Fresenius SE & Co. KGaA — Call Transcript 2012

May 3, 2012

Analyst Conference Call – Q1/12 Results

May 3, 2012

Safe Harbor Statement

This presentation contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ materially from those described in these forward-looking statements due to certain factors, e.g. changes in business, economic and competitive conditions, regulatory reforms, results of clinical trials, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. Fresenius does not undertake any responsibility to update the forward-looking statements contained in this presentation.

Fresenius Group: Financial Results

	1 S l a e s	E B I T	2 N i t e n c o m e
/ Q 1 1 2	€ 1 9 4 4 m ,	€ 6 6 1 m	€ 2 0 0 m
G h t t t t r o w a c o n s a n t e n e c u r r c y r a s	0 1 %	1 2 %	1 5 %
h l G t t t r o w a a c u a t c u r r e n c y r a e s	1 3 %	1 5 %	1 8 %

1Previous year's sales were adjusted according to a U.S. GAAP accounting change at Fresenius Medical Care

2Net income attributable to shareholders of Fresenius SE & Co. KGaA ‒ adjusted for a non-taxable investment gain at Fresenius Medical Care

Fresenius Group: Financial Results by Business Segment

/ Q 1 1 2	F i F r e s e n u s M d i l C e c a a r e		F i r e s e n u s H l i e o s	F i r e s e n u s V d a m e
l S a e s h G t o r w	\$ S 3 2 9 U 4 m , 9 %	€ 1 0 9 2 m , 1 4 %	€ 7 1 7 m 1 1 %	€ 1 4 2 m 1 %
E B I T h G t o r w	\$ S 0 3 U 5 m 1 3 %	€ 2 1 5 m 9 %	€ 6 8 m 1 7 %	€ 5 m 0 %

Fresenius Kabi: Update Q1/12

• 11% organic sales growth, all regions at or above expectations
• North America strong growth continues due to 2011 launches (e.g. PipTazo, Nafcillin) and persisting drug shortages
• 16% organic sales growth in I.V. drugs outside North America, 14% organic sales growth in Clinical Nutrition
• Raised 2012 outlook reflects excellent Q1 results and current drug shortage expectations for Q2

Strong Organic Growth in All Regions

Fresenius Helios: Update Q1/12

• • 5% organic sales growth – at upper end of guidance, 4% increase in admissions
• • Excellent margin development across all hospitals in established business – 170 bps EBIT margin increase to 10.7%
• • Damp acquisition consolidated as of March 31, 2012
• • Excellent supply cost management – 2009-2011: 140 bps decrease to 19.0% in supply costs as percentage of sales

Fresenius Vamed: Update Q1/12

• -Sales and EBIT in line with expectations
• • 16% sales growth in service business – broad portfolio of ~150 multi-year service contracts supports long-term growth
• • Order intake in project business particularly strong in Emerging Markets
• €63 million turnkey project in the Ukraine
• €13 million additional medical equipment contracts in China
• -Fully confirm 2012 outlook

Group Financials Q1/12 − Outlook 2012

Fresenius Group: Profit and Loss Statement

€ m	Q / Q / 1 1 2 1 1 1		G h Q t r o w	/ 1 1 2 Y Y o
			l t a c u a t r a e s	t t c o n s a n t r a e s
1 l S a e s	9 4 4 1 ,	3 9 2 3 ,	1 3 %	1 0 %
E B I T	6 6 1	5 7 5	1 5 %	1 2 %
N i t t t e n e e r s	1 4 7 -	3 1 5 -	9 % -	6 % -
I t n c o m e a e s x	1 5 6 -	1 3 5 -	1 6 % -	1 3 % -
2 N i t e n c o m e	2 0 0	1 7 0	8 1 %	1 5 %

1Previous year's sales were adjusted according to a U.S. GAAP accounting change at Fresenius Medical Care

2 Net income attributable to shareholders of Fresenius SE & Co. KGaA ‒ adjusted for a non-taxable investment gain at Fresenius Medical Care, 2011 before special items due to MEB and CVR accounting

Fresenius Kabi: Excellent EBIT Improvement

€ m	Q / 1 1 2	Q / 1 1 1	G h t r o w
E u r o p e M i a r g n	9 6 9 % 1 7	9 5 2 2 % 1.	% 1
h N A i t o r m e r c a M i a r g n	1 1 4 3 9 0 %	9 6 3 8 % 7.	9 % 1
f / / f A i P i i L i A i A i t s a a c c a n m e r c a r c a - M i a g n r	5 8 1 8. 5 %	4 2 1 6. 3 %	3 8 %
C d C & R D t t o p o a e a n o p o a e r r r r	3 5 -	3 6 -	% 4 7 -
T l E B I T t o a	2 1 5	9 1 7	9 %
i M a r g n	% 1 9 7	% 2 0 5

Fresenius Helios: Strong Sales and EBIT Growth

€ m	Q / 1 1 2	Q / 1 1 1	G h t r o w
T l l t o a s a e s	1 7 7	6 4 8	1 1 %
E B I T
b l h d l f l i i i i E t t s a s e c n c p o o o r M i a g n r	7 2 1 0. 7 %	5 8 9 0 %	2 4 %
i i i A t c q s o n s u ( l i d i 1 ) t < c o n s o a o n y r	4 -
l T E B I T t o a	6 8	5 8	% 1 7
M i a r g n	9 5 %	9 0 %

Fresenius Vamed: Sales Growth and EBIT in line with Expectations

€ m	/ Q 1 1 2	/ Q 1 1 1	G h t r o w
b P j i t r o e c u s n e s s	7 7	8 4	8 % -
b S i i e c e s n e s s r v u	6 5	5 6	1 6 %
T l l t o a s a e s	2 1 4	0 1 4	% 1
T l E B I T t o a	5	5	0 %
i M a r g n	% 3 5	% 3 6
1 O d i k t r e r n a e	1 0 4	1 2 7	% 1 8 -
1 O d b k l r e r a c o g	8 7 2	2 8 4 5	% 3

2Dec 31, 2011

Cash Flow Development

€ m	O i C F t p e r a n g		( ) C t a p e x n e		1 C h l F F r e e a s o w
	Q / 1 1 2	i L T M M a r g n	Q / 1 1 2	i L T M M a r g n	Q / 1 1 2	i L T M M a r g n
	9 3	1 1 9 %	( ) 3 6	( ) 4 0 %	5 7	7 9 %
	3 4	9 % 5	( 9 ) 1	( 8 % ) 5	1 5	3 3 % 7
	4 5	8 7 % -	( ) 1	( ) 0 8 %	4 4	9 5 % -
Co / te rp or a O he t r	1 -	/ n a	( 3 )	/ n a	4 -	/ n a
l. F M C ex c	1 7 1	9 % 6 2	( ) 9 5	( ) % 4 5	2 1 1	2 % 5 1
Gr ou p	5 3 8	1 1 6 %	( ) 1 5 2	( ) 4 6 %	3 8 6	% 7 0

1 Before Acquisitions and Dividends

2 Incl. FMC dividend

3 Understated: 5.4% excluding €45 million of capex commitments from acquisitions

Margin = in % of sales

Fresenius Group: Debt and Interest Ratios

	M 3 1 a r , 2 0 1 2	D 3 1 e c , 2 0 1 1
b ( ) D € t e m \$ he f t 5 4 % U S re o de d in te no m a	1 1 4 5 9 ,	9 7 9 9 ,
d b ( ) N € t t e e m	1 0 6 0 4 ,	9 1 6 4 ,
d b / N E B I T D A t t e e	1 3 0 1	2 8 3
/ E B I T D A I t t n e r e s	5 7	6 1

Net debt/EBITDA

1Pro forma Liberty Dialysis Holdings, Inc. and Damp Group from Q1 2012

2Before effects of the announced Rhön-Klinikum AG acquisition

Debt excludes Mandatory Exchangeable Bonds which came to maturity on August 14, 2011

Fresenius Group: Financial Outlook by Business Segment Fully Confirmed or Raised

		i P r e v o u s	N e w
F i r e s e n u s K b i a	1 l h S t a e s g r o w E B I T i m a g n r	4 % 6 % – 1 9 5 % 2 0 % –	8 6 % % – d f p p e e n o a n g e u r r
i F r e s e n u s H l i e o s	1 l h S t a e s g o r w E B I T	3 % 5 % – € 3 0 € 3 2 0 1 m m –	f d i c o n m e r f d u p p e r e n o r a n g e
F i r e s e n s u d V a m e	S l h t a e s g r o w h E B I T t g o r w	% 0 % 5 1 – 5 % 1 0 % –	f d i c o n r m e f d i c o n m e r
i F r e s e n u s B i h t o e c	E B I T	€ 2 5 € 3 0 m m ~ - – -	f d i c o n m e r

1 organic

Fresenius Group: Financial Outlook Raised

	P i r e v o u s	N e w
1 h R t e v e n u e g r o w t t t a c o n s a n c u r r e n c y	1 0 % 1 3 % –	d f u p p e r e n o r a n g e
2 h N i t t e n c o m e g r o w t t t a c o n s a n c e n c u r r y	8 % 1 1 % –	1 2 % 1 5 % –
C a p e x	f l % G 5 o o p s a e s r u ~	f d i c o n m e r

¹Previous year's sales were adjusted according to a U.S. GAAP accounting change at Fresenius Medical Care

² Net income attributable to shareholders of Fresenius SE & Co. KGaA ‒ adjusted for a non-taxable investment gain at Fresenius Medical Care Outlook before effects of the announced Rhön-Klinikum AG acquisition

Analyst Conference Call – Q1/12 Results, Fresenius SE & Co. KGaA, Investor Relations © Copyright, May 3, 2012 Page 16

Attachments

Fresenius Group:

Overview – Calculation of Noncontrolling Interest

€ m	Q / 1 1 2	/ F Y 1 1
b f d l l i i i E t t t t a n n g s e o e a a n n o n c o n o n g n e e s r r x r r	6 1 1	1 9 3 2 ,
T a x e s	1 5 6 -	6 0 4 -
l l h f N i i t t t, t o n c o n r o n g n e r e s e r e o	2 2 5 -	6 3 8 -
d l F i M i C i t t e s e n s e c a a e n e n c o m e n o r u r b b l ( Q / 2 6 9 % ) t t i t t F i 1 1 a r u a e o r e s e n u s a v e r a g e : ~	1 9 6 -	5 1 4 -
l l i i h l d i i d i l C N t t t F M o n o n o n g n e e o e n e e n e e c r r s r s r s u s c a a r ( / \$ / \$ d F Y 2 0 1 1 U S 1 0 6 Q 1 2 0 1 2 U S 2 4 i : m : m a c c o r n g , d l 's l ) F i M i C F i i S t t t t o e s e n s e c a a e n a n c a a e m e n s r u r	1 7 -	6 7 -
l l h l d b N i i i F i K i t t t o n c o n r o n g n e r e s o e r s n r e s e n u s a ( ), l ( ) d d € 8 F i H i € 3 t m e s e n s e o s m a n e o r u u - - d 's 2 3 % l h ( € ) F i V i 1 t r e s e n u s a m e e x e r n a o w n e r s p m -	1 2 -	4 8 -
b b l N i i F i S E & C K G A t t t t t e n c o m e a r u a e o r e s e n u s o a	2 3 0	6 9 0

Fresenius Group: Cash Flow

€ m	/ Q 2 1 1	L T M 1 M i a r g n	/ Q 1 1 1	L T M 1 M i a r g n	G h t r o w Y Y o
O i C h F l t p e r a n g a s o w	3 8 5	1 1 6 %	2 7 8	1 0 8 %	9 4 %
C ( ) t a p e x n e	1 2 5 -	4 6 % -	1 4 7 -	4 6 % -	3 % -
C h l F F r e e a s o w ( b f d d d d ) i i i i i t e o e a q s o n s a n e n s r c u v	3 8 6	7 0 %	1 3 1	6 2 %	1 9 5 %
( ) A i i i t t c q u s o n s n e	8 1, 4 5 -		2 9 4 -		--
d d D i i v e n s	2 4 -		1 5 -		6 0 % -
F C h F l r e e a s o w ( f i i i d d i i d d ) t t a e r a c q u s o n s a n v e n s	0 9 1 6 - ,	1 0 2 % -	1 3 3 -	--	--

1Previous year's sales were adjusted according to a U.S. GAAP accounting change at Fresenius Medical Care

Cash Flow Development LTM

€ m	O t p e r a	i C F n g	C a p e	( ) t n e x		1 C h l F F r e e a s o w
	Q / L T M 1 1 2	i L T M M a r g n	Q / L T M 1 1 2	i L T M M a r g n	Q / L T M 1 1 2	i L T M M a r g n
	8 8 4	9 % 1 1	( 6 ) 1 4	( 0 % ) 4	3 2 4	9 % 7
	2 6 0	9 5 %	( ) 1 5 8	( ) 5 8 %	1 0 2	3 3 7 %
	6 4 -	8 % 7 -	( 6 )	( 0 8 % )	0 7 -	9 % 5 -
Co / te rp or a O he t r	1 3 -	/ n a	( ) 1 5	/ n a	2 8 -	/ n a
l. F M C ex c	6 7 1	2 % 9 6	( ) 3 4 3	( ) % 4 5	3 2 8	2 % 5 1
Gr ou p	9 9 1 4 ,	% 1 1 6	( ) 3 7 6	( ) % 4 6	8 1 1 6 ,	0 % 7

1 Before Acquisitions and Dividends

2 Incl. FMC dividend

3 Understated: 5.4% excluding €45 million of capex commitments from acquisitions

Margin = in % of sales

Fresenius Kabi: Strong Organic Sales Growth

€ m	/ Q 1 1 2	/ Q 1 1 1	O i r g a n c G h t r o w
f h I i T n u s o n e r a p y	2 6 4	2 2 0	0 % 1
I. V D r u g s	4 1 0	3 5 5	1 2 %
C l l i i N i i t t n c a u r o n	3 6 1	2 0 7	% 1 4
d l / M i D i e c a e c e s v f h l T i T r a n s u s o n e c n o o g y	2 0 1	1 1 5	% 4
l l T t o a s a e s	1 0 9 2 ,	9 6 0	% 1 1

Fresenius Kabi: Strong Organic Sales Growth

€ m	/ Q 2 1 1	/ Q 1 1 1	O i r g a n c G h t r o w
E o p e u r	4 8 7	9 4 4	8 %
h N A i t o m e c a r r	2 9 2	2 5 4	1 0 %
f A i P i i s a a c c -	1 9 9	6 1 5	2 0 %
/ f L i A i A i t a n m e r c a r c a	1 1 4	1 0 1	1 5 %
T l l t o a s a e s	1 0 9 2 ,	9 6 0	% 1 1

Fresenius Helios: Strong Organic Sales Growth

€ m	/ Q 1 1 2	/ Q 1 1 1	G h t r o w
b l h d l f l E i i i i t t s a s e c n c p o o o r	6 7 6	6 4 6	5 %
A i i i t c q s o n s ( l i d i ) u t 1 < c o n s o a o n y r	4 1
D i i t t v e s u r e s ( d l i d i 1 ) t < e c o n s o a o n y r		2
T l l t o a s a e s	7 1 7	8 6 4	% 1 1

Fresenius Helios: Performance Indicators

	/ Q 1 1 2	/ Q 1 1 1	C h a n g e
1 f h l i N t o o o s p a s l A i i t c e c a e c n c s u r - l P i i t- t o s a c u e c a r e c n c s -	7 5 5 1 2 4	6 5 4 5 2 0	% 1 5 1 3 % 2 0 %
1 f b d N o o e s l A t i i c u e c a r e c n c s - l P i i t- t o s a c e c a e c n c s u r -	3 2 3 6 0 6 , 8, 8 0 1 4 4, 8 0 2	2 0 1 1 2 , 6, 6 9 0 1 3, 4 2 2	1 7 % 3 % 1 4 0 %
2 d A i i m s s o n s ( i i ) A t t t c u e c a r e n p a e n -	8 1 7 7, 1 5	6 0, 9 1 4 7	0 % 1
2 O c c p a n c u y P t- t o s a c u e c a r e -	8 % 1	8 % 7
l h f ( d ) A t t e a g e e n g o s a a s v r y y A t c e c a e u r - 2 P t- t o s a c e c a e u r -	6. 6 2 9 7	6. 6 2 9 8

1 Dec 31, 2011

3 Excl. 160 forensic beds

2Clinics in Germany

Fresenius Helios: Sales Influence Hospital Acquisitions

Hospital Rottweil,

Damp Group (excl. Wismar divested before closing),

Acquisitions Annualized sales

d b B W t t a e n u e r e m e r g -	€ 3 1 m ~	l d d f l i J 1 2 0 1 1 t c o n s o a e a s o u y ,
l b H i D i t o s p a u s u r g ,
h h h l N R i W i t t o r n e e s p a a -	€ 1 3 4 m ~	l d d f i J 1 2 0 1 2 t c o n s o a e a s o a n ,

Northern Germany ~€427 m consolidated as of March 31, 2012

Fresenius Group: Key Figures According to IFRS

€ m	Q / 1 1 2 S G U A A P	Q / 1 1 2 S I F R
S l a e s	9 4 4 1 ,	4 4 7 0 ,
E B I T	6 6 1	6 6 0
N i t t t e n e r e s	1 4 7 -	1 4 7 -
1 N i t e n o m e c	2 3 0	2 3 0
2 N i t e n c o m e	2 0 0	2 0 0
O C h f l i t p e r a n g a s o w	3 8 5	5 4 0
l h l B t t t a a n c e s e e o a	2 8 2 5 4 ,	2 8 2 7 1 ,

1Net income attributable to shareholders of Fresenius SE & Co. KGaA

2Net income attributable to shareholders of Fresenius SE & Co. KGaA ‒ adjusted for a non-taxable investment gain at Fresenius Medical Care

Special items 2012

Investment gain at Fresenius Medical Care:

• • Due to the acquisition of Liberty Dialysis Holdings, Inc. (Liberty), including its 51% stake in Renal Advantage Partners, LLC (RAI)
• • Measuring the 49% equity interest in RAI held by Fresenius Medical Care at its fair value at the time of the Liberty acquisition
• • Resulting in a non-taxable investment gain of US\$127 million at Fresenius Medical Care or €30 million at Fresenius SE & Co. KGaA respectively
• -Subject to finalization of the Liberty purchase accounting

Special items 2011

• • Other financial result:
• CVR (Contingent Value Right): The trading price of the CVR was considered as fair redemption value. Changes of this value were recognized in the P&L.

On March 4, 2011, the CVRs have been delisted from the NASDAQ and the NASDAQ suspended trading in the CVRs effective the close of trading on that day.

Calculation since March 4, 2011: between trading price of US\$0.04 at December 31, 2010 and value zero multiplied by 163.3 million CVRs = US\$6.7 million = €4.9 million.

• MEB (Mandatory Exchangeable Bond): Mark-to-market accounting based on the Black-Scholes valuation model reflecting FMC's share price. Any change in fair value is recognized in the P&L. Valuation changes led to gains or expenses until maturity. Maturity date was August 14, 2011.

Restatement of 2011 Figures

The restatement is a result of

• the U.S. GAAP accounting change in the presentation of U.S. dialysis service sales which will be shown net of the provision for bad debt and
• a reclassification of freight expenses at Fresenius Medical Care

illio € i n m n	Q1 /2 01 1	Q1 /2 01 1 tat ed res	Q2 /2 01 1	Q2 /2 01 1 sta ted re	Q3 /2 01 1	Q3 /2 01 1 sta ted re	Q4 /2 01 1	Q4 /2 01 1 sta ted re	FY /2 01 1	FY /2 01 1 sta ted re
Sa les
ed l C Fre niu s M ica se are	2, 22 0	2, 18 1	2, 22 0	2, 182	2, 29 5	2, 25 3	2, 45 7	2, 41 5	9, 192	9, 03 1
ab Fre niu s K i se	96 0	96 0	01 1, 1	01 1, 1	97 9	97 9	01 1, 4	01 1, 4	3, 96 4	3, 96 4
Fre niu s H elio se s	64 8	64 8	64 5	64 5	65 7	65 7	71 5	71 5	2, 66 5	2, 66 5
Fre niu s V ed se am	14 0	14 0	17 3	17 3	16 7	16 7	25 7	25 7	73 7	73 7
e/ he Co rat Ot rpo rs	-6	-6	-7	-7	-1 3	-1 3	-1 0	-1 0	-3 6	-3 6
To tal Sa les	3, 96 2	3, 92 3	4, 04 2	4, 00 4	4, 08 5	4, 04 3	4,4 33	4, 39 1	16 ,5 22	16 36 1 ,
Co of od old st go s s	-2 63 5 ,	-2 66 0 ,	-2 65 8 ,	-2 68 4 ,	-2 67 3 ,	-2 69 8 ,	-2 91 7 ,	-2 94 5 ,	-1 0, 88 3	-1 0, 98 7
fit Gro Pro ss	1, 32 7	1, 26 3	1, 384	1, 32 0	1, 41 2	1, 34 5	1, 51 6	1, 44 6	5, 63 9	5, 374
SG &A	-6 89	-6 25	-6 87	-6 23	-6 93	-6 26	-7 40	-6 70	-2 80 9 ,	-2 544 ,
R& D	-6 3	-6 3	-6 5	-6 5	-6 4	-6 4	-7 5	-7 5	-2 67	-2 67
EB IT	57 5	57 5	63 2	63 2	65 5	65 5	70 1	70 1	2,5 63	2,5 63
EB ITD A	73 7	73 7	78 9	78 9	81 8	81 8	89 3	89 3	3, 23 7	3, 23 7

Share Information

Share key facts

Number of shares¹ 163,334,670 Ticker symbol FRE Bloomberg symbol FRE GR Reuters symbol FREG.de

WKN / ISIN 578560 / DE0005785604

ADR key facts

Ticker symbol FSNUY Exchange OTC-market Depositary bank Deutsche Bank

Ratio 8 ADRs = 1 ordinary share ADR CUSIP / ISIN 35804M105 / US35804M1053 Structure Sponsored Level I ADR

1as of March 31, 2012

Financial Calendar

• 11.05.2012 Annual General Meeting, Frankfurt/Main
• 12.06.2012 Capital Market Day Fresenius Kabi
• 01.08.2012 Report on 1st half 2012
• 31.10.2012 Report on 1st 3rd quarter 2012

Contact

• Birgit Grund SVP Investor Relations Fresenius SE & Co. KGaA
• Telephone: +49 6172 608-2485 e-mail: Birgit.Grund@fresenius.com

For further information and current news: http://www.fresenius.com