Q-Cells

Q-Cells SE (QCE; ISIN DE0005558662) today welcomes over 70 institutional investors and analysts to "Solar Valley" in Thalheim for its second capital markets day.

• Sales fall in first half-year by 36.8 per cent to 366.2 million Euro, EBIT negative at -47.6 million Euro
• Production volume 272.2 MWp
• Set of measures decided on to adjust capacities and to lower costs, strengthen technology position and secure liquidity reserves

• Largest solar park in Germany with polycrystalline solar cells
• Generates as much electricity as is used by around 15,000 households
• Reduction of 35,000 tons of CO2 per year
• Until it is sold to an external investor, the project will be run as a joint venture between Q-Cells and MEMC

• Business development falls short of expectations in second quarter: preliminary revenue of around 142 EURm, expected EBIT of approx. -62 EURm
• Reliable whole-year forecast not possible due to uncertainty of current market situation
• Management Board announces comprehensive package of measures

Q-Cells SE (QCE; ISIN DE0005558662) increases its interest in Solibro GmbH from previously 67.5% to 100% by acquiring the Swedish joint venture partner Solibro AB. Solibro's modules rank among those with the highest efficiency rating in the field of thin-film technologies. At present, Solibro's modules achieve an average efficiency rating per module of around 10%; the peak values are in excess of 11%.

• Dr. Hartmut Schüning steps down as CFO
• Search process for replacement launched
• Dr. Nedim Cen named interim CFO

The Supervisory Board of Q-Cells SE today agreed to CFO Dr. Hartmut Schüning's request for the premature termination of his Executive Board contract and announced a search process to find a replacement that is underway. In the interim, the supervisory appointed Dr. Nedim Cen as his successor.

Q-Cells SE and Timminco Limited, Toronto/Canada, have reached a new supply agreement for solar grade silicon. It will replace the agreement signed in 2008 for the five-year period through 2013. The new agreement contemplates deliveries of 100 mt of solar grade silicon for the remainder of 2009. Volumes, pricing and other terms for deliveries of solar grade silicon in the years 2010 to 2013 will be subject to mutual agreement by the end of 2009 and will be negotiated in the context of prevailing solar industry market conditions.

Q-Cells SE (QCE; ISIN DE0005558662) (“Q-Cells”) announces the pricing of the convertible bonds due 2014 (the “Bonds”) that will be issued by Q-Cells International Finance B.V., a wholly-owned subsidiary of Q-Cells, and guaranteed by Q-Cells. Q-Cells will use the net proceeds of the Offering to further strengthen its balance sheet and liquidity position. This will enable it to maintain its strong competitive position and to react flexibly to the challenges created by the current market environment.

The Management Board of Q-Cells SE (QCE; ISIN DE0005558662) (“Q-Cells”) resolved today, with the consent of the Supervisory Board, to approve the issuance of guaranteed convertible bonds (the “Bonds”). The Bonds will be issued by Q-Cells International Finance B.V., a wholly-owned subsidiary of Q-Cells, and will be guaranteed by Q-Cells. The Bonds will be issued to institutional investors by way of an accelerated bookbuilding. The pre-emptive rights of shareholders of Q-Cells to subscribe to the Bonds are excluded.

• Group sales of € 224.8 million and EBIT of € 14.7 million
• Q1 operating income in the core business slightly up on Q4 despite fall in sales
• Project business of Q-Cells International already close to the level of total year 2008 with revenues of around € 85 million
• Expectations for the full year amended due to the ongoing uncertainty regarding the financing of PV systems