Fresenius Medical Care's Investor Relations monitors the investment recommendations made by analysts closely. The following information provide an overview of recommendations and major research reports. The list is not exhaustive.

Company / Analyst	2008	Recommendation
WestLB Oliver Kämmerer	December	Add
Equinet Martin Possienke	December	Accumulate
Cheuvreux Oliver Reinberg	December	Outperform
JP Morgan Thomas M. Jones	December	Overweight
Bank of America Kevin M. Fischbeck	December	Buy
MM Warburg Ulrich Huwald	November	Hold
Deutsche Bank Holger Blum	November	Hold
Stanford Group Gary Lieberman	November	Hold
UniCredit Dr. Silke Stegemann	November	Hold
Société Générale Rodolphe Besserve	November	Buy
HSBC Christian Packebusch	November	Overweight
MM Warburg Ulrich Huwald	November	Buy
Goldman Sachs Hans Boström	November	Neutral
Exane BNP Paribas Julien Dormois	November	Neutral
Bank of America Kevin M. Fischbeck	November	Buy
Commerzbank Volker Braun	November	Buy
WestLB Oliver Kämmerer	November	Add
Main First Marcus Wieprecht	November	Buy
UBS Martin Wales	November	Buy
Merrill Lynch Michael Jüngling	November	Buy
Citigroup Cora McCallum	November	Buy
JP Morgan Thomas M. Jones	November	Overweight
Bernstein Jack Scannell	November	Outperform
Sal.Oppenheim Claudia Lakatos	November	Buy
Cheuvreux Oliver Reinberg	November	Outperform
Piper Jaffray Julie Simmonds	November	Buy
Dresdner Kleinwort Chris Donnellan	November	Buy
DZ Bank Dr. Christa Bähr	November	Buy
Stanford Group Gary Lieberman	November	Hold
Merck Fink Carsten Kunold	November	Buy
Equinet Martin Possienke	November	Buy
Société Générale Rodolphe Besserve	Oktober	Buy
WestLB Oliver Kämmerer	October	Add
Exane BNP Paribas Julien Dormois	October	Neutral
Dresdner Kleinwort Chris Donnellan	October	Buy
HSBC Christian Packebusch	October	Overweight
JP Morgan Thomas M. Jones	October	Overweight
DZ Bank Dr. Christa Bähr	October	Buy
Goldman Sachs Hans Boström	October	Neutral
Piper Jaffray Julie Simmonds	October	Buy
Commerzbank Volker Braun	October	Buy
Bank of America Kevin M. Fischbeck	October	Buy
Bankhaus Lampe Leslie Iltgen	October	Buy
Merrill Lynch Michael Jüngling	October	Buy
Cheuvreux Oliver Reinberg	October	Outperform
Citigroup Cora McCallum	October	Buy
UBS Martin Wales	October	Buy
Main First Marcus Wieprecht	October	Buy
DZ Bank Dr. Christa Bähr	September	Buy
Bernstein Jack Scannell	September	Outperform
Wachovia William Bonello	September	Market Perform
HSBC Christian Packebusch	September	Overweight
Cheuvreux Oliver Reinberg	September	Outperform
Société Générale Rodolphe Besserve	September	Buy
JP Morgan Thomas M. Jones	September	Overweight
Lehman Brothers Edward Ridley-Day	September	Overweight
Credit Suisse Jeff Holford	August	Outperform
JP Morgan Thomas M. Jones	August	Overweight
Sal.Oppenheim Claudia Lakatos	August	Buy
Dresdner Kleinwort Chris Donnellan	August	Buy
Equinet Martin Possienke	August	Buy
Bayrische Hypo- und Vereinsbank Dr. Silke Stegemann	July	Hold
Bankhaus Lampe Leslie Iltgen	July	Buy
HSBC Christian Packebusch	July	Overweight
NordLB Marc Schwammbach	July	Buy
Equinet Martin Possienke	July	Buy
Stanford Group Gary Lieberman	July	Hold
Oppenheimer Balaji Gandhi	July	Outperform
Commerzbank Volker Braun	July	Buy
UBS Martin Wales	July	Neutral
Main First Marcus Wieprecht	July	Buy
Merck Fink Carsten Kunold	July	Buy
Wachovia William Bonello	July	Market Perform
Dresdner Kleinwort Chris Donnellan	July	Buy
Merrill Lynch Michael Jüngling	July	Buy
Cheuvreux Oliver Reinberg	July	Outperform
Lehman Brothers Edward Ridley-Day	July	Overweight
Goldman Sachs Hans Boström	July	Neutral
Credit Suisse Jeff Holford	July	Outperform
LBBW Dr. Silke Stegemann	July	Buy
MM Warburg Ulrich Huwald	July	Buy
WestLB Oliver Kämmerer	July	Add
Exane BNP Paribas Julien Dormois	July	Underperform
Sal.Oppenheim Claudia Lakatos	July	Buy
JP Morgan Thomas M. Jones	July	Overweight
Citigroup Cora Scowcroft	July	Buy
Bernstein Jack Scannell	July	Outperform
DZ Bank Dr. Christa Bähr	July	Buy
Dresdner Kleinwort Chris Donnellan	June	Buy
Bankhaus Lampe Leslie Iltgen	June	Buy
Cheuvreux Oliver Reinberg	June	Outperform
Goldman Sachs Hans Boström	June	Neutral
Piper Jaffray Julie Simmonds	June	Buy
HSBC Christian Packebusch	June	Overweight
UBS Martin Wales	June	Neutral
WestLB Oliver Kämmerer	June	Add
Citigroup Cora Scowcroft	June	Buy
Commerzbank Volker Braun	June	Buy
Cheuvreux Oliver Reinberg	May	Outperform
Redburn Ilan Chaitowitz	May	Buy
Credit Suisse Jeff Holford	May	Outperform
Stanford Group Gary Lieberman	May	Hold
Metzler Dr. Karl-Heinz Scheunemann	May	Buy
Exane BNP Paribas Julien Dormois	May	Underperform
Bayrische Hypo- und Vereinsbank Christian Cohrs	May	Buy
Equinet Martin Possienke	May	Buy
Dresdner Kleinwort Chris Donnellan	May	Buy
JP Morgan Thomas M. Jones	May	Overweight
WestLB Oliver Kämmerer	May	Add
BayernLB Stefan Voß	May	Buy
NordLB Marc Schwammbach	April	Buy
Sal. Oppenheim Claudia Lakatos	April	Buy
Lehman Brothers Edward Ridley-Day	April	Overweight
Deutsche Bank Holger Blum	April	Buy
UBS Martin Wales	April	Buy
Credit Suisse Jeff Holford	April	Outperform
Bayrische Hypo- und Vereinsbank Christian Cohrs	April	Buy
Goldman Sachs Hans Boström	April	Neutral
Oppenheimer Balaji Gandhi	April	Outperform
Morgan Stanley Anna Sizova	April	Overweight
Commerzbank Volker Braun	April	Buy
Citigroup Cora Scowcroft	April	Buy
Dresdner Kleinwort Chris Donnellan	April	Buy
Equinet Martin Possienke	April	Buy
JP Morgan Thomas M. Jones	April	Overweight
WestLB Oliver Kämmerer	April	Add
Merrill Lynch Michael Jüngling	April	Buy
Exane BNP Paribas Julien Dormois	April	Underperform
Bankhaus Lampe Leslie Iltgen	March	Buy
Oppenheimer Balaji Gandhi	March	Outperform
Wachovia William Bonello	March	Outperform
Bernstein Jack Scanell	March	Outperform
Citigroup Cora Scowcroft	March	Buy
JP Morgan Thomas M. Jones	March	Overweight
NordLB Marc Schwammbach	February	Buy
Goldman Sachs Hans Boström	February	Neutral
BayernLB Stefan Voß	February	Buy
Stanford Group Gary Lieberman	February	Hold
Wachovia William Bonello	February	Outperform
Sal. Oppenheim Claudia Lakatos	February	Buy
Oppenheimer Balaji Gandhi	February	Outperform
Morgan Stanley Anna Sizova	February	Overweight
MM Warburg Ulrich Huwald	February	Buy
WestLB Oliver Kämmerer	February	Add
Equinet Martin Possienke	February	Buy
Deutsche Bank Holger Blum	February	Buy
Commerzbank Volker Braun	February	Buy
Bernstein Jack Scanell	February	Outperform
Metzler Dr. Karl-Heinz Scheunemann	February	Buy
Cheuvreux Oliver Reinberg	February	Outperform
Merck Fink & Co. Carsten Kunold	February	Buy
Lehman Brothers Edward Ridley-Day	February	Overweight
Main First Marcus Wieprecht	February	Buy
Bayrische Hypo- und Vereinsbank Christian Cohrs	February	Buy
JP Morgan Thomas M. Jones	February	Overweight
DZ Bank Dr. Christa Bähr	February	Buy
UBS Martin Wales	February	Buy
Dresdner Kleinwort Chris Donnellan	February	Buy
Citigroup Cora Scowcroft	February	Buy
Merrill Lynch Michael Jüngling	February	Buy
DZ Bank Dr. Christa Bähr	January	Buy
Merck Fink & Co. Casten Kunold	January	Buy
Main First Marcus Wieprecht	January	Buy
Sal. Oppenheim Claudia Lakatos	January	Strong Buy
Goldman Sachs Hans Boström	January	Neutral
Morgan Stanley Anna Sizova	January	Overweight
UBS Martin Wales	January	Buy
Lehman Brothers Edward Ridley-Day	January	Overweight
Commerzbank Volker Braun	January	Buy
Dresdner Kleinwort Chris Donnellan	January	Buy
Cheuvreux Oliver Reinberg	January	Outperform
Bernstein Jack Scanell	January	Outperform
Stanford Group Gary Liebermann	January	Hold
JP Morgan Thomas M. Jones	January	Overweight

Disclaimer:
The investment recommendations shown above are not based on analyses by Fresenius Medical Care but on analyses, reports, recommendations or ratings of third parties, particularly equity research analysts. References to such recommendations and ratings are for informational purposes only and do not imply that Fresenius Medical Care adopts, supports or confirms in any way the recommendations, opinions or conclusions of the equity research analysts. Fresenius Medical Care accepts no liability for the selection, currency, completeness or correctness of the recommendations and estimates shown. None of the information on this website is intended as an offer or encouragement to buy Fresenius Medical Care stocks. Fresenius Medical Care accepts no liability for damages or losses incurred by third parties based on information published on this website.