Fresenius Medical Care AG & Co. KGaA

Earnings Release • Aug 27, 2013

Commerzbank Sector Conference

August 27, 2013 Frankfurt

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.

If not mentioned differently the term net income after minorities refers to the net income attributable to the shareholders of Fresenius Medical Care AG Co. KGaA independent of being the reported or the adjusted number. Numbers mentioned are in US-\$.

Business Update

Q2 and Half Year 2013

1

Q2 with improving topline growth trends despite 1st time sequestration impact in North America

	Q2 2013 in \$ millions	Growth in %
Net Revenue	3,613	5
EBIT	544	(8)
Net income	263	(9)
Net income growth adjusted for special items related to the Liberty acquisition and sequestration		2

• Organic growth in North America improved further to over 5%
• Payor mix in North America again improved
• EMEA positive growth trend in products as well as services
• Net income excl. sequestration and adjusted for special items would be up by 2% on a comparable basis*

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

Q2 Regional revenue breakdown

North America
Revenue	\$ 2,375 m	+ 6%
Organic growth		+ 5%
	4
	3
	3,613 2 \$ million +6%cc
		1

International	~ 34% of total revenue
Revenue		\$ 1,228 m	+	6%cc
Organic growth			+	5%
Europe	\$	755 m	+	3%cc
Asia-Pacific	\$	262 m	+	4%cc
Latin America	\$	211 m		+ 18%cc

1	North America	66%
2	Europe/Middle East/Africa	21%
3	Asia-Pacific	7%
4	Latin America	6%

cc = constant currency

Global market leader with significant franchise

	Clinics	De novo	Acquired
	as of Jun. 30, 2013	H1 2013	H1 2013
Total	3,212	35	36
Growth vs. Jun. 30, 2012	+ 3%
North America	2,104	21	6
Growth vs. Jun. 30, 2012	+3%
International	1,108	14	30
Growth vs. Jun. 30, 2012	+ 3%

Growth rates impacted by acquisition program of previous year

• Delivered more than 19.7 million treatments globally +5%
• North America ~12.5 m | International ~7.2 m
• Providing care to more than 264,000 patients globally +3%
• North America ~168,100 | International ~96,100

Organic revenue growth in Dialysis Services

	Q2 2012 in \$ millions	Q2 2013 in \$ millions	Growth in %	Growth in %cc	Organic growth in %	Same market growth in %
North America	2,043	2,157	6	6	5	4
International	562	586	4	7	5	4
Total Dialysis Services	2,605	2,743	5	6	5	4
	H1 2012 in \$ millions	H1 2013 in \$ millions	Growth in %	Growth in %cc	Organic growth in %	Same market growth in %
North America	3,960	4,261	8	8	5	4
International	1,122	1,161	3	6	6	4
Total Dialysis Services	5,082	5,422	7	7	5	4

cc = constant currency

Quality outcomes

	U.S.		EMEA		Asia-Pacific
% of patients	Q1 2013	Q2 2013	Q1 2013	Q2 2013	Q1 2013	Q2 2013
Kt/V ≥ 1.2	97	97	96	96	97	97
No catheter (>90 days)	83	83	85	85	94	94
Hemoglobin = 10 – 12 g/dl	73	73	58	60	56	57
Hemoglobin = 10 – 13 g/dl (International)	79	78	78	78	64	65
Albumin ≥ 3.5 g/dl	85	85	86	86	91	91
Phosphate ≤ 5.5 mg/dl	65	64	78	75	70	71
Calcium 8.4 – 10.2 mg/dl	83	84	77	77	74	74
Hospitalization days, per patient	9.7	9.6	9.2	9.3	4.4	4.5

Rebound in products in North America and also positive development in International

cc = constant currency

Topics of interest

• Legislative focus
• Global Efficiency Program

Financials & Outlook

Q2 and Half Year 2013

2

Q2 Profit & Loss

	Q2 2012 in \$ millions	Q2 2013 in \$ millions	Growth in %
Net revenue	3,428	3,613	5 (6 cc)
Operating income (EBIT)	589	544	(8)
Operating income (EBIT) adjusted *	568	555	(2)
Net income	289	263	(9)
Net income, adjusted *	266	272	2

• First quarter of "sequestration" impact
• Good underlying performance trend and also sequential improvement excl. special items

*excl. special items related to the acquisition of Liberty Dialysis Holdings Inc, and sequestration impact in 2013

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

H1 Profit & Loss

	H1 2012 in \$ millions	H1 2013 in \$ millions	Growth in %
Net revenue	6,677	7,076	6 (6 cc)
Operating income (EBIT)	1,092	1,038	(5)
Operating income (EBIT) adjusted *	1,078	1,049	(3)
Net income	660	488	(26)
Net income, adjusted *	514	498	(3)

H1 performance in line with our expectations and stronger second half expected

*excl. special items related to the acquisition of Liberty Dialysis Holdings Inc, and sequestration impact in 2013 A reconciliation to the most directly comparable U.S. GAAP financial measures is provided in the attachments

Day Sales Outstanding (DSO)

• Very stable development in North America
• International flat sequentially and decreased 4 days year-over-year despite on-going financial distress in several European countries

Very strong Operating cash flow
	Q2 2012 in \$ millions	Q2 2013 in \$ millions	Growth in %
Operating cash flow	451	525	16
% of revenue	13	15
Capital expenditures, net	(151)	(173)
Free cash flow	300	352	18
Acquisitions and investments, net of divestitures	6	(13)
Free cash flow, after acquisitons and investments	306	339	11

Share buy-back program progressing as planned

Total Debt/EBITDA – ratio in line with guidance

Total debt in \$ millions

Total debt/EBITDA-ratio

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

2013 Outlook – confirmed – and substantiated for sequestration

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

CREATING A FUTURE WORTH LIVING. FOR DIALYSIS PATIENTS. WORLDWIDE. EVERY DAY.

Thank you very much for your attention!

Good growth across the group in H1 2013

North America

Revenue	\$ 4,662 m		+ 7%
Organic growth		+	5%

International	~ 34% of total revenue
Revenue			\$ 2,397 m	+	5%cc
Organic growth				+	5%
Europe			\$ 1,471 m	+	2%cc
Asia-Pacific		\$	513 m	+	5%cc
Latin America		\$	413 m		+ 15%cc

1	North America	66%
2	Europe/Middle East/Africa	21%
3	Asia-Pacific	7%
4	Latin America	6%

cc = constant currency

H1 Operating cash flow

	H1 2012 in \$ millions	H1 2013 in \$ millions
Operating cash flow	932	841
% of revenue	14	12
Capital expenditures, net	(274)	(319)
Free cash flow	658	522
Acquisitions and investments, net of divestitures	(1,520)	(84)
Free cash flow, after acquisitons and investments	(862)	438

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

In \$ millions

EBIT – Reconciliation	Q2 2012	Q2 2013	H1 2012	H1 2013
EBIT, reported	589	544	1,092	1,038
excluding special items related to Liberty acq. 1) -	(21)	(8)	(14)	(8)
- excluding sequestration impact	-	19	-	19
EBIT, adjusted	568	555	1,078	1,049

Net income - Reconciliation attributable to shareholders of FME AG&Co. KGaA	Q2 2012	Q2 2013	H1 2012	H1 2013
Net income, reported	289	263	660	488
attributable to shareholders of FME AG&Co. KGaA
excluding special items related to Liberty acq. 2) -	(23)	(3)	(146)	(3)
- excluding sequestration impact	-	12	-	13
Net income, adjusted
attributable to shareholders of FME AG&Co. KGaA	266	272	514	498

1) Legal, consulting, other expenses and gain on sale of clinics

2) Legal, consulting, other expenses, gain on sale of clinics, gain on retirement of loan receivable and investment gain

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

In \$ millions

Debt	H1 2013	FY 2012	FY 2011	FY 2010
Short term borrowings (incl. A/R program)	115	118	99	671
+ Short term borrowing from related parties	59	4	28	10
+ Current portion of long-term debt and capital lease obligations	515	335	1,589	264
+ Current portion of Trust Preferred Securities	-	-	-	625
+ Long-term debt and capital lease obligations less current portion	7,657	7,841	5,495	4,310
TOTAL debt	8,346	8,298	7,211	5,880
EBITDA	H1 2013	FY 2012*	FY 2011	FY 2010
Last twelve month operating income (EBIT)	2,164	2,255	2,075	1,924
+ Last twelve month depreciation and amortization	624	612	557	503
+ Non-cash charges	79	64	54	45
EBITDA (annualized)	2,867	2,931	2,686	2,472

Total Debt / EBITDA 2.9 2.8 2.7 2.4

* Pro-forma numbers including Liberty Dialysis Holdings Inc., after FTC mandated divestitures

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

In \$ millions

Patients, treatments, clinics – H1 2013	Clinics	Patients	Treatments in million
North America	2,104	168,160	12.53
Growth in %	3	3	5
International	1,108	96,130	7.22
Growth in %	3	4	3
Europe	628	50,551	3.78
Latin America	229	27,842	2.12
Asia-Pacific	251	17,737	1.31
Total	3,212	264,290	19.75
Growth in %	3	3	5

Cash Flow	Q2 2012	Q2 2013	H1 2012	H1 2013
Acquisitions, investments and net purchases of intangible assets	(45)	(30)	(1,748)	(102)
+ Proceeds from divestitures	51	17	228	18
= Acquisitions and investments, net of divestitures	6	(13)	(1,520)	(84)

Capital Expenditure, net	Q2 2012	Q2 2013	H1 2012	H1 2013
Purchase of property, plant and equipment	153	186	(277)	(334)
- Proceeds from sale of property, plant & equipment	(2)	13	3	15
= Capital expenditure, net	(151)	(173)	(274)	(319)

In \$ millions

External Revenue Q2	Q2 2012	Q2 2013	Growth in %	Growth in %cc
International product revenue	712	766	8	8
- Internal revenue	(103)	(124)	21	22
= International external revenue	609	642	5	5
North America product revenue	400	422	6	6
- Internal revenue	(194)	(204)	5	5
= North America external revenue	206	218	6	6
Total product revenue	1,120	1,198	7	7
- Internal revenue	(297)	(328)	11	11
Total external revenue	823	870	6	5
External Revenue H1	< H1 2012	H1 2013	< Growth in %	Growth in %cc
International product revenue	1,394	1,471	5	6
- Internal revenue = International external revenue	(209) 1,185	(235) 1,236	12 4	14 4
North America product revenue	771	792	3	3
- Internal revenue	(378)	(391)	3	3
= North America external revenue	393	401	2	2
Total product revenue	2,182	2,280	4	5
- Internal revenue	(587)	(626)	6	7

Fresenius Medical Care – The world's leading dialysis company

• Operates in more than 120 countries
• The only vertical integrated listed dialysis company
• Founded in 1996 and member DAX30 since 1999
• Market capitalization of about 15.3 BN Euro* (2001: ~6.2 BN Euro)
• High innovation competence
• Investment largely insensitive to economic developments

* As of August 21, 2013

Growth strategy to ensure continued success

Leader in growing market

• Dialysis market growing 4%cc and estimated to reach \$ 100 billion by 2020
• Patient growth driven by age, life style and mortality reduction

Provide highest standard of patient care

• Vertical integration
• High quality products & services
• Complete therapy offerings

Consolidate position as global market leader

• Invest in our people
• Continue to innovate
• Global clinic acquisitions and service portfolio expansion
• Expand into new geographies

Deliver shareholder value

• Ensure continuous development of company
• Deliver profitable growth
• Control financial risks

cc = constant currency

Market position by major product groups 2012

	Position 1
Dialyzers	FME
Dialysis machines	FME
Hemodialysis concentrates	FME
Bloodlines	FME
Peritoneal dialysis products	Baxter

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 *

Nov 05, 2013 Report on 1st – 3rd quarter 2013

Nov 21, 2013 Capital Market Day, Boston

Feb 25, 2014 Report on Fiscal Year 2013

* 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.

Commerzbank Sector Conference

August 27, 2013 Frankfurt