Fresenius Medical Care AG & Co. KGaA

Earnings Release • Jul 17, 2009

Fresenius Medical Care

The World's Leading Renal Therapy Company

Deutsche Bank 13th Annual European Leveraged Finance & Credit Products Conference

London, June 11, 2009

Forward Looking Statements

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. 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 discussed in detailed in the Company's reports filed with the Securities and Exchange Commission (SEC) and the German Exchange Commission (Deutsche Börse).

Rule FAS 160: We adopted FAS 160 in our financial statement presentation. The effect of this adoption is factually just a relabeling of certain line items in the income statement, most prominently what was "net income" prior to FAS 160 is now called "net income attributable to Fresenius Medical Care AG & Co. KGaA". There are no earnings effects on operating income or other income and expense items.

1. Business Update

2. Financials and Outlook

3. Growth Strategy

Strong Start into the year

	Q1 2008	Q1 2009	Growth
Revenue	\$ 2,512 m	\$ 2,560 m	* + 2%
Net income attributable to FME AG & Co. KGaA	\$ 186 m	\$ 198 m	+7%
Earnings per share	\$ 0.63	\$ 0.67	+6%

* 8% growth at constant currency

First Quarter 2009 – Revenue

First Quarter 2009 - Dialysis Services Global

Strong Growth of 8% constant currency

US-\$ in millions	Q1 2008	Q1 2009	Growth	cc
North America	1,495	1,577	5%
International	349	346	-1%	18%
Total	1,844	1,923	4%	8%

Treating nearly 187,500 patients in ~ 2,450 clinics

Excellent Performance in Key Metrics

Q1 2009	Total	North America	International
Organic revenue growth	+ 8%	+ 6%	+ 17%
Same market treatment growth	+ 4.4%	+ 3%	+ 7%
Revenue per treatment		1) \$ 332	\$ 151
Growth		+ 3%	+ 7%cc
Number of clinics	2,448	1,714	734
Growth	+ 7%	+ 5%	+ 12%
De novos (including managed clinics)	33	26	7

1) including Mexico cc = constant currency

First Quarter 2009 – Revenue per treatment US

First Quarter 2009 - Dialysis Products

Strong External Product Growth of 8%cc

US-\$ in millions	Q1 2008	Q1 2009	Growth	cc
Total Revenue (incl. Internal Revenue)	869	847	-3%	9%
External Revenue	667	637	-5%	8%
North America	172	197	14%
International	495	440	-11%	6%

U.S. – Healthcare Reform

Healthcare Reform Legislation - 2008

• The Dialysis specific healthcare reform has been passed in July 2008
• 1% composite rate increase in 2009 and 2010
• Introduction of Bundling in 2011
• Automatic inflation adjustment after 2011

Healthcare Reform Initiatives – In the News 2009

• Insurance reforms
• Expand coverage for uninsured ~46 million citizens
• Improve markets for small employers and individuals
• Assure chronic disease patients are not discriminated against insurance coverage
• Provider reforms improve care coordination through accountable care model and medical home model
• Reduce administrative costs with improved IT Systems
• Negative impact on dialysis industry appears unlikely

Fresenius Medical Care – North America

Health Plan 2nd year results

Strategy Update

1. Business Update

2. Financials and Outlook

3. Growth Strategy

\$ in millions	Q1 2008	Q1 2009	Growth
Net revenue	2,512	2,560	* 2%
Operating income (EBIT)	389	396	2%
EBIT margin in %	15.5	15.5
Interest expense, net	83	74
Income before income tax	306	322	5%
Income Tax expense	114	116
Tax rate	37%	36%
Non controlling interest	6	8
Net income attributable to FME AG & Co. KGaA	186	198	7%

* 8% growth at constant currency, 8% organic growth

Days Sales Outstanding (DSO)

Very stable despite difficult environment

Operating Cash Flow 6% of Revenues

\$ in millions	Q1 2008	Q1 2009	Growth
Operating Cash Flow 1)	192	156	(19%)
1) Capital Expenditures, net	(153)	(111)
Free Cash Flow	39	45	16%
Acquisitions, net of divestitures1)	(33)	(36)
Free Cash Flow, after acquisitions	6	9

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

Q1 2009 - Debt / EBITDA Development

ltm = last twelve months

* including non-cash charges and excluding restructuring costs, in-process R&D and gain from the sale of dialysis clinics.

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

Financial Cushion (as of March 31, 2009)

\$ in millions	Facility	1) Utilization	Cushion
Credit Agreement	4,028	3,497	531
Trust Preferred Securities	624	624	0
Bond 2007 – 2017	500	500	0
Notes (Schuldscheindarlehen)	266	266	0
EIB Facility	294	169	0
Other bank facilities	495	273	222
Subtotal	6,208	5,329	753
Accounts Receivable Program
North America2)	550	539	11
TOTAL	6,758	5,868	764

1 ) Utilization may differ from Balance Sheet debt due to off-balance sheet items (e.g. letters of credit and guarantees)

2 ) \$ 550 million facility amount, limit represents maximum amount of eligible receivables

Current Debt Maturity

								Year
April 30,2009 Amount in million			'07	'08	'09	'10	'11	'12	'13	'14	'15	'16	'17
Accounts Receivable Facility	\$	550
Credit Agreement Rev./TLA		\$ 2,491
Credit Agreement TLB		\$ 1,570
Senior Notes 2007-2017	\$	500
Trust Preferred Securities IV	\$	225
Trust Preferred Securities V	€	300
Notes (Schuldscheindarlehen) (2005 – 2009)	€	200
Notes (Schuldscheindarlehen) (2009 – 2012 / 2014)	€	200

Fiscal Year 2009 – Outlook Confirmed

US-\$ in millions	Guidance
Net Revenues	> \$ 11,100
Net Income attributable to FME AG & Co. KGaA	\$ 850 – 890
Leverage ratio (Debt/EBITDA)	< 2.7
Capital Expenditures	~ \$ 550 - 650
Acquisitions	~ \$ 200 - 300

1. Business Update

2. Financials and Outlook

3. Growth Strategy

Expanded Leading Global Presence

Dialysis Services Worldwide - Patients

Source: Company data as of December 2008

Hemodialysis (HD)

= 90% of all treatments

Peritoneal Dialysis (PD)

= 10% of all the treatments

Produced more than 80.000.000 Dialyzers in 2008

Source: Company data as of December 2008

Global Patients by Region

Source: Company data as of December 2008

Our Growth Opportunities

1. Increased Product Market Share

2. Reimbursement Based on Quality

3. Expansion of Dialysis Network

4. Renal Pharma – Enhanced Therapy

5. New Clinical Services

Global Leadership Position

Well positioned as the global leader for future growth and to take advantage of strategic opportunities globally

2009 Financial Objectives Continued profitable growth momentum

• Revenue > \$11,100 m
• Net Income \$850-890 m

Thank You for your interest in Fresenius Medical Care !

Fresenius Medical Care

The World's Leading Renal Therapy Company

Deutsche Bank 13th Annual European Leveraged Finance & Credit Products Conference

London, June 11, 2009

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

All numbers are in \$ millions

Debt	Q1 2009	FY 2008	FY 2007	FY 2006	FY 2005
1) Short term borrowings (incl. A/R program)	645	684	217	331	151
+ Short term borrowings from related parties	17	1	2	5	19
+ Current portion of long-term debt and capital lease obligations	426	455	85	160	126
+ Current portion of Trust Preferred Securities	0	0	670
+ Long-term debt and capital lease obligations, less current portion	3,961	3,957	4,004	3,829	707
+ Trust Preferred Securities (net of current portion)	623	641	664	1,254	1,188
= Total debt	5,672	5,738	5,642	5,579	2,191

EBITDA	Q1 2009	FY 2008	2) FY 2007	FY 2006 (pro forma)	FY 2005
Last twelve months operating income (EBIT)	1,680	1,672	1,580	1,367	939
+ Last twelve months depreciation and amortization	424	416	363	326	251
+ Non-cash charges	46	44	41	35	14
= EBITDA (annualized)	2,150	2,132	1,984	1,728	1,204

1) A/R securitization program off-balance sheet in 2003 and included in short term borrowings from 2004 onwards

2) Excluding restructuring costs and in-process R&D

Attachment II

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

All numbers are in \$ millions

External Revenue	Q1 2009	Q1 2008	growth	cc
International product revenue	502	566	- 11%	+ 6%
- Internal revenue	(62)	(71)
= External revenue	440	495	- 11%	+ 6%
North America product revenue	345	303	+ 14%
- Internal revenue	(148)	(131)
= External revenue	197	172	+ 14%
TOTAL product revenue	847	869	- 3%	+ 9%
- Internal revenue	(210)	(202)
= External revenue	637	667	- 5%	+ 8%

Capital expenditure (net)	Q1 2009	Q1 2008
Purchase of property, plant and equipment	112	159
- Proceeds from sale of property, plant and equipment	(1)	(6)
= Capital expenditure (net)	111	153

Cash Flow	Q1 2009	Q1 2008
Acquisitions and Investment and net purchases of intangible assets	(37)	(72)
Proceeds from divestitures	1	39
Acquisitions, net of divestitures	(36)	(33)

Q1 2009	Clinic	Patients	Treatments (in million)
Total	2,448	187,476	7.0
Growth	+ 7%	+ 6%	+ 5%
North America	1,714	127,121	4.7
Growth	+ 5%	+ 4%	+ 2%
International	734	60,355	2.3
Growth	+ 12%	+ 11%	+ 11%
Europe	410	30,451	1.2
Latin America	194	20,535	0.8
Asia-Pacific	130	9,369	0.4

First Quarter 2009 - Quality Outcomes

Overall Strong Quality Performance

	North America		International
% of FME patients	Q1 2008	Q1 2009	Q1 2008	Q1 2009
Kt/V ≥ 1.2	95%	96%	95%	94%
Hemoglobin ≥ 11 g/dl	74%	73%	70%	71%
Hemoglobin = 10-13 g/dl	84%	86%	76%	75%
Albumin ≥ 3.5 g/dl	80%	80%	85%	84%
Phosphate 3.5-5.5 mg/dl	52%	53%	60%	60%
Hospitalization days	* 10.7	* 10.4	7.9	8.2

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

Analyst Meeting February 19, 2009 © 2009 Fresenius Medical Care AG & Co. KGaA 34

Weakness in the Euro and some other currencies present challenges for reported results

• Largest translation exposure in Euro/US\$
• First half comparison expected to be more challenging
• Weakness in non-Euro European currencies presents
• additional exposure

However:

• Underlying business is strong and on target
• Exchange rates developing favorably in some key markets
• Strong US\$ favorable for Euro valuation

A 10% Appreciation in Currencies versus the US-Dollar would result in the following impacts on the Earnings after Tax

Operating Margin Development

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

Second Quarter Results 2009 – August 4, 2009

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