dialysis products and services

Hospital supply Hospital operations Hospital projects

and services

2012 Group Net Income Contribution
29%	47%	22%	3%

Corporate: -1%

Commerzbank German Investment Seminar, Fresenius SE & Co. KGaA, Investor Relations © Copyright, January 13 - 14, 2014

Fresenius Group: Financial Results

	Sales	EBIT1	Net income1
Q1-3/13	€15,032 m	€2,202 m	€753 m
Growth at constant currency rates	9%	1%	12%
Growth at actual currency rates	7%	-1%	10%

¹ Before one-time items

Fresenius Group: Financial Results by Business Segment

Q1-3/13	Fresenius Medical Care	Fresenius Kabi	Fresenius Helios	Fresenius Vamed
Sales Growth	US\$10,743 m 6%	€3,742 m 11%	€2,537 m 8%	€654 m 22%
EBIT Growth	US\$1,595 m -4%	€695 m -1%	€282 m 22%	€25m 4%

Q3 2013 Business Update

Operations & Markets

Q3 2013 Business Update

Operations & Markets

	HES blood volume replacement products EMA position – HES remains available in restricted patient - populations; confirmed by European Commission end of December 2013 ~30% sales reduction in Q3/13, ~20% Q1-3/13, stabilization - expected in 2014
--	--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------	--

Favorable reimbursement environment in 2014
2014 DRG-inflator 2.81% -
Highest increase since introduction of the DRG system in 2003 - (2013: 2.0%)

Q3 2013 Business Update

Strategic Initiatives

Fresenius Group: Financial Outlook by Business Segment Fully Confirmed

		Previous	New
Fresenius Kabi	Sales growth cc Sales growth organic EBIT margin excl. Fenwal EBIT margin incl. Fenwal	12% – 14% 3% – 5% 19% – 20% 18% – 19%
Fresenius Helios	Sales growth organic EBIT	3% – 5% €370 – €395 m	upper half of range
Fresenius Vamed	Sales growth EBIT growth	8% – 12% 5% – 10%	upper end of range

2013 Fresenius Kabi EBIT guidance excluding Fenwal integration costs (~€50 million).

Fresenius Group: Outlook Fully Confirmed

Revenue growth at constant currency	7% ‒ 10%
Net income growth1 at constant currency	11% ‒ 14%

¹ Net income attributable to shareholders of Fresenius SE & Co.KGaA; 2013 adjusted for Fenwal integration costs (~€50 million pre-tax); 2012 adjusted for a non-taxable investment gain of €34 million and other one-time costs of €17 million at Fresenius Medical Care and for one-time costs of €29 million related to the offer to RHÖN-KLINIKUM AG shareholders.

Attachments

Fresenius Group: Profit and Loss Statement

€m	Q3/13	Q1-3/13		Growth Q3/13 YoY
			actual rates	constant rates
Sales	5,045	15,032	4%	9%
EBIT1	754	2,202	-4%	0%
Net interest	-136	-449	19%	14%
Income taxes	-173	-496	3%	-3%
Net income2	271	753	9%	12%

1 2013 adjusted for Fenwal integration costs (Q3: €7 million; Q1-3: €34 million)

² Net income attributable to shareholders of Fresenius SE & Co. KGaA, 2013 adjusted for Fenwal integration costs (Q3: €6 million; Q1-3: €26 million), 2012 adjusted for investment gain of €34 million at Fresenius Medical Care and for one-time costs related to the offer to RHÖN-KLINIKUM AG shareholders (Q3: €5 million; Q1-3: €31 million).

Commerzbank German Investment Seminar, Fresenius SE & Co. KGaA, Investor Relations © Copyright, January 13 - 14, 2014

Cash Flow Development LTM

€m		Operating CF Free Cash Flow1 Capex (net)
	LTM Q1-3/13	LTM Margin	LTM Q1-3/13	LTM Margin	LTM Q1-3/13	LTM Margin
	447	9.1%	-298	-6.1%	149	3.0%
	269	7.9%	-174	-5.1%	95	3 2.8%
	-46	-4.8%	-13	-1.3%	-59	-6.1%
Corporate/ Other	-12	n/a	-12	n/a	-24	n/a
excl. FMC	658	2 7.9%	-497	-5.4%	161	2 2.5%
Group	2,197	10.9%	-1,047	-5.2%	1,150	5.7%

1 Before Acquisitions and Dividends

2 Incl. FMC dividend

3 Understated: 3.8% excluding €34 million of capex commitments from acquisitions

Margin = in % of sales

Commerzbank German Investment Seminar, Fresenius SE & Co. KGaA, Investor Relations © Copyright, January 13 - 14, 2014

Fresenius Group: Debt and Interest Ratios

¹ Pro forma Fenwal

² Adjusted for one-time costs (-€1 million) related to the offer to the shareholders of RHÖN-KLINIKUM AG, for other one-time costs (€86 million) at Fresenius Medical Care as well as one-time integration costs (€34 million) at Fenwal

³ Pro forma including Liberty Dialysis Holdings, Inc., Damp Group, and Fenwal

⁴ Adjusted for 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 Kabi: Organic Sales Growth at Upper End of Guidance

€m	Q1-3/13	Q1-3/12	Organic Growth
Europe	1,524	1,449	2%
North America	1,158	910	7%
Asia-Pacific	689	642	6%
Latin America/Africa	371	362	8%
Total sales	3,742	3,363	5%

Fresenius Kabi: Organic Sales Growth at Upper End of Guidance

€m	Q1-3/13	Q1-3/12	Organic Growth
Infusion Therapy	741	754	3%
I.V. Drugs	1,308	1,273	6%
Clinical Nutrition	995	984	4%
Medical Devices/ Transfusion Technology	698	352	5%
Total sales	3,742	3,363	5%

Fresenius Kabi: EBIT Margin Fully in Line with Guidance

€m	Q1-3/13	Q1-3/12	Growth
Europe	255	284	-10%
Margin	16.7%	19.6%
North America	430	377	14%
Margin	37.1%	41.4%
Asia-Pacific/Latin America/Africa	180	213	-15%
Margin	17.0%	21.2%
Corporate and Corporate R&D	-170	-174	2%
Total EBIT (incl. Fenwal)	695	700	-1%
Margin	18.6%	20.8%
Total EBIT (excl. Fenwal)	668	700	-5%
Margin	19.6%	20.8%

Q1-3/13 EBIT excluding Fenwal integration costs of €34 million.

Commerzbank German Investment Seminar, Fresenius SE & Co. KGaA, Investor Relations © Copyright, January 13 - 14, 2014

Fresenius Helios: Excellent Sales and EBIT Growth

€m	Q1-3/13	Q1-3/12	Growth
Total sales	2,537	2,347	8%
EBIT
Established clinic portfolio Margin	279 11.5%	234 10.0%	19%
Acquisitions / Divestitures (consolidation / deconsolidation <1 yr)	3	-2
Total EBIT	282	232	22%
Margin	11.1%	9.9%

Fresenius Helios: Performance Indicators

	Q1-3/13	Q1-3/12	Change
No. of hospitals1 - Acute care clinics - Post-acute care clinics	74 51 23	72 50 22	3% 2% 5%
No. of beds1 - Acute care clinics - Post-acute care clinics	23,529 18,912 4,617	23,286 18,701 4,585	1% 1% 1%
Admissions - Acute care (inpatient)	568,307	543,313	5%
Occupancy - Post-acute care	84%	85%
Average length of stay (days) - Acute care - Post-acute care	6.6 26.8	6.7 27.2

¹ Dec 31, 2012

Commerzbank German Investment Seminar, Fresenius SE & Co. KGaA, Investor Relations © Copyright, January 13 - 14, 2014

Fresenius Vamed: Excellent Sales Growth

€m	Q1-3/13	Q1-3/12	Growth
Project business Service business	332 322	285 251	16% 28%
Total sales	654	536	22%
Total EBIT Margin	25 3.8%	24 4.5%	4%
Order intake1 Order backlog1	380 1,034	322 2 987	18% 5%

¹ Project business only

² December 31, 2012

Excellent Financial Performance Driven by Strong Organic Growth and Acquisitions

Consistent Cash Generation and Proven Track Record of Deleveraging

Attractive Long-term Shareholder Returns

Dividend growth aligned with EPS growth (before one-time items)

Compounded annual total return Dec 31, 2003 − Dec 31, 2013

Source: Bloomberg; dividends reinvested

Share Information

Share key facts

Number of shares1 178,839,237 Ticker symbol FRE Bloomberg symbol FRE GR Reuters symbol FREG.de

WKN / ISIN 578560 / DE0005785604

ADR key facts

Ticker symbol FSNUY Exchange OTC-market Depositary bank Deutsche Bank

Ratio 8 ADRs = 1 ordinary share ADR CUSIP / ISIN 35804M105 / US35804M1053 Structure Sponsored Level I ADR

¹ As of September 30, 2013

Financial Calendar 2014

25.02.2014	Report on Fiscal Year 2013
------------	----------------------------

• 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