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      • 37. Compensation report 
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Home Consolidated Financial Statements Notes Notes in accordance with the german commercial code (HGB) 37. Compensation report

For the fiscal years 2008 and 2007, the number and value of convertible bonds and stock options issued is shown in the following table:

	Long-term incentive components
	Stock options and convertible bonds1)
	Number		Value in thousand €
	2008	2007	2008	2007
Dr. Ulf M. Schneider	51,600	43,860	815	838
Rainer Baule	25,800	21,930	408	419
Dr. Francesco De Meo (since January 1, 2008)	25,800		408
Andreas Gaddum (until December 31, 2007)		21,930		419
Dr. Jürgen Götz (since July 1, 2007)	25,800	21,930	408	419
Dr. Ben Lipps	99,600	99,600	976	967
Stephan Sturm	25,800	21,930	408	419
Dr. Ernst Wastler (since January 1, 2008)	25,800		408
Total	280,200	231,180	3,831	3,481

1)	Stock options and convertible bonds that were granted in 2008 and 2007 under the stock option plans of Fresenius SE. Dr. Ben Lipps received stock options under the Fresenius Medical Care stock option plan.

The stated values of the stock options granted to members of the Management Board in the fiscal year 2008 correspond to their fair value at the time of grant, namely a value of € 15.80 (2007: € 19.11) per stock option of Fresenius SE and € 9.80 (2007: € 9.71) per stock option of FMC-AG & Co. KGaA.

As the financial targets of the year 2008 were achieved, Dr. Ben Lipps is entitled to a stock-based compensation in an amount of € 425 thousand (2007: € 910 thousand). The entitlement is based on the development of the ordinary share of Fresenius Medical Care and has a three years vesting period.

At the end of the fiscal year 2008, the members of the Management Board held a total of 720,900 (2007: 540,300) stock options and convertible bonds of Fresenius SE and 818,411 (2007: 824,280) stock options and convertible bonds of FMC-AG & Co. KGaA.

The development and the status of the stock options of the Management Board in the fiscal year 2008 are shown in the following table:

	Dr. Ulf M. Schneider	Rainer Baule	Dr. Francesco De Meo	Dr. Jürgen Götz	Dr. Ben Lipps1)	Stephan Sturm	Dr. Ernst Wastler	Total2)
Options outstanding on January 1, 2008
number	219,300	135,450	30,000	36,930	824,280	87,720	30,900	540,300
average    exercise    price in €	32.62	30.30	49.13	48.86	22.31	39.52	42.05	35.72
Options granted during fiscal year
number	51,600	25,800	25,800	25,800	99,600	25,800	25,800	180,600
average    exercise    price in €	53.56	53.56	53.56	53.56	35.49	53.56	53.56	53.56
Options exercised during fiscal year
number	0	0	0	0	105,469	0	0	0
average    exercise    price in €					17.25
average    stock    price in €					35.60
Options outstanding on December 31, 2008
number	270,900	161,250	55,800	62,730	818,411	113,520	56,700	720,900
average    exercise    price in €	36.61	34.02	51.18	50.79	24.57	42.71	47.29	40.19
average    re-    maining    life in    years	6.5	6.0	7.4	7.4	3.7	7.1	7.0	6.7
range of    exercise    prices    in €	13.59 to 57.27	13.59 to 57.27	40.98 to 57.27	29.92 to 57.27	14.47 to 35.49	29.92 to 57.27	21.33 to 57.27	13.59 to 57.27
Exercisable options on December 31, 2008
number	131,574	91,584	4,998	6,000	519,611	36,546	10,098	280,800
average    exercise    price in €	22.84	22.17	40.98	35.45	19.55	32.13	30.94	24.72

1)	Dr. Ben Lipps holds stock options under the Fresenius Medical Care stock option plans
2)	Only stock options and convertible bonds of Fresenius SE, excluding stock options of Dr. Ben Lipps