Fresenius Medical Care AG & Co. KGaA

Investor Presentation • Sep 27, 2018

creating ADDED VALUE

Philipp Gebhardt – Senior Manager

© │ Corporate Presentation│ September 2018 1 JP Morgan Milan Investor Forum September 27, 2018 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. Forwardlooking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy or might not even be anticipated. The Company has based these forward-looking statements on current estimates and assumptions which we believe are reasonable and which are 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 or competitive conditions, changes in reimbursement, regulatory compliance issues, regulatory reforms, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, cyber security issues 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 Frankfurt Stock Exchange (Frankfurter Wertpapierbörse).

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.

© │ Corporate Presentation │ September 2018 2

FY 2017 - Growth trend continued

FY 2017: All business areas fueled our growth

cc = constant currency

Segment revenue FY 2017, according to IFRS in EUR bn, number of patients and clinics as of YE 2017, 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, 2017

Home Dialysis Segment: Increasing Penetration

Address the evolving needs and expectations of patients 82% of patients and families fully educated on their treatment options would select a home modality¹

Home dialysis advantages

• More engaged patients, taking responsibility for their wellbeing while reducing cost of care supporting our value based strategy
• Flexibility to tailor the therapy around the patient's lifestyle while delivering positive clinical results
• Higher patient satisfaction in home environment

Trends in home dialysis in the U.S.

© │ Corporate Presentation │ September 2018 14 1 Devoe et al., American Journal of Kidney Disease, 2016 ) | 2 ESRD and Fresenius Medical Care. FME Home Dialysis represents unique patients with any time on HHD or PD

Q2 2018: Highlights

• Results continue to be impacted by strong currency headwinds
• Solid organic growth across the board, North America products business continues strong performance
• Care Coordination margin improvement and revenue decline as expected
• Calcimimetics continue to evolve
• Efficient divestment of Sound Physicians
• ESRD PPS draft rule for 2019 proposes increase of 1.7%

Q2 2018: Net income growth as expected¹

	Q2 2018 € million	Q2 2017 € million	Growth in %	Growth in %cc
Revenue	4,214	4,471	(6)	2
Revenue on a comparable basis	4,214	4,340	(3)	5
Revenue adjusted	4,214	4,342	(3)	5
EBIT	1,401	583	140	162
EBIT on a comparable basis	568	583	(3)	4
EBIT adjusted	568	591	(4)	2
Net income	994	269	270	303
Net income on a comparable basis	308	269	15	22
Net income adjusted	273	274	0	6

Revenue growth on a comparable basis accelerated in Q2 to 5%cc

Net income growth on a comparable basis further improved in Q2 to 22%cc

1 For a detailed reconciliation please refer to chart 30

Q2 2018: Organic growth across all regions

North America	€ million		EMEA	€ million
Revenue	2,971	0%cc	Revenue	652	+5%cc
Organic growth		+3%	Organic growth		+4%
Asia-Pacific	€ million		Latin America	€ million
Revenue	422	+7%cc	Revenue	164	+11%cc
Organic growth		+6%	Organic growth		+10%

EMEA	$\epsilon$ million
Revenue		$652 + 5\%$ cc
Organic growth		$+4%$
Latin America	$\epsilon$ million
Revenue		$164 + 11\%$ cc
Organic growth		$+10%$

• Contributions from all regions to organic growth
• North America growth impacted by currency headwinds and expected lower Care Coordination revenue

Q2 2018 Services: Organic growth accelerated

Revenue	Q2 2018 € million	Q2 2017 € million	Growth in %	Growth in %cc	Organic growth in %	Same market growth in %
Total	3,385	3,649	(7)	1	3	3
North America	2,761	3,017	(8)	(1)	2	2
of which Care Coordination	529	698	(24)	(18)	(22)	-
EMEA	315	310	2	5	3	3
Asia-Pacific	191	191	0	7	6	7
of which Care Coordination	49	39	24	32	12	-
Latin America	118	131	(10)	15	12	1

North American Care Coordination 2 business impacted by decline in the pharmacy business and implementation of IFRS 15

Growth in Asia-Pacific strongly supported by organic growth

Q2 2018 Products: Solid growth continued

	Q2 2018 € million	Q2 2017 € million	Growth in %	Growth in %cc
Total Health Care Products	829	822	1	6
Dialysis Products	811	801	1	6
North America	210	208	1	10
EMEA	319	311	2	5
Asia-Pacific	231	226	2	6
Latin America	46	52	(12)	2
Non-Dialysis Products	18	21	(8)	(8)

• North America: Higher sales of renal drugs, machines and HD solutions/concentrates
• EMEA: Increased sales of dialyzers, machines, bloodlines, products for acute care and renal pharmaceuticals
• Asia-Pacific: Growth in sales of chronic HD products

Q2 2018: Cash flow & net leverage ratio

	Q2 2018 in € million	Q2 2017 in € million
Operating cash flow	656	883
in % of revenue	15.6%	19.7%
Capital expenditures, net	(227)	(193)
Free cash flow	429	690
Free cash flow, after acquisitions and investments	1,927	508

Days sales outstanding (DSO) at 82 days worldwide.

Net leverage ratio (Net debt/EBITDA) ¹

© │ Corporate Presentation │ September 2018 21 1 EBITDA: including acquisitions & divestitures with a purchase price above €50m and in 2018 excluding (gain) loss related to divestitures of Care Coordination activities│ 2 Latest update: S&P: Dec. 27, 2017; Moody's: May 15, 2018; Fitch: Aug. 30, 2017

5 to 7% 13 to 15%	16,739
	1,242
7 to 9%	1,162
Targets 2020 (2014-2020, avg. % p.a.)	2020 (in € billion)
~10%	24
high single digit

Backup

© │ Corporate Presentation │ September 2018 24

FY 2017: Solid growth delivered

				Adjusted2
	2017 € million	2016 € million	Growth in %	2017 € million	2016 € million	Growth in %	Growth in %cc
Revenue	17,784	16,570	7	17,690	16,570	7	9
Operating income (EBIT)	2,362	2,409	(2)	2,493	2,409	4	5
EBIT margin in %	13.3	14.5	(1.2)pp	14.1	14.5	(0.4)pp	(0.4)pp
Net interest expense	354	366	(3)	354	366	(3)	(2)
Income before taxes	2,008	2,043	(2)	2,139	2,043	5	7
Income tax expense	454	623	(27)	663	623	6	9
Tax rate in %	22.6	30.5	(7.9)pp	31.0	30.5	0.5pp	0.5pp
Non-controlling interest	274	276	0	272	276	(1)	1
Net income1	1,280	1,144	12	1,204	1,144	5	7

Net interest expense decreased mainly driven by the replacement of interest bearing bonds and by debt instruments at lower interest rates

Income tax expense decrease mainly resulted from the re-measurement of deferred tax balances following the U.S. tax reform

1 Net income attr. to shareholders of FME | 2 Revenue: excl. VA Agreement / EBIT: excl. VA Agreement, Natural Disaster Costs & FCPA related charge / Net income: excl. VA Agreement, Natural Disaster Costs, FCPA related charge & 2017 book gain from U.S. tax reform | cc= constant currency

FY 2017: Revenue and net income reconciliation

1 cc, excluding special items: VA agreement, Natural Disaster Costs, FCPA related charge & 2017 book gain from U.S. tax reform (details chart 27) | FX = translational foreign exchange effects | cc= constant currency

© │ Corporate Presentation │ September 2018 26

1 Based on net operating profit after tax (adjusted for largest acquisitions and divestitures) & average invested capital | 2 As announced at the Capital Markets Day 2014

Basis for targets 2018

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

€ million	2017	Targets 2018
Revenue	17,784
Effect from IFRS 15 implementation	(486)
Sound H2 20171	(559)
Revenue on a comparable basis	16,739	Growth: 5-7%cc
Net income2	1,280
Sound H2 20171	(38)
Net income2 on a comparable basis	1,242	Growth: 13-15%cc
VA agreement3	(51)
Natural Disaster Costs4	11
FCPA related charge	200
U.S. tax reform5 (excl. Sound H2 20171)	(240)
Net income2 adjusted	1,162	Growth: 7-9%cc

1 Contribution of Sound Physicians | 2 Attributable to shareholders of FME | 3 Agreement with the United States Departments of Veterans Affairs and Justice | 4 Three hurricanes and an earthquake | 5 Remeasurement of deferred tax balances as a result of U.S. tax reform

© │ Corporate Presentation │ September 2018 28

Q2 2018: Profit and loss1	Q2 2018 € million	Q2 2017 € million	Growth in %	Growth in %cc
Revenue	4,214	4,471	(6)	2
Revenue on a comparable basis	4,214	4,340	(3)	5
Revenue adjusted	4,214	4,342	(3)	5
EBIT	1,401	583	140	162
EBIT margin in %	33.3	13.0	20.3pp	20.6pp
EBIT on a comparable basis	568	583	(3)	4
EBIT adjusted	568	591	(4)	2
EBIT adjusted margin in %	13.5	13.6	(0.1)pp	(0.3)pp
Net interest expense	84	95	(11)	(6)
Income before taxes	1,317	488	170	194
Income tax expense	262	150	74	91
Tax rate in %	19.9	30.8	(10.9)pp	(10.8)pp
Non-controlling interest	61	69	(12)	(4)
Net income	994	269	270	303
Net income on a comparable basis	308	269	15	22
Net income adjusted	273	274	0	6

1 For a detailed reconciliation please refer to chart 29

Q2 2018: Reconciliation adjustments

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

€ million	Q2 2017	Q2 2018	Growth in %	Growth in %cc
Revenue	4,471	4,214	(6)	2
Effect from IFRS 15 implementation	(131)
Revenue on a comparable basis	4,340	4,214	(3)	5
VA Agreement	2
Revenue adjusted	4,342	4,214	(3)	5
Operating income (EBIT)	583	1,401	140	162
(Gain) loss related to divestitures of Care Coordination activities		(833)
EBIT on a comparable basis	583	568	(3)	4
VA Agreement	8
EBIT adjusted	591	568	(4)	2
Net income	269	994	270	303
(Gain) loss related to divestitures of Care Coordination activities		(686)
Net income on a comparable basis	269	308	15	22
VA Agreement	5
U.S. tax reform		(35)
Net income adjusted	274	273	0	6

Q2 2018: Revenue growth on track

Revenue on a comparable basis, € million – target: 5-7%cc growth

Q2 2018: Net income growth

Net income on a comparable basis, € million – target: 13–15%cc growth

Q2 2018: Regional margin profile

in € million EBIT % EBIT-margin

Solid Dialysis business margin of 17.1% reflects

• Negative: lower revenue from commercial payors, higher implicit price concessions (IFRS 15), the implementation of the PAMA oral-only provision as well as increased property and other occupancy related costs
• Positive: lower costs for Health Care supplies and implementation of IFRS 15
• U.S. revenue per treatment, adj. for IFRS 15, increased to \$354 (Q2 2017: \$341); U.S. cost per treatment, adj. for IFRS 15, increased to \$286 (Q2 2017: \$272)
• Care Coordination margin of 6.7%² reflects
• Positive: prior year change in fair value of subsidiary share-based compensation, pharmacy services, the implementation of the PAMA oral-only provision and lower bad debt expense
• Negative: lower reimbursement for cardiovascular and endovascular services

1 Excl. Corporate | 2 On a comparable basis

Q2 2018: Regional margin profile

© │ Corporate Presentation │ September 2018 34

	H1 2018 € million	H1 2017 € million	Growth in %	Growth in %cc
Revenue	8,189	9,019	(9)	0
Revenue on a comparable basis	8,189	8,749	(6)	3
Revenue adjusted	8,189	8,651	(5)	4
EBIT	1,898	1,235	54	68
EBIT margin in %	23.2	13.7	9.5pp	9.3pp
EBIT on a comparable basis	1,078	1,235	(13)	(5)
EBIT adjusted	1,078	1,144	(6)	3
EBIT adjusted margin in %	13.2	13.2	0.0pp	(0.2pp)
Net interest expense	164	188	(12)	(5)
Income before taxes	1,734	1,047	66	82
Income tax expense	349	332	5	15
Tax rate in %	20.1	31.7	(11.6)pp	(11.5)pp
Non-controlling interest	112	138	(19)	(9)
Net income	1,273	577	121	141
Net income on a comparable basis	599	577	4	13
Net income adjusted	517	523	(1)	7

1 For a detailed reconciliation please refer to chart 35

H1 2018: Reconciliation adjustments

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

€ million	H1 2017	H1 2018	Growth in %	Growth in %cc
Revenue	9,019	8,189	(9)	0
Effect from IFRS 15 implementation	(270)
Revenue on a comparable basis	8,749	8,189	(6)	3
VA Agreement	(98)
Revenue adjusted	8,651	8,189	(5)	4
Operating income (EBIT)	1,235	1,898	54	68
(Gain) loss related to divestitures of Care Coordination activities		(820)
EBIT on a comparable basis	1,235	1,078	(13)	(5)
VA Agreement	(91)
EBIT adjusted	1,144	1,078	(6)	3
Net income	577	1,273	121	141
(Gain) loss related to divestitures of Care Coordination activities		(674)
Net income on a comparable basis	577	599	4	13
VA Agreement	(54)
U.S. tax reform		(82)
Net income adjusted	523	517	(1)	7

H1 2018: Revenue reconciliation

Revenue on a comparable basis, € million – target: 5-7%cc growth

H1 2018: Net income reconciliation Net income on a comparable basis, € million – target: 13–15%cc growth Net income adjusted, € million – target: 7–9%cc growth 577 523 561 54 44 H1 2017 adjusted H1 2018 reported H1 2017 reported & comparable basis U.S. tax reform VA Agreement 38 Business growth cc H1 2018 cc adjusted FX 674 Gain related to divestures of Care Co. activities 82 7%cc 1,273 577 651 74 H1 2017 reported & comparable basis Business growth cc H1 2018 cc on a comparable basis 52 FX 674 Gain related to divestures of Care Co. activities H1 2018 reported 1,273 13%cc

H1 2018 Services

Revenue	H1 2018 € million	H1 2017 € million	Growth in %	Growth in %cc	Organic growth in %	Same market growth in %
Total	6,594	7,418	(11)	(1)	2	3
North America	5,351	6,182	(13)	(3)	2	2
of which Care Coordination	1,045	1,389	(25)	(16)	21	-
EMEA	629	613	3	5	2	3
Asia-Pacific	375	360	4	13	6	5
of which Care Coordination	94	59	59	73	14	-
Latin America	239	263	(9)	15	12	1
	4 3

H1 2018 Products

	Q2 2018 € million	Q2 2017 € million	Growth in %	Growth in %cc
Total Health Care Products	1,595	1,601	0	6
Dialysis Products	1,557	1,560	0	7
North America	395	418	(5)	6
EMEA	621	601	3	6
Asia-Pacific	439	435	1	7
Latin America	95	97	(2)	13
Non-Dialysis Products	38	41	(7)	(7)

1	EMEA	41%
2	Asia-Pacific	28%
3	North America	25%
4	Latin America	6%

Debt and EBITDA

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

€ million

Debt	FY 2016	FY 2017	H1 2018
Short term debt	572	760	873
+ Short term debt from related parties	3	9	3
+ Current portion of long-term debt and capital lease obligations	724	884	898
+ Long-term debt and capital lease obligations less current portion	6,833	5,795	5,490
Total debt	8,132	7,448	7,264
Cash and cash equivalents	709	978	1,657
Total net debt	7,423	6,470	5,607
EBITDA	FY 20161	FY 20171	H1 20181
Last twelve month operating income (EBIT)	2,398	2,372	2,095
+ Last twelve month depreciation and amortization	710	731	694
+ Non-cash charges	65	51	50
EBITDA (annualized)	3,173	3,154	2,839
Net leverage ratio (Net debt/EBITDA)	2.3	2.1	2.0

© │ Corporate Presentation │ September 2018 41 1 EBITDA: including acquisitions & divestitures with a purchase price above €50m and in 2018 excluding (gain) loss related to divestitures of Care Coordination activities

Cash Flow and Capital Expenditures

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

€ million

Cash Flow	Q2 2017	Q2 2018	H1 2017	H1 2018
Acquisitions, investments and net purchases of intangible assets	(191)	(164)	(352)	(345)
- Proceeds from divestitures	9	1,662	10	1,662
= Acquisitions and investments, net of divestitures	(182)	1,498	(342)	1,317

Capital expenditures, net	Q2 2017	Q2 2018	H1 2017	H1 2018
Purchase of property, plant and equipment	(206)	(244)	(404)	(466)
- Proceeds from sale of property, plant & equipment	13	17	16	20
= Capital expenditure, net	(193)	(227)	(388)	(446)

© │ Corporate Presentation │ September 2018 43

Q2 2018: Quality outcomes remain on high level¹

		North America		EMEA	Latin America		Asia-Pacific
% of patients	Q2 2018	Q2 2017	Q2 2018	Q2 2017	Q2 2018	Q2 2017	Q2 2018	Q2 2017
Kt/V > 1.2	98	98	95	95	91	93	96	96
Hemoglobin = 10–12 g/dl	73	73	82	78	52	51	57	58
Calcium = 8.4–10.2 mg/dl	85	84	79	74	78	78	74	74
Albumin ≥ 3.5 g/dl	80	78	90	86	91	91	89 v	87
Phosphate ≤ 5.5 mg/dl	61	62	78	75	76	77	66	69
Patients without catheter (after 90 days)	83	84	80	81	80	81	87	88
in days
Days in hospital per patient year	10.1	10.1	7.6	7.5	4.1	3.9	3.6	3.9

1 Definitions cf. Annual Report 2017, Section "Non-Financial Group Report"

H1 2018: Patients, treatments, clinics

	Patients as of June 30, 2018	Treatments H1 2018, in million	Clinics as of June 30, 2018
North America	199,527	15,134,388	2,439
Growth in %	3	3	4
EMEA	63,589	4,794,593	758
Growth in %	4	4	4
Asia-Pacific	30,578	2,143,059	385
Growth in %	2	2	(1)
Latin America	31,494	2,492,959	233
Growth in %	4	4	1
Total	325,188	24,564,999	3,815
Growth in %	3	3	3

Our portfolio of Care Coordination businesses

Mid-term revenue and growth profile – 2020e

Size of circle indicates absolute revenue contribution in 2020e. Positioning of bubble illustrative.

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
2018	77	78	78	80	313

Exchange rates

		H1 2017	FY 2017	H1 2018
€:\$	Period end Average	1.141 1.083	1.199 1.130	1.166 1.210
€:CNY	Period end	7.739	7.804	7.717
	Average	7.445	7.629	7.709
€:RUB	Period end	67.545	69.392	73.158
€:ARS	Average	62.806	65.938	71.928
	Period end Average	18.956 17.028	22.639 18.754	33.603 26.103
€:BRL	Period end	3.760	3.973	4.488
	Average	3.443	3.605	4.141

Definitions

cc	Constant currency
HD	Hemo dialysis
PD	Peritoneal dialysis
Net income	Net income attributable to shareholders of FME
Sound H2 2017	Contribution of Sound Physicians on the profit and loss statement in the second half year 2017
U.S. Tax Reform	U.S. Tax Reform: impacts from U.S. tax reform
VA Agreement	Agreement with the United States Departments of Veterans Affairs and Justice

Financial calendar 2018¹

Oct 30 Report on 3rd quarter 2018

Nov 06	HSBC Global Investment Forum, New York
Nov 07	BNY Mellon Morningstar Equity Conference, Chicago
Nov 12	HSBC Healthcare Day, Frankfurt
Nov 13	Credit Suisse Healthcare Conference, Scottsdale
Nov 14	UBS European Healthcare Conference, London
Nov 15	Jefferies Global Healthcare Conference, London
Nov 15	HSBC Luxembourg Conference, Luxembourg

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

Senior 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

Philipp Gebhardt

Senior Manager Investor Relations Tel.: +1– 781–699–2142 Email: philipp.gebhardt@fmc-ag.com