Bilfinger Berger shares

• Downward trend of stock exchanges
• Development of Bilfinger Berger shares better than the market
• Dividend yield of 5.4 percent

Downward trend of stock exchanges
The international financial crisis and rapidly worsening economic prospects had a major impact on stock exchanges in 2008. Although there were several temporary phases of recovery during the first half of the year, the negative trend accelerated in the second half. Hopes that the real economy would resist the turbulence of the financial sector disappeared at the latest following an accumulation of negative news from the banking sector in September. Financial stocks and sectors regarded as economically sensitive suffered particularly dramatic price falls. Even concerted interest-rate reductions by central banks and far-reaching state assistance for commercial banks were unable to prevent the crisis from spreading to the real economy. Numerous economic stimulus packages were implemented, but many major economies entered into recession nevertheless. Capital was increasingly withdrawn from the stock markets, accelerating the downward trend of share prices.

The Bilfinger Berger share price reacted to the general uncertainty concerning the effects of the real-estate crisis with a high degree of volatility in the first several months of 2008. At the beginning of the year, our share price fell faster than the overall market and the construction sector, without any underlying company-specific reasons. Investors’ interest in our stock increased again following the publication of our preliminary results of operations in the year 2007. The announcement of new acquisitions and the start of the share buyback program provided further stimulus, and due to positive news about Bilfinger Berger, our shares performed better than the market in the following months. The development of our share price significantly surpassed the performance of the sector,which came under considerable pressure, as well as the DAX and MDAX indices. Following the announcement of the charge on earnings in the Civil business segment at the end of July, however, it fell back to the general market level once again.