Foreword

Dear Shareholders,
Even though the financial and economic crisis has not yet significantly impacted our business, we cannot expect to remain untouched by it. For the construction business, it remains to be seen to what extent the worldwide economic stimulus packages initiated for public-sector construction will compensate for weaker demand in commercial construction.

In the services sector we anticipate a decrease in business activity. Due to long-term framework agreements for the maintenance and modernization of plants and buildings, however, the units are less susceptible to economic cycles. The expansion of our services activities therefore remains an important goal.

The Executive Board believes that the Group is well prepared for the difficult economic times ahead. Our business model is proving to be resilient and our financial stability is particularly beneficial in the face of the financial crisis. If the global economic situation does not deteriorate further, we are confident that we will achieve our goals again in 2009 and that we will continue to successfully develop Bilfinger Berger as a Multi Service Group.

Sincerely yours,

Herbert Bodner,
Chairman of the Executive Board
Bilfinger Berger AG