SGL CARBON SE — Investor Presentation 2012

Mar 22, 2012

Year End Analyst Meeting

FrankfurtMarch 22, 2012

SGL Group 2011 Sales and Earnings Improved in Changed Economic Framework

B i D l t s n e s s e e o p m e n u v

A h i t c e e m e n s v

G T f 2 0 1 1 h d t r o u p a r g e s o r r e a c e : D b l d i i h i l € 1, 4 0 i l l i t t t 5 o u e- g g r o w n s a e s o m o n • E B I T € 1 6 0 i l l i : m o n • R O S i h 1 0 4 % i f i d t t w n o r e c a s c o r r o r • G i i h 0 3 3 b h f d t t t t t e a r n g w e e r a n o r e c a s e • C € i t h 1 3 9 i l l i l t h b d t d a p e m o n o e r a n g e e x w w u • f € F h l i t h 3 3 i l l i i l i i t h r e e c a s o m o n n n e w w w • - i i l f t o r g n a o r e c a s

F h i f l b l t u r e r e x p a n s o n o g o a p r e s e n c e • S h i f i l t t t r e n g e n n g o r e g o n a c o n c e p • C i i f h d l d i t t t t o n n u a o n o s c e u e n v e s m e n p r o g r a m • € 2 4 i l l i i h h S G L E l l t m o n s a v n g s r o u g x c e e n c e •

SGL Group 2011 Sales and Earnings Improved in Changed Economic Framework

Strategic Development

• •PP: Scheduled expansion of carbon and graphite production facility in Banting (Malaysia)
• •GMS: Expansion of our isostatic graphite production capacity in Germany and China
• • CFC: Expansion of CFC activities
• JV with BMW Group: Start-up of our carbon fiber production plant in Moses Lake, Washington (USA)
• Continued development of automation technologies at HITCO
• • T&I:
• Start-up of carbon fiber pilot plant for the aviation industry in Meitingen (Germany)
• Product and process development in the areas synthetic graphite, energy systems, carbon fibers and composites and ceramic fibers and composites
• External networks and strategic alliances further strengthened

DividendReinstatement of Dividend Payment for FY 2011 proposed to AGM

Dividend payment to be reinstated

• • Annual General Meeting 2011: "We intend to pay a dividend for fiscal year 2011 if no macroeconomic disturbances occur"
• • 2012: Major growth projects will be completed
• Creating foundation for profitable growth
• Decelerating capex requirements in the medium term
• •Free cash flow to turn positive from 2013
• • Annual Press Conference 2012: "The Board of Management with the approval of the Supervisory Board will propose to the Annual General Meeting the payment of a dividend of €0.20 per dividend entitled share for fiscal year 2011"

2011 Financials

SGL Group 2011 Results for the Group – Income Statement

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

i % n	2 0 1 1	2 0 1 0
O S ( ) * R E B I T	1 0 4	9 3
O C ( ) * R E E B I T	1 0 0	9 0

• •Sales revenue increase 12% - currency adjusted 13%
• •EBIT 2011 includes sustainable cost savings of €24 million from SGL Excellence Initiative (SGL X)

* Before reversal of impairment losses and impairment losses

SGL Group 2011 Results for the Group – Key Balance Sheet and Cash Flow Figures

	3 1 1 2 2 0 1 1	3 1 1 2 2 0 1 0
( € ) T t l t i i l l i o a a s s e s n m o n	2 2 1. 3 7 ,	2 1 1 3 3 ,
f E i t t t i b t b l t t h h h l d t h t q u y a r u a e o e s a r e o e r s o e p a r e n c o m p a n y ( i € i l l i ) n m o n	1, 0 4 1. 1	8 6 4 4
( % ) E i t t i i q r a o n u y	4 5 8	4 0 9
( € ) T t l l i i d i t i i l l i o a q u y n m o n	2 1. 4 7	2 8 4 7
( € ) N t d b t i i l l i e e n m o n	3 4 3 3	4 1 0 5
G ( / ) i t d b t i t e a r n g n e e e q u y	0 3 3	0 4 7
i € i l l i n m o n	2 0 1 1	2 0 1 0
C h i d d b i i i i t t t a s p r o v e y o p e r a n g a c v e s	1 3 6 2	1 1 5 5
C i t l d i t i t l t d i t d i t i b l a p a e p e n r e s n p r o p e r p a n a n e q p m e n a n n a n g e x u y, u t a s s e s	1 3 8 8 -	1 2 9 * 5 -
C h d i i i i i i t t t a s u s e n n v e s n g a c v e s	1 6 9 3 -	1 3 8 * 5 -
f F h l r e e c a s o w	3 3 1 -	3 8 3 -

* After deducting payments from BMW Group amounting to €7.4 million

SGL Group 2011 Results for Performance Products (PP)

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

• • Sales revenue increase: 11%, currency adjusted 13%
• driven by continued improvement in graphite electrode volumes resulting from the global growth in electric steel production
• partially offset by expected low cathodes sales level particularly in H1/2011 due to investment pause and destocking in aluminum industry seen throughout 2010
• • EBIT remained at nearly the same level as in 2010 due to
• lower sales prices, particularly for cathodes
• continued start-up costs for commissioning our new Malaysian plant
• •€10 million savings from SGL X initiative

SGL Group 2011 Results for Graphite Materials & Systems (GMS)

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

• • Sales revenue increase: 18%, currency adjusted 17%
• very high demand from all customer industries, especially in the solar, semiconductor and LED sector
• sales revenue in Q1/2010 still at low level due to global financial crisis
• • EBIT more than doubled primarily due to
• high capacity utilization
• successful implementation of price increases
• •€8 million savings from SGL X initiative

SGL Group 2011 Results for Carbon Fibers & Composites (CFC)

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

• • Sales revenue increase: 1%, currency adjusted 3%
• growth negatively impacted by developments in wind energy/SGL Rotec
• revenue sales of At-Equity accounted investments relate to CFC increased by 14 %
• • Strong decrease in EBIT
• entirely due to the disappointing development of wind industry (Rotorblades/SGL Rotec)
• excluding SGL Rotec, slightly positive EBIT
• in Q2/2011: net impact of reversal of impairment losses and impairment losses in operating income of €5.1 million
• •€5 million savings from SGL X initiative
• * Before reversal of impairment losses and impairment losses

SGL Group 2011 Results for Central T&I and Corporate Costs

i € i l l i n m o n	2 0 1 1	2 0 1 0
S l / h t a e s r e v e n u e o e r r e v e n u e	6 5	4 8
C & C t l T I t e n r a o s s	1 2 9 -	1 2 6 -
C C t t o r p o r a e o s s	3 7. 1 -	3 3 4 -

• •Central T&I costs remained at nearly same level as in 2010
• •Corporate costs in 2010 included €4.8 million extraordinary gain from land sale
• •Adjusted for this factor, corporate costs decreased by 3%

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%, conversion price of €36.52 (maturity 2013) (originally €200 million prior to conversion)
• •€200 million credit facility, undrawn (original 2012 maturity extended to 2015)

Followed by a supplemental debt instrument in June 2009

• €134.7 million* Convertible Bond at 3.5%, conversion price of €29.39 (maturity 2016) (originally €190 million prior to conversion)

SGL Group has solid balance sheet ratios and liquidity at end of December 2011

• •Equity ratio: 46%
• •Gearing: 0.33
• •Total liquidity: €242 million

SGL Group has no refinancing requirements until 2013 at the earliest

^* As at February 29, 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

Majority Acquisition of Fisipe – Expansion of precursor production for carbon fiber

SGL Group: Expansion of Precursor Production for Carbon Fiber through Majority Takeover of Fisipe

• •Expansion of own supply of raw materials for carbon fiber production
• •Strengthening of European precursor production base
• •Strategic step within precursor multi-sourcing strategy

Transaction:

• •Takeover of 86 % of Fisipe S.A. (Portugal)
• •Multi-sourcing strategy for Carbon Fiber precursor
• • Compulsory offer submitted to Portuguese securities commission for the remaining shares
• •Closing for the transaction planned for the end of April 2012
• •Fisipe's top management will retain leading roles in the company

Fisipe - Fibras Sintéticas de Portugal S.A. Facts & Figures

Company

• •Established manufacturer of acrylic fiber specialties in Europe since 1973
• •Listed since 1985 (86.2% Negofor, 10.5% single investor, 3.3% free float)
• •Well developed logistics: Based near Lisbon with direct access to port facilities
• •2011 sales approx. €130 million
• •Positive cashflow and operating results
• •330 employees
• •Own energy supply (cogeneration plant)

SGL Group: Backward Integration strengthens Technology Base along the Carbon Fiber Value Chain

Multi-sourcing strategy secures own supply of raw materials

Established JVs for raw material supply of industrial carbon fibers (50K)

• EPG (JV with Lenzing AG) in Kelheim/Germany (SGL share 44%)
• MSP (JV with Mitsubishi Rayon) in Otake/Japan (SGL share 33%) exclusively for BMW i-series

Strategic fit

• Expansion of precursor production capacities (incl. 3K-24K)
• Long-term partnership in development projects
• R&D infrastructure on site (incl. precursor pilot line)
• Attractive cost position through own energy supply
• Potential for cost efficient conversion of textile fiber lines to precursor production lines

Precursor Raw Material for Carbon Fiber Production

Precursor: Most important raw material for carbon fibers

• • Determines material properties of carbon fibers
• • Primary factor for carbon fiber manufacturing costs
• •Based on polyacrylonitrile fibers (PAN)
• • Differentiation by filaments per fiber bundles
• Heavy Tow 24.000 (24K) filaments or more
• Low Tow 12.000 filaments (12K) or less
• •Industrial Grade: 50K carbon fiber

Overview Carbon Fiber ProducersAn oligopolistic High-tech Market

Established Carbon Fiber Producers by Region North America Asia Europe SGL Group is the only integrated European Carbon Fiber Producer

SGL Group Expansion along the entire Value Chain

• • Global trends trigger dynamic growth of carbon fibers:
• Energy efficiency
• Resource conservation
• Material substitution
• • Various new industrial applications support strong growth
• Automotive industry (CFRP passenger cell for BMW i3 and i8)
• Engineering
• Wind Energy
• Aerospace
• Building & Construction

SGL Group The only integrated European Carbon Fiber Producer

Outlook 2012

SGL Group Outlook 2012 strongly dependent on macroeconomic development in H2

Group

• •Assuming economic recovery and stabilization in H2, sales and EBIT to grow further
• •Achievement of targeted minimum Group ROS of 12% difficult due to weaker H1
• •Relief from lower net financial costs and loss from investments accounted for At-Equity

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 to be largely funded from operational cash flow
• • Free cash flow of up to minus €60 million mainly due to capex and required working capital buildup (excluding payments for acquisitions)

Key risks to forecasts

•Political, economic, financial market related uncertainties

SGL Group Business Area Outlook and Key Assumptions 2012

P P	G S M	C C F
S l h d i i l b t a e s g r o r e n m a n w v 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 b l l d d t t 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 b l 1 0 % t ≥ c o m o r a y	M h 2 0 % l h, t t o r e a n s a e s g r o w • i b k b t t t a r g e n g r e a e v e n u d d t i d e p e n e n o n w n e n e r g y k t m a r e
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 o m e s v u • l b l d l i t g o a e c o n o m y a n e e c r c t l d t i i H 2 s e e p r o u c o n r e c o v e r n 1 W k l i H e a e r v o u m e s n • t d e x p e c e F t t i t b 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 t t i t t a c o r c o s n c r e a s e s n o y e • 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 N l t t t i e w s m e e r c o n s r u c o n • t i d i t f t h a n n o u n c e m e n s n c a e u r e r C A h 2 0 1 3 d b d t g r o a n e o n w y	G S h i t i l t i 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 • t i l i t i d t t u z a o n u e o e m p o r a r y i i h l i t t t t n e s m e n p a s e n p o o o a c v u v d L E D i d t i a n n u s r e s N M k t e a r e s w C i d d d d f L i t o n n e g o o e m a n r o m u • i b i f t t 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 k i 2 0 1 1 t 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 t b i l i 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 S l t t t t h t d o w s a r o e y e a r e x p e c e • t l t o a c c e e r a e A t t e r o s r u c u r e s H I T C O i h h i h l d t w g e r s a e s a n • i d t i l i t e a r n n g s u e o n e w m a r y t t d f t h c o n r a c s a n u r e r d i f B i t p r o c o n r a m p p o o e n g u u 7 8 7 R B l d t o o r a e s S G L R d t t t o e c e p e c e o r a m p x • d i d d t u p p r o u c o n a n r e u c e l o s s e s

Mid Term Horizon

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

Mid Term Horizon

Group Sales to increase by more than 10% p.a.*

• • PP expected to surpass previous sales peaks because of continued electric steel and aluminum growth
• • GMS and CFC together may match PP sales (i.e. GMS and CFC together approx. 50% of Group sales)
• •GMS growth accelerates with alternative energy and efficiency trends
• •CFC expected to be the fastest growing business area as substitution trends accelerate
• • Approximately €500 million additional sales from At-Equity accounted JVs in CFC lead to more than €1 billion total sales in CFC (calculated on 100% ownership)

*organic growth, excluding acquisitions

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 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 investment pause in solar and LED industry following record performance in 2011

Mid Term Horizon Carbon Fibers & Composites

*calculated on 100% ownership

• •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)
• •Targeting break even for 2012 dependent on uncertainties of wind energy market
• •Target ROS ^≥ 10% by end 2013 potentially at risk due to wind/rotor blade business

Mid Term Horizon

Key Messages and Targets on track

• •New assets leading to significant sales growth more than 10% p.a.
• • Reaching Group sales of more than €2.5 billion
• • in addition approximately €500 million from At-Equity accounted JVs in CFC (calculated on 100% ownership)
• • Sales growth targets raised and confirmed
• • CFC from ≥15% p.a. ^≥ 20% p.a.
• •GMS from 6% - 8% p.a. ^≥ 10% p.a.
• •PP reaches record sales levels
• •All three Business Areas to become profit pillars as a result of a more balanced portfolio
• •Group ROS target ^≥ 12% to be reached in course of 2013
• •Group ROCE target ^≥ 17% to be achieved by end of planning period
• •Gearing target remains at approx. 0.5
• •Free cash flow expected to turn positive in 2013

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.