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Solar Millennium AG: Dr. Jan Withag resigns from his position as Chairman of the Management Board taking effect on 8 March 2012

DGAP-News: Solar Millennium AG / Key word(s): Change of Personnel
Solar Millennium AG: Dr. Jan Withag resigns from his position as
Chairman of the Management Board taking effect on 8 March 2012

05.03.2012 / 19:00

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Corporate News

Dr. Jan Withag resigns from his position as Chairman of the Management
Board taking effect on 8 March 2012

Erlangen, 05 March 2012 - Following last week´s initiation of insolvency
proceedings for Solar Millennium AG by the local Court of Fürth, the
chairman of Solar Millennium´s management board, Dr. Jan Withag, announced
last Friday his resignation from all his offices taking effect on 8 March
2012.

This includes the resignation from his position as chairman of the
management board of Solar Millennium AG as well as from the board of Solar
Trust of America LLC and from the advisory board of Flagsol GmbH. Dr.
Withag also resigns from his management roles at SMAGSOL GmbH, Solar
Millennium Verwaltungs GmbH, Solanda GmbH, Solar Millennium Beteiligungs
GmbH, SM USA 1 GmbH as well as from his post as director of Solar
Millennium Inc.

Dr. Withag explained his decision as follows: ´Since the insolvency
proceedings have been initiated and the right to manage and transfer has
been vested in the insolvency administrator, the opportunities for action
left to me are limited. Time has therefore come for me to transfer the
management of the Group and my offices at the subsidiaries to the
insolvency administrator.´ Dr. Withag illustrated further: ´It is not easy
for me to leave my office at Solar Millennium. I can understand investors
and employees are disappointed. The employees in particular have time and
again invested incredible amounts of energy into the company over recent
years. I sincerely hope my colleague on the management board, Mr Beltle, as
well as the insolvency administrator, will have much success with meeting
upcoming challenges, and I will continue to support them to the best of my
ability, even after my resignation from office.´

At the same time, the search for investors for the Group is continued. The
insolvency administrator sees chances for a takeover of subsidiary Flagsol
GmbH in Cologne as well as for some Spanish power plant projects,
especially for Arenales. There is also some investor interest in a complete
takeover of the Solar Millennium AG Group. However, prospects for the
success of this are highly uncertain.

About Solar Millennium AG:

Solar Millennium AG (ISIN DE0007218406), Erlangen, is a company that
operates globally in the renewable energy sector, with its main focus on
solar power plants. Together with its subsidiaries and associates, the
Company specializes in solar-thermal power plants, particularly parabolic
trough plants.

The Company covers all important business sectors along the value chain for
solar power plants: from project development and financing to technology
and the turnkey construction and operation of power plants. Solar
Millennium realized Europe´s first parabolic trough power plants in Spain
as well as the first modern parabolic trough solar field in Egypt.

Contact:

Solar Millennium AG
Corporate Communications: [e-mail]
Phone: [phone]
Schultze&Braun
Mail: [e-mail], Phone: [phone]

This press release constitutes neither an offer to sell nor the
solicitation of an offer to buy any securities of Solar Millennium AG. The
press release shall not form the basis for investment decisions regarding
securities of the company. Any such investment decision of a prospective
investor shall be based solely on such prospective investor´s own
investigations and assessments.
This release contains forward-looking statements. These statements are not
a description of past facts, but rather relate to expectations and opinions
of Solar Millennium AG. These statements are based on current plans,
assessments and forecasts of the company. Investors should not rely on
these statements. Forward-looking statements must be understood in the
context of the circumstances existing at the time when they were made. The
company assumes no obligation to update the forward-looking statements in
this release based on new information or future events. Forward-looking
statements always involve risks and uncertainty. Due to a multitude of
factors, actual events and actual developments may differ significantly
from the forward-looking statements contained herein. This press release
was originally prepared in German. The translation of this release or parts
thereof is considered as a service for journalists, analysts and investors
who are not able to understand German. Only the German version is legally
binding.

End of Corporate News

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05.03.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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159376 05.03.2012