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OUTLOOK

This Management Report contains forward-looking statements, including statements on future sales, expenses and investments, as well as potential changes in the health care sector, our competitive environment and our financial situation. These statements were based on the expectations and assessments of the Management Board regarding events that could affect the Company in the future. Such forward-looking statements are, as a matter of course, subject to risks, uncertainties, assumptions and other factors. Consequently, the actual results, including the financial position and profitability of Fresenius, could therefore differ materially – positively or negatively – from those expressly or implicitly assumed or described in these statements. For further information, please see our Risk Report.

GENERAL AND MID-TERM OUTLOOK

The outlook for the Fresenius Group for the coming years continues to be very positive. Excellent growth opportunities for Fresenius are provided above all by:

• The sustained growth of the markets in which we operate: Here, Fresenius sees very good opportunities to profit from the considerable health care needs, primarily in the developing and emerging countries.
• The development of innovative products and therapies: This creates the potential to further expand our market position in the regions. In addition to innovation, best-in-class quality and the reliability of our products and therapies is key to being able to exploit opportunities for expansion.
• The expansion of our regional presence: The fast-growing markets in Asia-Pacific and Latin America especially offer further potential to increase our market shares. Besides strengthening our business regionally through market entries by our own, we plan to roll-out products and therapies from our existing portfolio successively in countries where we do not yet offer a comprehensive range.
• The broadening of our service business: Here, Fresenius Helios has concrete opportunities in the German hospital market to profit from the further privatization of public hospitals. Changes in the law could present new opportunities for instance for Fresenius Medical Care. Changes in the framework conditions for the operation of dialysis clinics for private commercial enterprises in Japan could open up new sales potential for Fresenius Medical Care, since Japan is one of the world’s biggest dialysis markets.
• Selective acquisitions: We will continue to seize opportunities to grow via acquisitions that extend our product portfolio and strengthen our regional presence.

We are also exploiting the opportunities to tap the potential in our operations for cost management and efficiency and profitability enhancement measures. These include plans for a further optimized procurement process and cost-efficient production.

Given sustained market growth and a long-term strategy oriented to profitable growth, Fresenius has set itself a midterm goal under the slogan “15/15”. Fresenius aims to reach the following in 2010:

1. Group sales of € 15 billion. Based on the sales of € 11,358 million generated in 2007, this represents a compounded annual growth rate of 10 %. It is to be achieved through strong organic growth flanked by acquisitions.
2. An EBIT margin of 15%. Earnings are therefore expected to grow at a significantly higher rate than sales.

Acquisitions have led to significant higher Group financial liabilities with a corresponding impact on net interest expense. The aim is therefore to further improve the Group’s leverage ratios.