PNE WIND II 1

PNE WIND AGPresentation | October 2009

Langwedel wind farm

PNE WIND II 2

Agenda

1. PNE WIND AG at a glance

2. Business model

3. Market and strategy

4. Financials

5. PNE WIND AG share

6. Investment highlights

Langwedel wind farm

PNE WIND II 3

PNE WIND AG at a GlanceOverview

• Development and implementation of wind farm projects in Germany and abroad, both onshore and offshore

• Core competence: development, project planning, implementation and financing of wind farms

• Sale with after-sales technical and commercial support service

• Operation of own wind farms (IPP)*

• Company based in Cuxhaven, 130 employees as at June 30, 2009

EBIT (in € million)

2009e2006 2007 20080.3 15.9 23.5

5-7

Presence

* IPP: Independent Power Producer

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PNE WIND AG at a GlanceManagement

• Industry experience since 1996

• CEO since June 2008

• Areas of responsibility: strategy, finance, controlling, investor relations, acquisitions, sales, human resources, legal affairs, investment

Martin Billhardt Chief Executive Officer

(CEO)

Bernd PaulsenChief Operating Officer

(COO)

• Industry experience since 2002

• Member of the Managing Board since July 2008

• Areas of responsibility: project development and project implementation onshore and offshore

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PNE WIND AG at a GlanceInstalled capacity

• Since foundation in 1995 development of onshore wind farms

• Reference list: 92 Wind farms

• 535 wind turbines (WT) with a total output of 770 MW installed

• PNE WIND AG is therefore one of the most experienced wind power developers –worldwide!

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PNE WIND AG at a glanceInstalled wind farms

• Extensive know-how upon site acquisition, wind analysis and erection of wind farms all over Germany

• Long-term partner for wind farm operators with comprehensive network to decision makers

• Trustful cooperation with leading manufacturers such as Siemens, Vestas, Nordexand Enercon

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PNE WIND AG at a glanceOperational development

Wind farms with total capacity of 120 MW completed in 2009

• Wind farms Altenbruch II, Alt Zeschdorf, Buchholz, Calau, Langwedel, Leddin, Schwienau II and Gütersloh completed this year

• In total 56 wind turbines (Vestas V80 / V90 as well as Siemens SWT) with a total nominal output of 120 MW already installed in 2009

• Plant covers annual energy requirements of around 74,000 private households, annual reduction of up to 153,000 tons of CO2

• Financing volume of € 60 million for wind farm projects with a nominal output of 46 MW successfully secured in January, disbursement by Commerzbank

• So far no “credit crunch“, since default risk for banks is low due to secure earnings

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PNE WIND AG at a glanceIPP

Company-run wind farm Altenbruch II

Altenbruch II wind farm

• Location: Cuxhaven district, Lower Saxony

• Attractive location, wind speed of 8.0 m/s, hub height 105 m

• Number of turbines/total output: 9 WT/25.8 MW

• Projected output of up to 68.4 million kWh annually

• Annual revenue contribution of approx. € 6 million and EBIT by around € 2.8 million

• Taken into operation in May 2009

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PNE WIND AG at a glanceEnBW gained as new customer

• Sale of wind farms Buchholz, Schwienau II und Alt Zeschdorf to EnBWEnergie Baden-Württemberg AG

• Wind farm Schwienau II with 5 wind turbines in operation

• Wind farm Buchholz with 18 wind turbines in operation

• Wind farm Alt Zeschdorf with 3 wind turbines in operation

• Total: 26 wind turbines with 52 MW installed output

• Types: Vestas V80 and V90 with 2 MW output each

• Investment of up to € 1.7 million per MW / 786 € per MWh

• Annual electricity production: approx. 112 GWh from all 3 wind farms forecasted

• Operational management for 10 years concluded

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PNE WIND AG at a glanceCapital measures

Capital increase and issuance of convertible bond

• July 2009: PNE WIND AG conducts capital measures for financing further growth

• Both transactions were aiming at enhanced flexibility to enforce expansion strategy

• Capital increase: 3,250,000 new shares at a subscription price of € 1.90 were placed

• Emission volume totaled € 6.18 million (new share capital: € 44,524,966)

• Convertible bond was subscribed in a volume of € 3,850,000

• Existing shareholders were granted a subscription right for both issues, shares not subscribed to by these shareholders were taken over by selected investors (private placement)

• As a result, PNE WIND AG received more than € 10 million and is therefore in a strong position to make use of existing market opportunities

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Agenda

1. PNE WIND AG at a glance

2. Business model

3. Market and strategy

4. Financials

5. PNE WIND AG share

6. Investment highlights

Langwedel wind farm

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Business modelValue chain

• Development, financing and construction of wind farms through to commissioning

• After completion: complete handover to buyer or takeover for independent power production (IPP)

• After-sales support service ensures customer retention and guarantees recurring revenues

• Full coverage of the entire value chain

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Business modelFinancial value chain

• PNE WIND AG generates value especially ahead of implementation phase

• When selling the project right after obtaining approval: attractive returns combined with low revenues and very limited capital requirements

• When selling wind farms after completion: attractive returns and high revenues, but yet much higher capital requirements

• Project business: successive invoicing after construction progress (milestone payments)

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Business modelProject pipeline

Onshore• Total of around 2,228 MW in

development

• Thereof 40 MW already approved (market value per MW: approx. 150,000 €)

Offshore

• Projects in North Sea and Baltic Sea with total of 2,416 MW currently in development

• Approvals have been granted for around 1,077 MW (market value per MW: approx. 220,000 €)

• Offshore business is growth driver of the future

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Business modelCurrent projects – Germany

Offshore projects – Germany

Project Phase Location WPPup to

MW(3 MW/WEA)

MW (3,6 MW/

WEA)

MW(5 MW/WEA)

1 4 North Sea 77

96

80

80

76

6 1 North Sea 100 300 360 500

7 1 North Sea 100 300 360 500

Total: 609 1,826 2,192 3,045

385277230

288

240

240

346

288

288

5 1 Baltic Sea 273 380228

2 3 North Sea 480

3 4 North Sea 400

4 4 North Sea 400

Phase 1 = Project identification phase Phase 3 = Application conference held

Phase 2 = Preparation for application conference Phase 4 = Approval granted

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Business modelCurrent projects – Germany

Offshore projects – Germany Borkum Riffgrund I + II

• Building permit granted in February 2004 (BorkumRiffgrund I) and expected in 2010 (BorkumRiffgrund II)

• Joint venture with energy groups DONG Energy and Vattenfall

• First construction phase plans 77 OWT (total output: up to 277 MW) from 2010/11

• Subsequent construction phase plans a further up to 96 OWT (total output: up to 480 MW)

• Outstanding milestone payments of up to € 57 million expected by 2014

• PNE WIND AG currently holds a 50% interest

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Business modelCurrent projects – Germany

Offshore projects – Germany Gode Wind I

• August 2006: Building permit granted

• Project comprises 80 OWT (total output: up to 400 MW)

• November 2007: sale of majority interests in project development company to Dutch Evelop(Econcern Group)

• May 2009: Bankruptcy of Econcern needs to assess an alternative investor

• Preparation for first construction phase

• Start of realisation scheduled for 2010/2011

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Business modelCurrent projects – Germany

Offshore projects – Germany Gode Wind II

• July 2009: Building permit granted

• Project comprises 80 OWT (total output: up to 400 MW)

• Technical cooperation with Danish wind energy system manufacturer Vestas Offshore concluded

• Preparation for first construction phase

• Implementation planned with strategic partner

• Start of realisation scheduled for 2011/2012

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Business modelCurrent projects – international

Projects – international

Project CountryMW

up toInvestment volume

up to1 Hungary 40 € 68 million

€ 496 million

€ 612 million

€ 650 million

€ 36 million

6 USA 2,500* ---

7 UK / Ireland 820 € 1,394 million

8 Canada 330 ---

Total: 4,744 MW € 3,256 million

5 France 20

2 Turkey 292

3 Bulgaria 360

4 Romania 382*

* Medium-term objective

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Business modelCurrent projects – international

Onshore projects – internationalHungary

Onshore projects – internationalTurkey

• Joint venture with GM Umwelt- und Energiewirtschaft GmbH, Dresden

• PNE WIND AG holds a majority interest(79%) in Hungarian joint venture company

• 2 wind farm projects for implementationby 2011

• Up to 20 WT with up to 40 MW total output

• Investment volume of up to € 68 million

• Joint venture with Türkwind Energie Ltd.

• PNE WIND AG holds a majority interest(80%) in Turkish joint venture company

• Development and implementation of wind farm projects comprising up to 292 MW

• Investment volume of up to € 496 million

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Business modelCurrent projects – international

Onshore projects – internationalBulgaria

Onshore projects – internationalRomania

• Joint Venture with Bul-Energy OOD

• PNE WIND AG holds a majority interest (80%) in Bulgarian joint venture company PNE WIND BULGARIA OOD

• Development and implementation of wind farm projects comprising up to 360 MW

• Investment volume of up to € 612 million

• Joint venture with local partner in Bucharest

• PNE WIND AG holds a majority interest (80%) in Romanian joint venture company

• Objective: medium-term development of up to 382 MW wind farm projects with local partners

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Business modelCurrent projects – international

Onshore projects – internationalFrance

Onshore projects – internationalUSA

• PNE WIND AG already has experience in the French wind energy market

• Cooperation with a French project developer on a wind farm project

• Project for 20 MW in development

• Foundation of US subsidiary PNE WIND USA in October 2008

• Fast-growing wind energy market

• Good wind potential and large number of attractive wind farm sites on offer

• PNE WIND AG is currently looking for additional joint venture partners

• Objective: medium-term development of up to 2.500 MW wind farm projects in cooperation with local partners

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Business modelCurrent projects – international

Onshore projects – internationalUK / Ireland

Onshore projects – internationalCanada

• Joint Venture with New Energy Developments Limited

• PNE WIND AG holds a majority interest (67.5%) in British joint venture company PNE WIND UK

• Development and implementation of wind farm projects for up to 820 MW

• Investment volume of up to € 1,394 million

• Joint Venture with BCP RenewableEnergy Ltd.

• Canadian wind market at early stage of development, significant growth within next years to be expected

• Participations in requests for tender for wind farms in the Canadian province of Saskatchewan, later nationwide activity planned

• Development and implementation of wind farm projects for up to 330 MW

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Business modelInternationalization

Opening up US-market as an area for future growth

• October 27, 2008: Establishing of 100% US-subsidiary Plambeck New Energy USA, Inc. (based in Chicago), today PNE WIND USA Inc.

• Mid-term objective: Acquisition of wind farm projects with total capacity of up to 2.500 MW

• Strategy: Greenfield development in close cooperation with local partners (Joint Ventures)

• Kelly Lloyd became General Manager on January 15, 2009

• Expert with more than ten years of experience in US wind market through engagement with enXco, Inc. (today‘s US-subsidiary of EDF Energies Nouvelles)

• Most recently acted as CFO, assured financing in excess of US$ 500 million for the development and construction of projects

• Foundations laid for successful market entry in the US

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Business modelInternationalization: US subsidiary concludes first joint venture

Another milestone in the US-market in highly attractive wind regions achieved

• September 2009: PNE WIND USA, Inc. and Renewable Solutions sign joint venture agreement

• Objective: Development of wind farms with more than 300 MW in the states of Minnesota, North Dakota and South Dakota (“Saudi-Arabia of windpower”)

• Expected investment volume adds up to more than $600 million

• Commissioning of the first wind farms (30 MW) scheduled for 2010

• Sales-options: “Asset Sales Agreement“ (“ASA”) or “Build Transfer Agreement” (“BTA”)

• Experienced partner: Mark Eilers, President of Renewable Solutions, is considered one of the pioneers in the US wind industry with 15 years of experience (previously President of wind farm developer Clear Wind LLC)

• Before that, he was working at GE Energy as a Director of Origination, where he was responsible for the development of regional sales strategies and for the sale of wind and gas turbines (volume of $ 3 billion successfully managed)

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Agenda

1. PNE WIND AG at a glance

2. Business model

3. Market and strategy

4. Financials

5. PNE WIND AG share

6. Investment highlights

Langwedel wind farm

PNE WIND II 27

Market and strategyEuropean energy policy

Overall national objectives*

• January 2007: New Energy Strategy for EU

• Binding objective: to reduce CO2 emissions by at least 20% by 2020, compared with 1990

• Member states are devising their own national plans of action

• Primary means: use of renewable energies

• Targets vary from country to country

• Growth potential for renewable energy depends on national regulations

• EWEA: target achievement requires 34% of power to be generated from renewable sources (12% wind power)

Percentage of final energy consumption

generated from renewable energy sources 2005

Target percentage of final energy consumption

generated from renewable energy sources 2020

Sweden 39.8% 49%Latvia 34.9% 42%Finland 28.5% 38%Austria 23.3% 34%Portugal 20.5% 31%Estonia 18.0% 25%Romania 17.8% 24%Denmark 17.0% 30%Slovenia 16.0% 25%Lithuania 15.0% 23%France 10.3% 23%Bulgaria 9.4% 16%Spain 8.7% 20%Poland 7.2% 15%Greece 6.9% 18%Slovakia 6.7% 14%Czech Republic 6.1% 13%Germany 5.8% 18%Italia 5.2% 17%Hungary 4.3% 13%Ireland 3.1% 16%Cyprus 2.9% 13%The Netherlands 2.4% 14%Belgium 2.2% 13%United Kingdom 1.3% 15%

* Source: proposed EU Commission guidelines on promoting the use of energy from renewable sources

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Market and strategy Wind power in Germany: Legal framework

Amended EEG offers attractive conditions and high predictability

• Tariff: 9.2 ct/kWh (previously: 8.03 ct/kWh)• Degression 1% p.a. (previously: 2%)• Bonus for system services: 0.5 ct/kWh• Better conditions for repowering (bonus of 0.5

ct/kWh)• Secured tariff also for feed-in management

Onshore

• Tariff: 13 ct/kWh (previously 8.92 ct/kWh) • Plus: bonus of 2 ct/kWh for commissioning

by end 2015• No degression until 2015• Connection to grid by energy supplier

Offshore

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Market and strategy Wind power in Germany: Status quo and forecast

Energy balance

• Renewable energies account for 15.3% of primary energy consumption

• Increase compared to previous year by 0.4%, wind power accounting for significant share

German energy balance in 2008*

*Source: Arbeitsgemeinschaft Energiebilanzen, 2009

Share of renewable energy

• Strong growth expected

• Exponential increase in wind power, particularly offshore

• Wind energy with contribution of 15% of power generation in 2020 (2050: 36%)

Regenerative power generation*

*Source: BMU, 2008

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Market and strategyTrends in global wind market

Impact of the financial crisis

• Financial crisis puts pressure on banks and thus hampers lending

• Joint ventures require financial stability on partner side

• For PNE WIND AG might therefore be exposed to increased risk when implementing projects

• But: Project financing of wind farms so far relatively untouched

• Background: Stable cash flows due to fixed remuneration system and high quality of wind analysis, furthermore low effect of economic business cycles on financial returns

• Result: Wind power offers attractive investment combined with high reliability of cash flows

• Close connections to (regional) banks as well as high degree of credit-worthiness still enable successful financing

• Crisis offers chances for financially solid, well-connected and long-established players to gain market shares in the highly fragmented wind market

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Market and strategy Installed capacity worldwide in 2008

USA now largest wind market worldwide*

• Increase of installed US-capacity by 8,358 MW to 25,170 MW in 2008 (+ 49.4% compared to previous year)

• In 2008, Wind power accounts for 42% ofall new electricity generating capacity built in USA

• “Obama effect“: New administration plans doubling of renewable energies in coming three years (investments of US$ 150 billion until 2020)

• German market remains attractive due to increased feed-in-tariffs

• Despite delays in contracted projects into 2009 (new legislation), German market characterized by double-digit growth

* Top 10 countries by installed capacity (2008); percentages relate to share oftotal installed capacity worldwide; source: GWEC, 2009

MW %

USA 25,170 20.8Germany 23,903 19.8Spain 16,754 13.9China 12,210 10.1India 9,645 8.0Italy 3,736 3.1France 3,404 2.8UK 3,241 2.7Denmark 3,180 2.6Portugal 2,862 2.4Rest 16,686 13.8Total Top 10 104,104 86.2Total World 120,791 100.0

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Market and strategy Future development of wind power

• Scarcity of fossil fuels and the need to reduce CO2 emissions are leading to a growing demand internationally for renewable energies

• Wind energy is the most technologically advanced of these and the most economically efficient technology

• In future, increased net expansion of installed capacity expected

• Double-digit growth rates forecast until 2012 (CAGR: 22.0%)

• Most attractive markets worldwide: USA, UK, France, Germany, China, Spain

Capacity CAGRIn MW 2012e 2017e 07-12e 12-17eGermany 32,247 44,000 7.7% 6.4%France 10,354 18,000 33.4% 11.7%United Kingdom 10,189 21,000 33.7% 15.6%Ireland 2,025 3,000 20.3% 8.2%Italy 7,076 10,000 21.0% 7.2%Portugal 6,150 9,000 23.4% 7.9%Spain 26,345 37,000 11.7% 7.0%Poland 2,996 7,000 61.1% 18.5%Other 20,671 28,130 15.3% 6.4%Total Europe 118,053 177,130 15.6% 8.5%

India 20,745 35,000 21.5% 11.0%China 36,806 75,000 44.2% 15.3%Canada 8,446 12,000 35.5% 7.3%USA 57,618 84,000 27.9% 7.8%Rest of world 12,002 15,130 17.7% 4.7%Total world 253,670 398,260 22.0% 9.4%

* Source: HSH Nordbank, 2008

Forecast to 2017*

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Market and strategy Growth strategy PNE WIND AG

• Growth through development of new markets and new projects

• Expansion abroad into selected countries with a basic legal framework in place (comparable with the EEG) and attractive prospects

• Consistent exploitation of market opportunities in all areas of wind power

PNE WIND II 34

Agenda

1. PNE WIND AG at a glance

2. Business model

3. Market and strategy

4. Financials

5. PNE WIND AG share

6. Investment highlights

Langwedel wind farm

PNE WIND II 35

FinancialsIncome statement

in € million H1 2009 H1 2008

Revenue 98.7 38.3

Total operating revenue 94.7 66.8

Cost of materials 76.3 30.7

Personnel expenses 4.2 3.3

Other 6.2 6.9

EBIT 8.0 25.9

Interest income 0.3 0.5

Interest and similarexpenses 2.6 2.1

EBT 5.7 24.4

Net income (cont. operations) 4.9 22.8

EPS (in €) 0.12* 0.53*

• Strong increase in revenues y-o-ydue to extensive projecting activity

• Previous year’s EBIT includes effect from the sale and deconsolidation of SSP Technology A/S amounting to around € 26 million

• Net income from continuing operations of € 4.9 million achieved

• Earnings per share of € 0.12

* undiluted earnings per share from continuing operations

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FinancialsKey balance sheet ratios

Balance sheet as of June 30, 2009* • Balance sheet total reduced compared to Dec. 31, 2008 by 46% due to handover of wind farms

• Intangible assets of € 20.7 million mainly consist of goodwill

• Fixed assets strongly increased due to takeover of “Altenbruch II”

• Current debt declined due to redemption of convertible bond 2004/2009 and omission of bridge financing for completed wind farms

• Equity ratio of 41.8% solid foundation for further growth

20.0

Assets

20.7

45.4

56.0

59.5

Equity and liabilities

142.3 142.3

Intangibleassets

Current assets

Equity

Current debt

Non-Current debt

* in € million

76.2Fixed assets

6.8 Provisions

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FinancialsCash flow

Cash flow for the first half of fiscal year 2009

• Operating cash flow characterised by decrease in receivables / provisions from long-term production contracts and decrease in prepayments made

• Working capital reduction due to completion of wind farm projects in the first half of 2009

• Previous year’s cash flow from operating activities includes income from the sale of SSP Technology A/S amounting to € 31.8 million

• Cash and cash equivalents increased by € 2.6 million year-on-year

in € million H1 2009 H1 2008

Consolidated net loss/income forthe period 4.9

1.8

-8.4

0.0

80.0

Cash flow from operating activities 78.3 -8.1

Cash flow from investing activities -31.4 -1.7

Cash flow from financing activities -57.3 10.7

Cash and cash equivalents - end of period 18.9 16.3

21.7

∆ Fixed assets 0.7

∆ Provisions 16.5

∆ Non-cashexpenses/income 10.3

∆ Working capital -57.3

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FinancialsOutlook 2009

Forecast for fiscal year 2009

Buchholz wind farm

• IPP of wind farm "Altenbruch II" leads to additional and continuous cash flows (EBIT of around € 1.9 million in 2009 expected)

• EBIT range between € 5 – 7 million expected

• Improved market opportunities in 2009 due to extensive pipeline, improved feed-in tariffs in Germany

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Agenda

1. PNE WIND AG at a glance

2. Business model

3. Market and strategy

4. Financials

5. PNE WIND AG share

6. Investment highlights

Langwedel wind farm

PNE WIND II 40

PNE WIND AG sharePrice and key data

Key dataPrice performance since Dec. 31, 2007

PNE WIND AG largest listed wind-farm developer in Germany

WKN AOJBPG

ISIN DE000A0JBPG2

Number of shares 44.524.966

Market capitalization as of October 5, `09 € 93.5 million

Free Float 100 %

Market segment Prime Standard

Indices HDax, Mid-Cap-Market-Index, CDAX Technology, ÖkoDAX

Designated Sponsors/Market Maker

Commerzbank VEM Aktienbank

Close Brother Seydler Bank

Reuters PNEGn

Bloomberg PNE3

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Agenda

1. PNE WIND AG at a glance

2. Business model

3. Market and strategy

4. Financials

5. PNE WIND AG share

6. Investment Highlights

Langwedel wind farm

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Investment Highlights

• Comprehensive range of services along entire value chain

• Tried-and-tested business model and many years of experience in wind farm project development

• Successful entry into European growth markets, Canada as well as the US

• Additional field of growth already exploited as IPP

• Comprehensive, personal and international network

• Experienced team with proven industry expertise

Buchholz wind farm

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Contact

PNE WIND AGPress and Public Relations WorkRainer HeinsohnTel: +49 (0) 47 21 – 7 18 - 453Fax: +49 (0) 47 21 – 7 18 - 373E-mail: rainer.heinsohn@pnewind.com

Investor Relationscometis AGUlrich Wiehle / Dirk StauerTel: +49 (0) 611 – 205855-11Fax: +49 (0) 611 – 205855-66 E-mail: wiehle@cometis.de

Company headquarters,Cuxhaven