Fresenius Medical Care AG & Co. KGaA

Earnings Release • Nov 2, 2011

Third Quarter & Nine Months 2011

Conference Call | November 2, 2011

AGENDA

1 BUSINESS UPDATE

2 FINANCIALS & OUTLOOK

3 QUESTIONS & ANSWERS

Q3 & 9M 2011 BUSINESS UPDATE

© I Third Quarter & Nine Months 2011 3

Q3 | Overview

Strong operating performance

• Excellent International revenue growth of +13% cc
• International EBIT-margin up +150 bps and North America up +20 bps (y-o-y)
• Earnings after tax increased +13% in Q3

\$ in m	Q3 2010	Q3 2011	Growth in %
Net revenue	3,058	3,242	6
Net income attributable to FMC AG & Co. KGaA	248	279	13
Earnings per share	0.82	0.92	12

Q3 | Dialysis Services

Strong same market treatment growth

• Excellent organic revenue growth of 8% in International
• Continued strong same market treatment growth of 4% globally
• North America on target with the "bundle" implementation in the clinics

					Same market
\$ in m	Q3 2010	Q3 2011	Growth in %	Growth in % cc	treatment growth in %
North America	1,863	1,846	(1)	(1)	3
International	458	579	26	20	6
Total	2,321	2,425	4	3	4

cc = constant currency

Q3 | Dialysis Services | Quality outcomes

	U. S.	EMEA		Asia-Pacific
Q3 2010	Q3 2011	Q3 2010	Q3 2011	Q3 2010	Q3 2011
96	97	95	96	96	97
75	78	82	81	97	94
n/a	81	85	85	97	94
69	77	54	56	60	61
82	84	88	87	89	88
63	64	77	76	71	71
80	80	79	79	75	76
9.8	9.8	9.4	9.2	5.0	5.0

* In the U.S. the albumin results are calculated with the BCG-method (bromcresol green)

Q3 | Dialysis Services revenue per treatment

Q3 | Dialysis Services clinic network status

Impressive International expansion

as of Sept 30, 2011 Additions YTD 2011 2,874 54 + 6%	YTD 2011 92
1,838 28	7
+ 2%
1,036 26	85
587 21	72
4	11
1	2
	206 243 + 14%

Q3 | Dialysis Products

Global total product growth of 7% cc (incl. internal)

• Total product growth
• North America +3%
• International +9% cc
• External product growth
• North America (2)% influenced by pharma pricing but sequential improvement
• International +7% cc

\$ in m	Q3 2010	Q3 2011	Growth in %	Growth in % cc
Total product revenue (incl. internal)	1,007	1,129	12	7
External revenue	737	817	11	5
North America	208	204	(2)	(2)
International	529	608	15	7
cc = constant currency

Acquisition Update

American Access

• Acquisition closed on October 1st 2011
• Adding ~\$175 m in revenue and expected to be accretive to earnings in the first year after closing

Vifor JV

Closed on November 1 st 2011

Liberty/RAI

• On target to close in Q1 2012
• Would add ~\$1 bn in revenue (before FTC review) and expected to be accretive to earnings in the first year after closing

Q3 & 9M 2011 FINANCIALS & OUTLOOK

© I Third Quarter & Nine Months 2011 12

Q3 | Profit & Loss

\$ in m	Q3 2010	Q3 2011	Growth in %
Net revenue	3,058	3,242	6	4% cc
Operating income (EBIT)	493	534	8
EBIT margin in %	16.1	16.5
Net interest expense	70	68
Income before taxes	423	466	10
Income tax expense	153	163
Tax rate in %	36.2	35.0
Non-controlling interest	22	24
Net income attributable to FMC AG & Co. KGaA	248	279	13
cc = constant currency

9M | Profit & Loss

\$ in m	9M 2010	9M 2011	Growth in %
Net revenue	8,886	9,473	7	4% cc
Operating income (EBIT)	1,385	1,488	7
EBIT margin in %	15.6	15.7
Net interest expense	206	214
Income before taxes	1,179	1,274	8
Income tax expense	410	436
Tax rate in %	34.7	34.2
Non-controlling interest	62	77
Net income attributable to FMC AG & Co. KGaA	707	761	8
cc = constant currency

Q3 | Day Sales Outstanding (DSO)

DSO levels improved globally

• International DSO decreased sequentially by 3 days despite the economic pressure in some countries
• North America DSO down sequentially by 4 days

Q3 | Cash Flow

\$ in m	Q3 2010	Q3 2011	Growth in %
Operating cash flow	384	463	21	Favorable DSO development globally and increased earnings
% of revenue	13	14
Capital expenditures, net*	(121)	(150)
Free cash flow	263	313	19
Acquisitions and investments, net of divestitures*	(87)	(49)
Free cash flow after acquisitions and investments	176	264	50

* A reconciliation to the most directly comparable U.S. GAAP financial measures is provided in the attachments

9M | Cash Flow

\$ in m	9M 2010	9M 2011	Growth in %
Operating cash flow	1,027	950	(8)	Mainly higher working capital incl. increased inventory levels
% of revenue	12	10		As expected in the targeted range of 10% for FY 2011
Capital expenditures, net*	(339)	(380)
Free cash flow	688	570	(17)
Acquisitions and investments, net of divestitures*	(370)	(1,171)		Acquisition of Euromedics, investment in Renal Advantage, others
Free cash flow after acquisitions and investments	318	(601)

* A reconciliation to the most directly comparable U.S. GAAP financial measures is provided in the attachments

Q3 | Total Debt/EBITDA

Ratio decreased

• FY 2011 target of < 3.0
• Total debt of \$ 6,711 m and annualized EBITDA of \$ 2,628 m

\$ in m	FY 2011
Further earnings momentum expected for Q4 

Q3 & 9M 2011 QUESTIONS & ANSWERS

© I Third Quarter & Nine Months 2011 20

CREATING A FUTURE WORTH LIVING. FOR PEOPLE. WORLDWIDE. EVERY DAY.

Thank you very much for your attention!

© I Third Quarter & Nine Months 2011 21

9M | Overview

Good 2011 despite U.S. Medicare reimbursement reform and confirming full year guidance by targeting another record year 2011

• Strong underlying operating performance
• Revenue growth of 4% at constant currency
• Organic revenue growth of 2%
• Confirming full year 2011 sales and earnings guidance

\$ in m	9M 2010	9M 2011	Growth in %
Net revenue	8,886	9,473	7
Net income attributable to FMC AG & Co. KGaA	707	761	8
Earnings per share	2.35	2.51	7

9M | Dialysis Services

Excellent International revenue growth

• Excellent International organic revenue growth of 7% in International
• Europe revenue growth of +17% (+11% cc)
• Asia-Pacific revenue growth of +30% (+21% cc)

					Same market treatment
\$ in m	9M 2010	9M 2011	Growth in %	Growth in % cc	growth in %
North America	5,441	5,456	0	0	3
International	1,275	1,616	27	20	6
Total	6,716	7,072	5	4	4

cc = constant currency

9M | Dialysis Products

Global product growth of 7% cc (incl. internal)

• External product growth in International of 8% cc
• Asia-Pacific external product growth of 15% cc
• North America external product growth of (3%) impacted by pharma pricing
• Peritoneal dialysis external revenue growth of 16%

\$ in m	9M 2010	9M 2011	Growth in %	Growth in % cc
Total product revenue (incl. internal)	2,947	3,281	11	7
External revenue	2,170	2,401	11	5
North America	617	599	(3)	(3)
International	1,553	1,789	15	8
cc = constant currency

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

External revenue Q3 (excl. \$5 m Corporate)	Q3 2010	Q3 2011	Growth in %	Growth in % cc
International product revenue	616	723	17	9
- Internal revenue	(87)	(115)
= International external revenue	529	608	15	7
North America product revenue	390	401	3	3
- Internal revenue	(182)	(197)
= North America external revenue	208	204	(2)	(2)
Total product revenue	1,007	1,129	12	7
- Internal revenue	(270)	(312)
Total external revenue	737	817	11	5
Capital expenditure, net	Q3 2010	Q3 2011
Purchase of property, plant and equipment	(123)	(158)
- Proceeds from sale of property, plant and equipment	2	8
= Capital expenditure, net	(121)	(150)

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

External revenue 9M (excl. \$13 m Corporate)	9M 2010	9M 2011	Growth in %	Growth in % cc
International product revenue	1,801	2,095	16	9
- Internal revenue	(248)	(306)
= International external revenue	1,553	1,789	15	8
North America product revenue	1,146	1,173	2	2
- Internal revenue	(529)	(574)
= North America external revenue	617	599	(3)	(3)
Total product revenue	2,947	3,281	11	7
- Internal revenue	(777)	(880)
Total external revenue	2,170	2,401	11	5
Capital expenditure, net	9M 2010	9M 2011
Purchase of property, plant and equipment	(350)	(397)
- Proceeds from sale of property, plant and equipment	11	17
= Capital expenditure, net	(339)	(380)

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

Cash Flow	9M 2010	9M 2011	Q3 2010	Q3 2011
Acquisitions, investments and net purchases of	(378)	(1,171)	(88)	(49)
intangible assets
+ Proceeds from divestitures	8	-	1	-
= Acquisitions and investments, net of divestitures	(370)	(1,171)	(87)	(49)

Patients, treatments, clinics – Q3 2011	Clinics	Patients	Treatments in million
North America	1,826	140,422	16.11
Growth in %	2	3	4
International	1,036	87,817	9.35
Growth in %	14	18	18
Europe	587	47,093	4.76
Latin America	206	23,846	2.72
Asia-Pacific	243	16,878	1.87
TOTAL	2,874	228,239	25.46
Growth in %	6	9	9

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

Debt	Q3 2011	FY2010	FY 2009	FY 2008	FY 2007	FY 2006
Short term borrowings (incl. A/R program1 )	161	671	316	684	217	331
+ Short term borrowing from related parties	89	10	10	1	2	5
+ Current portion of long-term debt and capital lease obligations	974	264	158	455	85	160
+ Current portion of trust preferred securities	-	625	-	-	670	-
+ Long-term debt and capital lease obligations less current portion	5,487	4,310	4,428	3,957	4,004	3,829
+ Trust preferred securities less current portion	-	-	656	641	664	1,254
TOTAL debt	6,711	5,880	5,568	5,738	5,642	5,579
EBITDA	Q3 2011	FY2010	FY 2009	FY 2008	FY 2007	FY 2006
Last twelve months operating income (EBIT)	2,027	1,924	1,756	1,672	1,580	1,367
+ Last twelve months depreciation and amortization	548	503	457	416	363	326
+ Non-cash charges	53	45	50	44	41	35
EBITDA (annualized)	2,628	2,472	2,263	2,132	1,984	1,728
Total Debt / EBITDA	2.55	2.38	2.46	2.69	2.84	3.23
1 2006 - 2010

Contacts

Investor Relations Else-Kröner-Str. 1 61352 Bad Homburg v.d.H.

Ticker:	FME or FMS (NYSE)
WKN:	578 580
ISIN:	DE00057858002

• Oliver Maier Head of Investor Relations and Corporate Communications Tel: +49 (0) 6172 – 609 – 2601 Email: Oliver.Maier@fmc-ag.com
• Gerrit Jost Tel: +49 (0) 6172 – 609 – 5216 Email: Gerrit.Jost@fmc-ag.com
• Terry Morris Tel: +1 800 – 948 – 2538 Email: Terry.Morris@fmc-na.com

Financial Calendar*

• Feb 21, 2012 Report on fiscal year 2011
• May 03, 2012 Report on 1st quarter 2012
• May 10, 2012 Annual General Meeting, Frankfurt/Main
• Aug 01, 2012 Report on 1st 2 nd quarter 2012
• Oct 31, 2012 Report on 1st 3 rd quarter 2012

* Please notice that these dates might be subject to change

Constant Currency: Changes in revenue include the impact of changes in foreign currency exchange rates. We use the non-GAAP financial measure "at constant exchange rates" in our filings to show changes in our revenue without giving effect to period-to-period currency fluctuations. Under U.S. GAAP, revenues received in local (non-U.S. dollar) currency are translated into U.S. dollars at the average exchange rate for the period presented. When we use the term "constant currency," it means that we have translated local currency revenues for the current reporting period into U.S. dollars using the same average foreign currency exchange rates for the conversion of revenues into U.S. dollars that we used to translate local currency revenues for the comparable reporting period of the prior year. We then calculate the change, as a percentage, of the current period revenues using the prior period exchange rates versus the prior period revenues. This resulting percentage is a non-GAAP measure referring to a change as a percentage "at constant exchange rates."

We believe that revenue growth is a key indication of how a company is progressing from period to period and that the non-GAAP financial measure constant currency is useful to investors, lenders, and other creditors because such information enables them to gauge the impact of currency fluctuations on its revenue from period to period. However, we also believe that data on constant currency period-over-period changes have limitations, particularly as the currency effects that are eliminated could constitute a significant element of our revenue and could significantly impact our performance. We therefore limit our use of constant currency period-over-period changes to a measure for the impact of currency fluctuations on the translation of local currency revenue into U.S. dollars. We do not evaluate our results and performance without considering both constant currency period-over-period changes in non-U.S. GAAP revenue on the one hand and changes in revenue prepared in accordance with U.S. GAAP on the other. We caution the readers of this report to follow a similar approach by considering data on constant currency period-over-period changes only in addition to, and not as a substitute for or superior to, changes in revenue prepared in accordance with U.S. GAAP. We present the fluctuation derived from U.S. GAAP revenue next to the fluctuation derived from non-GAAP revenue. Because the reconciliation is inherent in the disclosure, we believe that a separate reconciliation would not provide any additional benefit.

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).

Third Quarter & Nine Months 2011

Conference Call | November 2, 2011