Fresenius Medical Care AG & Co. KGaA

Investor Presentation • Sep 7, 2016

Bank of America Merrill Lynch European Credit Conference 2016

London | September 7, 2016

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 after minorities 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. The term EMEA refers to the region Europe, Middle East and Africa. Amounts are in US-\$ if not mentioned otherwise.

Our company profile

Percentage of 1st half 2016 revenue

Health care services Products

Therapies & laboratory services for patients with chronic kidney failure

Businesses supporting dialysis, e.g. vascular services

68% 13% 19%

dialyzers & bloodline systems

AGENDA

Business update & outlook

Credit highlights 3

2

1

Expected global dialysis patient growth

• Expected patient growth of around 6% p.a.
• Driven by age, lifestyle and higher life expectancy

Market position by major product groups 2015

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

Asia-Pacific 320 clinics EMEA 659 clinics North America 2,210 clinics Latin America 229 clinics Global presence: products & services Japan Inukai, Buzen China Changshu Europe Germany, France, Italy US Concord, Ogden Mexico Guadalajara, Reynosa HongKong Company Headquarters Bad Homburg Waltham Regional Headquarters Asia-Pac. Regional Headquarters America Fresenius Medical Care has 37 production sites worldwide

AGENDA

Q2: Accelerated earnings growth

• Solid revenue growth driven by very good results in health care services
• North America again with excellent operating performance
• Care Coordination continues to show significant top-line growth
• New innovative hemodialysis therapy system 6008 launched in May
• For the first time providing services to more than 300,000 patients worldwide
• On track to achieve full year guidance

Q2 2016 Highlights Q2 2016 Performance (US\$ million)

Q2: Solid revenue development in all segments

North America	US\$ million		EMEA	US\$ million
Revenue	3,168	+8%	Revenue	676	+3%cc
Organic growth		+7%	Organic growth		0%
Asia-Pacific	US\$ million		Latin America	US\$ million
Revenue	397	+6%cc	Revenue	175	+9%cc
Organic growth		+7%	Organic growth		+17%
9% Asia-Pacific cc = constant currency, corporate revenue = \$4m	4% Latin America 15% EMEA		4,420\$m +7%cc	72% North America

Q2: Health care services revenue continues to grow
	Q2 2016 US\$ million	Q2 2015 US\$ million	Growth in %	Growth in %cc	Organic growth in %	market growth in %
Total health care	3,571	3,345	7	8	7	3
North America	2,938	2,722	8	8	7	3
of which Care Coordination	564	468	21	21	17	n.a.
EMEA	331	309	7	9	3	3
Asia-Pacific	177	164	8	2	4	5
Latin-America	125	1391	(10)1	18*	19	2

• 4% increase in dialysis treatments
• Positive impact from a higher volume with commercial payers
• Care Coordination with significant organic growth

¹ Pro-forma health care services revenue, reflecting sale of Fresenius Medical Care's clinics in Venezuela in July 2015 (\$11 million revenue in Q2 2015).

Q2: Dialysis products grow despite strong Q2 2015

	Q2 2016 US\$ million	Q2 2015 US\$ million	Growth in %	Growth in %cc
Total dialysis products	849	854	(1)	2
North America	230	224	2	2
EMEA	345	359	(4)	(3)
Asia-Pacific	220	212	4	9
Latin America	50	53	(5)	8
Corporate	4	6	(30)	(31)

• Increased sales of dialyzers and 73% machines
• Very tough comparison due to exceptionally strong performance in the comparable quarter last year

• Foreign currency headwinds outside of North America

• Savings from the Global Efficiency Program are included

• Acquisitions 2015/2016 are not included

• Net income growth based on US\$ 1,057 million in 2015

• We expect an average increase in net income in the high single-digit percentage range for the same period.

• We will continue to grow our dialysis services and products business.
• We plan to further expand our Care Coordination activities.

AGENDA

• Steady and predictable operating cash flow
• Target: Cash flow generation of >10% of total revenue
• Strong free cash flow of ~US\$ 1 billion p.a. on average

* As announced at the Fresenius Medical Care Capital Markets Day 2014.

Clear commitment to keep leverage ratio at or below 3.0x

* Reclassification of debt issuance costs from current/non-current asset to long-term liabilities as of 2010.

Solid returns on invested capital

• Long-term value creation based on accretive acquisitions and organic growth
• New business segment Care Coordination still in investment mode
• ROIC to improve by 100 basis points by 2020**

^* Based on net operating profit after tax (NOPAT) and average invested capital over the last twelve months.

^** As announced at the Fresenius Medical Care Capital Markets Day 2014.

Diversified financing mix

As of June 30, 2016

1	Senior notes	59%
2	Equity-neutral convertible bond	5%
3	Commercial paper	7%
4	Other financial liabilities	2%
5	Senior secured credit facilities	27%

Funding strategy

• Ensure financial flexibility through diversification of financing instruments
• Optimize cost of capital
• Limit financial risks
• Balance maturity profile

Well balanced debt maturity profile1

² weighted-average time-to-maturity as of June 30, 2016.

Credit ratings

	Standard & Poor's	Moody's	Fitch
Long-term	BBB-	Ba1	BBB
Outlook	stable	stable	stable
Secured debt	BBB-	Baa3	BBB
Unsecured debt	BB+	Ba2	BBB-

Fresenius Medical Care's credit ratings allow for good access to the international capital markets at all times

Strong cash flow and sufficient debt capacity provide flexibility to finance opportunistic acquisitions if needed

Financing highlights

Strong and predictable cash flow generation

Resilient credit profile and healthy balance sheet

Solid and improving returns on invested capital

Diversified mix of financing instruments

Well-balanced maturity profile

Attachment 1

Reconciliation of non-US-GAAP financial measures to the most comparable US-GAAP measure

US\$ million

Debt	FY 2014 1)	FY 2015	Q2 2016
Short term borrowings	133	109	705
+ Short term borrowing from related parties	5	19	3
+ Current portion of long-term debt and capital lease obligations	314	664	675
+ Long-term debt and capital lease obligations less current portion	9,014	7,854	7,702
TOTAL debt	9,466	8,646	9,085
EBITDA	FY 2014 2)	FY 2015 2)	2) Q2 2016
Last twelve month operating income (EBIT)	2,347	2,327	2,466
+ Last twelve month depreciation and amortization	716	717	739
+ Non-cash charges	57	83	89
EBITDA (annualized)	3,120	3,127	3,294
Total Debt 1) / EBITDA	3.0	2.8	2.8

1) Reclassification of debt issuance costs from current / non-current assets to long-term liabilities

2) EBITDA: including largest acquisitions

Attachment 2

Reconciliation of non-US-GAAP financial measures to the most comparable US-GAAP measure

US\$ million

Cash Flow	Q2 2015	Q2 2016	H1 2015	H1 2016
Acquisitions, investments and net purchases of intangible assets	(79)	(213)	(101)	(304)
+ Proceeds from divestitures	24	146	35	147
= Acquisitions and investments, net of divestitures	(55)	(67)	(66)	(157

Capital expenditures, net	Q2 2015	Q2 2016	H1 2015	H1 2016
Purchase of property, plant and equipment	(217)	(256)	(418)	(506)
- Proceeds from sale of property, plant & equipment	3	4	7	8
= Capital expenditure, net	(214)	(252)	(411)	(498)

H1: Health care services			& product revenue			Same
	H1 2016 US\$ million	H1 2015 US\$ million	Growth in %	Growth in %cc	Organic growth in %	market growth in %
Total health care services	6,985	6,527	7	9	7	4
North America	5,770	5,293	9	9	7	3
of which Care Coordination	1,086	902	20	20	17	-
EMEA	632	610	4	8	3	4
Asia-Pacific	345	328	5	3	4	6
Latin-America	238	296	(20)	9	17	2
		H1 2016 US\$ million	H1 2015 US\$ million		Growth in %	Growth in %cc
Total dialysis products		1,641		1,632	1	4
North America		442		424	4	4
EMEA		675		687	(2)	1
Asia-Pacific		426		401	6	12
Latin America		90		105	(14)	2
Corporate		8		15	(48)	(48)

cc = constant currency

Q2/H1: Strong profit increase

	Q2 2016 US\$ million	Q2 2015 US\$ million	Growth in %	H1 2016 US\$ million	H1 2015 US\$ million	Growth in %
Net revenue	4,420	4,199	5	8,626	8,159	6
Operating income (EBIT)	641	547	17	1,181	1,051	12
EBIT-margin in %	14.5	13.0	150bp	13.7	12.9	80bp
Net interest expense	102	102	1	208	204	2
Income before taxes	539	445	21	973	847	15
Income tax expense	169	135	24	306	273	12
Tax rate in %	31.3	30.4	90bp	31.5	32.2	(70bp)
Non-controlling interest	76	69	11	145	124	17
Net income	294	241	22	522	450	16

Revenue for the first half increased by 8% constant currency, in line with full-year guidance.

Net income supported by lower cost for healthcare supplies and savings from Global Efficiency Program.

Solid balance sheet

• Stable proportion of assets & liabilities as of December 31, 2015
• Strong equity ratio of 41% in 2015 (+100bp yoy)

H1: Patients, treatments, clinics

	Patients as of June 30, 2016	Treatments H1 2016, in million	Clinics as of June 30, 2016
North America	186,096	14.2	2,249
Growth in %	4	5	2
EMEA	58,528	4.3	700
Asia-Pacific	27,007	1.9	324
Latin America	29,917	2.3	231
Total	301,548	22.8	3,504
Growth in %	4	4	2

Q2: Quality outcomes remain stable

	North America			EMEA		Latin America1		Asia-Pacific1
% of patients	Q2 2016	Q1 2016	Q2 2016	Q1 2016	Q2 2016	Q1 2016	Q2 2016	Q1 2016
Kt/V ≥ 1.2	98	98	96	96	92	92	97	97
No catheter (>90 days)	84	85	81	82	82	82	91	91
Hemoglobin = 10 – 12 g/dl	73	72	77	78	52	52	58	58
0 Hemoglobin = 10 – 13 g/dl (International)	78	77	77	77	69	68	66	66
Albumin ≥ 3.5 g/dl	81	82	90	91	90	90	87	89
Phosphate ≤ 5.5 mg/dl	63	64	76	78	77	75	71	70
Calcium 8.4 – 10.2 mg/dl	83	84	73	74	74	76	75	74
Hospitalization days, per patient	10.0	10.0	9.4	9.4	3.6	3.5	4.0	4.3

¹ Outcome data in these regions might be more volatile over time as clinic data will be added.

The DSO increase in the North America Segment in Q1 2016 is mainly due to an adjustment which impacted invoicing. This effect was largely resolved in Q2 2016.

	Exchange rates
		Q2 2015	H1 2015	Q2 2016	H1 2016
€:\$	Period end	1.119	1.119	1.110	1.110
	Average	1.105	1.116	1.129	1.116
\$:CNY	Period end	6.200	6.200	6.643	6.643
	Average	6.204	6.221	6.543	6.539
\$:RUB	Period end	55.729	55.729	64.421	64.421
	Average	52.674	57.932	65.828	70.165
\$:ARS	Period end	9.105	9.105	14.911	14.911
	Average	8.960	8.822	14.211	14.326

U.S. dialysis days per quarter
	Q1	Q2	Q3	Q4	Full year
2014	76	78	79	80	313
2015	76	78	79	79	312
2016	78	78	79	79	314
2017	77	78	79	78	312

Capitalization as of June 30, 2016

	30-Jun-16
	in \$ m	in € m	% of total capitalization	LTM EBITDA1
Cash and cash equivalents	723	651	2.07%
Revolving credit facility	0	0	0.00%
Term Loan A USD	2,200	1,982	6.30%
Term Loan A EUR	293	264	0.84%
Total credit agreement debt	2,493	2,246	7.14%	0.8
Senior Notes	5,386	4,851	15.42%
Convertible bonds	422	380	1.21%
A/R facility	0	0	0.00%
Commercial Paper	611	550	1.75%
Other debt less total debt issuance costs2	173	156	0.50%
Total net debt	8,362	7,532	23.94%	2.5
Market capitalization	26,573	23,936	76.06%
Total capitalization	34,935	31,468	100.00%

¹ Based on annualized EBITDA (Q2 2016) of \$3,294m.

² Consists of other bank debt (incl. short term debt), capital lease obligations.

³ Based on no. of shares and FME closing share price as of June 30, 2016.

NOTE: Debt balances based on exchange rate of USD/EUR of 1.1102 as of June 30, 2016.

2020 growth strategy

Opening up new business areas

Growing in our core business

Enhancing products and treatments

Increasing flexibility and efficiency

Constant currency: Changes in revenue include the impact of changes in foreign currency exchange rates. We use the non-GAAP financial measure "at constant exchange rates" in our filings to show changes in our revenue without giving effect to period-to-period currency fluctuations. Under U.S. GAAP, revenues received in local (non-U.S. dollar) currency are translated into U.S. dollars at the average exchange rate for the period presented. When we use the term "constant currency," it means that we have translated local currency revenues for the current reporting period into U.S. dollars using the same average foreign currency exchange rates for the conversion of revenues into U.S. dollars that we used to translate local currency revenues for the comparable reporting period of the prior year. We then calculate the change, as a percentage, of the current period revenues using the prior period exchange rates versus the prior period revenues. This resulting percentage is a non-GAAP measure referring to a change as a percentage "at constant exchange rates."

We believe that revenue growth is a key indication of how a company is progressing from period to period and that the non-GAAP financial measure constant currency is useful to investors, lenders, and other creditors because such information enables them to gauge the impact of currency fluctuations on its revenue from period to period. However, we also believe that data on constant currency period-over-period changes have limitations, particularly as the currency effects that are eliminated could constitute a significant element of our revenue and could significantly impact our performance. We therefore limit our use of constant currency period-over-period changes to a measure for the impact of currency fluctuations on the translation of local currency revenue into U.S. dollars. We do not evaluate our results and performance without considering both constant currency period-over-period changes in non-U.S. GAAP revenue on the one hand and changes in revenue prepared in accordance with U.S. GAAP on the other. We caution the readers of this report to follow a similar approach by considering data on constant currency period-over-period changes only in addition to, and not as a substitute for or superior to, changes in revenue prepared in accordance with U.S. GAAP. We present the fluctuation derived from U.S. GAAP revenue next to the fluctuation derived from non-GAAP revenue. Because the reconciliation is inherent in the disclosure, we believe that a separate reconciliation would not provide any additional benefit.

Financial calendar *

Oct 27, 2016 Report on 3rd quarter 2016

Sep 7, 2016	Baird's Global Healthcare Conference, New York
Sep 14, 2016	BAML Global Healthcare Conference, London
Sep 20, 2016	Berenberg & Goldman Sachs Corporate Conference, Munich
Sep 21, 2016	Baader Investment Conference, Munich
Sep 22, 2016	Bernstein's Strategic Decision Conference, London
Sep 29, 2016	JP Morgan Investor Forum, Milan

* Please note that dates and/or participation might be subject to change

Contacts

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

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

Oliver Maier

Head of Investor Relations and Corporate Communications Tel: +49–(0) 6172–609–2601 Email: oliver.maier@fmc-ag.com

Robert Adolph

Director Investor Relations Tel.: +49–(0) 6172–609–2477 Email: robert.adolph@fmc-ag.com

Juliane Beckmann

Senior Manager Investor Relations Tel.: +49–(0) 6172–609–5216 Email: juliane.beckmann@fmc-ag.com

Terry Morris

VP Investor Relations North America Tel: +1– 800–948–2538 Email: terry.morris@fmc-na.com

Bank of America Merrill Lynch European Credit Conference 2016

London | September 7, 2016