Fresenius Medical Care AG & Co. KGaA

Investor Presentation • May 7, 2003

The World's Leading Renal Therapy Company

Financials Q1 2003

Q1 2003 – Key Issues

• North America: sequential margin increase
• International: above average growth and margin driver; temporary margin pressure due to situation in Middle East, Latin America and Europe
• UltraCare: continued cost benefits in clinics; initiating marketing phase
• Payor litigation: achieved settlement with Connecticut General Life Insurance Company
  • Cash Flow: operating and free cash flow at Q1 record levels

Q1 2003 Revenue Growth by Segment

Total revenues \$1,299 million +10% (7% constant currency=cc)

In millions millions

Revenue by Business Unit Q1 2003

A reconciliation to the most directly comparable US-GAAP financial measure is provided in the attachment. NAEM = Net available external market 1)

5

c c = constant currency

orldwide by 19%

Operating Margin North America

Q1 2003 Enhancing North American operating performance

• Labor c osts/treatment belo w prior year level (-3% y-o-y)
• Target margin range achieved when correcting for treatment day s

Revenue per Treatment

UltraCare™ Program

Scientific / Medical

• Independent review of mortality data in process
• Journal publication targeted
• Ongoing tracking of UltraCare™ medical outcomes

Clinic-based

• Reaching out to nephrologist and patients through trade journal advertising and information days
• Created "The Center For Leadership & Professional Development" for 1,300 clinical managers, administrators, area managers and RVPs (Customer Service Skills & UltraCare therapy)

Operating Margin International

Q1 2003 Temporarily belo w target margin range

• Middl e East: slowdown in new orders; del a yed shipping for existing orders
• Lati n America: situati on i n Argentina improving; poor market conditions in Brazil, Colombia and Venezuela; start-up costs in Mexico
• Europe: encouraging revenue growth but lower margi n

Financials Q1 2003

• Key Figures
• Update: Sarbanes Oxley
• Financial Outlook

Financial Highlights Q1 2003

\$ i l l i m o n s	Q 1 0 3 '	Q 1 0 2 '	% G h t r o w	% G h t r o w ta t c co ns n ur re nc y
N t e r e e n e v u	1 2 9 9 ,	1 1 8 7 ,	1 0	7
O i i ( E B I T ) t p e r a n g n c o m e	1 6 9	1 4 7	3 -	7 -
N t i e n c o m e	0 7	6 3	1 0 +
\$ S O ( ) E P d p e r r	0 2 7	0 6 6	1 0 +

Financial Highlights Q1 2003 (adjusted)

\$ i l l i m o n s	Q 1 0 3 '	Q 1 0 2 '	% G t h r o w	% G t h r o w ta t c co ns n ur re nc y
N t e r e e n e v u	1 2 9 9 ,	1 1 8 7 ,	1 0	7
O ( ) t i i E B I T p e r a n g n c o m e ( Q f f f ) 1 2 0 0 2 d j t d t i t a u s e o r o n e- m e e e c s	1 6 9	1 ) 1 6 8	1 +	4 -
		1
N t i e n c o m e ( Q S S f f f ) 1 2 0 0 2 i F A 1 4 5 d d j t d t i t p r o r a n a u s e o r o n e- m e e e c s	0 7	) 1 7	2 -
\$ S O ( ) E P d p e r r ( Q S S f f f ) 1 2 0 0 2 i F A 1 4 5 d d j t d t i t p r o r a n a u s e o r o n e- m e e e c s	0 2 7	1 ) 0 4 7	2 -

A reconciliation to the most directly comparable US-GAAP financial measure is provided in the attachment. Before extraordinary redemption cost for Trust Preferred Securities of \$ 12 million after taxes and one-time effects (pension curtailment gain and severances of \$4 million after taxes). 1)

Days Sales Outstanding (DSO)

Cash Flow Q1 2003

\$ i i l l i n m o n s	Q 1 0 3 '	Q 1 0 2 '
N h i d d b t e c a s p r o e v y i i i i t t t o p e r a n g a c e s v	1 2 5	0 7
1 ) C i l d i ( ) t t t a p a e x p e n u r e n e	( 4 1 )	( 0 ) 5
C F h F l r e e a s o w	8 4	2 0
A i i i t c q u s o n s	( 2 8 )	( 9 )
C f F h F l i i i t t r e e a s o a e r a c q s o n s w u	5 6	1 1

A reconciliation to the most directly comparable US-GAAP financial measure is provided in the attachment. 1)

Financial Ratio

\$ i i l l i n m o n	s		M 3 1 0 3 a r ,
E B I T	1 ) D A		9 1 2
D 3 1 e c	1 ) 2 0 0 2 D b t e ,		2 8 3 3 ,
	1 ) C E + a p x	4 1
	A i i i t + c q u s o n s	2 8
	f f F t + x e e c s -	2 7
	R d i C l D t t + e e m p o n c o s s a s s	9
	N d i R f i i t t t + e w c r e a g r e e m e n e n a n c n g c o s s	1 7
	O h t + e r s	1 5
	C f O h t i a s r o m p e r a o n s -	1 2 5
M 3 1 a r.	2 0 0 3 D b t e ,		2 8 4 5 ,
T t o a	/ l d b E B I T D A t e		3 1 2

A reconciliation to the most directly comparable US-GAAP financial measure is provided in the attachment. 1)

• Anticipating full compliance with Sarbanes-Oxley requirements for domestic US firms
• Established Audit Committee
• Created Corporate Governance update section on our web-page

Confirmed Financial Outlook 2003

A reconciliation to the most directly comparable US-GAAP financial measure is provided in the attachment.1)

Attachment I

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

E B I T D A
\$ in i l l io m ns	Q 1 0 3 '
L l h O i i ( E B I T ) t t t t a s w e v e m o n s p e r a n g n c o m e	6 9 0
L l h d i i d i i + t t t t t t a s w e v e m o n s e p r e c a o n a n a m o r z a o n	2 1 2
N h h + o n- c a s c a r g e s	1 0
E B I T D A =	9 1 2

N i h t t e n c o m e g r o w
\$ in i l l io m ns	2 0 0 2 F Y
N i t e n c o m e	2 9 0
L f l d i f T P f d S i i t t t + o s s r o m e a r y r e e m p o n o r u s r e e r r e e c u r e s	1 2
N t i i S F A S 1 4 5 ( b i f i d ) = e n c o m e p r o r a s s o r g u a n c e	3 0 2

C i t a p a	l d i t e x p e n u r e	( t ) n e

\$ in i l l io m ns	Q 1 '0 3	Q 1 0 2 '
P h f l d i t t t u r c a s e o p r o p e r y, p a n a n e q u p m e n	4 4	5 5
P d f l f l d i t t t r o c e e s r o m s a e o p r o p e r y, p a n a n e q u p m e n -	( 3 )	( 5 )
C i t l d i t ( t ) = a p a e x p e n u r e n e	4 1	0 5

Attachment II

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

D b t e
\$ in i l l io m ns	M h 3 1, 2 0 0 3 a r c
S h t t b i o r e r m o r r o w n g s	1 1 7
C f t t i l t d b t d i t l l b l i t i + r r e n p o r o n o o n g e r m e a n c a p a e a s e o g a o n s u -	2 3
L t d b t d i t l l b l i t i l t t i + o n g e r m e a n c a p a e a s e o g a o n s, e s s c u r r e n p o r o n -	1, 2 2 9
f S T t P d i t i + r s r e e r r e e c r e s u u	1, 1 6 4
A i b l i i i t t t + c c o u n s r e c e v a e s e c u r z a o n p r o g r a m	3 1 2
T t l d b t o a e	2, 8 4 5

\$ in i l l io m ns	Q 1 '0 3	Q 1 '0 2
E t l d i l i d t l x e r n a a y s s p r o u c s a e s	1 0 6	1 0 9
S l h i l l i d d i l i i t t t t t a e s o o e r e r c a n e g r a e a s s c o m p a n e s v y y -	( 3 )	( 3 )
S f l t l i d i l i h i l d b k a e s o e a s n g c o m p a n o a s s m a c n e s e a s e a c y y -	( ) 8	( ) 7
M h d I I d h t t e o a n o e r -	-	( 1 0 )
D i l i d l i l b l l k ( N A E M ) t t t t = a y s s p r o u c s a e s o a v a a e e x e r n a m a r e	9 5	8 9

Attachment III

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

Q S 1 2 0 0 2 A d j t d E B I T t i E P : u s e n e n c o m e, ,
\$ in i l l io m ns	U S G A A P -	Lo fro ly s s m e a r f d t io t t re e m p n o ru s fe d i ie t p re rre s e cu r s	O -t im f fe t ne e e c s ( io t i lm t p e ns n cu r a e n in d ) g a a n s ev e ra nc e s	A d j t d u s e
O t i I ( E B I T ) p e r a n g n c o m e	1 7 4		6 -	1 6 8
I t t n e r e s e p e n s e s x	7 5 -	2 0 +		5 5 -
I i t t n e r e s n c o m e	2 +	-		2 +
I t t t n e r e s e x p e n s e s, n e	7 3 -	2 0 +		5 3 -
f E i b t a r n n g s e o r e a e s x	1 0 1	2 0 +	6 -	1 1 5
I t n c o m e a e p e n s e s x x	3 7 -	8 -	2 +	4 3 -
M i i i t t t n o r y n e r e s	1 -			1 -
N t i e n c o m e	6 3	1 2 +	4 -	7 1
( S ) E i h E P a r n n g s p e r s a r e	0. 6 6	0. 1 2 +	0. 0 4 -	0. 7 4

This presentation includes certain forward-looking statements. Actual results could differ materiall y from those included in the forward-looking statements due to various risk factors and uncertainties, including changes in business, economic competitive conditions, regulatory refor ms, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availabilit y of financing. These and other risks and uncertainties are detailed in the Compan y's reports filed with Securities and Exchange Commission and the Ger man Exchange Commission "Deutsche Börse".

The World's Leading Renal Therapy Company