Code of Ethics and Business Conduct

Table of Contents

INTRODUCTION 6

I The Fresenius Medical Care Compliance Program 8

II Applicability of the Code of Ethics and Business Conduct 9

III Our Expectations and Your Responsibilities 10

IV Compliance Documentation 13

V Maintaining Compliance 16

1Training 16

2Support 16

3Monitoring,AuditingandInvestigations 17

4TheComplianceActionLine 17

VI Expectation of Compliance / Consequences for Non-Compliance 18

OUR ETHICS AND BUSINESS CONDUCT PRINCIPLES 19

VII Our Business 20

1 PatientCare 20

2 QualityandInnovation 22

VIII Corporate Integrity 24

1 Anti-Corruption 24

2 Anti-MoneyLaundering 28

3 EmbargoLawsandTradeSanctions 28

4 CompetingFairly 29

5 Customers,Advertising,andPromotion 30

6 AccurateBooksandRecords 32

7 BillingPractices 33

8 ProperResponsetoInformationRequests 33

9 CommunicationWiththeMedia 34

10DataPrivacy 34

11 PoliticalActivities 34

IX Personal Integrity 36

1 ConflictsofInterest 36

2 UseofCorporateOpportunitiesforSelfGain 37

3 InsiderTrading 37

X Employment 39

1 WorkerProtection 39

2 Non–RetaliationPolicy 39

3 Environment,HealthandSafety 39

4 Non-Discrimination 40

5 DrugandAlcoholFreeWorkplace 4 1

6 Licenses,CertificationsandOtherPermits 4 1

XI Fresenius Medical Care Assets 42

1 ProtectionandProperUseofFreseniusMedicalCarePropertyandAssets 42

2 Confidentiality,ProprietaryInformationandITSecurity 43

3 SocialMedia 44

4 IntellectualProperty 45

Contact Information 47

Introduction 6

RICE POWELL

DR. OLAF SCHERMEIER

MICHAEL BROSNAN

KENT WANZEK

ROBERTO FUSTÉ

DOMINIK WEHNER

RON KUERBITZ

A MESSAGE FROM FRESENIUS MEDICAL CARE MANAGEMENTEveryday,weatFreseniusMedicalCarestrivetoimprovethelivesofourpatientsworld-widethroughsuperiorproductsandservices.Ourpatients,customers,payors,investorsandregulatorsexpectourbusinesstobeconductedwithintegrityandincompliancewithapplicablelaws,andourcontinuedsuccessandreputationdependsonourcommitmenttoactaccordingly.

Ourbusinessishighlyregulated,andsubjecttoanumberofcomplexlaws,rulesandregulations.Wearecommittedtogrowingourbusinessincompliancewithapplicablelaws,andweexpectyoutofollowthisCodeofEthicsandBusinessConductaswellasalladditionalFreseniusMedicalCareguidelinesandpolicies.FailuretodosocouldexposeFreseniusMedicalCare,aswellasindividualsinvolved,tofines,lossoflicenseorotherserioussanctions.Wemusttakecomplianceseriously,andwemustdosoasateambysetting,andagreeingtoabideby,asetofcommonprinciples.

Ourcompanydoesnottolerateunlawfuldiscrimination,harassment,intimidationorretaliation.Weseektoprovideasafe,healthyandproductiveworkplaceforouremployeesandourbusinesspartnerswhoassistusinourbusinessoperations.

TheseprinciplesareembodiedintheFreseniusMedicalCareCodeofEthicsandBusinessConduct(“Code”)andadditionalFreseniusMedicalCareguidelinesandpolicies.YouareexpectedtounderstandandcomplywiththeobligationsandstandardssetforthintheCode,andallFreseniusMedicalCareguidelinesandpolicies.Avarietyoftrainingresources,bothatthecorporateandbusinessunitlevels,areavailabletoassistinthiseffort.

CompliancewiththelawandFreseniusMedicalCareguidelinesandpoliciesmustguideallaspectsofourbusiness.Ourlong-termsuccesswilldependonhowweaccomplishthisobjective.Ifweworktogetherasateamandsupportoneanotherinthiseffortwecansetthestandardinourindustryformedicalquality,regulatorycompliance,andbusinessperformance.

OUR MISSION STATEMENTFreseniusMedicalCareachievesoptimalstandardsinpatientcarethroughourcommitmenttodevelopinginnovativeproductsandtherapies.TheuniquepositionofFreseniusMedicalCarebuildsonmorethan17yearsofprofessionalexperienceandcontinualinnovation.Accordingly,thefocusofourresearchanddevelopmenteffortistomaintainthetechnologicalandclinicaledgeneededtocreateinnovativeproductsandenhancedtherapies.Ouremployeesareunitedinourcommitmenttoprovidinghighqualityproductsandservicesandbringingtheoptimalsustainablemedicalandprofessionalpracticestopatientcare.Wearecommittedtohonesty,integrity,respectanddignityinourworkingandbusinessrelationswithouremployeesandbusinesspartners.

VISIONOurprimaryfocusistocreateafutureworthlivingfordialysispatientsworld-wideeveryday.Patientswithkidneydiseasecannowlookaheadwithmuchmoreconfidencethankstoourinnovativetechnologiesandtreatmentconcepts.Wegivethemafuture,onethatoffersthemthebest-possiblequalityoflife.WeusetheincreasingdemandformoderndialysismethodstoouradvantageandworkconsistentlytoenhanceFreseniusMedicalCare’sgrowth.Togetherwithouremployees,wefocusonpursuingstrategiesthatwillenableustoupholdourtechnologicalleadership.Asaverticallyintegratedcompany,weofferproductsandservicesfortheentiredialysisvaluechain.Thehighestmedicalstandardsareourbenchmark.Thisisourcommitmenttoourpatients,ourpartnersinthehealthcaresystemandourinvestors,whotrustinthereliableperformanceandthefutureofFreseniusMedicalCare.

Our Core Values

Quality, Honesty and Integrity

Innovation and Improvement

Respect and Dignity

7

FreseniusMedicalCare(or“Company”)hasestablishedacomplianceprogramtoassistyouinunderstandingandmeetingyourlegal,ethicalandregulatoryobligations.Complianceiseveryone’sresponsibility,andyourcontinuedemploymentorengagementwithFreseniusMedicalCaredependsonyourfollowingtheprinciplesinthisCodeandrelatedFreseniusMedicalCareguidelinesandpolicies.HereareanumberofresourceswithinFreseniusMedicalCareandthecomplianceprogramavailabletoyou:

i guidelinesandpoliciesrelatingtoproperbusinessconduct;

ii compliancetraining;

iii opportunitiestoraisecomplianceissuesonaconfidentialbasis;and

iv auditstomonitorconformancetolegalandCompanystandards.

I. The Fresenius Medical Care Compliance Program

8

FreseniusMedicalCare’sCodeofEthicsandBusinessConduct(“Code”)appliesglobally toeveryofficer, director, employee, contract worker and agent ofFreseniusMedicalCareanditsdirectandindirectmajority-ownedorcontrolledaffiliates,operatinganywhereintheworld.ThisCodeisnotanemploymentcontract.

ThisCodecannotcoverallsituationsorallapplicablelocallawsandregulations.IfalocallawconflictswithourCode,wewillfollowthelocallaw.Inallotherinstances,thisCodeappliestoyourbusinessactivity.If,forexample,localcustomwouldallowsomethingprohibitedbythisCode,youmustfollowtheCodeandnotengageinthisactivity.Whenindoubt,askforhelp.

II. Applicability of the Code of Ethics and Business Conduct

9

III. Our Expectations and Your Responsibilities

10

YOU ARE RESPONSIBLE TO:

i actwithintegrityandprotectourreputation;

ii read,understandandactinaccordancewiththisCode,FreseniusMedicalCareguidelinesandpolicies,andalllegalandregulatoryobligationsthatapplytoyourduties;takestepstopreventviolations,andresolveanydoubtsyouhaveaboutabusinesspracticebyusingtheresourcesdescribedintheCode;

iii reportanyactualorsuspectedviolationofthelaworFreseniusMedicalCareCode,guidelines,andpolicies.Inmostcases,itisagoodideatostartwithyoursupervisor,butyoumayalsocontactyourLocalorRegionalComplianceOfficer,ortheCorporateComplianceDepartment;reportingmaybedoneanonymouslythroughyourComplianceActionLineifnecessaryordesired,althoughyouareencouragedtoidentifyyourselftofacilitatecommunication;and

iv cooperatewithinvestigationsandauditing/monitoringproceduresthatmeasureFreseniusMedicalCare’sconformancewiththisCode,guidelinesandpolicies,andcomplywithanycorrectivemeasuresimplementedthereafter.

11

AS A MANAGER OR SUPERVISOR, YOU ARE ALSO RESPONSIBLE TO:

i createacultureofcomplianceinourworkplace,andserveasanexamplebyactingwithhighethicalstandards;

ii implementandconfirmthatpersonsreportingtoyouunderstandandapplythestandardsoutlinedinthisCode;

iii setperformancegoalsandexpectationsconsistentwiththisCode,FreseniusMedicalCareguidelinesandpolicies,aswellasregulatoryobligations;

iv provideappropriatedisciplinaryorcorrectiveactionwhenthisCodeorFreseniusMedicalCareguidelinesorpoliciesarenotfollowed;

v fosteranenvironmentforraisingquestions,andaddresscomplianceissuesthatcometoyourattention,includingbyfollowingthereportingobligationsdescribedabove;and

vi ensurethatactsofretaliationarenottoleratedagainstanypersonwhomakesagoodfaithreportofasuspectedviolationoflaw,thisCodeorFreseniusMedicalCare’sguidelines,orpolicies.

13

ComplianceDocumentationprovidesyouwithinformationyouneedtoperformyourdutiesinawaythatislegalandethical.OurComplianceDocumentationconsistsofthefollowing:

i Code of Ethics and Business Conduct ThisCodeaddressesgeneralcomplianceconceptsandstandardsandgivesabroadoutlineofacceptablebehavior.

ii Guidelines and Policies FreseniusMedicalCarehasdevelopedguidelinesandpoliciestoprovidespecificdirectioninhowtoconformyourworkwiththegeneralprinciplesdescribedinthisCode.Theguidelinesandpoliciesaretailoredtothespecificoperationsofeachcountryandinaccordancewithyourcountry’slocallaws.

IV. Compliance Documentation

FreseniusMedicalCareexpectsanopendiscussionofcomplianceissues.Often,askingaquestionisthebestwaytodeterminewhetherornotanactionisproperandtoensurecompliancewithapplicablelawsorFreseniusMedicalCareguidelinesandpolicies.

Ifyouarenotsurewhetheraproposedactionisappropriate,stopuntilyouhaveaskedandconfirmedthatyoumayproceed.

Inordertostopmisconductpermanentlyandcompany-wide,youmustreportanyactivitythatyouthinkisillegalorinconsistentwithFreseniusMedicalCareguidelinesorpolicies,usingtheprocessoutlinedinthisCode.

Whenyouareindoubtaboutwhattodo,orwhetheranactionisappropriate,followthefollowingprocess:

i REVIEW THE COMPLIANCE DOCUMENTATION–theCodeandFreseniusMedicalCareguidelinesandpolicies.

ii ASK–yourimmediatesupervisororothermanager.

iii CONTACT–LocalorRegionalComplianceOfficer,ortheCorporateComplianceDepartment.

iv CALL–yourComplianceActionLineifyouareuncomfortableusinganyoftheaboveresources,orpreferbeinganonymous.

Inmakingbusinessdecisions,consider:

i DoestheconductpromotehighstandardsofbusinessintegrityoramIindoubtthattheconductmightbelegal?

ii IstheconductconsistentwiththisCodeandapplicableFreseniusMedicalCareguidelinesandpolicies?

iii WilltheconducthelporhurtFreseniusMedicalCare’sglobalreputation?

Ask Questions, Raise Concerns and Report Impropriety

How to Use Compliance Resources

FOUR CORE ELEMENTS OF OUR COMPLIANCE PROGRAM HELP US TO STAY COMPLIANT:

1 TRAININGFreseniusMedicalCareprovidesavarietyoftrainingtohelpyoudoyourjobproperly.OurgeneraltrainingisrequiredforallemployeesandcoversthemainelementsoftheFreseniusMedicalCareComplianceProgram.ThetrainingdiscussesthisCodeandgivesyouinformationaboutthelawsandregulationsapplicabletoourbusinessandyourcountry.

ManyfunctionswithinFreseniusMedicalCare(suchassalesandmarketing,billingandreimbursement,etc.)requireadditionalspecializedtraining.Youwillbenotifiedifyourpositionrequiresthisadditionaltraining.

2 SUPPORTTheComplianceDepartmentprovidessupporttoalldepartmentsofFreseniusMedicalCare.Youshouldmakeuseofthisresource.Ifyoufaceasituationthatcouldgiverisetocomplianceconcerns,weencourageyoutocontacttheComplianceDepartment.

V. Maintaining Compliance16

17

3 MONITORING, AUDITING AND INVESTIGATIONS

FreseniusMedicalCaremonitorsandauditsitsbusinessactivitiestoconfirmthatweadheretothelawandCompanyguidelinesandpolicies.Whenpotentialcomplianceviolationsarebroughttoourattention,wewilltakeappropriateactiontoinvestigateallsuchreports,andtoensurethatourbusinessisconductedincompliancewithallapplicablelaws.

Wecontinuouslyimproveourcomplianceefforts.Ifacomplianceincidentoccursdespiteallourefforts,wereassessourpoliciesortrainingasaresultoftheseactivitiesandmakeanynecessarychanges.

4 THE COMPLIANCE ACTION LINE

Youhaveseveralavenuesavailabletoreportactualorsuspectedmisconduct,whichsatisfyyourobligationunderthisCodetoreportpotentialcomplianceviolationstoFreseniusMedicalCare:

i contactyoursupervisor,yourLocalorRegionalComplianceOfficer,ortheCorporateComplianceDepartment;

ii Ifthesecompliancefunctionsdonotresolveyourissue,orifyouareuncomfortablediscussingyourcomplianceissuewithyoursupervisororrepresentativesoftheComplianceDepartment,youmaycontactyourComplianceActionLineopenlyoranonymously.ContactinformationcanbeobtainedfromtheCompanyIntranetandwillbedistributedbyotherappropriatemeans.

YouareexpectedtofollowthisCodeandFreseniusMedicalCareguidelinesandpolicies.Your compliance with this Code and the guidelines and policies applicable to your work will be considered in your performance review or any potential promotion.

Ifyouviolatethelaw,thisCode,orFreseniusMedicalCareguidelinesorpolicies,youwillbesubjecttodisciplinaryorcorrectiveactionorlegalconsequences.Disciplinaryorcorrectiveactionmayincludeverbalorwrittencounseling,terminationorotherappropriateaction.

VI. Expectation of Compliance / Consequences for Non-Compliance

18

19Our Ethics and Business Conduct Principles

Oursuccessdependsuponappropriaterelationshipswithourpatients,physicians,employees,regulators,governmentandprivatepayorsaswellascustomersandsuppliers.FreseniusMedicalCareiscommittedtoprovidingtheoptimalsustainableclinicalcaretoourpatients(seeno1.below)andtomanufacturingproductsmeetingregulatorystandards(seeno2.below).

1 PATIENT CAREA. GENERAL PRINCIPLES

ClinicalcaremustbeconsistentwithFreseniuspolicyandthephysician’sorders.Whendealingwithpatients,weexpectyouto

i actethically,fairly,courteously,competentlyandtimely;

ii onlymakestatementsaboutourservicesthatyouknowtobetrueorhaveadequateinformationtosupport;

iii truthfullyrepresentthenatureandqualityofourservices,prices,contractualtermsandotherinformation;

iv treatallpatientswithdignityandrespect;

v involvepatientsandfamiliesintreatmentplanningwheneverappropriate;

vi respondtoquestionsofpatientsandfamiliesaccurately;

VII. Our Business20

21

vii notifyamemberofthefacilitymanagementstaffifyouareunabletoansweranypatient’sorfamily’squestionsrelatedtopatientcare;

viii respondtoandattempttoresolveallconcernsandcomplaintspromptlyandthoroughly;and

ix workwiththephysicianstoensurethatpatientsareinformedofavailabletreatmentoptions.

B. PATIENT MEDICAL INFORMATION

Asahealthcarecompany,patientinformationispresentthroughoutourorganization.Recording,managingandtransmittingpatientspecificmedicalinformationshouldbecarriedoutinaccordancewithlocaldataprotection/privacyrules,payingparticularattentiontolocalrulesregardingobtainingpatientconsentforsharingpatientmedicalinformation.Protectingtheconfidentialityofpatient-specificmedicalinformationisanimportantobligationofallhealthcareproviders.

Neverdisclosepatient-specificinformationtoanyunauthorizedpersons,insideoroutsideofFreseniusMedicalCare,whodonothavealegalrighttothisinformation.Careshouldbetakenregardingthisprinciplewhenpatient-specificmedicalinformationiselectronicallytransmitted.

C. NEVER IMPROPERLY INFLUENCE PATIENTS

YouMUSTNOTofferimproper“incentives”orotherbenefitstoinducepatientstochooseaFreseniusMedicalCareclinicorproductovertheclinicorproductofacompetitor.Suchimproper“incentives”couldinclude:

i reimbursementoftransportationcosts;

ii routinewaiverofdeductiblesandcoinsurance,withoutanindividualdeterminationofindigency;

iii discountsonotherproducts;

iv similarvaluablebenefits;or

v giftsorotherimproperinducementsthatcouldinfluencethepatient’sdecisiontochooseoneofourclinicsorproducts.

D. RESPECT PHYSICIAN-PATIENT RELATIONSHIP

WeMUSTrespecttheintegrityofthephysician-patientrelationship.Avoidinappropriatelyinterferingwithphysicians’practiceofmedicine,includingbyprovidingimproperbenefitsorinducements.

2 QUALITY AND INNOVATIONThequalityandsafetyofourproductsandservicesarethebasisofourbusiness.Statutoryaswellasinternalsafetyandqualityregulationsmustbestrictlyfollowed.Youareresponsibleforensuringcompliancewiththeseprincipleswithinyourareaofresponsibility.

Patientsafetyisapriority.ProvidingqualityproductsandservicestoourpatientsistheresponsibilityofeveryonewithinFreseniusMedicalCare.Animportantpartofimprovingproductandservicequalityisgatheringandreviewingadverseeventsandproductcomplaints.FreseniusMedicalCareusesthisinformationtoevaluateourproductsandservices.Youneedtounderstand,befamiliarwith,andfollowFreseniusMedicalCarepolicyregardingadverseeventreportingandproductcomplaints.

VII. Our Business22

1 ANTI-CORRUPTIONA. COMPLIANCE WITH ANTI-CORRUPTION LAWS AND PRINCIPLES

Asaglobalcompany,wemustcomplywiththeanti-corruptionlawsofmanyjurisdictions,includingtheU.S.ForeignCorruptPracticesAct(“FCPA”),theUKBriberyAct,andtheGermanCriminalCode,andtheanti-corruptionlawsofeachcountryinwhichweoperate.

WeatFreseniusMedicalCaredonottolerateanyformofcorruption,whetherinvolvingahealthcareprofessional,governmentofficialorprivateparty,orwhetherthetransactioninvolvesFreseniusMedicalCarepurchasingorsellingitemsorservices.Weexpectyoutomakebusinessdecisions,andconductyourwork,basedonprice,quality,andservice.

DONOToffer,promise,authorizeorgiveanythingofvalue(includinganyitem,service,oranythingelse,whetherinaformofapersonalbenefit/favororotherwise)toanyperson,directlyorindirectlythroughthirdparties,inordertosecureanimproperadvantageorobtainorretainbusiness.Likewise,DONOTrequest,agreetoreceiveoracceptanythingofvaluepersonallyorforanyotherpersonorentity,inordertosecureanimproperadvantageorinfluenceyourbusinessdecisions.

Keepinmindthateventheperceptionofcorruptioncanharmourreputationandtriggergovernmentscrutiny,andthuswestrivetoavoideventhemereappearanceofwrong-doing.

VIII. Corporate Integrity24

25

B. SAMPLE FORMS OF PROHIBITED CONDUCT

Thefollowingaresomeexamplesofconductthatmaybeconsideredtobecorruptandarethereforestrictlyprohibited.

DO NOT:

i giveoracceptanythingofvaluewherethenatureorvalueoftheadvantageisnotreasonableandappropriatetotheoccasionorthepositionandcircumstancesoftherecipient.Itisinparticularinappropriatetogiveoracceptanadvantageoranythingofvalue:

a.thatdoesnothaveaclearbusinessreason,orifthebusinessreasonisoutweighedbynon-businessactivity;

b.sofrequentlythatthegivingoracceptingmaypotentiallyberegardedasexcessive;or

c.inanon-transparentmanner,inparticularwhenaprivateaddress,bankaccount,oremailaccountisused;

ii usearelatedparty(arelativeoranindividualwithwhomtherecipientlivesincohabitation)togiveoracceptanythingofvalue;

iii giveoracceptanythingofvaluewiththeintentandexpectationofreceivingorgivingsomethinginreturn;

iv giveoracceptanythingofvaluethatmaylimitorinfluencetherecipient’soryourobjectivityordiscretion,orinfluencethedecision-makingprocessoftherecipient’semployer(includingagovernmentagency,hospitalorministry)orFreseniusMedicalCare;or

v giveanythingofvaluethatisnotaccuratelyrecordedinFreseniusMedicalCare’sbooksandrecords.

C. FRESENIUS MEDICAL CARE DOES BUSINESS TRANSPARENTLY

Corruptionoftenoccursinsecrecy.Personsengagedincorruptactivitiesmaytrytodisguisetheiractionsandtoactinsecrettohidethemisconduct.Aneffectivemeasuretopreventcorruptionandtoavoidtheappearanceofcorruptionistoconductbusinessopenlyandtransparently.

One of the core elements of transparent business conduct is proper documentation.Avoidenteringintoanyagreementwithoutproperwrittendocumentation.WrittendocumentationisinparticularimportantinconnectionwithgovernmentofficialsandhealthcareprofessionalswhoholdapositionthatenablesthemtomakeorinfluencebusinessdecisionsthataffectFreseniusMedicalCare.IftheseindividualsprovideservicesforFreseniusMedicalCare,thelegitimatebusinessneedfortheservices,thereasonwhythehealthcareprofessionalorgovernmentofficialwasselected,andtheservicesperformed,mustalwaysbecomprehensivelyrecordedinwriting.

Corruptpracticesmaybedisguisedbyover-compensatingbusinesspartners.Forexample,adistributormayreceiveunreasonablyhighcommissions,orspeakersatconferencesorconsultantsmayreceiveexcessivecompensationfortheirservices.WeexpectyoutorefrainfromenteringintoanyagreementonbehalfofFreseniusMedicalCareifyouareindoubtastowhetherthecompensationforthebusinesspartneriscommerciallyreasonable.Anycompensationwegranttoanyofourbusinesspartnersmustrepresentfairmarketvalue.

VIII. Corporate Integrity26

27

D. SUPPORTING RESEARCH AND DEVELOPMENT, SCIENTIFIC CONFERENCES AND EDUCATION

ItisinFreseniusMedicalCare’sbestinteresttosupport:

i theresearchanddevelopmentofpharmaceuticalproducts,medicaldevices,andtreatmentimprovementsthatareoflegitimateinteresttoFreseniusMedicalCare;

ii theparticipationofphysicians,nurses,customersandtheirstaffinFreseniusMedicalCareorthird-partyeventswhichpromotescientificknowledge,medicaladvancementordeliveryofeffectivehealthcare;and

iii trainingandfurthereducationeventshostedororganizedbyFreseniusMedicalCareormedicalinstitutionsorotherorganizers,suchasassociationsorpatientorganizationsortheiremployeeswhichpromotescientificknowledge,medicaladvancementordeliveryofeffectivehealthcare.

Whileactivitiesofthisnatureserveanimportantpurpose,inappropriateactivityrelatingtoresearchanddevelopment,scientificconferencesandeducationmayhavesevereconsequencesforanyoneinvolved,aswellasforFreseniusMedicalCareasacompany.Ifyouhaveanydoubts,reachouttoyourComplianceresources.

E. DONATIONS AND CONTRIBUTIONS

WeatFreseniusMedicalCarearecommittedtobeinggoodcorporatecitizensandsupportusingourresourcestoadvancehealthcareandotherworthycharitablecauses.Wemakecharitabledonationstoworthycauses,particularlythoseintendedtobenefitrenalpatients.WemayalsomakecontributionstocharitiesorcivicorganizationsthatprovideservicesinthecommunitieswhereFreseniusMedicalCareconductsbusiness.Wedonotmakedonationsorcontributionsinordertoobtainorretainbusiness,ortosecureanimproperadvantage.

Donationsandcontributionsalwaysrequirepre-approval.Alldonationsandcontributionsmustbemadetransparently.Eachcountryhasaprocessforreviewingallproposeddonations.Inaddition,raisequestionsaboutanypotentialconflictofinterestorcomplianceissuesthatmayarisefromcharitabledonations.

2 ANTI-MONEY LAUNDERINGMoneylaunderingisbroadlydefinedasengaginginatransactionwithcriminally-derivedproperty,structuringatransactioninordertoavoiddetectionofcriminalconduct,orengaginginatransactioninfurtheranceofcriminalconduct.

FreseniusMedicalCareiscommittedtocomplyingwithallapplicableanti-moneylaunderinglaws,rulesandregulations.Wetakenecessarystepsinordertoconductbusinesswithreputablebusinesspartnersinvolvedinlegitimatebusinessactivitieswithfundsderivedfromlegitimatesources.

3 EMBARGO LAWS AND TRADE SANCTIONS

Tradeembargolawsandregulationsgenerallyprohibitcompanieslocatedinaparticularcountryfromdoingbusinessinanotherspecificcountry.Ontheotherhand,sometimesacountrymakesitillegalforcompaniesoperatingwithintheirjurisdictiontorecognizeembargoesputinplacebyanothercountry.FreseniusMedicalCare’sinternationaloperationscantriggerissuesunderapplicabletradesanctionsandtradeembargolaws.FreseniusMedicalCaremonitorstheseembargosandsanctionsandimplementscontrolstomakesurewefollowthem.PleaseconsulttheLegalDepartmentwithanyquestionsconcerningtheapplicabilityofembargosorsanctions.

VIII. Corporate Integrity28

29

4 COMPETING FAIRLYFreseniusMedicalCareprovidesinnovativeproductsandservicesatafairprice.Wedonotparticipateinortolerateanti-competitivebehavior.YoumustnotseekacompetitiveadvantageforFreseniusMedicalCarethroughfraud,concealment,misrepresentationofmaterialfacts,orillegalmeans.FreseniusMedicalCaredoesnotcondonetheftoftradesecretsandnonpublicinformation.YouMUSTavoidunauthorizeduseofanyinformationthatispatented,copyrighted,privilegedorconfidential.

Antitrustandotherlawsgoverningcompetitionseektoprotectcompetitionbyprohibitingbehaviorthatresultsindecreasedcompetitionorunjustifiedpricediscriminationorproducesotherartificialforcesinthemarket.Antitrustandotherlawsgoverningcompetitionexistinvirtuallyallcountriesandapplytoconductatalllevelsofanorganization.Ingeneralterms,antitrustandotherlawsgoverningcompetitionrequirecompaniestocompeteonanindividualbasisratherthanjoinwithothercompaniesinagreementstorestrictcompetition.

Anyconcertedactions,informaltalksoragreementsthatareintendedtorestrictcompetitionormayhavetheeffectofdoingso,areprohibited.

Inaddition,companieswithaverystrongmarketpositionmaybesubjecttoadditionalscrutiny,inparticulariftheyarenotfacingsubstantialcompetitioninagivenmarket.Astrongmarketpositionisnotbyitselfimproper,butsuchmarketpositionmustnotbeabusedtoexcludecompetitorsortoexploitcustomers.FreseniusMedicalCaredoesnottakeimproperadvantageofastrongmarketpositioninanyrespectivemarket.

Theconsequencesofviolatingtheselawsaresevere.Youshouldbeparticularlycarefulatassociationmeetingsandtradeshowstoavoidtheappearanceofanti-competitivebehavior.Ifyoufindyourselfinaquestionablediscussion,voiceyourconcern,endthediscussion,andpromptlyinformtheLegalDepartment.

PleaseconsulttheLegalDepartmentwithanyquestionsconcerningtheapplicabilityofantitrustandcompetitionlaws.

5 CUSTOMERS, ADVERTISING, AND PROMOTION

ThemannerinwhichFreseniusMedicalCareconductsitsbusinessactivitiesandpromotesitsproductsandservicesishighlyregulated.FreseniusMedicalCarehasdevelopedspecificpoliciestoensurebusinesspractices,marketing,andpromotionalactivitycomplieswithapplicablelaws,rulesandregulations.AllpromotionalmaterialregardingFreseniusMedicalCareproductsorservicesmustbereviewedandapprovedthroughtheappropriateprocessforeachcountry.Whenyouarediscussingourproductsandservices,

YOU MUST:

i alwaysbetruthful,accurateandnotmisleadingindescribingproductsandservices;

ii provideafairandbalanceddescriptionofthebenefitsandrisks;

iii onlymakestatementsthataresupportedbyappropriateclinicalinformation;and

iv ensurethatallpromotionalstatementsareconsistentwiththeproductusesapprovedorclearedbyyourcountry’sgovernmentandtheircontentandmannerofdisseminationareincompliancewiththeapplicablelaws,rules,andregulations.

VIII. Corporate Integrity30

6 ACCURATE BOOKS AND RECORDS

AllFreseniusMedicalCarebusinessrecordsmustaccuratelyreflectthetruenatureandextentofthetransactionorexpenditure.ThepurposeofallFreseniusMedicalCaretransactionsmustbeaccuratelyandpromptlyrecordedintheproperaccounts.ThereportingofFreseniusMedicalCare’sassets,liabilities,revenuesandexpensesmustalsobepromptandaccurate.Wemustmaintaininternalaccountingcontrolstoensurethatfinancialrecordsandaccountsareaccurate.

YoumustmaintainallpaperandelectronicrecordsinaccordancewithapplicablelawsondataretentionandFreseniusMedicalCarepoliciesonrecordsmanagement,includingapplicableretentionperiods.

YOU MUST NOT:

i create,submitorapproveanyfalseorinaccuraterecordinconnectionwithFreseniusMedicalCare’sbusiness,or

ii attempttocircumventaFreseniusMedicalCarefinancialoraccountingpolicyorcontrol.

Theseprohibitionsapply,evenifyoubelievethatyourbehaviorwillultimatelybenefitFreseniusMedicalCare.

VIII. Corporate Integrity32

33

7 BILLING PRACTICESAllbillingsforproductsandservicesmustbetruthful,accurateandcomplete.Theymustconformtoapplicablelegalandcontractualrequirements.Claimsmaybesubmittedonlyforservicesthathavebeenproperlyorderedandactuallyprovided.Appropriaterecordsmustbeavailabletodocumentthatallservicesmeetthesestandards,includingdocumentationofmedicalnecessityinaccordancewithCompanyguidelinesandpolicies.

8 PROPER RESPONSE TO INFORMATION REQUESTS

Weproperlyrespondtoallgovernmentaudits,reviewsandinvestigations.Ifyouareconfrontedwithagovernmentrequestthatdoesnotfallwithinyourresponsibilities,immediatelycontactyoursupervisorforguidance.PleasecontacttheLegalDepartmentimmediatelyuponreceiptofanynonroutinerequestfromanygovernmentagencyoritsrepresentative,suchassubpoenas,warrants,andinterviewrequests.

Ifyoubelievedocumentsordataarebeingconcealed,altered,falsifiedordestroyed,youshouldimmediatelyreportthistoyourLocalorRegionalComplianceOfficer,theCorporateComplianceDepartment,theLegalDepartment,orthroughyourComplianceActionLine.

IfanylawenforcementagencyapproachesyououtsideofFreseniusMedicalCaregroundsinconnectionwithFreseniusMedicalCareoryouremploymentwithorengagementbyFreseniusMedicalCare,immediatelyinformtheGeneralCounselresponsibleforyourregion,unlesstheagencyhasprohibitedyoubylawfromcommunicatingitsapproach.

9 COMMUNICATION WITH THE MEDIA

Anopenandhonestcommunicationisaprerequisitetomaintainthetrustofourpatients,customers,shareholders,andstakeholders.FreseniusMedicalCarecanonlyguaranteecompliancewithapplicableethicsandregulatorylawsacrossallofthecountriesinwhichFreseniusMedicalCaredoesbusinessifanystatementorinformationtothemediaconcerningFreseniusMedicalCare’sbusinessispre-approvedbyeithertheInvestorRelationsorPublicRelationsDepartments.IfyoureceivearequestforanyFreseniusMedicalCare-relatedinformationfromthemedia,refertherequesttotheInvestorRelationsorPublicRelationsDepartmentorthemanagerofyourfacility

10 DATA PRIVACYFreseniusMedicalCareonlycollects,processesorusespersonaldataofpatients,employees,customers,suppliersandotheraffectedindividuals,totheextentpermittedbyapplicablelaw,ifnecessaryforbusiness,clinicaloremploymentpurposes.FreseniusMedicalCaretreatssuchpersonaldataasstrictlyconfidentialandprotectsitinaccordancewithapplicablelaw.FreseniusMedicalCareemployeesarealsoexpectedtopromptly

reportlost,stolenordamagedcompany-owneddevicesordevicescontainingcompanyinformation.

11 POLITICAL ACTIVITIESTheprocessesfornewlawsandregulationswhichaffectourareasofbusinessarecomplexanddiverse.FreseniusMedicalCarewillcomplywiththelawregardingitsinvolvementinanyoftheseprocesses.ActivitiescoordinatedbyFreseniusMedicalCareareappropriate,andFreseniusencouragesparticipationinFresenius-sponsoredactivities.Inaddition,itisimportantthatyourindividualpoliticalactivitiesremainseparatefromFreseniusMedicalCareactivity.Atthesametime,FreseniusMedicalCaredoesnotwishtointerferewithyourprivatepoliticalactivitiesaslongasyou

i makesurethatyourpersonalpoliticalactivitiesarenot,anddonotappeartobe,relatedtoyouremploymentorengagementwithFreseniusMedicalCare;and

ii Donotusecompanytime,propertyorequipmentforyourpersonalpoliticalactivitythatisunrelatedtothoseactivitiescoordinatedbyFreseniusMedicalCare.

VIII. Corporate Integrity34

1 CONFLICTS OF INTEREST YouarerequiredtoactinthebestinterestsofFreseniusMedicalCareintheperformanceofyourwork.Youmustavoidconflictsofinterests.AconflictofinterestexistswhenyourprivateinterestsinterfereorcouldreasonablyinterferewiththebusinessinterestsofFreseniusMedicalCare.Youareexpectedtoinformyoursupervisorofanypersonalinterestthatmightjeopardizeyourobjectivityorprofessionalismintheperformanceofyourwork,inparticular:

i IfyouwishtobeinvolvedinasecondaryemploymentorbusinessthatisrelatedtoFreseniusMedicalCare’sbusiness,orrelatedtoanyFreseniusMedicalCarevendororcustomer,youmustdiscloseyourplansand,unlessprohibitedbylaw,applyforpre-approvalatyourHumanResourcesDepartment.

ii Asanemployeeinahiring,supervisoryormanagementposition,youmustnothireorreferbusinesstoarelative,spouseorapersonyouliveincohabitationwith,norparticipateintheprocessofhiringorreferringbusinesstoanyofthesepersons.RefertoyourHumanResourcesDepartmentforguidance.

iii Afinancialinterestgreaterthan1%oftheoutstandingcapitalofacustomer,vendor,supplierorcompetitormustbepre-approvedbyyoursupervisor.

IX. Personal Integrity36

37

2 USE OF CORPORATE OPPORTUNITIES FOR SELF GAIN

AnybusinessopportunityyouencounterinconductingbusinessaffairsonbehalfofFreseniusMedicalCarebelongstothecompanyandnotyou.

YOU MUST NOT:

i useFreseniusMedicalCare’sproperty,informationoryourpositionatFreseniusMedicalCaretoobtainapersonalbenefitoradvantageortobenefitoradvantageathirdparty;

ii setupacompetingbusiness,otherwiseactasacompetitorofFreseniusMedicalCare,orsetupyourownbusinesstotakeadvantageofyourpositionatFreseniusMedicalCare;or

iii pursueanyopportunityorbusinessventureorotherwiseengageinanyactivitythatwouldresultinyourcompetingwithFreseniusMedicalCareorthatwouldenableyouorathirdpartytotakeadvantageofabusinessopportunitythatbelongstoFreseniusMedicalCare.

3 INSIDER TRADINGFreseniusMedicalCarestockistradedontwoexchanges.ThesecuritieslawsapplicabletoFreseniusMedicalCaremakeitillegalforanyonewithinsideinformationaboutacompanytotradeinthatcompany’ssecurities.“Insideinformation”isinformationthatisnotgenerallyavailabletothepublicandthat,ifknown,wouldreasonablybeexpectedtoinfluenceaninvestmentdecisionorpotentiallyimpactthepriceofthecompany’ssecurities(upordown).Examplesofinsideinformationinclude:

i plannedmajor/strategicacquisitionsormergers;spin-offs;purchaseorsaleofmaterialassets;

ii starting,concludingorterminatingcontractswithcustomersandsuppliers;

iii insolvencyrisks;

iv forecastswhichdeviatesignificantlyfrompastfinancialresultsormarketexpectations;

v defaultofmajorborrowers;

vi plannedchangesinthemanagementorsupervisoryboard;

vii developmentofnewproducts;

viii materialproductorenvironmentalliability;materiallitigation;restructuringmeasureswhichhaveamaterialeffectonfuturebusinessoperations;and

ix changesinseniormanagementorboardmembership.

InyourdailyworkatoronbehalfofFreseniusMedicalCare,youmaybecomeawareofmaterialnonpublicinformationconcerningthecompanyorevenoneofitspublicly-tradedbusinesspartners.Youmaylearnofinsideinformationthroughyourpositionorsimplybyviewingadocumentonacolleague’sdeskoroverhearingaconversationintheoffice.Usingsuchinformationforyourfinancialbenefitorpassingsuchinformationontoanotherpersonfortheirfinancialbenefit(andtherebyyours,potentially),isprohibitedandillegal.

IfyouareawareofinsideinformationaboutFreseniusMedicalCareoroneofourbusinesspartners,youmaynotpassthatinformationalongtoanyoneoutsidethecompany(oreveninsidethecompany)unlessitisdirectlyrelatedtoandnecessaryfortheconductofthecompany’slegitimatebusinessactivitiesandconsistentwithFreseniusMedicalCarepolicies.

Furthermore,ifyouareawareofanyinsiderinformationyoumaynotbuyorsellthesecuritiesofanysuchcompany,includingindirectlythroughafriendoffamilymember,orrecommendthatanyoneelsebuyorsellsuchsecurities.Onlyoncetheinsideinformationhasbeenmadepublicanddisseminatedbroadly,suchasthroughapublicfiling,maytransactionsbeconsidered.Ifyouhaveanyquestionsaboutthis,contacttheLegalDepartment.

IX. Personal Integrity38

39

X. Employment

FreseniusMedicalCareseekstomaintainasafe,secure,productive,respectfulandnon-discriminatoryworkplacewhichvaluesthecontributionsofeveryonewhoisinvolvedinourbusinessoperations.FreseniusMedicalCareseekstoprovideaworkenvironmentfreefromallformsofunlawfuldiscrimination,includingverbalorphysicalharassmentorintimidationfromsupervisors,co-workers,vendors,consultants,visitorsorcustomersofFreseniusMedicalCare.Wedonottolerateunlawfulharassmentorintimidationinanyform.Wealsodonottolerateviolentorabusiveconduct,includingverbalorphysicalabusebyanyemployee,patient,customer,clientorvisitorintheconductofFreseniusMedicalCare’sbusiness.

1 WORKER PROTECTIONFreseniusMedicalCaregivesworkerprotectiontheutmostpriority.FreseniusMedicalCarecondemnstheuseofforcedlaborandexploitativechildlabor.Wewillnottolerateanyviolationoftheseprinciplesbysuppliers.

2 NON–RETALIATION POLICYYouMUSTNOTharassorretaliateagainstanemployeeorotherpersonwhoreportsorattemptstoreportaviolationorsuspectedviolationofthelaw,thisCodeorFreseniusMedicalCareguidelinesorpolicies.Ifyoubelieveyouhavebeenharassedorretaliatedagainstforreportingorattemptingtoreportanactualorpotentialviolation,reportthismattertoyourLocalorRegionalComplianceOfficer,theCorporateComplianceDepartment,thelocalHumanResourcesDepartmentoryourComplianceActionLine.

3 ENVIRONMENT, HEALTH AND SAFETY

Weseektoprovideasafe,healthyandproductiveworkplaceforouremployeesandourbusinesspartnerswhoassistusinourbusinessoperations.Weexpectyoutotakeallnecessaryprecautionstoavoidinjuryorharmtoyou,yourco-workersoranyotherperson.Itisimportantforyoutonotifyyoursupervisorofanyunsafeworkconditionsandpracticesorinjury.

4 NON-DISCRIMINATIONFreseniusMedicalCaredoesnotpermitdiscriminationinhiringorintheworkplacebasedon:

i gender(includinggenderreassignment),

ii race,ethnicoriginorcolor,

iii nationalityornationalorigin,

iv religionorreligiousbelief,

v age,

vi maritalstatus,

vii citizenship,

viii disability,

ix sexualorientation,

x veteranstatus;or

xi anyotherunlawfullydiscriminatoryconsideration.

Look to applicable policies for details.

X. Employment40

41

5 DRUG AND ALCOHOL FREE WORKPLACE

Theperformanceofjobdutieswhileundertheinfluenceofillegaldrugsoralcoholormisusedprescriptiondrugsjeopardizesyourhealthandsafetyaswellasthehealthandsafetyofpatients,customersandco-workers.Workingundertheinfluenceofthesesubstancesisstrictlyprohibited.Ifyoususpectthataco-workerisintoxicatedorundertheinfluenceofalcoholorillegaldrugs,orismisusingprescriptiondrugs,youmustreportthesituationtoyoursupervisor.

6 LICENSES, CERTIFICATIONS AND OTHER PERMITS

Often,dutiesatFreseniusMedicalCarerequireyoutohavealicense(e.g.anursinglicense),certification(e.g.adialysistechniciancertification),orotherprofessionalcredential.Youareresponsibleformaintainingallrequiredcredentialstoperformyourwork.Youmustreporttoyoursupervisorifanyneededcredentialisexpiredorrevoked.

Insomecountries,governmentagenciesmayexcludecertainindividualsfromparticipatinginhealthcareactivities.Ifyouarenotifiedthatyouareexcludedfromparticipationinanygovernmentprogram,youmustnotifyyoursupervisor.

XI. Fresenius Medical Care Assets42

1 PROTECTION AND PROPER USE OF FRESENIUS MEDICAL CARE PROPERTY AND ASSETS

FreseniusMedicalCarepropertyandassetsmayonlybeusedforlegitimateCompany-relatedbusinesspurposes.FreseniusMedicalCarepropertyincludes:

i medicalsupplies;

ii workequipment(e.g.computers,internet,email,mobilephones),includingapprovedpersonaluseauthorizedinaccordancetoapplicableFreseniusMedicalCarepolicies;

iii officesupplies,materialsandservices;and

iv allformsofFreseniusMedicalCarerecordsandfunds.

YouaretohavenoexpectationofprivacywhatsoeverwhenusinganyFreseniusMedicalCarepropertyintheU.S.,norinternationallyifinaccordancewithapplicablelocallaw.YouareresponsibleforensuringthatFreseniusMedicalCare’spropertyisnotmisused,wasted,damaged,lostorstolen.Unlessauthorizedtodoso,youmustnottakeoruseFreseniusMedicalCarepropertyorinformationforyourpersonalbenefitorgain.YoumustnotprovidethirdpartieswithanyFreseniusMedicalCareproperty,unlessyouareauthorizedtodosoinalegitimatebusinesstransaction.

43

2 CONFIDENTIALITY, PROPRIETARY INFORMATION AND IT SECURITY

AlldocumentsandallinformationonFreseniusMedicalCare’sinternaloperationsmustbetreatedconfidentially.Confidentialinformationincludesallnon-publicstrategic,financial,andtechnicalorbusinessinformationofFreseniusMedicalCare,aswellasallbusinessandtradesecretsofFreseniusMedicalCare’sbusinesspartners.

YOU MUST NOT:

i talktothirdpartiesaboutprojects,technicaldetails,orotherconfidentialinformation,orgrantthemaccesstosuchinformationinanyotherway;

ii circulatetradeorcompanysecretsofourbusinesspartners;

iii makeanytranscriptsorcopiesofdataforotherthanoperationalpurposes;or

iv accessinformationthatisunrelatedtoyourownactivities.

YOU MUST:

i handleconfidentialinformationwithspecialcare,inparticularinpublicplaces,suchastrains,buses,planes,etc.;

ii takestepstoprotectyourcomputer,orotherelectronicdevicefromunauthorizeduse,accessormodificationofsoftware;maintaintheconfidentialityofpostalcorrespondenceandtelecommunications;and

iii payparticularattentiontotheITaspectsofconfidentiality,suchasdataprotectionanddatasecurity.

Theseobligationsapplyduringworkingandnon-workinghours,whetherornottheinformationisspecificallydesignatedas“confidential”or

“restricted.”YourconfidentialityobligationsremainvalidevenifyouremploymentwithFreseniusMedicalCareendsunlessthecontraryisstatedinanapplicablelaw.

3 SOCIAL MEDIASocialmediaformsanimportantpartoftoday’sbusiness,anditsimportanceisgrowing.“Socialmedia”referstothemeansofinteractionsamongpeopleinwhichtheycreate,share,exchangeandcommentoncontentamongthemselvesinvirtualcommunitiesandnetworks.Socialmediaincludesocialnetworks(e.g.Twitter,Facebook,LinkedIn),blogs,wikisandvideostreamingwebsites(e.g.YouTube).

DO NOT:

i usesocialmediaforanyclinicalorpatientactivityifnotprovidedbyorspecificallyauthorizedbyFreseniusMedicalCarefortheperformanceofbusiness;

ii usesocialmediaforbusinessactivity(e.g.forrecruitingorpublicrelationsactivities)withoutpre-approvalbyyoursupervisorormanager;

iii discloseanypatient-relatedinformation;or

iv usesocialmediatoengageinunlawfuldiscrimination,harassmentorintimiation.

XI. Fresenius Medical Care Assets44

45

YOU MUST:

i behonestandaccuratewhenusingSocialmedia;

ii expressyourownpersonalopinionsandcommentsonlineusingyourownname,notFreseniusMedicalCare’snameoranycompanyidentifier,suchasaFreseniusMedicalCareemailormailingaddress,unlessauthorizedtodootherwise;and

iii keepinmindthatpostings,bothpersonalandprofessional,mayultimatelybeconnectedtoFreseniusMedicalCare,evenifyouraffiliationwithFreseniusMedicalCareisnotdisclosed.

4 INTELLECTUAL PROPERTYIntellectualpropertyisessentialforoureconomicsuccessandthesuccessofourbusinesspartnersandcustomers.Youmustprotectourintellectualproperty,includinganypatents,trademarks,copyrights,tradesecrets,technicalandscientificknowledgeorknowhow,andexpertisedevelopedinthecourseofourbusiness.

Weexpectyoutoalsorespecttheintellectualpropertyofothers.Ifyouduplicateormisappropriateintellectualpropertyofsomeoneelsewithoutauthorization,youandFreseniusMedicalCaremaybesubjecttosignificantfinesandcriminalpenalties.

47

Contact Information

Fresenius Medical Care ComplianceActionLine

+1-800-362-6990

Compliance.ActionLine@fmc-na.com

FreseniusMedicalCareAG&Co.KGaA

61346BadHomburgv.d.H.·Germany

Phone:+496172609-0·www.fmc-ag.com

Code of Ethics and Business Conduct

US

(0

9.2

014

)©

Co

pyri

gh

t20

14F

rese

niu

sM

edic

alC

are

AG

&C

o.K

GaA