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Bank of America Merrill Lynch

China Conference 2012


Beijing November 7 - 9, 2012

AGENDA
1 BUSINESS UPDATE

2 FINANCIALS & OUTLOOK


3 GROWTH STRATEGY

4
5

ASIA/PACIFIC IN DETAIL
ATTACHMENTS

1
BUSINESS UPDATE
Q3 and Nine months 2012
3

Financial Results

Revenue growth of 11% in constant currency (North America +13%; International +7%cc) International results reflect the weaker services same market growth in Asia Pacific and Europe Strong development of operating results in North America keep margin at 18.7%
Growth in % Growth in %

In US-$ million

Q3 2011

Q3 2012

9M 2011

9M 2012

Net revenue

3,184

3,418

9,306

10,095

EBIT
Net income* Excluding investment gain: Net income*

534
279

568
270

6
(3)

1,488
761

1,659
930

11
22

761

790

cc = constant currency

* attributable to FMC AG & Co. KGaA

Fresenius Medical Care, November 2012

Q3 | Revenue split by region

North America
Revenue $ 2,249 m + 13% Organic growth + 3%

International 34% of total revenue


Revenue $ 1,163 m + 7%cc Organic growth + 7% EMEA $ Asia-Pacific $ Latin America $ 702 m + 4%cc 259 m + 7%cc 202 m + 23%cc

7% Asia-Pacific

6% Latin America

66% North America 21% Europe | Middle East | Africa

cc = constant currency

Fresenius Medical Care, November 2012

Q3/9M | Dialysis Services | Revenue growth


Strong growth in constant currency
Organic growth in %
Same market treatment growth in %

In US-$ million

Q3 2011

Q3 2012

Growth in %

Growth in %cc

North America International Total

1,788 579 2,367

2,047 558 2,605

15 (4) 10

15 6 12

3 5 3

4 2 3
Same market treatment growth in %

In US-$ million

9M 2011

9M 2012

Growth in %

Growth in %cc

Organic growth in %

North America

5,289

6,007

14

14

International
Total
cc = constant currency

1,616
6,905

1,680
7,688

4
11

12
13

5
3

4
4

Fresenius Medical Care, November 2012

Q3/9M | Dialysis Products | Revenue growth


Growth in constant currency at or above estimated market growth
US-$ in millions Q3 2011 Q3 2012 Growth in % Growth in %cc

Total Product Revenue

1,129

1,121

(1)

North America International


Total External Revenue

204 608
817

202 605
813

(1) (1)
(1)

(1) 9
7

US-$ in millions

9M 2011

9M 2012

Growth in %

Growth in %cc

Total Product Revenue


North America International Total External Revenue
cc = constant currency

3,281
599 1,789 2,401

3,302
595 1,790 2,407

1
(1) -

6
(1) 8 6

Fresenius Medical Care, November 2012

2
FINANCIALS & OUTLOOK
Q3 and Nine months 2012
8

Q3 | Profit & Loss


US-$ in millions Q3 2011 Q3 2012 Growth in %

Net revenue Operating income (EBIT) Operating margin in % Net interest expense Income before taxes Income tax expense Tax rate in % Non-controlling interest Net income
attributable to FMC AG & Co. KGaA cc = constant currency

3,184 534 16.8 68 466 163 35.0 24 279

3,418 568 16.6 108 460 153 33.3 37 270

7 6

11% cc

(1)

(3)

Fresenius Medical Care, November 2012

9M | Profit & Loss


US-$ in millions 9M 2011 9M 2012 Growth in %

Net revenue Operating income (EBIT) Operating margin in % Net interest expense Income before taxes Income tax expense Tax rate in % Non-controlling interest Net income
attributable to FMC AG & Co. KGaA cc = constant currency

9,306 1,488 16.0 214 1,274 436 34.2 77 761

10,095 1,659 16.4 311 1,488 462 31.1 96 930

8 11

11% cc

17

Excluding investment gain $1,348m +6%

Excluding investment gain 34.3%

22

Excluding investment gain $790m +4%

Fresenius Medical Care, November 2012

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Q3 | Day Sales Outstanding (DSO)


Excellent development with decrease of 1 day sequentially

International DSO flat sequentially and year over year up by 2 days North America DSO down sequentially by 1 day and year over year by 2 days

In days

140

121
120 100 80 60 40
Q2 2011

118

121

124

120

120

International

82
59

80
55

80
55

81 55

77
54

76

TOTAL

53

North America

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

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Q3 | Cash Flow

US-$ in millions

Q3 2011

Q3 2012

Growth in %

Operating cash flow % of revenue Capital expenditures, net* Free cash flow
Acquisitions and investments, net of divestitures* Free cash flow after acquisitions and investments

463 15 (150) 313 (49)

535 16 (164) 371 (37)

16

Favorable working capital development

18

264

334

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

Fresenius Medical Care, November 2012

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2012 | Outlook confirmed


Revenue Operating margin Net income,
attributable to shareholders of FMC AG & Co. KGaA

1)

~ $ 14.0 bn

2)

14,280 13,720

~ 16.9%
~ $ 1.14 bn
2)

1,163 1,117

Acquisitions Capex
Total debt / EBITDA
1)

~ $ 1.8 bn ~ $ 0.7 bn
< 3.0

2)

This does neither include the investment gain in the amount of $140 million in the first nine month of 2012 nor does it consider charges of up to $70 million after tax mainly related to the intended renegotiation of the distribution, manufacturing and supply agreement for iron products in North America to reflect changes in the market and a donation to the American Society of Nephrology Foundation to establish the Ben J. Lipps Research Fellowship Program As indicated in Q2 2012 we are defining the ~ sign as a +/- 0-2% deviation from the respective numbers.

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Summary

Divestiture of clinics was slower than expected due to increased regulatory scrutiny and affected same store growth in Europe and revenue rate in North America

Outstanding cash collection despite difficult global economic environment with Days Sales Outstanding (DSO)

Continued focus on a global basis with payers to achieve increased reimbursement while providing additional patient care services

Updating our global quality systems to new standards with additional investment to provide the highest quality of patient care and products

CEO transition on track

Fresenius Medical Care, November 2012

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3
GROWTH STRATEGY
15

Continued Global Leader in Dialysis Services


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

North America Europe, Middle East and Africa Latin America


26,694*

163,454*

48,981*

Asia-Pacific

17,392*
* Number of Patients as of Q3 2012

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Market position by major product groups 2011


Dialyzers Dialysis machines Hemodialysis concentrates Bloodlines Peritoneal dialysis products
Dialyzers

Rank 1 FME FME FME FME Baxter

Rank 2 Gambro Nikkiso Fuso Gambro FME

Dialysis machines

44% FME 56% competitors

55% FME 45% competitors

Sold around 93,000,000 dialyzers in 2011

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Development of Dialysis Patient Population Worldwide


Estimates suggest an increase to nearly 4 million dialysis patients in 2020
3,500,000

5-6% patient growth rate globally driven by age, lifestyle and mortality reduction

2,500,000

Development of Dialysis Patients in A/P


900,000

1,500,000

500,000 200,000 8,000


1970

80,000

1980

1990

2000

2010

2020

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AP Dialysis Patients Population Development of Dialysis patients in A/P


(000s)
2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 2006 2007 2008 2009 2010 2011 2012 HD 2013 PD 2014 2015 2016 2017 2018 2019 2020
Source: 2020 Projection Model

1,795

CAGR = 9.0% (2011-2020E)


1,423 1,309 1,197 1,090 829 899 990

1,664 1,540

517

560

621

680

748

Fresenius Medical Care, November 2012

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FMEs Products & Services by Region


North America Products 9% Services 91% Europe Products 54% Services 46%

Latin America Products 30% Services 70%

Asia-Pacific Products 64% Services 36%

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Global Strategy
Services Areas to improve dialysis outcomes

Fluid Management

Anemia Management

Bone Mineral Metabolism Management

Physiological Support

Nutrition & Inflammation Management

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Market Opportunities for Fresenius Medical Care


In US-$ billion

Entering into Phase III 12.8 Phase II


Continued Expansion of Dialysis Products & Services
Vascular Access Renal Pharmaceuticals Comprehensive Care

Geographic Expansion of Dialysis Products & Services

Phase I
Geographic Expansion of Dialysis Products

0.07
1985

0.9

1995

2005

2011

2015

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4
ASIA/PACIFIC IN DETAIL
23

Over 57% of World Population in Asia


China 19.1% Japan 1.8% Africa 15.3% Middle East 3.4% Latin America 8.6% Rest of World 43%

Asia Pacific 57%

India 17.2%

4 billion

Europe 10.5%

3 billion

Rest Asia 19.1%

North America 5.0%

Asia Pacific Population 4 billion out of World Population 7 billion


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Source: US Census Bureau (2012 Estimates)

Healthcare Spending Growth per Head 2010-2015E CAGR


Population = 3.1 billion
16.9% 14.9% 13.3% 13.3% 13.1% 12.7% 11.6% 10.6%

Population = 425 million

9.5% 9.4%

8.8% 7.6% 6.4% 5.9% 4.9% 4.1%

Singapore

South Korea

Asia Pacific

Hong Kong

Taiwan

Philippines

Indonesia

Sri Lanka

Thailand

Japan

China

India

Source: EIU (Sept 2011), U.S. Census Bureau (2012 Population Estimates)

Fresenius Medical Care, November 2012

New Zealand
25

Vietnam

Malaysia

Pakistan

ESRD Patient Population


Average Growth Rate 2008-2020

15%

China and India more than twice the World AGR Total Asia Pacific AGR at 9% (which is 50% higher than World AGR)

12%
9% 6% 3% 0% New Zealand Philipines Pakistan Hong Kong Bangladesh South Korea Taiwan China India Sri Lanka Australia Thailand

World AGR at 5.9%

Source: Model Projected by Dr. Feidhlim Woods and Dr. Michael Etter

Singapore

Indonesia

Malaysia

Vietnam

Japan

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Diversity Across Markets


Different Countries.
Different Healthcare Budgets. Different Economies.

Economies
Emerging Advanced

Reimbursement
No System Full Coverage

Healthcare Spend
2% of GDP 10%

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Key Market Drivers & Challenges

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

Thank you very much for your attention!

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5
ATTACHMENTS
30

Attachment 1
Reconciliation of non-US-GAAP financial measures to most comparable US-GAAP measure
All numbers are in US$ m External revenue Q3 (excl. Corporate) International product revenue - Internal revenue = International external revenue North America product revenue - Internal revenue = North America external revenue Total product revenue - Internal revenue Total external revenue Q3 2011 723 (115) 608 401 (197) 204 1,129 (312) 817 Q3 2012 717 (112) 605 398 (196) 202 1,121 (308) 813 Growth in % (1) (1) (1) (1) (1) (1) Growth in % cc 9 9 (1) (1) 6 7

Capital expenditure, net


Purchase of property, plant and equipment - Proceeds from sale of property, plant and equipment = Capital expenditure, net

Q3 2011
(158) 8 (150)

Q3 2012
(173) 9 (164)

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Attachment 2
Reconciliation of non-US-GAAP financial measures to most comparable US-GAAP measure
All numbers are in US$ m External revenue 9M (excl. Corporate) International product revenue - Internal revenue = International external revenue North America product revenue - Internal revenue = North America external revenue Total product revenue - Internal revenue Total external revenue 9M 2011 2,095 (306) 1,789 1,173 (574) 599 3,281 (880) 2,401 9M 2012 2,111 (321) 1,790 1,169 (574) 595 3,302 (895) 2,407 Growth in % 1 0 0 (1) 1 0 Growth in % cc 9 8 0 (1) 6 6

Capital expenditure, net


Purchase of property, plant and equipment - Proceeds from sale of property, plant and equipment = Capital expenditure, net

9M 2011
(397) 17 (380)

9M 2012
(450) 12 (438)

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Attachment 3
Reconciliation of non-US-GAAP financial measures to most comparable US-GAAP measure
All numbers are in US$ m Cash Flow Acquisitions, investments and net purchases of intangible assets + Proceeds from divestitures = Acquisitions and investments, net of divestitures 9M 2011 (1,171) (1,171) 9M 2012 (1,789) 232 (1,557) Q3 2011 (49) (49) Q3 2012 (41) 4 (37)

Patients, treatments, clinics Q3 2012 North America Growth in % International Growth in % Europe Latin America Asia-Pacific TOTAL Growth in %

Clinics 2,056 12 1,079 4 609 225 245 3,135 9

Patients 163,454 16 93,067 6 48,981 26,694 17,392 256,521 12

Treatments in million 18.07 12 10.54 13 5.57 3.04 1.93 28.60 12

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Attachment 4
Reconciliation of non-US-GAAP financial measures to most comparable US-GAAP measure
All numbers are in US$ m Debt Short term borrowings (incl. A/R program1) + Short term borrowing from related parties + Current portion of long-term debt and capital lease obligations + Current portion of trust preferred securities + Long-term debt and capital lease obligations less current portion + Trust preferred securities less current portion TOTAL debt EBITDA Last twelve months operating income (EBIT) + Last twelve months depreciation and amortization + Non-cash charges EBITDA (annualized) Total Debt / EBITDA
1

Q3 2012 114 95 499 7,733 8,441 Q3 2012 2,329 614 61 3,004 2.81

FY2011 99 28 1,589 5,495 7,211 FY2011 2,075 557 54 2,686 2.69

FY 2010 671 10 264 625 4,310 5,880 FY 2010 1,924 503 45 2,472 2.38

FY 2009 316 10 158 4,428 656 5,568 FY 2009 1,756 457 50 2,263 2.46

FY 2008 684 1 455 3,957 641 5,738 FY 2008 1,672 416 44 2,132 2.69

2006 - 2010

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Q3 | U.S. Dialysis Services


US-$
+1.3% 347 356 348 345 349

360
340 320 300 280 260 240 220

300

+ 0.9% 288

291

282

279

281

280

2009

2010

2011

Q3 2011

Q3 2012

220

U.S. revenue per treatment (Left Hand Scale)

U.S. cost per treatment (Right Hand Scale)

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Q3 | Dialysis Services | Quality outcomes


Excellent quality improvement programs
% of patients Kt/V 1.2 No catheter (>90 days) Hemoglobin = 10 12 g/dl Hemoglobin = 10 13 g/dl (Int. Reg.) Albumin 3.5 g/dl
*

U. S.
Q3 2011 Q3 2012

EMEA
Q3 2011 Q3 2012

Asia-Pacific**
Q3 2011 Q3 2012

97 81 77 89 84 64 80 9.8

97 82 74 83 85 66 84 9.7

96 84 57 78 86 75 78 9.4

96 85 59 78 87 78 77 9.3

97 96 57 66 90 73 75 5.0

97 93 58 66 89 73 74 4.5

Phosphate 5.5 mg/dl Calcium 8.4 10.2 mg/dl Hospitalization days, per patient

* In the U.S. the albumin results are calculated with the BCG-method (bromcresol green) ** Phillipines and Taiwan Jiate included as of Q2 2012

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Product Launches
USA
International

2008T with Critline

2008T with Venofer pump

2008@Home

4008S classic

5008S

New Dialyzers

Peritoneal Dialysis

Future Technology

Optiflux Ultra

Neutral pH solution - pd

Portable Artificial Kidney

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Clinic Centric Renal Services Center


HD
Home Hemo
Dialysis 3x / Week

Dialysis Clinic
3x / Week + Nocturnal

PD
CAPD APD Wearable Kidney

c
Assisted Self Care Dialysis 3 5 x / Week Just like Home

Portable Artificial Kidney (PAK)

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Contacts
Investor Relations Else-Krner-Str. 1 61352 Bad Homburg v.d.H.
Ticker:
WKN: ISIN:

FME or FMS (NYSE)


578 580 DE00057858002

Oliver Maier Head of Investor Relations and


Corporate Communications

Tel: Email:

+49 (0) 6172 609 2601 Oliver.Maier@fmc-ag.com

Gerrit Jost Tel: Email:

+49 (0) 6172 609 5216 Gerrit.Jost@fmc-ag.com

Terry Morris Tel: +1 800 948 2538 Email: Terry.Morris@fmc-na.com

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Financial Calendar*

Feb 26, 2013 April 30, 2013 May 16, 2013

Analyst meeting on Fiscal Year 2012 Report on 1st quarter 2013 Annual General Meeting, Frankfurt/Main

* Please note that these dates might be subject to change

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Constant Currency: Changes in revenue include the impact of changes in foreign currency exchange rates. We use the non-GAAP financial measure at constant exchange rates in our filings to show changes in our revenue without giving effect to period-to-period currency fluctuations. Under U.S. GAAP, revenues received in local (non-U.S. dollar) currency are translated into U.S. dollars at the average exchange rate for the period presented. When we use the term constant currency, it means that we have translated local currency revenues for the current reporting period into U.S. dollars using

the same average foreign currency exchange rates for the conversion of revenues into U.S. dollars that we used to translate
local currency revenues for the comparable reporting period of the prior year. We then calculate the change, as a percentage, of the current period revenues using the prior period exchange rates versus the prior period revenues. This resulting percentage is a non-GAAP measure referring to a change as a percentage at constant exchange rates. We believe that revenue growth is a key indication of how a company is progressing from period to period and that the non-

GAAP 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 its revenue from period to period. However, we also believe that data on constant currency period-over-period changes have limitations, particularly as the currency effects that are eliminated could constitute a significant element of our revenue and could 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 revenue into U.S. dollars. We do not evaluate our results and performance without

considering both constant currency period-over-period changes in non-U.S. GAAP revenue on the one hand and changes in
revenue prepared in accordance with U.S. GAAP on the other. We caution the readers of this report to follow a similar approach by considering data on constant currency period-over-period changes only in addition to, and not as a substitute for or superior to, changes in revenue prepared in accordance with U.S. GAAP. We present the fluctuation derived from U.S. GAAP revenue next to the fluctuation derived from non-GAAP revenue. Because the reconciliation is inherent in the disclosure, we believe that a separate reconciliation would not provide any additional benefit.

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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. 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. KGaAs (FMC AG & Co. KGaA) reports filed with the Securities and Exchange Commission (SEC) and the German Exchange Commission (Deutsche Brse).

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