The FZ200 was first supported by Camera Raw 7.2 which is only compatible with CS6 and later.
CS5 is only compatible with Camera Raw up to version 6.7. So there is no version of Camera Raw for CS5 which will open Raw FZ200 files.
- Join the Cloud
- Upgrade to CS6
- Free option: download the free Adobe DNG converter, convert all FZ200 Raw files to DNG format then open the DNGs in CS5.
Photoshop Help | Digital Negative (DNG)
Thank you very much, John. So that I can make an intelligent choice, how will joining the Cloud help, and will option #3 result in degradation of the raw files?
Joining the cloud will allow you to use the latest version of Photoshop as well as Lightroom. Converting to DNG will not cause any loss of quality. The conversion simply copies all of the raw image data into a new container.