Fresenius Medical Care AG & Co. KGaA

Investor Presentation • Jan 9, 2018

J.P. Morgan Healthcare Conference

San Francisco | January 8-9, 2018

Rice Powell - CEO

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	Q3 2017 financials
4	Outlook

Numbers as of September 2017, treatments: last 12 month

Our solid revenue profile

Percentage of FY 2016 revenue (€, IFRS)

Health care services Products

Dialysis Services Dialysis 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

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, 2016

Agenda
1	At a glance
2	Strategy
3	Q3 2017 financials
4	Outlook

Market position by major product groups¹

Dialyzers Dialysis machines Hemodialysis concentrates Bloodlines

Peritoneal dialysis products #2

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

Our portfolio of Care Coordination businesses

Mid-term revenue and growth profile – 2020e

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

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. (number of ESRD cases in thousands) 2004-2014²

Data Source: https://www.usrds.org/2016/view/v2\_01.aspx (figure 1.19)

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

Home Dialysis Segment: Opportunity

Significant growth opportunity in home modalities

2.0% 11.9% Total Home U.S. HHD HPD 9.9% Home dialysis treatment by modality in 2016 (in % of ESRD cases)

FME home dialysis patients in the U.S.

Agenda
1	At a glance
2	Strategy
3	Q3 2017 financials
4	Outlook

Q3 2017: Some things new, some continue

• Natural Disaster in North America impressively managed by disaster response teams but impacted operations
• Solid underlying growth in Healthcare Products and Services
• Turnaround of Care Coordination margin as expected
• FX headwinds negatively affected revenue and earnings
• Significant portfolio optimization activities
• NxStage acquisition offer and approval of NxStage shareholders on October 27, 2017. Closing expected in 2018.
• Divestment of Shiel Medical Laboratory to Quest Diagnostics. Closing expected in Q4 2017.

9m 2017: Solid growth delivered

	9m 2017 € million	9m 2016 € million	Growth in %	Growth in %cc
Revenue	13,355	12,153	10	10
Revenue adjusted1	13,259	12,153	9	9
EBIT	1,843	1,679	10	10
EBIT adjusted1,2	1,767	1,679	5	5
Net income3	886	781	13	14
Net income adjusted1,2,3	842	781	8	8
Basic EPS [€]	2.89	2.56	13	13
Basic EPS [€] adjusted1,2	2.75	2.56	8	8

Solid underlying growth in group revenue and net income

Natural Disasters in North America impacted cost for delivery of treatments in Q3 and continue to impact in Q4

Q3 2017: Net income impacted by headwinds

	Q3 2017 € million	Q3 2016 € million	Growth in %	Growth in %cc
Revenue	4,336	4,211	3	8
Revenue adjusted1	4,339	4,211	3	8
EBIT	609	611	0	4
EBIT adjusted1,2	624	611	2	6
Net income3	309	304	2	6
Net income adjusted1,2,3	319	304	5	8
Basic EPS [€]	1.01	0.99	1	6
Basic EPS [€] adjusted1,2	1.04	0.99	5	8

• Exchange rate effects impacted revenue and earnings growth
• Earnings affected by:
• Natural Disaster Costs and VA Agreement FX adjustments
• Lower Contributions from the vascular business
• Increased costs in pharmacy services business
• Lower income from equity method investees
• Bad debt expense

Q3 2017: Organic growth across all regions

North America	€ million		EMEA	€ million
Revenue	3,115	+2%	Revenue	632	+5%
Organic growth		+6%	Organic growth		+3%
Asia-Pacific	€ million		Latin America	€ million
Revenue	411	+7%	Revenue	175	+2%
Organic growth		+7%	Organic growth		+10%

EMEA	$\epsilon$ million
Revenue	632	$+5%$
Organic growth		$+3%$
Latin America	$\epsilon$ million
Revenue	175	$+2%$
Organic growth		$+10%$

• Solid organic growth across all regions
• North America solid organic growth supported by high growth rates in Care Coordination

	1	North America	72%
	2	EMEA	15%
	3	Asia-Pacific	9%
1	4	Latin America	4%

Q3 2017: Health Care Services – strong growth

Revenue	Q3 2017 € million	Q3 2016 € million	Growth in %	Growth in %cc	Organic growth in %	Same market growth in %
Total Health Care	3,532	3,438	3	8	6	2
North America	2,904	2,841	2	8	6	2
of which Care Coordination	705	588	20	26	20	-
EMEA	311	300	4	5	2	3
Asia-Pacific	194	173	12	21	5	2
of which Care Coordination	52	-	n.a.	n.a.	n.a.	-
Latin America	123	124	(1)	11	9	0

• North American Care Coordination business continues to show very strong growth
• EMEA driven by patient growth and acquisitions
• Growth in Asia-Pacific strongly supported by acquisitions
• Latin America with strong organic growth, but more than offset by FX translation

cc = constant currency

Q3 2017: Dialysis Products show strong demand

	Q3 2017 € million	Q3 2016 € million	Growth in %	Growth in %cc
Total Health Care Products	804	773	4	8
Dialysis Products	785	761	3	7
North America	211	209	1	6
EMEA	302	293	3	5
Asia-Pacific	217	210	4	9
Latin America	52	48	9	13
Non-Dialysis Products	19	12	58	58

• North America higher sales of PD products and machines
• EMEA increased sales of dialyzers, products for PD and acute care
• Asia-Pacific increased sales of machines, dialyzers, bloodlines and PD products

PD= Peritoneal Dialysis cc = constant currency

Q3 2017: regional margin profile

– negative: Natural Disaster Costs, higher personnel expense, higher costs such as other supplies and rent expense, higher bad debt

– positive: lower costs for health care supplies

• Care Coordination margins of 6.6% reflect
• positive: higher earnings recognized from BPCI & ESCOs, contributions for laboratory services
• negative: higher bad debt expense, lower revenue for vascular services, increased costs for pharmacy services

Q3 2017: regional margin profile

Asia-Pacific (11% of EBIT¹)

Diagrams: different scales applied

Cura Group

method investees

Operating profit margin development impacted by: – negative: unfavorable mix effects related to

– positive: foreign currency translation effects

Care Coordination margin of 17.7% dominated by

acquisitions with lower margins, foreign currency transaction effects, lower income from equity

1 Excl. Corporate

Agenda
1	At a glance
2	Strategy
3	Q3 2017 financials
4	Outlook

	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 and Natural Disaster Costs
• Net income refers to net income attributable to shareholders of FMC AG & Co. KGaA

Back-up

Attachment 1

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

€ million

FY 2015	FY 2016	9m 2017
101	572	936
18	3	3
610	724	891
7,214	6,833	5,832
7,943	8,132	7,662
516	709	729
7,427	7,423	6,933
FY 2015	FY 20161	9m 20171
2,129	2,398	2,583
648	710	747
47	65	54
2,824	3,173	3,384
2.6	2.3	2.0

1 EBITDA: including largest acquisitions

Attachment 2

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

€ million

Cash Flow	Q3 2016	Q3 2017	9m 2016	9m 2017
Acquisitions, investments and net purchases of intangible assets	(74)	(77)	(346)	(428)
- Proceeds from divestitures	41	21	173	31
= Acquisitions and investments, net of divestitures	(33)	(56)	(173)	(397)

Capital expenditures, net	Q3 2016	Q3 2017	9m 2016	9m 2017
Purchase of property, plant and equipment	(216)	(228)	(670)	(632)
- Proceeds from sale of property, plant & equipment	5	2	12	18
= Capital expenditure, net	(211)	(226)	(658)	(614)

Attachment 3

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

Operating performance excluding VA agreement and adjusted for the cost effects, net of anticipated recoveries from natural disasters in North America (Special Items) – basis for guidance 2017

€ million	Q3 2016	Q3 2017	9m 2016	9m 2017
Revenue	4,211	4,336	12,153	13,355
VA agreement	-	(3)	-	96
Revenue excluding VA agreement	4,211	4,339	12,153	13,259
Operating income (EBIT)	611	609	1,679	1,843
VA agreement	-	(3)	-	88
Natural Disaster Costs	-	(12)	-	(12)
Operating income (EBIT) excluding Special Items	611	624	1,679	1,767
Net income1	304	309	781	886
VA agreement	-	(2)	-	52
Natural Disaster Costs	-	(8)	-	(8)
Net income1 excluding Special Items	304	319	781	842

1 attributable to shareholders of FMC AG & Co. KGaA

FX = translational foreign exchange effects | cc= constant currency

Q3 2017: Net income impacted by headwinds

				Adjusted2
	Q3 2017 € million	Q3 2016 € million	Growth in %	Q3 2017 € million	Q3 2016 € million	Growth in %	Growth in %cc
Net revenue	4,336	4,211	3	4,3393	4,211	3	8
Operating income (EBIT)	609	611	0	624	611	2	6
EBIT-margin in %	14.0	14.5	(0.5) pp	14.4	14.5	(0.1) pp	(0.3) pp
Net interest expense	86	90	(4)	86	90	(4)	0
Income before taxes	523	521	0	538	521	3	7
Income tax expense	152	152	0	157	152	3	8
Tax rate in %	29.0	29.2	(0.2) pp	29.2	29.2	0.0 pp	(0.1) pp
Non-controlling interest	62	65	(5)	62	65	(5)	1
Net income1	309	304	2	319	304	5	8

Solid underlying growth affected by FX effects

Net income negatively impacted by FX adjustments for VA agreement and unforeseeable Natural Disaster Costs

Q3 2017: Strong cash flow & deleveraging

	Q3 2017 in € million	Q3 2016 in € million	9m 20171 in € million	9m 2016 in € million
Operating cash flow	612	393	1,664	1,160
in % of revenue	14.1	9.3	12.5	9.5
Capital expenditures, net	(226)	(211)	(614)	(658)
Free cash flow	386	182	1,050	502
Free cash flow, after acquisitions and investments	330	149	653	329

Days sales outstanding (DSO) at 67 days worldwide.

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

Q3 2017: Quality outcomes remain on high level

		North America		EMEA	Latin America		Asia-Pacific
% of patients1	Q3 2017	Q2 2017	Q3 2017	Q2 2017	Q3 2017	Q2 2017	Q3 2017	Q2 2017
Kt/V ≥ 1.2	98	98	95	95	92	93	96	96
No catheter (>90 days)	84	84	80	81	81	81	88	88
Hemoglobin = 10 – 12 g/dl	73	73	78	78	51	51	58	58
Hemoglobin = 10 – 13 g/dl (International)	79	80	77	77	69	69	v 66	66
Albumin ≥ 3.5 g/dl2	78	78	87	86	91	91	88	87
Phosphate3 ≤ 5.5 mg/dl	62	62	76	75	76	77	70	69
Calcium 8.4 – 10.2 mg/dl	85	84	76	74	78	78	75	74
Hospitalization days, per patient	9.9	10.1	7.5	7.7	4.0	3.9	3.8	3.9

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

FX = translational foreign exchange effects | cc= constant currency

9m 2017: Solid growth delivered

				Adjusted2
	9m 2017 € million	9m 2016 € million	Growth in %	9m 2017 € million	9m 2016 € million	Growth in %	Growth in %cc
Net revenue	13,355	12,153	10	13,2593	12,153	9	9
Operating income (EBIT)	1,843	1,679	10	1,767	1,679	5	5
EBIT-margin in %	13.8	13.8	0.0 pp	13.3	13.8	(0.5) pp	(0.5) pp
Net interest expense	274	276	(1)	274	276	(1)	(1)
Income before taxes	1,569	1,403	12	1,493	1,403	6	7
Income tax expense	484	427	13	454	427	6	4
Tax rate in %	30.8	30.4	0.4 pp	30.4	30.4	0 pp	0 pp
Non-controlling interest	199	195	2	197	195	1	1
Net income1	886	781	13	842	781	8	8

Net interest expense decreased due to the replacement of interest bearing Senior Notes, by debt instruments at lower interest rates

• Income tax expense increase driven by a lower portion of tax-free income attributable to noncontrolling interests and higher tax expense related to the VA Agreement
• Net income growth negatively impacted by unforeseeable Natural Disaster Costs

9m 2017: Health care services revenue

Revenue	9m 2017 € million	9m 2016 € million	Growth in %	Growth in %cc	Organic growth in %	Same market growth in %
Total Health Care Services	10,950	9,910	11	10	7	3
North America	9,086	8,224	10	10	7	3
of which Care Coordination	2,094	1,615	30	29	22	-
EMEA	925	866	7	6	2	3
Asia-Pacific	553	482	15	16	5	4
of which Care Coordination	111	-	n.a.	n.a.	n.a.	-
Latin America	386	338	14	16	15	1

cc = constant currency

9m 2017: Health care products revenue

Revenue	9m 2017 € million	9m 2016 € million	Growth in %	Growth in %cc
Total Health Care Products	2,405	2,243	7	7
Dialysis Products	2,345	2,207	6	6
North America	629	604	4	4
EMEA	903	874	3	4
Asia-Pacific	653	592	10	11
Latin America	149	128	16	10
Non-Dialysis Products	60	36	64	64

cc = constant currency

Exchange rates

		9m 2016	FY 2016	9m 2017
€:\$	Period end	1.116	1.054	1.181
	Average	1.116	1.107	1.114
€:CNY	Period end	7.446	7.320	7.853
	Average	7.347	7.352	7.577
€:RUB	Period end	70.514	64.300	68.252
	Average	76.183	74.145	64.999
€:ARS	Period end	17.073	16.718	20.500
	Average	16.225	16.334	18.135
€:BRL	Period end	3.621	3.431	3.764
	Average	3.956	3.856	3.535

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 and Natural Disaster Costs | 2 Excluding settlement costs for an agreement in principle for the GranuFlo case. All figures and estimates EUR / IFRS

Our portfolio of Care Coordination businesses

Mid-term high single-digit EBIT margin average targeted – 2020e

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

NxStage Medical: Facts & Figures

Founded in 1998

IPO in 2005

• Patients in 21 countries have been treated with NxStage products
• 3,400 employees
• 700 in the U.S.
• 2,700 outside the U.S., primarily in manufacturing

2016 revenue of USD 366 million

Transaction Highlights

Purchase Price	 USD 30.00 per share in cash for acquisition of 100% of NxStage Medical shares Enterprise value of USD 2.0 billion or around EUR 1.7 billion1 
EPS Impact	Accretive to EPS in year 3 from closing   Accretive to ROIC in year 4 from closing
Financing	 All cash transaction financed with debt  Potentially adding 60-70 bp to net debt / EBITDA after closing
Closing & Timing	 Transaction closing expected in 2018  Customary conditions as required by U.S. and German authorities

Transaction Highlights
Synergy Potential	 Initial net cost synergies potential of approximately USD 80 to 100 million p.a. before tax over 3 to 5 years is expected
Key Synergy Drivers	 Labor efficiencies  SG&A  Manufacturing Distribution  Facility cost avoidance   CAPEX
Integration Costs	Integration costs of around USD 150 million in the first 3 years  from announcement are assumed

Financial calendar 2018¹

February 27 Report on 4th quarter 2017

May 3 Report on 1st quarter 2018

May 17 Annual General Meeting, Frankfurt

January 9-10 Commerzbank German Investment Seminar, New York January 11 ODDO BHF Forum, Lyon January 15-16 UniCredit & Kepler Cheuvreux German Corporate Conference, Frankfurt March 13-14 Barclays Global Healthcare Conference, Miami

1 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

Philipp Gebhardt

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