Fresenius SE & Co. KGaA

Investor Presentation • Mar 6, 2013

Credit Suisse – Global Health Care Conference

March 5, 2013

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: 100 Years of Forward Looking Healthcare

Credit Suisse – Global Health Care Conference, Fresenius SE & Co. KGaA, Investor Relations © Copyright, March 5, 2013

Fresenius Group: A Decade of Consistent Growth

Fresenius Group: 2012 – A Year of Major Accomplishments

• • New sales and earnings records; 17% cc net income growth exceeds guidance
• -Double-digit sales and EBIT growth in all business segments
• • Enhanced strategic positions through Liberty Dialysis, Fenwal, Damp Group, H.C. Hospital Consulting acquisitions
• Successful refinancing steps to reduce interest costs and improve maturity profile

Fresenius Group: Financial Results

	l S a e s	1 E B I T	1 i N t e n c o m e
F Y 2 0 1 2	€ 1 9 2 9 0 m ,	€ 3 0 7 5 m ,	€ 9 3 8 m
h G 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	1 3 %	1 4 %	1 7 %
G h l t t t o r w a a c u a t e n a e s c u r r c y r	1 8 %	2 0 %	2 2 %

1Before one-time items

Fresenius Group: Financial Results by Business Segment

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

1Before one-time items

Credit Suisse – Global Health Care Conference, Fresenius SE & Co. KGaA, Investor Relations © Copyright, March 5, 2013

Fresenius Group: Attractive Long-term Shareholder Returns

20th consecutive dividend increase

Fresenius outperforms index

1Proposal

Before one-time items

Source: Bloomberg; dividends reinvested

Credit Suisse – Global Health Care Conference, Fresenius SE & Co. KGaA, Investor Relations © Copyright, March 5, 2013

Fresenius Group: Distribution and Development of Net Income

Credit Suisse – Global Health Care Conference, Fresenius SE & Co. KGaA, Investor Relations © Copyright, March 5, 2013

Fresenius Kabi: Achievements 2012

• • 9% organic sales growth – significantly exceeding initial 4 – 6% guidance
• • Strong double-digit organic sales growth in emerging markets, continued strength in Europe
• 11% organic sales growth in North America driven by launches and drug shortages
• 2013 guidance reflects strong FY12 base in North America and assumes easing of U.S. drug shortages

New Photo or pie chart with regional split organic sales growth 2012 Sales Split and 3-yr Organic Sales CAGR 3-Yr CAGR: 14% 3-yr CAGR: 6% 3-yr CAGR: 15% Emerging Markets Europe North America30%27%43%

3-yr CAGR total: 10%

Fresenius Kabi: Significant Future Growth Prospects

k D i E i M t y n a m c m e r g n g a r e h G t r o w	C d d b l d h h t i i i t i t o n n u e o u e g o r g a n c g r o w ; r e v e n u e s a r e - - f ( ) ( ) i i 3 0 % 2 0 1 2 3 5 % 2 0 1 5 t n c r e a s n g r o m o ~
b l R P i i t o s p e n e u	d d l l d d 1 1 0 I. V j i t t > g e e o p m e n p o e c s o e r u v r w r w - f 3 2 d i h h S k A N D A t t F D A t U t s p e n n g a e o r e m a r e -
G h i d P t e o g p o r a c r u c l l- R t o o u	f f f i i i i i l i d d A P t I. V o o n n o n o o n g n s a a c c c u s u s s u s, r u s a - - – d l M i D i e c a e v c e s f d d d l L i A i I. V M i D i t a n m e r c a o c u s o n r u g s a n e c a e v c e s - –
d i l i i M D E e c a e v c e s x p a n s o n ( l. l ) i F n c e n w a	€ b i l l i l b 2 0 h h d 1 5 t t 1 7 t t o n s a e s a r g e y r o u g n e w p r o u c - l h h d i i i i i t a u n c e s, g e o g r a p c e x p a n s o n a c q u s o n s a n , i t p a n e n g r r

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

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

www.helios-kliniken.de/hygiene

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

Fresenius Group: Financial Outlook by Business Segment

		i d G u a n c e 2 0 3 1	3 -y r 1 C G A R	i d M t e r m O l k t u o o
i F r e s e n u s b i K a	S l h t a e s g r o w c c l h S t i a e s g r o w o g a n c r i E B I T l. l F m a r g n e x c e n w a E B I T i l. l i F m a g n r n c e n a w	2 % % 1 1 4 – 3 % 5 % – 1 9 % 2 0 % – 1 8 % 1 9 % –	0 % % 1 1 1 – 7 % 8 % –	% 0 % 7 1 – 1 8 % 2 1 % –
i F e s e n s r u l i H e o s	l h S t i a e s g o r w o r g a n c E B I T	3 % 5 % – € 3 6 0 € 3 8 0 m –	4 % 5 % –	b b € 4 4 2 5 n n – S l b 2 0 1 5 a e s y
i F e s e n s r u d V a m e	l h S t a e s g o r w h E B I T t g r o w	8 % 1 2 % – % 0 % 5 1 –	9 % 1 0 % –	b € 1 n S l b 2 0 1 4 a e s y

12010-2013

Fresenius Group: Financial Outlook

	G i d 2 0 1 3 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	7 % 1 0 % ‒
1 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	7 % 1 2 % ‒

2014 net income target of >€1 billion to be reached already in 2013 1

Net income attributable to shareholders of Fresenius SE&Co.KGaA adjusted for one-time integration costs of Fenwal (~€50 million pre-tax)

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

Attachments

Fresenius Group: Profit and Loss Statement

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

12011 sales adjusted by -€161 million according to a U.S. GAAP accounting change. This solely relates to Fresenius Medical Care North America.

2Adjusted 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.

3Net income attributable to shareholders of Fresenius SE & Co. KGaA, adjusted for a non-taxable investment gain (€34 million) and other one-time costs

(€17 million) at Fresenius Medical Care as well as for one-time costs (€29 million) related to the offer to the shareholders of RHÖN-KLINIKUM AG.

2011 adjusted for the effects of mark-to-market accounting of the Mandatory Exchangeable Bonds and the Contingent Value Rights.

Credit Suisse – Global Health Care Conference, Fresenius SE & Co. KGaA, Investor Relations © Copyright, March 5, 2013

Fresenius Group: Cash Flow

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

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

Cash Flow Development 2012

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

Fresenius Kabi: Strong Organic Sales Growth

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

Fresenius Kabi: Strong Organic Sales Growth

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

Fresenius Kabi: Excellent EBIT Improvement

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

Fresenius Helios: Ongoing Strong Sales and EBIT Growth

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

2012 adjusted for the transfer of a post-acute care clinic from Fresenius Helios to Fresenius Vamed

Fresenius Helios: 2012 Clinic Development Plan

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

IFRS

Fresenius Helios: Performance Indicators

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

Fresenius Vamed: Sales Growth and EBIT in line with Expectations

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

1Project business only

Credit Suisse – Global Health Care Conference, Fresenius SE & Co. KGaA, Investor Relations © Copyright, March 5, 2013

Share Information

Share key facts

Number of shares¹ 178,188,260 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

1As of December 31, 2012

Financial Calendar

• 30.04.2013 Report on 1st quarter 2013 17.05.2013 Annual General Meeting, Frankfurt/Main 30.07.2013 Report on 1st half 2013
• 05.11.2013 Report on 1st 3rd quarter 2013

Contact

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

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