FMS revenues are expected to continue growing modestly, benefiting from an increase in revenues per treatment in the North American market as well as the International market going forward. Increasing numbers of dialysis clinics in North America, Europe, Latin America, Asia-Pacific and Africa are expected to increase the number of treatments per year, resulting in incremental revenues from the Dialysis Care business, going forward. The company is continuing its efforts to provide night dialysis services at more than 100 dialysis centers (de novos) in North America which is also expected to support the increase in the number of treatments, going forward. We continue to expect the Dialysis Products segment to report modest growth, driven by demand in international markets for dialyzers, dialysis machines, renal drugs and concentrates, going forward. An increase in the number of clinics is expected to continue putting pressure on margins over the medium term. The company has greatly reduced its Debt/EBITDA ratio to 2.13 in 3Q 09 compared to 2.92 in 2Q 09. Management is continuously making efforts to lower its Debt/EBITDA ratio and we believe the company will be able to fulfill its debt repayment requirements in future. Consequently, our overall fundamental outlook for the company is neutral.

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