Fresenius Medical Care AG & Co. KGaA

Investor Presentation • Jun 13, 2017

Company Presentation June | 2017

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
1	At a glance
2	Strategy
3	Financial update
4	Q1 2017 financials
5	Outlook

Numbers as of March 2017, treatments: last 12 month

Our solid revenue profile

Percentage of FY 2016 revenue (€, IFRS)

Health care services Products

Therapies & laboratory services for patients with chronic kidney failure

11.3bn 2.2bn 3.1bn

68% 14% 18%

North America - Businesses supporting dialysis, e.g. vascular services

Dialysis Services Dialysis Products

e.g., dialysis machines, dialyzers & bloodline systems

Segment revenue FY 2016, according to IFRS in EUR bn, number of patients and clinics as of YE 2016, yoy change

Organic growth drivers

Patient growth driven by

• age, lifestyle and higher life expectancy
• increasing wealth and access to medical treatments

¹ Internal estimates as of Dec. 31, 2015

Agenda
1	At a glance
2	Strategy
3	Financial update
4	Q1 2017 financials
5	Outlook

Market position by major product groups1

Dialyzers Dialysis machines Hemodialysis concentrates Bloodlines

Peritoneal dialysis products #2

1 FME

Innovating for the patient

R&D 2016

• Spend 147 Euro million (+14%)
• 5% of product revenue
• 7,748 patents
• 794 employees, FTE (+22%)

6008 - new dialysis machine

• Innovative and userfriendly
• Technologies for lower ramp up time, faster cleaning, safer treatments
• Allow skilled nurses more time with patients

¹ as of Dec. 31, 2016

¹ based on company statements and FME estimates as of Dec. 31, 2016

Numbers according to IFRS in EUR bn (EUR-USD average FX rates of respective fiscal year applied).

Our portfolio of Care Coordination businesses

Mid-term revenue and growth profile

Size of bubble indicates absolute revenue contribution. Positioning of bubble illustrative.

Agenda
1	At a glance
2	Strategy
3	Financial update
4	Q1 2017 financials
5	Outlook

Agenda
1	At a glance
2	Strategy
3	Financial update
4	Q1 2017 financials
5	Outlook

Excellent start to the year

	Q1 2017 € million	Q1 2016 € million	Growth in %	Growth in %cc
Revenue	4,548	3,916	16	12
Revenue (excl. VA agreement)1	4,448	3,916	14	10
Operating profit (EBIT)	651	497	31	28
EBIT (excl. VA agreement)1	552	497	11	8
Net income2	308	213	45	41
Net income2 (excl. VA agreement)1	249	213	17	14
Basic EPS [€]	1.01	0.70	44	41

• Strong growth in group revenue and net income
• Additional tailwind through currency effects and agreement with the US Department of Veterans Affairs and Justice (VA agreement)
• First quarter in line to achieve full year guidance

¹ Excl. VA agreement (€100m revenue, €99m EBIT, €59m net income) | 2 Net income attr. to shareholders of FME | cc = constant currency

Strong top-line growth across all regions

Health Care Services continue to perform well

Revenue	Q1 2017 € million	Q1 2016 € million	Growth in %	Growth in %cc	Organic growth in %	Same market growth in %
Total Health Care1	3,669	3,199	15	11	9	3
North America1	3,065	2,671	15	11	10	3
of which Care Coordination	691	499	39	34	27	-
EMEA	303	273	11	9	3	4
Asia-Pacific	169	153	11	5	4	4
Latin America	132	102	29	22	20	2

• Strong organic revenue growth in North America, mainly driven by higher US revenue per treatment
• Care Coordination again with significant top-line growth
• Headwind of one less dialysis day

¹ Excl. VA agreement (€100m) | cc = constant currency

Dialysis Products show good demand

	Q1 2017 € million	Q1 2016 € million	Growth in %	Growth in %cc
Total Health Care Products	779	717	8	6
Dialysis Products	758	704	8	5
North America	210	191	9	6
EMEA	290	286	1	1
Asia-Pacific	209	187	11	8
Latin America	45	37	23	6
Non-Dialysis Products	21	13	63	63
Solid growth across all regions,  especially Asia-Pacific Increased sales of dialyzers,  machines and non-dialysis	acute	Latin America	€m 779	North America
products		Asia-Pacific	+8%	EMEA

cc= constant currency

Q1 2017 – regional margin profile

Stable margin in dialysis business, despite one dialysis day less in Q1 2017

• Positive impact from improved payor mix, lower cost for health care supplies and realization of BPCI revenues
• Positive development affected by typical seasonality of US labour cost

• Care Coordination margins improved sequentially

• EBIT margin decrease mainly due to unfavorable impact from acquisitions and volumes (1 less dialysis day)

• Lower income from equity method investees (higher development cost)

EBIT % EBIT-margin

¹ Excl. Corporate

Q1 2017 – regional margin profile

• EBIT margin increase mainly driven by improved revenue mix
• Positive base effect (prior year's cost impact from changes in Management Board)

Diagrams: different scales applied

Latin America (2% of EBIT1)

in EUR million

¹ Excl. Corporate

Agenda
1	At a glance
2	Strategy
3	Financial update
4	Q1 2017 financials
5	Outlook

Outlook1	Guidance 2017	2016 base (IFRS/€m)
Revenue growth	8 to 10%	16,570
Net income growth	7 to 9%	1,144
	Vision 2020 (2014-2020, avg. % p.a.)	20202 (IFRS/€bn)
Revenue growth	~ 10	24
Net income growth	high single digit

Assumptions:

• Numbers at constant currency, 2017 target excl. 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

1 Outlook based on constant currencies | 2 US-GAAP US\$ 28bn target translated to IFRS/€ with fx rates as of the beginning of 2017

All figures and estimates EUR / IFRS.

Back-up

Attachment 1

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

€ million

Debt	FY 2015	FY 2016	Q1 2017
Short term debt	101	572	697
+ Short term debt from related parties	18	3	119
+ Current portion of long-term debt and capital lease obligations	610	724	715
+ Long-term debt and capital lease obligations less current portion	7,214	6,833	6,739
TOTAL debt	7,943	8,132	8,270
Cash	516	709	671
Net debt	7,427	7,423	7,599
EBITDA	FY 2015	FY 20161	Q1 20171
Last twelve month operating income (EBIT)	2,129	2,397	2,558
+ Last twelve month depreciation and amortization	648	710	733
+ Non-cash charges	47	66	74
EBITDA (annualized)	2,824	3,173	3,365
Total Net Debt 1) / EBITDA	2.6	2.3	2.3

1 EBITDA: including largest acquisitions

Attachment 2

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

€ million

Cash Flow	Q1 2016	Q1 2017
Acquisitions, investments and net purchases of intangible assets	(83)	(160)
+ Proceeds from divestitures	-	-
= Acquisitions and investments, net of divestitures	(83)	(160)

Capital expenditures, net	Q1 2016	Q1 2017
Purchase of property, plant and equipment	(227)	(197)
- Proceeds from sale of property, plant & equipment	4	2
= Capital expenditure, net	(223)	(195)

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	Q1 2016	Q1 2017
Revenue	3,916	4,548
VA agreement	-	(100)
Revenue excluding VA agreement	3,916	4,448
Operating income (EBIT)	497	651
VA agreement	-	(99)
Operating income (EBIT) excluding VA agreement	497	552
Net income1	213	308
VA agreement	-	(59)
Net income1 excluding VA agreement	213	249

¹ attributable to shareholders of FMC AG & Co. KGaA

Q1 revenue and net income reconciliation

Q1 cash flow impacted by seasonality in invoicing

Days sales outstanding (DSO) at 73 days worldwide.	Q1 20171 in € million	Q1 2016 in € million
Operating cash flow	170	163
in % of revenue	3.7	4.2
Capital expenditures, net	(195)	(223)
Free cash flow	(25)	(60)
Free cash flow, after acquisitions and investments	(185)	(143)

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

Q1 2017 - patients, treatments, clinics

	Patients as of Mar. 31, 2017	Treatments Q1 2017, in million	Clinics as of Mar. 31, 2017
North America	190,480	7.2	2,323
Growth in %	4	3	4
EMEA	60,168	2.3	722
Asia-Pacific	29,639	1.0	377
Latin America	30,186	1.2	232
Total	310,473	11,744,442	3,654
Growth in %	6	4	6

Financial targets

Revenue growth Average annual, constant currency	2016	20171 – 2020
Products	3.6%	5–7%
Services	6.8%	6–8%
Care Coordination	24.1%	15–20%
Total revenue growth	8.2%	~10%
Net income and EPS2 Average annual, constant currency	2016	20171 – 2020
Net Income growth rate	15.9%	High single digit
EPS growth rate	15.4%	High single digit

¹ Excluding impact related to an agreement with the United States Department of Veterans Affairs and Justice. 2 Excluding settlement costs for an agreement in principle for the GranuFlo case. All figures and estimates EUR / IFRS.

Arrows indicate current picture of capital allocation based on cumulated actuals to date. All figures EUR based under IFRS and round to bn.

Our portfolio of Care Coordination businesses

Mid-term high single-digit EBIT margin average targeted

Size of bubble indicates absolute EBIT contribution. Positioning of bubble illustrative.

Volume	Value
 Fee-for-Service	 Outcome-based reimbursement
 Focus on single products/services	 Focus on solutions and holistic care
 Networks and coordinated care not incentivized	 Higher connectivity and networks enable better outcomes
 IT mainly used for recording patient data	 Advanced analytics: IT and data used for predictive modeling

Financial calendar1

Report on 2nd Aug 1, 2017 quarter 2017
----------------------------------------------

• Nov 2, 2017 Report on 3rd quarter 2017
• Jun 13, 2017 Goldman Sachs Global Healthcare Conference, Rancho Palos Verdes
• Jun 14, 2017 Roadshow Chicago
• Jun 21, 2017 Citi European Healthcare Conference, London
• Jun 22, 2017 JPM European Healthcare Conference, London
• Jun 22, 2017 dbAccess Conference, Berlin
• Aug 29, 2017 Commerzbank Sector Conference, Frankfurt

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

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.

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

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

Terry Morris

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