Stockholders reach a majority consensus on all points on the agenda at the Solar Millennium AG stockholders' meeting

At the Solar Millennium AG stockholders' meeting yesterday, the recommendations of the board of directors and supervisory board were accepted with a clear majority. More than 350 stockholders and an estimated five million votes were represented - corresponding to over half of the company's capital stock. The approval of the board of directors and supervisory boards proceeded in a single vote, securing around 99 percent of the votes cast. The recommendation for delivery of the balance sheet profit received a majority of 98.4 percent. The statutory change to extend the corporate business to include other renewable energy sources in addition to solar-thermal power plants was accepted with 99.9 percent of the vote. The proposal to increase the capital stock was passed with about 92 percent of the votes cast.

In an hour-long report, board members recounted the most essential events of the 2005/2006 fiscal year and provided a glimpse of both the current and the upcoming fiscal years.

Mr. Christian Beltle, Chairman of the Board of Solar Millennium AG, cited the start of construction of the first European parabolic trough power plant in Andalusia in southern Spain as the highlight of the previous fiscal year. Solar Millennium's excellent positioning in the market, is, above all, a result of its specialization in solar-thermal power plants and its determination as a market forerunner. Meanwhile, Solar Millennium has become a much sought-after partner for joint ventures. Ongoing examples including the cooperation with the EDP Group involving various Spanish projects, the cooperation with the General Electric Group for power plant investment as well as the newly-established joint venture with MAN Ferrostaal for power plant construction reflect such partnerships.

In his guest lecture, Dr. Matthias Mitscherlich (member of the central board of directors of the MAN group and Chairman of the Board of MAN Ferrostaal AG) illustrated MAN Ferrostaal's involvement in solar-thermal power generation. He sees enormous market potential for renewable energy and above average growth in the sector of solar-thermal power plants in particular. Moreover, he emphasized the advantages of the cooperation between Solar Millennium and MAN Ferrostaal in MAN Solar Millennium GmbH, established in early May. The objective is to combine forces to make the joint venture into a leading supplier for the construction of solar-thermal power plants worldwide.

Christian Beltle added that, because the company is investing in research and development, Solar Millennium AG is already in the midst of taking on the challenges of future energy supply today.

The overall objective is to develop power plants that are independent of water availability, enable 24-hour electricity generation and efficiently utilize the technology's potential for minimizing costs.

Christian Beltle concluded his deliberations with a glimpse into the future. Solar Millennium AG plans to secure its leading position in the solar-thermal power plant market on a long-term basis. To achieve this objective, the board of directors is pursuing a definitive strategy for growth.

Matthias Drummer, chief financial officer, outlined the annual results for the 2005/2006 fiscal year by means of the business model. Furthermore, he highlighted the forecast figures for the current fiscal year and offered a glance at the 2007/2008 fiscal year, in which Solar Millennium is expecting turnover to at least triple and profit to double as compared with the year in progress. According to planning, turnover and profits in the current fiscal year are already increasing significantly compared with the previous year, with turnover increasing by over 80% to approximately €33 million and profits increasing by around 20% to approximately €12 million.

The general debate following the report provided the stockholders with an opportunity to engage in an interesting discussion with the board of directors. In the subsequent casting of votes on the terms of the agenda, no counter motions were brought up for a vote.

Questions regarding the market for solar-thermal power plants and the status of projects that Solar Millennium is concentrated on in Spain, North Africa, the United States, China and the Middle East were of particular interest in the general debate. The discussion was shaped by the extremely competent and constructive comments made by the stockholders.

The increase in capital stock by about €15 million was also a major issue. The board of directors explained that this capital increase is intended for various acquisitions or shareholdings. The increase in capital is to be carried out by the end of October 2007. The exact date has not yet been set; however, it will certainly not take place at short notice (not within the next few weeks). The stockholders will be promptly informed of any measures taken involving capital stock. Pre-emptive rights are conceded to the stockholders. Ownership of 2 stocks allows for the subscription of three new stocks that are also fully active in the current fiscal year. Pre-emptive rights should be transferable. To this end, the board of directors is examining various options.