New Connect

1. New Connect Foundation of our Financial Strategy

2. Disclaimer This presentation includes forward-looking statements relating to our future performance and anticipated developments in the solar energy production industry and solar energy production and storage technologies as well as the renewable energy production support systems in Photon Energy’s current and future target markets. Forward-looking statements include statements on Photon Energy’s project pipeline, photovoltaic plant construction, the Solar Roof Exchange and other products and services. Further forward-looking statements in particular include, but are not limited to, our estimates regarding the installed production capacity of sites under development, the timing of the completion of our projects, the investment costs of our projects, the performance of our photovoltaic sites and our ability to enter into new agreements in connection with the disposal of completed projects and to secure sufficient debt funding on favorable terms. We may make forward-looking statements in future filings with governmental and regulatory authorities, and in written material, press releases and oral statements issued by us or on our behalf. Forward-looking statements include statements regarding our intent, belief or current expectations or those of our officers (including statements preceded by, followed by or that include forward-looking terminology such as "may", "will", "should", "believes", "expects", "anticipates", "estimates", "continues", or similar expressions or comparable terminology) with respect to various matters. It is important to note that our actual results in the future could differ materially from those anticipated in these forward-looking statements depending on various important factors. Some of these factors include: the effects of, and changes in, government policy and regulatory requirements; the ability to obtain all necessary approvals to construct and connect our projects to the power grid; the effects of, and changes in, regulation and government policy; the effects of changes in the photovoltaic and energy storage technologies; changes in interest rates; changes in access to debt financing on favorable terms; developments in equity capital markets; These factors may affect our performance of the obligations described in this presentation and our success in managing the risks arising from these factors. All forward-looking statements in this presentation are based on information available to us on the date hereof. We do not undertake to update any forward-looking statements that may be made by us or on our behalf, in this presentation or otherwise. New Connect – Foundation of our Financial Strategy

3. Who we are New Connect – Foundation of our Financial Strategy Photon Energy is an integrated developer of photovoltaic projects covering the entire downstream value chain and life cycle of photovoltaic power plants on greenfield and rooftop sites Photon Energy conducts its key activities through its fully owned subsidiaries Photon Trading Technology sales & support Photon Engineering Project engineering & general contracting Photon Finance Financing & insurance solutions Photon Management Power plant operations & maintenance First major greenfield power plant with 911 KWp installed capacity connected in July 2009. Performance over 10% above plan to date. Three more power plants with approximately 2.6 MWp to be completed in 2009. We cooperate with industry majors such as SMA and Allianz. Project pipeline of 40-50 MWp for 2010. Strategic plan to build a 30 MWp portfolio until 2012.

4. Milestones New Connect – Foundation of our Financial Strategy Summer 2007 Preparation of business model and plan for Photon Energy a.s. 30 August 2007 New Connect launched November 2007 Photon Energy a.s. formed 10 January 2008 Photon Energy a.s. registered 11 January 2008 Mandate Agreement with Nominated Advisor CMS signed Jan-June 2008 Project development, land purchase, land rental contract signing June-Sep 2008 Private placement marketing, investor meetings 9 September 2008 Capital increase closed – CZK 15 m raised 16 October 2008 Listing of Photon Energy shares on New Connect Oct-Jan 2009 Build-up of expert team for our operating subsidiaries 6 Sep 2009 Signing of contract for the turnkey delivery of a 899 KWp PV plant 10 July 2009 Connection of (finally) 911 KWp PV plant in Milčice 22 July 2009 Handover of PV plant in Milčice 14 August 2009 Publication of 2009Q2 results – Sales CZK 69.2m/Net profit CZK 1.7m 12 October 2009 Signing of reseller agreement with SMA Solar Technology AG, the world’s leading PV inverter manufacturer

5. Financing to date New Connect – Foundation of our Financial Strategy Photon Energy has had one capital increase since its formation in November 2007. For the capital increase closed in September 2008 investors were approached via a private placement. More than 90% of the capital was provided by Czech investors with the balance invested by Polish and German investors.

6. Financial results New Connect – Foundation of our Financial Strategy

7. Projections& Valuation After generating material revenues and turning profitable for the first time in 2009 Q2, Photon Energy forecasts a net profit of CZK 68 million for the full year 2009. Photon Energy’s revenues and profitability are driven by the to-be-completed photovoltaic power plants to be built by Photon Engineering in 2009 Q4 and the accelerating development of Photon Trading. Both these activities and the continued development of Photon Energy’s other operating subsidiaries promise to lay the foundation for material revenue and profit growth in 2010 and beyond. Investors in the 2008 private placement paid 1.3x EV/EBIT09 and 1.7x PER09. Photon Energy’s current profit multiples of 3.9x EV/EBIT and 4.8x PER based on 2009 forecast financials can be viewed as neither very challenging nor discounting the potential for significant profit growth in 2010. New Connect – Foundation of our Financial Strategy

8. Share price & investor returns Photon Energy’s private placement can be considered a success as investors subscribing at CZK 5.00 (PLN 0.70) per share enjoyed the following performance: Closing of first day: +458% All-time-high (intra-day): +904% All-time-low: +164% 12-months: +220% To-date: +229% The all-time-low share price was PLN 1.85 while the all-time-high was PLN 7.20 on the second trading day. The daily average trading volume since the listing on 16 October 2008 was 2,330 shares. The highest recorded daily turnover was 180,498 shares on 31 July 2009. New Connect – Foundation of our Financial Strategy

9. Financial Strategy Photon Energy views its status as a public company as a major strategic advantage and intends to fully utilize it in its financial strategy going forward through the following steps: Equity A second capital increase combined with the graduation to the main market of the Warsaw Stock Exchange is currently planned for 2010 Q2. This step should broaden the company’s investor base and materially improve the company’s access to equity capital if required in the future and brings the company’s shares into a higher-multiple valuation environment. Debt Photon Energy is in the process of analyzing the feasibility of bond issues as an alternative to bank project financing. Photon Energy’s public status and transparency are believed to represent material advantages in this process and may allow a partial retail distribution. New Connect – Foundation of our Financial Strategy

10. Contact Photon Energy a.s. Georg Hotar Chief Financial Officer Uruguayská 17 120 00 Praha 2 Tel: +420 277 002 910 Fax: +420 277 002 911 www.photonenergy.as New Connect – Foundation of our Financial Strategy