Fresenius Medical Care AG & Co. KGaA

Earnings Release • Sep 23, 2014

Berenberg & Goldman Sachs 3rd German Corporate Conference

Munich September 23, 2014

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 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. Amounts are in US-\$ if not mentioned otherwise.

Business Update

Q2 and Half Year 2014

1

Strong operational performance in Q2

	Q2 2014 in \$ millions	Growth in %
Net Revenue	3,835	6
Earnings before interest and tax (EBIT)	556	2
Net income, reported	234	(11)
Earnings per share (EPS), reported	0.77	(10)
Net income, adjusted*	252	(4)
Earnings per share (EPS), * adjusted	0.83	(3)

• Accelerated growth sequentially supported by all major regions
• Important steps towards expanding "care coordination" business
• Confirmed guidance for 2014
• * Adjusted for a special tax impact of U\$18 million.

Revenue breakdown Q2 2014

North America
Revenue	\$ 2,521 m	+ 6%
Organic growth		+ 4%
	4 3
	3,835 2 \$ millions
	+7%cc	1
cc = constant currency

1	North America	66%
2	Europe/Middle East/Africa	21%
3	Asia-Pacific	8%
4	Latin America	5%

cc = constant currency

Revenue growth in Dialysis Services

International Total Dialysis Services	1,161 5,422	1,214 5,731	5 6	10 7	7 5	4 4
North America	4,261	4,517	6	6	4	3
	H1 2013 in \$ millions	H1 2014 in \$ millions	Growth in %	Growth in %cc	Organic growth in %	Same market growth in %
Total Dialysis Services	2,743	2,949	7	8	6	4
International	586	633	8	12	8	4
North America	2,157	2,316	7	7	5	3
	Q2 2013 in \$ millions	Q2 2014 in \$ millions	Growth in %	Growth in %cc	Organic growth in %	Same market growth in %

cc = constant currency

Quality outcomes

	U.S.		EMEA		Asia-Pacific
% of patients	Q1 2014	Q2 2014	Q1 2014	Q2 2014	Q1 2014	Q2 2014
Kt/V ≥ 1.2	97	97	96	96	97	97
No catheter (>90 days)	83	83	83	83	92	92
Hemoglobin = 10 – 12 g/dl	73	74	60	63	58	59
Hemoglobin = 10 – 13 g/dl (International)	78	79	77	77	66	67
Albumin ≥ 3.5 g/dl	85	82	89	89	91	91
Phosphate ≤ 5.5 mg/dl	65	63	78	77	68	71
Calcium 8.4 – 10.2 mg/dl	83	84	79	78	75	74
Hospitalization days, per patient	9.4	9.4	9.5	9.4	4.1	4.2

Summary

• Second quarter is much improved from first quarter
• In April at the CMD we gave a clear strategy for future growth
• The global efficiency program will enhance performance over time

Financials & Outlook

Q2 and Half Year 2014

2

Q2 Profit & Loss	Q2 2013 in \$ millions	Q2 2014 in \$ millions	Growth in %
Net revenue	3,613	3,835	6
Operating income (EBIT)	544	556	2
EBIT-margin in %	15.1	14.5
Net interest expense	103	98
Income before taxes	441	458	4
Income tax expense	144	177
Tax rate in %	32.6	38.7	Adjusted tax rate 34.8%
Non-controlling interest	34	47
Net income	263	234	(11) Adjusted net income \$252 m (4)

North America flat y-o-y and International down 9 days y-o-y

Cash Flow

	Q2 2013 in \$ millions	Q2 2014 in \$ millions	Growth in %
Operating cash flow	525	449	(14)
Capital expenditures, net	(173)	(218)
Free cash flow	352	231
Free cash flow, after acquisitions and investments	339	(66)
	H1 2013 in \$ millions	H1 2014 in \$ millions	Growth in %
Operating cash flow	841	562	(33)
Capital expenditures, net	(319)	(415)
Free cash flow	522	147

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

2014 Guidance confirmed 2014 E confirmed Revenue ~ 15,200 EBIT ~ 2.2bn Net income 1 –1.05bn In \$ millions

• Outlook excludes potential net cost savings of up to \$60 m before taxes for 2014
• Investments in quality/compliance systems and legal cost to continue to comply with standards
• Outlook excludes revenue contribution from acquisitions of ~\$500 m

3

Strategy & Vision

Continued global leader in dialysis services We lead in every major market, treating more than 270,000 patients worldwide. 18,132 29,051 52,264 171,123 Asia-Pacific Latin America North America Europe, Middle East and Africa

Market position by major product groups 2013

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

Source: 2013 Company data and estimates

Our Vision of Care Coordination: The Renal Care Network

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

Thank you very much for your attention!

H1 Profit & Loss	H1 2013 in \$ millions	H1 2014 in \$ millions	Growth in %
Net revenue	7,076	7,398	5
Operating income (EBIT)	1,038	1,001	(4)
EBIT-margin in %	14.7	13.5
Net interest expense	207	195
Income before taxes	831	806	(3)
Income tax expense	273	278
Tax rate in %	32.8	34.5	Adjusted tax rate 32.3%
Non-controlling interest	70	89
Net income	488	439	(10)
			Adjusted net income \$457 m (6)

Exchange rates

\$:€	Q2 2013	H1 2013	Q2 2014	H1 2014
Period end	1.308	1.308	1.366	1.366
Average	1.306	1.313	1.371	1.370

\$:ARS	Q2 2013	H1 2013	Q2 2014	H1 2014
Period end	5.379	5.379	8.133	8.133
Average	5.235	5.124	8.054	7.827

Dialysis days per quarter

	Q1	Q2	Q3	Q4	Full Year
2012	78	78	78	80	314
2013	76	78	79	80	313
2014	76	78	79	79	312
2015	77	78	79	79	313

Patients, treatments, clinics – H1 2014	Clinics	Patients	Treatments in million
North America	2,159	173,557	12.99
Growth in %	3	3	4
International	1,176	107,385	7.64
Growth in %	6	12	6
Europe	634	52,905	3.97
Latin America	231	29,507	2.26
Asia-Pacific	311	24,973	1.41
Total	3,335	280,942	20.63
Growth in %	4	6	4

Net income - Reconciliation attributable to shareholders of FME AG&Co. KGaA	Q2 2013	Q2 2014	H1 2013	H1 2014
Net income, reported	263	234	488	439
attributable to shareholders of FME AG&Co. KGaA - excluding special tax impact	-	18	-	18
Net income, adjusted attributable to shareholders of FME AG&Co. KGaA	263	252	488	457

Total Product Revenue	Q2 2013	Q2 2014	Growth in %	Growth in %cc
International product revenue	763	792	4	4
- Internal revenue	(123)	(128)	5	9
= International external revenue	642	664	3	3
North America product revenue	422	419	(1)	(1)
- Internal revenue	(204)	(214)	5	5
= North America external revenue	218	205	(6)	(6)
Total product revenue	1,196	1,229	3	3
- Internal revenue	(327)	(343)	5	7
Total external revenue	870	886	2	1

	<		<
Total Product Revenue	H1 2013	H1 2014	Growth in %	Growth in %cc
International product revenue	1,466	1,486	1	2
- Internal revenue	(230)	(242)	5	11
= International external revenue	1,236	1,244	1	1
North America product revenue	792	806	2	2
- Internal revenue	(390)	(409)	5	5
= North America external revenue	401	397	(1)	(11)
Total product revenue	2,275	2,319	2	3
- Internal revenue	(621)	(652)	5	7
Total external revenue	1,654	1,667	1	1

Attachment 1

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

In \$ millions

Debt	H1 2014	FY 2013	FY 2012
Short term borrowings (incl. A/R program)	198	97	118
+ Short term borrowing from related parties	162	62	4
+ Current portion of long-term debt and capital lease obligations	335	511	335
+ Long-term debt and capital lease obligations less current portion	8,444	7,747	7,841
TOTAL debt	9,139	8,417	8,298

EBITDA	H1 2014	H1 2013	FY 2012
Last twelve month operating income (EBIT)	2,220	2,164	2,255
+ Last twelve month depreciation and amortization	669	624	612
+ Non-cash charges	51	79	64
EBITDA (annualized)	2,940	2,867	2,931
Total Debt / EBITDA	3.1	2.8	2.8

Attachment 2

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

In \$ millions

Cash Flow	Q2 2013	Q2 2014	H1 2013	H1 2014
Acquisitions, investments and net purchases of intangible assets	(30)	(298)	(102)	(435)
+ Proceeds from divestitures	17	1	18	3
= Acquisitions and investments, net of divestitures	(13)	(297)	(84)	(432)

Capital Expenditure, net	Q2 2013	Q2 2014	H1 2013	H1 2014
Purchase of property, plant and equipment	(186)	(220)	(334)	(419)
- Proceeds from sale of property, plant & equipment	13	2	15	4
= Capital expenditure, net	(173)	(218)	(319)	(415)

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.

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 04, 2014 Report on 1st – 3rd quarter 2014

* Please notice that these dates might be subject to change

Berenberg & Goldman Sachs 3rd German Corporate Conference

Munich September 23, 2014