PNE Wind : Annual General Meeting results

25.05.2016

• Dividend of euro 0.04 per ordinary share to be distributed
• Three Supervisory Board members elected

Cuxhaven, May 25, 2016 - The Annual General Meeting of the wind project developer PNE WIND AG elected today three members to the Supervisory Board and voted in favor to distribute a dividend.
The shareholders voted with a clear majority in favour of the proposal of the Management Board and Supervisory Board to distribute a dividend of euro 0.04 per ordinary share. The retained earnings, which is relevant for the basis of the dividend, of PNE WIND AG (HGB accounting standards) increased to euro 70.5 million after a net income of euro 10.3 million was reported for the financial year 2015. From the retained earnings, euro 3.1 million will be distributed and euro 67.4 million will be carried forward to the new account.

As proposed by the administration, Dr. Isabella Niklas, Andreas M. Rohardt and Per Hornung Pedersen were elected to the Supervisory Board. Mr. Pedersen served as Interim CEO from December 1, 2015 till today's Annual General Meeting and during this time his Supervisory Board function was suspended. Markus Lesser, formerly the board member responsible for operations (COO) will become the new Chief Executive Officer (CEO) of PNE WIND AG as of May 26, 2016. This decision was taken at a Supervisory Board meeting in April of this year. At the same time, his contract was extended until December 31, 2019.

Alexis Fries Chairman of the Supervisory Board of PNE WIND AG commented to the new CEO appointment, 'Markus Lesser has more than 25 years of experience in the international energy sector. Over the past few years as COO, he has been driving the operational development of PNE WIND forward and has proven himself to be a competent manager. Markus Lesser will continue to pursue the Group's strategic orientation. He has our full confidence and I look forward to continuing our successful working relationship which is characterized by mutual appreciation.'

The shareholders also voted clearly in favour to give formal approval to the actions of the Management Board members Per Hornung Pedersen, Markus Lesser and Jörg Klowat. The shareholders also decided by a clear majority to give formal approval to the actions of the new Supervisory Board members (term of office starting October 23, 2015) and on the appointment of Deloitte & Touche GmbH (Hamburg) as auditor for the annual financial statements and the consolidated financial statements.

At the convening Supervisory Board meeting today, Per Hornung Pedersen was delegated to the Management Board again for a transitional period until a new Chief Operating Officer (COO) is appointed. Mr. Pedersen will accompany the implementation of the Wind Farm-Portfolio strategy for the internally held onshore projects. Thereafter, Mr. Pedersen will focus on his Supervisory Board mandate.