• Payment of a dividend of EUR 0.30 per share approved

• Approval given for the consolidation of Phoenix Solar Energy Investments AG into Phoenix Solar AG

Sulzemoos 20 May 2009 / The shareholders of Phoenix Solar AG (ISIN DE000A0BVU93), a leading international photovoltaic system integrator listed on the TecDAX, met yesterday, 19 May 2009, at the Regular Annual General Meeting 2009 held in the Event Forum of Fürstenfeldbruck. The event was well attended with shareholders and guests numbering 300. During the process of resolution presence came to 36.57 percent of voting share capital of EUR 6,684,500.
The shareholders approved the proposal of the Board of Directors and the Supervisory Board for a dividend distribution of EUR 0.30 per share by a majority of 99.97 percent. Dividend will be paid out today, 20 May, by the paying agent.
The resolutions to discharge the Board of Directors and the Supervisory Board also was given majority approval of 99.98 percent respectively. AWT Horwath GmbH, an auditing firm in Munich, was again appointed as the independent auditor for the consolidated financial statements of the company and of the Group for the financial year 2009 (approval: 99.37 percent).
Moreover, the shareholders approved the rescinding of the authorisation to buy back company shares and the granting of new authorisation to purchase and dispose of own shares (approval: 92.82 percent). The resolution for adjusting the remuneration of the members of the Supervisory Board received 99.91 percent support. The required three-quarter majority for amending the deadline for registering for the Annual General Meeting in anticipation of the expected German act implementing the Shareholders’ Rights Directive was achieved by 99.99 percent.
The last item on the Agenda was the approval for the consolidation of Phoenix Solar Energy Investments AG (PSI) into Phoenix Solar AG. Phoenix Solar Energy Investments AG was fully taken over by Phoenix Solar AG back in 2002. PSI is responsible for the development of large photovoltaic power plants in Germany and abroad and their sale to financial investors. The company works in close cooperation with the parent company’s Power Plant Construction department. In addition, PSI manages photovoltaic systems as part of its own subsidiary. The motivation for the consolidation is the drive towards having leaner structures and processes within the Phoenix Solar Group. The required three-quarter voting majority was achieved by 99.99 percent of the voting rights present at the Annual General Meeting.

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