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	2005	Recommandation
BHF Bank Gerrit Jost	Dec	Buy
Redburn Ilan Chaitowitz	Dec	Buy
Credit Suisse First Boston Stephan Gasteyger	Nov	Neutral
Banc of America Gary Taylor Jeremy Feffer	Nov	Neutral
NordLB Marc Schwammbach	Nov	Buy
Sal. Oppenheim Dr. Markus Krämer Ludger Mues	Nov	Buy
Redburn Ilan Chaitowitz	Oct	Buy
Goldman Sachs Hans Boström	Oct	Outperform
Cheuvreux Stefan Mühlbauer	Oct	Underperform
Landesbank Baden-Württemberg Dr. Alexander Burger	Oct	Hold
WestLB Oliver Kämmerer	Oct	Neutral
NordLB Marc Schwammbach	Oct	Buy
M. M. Warburg & Co Ulrich Huwald	Oct	Hold
Landesbank Rheinland-Pfalz Alexander Groschke	Oct	Marketperformer
Goldman Sachs Hans Boström	Sep	Attractive
MainFirst Marcus Wieprecht	Seb	Buy
Merrill Lynch Michael Jüngling	Sep	Buy
Commerzbank Claudia Lakatos	Sep	Buy
JP Morgan Justin Smith	Aug	Neutral
NordLB Marc Schwammbach	Aug	Buy
WestLB Oliver Kämmerer	Aug	Outperform
HypoVereinsbank Christian Cohrs	Aug	Outperform
Commerzbank Claudia Lakatos Oliver Reinberg	Aug	Buy
Sal. Oppenheim Dr. Markus Krämer Ludger Mues	Aug	Buy
Merrill Lynch Andreas Schmidt	Aug	Neutral
Dresdner Kleinwort Wasserstein Cora Scowcroft	Aug	Hold
Sal. Oppenheim Dr. Markus Krämer Ludger Mues	Jul	Buy
Morgan Stanley Daniel Mahony Charles Weston	May	n.a.
Commerzbank Claudia Lakatos Oliver Reinberg	May	Buy
Cazenove Ilan Chaitowitz	May	Outperform
Goldman Sachs Hans Boström	May	Outperform
Dresdner Kleinwort Wasserstein Cora Scowcroft	May	Neutral
HypoVereinsbank Christian Cohrs	May	Outperform
Sal. Oppenheim Ludger Mues	May	Buy
Landesbank Rheinland-Pfalz Alexander Groschke	May	Outperformer
JP Morgan Justin Smith	May	Overweight
ING BHF-Bank Gerrit Jost	May	Buy
MainFirst Marcus Wieprecht	May	Buy
WestLB Oliver Kämmerer	May	Outperform
Merrill Lynch Andreas Schmidt	May	Neutral
HypoVereinsbank Christian Cohrs	Apr	Neutral
M. M. Warburg Ulrich Huwald	Apr	Buy
Sal. Oppenheim Dr. Markus Krämer Ludger Mues	Apr	Buy
Banc of America Gary Taylor Jeremy Feffer	Apr	Neutral
Dresdner Kleinwort Wasserstein Cora Scowcroft	Apr	Sell
Morgan Stanley Daniel Mahony Charles Weston	Apr	Equal Weight
JP Morgan Justin Smith	Mar	Neutral
Cazenove Ilan Chaitowitz	Mar	Outperform
Helaba Trust Thomas Brenning	Feb	Hold
HypoVereinsbank Christian Cohrs	Feb	Neutral
Merck Finck & Co Carsten Kunold	Feb	Hold
Sal. Oppenheim Dr. Markus Krämer Ludger Mues	Feb	Buy
Commerzbank Claudia Lakatos Oliver Reinberg	Feb	Hold
ING BHF-Bank Gerrit Jost	Feb	Buy
Deutsche Bank Holger Blum	Feb	Buy
Merrill Lynch Andreas Schmidt	Feb	Neutral
Dresdner Kleinwort Wasserstein Cora Scowcroft	Feb	Sell
Landesbank Baden-Württemberg Dr. Alexander Burger	Feb	Hold
Equinet Volker Braun	Jan	Accumulate
Sal. Oppenheim Dr. Markus Krämer Ludger Mues	Jan	Buy

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.