Ad-hoc release: Phoenix Solar AG: Board of Directors proposes to raise dividend distribution

Sulzemoos - The Board of Directors of Phoenix Solar AG (ISIN DE000A0BVU93), a leading photovoltaic system integrator listed on the TecDAX, reached a decision today on a proposal to be put to the Annual General Meeting of Shareholders to raise dividend distribution to EUR 0.30 per share for the financial year 2008 (2007: EUR 0.20). This resolution is subject to the adoption of the annual financial statements for the financial year 2008 and approval by the Supervisory Board.

The Board of Directors cites the Group's very successful performance over the course of the financial year 2008 as the reason for its dividend proposal and increase in dividend. At the same time, Phoenix Solar AG confirms its intention of pursuing an investor-oriented dividend policy aligned to the company's growth and its business situation. All 6,684,500 of the currently traded shares of Phoenix Solar AG are entitled to dividend.

The final dividend proposal to be put forward to the Annual General Meeting of Shareholders, which will take place on 19 May 2009, will be announced when the annual general meeting is convened.


This is an English translation of the German original. In the event of any doubt, the German version shall prevail.


Disclaimer

The content of this press release is solely for information purposes and is not intended to constitute a recommendation for investment or a solicitation to subscribe or an offer to buy or sell securities of the company. Phoenix Solar AG shall undertake no liability whatsoever for any loss in connection with this press release or the information made available. This also applies particularly to any eventual loss in connection with the shares of Phoenix Solar AG.

This document contains forward-looking statements on future developments which are based on management’s current assessment. Words such as "anticipate", "assume", "believe", "estimate", "expect", "intend", "can/could", "plan", "project", "forecast", "should", and similar terms are indicative of such forward-looking statements. Such statements are subject to certain risks and uncertainties which are mainly outside the sphere of influence of Phoenix Solar AG, but which have an impact on the business activities, the success, the business strategy and the results. These risks and factors of uncertainty include, for instance, climatic change, changes in the state subsidisation of photovoltaics, the introduction of competitor products or technologies of other companies, the development of the planned internationalisation of business activities, fierce competition as well as rapid technological change in the photovoltaic market. If one of these or other factors of uncertainty or risks should occur, or if the assumptions underlying the statements should prove incorrect, the actual results may diverge substantially from the results in these statements or implicit indications. Phoenix Solar AG does not have the intention nor will it undertake any obligation to realise forward-looking statements on an ongoing basis or at a later point in time as this is entirely dependent on circumstances prevailing on the day of their release.

In some countries, especially in the United States of America, the dissemination of this press release and the information contained therein may be restricted or prohibited under the law. This press release is therefore expressly not intended for persons resident in the United States of America or any other legal system under which such an offer or solicitation is not permissible, or for persons for whom such an offer or invitation would constitute a breach of the law.


Sulzemoos, 10 March 2009


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Attention editorial offices: For further questions please contact Mrs.
Anka Leiner, Investor Relations Phoenix Solar AG.

Hirschbergstr. 8
D-85254 Sulzemoos
Tel: 08135-938-315
Fax: 08135-938-399
E-mail: a.leiner@phoenixsolar.de
Internet: http://www.phoenixsolar.de

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