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SGL CARBON SE Investor Presentation 2012

Feb 15, 2012

389_ip_2012-02-15_fd2a833b-104a-4fad-ac4c-b5b0f685dbd0.pdf

Investor Presentation

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Investor Relations Presentation

February 2012

Introduction to SGL Group's Businesses

SGL GroupBusiness structure

B
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Base MaterialsPerformance Products (PP)

Base MaterialsPerformance Products (PP)

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Performance ProductsGraphite electrodes (GE) for steel production in EAFs

Base Materials Advanced Materials Performance Products (PP)Graphite Materials & Carbon Fibers &

  • • 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 only1 – 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)

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 basisof 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 scenarios2003 – 2020 / Above pre-crisis scenarios

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

Performance ProductsCathodes for the aluminum industry

Performance ProductsMarket shares in cathodes 2010

  • • Increasing cathode demand due to new projects, restocking of depleted inventory levels and return to record aluminum production levels
  • • Disproportional growth for graphitized cathodes due to higher efficiencyand yield advantages
  • • Continued substitution with graphitized cathodes where SGL Group's market share is higher
  • • Graphitized cathodes industry highly concentrated (only 3 – 4 established players)

Investor Relations PresentationPage 12

Base Materials

Performance Products (PP)

Advanced Materials

Graphite Materials &

Carbon Fibers &

Advanced MaterialsGraphite Materials & Systems (GMS)

Advanced MaterialsGraphite Materials & Systems (GMS)

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

Page 15

Graphite Materials & SystemsFeedstock production: Isostatic graphite

Graphite Materials & SystemsFeedstock production: Extruded graphite

Graphite Materials & SystemsGraphite 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 & SystemsBest solutions for our customers …

Graphite Materials & SystemsProcess Technology

Engineered solutions – worldwide

  • • Graphite and other high-tech materials like PTFE, silicon carbide and exotic metals build the broad base of our portfolio of corrosion and abrasion resistant process equipment
  • • We provide process technology solutions focused on customer value for various industries like chemicals, pharma, photovoltaic, steel and environmental
  • • Our product portfolio ranges from engineered process equipment and system solutions to fast and competent after sales services – worldwide
  • • We provide innovative engineering solutions based on our experience and most modern simulation tools. Our unmatched material, process and engineering know-how are key elements of our core competencies
  • • We are the leading supplier of graphite-based process equipment with a global market share of >40%

Graphite Materials & SystemsProcess Technology – product portfolio

Overview

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Graphite Materials & SystemsInnovation 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 & SystemsMajor customer industries and market shares 2010

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Source: SGL Group's own estimates

Advanced MaterialsCarbon Fibers and Composites (CFC)

Advanced MaterialsCarbon Fibers and Composites (CFC)

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Carbon Fibers & CompositesBest solutions for our customers

Carbon Fibers & CompositesUnique offering of the complete value chain

Carbon Fibers & CompositesPAN precursor and carbon fiber

Investor Relations PresentationPage 29

Advanced Materials

Graphite Materials &

Carbon Fibers & Composites (CFC)

Performance Products

Carbon Fibers & CompositesCarbon fiber characteristics

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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 demandgrowth delayed by 2-3 years but all growth drivers intact

31 36 42

CF demand forecast (December 2010)

Source: SGL Group market research

Investor Relations PresentationPage 31

33

28

2008 2009 2010 2011 2012 2013 2014 2015

Carbon Fibers & Composites Carbon fiber capacity

Capacity in mt

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Source: SGL Group's own estimates, company websites (as of January 2011)

Carbon Fibers & CompositesComposite 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., auto industry)
  • Braiding (e.g., car bumpers)
    • –SGL Kümpers

SGL Kümpers

Advanced Materials

Graphite Materials &

Carbon Fibers & Composites (CFC)

Performance Products

Carbon Fibers & CompositesAerostructures – HITCO

  • • HITCO: California based composite component manufacturer for aerospace & defense industry
  • • Historically, the prevailing process in carbon fiber based aero structures was hand lay-up – very slow and expensive & no competitive differentiation
  • • Investment into automation technologies AFP (Automated Fiber Placement machine) & ATL (Automatic Tape Layer machine) substantially improves competitiveness of HITCO
  • • Won Gold Level Preferred Supplier Certification for100% quality & delivery performance from The BoeingCompany
  • • Supplier of the Year 2007 award in Structures Commodity category from The Boeing Company
  • • Recent contract wins / extensions:
  • Composite floor beams for Boeing 787 "Dreamliner"
  • Boeing 767 flap track fairings
  • Wing skins and nacelle skins for F-35 Lightning II Program

Advanced Materials

Graphite Materials &

Carbon Fibers & Composites (CFC)

Performance Products

Carbon Fibers & CompositesRotor Blades – SGL Rotec

  • SGL Rotec: German based manufacturer of rotorblades for wind turbines of multi-MW classes
  • • Built-to-print manufacturing based on fibercomposite technology since early 1990s
  • •High reputation as

•

  • manufacturer of high quality rotor blades
  • specialist in manufacturing of large size rotor bladesfor onshore and offshore turbines
  • innovator in process and technology development
  • • Composite Technology:
  • Process: Vacuum infusion
  • Main materials: Epoxy, polyester and vinyl ester resin, glass fiber, carbon fiber
  • • PowerBlades
  • JV with REpower for the development and manufacturing of large size rotor blades for 5 and 6 MW offshore turbines
  • • Development of a "Competence & Development Center" for next generation rotor blade manufacturing

Advanced Materials

Graphite Materials &

Carbon Fibers & Composites (CFC)

Performance Products

Investor Relations PresentationPage 36

Carbon Fibers & CompositesJVs 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
  • • 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 & CompositesJVs 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 contractuallyagreed conditions in the context of safeguarding the overall project
  • •BMW provides debt financing
  • • SGL Automotive Carbon Fibers LLC, Moses Lake (USA): 51/49 JV betweenSGL Group and BMW Group to produce carbon fibers exclusively for BMW'sdemand (3kt carbon fiber capacity in 1st stage)
  • • SGL Automotive Carbon Fibers, Wackersdorf (Germany): 51/49 JV betweenSGL 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 MCV 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

Performance Products

Advanced Materials

Graphite Materials & Systems (GMS)

Carbon Fibers & Composites (CFC)

Source: BMW Group

Ensuring the futureSGL Excellence – enables productivity and growth

SGL Excellence

  • •Started in 2002
  • •The core element of the Company mission
  • •An ongoing and Company wide program
  • •Our philosophy of doing business

SIX SIGMA

  • •Our core methodology
  • • Focuses on:
  • Customer value
  • Measurable objectives and results
  • •Applies to every function in our Company
  • • Empowers our employees with skills and tools:
  • > 3,000 SIX SIGMA trained employees
  • > 600 Green Belts
  • > 100 Black Belts

Ensuring the futureSGL Excellence savings

Since 2002 continuous cost reduction of €233 million in total

  • Annual Net Savings (€m)
  • *Excluding Brakes business

Ensuring the futureTechnology & 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 futureTechnology & Innovation – foundation for profitable growth

Activity areas of T&I 2011

Graphite & raw materials development for basic industries

  • • Optimization of raw materials, oxidation resistance and joint to reduce consumption of graphite electrodes
  • • Development of
  • Improved cathode recipees and advantageous designs for aluminum process
  • Microporous carbon-ceramic recipees for furnace linings

Strengthen Carbon Fiber based value chain

  • •Development of special carbon fiber grades based on own precursor
  • •Optimization of textile structures, prepregs and preforms
  • •Improvement of carbon fiber production processes and process technologies

Energy systems

  • • Improved carbon and graphite based 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 low cost production route for expanded graphite for stationary energy storage systems (Flow batteries)

Improved Ceramic Materials

  • • Development of felt-based C/SiC material and manufacturing methods for large complex shape ceramic structures
  • •Development of high-temperature stable SiC fiber

Latest Financials and 2011 Outlook

SGL Group9M/2011 Results for the Group

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  • •EBIT in 9M/2011 includes sustainable cost savings of €17 million from SGL Excellence Initiative (SGL X)
  • •9M/2010 EBIT includes €4.8 million extraordinary gain from land sale
  • •Results from investments accounted for At-Equity include €5.3 million impairment loss relating to one CFC-JV
  • •9M/2011 tax expense includes correction of deferred tax assets resulting from rotor blade impairment

1)Before reversal of impairment losses and impairment losses

*)Prior-period comparatives adjusted (see H1/2011 Report for details)

SGL Group9M/2011 Results for Performance Products (PP)

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  • • Sales increase: 10%, currency adjusted 13%
  • continued improvement in graphite electrode volumes resulting from ongoing global growth in electric steel production and initial slight increase in cathode volumes in Q3/2011
  • partially offset by low cathodes sales level particularly in H1/2011 due to investment pause and destocking in aluminum industry seen throughout 2010
  • • Despite positive graphite electrode volume effects and SGL X savings of €7 million EBIT decreased by 10% due to
  • lower graphite electrode and cathode prices and
  • continued start up costs for new Malaysian plant

SGL Group9M/2011 Results for Graphite Materials & Systems (GMS)

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m
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9
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  • • Sales increase: 22%, currency adjusted 23%
  • excellent business conditions across most customer industries, particularly in solar, semiconductor and LED
  • sales in Q1/2010 still impacted by low order intake activity in 2009
  • • EBIT more than doubled
  • as a result of very high production and utilization levels leading to corresponding fixed cost absorption following strong order intake in H1/2011
  • SGL X savings of €6 million

SGL Group9M/2011 Results for Carbon Fibers & Composites (CFC)

i
€
i
l
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m
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n		 9
M
/
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  • • Sales decrease: 3%, currency adjusted sales flat
  • decrease entirely due to sales development at SGL Rotec
  • excluding SGL Rotec, CFC sales increased by 7%
  • sales of At-Equity accounted investments within CFC increased by 21%
  • • EBIT decreased by 21%
  • mainly due to the adverse developments in the wind industry
  • excluding SGL Rotec, slightly positive EBIT
  • SGL X savings of €4 million
  • in Q2/2011: positive net impact of impairments of €4 million consists of partial reversal of CF/CM impairment (+€29 million) largely offset by impairment loss on rotor blade activities (-€25 million)

1)Before reversal of impairment losses and impairment losses

SGL Group 9M/2011 Results for Central T&I and Corporate Costs

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  • •Higher T&I costs mainly related to startup of new carbon fiber pilot plant in Meitingen (Germany)
  • • Slight increase in comparable corporate costs due to additional sponsoring activities and small increase in employees within the Corporate Services Functions
  • •H1/2010 Corporate Costs includes €4.8 million extraordinary gain from land sale

Financing Structure, Balance Sheet Ratios and Cash on HandAllow 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)
  • •€200 million Convertible Bond at 0.75%, conversion price of €36.52 (maturity 2013)
  • •€200 million credit facility, undrawn (original 2012 maturity extended to 2015)

Followed by a supplemental debt instrument in June 2009

• €142.5 million Convertible Bond at 3.5%, conversion price of €29.39 (maturity 2016)(original amount issued/before conversion by bondholder €190 million)

SGL Group has solid balance sheet ratios, cash on hand at end of September 2011

  • • Equity ratio: 44%•Gearing: 0.44
  • •Total liquidity: €230 million

SGL Group has no refinancing requirements until 2013 at the earliest

Ensuring the future Capital expenditure by Business Area

  • • PP:
  • Continued build up of new GE + CA production facility in Malaysia
  • Maintenance, ESHA investments particularly in Spain and Poland
  • • GMS:
  • Initial capex for isostatic graphite capacity expansion in Germany
  • Capacity expansion in USA
  • Maintenance, ESHA investments in France, USA and Germany
  • • CFC:
  • Further investments in automation technologies at HITCO (USA)
  • Investments for ramping up production capacity at SGL Rotec
  • • Corporate R&D projects:
  • Construction of aeronautic fiberpilot plant in Germany

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

SGL GroupOutlook 2011: Double digit sales and EBIT growth

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•Resulting in free cash flow up to minus €50 million

Key risks to forecasts

  • •Raw material availability
  • •Political and economic uncertainties

SGL GroupBusiness Area Outlook 2011 and initial thoughts on 2012

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Fundamental long-term growth drivers and mid term outlook

Fundamental long-term growth drivers for our businesses

Strong growth in emerging countries(BRIC etc.)

•Industrialization

•Infrastructure build up

Increasing demand forgraphite electrodes and cathodes

Fundamental long-term growth drivers for our businesses

Our carbon based products offer sustainable solutions towards less CO2

2011 – 2015

Group sales to increase by more than 10% p.a. reaching €2.5 bn in 2015*

2011 – 2015Return on sales (ROS) target remains at minimum 12%

  • •New assets coming on stream contribute to sales and cash flow growth
  • • Higher capacity utilization especially in PP will lead to ROS ≥12% in the course of 2012

All three Business Areas become profit pillars as a result of a more balanced portfolio

2011 – 2015Return 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 110% in 2010 to ~80% in 2015 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

2011 – 2015Capex remains high until 2012 – free cash flow positive expected from 2013

  • •Major investments on schedule
  • •Capex requirements up to €150 million p.a. in 2011 and 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

2011 – 2015Performance Products

  • • Investment in low cost carbon & graphite hub in Malaysia (graphite electrodes & cathodes) will enhance competitiveness
  • •EBIT ROS burdened by increased depreciation
  • • With fully integrated Malaysian plant on stream, ROS of ≥20% will resume in the course of 2012
  • •Plans to increase our investment in Chinese electrode production
  • •PP remains high performing business in terms of profitability, sales growth, and cash flow

2011 – 2015Graphite Materials & Systems

  • • Accelerated sales growth of ≥ 10% p.a. (previously 6-8% p.a.) due to rising demand from high growth end markets (semiconductor, solar, LED)
  • • ROS to achieve ≥10% target throughout planning period
  • •GMS expects new record sales, EBIT and ROS levels in 2011

Investor Relations PresentationPage 61

2011 – 2015Carbon Fibers & Composites

  • • Sales growth raised from ≥ 15% to ≥ 20% p.a. (aircraft, wind, industrial and automotive applications)
  • • Total CFC sales of more than €1bn targeted for 2015 including approximately €500 million sales of atequity accounted JVs (calculated on 100% ownership)
  • • Target ROS ≥10% by end 2013

Appendix

SGL GroupHistory

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Ensuring the futureRecent acquisitions and JV in Graphite Materials & Systems

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G
b
L
y		 A
i
i
t
t
c
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M
0
7
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r		 G
G
E
P
b
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o
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e
a
n
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,
G
(
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L
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A
A
i
)
t
t
e
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a
w
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u
,		 4
4
%		 D
l
f
b
f
i
b
P
A
N
t
e
e
o
p
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n
e
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r
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u
C
C
F
/
M		 2
9
N
0
7
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v		 S
G
C
C
S
L
b
F
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b
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L
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A
a
r
o
n
e
r
s
,		 1
0
0
%		 S
U
b
f
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b
d
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b
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n
e
r
p
r
o
c
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7
p
r		 S
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G
L
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H
&
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m
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,
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)
ü
t
m
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s
m
w		 5
1
%		 P
i
l
i-
i
l
b
f
i
b
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r
o
c
e
s
s
n
g
m
u
a
x
a
c
a
r
o
n
e
r
s
n
o
f
b
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(
b
i
d
i
)
a
r
c
s
r
a
n
g
C
F
/
C
M		 O
2
7
0
7
t
c		 G
b
H
G
e
p
o
m
e
r
m
a
n
y
,		 1
0
0
%		 C
f
b
i
b
i
d
i
i
l
i
t
t
a
r
o
n
e
r
n
r
e
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o
n
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m
p
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l
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s
*) 2
0
F
b
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e		 S
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G
C
G
G
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&
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V
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o
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n
m
,
G
)
e
r
m
a
n
y		 5
0
%		 D
l
f
b
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d
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v
e
o
p
m
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c
a
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r
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d
t
t
t
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m
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o
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e
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o
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n
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v
u
y
R
B		 S
1
9
0
8
e
p		 S
G
G
C
G
G
L
R
b
H
&
K
t
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e
c
m
o.
e
r
m
a
n
y
,
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h
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r
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n
y		 7
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"b
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r
e
m
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u
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0
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a
r		 F
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h
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T
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l
G
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o
m
p
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G
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i
J
V
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l
A
b
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l
h
i
k
b
H
)
t
t
t
v
a
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u
o
m
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n
m		 5
0
%		 S
l
i
f
i
f
h
t
t
t
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o
c
o
m
p
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2
8
0
9
a
y		 B
b
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(
J
V
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h
B
b
S
A
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l
)
t
t
r
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0
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l
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b
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m
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r
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l
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f
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t
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s
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m
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w
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b
i
b
k
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n
*) O
2
9
0
9
t
c		 J
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B
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%		 M
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r
n
g
a
n
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o
c
e
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&
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y
*) 3
0
A
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l
1
0
p
r		 C
J
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h
M
i
b
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(
M
R
)
t
t
s
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a
o
n
w
u
y		 3
3
%		 f
P
l
J
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B
M
W
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c
r
s
o
r
s
p
p
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r
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u
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w

*) At-Equity consolidated business activities of CFC

Shares in issue and shareholder structure

B
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%
~
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+
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2
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1
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r		 €
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as
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r		 4.
6
5
i
l
l
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h
m
o
n
s
a
r
e
s

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

Contact

SGL CARBON SE

Rheingaustraße 18265203 WiesbadenGermanyPhone +49 (0) 611 - 6029 - 103Fax +49 (0) 611 - 6029 - [email protected]

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.

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