Fresenius Medical Care AG & Co. KGaA

Investor Presentation • Oct 30, 2018

Q3 2018

Conference call | October 30, 2018

Rice Powell - CEO Mike Brosnan - CFO

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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. Forwardlooking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy or might not even be anticipated. The Company has based these forward-looking statements on current estimates and assumptions which we believe are reasonable and which are made to the best of our knowledge. 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 or competitive conditions, changes in reimbursement, regulatory compliance issues, regulatory reforms, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, cyber security issues and the availability of financing. Given these uncertainties, readers should not put undue reliance on any forward-looking statements. These and other risks and uncertainties are discussed in detail in Fresenius Medical Care AG & Co. KGaA's (FMC AG & Co. KGaA) Annual Report on Form 20-F under the heading "Forward-Looking Statements" and under the headings in that report referred to therein, and in FMC AG & Co. KGaA's other reports filed with the Securities and Exchange Commission (SEC) and the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse).

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.

If not mentioned differently the term net income after minorities refers to the net income attributable to the shareholders of Fresenius Medical Care AG Co. KGaA. The term EMEA refers to the region Europe, Middle East and Africa. Amounts are in Euro if not mentioned otherwise.

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AGENDA – Q3 2018

Business update

Financials & outlook

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2

1

Q3 2018: Growth continued

Q3 2018: Quality outcomes remain on high level1

	North America		EMEA		Latin America		Asia-Pacific
% of patients	Q3 2018	Q3 2017	Q3 2018	Q3 2017	Q3 2018	Q3 2017	Q3 2018	Q3 2017
Kt/V > 1.2	97	98	94	95	91	92	96	96
Hemoglobin = 10–12 g/dl	72	73	82	82	53	51	58	58
Calcium = 8.4–10.2 mg/dl	85	85	80	79	75	78	73	75
Albumin ≥ 3.5 g/dl	80	78	90	88	91	91	89 v	88
Phosphate ≤ 5.5 mg/dl	61	62	79	78	76	76	67	70
Patients without catheter (after 90 days)	83	84	79	80	80	81	87	88
in days
Days in hospital per patient year	10.0	9.9	7.4	7.8	4.2	4.0	3.5	3.8

1 Definitions cf. Annual Report 2017, Section "Non-Financial Group Report"

Q3 2018: Update

• Improved sequential quarterly growth in dialysis business in North America
• Business acceleration muted due to:
• Lower revenue from commercial payors and delayed de novos in North America
• Lower than expected contribution from vascular access business in Care Coordination
• Difficult environment in emerging economies
• Care Coordination margin improvement
• Strong commitment to home U.S. penetration rate of 12.4% achieved
• NxStage closing expected in 2018

Q3 2018: Solid comparable growth1

	Q3 2018 € million	Q3 2017 € million	Growth in %	Growth in %cc
Revenue	4,058	4,336	(6)	(6)
Revenue on a comparable basis	4,058	3,966	2	3
EBIT	527	609	(13)	(20)
EBIT on a comparable basis	615	589	5	4
Net income	285	309	(8)	(17)
Net income on a comparable basis	364	304	20	19
Net income adjusted	310	314	(1)	(2)

• Revenue impacted by divestiture of Sound, IFRS 15 implementation and lower organic growth in North America
• Net income growth on a comparable basis on a high level

1 For a detailed reconciliation please refer to chart 25 and 26

Q3 2018: Organic growth

North America	€ million		EMEA	€ million
Revenue	2,843	(11)%cc	Revenue	620	+1%cc
Organic growth		+2%	Organic growth		0%
Asia-Pacific	€ million		Latin America	€ million
Revenue	421	+4%cc	Revenue	171	+27%cc
Organic growth		+5%	Organic growth		+26%

EMEA	$\epsilon$ million
Revenue	620	$+1\%$ cc
Organic growth		$0\%$
Latin America	$\epsilon$ million
Revenue		$171 + 27\%$ cc
Organic growth		$+26%$

• North America growth impacted by lower Care Coordination revenue and lower growth in dialysis business
• Stable development in EMEA

Q3 2018 Services: Organic growth continued

Revenue	Q3 2018 € million	Q3 2017 € million	Growth in %	Growth in %cc	Organic growth in %	Same market growth in %
Total	3,258	3,532	(8)	(8)	4	3
North America	2,628	2,904	(10)	(11)	3	3
of which Care Coordination	300	705	(57)	(61)	(26)	-
EMEA	314	311	1	4	3	3
Asia-Pacific	194	194	1	1	5	6
of which Care Coordination	54	52	4	7	5	-
Latin America	122	123	(1)	34	34	1

• North America with improved 2 sequential volume growth but impacted by lower revenue from commercial payors
• EMEA and Latin America growth with headwinds from currency fluctuation

Q3 2018 Products: Stable contribution post strong H1

	Q3 2018 € million	Q3 2017 € million	Growth in %	Growth in %cc
Total Health Care Products	800	804	0	1
Dialysis Products	782	785	0	2
North America	215	211	2	1
EMEA	288	302	(5)	(2)
Asia-Pacific	227	217	4	6
Latin America	49	52	(5)	9
Non-Dialysis Products	18	19	(7)	(7)

• EMEA: Lower sales of dialyzers, higher sales of machines, acute products and renal pharmaceuticals
• Asia-Pacific: Growth in sales of chronic and acute HD products
• North America: Higher sales of renal drugs, peritoneal products, lower sales of chronic HD products

Conclusion

• Targets adjusted for Q3 developments and Q4 forecast
• Underlying patient growth and market dynamics in-tact
• Countermeasures identified and begun implementation

AGENDA – Q3 2018

Business update

Financials & outlook

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2

1

Q&A 3

Q3 2018: Revenue growth

Revenue on a comparable basis, € million – target: 2-3%cc growth

Q3 2018: Regional margin profile

in € million EBIT % EBIT-margin

Improved dialysis business margin of 19.2%

• Negative: U.S. Ballot Initiatives, lower growth of patients with commercial contracts, lower contribution from acute services and delayed certification of de novos
• Positive: Lower personnel expense, income attributable to a consent agreement on certain pharmaceuticals
• U.S. revenue per treatment increased to \$356 (Q2 2018: \$354); U.S. cost per treatment increased to \$290 (Q2 2018: \$289)
• Care Coordination margin improved
• Positive: Improved profitability due to divestiture of Sound and the shift of calcimimetics to the dialysis business
• Negative: Higher prior year contribution due to initial recognition for the new 2017 ESCOs and lower contribution from vascular business

1 Excl. Corporate

Q3 2018: Regional margin profile

Q3 2018: Cash flow & net leverage ratio

	Q3 2018 in € million	Q3 2017 in € million
Operating cash flow	609	612
in % of revenue	15.0%	14.1%
Capital expenditures, net	(257)	(226)
Free cash flow	352	386
Free cash flow, after acquisitions and investments, including net investments in debt securities of €175m	39	330

Days sales outstanding (DSO) at 77 days worldwide.

Current ratings2

	S&P	Moody's	Fitch
Rating	BBB-	Baa3	BBB
Outlook	positive	stable	stable

1 EBITDA: including acquisitions & divestitures with a purchase price above €50m and in 2018 excluding (gain) loss related to divestitures of Care Coordination activities│ 2 Latest update: S&P: Dec. 27, 2017; Moody's: May 15, 2018; Fitch: Aug. 30, 2017

Reasons for target adjustments

Adjustment of Revenue growth on a comparable basis driven by:

Size of bubble indicative only to illustrate relative impact on the target adjustments

Adjustment of Net income growth

	Targets 2018	2017 base (in € million)
Revenue growth on a comparable basis	2 to 3%	16,739
Net income growth on a comparable basis	11 to 12%	1,242
Net income growth adjusted	2 to 3%	1,162
	Targets 2020 (2014-2020, avg. % p.a.)	2020 (in € billion)
Revenue growth	~10%	24
Net income growth	high single digit

AGENDA – Q3 2018

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Your questions are welcome

Conference call | October 30, 2018

Rice Powell - CEO Mike Brosnan - CFO

© │ Conference Call │ Q3 2018 22

	Q3 2018	Q3 2017	Growth	Growth
	€ million	€ million	in %	in %cc
Revenue	4,058	4,336	(6)	(6)
Revenue on a comparable basis	4,058	3,966	2	3
Revenue adjusted	4,058	3,969	2	3
EBIT	527	609	(13)	(20)
EBIT margin in %	13.0	14.0	(1.0)pp	(2.0)pp
EBIT on a comparable basis	615	589	5	4
EBIT adjusted	615	604	2	1
EBIT adjusted margin in %	15.1	15.2	(0.1)pp	(0.2)pp
Net interest expense	74	86	(14)	(14)
Income before taxes	453	523	(13)	(21)
Income tax expense	104	152	(32)	(38)
Tax rate in %	22.9	29.0	(6.1)pp	(6.1)pp
Non-controlling interest	64	62	4	3
Net income	285	309	(8)	(17)
Net income on a comparable basis	364	304	20	19
Net income adjusted	310	314	(1)	(2)

1 For a detailed reconciliation please refer to chart 25 and 26

Q3 2018: Solid comparable growth1

	Q3 2018 € million	Q3 2017 € million	Growth in %	Growth in %cc
Revenue	4,058	4,336	(6)	(6)
Revenue on a comparable basis	4,058	3,966	2	3
Revenue adjusted	4,058	3,969	2	3
EBIT	527	609	(13)	(20)
EBIT on a comparable basis	615	589	5	4
EBIT adjusted	615	604	2	1
Net income	285	309	(8)	(17)
Net income on a comparable basis	364	304	20	19
Net income adjusted	310	314	(1)	(2)

Revenue impacted from divestiture of Sound, IFRS 15 implementation and lower organic growth in North America

Net income growth on a comparable basis on high level

1 For a detailed reconciliation please refer to chart 25 and 26

Q3 2018: Reconciliation adjustments (1/2)

Reconciliation of non-IFRS financial measures to the most directly comparable IFRS financial measures

€ million	Q3 2017	Q3 2018	Growth in %	Growth in %cc
Revenue	4,336	4,058	(6)	(6)
Effect from IFRS 15 implementation	(117)
Sound Q3 20171	(253)
Revenue on a comparable basis	3,966	4,058	2	3
VA Agreement2	3
Revenue adjusted	3,969	4,058	2	3
Operating income (EBIT)	609	527	(13)	(20)
(Gain) loss related to divestitures of Care Coordination activities		(10)
Sound Q3 20171	(20)
2018 FCPA related charge		75
U.S. Ballot Initiatives3		23
EBIT on a comparable basis	589	615	5	4
VA Agreement²	3
Natural Disaster Costs4	12
EBIT adjusted	604	615	2	1

1 Sound Q3 2017: contribution of Sound Physicians | 2 VA Agreement with the United States Departments of Veterans Affairs and Justice | 3 U.S. Ballot Initiatives: contributions to the ballot opposition initiatives in the U.S. | 4 Natural Disaster Costs: three hurricanes and an earthquake | 5 Attributable to shareholders | 6 U.S. Tax Reform: impacts from U.S. tax reform

Q3 2018: Reconciliation adjustments (2/2)

Reconciliation of non-IFRS financial measures to the most directly comparable IFRS financial measures

€ million	Q3 2017	Q3 2018	Growth in %	Growth in %cc
Net income5	309	285	(8)	(17)
(Gain) loss related to divestitures of Care Coordination activities		(17)
Sound Q3 20171	(5)
2018 FCPA related charge		75
U.S. Ballot Initiatives3		21
Net income5 on a comparable basis	304	364	20	19
VA Agreement2	2
Natural Disaster Costs4	8
U.S. tax reform6		(54)
Net income5 adjusted	314	310	(1)	(2)

1 Sound Q3 2017: contribution of Sound Physicians | 2 VA Agreement with the United States Departments of Veterans Affairs and Justice | 3 U.S. Ballot Initiatives: contributions to the ballot opposition initiatives in the U.S. | 4 Natural Disaster Costs: three hurricanes and an earthquake | 5 Attributable to shareholders | 6 U.S. Tax Reform: impacts from U.S. tax reform

	9M 2018 € million	9M 2017 € million	Growth in %	Growth in %cc
Revenue	12,247	13,355	(8)	(2)
Revenue on a comparable basis	12,247	12,715	(4)	3
Revenue adjusted	12,247	12,619	(3)	4
EBIT	2,425	1,843	32	39
EBIT margin in %	19.8	13.8	6.0pp	5.8pp
EBIT on a comparable basis	1,698	1,823	(7)	(2)
EBIT adjusted	1,698	1,747	(3)	2
EBIT adjusted margin in %	13.9	13.8	0.1pp	(0.2)pp
Net interest expense	239	274	(13)	(8)
Income before taxes	2,186	1,569	39	47
Income tax expense	453	484	(6)	(1)
Tax rate in %	20.7	30.8	(10.1)pp	(10.1)pp
Non-controlling interest	176	199	(12)	(5)
Net income	1,557	886	76	86
Net income on a comparable basis	969	881	10	16
Net income adjusted	832	837	(1)	4

1 For a detailed reconciliation please refer to chart 33 and 34

9M 2018 Services

Revenue	9M 2018 € million	9M 2017 € million	Growth in %	Growth in %cc	Organic growth in %	Same market growth in %
Total	9,852	10,950	(10)	(3)	3	3
North America	7,979	9,086	(12)	(6)	2	3
of which Care Coordination	1,345	2,094	(36)	(31)	(22)	-
EMEA	943	925	2	5	3	3
Asia-Pacific	569	553	3	9	6	6
of which Care Coordination	148	111	33	42	11	-
Latin America	361	386	(7)	21	19	1

81%
9%
6%
4%

9M 2018 Products

	9M 2018 € million	9M 2017 € million	Growth in %	Growth in %cc
Total Health Care Products	2,395	2,405	0	5
Dialysis Products	2,339	2,345	0	5
North America	610	629	(3)	4
EMEA	909	903	1	3
Asia-Pacific	666	653	2	7
Latin America	144	149	(3)	12
Non-Dialysis Products	56	60	(7)	(7)

1	EMEA	41%
2	Asia-Pacific	28%
3	North America	25%
4	Latin America	6%

Basis for targets 2018

Reconciliation of non-IFRS financial measures to the most directly comparable IFRS financial measures.

€ million	2017	Targets 2018
Revenue	17,784
Effect from IFRS 15 implementation	(486)
Sound H2 20171	(559)
Revenue on a comparable basis	16,739	Growth: 2-3%cc
Net income2	1,280
Sound H2 20171	(38)
Net income2 on a comparable basis	1,242	Growth: 11-12%cc
VA agreement3	(51)
Natural Disaster Costs4	11
FCPA related charge	200
U.S. tax reform5 (excl. Sound H2 20171)	(240)
Net income2 adjusted	1,162	Growth: 2-3%cc

1 Contribution of Sound Physicians | 2 Attributable to shareholders of FME | 3 Agreement with the United States Departments of Veterans Affairs and Justice | 4 Three hurricanes and an earthquake | 5 Remeasurement of deferred tax balances as a result of U.S. tax reform

9m 2018: Revenue reconciliation Revenue on a comparable basis, € million – target: 2-3%cc growth 253 ^{387 488} 860 12,247 13,355 12,715 13,107 96 3%cc

9m 2018 cc on a comparable basis Business growth cc Sound 9m 2018 9m 2017 on a comparable basis 9m 2017 IFRS 15 reported VA FX Agreement 9m 2018 reported comparable basis

9m 2018: Net income growth

Net income on a comparable basis, € million – target: 11–12%cc growth

9M 2018: Reconciliation adjustments (1/2)

Reconciliation of non-IFRS financial measures to the most directly comparable IFRS financial measures

€ million	9M 2017	9M 2018	Growth in %	Growth in %cc
Revenue	13,355	12,247	(8)	(2)
Effect from IFRS 15 implementation	(387)
Sound Q3 20171	(253)
Revenue on a comparable basis	12,715	12,247	(4)	3
VA Agreement	(96)
Revenue adjusted	12,619	12,247	(3)	4
Operating income (EBIT)	1,843	2,425	32	39
(Gain) loss related to divestitures of Care Coordination activities		(830)
Sound Q3 20171	(20)
2018 FCPA related charge		75
U.S. Ballot Initiatives³		28
EBIT on a comparable basis	1,823	1,698	(7)	(2)
VA Agreement²	(88)
Natural Disaster Costs4	12
EBIT adjusted	1,747	1,698	(3)	2

1 Sound Q3 2017: contribution of Sound Physicians | 2 VA Agreement with the United States Departments of Veterans Affairs and Justice | 3 U.S. Ballot Initiatives: contributions to the ballot opposition initiatives in the U.S. | 4 Natural Disaster Costs: three hurricanes and an earthquake | 5 Attributable to shareholders | 6 U.S. Tax Reform: impacts from U.S. tax reform

9M 2018: Reconciliation adjustments (2/2)

Reconciliation of non-IFRS financial measures to the most directly comparable IFRS financial measures

€ million	9M 2017	9M 2018	Growth in %	Growth in %cc
Net income5	886	1,557	76	86
(Gain) loss related to divestitures of Care Coordination activities		(690)
Sound Q3 20171	(5)
2018 FCPA related charge		75
U.S. Ballot Initiatives3		27
Net income on a comparable basis	881	969	10	16
VA Agreement²	(52)
Natural Disaster Costs4	8
U.S. tax reform6		(137)
Net income adjusted	837	832	(1)	4

1 Sound Q3 2017: contribution of Sound Physicians | 2 VA Agreement with the United States Departments of Veterans Affairs and Justice | 3 U.S. Ballot Initiatives: contributions to the ballot initiatives in the U.S. | 4 Natural Disaster Costs: three hurricanes and an earthquake | 5 Attributable to shareholders | 6 U.S. Tax Reform: impacts from U.S. tax reform

Debt and EBITDA

Reconciliation of non-IFRS financial measures to the most comparable IFRS measure

€ million

Debt	FY 2016	FY 2017	9M 2018
Short term debt	572	760	1,210
+ Short term debt from related parties	3	9	23
+ Current portion of long-term debt and capital lease obligations	724	884	1,096
+ Long-term debt and capital lease obligations less current portion	6,833	5,795	5,041
Total debt	8,132	7,448	7,370
Cash and cash equivalents	709	978	1,754
Total net debt	7,423	6,470	5,616
EBITDA	FY 20161	FY 20171	9M 20181
Last twelve month operating income (EBIT)	2,398	2,372	2,021
+ Last twelve month depreciation and amortization	710	731	701
+ Non-cash charges	65	51	42
EBITDA (annualized)	3,173	3,154	2,764
Net leverage ratio (Net debt/EBITDA)	2.3	2.1	2.0

1 EBITDA: including acquisitions & divestitures with a purchase price above €50m and in 2018 excluding (gain) loss related to divestitures of Care Coordination activities

Cash Flow and Capital Expenditures

Reconciliation of non-IFRS financial measures to the most comparable IFRS measure

€ million

Cash Flow	Q3 2017	Q3 2018	9M 2017	9M 2018
Acquisitions, investments and net purchases of	(77)	(462)	(428)	(808)
intangible assets - Proceeds from divestitures	21	149	31	1,811
= Acquisitions and investments, net of divestitures	(56)	(313)	(397)	1,003

Capital expenditures, net	Q3 2017	Q3 2018	9M 2017	9M 2018
Purchase of property, plant and equipment	(228)	(266)	(632)	(732)
- Proceeds from sale of property, plant & equipment	2	9	18	30
= Capital expenditure, net	(226)	(257)	(614)	(702)

9M 2018: Patients, treatments, clinics

	Patients as of Sep. 30, 2018	Treatments as of Sep. 30, 2018	Clinics as of Sep. 30, 2018
North America	201,220	22,867,793	2,486
Growth in %	3	3	5
EMEA	64,539	7,250,376	769
Growth in %	4	4	5
Asia-Pacific	31,152	3,239,862	390
Growth in %	3	2	0
Latin America	32,174	3,764,542	227
Growth in %	5	4	(1)
Total	329,085	37,122,573	3,872
Growth in %	4	3	4

U.S. dialysis days per quarter
	Q1	Q2	Q3	Q4	Full year
2018	77	78	78	80	313
2017	77	78	79	79	313
2016	78	78	79	79	314
2015	76	78	79	79	312

Exchange rates

		9m 2017	FY 2017	9m 2018
€:\$	Period end	1.181	1.199	1.158
	Average	1.114	1.130	1.194
€:CNY	Period end	7.853	7.804	7.966
	Average	7.577	7.629	7.779
€:RUB	Period end	68.252	69.392	76.142
	Average	64.999	65.938	73.395
€:ARS	Period end	20.500	22.639	47.423
	Average	18.135	18.754	29.845
€:BRL	Period end	3.764	3.973	4.654
	Average	3.535	3.605	4.297

Definitions

cc	Constant currency
HD	Hemodialysis
PD	Peritoneal dialysis
Net income	Net income attributable to shareholders of FME
Sound H2 2017	Contribution of Sound Physicians on the profit and loss statement in the second half year 2017
U.S. Tax Reform	U.S. Tax Reform: Impacts from U.S. tax reform
VA Agreement	Agreement with the United States Departments of Veterans Affairs and Justice

Financial calendar 20181

Feb 20 Report on FY 2018

Nov 12	HSBC Healthcare Day, Frankfurt
Nov 12	Credit Suisse Healthcare Conference, Scottsdale
Nov 14	UBS European Healthcare Conference, London
Nov 15	Jeffries Global Healthcare Conference, London
Nov 15	HSBC Luxembourg Conference, Luxembourg
Nov 28	Evercore ISI Healthcare Conference, Boston
Nov 28	SocGen Premium Preview Conference, Paris
Dec 4	Global Mizuho Investor Conference, New York
Dec 5	Berenberg European Conference, Pennyhill Park, Surrey
Dec 5	Citi Global Healthcare Conference, New York
Dec 6	Kepler Cheuvreux One-Stop-Shop, Brussels

Contacts

Dr. Dominik Heger

Head of Investor Relations and Corporate Communications Tel.: +49–(0) 6172–609–2601 Email: dominik.heger@fmc-ag.com

Robert Adolph

Director Investor Relations Tel.: +49–(0) 6172–609–2477 Email: robert.adolph@fmc-ag.com

Juliane Beckmann

Senior Manager Investor Relations Tel.: +49–(0) 6172–609–5216 Email: juliane.beckmann@fmc-ag.com

Philipp Gebhardt

Senior Manager Investor Relations Tel.: +1-781-699-2142 Email: philipp.gebhardt@fmc-ag.com Ticker: FME or FMS (NYSE) WKN: 578 580 ISIN: DE00057858002

FME Investor Relations Else-Kröner-Str. 1 61352 Bad Homburg v.d.H. Germany

Constant currency: Changes in revenue, operating income, net income attributable to shareholders of FMC AG & Co. KGaA and other items include the impact of changes in foreign currency exchange rates. We use the non-IFRS financial measure "at constant exchange rates" or constant currency in our filings to show changes in our revenue, operating income, net income attributable to shareholders of FMC AG & Co. KGaA and other items without giving effect to period-to-period currency fluctuations. Under IFRS, amounts received in local (non-Euro) currency are translated into Euros at the average exchange rate for the period presented. Once we translate the local currency for the constant currency, we then calculate the change, as a percentage, of the current period using the prior period exchange rates versus the prior period. This resulting percentage is a non-IFRS measure referring to a change as a percentage "at constant currency."

We believe that the non-IFRS financial measure constant currency is useful to investors, lenders, and other creditors because such information enables them to gauge the impact of currency fluctuations on a company's revenue, operating income and other items from period to period. However, we also believe that the usefulness of data on constant currency period-over-period changes is subject to limitations, particularly if the currency effects that are eliminated constitute a significant element of our revenue, operating income, net income attributable to shareholders of FMC AG & Co. KGaA and other items and significantly impact our performance. We therefore limit our use of constant currency period-over-period changes to a measure for the impact of currency fluctuations on the translation of local currency into Euros. We do not evaluate our results and performance without considering both constant currency period-over-period changes in non-IFRS revenue, operating income, net income attributable to shareholders of FMC AG & Co. KGaA and other items and changes in revenue, operating income, net income attributable to shareholders of FMC AG & Co. KGaA and other items prepared in accordance with IFRS. We caution the readers of this report to follow a similar approach by considering data on constant currency periodover-period changes only in addition to, and not as a substitute for or superior to, changes in revenue, operating income, net income attributable to shareholders of FMC AG & Co. KGaA and other items prepared in accordance with IFRS. We present the growth rate derived from IFRS measures next to the growth rate derived from non-IFRS measures such as revenue, operating income, net income attributable to shareholders of FMC AG & Co. KGaA and other items. Because the reconciliation is inherent in the disclosure, we believe that a separate reconciliation would not provide any additional benefit.

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