1. Third Quarter 2012 Review and Update
December 11, 2012

2. Safe Harbor Statement
The market and industry information contained in this presentation has not been independently verified. No representation or warranty, whether express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions contained herein. Neither Hanwha SolarOne Co., Ltd, or the Company, nor any of its affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation.
This presentation contains statements that reflect the Company’s beliefs and expectations about the future. These forward-looking statements are based on a number of assumptions about the Company’s operations, and are subject to risks, uncertainties and other important factors, many of which are beyond the Company’s control, and, accordingly, actual results may differ materially from the results discussed in these forward-looking statements.
No part of this presentation may be reproduced, photocopied, redistributed or passed on, directly or indirectly, to any other person (whether within or outside your organization/firm) or published, in whole or in part, for any purpose. No part of this presentation may be distributed, reproduced, taken or transmitted into the United States, Canada or Japan.
This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States, Canada or Japan or any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No securities may be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the Company and that will contain detailed information about the Company.
Paul
Safe harbor statement

3. Financial Highlights of 3Q 2012
Categories
Third Quarter 2012
Shipments (MW)
(+3.8%) q/q
Revenue (US$ mil)
(-9.9%) q/q
Gross Margin (%)
-5.8%
NON-GAAP Earnings per Basic ADS 1
($0.57)
GAAP Earnings per Basic ADS
($0.61)
Note:
All non-GAAP numbers exclude the accounting impact from the adoption of ASC , which relates to the accounting treatment for the convertible bonds. Non-GAAP financial results for prior quarters have been adjusted for comparability with the current quarter.
Peter
Thank you for the time and your interest in Hanwha SolarOne. Let me begin with some of the investment highlights for the Company… (bullet points on the slide)

4. Financial Trends Gareth
Our quarterly module shipment has increased significantly over the last 4 quarters. We are guiding MW for Q1 (17-26% increase from Q4), of which about 30% (vs. 6.3% last quarter) will be from our module processing business, which has a higher gross margin
Revenue reached $183.5MM in Q4. We did not give guidance on Q1 revenue, but we expect ASP to decline ~5% on constant currency, so you should be able to get to our Q1 revenue number
For gross margin, you can see that our current level is higher than what we had back in during the boom time. We expect GM to remain at similar level (high teens) in Q1. You should also note that our module processing business, which has a higher gross margin, will contribute more to our Q1 results
Note:
3Q11 and 4Q11 exclude non-cash provisions
All non-GAAP numbers exclude the accounting impact from the adoption of ASC , which relates to the accounting treatment for the convertible bonds. Non-GAAP financial results for prior quarters have been adjusted for comparability with the current quarter. 4

5. Geographic distribution
Module Revenue by Shipping Destination
Geographic distribution
3Q 2012
Germany is the largest (39%) but fell significantly due to July 1 incentive reductions
Asia Pacific region continued to grow and accounted for 22% of total shipments
US growth regained momentum to 13% of total shipments
Peter
Quality of our customers – significant players in our industry
Doubling of customers in Q4 to 40
Diversification of customers; hence it is important to build our team
We believe we are different from our competitors since half of our products are customized to the needs of our customers. These products lead to higher margins and require a longer lead time to quality
Residential alone still represents approximately 60% of the total market
Germany is an important market, but that is where we invoice our clients, about 50% of those modules are installed outside of Germany 5

6. Cost Structure
Gareth
COGS per watt: we have discussed this in detail just now
Opex: we have been doing better than our peers in previous quarters. For Q4, opex as % revenue went up as we expanded our team to better prepare ourselves in growing our business in the new markets. We expect this to come down to 7-8% in Q1 and 6-7% for full year 2010.
Interest expense per watt: has come down significantly, at $0.03 per watt level in Q4
Notes:
1 Excluding module processing business and non-cash provisions totaling $0.45 in 4Q11
On Non-GAAP basis which excludes the impact related to the convertible bond fair value adjustment
4Q11 operating expenses includes $8.5 million provision for advanced payment associated with long-term supply contract ; 2Q11 operating expenses includes $5 million for management severance. 6

7. Balance Sheet Total Cash of US $256 million
Net debt to equity of 89.3%
Gareth
Notes:
Excludes restricted cash.
All non-GAAP numbers exclude the accounting impact from the adoption of ASC , which relates to the accounting treatment for the convertible bonds. Non-GAAP financial results for prior quarters have been adjusted for comparability with the current quarter. 7

8. Recent Milestones New president and chief technology officer appointed
QoQ shipment growth
Continued Non-Poly processing cost reduction
Shipments to China and US gaining momentum
Peter
Quality of our customers – significant players in our industry
Doubling of customers in Q4 to 40
Diversification of customers; hence it is important to build our team
We believe we are different from our competitors since half of our products are customized to the needs of our customers. These products lead to higher margins and require a longer lead time to quality
Residential alone still represents approximately 60% of the total market
Germany is an important market, but that is where we invoice our clients, about 50% of those modules are installed outside of Germany
Synergies with Hanwha Q.CELLS begin 8

9. Signs of Industry Rationalization
A number of company failures reduce manufacturing capacity
Chinese banks tightening credit standards squeezing out marginal players
Signs that leading competitors will take a more rational approach to pricing and sacrifice volume for profitability
Momentum developing in important new growth markets, particularly China and Japan
Peter
Quality of our customers – significant players in our industry
Doubling of customers in Q4 to 40
Diversification of customers; hence it is important to build our team
We believe we are different from our competitors since half of our products are customized to the needs of our customers. These products lead to higher margins and require a longer lead time to quality
Residential alone still represents approximately 60% of the total market
Germany is an important market, but that is where we invoice our clients, about 50% of those modules are installed outside of Germany 9

10. Q.CELLS Acquisition Provides Synergies
Enhanced scale with combined capacity of 2.3GW
Strong brand, high quality products and excellent technology
Potential to price at a premium
Improved leverage with suppliers
Peter
Quality of our customers – significant players in our industry
Doubling of customers in Q4 to 40
Diversification of customers; hence it is important to build our team
We believe we are different from our competitors since half of our products are customized to the needs of our customers. These products lead to higher margins and require a longer lead time to quality
Residential alone still represents approximately 60% of the total market
Germany is an important market, but that is where we invoice our clients, about 50% of those modules are installed outside of Germany
Expertise in downstream activities and an important source of cells in the face of duties in the US and maybe Europe 10

11. Three Paths to Growth Volume Based Growth Value Based Growth
Targeting the utility industry for higher sales volume
Economies of scale leading to better bargaining power & cost competitiveness
Value Based Growth
Traditional PV products are quickly becoming low-cost commodities. We will achieve growth by selling higher value products to residential and commercial markets with a strong brand.
Downstream Growth
Create value downstream by bundling balance of system components, reach customers through a variety of channels and expand our project development, EPC and O&M business.

12. R&D for high quality/high performance
Development Item
Description
New Product launching
New product (E-Star plus) will be launched in 2013
- Light weight, high endurance, maximized efficiency
- Cost competitiveness via increased power output per module
Anti PID
Anti PID product will be launched in 2013
- Completed TUV certificate
- Develop optimized BOM for Anti PID module for long-term reliability
Extreme Environment
Anti-salt module : Sales of modules suitable for sea shore started
- Supplied to Japan. Total of 80MW will be supplied to Marubeni project
Desert module : Under development for Middle East market
Higher Efficiency
High efficiency wafer (Better wafer) development
Increase module output by wafer sorting improvement

13. New Market Potential Market could reach 8GW in 2013
HSOL sets conservative shipment target of 150MW in 2013
China Market
Japan Market
Estimated market size of over 3GW in 2013
HSOL estimates shipments at 100MW+ in 2013
Signed 155MW deal for 1H 2013 delivery
The company’s and South Africa’s largest solar deal to date
South Africa Market
USA Market
Estimated market size of 4GW in 2013
2013 HSOL estimated shipments can more than triple to 250MW or higher.

14. Market Guidance FY 2012 825~850MW <$0.50W $100 million Shipments
Non-poly Processing Cost by yr.-end
<$0.50W
$100 million
Gareth
capacity expansion (150MW of additional module capacity to 700MW by April, 4 new cell lines brining our cell capacity up to 480MW in July)
we are confident of our business and have revised our 2010E shipment upwards to 600MW (from 500MW previously). We expect MW for Q1
about 30% of our Q1 shipment will be from our module processing business. For 2010 full year, it will be 20-30%
Our capex for the year will be around $95 million
Capital Expenditure 14

15. Thank You