Fresenius SE & Co. KGaA

Investor Presentation • Feb 26, 2013

Analyst Meeting – 2012 Results

February 26, 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

Analyst Meeting – 2012 Results, Fresenius SE & Co. KGaA, Investor Relations © Copyright, February 26, 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
2 0 1 2 F Y	€ 9 2 9 0 1 m ,	€ 3 0 7 5 m ,	€ 9 3 8 m
h G t t t t o a c o n s a n r w t c e n c a e s u r r y r	3 % 1	% 1 4	% 1 7
h l G t t t r o w a a c u a t c u r r e n c y r a e s	8 % 1	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 l i H e o s	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

Fresenius Group: Attractive Long-term Shareholder Returns

20th consecutive dividend increase

Fresenius outperforms index

1Proposal

2Before one-time items Source: Bloomberg; dividends reinvested

Analyst Meeting – 2012 Results, Fresenius SE & Co. KGaA, Investor Relations © Copyright, February 26, 2013 Page 8

Fresenius Group: Distribution and Development of Net Income

Analyst Meeting – 2012 Results, Fresenius SE & Co. KGaA, Investor Relations © Copyright, February 26, 2013 Page 9

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: Grand Island and Kalyani FDA Inspections

Grand Island, NY

• -2011 inspection with 16 observations lead to 2012 warning letter
• • Dec 2012/Jan 2013 inspection – Form 483 issued; 8 observations (4 repeat observations) – related to procedures, processes, operating environment in non-aseptic areas and documentation practices
• -Production at the plant is continuing

Kalyani (oncolytic API plant), India

• • Jan 2013 inspection – Form 483 issued; 9 observations – GMP non-conformities regarding manufacturing and documentation practices; improper product testing; employee misconduct; finished product conforms to specifications
• -As a precautionary measure, production is on hold
• Corrective measures immediately initiated
• -Expected financial impact (net of Calea divestment gain) included in guidance

Fresenius Kabi: Significant Future Growth Prospects

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

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

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

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 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

Group Financials 2012 − Outlook 2013

Fresenius Group: Achievements 2012

% 1 7	i t n e n c o m e	1 h t g r o w
-------------	-------------------------------------------	---------------------------------

15.9%EBIT margin

12.6%cash flow margin

>€1 bncapex

2.6xnet debt/EBITDA

1In constant currency and before one-time items

Analyst Meeting – 2012 Results, Fresenius SE & Co. KGaA, Investor Relations © Copyright, February 26, 2013 Page 17

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.

Analyst Meeting – 2012 Results, Fresenius SE & Co. KGaA, Investor Relations © Copyright, February 26, 2013

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: 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 e r		1	1		3	3	1 9	2 7
g f l N i i t t < o. o c n c s a g e r	- -	1	-	- -	3	1	1 2	1 7
IFR S

Cash Flow Development

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

Before Acquisitions and Dividends

2Incl. FMC dividend

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

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

Fresenius Kabi: Financial Outlook

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

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

12010-2013

Fresenius Helios: Financial Outlook

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

Fresenius Vamed : Financial Outlook

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

2013 guidance reflects

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

¹2010-2013

Fresenius Group: Financial Outlook

	i d G 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 e n c u r r y	% 0 % 7 1 ‒
1 h N i t t e n c o m e g o r w t t t a c o n s a n c u r r e n c y	7 % 1 2 % ‒

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 2013 1

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

Analyst Meeting – 2012 Results, Fresenius SE & Co. KGaA, Investor Relations © Copyright, February 26, 2013 Page 26

Attachments

Fresenius Group:

Overview – Calculation of Noncontrolling Interest

€ m	/ 2 F Y 1	/ F Y 1 1
b f d l l E i i i t t t t a r n n g s e o r e a x a n n o n c o n r o n g n e r e s	2 3 9 1 ,	1 9 3 2 ,
T a e s x	6 9 5 -	6 0 4 -
l l h f N i i t t t, t o n c o n o n g n e e s e e o r r r	8 0 6 -	6 3 8 -
d l F i M i C i t t e s e n s e c a a e n e n c o m e n o r u r b b l ( / 2 6 9 % ) i F i F Y 1 t t t t a r u a e o r e s e n u s a v e r a g e : ~	6 3 9 -	5 1 4 -
l l h l d d l N i i i F i M i C t t t o n c o n o n g n e e s o e s n e s e n s e c a a e r r r r u r ( / \$ / \$ d F Y 2 0 1 1 U S 1 0 6 F Y 2 0 1 2 U S 1 4 0 i m m a o n g : : c c r , d l C 's l S ) F i M i F i i t t t t o r e s e n u s e c a a r e n a n c a a e m e n s	1 0 9 -	7 6 -
l l h l d b N i i i F i K i t t t o n c o n r o n g n e r e s o e r s n r e s e n u s a ( ), l ( ) d d € 3 9 F i H i € 1 0 t m e s e n s e o s m a n e o r u u - - d 's 2 3 % l h ( € 9 ) F i V i t r e s e n u s a m e e x e r n a o w n e r s p m -	5 8 -	4 8 -
b b l S & C G N i i F i E K A t t t t t e n c o m e a r u a e o r e s e n u s o a	9 2 6	6 9 0

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

1Pro forma Liberty Dialysis Holdings, Inc., Damp Group and Fenwal

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.

2011 debt excludes Mandatory Exchangeable Bonds which came to maturity on August 14, 2011.

Fresenius Group: Debt Maturity Profile 1December 31, 2012 – Pro-forma refinancings 2

1Based on utilization of major financing instruments

2Pro-forma for refinancing of Senior Notes and Accounts Receivable Facility

Fresenius Group: Solid Balance Sheet Structure

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: Profit and Loss Statement

€ m	2 0 1 2	2 0 1 1	k 0 R 2 1 2 e m a r s
l S a e s	3 9 4 5 ,	3 9 6 4 ,	9 % i h t o r g a n c g r o w
f d l d C t o s o g o o s s o	2 4 2 2 - ,	2 1 1 7 - ,
G f i t r o s s p r o f l % o s a e s	2 1 1 7 , 4 6 6	8 1 4 7 , 4 6. 6
S G & A % f l o s a e s	9 8 9 - 2 8 1.	8 8 2 - 2 2. 3
& R D e p e n s e s x f % l o s a e s	1 9 4 - 4 3	1 6 2 - 4 1
E B I T D A % i m a r g n	1 1 0 1 , 2 4 3	9 5 5 2 4 1

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

€ m	2 0 1 2	2 0 1 1	k R 2 0 1 2 e m a r s
E B I T i % m a g n r	9 3 4 2 0 6	8 0 3 2 0. 3
N i t t t e n e r e s	2 8 6 -	2 8 7 -
b f E i t a r n n g s e o r e a x e s d l l i i t t t a n n o n c o n o n g n e e s r r	6 4 8	5 2 5
I t n o m e e c a x s % T t a a e x r	6 6 1 - 2 6 5	1 4 5 - 2 6 7.
l l N i i t t t o n c o n o n g n e e s r r	3 8 -	2 6 -
1 i N t e n c o m e	4 4 4	3 5 4

Attributable to shareholders of Fresenius Kabi AG

Fresenius Kabi: Cash Flow Statement

€ m	2 0 2 1	2 0 1 1	k 2 0 2 R 1 e m a s r
N i t e n c o m e ( i l. l l i i ) t t t n c n o n c o n r o n g n e r e s	4 8 2	3 8 0
/ D i i i i t t t e p e o n m o o n r c a a r z a	6 1 7	2 1 5
C h k l i i i t a n g e n w o r n g c a p a	3 5 -	0 7 -
h f l f C i t a s o w r o m o p e r a o n s M i % a g n r	5 9 6 1 3 1	4 6 2 1 1. 7	l. f f d i t i t t n c o n e- m e e e c s u e o h l l / l i S i P t t c a s c o e c o n p a n o g a r u
C A P E X t n e ,	2 3 9 -	1 3 7 -	d ( ) 7 9 % i i 2 0 1 1 7 1 % t s c e o n a r r y :
f C h l a s o 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	3 5 7	2 8 9	d ( ) 2 1 % i i 2 9 % t n o n- s c e o n a r r y
A i i i t t c q u s o n s n e ,	6 5 4 -	1 1 -
h f l F ( b f d d d ) r e e c a s o w i i e o r e v e n s	2 0 7 -	8 2 7

Fresenius Kabi: Balance Sheet

€ m	2 0 1 2	2 0 1 1	k 2 0 2 R 1 e m a s r
b l A i t c c o n s e c e a e u r v	8 0 0	7 1 0	d ( ) D S O 2 0 1 2 5 9 2 0 1 1 6 6 a s : y :
I i t n v e n o r e s	8 8 9	3 7 7	S O 2 0 1 2 1 1 9 d ( 2 0 1 1 1 2 ) I 7 : a y s :
d F i t x e a s s e s	5 9 8 2 ,	5 0 5 6 ,	d l l ( ) G i D 3 1, 2 0 1 2 € 4, 1 2 3 o o e c m w :
h O t t e a s s e s r	9 9 1	9 7 7
l T t t o a a s s e s	8 6 6 2 ,	7 2 8 2 ,
b D t e	9 6 4 4 ,	3 9 4 5 ,
h l b l O i i i i t t e a e s r	1 5 9 9 ,	1 2 7 7 ,
E i t q ( l. l l ) u y i i i t t. n c n o n c o n o n g n r	2 0 9 9 ,	6 0 1 1 ,
l l i b i l i i d T t t o a a e s a n h h l d ' i t s a r e o e r s e q u y	8 6 6 2 ,	7 2 8 2 ,

Fresenius Helios: Strong Organic Sales Growth

€ m	2 0 1 2	2 0 1 1	h G t r o w
f b l h d l l E i i i i t t s a s e n p o o o c c r	2 3 7 4 ,	2 6 2 3 ,	% 5
A i i i t q s o n s ( l d ) c u i i 1 t < c o n s o a o n y r	4 5 7
D i i t t e s e s ( d l d ) v u r i t i 1 < e c o n s o a o n y r		4 2
l l T t o a s a e s	3 2 0 0 ,	2 6 6 5 ,	2 0 %

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

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 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	8 6 1 1. 9 %	3 2 1 1 1. 7 %	2 7 1 1 0. 3 %	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 < o n o o n e o n o o n c s a c s a 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

Analyst Meeting – 2012 Results, Fresenius SE & Co. KGaA, Investor Relations © Copyright, February 26, 2013

Fresenius Helios: Performance Indicators

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

Fresenius Helios: Sales Influence Hospital Acquisitions / Divestitures

Acquisitions Annualized sales

l l, H i R i t t t o s p a o w e d b B W t t a e n u e r e m e r g -	€ 3 1 m ~	l d d f l 2 0 i J 1, 1 1 t c o n s o a e a s o u y
i l i b H t D o s p a u s u r g , h h h l N R i W i t t o n e e s p a a r -	€ 1 3 4 m ~	l d d f i J 1, 2 0 1 2 t c o n s o a e a s o a n
( l. D G W i a m p o p e c s m a r u x r d d b f l ), i i t v e s e e o r e c o s n g h G N t o r e r n e r m a n y	€ 2 4 7 m ~	l d d f h 3 2 0 2 i M 1, 1 t c o n s o a e a s o a r c
l f h H i W i ü t t o s p a p p e r r h h h l N R i W i t t o n e e s p a a r -	€ 2 0 m ~	l d t t n o e c o s e y
i i D t t v e s u r e s
l h l h l h H i Z i t t, o s p a s c a c l d S i t e a n w z r	€ 2 9 m ~	f d V A M E D i t t t t a n s e e o e o s p e c e r r r r r v f J 1, 2 0 1 2 a s o a n
l b f H i O t t o s p a s e r s a u e n , B i a v a r a	€ 1 5 m ~	d l d d f l 2 0 2 i J 1, 1 t e c o n s o a e a s o u y

Analyst Meeting – 2012 Results, Fresenius SE & Co. KGaA, Investor Relations © Copyright, February 26, 2013

Fresenius Helios: Profit & Loss Statement

€ m	2 0 2 1	2 0 1 1	k 2 0 1 2 R e m a s r
l S a e s	3 2 0 0 ,	2 6 6 5 ,	5 % i h t o r g a n c g r o w
O i t p e r a n g e x p e n s e s : l d b f S i i t a a r e s, w a g e s a n e n e s	9 3 0 1, -	9 1, 5 7 -
S l i u p p e s	6 3 0 -	0 5 7 -
h O t e s r	2 0 8 -	2 0 1 -
E B I T D A M i % a g n r	4 3 2 1 3 5	3 6 9 1 3. 8
/ D i i i i t t t e p r e c a o n a m o r z a o n	1 1 0 -	9 9 -
E B I T M i % a r g n	3 2 2 0 1 1	2 0 7 0. 1 1

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

€ m	2 0 1 2	2 0 1 1	k R 2 0 1 2 e m a r s
N i t t t e n e r e s	6 7 -	5 1 -
b f d E i t a r n n g s e o r e a x e s a n l l i i t t t n o n c o n o n g n e e s r r	2 5 5	2 9 1
I t n o m e e c a x s % T t a x r a e	2 4 - 6 1 5	3 4 - 9 6 1
l l N i i t t t o n c o n r o n g n e r e s	1 0 -	1 3 -
1 N i t e n c o m e	2 0 3	1 6 3

Attributable to shareholders of Helios Kliniken GmbH

Fresenius Helios: Cash Flow

€ m	2 0 1 2	2 0 1 1	k R 2 0 1 2 e m a r s
N i t e n c o m e ( i l. l l i i ) t t t n c n o n c o n r o n g n e r e s	2 1 3	1 7 6
/ D i i i i t t t e p r e c a o n a m o r z a o n	1 1 0	9 9
h k l C i i i t a n g e n w o r n g c a p a	8 3 -	1 9
h f l f C i t a s o w r o m o p e r a o n s M i % a g n r	0 2 4 7 5	2 9 4 1 1. 0
C A P E X t n e ,	1 7 1 -	1 5 6 -
h f l C a s o w b f d d d d i i i i i t e o r e a c q u s o n s a n v e n s	6 9	1 3 8
i i i A t t c q s o n s n e u ,	3 3 2 -	4
h f l F e e c a s o ( b f d d d ) r w i i e o r e v e n s	2 6 3 -	1 2 4

Fresenius Helios: Balance Sheet

€ m	2 0 1 2	2 0 1 1	k R 2 0 1 2 e m a r s
i b l A t c c o n s e c e a e u r v	3 8 7	2 8 3	D S O 2 0 1 2 4 3 d ( 2 0 1 1 3 9 ) : a y s :
l d P i t t t o p e p a n a n e q p m e n ( ) r r y u t n e ,	1 4 4 4 ,	1 1 7 4 ,
d l l G i o o w	2 1 5 0 ,	1 7 2 1 ,	l. d l l f h I i H E L I O S t n c g o o o m e w r
O h t t e a s s e s r	2 4 7	3 1 7	( € 2 ) i i t i 1, 4 4 a c q u s o n m
l T t t o a a s s e s	4 4 0 8 ,	3 4 9 5 ,
b D t e	2 9 3 1 ,	0 1 1 4 ,	l. d b f I H E L I O S t n e o m c r ( ) i i i i 2 0 0 5 € 6 0 0 t a c q s o n n m u
h l b l O i i i i t t e a e s r	9 7 8	8 2 8
E i t ( l. l l ) q u y i i i t t t n c n o n c o n r o n g n e r e s	2 1 3 7 ,	1 5 6 3 ,
l l i b i l i i d T t t o a a e s a n h h l d ' i t s a e o e s e q r r u y	0 8 4 4 ,	3 9 4 5 ,

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

Project business only

Analyst Meeting – 2012 Results, Fresenius SE & Co. KGaA, Investor Relations © Copyright, February 26, 2013

Fresenius Vamed: Sustainable EBIT Development

€ m	2 0 2 1	2 0 1 1	h C a n g e
b j i P t o e c s n e s s r u M i a r g n	2 5 9 % 4	2 8 % 5. 7	1 1 % -
b S i i e r v c e u s n e s s M i a r g n	2 6 7. 6 %	1 6 6. 6 %	6 3 %
l T E B I T t o a	5 1	4 4	1 6 %
i M a g n r	6 0 %	6 0 %
1 i N t e n c o m e	3 5	3 4	3 %

Attributable to shareholders of Vamed AG

Fresenius Vamed: Profit & Loss Statement

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

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

€ m	2 0 1 2	2 0 1 1	k R 2 0 1 2 e m a r s
N i t t t e n e r e s	1 -	2	d I t t i t n e r e s n c o m e u e o
b f E i t a r n n g s e o r e a x e s d l l i i t t t a n n o n c o n o n g n e e s r r	5 0	4 6	i 2 0 1 1 t p e p m e n n r a y s
I t n c o m e a e s x T % t a x r a e	1 4 - 2 7 6	1 1 - 2 4 2
l l N i i t t t o n o n o n g n e e s c r r	1 -	1 -
1 N i t e n c o m e	3 5	3 4
O ( b f ) R E % t e o r e a x e s	0 8 2	2 0 1

Attributable to shareholders of Vamed AG

Analyst Meeting – 2012 Results, Fresenius SE & Co. KGaA, Investor Relations © Copyright, February 26, 2013 Page 51

Fresenius Vamed: Cash Flow

€ m	0 2 1 2	0 2 1 1	k 2 0 2 R 1 e m a s r
i N t e n c o m e ( l. l l ) i t i i t t n c n o n c o n r o n g n e r e s	3 6	3 5
/ i i i i D t t t e p e c a o n a m o a o n r r z	8	7
h k l C i i i t a n g e n o n g c a p a w r	9 -	1 2 5 -	f P j i i i 2 0 1 1 t o e c p e- n a n c n g n r r ; f l 2 0 2 i i t i i 1 n a z a o n n
h f l f C i t a s o o m o p e a o n s w r r M i % a r g n	3 5 4 1	8 3 - -1 1. 3
C A P E X t n e ,	1 1 -	6 -
f C h l a s o w b f d d d d i i t i i i e o r e a c q u s o n s a n v e n s	2 4	8 9 -
A i i i t t c q u s o n s n e ,	3 3 -	1
h f l F ( b f d d d ) r e e c a s o w i i e o e e n r v s	9 -	8 8 -

Fresenius Vamed: Balance Sheet

€ m	2 0 1 2	2 0 1 1	k R 2 0 1 2 e m a r s
b l A i t o n e e e c c u s r c v a	8 9 1	9 0	S O 2 0 2 8 2 d ( 2 0 ) D 1 1 1 4 5 : a y s :
l d i P t t t o p e p a n a n e q p m e n r r y u ,	3 4	2 8
b l I i t t n a n g e a s s e s	8 4	5 2
O h t t e r a s s e s	3 9 6	2 4 4
l T t t o a a s s e s	6 6 7	9 5 4
b D t e	7 4	4 4
h l b l O i i i i t t e r a e s	3 6 2	3 3 1
E i t q ( l. l l ) u y i i i t t t n c n o n c o n o n g n e e s r r	2 0 4	2 9 1
l l i b i l i i d T t t o a a e s a n h h l d ' i t s a e o e s e q r r u y	6 6 7	9 5 4

Fresenius Group: Key Figures According to IFRS

€ m	2 0 1 2 S G U A A P	2 0 1 2 S I F R
S l a e s	9 2 9 0 1 ,	9 0 8 1 5 ,
1 E B I T	3 0 7 5 ,	3 0 9 7 ,
N i t t t e n e e s r	6 6 6 -	6 6 6 -
2 N i t e n c o m e	9 2 6	9 3 0
3 N i t e n c o m e	9 3 8	9 4 2
h f l O i C t p e r a n g a s o w	2 4 3 8 ,	2 4 5 3 ,
l h l B t t t a a n c e s e e o a	3 0 6 6 4 ,	3 0 7 9 8 ,

1Excluding one-time costs related to the offer to the shareholders of RHÖN-KLINIKUM AG as well as for other one-time costs at Fresenius Medical Care.

Net income attributable to shareholders of Fresenius SE & Co. KGaA

3Net income attributable to shareholders of Fresenius SE & Co. KGaA, adjusted for a non-taxable investment gain and other

one-time costs at Fresenius Medical Care as well as for one-time costs related to the offer to the shareholders of RHÖN-KLINIKUM AG.

Special Items – Investment Gain 2012

Investment gain at Fresenius Medical Care:

• Due to the acquisition of Liberty Dialysis Holdings, Inc. (Liberty), including its 51% stake in Renal Advantage Partners, LLC (RAI)
• Measuring the 49% equity interest in RAI held by Fresenius Medical Care at its fair value at the time of the Liberty acquisition
• Resulting in a non-taxable investment gain of US\$140 million at Fresenius Medical Care or €34 million at Fresenius SE & Co. KGaA in Q1-4/12 respectively
• Subject to finalization of the Liberty purchase accounting

Special Items – Other Financial Result 2011/2012

• Other financial result 2012:
• The other financial result of -€35 million includes one-time costs for the offer to the shareholders of RHÖN-KLINIKUM AG, primarily relating to financing commitments.
• Other financial result 2011:
• CVR (Contingent Value Right): The trading price of the CVR was considered as fair redemption value. Changes of this value were recognized in the P&L.

On March 4, 2011, the CVRs have been delisted from the NASDAQ and the NASDAQ suspended trading in the CVRs effective the close of trading on that day.

Calculation since March 4, 2011: Δ between trading price of US\$0.04 at December 31, 2010 and value zero multiplied by 163.3 million CVRs = US\$6.7 million = €4.9 million.

MEB (Mandatory Exchangeable Bond): Mark-to-market accounting based on the Black-Scholes valuation model reflecting FMC's share price. Any change in fair value is recognized in the P&L. Valuation changes led to gains or expenses until maturity. Maturity date was August 14, 2011.

Restatement of 2011 Figures

The restatement is a result of

• the U.S. GAAP accounting change in the presentation of U.S. dialysis service sales which will be shown net of the provision for bad debt and
• a reclassification of freight expenses at Fresenius Medical Care

€ i illio n m n	Q 1/ 20 11	Q 1/ 20 11 ed tat res	Q 2/ 20 11	Q 2/ 20 11 ted sta re	Q 3/ 20 11	Q 3/ 20 11 ted sta re	Q 4/ 20 11	Q 4/ 20 11 ted sta re	/ 20 11 FY	/ 20 11 FY ted sta re
les Sa
ius ed ica l C Fre M sen are	2, 22 0	2, 18 1	2, 22 0	2, 182	2, 29 5	2, 25 3	2, 45 7	2, 41 5	9, 192	9, 03 1
Fre ius Ka bi sen	96 0	96 0	1, 01 1	1, 01 1	97 9	97 9	1, 01 4	1, 01 4	3, 96 4	3, 96 4
Fre ius He lios sen	64 8	64 8	64 5	64 5	65 7	65 7	71 5	71 5	2, 66 5	2, 66 5
d Fre ius Va sen me	14 0	14 0	17 3	17 3	16 7	16 7	25 7	25 7	73 7	73 7
Co e/ Ot he rat rpo rs	-6	-6	-7	-7	-1 3	-1 3	-1 0	-1 0	-3 6	-3 6
To l S ale ta s	3, 96 2	3, 92 3	4, 04 2	4, 00 4	4, 08 5	4, 04 3	4, 43 3	4, 39 1	16 52 2 ,	16 36 1 ,
of od old Co st go s s	-2 63 5 ,	-2 66 0 ,	-2 65 8 ,	-2 68 4 ,	-2 67 3 ,	-2 69 8 ,	-2 91 7 ,	-2 94 5 ,	-1 0, 88 3	-1 0, 98 7
Gro Pro fit ss	1, 32 7	1, 26 3	1, 38 4	1, 32 0	1, 41 2	1, 34 5	1, 51 6	1, 44 6	5, 63 9	5, 37 4
&A SG	89 -6	25 -6	87 -6	23 -6	93 -6	26 -6	40 -7	70 -6	-2 80 9 ,	-2 544 ,
R& D	-6 3	-6 3	-6 5	-6 5	-6 4	-6 4	-7 5	-7 5	-2 67	-2 67
EB IT	57 5	57 5	63 2	63 2	65 5	65 5	70 1	70 1	2, 56 3	2, 56 3
EB ITD A	73 7	73 7	78 9	78 9	81 8	81 8	89 3	89 3	3, 23 7	3, 23 7

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

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