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Fresenius Medical Care AG & Co. KGaA

Investor Presentation • Jan 7, 2008

165_ip_2008-01-07_68de7ae5-9a93-412c-ae9d-a0b73882de4e.pdf

Investor Presentation

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Fresenius Medical Care

The World's Leading Renal Therapy Company

JPMorgan 26th Annual Healthcare Conference January 7, 2008 San Francisco, CA

Safe Harbor Statement

This presentation includes certain forward-looking statements. 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. 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".

1. Business Update

2. Financials and Outlook

3. Attachments

Business Update

* including clinics where FME has an interest of at least 10%

Continued Strong Momentum

(
lu
d
ing
im
i
in
2
0
0
6
)
-t
te
ex
c
o
ne
e
ms		 S
A
f
b
3
0
2
0
0
t
7
s
o
e
p
e
m
e
r
,
R
e
v
e
n
u
e		 \$
5
7
1
1
m
,		 1
6
%
+
N
i
t
e
n
c
o
m
e		 \$
5
2
0
m		 3
%
5
+
i
E
h
a
r
n
n
g
s
p
e
r
s
a
r
e		 \$
1
7
6		 3
4
%
+
  • X Continued strong performance across all segments and regions
  • X Continued high earnings momentum

Clearly on Track to Achieve the Upper End of Guidance

9M 2007 – Strong Revenue Growth

Total Revenue Increased 16% to \$ 7,151 m *

Dialysis Services - Global

Strong Overall Revenue Growth

\$
i
i
l
l
i
n
m
o
n
s		 M
9
2
0
0
6		 9
M
2
0
0
7		 G
h
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r
o
w		 c
c
1)
N
h
A
i
t
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r
m
e
r
c
a		 3
9
5
9
,		 4
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6
7
,		 1
3
%
I
i
l
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o
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6
9		 8
8
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%
1)
T
l
t
o
a		 4
6
2
8
,		 5
3
5
7
,		 1
6
%		 1
5
%

1) Q3 2006 revenue adjusted for sale of perfusion business in the amount of US\$ 27 m

cc = constant currency

Dialysis Products - Global

Continued Excellent Growth

\$
i
i
l
l
i
n
m
o
n
s		 M
9
2
0
0
6		 M
9
2
0
0
7		 G
h
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w		 c
c
T
l
t
o
a
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e
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v
u
(
i
l.
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l
R
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t
n
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a
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e		 1
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%
E
l
t
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x
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u		 1
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%
N
h
A
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a		 4
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1		 1
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%		 1
8
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I
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r
n
a
o
n
a		 1
1
1
1
,		 1
3
1
3
,		 1
8
%		 1
1
%

Highlights – Global: Dialysis Products

  • X Strong growth in products well above market of 18% X PhosLo sales fully in line with expectations
  • Europe
  • X Strong growth in products above market at 17%, y-o-y (8%cc)

  • X 5008 HD machine unit sales up 135%, y-o-y

  • X Strong product sales growth of 14%cc

  • X Organic revenue growth in China Q3 of 46%cc and Nine Months of 31%cc, y-o-y

being up +79%, y-o-y

Highlights - Global

* Excluding one-time items. A reconciliation to the most directly comparable US-GAAP financial measure is provided in the attachment.

Highlights – Global: Dialysis Services

  • X FDA Advisory Panel's decision supports Anemia Management Practices
  • X Active dialogue with U.S. legislators on medically appropriate care for ESRD patients

  • X Strong Revenue/treatment despite EPO discussion

  • X Service Growth in Eastern Europe of 18%cc, ytd

  • X Increase in revenue per treatment of 4%
  • X Online HDF reimbursement recognized in Spain

X Strong treatment growth in Q3 of 119% (14% excl. Jiate Excelsior)

Financials Q3 and Outlook

1) Profit & Loss

\$
i
i
l
l
i
n
m
o
n
s		 9
M
2
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6		 9
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7		 G
h
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r
o
w
*
N
t
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v
u		 6
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4
7
,		 1
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1
7
,		 1
6
%
2)
O
(
)
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E
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I
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e		 9
3
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1
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,		 2
3
%
E
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T
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%
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6.
1
2)
I
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x		 2
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1
2)
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5
%
2)
I
T
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o
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a
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r
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o
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5		 5
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8
%

* 14% growth at constant currency, 7% organic growth

1) Excluding one-time items in 2006

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

\$
i
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1)
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1)
C
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(
)
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)
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1)
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A
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6		 4
1
6

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

De-leveraging ahead of schedule

* including non-cash charges and excluding restructuring costs, in-process R&D and gain from the sale of dialysis clinics. A reconciliation to the most directly comparable US-GAAP financial measure is provided in the attachment.

© 2007 Fresenius Medical Care AG & Co. KGaA

Continued Strong Growth in Earnings per Share

Earnings per Share

CAGR =16%

\$
i
i
l
l
i
n
m
o
n
s		 G
i
d
u
a
n
c
e
N
R
t
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e
v
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n
u
e
s		 \$
9
5
0
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>
,
N
I
t
e
n
c
o
m
e		 \$
6
8
5
0
5
7
-
L
i
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r
a
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a
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v
(
D
b
/
E
B
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A
)
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0
<
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t
a
p
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c
q
s
o
n
s
x
u		 \$
6
5
0
~

X Clearly on Track for the Upper End of Net Income Guidance

X Leverage Ratio Target already Achieved after Nine Months

Fresenius Medical Care

Midterm Strategy

World Leader in Products & Services

\$9 billion Products Market

\$45 billion Services Market

Growth in Number of Dialysis Patients – Worldwide

  • •Renal failure persists as a chronic worldwide epidemic
  • •Dialysis is the primary treatment modality for renal failure on a global scale
  • • Exponential growth trend continues on a global scale as incidence (new cases) and patient survival improve.

Sustainable Patient Growth of 5-6% p.a.

~ 2 Million Patients Worldwide by 2010

Market Opportunity

Peritoneal Dialysis 9 Hemodialysis 9 Innovative Therapy Options Strong organic growth 9 Superior patient care 9 Cost leader 9USA – RCG 9Eastern Europe Asia Pacific (non Japan) EPO 9Phosphate Binders 9 Vitamin DIronDialysis ProductsDialysis ProductsDialysis Drugs Dialysis Services AdditionaIIn-patient Dialysis ServicesPD HD Acute Acute Road 1Organic Growth Road 2Acquisitions Road 3Horizontal Expansions Road 4Home Dialysis \$67 billion Dialysis Market 2010

Integrated Patient Care Model – Clinic Centric

Cost of Care for ESRD Patients

ESRD Demo Project – Member Total Annual Cost \$72,000 (2006 Financial Data)

  • Dialysis (38.5%)
  • Hospital (31.3%)
  • Hospital OutPatient (5.8%)
  • Nephrology (3.8%)
  • Surgery (4.3%)
  • Specialty (4.5%)
  • Lab/Path/Rad (3.5%)
  • Home Health/DME/Ambulance/Other (8.2%)

Summary - Growth Drivers

Renal Pharma

Expansion of Clinic Network Revenue Growth per Year

Reimbursement Based on Quality

Increased Product Market Share

Product & Service Innovation

Global Patient Growth

N
h
A
i
t
o
r
m
e
r
c
a		 6
%
E
u
r
o
p
e		 1
0
%
A
i
P
i
f
i
s
a
a
c
c
-		 5
1
%

2010 Revenue Target

Sustainable Earnings After Tax Growth – Low to Mid-Teens

Attachments

D
b
t
e		 Q
3
2
0
0
7		 F
Y
2
0
0
6		 F
Y
2
0
0
5		 F
Y
2
0
0
4		 F
Y
2
0
0
3
1)
S
ho
bo
ing
(
inc
l.
A
/
R
)
t
te
r
rm
rro
w
s
p
ro
g
ra
m		 7
6		 3
3
1		 1
5
1		 4
1
9		 9
0
S
ho
bo
ing
fro
la
d p
ies
t
te
te
t
r
rm
rro
w
s
m
re
ar
+		 4
6		 5 1
9		 6 3
0
Cu
ion
f
lon
de
b
d c
i
l
lea
b
l
ig
ion
t p
t
te
t a
ta
t
+
rre
n
or
o
g-
rm
n
ap
se
o
a
s		 4
6		 1
6
0		 1
2
6		 2
3
0		 9
0
Cu
Se
ion
f
Tr
Pr
fe
d
i
ies
t p
t
t
t
rre
n
or
o
us
e
rre
cu
r
+		 6
6
5
Lo
de
b
d c
i
l
lea
b
l
ig
ion
les
ion
-te
t a
ta
t
t p
t
ng
rm
n
ap
se
o
a
s,
s c
ur
re
n
or
+		 4,
0
3
2		 3,
8
2
9		 7
0
7		 5
4
5		 1,
1
1
2
Tr
Pr
fe
d
Se
i
ies
(
f c
ion
)
t
t
t o
t p
t
+
us
e
rre
cu
r
ne
ur
re
n
or		 6
4
8		 5
1,
2
4		 1,
1
8
8		 1,
2
7
9		 1,
2
4
2
iva
i
iza
ion
Ac
ts
b
le
t
t
co
un
rec
e
se
cu
r
p
ro
g
ra
m
+		 0 0 0 0 1
5
8
To
l
de
b
ta
t
=		 1
3
5,
5		 9
5,
5
7		 2,
1
9
1		 2,
4
9
7		 2,
2
2
7

All numbers are in \$ millions

E
B
I
T
D
A		 2)
Q
3
2
0
0
7		 2)
F
Y
2
0
0
6
(pr
o f
)
orm
a		 F
Y
2
0
0
5		 F
Y
2
0
0
4		 F
Y
2
0
0
3
La
lve
hs
ing
inc
(
E
B
I
T
)
t
tw
t
t
s
e
m
on
o
p
er
a
om
e		 1,
5
3
3		 1,
3
6
7		 9
3
9		 8
5
2		 7
5
7
La
lve
hs
de
ia
ion
d a
iza
ion
t
tw
t
t
t
t
+
s
e
m
on
p
rec
an
mo
r		 3
4
7		 3
2
6		 2
5
1		 2
3
3		 2
1
6
No
h c
ha
+
n-c
as
rg
es		 3
7		 3
5		 1
4		 1
3		 1
3
(
)
E
B
I
T
D
A
l
ize
d
an
nu
a
=		 1,
9
1
7		 1,
7
2
8		 1,
2
0
4		 1,
0
9
8		 9
8
6

1) A/R securitization program off-balance sheet in 2003 and included in short term borrowings from 2004 onwards 2) Excluding restructuring costs and in-process R&D

All numbers are in \$ millions

E
l
R
t
x
e
r
n
a
e
v
e
n
u
e		 Q
3
2
0
0
7		 Q
3
2
0
0
6		 h
t
g
row		 cc
In
io
l
du
te
t
t r
rn
a
na
p
ro
c
ev
en
ue		 5
2
4		 4
3
9		 1
9
%
+		 1
1
%
+
In
l re
te
rna
ve
nu
e
-		 (
6
)
5		 (
0
)
5
Ex
l r
te
rn
a
ev
en
ue
=		 4
5
9		 3
8
9		 1
8
%
+		 9
%
+
ica
No
t
h
Am
du
t r
r
er
p
ro
c
ev
en
ue		 2
9
7		 2
6
8		 1
1
%
+
In
l re
te
rna
ve
nu
e
-		 (
1
3
0
)		 (
1
2
)
7
Ex
l r
te
rn
a
ev
en
ue
=		 1
6
7		 1
4
1		 1
8
%
+
T
O
T
A
L
du
t r
p
ro
c
ev
en
ue		 8
2
1		 0
7
5		 1
6
%
+		 1
1
%
+
In
l re
te
rna
ve
nu
e
-		 (
1
9
6
)		 (
1
7
5
)
Ex
te
l r
rn
a
ev
en
ue
=		 6
2
5		 5
3
0		 1
8
%
+		 1
2
%
+
C
(
)
i
l
d
i
t
t
t
a
p
a
e
x
p
e
n
u
r
e
n
e		 9
M
2
0
0
7		 Q
3
2
0
0
7		 Q
3
2
0
0
6		 9
M
2
0
0
6
Pu
ha
f p
lan
d
ip
ty
t a
t
rc
se
o
ro
p
er
p
n
eq
u
m
en
,		 3
8
6		 1
3
4		 1
1
5		 2
8
8
Pr
ds
fro
le
f p
lan
d
ip
ty
t a
t
oc
ee
m
sa
o
ro
p
er
p
n
eq
u
m
en
-
,		 (
2
2
)		 (
1
1
)		 (
2
)		 (
1
5
)
Ca
(
)
i
l e
d
i
ta
tu
t
p
xp
en
re
ne
=		 3
6
4		 1
2
3		 1
1
3		 2
7
3

cc = constant currency

i
f
f
i
i
O
b
t
t
t
p
e
r
a
n
g
p
e
r
o
r
m
a
n
c
e
e
o
r
e
o
n
e-
m
e
e
m
s		 Q
3
2
0
0
7		 Q
3
2
0
0
6		 h
t
g
row
Op
ing
inc
(
E
B
I
T
)
t
er
a
om
e		 3
9
7		 3
4
9		 1
4
%
Ga
in
fro
d
ive
i
in
t
tu
tru
tu
m
s
re
re
s
c
r
g
+		 0 6
Op
ing
inc
(
E
B
I
T
)
be
fo
im
i
t
t
te
er
a
om
e
re
on
e-
e-
ms		 3
9
7		 3
5
5		 1
2
%
Ne
in
t
co
me		 1
8
1		 1
3
9		 3
0
%
Lo
fro
d
ive
i
in
t
tu
tru
tu
ss
m
s
re
re
s
c
r
g
,		 0 4
Ne
inc
be
fo
im
i
t
t
te
om
e
re
on
e-
e-
ms		 1
8
1		 1
4
3		 2
7
%

All numbers are in \$ millions

P
f
i
&
L
A
t
t
r
o
o
s
s
c
c
o
u
n		 Q
3
2
0
0
6		 On
t
im
i
tem
e-
e
s		 Q
3
2
0
0
6
lu
d
ing
t
im
i
tem
ex
c
on
e-
e
s
Ne
t r
ev
en
ue		 2,
2
3
4		 2,
2
3
4
in
in
(
E
B
I
T
)
Op
t
er
a
g
co
me		 3
4
9		 *
6		 5
5
3
(
)
E
B
I
T-
in
%
m
ar
g		 1
5.
6		 1
5.
9
In
te
t e
t
res
xp
en
se
ne
,		 (
1
0
0
)		 (
1
0
0
)
In
be
fo
in
ta
co
m
e
re
co
m
e
xe
s		 2
4
9		 6 5
5
2
Inc
Ta
om
e
x e
xp
en
se		 (
)
1
0
6		 (
)
2		 (
)
1
0
8
Ta
(
%
)
te
x r
a		 4
2		 4
2
M
ino
i
in
ty
te
t
r
re
s		 (
4
)		 (
4
)
in
Ne
t
co
me		 1
3
9		 4 1
4
3

* Restructuring costs of US\$ 7 m, less gain from divestiture of US\$ 1 m

All numbers are in \$ millions

P
f
i
&
L
A
t
t
r
o
o
s
s
c
c
o
u
n		 M
9
2
0
0
6		 On
im
i
t
tem
e-
e
s		 M
9
2
0
0
6
lu
d
ing
im
i
t
tem
ex
c
on
e-
e
s
Ne
t r
ev
en
ue		 6,
1
4
7		 6,
1
4
7
in
in
(
)
Op
t
E
B
I
T
er
a
g
co
me		 9
6
4		 *
(
)
2
8		 9
3
6
E
B
I
T-
in
(
)
%
m
ar
g		 1
5.
7		 1
5.
2
In
te
t e
t
res
xp
en
se
ne
,		 (
2
)
5
5		 **
1
4		 (
2
4
1
)
fo
In
be
in
ta
co
m
e
re
co
m
e
xe
s		 7
0
9		 (
)
1
4		 6
9
5
Inc
Ta
om
e
x e
xp
en
se		 (
)
3
1
4		 3
4		 (
)
2
8
0
Ta
(
%
)
te
x r
a		 4
4
%		 4
0
M
ino
i
in
ty
te
t
r
re
s		 (
1
0
)		 (
1
0
)
Ne
in
t
co
me		 5
3
8		 2
0		 5
4
0
O
i
i
N
h
A
i
t
t
p
e
r
a
n
g
n
c
o
m
e
o
r
m
e
r
c
a		 Q
3
2
0
0
6		 M
9
2
0
0
6
Re
ve
nu
e		 1,
6
1
3		 4,
3
6
7
Op
(
)
ing
inc
E
B
I
T
t
er
a
om
e		 2
5
7		 7
0
4
E
B
I
T
in
(
in
%
f r
)
m
ar
g
o
ev
en
ue		 1
5.
9
%		 1
6.
1
%
On
im
i
t
te
e-
e-
m
s		 6 (
3
0
)
in
(
in
f r
)
fo
im
i
E
B
I
T
%
be
-t
te
m
ar
g
o
ev
en
ue
re
o
ne
e
m
s		 1
6.
3
%		 1
5.
4
%

* US\$ 40 m gain from divestiture, less US\$ 10 m restructuring costs and US\$ 2 m costs for transformation of the legal form of the Company

** Write-off of deferred financing costs

All numbers are in \$ millions

C
h
F
l
a
s
o
w		 Q
3
2
0
0
7		 9
M
2
0
0
7
Ac
is
i
ion
t
q
s
u		 (
)
2
6		 (
)
1
4
0
Pr
ds
fro
d
ive
i
t
tu
oc
ee
m
s
res		 2 3
0
Ac
is
i
io
f
d
ive
i
t
t o
t
tu
q
ns
ne
s
re
s
u
,		 (
)
2
4		 (
)
1
1
0
C
h
F
l
a
s
o
w		 Q
3
2
0
0
6		 Ta
for
ts
x p
ay
me
n
ior
p
r
ea
rs
y		 R
C
G
is
i
ion
t
ac
q
u		 Q
3
2
0
0
6
Ne
h
i
de
d
by
in
iv
i
ies
t c
t
t
t
as
p
ro
v
o
p
er
a
g
ac		 1
5
3		 9
9		 9 2
6
1
Ca
i
l
Ex
d
i
(
)
ta
tu
t
p
p
en
res
ne		 (
)
1
1
3		 (
)
1
1
3
Fr
Ca
h
F
low
ee
s		 4
0		 9
9		 9 1
4
8
Ac
is
i
ion
d
d
ive
i
t
t
tu
q
u
s a
n
s
res		 (
)
8		 (
)
2		 (
)
1
0
Ca
f
is
i
io
ive
i
Fr
h
F
low
te
t
d
d
t
tu
ee
s
a
r a
cq
u
ns
a
n
s
re
s		 3
2		 9
9		 7 1
3
8
C
h
F
l
a
s
o
w		 9
M
2
0
0
6		 for
Ta
ts
x p
ay
me
n
ior
p
r
y
ea
rs		 C
G
R
is
i
t
ion
ac
q
u		 9
M
2
0
0
6
Ne
h
i
de
d
by
in
iv
i
ies
t c
t
t
t
as
p
ro
v
o
p
er
a
g
ac		 5
4
6		 9
9		 9
9		 6
6
3
Ca
i
l
Ex
d
i
(
)
ta
tu
t
p
p
en
res
ne		 (
2
3
)
7		 (
2
3
)
7
Fr
Ca
h
F
low
ee
s		 1
9
2		 9
9		 9
9		 3
9
0
Ac
is
i
ion
d
d
ive
i
t
t
tu
q
u
s a
n
s
res		 (
)
3,
6
8
2		 3,
6
3
8		 (
)
4
4
Fr
Ca
h
F
low
f
is
i
io
d
d
ive
i
te
t
t
tu
ee
s
a
r a
cq
u
ns
a
n
s
re
s		 (
3,
4
9
0
)		 9
9		 3,
3
7
7		 3
4
6

Contacts

Fresenius Medical Care AG & Co. KGaAInvestor RelationsElse Kröner Str. 161352 Bad Homburg v.d.H.

Oliver Maier, SVP Head of Investor Relations & Corporate Communications Tel.: +49-(0)6172-609-2601 Fax.: +49-(0)6172-609-2301 Mob.: +49-(0)173-6522-712 Mail: [email protected]

North America:Terry L. Morris Vice President, Investor Relations and Corporate Communications Tel.: +1-800-948-2538Fax.: +1-615-345-5605Mob.: +1-615-618-2987Mail: [email protected]

Ordinary shares

WKN 578 580ISIN DE0005785802SEDOL1 5129074 DE

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