Fresenius Medical Care AG & Co. KGaA

Investor Presentation • Sep 22, 2011

Fresenius Medical Care

Credit Suisse European Credit Conference Barcelona, September 21 - 23, 2011

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. 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 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).

AGENDA

• 1 COMPANY OVERVIEW AND BUSINESS UPDATE
• 2 FINANCIAL OVERVIEW

COMPANY OVERVIEW AND BUSINESS UPDATE

World Leader in Dialysis Services¹

We lead in every major market, treating more than 225,909 patients worldwide

North America	FME	139,906
	DaVita	131,000
	Dialysis Clinic Inc.	13,500
Latin America	FME	23,163
	Baxter	8,600
	Diaverum	3,400
EMEA	FME	45,997
	KfH	18,500
	Diaverum	13,900
Asia Pacific	FME	21,3432
	Showai-Kai	5,000
	Zenji-Kai	4,500
		# of patients
1 Based on company statements and estimates 2 Patients including managed clinics (4,500 patients AP)

Market position by major product groups 2010

	Rank 1	Rank 2
Dialyzers	FME	Gambro
Dialysis machines	FME	Gambro
Hemodialysis concentrates	FME	Fuso
Bloodlines	FME	Gambro
Peritoneal dialysis products	Baxter	FME

U.S. Healthcare reform update

Fresenius Medical Care and the entire community appreciate the government's hard work and dedication in this effort

Prospective Payment System (PPS) Rule for Medicare patients

• We have successfully implemented the new reimbursement system
• The agency followed its Congressional mandate and included a 1.8% increase in dialysis reimbursement for 2012

Quality Incentive Program (QIP)

• ESRD Quality Incentive Program is the first federal health care program whose reimbursement is directly tied to quality outcomes and we continue to support the Quality Incentive Program (QIP) since we believe that, by and large, CMS is moving in the right direction (measures for 2012 are good and measures for 2013 and 2014 are proposed only yet)
• We will continue to work with CMS and Congress to ensure that all measures are transparent and consistent with current medical guidelines, and that all incentives are aligned so that patients continue to receive the highest possible care

Debt ceiling negotiations

• We are watching the debt ceiling negotiations very closely, and we have reached out to the Administration and Congress to let them know of the critical importance of raising the debt ceiling for Medicare beneficiaries on dialysis
• In the event the debt ceiling is not raised, the Administration will be faced with the difficult task of determining which programs to fund. Simply put, life sustaining therapies such as dialysis should continue uninterrupted, and we would expect the Administration to prioritize dialysis payments accordingly

· .

Acquisition of Liberty Dialysis Holdings, Inc.

Strategic rationale

• Transaction includes 100% of Liberty Dialysis (Liberty) and 51% of Renal Advantage (RAI) not owned by Fresenius Medical Care
• Liberty/RAI provide today dialysis to 19,000 patients in ~ 260 clinics
• Liberty/RAI with its involved group of healthcare professionals has excellent quality outcomes with an industry leading percentage of patients with no catheters
• Liberty is largely based on a fast-growing joint venture business model
• Liberty/RAI expand Fresenius Medical Care's presence in 50 Metropolitan Statistical Areas (MSA's) where we are not present today
• The merger allows Fresenius Medical Care to incorporate a geographically more complete network into any shared savings or capitated contracts with federal and state health programs

Acquisition of Liberty Dialysis Holdings, Inc. continued

Financial implications

• The incremental purchase price including assumed debt will be approx. \$1.7 bn excluding the previous investment of approx. \$300 m in Renal Advantage in Q1 2011
• The acquisition would add ~ \$1 bn of revenue
• Merging the operations will provide excellent growth opportunities, no material cost synergies
• The acquisition will be accretive in the first year and funded through cash flow from operations and debt
• On a pro forma basis for calendar year 2012 this transaction combined with our updated 2011 acquisition guidance - will not cause us to exceed 3.0x Debt/EBITDA

Acquisition of Liberty Dialysis Holdings, Inc. continued

Locations of Liberty Dialysis (green) and Renal Advantage (red)

Acquisition of American Access Holdings, LLC

Strategic rationale

• Fresenius Medical Care currently operates 13 ESRD access centers. The acquisition of 28 centers will give Fresenius Medical Care critical mass in North America to ensure that its well positioning for CMS's proposed new quality standards and future reimbursement changes
• Vascular access and its complications are a key challenge for ESRD patients
• Approximately 700,000 access procedures are performed each year for ESRD patients
• About 1/3 of vascular access procedures are performed in outpatient settings

Financial implications

• The purchase price for American Access Care will be \$385 m and add approx. \$175 m incremental annual revenue
• The acquisition is expected to be accretive in the first year

FINANCIAL OVERVIEW

1H 2011 | Profit & Loss

in \$ m	H1 2010	H1 2011	Growth in %
Net revenue	5,828	6,230	7	5% cc
Operating income (EBIT)	892	955	7
EBIT margin in %	15.3	15.3
Net interest expense	135	146
Income before taxes	757	809	7
Income tax expense	257	273
Tax rate in %	34	34
Non-controlling interest	41	55
Net income attributable to FMC AG & Co. KGaA	459	481	5
cc = constant currency

1H 2011 | Cash Flow

H1 2010	H1 2011
643	487
11	8
(218)	(231)
425	256
(283)	(1,122)
142	(866)

Unfavorable DSO development and higher inventory levels

Expect to be in the targeted range of 10% for FY 2011

Acquisition of Euromedics, investment in Renal Advantage, others

Interest Coverage 2002 - 2010 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 0 5 0 100 150 200 250 300 350 400 450 500 4.4 4.7 6.0 7.0 4.9 5.3 6.3 7.5 8.8 8.8 8.8 3 4 5 6 7 8 9 10 EBITDA¹ in \$ m Interest in \$ m EBITDA / Interest Development 2004 2005 2006 PF² 2002 2003 2007 2008 2009 2010 2002 2003 2004 2005 2006 2007 2008 2009 2010 PF² Q1 2011 Q2 2011

¹ Excluding non-cash charges and excluding restructuring costs, in-process R&D and gain from the sale of dialysis clinics

² Pro Forma incl. Renal Care Group

Pro forma debt maturity profile post-offering 1

¹ Based on utilization of major financing instruments

2011 Sales and earning outlook confirmed
Another record year to be expected
For 2011 strong revenue growth and further earnings momentum expected 
\$ in m	FY 2011
Net revenue	> 13,000
Net income attributable to FMC AG & Co. KGaA	1,070 – 1,090
Capital expenditure in % of revenue	~ 5%
Acquisitions	~ 1,900
Leverage ratio (Debt/EBITDA ratio)	< 3.0	NEW1
1 Update with publication of 2nd quarter 2011 results

CREATING A FUTURE WORTH LIVING. FOR PEOPLE. WORLDWIDE. EVERY DAY.

Thank you very much for your attention!

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*
---------------------

Fresenius Medical Care

• 02.11.2011 Report on 1st 3 rd quarter 2011
• 21.02.2012 Report on Fiscal Year 2011
• 03.05.2012 Report on 1st quarter 2012
• 10.05.2012 Annual General Meeting, Frankfurt/Main
• 01.08.2012 Report on 1st half 2012
• 31.10.2012 Report on 1st 3 rd quarter 2012

* Please notice that these dates might be subject to change

Fresenius Medical Care

Credit Suisse European Credit Conference Barcelona, September 21 - 23, 2011