One Equity Partners (OEP), which currently holds an equity interest of approximately 26.9% in Pfleiderer AG through its subsidiary Wood Engineering Holding B.V., will fund the investment vehicle with a loan of approximately €3.7 million. The bylaws of the limited partnership call for a holding period of four years. The Supervisory Board has approved the founding of the investment vehicle and the purpose of its business.

Contact person:

PFLEIDERER AG, Neumarkt
Fabian Schiffer
Vice President Corporate Communciation
Tel.: + 49 (0)9181 / 28 - 8491
Fax: + 49 (0)9181 / 28 - 606
E-Mail: fabian.schiffer@pfleiderer.com

Neumarkt, December 22, 2008. With effect as of January 1, 2009, Pawel Wyrzykowski (39) has been appointed as a new member of the Executive Board of MDAX-listed Pfleiderer AG, ISIN DE0006764749. He will have Executive Board responsibility for the Eastern Europe region as well as for the functions of Sales, Marketing and Product Strategy. Wojciech Gątkiewicz has been appointed as his successor as the Chairman of the Executive Board (CEO) of Pfleiderer Grajewo S.A., Poland, a subsidiary of Pfleiderer AG.

As previously announced in April 2008, Executive Board member Michael Ernst (60) is to retire from the Executive Board of his own volition on the grounds of age when his current period of appointment expires at the end of January 2009. His area of responsibility, Human Resources, will be taken over by Executive Board Chairman Hans H. Overdiek, who in this context has also been appointed as Labor Relations Director by the Supervisory Board of Pfleiderer AG with effect as of February 1, 2009. Ernst’s responsibilities for the Western Europe region and for the IT function will be transferred to Dr. Robert Hopperdietzel. CFO Heiko Graeve will additionally take over responsibility for Legal Affairs & Insurance from Ernst.

Wyrzykowski, who has previously held various positions at the Pfleiderer Group and has been active for Pfleiderer in Eastern Europe since 1998, was already appointed as a member of the Executive Board in April 2008. In the future, Wyrzykowski will also hold the position of Chairman of the Supervisory Board of Pfleiderer Grajewo S.A. Since 2003, he has been CEO of that company, and will be succeeded in that position by Wojciech Gątkiewicz as of January 1, 2009. Simultaneously, 47-year-old Gątkiewicz will also become CEO of Pfleiderer Prospan S.A., a subsidi-ary of Pfleiderer Grajewo S.A.

After studying engineering and subsequently gaining an MBA, Wojciech Gątkiewicz was CEO of the company Melafir Mine in Czarny Bór, Poland, from 1991 until 1995. After that, he was CEO of Braas Polska Sp. z o.o. for nine years. Following the acquisition of Ceramika Sp. z o.o. in 2004, he was then appointed CEO of the newly formed Lafarge Dachy Sp. z o.o., which was renamed as Monier Sp. z o.o. in 2008. Wojciech Gątkiewicz will take charge of Pfleiderer Grajewo S.A. on January 1, 2009 an.

Contact person:

PFLEIDERER AG, Neumarkt
Fabian Schiffer
Vice President Corporate Communciation
Tel.: + 49 (0)9181 / 28 - 8491
Fax: + 49 (0)9181 / 28 - 606
E-Mail: fabian.schiffer@pfleiderer.com

• Consolidated revenues rise slightly to €1,353 million
• EBITDA at €180 million virtually at last year’s level
• Slowing-down of business in Western Europe, Eastern Europe with strong revenue growth, North America remains difficult
• Additional cost-cutting programs in all regions
• Outlook confirmed despite change in business environment

Neumarkt, November 11, 2008 – The Pfleiderer Group was affected in the third quarter of 2008 by the cooling down of the global economy. Nevertheless, despite the deteriorating market environment, the MDAX company, ISIN DE0006764749, has asserted itself well. Thus the cumulated consolidated revenues have increased after three quarters of 2008 by 1.0% to €1,353.3 million (9M/2007: €1,340.9 million). The drivers for this growth were, firstly, the take-over of Pergo, which was only included in the comparable period last year for revenue purposes for seven months, and, secondly, the plant acquired as of August 1, 2008 in Moncure/USA. Furthermore, the new MDF plant in Grajewo/Poland and productivity gains contributed to the growth. This was countered by the closure of the plant in La Baie/Canada, whereby the revenues decreased by €30.7 million despite some of these customers being served through the plant in Mont Laurier/Canada. Shifts in the exchange rate cost Pfleiderer some four million euros in revenues in the reporting period.

“The crisis on the financial markets clearly left its mark on the global economy in the third quarter, and the outlook is not very uplifting. For this reason we will temporarily put back our growth plans in favor of strict cost and risk management to be implemented in all areas and regions. Pfleiderer AG is – as one of the leading companies with a view to costs and technology, and also due to its solid financial structure – excellently positioned to tackle the challenges in the coming months. I see a good opportunity for us to further set ourselves apart from our competitors in a positive sense and gain a leading edge. We also emerged from the last economic crisis a much stronger company,” commented Hans H. Overdiek, CEO of Pfleiderer AG, on the current business development.

EBITDA at €180 million at virtually same level as last year

Due to the above-average rise in the costs of raw materials the EBITDA fell slightly in a year-on-year comparison, from €183.9 million to €179.7 million. The EBIT in the first three quarters of 2008 saw charges amounting to €9.8 million due to higher depreciation as a result of the capacity expansion and the anticipated expenses for the relocation of the La Baie plant. The EBIT therefore decreased from €102.7 million to €87.4 million. The financial result deteriorated slightly from €-34.1 million to €-36.2 million. The result from continuing operations before taxes, amounting to €51.0 million, was taxed at a rate of 36.2% in the first three quarters, compared to 29.8% in the previous year. This increase has essentially been caused by the discontinuation of some of the loss carry forwards as a consequence of the increase in the stake held by the major shareholder One Equity Partners, to 26.9%, in the third quarter. After the dividend payments due to other shareholders and to the hybrid bondholder, earnings after taxes of €16.5 million (9M/2007: €29.2 million) were available to the Pfleiderer shareholders. This leads to earnings per share (diluted) of 32 euro cents compared to 57 euro cents in the previous year.

Segments with differing business developments Economic downturn also felt in Western Europe in third quarter

The revenues in the Western Europe region rose in the first nine months of the year by 1.0% to € 749.4 million. As Pergo was only consolidated with effect from March 1, 2007, the increase in revenues after nine months is based on the additional contribution to revenues by Flooring Europe in the first two months of the year. In the course of the year we noted increasing price pressure on raw particleboard and HDF/MDF boards, resulting from the weak demand for flooring. The prices for HPL and coated boards were able to assert themselves, in contrast. The cooling down of the economy was also increasingly felt in this region from the third quarter onwards, with the effect that the revenues for the quarter in Western Europe decreased by some €17.0 million to €233.4 million.

Thanks to continuous production optimization and rationalization as part of the program “Future BC West” the cost situation again improved. In a year-on-year comparison the EBITDA saw an above-average increase of 9.0% to €126.3 million. Thus, the EBITDA margin improved in the first three quarters of the year, from 15.6% to 16.9%. In the third quarter, however, it decreased slightly, from 16.5% to 16.0%.

Eastern Europe with strong growth in revenues

In the first nine months of 2008 the market situation in Eastern Europe changed significantly compared to that of the previous year. While revenues continued to grow in Russia – with higher margins than in the previous year – demand from customers in Poland suffered due to the strong zloty. Production by the Polish furniture industry, which is heavily dependent on exports, decreased in the first nine months of 2008 by ca. 15.0% over the previous year. Due to rising capacities in the region the prices for particleboard and MDF boards also came under pressure. Despite this adverse development, it was still possible to increase year-on-year revenues in the region by 13.5% to €318.6 million. This has been aided by the new MDF plant in Grajewo, exchange rates, and the enhanced capacities for coated and non-coated particleboard in Russia. Because of Delays in the construction of the new MDF/HDF plant in Novgorod, Pfleiderer AG is exercising interruption clauses specified in its contracts with machinery suppliers. The delays are attributable to the lead construction contractor and amount to approx. six months. This was announced last Wednesday.

The EBITDA for the period decreased in a year-on-year comparison from €51.3 million to €43.1 million. This corresponds to a downturn in the EBITDA margin from 18.3% to 13.5%. Above all, major rises in raw materials costs and declining product prices in Poland have put the margin under pressure. An extensive cost-cutting program of €27.0 million has been initiated to counter cost and price pressure.

New facility in North America

The consequences of the US real estate crisis have again had a clearly negative impact on business in the North America region in the first nine months of 2008. The revenues declined in a year-on-year comparison by 7.0% to €311.2 million. The downturn in revenues results, on the one hand, from loss of revenues totaling €30.7 million due to the closure of the La Baie plant, as the plant in Mont Laurier was only able to compensate in part for this loss of revenue, and, on the other hand, from exchange rate effects totaling €26.4 million. The new facility in Moncure, which was purchased as of August 1, 2008, contributed €5.0 million to revenues. Pergo made an additional contribution to revenues of €18.4 million in 2008.

Due to the very limited leeway for price increases for the products, on the one hand, and to high rises in costs, on the other hand, the income situation in the North America region continues to be unsatisfactory. To a large degree, substantial cost savings have only covered the most recent increases in the prices of raw materials. At €21.1 million the EBITDA virtually reached the level seen in the same period last year (€22.9 million). This included a negative sum of €1.5 million in restructuring costs for the relocation of the La Baie plant, as well as positive income of €5.4 million through the booking of badwill from the acquisition of the plant in Moncure.

Following the relocation of the La Baie plant – which will be associated with investments totaling some €80.0 million – Pfleiderer AG expects that production can commence at the new site in North Carolina in the third quarter of 2009. The location will have significant cost benefits due to wood prices now only being about half as high, thanks to considerably lower transport costs, and to integrated manufacturing of particleboard and MDF boards; it will clearly increase the profitability of the North America region. The exact date for the production launch will, however, be dependent on the market situation in North America.

Solid capital resources and balance sheet structure

Pfleiderer AG has a solid financial base and balance sheet structure, which was further improved in 2008 through, among other things, the issue of a Schuldschein of €165.0 million at favorable conditions. With the expansion of the plant in Russia and the acquisition of the plant in Moncure/USA the balance sheet total as of September 30, 2008 rose over the end of 2007 by 5.0% to €2,017.5 million. In view of the crisis on the financial markets, on the liabilities side of the balance sheet the short-term debt was reduced in favor of long-term financing, and thus reliable financing was secured at extremely favorable conditions for the coming years. The net debt rose over December 31, 2007 by €83.6 million to €701.8 million. The gearing was thus a solid 91%. Given the slight decrease in the equity capital, due to the dividend payment and the balance sheet extension the equity capital ratio decreased from 41.7% to 38.3%. Due to the slight decrease in earnings the operating cash flow was €167.3 million, and thus €7.2 million lower than that for the comparable period in the previous year. The cash flow from operations, however, increased from €109.9 million to €142.9 million.

For the final quarter of 2008, and also for next year, the company assumes that there will not be an improvement in the market as a whole, but that in parts the market will suffer further downturns. Against this background Pfleiderer AG has decided to temporarily put back the growth target in favor of strict cost management to be implemented in all areas and regions. Thus, in the current fiscal year the planned investments will be reexamined and amended where necessary. A major contribution to cost reductions is expected from the further production optimization measures. The costs situation will also be positively impacted by the lower costs for raw materials; this decrease has already been observed in some areas. In view of the difficulty of assessing the overall economic situation, serious forecasts are currently associated with great uncertainty. Pfleiderer AG assumes that the revenues in the fiscal year now ending will exceed those seen last year and that the result will be within the 2007 target corridor.

Key figures for the Pfleiderer Group as of September 30, 2008

Contact persons:

PFLEIDERER AG, Neumarkt
Fabian Schiffer
Vice President Corporate Communciation
Tel.: + 49 (0)9181 / 28 - 8491
Fax: + 49 (0)9181 / 28 - 606
E-Mail: fabian.schiffer@pfleiderer.com

Lothar Sindel
Vice President Investor Relations
Tel.: + 49 (0)9181 - 28-8491
Fax: + 49 (0)9181 - 28-606
E-Mail: lothar.sindel@pfleiderer.com

About Pfleiderer Group:

The MDAX-listed Pfleiderer Group is one of the worldwide leading providers for engineered wood. The company and its approximately 6,000 employees operates 22 sites in North America, Western and Eastern Europe producing engineered wood, surface finished products as well as laminate flooring. Pfleiderer is preferred partner of the furniture industry, specialist and home improvement stores, and interior design suppliers. In fiscal year 2007 the Group generated consolidated revenues of around 1.8 billion Euros and an EBITDA of 248.7 million Euros. More information at: www.pfleiderer.com

Contacts:

Fabian Schiffer
PFLEIDERER AG, Neumarkt
Vice President Corporate Communication
Tel.: + 49 (0)9181 / 28 - 8491
Fax: + 49 (0)9181 / 28 - 606
E-Mail: fabian.schiffer@pfleiderer.com

Elisabeth Pöhlmann
Manager Corporate Communication
Tel.: + 49 (0)9181 / 28 - 455
Fax: + 49 (0)9181 / 28 - 606
E-Mail: emerenz.magerl@pfleiderer.com

Neumarkt, August 11, 2008 – MDAX-listed Pfleiderer AG, ISIN DE0006764749, increased consolidated revenues by 3.5% in the first half of 2008 to €916.9 million (H1/2007: €886.0 million). Western and Eastern Europe were the growth drivers, while North America recorded a decline due in particular to the plant closure in La Baie, Canada, and to exchange rates. These two effects reduced the Group’s revenues by a total of €33.5 million. Overall, the international share of revenues in the Pfleiderer Group increased from 70.4% to 71.9%.

“The Pfleiderer Group, too, was not immune to the increasingly difficult economic environment and the impact of the weak US dollar. However, we are already reaping the benefits of the extensive measures to enhance efficiency that we have initiated, for example in Eastern Europe. We are methodically taking the necessary action and are convinced that we can emerge strengthened from this difficult market phase,” said Pfleiderer AG’s CEO Hans H. Overdiek, commenting on the Company’s current business performance.

Group return on sales remains a good 13.0%

At €119.5 million, consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) almost matched the previous year’s level (H1/2007: €121.0 million). The EBITDA margin remained a good 13.0% (prior-year period: 13.7%). Earnings were affected by rising raw material prices and limited scope for price adjustments in some cases. In addition, EBIT reflects expenses of €9.8 million relating to the closure of the MDF plant in La Baie, Canada. Exchange rates also had a negative effect of €1.5 million. As a result, EBIT only reached €54.8 million as against €70.5 million in the previous year.

Net financial expenses amounted to €31.8 million in the first six months of 2008, compared with €22.5 million in the prior-year period. This was primarily due to the mark to market of foreign currency positions and currency forwards (totaling €-5.6 million) and interest rate hedges (€-2.4 million). Pre-tax earnings from continuing operations fell from €48.1 million to €22.9 million in the period under review. After the profit attributable to minority interests and hybrid capital investors, the amount attributable to Pfleiderer shareholders was €5.3 million. This resulted in earnings per share of €0.10 compared with €0.43 in the prior-year period. Excluding the La Baie plant relocation, earnings per share would have been €0.24.

Mixed segment performance – strong earnings growth in Western Europe despite difficult environment

Revenues in Western Europe improved by 5% to €516.0 million despite an environment that is becoming tougher. Part of this growth relates to the initial inclusion of the laminate flooring manufacturer Pergo – which was acquired as of March 1, 2007 – in the entire six-month period. In the course of the reporting period it became difficult to adjust prices for raw particleboard and MDF boards. However, prices of laminated products were selectively increased. The Group further improved its cost situation due to continuous optimization of production. As a result, EBITDA increased by 19.5% to €89.0 million, while the EBITDA margin rose by two percentage points to 17.2%.

The economic slowdown in Europe will further restrict the Group’s ability to raise prices. Nevertheless, Pfleiderer AG expects extremely stable earnings for the rest of the year in Western Europe due to its product range, the continuous optimization of production, and lean cost management.

Earnings quality improves significantly in Eastern Europe in Q2

Half-yearly revenues in Eastern Europe increased by 11.2% to €206.0 million. This was mainly attributable to the new MDF plant in Grajewo, exchange rate effects, and excellent particleboard sales in Russia. However, business was again impacted by weak demand from customers in Poland and the strong Zloty. Prices for particleboard and MDF boards have come under pressure due to increased capacity in the region. This factor, coupled with the sharp rise in the cost of raw materials, led to a year-on-year decline in the region’s EBITDA from €34.3 million to €28.2 million. The EBITDA margin was therefore 13.7% as against 18.5% in the previous year. In the second quarter, however, the region’s EBITDA margin improved by 2.2 percentage points compared with Q2/2007 due to the cost-cutting program initiated in the first quarter.

Pfleiderer AG continues to expect fierce competition in Poland during the remaining months of the year, and will counter this situation by taking additional cost-cutting measures. However, demand in Russia is likely to remain healthy. At the same time, the company will further increase margin quality here due to a greater proportion of higher-quality products. The commissioning of Pfleiderer’s third laminating press in Russia in August 2008 will also contribute to this.

Market share increases in North America despite weak environment

The financial market crisis affected Pfleiderer’s business in North America, with revenues in the region down by 4.8% in the first half of the year to €210.4 million. On the one hand, the weak dollar accounted for a decline of €22.3 million, and on the other the closure of the La Baie plant led to lost revenues of €19.9 million. However, Pfleiderer’s subsidiary Pergo made a positive contribution. Without the effects of La Baie and Pergo, local currency revenues would have been up by 5.5%. Efforts in the region led to a substantial increase in market share in all areas. Earnings in the North America business are currently unsatisfactory. Although the cost-cutting measures initiated in 2007 were successfully implemented, they could not fully offset rising raw material prices and selling prices that are declining in some cases. EBITDA therefore fell from €16.3 million to €10.0 million. This includes restructuring costs of €1.5 million for the La Baie plant relocation. At EBIT level, the relocation entailed a further €8.3 million in depreciation and amortization of noncurrent assets.

Pfleiderer AG is responding to the difficult market situation in North America by relocating its La Baie plant to the new production site at Moncure in North Carolina (U.S.A.). The Company aims to become the cost leader in the region due to substantially reduced wood prices, significantly lower transportation costs, and integrated particleboard and HDF production. This will considerably increase profitability in North America. The launch of the new HDF production line is scheduled for the third quarter of 2009. This capacity will therefore be available in time for the market turnaround that is generally forecast for the end of H2/2009.

Balance sheet structure dominated by new corporate bond

Total assets rose by 6.1% to €2,037.8 million due to the issue of a corporate bond totaling €165.0 million. The placement of the corporate bond enables the company to optimize the structure of its financial liabilities by extending their maturity. For technical closing date reasons, however, the corporate bond was only partially used to replace current financial liabilities. Net debt increased by €56.3 million to €674.5 million. Gearing (ratio of debt to equity) was 87.3% as of June 30, 2008, compared with 77.2% at the end of 2007. Equity fell slightly due to dividend payments; following the increase in total assets, this was reflected in a decrease in the equity ratio from 41.7% in the previous year to 37.9%. This trend will reverse in the next quarter since the cash provided by the corporate bond will be used to further reduce debt, and total assets will therefore decline.

Pfleiderer AG revises 2008 targets

Pfleiderer AG believes that the consequences of the ongoing financial market crisis for the real economy could impact its business in the second half of 2008. At present, Pfleiderer AG therefore sees only limited opportunities to immediately pass on cost increases for raw materials to the necessary extent. In 2008, the Company’s operating business will not fully achieve the €2 billion revenue target and 15% EBITDA margin target set in the previous year. Pfleiderer AG currently expects revenues of €1.8 to €1.9 billion. From today’s perspective, however, it expects to exceed its 2007 EBITDA.

Key figures for the Pfleiderer Group as of June 30, 2008

Contact persons:

PFLEIDERER AG, Neumarkt
Fabian Schiffer
Vice President Corporate Communciation
Tel.: + 49 (0)9181 / 28 - 8491
Fax: + 49 (0)9181 / 28 - 606
E-Mail: fabian.schiffer@pfleiderer.com

PFLEIDERER AG, Neumarkt
Lothar Sindel
Vice President Investor Relations
Tel.: + 49 (0)9181 - 28-8491
Fax: + 49 (0)9181 - 28-606
E-Mail: lothar.sindel@pfleiderer.com

Neumarkt, August 4, 2008 - Uniboard, a subsidiary of the MDAX-listed Pfleiderer Aktiengesellschaft (ISIN DE0006764749), is to relocate its HDF production from La Baie in Canada to Moncure in North Carolina, USA, where it has bought a particleboard plant from competitor ATC Panel. With the closure of the unprofitable plant in Canada and investment of approximately €80 million at the US site, Pfleiderer – the premier producer of engineered wood – is creating the right conditions to become the cost leader also in the production of laminate flooring in North America.

“Pfleiderer AG is already the market leader for laminate flooring in the North America region. With this strategic step, we will now also achieve cost leadership and will thus emerge strengthened from the market crisis,” explained Hans H. Overdiek, CEO of Pfleiderer AG.

Pfleiderer AG will be able to benefit from substantial synergy effects at the new site in Moncure. Just 50 kilometers away in Raleigh, the Pfleiderer subsidiary Pergo Flooring produces laminate flooring from high-density fiberboard (HDF). So from the plant in Moncure, Uniboard will be able to directly supply its associated company with the base material for its product, while Pergo Flooring will profit from lower transport costs and improved reliability of supply.

Another advantage of the plant relocation is the reduction in costs due to the favorable infrastructure for the wood industry in the area. Timber can be purchased significantly less expensively at the new location than at La Baie in Canada, and there is a glue supplier close to the new plant.

The Pfleiderer subsidiary will also profit from the fact that approval has already been granted for the expansion of production in Moncure to include HDF/MDF, so the reloca-tion of the plant from La Baie to Moncure can be started without delay. The start of the new HDF production line is planned for the third quarter of 2009. This means that the new production capacity will be available in good time for the market upswing, which is generally anticipated for the end of 2009. Pfleiderer AG will receive investment grants for the new production facility of US$12 million from the state of North Carolina.

With the acquisition of the ATC particleboard plant and the new development of an MDF/HDF plant in Moncure, Pfleiderer AG will have its own production lines for both particleboard and MDF/HDF in the United States. This will allow the Group to directly supply customers in the main markets of the USA in the south and mid-west at com-petitive conditions. Another advantage is the elimination of the exchange-rate risk be-tween Canada and the United States.

About Uniboard:

Pfleiderer’s subsidiary Uniboard is the leading producer of engineered wood in North America, with total production capacity of more than 1,600,000 cubic meters of parti-cleboard and medium-density and high-density fiberboard. With nearly 1,400 employ-ees, the Pfleiderer subsidiary generates annual revenue of more than C$550 million.

Contacts:

Fabian Schiffer
PFLEIDERER AG, Neumarkt
Vice President Corporate Communication
Tel.: + 49 (0)9181 / 28 - 8491
Fax: + 49 (0)9181 / 28 - 606
E-Mail: fabian.schiffer@pfleiderer.com

As the company already announced in July 2007, in addition to the existing particleboard plant, a new technologically leading plant is to be built for the production of medium-density and high-density fiberboard (MDF/HDF). The new production facility with an annual output of up to 500,000 cubic meters will probably go into operation during the third quarter of 2009. As a result of this investment of €144 million, the Pfleiderer Group will be able to fully utilize synergy potential with its existing plants in Eastern Europe.

The dynamic markets for engineered wood in Russia are some of the Pfleiderer Group’s key growth markets and are increasingly gaining importance due also to their earnings potential. “Our production site in Novgorod will become a megasite with the construction of this ultramodern fiberboard plant, once again demonstrating our consistent growth strategy in Eastern Europe. We see further growth potential in the Russian market and anticipate an EBITDA margin of more than 30% at our new plant,” stated Dr. Robert Hopperdietzel, Deputy Chairman of the Executive Board of Pfleiderer AG and responsible for the area of Technology and Operations.

The production site in Novgorod is strategically well located for supplying the Russian market and for exporting. Pfleiderer has been investing in this site for nearly two years now, and operates one of Russia’s most up-to-date particle-board plants in Novgorod. This ultramodern facility for the production and surfacing of particleboard with an annual capacity of approximately 500,000 cubic meters went into operation in the autumn of 2006. In view of last year’s high demand for surfaced particleboard, Pfleiderer AG has meanwhile taken the required steps to increase its production capacity for raw particleboard to more than 500,000 cubic meters and its volume for surfaced particleboard to 20 million square meters.

The new MDF/HDF plant will be operated as a 50-50 joint venture between a 100% subsidiary of Pfleiderer AG and the Polish company Pfleiderer Grajewo S.A., which is majority owned by Pfleiderer AG.

Contacts:

Fabian Schiffer
PFLEIDERER AG, Neumarkt
Vice President Corporate Communication
Tel.: + 49 (0)9181 / 28 - 8491
Fax: + 49 (0)9181 / 28 - 606
E-Mail: fabian.schiffer@pfleiderer.com

Elisabeth Pöhlmann
PFLEIDERER AG, Neumarkt
Manager Corporate Communication
Tel.: + 49 (0)9181 / 28 - 455
Fax: + 49 (0)9181 / 28 - 606
E-Mail: elisabeth.poehlmann@pfleiderer.com

Neumarkt, July 09, 2008 - With the issue of a corporate bond in a volume of €165 million, MDAX-listed Pfleiderer Aktiengesellschaft (ISIN DE0006764749) has created further financial flexibility. The placement started at the end of May through a banking consortium managed by WestLB and HSBC Trinkhaus & Burkhardt and was recently closed. With the successful placement, the company is optimizing its financial liabilities through a prolongation of maturity.

The funds resulting from the bond are to be primarily applied to improve the Group’s liquidity and financial flexibility supporting Pfleiderer’s growth strategy. They will be used to finance investments in Russian and the USA. The proceeds will also be partially used to reduce Pfleiderer’s liabilities from the syndicated credit.

Balance sheet quality to further improve in 2008

At the end of the first quarter, the Group had an equity ratio of 41.1%. The ratio of net financial debt to equity, often referred to as gearing, was 81% at the end of March 2008. The Group plans to improve its balance sheet quality by the end of this year. The equity ratio is to surpass its level of the end of 2007 (41.7%) and net debt is to be reduced.

Contact person:

Fabian Schiffer
PFLEIDERER AG, Neumarkt
Vice President Corporate Communication
Tel.: + 49 (0)9181 / 28 - 8491
Fax: + 49 (0)9181 / 28 - 606
E-Mail: fabian.schiffer@pfleiderer.com