SHAREHOLDER QUESTIONS REGARDING THE TAKEOVER

Participation of COLEXON's management board and supervisory board on Renewagy prior to exectution of takeover offer	Direct participation (number of shares)	Indirect participation (number of shares)
Thorsten Preugschas (CEO)	0	0
Henrik Christiansen (CFO)	0	0
Dr. Carl Graf von Hardenberg (Chairman of the Supervisory Board)	0	0
Lasse Lindblad (Vice Chairman of Supervisory Board)	0	18,555,507
Tom Larsen (Member of the Supervisory Board)	0	3,436,209
Dr. Alexandra von Bernstroff (Member of the Supervisory Board)	0	3,436,209
Dr. Eric Veulliet (Member of the Supervisory Board)	0	0
Dr. Peter Dill (Member of the Supervisory Board)	0	0

Participation of Renewagy's management board and supervisory board prior exectution of takeover offer	Direct participation (number of shares)	Indirect participation (number of shares)
Tom Larsen (CEO)	0	49,155
Claus Orskov (Chairman of the Supervisory Board)	0	5,663
Egon Hansen (Member of the Supervisory Board)	0	0
Sören Damgaard Svenningsen (Member of the Supervisory Board)	0	24,046
Lasse Lindblad (Member of the Supervisory Board)	0	265,434

By the consolidation of COLEXON and RENEWAGY we expect several synergy effects which are quantitatively and qualitatively.

The quantitative synergy effects are in the following areas:

• Marketing
• Investor Relations
• Accounting
• IT
• Audit / Tax advice
• Rental
• Stock quotation

Further more, qualitative synergy effects also take place:

• closer collaboration between the companies
• decrease of “intercompany postings”
• extension of value creation chain
• know-how in the division project finance and operation
• saving of time to build up an own pv-portfolio of 43 MWp
• better access for obtain debt capital
• higher balance of market influences by constant cash flows
• better planning level
• minimisation of risks by diversification
• Combination of secured feed-in tariff income with high returns of solar park developers
• Lower financing costs and cost synergies through improved economies of scale
• Creation of a bigger entity gives more focus from analytics which creates value on a shareholder level

Referring to the Annual Report 2008, page 38, the amount can be specified as follows:

Investment in associates	12,872 TEUR
Securities	12 TEUR
Other receiveables	2,088 TEUR
Gesamt	14,972 TEUR

Solar parks held by Renewagy as own holdings are all located in Germany. The Solar parks are connected to the grid sequential, please see the matrix below:

Solar park	Type	Size	Connection
1. Immler	Rooftop-Plant	4.56 MWp	10/2007 - 6/2008
2. Moorenweis	Freeland-Plant	5.94 MWp	12/2007
3. Hiendorf	Freeland-Plant	1.09 MWp	12/2007
4. Hurlach	Freeland-Plant	4.30 MWp	12/2007
5. Waldeck/Michelin/ Fritsch/Mockrehna	Rooftop-Plant	5.87 MWp	12/2007 - 8/2008
6. Eckolstädt	Freeland-Plant	8.82 MWp	10/2008
7. Thierhaupten	Freeland-Plant	5.00 MWp	12/2007
8. Kettershausen	Freeland-Plant	2.38 MWp	12/2007
9. Froschham	Freeland-Plant	4.20 MWp	9/2008
10. Etzbach/Dierig	Rooftop-Plant	1.56 MWp	12/2008

Please note that connection to the grid is not necessarily the same as full legal and technical takeover.

Due to the fact that all solar parks held as own holdings are located in Germany, the corresponding earning rates are based on the feed-in-tariffs as stipulated by the German Erneuerbare Energien Gesetz (EEG), as of the respective year of completion.

The earning rate is not based on the commonly expected actual durability of the solar cells which is 40 – 50 years. Rather, the earning rate is based on a 30 years durability of the solar power plants in their entirety.

The yearly costs for maintenance differ from customer to customer. Depending on the scope of the Operation & Maintenance contracts, the costs vary from 3 – 6% of the revenues through the feed-in tariff.

The solar parks held as own holdings will be disassembled, which will be financed through the sales of parts and materials, which we expect to cover at least the costs of disassembling.

The loans for each project are structured differently according to a given project’s projected cash flow.  The repayment profiles for the loans are either equal principal instalment type, annuity-style or sculpted.  In every case, the repayment profile is structured in such a way to produce stable cover ratios throughout the tenor of the loan.  Depending on the characteristics of the project and terms of the loan, principal repayments are typically in the range of 3.5 - 8% of total investment on an annual basis.

In case of cells contained in First Solar Modules which make up by far the greatest portion of the modules in use, the disposal of the modules at their own charge, and thus also the cells, is a legal obligation of First Solar. In case of disposal of crystalline cells we will cooperate with specialized recycling companies. We expect that the redemption value exceeds the disposal costs, especially in view of the expected scarcity of raw materials in the future.

No such reserves have been set up.