Hamburg, 14 November 2008 - Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7)posted sales of EUR 156.1 million for the first nine months of the year,compared with EUR 143.4 million for the prior-year period.

A geographic breakdown of sales shows that Europe once again reported strong revenues, of EUR 128.4 million (prior year: EUR 114.8 million). With sales of EUR 16.6 million, the American operations turned in a slightly weaker performance than in 2007 (EUR 20.1 million). Sales for Asia as a whole were more than 26% higher than the EUR 8.7 million reported for the first three quarters of 2007. In particular, the first-time consolidation of the MCN and Procon subsidiaries caused sales through the end of September 2008 to rise to EUR 11.0 million.

The Ship Newbuilding business segment - the traditionally strong core business - contributed sales of EUR 53.4 million, which represented an increase of just under 7% over the same period last year (EUR 50.0 million). This increase was driven primarily by the European - and especially the German - subsidiaries. Ship Repair, another maritime business segment, reported sales of EUR 32.7 million, slightly lower than the prior-year figure of EUR 33.7 million because of the temporary underutilization of the Singapore site. The Singapore order backlog for the next two quarters has returned to normal. Muehlhan's Oil & Gas Offshore segment posted sales of EUR 10.7 million at the end of the 3rd quarter, up from EUR 9.7 million last year. This increase of around 10% over the prior-year figure was mainly attributable to the initiation of new projects in the North Sea. Once again, the Industry Services business segment - with its broadly diversified catalog of services ranging from surface protection for wind generation facilities, steel bridges and industrial plants through maritime and industrial scaffolding to steel ship construction services - was the strongest business segment, reporting total sales of EUR 59.1 million (prior year: EUR 50.2 million), which represented a growth rate of more than 17%.

Muehlhan also managed once again to expand the positive performance demonstrated during the first half by its earnings before interest, taxes, depreciation and amortization (EBITDA), increasing this figure from EUR 6.7 million (2007) to EUR 13.3 million. EBIT (earnings before interest and taxes) improved to EUR 7.9 million, compared with just EUR 1.8 million last year. Muehlhan's EBT (earnings before taxes) of EUR 6.2 million, compared with only EUR 0.5 million in 2007, likewise demonstrated the improvement in profitability. Consolidated earnings after minority interests for the first nine months of fiscal year 2008 of around EUR 3.4 million (including EUR 1.3 million in the 3rd quarter of 2008) were more than EUR 5.1 million higher than in 2007 (January - September 2007: EUR -1.7 million; 3rd quarter 2007 alone: EUR 0.8 million). Earnings per share of EUR 0.17 were around EUR 0.26 higher than in the same period last year.

Outlook In line with prior expectations (sales of EUR 200 to 215 million, EBIT of EUR 9 to 12 million, after-tax income of between EUR 4 and 6 million), the Executive Board is providing a more detailed forecast for the full year of around EUR 200 million in sales, with earnings of EUR 9 to 10 million at the EBIT level and after-tax income of EUR 4 to 5 million. Earnings from the pending legal proceedings regarding asserted claims from the Golden Gate Bridge project are not included, as the Executive Board no longer expects a ruling to be issued this fiscal year. Based on currently available information, the earnings for this fiscal year will not be materially impacted by the crisis in the financial markets.

NB: The complete report will be available for download at www. muehlhan.com later this morning.

About Muehlhan: The Muehlhan Group is a leading world provider of marine surface protection. Its core business consists of applying and renewing corrosion protection coatings to steel structures. They include steel surfaces of ships and of oil and gas rigs and platforms. The Muehlhan Group is also active in the Industry Services segment, which, besides scaffolding for marine and industry customers, includes surface protection for wind turbines, chemical production plants, and fuel storage depots, steel bridges, cranes, and machinery. The company's patented technology brand-named μ-jet(R) guarantees especially high quality and efficiency in the removal of old coatings and rust, particularly in the open sea. Muehlhan was established in Hamburg in 1881 and employs some 2,400 employees around the world. In 2007 the company generated revenue of EUR 196 million (IFRS). For further information visit www.muehlhan.com.

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