in new markets - Fresenius Medical Care

for further growth - Fresenius Kabi

for better health - Fresenius Helios

for greater efficiency - Fresenius Vamed

Seizing opportunities > in new markets

Asia is an important growth market for Fresenius Medical Care. Approximately 620,000 patients with chronic kidney failure are currently being treated in this region, and every year this number increases by about 10 to 11%. We will continue to take advantage of this growth potential. The significant demand for dialysis services offers substantial opportunities to expand our network of clinics in the Asian countries.

In 2008, Fresenius Medical Care achieved sales of US$ 606 million in the Asia-Pacific region. Our goal is to continue our strong organic growth and to increase sales to more than US$ 800 million in constant currency by 2010.

FRESENIUS MEDICAL CARE IN ASIA
	2008	2007	Change
Sales (in million US$)	606	541	12%
Employees (December 31)	3,558	3,095	15%
Dialysis patients (December 31)	9,158	7,789	18%
Dialysis treatments (million)	1.34	1.21	11%
Dialysis clinics (December 31)	125	105	19%

in new markets - Fresenius Medical Care

Seizing opportunities > for further growth

With the acquisition of APP Pharmaceuticals, Fresenius Kabi has achieved a leading position in the global market for intravenously administered generic drugs. APP Pharmaceuticals has a strong drug registration portfolio pending and over 70 products under development, opening up new growth opportunities.

At the same time, we are seizing the opportunity of introducing selected Kabi products into the US, with initial focus on parenteral nutrition. We are also planning to launch selected APP IV drugs outside the US.

APP PHARMACEUTICALS IN FIGURES
	2008
Sales	US$ 777 million
EBITDA, adjusted*	US$ 317 million
EBITDA margin, adjusted*	40.8%
Employees (December 31, full-time equivalent)	1,487
Production facilities	3
Produkte	>100
Number of products	~17%

Seizing opportunities > for better health

At Fresenius Helios, our commitment is to provide the highest medical quality and care. We aim to offer advanced and proven best-in-class diagnosis and treatment methods for the benefit of our patients. We continuously invest in high-quality, state-of-the-art medicine, and aim to measure and improve the quality of medical care.

Our target ist that our quality indicators should be better than the German average. With a mortality rate of SMR < 1, this was accomplished, among others, for major illnesses shown below.

HELIOS QUALITY INDICATORS
Indications/ standardized mortality rate (SMR)*	2008 SMR	2007 SMR
Acute myocardial infarction	0.73	0.79
Heart failure	0.73	0.85
Stroke	0.83	1.01
Acute cerebral infarction	0.81	0.99
Pneumonia	0.71	0.85

Seizing opportunities > for greater efficiency

Fresenius Vamed is a leading international provider of services in the planning, construction, and management of health care facilities. Our complete value chain and our more than 25 years of international experience are key to providing effective support for hospitals at every stage of their life cycle, and thus contributing towards their successful operating performance. For us, each project is another opportunity to prove our competence.

Hospitals face the dual challenge of increasing efficiency and reducing expenditure. We support hospitals by offering comprehensive process know-how and by taking over medical-technical services and management functions.

VAMED SERVICES

Service contracts* for	140 clinics
	~ 50,000 beds
among others:
Vienna General Hospital and University Clinics (AKH)	~ 2,100 beds
Charité Hospital Berlin	~ 3,200 beds
University Clinic Hamburg-Eppendorf	~1,370 beds
Prince Court Medical Center, Kuala Lumpur	~ 330 beds
Al Ain Hospital, Abu Dhabi	~ 450 beds

SALES AND EARNINGS BY BUSINESS SEGMENT

We expect further improvements in sales and earnings in 2009 in each of our business segments. The table gives an overview.

FINANCIAL TARGETS BY BUSINESS SEGMENT
	Targets 2009	Fiscal year 2008
Fresenius Medical Care
Sales	> US$ 11.1 billion	US$ 10,612 million
Net income	US$ 850–890 million	US$ 818 million
Fresenius Kabi
Sales growth (in constant currency)	25–30%	€ 2,495 million*
EBIT-Marge***	19.5–20.5%	17.8%
Fresenius Helios
Sales	> € 2.3 billion	€ 2,123 million
EBIT	€ 180–200 million	€ 175 million
Fresenius Vamed
Sales growth	5–10%	€ 524 million*
EBIT growth	5–10%	€ 30 million**
Fresenius Biotech
EBIT	€ -40 – -50 million	€ -47 million

The number of dialysis patients worldwide should rise by about 5 to 7% in 2009, leading to continued growth in demand for dialysis products and a higher number of treatments. In 2009, Fresenius Medical Care expects revenues to grow to more than 11.1 billion in US dollars, its reporting currency. Net income is expected to be between US$ 850 and 890 million.

Fresenius Kabi expects its positive operating performance to continue in 2009, influenced to a large extent by the first full-year consolidation of APP Pharmaceuticals. The company estimates sales growth of 25 to 30% in constant currency. Good growth potential is expected again in the Asia-Pacific region and in Latin America. Based on its positive sales projection, further cost optimizations, especially in production, and an improved product mix, Fresenius Kabi again expects to increase earnings significantly in 2009. Fresenius Kabi forecasts an EBIT margin of 19.5 to 20.5%. Translation effects may impact Fresenius Kabi’s margin as APP provides a significant earnings contribution from the US$ area. This guidance is based on the US$ / € exchange rate from early 2009. The strong margin improvement versus 2008 will be largely attributable to the full-year consolidation of APP Pharmaceuticals.

Fresenius Helios expects a continued good performance in the hospital operations business. The company forecasts revenues of more than € 2.3 billion in 2009. EBIT is expected to increase to € 180 to 200 million.

Given its positive order book, Fresenius Vamed expects a good performance in 2009. Sales growth of 5 to 10% is forecast. Fresenius Vamed also expects to increase EBIT by 5 to 10%.

Fresenius Biotech will continue its clinical study program. We expect that the expenditures for our biotechnology projects will lead to negative EBIT of about € -40 to -50 million in 2009.