Fresenius Medical Care AG & Co. KGaA

Investor Presentation • May 3, 2017

Q1 2017

Conference call | May 3, 2017

© │ Conference Call │ Q1 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 – Q1 2017

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

Quality outcomes remain stable

		North America		EMEA	Latin America1			Asia-Pacific1
% of patients	Q1 2017	Q4 2016	Q1 2017	Q4 2016	Q1 2017	Q4 2016	Q1 2017	Q4 2016
Kt/V ≥ 1.2	98	98	95	96	92	91	96	97
No catheter (>90 days)	84	84	81	81	81	82	89	91
Hemoglobin = 10 – 12 g/dl	73	73	80	78	51	52	59	60
Hemoglobin = 10 – 13 g/dl (International)	79	79	78	77	67	68	68	68
Albumin ≥ 3.5 g/dl	78	78	87	91	90	91	87	89
Phosphate ≤ 5.5 mg/dl	63	64	77	77	74	77	67	72
Calcium 8.4 – 10.2 mg/dl	84	84	74	76	75	79	75	75
Hospitalization days, per patient	10.0	10.0	7.7	8.0	3.9	3.8	4.0	4.4

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

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 products

Cura acqusition successfully closed

On April 28, 2017, Fresenius Medical Care successfully closed the acquisition of a majority stake (70%) in Cura as announced in February.

All shareholders approved the acquisition.

• Cura is consolidated as of end of April 2017 and will be reported in the segment Asia-Pacific (Care Coordination).
• The company generated revenue of AUD 127 million (EUR 87 million) in the financial year 2015/2016 with its 19 day hospitals.
• The investment is expected to be accretive on operating earnings in the first year after closing.
• Any financial contribution from the acquisition is already reflected in our guidance for 2017.

Q1 2017 highlights

• All regions contributed to strong first quarter performance
• Value-based care programs continue to develop successfully: first revenues booked for BPCI¹ program
• ESCO² ramp-up fully on track
• Cura acquisition successfully closed on April 28, 2017

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

AGENDA – Q1 2017

Financials & outlook

Q&A 3

© │ Conference Call Call │ Q1 2017 12

2

1

Solid earnings development in Q1 2017

				Excl. VA agreement
	Q1 2017 € million	Q1 2016 € million	Growth in %	Q1 2017 € million	Q1 2016 € million	Growth in %
Net revenue	4,548	3,916	16	4,448	3,916	14
Operating income (EBIT)	651	497	31	552	497	11
EBIT-margin in %	14.3	12.7	160bp	12.4	12.7	(30bp)
Net interest expense	92	96	(3)	92	96	(3)
Income before taxes	559	401	39	460	401	14
Income tax expense	182	126	44	144	126	14
Tax rate in %	32.5	31.4	110bp	31.2	31.4	(20bp)
Non-controlling interest	(69)	(62)	10	(67)	(62)	7
Net income1	308	213	45	249	213	17

• Revenue² for Q1 2017 increased by 14% (10% at constant currency), in line with guidance
• Strong net income growth² of 17% (14% at constant currency), driven by strong business performance

1 Net income attr. to shareholders of FME | 2 Excl. VA agreement

Q1 revenue and net income reconciliation

Q1 2017 – regional margin profile

Diagrams: different scales applied

in € million

• 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)

• EBIT margin increase mainly driven by higher reimbursement rates in the region

• Negative impact from higher cost related to inflation and higher bad debt expense

EBIT EBIT-

margin

in € million % 1 Excl. Corporate

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)

© │ Conference Call │ Q1 2017 17

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 – Q1 2017

Your questions are welcome Conference call | May 3, 2017

© │ Conference Call │ Q1 2017 20 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	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 - Proceeds from sale of property, plant & equipment	(227) 4	(197) 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

© │ Conference Call │ Q1 2017 23

Day sales outstanding (DSO)

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

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
		Q1 2016	FY 2016	Q1 2017
€:\$	Period end	1.1385	1.0541	1.0691
	Average	1.1020	1.1069	1.0648
€:CNY	Period end	7.3514	7.3202	7.3642
	Average	7.2101	7.3522	7.3353
€:RUB	Period end	76.3051	64.300	60.3130
	Average	82.4506	74.1446	62.5218
€:ARS	Period end	16.6703	16.7182	16.4188
	Average	15.9229	16.3342	16.6944
€:BRL	Period end	4.1174	3.4305	3.3800
	Average	4.3041	3.8561	3.3468

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.

Financial calendar¹

May 11, 2017	Annual General Meeting, Frankfurt
June 8, 2017	Capital Markets Day, Frankfurt
August 1, 2017	Report on 2nd quarter 2017

• June 13, 2017 Goldman Sachs Global Healthcare Conference, Rancho Palos Verdes
• June 14, 2017 Roadshow Chicago
• June 14, 2017 Deutsche Bank Europ. Leveraged Finance Conference, London

June 15, 2017 Piper Jaffray Heartland Summit, Minneapolis

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

Robert Adolph

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

Email: dominik.heger@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