Pfleiderer AG Starts Share Buyback

Plan to purchase up to 1,000,000 Pfleiderer shares via the stock exchange

Neumarkt, July 1, 2008 – The Executive Board of Pfleiderer AG, Neumarkt, has resolved to purchase up to 1,000,000 shares of the Company via the stock exchange in the period up to July 25, 2008. This corresponds to approximately 1.87% of the share capital. Pfleiderer AG is thus exercising the authorization by the Annual Shareholders´ Meeting on June 12, 2008 to acquire own shares.

The primary purpose of the share buyback is to use the own shares acquired to settle the subscription rights for shares of the Company from stock options issued in conjunction with Pfleiderer stock option plans, or to be issued under future plans. The shares will also be purchased for the purpose of using them to acquire companies, parts of companies, or interests in companies.

The share buyback will be executed under the lead management of one or more credit institutions whose decisions about the timing of the purchase of own shares will be independent of and not influenced by the Company. The shares will be acquired exclusively via Xetra trading on the stock exchange. No more than 25% of the average daily trading volume on the 20 trading days prior to the purchase date may be purchased on any single day. After execution, the transactions will be regularly announced on Pfleiderer AG’s website.

Shares acquired or to be acquired:

Non-par value bearer shares of Pfleiderer Aktiengesellschaft

Stock Exchange:

Xetra

Pfleiderer AG Starts Share Buyback

Plan to purchase up to 4,872,610 Pfleiderer shares via the stock exchange

The Executive Board of Pfleiderer AG has resolved with the consent of the Supervisory Board to purchase up to 4,872,610shares of the Company via the stock exchange in the period up to December 31, 2007. Th is corresponds to approximately 9% of the share capital. Pfleiderer AG is thus exercising the authorization by the Annual General Meeting on June 19, 2007 to acquire own shares.

The primary purpose of the share buyback is to use the own shares acquired to settle the subscription rights for shares of the Company from stock options issued in conjunction with Pfleiderer stock option plans, or to be issued under future annual plans. The shares will also be purchased for the purpose of selling the own shares acquired in conjunction with the purchase of companies, parts of companies, or interests in companies.

The share buyback will be executed under the lead-management of one or more credit institutions whose decisions about the timing of the purchase of own shares will be independent of and not influenced by the Company. The shares will be acquired exclusively via on-exchange Xetra trading. No more than 25% of the average daily trading volume on the 20 trading days prior to the purchase date may be purchased on any single day. After execution, the transactions will be regularly announced here.

• Notification in the “Börsenzeitung” (Stock Exchange Gazettte) of August 24, 2007 (German Version)

Shares acquired or to be acquired:

Non-par value bearer shares of Pfleiderer Aktiengesellschaft

Stock Exchange:

Xetra

Repurchase of own shares to service subscription rights under stock options

The Executive Board of Pfleiderer AG resolved to acquire up to 460,000 own shares of the Company via the stock exchange between March 1, 2007 and April 30, 2007. Pfleiderer AG has therefore exercised the authorization by the Annual General Meeting on June 13, 2006 to acquire own shares.

• Ad hoc disclosure in accordance with section 15 of the WpHG dated February 13, 2007
• Announcement in the Börsenzeitung dated February 17, 2007

The treasury shares will be used to subsequently settle subscription rights for shares of the Company under stock options issued in conjunction with Pfleiderer’s stock option plans.

The shares are being acquired exclusively via on-exchange XETRA trading. The acquisition price paid in each case for shares must not exceed or fall below the average volume-weighted closing price of the Company’s shares in XETRA trading on the last three exchange trading days before the purchase is made by more than 10%. No more than 75,000 shares may be acquired per trading day. The purchase price should be as low as possible, and the shares should be purchased in a manner that is in the Company’s best interest; however, the purchase price may not exceed €27.50 per share. Shares must not be acquired at a price higher than the last independent transaction executed XETRA trading – or where the latter is higher – at a price that is higher than the last independent offer XETRA trading at the relevant point in time.

The repurchase is being executed under the lead-management of a credit institution whose decisions about the timing of the purchase of own shares are independent of and not influenced by the Company.

The shares repurchased in accordance with the resolution of the Executive Board are bought in accordance with the safe harbor rules pursuant to sections 14(2) and 20a(3) of the WpHG in conjunction with Commission Regulation (EC) No. 2273/2003 adopted on December 22, 2003 – exemptions for buy-back programs and stabiliation of financial instruments.

Own/Treasury shares:

(No-par value) registered ordinary shares of Pfleiderer Aktiengesellschaft

Stock Exchange:

Xetra