Fresenius Medical Care AG & Co. KGaA

Earnings Release • Feb 22, 2012

Fiscal Year 2011

Conference Bad Homburg February 21, 2012

Strong finish in 2011 Another record year expected for 2012

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. The Company has based these forward-looking statements on its views with respect to future events an financial performance. 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. Given these uncertainties, readers should not put undue reliance on any forward-looking statements. 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).

Forward-looking statements represent estimates and assumptions only as of the date that they were made. The information contained in this presentation is subject to change without notice and the company does not undertake any duty to update the forward-looking statements, and the estimates and assumptions associated with them, except to the extent required by applicable law and regulations.

1

BUSINESS UPDATE

Q4 and Fiscal Year 2011

Ben Lipps

Q4 2011 Highlights

US-\$ in millions	Q4 2011	vs. Q4 '10 in %
Net Revenue	3,323	5
EBIT	587	9
Net income attributable to shareholders of FMC AG & Co. KGaA	310	14
Earnings per share (EPS) in US-\$	1.02	14

Excellent finish in Q4

• Record revenue supported by strong growth in all regions and segments
• High earnings quality as a result of good cost control
• EBIT-margin in North America up 120 bps and International up 70 bps vs. Q4 2010

Fiscal Year 2011 Highlights

US-\$ in millions	FY 2011	vs. 2010 in %
Net Revenue	12,795	6
EBIT	2,075	8
Net income attributable to shareholders of FMC AG & Co. KGaA	1,071	9
Earnings per share (EPS) in US-\$	3.54	9

Record results for 2011

• Major effort in North America with "Bundle" implementation and impressive expansion of International service network
• Dialysis service business growing at 5% (4%cc) and Dialysis products at 10% (7%cc)
• Impressive Operating Cash Flow of nearly US-\$ 1.5 billion
• Consistent long term value generation

Fiscal Year 2011 Revenue split by region

Total revenue improved 6% to US-\$ 12,795 million

Fiscal Year 2011 Dialysis Services clinic network

	Clinics	De novo	Acquired *
	as of Dec. 31, 2011	Additions YTD 2011	YTD 2011
Total	2,898	64	119
Growth vs. Dec 31, 2010	+ 6%
North America	1,838	34	9
Growth vs. Dec 31, 2010	+ 2%
International	1,060	30	110
Growth vs. Dec 31, 2010	+ 13%

Impressive Expansion Internationally in 2011

Acquisition of Liberty will broaden network further in North America in 2012

• Delivered nearly 34,400,000 treatments globally + 9% [N/A ~22m, Int. ~12.8m]
• Providing care to more than 233,000 patients globally + 9% [N/A ~142,300, Int. ~91,000]

* before divestments

Dialysis Services Revenue growth

Strong global revenue growth

In US-\$ million	Q4 2010	Q4 2011	Growth in %	Growth in %cc	Organic growth in %	Same market growth in %
North America	1,862	1,882	1	1	(1)	3
International	492	553	13	16	5	4
Total	2,354	2,435	3	4	0	3
						Same

In US-\$ million	FY 2010	FY 2011	Growth in %	Growth in %cc	Organic growth in %	market growth in %
North America	7,303	7,337	0	0	0	3
International	1,767	2,170	23	19	8	5
Total	9,070	9,507	5	4	1	4
cc = constant currency

Q4 2011 Dialysis Services Quality outcomes

Excellent quality improvement programs

	U. S.		EMEA		Asia-Pacific
						(first year provided)
% of patients	Q4 2010	Q4 2011	Q4 2010	Q4 2011	Q4 2010	Q4 2011
Kt/V ≥ 1.2	97	97	95	95	97	97
No catheter (all patients)	76	79	81	82	97	93
No catheter (>90 days)	n/a	82	85	84	97	94
Hemoglobin = 10 – 12 g/dl	71	78	53	57	62	61
Albumin ≥ 3.5 g/dl*	84	85	88	87	90	88
Phosphate ≤ 5.5 mg/dl	63	64	77	76	72	72
Calcium 8.4 – 10.2 mg/dl	81	81	79	78	75	77
Hospitalization days, per patient	9.9	9.8	9.7	9.2	5.4	5.2

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

Dialysis Products Revenue growth

Global product growth of 10%cc and also sequential improvement vs. Q3

US-\$ in millions	Q4 2010	Q4 2011	Growth in %	Growth in %cc
Total Product Revenue	1,117	1,192	8	9
North America	210	214	2	2
International	603	669	11	12
Total External Revenue	813	888	9	10

US-\$ in millions	FY 2010	FY 2011	Growth in %	Growth in %cc
Total Product Revenue	4,098	4,472	10	8
North America	827	813	(2)	(2)
International	2,156	2,458	14	9
Total External Revenue	2,983	3,288	10	7
cc = constant currency

Fiscal Year 2011 Annual Dividend Proposal

Global Market Opportunity

Global reimbursement for Dialysis Services

Global patient development In million

BUSINESS UPDATE

Q4 and Fiscal Year 2011

Rice Powell

Fiscal Year 2011 Very successful for North America

The year of "the Bundle" implementation

• Mitigated negative financial and stakeholder value impact of the new reimbursement system in North America
• Expanded clinic network and vascular access services in North America
• Significant growth of the peritoneal dialysis business within the own clinic network
• Continued growth of hemodialysis products

Fiscal Year 2011 "Bundle"-effect on patient care quality

The year of "the Bundle" implementation

• Adapted clinical protocols for Erythropotein (EPO) in line with the new FDA guidelines, Jan. 2012
• Optimized IV Iron protocols for anemia management
• » Patients with hemoglobin level less than 10g/dl
• » 2010 7.2% 2011 7.8%
• Expanded nutritional safety net
• » Patients with albumin level >= 3.8g/dl
• » 2010 64.2% 2011 66%
• Focused on catheter reduction
• » Patients with no catheter at the end of 2011 vs. previous year
• » 2010 76% 2011 79%
• Crude mortality improvement continued
• » 2006 -2011 347 basis points improvement
• Hospital days per patient
• » 2010 9.87 2011 9.80

Delivering better clinical outcomes with improved technology

Renal product launches

• 2008T with CDX™ hemodialysis machine with venofer pump
• 2008K@home™ hemodialysis machine
• Critline® hydration management system
• Optiflux® Ultra dialyzers

Fiscal Year 2011 Dialysis Services

Revenue and cost per treatment development in the U.S. leading to favourable EBIT-margin development in North America

U.S. Healthcare reform update

Prospective Payment System (PPS) Rule for Medicare patients

• 2.1% market basket increase in dialysis reimbursement for 2012; Base rate of \$234.45 per treatment
• Eliminated negative 3.1% transition adjustment for 2012
• Reimbursement leakage under case mix adjusters (\$1-2/tmt) continues

Quality Incentive Program (QIP)

• Two proposed measures for 2013 (each weighted 50%) Hb > 12 g/dL and URR ≥ 65%
• Eight proposed measures for 2014 (5 clinical; 3 reporting)

Integrated Care

We continue to work with CMS to implement an integrated care program for the broader ESRD population that builds on the success of our demonstration project.

2012 Expectations for North America

• Expect strong revenue growth
• Close Liberty / RAI in Q1 2012 and integrate through remainder of 2012
• Continued excellent operating performance
• » Mitigation of renal pharmaceutical cost increases
• » Continue preparation for integrated care opportunities
• » Continued focus on quality and growth

Expect further improved patient care outcomes

FINANCIALS & OUTLOOK

Q4 and Fiscal Year 2011

Mike Brosnan

Q4 2011 Profit & Loss

US-\$ in millions	Q4 2010	Q4 2011	Growth in %
Net Revenue	3,167	3,323	5	6%cc
Operating income (EBIT)	539	587	9
EBIT-margin in %	17.0	17.7
Interest expense, net	74	82
Income before taxes	465	505	8
Income tax expense	169	165
Tax rate in %	36.3	32.7
Net income	296	340	15
Non-controlling interest	25	30
Net income attributable to shareholders of FMC AG & Co. KGaA	271	310	14

Fiscal Year 2011 Profit & Loss

US-\$ in millions	FY 2010	FY 2011	Growth in %
Net Revenue	12,053	12,795	6	5%cc
Operating income (EBIT)	1,924	2,075	8
EBIT-margin in %	16.0	16.2
Interest expense, net	280	297
Income before taxes	1,644	1,778	8
Income tax expense	578	601
Tax rate in %	35.2	33.8
Net income	1,066	1,177	10
Non-controlling interest	87	106
Net income attributable to shareholders of FMC AG & Co. KGaA	979	1,071	9

2011 Day Sales Outstanding (DSO)

Overall excellent development

• Very good progress in North America in the course of the year considering the "Bundle" implementation
• International only up 5 days compared to FY 2010 despite financial distress in several European countries

Q4 2011 Cash Flow

IN US-\$ million	Q4 2010	Q4 2011	Growth in %
Operating cash flow	341	497	46
% of revenue	11	15		Clear focus
Capital Expenditure, net	(168)	(191)
Free cash flow	173	306	77
% of revenue	5	9
Acquisitions, net of divestitures	(248)	(604)		Includes mainly AAC, final closing Vifor/FMC renal venture,
Free cash flow after acquisitions	(75)	(298)		others

Record operating cash flow for a quarter in Q4 2011

Operating cash flow with 15% of revenue clearly ahead of target and Free cash flow up 77%

Fiscal Year 2011 Cash Flow

US-\$ in millions	FY 2010	FY 2011	Growth in %
Operating Cash Flow	1,368	1,446	6
% of revenue	11	11		Slightly above targeted level
Capital Expenditure, net	(507)	(570)
Free cash flow	861	876	2
% of revenue	7	7
Acquisitions, net of divestitures	(618)	(1,775)		Includes mainly Euromedics, AAC, Vifor/FMC renal venture
Free cash flow after acquisitions	243	(899)

• \$2.1 bn of the increase in assets is related to acquisitions
• * Including non-controlling interests subject to put provisions

Q4 2011 Total Debt/EBITDA - ratio

Target achieved and stayed clearly below 3.0

Total debt of \$ 7,211 m and EBITDA of \$ 2,686 m

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

2012 Outlook

Revenue growth in constant currency	• 13 -15%
Revenue	• ~ \$ 14.0 bn 1)
EBIT-Margin	• ~ 16.9%
Net income	• ~ \$ 1.30 bn
Net income attributable to shareholders of FMC AG & Co. KGaA	• ~ \$ 1.14 bn

Net income growth* at constant currency	• ~ 9%
Net income growth* in € at 1.29 €/\$ and other recent exchange rates	• ~ 15%
Acquisitions	• ~ \$ 1.8 bn
Capex	• ~ \$ 0.7 bn
Total debt / EBITDA	• < 3.0

• 1) US-GAAP revenue following first time adoption of Accounting Standards Codification 954-605 where patients service revenues is reduced for bad debt. The comparable revenue for the fiscal year 2011 is \$12,571 million
• * Attributable to shareholders of FMC AG & Co. KGaA

Fiscal Year 2012 – Revenue derivation

Strong organic growth supported by acquisitions but impacted by currency

Fiscal Year 2012 – Net Interest Expense derivation

Considering all the announced financing instruments over the last 6 months

QUESTIONS & ANSWERS

Q4 and Fiscal Year 2011

© I Analyst Conference | Fiscal Year 2011 34

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

Thank you very much for your attention!

© I Analyst Conference | Fiscal Year 2011 35

Attachment 1

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

External Revenue Q4	Q4 2010	Q4 2011	Growth in %	Growth in
				%cc
International product revenue	717	783	11	13
- Internal revenue	(114)	(114)	14	18
= International external revenue	603	669	11	12
North America product revenue	400	404	1	1
- Internal revenue	(190)	(190)
= North America external revenue	210	214	2	2
Total product revenue	1,117	1,192	8	9
- Internal revenue	(304)	(304)	5	6
Total external revenue	813	888	9	10
External Revenue Fiscal Year	2010	2011	Growth in %	Growth in %cc
International product revenue
	2,553	2,879	15	10
- Internal revenue = International external revenue	(397) 2,156	(421) 2,458	21 14	17 9
North America product revenue	1,545	1,576	2	2
- Internal revenue = North America external revenue	(718) 827	(763) 813	6 (2)	6 (2)
Total product revenue - Internal revenue	4,098 (1,115)	4,472 (1,186)	10 11	8 10

All numbers are in US\$ millions

Attachment 2

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

All numbers are in US\$ millions

	Q4 2010	Q4 2011	FY 2010	FY 2011
Purchase of property, plant and equipment	(174)	(201)	(523)	(598)
- Proceeds from sale of property, plant and equipment	6	10	16	28
= Capital expenditure, net	(168)	((191)	(507)	(570)
Cash Flow	Q4 2010	Q4 2011	FY 2010	FY 2011
Acquisitiions, investments and net purchases of intangible assets	(386)	(614)	(764)	(1,785)
+ Proceeds from divestitures	138	10	146	10
= Acquisitions and investments, net of divestitures	(248)	(604)	(618)	(1,775)
Patients, treatments, clinics - Fiscal Year 2010		Clinics	Patients	Treatments
				in million
North America		1,838	142,319	21.61
Growth in %		2	3	4
International		1,060	90,837	12.78
Growth in %		13	18	18
Europe		600	48,346	6.61
Latin America		218	25,381	3.68
Asia-Pacific		242	17,110	2.5
TOTAL		2,898	230,156	34.39

Attachment 3

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

All numbers are in US\$ millions

FY2011	FY2010	FY 2009	FY 2008	FY 2007	FY 2006
99	671	316	684	217	331
28	10	10	1	2	5
1,589	264	158	455	85	160
-	-	-	-	670	-
5,495	4,310	4,428	3,957	4,004	3,829
-	625	656	641	664	1,254
7,211	5,880	5,568	5,738	5,642	5,579
FY2011	FY2010	FY 2009	FY 2008	FY 2007	FY 2006
2,075	1,924	1,756	1,672	1,580	1,367
557	503	457	416	363	326
54	45	50	44	41	35
2,686	2,472	2,263	2,132	1,984	1,728
2.69	2.38	2.46	2.69	2.84	3.23

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 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*

May 03, 2012	Report on 1st quarter 2012
May 10, 2012	Annual General Meeting, Frankfurt/Main
Aug 01, 2012	Report on 1st nd – 2 quarter 2012
Oct 31, 2012	Report on 1st rd – 3 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.

Fiscal Year 2011

Conference Bad Homburg February 21, 2012

Strong finish in 2011 Another record year expected for 2012