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centrotherm photovoltaics AGAnalysts & Investors Technology Day

Robert M. Hartung, CEO

Dr. Peter Fath, CTO

May 8, 2008

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Disclaimer

We have exercised utmost care in the preparation of this presentation. It contains forecasts and/or

information relating to forecasts. Forecasts are based on facts, expectations, and/or past figures. As with

all forward-looking statements, forecasts are connected with known and unknown uncertainties, which may

mean the actual result deviates significantly from the forecast. Forecasts prepared by third parties, or data

or evaluations used by third parties and mentioned in this communication, may be inappropriate,

incomplete, or falsified. We cannot assess whether information, evaluations, or forecasts made by third

parties are appropriate, complete, and not misleading. To the extent that information in this presentation

has been taken from third parties, or these provide the basis of our own evaluations, such use is made

known in this report. As a result of the above-mentioned circumstances, we can provide no warranty

regarding the correctness, completeness, and up-to-date nature of information taken, and declared as

being taken, from third parties, as well as for forward-looking statements, irrespective of whether these

derive from third parties or ourselves. Rounding differences may arise.

The International Financial Reporting Standards (IFRS) pro forma consolidated financial information were

employed as the values for the previous year in the financial analysis of the earnings position in order to

improve comparability of the financial data of centrotherm photovoltaics in the 2006 and 2007 periods

under review. They represent the economic situation of centrotherm photovoltaics as if the company had

already taken over the business operations of centrotherm Photovoltaics Solutions GmbH & Co. KG

already as of January 1, 2006 instead of May 1, 2006. In the pro forma consolidated IFRS financial

information 2006 the consolidated sales, expenditure and earnings contributions of GP Solar GmbH and

SOLMIC GmbH are only included as of initial consolidation for the period from August 1 to December 31,

2006. Moreover, the shares in centrotherm photovoltaics Technology GmbH were transferred to

centrotherm photovoltaics AG on June 22, 2007 and thus this company is included in the consolidated

financial statements for the first time as of June 30, 2007.

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centrotherm photovoltaics at a glance

Company Description

A leading

technology

supplier for the

PV industry.

Well positioned

to benefit from

future capacity

expansion.

� Turn-key lines for solar cells and thin-film solar

modules

� Technology for production process and cell

architecture

� Access to key equipment

� Innovative business model

� Top tier client base

� Strong order book of 676 million euros

Services

Turn-key Lines

Key Equipment

Turn-key Production

Plants*

Business Divisions

► Silicon

► Solar Cell

► Thin film

*Vision

Technology

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Implementing the strategy: Board of Directors

► Centrotherm Experience in Photovoltaics� > 25 years in Solar Cell Processing

�> 6 years in Turnkey Solutions� > 6 years in Thin Film Solar Module Processing

Management

Dr. Peter FathCTO

Hans Autenrieth

CEO

► joined centrotherm in 1973

► held various key positions

► head of photovoltaic business

segment since 1996

Robert M. Hartung

CEO

Speaker of the Board

► holds business and engeering

degree

► joined centrotherm in 1999

► member of the founding family

► holds PhD in semiconductorphysics

► numerous years of experience in the field of photovoltaic

► author and co-author of morethan 190 publications and 15 PV patents

► holds business degree

► joined centrotherm in 2006

Oliver Albrecht

CFO

Long-term

experience in

photovoltaics

Group Functions:

Business strategy; group

management; legal

department; solar silicon

business unit

Group Functions:

International sales; strategic

alliances; business

development; solar cells

business unit

Group Functions:

controlling; finances and

accounting; investor

relations; human resources

Group Functions:

overall technology, research

& development, and group

marketing

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Company Structure

centrotherm

photovoltaics

Asia Pte. Ltd., SING

centrotherm

photovoltaics

Technology GmbH

GP Solar GmbHSolMiC GmbH

centrotherm SiQ

GmbH

centrotherm

photovoltaics AG

SolarSolarSolarSolar

Empowering

Photovoltaics

FHR Anlagenbau

GmbH

CT PV Asia Pte. Ltd.,

Taiwan Branch

Solar Silicon Solar Cell Sales & ServicesThinfilm

CT PV USA Inc.

CT PV Italia S.r.L.

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Business Segments

centrotherm photovoltaics AG

Solar Silicon Solar CellThin Film

Experience

� > 6 years in Thin

Film Solar Module

Processing

First supplier of

� Turnkey Solutions

for CIGS solar

modules

Excellent level of

expertise, knowledge,

know how, management

skills in the full

photovoltaic value chain

Relationship to leading

companies in market

Leading supplier for

crystalline solar cell

manufacturing

(based on installed

production capacity)

� turnkey solutions

� key equipment

Broad

technological

base

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centrotherm photovoltaics‘ deep insight into the PV market

• Leading supplier

� > large customer base

� > Key supplier to most of the worlds biggest Solar Cell producers

• Strong position as technology provider

� > broad technological base

� > insight’s over whole value chain

centrotherm’s

market position

allows a deep

insight to the

market

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Market estimates based on deep insight into many projects and companies

� > c-Si growth limited by silicon solar availability

� > Thin film growth estimate via project assessment

0

5

10

15

20

25

30

2006 2007 2008 2009 2010

Forecast

Centrotherm

Centrotherm Market Model

Source: Navigant Consulting, EPIA, Deutsche Bank, Piper Jeffrey, LBBW, Photon Consulting, Sarasin & Cie, GP Solar, Centrotherm

Lower Market Forecasts

(i.e. EPIA, Navigant Consulting)

Higher Market Forecasts

(i.e. Photon Consulting)

Worldwide Market Volume in GWp

Market Development

strong market

development

expected

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centrotherm‘s market strategy

Serving existing markets:

� globally leading PV markets, such as Europe, Asia …

Generating new markets:

� Emerging new local markets: More and more countries intend to establish their own PV industry (mainly turnkey)

� Upcoming large volume market of self-supporting PV electricitygeneration: Huge demand for production equipment

Key market driver:

� low production cost €/Wp instead of pure orientation to low CAPEX for production equipment(not maximum output per line, but maximum profit per line)

centrotherm’s

target:

Cost leadership

of our customer

Grid parity

technology is our

goal

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Grid parity european countries 2010

0,00

0,05

0,10

0,15

0,20

0,25

0,30

0,35

0,40

700 800 900 1000 1100 1200 1300 1400 1500 1600 1700 1800 1900 2000

Germany

Spain

Portugal

France

Denmark

Netherlands

Greece

Sweden

Hungary

Grid Parity

Installed

System

Price:

3 € / Wp

Average household

electricity price

Italy

Sun Irradiation [kWh/m²/year]

Grid parity in

near future

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Grid parity european countries 2015

Grid parity in

near future

0,00

0,05

0,10

0,15

0,20

0,25

0,30

0,35

0,40

700 800 900 1000 1100 1200 1300 1400 1500 1600 1700 1800 1900 2000

Germany

France

Denmark

Netherlands

Greece

Sweden

Hungary

Grid Parity

Portugal

Spain

Installed

System

Price:

2 € / Wp

Sun Irradiation [kWh/m²/year]

Average household

electricity price

Italy

© 12

Grid parity european countries

2016

Source: Centrotherm

2012

Source: Centrotherm

2014

Source: Centrotherm

2010

Source: Centrotherm

Grid parity in

near future

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Relation between system cost and module cost

1€ / Wp supporting structures, inverter,

cabelling, installation

+

0,55€ / Wp 10% overhead + 25% margin

+

Result: 1,45 € / Wp

module manufacturing cost

Target:

system cost:

3 € / Wp

How to reach grid

parity

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Detailed cost models and market knowledge

Target: < 1 €/Wp

CoO calculation: Silicon based and thin film module fabricationCentrotherm has a

detailled cost

model over the full

crystalline silicon

value chain and

thin film

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Example: Fully Integrated 250 MWp Silicon Solar Cluster

fully integrated

250 MWp plant

using state of the

art technology

+

centrotherm CIGS

thin film module

line

<1€/Wp

� The ultimate vision is to offer an integrated plant

– Poly Si (TCS / "Siemens")

– Wafer (multi Si/Cz Si)

– Cell / module (batch type manufacturing)

� Cost savings will be driven by economies of scale

along the entire value chain

� 250 MWp factory is expected to realize the following

large technology-related cost savings:

– Cheaper polysilicon production

– Thinner wafers

– Higher cell efficiencies

– Optimization of production process

Silicon Ingot Wafer Cell

Fully integrated PV production:

Silicon-Ingot-Wafer-Cell-Modules Manufacturing Cost: < 1 €/Wp

Modules

PV Power Plant

MG Si Plant

PolySi Plant

Ingot Plant

Solar Cell Fab

Wafer Fab

Solar Module Fab

Administration

Solar Academy

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Competitiveness of centrotherm photovoltaics AG

centrotherm‘s competences and business activities within the PV value chain:Strategic goal of

centrotherm :

key equipment,

technology,

turnkey factury

supplier over full

value chain

Differentiation to

key competitors

Silicon ingot/wafer cell module

turnkey

process /

device

technology

key

equipment

silicon wafer based PV

thin film PV

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PV share in electricity generation & equipment market

0%

1%

2%

3%

4%

5%

2007 2008 2009 2010 2011 2012 2013 2014 2015

PV share of

global electricity generation

0,0

5,0

10,0

15,0

20,0

25,0

30,0

35,0

40,0

PV manufacturing equipment market

[bn €]

Source centrotherm

Assumptions:

- 40% market growth

- Invest 2 Mio €/MW, decreasing 2,5%/year

Centrotherm

market:

Multi billion €

business

opportunity in

near future

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Summary

� centrotherm photovoltaics expects an ongoing strong market

development

� centrotherm photovoltaics is active in most of the segments

within the value chain

� our target is to enable our customers to reach cost leadership

� we offer attractive products (equipment and technology) in

both wafer based and thin film PV

� centrotherm photovoltaics is well positioned for the challenges

of the market growth

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Thank you for your attention!