    
 MUEHLHAN AG
Annual Report 2005
31 July 2006
Excerpt from the Chairman's Statement
In raising a senior note of more than EUR 35 million we were able for the first time to convince the international financial market of the Muehlhan Group's capabilities. Placing the industrial senior note on the US capital market is a milestone that has geared the Group's balance sheet structure to its strategy. We now have the financial leeway to pursue more actively further acquisitions and to set up subsidiaries at interesting growth locations. In retrospect, 2005 was a superb year in the company's 125-year history, a year in which we set the course for future corporate development.
Dr Andreas Krüger
Chairman of the Executive Board
Placement of these securities was arranged through Schechter & Co Limited.
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Schechter & Co. Limited