Fresenius Medical Care AG & Co. KGaA

Earnings Release • Aug 3, 2010

Fresenius Medical Care

The World's Leading Renal Therapy Company

2 nd Quarter / First Half 2010 Results

Analyst Conference Call, August 3, 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

2. Financials and Outlook

3. Questions & Answers

Strong quarter and fully on track for full-year targets

Very good underlying performance

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

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

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

Total revenue increased 9% to \$5,828 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 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

Overall strong quality performance

		North America (USA)		EMEA
% of patients	Q2 2009	Q2 2010	Q2 2009	Q2 2010
Kt/V ≥ 1.2	96%	96%	95%	95%
Hemoglobin = 10-12 g/dl	64%	68%	54%	54%
Albumin ≥ 3.5 g/dl	82%	81%	88%	86%
Phosphate 3.5-5.5 mg/dl	52%	55%	61%	61%
Hospitalization days	10.1	* 9.9	8.5	9.2

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

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

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

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

Key Components	September 2009	Published July 26, 2010
1. Adjusted base rate	\$198/Rx	\$229/Rx
2. ESRD related Oral only drugs	In bundle 2011 \$14/Rx	In bundle 2014 Payment to be established
3. Transition	3%	3.1% may prospectively update analysis for 2012
4. Ownership adjuster	CMS may include an adjuster based on type of facility ownership	CMS did not include an adjuster based on type of facility ownership
5. Laboratory Tests	Considered	Specified list of laboratory tests included
6. Home Care Training adjuster	Considered	CMS creates home or self-care dialysis training adjustment

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

Superior quality performance in both products and services

Continued focus on R&D - new products and therapies worldwide

Strong underlying operational performance

Excellent cash flow development

Reiterated full-year guidance 2010

1. Business Update

2. Financials and Outlook

3. Questions & Answers

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

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

Operating Margin Development

Continued excellent cash collection

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

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

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.

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 Updated	up to \$500

1. Business Update

2. Financials and Outlook

3. Questions & Answers

Thank you for your interest in Fresenius Medical Care !

Fresenius Medical Care

The World's Leading Renal Therapy Company

2 nd Quarter / First Half 2010 Results

Analyst Conference Call, August 3, 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)

cc = constant currency

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

	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

H1 2010 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 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

Capital Market Day	– September 1-2, 2010, London, UK
Q3 2010 Results	– Conference Call, November 2, 2010

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Fresenius Medical Care

The World's Leading Renal Therapy Company

2 nd Quarter / First Half 2010 Results

Analyst Conference Call, August 3, 2010