Pfleiderer AG Starts Share Buyback

Neumarkt, Germany, August 22, 2007–Pfleiderer AG will purchase up to 4,872,610 shares of its stock through the end of the year, or about 9% of outstanding shares.

The company said it will use the shares for its stock option plans and to make acquistions.

The shares will be acquired exclusively via on-exchange Xetra trading.