SGL CARBON SE — Investor Presentation 2012

Aug 20, 2012

Investor Relations Presentation

August 2012

Introduction to SGL Group's Businesses

SGL Group Business structure

B M t i l A d d M t i l a s e a e r a s a n c e a e r a s v
P f P d t e r o r m a n c e r o u c s ( P P )	G h i M i l & t t r a p e a e r a s S ( G M S ) t s e m s y	C b F i b & a r o n e r s C i ( C F C ) t o m p o s e s
G & C h i t b r a p e a r o n ( G C ) E l t d E e c r o e s C h d & F t a o e s u r n a c e L i i ( C F L ) n n g s	G S ( G S ) h i t i l t i r a p e p e c a e s • P T h l ( P T ) r o c e s s e c n o o g y • N M k ( N M ) t e a r e s w •	C & b F i b a r o n e r s • C i t M t i l o m p o s e a e r a s ( C / C ) F M A ( A S ) t t e r o s r u c u r e s • R B l d ( R B ) t o o r a e s •
T h l d I i ( T & I ) t e c n o o g y a n n n o v a o n

Base MaterialsPerformance Products (PP)

Base MaterialsPerformance Products (PP)

S l 2 a e s –	0 1 1	H i h l i h t 2 0 1 1 g g s
Ca t ho de & s Fu L in ing rn ac e s 1 4 % G h i & te ra p Ca bo E lec tro de r n s 8 6 %		C t i d i t i h i t l t d o n n e m p r o e m e n n g r a p e e e c r o e u v • l v o u m e s C f f t t i l l i t t d M l i h i t o n s r u c o n o u n e g r a e a a y s a n g r a p e • l ( l d & h d ) i t t t t p a n e e c r o e s c a o e s c o n n u e s o n h d l s c e u e
M d i t e u m e r m -	t t a r g e s	S t t i i i t i r a e g c p r o r e s
V l t h o u m e g r o w : •	2 3 % p. a –	C t i d t d t i j t o n n u e c o s r e u c o n p r o e c s •
O S R : •	% 1 5 2 0 –	M j i i t i t i t i t l a o r n a e o n c r e a s e c s o m e r a e v u v u • h h d l i d i t t t t r o u g p r o u c q u a y a n c o n s s e n c y

Performance ProductsGraphite electrodes (GE) for steel production in EAFs

• • Growth in steel production fuelled by infrastructure demand from emerging countries
• • Scrap availability limits EAF growth in emerging countries
• • Due to continued efficiency gains GE demand growth only 1 – 2% p.a.
• • GE critical to EAF furnace efficiency but only ~3% of steelmaking conversion cost

An EAF (electric arc furnace) is a furnace that heats charged scrap steel material (also known as mini mills) BOF (blast oxygen furnace) is the steelmaking route that uses iron ore and coking coal to produce primary steel (also known as integrated steel)

Investor Relations PresentationPage 6

Base Materials

Performance Products (PP)

Advanced Materials

Graphite Materials &

Performance Products Graphite electrodes

Performance ProductsGraphite electrode production process

• • GE critical to EAF furnace efficiency but only ~ 3% Graphite production of steelmaking conversion cost
• •GE is a consumable – replaced every 5 to 8h
• •GE usually sold mostly in annual contracts
• • Needle coke requirements sourced on basis of multiyear contracts
• Production process takes up to 3 months

Performance ProductsGraphite electrode market

Performance ProductsCathodes for the aluminum industry

• • Aluminum demand driven by:
• Population growth and urbanization
• Further industrialization of BRICs
• Weight / strength / cost advantages in higher energy cost environment
• • Cathodes essential to aluminum smelters
• Existing smelters relining
• Investment good (5 7 years lifetime)
• New smelter construction leading first to project demand and long-term to higher relining demand
• • Existing smelters upgrading
• Amorphous graphitized cathodes
• Only three to four major established producers of graphitized cathodes
• • Cathodes essential for aluminum smelting but representing only 2% of production costs for 1 mt aluminum

Aluminum global production scenarios 2003 – 2020 / Above pre-crisis scenarios

Fundamentals for Aluminum production growth are solid. Various new Projects under construction and additional feasibility studies for capacity increase underway.

Performance ProductsCathodes for the aluminum industry

Performance ProductsMarket shares in cathodes 2011

• Increasing cathode demand due to new projects.
• • In Western World disproportional growth for graphitized cathodes due to higher efficiency and yield advantages
• • Graphitized cathodes industry highly concentrated (only 3 – 4 established players)

Investor Relations PresentationPage 12

Base Materials

Performance Products (PP)

Advanced Materials

Graphite Materials &

Advanced MaterialsGraphite Materials & Systems (GMS)

Advanced MaterialsGraphite Materials & Systems (GMS)

S l 2 0 1 1 a e s –		H i h l i h 2 0 1 1 t g g s
N M k t e w a r e s 1 1 % P r o c e s s T h l e c n o o g y 2 1 %	G h i t r a p e S i l i t p e c a e s 6 8 %	R d l d R O S d h i h d d f t e c o r s a e s a n u e o g e m a n r o m • l l t i d t i a c s o m e r n s r e s u u C i t i t t a p a c y e x p a n s o n o n s r e a m o a c c o m p a n y • f i i d d i d t i h n c r e a s n g e m a n o n s r e s s c a s u u h l i L E D ( i i h i ) t t t t t t p o o v o a c, e c. s o s a c g r a p e , 2 0 1 1 P T h l d d i t h d r o c e s s e c n o o g y e n e w r e c o r • b f d n u m e r o n e w o r e r s
M d i t t t e u m e r m a r g e s -		S t t i i i t i r a e g c p r o r e s
S l t h a e s g r o w : •	1 0 % > p. a	C f t k t t i t i i t i a p u r e m a r e o p p o r u n e s n a s g r o w n g • k i h i l i t t t t t m a r e s w m e y n v e s m e n s
O S R : •	% 1 0 >	M i i l d i i i i l l d t t t a n a n e a n g p o s o n n a c o r e p r o u c • h l i t e c n o o g e s

Graphite manufacturing passes multiple process steps and requires 4 to 6 months of production time (net)

Page 15

Graphite Materials & Systems Feedstock production: Isostatic graphite

Graphite Materials & Systems Feedstock production: Extruded graphite

Graphite Materials & Systems Production sites

Graphite Materials & Systems

Advanced Materials Performance Products Graphite Materials & Systems (GMS)

Graphite Specialties can have different properties

Graphite Specialties have unique properties:

• • Self-lubricating
• Necessary where oil and grease would be detrimental
• Suitable above permissible temperatures for oils and fats
• • Mechanically stable up to very high temperatures
• Allow faster operating rates than with metals
• Some applications, e.g., semiconductors could not be produced without graphite equipment
• • Electrical and thermal conductivity
• Graphite powder is a powerful and effective anode material in lithium-ion batteries
• Metallurgical applications
• • Highest thermal shock stability of all well-known materials
• Graphite is both an effective lining and moderation material in nuclear power plants

The properties are modifiable to suit the required application!

Graphite Materials & Systems Best solutions for our customers …

BU Process Technology

Process solution provider for chemical and related industries

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Systems

• Syntheses
• Distillation, purification, concentration, dilution
• Absorption, desorption
• Reactors & converters
• Steel pickling

Equipment

• Heat exchangers
• •Reactors and internals
• •Quenchers and vessels
• •Pumps
• Piping
• Accessories

After sales services

• Spare parts
• Maintenance / Repairs
• Training

Product portfolio Core industries served

• •Chemicals
• •Pharma
• •Metals & Mining
• •Energy
• •Solar
• •Environmental

Core applications

• •Hydrochloric acid (HCl)
• Phosphoric acid (H3PO4)
• •Sulfuric acid (H2SO4)
• •Hydrofluoric acid (HF)
• Oxidizing acids
• •Isocyanates
• •Epichlorohydrine (EPC)
• Vinyl chloride (VCM)
• •Polysilicon

BU Process Technology Business model and 3D growth strategy

Engineered process solutions lead to high value leverage on graphite

Graphite Materials & Systems Innovation driving new product portfolio

• • Heaters, molds and insulation for photovoltaic applications
• • Silicon Carbide coated platters for LED
• • Carbon for anode material for lithium-ion batteries
• • High purity expanded graphite for environmental needs and thermal management (electronics, climate), e.g. cooling ceilings (Deutsche Bank Green Towers)
• • Process solutions for destruction of HCFCs(Hydrochlorofluorocarbons)

1/3 of sales based on new products introduced over the last 4 years

Graphite Materials & Systems

Major customer industries and market shares 2011

Base M aterial s	Advan ced M aterial s
Perfor Produ cts mance (PP)	Graph ite Mat erials & System s (GMS )	Carbo n Fibe rs & Comp (CFC) osites

	% f l t t o o a G S 2 0 1 1 M l s a e s	G l b l k t o a m a r e 2 0 1 1 h s a r e
C h i l e m c a s	2 % 4	3 0 %
S E l n e r g o a r y :	% 2 1	% 2 5
E B i & N l t t n e r g y : a e r e s u c e a r	1 3 %	2 % 5
S ( ) i d t i l. L E D e m c o n u c o r n c	% 8	% 2 0
M l l t e a r g u y	7 %	2 0 %
T l f i t o o m a n u a c u r n g	6 %	1 % 5
A t t i o m o e u v	% 4	% 1 5
H i h- t t g e m p e r a u r e p r o c e s s e s	3 %	1 % 5

Source: SGL Group's own estimates

Advanced MaterialsCarbon Fibers and Composites (CFC)

Advanced MaterialsCarbon Fibers and Composites (CFC)

S 2 0 1 1 l a e s –	H i h l i h 2 0 1 1 t g g s
C b F i b & a r o n e r s R B l d t o o r a e s C i t o m p o s e 1 3 % M t i l a e r a s 5 0 % A t t e r o s r u c u r e s 3 % 7	C & C ( C / C ) b F i b i t M t i l F M a r o n e r s o m p o s e a e r a s : • I d l d i i l i i t t t m p r o v e v o u m e s a n c a p a c y u z a o n – J V i t h B M W G f t t i t i l i s w r o u p o r a u o m o v e m a e r a s p r o g r e s s n g – h d l o n s c e u e ( S ) A t t A e r o s r c r e s u u • I d f i b i l i d f h f t t t t t m p r o v e p r o a y u e o u r e r r a m p u p o c u s o m e r – j t i t t i t t i t t f t h p r o e c s ; n e w n v e s m e n s n a u o m a o n o s u p p o r u r e r & f t h i d b i g r o n a e r o s p a c e e e n s e s n e s s w u ( ) R t B l d R B o o r a e s : • W i d i d j d l d l l i f j t t t n n u s r y p r o e c e a y s a n c a n c e a o n o a m a o r – d d l k f l d l t i l i t i o r e r c a u s e a c o s a e s a n o w u z a o n
M d i t t t e u m e r m a r g e s -	S i i i i t t t r a e g c p r o r e s
S l h 2 0 % t > a e s g r o w : p. a • O S % R 1 0 > : • ( f b d 2 0 1 3, b j t t i d e n o s e c o n y u w k d l ) t t e n e r g y m a r e e v e o p m e n s	B l i f h i f f k t e c o m e s u p p e r o c o c e o r o u r o c u s m a r e s • A t t i u o m o v e – A l t t i i e r n a e e n e r g e s v – A i i / d f h l t t v a o n e e n s e e c n o o g y – C I d t i l, t t i n s r a o n s r c o n u u – E d C b F i b d C i i i t t x p a n a r o n e r a n o m p o s e c a p a c e s • S t i t h i t h t t d t h i d u p p o r o r g a n c g r o w w a r g e e p a r n e r s p s a n • i i t i a c q u s o n s S f d i l l t a e g u a r o w n r a w m a e r a s u p p y •

Carbon Fibers & Composites Best solutions for our customers

SGL Group The only integrated European carbon fiber producer

Carbon Fibers & Composites PAN precursor and carbon fiber

Investor Relations PresentationPage 29

Advanced Materials

Graphite Materials &

Carbon Fibers & Composites (CFC)

Performance Products

Carbon Fibers & Composites Carbon fiber characteristics

C h i i t t a r a c e r s c s	A l i i t p p c a o n s
P h i l t t h, y s c a s r e n g h l i h i h t t t o u g n e s s, g w e g	A t t, t i d l i d t b i e r o s p a c e, r a n s p o r s p o r n g g o o s, p r e s s u r e v e s s e s, w n u r n e b l d i & f f- h l i i t a e s, m a r n e o s o r e a p p c a o n s
H i h d i i l b i l i t t g m e n s o n a s a y, f f f l i i t t h l o w c o e c e n o e r m a i l b i e p a n s o n, o a r a s o n x w	M i i l i f b k d l t t t t t s s e s, a r c r a r a e s, a e r o s p a c e a n e n n a a n s u p p o r s r u c u r e s, a r g e f f ( G ) t l t i l b h i d t b l h i h- H e e s c o p e s, o p c a e n c e s, w a v e g u e s o r s a e g r e q u e n c y z f i i t p r e c s o n m e a s r e m e n r a m e s u
G d i b t i d i o o r a o n a m p n g v , h, d h t t t s r e n g a n o u g n e s s	A d i i t, l d k f H i- f i i t, i k b t o e q p m e n o s p e a e r s o r e q p m e n p c p a r m s, r o o u u u u u l l a r m s, r o e r s
E l i l d i i t t t e c r c a c o n u c v y	A b i l h d l i i d b f l i i t t t t, u o m o e o o s, o o n g c a s n g s a n a s e s o r e e c r o n c e q u p m e n , l i i f ( E M I ) d d i f ( R F ) h i l d i t t t e e c r o m a g n e c n e r e r e n c e a n r a o r e q u e n c y s e n g , b h r s e s u
B i l i l l i t, o o g c a y n e r x- r a y b i l i t p e r m e a y	M d i l l i i i h d i i l t t t, t e c a a p p c a o n s n p r o s e s e s, s u r g e r y a n x- r a y e q u p m e n m p a n s, d / l i i t t e n o n g a m e n r e p a r
F i i l f- t t a g u e r e s s a n c e, s e l b i t i h i h d i r c a o n, g a m p n g u	T t i l h i l i i e e m a c n e r g e n e r a e n g n e e r n g x y,
C h i l l i h i h t, e m c a y n e r g i i t c o r r o s o n r e s s a n c e	C h i l i d l f i l d l l d i t t e m c a n u s r y ; n u c e a r e ; v a v e s, s e a s, a n p u m p c o m p o n e n s n l i i l i i t p r o c e s s p a n s ; c v e n g n e e r n g
E l t t i e c r o m a g n e c i t p r o p e r e s	L t t i i i d i l i l i t a r g e g e n e r a o r r e a n n g r n g s, r a o o g c a e q p m e n u

Source: CARBON FIBERS Updated: April, 2004 – Raghavendra R. Hegde, Atul Dahiya, M. G. Kamath (Monika Kannadaguli & Haoming Rong); SGL Group

Carbon Fibers & Composites: Carbon fiber demand growth delayed by 2-3 years but all growth drivers intact

Carbon Fibers & Composites Carbon fiber capacity

Capacity in mt

P r e c u r s o r	O w n	O w n	O w n	O w n	O w n	P i l l t a r a y o w n	O w n	O w n
P d t r o u c	L T	L T	H T	L T / H T	L T	H T	L T	L T
M k t a r e s	A / I d. e r o n	A / I d. e r o n	I d. n	I d. n	I d. n	I d. n	A / I d. e r o n	A / I d. e r o n

Source: SGL Group's own estimates, company websites (as of January 2012)

Carbon Fibers & Composites Composite Materials

• • Carbon fibers can be woven or braided and are often impregnated with resin before component production
• • We aim to have a broad range of technologies for prepreging / preforming
• Impregnation (e.g., prepregs for wind turbine blades or aircraft parts)
  • SGL epo
• Weaving (e.g., sporting goods, automotive, medical industry)
• Preforms (e.g., automotive industry)
• Braiding (e.g., automotive industry)
  • SGL Kümpers

SGL Kümpers

Advanced Materials

Graphite Materials &

Carbon Fibers & Composites (CFC)

Performance Products

Carbon Fibers & Composites Aerostructures – HITCO

Advanced Materials Performance Products Graphite Materials & Carbon Fibers & Composites (CFC)

• • HITCO: California-based composite component manufacturer for aerospace & defense industries
• • Complex multi-contoured hand lay-up expertise augmented by world class automation for carbon fiber reinforced aero structures
• • Investment into automation technologies AFP (Automated Fiber Placement machine), ATL (Automatic Tape Layer machine) and NDI (Non Destructive Testing Equipment) substantially improves competitiveness of HITCO
• • Received 2011 Defense Manufacturing Technology Achievement Award for superior accomplishments on the Joint Strike Fighter (JSF) Program and recognition for Out of Autoclave (OOA) processing of composite structures
• • Successive Preferred Supplier Certifications from The Boeing Company for Quality & Delivery Performance
• • Recent contract wins / extensions:
• Composite Floor & Cargo Beams for Boeing 787 -8 & 9 Dreamliner
• Wing / Nacelle Skins and other complex components for JSF (F-35)
• Empennage Rib Chords for Boeing 777 Program
• Composite closures for Trident Missile submarines

Carbon Fibers & Composites Rotor Blades – SGL Rotec

• • SGL Rotec: German based manufacturer of rotorblades for wind turbines of multi-MW classes
• • Built-to-print manufacturing based on fiber composite technology since early 1990s
• • High reputation as
• manufacturer of high quality rotor blades
• specialist in manufacturing of large size rotor blades for onshore and offshore turbines
• innovator in process and technology development
• • Composite Technology:
• Process: Vacuum infusion

• Development of a "Competence & Development Center" for next generation rotor blade manufacturing

Investor Relations PresentationPage 36

Carbon Fibers & Composites JVs in Automotive

• • Benteler-SGL:
• 50/50 JV between SGL Group and Benteler AG to develop composite based automotive components
• February 2009: Acquisition of Fischer Composite Technologies GmbH in Austria
• Leading position in developing structural automotive parts and modern, automated production technologies
• Successful manufacturing of prototype parts for the BMW i3
• • Brembo-SGL:
• 50/50 JV between SGL Group and Brembo SPA for carbon ceramic based automotive brakes
• Leading global position, supplying most of the highend car makers, with production sites in Germany and Italy
• • SGL Group's strategic objectives in automotive:
• Drive the metal substitution process in automotive to become a major automotive parts supplier by 2013
• Ensure that SGL Group's materials are at the forefront in the automotive industry

Carbon Fibers & Composites

JVs with BMW, Mitsubishi exclusively for BMW's demand

• • Milestone in serial application of carbon fibers in automotive industry – market launch of first serially produced car (BMW i3) with a CFRP passenger cell in 2013
• • €90 million total investment volume in initial phase, overall investment volume €230 million subject to BMW demand increase
• •JVs to be consolidated at equity by SGL and BMW during build-up phase
• • BMW guarantees certain minimum purchasing volumes at contractually agreed conditions in the context of safeguarding the overall project
• •BMW provides debt financing
• • SGL Automotive Carbon Fibers LLC, Moses Lake (USA): 51/49 JV between SGL Group and BMW Group to produce carbon fibers exclusively for BMW's demand (3kt carbon fiber capacity in 1st stage)
• • SGL Automotive Carbon Fibers, Wackersdorf (Germany): 51/49 JV between SGL and BMW Group to produce composite materials (fabrics) in Wackersdorf (Germany) based on carbon fiber produced in Moses Lake (USA)
• • These fabrics to be sold to BMW who will produce automotive parts and then finally assemble the BMW i3 in Landshut and Leipzig (Germany)
• • Precursor supply safeguarded by MRC – SGL Precursor Co. Ltd., Otake (Japan): 33/67 JV between SGL Group and Mitsubishi Rayon

Advanced Materials Graphite Materials & Systems (GMS)

Carbon Fibers & Composites (CFC)

Source: BMW Group

Ensuring the future SGL Excellence – enables productivity and growth

Ensuring the future SGL Excellence savings

Since 2002 continuous cost reduction of €257 million in total

Annual Net Savings (€m)

Ensuring the future Technology & Innovation – foundation for profitable growth

Technology & Innovation: SGL Group's centralized R&D organization

• •Market driven R&D ensures best-in-class support for current and future customers
• • Industry networks with suppliers and customers are an essential part of our development strategy thus ensuring close contacts to our markets
• •Global networks with leading universities cover the basic research.
• • Material, process and application know-how is the platform for our development clusters: synthetic graphite, carbon fibers and composites, energy systems, and ceramic fibers and composites.
• • Strategic IP management safeguards our products and processes and is a driver of our long term market success

Ensuring the future

Technology & Innovation – foundation for profitable growth

Activity areas of T&I 2012

Raw materials & synthetic graphite development for basic industries targeting

• • Reduction of graphite electrode consumption in EAF by optimization of raw materials, oxidation resistance and GE-joint
• • Increase energy efficiency of aluminum production process by improved cathode recipes and advantageous cathode designs
• • Elongate lifetime of furnace linings by improved microporous carbon-ceramic recipes and advanced lining bloc designs

Strengthen Carbon Fiber based value chain

• •Commissioning of carbon fiber Pilot Line and improvement of carbon fiber production processes
• •Development of special carbon fiber grades based on own precursor
• •Improvement of textile structures, prepregs and preforms

Energy systems

• • Improved low cost graphite based anode materials for Li-ion batteries and high performance carbon powder for Supercaps with enhanced energy density.
• • Development of carbon felt with enhanced surface characteristics and improved electrochemical behavior for stationary energy storage systems such as Redox flow batteries.

Improved Ceramic Materials

• • Development of new C/SiC materials and manufacturing methods for large complex shaped ceramic structures
• •Development of high-temperature stable SiC fiber

Latest Financials and 2012 Outlook

SGL Group H1/2012 Results for the Group

€ i i l l i n m o n	/ H 1 2 0 1 2	/ H 1 2 0 1 1
S l a e s r e v e n u e	8 0 9 8	2 0 7 5
E B I T D A	1 1 1. 3	1 1 0 3
O i f i ( E B I T ) * t t p e r a n g p r o	3 0 7	6 2 7
O f ( ) t i i t E B I T p e r a n g p r o	3 0 7	8 0 3
( % ) * R t l i e r n o n s a e s n u	9 0	1 0 5
f R l t A t- E i t t d i t t e s r o m q a c c o n e n e s m e n s u u y u v	7. 2 -	1 4 7 -
N t f i i l t e n a n c n g r e s u	2 4 7 -	2 4 9 -
P f i b f t t r o e o r e a x	4 1. 1	4 0 7
N f i f l l i i t t t t t t e p r o a e r n o n- c o n r o n g n e r e s s	2 3 7	3 0 5
E P S b i ( i € ) a s c n ,	0 3 4	0 3 5

•Sales revenue increase: 12%, currency adjusted 8%

• •Initial consolidation of recently acquired Portuguese Fisipe contributed €29.8 million to sales
• •EBIT includes sustainable cost savings of €12 million from SGL Excellence Initiative (SGL X)

* Before reversal of impairment losses and impairment losses in 2011

SGL Group H1/2012 Results for Performance Products (PP)

i € i l l i n m o n	H 1 / 2 0 1 2	H 1 / 2 0 1 1
S l a e s r e v e n u e	4 1 3 1	3 8 8 1
E B I T D A	9 3 4	8 0 5
O f ( ) t i i t E B I T p e r a n g p r o	7 5 5	6 2 6
R t l ( i % ) e r n o n s a e s n u	1 8 3	1 6 1

• • Sales revenue increased 6%, currency adjusted 3%
• anticipated lower graphite electrode volumes due to weaker Q1 compensated by higher selling prices
• recovery in cathode volumes offset by expected lower selling prices
• • EBIT increased 21% due to
• higher graphite electrode prices
• increased cathode sales volumes
• •Continued start-up costs for commissioning our new Malaysian plant weigh on earnings
• •€4.5 million savings from SGL X initiative

SGL Group H1/2012 Results for Graphite Materials & Systems (GMS)

€ i i l l i n m o n	/ H 1 2 0 1 2	/ H 1 2 0 1 1
S l a e s r e e n e v u	2 5 2 8	2 2 6 0
E B I T D A	5 0 1	4 8 5
O i f i ( E B I T ) t t p e r a n g p r o	4 1. 3	3 9 9
R l ( i % ) t e u r n o n s a e s n	1 6 3	1 7. 7

• • Sales revenue increased 12%, currency adjusted 8%
• broad materials base was able to more than compensate for the cyclical downturn in solar and LED industries
• Business Unit Process Technology continued positive development based on record order backlog at the end of 2011
• • EBIT increased less than proportionately to sales by 4%
• resulting from lower fixed cost absorption as production has been adjusted to lower demand
• •€4 million savings from SGL X initiative

SGL Group H1/2012 Results for Carbon Fibers & Composites (CFC)

i € i l l i n m o n	H 1 / 2 0 1 2	H 1 / 2 0 1 1
S l a e s r e v e n u e	1 4 2 9	1 0 9 7.
E B I T D A	8 7 -	1. 6
O f ( ) * t i i t E B I T p e r a n g p r o	1 6 5 -	4 2 -
O t i f i t ( E B I T ) p e r a n g p r o	1 6 5 -	0 1 -
R l ( i % ) * t e u r n o n s a e s n	1 4 7 -	4 2 -

• • Sales revenue increased 32%, currency adjusted 29%
• initial sales contribution of €29.8 million from newly acquired Portuguese Fisipe
• organic sales growth of 5%
• higher sales in Business Unit Rotor Blades compared to weak H1/2011 partially offset by lower sales in Business Units Carbon Fibers & Composite Materials (CF/CM) and Aerostructures (AS)
• • Decrease in EBIT due to
• continued negative earnings situation of our wind/rotor blade business
• low capacity utilization in the carbon fiber business
• unsatisfactory utilization level in the Business Unit AS caused by Boeing 787 and Joint Strike Fighter delays
• •€4 million savings from SGL X initiative
• * Before reversal of impairment losses and impairment losses in 2011

SGL Group H1/2012 Results for Central T&I and Corporate Costs

i € i l l i n m o n	H 1 / 2 0 1 2	H 1 / 2 0 1 1
S l / h t a e s r e v e n u e o e r r e v e n u e	1. 0	3 0
C & t l T I t e n r a c o s s	6 6 -	8 5 -
C t t o r p o r a e c o s s	2 0 7 -	1 6 3 -

• •Central T&I costs increased by 14% mainly due to higher R&D-activities
• • Corporate costs increased by 27% primarily due to project related (mainly relating to preparations for the acquisition of Fisipe) and sponsoring expenses

Financing Structure, Balance Sheet Ratios and Cash on Hand Allow Continuation of Growth Path

SGL Group established a solid long term financial structure in May 2007

• •€200 million Corporate Bond at EURIBOR plus 125 bps (maturity 2015)
• • €145.5 million* Convertible Bond at 0.75%, adjusted conversion price of €36.30 (maturity 2013) (originally €200 million prior to conversion)
• •€200 million credit facility, undrawn (original 2012 maturity extended to 2015)

Followed by supplemental debt instruments in June 2009 and in April 2012

• • €134.7 million* Convertible Bond at 3.5%, adjusted conversion price of €29.21 (maturity 2016) (originally €190 million prior to conversion)
• •€240 million Convertible Bond at 2.75%, adjusted conversion price of €43.84 (maturity 2018)

SGL Group has solid balance sheet ratios and liquidity at end of June 2012

• •Equity ratio: 44%
• •Gearing: 0.51
• •Total liquidity: €267 million

SGL Group has currently no refinancing requirements

* As at July 31, 2012

Ensuring the Future Capital Expenditure by Business Area

• • PP:
• Continued build up of new GE + CA production facility in Malaysia
• • GMS:
• Isostatic graphite capacity expansion in Germany
• Capacity expansion in USA, China and India
• Reconstruction and expansion of graphite foil production in Meitingen (Germany)
• Replacement and ESHA investments in France, USA and Germany
• • CFC:
• Further investments in automation technologies at HITCO (USA) and SGL Kümpers (Germany)
• ESHA investment in Scotland

* Reported capex of €129.5 million for 2010 includes €7.4 million cash inflow for services rendered by SGL Group. Therefore cash outflow for capex was €136.9 million

SGL Group Outlook 2012 strongly dependent on macroeconomic development in H2

Group

• •Assuming world economy will begin to pick up pace in H2, FY 2012 sales to grow vs. 2011
• •EBIT to remain on 2011 level of approx. €160 million due to higher losses in CFC vs. 2011
• • Relief from lower loss from investments accounted for At-Equity, financial result will be impacted by new convertible bond issue in April 2012

Capex, Balance Sheet, Cash Flow

• •Key KPI: target gearing level to remain at approx. 0.5 based on today's portfolio
• •Gearing ~0.5 defines capex level
• •Capex up to €150 million (including Fisipe) to be largely funded from operational cash flow
• •Free cash flow (excluding acquisitions and dividend payment for FY 2011) of up to minus €60 million
• • Free cash flow including payments relating to Fisipe acquisition (excluding dividend payment for FY 2011) of approx. minus €115 million

Key risks to forecasts

•Political, economic, financial market related uncertainties

SGL Group Business Area Outlook and Key Assumptions 2012

P P	G M S	C F C
S l t h d i i l b a e s g r o w r v e n m a n y y • G E i i R O S b l t p r c n g, c o m p a r a e o 2 0 1 1	S t b l l d t d a e s a e s c o m p a r e o r e c o r • 2 0 1 1, R O S f t b l 1 0 % ≥ c o m o r a y	D b l d i i t l t h, o u e g s a e s g r o w • h i h l d t g e r o s s e s c o m p a r e o 2 0 1 1
G h i E l d t t r a p e e c r o e s C b l G E l i f o m p a r a e v o u m e s • l b l d l i t g o a e c o n o m a n e e c r c y 2 t l d t i i H s e e p r o u c o n r e c o v e r n W k l i H 1 H 2 e a e r v o u m e s n v s. • t d e x p e c e F i b t t t a c o r c o s n c r e a s e s o e • t d i t h h i h l l i c o m p e n s a e w g e r s e n g i p r c e s C t h d a o e s V l o u m e r e c o v e r y • F i t t t t a c o r c o s n c r e a s e s n o e y • t d b l l i i c o m p e n s a e y s e n g p r c e s	G h i S i l i t t r a p e p e c a e s S l i h t l l l d t h g y o w e r v o u m e s a n u s • i l i i d l i l t t t a o n e o c c c a u z u y l d i h t l t i d s o w o w n n p o o v o a c a n L E D i d t i n u s r e s N M k t e w a r e s C i d d d d f L i t o n n u e g o o e m a n r o m • f i b t t i o n a e r e s o r c o n s u m e r t s e g m e n P T h l r o c e s s e c n o o g y R d d i t k i 2 0 1 1 e c o r o r e r n a e n • i l t h d p r o m s e s s a e s g r o w a n f i b i l i t t p r o a y	C / b F i b a r o n e r s C i t M t i l o m p o s e a e r a s f f A t d b l t i l e c e y o w e r m a e r a • d d f i d i d t e m a n r o m n n s r w u y d i l b h l t t c a u s e m a n y y e p a n f h t d j t s u o w n o a m a o r c u s o m e r A t t e r o s r u c u r e s H I T C O f f d b d l i t a e c e y e a y s n • S B i 7 8 7 d J i t t i k o e n g a n o n r e F i h t g e r R t B l d o o r a e s S G L R d t t t o e c e x p e c e o r a m p • d t i d d u p p r o u c o n a n r e u c e l i f 2 0 1 2 o s s e s n c o u r s e o

Fundamental long-term growth drivers and mid term horizon

Fundamental long-term growth drivers for our businesses

Strong growth in emerging countries (BRIC etc.)

•Industrialization

•Infrastructure build up

Increasing demand for graphite electrodes and cathodes

Fundamental long-term growth drivers for our businesses

Our carbon based products offer sustainable solutions towards less CO2

Mid Term HorizonGroup Sales to increase by more than 10% p.a.*

Mid Term Horizon Return on Sales (ROS) target remains at minimum 12%

• •Outlook for 2012, especially for H2, uncertain due to unclear macroeconomic environment
• •New assets coming on stream contribute to sales and cash flow growth
• •Higher capacity utilization expected to lead to ROS ^≥ 12% in course of 2013

Mid Term Horizon Return on Capital Employed (ROCE) target remains at minimum 17%

• •Anticyclical investments provide basis for long term growth
• • The resulting sales growth will lead to normalized capital intensity* improving from 109% in 2011 to ~80% as investment pace slows and sales growth accelerates
• • As a consequence we expect to reach our Group ROCE target ^≥ 17% again towards the end of the planning period

*capital employed/sales, measure of capital invested per € of sales

Mid Term Horizon Capex remains high until 2012 – Free Cash Flow positive expected from 2013

• •Major investments on schedule
• •Capex requirements up to €150 million in 2012, declining thereafter
• •Capex continues to be funded almost entirely from operating cash flow
• •Positive free cash flow (before acquisitions) starting 2013
• •Gearing target remains at approx. 0.5 and is indicative for capex levels

Mid Term Horizon Performance Products

• •Investment in low cost carbon & graphite hub in Malaysia will enhance competitiveness
• • ROS estimated at upper end of long term average bracket 15 - 20% for a transitory period due to slowed global growth and delayed recovery of investment spending in aluminum industry
• •Longer term target ≥20% still achievable
• •Plans to increase our investment in Chinese electrode production
• •PP remains high performing business in terms of profitability, sales growth, and cash flow

Mid Term Horizon Graphite Materials & Systems

• • Accelerated sales growth of ^≥ 10% p.a. (previously 6-8% p.a.) due to rising demand from high growth end markets (semiconductor, photovoltaic, LED, lithium-ion batteries)
• • ROS to achieve ≥10% target throughout planning period
• • 2012 EBIT ROS expected to be affected by cyclical downturn in solar and LED industries following record performance in 2011

Mid Term Horizon Carbon Fibers & Composites

*calculated on 100% ownership

Investor Relations Presentation

Page 62

• •Sales growth target remains ^≥ 20% p.a. despite wind energy market related setbacks in recent years
• •Sales growth driven by continued material substitution in aircraft, wind, industrial and automotive applications
• • Total CFC sales of more than €1bn targeted for end of planning period including approximately €500 million sales of At-Equity accounted JVs (calculated on 100% ownership)
• •Target ROS ^≥ 10% by end 2013 potentially at risk due to wind/rotor blade business

Appendix

Global presence

Shares in issue and shareholder structure

B i h a s c s a r e s
S i I d i f i i N b t t t e c u r y e n c a o n u m e r	7 2 3 5 3 0
I S I N N b u m e r	D E 0 0 0 2 3 3 0 1 7 5
C i N b s p m e r u u	8 1 8 8 2 0 3 7 4
f S N b h m e r o a r e s u ( t J l 3 1, 2 0 1 2 ) a s a u y	7 0, 5 4 2, 9 6 5
f F l t r e e o a	0 % 4 ~

R t d h h l d i d i t § § 2 1 f. W H G e p o r e s a r e o n g s a c c o r n g o p
S K i G b H o n m	( 1 M 2 0 1 1 ) 7 a y	2 6. 8 % 7
B M W A G	( 2 1 D 2 0 1 1 ) e c	1 2 % 5. 7
G V i t h b H o m	( S ) 0 1 2 0 1 1 e p	% 9. 1 4
V l k A G o s w a g e n	( 2 5 F b 2 0 1 1 ) e	8. 1 8 %

Financing structure

C i b l ( i 2 0 1 3 ) t t t t o n v e r e n o e s m a u r y
C o u p o n	0. % 7 5
P i i l A t r n c p a m o u n	€ 2 0 0 i l l i m o n
O d i A t t t u s a n n g m o u n ( t Ju ly 3 1, 2 0 1 2 ) as a	€ 1 4 5. 5 0 i l l i m o n
A d j t d C i P i u s e o n v e r s o n r c e	€ 3 6. 3 0
C i R i h t o n v e r s o n g ( t Ju ly 3 1, 2 0 1 2 ) as a	3. 9 8 i l l i h m o n s a r e s
/ I D t s s e a e u D f M i t t t a e o a u r y	/ 1 6 M 2 0 0 7 a y 1 6 M 2 0 1 3 a y

C t b d o r p o r a e o n
C o u p o n	O % E U R I B R 1. 2 5 +
P i i l A t r n c p a m o u n	€ 2 0 0 i l l i m o n
I D t s s u e a e	1 6 M 2 0 0 7 a y
f D t t i t a e o m a u r y	1 6 M 2 0 1 5 a y

C t i b l t ( t i t 2 0 1 6 ) o n v e r e n o e s m a u r y
C o u p o n	3. % 5
P i i l A t r n c p a m o n u	€ 1 9 0 i l l i m o n
O d i A t t t u s a n n g m o u n ( t Ju ly 3 1, 2 0 1 2 ) as a	€ 1 3 4. 7 0 i l l i m o n
A d j t d C i P i u s e o n v e r s o n r c e	€ 2 9. 2 1
C i R i h t o n v e r s o n g ( Ju ly 3 1, 2 0 1 2 ) t as a	4. 5 8 i l l i h m o n s a r e s
/ I D t s s e a e u D f M i t t t a e o a u r y	3 0 2 0 0 9 / J n e u 3 0 J 2 0 1 6 u n e

C ( 2 0 1 8 ) t i b l t t i t o n e r e n o e s m a r v u y
C o u p o n	2. % 7 5
P i i l A t r n c p a m o u n	€ 2 4 0 i l l i m o n
C A d j t d i P i s e o n e r s o n r c e u v	€ 4 3. 8 4
C i R i h t o n e r s o n g v ( t Ju ly 3 1, 2 0 1 2 ) as a	5. 4 4 i l l i h m o n s a r e s
I D t / s s u e a e f D t M t i t a e o a r u y	2 5 A i l 2 0 1 2 / p r 2 2 0 1 8 5 J a n a r u y

Financial calendar / contact details

F i i l l d n a n c a c a e n a r
0 3- 2 2- 2 0 1 2	A l R t n n u a e p o r
0 5- 0 3- 2 0 1 2	R h F i Q t t t t e p o r o n e r s u a r e r
0 5- 1 0- 2 0 1 2	G A l l M t i n n a e n e r a e e n g u
0 8- 0 9- 2 0 1 2	I i F i i l R F i H l f t t t n e r m n a n c a e p o r r s a
1 1- 0 8- 2 0 1 2	R t N i M t h e p o r o n n e o n s

Contact

SGL CARBON SE

www.sglgroup.com

Söhnleinstrasse 865201 WiesbadenGermany Phone +49 (0) 611 - 6029 - 103 Fax +49 (0) 611 - 6029 - 101 investor-relations@sglcarbon.de

Important note:

This presentation contains forward looking statements based on the information currently available to us and on our current projections and assumptions. By nature, forward looking statements are associated with known and unknown risks and uncertainties, as a consequence of which actual developments and results can deviate significantly from the assessment published in this presentation. Forward looking statements are not to be understood as guarantees. Rather, future developments and results depend on a number of factors; they entail various risks and unanticipated circumstances and are based on assumptions which may prove to be inaccurate. These risks and uncertainties include, for example, unforeseeable changes in political, economic, legal and business conditions, particularly relating to our main customer industries, such as electric steel production, to the competitive environment, to interest rate and exchange rate fluctuations, to technological developments, and to other risks and unanticipated circumstances. Other risks that may arise in our opinion include price developments, unexpected developments associated with acquisitions and subsidiaries, and unforeseen risks associated with ongoing cost savings programs. SGL Group assumes no responsibility in this regard and does not intend to adjust or otherwise update these forward looking statements.