Q-CELLS AG:

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Q-CELLS AG

• Q-Cells five thin film investments

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MISSION AND VISION

• one of the leading global PV companies
• reach Grid Parity as soon as possible
• strong position in the most important PV
  technologies of today and tomorrow
• Technology leader
• Focus on Corporate Social Responsibility

Our Mission is to help develop and drive the
application of Photovoltaic Technology rapidly
and cost effectively to become a main source of
energy for the world. Thus we want to contribute
to a significant environ-mental improvement and
increase in life quality.
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Main Strategic Priorities
Main strategic levers
Plant and capacity expansion
Feedstock supply
Growth strategy
High value-added products/brands
Customer base expansion, diversification and
internationalisation
New technologies
Product development
Cost reduction strategy
Technology improvements
Scale economies
Productivity
The overriding strategy is to rapidly drive down
costs and expand quickly
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1. New Technologies
2. Growth Strategy

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STRATEGY THIN FILM
Strategic Considerations

• Higher probability to reach Grid Parity fast
• Mid-term cost reduction potential lt 1 /Wp
• Q-Cells actively contributes as commercializer in
  a pre-commercializing-phase
• Thin film portfolio strategy Different solutions
  for different applications (power, BIPV, consumer)

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STRATEGY THIN FILM
Cost Reduction Potentials Thin Film
Todays Module pricing
Grid Parity
lt 1/ Wp
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Technology - Strategy
Focus on main technologies with higher commercial
potential in the coming years
Crystalline Silicon Crystalline Silicon Crystalline Silicon Crystalline Silicon Thin-Film Thin-Film Thin-Film Thin-Film Thin-Film Flexible High Con-centr. Organic Others
Poly Mono String Rib-bon Low con-centr. CSG µ-Si a-Si CdTe CIGS Flexible Ga AS Organic Others
Q-Cells Unique Technology-Portfolio
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Technologies Evaluation
Consequences

• Large bandwidth of attainable system costs for
  thin films as well as Si-wafer based PV ? no
  clear winner, each of our technology platforms
  has potential to become an extremely attractive
  business, ? Optimized products for different
  segments
• The thin film technologies might reach system
  costs below those of Si-wafer based technologies
• Only the best players with the best technologies
  will reach competitiveness

Investment criteria Cost, commercial potential
and near-term commercialisation
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Group Organisation

Core Business
Wafer-Based Technology
Thin-Film Business
Fixed Substrates (Glass)
17.18

• No. 1 solar cell producer in 2007
• Poly- and monocrystalline solar cells
• Next generation high-efficiency cell concepts
  in development
• Ingot and wafer production for further cost
  reduction

100

• Strategic partner
• Main supplier
• Technology leader in polycrystalline silicon
  production

• Micromorph silicon technology

93

• Cadmium telluride technology

33.33
67.5

• String Ribbon technology
• Joint Venture with Evergreen Solar and REC

• CIGS technology

21.71

• Crystalline silicon on glass

31.4 33
Flexible Substrates

• Low-concentration PV technology

57.1
VHF-Technologies

• Amorphous silicon on plastic foil (flexcell)

Leader in core business with a strong focus on
new technologies
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Thin-Film Technologies Potentials
(CIGS)
(Micromorph)
(CdTe)
Best Independent laboratory results (cell)
Best own (micro-) cell results
Short-/mid-term module target
Current best own modules1)
Break-even for 25 MWp factory1)2)

1. Total area, stabilized efficiency

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segmentation
Crystalline Silicon
CdTe
CIGS
µ-Si
Flexcell
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Thin-Film Technologies CSG Solar - Current
Status and Perspectives

• Q-Cells shareholding 21.71 (at-equity
  consolidated)
• Crystalline Silicon on Glass
• Module factory with 25 MWp nominal capacity near
  Q-Cells

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Thin-Film Technologies VHF-Technologies -
Current Status and Perspectives
VHF-Technologies

• Q-Cells shareholding 57.1(fully consolidated)
• Flexible thin-film modules (amorphous silicon
  onto plastic substrates)
• Business area consumer products, roof
  applications and building integrated PV
• First modules from test line produced and
  delivered
• Light weight module
• Perfectly suited for competitive BIPV applications

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Thin-Film Technologies Calyxo - Current Status
and Perspectives

• Q-Cells shareholding 93(fully consolidated)
• 7 shareholding Solar Fields? strong technology
  partner in-house
• Cadmium-Telluride thin-film technology
• Atmospheric Vapor Deposition (no vacuum) low
  capex and high throughput
• Expected high energy yield and low energy pay
  back time

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Thin-Film Technologies Sontor - Current Status
and Perspectives

• Micromorph silicon thin-film technology
  (amorphous and micro-crystalline silicon)
• Technology from Forschungszentrum Jülich
• High module esthetics ? use in BIPV applications
• Expected low BOS costs
• module size (1,8 m²)
• frameless ? roof-parallel mounting
• Low energy pay back time
• Significantly higher efficiency than amorphous
  silicon technology

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Thin-Film Technologies Solibro - Current Status
and Perspectives

• Joint Venture with Solibro AB (Sweden) ?Spin-off
  from Angström Solar Center, Sweden
• Copper Indium Gallium Diselenide (CIGS) thin-film
  technology
• CIGS has highest efficiency potential in thin
  film (Solibro already achieved 11 module
  efficiency in early ramp-up stage)
• Great optics allow for BIPV applications
• Low energy pay back time
• Framed frameless modules available

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1. New Technologies
2. Growth Strategy

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Cost reduction by growth - Cells at a Glance
Key Figures
Company Description
2002 2003 2004 2005 2006 2007
Production (in MWp) 9.3 27.7 75.9 165.7 253.1 389.2
Sales (in EURm) 17.3 48.8 128.7 299.4 539.5 858.9
EBIT (in EURm) 0.9 5.3 19.6 63.2 129.4 197.0
Net income (in EURm) 0.2 3.0 12.0 39.9 87.7 148.4
Employees 82 207 484 767 964 1,707

• Specialised in cell technologies
• Strong operating track record
• Strong focus on Research and Development
• Unique portfolio of new technologies
• Strategy Growth and cost reduction

Plus one-off income amounting to 9.4 EURm
No. 1 in 2008
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Outlook 2009 and 2010

• 2009
• Sales target gt 2,000 EURm
• 2010
• Production target core business gt 1.5 GWp
• Production target thin-film business 400 - 600
  MWp

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Overview Cell Production Capacities
Line V 270 MWp Line VI (1) 130 MWp Line VII
gt300 MWp
Line VII (1) (Malaysia)
1,150
Line VI (1)
Line V (3) Retrofit I-IV
920
Line V (12)
Nominal capacity Malaysia
Nominal capacity Germany
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Growth of Q-Cells thin film companies
For example Solibro (CIGS) 25 30 MWp/a
7 - 8 months

• 1st module in April 2008 ?

For example Sontor (µc-Si), Calyxo (CdTe), VHF
capacity decision for expansion
Sontor (Brilliant) 25 MWp 60 MWp ?
Calyxo 25 MWp 60 MWp ?
Flexcell 5 MWp 25 MWp under constuction
expectedproduction MWp
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The Solar Valley and more
Solibro AB (Sweden)
Calyxo USA
Solar Valley 3 Mexico(thin film production)
Q-Cells Linie VVI
Flexcell (CH)
Solar Valley 2 Malaysia
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Thank you!
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Q-CELLS AG Investor Relations OT
Thalheim Guardianstraße 16 06766
Bitterfeld-Wolfen Germany TEL [phone]
6699 10101 MAIL investor_at_q-cells.com FAX 49
(0)3494 6699 10000 WEB www.q-cells.com
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Content
This presentation has been prepared for
information purposes only and all descriptions,
examples and calculations are included in this
presentation for illustration purposes only. This
presentation does not constitute an offer, an
invitation or a recommendation to purchase or
sell securities issued by Q-Cells AG (Q-Cells).
This presentation contains forward-looking
statements. Forward-looking statements concern
future circumstances, events and other
circumstances that are not historical facts.
Forward-looking statements are indicated by the
context, but may also be identified by the use of
the words may, will, should, plans,
intends, expects, predicts, anticipates
believes, assumes, estimates, forecasts,
potentially or continued and similar
expressions. Such statements only reflect the
current views of Q-Cells with respect to future
events and they are subject to risks and
uncertainties. The forward-looking statements
are based on Q-Cells current plans, estimates,
projections, expectations and certain assumptions
that may prove erroneous. Many factors could
cause Q-Cells actual development or results or
performance to be materially different from the
development or results described in the
forward-looking statements. If any such factors
or uncertainties were to materialize, or if
underlying assumptions of Q-Cells were to prove
incorrect, actual results may differ materially
from those described in the forward-looking
statements. The Company does not intend, and
does not assume any obligation to update the
forward-looking statements or any other
information contained in this presentation.