Fresenius Medical Care AG & Co. KGaA

Investor Presentation • Sep 9, 2011

Fresenius Medical Care

Goldman Sachs 8 th Annual European Medtech & Healthcare Services Conference, London, September 8, 2011

AGENDA

1 BUSINESS UPDATE & FINANCIALS

2 GROWTH STRATEGY & OUTLOOK

BUSINESS UPDATE & FINANCIALS

© I Goldman Sachs Conference | September 8, 2011 3

Q2 | Overview

Strong operating performance

• Excellent International revenue growth of +15% cc
• Excellent Asia Pacific revenue growth of +27% cc
• North America operating margin increased +80 bps (year/year)

\$ in m	Q2 2010	Q2 2011	Growth in %
Net revenue	2,946	3,194	8
Net income attributable to FMC AG & Co. KGaA	248	261	5
Earnings per share	0.83	0.86	4

Q2 | Dialysis Services

Strong global revenue growth

• Excellent organic revenue growth in International + 8%
• Continued impressive same market treatment growth globally + 4%
• North America on target with the "bundle" implementation in the clinics

					Same market
\$ in m	Q2 2010	Q2 2011	Growth in %	Growth in % cc	treatment growth in %
North America	1,817	1,828	1	1	3
International	407	534	31	20	5
Total	2,224	2,362	6	4	4

cc = constant currency

Q2 | Dialysis Products

Global product growth of 7% cc (incl. internal)

• International external product growth of 11% cc
• Asia-Pacific external product growth of 16% cc
• North America external product growth of (5%) impacted by pharma pricing
• External revenue growth in dialysis products of 3%
• Peritoneal dialysis external revenue growth of 18% and internal revenue growth of 53%
• We continue to maintain Venofer market share

\$ in m	Q2 2010	Q2 2011	Growth in %	Growth in % cc
Total product revenue (incl. internal)	983	1,127	15	7
External revenue	722	832	15	7
North America	210	199	(5)	(5)
International	512	629	23	11
cc = constant currency

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

• The agency followed its Congressional mandate and included a 1.8% increase in dialysis reimbursement for 2012
• The agency has taken into account the actual number of dialysis facilities that participate in the new payment system and eliminated the 3.1% transition adjustment for 2012

Quality Incentive Program (QIP)

We continue to support the Quality Incentive Program (QIP) and believe that, by and large, CMS is moving in the right direction

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 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

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	NEW

GROWTH STRATEGY & OUTLOOK

© I Goldman Sachs Conference | September 8, 2011 13

North America Latin America EMEA Asia Pacific World Leader in Dialysis Services¹ We lead in every major market, treating more than 225,909 patients worldwide # of patients 13,500 131,000 139,906 3,400 8,600 23,163 13,900 18,500 45,997 4,500 5,000 21,343² FME DaVita Dialysis Clinic Inc. FME Baxter Diaverum FME KfH Diaverum FME Showai-Kai Zenji-Kai ¹ Based on company statements and estimates ² Patients including managed clinics (4,500 patients AP) ³ U.S. market share 34% FME's market share 28%³ 11% 8% 3%

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

Market Opportunity by Region

Continued Growth Opportunities

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

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).

Fresenius Medical Care

Goldman Sachs 8 th Annual European Medtech & Healthcare Services Conference, London, September 8, 2011