Fresenius Medical Care AG & Co. KGaA

Investor Presentation • Oct 11, 2012

Deutsche Bank

Leveraged Finance Conference

Scottsdale, AZ October 10, 2012

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. The Company has based these forward-looking statements on its views with respect to future events an financial performance. 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. Given these uncertainties, readers should not put undue reliance on any forwardlooking statements. 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).

Forward-looking statements represent estimates and assumptions only as of the date that they were made. The information contained in this presentation is subject to change without notice and the company does not undertake any duty to update the forward-looking statements, and the estimates and assumptions associated with them, except to the extent required by applicable law and regulations.

AGENDA

• 1 BUSINESS UPDATE
• 2 GROWTH STRATEGY
• 3 QUESTIONS & ANSWERS

BUSINESS UPDATE

© Fresenius Medical Care, October 2012 4

Q2 | Financial Results

Excellent revenue growth of 13% in constant currency (North America +14%; International +11%)

In US-\$ million	Q2 2011	Q2 2012	Growth in %
Net revenue	3,138	3,428	9
EBIT	510	589	16
Net income attributable to FMC AG & Co. KGaA	261	289	11
Earnings per ordinary share	0.86	0.95	10
Excluding investment gain:
Net income attributable to FMC AG & Co. KGaA	261	276	6

Q2 | Revenue split by region

North America

Revenue \$ 2,249 m + 14% Organic growth + 2%

International ~ 34% of total revenue

Revenue	\$ 1,171 m	+	11%cc
Organic growth			+ 6%
EMEA	\$ 725 m		+ 9%cc
Asia-Pacific	\$ 256 m		+ 8%cc
Latin America	\$ 190 m	+	20%cc

Q2/H1 | Dialysis Services | Revenue growth

Strong growth of 16% in constant currency

In US-\$ million	Q2 2011	Q2 2012	Growth in %	Growth in %cc	Organic growth in %	Same market growth in %
North America	1,772	2,043	15	15	2	4
International	534	562	5	16	5	4
Total	2,305	2,605	13	16	3	4
In US-\$ million	H1 2011	H1 2012	Growth in %	Growth in %cc	Organic growth in %	Same market growth in %
North America	3,501	3,960	13	13	2	4
International	1,037	1,122	8	16	5	4
Total	4,538	5,082	12	14	3	4

Q2/H1 | Dialysis Products | Revenue growth

Growth at or above estimated market growth

US-\$ in millions	Q2 2011	Q2 2012	Growth in %	Growth in %cc
Total Product Revenue	1,127	1,120	(1)	6
North America	199	206	3	3
International	629	609	(3)	6
Total External Revenue	832	823	(1)	6

US-\$ in millions	H1 2011	H1 2012	Growth in %	Growth in %cc
Total Product Revenue	2,151	2,182	1	6
North America	395	393	(1)	(1)
International	1,180	1,185	0	7
Total External Revenue	1,584	1,595	1	6
cc = constant currency

Q2 | U.S. Healthcare reform update

Prospective Payment System (PPS) Rule for Medicare patients

• According to CMS the market basket increase for 2013 is expected to be 2.5% net with a base rate of \$240.88
• There will continue to be NO transition adjustment
• Sequestration of -2% in 2013?

Quality Incentive Program (QIP)

• Two proposed measures for 2013 (each weighted 50%) Hb > 12 g/dL and URR ≥ 65%
• Eight proposed measures for 2014 (5 clinical; 3 reporting)

Q2 | Day Sales Outstanding (DSO)

Excellent development with decrease of 4 days sequentially

• International DSO decreased sequentially by 4 days and year over year by 1 day
• North America DSO down sequentially by 1 day and year over year by even 5 days

Q2 | Cash Flow

US-\$ in millions	Q2 2011	Q2 2012	Growth in %
Operating cash flow	311	451	45	Favorable DSO development globally
% of revenue	10	13
Capital expenditures, net*	(117)	(151)
Free cash flow	194	300	54
Acquisitions and investments, net of divestitures*	(784)	6
Free cash flow after acquisitions and investments	(590)	306

* A reconciliation to the most directly comparable U.S. GAAP financial measures is provided in the attachments

Q2 | Total Debt/EBITDA

• FY 2012 target of < 3.0
• Total debt of \$8,784 m and annualized EBITDA of \$3,005 m

Capitalization as of June 30, 2012

	in \$ m	in € m	% of total capitalization	PF EBITDAx1 LTM June 12
Cash and cash equivalents	677	538	2.30%
Revolving credit facility	375	298	1.27%
Term Loan A	1,155	917	3.92%
Term Loan B	1,138	904	3.86%
Total credit agreement debt	2,668	2,119	9.06%	0.9x
6.875 % senior notes	496	394	1.68%
5.500 % senior notes	312	248	1.06%
5.750 % senior notes	645	512	2.19%
5.250 % senior notes	692	550	2.35%
6.500 % senior notes	893	709	3.03%
5.625 % senior notes	800	635	2.72%
5.875 % senior notes	700	556	2.38%
Floating Rate Notes	126	100	0.43%
Euro notes	245	194	0.83%
EIB agreements	341	271	1.16%
A/R facility	452	359	1.53%
Other2	415	329	1.41%
Total net debt	8,107	6,439	27.51%	2.7x
Market capitalization3	21,357	16,963	72.49%
Total capitalization	29,464	23,402	100.00%

¹ Based on June LTM 2012 Pro forma EBITDA of \$2,952 m I ² Consists of other bank debt (incl. short term debt), capital lease obligations ³ Based on market capitalization for FMC as of June 30, 2012 I Based on exchange rate of USD / EUR of 1.2590 as of June 30, 2012

Debt Maturity Profile¹ June 30, 2012

2012 | Outlook confirmed | excl. investment gain

Revenue growth in constant currency	• 13 -15%
Revenue	1) • ~ \$ 14.0 bn
Operating margin	• ~ 16.9%
Net income, attributable to shareholders of FMC AG & Co. KGaA	1) • ~ \$ 1.14 bn
Acquisitions	• ~ \$ 1.8 bn
Capex	• ~ \$ 0.7 bn
Total debt / EBITDA	• < 3.0

1) US-GAAP revenue following first time adoption of Accounting Standards Codification 954-605 where patients service revenues is reduced for bad debt. The comparable revenue for the fiscal year 2011 is \$12,571 million. Additionally we are defining the ~ sign as a +/- 0-2% deviation from the respective numbers

Q2 | Summary

• Continue to provide the highest quality patient care and products on a global basis
• Progressing well with the integration of the acquisitions
• Strong cash collection despite difficult global economic environment
• Continue to focus on R&D and also evaluate clinical approaches on anemia, phosphorus and hydration management which will be essential for potential hospitalization reductions - important to our patients and the cost for the payers

GROWTH STRATEGY

© Fresenius Medical Care, October 2012 17

World Leader in Dialysis Services¹

We lead in every major market, treating more than 256,000 patients worldwide

Market position by major product groups 2011

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

Dialyzers

Dialysis machines

Sold around 93,000,000 dialyzers in 2011

QUESTIONS & ANSWERS

© Fresenius Medical Care, October 2012 23

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

Thank you very much for your attention!

© Fresenius Medical Care, October 2012 24

Deutsche Bank

Leveraged Finance Conference

Scottsdale, AZ October 10, 2012