PNE WIND II 1

PNE WIND AGGerman Equity Forum | November 11, 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

EBIT (in € million)

Presence

2009e2006 2007 20080.3 15.9 23.5

5-7

• 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 as Independent Power Producer (IPP)

• Company based in Cuxhaven, 135 employees as at September 30, 2009

PNE WIND II 4

• 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!

PNE WIND AG at a glanceInstalled capacity

PNE WIND II 5

• 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, Nordex and Enercon

PNE WIND AG at a glanceInstalled wind farms

PNE WIND II 6

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

• Plants cover 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

• Construction of three wind farms with total nominal output of 18 MW started in the fourth quarter

PNE WIND II 7

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

PNE WIND II 8

PNE WIND AG at a glanceEnBW gained as new customer

• Sale of wind farms Buchholz, Schwienau II und Alt Zeschdorf to EnBW Energie 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

PNE WIND II 9

PNE WIND AG at a glanceLegal action for reversal of the sale of stake in SSP Technology A/S in 2008

• Sale of stake in SSP Technology A/S to Private Equity Investor Ventizz Capital Fund IV, L.P. in July 2008

• Legal action of SSP Technology Holding ApS against PNE WIND AG in October 2009

• Repayment of purchase price (approx. € 34.54 million) plus a further € 19.74 million for other expenses

• Alternative: compensation payment of approx. € 8.64 million

• Claim largely based on

• alleged errors in the corporate planning as well as

• warranty related to the balance sheet of SSP Technology A/S

• Preliminary assessment of legal advisors and auditors called in: action in its entirety unfounded

• Given the current situation, provisions are only to be built up to cover legal costs; action hence not expected to have a significant effect on the results for the current fiscal year (EBIT forecast of € 5 – 7 million)

PNE WIND II 10

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 11

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

PNE WIND II 12

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)

PNE WIND II 13

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

PNE WIND II 14

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 77 230 277 385

2 3 North Sea 96 288 346 480

3 4 North Sea 80 240 288 400

4 4 North Sea 80 240 288 400

5 1 Baltic Sea 76 228 273 380

6 1 North Sea 100 300 360 500

7 1 North Sea 100 300 360 500

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

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

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

PNE WIND II 15

Business modelCurrent projects – Germany

Offshore projects – Germany Borkum Riffgrund I + II

• Building permit granted in February 2004 (Borkum Riffgrund I) and expected in 2010 (Borkum Riffgrund 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

PNE WIND II 16

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

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

PNE WIND AG is thus the first wind-farm developer to have received approvals for three offshore projects in Germany

PNE WIND II 17

Business modelCurrent projects – international

Projects – international

Project Country Area already secured (in acres)

MWup to

Investment volumeup to

1 Hungary 519 40 € 68 million

2 Turkey licensing 292 € 496 million

3 Bulgaria 2,350 360 € 612 million

4 Romania 494 382* € 650 million

5 France --- 20 € 36 million

6 USA 8,673 2,500* ---

7 UK / Ireland 5,036 820 € 1,394 million

8 Canada see USA 330 ---

Total: 4,744 MW € 3,256 million

* Medium-term objective

PNE WIND II 18

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

PNE WIND II 19

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)

PNE WIND II 20

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 21

Impact of the financial crisis

• Financial crisis puts pressure on banks and thus hampers lending

• Joint ventures require financial stability on partner side

• 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

Market and strategyTrends in global wind market

PNE WIND II 22

Market and strategy Global 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: 20.4%)

• USA already largest wind market worldwide

• Further attractive markets: Germany, UK, France, Spain, China, India

Capacity CAGRIn MW 2008 2012e 2017e 08-12e 12-17eGermany 23,903 32,247 44,000 7.7% 6.4%France 3,404 10,354 18,000 32.1% 11.7%United Kingdom 3,241 10,189 21,000 33.2% 15.6%Ireland 1,002 2,025 3,000 19.2% 8.2%Italy 3,736 7,076 10,000 17.3% 7.2%Portugal 2,862 6,150 9,000 21.1% 7.9%Spain 16,740 26,345 37,000 12.0% 7.0%Poland 472 2,996 7,000 58.7% 18.5%Other 9,575 20,671 28,130 21.2% 6.4%Total Europe 64,935 118,053 177,130 16.1% 8.5%

India 9,645 20,745 35,000 21.1% 11.0%China 12,210 36,806 75,000 31.8% 15.3%Canada 2,372 8,446 12,000 37.4% 7.3%USA 25,170 57,618 84,000 23.0% 7.8%Rest of world 6,459 12,002 15,130 16.8% 4.7%Total world 120,791 253,670 398,260 20.4% 9.4%

* Sources: EWA, 2009; GWEC, 2009; HSH Nordbank, 2008

Status Quo & Forecast to 2017*

PNE WIND II 23

• 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

Market and strategy Wind power in Germany: Legal framework

• 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

Onshore

Offshore

Amended EEG offers attractive conditions and high predictability

PNE WIND II 24

• 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

Market and strategy Growth strategy PNE WIND AG

PNE WIND II 25

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 26

FinancialsIncome statement

* undiluted earnings per share from continuing operations

in € million Q1-Q3 2009 Q1-Q3 2008

Revenue 102.7 51.9

Total operating revenue 100.2 81.8

Cost of materials 79.6 44.0

Personnel expenses 6.1 4.9

Other 9.5 8.8

EBIT 5.1 24.1

Interest income 0.3 0.8

Interest and similar expenses 3.2 3.2

EBT 2.2 21.6

Net income (cont. operations) 1.2 18.8

EPS (in €) 0.03* 0.46*

• Strong increase in revenues y-o-y due 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 € 1.2 million achieved

• Strong improvement in operating business in 2009

PNE WIND II 27

FinancialsKey balance sheet ratios

22.6

Assets

20.7

52.0

67.8

61.7

Equity and liabilities

157.7 157.7

Intangible assets

Current assets

Equity

Current debt

Non-Current debt

* in € million

85.0Fixed assets

5.6 Provisions

Balance sheet as of September 30, 2009* • Balance sheet total reduced compared to Dec. 31, 2008 by 40.6% 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 decreased due to redemption of convertible bond 2004/2009 and omission of bridge financing for completed wind farms

• Capital increase and positive results lead to rise in equity by 13.0%

• Equity ratio of 39.1% solid foundation for further growth

PNE WIND II 28

FinancialsCapital 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

PNE WIND II 29

FinancialsCash flow

in € million Q1-Q3 2009 Q1-Q3 2008

Consolidated net loss/income for the period 1.2 18.8

Amortisation/Depreciation 2.9 1.0

Δ Provisions -8.2 13.3

Δ Non-cash expenses/income 0.0 0.1

Δ Working capital 83.9 -47.7

Cash flow from operating activities 79.8 -14.5

Cash flow from investing activities -31.8 29.3

Cash flow from financing activities -49.2 12.5

Cash and cash equivalents - end of period 29.7 42.6

Cash flow as at September 30, 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

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

• Takeover of “Altenbruch II” strongly influenced cash flow from investing activities

• Cash flow from financing activities affected by redemptions (convertible bond “2004/2009”, bridge financing for wind farms)

• Cash and cash equivalents remain high

PNE WIND II 30

FinancialsOutlook 2009

Buchholz wind farm

Forecast for fiscal year 2009

• 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

• Legal action for reversal of the sale of stake in SSP Technology A/S not expected to have a significant effect on EBIT

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

PNE WIND II 31

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 32

PNE WIND AG sharePrice and key data

Key data

WKN AOJBPG

ISIN DE000A0JBPG2

Number of shares 44.524.966

Market capitalization as of November 2, `09 € 78.4 million

Free Float 100 %

Market segment Prime Standard

IndicesHDax, Mid-Cap-Market-Index,

CDAX Technology, ÖkoDAX

Designated Sponsors/ Market Maker

Commerzbank VEM Aktienbank

Close Brother Seydler Bank

Reuters PNEGn

Bloomberg PNE3

Price performance since Jan. 1, 2008

PNE WIND AG largest listed wind-farm developer in Germany

PNE WIND II 33

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 34

Investment Highlights

Buchholz wind farm

• 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

PNE WIND II 35

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 AGDirk StauerTel: +49 (0) 611 – 205855-22Fax: +49 (0) 611 – 205855-66 E-mail: stauer@cometis.de

Contact

Company headquarters, Cuxhaven