Fresenius Medical Care AG & Co. KGaA

Earnings Release • Apr 30, 2008

Fresenius Medical Care

The World's Leading Renal Therapy Company

First Quarter 2008 Results Conference Call, April 30, 2008

This presentation includes certain forward-looking statements. 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. These and other risks and uncertainties are detailed in the Company's reports filed with the Securities and Exchange Commission and the German Exchange Commission "Deutsche Börse".

1. Business Update

2. Financials and Outlook

3. Q&A Session

Q1 2008 – Strong Start into the Year

Revenue	\$ 2,512 m	+ 8%
Net income	\$ 186 m	+ 16%
Earnings per share	\$ 0.63	+ 15%

• First Quarter fully in line with Company expectations
• Continued strong operating performance in North America
• Continued strong revenue growth in the International segment

Total Revenue Increased 8% to \$ 2,512 m *

* 4% growth at constant currency (cc)

Strong Growth Internationally of 13%cc

\$ in millions	Q1 2007	Q1 2008	Growth	cc
North America	1,483	1,495	1%
Adjusted for the sale of the perfusion business			3%
International	277	349	26%	13%
Total	1,760	1,844	5%	3%
Adjusted for the sale of the perfusion business			6%	4%

cc = constant currency

International Organic Revenue Growth of 13%cc

Q1 2008	Total	North America	International
Organic revenue growth	+ 3%	+ 2%	+ 13%
Same market treatment growth	+ 3.9%	+ 2.7%	+ 7.1%
Revenue per treatment		1) \$ 322	\$ 168
Growth		- 1%	+ 5%cc
Clinics Q1 2008	2,297	1,640	657
Growth	+ 5%	+ 4%	+ 6%
De novos Q1 (including managed clinics)	44	29	15

1) including Mexico

cc = constant currency

Dialysis Services - United States

Revenue per Treatment up 4% excluding EPO

Strong Quality Performance Except for Hemoglobin Impact in North America

		North America		EMEA
% of FME patients	Q1 2007	Q1 2008	Q1 2007	Q1 2008
Kt/V ≥ 1.2	93%	95%	94%	95%
Hemoglobin ≥ 11 g/dl	82%	74%	71%	69%
Albumin ≥ 3.5 g/dl	79%	80%	84%	83%
Phosphate 3.5-5.5 mg/dl	51%	53%	58%	57%
Hospitalization days	* 11.3	* 10.7	8.4	8.0

Continued reduction in hospital days

* The hospitalization rates for the US reflects FMS adoption of CMS policy

Quality Outcomes - United States

Anemia Management

Data Source: Clinical Performance Management (CPM) Data / Legacy FME U.S. clinics

Quality Outcomes - United States

EPO Utilization

Data Source: Clinical Performance Management (CPM) Data / Legacy FME U.S. clinics

Excellent External Revenue Growth – Twice the Market

\$ in millions	Q1 2007	Q1 2008	Growth	cc
Total revenue (incl. Internal Revenue)	740	869	17%	9%
External revenue	560	667	19%	10%
North America	153	172	12%	12%
International	407	495	22%	9%

cc = constant currency

Highlights

North Europe (EU)  America Asia-Pacific (AP)  -	 Continued revenue growth momentum in products of 12%  Launched new PD Liberty Cycler  Anemia Management focus  New publication on PhosLo (Care2 study in AJKD journal)
Europe	 Revenue growth momentum continued of 11%cc  Strong above market HD machine sales of 14%  Comprehensive reimbursement structure in Portugal  20 scientific papers to be presented at EDTA in Stockholm May 10
Asia - Pacific	 Strong same market treatment growth of 8%  Revenue growth in China of 37%  Continued impressive revenue growth of 13%cc (excl. Japan)  First FME Institute in Dialysis Nursing (F.I.D.N.) class

cc= constant currency

Financials and Outlook

Profit & Loss

\$ in millions	Q1 2007	Q1 2008	Growth
Net revenue	2,321	2,512	* 8%
Operating income (EBIT)	365	389	7%
EBIT margin in %	15.7	15.5
Interest expense, net	95	83
Income before income tax	270	306	13%
Income Tax expense	103	114
Tax rate	38.0%	37.3%
Minority interest	7	6
Net income	160	186	16%

* 4% growth at constant currency, 5% organic growth

Continued Solid Performance in All Segments

Days Sales Outstanding (DSO)

Best in Industry

\$ in millions	Q1 2007	Q1 2008	Growth
1) Net cash provided by operating activities	283	192 7.6% of revenue	(32%)
1) Capital expenditures (net)	(109)	(154)
Free Cash Flow	174	38	(78%)
Acquisitions, net of divestitures1)	(90)	(32)
Free Cash Flow after acquisitions	84	6

1) A reconciliation to the most directly comparable US-GAAP financial measure is provided in the attachment.

Debt and EBITDA Development

• including non-cash charges

pf = pro forma excluding restructuring costs, in-process R&D and gain from the sale of dialysis clinics ltm = last twelve months cl = closing RCG A reconciliation to the most directly comparable US-GAAP financial measure is provided in the attachment.

Financial Cushion

\$ in millions	Facility	1) Utilization	Cushion
Credit Agreement	4,128	3,270	858
Trust Preferred Securities	699	699	0
Bond 2007 – 2017	500	500	0
Notes (Schuldscheindarlehen)	316	316	0
EIB Facility	349	191	0
2) Other bank facilities	453	197	256
Subtotal	6,445	5,173	1,114
Accounts Receivable Program North America3)	620	577	43
TOTAL	7,065	5,750	1,157

1 ) Utilization may differ from Balance Sheet debt due to off-balance sheet items

2 ) As of December 31, 2007

3 ) \$ 650 million facility amount, limit represents maximum amount of eligible receivables

Current Debt Maturity

February 1, 2008 March 31, 2008		Amount						Year
		in million	07	08	09	10	11	12	13	14	15	16	17
Accounts Receivable Facility	\$	650
Credit Agreement Rev./TLA	\$	1,550
Credit Agreement TLB	\$	1,578
Senior Notes 2007-2017	\$	500
Trust Preferred Securities IV	\$	225
Trust Preferred Securities V	€	300
Notes (Schuldscheindarlehen)	€	200

Outlook 2008

\$ in millions	Guidance
Net Revenues	> \$ 10,400
Net Income	\$ 805 - 825

Leverage ratio (Debt/EBITDA)	< 2.8
Capital Expenditure	~ \$ 650 - 750
Acquisitions	~ \$ 150 - 250

Investment budget driven by further growth opportunities

Thank You for your interest in Fresenius Medical Care !

Fresenius Medical Care

The World's Leading Renal Therapy Company

First Quarter 2008 Results Conference Call, April 30, 2008

Q1 2008	Clinic	Patients	Treatments (in million)
Total	2,297	177,059	6.72
Growth	+ 5%	+ 5%	+ 5%
North America	1,640	122,691	4.65
Growth	+ 4%	+ 3%	+ 4%
International	657	54,368	2.08
Growth	+ 6%	+ 8%	+ 8%
Europe	375	27,972	1.07
Latin America	170	18,246	0.69
Asia-Pacific	112	8,150	0.31

Reconciliation of non US-GAAP financial measures to the most directly comparable US-GAAP financial measure

All numbers are in \$ millions

External Revenue	Q1 2008	Q1 2007	growth	cc
International product revenue	566	459	+ 23%	+ 10%
- Internal revenue	(71)	(52)
= External revenue	495	407	+ 22%	+ 9%
North America product revenue	303	281	+ 8%
- Internal revenue	(131)	(128)
= External revenue	172	153	+ 12%
TOTAL product revenue	869	740	+ 17%	+ 9%
- Internal revenue	(202)	(180)
= External revenue	667	560	+ 19%	+ 10%

Capital expenditure (net)	Q1 2008	Q1 2007
Purchase of property, plant and equipment	160	117
- Proceeds from sale of property, plant and equipment	(6)	(8)
= Capital expenditure (net)	154	109

cc = constant currency

Reconciliation of non US-GAAP financial measures to the most directly comparable US-GAAP financial measure

All numbers are in \$ millions
--------------------------------	--

Debt	Q1 2008	FY 2007	FY 2006	FY 2005	FY 2004
Short term borrowings	707	217	331	151	419
+ Short term borrowings from related parties	11	2	5	19	6
+ Current portion of long-term debt and capital lease obligations	119	85	160	126	230
+ Current portion of Trust Preferred Securities	-	670
+ Long-term debt and capital lease obligations, less current portion	4,156	4,004	3,829	707	545
+ Trust Preferred Securities (net of current portion)	697	664	1,254	1,188	1,279
= Total debt	5,690	5,642	5,579	2,191	2,479
EBITDA	Q1 2008	FY 2007	FY 2006 (pro forma)	FY 2005	FY 2004
Last twelve months operating income (EBIT)	1,604	1,580	1,367	939	852
+ Last twelve months depreciation and amortization	375	363	326	251	233
+ Non-cash charges	41	41	35	14	13
= EBITDA (annualized)	2,020	1,984	1,728	1,204	1,098
Cash Flow			Q1 2008		Q1 2007
Acquisitions			(71)		(90)
Proceeds from divestitures				39	-
Acquisitions, net of divestitures				(32)	(90)

Contacts

Fresenius Medical Care AG & Co. KGaA Investor Relations Else Kröner Str. 1 61352 Bad Homburg v.d.H.

Oliver Maier Head of Investor Relations & Corporate Communications Tel.: +49-(0)6172-609-2601 Fax.: +49-(0)6172-609-2301 Email: oliver.maier@fmc-ag.com

Terry L. Morris Tel.: +1-800-948-2538 Fax.: +1-615-345-5605 Email: terry.morris@fmc-na.com

Gerrit Jost Tel.: +49-(0)6172-609-5216 Fax.: +49-(0)6172-609-2301 Email: gerrit.jost@fmc-ag.com Ordinary shares WKN 578 580 ISIN DE0005785802 SEDOL1 5129074 DE

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