7C Solarparken AG

Investor Presentation • Nov 30, 2009

Analyst & Investor Presentation Q3/2009

COLEXON Energy AG

Conference Call

Hamburg, 30. November 2009 | © COLEXON Energy AG

CONTENTS

Snapshot

The PV Market

Business Model and Strategy

Financials

Outlook

Snapshot COMPANY PROFILE

COLEXON at a Glance

• Leading key player in solar solutions
• IPP with the mid-term goal of grid parity
• Active in projects, wholesale and plant operation
• Focused on state-of-the-art technologies
• Strong focus on Europe and USA

Henrik Christiansen CFO since Oct. 2008

Business Development

in m€	Q3/2007 'old" COLEXON	Q3/2008 'old" COLEXON	Q3/2009 'new" COLEXON*
Revenue	51.3	98.5	112.7
EBIT	1.5	6.9	14.0
Margin	2.9 %	7.0 %	12.4 %

* Pro forma numbers: "new" COLEXON after acquisition (includes Renewagy)

COLEXON grows against market trend due to strong position in downstream value chain.

CONTENTS

Snapshot

The PV Market

Business Model and Strategy

Financials

Outlook

The PV Market WORLD MARKET DEVELOPMENT

High market potential of solar industry

Global annual PV market outlook in MW

Germany France USA Spain Rest of World

Source: EPIA 2009, Global Market Outlook for Photovoltaics until 2013

• 2006 to 2008: Dynamic growth and high excess demand
• 2009: Market slowdown and module oversupply lead to increased competition
• 2010 onwards: Positive outlook due to enormous global market potential

COLEXON is positioned in the most important growth markets.

The PV Market SOLAR VALUE CHAIN (DOWNSTREAM)

COLEXON covers the most profitable segments in the solar industry

• Integration along PV value chain keeps entire margin inhouse
• Stable and secured cash flows from IPP business strengthen overall business

COLEXON"s strong position within the value chain promotes operating margins.

The PV Market COLEXON PEER GROUP

COLEXON outperformed its peer group in EBIT development.

COLEXON greatly increased its competitiveness with the takeover of Renewagy.

CONTENTS

Snapshot

The PV Market

Business Model and Strategy

Financials

Outlook

Business Model and Strategy BUSINESS SEGMENTS

Flexible business model as a basis for stable and dynamic growth

Wholesale	Projects		Plant Operation
Service, Logistics and Distribution	Turnkey Solar Power Plants		Solar Power Generation
Modules, Components Investor Portfolios and Turnkey Systems 1MWp to Multi-MWp Own investment • System integrators • Agriculture • Investors • Project developers • Industry • Fonds • Resellers • Public Institutions • Industry • Institutional Investors		Roof/Area Leasing, 1MWp to Multi-MWp	Own investment 1 MWp to Multi-MWp Power Plants • COLEXON IPP GmbH • Own investment
	Service and Operation for own and external Solar Power Plants

COLEXON follows a flexible business approach for efficient market penetration.

Business Model and Strategy WHOLESALE

COLEXON – competent partner for resellers and installers

Wholesale	Projects	Plant Operation
• Activity •	Full-service approach including highest quality standards and state-of-the-art technology	Distributing high-end modules, components and turnkey systems
• Rationale • •	Ability to balance cashflow through business cycles Equalizing revenue fluctuations in project business Market entry strategy for emerging markets
• USP • •	Extensive supply network enables flexible range of products Access to premium thin film panels of First Solar Project business experience transfer into customer support

Wholesale segment strengthens COLEXON"s business.

Business Model and Strategy PROJECTS

Turnkey solar power plants – the solution from a single source

Wholesale	Projects	Plant Operation
• Activity •	Realization of return-optimized turnkey solar power plants Focus on large-scale rooftop projects
• Rationale •	High demand for return optimized PV plants Attractive returns and margins
• • USP •	More than 1,700 realized solar power plants Focus on innovative technologies, e.g. First Solar Legal processing competence

COLEXON is one of the leading experts in developing return optimized PV plants.

Business Model and Strategy PROJECTS

Extract of project references in Germany

Year	Project	Size
Dec. 2008	Haßleben, rooftop	4,640 kWp
Dec. 2008	Etzbach, rooftop	735 kWp
Dec. 2008	Haunsfeld, free field	1,670 kWp
Aug. 2008	Michelin, rooftop	1,900 kWp
Jun. 2008	Waldeck, rooftop	3,040 kWp
Aug. 2007	Ramstein, rooftop	2,500 kWp
Jun. 2007	Bolart, rooftop	2,320 kWp

COLEXON has the experience of more than 1,700 realized solar projects worldwide.

Business Model and Strategy PROJECTS

Extract of international project references

Year	Project	Size
2009E	Sainte-Maxime, free-field (FR)	1,000 kWp
May .2009	ASU Coor Hall, rooftop (USA)	108 kWp
Dec. 2008	DongNam, BIPV (SK)	607 kWp
Sep. 2008	Ronda, free field (ES)	1,980 kWp
Jun. 2008	Huelva, free-field (ES)	221 kWp
Mar. 2008	Almanzora, free field (ES)	448 kWp
Feb. 2008	Youngkwang, free field (SK)	3,000 kWp

COLEXON has realized projects in Germany, Spain, France, USA and South-Korea.

Business Model and Strategy SECURED PROJECT PIPELINE FOR 2010

COLEXON's project pipeline is focused on Europe

Country	Projects in audit (in MWp)	Projects in development (in MWp)
Germany	3	6
France	10	25
Italy	2	1
Spain	1	1
Czech Republic	2	5
USA	2	1
Bulgarien	25	-
Total	45	39

• COLEXON has the flexibility to keep projects inhouse or to sell them to external parties.

Business Model and Strategy PLANT OPERATION

COLEXON – an independent energy supplier of solar power

Wholesale	Projects	Plant Operation
• Commissioning Activity • Operation and • Advanced	and legal process maintenance of solar parks financing of PV systems
• • Rationale •	Promote company"s profitability with high margin business State-guaranteed cash flows strengthen liquidity First step in positioning as utility
• USP •	Existing portfolio of own solar power plants of approx. 44 MWp In-house know-how and experience for site management

Plant operation business adds stability and competitiveness to business development.

Business Model and Strategy PLANT OPERATION

COLEXON's portfolio as an independent supplier of solar power (IPP)

Year	Project	Size
2009	Etzbach/Dierig, rooftop	1.57 MWp
2008	Eckolstädt, free field	8.82 MWp
2008	Moorenweis, free field	5.94 MWp
2008	Waldeck portfolio, rooftop	5.92 MWp
2008	Tierhaupten, free field	4.99 MWp
2008	Immler, rooftop	4.56 MWp
2008	Hurlach, free field	4.30 MWp
2008	Froschham, free field	4.20 MWp
2008	Kettershausen, free field	2.38 MWp
2007	Hiendorf, free field	1.06 MWp
Total		43.74 MWp

State-guaranteed income of approx. 44 MW solar plants provides secured cash flows.

CONTENTS

Snapshot

The PV Market

Business Model and Strategy

Financials

Outlook

Financials FINANCIAL IMPACT OF REVERSE ACQUISITION

Reverse Acquisition

•Takeover affects consolidated financial figures of COLEXON Group

•Combined financials shown in Q3 2009 for the first time

Transaction was be performed as a reverse acquisition. Acquirer is Renewagy A/S, aquiree is COLEXON Energy AG

Acquisition and first time consolidation date: August 14, 2009. A Purchase Price Allocation (PPA) applied at that date

The P&L for the Renewagy is shown for the total reporting period.

The P&L for the COLEXON are shown from the date of first consolidation onward (August 14, 2009).

Pro Forma

Pro Forma figures shown for comparison reasons. Figures for 2009 include Renewagy and "old" COLEXON.

Consolidated group financial figures to compare with previous publications only on Pro Forma basis.

Financials IFRS: PROFIT & LOSS Q1-Q3 2009

COLEXON Renewagy Combined 01.01.- 13.08.09 14.08.- 30.09.09 COLEXON Renewagy Combined 01.01.- 13.08. 14.08.- 30.09. A first glance at the new COLEXON: Revenue and EBIT Before After Before After Revenue Q1-Q3 1+1=1,3 EBIT Q1-Q3 1+1=1,3

• The complete results up to August 13, 2009 are eliminated
• Total revenue and EBIT for the group comprises Renewagy as normal and COLEXON from August 14, 2009 onwards

The reverse acquisition technique distorts actual revenues.

Financials IFRS: KEY FINANCIALS AS OF SEPTEMBER 30, 2009

Comparability due to Reverse Takeover only limited

• 2008: According to IRFS the report is based on Renewagy-results in 2008
• 2009: Result 2009 additionally affected from distortion of 3.5 m€ due to one-offs from the acquisition

In spite of economic downturn acknowledgeable results in key financial numbers.

Financials IFRS: PROFIT & LOSS Q3 2009 (M€)

Comparability due to Reverse Acquisition only limited

	01.01. – 30.09. 2008 *	01.01. – 30.09. 2009**
Revenue (+)	6,1	41,6
Cost of revenue (-)	0,4	22,8
Other income (+)	0,1	2,3
Gross profit	5,8	21,1
Personnel expenses (-)	1,5	2,0
Operating expenses (-)	1,6	1,9
Depreciation (-)	1,2	4,3
EBIT	1,5	13,0
Financial result (-)	0,5	6,9
Taxes (-)	-0,1	1,3
Net profit of discontinued operations (+)	0,1	0,1
Net profit	1,3	4,9

* Figures of Renewagy only

** Figures of Renewagy and

COLEXON since 14.08.2009

Pro-Forma accounts are the only possibility to compare and to interpret the results.

Financials IFRS: Balance Sheet Q3-2009

In m€	30.09.2008	31.12.2008	30.09.2009
Non-current assets	185,5	237,6	246,4
there of goodwill	64,5	63,4	71,1
there of equipment and machinery	72,1	156,7	154,4
Current assets	10,3	19,3	74,6
Total assets	195,8	269,3	321,0
Equity	99,1	97,1	118,5
Non-current liabilities	87,1	104,5	129,5
there of financial liabilites	86,5	103,6	125,9
Current liabilities	9,6	58,9	72,9
Total equity and liabilities	195,8	269,3	321,0

Balance sheet includes COLEXON and RENEWAGY for total reporting period.

Financials IFRS: Cash Flow Q3-2009

In m€	Q1-Q3 / 2009	Q1-Q3 / 2008
Net profit	4,9	1,3
Non-cash expenses	-2,2	0,9
Changes in W/C	-10,7	-5,6
Changes in other assets	15,4	1,8
Cash flows from operating activities	7,4	-1,7
Cash flows from investing activities	-6,9	-88,3
Cash flows from financial activities	-2,0	82,2
Cash flows from discontinued operations	3,6	2,5
Net change in cash and cash equivalents	2,2	-5,3

Cash and cash equiv. at beginning of period	10,0	13,8
Changes of consolidated companies	1,5	0,0
Cash and cash equiv. at end of period	13,7	8,6

Strong increase in operating cashflow due to plant operation business.

Financials Pro-forma: PROFIT & LOSS Q3 2009 (M€)

Second half of 2009 started as expected positive

	01.01. – 30.09. 2009*	in %
Revenue (+)	112,7
Cost of revenue (-)	82,9	74%
Other income (+)	3,0	3%
Gross profit	32,8	29%
Personnel expenses (-)	5,7	5%
Operating expenses (-)	7,9	7%
Depreciation (-)	5,2	5%
EBIT	14,0	12%
Financial result (-)	7,6	7%
Taxes (-)	1,4	1%
Net profit of discontinued operations (+)	0,1	0%
Net profit	5,0	4%

* Figures of Renewagy and COLEXON since 01.01.2009

Strong EBIT impact in Q3 numbers due to new segment "solar power plants".

Financials Pro-forma: PROFIT & LOSS by Segments Q3 2009

In m€	Projects	Wholesale	Power Plants	Holding	Consolidation	Total
Revenues	18,8	80,0	15,4	0,0	-1,5	112,7
EBIT	-1,6	11,0	8,1	-5,0	1,5	14,0
Assets	69,8	31,7	251,7	4,1	-36,9	320,3
Employees	54	13	8	30	0	105

Results in Business Unit Projects behind expectation because of hesitance of investment activities in the first half of 2009

Financials FINANCIAL OUTLOOK 2009

First glance at the business year 2009

• For the business year the management of COLEXON is expecting based on Pro-Forma figures
• Revenues: 160 180 M€
• EBIT: 16 18 M€
• According to IFRS (incl. Reverse Acquisition) the strong position of the "new" COLEXON will not appear accordingly because of the distortion of revenues until mid of August 2009
• Revenues: 100 110 M€
• EBIT: 16 18 M€ (due to not final PPA)

In spite of economic downturn strong growth in key financial numbers.

CONTENTS

Snapshot

The PV Market

Business Model and Strategy

Financials

Outlook

Strategic Outlook LONG-TERM STRATEGIC OUTLOOK

2009: Laying the foundation for our future success

* Pro forma estimates for entity after acquisition (combined numbers of COLEXON and Renewagy)

COLEXON combines sustainable development with dynamic growth.

Strategic Outlook COLEXON IN 2010

2010: Starting phase of the "new" COLEXON

Our strategy:

• Strengthen international business (especially in France and Czech Republic)
• Promote sustainable growth
• Strengthen IPP business

2010 targets:

Wholesale business	40 MWp
Project business	36 MWp
Plant operation	24 MWp
Total	100 MWp

The "new" COLEXON is active in the whole downstream segment.

Strategic Outlook Conclusion

Strategic positioning

Concentration on most attractive market segments allows high profitability

Flexible business model

Three pillars enhance flexibility and enable quick reactions to market development

Strong cash basis

20 years state guaranteed cash flows from plant operation enhance liquidity

Proven experience

More than 1,700 successfully realized projects worldwide proof operative excellence

Strong partner network

Partnership with market leader First Solar / no additional binding obligations allow flexibility

Strong 2009 as reliable basis for 2010+

Hamburg, 30. November 2009

COLEXON Energy AG Grosse Elbstrasse 45 • 22767 Hamburg • Germany FON: +49 40. 28 00 31-0 FAX: +49 40. 28 00 31-101 ir@colexon.de www.colexon.com