Fresenius SE & Co. KGaA

Investor Presentation • Mar 7, 2013

Health Care Worldwide

Goldman Sachs - Leveraged Finance Healthcare Conference March 6, 2013 – New York

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
• Back-Up

Company Overview

Fresenius Group: Diversified and Large

As of December 31, 2012

1 – Based on market capitalization of FSE as of February 27, 2013.

2 – Based on consolidated market capitalization of FSE and Fresenius Medical Care as of February 27, 2013 and consolidated net debt as of December 31, 2012.

3 – As held by Fresenius ProServe GmbH, a wholly owned subsidiary of Fresenius SE & Co. KGaA.

4 – Adjusted for other one-time costs of \$110 million related to the amendment of the agreement for Venofer and a donation to the American Society of Nephrology.

Fresenius Group: Sales Distribution by Region

1 – 2011 sales adjusted by -€161 million according to a U.S. GAAP accounting change. This solely relates to Fresenius Medical Care North America.

Fresenius Group: Financial Results

2 – incl. attributable to non-controlling interest, financial results before special items

Fresenius Group: Organic Growth 2003 – 2012

Fresenius Group: Sustainable Organic Sales Growth in all Business Segments

Fresenius Medical Care

Fresenius Kabi

Fresenius Helios Fresenius Vamed

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

• Aging population and increasing demand for health care World population age 60+ will more than double by 2050 to >2 bn (OECD)
• Dynamic emerging market growth Increasing healthcare coverage and per capita spending (e.g. India: US\$44, China: US\$191, vs. USA: US\$7,960; WHO)
• Continuing growth of generics Approx. US\$20 bn branded IV drugs (base: 2010 sales) go off-patent in the U.S. by 2020
• Rise of private providers in healthcare services Further privatization of German hospital market Global opportunity to provide dialysis services (e.g. China, India)

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

5.2 4.8 4.7 4.7 6.2 6.2 5.6 4.5 4.2 4.8 3 4 5 6 7 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 %

7.7 5.7 7.4 6.3 2.7 5.6 4.5 5.7 6.4 7.8 2 4 6 8 10 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 % FCF Margin1

1 – before acquisitions & dividends

Business Segments

Fresenius Medical Care: Overview

• World leader in dialysis products and services treating 260,282 patients in 3,192 clinics worldwide1
• Provide highest standard of patient care
• Vertical integration
• High quality products & services
• Complete therapy offerings
• Leader in growing market
• Dialysis market growing 4%cc and estimated to reach \$100 bn by 2020
• Patient growth driven by age, life style and mortality reduction

Development of Dialysis Patient Population Worldwide

2020: Estimates suggest an increase to 3.8 million dialysis patients

Fresenius Kabi: Overview

Clinical Nutrition	Parenteral & Enteral Nutrition Products
I.V. Drugs	Intravenously Administered Generic Drugs: Oncology Drugs, Anesthetics & Analgesics, Anti-Infectives, Critical Care Drugs
Infusion Therapy	Solutions, Colloids Infusion
Medical Devices/ Transfusion Technology	Pumps, Disposables, Infusion Management Systems, Products for whole blood collection and processing & for transfusion medicine and cell therapies

High quality and affordable products for the therapy and care of critically and chronically ill patients in hospital and outpatient care

Fresenius Kabi: Profitability Improvement

1 – Before APP-transaction related special items

Fresenius Helios: Achievements 2012

• Excellent organic sales growth of 5%; admissions ~3%, price/mix ~2%
• EBIT margin increase to 11.7% (+140bps) in established clinics; acquired clinics Duisburg and Damp Group on track
• Further quality improvement 91% of quality targets met or exceeded (2011: 85%); data transparency increased – new hospital hygiene report1
• Hospital transaction market update: acquired hospital revenue reached €660 million in 2012

Damp Acute Care Hospital Kiel HELIOS Hospital Network 72 hospitals, >23,000 beds

^{1 –} www.helios-kliniken.de/hygiene

Fresenius Helios: Overview (continued)

• Strong track record in hospital acquisitions: 15% EBITDA margin target within 5 years. HELIOS acquired 25 hospitals over the past 6 years (LTM1)

1 – Period from 31 December 2006 to 31 December 2012

Fresenius Vamed: Overview

• Project and service business in health care facilities worldwide
• Realization of approximately 600 health care projects in more than 60 countries since its foundation in 1982

• Project business accounts for 67% of 2011 sales, service business for 33%

• Project development

• Planning

• Project management

• Turnkey hospital projects

• Complete medical equipment

• Service and maintenance of medical-technical installations

• Facility management

• Technical management
• General management

Fresenius Vamed: Achievements 2012

• 15% sales and 16% EBIT growth significantly exceeding guidance
• Service business contributes 40% to total sales (2011: 33%) leading to a more balanced and stable business
• Expanded geographic presence entry into four new local markets – contributing 13% to 2012 sales
• A decade of consistent growth well on track for €1 bn sales target by 2014

Consistent Sales and EBIT Growth

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

Fresenius Takes Growth Momentum into 2013

Kabi expects double-digit sales increase driven by solid organic growth and acquisition growth

Damp hospital margin upside and new integrated care offerings at Helios

Double-digit emerging market growth continues – 2013 target of >€3 bn reached ahead of schedule

Earnings upside from Biotech decision and refinancing activities

Promising pipeline of small to mid-sized accretive M&A targets

Back-Up

Fresenius Group: A Decade of Consistent Growth

1 – after APP-transaction related special items

2 – after special items

Fresenius Group: Key Figures 2012

€m	2012	2011	Change actual FX rates	Change constant FX rates
Sales	19,290	16,3611	+ 18%	+ 13%2
EBITDA	3,851	3,237	+ 19%	+ 13%
EBIT	3,0753	2,563	+ 20%	+ 14%
Interest, net	- 666	5314 -	-25%	-19%
EBT	2,409	2,0324	+19%	+13%
Taxes	- 702	6244 -	-13%	-7%
Net income5	1,707	1,4084	+ 21%	+ 15%
Employees6	169,324	149,351

3 – excl. one-time costs related to the offer to the shareholders of RHÖN-KLINIKUM AG 4 – before special items due to MEB and CVR accounting as well as other one-time costs at Fresenius Medical Care 5 – incl. attributable to non-controlling interest

6 – as of December 31

Goldman Sachs – Leveraged Finance Healthcare Conference, March 6, 2013 – New York © Copyright Page 25

1 – restated 2 – 6% organic growth, 8% acquisitions, -1% divestitures

Fresenius Group: Cash Flow 2012

€m	2012	Margin1	2011	Margin1	Growth YoY
Operating Cash Flow	2,438	12.6%	1,689	10.3%	44%
Capex (net)	-952	-4.9%	-758	-4.6%	-26%
Free Cash Flow (before acquisitions and dividends)	1,486	7.7%	931	5.7%	60%
Acquisitions (net)	-2,299		-1,314		-75%
Dividends	-446		-365		-22%
Free Cash Flow (after acquisitions and dividends)	-1,259	-6.5%	-748	-4.6%	-68%

1 – previous year's sales were adjusted according to a U.S. GAAP accounting change at Fresenius Medical Care

Cash Flow Development 2012

€m	Operating CF			Capex (net)				Free Cash Flow1
	2012	Margin	2012	Margin	2012	Margin
	596	13.1%	(239)	(5.2%)	357	7.9%
	240	7.5%	(171)	(5.3%)	69	3 2.2%
	35	4.1%	(11)	(1.3%)	24	2.8%
Corporate/ Other	-20	n/a	(13)	n/a	-33	n/a
excl. FMC	851	2 10.6%	(434)	(5.1%)	417	2 5.5%
Group	2,438	12.6%	(952)	(4.9%)	1,486	7.7%

1 – before Acquisitions and Dividends

2 – incl. FMC dividend

3 – understated: 2.9% excluding €25 million of capex commitments from acquisitions

Margin = in % of sales

Fresenius Group: Financial Outlook

	Guidance 2013
Revenue growth at constant currency	7% ‒ 10%
Net income growth1 at constant currency	7% ‒ 12%

2013 guidance reflects

• one-time costs of €14 million due to early redemption of 2016 bond included
• U.S. sequestration Medicare reimbursement cut approx. 1% effect on Group net income
• Fenwal integration costs of ~€50 million (pre-tax) excluded

2014 net income target of >€1 billion to be reached already in 20131

Goldman Sachs – Leveraged Finance Healthcare Conference, March 6, 2013 – New York © Copyright Page 28 1 – Net income attributable to shareholders of Fresenius SE & Co.KGaA adjusted for one-time integration costs of Fenwal (~€50 million pre-tax)

Fresenius Medical Care: Key Figures 2012

\$ million	2012	2011	Growth
Sales	13,800	12,5711	+ 10%2
EBITDA	2,9313	2,632	+11%
EBITDA margin	20.4%	20.9%1
EBIT	2,329	2,075	+12%
EBIT margin	16.1%	16.5%1
Net income 4	1,1185	1,071	+ 4%

1 – previous years' figures were adjusted according to a U.S. GAAP accounting change at Fresenius Medical Care

2 – 12% at constant currency, 5% organic growth, 8% acquisitions, -2% currency effects, -1% divestitures

3 – adjusted for charges of \$110 million related to amendment of the agreement for Venofer and donation to the American Society of Nephrology

4 – attributable to Fresenius Medical Care AG & Co. KGaA

5 – adjusted for non-taxable investment gain of \$140 million as well as charges of \$71 million after tax

Fresenius Medical Care: Global Leader in Dialysis Care1 – ~263,000 Patients Worldwide as of September 30, 2012

1 – Based on company statements and estimates 2 – US market share only

3 – Including managed clinics (U.S. and Asia Pacific)

Fresenius Kabi: Key Figures 2012

€ million	2012	2011	Growth
Sales - Infusion Therapy - I.V. Drugs - Clinical Nutrition - Medical Devices/ Transfusion Technology	4,539 1,010 1,701 1,314 514	3,964 895 1,438 1,154 477	1 + 15% 2 + 10% 2 + 12% 2 + 10% 2 - 1%
EBITDA	1,101	955	+ 15%
EBITDA margin	24.3%	24.1%
EBIT	934	803	+ 16%
EBIT margin	20.6%	20.3%
Net income	444	3 354	+ 25%

1 – 9 % organic growth, 1% acquisitions, 5 % currency effects

2 – organic growth

3 – before special items due to CVR accounting

Fresenius Kabi: Excellent EBIT Improvement

€m	Q4/12	2012	2011	Growth 2012
Europe Margin	106 21.0%	390 20.0%	385 21.1%	1%
North America Margin	123 37.7%	500 40.5%	368 36.7%	36%
Asia-Pacific/Latin America/Africa Margin	73 21.1%	286 21.2%	232 20.4%	23%
Corporate and Corporate R&D	-68	-242	-182	-33%
Total EBIT	234	934	803	16%
Margin	19.9%	20.6%	20.3%

Fresenius Kabi: Significant Future Growth Prospects

Dynamic Emerging Market Growth	- Continued double-digit organic growth; revenue share increasing from 30% (2012) to ~35% (2015)
Robust Pipeline	- >110 I.V. drug development projects worldwide - 32 ANDAs pending at the FDA for the U.S. market
Geographic Product Roll-out	- Asia-Pacific – focus on infusion solutions, I.V. drugs and Medical Devices - Latin America – focus on I.V. drugs and Medical Devices
Medical Devices Expansion (incl. Fenwal)	- €1.5 billion sales target by 2017 through new product launches, geographic expansion, acquisitions and partnering

Well on track for ~€6 bn sales and >€1.1 bn EBIT by 2015

Fresenius Kabi: Financial Outlook

		Guidance 2013	3-yr CAGR1	Midterm Outlook
Sales	Growth cc Growth organic	12 – 14% 3% – 5%	10% – 11% 7% – 8%	7% – 10%
EBIT	Margin excl. Fenwal Margin incl. Fenwal	19% – 20% 18% – 19%		18% – 21%

Sales guidance reflects

• Fenwal acquisition and divestitures of non-core businesses

EBIT guidance reflects

• Fenwal margin below par and intangible amortization charge of \$33 million p.a.
• ~€50 million Fenwal integration costs (pre-tax) excluded

1 – 2010-2013

Fresenius Helios: Key Figures 2012

€ million	2012	2011	Growth
Sales	3,200	2,665	+ 20%1
EBITDA	432	369	+ 17%
EBITDA margin	13.5%	13.8%
EBIT	322	270	+ 19%
EBIT margin	10.1%	10.1%
Net income	203	163	+ 25%

1 – 5% organic growth, 15% acquisitions

Fresenius Helios: Performance Indicators

	2012	2011	Change
No. of hospitals - Acute care clinics - Post-acute care clinics	72 50 22	65 45 20	11% 11% 10%
No. of beds - Acute care clinics - Post-acute care clinics	23,286 18,701 4,585	20,112 16,690 3,422	16% 12% 34%
Admissions - Acute care (inpatient)	729,673	632,778	15%
Occupancy - Post-acute care	85%	78%
Average length of stay (days) - Acute care - Post-acute care	6.7 27.0	6.7 29.6
Bad debt in % of sales	0.4%	0.2%

IFRS

Fresenius Helios: 2012 Clinic Development Plan

	Years in portfolio
	<1	1	2	3	4	5	>5	Total
No. of clinics	6	2	1	-	6	4	31	50
Revenue (€m)	227	155	36	-	192	294	1,910	2,814
Target
EBITDA margin (%)	-	3.0	6.0	9.0	12.0	15.0	15.0
EBITDA (€m)	-	4.7	2.2	-	23.0	44.1	286.5	360.5
Reported
EBITDA margin (%)	-	-3.3	7.4	-	11.0	15.4	17.5	14.1
EBITDA (€m)	-1.1	-5.2	2.7	-	21.2	45.1	334.8	397.5
No. of clinics > target	-	1	1	-	3	3	19	27
No. of clinics < target	-	1	-	-	3	1	12	17

Fresenius Helios: Financial Outlook

		Guidance 2013	3-yr CAGR1	Midterm Outlook
Sales	Organic growth	3% – 5%	4% – 5%	€4 bn – €4.25 bn Sales by 2015
EBIT		€360 m – €380 m

Fresenius Vamed : Financial Outlook

		Guidance 2013	3-yr CAGR1	Midterm Outlook
Sales	growth	8% – 12%	9% – 10%	€1 bn Sales by 2014
EBIT	growth	5% – 10%

2013 guidance reflects

• transfer of HELIOS' technical service business (approx. 3%-points of sales growth)

^{1 –} 2010-2013

Financing Facilities and Debt Structure

Fresenius Group: Current Debt and Cash Flow Structure1

Fresenius Medical Care Financing Fresenius SE Financing

• 1 External debt as of December 31, 2012
• 3 Controlling stake
• 5 Incl. subsidiaries

2 – Incl. Fresenius Finance B.V. and other financing subsidiaries

4 – As held by Fresenius ProServe GmbH, a wholly owned subsidiary of Fresenius SE & Co. KGaA, which provides the guarantees

Fresenius Group: Proven Track Record of Deleveraging

4 – adjusted for one-time costs (€6 million) related to the offer to the shareholders of RHÖN-KLINIKUM AG as well as for other one-time costs (€86 million) at Fresenius Medical Care. 2011 debt excludes Mandatory Exchangeable Bonds which came to maturity on August 14, 2011.

Fresenius Group: Rating Development

Fresenius Group excluding FMC: Debt Maturity Profile 1 January 31, 2013 – Pro Forma Senior Notes Refinancing2

1 – based on utilization of major financing instruments 2 – €500 million Senior Notes issued on January 24, 2013 and redemption of €650 million Senior Notes 2006/2016

Debt maturity profile does not reflect the delayed draw syndicated credit agreement which will be used to refinance the existing syndicated credit agreement maturing in 2013/2014.

Fresenius Medical Care: Debt Maturity Profile 1 January 31, 2013 – Pro Forma A/R Facility Refinancing

1 – based on utilization of major financing instruments

Fresenius Group: Debt Maturity Profile1 January 31, 2013 – Pro Forma Refinancings2

1 – based on utilization of major financing instruments 2 – €500 million Senior Notes issued on January 24, 2013 and redemption of €650 million Senior Notes 2006/2016

Debt maturity profile does not reflect the delayed draw syndicated credit agreement which will be used to refinance the existing syndicated credit agreement maturing in 2013/2014.