CENTROSOLAR opportunities in protective shield

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1 SUNSHINE IS OUR BUSINESS CENTROSOLAR opportunities in protective shield Investor Presentation November 2013

2 AGENDA Status: CENTROSOLAR in restructuring Market: PV industry past bottom of cycle Portfolio: CENTROSOLAR Group AG holdings 1

3 CENTROSOLAR Group AG in protective shield CENTROSOLAR STATUS RESTRUCTURING Legal status CENTROSOLAR Group AG protectiveshield approved by thecourt on October18, 2013 AG and Sonnenstromfabrik entered into preliminary insolvency October 21, 2013 as part of an agreement with Banks to support the continuation of their operations Major commercial implications CENTRSOLAR Group AG is currently holding America, Inc., Grundstücksverwaltung and Renusol as major non-insolvent participations A business plan had been set up to restructure the operational companies AG and Sonnenstromfabrik and re-unite themwith the(also restructured) stock listed holding CENTROSOLAR Group AG New investors in CENTROSOLAR Group AG can profit froma restart after settlement with all creditors in an insolvency plan 2

4 Holdings include America, Renusol and Real estate; Solar Integrated Systems business in Europe insolvent CENTROSOLAR GROUP CORPORATE STRUCTURE(SIMPLIFIED) Group AG (protective shield) <65% Holding Company Listed on Prime Standard of Deutsche Börse in Frankfurt Grundstücksverwaltung Renusol America, Inc. Centroplan AG 51% (insolvent) Solar Key Components Solar Integrated Systems International Sales Subsidiaries () in Spain, France, Italy, Greece, Benelux, UK Sonnenstromfabrik (insolvent) all other group companies going concern 3

5 stood relatively strong in comparison, DEVELOPMENT OF REVENUE AND EARNINGS OF KEY COMPETITORS 2012 Revenuesin % of previous year EBITDA in % ofrevenues * Conergy Trina JA Solar 63-7 Aleo Solarworld Hanwha Solarfabrik 54-5 Less revenue decline and better operating result than most competitors * Continued operations, excluding glass business 4

6 Fundamental change of price differences EU-China IMPACT EU ANTI-DUMPING MEASURES Production cost EU producer (ex SG&A) Import Price EU China-Module Before Anti-Dumping After Anti-Dumping Anti-Dumping effective since autumn 2013* * Implementation ofanti-dumping measuresin EU in August 6, 2013 but due toexistinginventory marketeffectcamewith a time lag; thus it came too late for CENTROSOLAR to restructure successfully without protective shield 5

7 AGENDA Status: CENTROSOLAR in restructuring Market: PV industry past bottom of cycle Portfolio: CENTROSOLAR Group AG holdings 6

8 PV industry approaching end of downcycle KEY MARKET TRENDS 1. PV technology case has already been proven 2. But PV industry ran into cyclical overproduction 3. As global demand grows and exits of producers continue, end of downcycle is approaching 4. EU demand expected toshrink especially forlarge PV parks, whereas small systems remain stable 5. PV just starts to be competitive without subsidies 6. Unsubsidized demand likely to grow as system prices fall 7. EU demand shift to small and medium-sized roof systems 8. US market entering a new growth phase 7

9 1. PV technology has already been proven DEVELOPMENT OF LCOE EUR / kwh Forecast of 2010 PV small roof in Germany CSP with storage in Spain PV large groundin Spain Wind onshore Wind offshore Conventional power generation X Current Pricing Q1 2013, 5 kwp in Germany x Quelle:C. Kost/Fraunhofer ISE Studie Stromgestehungskosten Erneuerbare Energien, Dezember 2010, 8

10 2. But PV industry ran into cyclical overproduction PV SUPPLY AND DEMAND Supply constraints led to excess pricing until 2008, Ø-Module prices in USD/Wp, andthebuild-upofexcess capacity Global PV production supply and demand, GWp 50 Demand Capacity Source: W. Hoffmann: Forum Solar Praxis, Nov. 2011; Sarasin 9

11 3. End of downcycle approaching GLOBAL DEMAND FORECAST Supply 2014, global demand expected to meet production capacities Source: Bloomberg New Energy Finance 10

12 4. EU demandexpectedtoshrinkespeciallyforlarge PV parks, whereas small systems remain stable EXAMPLE DEMAND GERMANY In MWp 2,40 1,97 1,85 1,38 2,29 > 10 kwp 1,78 1,69 1,16 0,78 1,02 0,64 0,85 bis 10 kwp 0,19 0,11 0,16 0,21 0,14 0,18 Q Q Q Q Q Q Source: Bundesnetzagentur 11

13 5. But PV just starts to become competitive without subsidies as system prices fall PV COMPETITIVENESS WITH ELECTRICITY RATES System price:4,5 /W LCOE 40 cts/kwh ExampleGermany Commercial Roof 4 35 System Price EUR/Wp Systemprice:1,5 /W LCOE 15 cts/kwh electricity rates industrial Electricity Rates EURcent/kWh System price /W LCOE ct/kwh Industrial electricity rates ct/kwh (e) 2016(e) 0 Source: IHS isuppli 12

14 6. Unsubsidised demand likely to grow as return improves PV SYSTEMS: RETURN RATES AND MARKET GROWTH Return on investment on PV System In Germany without subsidies In Percent Growth of global PV market segments In MWp Source: UBS estimate; Macquarie (Februar 2013). 13

15 7. EU demand shift to small and medium-sized roof systems MARKET SEGMENTS OWN CONSUMPTION(SIMPLIFIED) Market Segment Verylarge commercial Large commercial Small commercial Consumption[MWh] Electricity Price* [ct/kwh] AttractivityPV (end customer view) > 5k > 10 None / Not yet 1k 5k ~ Marginal ~ medium (high if efficiently financed) Residential < 30 ~ High (commercially and emotionally) Market shift from large parks to small and medium roof systems * typical reference price for electricity purchased from grid 14

16 8. US marketenteringa newgrowthphase US MARKET DEVELOPMENT Source: GTM Research US Solar market insight report Q2/

17 AGENDA Status: CENTROSOLAR in restructuring Market: PV industry past bottom of cycle Portfolio: CENTROSOLAR Group AG holdings 16

18 Holdings include America, Renusol and Real estate; Solar Integrated Systems business in Europe insolvent CENTROSOLAR GROUP AG HOLDINGS Group AG (protective shield) <65% Grundstücksverwaltung Renusol America, Inc. Centroplan AG 51% (insolvent) Solar Key Components Solar Integrated Systems International Sales Subsidiaries () in Spain, France, Italy, Greece, Benelux, UK Sonnenstromfabrik (insolvent) 17

19 Industrial Real Estate in Fürth, Germany CENTROSOLAR GRUNDSTÜCKSVERWALTUNGS GMBH Currentlyrentedbyformer Glas & Co. KG, whichisexpectedtoleave in

20 Holdings include America, Renusol and Real estate; Solar Integrated Systems business in Europe insolvent CENTROSOLAR GROUP AG HOLDINGS Group AG (protective shield) <65% Grundstücksverwaltung Renusol America, Inc. Centroplan AG 51% (insolvent) Solar Key Components Solar Integrated Systems International Sales Subsidiaries () in Spain, France, Italy, Greece, Benelux, UK Sonnenstromfabrik (insolvent) 19

21 Unique portfolio of roof mounting systems drives market share growth MOUNTING SYSTEMS InterSole/IntraSole ConSole Roof integration systems that allowsthe use of standard modules Flat roof system with lowest cost andfastest installation VarioSole On-Roof system with click functionality MetaSole Metal roof system with best water protection 20

22 Holdings include America, Renusol and Real estate; Solar Integrated Systems business in Europe insolvent CENTROSOLAR GROUP AG HOLDINGS Group AG (protective shield) <65% Grundstücksverwaltung Renusol America, Inc. Centroplan AG 51% (insolvent) Solar Key Components Solar Integrated Systems International Sales Subsidiaries () in Spain, France, Italy, Greece, Benelux, UK Sonnenstromfabrik (insolvent) 21

23 One stop shop for installers CENTROSOLAR AMERICA OFFERING 22

24 Loyal and expanding customer base CENTROSOLAR AMERICA REGIONAL COVERAGE 23

25 Holdings include America, Renusol and Real estate; Solar Integrated Systems business in Europe insolvent CENTROSOLAR GROUP AG HOLDINGS Group AG (protective shield) <65% Grundstücksverwaltung Renusol America, Inc. Centroplan AG 51% (insolvent) Solar Key Components Solar Integrated Systems International Sales Subsidiaries () in Spain, France, Italy, Greece, Benelux, UK Sonnenstromfabrik (insolvent) 24

26 Centroplan - turnkey solutions for large commercial rooftops with experienced roofing partner CENTROPLAN STRUCTURE Leading European player in solar roof-systems 51% 49% Leading European industrial roofing company Turn-keyPV solutions forlarge roof-tops (0.3 3 MWp) Provides financial arrangements, planning, construction and monitoring Key Highlights Continouos pipeline Defendable/ Barriers to entry for competitors Limited capital allocation so far Optionality to increase large rooftop business 25

27 Holdings include America, Renusol and Real estate; Solar Integrated Systems business in Europe insolvent CENTROSOLAR GROUP AG HOLDINGS Group AG (protective shield) <65% SIS Europe Grundstücksverwaltung Renusol America, Inc. Centroplan AG 51% (insolvent) Solar Key Components Solar Integrated Systems International Sales Subsidiaries () in Spain, France, Italy, Greece, Benelux, UK Sonnenstromfabrik (insolvent) 26

28 SIS Europe pursuesa numberofdownstreampv businesses CENTROSOLAR SIS EUROPE BUSINESS MODEL(SIMPLIFIED) Solar Integrated Systems Europe Installers End users 1 1 Distribution Solution Center Network 3 Module production 27

29 Sunshine is our business. Complete Systems Planning and Projecting Mounting Systems Financing Solutions Module Manufacturing Stand Alone Systems Roof Integration Operations & Maintenance ISIN: DE Prime Standard Deutsche Börse This document contains forward-looking statements and forecasts based on assumptions and estimates made by CENTROSOLAR Group AG management. While we assume that the expectations of these forward-looking statements are realistic, we cannot guarantee that the expectations will prove to be correct. The assumptions may conceal risks and uncertainties which may lead to actual results significantly divergent from those made in the projective forecasts. The factors that can cause such a divergence include: changes in foreign exchange control or the economic and business environment, currency exchange rate fluctuations, the low market entry barriers for competitors, insufficient acceptance of new products or services and changes in corporate strategy. No update of the projected forecasts contained herein is planned, nor does CENTROSOLAR Group AG assume any obligation to do so.

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