Q-CELLS AG:

1. Q-CELLS AG: Q-Cells’ five thin film investments

2. 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.

3. 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

4. New Technologies • Growth Strategy

5. STRATEGY: THIN FILM Strategic Considerations • Higher probability to reach „Grid Parity“ fast • Mid-term cost reduction potential < 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)

6. STRATEGY: THIN FILM Cost Reduction Potentials – Thin Film Today’s Module pricing Grid Parity < € 1/ Wp

7. Technology - Strategy Focus on main technologies with higher commercial potential in the coming years Q-Cells: Unique Technology-Portfolio

8. Forecast of System Costs in 2010+ Current cost of wafer based-Si system x Required reduction Total system cost ? PV electricity cost in Southern Europe < 20 c/kWh 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

9. Group Organisation Wafer-Based Technology Core Business 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

10. 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) • Total area, stabilized efficiency

11. segmentation

12. 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

13. 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

14. 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

15. 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

16. 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

17. New Technologies • Growth Strategy

18. Cost reduction by growth - Cells at a Glance Company Description Key Figures • 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

19. Outlook 2009 and 2010 2009 • Sales target: > 2,000 EURm 2010 • Production target core business: > 1.5 GWp • Production target thin-film business: 400 - 600 MWp

20. Overview Cell Production Capacities Line V: 270 MWp Line VI (1): 130 MWp Line VII: >300 MWp Line VII (1) (Malaysia) 1,150 Line VI (1) Line V (3) + Retrofit I-IV 920 Line V (1+2) Nominal capacity Germany Nominal capacity Malaysia

21. 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 expectedproduction [MWp]

22. EQII EQIII EQI Solibro CSG Calyxo B234-II B234-I The „Solar Valley“ and more Solibro AB (Sweden) Calyxo USA Solar Valley 3 Mexico(thin film production) Q-Cells Linie V+VI Flexcell (CH) Solar Valley 2 Malaysia

23. Thank you!

24. Q-CELLS AG Investor Relations OT Thalheim Guardianstraße 16 06766 Bitterfeld-Wolfen Germany TEL +49 (0)3494 6699 10101 MAIL investor@q-cells.com FAX +49 (0)3494 6699 10000 WEB www.q-cells.com

25. 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-Cell’s current plans, estimates, projections, expectations and certain assumptions that may prove erroneous. Many factors could cause Q-Cell’s 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.