Foreword

Dear Shareholders and Business Associates,
Ladies and Gentlemen,

2005 was a generally successful year for Bilfinger Berger.Output volume and orders received reached new record levels, and our net profit increased by 30% compared with the prior year.

We also made significant progress with the further implementation of our corporate strategy. In the services business,we strengthened our position in attractive markets of the future through the acquisition of Babcock Borsig Service and Simon Engineering and the establishment of EPM Assetis. The Services business segment is a firm pillar of our business alongside our construction activities and makes an important contribution to our earnings with stable m argins. We have thus successfully continued the strategic refocus of the Bilfinger Berger Group in the previous financial year.

Our portfolio of concession projects also expanded considerably in 2005 with the addition of projects in Canada, Australia and England. This still-young business segment already delivers positive value added and will make an important contribution to our earnings over the long term.

In the construction business segments, the output volume generated outside Germany increased once again. The expansion of our services and concessions business has opened up new perspectives for our construction activities. Cooperation between the units of the Group provides our clients with comprehensive solutions for their specific needs. This enables us to set ourselves apart from the competition.

Our services business is the focus of the further development of the Multi Service Group. It should grow organically and be expanded through acquisitions. To achieve this, we have significant financial scope which we would also like to use for investments in high-yield concessions projects. Improved earnings in our construction business also has high priority.

Dear shareholders,
Bilfinger Berger is on the right track and will continue to implement its successful corporate strategy in the future. Our prime goal remains the achievement of a long-term increase in the quality of our earnings and in our corporate value. I request that you continue to place your trust in us.

Sincerely yours,


Herbert Bodner