Fresenius Medical Care AG & Co. KGaA

Investor Presentation • Mar 12, 2019

BARCLAYS GLOBAL HEALTHCARE CONFERENCE 2019, MIAMI

MARCH 12 & 13, 2019

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. Forward -looking 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.

2018: GROWTH CONTINUED

2018: €16.5BN REVENUE

Segment revenue FY 2018, number of patients and clinics as of YE 2018, yoy change │ ¹ Including gain from divesture of Care Coordination activities

Product revenue Service revenue

ORGANIC GROWTH DRIVERS

STRATEGY - CORE COMPETENCIES

GLOBAL MARKET LEADER IN DIALYSIS

• Innovate for enhancing patient care
• Market leading high quality products

• Solution selling

• Standardized medical procedures

• Enable best treatment outcomes

• Capture growth in developing markets

• Coordinating patients efficiently

• Data analytics & predictive modelling
• Develop & enhance value based care

Page 9

DELIVERING ON OUR HOME STRATEGY

CAPTURE GROWTH IN DEVELOPING ECONOMIES

DEVELOPING ECONOMIES - EXAMPLE CHINA

Source: WORLD BANK

• Early mover in developing economies with products first
• Leverage experience from the products business into the service business - e.g. advancing in the Chinese market with own dialysis clinics and renal hospitals
• Investing in manufacturing capacities in the growing and upcoming markets
• Expand Care Coordination outside North America
• Transfer know-how into new markets

GLOBAL EFFICIENCY PROGRAM II

SUSTAINED SAVINGS 2018 - 2020

2018 AHEAD OF SCHEDULE

• Projects already positively contributed in the first year of the program
• 15% sustained savings generated in 2018 instead of originally targeted 10%

DIVIDEND INCREASE AND SHARE BUYBACK PROPOSED

DIVIDEND PER SHARE IN EUR

DIVIDEND PROPOSAL 2018

• 22nd consecutive dividend increase proposed
• Dividend proposal reflects investments in future growth

SHARE BUYBACK

¹ proposed dividend for approval at the AGM on May 16, 2019

2019 WILL BE AN INVESTMENT YEAR

FOCUS ON

• Resolving identified operational issues
• Invest around €100 million in 2019 cost optimization program
• Further steps to improve cost base
• Accretive to net income already in 2020
• Additional efforts to GEP II
• GEP II with increasing contribution
• Share buyback: create additional shareholder return
• Capturing growth in developing economies
• Investing in growth of U.S. home treatments
• Integration of NxStage and realizing synergies

OPPORTUNITIES

• Higher contributions from GEP II
• Faster recovery of commercial volumes
• Higher contribution from expansion in developing economies

RISKS

• Lower than expected contribution from de novo clinics and acquisitions
• Legislative activities
• Unforeseen regulatory changes

FY 2018: UPDATE

Very solid Q4 performance

Revised full year guidance achieved

GEP II ahead of schedule

Dividend increase of 10% proposed

NxStage closing expected in the next couple of days

Q4 2018: DELIVERED STRONG RESULTS¹

	Q4 2018 € million	Q4 2017 € million	Growth in %	Growth in %cc
Revenue	4,300	4,429	(3)	(3)
Revenue on a comparable basis	4,300	4,024	7	7
Operating income (EBIT)	613	519	18	12
EBIT on a comparable basis	648	456	42	39
Net income	425	394	8	1
Net income on a comparable basis	408	361	13	9
Net income adjusted	353	325	8	4

• Revenue impacted by divestiture of Sound and IFRS 15 implementation
• Net income impacted by divestiture, U.S. ballot and FCPA
• Strong net income growth on a comparable basis

¹For a detailed reconciliation please refer to chart 37

Q4 2018: ORGANIC GROWTH IN ALL REGIONS

NORTH AMERICA	€ million
Revenue	2,981	(9)%cc
Organic growth		+4%
EMEA	€ million
Revenue	679	+5%cc

Revenue	679	+5%cc
Organic growth		+4%

ASIA-PACIFIC	€ million
Revenue	454	+9%cc
Organic growth		+9%

LATIN AMERICA	€ million
Revenue	182	+33%cc
Organic growth		+30%

• Organic growth trend continued in all markets
• North America affected by the divestitures of Care Coordination activities and IFRS 15
• Growth in Asia-Pacific and Latin America remain on a high level

Q4 2018 SERVICES: ORGANIC GROWTH CONTINUED

	Q4 2018 € million	Q4 2017 € million	Growth in %	Growth in %cc	Organic growth in %	Same market growth in %cc
Total	3,413	3,581	(5)	(5)	6	3
North America	2,746	2,950	(7)	(10)	4	3
of which Care Coordination	291	715	(59)	(62)	(22)	n.a.
EMEA	331	312	6	9	6	3
Asia-Pacific	207	191	8	7	6	8
of which Care Coordination	60	57	5	6	(6)	n.a.
Latin America	129	128	0	44	40	0

▪ North America growth impacted by Care Coordination divestiture and IFRS 15

• EMEA growth driven by same market treatment growth, acquisitions and organic growth
• Asia-Pacific growth driven by same market treatment growth and acquisitions, affected by lower organic revenue per treatment

Q4 2018 PRODUCTS: ORGANIC GROWTH IN ALL REGIONS

	Q4 2018 € million	Q4 2017 € million	Growth in %	Growth in %cc	Organic growth in %
Total Health Care Products	887	848	5	6	6
Dialysis Products	869	828	5	6	7
North America	235	214	10	7	7
EMEA	330	328	1	2	3
Asia-Pacific	247	227	9	11	11
Latin America	53	57	(5)	8	9
Non-Dialysis Products	18	20	(5)	(5)	(5)

PRODUCT REVENUE DRIVEN BY

▪ EMEA

renal drugs, bloodlines, products for acute care, PD products, machines and dialyzers

• Asia-Pacific chronic HD and acute products
• North America chronic HD products and renal drugs

2018: CASH FLOW, NET LEVERAGE RATIO & CURRENT RATINGS

	Q4 2018 € million	Q4 2017 € million	2018 € million	2017 € million
Operating cash flow	698	528	2,062	2,192
in % of revenue	16.2	11.9	12.5	12.3
Capital expenditures, net	301	227	1,003	841
Free cash flow	397	301	1,059	1,351
Free cash flow, after net acquisitions and investments, incl. net investments in securities	296	548	1,817	1,200

NET LEVERAGE RATIO (NET DEBT/EBITDA)¹

Current ratings2	S&P	Moody's	Fitch
Rating	BBB-	Baa3	BBB
Outlook	positive	stable	stable

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: Jan. 8, 2019; Moody's: May 15, 2018; Fitch: March 8, 2018

OUTLOOK¹

(cc)	TARGETS 2019	2018 BASE (in € million)
Revenue growth adjusted	3 to 7%	16,026
Net income growth adjusted	(2) to 2%	1,341

(cc)	TARGETS 2020
Revenue growth adjusted	Mid to high single digit growth rate
Net income growth adjusted	Mid to high single digit growth rate

¹Targets for 2019 and 2020 are in constant currency. These targets as well as the 2018 base are and will be adjusted in order to make the business performance in the respective periods comparable for items such as: FCPA related charges, the IFRS 16 implementation, the contributions from Sound in H1 2018, the gain (loss) related to divestitures of Care Coordination activities and expenses for the cost optimization program. All effects from the pending NxStage acquisition are excluded from the targets for 2019 and 2020.

BASIS FOR ADJUSTED GROWTH 2019 HIGHER THAN ASSUMED

¹For a detailed reconciliation please refer to chart 37

2018: REVISED FULL YEAR GUIDANCE ACHIEVED¹

	2018 € million	2017 € million	Growth in %	Growth in %cc	Guidance 2018 in %cc
Revenue	16,547	17,784	(7)	(2)
Revenue on a comparable basis	16,547	16,739	(1)	4	2-3
Operating income (EBIT)	3,038	2,362	29	33
EBIT on a comparable basis	2,346	2,278	3	6
Net income	1,982	1,280	55	60
Net income on a comparable basis	1,377	1,242	11	14	11-12
Net income adjusted	1,185	1,162	2	4	2-3

¹For a detailed reconciliation please refer to chart 37

Q4 2018: QUALITY OUTCOMES REMAIN ON HIGH LEVEL¹

	NORTH AMERICA			EMEA	LATIN AMERICA		ASIA-PACIFIC
% of patients	Q4 2018	Q4 2017	Q4 2018	Q4 2017	Q4 2018	Q4 2017	Q4 2018	Q4 2017
Kt/V ≥ 1.2	97	97	95	95	91	93	96	96
Hemoglobin = 10–12 g/dl	72	73	83	83	53	52	58	58
Calcium = 8.4–10.2 mg/dl	86	85	81	80	75	77	74	75
Albumin ≥ 3.5 g/dl	81	79	90	88	90	90	89	88
Phosphate ≤ 5.5 mg/dl	62	63	81	81	75	76	67	70
Patients without catheter (after 90 days)	83	83	79	80	80	81	86	88
in days
Days in hospital per patient year	10.2	10.7	7.5	7.7	4.2	4.1	3.3	3.8

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

Q4 2018: GROWTH TREND - ORGANIC AND VOLUME (%)

2018: REVENUE GROWTH

REVENUE ON A COMPARABLE BASIS, € MILLION – TARGET: 2-3%CC GROWTH

2018: NET INCOME GROWTH

NET INCOME ON A COMPARABLE BASIS, € MILLION - TARGET: 11–12%CC GROWTH

NET INCOME ADJUSTED, € MILLION – TARGET: 2–3%CC GROWTH

Q4 2018: REVENUE GROWTH

REVENUE ON A COMPARABLE BASIS, € MILLION

Q4 2018: NET INCOME GROWTH

NET INCOME ON A COMPARABLE BASIS, € MILLION

NET INCOME ADJUSTED, € MILLION

Q4 2018: REGIONAL MARGIN PROFILE

NORTH AMERICA (72% OF EBIT¹)

DIALYSIS BUSINESS MARGIN OF 18.5%

• Positive: Gain from decreased compensation expense, decreased personnel expense and the implementation of IFRS 15
• Negative: Discontinuation of non-IFRS-policy, shift of calcimimetics to the dialysis business and the impact from the U.S. ballot initiative
• U.S. revenue per treatment \$358 | FY 2018: \$354 U.S. cost per treatment \$288 | FY 2018: \$289

CARE COORDINATION MARGIN DOWN

• Positive: Shift of calcimimetics to the dialysis business, favorable impact from pharmacy and lower bad debt expense
• Negative: Divestiture of Care Coordination activities in 2018, prior year gain from sale of Shiel Laboratories and lower earnings recognition related to ESCO's

Q4 2018: REGIONAL MARGIN PROFILE

EMEA (14% of EBIT1)	Operating income margin development reflects Impairment of intangible assets, the release of accruals ▪ as a result of favorable court settlements related to VAT in 2017, higher personnel costs and unfavorable foreign currency transaction effects	110 16.7% Q4 2017	97 14.4% Q4 2018
ASIA-PACIFIC (13% of EBIT1)	Operating income margin development impacted by ▪ Positive: Favorable impact from business growth and a gain from decreased compensation expense ▪ Negative: Unfavorable transaction effects Care Coordination margin of 21.8%	76 18.2% Q4 2017	86 18.8% Q4 2018
LATIN AMERICA (1% of EBIT1)	Operating income margin development reflects ▪ Positive: Foreign currency translation effects ▪ Negative: Hyperinflation impact in Argentina	14 7.4% 10.2% Q4 2017	5 2.8% Q4 2018

EBIT in € million; % EBIT-margin

Diagrams: different scales applied; ¹ Excl. Corporate

Q4 2018: PROFIT AND LOSS¹

	Q4 2018 € million	Q4 2017 € million	Growth in %	Growth in %cc
Revenue	4,300	4,429	(3)	(3)
Revenue on a comparable basis	4,300	4,024	7	7
Revenue adjusted	4,300	4,025	7	6
EBIT	613	519	18	12
EBIT margin in %	14.3	11.7	2.6pp	1.8pp
EBIT on a comparable basis	648	456	42	39
EBIT adjusted	648	663	(2)	(4)
EBIT adjusted margin in %	15.1	16.5	(1.4)pp	(1.7)pp
Net interest expense	58	80	(28)	(30)
Income before taxes	555	439	26	19
Income tax expense	63	(30)	n.a.	n.a.
Tax rate in %	11.4	(6.6)	n.a.	n.a.
Non-controlling interest	67	75	(10)	(12)
Net income	425	394	8	1
Net income on a comparable basis	408	361	13	9
Net income adjusted	353	325	8	4

¹ For a detailed reconciliation please refer to chart 37

2018: PROFIT AND LOSS¹

	2018 € million	2017 € million	Growth in %	Growth in %cc
Revenue	16,547	17,784	(7)	(2)
Revenue on a comparable basis	16,547	16,739	(1)	4
Revenue adjusted	16,547	16,645	(1)	4
EBIT	3,038	2,362	29	33
EBIT margin in %	18.4	13.3	5.1pp	4.8pp
EBIT on a comparable basis	2,346	2,278	3	6
EBIT adjusted	2,346	2,409	(3)	1
EBIT adjusted margin in %	14.2	14.5	(0.3)pp	(0.6)pp
Net interest expense	301	365	(17)	(14)
Income before taxes	2,737	1,997	37	42
Income tax expense	511	443	15	21
Tax rate in %	18.7	22.2	(3.5)pp	(3.3)pp
Non-controlling interest	244	274	(11)	(7)
Net income	1,982	1,280	55	60
Net income on a comparable basis	1,377	1,242	11	14
Net income adjusted	1,185	1,162	2	4

¹For a detailed reconciliation please refer to chart 37

2018: RECONCILIATION ADJUSTMENTS

RECONCILIATION OF NON-IFRS FINANCIAL MEASURES TO THE MOST DIRECTLY COMPARABLE IFRS FINANCIAL MEASURES

	Q4 2018 € million	Q4 2017 € million	2018 € million	2017 € million
Revenue	4,300	4,429	16,547	17,784
IFRS 15 Implementation		(100)		(486)
Sound H2 20171		(305)		(559)
Revenue on a comparable basis	4,300	4,024	16,547	16,739
VA Agreement2		1		(94)
Revenue adjusted	4,300	4,025	16,547	16,645
Net income5	425	394	1,982	1,280
(Gain) loss related to divestitures of Care Coordination activities	17		(673)
Sound H2 20171		(33)		(38)
2018 FCPA Related Charge	(47)		28
U.S. Ballot Initiatives3	13		40
Net income5 on a comparable basis	408	361	1,377	1,242
VA Agreement2		1		(51)
Natural Disaster Costs4		3		11
2017 FCPA Related Charge		200		200
U.S. Tax Reform (excl. Sound H2 2017)6	(55)	(240)	(192)	(240)
Net income5 adjusted	353	325	1,185	1,162

¹Sound H2 2017: contribution of Sound Physicians │ ² VA Agreement: Agreement with the United States Departments of Veterans Affairs and Justice │ ³ U.S. Ballot Initiatives: contributions to the opposition to the ballot initiatives in the U.S. │ ⁴ Natural Disaster Costs: three hurricanes and an earthquake │ ⁵ Attributable to shareholders of FMC AG & Co. KGaA │ ⁶ U.S. Tax Reform: impacts from U.S. tax reform

DEBT AND EBITDA

RECONCILIATION OF NON-IFRS FINANCIAL MEASURES TO THE MOST DIRECTLY COMPARABLE IFRS FINANCIAL MEASURES

€ million	2018	2017	2016
Debt
Short term debt	1,205	760	572
+ Short term debt from related parties	189	9	3
+ Current portion of long-term debt and capital lease obligations	1,107	884	724
+ Long-term debt and capital lease obligations less current portion	5,045	5,795	6,833
Total debt	7,546	7,448	8,132
Cash and cash equivalents	2,146	978	709
Total net debt	5,400	6,470	7,423

	2018	2017	2016
EBITDA1
Last twelve month operating income (EBIT)	2,215	2,372	2,398
+ Last twelve month depreciation and amortization	716	731	710
+ Non-cash charges	45	51	65
EBITDA (annualized)	2,976	3,154	3,173
Net leverage ratio (Net debt/EBITDA)	1.8	2.1	2.3

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

ACQUISITIONS & INVESTMENTS AND CAPITAL EXPENDITURES

RECONCILIATION OF NON-IFRS FINANCIAL MEASURES TO THE MOST DIRECTLY COMPARABLE IFRS FINANCIAL MEASURES

€ million	Q4 2018	2017	2018	2017
Acquisitions and investments
Acquisitions, investments and net purchases of intangible assets	(117)	(138)	(925)	(566)
- Proceeds from divestitures	16	385	1,683	415
= Acquisitions and investments, net of divestitures	(101)	247	758	(151)
Thereof investments in securities, net of divestitures	(8)	246	(330)	246

	Q4 2018	2017	2018	2017
Capital expenditures, net
Purchase of property, plant and equipment	(325)	(312)	(1,057)	(944)
- Proceeds from sale of property, plant & equipment	24	85	54	103
= Capital expenditure, net	(301)	(227)	(1,003)	(841)

RETURN ON INVESTED CAPITAL¹ (ROIC)

(esp. for divestitures of Care Coordination activities): around 8.0%

¹ Based on net operating profit after tax & average invested capital │ adjusted for largest acquisitions and divestitures

² Adjusted for the divestiture of Care Coordination activities, FCPA related charge, U.S. Ballot Initiatives, U.S. tax reform / including these effects, ROIC for FY 2018 was 12.4%

ESTIMATED EFFECTS ACCORDING TO IFRS 16

ESTIMATED EFFECTS EXCLUDING NXSTAGE

Balance Sheet	Impact 2019e € million
Assets
Right-of-use assets	~3,900
Machinery and equipment	~120
Liabilities
Lease Liablities	~4,200
Other financial debt	~120

Profit and loss statement	Impact 2019e € million
Revenue	~(100)
Profit from sale-leaseback transactions	~(40)
Rental expenses	~(810)
EBITDA	~770
Depreciation expense	~(680)
EBIT	~90
Net interest expenses	~160
Taxes	~(20)
Net Income	~(50)

Cash flow statement	Impact 2019e € million
Cash provided by operating activities	~600
Cash used in investing activities	~(80)
Cash used in financing activities	~(520)
Total	0

• Net leverage ratio will increase by about 0.6.

EXCHANGE RATES U.S. DIALYSIS DAYS PER QUARTER

Euro vs.		2018	9m 2018	2017
€:\$	Period end	1.145	1.158	1.199
	Average	1.181	1.194	1.130
€:CNY	Period end	7.875	7.966	7.804
	Average	7.808	7.779	7.629
€:RUB	Period end	79.715	76.142	69.392
	Average	74.026	73.395	65.938
€:ARS	Period end	43.039	47.423	22.639
	Average	32.984	29.845	18.754
€:BRL	Period end	4.444	4.654	3.973
	Average	4.308	4.297	3.605

	Q1	Q2	Q3	Q4	Full year
2019	76	78	79	80	313
2018	77	78	78	80	313
2017	77	78	79	79	313
2016	78	78	79	79	314
2015	76	78	79	79	312

DEFINITIONS

cc	Constant currency
HD	Hemodialysis
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 2019¹

REPORTING DATES & AGM

May 2	Report on 1st quarter 2019
May 16	Annual General Meeting, Frankfurt

CONFERENCES

March 18	Goldman Sachs Healthcare Day, Madrid
April 3	Bankhaus Lampe Deutschlandkonferenz
May 7-8	Deutsche Bank Annual Healthcare Conference
May 21	RBC Capital Markets Global Healthcare Conference

¹ Please note that dates and/or participation might be subject to change

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

+49(0) 6172–609–2601 dominik.heger@fmc-ag.com

JULIANE BECKMANN

juliane.beckmann@fmc-ag.com

+49(0) 6172–609–5216

Senior Manager Investor Relations

ROBERT ADOLPH

Senior Director Investor Relations

+49(0) 6172–609–2477 robert.adolph@fmc-ag.com

PHILIPP GEBHARDT

Senior Manager Investor Relations

+1-781-699-2142 philipp.gebhardt@fmc-ag.com