Fresenius Medical Care AG & Co. KGaA

Investor Presentation • Feb 27, 2018

Full year 2017

Conference call | February 27, 2018

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 – FY 2017

Business update

Financials & outlook

Q&A 3

© │ Conference Call │ FY 2017 3

2

1

FY 2017: Growth trend continued

Q4 2017: Quality outcomes remain on high level¹

	North America		EMEA		Latin America		Asia-Pacific
% of patients	Q4 2017	Q4 2016	Q4 2017	Q4 2016	Q4 2017	Q4 2016	Q4 2017	Q4 2016
Kt/V > 1.2	98	98	95	96	93	91	96	97
Hemoglobin = 10–12 g/dl	73	73	79	78	52	52	58	60
Calcium = 8.4–10.2 mg/dl	85	84	76	76	77	79	75	75
Albumin ≥ 3.5 g/dl	79	78	87	91	90	91	88 v	89
Phosphate ≤ 5.5 mg/dl	63	64	79	77	76	77	70	72
Patients without catheter (after 90 days)	83	84	80	81	81	82	88	91
in days
Days in hospital per patient year	10.1	10.0	7.5	9.4	4.1	3.8	3.8	4.4

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

FY 2017: At a glance

• Dialysis business: Offer for NxStage
• Care Coordination: Acquisition of Cura and divestment of Shiel

21st consecutive dividend increase proposed

FY 2017: Profitable growth continued

	2017 € million	2016 € million	Growth in %	Growth in %cc
Revenue	17,784	16,570	7	9
Revenue adjusted1	17,690	16,570	7	9
EBIT	2,362	2,409	(2)	0
adjusted1,2 EBIT	2,493	2,409	4	5
Net income3	1,280	1,144	12	14
Net income adjusted1,2,3,4	1,204	1,144	5	7
Basic EPS [€]	4.17	3.74	12	14
Basic EPS [€] adjusted1,2,4	3.93	3.74	5	7

• Strong underlying growth continued with contributions from Health Care Products, Services and Care Coordination
• Headwinds from foreign exchange rates, Natural Disaster Costs in North America and FCPA related charge
• Tailwinds from an Agreement with the Veterans Association and a book gain resulting from the U.S. tax reform

Q4 2017: Solid underlying growth trend continued

	Q4 2017 € million	Q4 2016 € million	Growth in %	Growth in %cc
Revenue	4,429	4,417	0	8
Revenue adjusted1	4,430	4,417	0	8
EBIT	519	730	(29)	(22)
adjusted1,2 EBIT	726	730	0	6
Net income3	394	363	8	16
Net income adjusted1,2,3,4	362	363	0	6
Basic EPS [€]	1.28	1.19	8	16
Basic EPS [€] adjusted1,2,4	1.18	1.19	0	6

• High comparable base in Q4 2016
• Headwinds from foreign exchange rates affected the development
• Strong underlying growth in Care Coordination impacted by
• Positive: Higher revenue in BPCI program and sale of Shiel
• Negative: Vascular Access business in transition

Q4 2017: Organic growth across all regions

North America	€ million		EMEA	€ million
Revenue	3,164	+8%1	Revenue	660	+6%1
Organic growth		+5%	Organic growth		+4%
Asia-Pacific	€ million		Latin America	€ million
Revenue	418	+12%1	Revenue	185	+16%1
Organic growth		+6%	Organic growth		+17%

• Solid organic growth across all regions
• North America solid organic growth supported by 19% organic growth in Care Coordination
• Headwinds from foreign exchange rates in all regions

EMEA	$\epsilon$ million
Revenue	660	$+6\%$ 1
Organic growth		$+4%$
Latin America	$\epsilon$ million
Revenue	185	$+16\%$ 1
Organic growth		$+17%$

1 cc = constant currency

Q4 2017: Health Care Services – solid growth

Revenue	Q4 2017 € million	Q4 2016 € million	Growth in %	Growth in %cc	Organic growth in %	Same market growth in %
Total Health Care	3,581	3,596	0	8	5	3
North America	2,950	2,990	(1)	8	5	2
of which Care Coordination	715	624	14	24	19	-
EMEA	312	303	3	4	3	4
Asia-Pacific	191	177	8	17	5	2
of which Care Coordination	57	-	n.a.	n.a.	n.a.	-
Latin America	128	126	2	16	19	3

• North American Care Coordination business continues to show strong growth
• EMEA driven by patient growth
• Growth in Asia-Pacific strongly supported by acquisitions
• Latin America with strong organic growth
• All regions negatively impacted by headwinds from foreign exchange rates

cc = constant currency

Q4 2017: Products show strong demand

	Q4 2017 € million	Q4 2016 € million	Growth in %	Growth in %cc
Total Health Care Products	848	821	3	8
Dialysis Products	828	808	3	7
North America	214	212	1	9
EMEA	328	317	3	5
Asia-Pacific	227	223	1	7
Latin America	57	51	9	15
Non-Dialysis Products	20	13	48	48

• North America: Higher sales of machines, renal drugs and PD products
• EMEA: Increased sales of products for acute care and PD as well as machines
• Asia-Pacific: Increased sales of dialyzers, bloodlines and PD products

21th consecutive dividend increase proposed

1 proposed dividend for approval at the AGM on May 17, 2018

AGENDA – FY 2017

Business update

Financials & outlook

© │ Conference Call │ FY 2017 13

2

1

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 28) | FX = translational foreign exchange effects | cc= constant currency

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 (details chart 28) | cc= constant currency

Q4 2017: Revenue and net income reconciliation Revenue in € million 354 Business growth (cc) 4,417 Q4 2016 Q4 2017 as guided (cc, excl. VA) FX 4,771 -1 VA Agreement Q4 2017 reported 4,429 -341 +8.0% ^{363 385 394} 236 -1 22 -23 -3 -200 Net income in € million +6.1%

Q4 2016 Q4 2017 as guided Business growth (cc) FX VA Agreement Nat. Dis. Costs FCPA U.S. tax reform Q4 2017 reported 1

1 cc, excluding special items: VA Agreement, Natural Disaster Costs, FCPA related charge & 2017 book gain from U.S. tax reform (details chart 28) | FX = translational foreign exchange effects | cc= constant currency

Q4 2017: Net income in-line with guidance

				Adjusted2
	Q4 2017 € million	Q4 2016 € million	Growth in %	Q4 2017 € million	Q4 2016 € million	Growth in %	Growth in %cc
Revenue	4,429	4,417	0	4,430	4,417	0	8
Operating income (EBIT)	519	730	(29)	726	730	0	6
EBIT margin in %	11.7	16.5	(4.8)pp	16.4	16.5	(0.1)pp	(0.3)pp
Net interest expense	80	90	(12)	80	90	(12)	(5)
Income before taxes	439	640	(31)	646	640	1	7
Income tax expense	(30)	196	‒	209	196	7	13
Tax rate in %	(6.7%)	30.5	(37.2)pp	32.3	30.5	1.8pp	1.7pp
Non-controlling interest	75	81	(8)	75	81	(7)	0
Net income1	394	363	8	362	363	0	6

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

The EUR 236 million book gain following the re-measurement of deferred tax balances lead to tax income

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 (details chart 28) | cc= constant currency

Q4 2017: Regional margin profile

in € million EBIT % EBIT-margin

North America (75% of EBIT¹)

Solid Dialysis business margin of 21.2% reflects

• Negative: Higher bad debt expense, higher personnel expense, lower revenue from commercial payors, higher costs for rent and insurance, natural disasters, higher costs for health care supplies
• Compared to Q3 2017 in the U.S. Revenue per Treatment remained flat at \$352, Cost per Treatment (excluding Natural Disaster Costs of \$2) came down from \$282 to \$276

Strong Care Coordination margin of 12.5% reflects

• Positive: Higher revenue including BPCI catch up, volumes for hospital related physician services, lower bad debt expense, one off effect from divesture of Shiel
• Negative: Lower contribution from vascular services, and higher costs for pharmacy services

Q4 2017: Regional margin profile

Q4 2017: Very strong cash flow & deleveraging

	Q4 2017 in € million	Q4 2016 in € million	20171 in € million	2016 in € million
Operating cash flow	528	772	2,192	1,932
in % of revenue	11.9	17.5	12.3	11.7
Capital expenditures, net	(227)	(257)	(841)	(915)
Free cash flow	301	515	1,351	1,017
Free cash flow, after acquisitions and investments	548	357	1,200	686

Days sales outstanding (DSO) at 67 days worldwide.

© │ Conference Call │ FY 2017 20 1 Incl. \$205m (€181m) cash contribution from VA Agreement | 2 Latest update: S&P: Dec. 27, 2017; Moody's: Aug. 8, 2017; Fitch: Aug. 30, 2017

Net income growth5	high single digit
Revenue growth	~10%	24
	Targets 2020 (2014-2020, avg. % p.a.)	20204 (in € billion)
Net income growth3	13 to 15%	1,280
Revenue growth2	~8%	17,298
	Targets 2018	2017 base (in € million)

AGENDA – FY 2017

Your questions are welcome

Conference call | February 27, 2018

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	FY 2017
Short term debt	101	572	760
+ Short term debt from related parties	18	3	9
+ Current portion of long-term debt and capital lease obligations	610	724	884
+ Long-term debt and capital lease obligations less current portion	7,214	6,833	5,795
Total debt	7,943	8,132	7,448
Cash and cash equivalents	516	709	978
Total net debt	7,427	7,423	6,470
EBITDA	FY 2015	FY 20161	FY 20171
Last twelve month operating income (EBIT)	2,129	2,398	2,372
+ Last twelve month depreciation and amortization	648	710	731
+ Non-cash charges	47	65	51
EBITDA (annualized)	2,824	3,173	3,154
Net leverage ratio (Net debt/EBITDA)	2.6	2.3	2.1

1 EBITDA: including largest acquisitions & divestitures

Attachment 2

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

€ million

Cash Flow	Q4 2016	Q4 2017	2016	2017
Acquisitions, investments and net purchases of intangible assets	(175)	(138)	(522)	(566)
- Proceeds from divestitures	17	385	191	415
= Acquisitions and investments, net of divestitures	(158)	247	(331)	(151)

Capital expenditures, net	Q4 2016	Q4 2017	2016	2017
Purchase of property, plant and equipment	(261)	(312)	(931)	(944)
- Proceeds from sale of property, plant & equipment	4	85	16	103
= Capital expenditure, net	(257)	(227)	(915)	(841)

Attachment 3

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

Revenue excluding VA Agreement, operating performance excluding VA Agreement and adjusted for the cost effects, net of anticipated recoveries from Natural Disasters in North America and FCPA charges and for net income also excluding 2017 book gain from the U.S. tax reform.

€ million	Q4 2016	Q4 2017	2016	2017
Revenue	4,417	4,429	16,570	17,784
VA agreement		1		(94)
Adjusted revenue (revenue excluding special items)	4,417	4,430	16,570	17,690
Operating income (EBIT)	730	519	2,409	2,362
VA agreement		1		(87)
Natural Disaster Costs		6		18
FCPA related charge		200		200
Adjusted operating income (EBIT) (operating income (EBIT) excluding special items)	730	726	2,409	2,493
Net income1	363	394	1,144	1,280
VA agreement		1		(51)
Natural Disaster Costs		3		11
FCPA related charge		200		200
U.S. tax reform		(236)		(236)
Adjusted net income (net income excluding special items) 1	363	362	1,144	1,204

1 attributable to shareholders of FMC AG & Co. KGaA

FY 2017: Health care services revenue

Revenue	2017 € million	2016 € million	Growth in %	Growth in %cc	Organic growth in %	Same market growth in %
Total Health Care Services	14,532	13,506	8	10	7	3
North America	12,036	11,214	7	10	7	2
of which Care Coordination	2,809	2,239	25	28	21	-
EMEA	1,237	1,169	6	6	2	4
Asia-Pacific	744	659	13	16	5	3
of which Care Coordination	168	-	n.a.	n.a.	n.a.	-
Latin America	515	464	11	16	16	1

cc = constant currency

FY 2017: Health care products revenue

Revenue	2017 € million	2016 € million	Growth in %	Growth in %cc
Total Health Care Products	3,252	3,064	6	7
Dialysis Products	3,173	3,015	5	6
North America	843	816	3	5
EMEA	1,231	1,191	3	4
Asia-Pacific	879	815	8	10
Latin America	205	179	14	11
Non-Dialysis Products	79	49	59	59

cc = constant currency

FY 2017: Patients, treatments, clinics

	Patients as of Dec. 31, 2017	Treatments 2017, in million	Clinics as of Dec. 31, 2017
North America	197,356	29,804,196	2,393
Growth in %	4	3	4
EMEA	62,490	9,350,024	746
Growth in %	5	5	5
Asia-Pacific	29,739	4,249,878	381
Growth in %	1	6	2
Latin America	31,375	4,865,046	232
Growth in %	3	2	0
Total	320,960	48,269,144	3,752
Growth in %	4	4	4

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

		FY 2016	2017
€:\$	Period end	1.054	1.199
	Average	1.107	1.130
€:CNY	Period end	7.320	7.804
	Average	7.352	7.629
€:RUB	Period end	64.300	69.392
	Average	74.145	65.938
€:ARS	Period end	16.718	22.639
	Average	16.334	18.754
€:BRL	Period end	3.431	3.973
	Average	3.856	3.605

Financial calendar 2018¹

May 3	Report on 1st quarter 2018
May 17	Annual General Meeting, Frankfurt
March 13-14	Barclays Global Healthcare Conference, Miami
April 18	Bankhaus Lampe Deutschlandkonferenz , Baden-Baden
May 8	Deutsche Bank Annual Healthcare Conference, Boston
June 6-7	dbAccess Berlin Conference, Berlin
June 12	Goldman Sachs Global Healthcare Conference, Rancho Palos Verdes
June 13	Exane BNP Paribas 20th European CEO Conference, Paris
June 20	Citi European Healthcare Conference, London
June 21	JP Morgan European Healthcare Conference, London
June 26	Credit Suisse Healthcare & Medtech Conference, Zurich

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 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

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.: +49–(0) 6172–609–7323 Email: philipp.gebhardt@fmc-ag.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 periodover-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.