Dear Madam, Dear Sir,

Putting innovation to work and turning vision into reality: These are the principles that have guided Bilfinger Berger throughout its history.

The construction company established by August Bernatz in Lorraine, 125 years ago, has thus evolved into an international corporation with a worldwide presence – a Multi Service Group that provides our clients with comprehensive solutions for building, industrial services and infrastructure. We systematically maintained this strategic direction in the past year, and it continues to point the way forward for us.

Our overriding aim is to keep improving the quality of our earnings and the value of our Company, and acquisitions of carefully selected companies help bring us closer to this goal. At the start of 2005, for example, we acquired the Babcock Borsig Service Group, thereby substantially expanding our services business in the field of power generating plants, a very promising sector.

I would like to take this opportunity to thank you for the confidence you have placed in us over the past year, whether as a shareholder, client or business partner. 2005 is a special year for Bilfinger Berger, and our 125th anniversary provides us with a timely opportunity to look proudly back on our Company’s history. At the same time, we are focusing firmly on the future, as we strive to continue building on our strong record of success.

Sincerely yours,


Herbert Bodner