Fresenius Medical Care AG & Co. KGaA

Earnings Release • Oct 6, 2010

Fresenius Medical Care

The World's Leading Renal Therapy Company

Jefferies 2010 Global Specialty Pharma & European Healthcare Conference

London, October 6, 2010

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 detail in Fresenius Medical Care AG & Co. KGaA's (FMC AG & Co. KGaA) reports filed with the Securities and Exchange Commission (SEC) and the German Exchange Commission (Deutsche Börse).

1. Business Update & Outlook 2010

2. Growth Strategy and Summary

US\$ millions	H1 2009	H1 2010	Growth
Net revenue	5,323	5,828	* 9%
Operating income (EBIT)	813	888	9%
EBIT margin in %	15.3	15.2
Interest expense, net	149	135
Income before income tax	664	753	13%
Income tax expense	214	257
Tax rate	32%	34%
Non-controlling interest	31	37
Net income attributable to FMC AG & Co. KGaA	419	459	10%

* 8% growth at constant currency, 7% organic growth

Total revenue increased 9% to \$5,828 m

Very strong revenue growth globally

US\$ millions	H1 2009	H1 2010	Growth	cc
North America	3,254	3,578	10%
International	723	817	13%	9%
Total	3,977	4,395	11%	10%

• Good organic treatment growth of 4.3% globally
• Continued strong revenue per treatment development

cc = constant currency

Good product growth in H1 2010

US\$ millions	H1 2009	H1 2010	Growth	cc
Total revenue (incl. internal revenue)	1,813	1,962	8%	6%
External revenue	1,346	1,433	6%	4%
North America	396	408	3%
International	950	1,025	8%	4%

cc = constant currency

Continued excellent cash collection

Operating cash flow at 11% of revenue

US\$ millions	H1 2009	H1 2010	Growth
Operating cash flow 1)	437	643 11% of revenue	47%
1) Capital expenditures, net	(249)	(218)
Free cash flow	188	425 7% of revenue	127%
Acquisitions, net of divestitures 1) 2)	(81)	(150)
Free cash flow, after acquisitions 1) 2)	107	275

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

2) Does not include a \$133 m cash out for a short-term bank deposit in Q2 2010 and a cash repayment in form of an inter-company loan of \$ 50 m in Q2 2009

Expanded Dialysis Services and Products in Key Regions

• Acquired Asia Renal Care
• Adding more than 100 clinics treating about 6,200 patients
• Adding approximately \$80 million in annual revenue
• Expanded dialysis products business in Korea
• Adding approximately \$15 million in annual revenue
• Accretive to earnings in the first year
• Entered into long-term distributor agreement in Japan

Asia

Pacific

• Expanded dialysis services business in Russia
• Adding approximately \$25 million in annual revenue
• Accretive to earnings in the first year

2010 – Outlook Reiterated

Fully on track for 2010 Targets

US\$ millions	GUIDANCE
Net revenue	> \$12,000
Net income attributable to FMC AG & Co. KGaA	\$950 - 980
Leverage ratio (Debt/EBITDA)	< 2.5
Capital expenditures	~ \$550 - 650
Acquisitions	up to \$500

1. Business Update & Outlook 2010

2. Growth Strategy and Summary

Development of Dialysis Patient Population

• Renal failure persists worldwide
• Dialysis is the primary treatment modality on a global scale
• The number of global dialysis patients is expected to double by 2020

Market Opportunity by Region

Continued Growth Opportunities

Components of Growth Strategy

Product

Services

Renal Pharma / Therapy

• Combine membrane, drug delivery and laboratory technology with proven dialysis drugs to provide superior outcomes

Integrated Care Looking Ahead to ACO

Global Strategy – Adapted Locally

ESRD Clinical Treatment Goals Are Similar on a Global Basis,

However:

FME's overall growth strategy must be implemented on a regional basis due to varying reimbursement and health care systems

FME's Products and Services by Region

Industry's only Vertically Integrated Provider

World Leader in Dialysis Services

Latin America

We Lead in Every Major Market, Treating More Than 212,756 Patients Worldwide

Asia Pacific

Based on company statements as of 6-30-2010 and estimates

* patients including managed clinics

Market Position by Major Product Groups

	Rank 1	Rank 2	Rank 3
Dialyzers	FME	Gambro	Nipro
Dialysis machines	FME	Gambro	Nikkiso
Hemodialysis concentrates	FME	Fuso	Gambro
Bloodlines	FME	Gambro	Kawasumi
Peritoneal dialysis products	Baxter	FME	Pisa

Dialyzers Dialysis machines

Produced more than ~85,000,000 Dialyzers in 2009

Sorbent Products

Features

• 6 – 12 L tap water
• No water treatment
• Standard electrical hookup
• Conventional 3x per week
• Every other day dialysis therapy

Features

• Compact
• Disposable circuits

Device not Approved in the US Portable Artificial Kidney (PAK)

Growth Strategy Implementation 23 Countries Account for > 92% of Revenue

North America	Services	Products
Canada		
Mexico		
USA		
EMEA
Czech Republic		
France		
Germany		
Italy		
Portugal		
Spain		
United Kingdom		
Turkey		
Poland		
Russia		
Romania		
Asia Pacific
Australia		
China		
Hong Kong		
Japan		
Korea		
Taiwan		
Latin America
Argentina		
Brazil		
Colombia		

Global Strategy - Services – Areas to Improve Dialysis Outcomes

Global Strategy – Renal Pharma/Therapy – Hydration Management

Global Strategy – Renal Pharma/Therapy – Anemia Management

Global Strategy – Renal Pharma/Therapy – Bone Mineral Management

Leadership	• Maintain our global leadership position • Continue to shape the future of the dialysis industry
Quality	• Maintain superior quality in products and services
Growth	• Benefit from product innovations • Take opportunity of international growth potential • Introduce new therapy offerings • Continue horizontal expansion of service and product range
Financial	• Control cost and spending • Seek attractive investment opportunities • Continue profitable growth momentum

Thank you for your interest in Fresenius Medical Care !

Fresenius Medical Care

The World's Leading Renal Therapy Company

Jefferies 2010 Global Specialty Pharma & European Healthcare Conference

London, October 6, 2010

Reconciliation of non-U.S. GAAP financial measures to the most directly comparable U.S. GAAP financial measure

All figures are in \$ millions

Debt	Q2 2010	FY 2009	FY 2008	FY 2007
Short-term borrowings (incl. A/R program)	410	316	684	217
+ Short-term borrowings from related parties	9	10	1	2
+ Current portion of long-term debt and capital lease obligations	1,866	158	455	85
+ Current portion of trust preferred securities				670
+ Long-term debt and capital lease obligations, less current portion	2,949	4,428	3,957	4,004
+ Trust preferred securities	593	656	641	664
= Total debt	5,827	5,568	5,738	5,642
EBITDA	Q2 2010	FY 2009	1) FY 2008	FY 2007
Last twelve months operating income (EBIT)	1,830	1,756	1,672	1,580
+ Last twelve months depreciation and amortization	487	457	416	363
+ Non-cash charges	49	50	44	41
= EBITDA (annualized)	2,366	2,263	2,132	1,984
Capital expenditure (net)	H1 2010	H1 2009	Q2 2010	Q2 2009
Purchase of property, plant and equipment	(227)	(254)	(121)	(142)
- Proceeds from sale of property, plant and equipment	9	5	2	3
= Capital expenditure (net)	(218)	(249)	(119)	(139)

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

Reconciliation of non-U.S. GAAP financial measures to the most directly comparable U.S. GAAP financial measure

External Revenue	H1 2010	H1 2009	Growth	cc	Q2 2010	Q2 2009	Growth	cc
International product revenue	1,207	1,109	9	5	604	595	1	2
- Internal revenue	(182)	(159)	15		(92)	(85)	8
= External revenue	1,025	950	8	4	512	510	0	2
North America product revenue	755	704	7		390	360	8
- Internal revenue	(347)	(308)	12		(180)	(161)	12
= External revenue	408	396	3		210	199	5
TOTAL product revenue	1,962	1,813	8	6	994	955	4	5
- Internal revenue	(529)	(467)	13		(272)	(246)	11
= External revenue	1,433	1,346	6	4	722	709	2	3

All figures are in \$ millions

Acquisitions (net)	H1 2010	H1 2009	Q2 2010	Q2 2009
Acquisitions and investment and net purchases of intangible assets	(291)	(82)	(207)	(45)
Proceeds from divestitures	8	51	6	50
Acquisitions and investments, net of divestitures	(283)	(31)	(201)	5
Investment, net of repayments	133	(50)	(133)	(50)
Acquisitions, net of divestitures	(150)	(81)	(68)	(45)

Strong quarter and fully on track for full-year targets

Very good underlying performance

Growth	Q2 2010	Q2 2009
7%	\$ 2,946 m	\$ 2,764 m	Revenue
12%	\$ 248 m	\$ 221 m	Net income attributable to FMC AG & Co. KGaA
12%	\$ 0.83	\$ 0.74	Earnings per share

• Strong revenue growth at 7% at constant currency and 6% organic
• Excellent EBIT-margin development
• Resulting in very good net income growth

	H1 2009	H1 2010	Growth
Revenue	\$ 5,323 m	\$ 5,828 m	+9%
Net income attributable to FMC AG & Co. KGaA	\$ 419 m	\$ 459 m	+10%
Earnings per share	\$ 1.41	\$ 1.53	+9%

• Strong revenue growth at 8% at constant currency and 7% organic
• Continued excellent cash flow development

Total revenue increased 7% to \$2,946 m

Very strong revenue growth globally

First time over 200,000 patients being treated

US\$ millions	Q2 2009	Q2 2010	Growth	cc
North America	1,677	1,817	8%
International	377	407	8%	9%
Total	2,054	2,224	8%	8%

• Good organic treatment growth of 4.3% globally
• Continued strong revenue per treatment development
• Treating 202,414 patients in 2,599 clinics

cc = constant currency

Very good performance in all key metrics

Q2 2010	Total	North America	International
Organic revenue growth	7%	7%	5%
Same market treatment growth	4.3%	4.2%	4.4%
Revenue per treatment		1) \$349	\$159
June 30, 2010
Number of clinics	2,599	1,795	804
Growth	5%	4%	9%
De novos	45	28	17

1) including Mexico

cc = constant currency

2 nd Quarter 2010 – Revenue per treatment US

Q2 2010	Clinics	Patients	Treatments (in millions)
Total	2,599	202,414	15.3
Growth	+ 5%	+ 6%	+ 6%
North America	1,795	135,088	10.2
Growth	+ 4%	+ 5%	+ 6%
International	804	67,326	5.0
Growth	+ 9%	+ 11%	+ 8%
Europe	463	35,277	2.6
Latin America	193	21,761	1.7
Asia-Pacific	148	10,288	0.8

Good product growth in North America

US\$ millions	Q2 2009	Q2 2010	Growth	cc
Total revenue (incl. internal revenue)	955	994	4%	5%
External revenue	709	722	2%	3%
North America	199	210	5%
International	510	512	0%	2%

cc = constant currency

US\$ millions	Q2 2009	Q2 2010	Growth
Net revenue	2,764	2,946	* 7%
Operating income (EBIT)	418	465	11%
EBIT margin in %	15.1	15.8
Interest expense, net	76	68
Income before income tax	342	397	16%
Income tax expense	103	129
Tax rate	30%	33%
Non-controlling interest	18	20
Net income attributable to FMC AG & Co. KGaA	221	248	12%

* 7% growth at constant currency, 6% organic growth

Operating Margin Development

H1 2010 Operating Margin Development

Strong operating cash flow performance

US\$ millions	Q2 2009	Q2 2010	Growth
Operating cash flow 1)	282	294 10% of revenue	4%
1) Capital expenditures, net	(139)	(119)
Free cash flow	143	175 6% of revenue	23%
Acquisitions, net of divestitures 1) 2)	(45)	(68)
Free cash flow, after acquisitions 1) 2)	98	107

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

2) Does not include a \$133 m cash out for a short-term bank deposit in Q2 2010 and a cash repayment in form of an inter-company loan of \$ 50 m in Q2 2009

Debt/EBITDA ratio ahead of target

* including non-cash charges and in 2007 excluding restructuring costs, in-process R&D and gain from the sale of dialysis clinics. A reconciliation to the most directly comparable U.S. GAAP financial measure is provided in the attachment.

ESRD Demonstration Project / FME Cost Model

	2010 - Guidance	Goal 13
Revenues	> \$12bn	6-8% Growth*
EBIT Margins	~ 15.6%	10 - 20 bps (incremental increases p.a.)
Interest Expense	< 5.5%	6.0 to 6.5%
Tax Rate	34.5 – 35.5%	35 – 36%
Net Income attributable to FMC AG & Co. KGaA	\$950 - 980	High single to low double digits
Operating Cash Flow	> 10% of Revenue	> 10% of Revenue
CapEx + Acquisitions	~9% of Revenue	~7% of Revenue

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 E-mail: oliver.maier@fmc-ag.com

Gerrit Jost Tel.: +49-(0)6172-609-5216 Fax.: +49-(0)6172-609-2301 E-mail: gerrit.jost@fmc-ag.com

Terry L. Morris Tel.: +1-800-948-2538 Fax.: +1-615-345-5605 E-mail: terry.morris@fmc-na.com Ordinary shares WKN 578 580 ISIN DE0005785802 SEDOL1 5129074 DE

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Fresenius Medical Care

The World's Leading Renal Therapy Company

Jefferies 2010 Global Specialty Pharma & European Healthcare Conference

London, October 6, 2010