Solar Technology Case

Financial data on SMA Solar Technology Group(Source: Bloomberg)(Assumption: Data is based on December 31, 2009)

Annual Report of SMA Solar Technology Group

Assumption:

1) P&LThe P&L data for December 31, 2009 and December 31, 2008 can be obtained by dividing the Q1 – Q3 financial figures by 3 and than multiplying it by 4.

2) Balance sheetThe balance sheet data are based on 12/31/2009 as well as 12/31/2008 and need not to be adjusted

Annual Report of SMA Solar Technology Group

12/31/2009 12/31/2008

Annual Report of SMA Solar Technology Group12/31/2009 12/31/2008

Additional Information on

SMA Solar Technology Group:

- Depreciation and amortization for the entire financial year was €15.271 m (in 2009) and €8.205 m (in 2008)

- CAPEX for the entire financial year : €14.143 m (in 2009) and €9.075 m (in 2008)

- Peer group of SMA Solar Technology Group is Phoenix Solar Group (both companies are listed in the M DAX)

- IBL in 2009 are based on the positions “financial liabilities” and “other financial liabilities”i.e. 19.198m + 1.321m + 52.416m = 72.935m

- Provisions in 2009 are based on the position “other provisions” i.e. 32.525m + 21.513m = 54.038m

Financial data on Phoenix Solar group (Source: Bloomberg)(Assumption: Data is based on December 31, 2009)

Annual Report of Phoenix Solar Group

Assumption:

1) P&LThe P&L data for December 31, 2009 and December 31, 2008 can be obtained by dividing the Q1 – Q3 financial figures by 3 and than multiplying it by 4.

2) Balance sheetThe balance sheet data are based on 12/31/2009 as well as 12/31/2008 and need not to be adjusted

12/31/2009 12/31/2008

Annual Report of Phoenix Solar Group

12/31/2009 12/31/2008

Annual Report of Phoenix Solar Group

Additional Information on

Phoenix Solar Group:

-Peer group of SMA Solar Technology Group is Phoenix Solar Group (both companies - are listed in the M DAX)

- IBL in 2009 are based on the positions “non-current financial liabilities”, -“current financial liabilities” and “other financial liabilities”i.e. 66 + 36 + 3,269 = 3,371

- Provisions in 2009 are based on the position “Non-current provisions” and “Current provisions”; i.e. 1, 975 + 638 = 2,613