Fresenius Medical Care AG & Co. KGaA

Investor Presentation • Feb 22, 2006

The World's Leading Renal Therapy Company

Analyst Meeting, February 22, 2006

© Fresenius Medical Care AG & Co. KGaA

Safe harbor statement

This presentation includes certain forward-looking statements. Actual results could differ materially from those included in the forwardlooking 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 detailed in the Company's reports filed with the Securities and Exchange Commission and the German Exchange Commission "Deutsche Börse".

Agenda

1.) I. Business Update

II. Financials Q4 / FY 2005

III. Q&A session

Achievements – FY 2005

Strong performance in all key metrics

• ß Organic revenue growth of 7%
• ß Positive revenue per treatment development worldwide
• ß Increased operating margins (EBIT) by 50 basis points 1)
• ß Net income growth of 17% 1)
  • ß Exceeded guidance
• ß Solid operating cash flow generation
• ß Voluntary SOX 404 compliance One of very few Int'l companies

Strong operating performance - FY 2005

Net revenue	record \$ 6,772 m + 9% 8% cc
EBIT (excluding \$22m one-time costs)	record \$ 961 m + 13%
Net income (excluding \$17m one-time costs)	record \$ 472 m + 17%
Excellent result with increased profitability …
…while growing above market.

cc = constant currency

Strong revenue growth in FY 2005

Dialysis Services FY 2005

© Fresenius Medical Care AG & Co. KGaA

Dialysis Services FY 2005

Focus on organic growth and revenue per treatment

	Total	North America	International
Organic revenue growth	+ 6.8%	+ 5.9%	+ 12.6%
Same store treatment growth	+ 4.6%	1) + 3.3%	+ 7.6%
Revenue per treatment	\$ 247	2) \$ 294	\$ 130
Treatments (in million)	19.7	13.5	6.3
Growth	+ 5.0%	+ 3.6%	+ 8.0%

1) excl. Mexico 3.0%

2) excl. Mexico 297 US\$

Dialysis Services - U.S. operations

Revenue per treatment ahead of target and positive outlook

Dialysis Products FY 2005

Highlights North America - Q4 2005

Exceptional revenue growth with increasing profitability
Products - Exceptional external sales (+ 22%)	year over year, units
ß Excellent demand for HD machines (2008K) ß Excellent demand for Optiflux single-use dialyzers ß CarePak therapy system (single-use high flux dialyzers) ß Independent market single-use acceptance continuing ß (year-end 2005 58% single-use)	+ 27% + 28%
Services – strong clinical & financial performance	year over year
ß Organic revenue growth - Despite impact of Hurricanes ß CMS / Reimbursement update	+7%

Highlights Europe - Q4 2005

© Fresenius Medical Care AG & Co. KGaA

Highlights Europe Services - Q4 2005

Highlights Asia Pacific - Q4 2005

Exceptional growth in key markets

Asia Pacific - Largest provider of dialysis services and products

• ß Revenue growth (excluding Japan) y-o-y ~ 15%cc
• ß Product market share (excluding Japan) ~ 40%
• Japan ß Successful restructuring
• ß Leading position in HD machines China
• ß Successful single-use dialyzer program Taiwan
  • ß Dialyzer sales, units + 54%
• Challenges ß Next round of reimbursement cuts in Japan, April 2006

cc = constant currency

Strategic Projects Update

Conversion & Transformation

• ß Achieved 96% conversion ratio, which leads to:
  • 96.63m Ordinary shares with approx. 63% free float
  • 1.1m Preference shares not tendered
• ß Cash inflow of approx. €260 million (~\$310 m)
• ß Fresenius Medical Care AG & Co. KGaA trading since Feb 13, 2006
• ß Average daily Xetra trading volume of ordinary shares is up >15% vs the last 6 months

Strategic Projects Update

RCG Acquisition

• ß Identified overlapping markets with FTC and determined clinics to be sold
• ß Definitive agreement to divest approx.100 clinics, treating on average 60-65 patients
  • Proceeds of ~\$450 million
• ß RCG continues to perform well
• ß Integration process proceeding smoothly
• ß Synergy estimates confirmed in detailed integration planning
• ß Estimated closing date on or before March 31, 2006

RCG & FME - Update

COMBINING THE BEST

RCG & FME

Hired a significant number of key managers from RCG which together with the current FME managers will create a very strong organization.

&

RCG

• ß Right Start
• ß CQI Training Programs
• ß PD Program

FME

• ß Organization Structure
• ß UltraCare
• ß Nocturnal Programs

© Fresenius Medical Care AG & Co. KGaA

2005: 9th consecutive annual dividend increase proposed

* To be approved by shareholders at the Annual General Meeting on May 9, 2006

Continued growth momentum

2006	• • • • Europe focus on: • • Acquisitions • • Innovation -	North America focus on: Above market patient growth and quality outcomes Successful integration of RCG Integrated care Expand single-use and introduce next generation of HD/PD products Expand vertical integrated business model in Europe Keep high profitability Sales expansion of 5008 machine
2007 ff.	Revenue	6 - 9% p.a. expected (at constant currency)
	Earnings	Sustainable double digit growth p.a. expected
		Cash Flow Strong and stable

Agenda

1.) I. Business Update

II. Financials Q4 / FY 2005

Excellent top and bottom line growth - Q4

\$ in millions	Q4 2004	Q4 2005	%
Net revenue	1,640	1,772	* + 8
Excluding one-time costs
1) Operating income (EBIT)	227	258	+ 14
EBIT margin in %	13.9	14.6
Net income 1)	108	127	+ 18
Operating income (EBIT)	227	244	+ 7
EBIT margin in %	13.9	13.8
Net income	108	116	+ 7

* 10% growth at constant currency

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

Excellent top and bottom line growth - FY 2005

\$ in millions	FY 2004	FY 2005	%
Net revenue	6,228	6,772	* + 9
Excluding one-time costs
1) Operating income (EBIT)	852	961	+ 13
EBIT margin in %	13.7	14.2
Net income 1)	402	472	+ 17
Operating income (EBIT)	852	939	+ 10
EBIT margin in %	13.7	13.9
Net income	402	455	+ 13

* 8% growth at constant currency

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

EBIT margin - strong development in both regions

Days Sales Outstanding (DSO) - impressive development

© Fresenius Medical Care AG & Co. KGaA

Cash Flow

\$ in millions	Q4 2004	Q4 2005	%	2) Adjusted
Net cash provided by operating activities	268	200 11.3% of revenue	(25)	283 16.0% of revenue
1) Capital expenditures (net)	(117)	(135)
Free Cash Flow	151	65	(57)	148
Acquisitions	(31)	(39)
Free Cash Flow after acquisitions	120	26	(79)	109

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

Adjusted for one-time costs and prior year tax payments. 2)

Cash Flow

\$ in millions	FY 2004	FY 2005	%	2) Adjusted
Net cash provided by operating activities	828	670 9.9% of revenue	(19)	805 11.9% of revenue
Capital expenditures (net) 1)	(261)	(297)
Free Cash Flow	567	373	(34)	508
Acquisitions	(104)	(125)
Free Cash Flow after acquisitions	463	248	(46)	383

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

Adjusted for one-time costs and prior year tax payments. 2)

Debt / EBITDA - continued improvement

\$ in millions	December 31, 2004		December 31, 2005
1) EBITDA (annualized)	1,098		1,204
1) Dec. 31, 2004 Debt		2,479
1) + CapEx		297
+ Acquisitions		125
+ Dividend payment		137
+ Cash		26
+ Others		7
- FX-debt translation effects		130
- Proceeds from exercising stock options		80
- Cash from operating activities		670
1) December 31, 2005 Debt	2,479		2,191
Total Debt / EBITDA	2.26		1.82

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

Debt / EBITDA development 2001-2005

including non-cash charges 1)

pf = pro forma e = expected

Impact of one-time items and SFAS 123^R

\$ in millions	FY 2005	FY 2006e
EBIT impact
Transformation & Settlement	(22)	(1)
RCG integration costs		(50)
Change in stock option compensation expense (SFAS 123R)		(14)
Total	(22)	(64)
Earnings after tax impact
Transformation & Settlement	(17)	(1)
RCG integration costs		(30)
Write-off FME prepaid financing fees		(9)
Change in stock option compensation expense (SFAS 123R)		(14)
Total	(17)	(54)
Potential additional impact
Net impact of sale of dialysis clinics		To be determined

Guidance FY 2006

	FY 2005 In US\$ m	Pro forma 1) 2) Guidance 2006	1) Pro forma Full Year 2006	As reported March 31, 2006 closing assumed
Net revenue growth (at constant currency)	6.772	+ 25%	~ \$ 8.4 bn	~ \$ 8.1 bn
2) Net income growth	472	+10 - 15%	\$520-540 m	\$515-535 m
Capital expenditure	297	~ 450 m
Acquisition budget	125	~ 100 m
Leverage ratio (Debt/EBITDA)	1.82	< 3.6

1) pro forma = RCG consolidation for 12 months

2) excl. one-time items and SFAS 123R such as Transformation and Settlement costs, RCG integration costs, write-off FME prepaid financing fees, the net impact of the sale of dialysis clinics, and the change in stock option compensation expense (SFAS 123R) (see slide on page 29)

The World's Leading Renal Therapy Company

Analyst Meeting, February 22, 2006

© Fresenius Medical Care AG & Co. KGaA

Attachment I

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

All numbers are in \$ millions

Capital expenditure (net)	FY 2005	FY 2004	Q4 2005	Q4 2004
Purchase of property, plant and equipment	315	279	139	122
- Proceeds from sale of property, plant and equipment	(18)	(18)	(4)	(5)
= Capital expenditure (net)	297	261	135	117

Debt	FY 2005	FY 2004	FY 2003	FY 2002	FY 2001
1) Short term borrowings (incl. A/R program)	151	419	90	125	93
+ Short term borrowings from related parties	19	6	30	6	15
+ Current portion of long-term debt and capital lease obligations	126	230	90	22	165
+ Long-term debt and capital lease obligations, less current portion	707	545	1,112	1,089	736
+ Trust Preferred Securities	1,188	1,279	1,242	1,145	1,429
+ Accounts receivable securitization program	0	0	158	445	446
Total debt	2,191	2,479	2,722	2,833	2,884

EBITDA	FY 2005	FY 2004	FY 2003	FY 2002	FY 2001
Last twelve months operating income (EBIT)	939	852	757	695	765
+ Last twelve months depreciation and amortization	251	233	216	211	203
+ Non-cash charges	14	13	13	10	10
= EBITDA (annualized)	1,204	1,098	986	916	978

1) A/R securitization program off-balance sheet in 2003 and included in short term borrowings in 2004

Attachment II

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

All numbers are in \$ millions
External Revenue	FY 2005	FY 2004		growth	constant currency
International product revenue	1,571		1,424	+10%		+ 9%
- Internal revenue	(190)		(143)	+ 32%		+ 28%
= External revenue	1,381	1,281		+8%		+ 7%
North America product revenue	887		819		+ 8%
- Internal revenue	(363)	(373)		- 2%
= External revenue	524	446		+ 17%
Operating performance before one-time costs	FY 2005	FY 2004	growth	Q4 2005	Q4 2004	growth
Operating income (EBIT)	939	852	10%	244	227	7%
Transformation and settlement	22	0		14	0
Operating income (EBIT) before one-time-costs	961	852	13%	258	227	14%
Net income	455	402	13%	116	108	7%

Transformation and settlement	17	0		11	0
Net income before one-time-costs	472	402	17%	127	108	18%

Cash Flow	FY 2005	FY 2004	Q4 2005	Q4 2004
Net cash provided by operating activities	670	828	200	268
+ Net tax payments for prior years	124	1	78	-14
+ Cash out for transformation & settlement	11	0	5	0
= Net cash adjusted	805	829	283	254

Contacts

Fresenius Medical Care AG Investor Relations Else Kröner Str. 1 61352 Bad Homburg v.d.H.

Oliver Maier

Tel.: +49-(0)6172-609-2601 Fax.: +49-(0)6172-609-2301 Mob.: +49-(0)173-6522-712 Mail: oliver.maier@fmc-ag.com

Heinz Schmidt

Tel.: +1-781-402-4518 Fax.: +1-781-402-9741 Mob.: +1-781-760-0646 Mail: heinz.schmidt@fmc-na.com

Ordinary shares		96.6 million
WKN	578 580
ISIN	DE0005785802
SEDOL1	5129074 DE

Preference shares		1.1 million
WKN	578 583
ISIN	DE0005785836
SEDOL1	5160073 DE

© Fresenius Medical Care AG & Co. KGaA

The World's Leading Renal Therapy Company

Analyst Meeting, February 22, 2006

© Fresenius Medical Care AG & Co. KGaA