Fresenius Medical Care AG & Co. KGaA

Investor Presentation • Jan 12, 2015

Commerzbank German Investment Seminar 2015

January 12, 2015 New York

Safe Harbor Statement: This presentation includes certain forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Act of 1934, as amended. The Company has based these forward-looking statements on its views with respect to future events an financial performance. Actual results could differ materially from those included in the forward-looking statements due to various risk factors and uncertainties, including changes in business, economic competitive conditions, regulatory reforms, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings and the availability of financing. Given these uncertainties, readers should not put undue reliance on any forward-looking statements. These and other risks and uncertainties are discussed in detail in Fresenius Medical Care AG & Co. KGaA's (FMC AG & Co. KGaA) reports filed with the Securities and Exchange Commission (SEC) and the German Exchange Commission (Deutsche Börse).

Forward-looking statements represent estimates and assumptions only as of the date that they were made. The information contained in this presentation is subject to change without notice and the company does not undertake any duty to update the forward-looking statements, and the estimates and assumptions associated with them, except to the extent required by applicable law and regulations.

If not mentioned differently the term net income refers to the net income attributable to the shareholders of Fresenius Medical Care AG Co. KGaA independent of being the reported or the adjusted number. Amounts are in US-\$ if not mentioned otherwise.

Global Overview

1

Fresenius Medical Care – The World's Leading Dialysis Company

• Operates in more than 120 countries
• The only vertical integrated listed dialysis company
• Founded in 1996 and member of the DAX30 since 1999
• Market capitalization of more than €18 BN* (2001: ~ €6.2 BN)
• High innovation competence
• Investment largely insensitive to economic developments

* As of January 5, 2015

We are the World's Leading Provider of Dialysis Services

North America
Provider	Patients	Countries
	171,440	2
	163,000	1
	14,000	1
	14,000	1
	9,450	1
	6,550	1

	Europe, Middle East, Africa
Provider	Patients	Countries
	51,540	23
	18,500	2
	18,500	14
	11,500	17
	6,900	1
	2,750	3
	1,650	4

Latin America
Provider	Patients Countries
	29,270	8
	8,750	2
	4,250
	1,650	1
	850	1

Source: 2013 Company data and estimates

Market Position by Major Product Groups 2013

	Position 1
Dialyzers	FME
Dialysis machines	FME
Hemodialysis concentrates	FME
Bloodlines	FME
Peritoneal dialysis products	Baxter

Global Presence Products & Services

Market Dynamics & Strategy

2

Development of Dialysis Patient Numbers

Source: 2013 Company data and estimates

Objectives and Strategy for GEP

OBJECTIVES

• Identify efficiency potential
• Enhance overall competitiveness
• Liberate resources for reinvestment
• Achieved sustained efficiency gains over multiple years

APPROACH

• 18 projects active with monthly results review to ensure execution and delivery
• Owned and led by 2 executives with a dedicated full-time team

2020 Vision

• Focus on quality outcomes through better therapy
• Sustainable patient growth
• Strong cash flow generation

70% 73% 62% 30% 24% 20% 3% 18% 2000 2013 2020 Services Products Care Coordination \$4.2bn \$14.6bn Source: 2013 Company data and estimates

\$28.0bn

Business Update

Q3 and Nine Month 2014

3

Strong Operational Performance in Q3

	Q3 2014 in \$ millions	Growth in %
Net Revenue	4,113	12
Earnings before interest and tax (EBIT)	590	6
Net income, reported	271	(1)
Earnings per share (EPS), reported	0.89	(1)

• Guidance confirmed for 2014
• Global Efficiancy Program (GEP) on track
• Further sequential growth acceleration supported by all major regions
• Important steps towards expanding "care coordination" business

Revenue Breakdown Q3 2014

North America
Revenue	\$ 2,710 m	+ 11%
Organic growth		+ 5%
	4 3
	4,113 2 \$ millions
	+13%cc	1
cc = constant currency

1	North America	66%
2	Europe/Middle East/Africa	20%
3	Asia-Pacific	9%
4	Latin America	5%

Q3 Profit & Loss	Q3 2013 in \$ millions	Q3 2014 in \$ millions	Growth in %
Net revenue	3,666	4,113	12
Operating income (EBIT)	557	590	6
EBIT-margin in %	15.2	14.3
Net interest expense	103	99
Income before taxes	454	491	8
Income tax expense	148	162
Tax rate in %	32.6	32.9
Non-controlling interest	33	58	77
Net income	273	271	(1)

Cash Flow

	Q3 2013 in \$ millions	Q3 2014 in \$ millions	Growth in %
Operating cash flow	605	712	18
Capital expenditures, net	(175)	(224)
Free cash flow	430	488	13
Free cash flow, after acquisitions and investments	235	(125)
	9M 2013 in \$ millions	9M 2014 in \$ millions	Growth in %
Operating cash flow	1,446	1,274	(12)
Capital expenditures, net	(494)	(639)
Free cash flow	952	635	(33)

2014 Guidance confirmed
In \$	2014 E
Revenue	~ 15.2 bn
EBIT	~ 2.2 bn
Net income	1 –1.05 bn
Outlook excludes potential net cost savings of up to \$60 m before taxes for 2014  Investments in quality/compliance systems and legal cost to continue to comply with standards  Outlook excludes revenue contribution of ~\$500 m from acquisitions (until end of Q3) 

Summary

• Third quarter shows further improvement from second quarter
• The global efficiency program (GEP) is on track
• Good organic growth overall
• Strong operational performance in products as well as services
• Integration of recent acquisitions in Care Coordination well on track
• Very Strong Cash Flow generation

CREATING A FUTURE WORTH LIVING. FOR DIALYSIS PATIENTS. WORLDWIDE. EVERY DAY.

Thank you very much for your attention!

Appendix

9M Profit & Loss	9M 2013 in \$ millions	9M 2014 in \$ millions	Growth in %
Net revenue	10,743	11,511	7
Operating income (EBIT)	1,595	1,591	-
EBIT-margin in %	14.8	13.8
Net interest expense	310	294
Income before taxes	1,285	1,297	1
Income tax expense	421	440
Tax rate in %	32.8	33.9	Adjusted tax rate * 32.6%
Non-controlling interest	103	147
Net income	761	710	(7)
			Adjusted net income \$728 m

Revenue Growth in Dialysis Services

	Q3 2013 in \$ millions	Q3 2014 in \$ millions	Growth in %	Growth in %cc	Organic growth in %	Same market growth in %
North America	2,224	2,498	12	12	5.8	3.5
International	589	699	19	25	8.6	3.9
Total Dialysis Services	2,813	3,197	14	15	6.3	3.6
	9M 2013 in \$ millions	9M 2014 in \$ millions	Growth in %	Growth in %cc	Organic growth in %	Same market growth in %

North America	6,485	7,015	8	8	4.8	3.4
International	1,750	1,913	9	15	7.7	4.3
Total Dialysis Services	8,235	8,928	8	10	5.4	3.7

cc = constant currency

© | January 2015 26

Quality Outcomes

	U.S.		EMEA		Asia-Pacific
% of patients	Q2 2014	Q3 2014	Q2 2014	Q3 2014	Q2 2014	Q3 2014
Kt/V ≥ 1.2	97	97	96	95	97	97
No catheter (>90 days)	83	83	83	83	92	92
Hemoglobin = 10 – 12 g/dl	74	73	63	75	59	59
Hemoglobin = 10 – 13 g/dl (International)	79	78	77	76	67	67
Albumin ≥ 3.5 g/dl	82	82	89	90	91	91
Phosphate ≤ 5.5 mg/dl	63	64	77	76	71	71
Calcium 8.4 – 10.2 mg/dl	84	84	78	75	74	75
Hospitalization days, per patient	9.4	8.9	9.4	9.5	4.2	4.2

Contacts

Fresenius Medical Care

Investor Relations Else-Kröner-Str. 1 61352 Bad Homburg v.d.H.

Ticker:	FME or FMS (NYSE)
WKN:	578 580
ISIN:	DE00057858002

• Oliver Maier Head of Investor Relations and Corporate Communications Tel: +49 6172 609 2601 Email: oliver.maier@fmc-ag.com
• Gerrit Jost Tel: +49 6172 609 5216 Email: gerrit.jost@fmc-ag.com
• Terry Morris Tel: +1 800 948 2538 Email: terry.morris@fmc-na.com

Financial Calendar *

Feb 25, 2015	Report on Fiscal Year 2014
Apr 30, 2015	Report on 1st quarter 2015
May 19, 2015	Annual General Meeting
Jul 30, 2015	Report on 2nd quarter 2015
Oct 29, 2015	Report on 3rd quarter 2015
Feb 25, 2016	Report on Fiscal Year 2015

* Please notice that these dates might be subject to change

Commerzbank German Investment Seminar 2015

January 12, 2015 New York