Fresenius Medical Care AG & Co. KGaA

Investor Presentation • Aug 1, 2017

Q2 2017

Conference call | August 1, 2017

© │ Conference Call │ Q2 2017 1 Rice Powell - CEO Mike Brosnan - CFO 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 current estimates and assumptions made to the best of our knowledge. 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) Annual Report on Form 20-F under the heading "Forward-Looking Statements" and under the headings in that report referred to therein, and in FMC AG & Co. KGaA's other 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. The term EMEA refers to the region Europe, Middle East and Africa. Amounts are in Euro if not mentioned otherwise.

AGENDA – Q2 2017

Q2 2017: Solid growth trend continued Clinics +5% Patients +5% 112,163 Employees +5% 12,011,177 Treatments +4%

315,305

3,690

H1 2017: Results in line with FY guidance

	H1 2017 € million	H1 2016 € million	Growth in %	Growth in %cc
Revenue	9,019	7,942	14	11
Revenue1 (excl. VA agreement)	8,921	7,942	12	9
Operating profit (EBIT)	1,235	1,068	16	13
EBIT1 (excl. VA agreement)	1,144	1,068	7	5
Net income2	577	477	21	19
Net income1,2 (excl. VA agreement)	523	477	10	8
Basic EPS [€]	1.88	1.56	21	18

Solid growth in group revenue and net income

H1 in line with guidance for FY 2017

Q2 2017: Net income impacted by headwinds

	Q2 2017 € million	Q2 2016 € million	Growth in %	Growth in %cc
Revenue	4,471	4,026	11	9
Revenue1 (excl. VA agreement)	4,473	4,026	11	9
Operating profit (EBIT)	583	571	2	0
EBIT1 (excl. VA agreement)	591	571	4	2
Net income2	269	264	2	0
Net income1,2 (excl. VA agreement)	274	264	4	2
Basic EPS [€]	0.88	0.86	2	0

• Underlying revenue growth trend fully intact
• Earnings affected by:
• Higher personnel expenses
• Higher bad debt expenses
• Increased foreign currency transaction losses

1 Excl. VA agreement (€-2m revenue, €-8m EBIT, €-5m net income) | 2 Net income attr. to shareholders of FME | cc = constant currency

Q2 2017: Top-line growth across all regions

North America	€ million		EMEA	€ million
Revenue	3,225	+11%	Revenue	642	+7%
Organic growth		+5%	Organic growth		+4%
Asia-Pacific	€ million		Latin America	€ million
Revenue	417	+19%	Revenue	183	+18%
Organic growth		+11%	Organic growth		+15%

FMFΔ	$\epsilon$ million
Revenue	642	$+7%$
Organic growth		$+4%$
Latin America	$\epsilon$ million
Revenue	183	$+18%$
Organic growth		$+15%$

• North America with strong organic revenue growth supported by Care Coordination
• Asia-Pacific growth positvely impacted by acquisitions and business growth in China

North America	72%
EMEA	15%
Asia-Pacific	9%
Latin America	4%

Q2 2017: Health Care Services – strong growth

Revenue	Q2 2017 € million	Q2 2016 € million	Growth in %	Growth in %cc	Organic growth in %	Same market growth in %
Total Health Care	3,649	3,273	11	9	6	3
North America	3,017	2,712	11	8	6	3
of which Care Coordination	698	528	32	29	19	-
EMEA	310	293	6	5	2	3
Asia-Pacific	191	157	22	19	6	5
of which Care Coordination	39	n.a.	n.a.	n.a.	n.a.	-
Latin America	131	111	18	18	18	1

• North American Care Coordination business continues very strong growth
• High growth in Asia-Pacific supported by Cura acquisition
• Growth in EMEA in line with patient growth
• Latin America driven by strong underlying organic growth

cc = constant currency

Q2 2017: Quality outcomes remain on high level

North America EMEA		Latin America		Asia-Pacific
% of patients1	Q2 2017	Q1 2017	Q2 2017	Q1 2017	Q2 2017	Q1 2017	Q2 2017	Q1 2017
Kt/V ≥ 1.2	98	98	95	95	93	92	96	96
No catheter (>90 days)	84	84	81	81	81	81	88	89
Hemoglobin = 10 – 12 g/dl	73	73	78	79	51	51	58	59
Hemoglobin = 10 – 13 g/dl (International)	80	79	78	78	69	67	v 66	68
Albumin ≥ 3.5 g/dl2	78	78	86	87	91	90	87	87
Phosphate3 ≤ 5.5 mg/dl	62	63	75	77	77	74	69	67
Calcium 8.4 – 10.2 mg/dl	84	84	74	74	78	75	74	75
Hospitalization days, per patient	10.1	10.0	7.5	7.9	3.9	3.9	3.9	4.0

1 Outcome data in these regions might be more volatile over time as clinic data will be added | 2 International standard BCR CRM470 | 3 Phosphate reported as mg/dL of phosphorus

© │ Conference Call │ Q2 2017 9

Q2 2017: Dialysis Products show good demand

	Q2 2017 € million	Q2 2016 € million	Growth in %	Growth in %cc
Total Health Care Products	822	753	9	8
Dialysis Products	801	741	8	7
North America	208	204	2	0
EMEA	311	294	6	6
Asia-Pacific	226	194	17	15
Latin America	52	44	17	10
Non-Dialysis Products	21	12	71	71

• Increased sales of products for peritoneal and disposables for hemo dialysis in North America
• Growth in EMEA, Asia-Pacific and Latin America accelerated sequentially

cc= constant currency

H1 2017: Highlights

• Performance H1 in-line with FY 2017 guidance
• All regions contributed to a solid performance in H1
• Value-based care programs continue to develop successfully: BPCI1 program and ESCO2 continue to deliver savings
• Closing of Cura acquisition contributes to Care Coordination targets
• Sucessful refinancing of credit agreement

1 Bundled Payments for Care Improvement | 2 ESRD Seamless Care Organization

AGENDA – Q2 2017

Business update

Financials & outlook

Q&A 3

© │ Conference Call Call │ Q2 2017 12

2

1

H1 2017: Development in-line with FY 2017 targets

				Excl. VA agreement
	H1 2017 € million	H1 2016 € million	Growth in %	H1 2017 € million	H1 2016 € million	Growth in %	Growth in %cc
Net revenue	9,019	7,942	14	8,921	7,942	12	9
Operating income (EBIT)	1,235	1,068	16	1,144	1,068	7	5
EBIT-margin in %	13.7	13.5	0.2 pp	12.8	13,5	(0.7) pp	(0.6) pp
Net interest expense	188	186	1	188	186	1	(1)
Income before taxes	1,047	882	19	956	882	8	6
Income tax expense	332	275	21	297	275	8	6
Tax rate in %	31.7	31.2	0.5 pp	31.1	31.2	(0.1) pp	(0.1) pp
Non-controlling interest	138	130	6	136	130	5	2
Net income1	577	477	21	523	477	10	8

Revenue2 for H1 2017 is in line with FY 2017 guidance and increased by 9% at constant currency

Net income growth2 of 8% at constant currency in line with 2017 targets

1 Net income attr. to shareholders of FME | 2 Excl. VA agreement | cc= constant currency

© │ Conference Call │ Q2 2017 14

Q2 2017: Net income impacted by headwinds

				Excl. VA agreement
	Q2 2017 € million	Q2 2016 € million	Growth in %	Q2 2017 € million	Q2 2016 € million	Growth in %	Growth in %cc
Net revenue	4,471	4,026	11	4,473	4,026	11	9
Operating income (EBIT)	583	571	2	591	571	4	2
EBIT-margin in %	13.0	14.2	(1.2) pp	13.2	14.2	(1.0) pp	(0.9) pp
Net interest expense	95	90	5	95	90	5	3
Income before taxes	488	481	2	496	481	3	1
Income tax expense	150	149	1	153	149	3	1
Tax rate in %	30.8	31.1	(0.3) pp	30.9	31.1	(0.2) pp	(0.2) pp
Non-controlling interest	69	68	2	69	68	2	0
Net income1	269	264	2	274	264	4	2

Solid revenue2 growth of 9% at constant currency

As expected net income2 development at constant currency of 2% impacted by headwinds

1 Net income attr. to shareholders of FME | 2 Excl. VA agreement | cc= constant currency

© │ Conference Call │ Q2 2017 16

Q2 2017: regional margin profile

• gain from a consent agreement on certain pharmaceuticals, lower costs for pharmaceuticals and lower bad debt expenses
• Care Coordination margins of 1.2% reflect
• higher bad debt expense, lower profit from vascular services and higher costs for pharmacy services
• sequential margin improvement

Q2 2017: regional margin profile

Diagrams: different scales applied

• Operating profit margin development impacted by unfavourable foreign currency transaction losses, partially offset by business growth in China
• Care Coordination performance impacted by integration cost and building up of business

Q2 2017: Strong cash flow generation

	Q2 2017 in € million	Q2 2016 in € million	H1 20171 in € million	H1 2016 in € million
Operating cash flow	883	604	1,052	767
in % of revenue	19.7	15.0	11.7	9.7
Capital expenditures, net	(193)	(223)	(388)	(446)
Free cash flow	690	381	664	321
Free cash flow, after acquisitions and investments	508	323	322	180

Days sales outstanding (DSO) at 66 days worldwide.

1 Incl. \$205m (€193m) cash contribution from VA agreement

Successful refinancing of credit agreement

• Amended and extended credit agreement in the amount of approximately USD 3.9 billion denominated in U.S. Dollar and Euro
• Maturities in 2020 and 2022
• Simplified, unsecured structure consistent with the investment grade rating of the company and lower tiered pricing
• Future bond issuances should be ranked pari passu with the credit agreement

Outlook 2017 confirmed

	Guidance 2017	2016 base (IFRS/€m)
Revenue growth	8 to 10%	16,570
Net income growth	7 to 9%	1,144

Assumptions:

• Numbers at constant currency
• Guidance 2017 excluding effect from agreement with United States Departments of Veterans Affairs and Justice
• Net income refers to net income attributable to shareholders of FMC AG & Co. KGaA

AGENDA – Q2 2017

Business update

Financials & outlook

Q&A 3

2

1

Your questions are welcome Conference call | August 1, 2017

© │ Conference Call │ Q2 2017 23 Rice Powell - CEO Mike Brosnan - CFO

Attachment 1

Reconciliation of non-IFRS financial measures to the most comparable IFRS measure

€ million

Debt	FY 2015	FY 2016	Q2 2017
Short term debt	101	572	970
+ Short term debt from related parties	18	3	18
+ Current portion of long-term debt and capital lease obligations	610	724	670
+ Long-term debt and capital lease obligations less current portion	7,214	6,833	6,387
TOTAL debt	7,943	8,132	8,045
Cash and cash equivalents	516	709	721
Net debt	7,427	7,423	7,324
EBITDA	FY 2015	FY 20161	Q2 20171
Last twelve month operating income (EBIT)	2,129	2,398	2,586
+ Last twelve month depreciation and amortization	648	710	748
+ Non-cash charges	47	65	61
EBITDA (annualized)	2,824	3,173	3,395
Total Net Debt / EBITDA	2.6	2.3	2.2

1 EBITDA: including largest acquisitions

Attachment 2

Reconciliation of non-IFRS financial measures to the most comparable IFRS measure

€ million

Cash Flow	Q2 2016	Q2 2017	H1 2016	H1 2017
Acquisitions, investments and net purchases of intangible assets	(190)	(191)	(273)	(352)
+ Proceeds from divestitures	132	9	132	10
= Acquisitions and investments, net of divestitures	(58)	(182)	(141)	(342)

Capital expenditures, net	Q2 2016	Q2 2017	H1 2016	H1 2017
Purchase of property, plant and equipment	(227)	(206)	(453)	(404)
- Proceeds from sale of property, plant & equipment	4	13	7	16
= Capital expenditure, net	(223)	(193)	(446)	(388)

Attachment 3

Reconciliation of non IFRS financial measures to the most directly comparable IFRS financial measures

Operating performance excluding VA agreement – basis for guidance 2017

€ million	Q2 2016	Q2 2017	H1 2016	H1 2017
Revenue	4,026	4,471	7,942	9,019
VA agreement	-	(2)	-	98
Revenue excluding VA agreement	4,026	4,473	7,942	8,921
Operating income (EBIT)	571	583	1,068	1,235
VA agreement	-	(8)	-	91
Operating income (EBIT) excluding VA agreement	571	591	1,068	1,144
Net income1	264	269	477	577
VA agreement	-	(5)	-	54
Net income1 excluding VA agreement	264	274	477	523

1 attributable to shareholders of FMC AG & Co. KGaA

Day sales outstanding (DSO)

Total DSO decrease driven by North America

H1 2017: Health care services revenue

Revenue	H1 2017 € million	H1 2016 € million	Growth in %	Growth in %cc	Organic growth in %	Same market growth in %
Total Health Care Services	7,418	6,472	15	11	8	3
North America	6,182	5,383	15	11	8	3
of which Care Coordination	1,389	1,027	35	31	23	-
EMEA	613	567	8	7	3	4
Asia-Pacific	360	309	16	12	5	4
of which Care Coordination	59	n.a.	n.a.	n.a.	n.a.	-
Latin America	263	213	23	20	19	1

cc = constant currency

H1 2017: Health care products revenue

Revenue	H1 2017 € million	H1 2016 € million	Growth in %	Growth in %cc
Total Health Care Products	1,601	1,470	9	7
Dialysis Products	1,560	1,447	8	6
North America	418	395	6	3
EMEA	601	581	4	4
Asia-Pacific	435	382	14	12
Latin America	97	81	20	8
Non-Dialysis Products	41	23	66	66

cc = constant currency

H1 2017: patients, treatments, clinics

	Patients as of June 30, 2017	Treatments H1 2017, in million	Clinics as of June 30, 2017
North America	193,605	14.7	2,345
Growth in %	4	3	4
EMEA	61,256	4.6	727
Growth in %	5	7	4
Asia-Pacific	30,099	2.1	387
Growth in %	11	8	19
Latin America	30,345	2.4	231
Growth in %	1	2	0
Total	315,305	23.8	3,690
Growth in %	5	4	5

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

Exchange rates

		H1 2016	FY 2016	H1 2017
€:\$	Period end	1.110	1.054	1.141
	Average	1.116	1.107	1.083
€:CNY	Period end	7.376	7.320	7.739
	Average	7.297	7.352	7.445
€:RUB	Period end	71.520	64.300	67.545
	Average	78.297	74.145	62.806
€:ARS	Period end	16.554	16.718	18.956
	Average	15.987	16.334	17.028
€:BRL	Period end	3,590	3.431	3.760
	Average	4.130	3.856	3.443

Financial calendar1

November 2, 2017	Report on 3rd quarter 2017
August 29, 2017	Commerzbank Sector Conference, Frankfurt
September 6, 2017	Wells Fargo Conference, Boston
September 7, 2017	Goldman Sachs Medtech and Healthcare Services Conference, London
September 11-12, 2017	Morgan Stanley Global Healthcare Conference, New York
September 14, 2017	Bank of America Merrill Lynch Global Healthcare Conference, London
September 18-19, 2017	Berenberg & Goldman Sachs German Corp. Conference, Munich
September 20, 2017	Baader Investment Conference, Munich

¹ 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

Dr. Dominik Heger Head of Investor Relations and Corporate Communications Tel: +49–(0) 6172–609–2601 Email: dominik.heger@fmc-ag.com

Robert Adolph

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

Philipp Gebhardt

Senior Manager Investor Relations Tel.: +49–(0) 6172–609–7323 Email: philipp.gebhardt@fmc-ag.com

Terry Morris

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

Constant currency: Changes in revenue, operating income, net income attributable to shareholders of FMC AG & Co. KGaA and other items include the impact of changes in foreign currency exchange rates. We use the non-IFRS financial measure "at constant exchange rates" or constant currency in our filings to show changes in our revenue, operating income, net income attributable to shareholders of FMC AG & Co. KGaA and other items without giving effect to period-to-period currency fluctuations. Under IFRS, amounts received in local (non-Euro) currency are translated into Euros at the average exchange rate for the period presented. Once we translate the local currency for the constant currency, we then calculate the change, as a percentage, of the current period using the prior period exchange rates versus the prior period. This resulting percentage is a non-IFRS measure referring to a change as a percentage "at constant currency."

We believe that the non-IFRS 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 a company's revenue, operating income and other items from period to period. However, we also believe that the usefulness of data on constant currency period-over-period changes is subject to limitations, particularly if the currency effects that are eliminated constitute a significant element of our revenue, operating income, net income attributable to shareholders of FMC AG & Co. KGaA and other items and 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 into Euros. We do not evaluate our results and performance without considering both constant currency period-over-period changes in non-IFRS revenue, operating income, net income attributable to shareholders of FMC AG & Co. KGaA and other items and changes in revenue, operating income, net income attributable to shareholders of FMC AG & Co. KGaA and other items prepared in accordance with IFRS. 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, operating income, net income attributable to shareholders of FMC AG & Co. KGaA and other items prepared in accordance with IFRS. We present the growth rate derived from IFRS measures next to the growth rate derived from non-IFRS measures such as revenue, operating income, net income attributable to shareholders of FMC AG & Co. KGaA and other items. Because the reconciliation is inherent in the disclosure, we believe that a separate reconciliation would not provide any additional benefit.