Fresenius Medical Care AG & Co. KGaA

Earnings Release • Jun 30, 2011

Fresenius Medical Care

Nomura Healthcare Conference London, June 30, 2011

AGENDA

1 BUSINESS UPDATE

2 GROWTH STRATEGY & OUTLOOK

3 QUESTIONS & ANSWERS

First Quarter 2011 Business Update

Fresenius Medical Care Reports Strong Start for 2011 and Raises Guidance for Full Year 2011

© I Company presentation 3

Q1 | Overview

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

• Strong underlying operating performance
• Revenue growth of 5% at constant currency
• Organic revenue growth of 3%
• Raising full year 2011 guidance

\$ in millions	Q1 2010	Q1 2011	Growth in %
Net revenue	2,882	3,036	5
Net income attributable to FMC AG & Co. KGaA	211	221	5
Earnings per share	0.70	0.73	4

Q1 | Dialysis Services

Strong global revenue growth

• Excellent organic revenue growth in International + 9%
• Continued impressive same market growth + 4%
• North America on target with the "bundle" implementation in the clinics

\$ in millions	Q1 2010	Q1 2011	Growth in %	Growth in %cc	Organic growth in %	Same market growth in %
North America	1,760	1,782	1	1	1.2	3.7
International	411	503	23	21	9.3	5.6
Total	2,171	2,285	5	5	2.7	4.3

cc = constant currency

U.S. Healthcare reform update

CMS announced final transition adjuster rule

Final transition adjuster will be 0% from April 1 to December 31, 2011 after being at -3.1% in Q1 2011

The new calculation is based on the actual number of facilities that elected to participate in the new reimbursement scheme (PPS) for Medicare patients

Fresenius Medical Care and the entire community appreciate the government"s hard work and dedication in this effort. This correction will help to improve the lives of all Medicare beneficiaries on dialysis.

Q1 | Dialysis Products

Global product growth of 5%cc after being flat in Q4 2010

• Total external product growth in International of 6%cc
• Asia-Pacific external product growth of 19%cc
• North America total product growth of 3% with peritoneal dialysis product growth of 20%

\$ in millions	Q1 2010	Q1 2011	Growth in %	Growth in %cc
Total product revenue (incl. internal)	957	1,025	7	6
External revenue	711	751	6	5
North America	200	195	(2)	(2)
International	511	552	8	6
Corporate	0	4
				cc = constant currency

Q1 | Profit & Loss

\$ in millions	Q1 2010	Q1 2011	Growth in %
Net revenue	2,882	3,036	5	5%cc
Operating income (EBIT)	425	445	5
EBIT margin in %	14.8	14.7
Interest expense, net	67	72
Income before taxes	358	373	4
Income tax expense	128	124
Tax rate in %	36	33
Non-controlling interest	19	28
Net income attributable to FMC AG & Co. KGaA	211	221	5

Q1 | Day Sales Outstanding (DSO)

DSO level in North America up as indicated and expected

• International DSO are flat vs. FY 2010 despite deficit pressure in some countries
• North America DSO up by 6 days also as a consequence of the new Medicare reimbursement sheme
• Expect the DSO level in North America to normalize in the course of the year

Q1 | Cash Flow

\$ in millions	Q1 2010	Q1 2011	Growth in %
Operating cash flow	349	175	(50)	Unfavorable DSO development and higher inventory levels
% of revenue	12	6		Expect to be in the targeted range of 10% for FY 2011
Capital expenditure, net	(99)	(113)
Free cash flow	250	62	(75)
Acquisitions and investments, net of divestitures	(82)	(339)
Free cash flow after acquisitions and investments	168	(277)

2011 | Summary

Fresenius Medical Care

• Good start despite the reimbursement change in U.S. Medicare and expect momentum to accelerate
• Continue focusing on superior quality in services and products
• Benefit from product innovations and new product launches
• Take advantage of international growth potential and introduce new therapy offerings

North America

• Implementation of the "bundle" for Medicare beneficiaries on target
• Adjustment of the transition adjuster supports patient care
• Investment in Renal Advantage Partners LLC

International

• Strong expansion of business operations
• Asia-Pacific continues to deliver excellent product growth

Growth Strategy & Outlook

© I Company presentation 13

2020: Estimates suggest an increase to nearly 4 million dialysis patients North America ~5% Europe ~4% Latin America ~7% Asia-Pacific ~10% Worldwide ~6% Development of Dialysis Patient Population 8,000 80,000 200,000 500,000 900,000 1,500,000 2,500,000 3,500,000

Market Opportunity by Region

World Leader in Dialysis Services¹

We lead in every major market, treating more than 216,942 patients worldwide

North America	FME	138,392
	DaVita	125,000
	Dialysis Clinic Inc.	13,500
Latin America	FME	23,042
	Baxter	8,400
	Diaverum	3,500
EMEA	FME
	KfH	38,661
	Diaverum	18,500 13,000
Asia Pacific Asia-Pacific	FME	21,2272
	Showai-Kai	7,200
	Zenji-Kai	4,200
		# of patients
1 Based on company statements and estimates 2 Patients including managed clinics

Market Position by Major Product Groups 2010

	Rank 1	Rank 2
Dialyzers	FME	Gambro
Dialysis machines	FME	Gambro
Hemodialysis concentrates	FME	Fuso
Bloodlines	FME	Gambro
Peritoneal dialysis products	Baxter	FME

Dialysis machines

Produced more than ~92,000,000 dialyzers in 2010

2010│2011 Expansion

Refinanced, extended or issued new debt totaling \$4 billion

• Acquisition of Asia Renal Care with ~80 clinics
• Acquisition of Gambro peritoneal dialysis business
• Joint venture with Galenica
• Acquisition of Euromedic"s dialysis services business with ~70 clinics

2010│2011 Product Launches

2011 | Outlook raised

Another record year to be expected

For 2011 strong revenue growth and further earnings momentum expected

\$ in millions	Outlook Feb. 2011	FY 2011 NEW
Net revenue	12,800 – 13,000	> 13,000
Net income attributable to FMC AG & Co. KGaA	1,035 – 1,055	1,070 – 1,090
Capital expenditure in % of revenue	~ 5%	~ 5%
Acquisitions	~ 1,200	~ 1,200
Leverage ratio (Debt/Ebitda ratio)	≤ 2.8	≤ 2.8

Goal 2013 Strategic Financial Objectives GOAL 13 Net revenue 6-8 % Growth* EBIT margin 10 – 20 bps (incremental increases p.a.) Net income attributable to FMC AG & Co. KGaA High single to low double digit growth rate Operating cash flow > 10% of revenue

* in constant currency

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

Thank you very much for your attention!

© I Company presentation 26

QUESTIONS & ANSWERS

© I Company presentation 27

Attachment 1

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

Q1 2010	Q1 2011		Growth in % cc
591	644	9	8
(80)	(92)
511	552	8	6
366	377	3	3
(166)	(182)
200	195	(2)	(2)
957	1,025	7	6
(246)	(274)
711	751	6	5
		Q1 2010	Q1 2011
		(106)	(117)
		7	4
		(99)	(113)
			Growth in %

Attachment 2

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

All numbers are in \$ millions

Cash Flow	Q1 2010	Q1 2011
Acquisitiions, investments and net purchases of	(84)	(339)
intangible assets
+ Proceeds from divestitures	2	-
= Acquisitions and investments, net of divestitures	(82)	(339)

Patients, treatments, clinics – Q1 2011	Clinics	Patients	Treatments in million
North America	1,823	138,392	5.24
Growth in %	3	4	4
International	946	78,550	2.93
Growth in %	19	20	19
Europe	505	38,661	1.45
Latin America	198	23,042	0.87
Asia-Pacific	243	16,847	0.61
TOTAL	2,769	216,942	8.17
Growth in %	8	9	9

Attachment 3

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

All numbers are in \$ millions

Debt	Q1 2011	FY2010	FY 2009	FY 2008	FY 2007	FY 2006
Short term borrowings (incl. A/R program)	132	671	316	684	217	331
+ Short term borrowing from related parties	36	10	10	1	2	5
+ Current portion of long-term debt and capital lease obligations	265	264	158	455	85	160
+ Current portion of Trust Preferred Securities	651	625	-	-	670	-
+ Long-term debt and capital lease obligations less current portion	5,313	4,310	4,428	3,957	4,004	3,829
+ Trust Preferred Securities less current portion	-	-	656	641	664	1,254
TOTAL debt	6,397	5,880	5,568	5,738	5,642	5,579
EBITDA	Q1 2011	FY2010	FY 2009	FY 2008	FY 2007	FY 2006
Last twelve month operating income (EBIT)	1,944	1,924	1,756	1,672	1,580	1,367
+ Last twelve month depreciation and amortization	514	503	457	416	363	326
+ Non-cash charges	47	45	50	44	41	35
EBITDA (annualized)	2,505	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

Q1 | Dialysis Services

Strong growth despite U.S. Medicare reimbursement change and supported by impressive revenue per treatment development in International

Rev/tmt in North America total would be approx. \$5 higher adjusted for the U.S. Medicare reimbursement change

Q1 2011	Clinics	De novo	Acquired	Rev/tmt
Total	2,769	22	9
Growth vs. Q1 2010	+ 8%
North America	1,823	15	1	\$348*
Growth vs. Q1 2010	+ 3%			- 2%
International	946	7	8	\$170cc
Growth vs. Q1 2010	+ 19%			+ 2%cc
* excl. Mexico				cc = constant currency

Q1 | Dialysis Services | Quality outcomes

Excellent quality improvement programs	United States		EMEA
% of patients	Q1 2010	Q1 2011	Q1 2010	Q1 2011
Kt/V ≥ 1.2	96	97	95	96
Hemoglobin = 10-12 g/dl	65	73	52	54
Albumin ≥ 3.5 g/dl*	83	84	87	89
Phosphate ≤ 5.5 mg/dl	60	63	77	76
Calcium 8.4 – 10.2 mg/dl	80	79	79	77
No Catheter (all patients)	73	76	81	82
No Catheter (>90 days)	n/a	80	85	86
Hospitalization days – per patient	9.9	9.8	8.9	9.8

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

Q1 | Dialysis Services | Revenue per treatment U.S.

Revenue per treatment on target

• Q1 reduction in revenue per treatment driven by lower Medicare rate in U.S. including the transition adjuster and pharma utilization
• Transition adjuster of 0% from April 1st, 2011 for Medicare bundle reimbursement
• Positive trend sequentially expected going forward since transition adjuster has been fixed

¹ Clinics including managed clinics

Q1 | Total Debt/EBITDA

Ratio slightly up based on recently announced acquisitions

• Fully on track to achieve FY 2011 target of ≤2.8
• Total debt of \$ 6,397 m and annualized EBITDA of \$ 2,505 m

Contacts

Fresenius Medical Care

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 & 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

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).

Fresenius Medical Care

Nomura Healthcare Conference London, June 30, 2011