Fresenius SE & Co. KGaA

Investor Presentation • Nov 2, 2011

Analyst Conference Call – Q1-3/11 Results

November 2, 2011

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: Financial Results

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

1Net income attributable to Fresenius SE & Co. KGaA and before special items due to MEB and CVR accounting

Fresenius Group: Financial Results by Business Segment

Q 3 / 1 1 1 -	F i r e s e n s u d i l C M e c a a r e	F i r e s e n s u b i K a	F i r e s e n s u l i H e o s	F i r e s e n s u d V a m e
l S a e s h G t o r w	\$ U S 9 4 7 3 m , 7 %	€ 2 9 0 5 m , 8 %	€ 1 9 0 5 m , 6 %	€ 8 0 4 m 7 % -
E B I T h G t o r w	\$ S 8 8 U 1 4 m , 7 %	€ 6 1 3 m 1 0 %	€ 1 9 5 m 1 3 %	€ 2 2 m 8 % -

Fresenius Kabi: Update Q1-3/11

• • 3% organic sales growth in Q3, leading to 9% growth in Q1-3; outstanding Q1-3 EBIT margin of 20.8%
• 9% organic sales growth outside North America
• 15% growth in Emerging Markets China as largest contributor (+21%)
• 19% growth in I.V. drugs broad-based portfolio
• 10% organic sales growth in NA driven by new products and drug shortages
• Q3: -10% due to exceptionally high Q3/10 base
• Fully on track for 2011 guidance Q4 yoy growth expected at mid single-digit rates

Fresenius Kabi: Save the Date!

Fresenius Helios: Update Q1-3/11

• • Operating business in great shape: 4% organic sales growth; 70 bps EBIT margin increase to 10.0%; Q3 EBIT margin of 11.0% at all-time high
• • Hospital acquisitions provide significant growth
• • German market update: 15 to 20 projects YTD pending/concluded
• Acquisition of Damp Group 7th largest German private hospital operator
• Acquisition of sixth maximum-care hospital (Duisburg)
• 2012 DRG-inflator increases to 1.48% (2011: 0.9%)

HELIOS hospital network pro forma, including Damp Group and Duisburg Hospital

Fresenius Vamed: Update Q1-3/11

• • Sales and earnings fully in line with expectations
• Negative sales growth due to 2010 Ukraine project and Middle East/North Africa unrest

• 10% sales growth adjusted for Ukraine/Middle East/North Africa

• • Excellent Q3 order intake of €171 million €98 million hospital turnkey project, Russia
• €42 million hospital turnkey project, Germany
• On track to achieve 2011 sales and EBIT guidance

Group Financials Q1-3/11 Outlook 2011

Fresenius Group: Profit and Loss Statement

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

1 Net income attributable to Fresenius SE & Co. KGaA and before special items due to MEB and CVR accounting

Fresenius Kabi: Excellent EBIT Growth

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

Fresenius Helios: Excellent Sales and EBIT Growth

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

Fresenius Vamed: Sales and EBIT in Line with Expectations

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

Cash Flow Development

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

1 Before Acquisitions and Dividends

2 Incl. FMC dividend

3 Understated: 8.7% excluding €61 million of capex commitments from acquisitions

Margin = in % of sales

Fresenius Group: Debt and Interest Ratios

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

Fresenius Group: 2011 Outlook by Business Segment

		P i r e o s v u	N e w
F i r e s e n u s K b i a	l h S t a e s g o r w E B I T i m a r g n	8 % i o g a n c r ~ 2 0 % ~	8 0 8 5 % i o g a n c r – 2 0 % ≥
F i r e s e n u s H l i e o s	l h S t a e s g o r w E B I T	3 5 % i o g a n c r – 2 0 € 6 m ~	2 0 2 0 € 6 7 m –
F i r e s e n u s 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	0 5 % – 0 5 % –
F i r e s e n u s B i h t o e c	E B I T	€ 3 0 m ~ -

Fresenius Group: 2011 Outlook

	i P r e v o u s	N e w
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	8 7 % –	6 % ~
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	8 1 5 1 % –	d i t m p o e o r v h l f f u p p e r a o r a n g e
C a p e x	f l 5 % G o r o u p s a e s ~	f d i c o n r m e

Analyst Conference Call – Q1-3/2011 Results, Fresenius SE & Co. KGaA, Investor Relations © Copyright, November 2, 2011 Page 17 1 Net income attributable to Fresenius SE & Co. KGaA and before special items due to MEB and CVR accounting

Attachments

Special items

• • Other financial result:
• 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.

Fresenius Group:

Overview – Calculation of Noncontrolling Interest

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

Fresenius Group: Cash Flow

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

Cash Flow Development LTM

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

Margin = in % of sales

1 Before Acquisitions and Dividends

2 Incl. FMC dividend

3 Understated: 8.7% excluding €61 million of Capex commitments from acquisitions

Fresenius Kabi: Strong Organic Sales Growth

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

Fresenius Kabi: Strong Organic Sales Growth

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

Fresenius Helios: Strong Organic Sales Growth

€ m	/ Q 3 1 1 1 -	/ Q 3 0 1 1 -	G h t r o w
b l h d l f l E i i i i t t s a s e c n c p o r o o	1 9 1 6 ,	1 8 4 0 ,	4 %
A i i i t c q u s o n s ( l i d i 1 ) t < c o n s o a o n y r	3 4
D i i t t ( d l d ) v e s u r e s i i 1 t < e c o n s o a o n y r		0
l l T t o a s a e s	9 0 1 5 ,	8 0 1 4 ,	% 6

Fresenius Helios: Performance Indicators

	/ Q 3 1 1 1 -	/ Q 3 0 1 1 -	C h a n g e
1 f h l N i t o o o s p a s l A i i t c e c a e c n c s u r - l P i i t- t o s a c e c a e c n c s u r -	6 4 4 4 2 0	2 6 4 2 2 0	3 % 5 % 0 %
1 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 -	9 3 3 6 1 , 8 6 9 1 5, 3, 6 4 7	8 6 1 5 4 , 0 9 1 5, 7 3, 6 4 7	% 4 % 5 0 %
2 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, 3 8 9 4 7	3 9 4 5 1, 7	% 5
2 O c c p a n c u y P t- t o e e s a c u c a r -	7 9 %	8 1 %
2 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 e c a e u r - P t- t o s a c e c a e u r -	6. 7 2 9 6	7. 0 2 9 5

Dec 31, 2010

2Clinics in Germany

Fresenius Helios: Sales Influence Hospital Acquisitions

i i i A t c q s o n s u	l i d l A n n a e s a e s u z
l l d H i H t t t, o s p a e m s e L S o e a o n w r x y	€ 3 2 m ~	l d d f i J 1 2 0 1 1 t c o n s o a e a s o a n ,
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 e e m e g u r r -	€ 3 1 m ~	f l i d d l 2 0 J 1 1 1 t c o n s o a e a s o u y ,

Fresenius Group: Key Figures According to IFRS

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

1Net income attributable to Fresenius SE & Co. KGaA

2Net income attributable to Fresenius SE & Co. KGaA before special items due to MEB and CVR accounting

Share Information

Share key facts

Number of shares¹ 163,043,629 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 October 31, 2011

Financial Calendar

• 21.02.2012 Report on Fiscal Year 2011
• 03.05.2012 Report on 1st quarter 2012
• 11.05.2012 Annual General Meeting, Frankfurt/Main
• 01.08.2012 Report on 1st half 2012
• 31.10.2012 Report on 1st 3r^d quarter 2012

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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