7C Solarparken AG

Quarterly Report • Nov 28, 2008

COLEXON ENERGY AG

INTERIM REPORT JANUARY - SEPTEMBER 2008

KEY FIGURES AS OF SEPTEMBER 30, 2008

Profit and Loss		Q1-Q3 2008	Q1-Q3 2007*
Turnover	Mio. EUR	98.50	51.34
Gross profi t and loss	Mio. EUR	18.87	9.46
EBI TDA	Mio. EUR	7.11	1.70
EBI T	Mio. EUR	6.91	1.51
RESUL T oF THE PERIOD	Mio. EUR	3.76	0.50
BALANCE SHEE T		30.09.2008	31.12.2007*
Total assets	Mio. EUR	69.51	56.38
Equi ty	Mio. EUR	37.25	33.49
Equi ty rat io	%	53.59	59.39
Subscribed capi tal	Mio. EUR	5.12	5.12
Balanced goodwill	Mio. EUR	16.41	16.41
Cashflow		Q1-Q3 2008	Q1-Q3 2007*
Cashflow from operat ing act ivi t ies	Mio. EUR	-1.15	-0.14
Cashflow from invest ing act ivi t ies	Mio. EUR	-0.27	-0.30
Cashflow from financing act ivi t ies	Mio. EUR	-0.17	-1.63
Cash and cash equivalents as of JUNE 30, 2008	Mio. EUR	3.15	7.23
Number of employees as of Se ptember 30, 2008	absolut	79	62
Share
		0.74	0.10
Result per share (undiluted)*	EUR
Share price at End of December (closing price)	EUR	12.88	7.41
Share price at end of Se ptember (closing price)	EUR	5.05	9.20

* Adjustment in accordance with IAS 8 (s. explanation in the notes)

** Base 2008: 5.12 mio. shares; base 2007: 4.94 mio. shares (There are no diluted effects.)

Key data of the share
WKN / ISIN	525070 / de0005250708
Trading Symbol	hr p
Common Code	022356658
Segment, trade	Prime standard, regulated market in Frankfurt
Number of shares	5,115,000
Type of shares	No-par-value shares
Designated sponsor	VEM Akt ienbank AG, Munich
Opening price	December 2000

table of contents

Le t ters to the shareh older	2
ts - new Projec Projec t-highl igh ts and bu ilding Progress	4
The Sh are	8
MarkEt trends And share value	8
shareh olders' struc ture	9
Direc tors' dealings	9
Convertible Bond	9
Investor rel ations	10
Group anageme nt Rep ort As of Sep tembe r 30, 2008	11
Marke t devel opme nt	11
Course of bu siness And corporate strateg y	12
Asse t-, Financial and Earnings position	13
opp ortunity and risk rep ort	14
suppleme ntary rep ort	15
forec ast rep ort	15
consolidated interim acc ounts as of Sep tembe r 30, 2008	18
balance shee t	18
profit and loss stateme nt	20
ange of equ ity	21
Cash flow stateme nt	22
consolidated notes	23
The cole xon-group	23
Acc ounting principle s, rep orting and valu ation me thods	23
Scope and principle s of consolidation	29
othe r inform ation	30
FINANc ial cALEND aR 2008/2009	35
Imp rint	35
Discl aime r	35

Le t ter to the shareholders

Executive Board: Thorsten Preugschas and Henrik Christiansen

Dear Shareholders Dear Sir or Madam.

The third quarter of 2008 was characterized by the global financial crisis, which led to a significant slowdown in the overall economic growth. This development did not leave the solar energy market unscathed. Given these difficult conditions, we are all the more happy to present this Q3 report as testament to the ongoing positive development of the COLEXON group.

During the first nine months of the financial year 2008, COLEXON almost doubled its turnover to EUR 98.5 million. The growth in earnings before interest and tax (EBIT) was even more impressive. It quadrupled from EUR 1.5 million in the first three quarters of the previous year to EUR 6.9 million in 2008. These positive figures show that despite of the current uncertainty in the market COLEXON remains solidly positioned and can look optimistically into the future.

The European solar market is undergoing a crucial period of change. Following the amendment to the Renewable Energies Law (EEG), the German feed-in tariff will be reduced by eight percent in 2009 and nine percent in the following years. At the same time, new markets such as France, Italy and the Czech Republic, which are still in the early stages of their development, are increasingly catching attention of the solar power industry. COLEXONs internationally focused corporate strategy and streamlined organisational structures put the company in an optimal position to cope with these challenges. For example, during the third quarter, COLEXON erected South Korea's first thin-film installation consisting of First Solar modules. In Germany, COLEXON is currently building the world's largest rooftop PV system of thin-film modules with a total capacity of 4.64 MWp which is located in Hassleben, Brandenburg. Again we set an international benchmark in the photovoltaic market and strengthen our position as a leading system integrator and project developer for thin film solar power plants.

These company landmarks can also be linked to new faces in our management team. Henrik Christiansen was appointed the company's new CFO in October this year, succeeding Dr Volker Wingefeld. Mr. Christiansen has been working for COLEXON since April 2008. Before joining the company he held top financial positions at various national and international listed companies. Tom Larson, CFO of Denmark's Renewagy A/S, is the new chairman of COLEXONs supervisory board and takes over the position of Dr. Hans-Joachim Reh.

With the new management team we see our company on a good track to effectively meet the current and future market challenges and to ensure a successful and sustainable future development. Our strategy paper "Change COLEXON 2012" serves as an important example for this positive development. The strategic measures are already being implemented and will be consistently pushed forward.

With best regards

Thorsten Preugschas Henrik Christiansen

PROJEcT-HIGHLIGHTS - new projects and building progress

HASSLEBEN - 4.64 MWP

Hassleben - currently world's largest rooftop solar power plant with thin film technology, module delivery via helicopter

With the construction of the 4.64 MWp rooftop solar power plant made from thin film modules in Hassleben, Brandenburg (Germany), COLEXON has this year broken the world record in this segment for the third time in a row. In 2006 and 2007, COLEXON had already set two records for the world's largest rooftop installations consisting of thin film modules: The Gescher project (2006) with a capacity of 1.4 MWp and the Ramstein project (2007) with a capacity of 2.5 MWp.

The installation in Hassleben, which represents an investment volume of an EUR 17.5 million, is scheduled to get connected to the grid in December this year. At the end of August the first of four sections was put into operation, following a three-month construction period. For reasons of cost and efficiency, 10,000 of the total 64,000 modules to be installed were lifted to the roof by transport helicopter. With a roof area of approximately 224,000 sqm, this unusual method of delivering the modules made enormous time savings possible. By selectively outsourcing the assembly work, COLEXON has ensured the quick completion of this flagship project by year-end and again bolstered its position as a leading project developer in the field of rooftop PV systems.

dongnam - 607.5 kWP

DongNam - currently largest building-integrated photovoltaics system in South Korea with a total capacity of 607.5 kWp

COLEXON achieved a world record during the third quarter: In Seoul, South Korea, the company constructed the country's largest building-integrated photovoltaics system (BIPV), with a total capacity of 607.5 kWp. Its contractual partner is LG Chem, South Korea's largest chemicals company. SH Corporation, one of the country's leading urban development companies, provided the investment. The whole project consists of two installations: One installation (more than 360 kWp) adorns the façade of a shopping centre, while the second (just under 250 kWp) is located in the neighbouring car park. In total, 3,821 modules produced by Schüco, with an overall surface area of 5,095 sqm, were installed.

The project, which was fully completed in August, is scheduled to be networked when the building complex opens in April 2009. This project has strengthened COLEXON's position in the strategically significant South Korean market and further reinforced the Group's international focus.

HAUNSFELD - 1.67 MWP

Haunsfeld - open-area solar park of thin-film modules with a total capacity of 1.67 MWp

At the end of the third quarter, COLEXON entered into contract negotiations regarding the construction of an openarea solar park in Haunsfeld, Bavaria. The general contractor agreement was signed at the beginning of October. The project, which has an output capacity of 1.67 MWp, involves an investment of EUR 5.7 million. The contracted assembly company has installed 22,275 First Solar modules on 495 tables, covering a surface area of just under six hectares. Construction has taken place in two sections and currently is in the final phase. If weather conditions are favourable, the solar park will be connected to the grid in December this year, after less than three months' construction time.

With the construction of this plant, COLEXON has again proved its capabilities as a project developer of open-area plants, in addition to its know-how in the field of rooftop PV plants, and strengthened its position in the open-area market. After completion, the plant will generate 1.82 kWh per year. This will achieve an annual CO² emissions saving of 2,000 tons.

keiper recaro - 609 kWP

Keiper Recaro - rooftop solar power plant of mono-crytsalline modules with a total capacity of 609 kWp

COLEXON undertook a particularly demanding rooftop photovoltaic project for the Keiper Recaro Group, a leading manufacturer of standardised high-tech metal components and multi-functional seating structures. Under the construction management of COLEXON, a total of 3,672 mono-crystalline modules made by Yunnan Tianda were installed on the 16,000 sqm roof area of a factory building. Aluminium trays were used as the substructure. To reduce the load on the roof, the trays were fixed to the corrugated sheet metal surfaces of the roof. This innovative anchoring system allows COLEXON to install photovoltaic systems on roofs only capable of taking light loads. The installation was completed on August 28, 2008 and feeds 600 kWh into the public electricity network each year. This corresponds to an estimated CO2 emission saving of just under 650 tons per year.

The share

Mar ke t tr ends and shar e value

The German stock market has been exerting pressure on share prices since the beginning of the year. In the period from July to September 2008, shares fell in value across the board on the back of the financial market crisis. The DAX shrank over the period from 6,418 to 5,831 points, a drop of 9 percent. A similar trend is apparent in the average performance of the sector: After reaching 1,305 points at the end of 2007, the Prime IG Renewable Energy Index had fallen to 965 points at the end of the half-year period. By 30 September a decline to 801 points was registered. After the end of the reporting period, the index reached its low point of the year on November 20, descending to 319 points.

During the first half of the year, the COLEXON share was unable to withstand the overall negative market trend and sank along with the other shares in the renewable energy sector. At the start of the third quarter, however, the COLEXON share managed to move slightly against the general market trend. From EUR 6.94 on June 30, 2008, the share rose to EUR 8.80 by the start of September, according to Xetra. By the end of the third quarter, however, the share dipped again, ending September at EUR 5.05. This represents a drop of 27.2 percent during the third quarter. Accordingly, the company's market capitalisation at the end of the quarter had fallen to EUR 25.8 million.

No capital measures were undertaken in the first nine months of the financial year. After the end of the reporting period, the share reached its annual low of EUR 2.95 on October 07, 2008, amid the volatile market performance as a whole. By November 25 this year, the share had recovered by 47.18 percent to EUR 4.34.

Share value of the COLEXON-share Q1-Q3 2008

shar ehol ders' S truc t ur e

According to WpHG (Securities Trade Act) announcements, the shareholders' structure of COLEXON on the reporting date, September 30, 2008 was as follows:

Thorsten Preugschas, CEO of the company, holds 3.37 percent, Libra Equity 3.04 percent, and the Danish Renewagy A/S holds 19.43 percent of the shares. The free float is 74.16 percent. Therefore there has been a slight change in the shareholdings of Mr. Preugschas since the half-year report.

dir ec tors' de al ings

The following Directors' Dealings have taken place during the third quarter 2008:

DAT E	Person	transaction	Volume
Se pt. 26, 2008	Thorsten Preugschas	Stock PURC HASE	3.500

After the reporting date, September 30, 2008, the following Directors' Dealings have taken place:

date	Person	transaction	volume
Oct. 06, 2008	Thorsten Preugschas	Stock Purchase	6.000
Oct. 07, 2008	Thorsten Preugschas	STOCK PURC HASE	20.000

conv ertible bond

Following a stable price performance during the first half of 2008, ending July at EUR 19.00, the convertible bond registered steep losses for some of the third quarter. This negative trend persisted until the end of the reporting period. On October 09, the convertible bond was trading at EUR 10.00, its lowest point of the year so far. However, the price quickly recovered and reached EUR 17.00 by November 25.

The bonds yield interest is 3.5 percent of the subscription price of EUR 21.90. In relation to the nominal value of the convertible bond of EUR 10.00, the yield is 7.665 percent. Each bond with a nominal value of EUR 10.00 can be converted into one COLEXON share. The coupon date is May 08 each year. The maturity date of the convertible bond is May 08, 2008. On this date, investors who decide not to convert into shares during the conversion period shall receive a payment of EUR 21.90. The repayment of the convertible bonds is secured with adequate liquid funds. At the same time COLEXON's Board is examining other financing options, including follow-on financing after maturity.

inv e stor r el ations

The key role of investor relations during the first nine months of the financial year 2008 was to convince shareholders of the successful performance of COLEXON and the sustainability of the company's growth. During the reporting period, the Board regularly engages in detailed talks with investors and analysts in Germany and abroad. Over the last few months, contact with analysts in particular has been significantly stepped up. In future, the company will endeavour to further increase the transparency of the company and intensify its contact with analysts and shareholders. Our new investor and public relations team underlines our new focus.

Group management report As of September 30, 2008

1. Mar ke t De v el opment

t he german mar ke t

The amendment to the Renewable Energies Sources Act (EEG) during the second quarter implies that the German solar market continues to offer attractive investment conditions. Despite the decline in the feed-in tariff for rooftop and freefield projects as of 2009, the German market is set to remain the world's largest photovoltaic market over the medium and long-term for COLEXON. Thanks to its specialisation in profitable thin film technology, COLEXON will continue to offer investors attractive and calculable returns over the long term.

t he spanish mar ke t

While the legal amendment adopted in Germany restored planning security, the focus of the solar industry increasingly turned towards Spain during the third quarter. At the end of September, the Spanish government finally enacted the royal decree RD 1578/2008, which provides for a significant reduction in the feed-in tariff as of 2009. Therefore the sharp growth of the Spanish market will not continue at the same level in 2009. However, thanks to its streamlined structure and the close collaboration with local subcontractors, COLEXON Iberia is able to react flexibly to new market conditions and is set to continue registering a healthy performance despite the tense situation.

ot her europe an mar ke ts

New European markets such as France, Italy and the Czech Republic are attracting greater attention from the solar industry. During the reporting period, the regulatory framework in these markets remained largely unchanged. Nevertheless, the interest in photovoltaic systems is growing palpably here. COLEXON gained a strong foothold in these growth markets during the third quarter and created the structures required to open foreign sites. COLEXON is currently taking the final steps in the foundation of new international subsidiaries in France and the Czech Republic.

US MAR KE T

Outside of Europe, the US market stands out in particular, owing to its considerable growth potential. Given the rising energy prices, the increase in the planned supportive measures and the possibility of grid parity, experts forecast significant market growth. This forecast was further supported by the election of the new US President, who has already announced his intention to invest USD 150 billion in the development of renewable energies. COLEXON is optimally positioned to benefit from these changes, with its subsidiary in Tempe, Arizona.

Procur ement mar ke t

On the procurement market, it is noteworthy that demand for thin film modules is still considerably outstripping supply. However, analysts have observed surplus supply for crystalline modules, which will lead to significant price reductions. Existing surplus stocks of crystalline modules will decline in value. Since COLEXON does not have any long-term supply contracts with fixed quotas of crystalline modules, the company can be flexible in its reaction to the price changes.

2. Course of busine ss and Cor porat e strat egy

The solar energy business traditionally experiences a weak first quarter and a strong fourth quarter. COLEXON was already positing above-average performance in the third quarter. To enhance this healthy performance, the corporate strategy has been adapted to the change in market conditions under the mission statement "Change COLEXON 2012", ensuring the company is fit for future challenges.

The key aims of this strategic concept are an increased international focus of the COLEXON Group and greater efficiency of internal company processes. In order to keep up with the dynamic market growth and successfully counter the fiercer competition, the concept of employees at all levels has been underscored. This is not least apparent in the third quarter figures.

The international business of the COLEXON Group also received a substantial boost in the third quarter. International turnover more than doubled in comparison to the same period in the previous year. On September 30, 2008 the international turnover reached EUR 5.8 million. Moreover, the company has gained a solid position in international growth markets such as France, the Czech Republic and Italy, and laid the groundwork to successfully capture the markets.

International expansion is also continuing in a well thought out and controlled manner. COLEXON is relying on streamlined business units, in order to flexibly and quickly react to market developments. COLEXON Iberia S.L. is a prime example of the success of this internationalization strategy. While solar companies with a broader international base have already had to react to the consolidation of the Spanish market with redundancies and profit warnings, COLEXON Iberia, with its streamlined structure and close relationship with local subcontractors, is able to deliver positive figures even in difficult circumstances and continues to look optimistically to the future.

The dynamic development of the photovoltaic market poses particular challenges to the corporate strategy. On the one hand it is necessary to keep pace with the expeditious growth; on the other hand it is essential to form a sustainable corporate development. COLEXON was able to successfully cope with this situation throughout the reported period. Representing this is an EBIT of EUR 6,9 million and an equity ratio of just under 54 percent. In order to meet this claim in the future and to further increase its competitiveness, COLEXON aims at a vertical expansion of its value added chain.

With regard to the financing of large-scale projects, COLEXON has held intensive conversations with banks about the interim financing of solar power plants and set the stage for further cooperation within the reported period. Due to the positive development and to the stabilization of the turnaround, the banks trust in COLEXON grew noticeably. Given a further sustainable growth, the management board is confident to be able to integrate long-term partners for project interim financing.

3. ASSE T, FINANC IAL AND E ARNINGS POSITION

Asse t and financ i al position

Long-term assets

Long-term assets were down EUR 2,481 on December 31, 2007 reporting date, at TEUR 22,646 on September 30, 2008. Although goodwill remained unchanged at TEUR 16,405 during that time, miscellaneous assets, for example, fell from TEUR 6,077 to TEUR 3,909. This was largely attributable to the reduction of bank deposits.

Current assets

Conversely, current assets climbed by TEUR 15,607, from TEUR 31,254 to TEUR 46,861. The rise in inventory is largely attributable to the greater stocks of unfinished products and increase in prepayments. The unfinished products largely result from projects that have already begun, where part of the project stocks did not yet fulfill all of the criteria for the percentage-of-completion method under IAS 11 on the reporting date. The prepayments are for projects still in construction. There was a drop in short-term trade receivables to TEUR 1,023 (December 31, 2007: TEUR 3,170). Future receivables from production contracts rose by TEUR 10,573 to TEUR 20,087, the greatest proportion of which was accounted for by the Hassleben project and the Waldeck project portfolio. Cash holdings had declined to TEUR 3,152 by the end of the third quarter (December 31, 2007: TEUR 4,736).

Long-term liabilities

On the liabilities side, long-term debts rose by TEUR 1,788, to a total of TEUR 11,983, owing to the increase in deferred taxes. The bulk of the long-term debts was attributable to the convertible bonds, in the amount of TEUR 10,065 as at the balance sheet date September 30, 2008.

Current liabilities

Current liabilities increased by TEUR 7,577 in the first nine months in 2008 compared to December 31, 2007 from TEUR 12,699 to TEUR 20,275. This increase was primarily due to the rise in other provisions by TEUR 3,660 to TEUR 5,788, the increase in advance payments received by TEUR 1,908 to TEUR 3,354 and the rise in other liabilities by TEUR 1,127 to TEUR 3,323. Short-term financial liabilities due to banks fell by TEUR 169 to TEUR 3,129.

Equity

At the balance sheet date on September 30, 2008, the company's reported equity capital had risen to TEUR 37,248 (December 31, 2007: TEUR 33,487). The rise resulted from the profits generated by the operational business. With an equity ratio of 53.6 percent, COLEXON Energy AG has a very solid balance sheet structure to finance its further growth.

Cashflow statement

At the end of the first nine months of 2008, the cashflow from operating activities was TEUR -1,147 (same period the previous year: TEUR -137). The negative cashflow is attributable to the increase in stocks and the rise in future receivables from production contracts. This is attributable to the final invoices for the large-scale Waldeck project. Although this PV plant has already been successfully connected to the grid, the last details still need to be finalised for legal approval to be granted. Investment activities generated a cashflow of TEUR -267 (same period the previous year: TEUR -296). Investments were made in fixed assets and intangible assets in the course of the expansion of the operational business.

The cashflow from financing activities increased over the first nine months of 2008, reaching TEUR -169 (same period the previous year: TEUR -1.631).

E ARNINGS position

In the first nine months of 2008, COLEXON generated a turnover of TEUR 98,496, a rise of 92 percent on the same period last year (TEUR 51,337). 49 percent of turnover was generated in the projects segment and the remaining 51 percent in the distribution segment.

The TEUR 368 increase in stocks of unfinished products compared to the second quarter 2008 primarily resulted from solar projects that had been started by the reporting date, but did not yet fulfill all the criteria for turnover according to the percentage-of-completion method.

Other operating income declined by TEUR -96 compared to the half-year reporting date, to reach TEUR 1,312. This decline is attributable to the reclassification of a delivery of free of charge modules (same period the previous year: TEUR 373).

The substantial contribution to earnings provided by the large-scale Hassleben project boosted gross profit in the third quarter 2008 by TEUR 8,369 to TEUR 18,865 (same period the previous year: TEUR 9,460). This gave rise to a gross profit margin of 19 percent (same period the previous year: 18 percent). Personnel expenses totalled TEUR 4,104 in the nine-month period. The considerable rise in personnel expenses in the third quarter 2008, in the amount of TEUR 1,719, is in particular attributable to a provision formed as a precaution to cover the departure of the CFO. The rise in other operating expenses was disproportionately low compared to turnover, climbing 47 percent to TEUR 7,651. This gave rise to EBIT of TEUR 6,905 in the first nine months of 2008 (same period the previous year: TEUR 1,510), with the EBIT margin rising from 2.9 percent in the same period the previous year to 7.0 percent this year. In the third quarter 2008 only, COLEXON generated EBIT of TEUR 3,941 (same period the previous year: TEUR 763). This was thanks to a significantly improved operational business and an optimised cost basis. The profit for the period rose from TEUR 502 to TEUR 3,671 in the first nine months of 2008. This corresponds to undiluted earnings per share of EUR 0.74 (same period the previous year: EUR 0.10) or diluted earnings per share of EUR 0.47 (same period the previous year: EUR 0.07).

4. Opport uniti e s and risk r eport

Please refer to the Annual Report 2007 for the company's general opportunities and risks. Over and above this, the following additional risks arose in the third quarter 2008, on the back of the global financial crisis and the change in general regulatory conditions in particular:

The amendment to the Renewable Energies Sources Act (EEG) put an end to the previous persisting legal uncertainty on the German solar market. This reduced a latent risk in the core market of the COLEXON Group. At the same time, sales opportunities, particularly for thin film technology, improved.

The impact of the international financial crisis on the operative business is one of the main focuses of the risk management of the COLEXON Group. With a consequent claims management with an integrated credit rating, risks towards customers are precisely identified and evaluated before contract conclusion. Furthermore final financing for all ongoing projects is existent. Thereby the company is well set for more difficult financing conditions. All together the management board even views the capital market crises in a positive way as it is assumed that substitution effects will emerge from risky industries and will lead to increasing investments in solar power plants due to fixed feed-in tariffs for 20 years and a referring return on investment.

The risk of the rapid expansion of production capacities for crystalline modules for the industry should not be underestimated. Experts predict that supply will outstrip demand at current prices. Consequently, the purchase price for crystalline modules is falling and the surplus stocks are losing in value. Unlike most of its competitors, COLEXON does not have any long-term supply contracts with fixed quotas of crystalline modules. This means the company is able to be flexible in its response to the price developments.

The full assessment shows that the company is well prepared for external risk factors. Current uncertainties appear very limited and transitory.

5. supplementary r eport

On October 17, 2008, the three Supervisory Board members Dr. Hans-Joachim Reh, Dr. Karl Freiherr von Hahn and Pieter Wasmuth resigned from the Board. The new Chairman of the Supervisory Boars is Tom Larsen, CFO of Denmark's Renewagy A/S. The successors of the three resigned Supervisory Board members are not currently confirmed, but will be announced shortly. In the meantime, the Supervisory Board continues to have decision-making power, so there will be no negative impact of the ongoing business.

In addition, on October 17, 2008, Henrik Christiansen was appointed as the company's new CFO. He is taking over from Dr. Volker Wingefeld, who left the company on October 31. Mr. Christiansen has been working as head of sales at COLEXON Energy AG since April 2008, and as the new CFO is now responsible for the Finance, Controlling, Human Resources and Risk Management divisions. Mr. Christiansen previously held top positions in the finance departments of national and international groups, including Farmatic Biotech Energy AG in Nortorf and Cleanaway Deutschland AG & Co, and later SULO GmbH, in Hamburg.

6. for ecast r eport

Despite of the difficult market conditions the results achieved in Q3 2008 fully meet the expectations of the board and underline the sustainable company growth. It is particularly encouraging that the company has been able to push forward its international expansion and therefore expect a sharp increase in turnover from international business activities. Moreover, the management pushes forward the restructuring of the association to further increase the company's efficiency and profitability. In the medium run the steady restructuring process will help the association to increase its flexibility and overall performance.

With the quadrupling of EBIT and the doubling of the turnover compared to the previous year COLEXON has build a solid foundation for the sustainable development of the company. In view of the very positive business development, the executive board validates its forecast of an annual EBIT of EUR six to eight million and expects to close the financial year 2008 in the upper end of this range. If weather conditions are favourable and the outstanding legal-taking-overprocess progresses quickly, an even higher EBIT would be possible. However, profit forecasts have not been raised for the time being. The Board considers a more conservative stance appropriate in view of the more difficult market conditions.

The Board indicates that, given the dynamic development of the market, future results may differ from current expectations.

R E SPONSIBI L ITY DECL ARATION

To the best of our knowledge, and in accordance with the applicable reporting principles, the interim consolidated financial statements give a true and fair view of the assets, liabilities, financial and earnings position of the group, and the interim consolidated management report includes a fair review of the development and performance of the business and the position of the group, together with a description of the principal opportunities and risks associated with the expected development of the group.

Hamburg, 25. November 2008

The Executive Board

Thorsten Preugschas Hernik Christiansen

Consolidated interim Accounts as of SEPTEMBER 30, 2008

balance shee t

as of SEPTEMBER 30, 2008 pursuant to IFRS

asse ts

	30.09.2008 EUR	31.12.2007* EUR
A. long-term assets
i. g oodwill	16,405,196	16,405,196
II . oth er intangible assets	413,101	282,819
III . tangible assets	570,766	583,436
IV. financial assets	2,476	2,476
V. oth er long-term assets	3,909,133	6,077,211
VI . deferred tax assets	1,344,903	1,775,788
total long-term asse ts	22,645,575	25,126,926
B. current assets
i. inventories
1.	5,004,783	2,189,554
2. work in process	2,613,035	0
3. finished goods	4,080,715	6,017,116
4. advanced payments	5,427,951	1,311,623
II . accounts receivable from trading	1,023,322	3,170,325
iii. receivables from product ion orders	20,087,843	9,515,135
Iv. cash and cash equivalents	3,152,370	4,735,866
V. oth er assets	5,365,970	3,930,581
VI . claims for tax refund	104,605	383,937
total Current asse ts	46,860,594	31,254,137

69,506,169 56,381,063

c. balance shee t total

* Adjustment in accordance with IAS 8 (s. explanation in the notes)

Equity and l i abi l iti e s

	30.09.2008 EUR	31.12.2007* EUR
A. equi ty
i. share capi tal	5,115,000	5,115,000
II . capi tal reserves	28,281,708	28,281,708
III . oth er reserves	498,231	498,231
IV. accumulated defici t carried forward	-407,731	263,012
V. net income (previous year Balance she et Loss)	3,760,518	-670,743
total ity	37,247,726	33,487,208
b. liabili t ies
I . long-term liabili t ies
1. convert ible bond	10,064,615	9,648,796
2. oth er liabili t ies	0	30,661
3. deferred taxes	1,918,335	515,684
total long-term liabilities	11,982,950	10,195,141
II . current liabili t ies
1. accrued taxes	27,106	27,106
2. provisions and accrued liabili t ies	5,787,705	2,127,807
3. financial liabili t ies	3,128,883	3,298,357
4. advances	3,354,094	1,446,182
5. trade accounts payable	4,654,787	3,602,858
6. oth er liabili t ies	3,322,918	2,196,404
total rrent liabilities	20,275,493	12,698,714
total liabilities	32,258,443	22,893,855
C. b alance shee t total	69,506,169	56,381,063

* Adjustment in accordance with IAS 8 (s. explanation in the notes)

profit and loss statement

from January 01 to SEPTEMBER 30, 2008 pursuant to IFRS

	Q1-Q3 2008 01.01.-30.09.2008 EUR	Q1-Q3 2007* 01.01.-30.09.2007 EUR	Q3 2008 01.07.-30.09.2008 EUR	Q3 2007* 01.07.-30.09.2007 EUR
1. sales	98,495,841	51,337,395	41,885,826	21,700,795
2. oth er operat ing income	1,312,084	372,999	-96,750	70,261
3. increase in work in progress	3,398,034	661,457	367,658	-1,067,063
4. cost of raw mate r ials and supplies	-75,796,874	-38,208,360	-30,236,614	-15,245,115
5. cost of purchased services	-8,543,812	-4,703,506	-3,281,049	-1,870,169
6. g ross profit or loss	18,865,273	9,459,985	8,639,071	3,588,709
7. personnel expenses	-4,104,497	-2,545,058	-1,719,206	-933,907
8. A mort isat ion and depreciat ion	-204,718	-184,878	-74,688	-76,134
9. oth er operat ing expenses	-7,651,328	-5,219,779	-2,903,949	-1,815,474
10. earnings be fore interest and taxes (EBIT)	6,904,730	1,510,270	3,941,228	763,194
11. interest and similar income	198,851	165,047	76,851	58,766
12. oth er interest and similar expenses	-1,294,038	-739,649	-482,350	-241,299
13. investme nt and financial resul t	-1,095,187	-574,602	-405,499	-182,533
14. tax on income	-2,041,447	-427,892	-1,138,088	-235,314
15. oth er taxes	-7,578	-6,025	-1,549	-1,237
16. ne t resul t	3,760,518	501,751	2,396,092	344,110
resul ts pe r share (undilu ted) base 5.115 mio. shares (previous year: 4.68 Mio.) in acc ordance with ias 33	0.74	0.10	0.47	0.07

* Adjustment in accordance with IAS 8 (s. explanation in the notes)

(There are no diluted effects.)

change of equity

from January 01 to SEPTEMBER 30, 2008 pursuant to IFRS

	sub scribe d capital	Capital reserve*	Earned surplu s	re tained earn ings*	othe r ange of equ ity	acc resul ts*	total*
	EUR	EUR	EUR	EUR	EUR	EUR	EUR
I. Status Dec. 31, 2006	4,650,000	24,438,951	0	3,194,813	0	3,194,813	35,478,577
1. capi tal increase for cash	287,000						287,000
2. premium		2,209,900					2,209,900
3. RECLASSIFIC at ion OF COS TS FOR SHARE CAPI TAL INCREASE		-89,655					-89,655
result of th e period						501,749	501,749
II. Status JUNe 30, 2007	4,937,000	26,559,196	0	3,194,813	0	3,696,562	38,387,571

	sub scribe d capital	Capital reserve*	Earned surplu s	re tained earn ings*	othe r ange of equ ity	acc resul ts*	total*
	EUR	EUR	EUR	EUR	EUR	EUR	EUR
I. St atus DeC. 31, 2007	5,115,000	28,281,708	0	263,012	498,231	-670,743	33,487,208
R esult of th e period						3,760,518	3,760,518
II. Status June 30, 2008	5,115,000	28,281,708	0	263,012	498,231	3,089,775	37,247,726

* Adjustment in accordance with IAS 8 (s. explanation in the notes)

chash flow statement

from January 01 to SEPTEMBER 30, 2008 pursuant to IFRS

		Q1-Q3 2008 01.01.-30.09.2008 EUR	Q1-Q3 2007* 01.01.-30.09.2007 EUR
net result		3,760,518	501,749
+	depreciat ion and amort isat ion of fixed assets	204,718	184,329
-/+ profi t / loss from th	e disposal of fixed assets	-55,408	11,890
+ increase of provisions		3,659,897	1,429,139
-/+	increase / reduct ion of inventories	-7,608,191	1,779,831
- increase of trade receivables		-8,425,705	308,668
-/+ increase / reduct ion of oth	er fixed assets	1,442,906	-504,256
+/-	increase / reduct ion of liabili t ies	5,874,165	-3,759,109
c ash flow from	ope rating activities	-1,147,100	-137,414
-	payments for fixed intangible assets	-213,173	-248,922
- payments for tangible assets		-270,553	-86,240
+	proceeds of disposal of long-term assets	216,804	39,573
Cash flow from	investing activities	-266,922	-295,589
+ P roceed of th	e Issue of a complet ion bond	0	0
+	proceeds from share capi tal increase	0	2,496,900
+/-	increase / reduct ion in bank liabili t ies	-169,474	-4,127,447
Cash flow from	financing activities	-169,474	-1,630,547
cash and cash eqivalents at	beginning of period	4,735,866	9,289,798**
-	change in cash and cash equivalents	-1,583,496	-2,063,550
= c ash and cash	ivale nts at end of year	3,152,370	7,226,248**

* Adjustment in accordance with IAS 8 (s. explanation in the notes)

** Advice: Reclassification of TEUR 5,000 of liquid assets to other long-term assets (q.v. Annual Report 2007, p. 79)

Consol idated NOTES

1. The COLE XON-Group

The COLEXON Group is an internationally-focused group of companies. Its parent company is COLEXON Energy AG, which has subsidiaries in Spain as well as the US and a representative office in China. In Germany, COLEXON Energy AG is entered in the trade register of the District Court of Hamburg under number HRB 93828. The company's head office is located at Grosse Elbstrasse 45, 22767 Hamburg, Germany. COLEXON GmbH, Hamburg, was merged into COLEXON Energy AG with effect from June 26 2008. The entry in the trade registry took place on September 10 2008. With the registering the entity COLEXON GmbH was terminated. All assets and the related legal obligations were transferred to the COLEXON Energy AG. The merger was mainly carried out because of tax reasons and easements in the auditing procedure.

In the field of renewable energies, the COLEXON Group specialises in the construction of large-scale turnkey solar power plants. The operational subsidiaries plan and construct turnkey solar power plants for building owners and investors from the agricultural, industrial and public sectors both in Germany and abroad.

Renewagy A/S, located in Denmark, currently posses 19.43 percent of the shares of COLEXON. Because of its actual voting rights on the last general assembly and the thereof resulting influence on the appointment of the supervisory board members as well as its control of the financing and business policy, Renewagy A/S plays a special role as a shareholder.

These financial statements are the consolidated interim accounts for the period from 1 January 2008 to 30 September 2008, with figures for the period from 1 January 2007 to 30 September 2007 and balance sheet figures for the reporting date 31 December 2007 provided for the purpose of comparison.

The consolidated balance sheet is structured according to maturities. The profit and loss account was drawn up according to the total cost method. The Group reporting currency is the Euros (EUR). For reasons of simplicity, the figures are largely presented in thousand euros (TEUR).

2. Accounting princ iple s, r eporting and valuation me t hods

The consolidated interim report of the COLEXON Group as of September 30 2008 was written in accordance with the provisions and regulations of the International Financial Reporting Standards (IFRS), as applicable in the European Union, the interpretations of the International Financial Reporting Interpretations Committee (IFRIC), and in consideration of Section 315a of the German Commercial Code (HGB). The information contained in Section 2 of the notes to the consolidated accounts as of December 31 2007, "Individual Balance Sheet and Valuation Principles", also applies to this consolidated interim report as of September 30 2008. In addition, the report as of September 30 2008 was produced in accordance with IAS 34 "Interim Financial reporting". These interim accounts have not been audited in accordance with Section 317 HGB or reviewed by an auditor.

2.1. Adjustments according to IAS 8.41 – 49

conv ertible Bond

total liabilities

Within the framework of calculating the effect on the balance sheet of accounting for convertible bonds, adjustments are required for the initial accounting in the 2006 financial year and the subsequent reports. The adjustments affecting accrued interest, the allocation of the equity and debt ratios, and the recording of transaction costs in 2006 were carried out retrospectively. This also had an impact on the reporting of deferred taxes.

The effects of the adjustment on the items of the consolidated and quarterly accounts are presented below:

Profit and loss stateme nt	2006 TEUR	Q1-Q3 2007 TEUR	2007 TEUR
oth er interest and similar Expenses	88	-346	-461
Investment and financial result	88	-346	-461
tax on income	-140	50	66
net result	-52	-296	-395

resul ts pe r share in acc ordance
with IAS 33 (undilu ted)	-0.01	-0.06	-0.08

Balance shee t	31.12.2006 TEUR	30.09.2007 TEUR	31.12.2007 TEUR
capi tal reserves	-57	-57	-57
retained earnings	0	-52	-52
net income	-52	-296	-395
total ity	-109	-405	-504
convert ible bond	-247	98	214
deferred taxes	120	70	54
total long-term liabilities	-127	168	268
oth er liabili t ies	236	236	236
total Current liabilities	236	236	236

109

404

504

The adjustments do not affect the cash flow statement. There was no dilutive effect.

Pr epaid r ent r ece ivable s from major projec ts

The consolidated accounts as of December 31, 2007 include rent receivables of TEUR 870 which were accounted for as future receivables from production orders. These rent receivables were posted to other assets as of June 30, 2008. The adjustment was applied to both balance sheet items.

The effects of the adjustment on the items of the consolidated accounts as of December 31, 2007 are presented below:

balance shee t	31.12.2007 TEUR
receivables from product ion orders	-870
oth er long-lerm Asstes	870
total rrent asse ts	0

The adjustment has no impact on the result or the cash flow statement.

Pr e sentation of t he individual warr ant y

In the consolidated accounts as of December 31 2007, warranty reserves for faulty modules were netted against the corresponding compensation claims against the suppliers. The gross receivables and reserves should have been stated as follows:

profit and loss stateme nt	2007 TEUR
oth er operat ing income	-1,110
cost of raw materials and supplies	-1,410
gross profi t or loss	-300
oth er operat ing expenses	300
net result	0

in acc ordance with IAS 33	resul t pe r share (undilu ted)
		-0,00

Balance shee t	31.12.2007 TEUR
finished goods	363
accounts receivable from trading	747
total rrent asse ts	1,110
provisions and accrued liabili t ies	1,110
total rrent liabilities	1,110

The adjustment has no impact on the result or the cash flow statement.

Goodwi ll for the capital contribu tion of Reinecke + Pohl Sol are Energien GmbH in 2005

With the capital contribution agreement of February 01, 2005, the shareholders of Reinecke + Pohl Solare Energien GmbH contributed all shares in the company to COLEXON Energy AG (at the time Reinecke + Pohl Sun Energy AG) by means of a payment to capital reserves. At the time, the shareholders of Reinecke + Pohl Solare Energien GmbH were relatively the same as those of Reinecke + Pohl Sun Energy AG. In order to establish the acquisition cost of the contribution, goodwill was calculated and accounted for on the basis of an expert valuation of the company. At the time of the contribution, COLEXON Energy AG was a new company as defined in IFRS 3.22. The contribution should therefore have taken place without accounting for any goodwill. The adjustment required is shown below:

Balance shee t	31.12.2005 TEUR	31.12.2006 TEUR	31.12.2007 TEUR
goodwill	-2,434	-2,434	-2,434
total long-term assets	-2,434	-2,434	-2,434
balance shee t total	-2,434	-2,434	-2,434

retained earnings	-2,434	-2,434	-2,434
total equi ty	-2,434	-2,434	-2,434
balance shee t total	-2,434	-2,434	-2,434

The adjustment does not affect the cash flow statement.

Rel at ed party transac tions (according to IAS 24)

In the 2007 consolidated accounts, the following incomplete information regarding related parties was provided:

	rs of the Board TEUR	rs of the su rvisory board TEUR	othe r rel ated Parties TEUR
Goods and service s Previous year (2006)	303 0	0 0	4,094 179
Rece ivable s Previous year (December 31, 2006)	149 0	0 0	0 29
Write-offs on rece ivable s Previous year (2006)	359 0	0 0	0 0
Interest rate p.a. Previous year (2006)	7.70 % 0 %	0 % 0 %	0 % 0 %
Goods and service s rece ived Previous year (2006)	0 0	151 87	1,687 0
Liabilities Previous year (December 31, 2006)	0 0	0 0	0 0
payme nts rece ived Previous year (December 31, 2006)	0 0	0 0	240 0

Complete information as of December 31, 2007 is as follows:

	comp anies with significant influe nce TEUR	rs of the Board TEUR	rs of the supe rvisory Board TEUR	othe r rel ated parties TEUR
Goods and service s Previous year (2006)	7,638 0	315 30	0 0	4,413 183
Rece ivable s Previous year (Dec. 31, 2006)	5,987 0	110 569	0 0	0 29
Write-offs on rece ivable s Previous year (2006)	0 0	359 0	0 0	0 0
Interest rate p.a. Previous year (2006)	0 % 0 %	7,70 % 0 %	0 % 0 %	0 % 0 %
Goods and service s rece ived Previous year (2006)	0 0	45 45	292 0	1,687 0
Liabilities Previous year (Dec. 31, 2006)	0 0	0 0	30 0	0 0
payme nts rece ived Previous year (Dec. 31, 2006)	0 0	0 0	0 0	240 0

All of the above quoted receivables and liabilities are short term. In addition to the subsidiary companies included in the consolidated accounts, COLEXON Energy AG also deals with affiliated persons and companies in the normal course of business.

The normal course of business includes all transactions of goods and services with affiliated persons that were conducted in accordance with the terms and conditions that are usual to the market, as they would have been with nonaffiliated third parties.

Companies with significant influence

The goods and services supplied to companies with significant influence relate to the installation of large-scale projects. The receivables are future receivables from production orders. The payments received relate to the installation of large-scale projects.

Members of the Executive Board

The goods and services supplied to a member of the Executive Board relate to privately acquired solar power installations. The receivables largely consist of interest on earlier receivables from an Executive Board member and insignificant expenses for both Board members. Under the terms of a comparable agreement between a member of the Executive Board and the company's Supervisory Board, a receivable entered in the balance sheet was adjusted by TEUR 314. The receivable largely resulted from the breach of earnings guarantees in regard to the contribution of company shares in the former Maaß Regenerative-Energien GmbH. As agreed, securities have been fully put in place for the remaining amount until payment is made in full. As of December 31 2007, there were outstanding receivables of TEUR 110. In March 2008, TEUR 96 was paid to the company by the respective board member. The goods and services received relate to the rent of premises.

One member of the Executive Board has acquired a share of 33 percent of the company renting the premises. The rent charged is at the lower end of the price range usual on the market.

Members of the Executive Board

The services received from one former Supervisory Board member include legal and consulting fees.

Other related parties

The affiliated company is owned by family members of an Executive Board member. The goods and services in question were produced and received under normal market conditions.

Pr e sentation of t he change in equity

In the presentation of the statement of change in shareholders' equity, transfers from capital reserves were wrongly presented as accrued profits in the retained earnings column, contrary to IAS 1.99. The correct statement of change in shareholders' equity is presented below:

	zeich ne tes kapital	kapital rückl age	winn vortrag	Sonstige eige nkapi talverän derunge n	ierte Ergeb nisse	sam t
	EUR	EUR	EUR	EUR	EUR	EUR
I . St aTUS Dec. 31, 2005	4.650.000	28.195.483	2.748.483	0	0	35.593.838
1. EQUI TY OF THE COM - PLE T ION BOND ACc. TO ias 32		1.232.138				1.232.138
2. result of th e period					-4.433.490	-4.433.490
3. Wi th drawal of capi tal rese rves for th e realizat ion of
accumulated profi ts		-4.931.721	0	498.231	4.433.490	0
II. status Dec. 31, 2006	4.650.000	24.495.900	2.748.354	498.231	0	32.392.485

	GEZEICHNETES KAPITAL	KAPITAL- RÜCKLAGE	GEWINN-B VORTRAG	SONSTIGE EIGENKAPI- TALVERÄN- DERUNGEN	KUMULIERTE: ERGEBNISSE	GESAMT
	EUR	EUR	EUR :	EUR	EUR:	EUR.
I. STATUS DEC. 31, 2006	4.650.000	24.495.900	2.748.354	498.231		$0$ 32.392.485
1. CAPITAL INCREASE FOR CASH	465.000					465.000
2. PREMIUM		3.945.400				3.945.400
3. RECLASSIFICATION OF COSTS FOR SHARE CAPITAL INCREASE		$-102.642$				$-102.642$
4. RESULT OF THE PERIOD					$-670.743$	$-670.743$
5. ADJUSTMENTS ACC. TO IAS 8			$-56.950 - 2.485.342$			$-2.542.292$
II. STATUS DEC. 31, 2007	5.115.000	28.281.708	263.012	498.231	$-670.743$	33.487.208

2.2. Adjustments according to IAS 8.32 – 40

warranty provisions

The COLEXON Group grants various warranties to its customers. The actual claims made against these warranties are estimated, as they cannot be accurately forecast when the sales revenue is realised. These estimates are based on assumptions that affect the amount of these provisions. The estimates are affected by future changes in productivity, materials and personnel expenses, as well as quality improvement measures.

As of June 30, 2008, new findings led to the adequacy of the warranty provisions being reviewed and subsequently increased by TEUR 628, in accordance with IAS 8.32 (e).

3. Scope and princ iple s of consol idation

All companies in that COLEXON AG directly or indirectly holds the majority of voting rights are included in the consolidated accounts as at September 30, 2008.

In addition to the parent company, COLEXON AG, the following subsidiaries were fully consolidated in the interim consolidated accounts as at September 30, 2008:

	STAKE
COLEXON IBERIA S.L., MADRID

The merger of COLEXON GmbH onto COLEXON Energy AG results in a termination of the Colexon GmbH. In 2008 the 100 percent daughter company R+P Sun Energy LLC, Portland/OR, USA has been liquidated and a new association, the COLEXON Corp., Tempe/AZ, USA has been founded. This step was also taken to improve the personal contact to business partners, e.g. with a closer location to suppliers. The 100 percent owned daughter company has not been included by the means of a fully consolidation in the consolidated financial statement.

4. O t her Information

Contingent l i abi l iti e s /

Other financial liabilities exist in the form of module supply and service contracts with a residual term of up to one year amounting to TEUR 91,326 (December 31 2007: TEUR 57,255) and those with a residual term of more than one year and up to five years amounting to TEUR 350,324 (December 31 2007: TEUR 205,541).

Segment r eporting

The segment reporting of the COLEXON Group is based on internal reporting. The initial reporting format differentiates between the distribution and projects segments. The secondary reporting format differentiates regions.

The projects segment covers the business activities as a system provider of photovoltaic installations and as a project developer. As a system provider, the COLEXON Group plans, delivers and installs large-scale photovoltaic facilities, particularly on the roofs of commercial, public or agricultural buildings. The business activities of the Meppen site of COLEXON Energy AG are dedicated to the projects segment.

The business activities of the Wesel site of COLEXON GmbH and COLEXON Iberia S.L. fall within the scope of the distribution segment.

The segment reporting for the period from January 1 2008 to September 30 2008 is presented below:

primary segme nt information	Segme nt Projec ts TEUR	sEgme nt distribu tion TEUR	transition TEUR	group TEUR
external sale s prev ious year (q1-q3 2007)	48,013 23,756	50,482 27,467	0 114	98,496 51,337
intercomp any sale s prev ious year (q1-q3 2007)	0 20,622	2,584 5,820	-2,584 -26,442	0 0
ne t sale s prev ious year (q1-q3 2007)	48,013 44,378	53,066 33,287	-2,584 -26,328	98,496 51,337
segme nt resul ts prev ious year (q1-q3 2007)*	701 1,283	7,515 1,834	-4,455 -2,615	3,761 502
The reof interest payable prev ious year (q1-q3 2007)	-327 -187	0 -191	-967 -362	-1,294 -740
The reof interest earned prev ious year (q1-q3 2007)	0 3	0 19	199 143	199 165
The reof write-offs prev ious year (q1-q3 2007)	-90 -82	-95 -27	-20 -76	-205 -185
segme nt asse ts prev ious year (sept. 30, 2007)	43,738 15,798	17,318 19,901	8,450 17,627	69,506 53,326
segme nt liabilities prev ious year (sept. 30, 2007)	9,340 18,234	9,532 14,746	13,387 -15,251	32,258 17,729
segme nt investme nts prev ious year (sept. 30, 2007)	22 49	2 13	435 273	459 335

* Adjustment in accordance with IAS 8 (s. explanation in the notes)

The column "transition" includes internal group transactions, holding expenses and income tax items not taken into consideration under IAS 14.

Regarding the secondary segments (regional allocation), the external turnover is based on the location of the customer. According to internal control measures, the regions Germany, Spain and other regions have been defined. In line with the materiality principle, only turnover is allocated for the secondary segments.

segme nt by reg ion	rmany TEUr	spain TEUr	othe r reg ions TEUr	group TEUr
external sale s previous year	92,739 48,988	3,685 2,113	2,073 236	98,496 51,337

Rel at ed party transac tions

In addition to the subsidiary companies included in the consolidated accounts, COLEXON Energy AG also deals with affiliated persons and companies in the normal course of business.

The normal course of business includes all transactions of goods and services with affiliated persons that were conducted in accordance with the terms and conditions usual on the market, as they would have been with non-affiliated third parties.

	comp anies with significant influe nce TEUR	rs of the Board TEUR	rs of the supe rvisory Board TEUR	othe r rel ated parties TEUR
Goods and service s Prev ious year (q1-q3 2007)	39,260 0	0 268	0 0	8,798 1,229
Rece ivable s Previous year (sept. 30, 2007)	17,285 0	0 131	0 0	840 228
Write-offs on rece ivable s Prev ious year (q1-q3 2007)	0 0	0 314	0 0	0 0
Interest rate p.a. Previous year (sept. 30, 2007)	0 % 0 %	7.70 % 7.70 %	0 % 0 %	0 % 0 %
Goods and service s rece ived Prev ious year (q1-q3 2007)	246 0	34 22	310 151	0 1,521
Liabilities Previous year (sept. 30, 2007)	0 0	3 2	0 87	2 5
payme nts rece ived Previous year (sept. 30, 2007)	0 0	0 0	0 0	240 0

From a Group perspective, the business relationships with affiliated persons are as follows:

Companies with significant influence

The goods and services supplied to companies with significant influence relate to the installation of large-scale projects. The receivables are both trade receivables and future receivables from production orders that have already been offset by payments received.

Members of the Executive Board

The receivables largely consist of interest on earlier receivables from an Executive Board member and insignificant expenses for both Board members.

Members of the Supervisory Board

The services received from a former Supervisory Board member include legal and consulting fees.

Other related parties

The affiliated company in the reporting year is owned by family members of an Executive Board member. The goods and services in question were produced and received under normal market conditions.

Supervisory Board

In accordance with Section 8 of the Articles of Association, the company's Supervisory Board consists of six members and is comprised as follows:

• Dr. Hans-Joachim Reh (Chairman), member since May 28, 2008 and Chairman of the Supervisory Board since July 17, 2008
• Dr. Karl Freiherr von Hahn (Vice Chairman), member and Chairman of the Supervisory Board since December 18, 2007, since July 17, 2008 Vice-Chairman of the Supervisory Board
• Dr. Alexandra von Bernstorff, member since June 19, 2008
• Lasse Lindblad, member since June 19, 2008
• Tom Larsen, member since December 18, 2007
• Pieter Wasmuth, member since June 19, 2008

On October 17, 2008 Dr. Hans-Joachim Reh, Dr. Karl Freiherr von Hahn and Pieter Wasmuth resigned from Supervisory Board. Since October 17, 2008 Tom Larsen is new Chairman of the Supervisory Board.

e x ecu tiv e board

As of September 30, 2008, the Executive Board had the following members:

• Mr. Thorsten Preugschas, Graduate Engineer, Kamp-Lintfort
• Dr. Volker Wingefeld, Graduate Economist, Bruchköbel

According to Section 6 of the Articles of Association, the company shall be represented by two members of the Executive Board or one Executive Board member together with an authorised signatory.

On September 19, 2008 the Supervisory Board and Dr. Volker Wingefeld agreed to enter short term negotiations regarding the cancellation of his management contract. As on October 17, 2008 Henrik Christiansen, master in business management, Ahrensburg, has been appointed to the chief financial officer of the association

Compl iance stat ement

The statement made in accordance with Section 161 of the Companies Act (AktG) regarding the extent to which the "Government Commission of the German Corporate Governance Code" have been and are observed, is published on the company's website and made available to shareholders.

FINANc i al calendar 2008/2009

November 27, 2008 Report for the third quarter 2008 March 26, 2009 Anual Report 2008 May 26, 2009 Report for the first quarter 2009 May 2009 Annual General Meeting, Hamburg

CONTAC T

Investor Relations Jan Hutterer

Public Relations Kirsten Friedrich

FON +49(0) 40. 28 00 31-0 FAX +49(0) 40. 28 00 31-101

Imprint

Publisher colexonEnergy AG Grosse Elbstrasse 45 • 22767 Hamburg • Germany WWW.COLEXON.COM

Graphic de sign

Elisabeth Bak

This report is available as a download on our website in both the German and English languages. Further copies as well as additional information about COLEXON Energy AG can be sent to you upon request. Should you be interested, we would be more than pleased to add you to our shareholders distribution list, which ensures the regular receipt of our updated news via email.

Discl aimer

The report in hand includes future directive statements, based on the beliefs of the Executive Board of COLEXON Energy AG and reflects their actual assumptions and estimates. These forward-looking statements are subject to risks and uncertainties. The unpredictability of factors presented could result in different actual performance and results of COLEXON Energy AG. Possible causes could include, amongst other things, the non-acceptance of newly introduced products or services, changes in the general economic or business situation, shortfall of efficiency or expenditure reduction targets or an alteration of the business strategy.

The Executive Board is confident, that the expectations of these projected statements are sound and realistic. Should however, the aforementioned or any other unexpected conditions arise, COLEXON Energy AG cannot guarantee that the expressed forecasts will be proven correct.

COLEXON ENERGY AG Grosse Elbstrasse 45 • D-22767 Hamburg • Germany FON +49 (0)40. 28 00 31-0 • FAX +49 (0)40. 28 00 31-101 E-M AIL info@colexon.com • W WW.COLEXON.COM