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F-314

Notes to the 2008 Consolidated Financial Statements

1. Reporting entity

AEG Power Solutions B.V. (formerly 3W Power Holdings B.V. and Power Supply Systems Holdings (The

Netherlands) B.V. respectively) (The "Company") is a Company domiciled in the Netherlands. The address of

the Company's registered office is Weerenweg 29, 1161 AH Zwanenburg, the Netherlands and its legal seat is in

Amsterdam. The consolidated financial statements of the Company as at and for the year ended 31 December

2008 comprise the Company and its subsidiaries (together referred to as the "Group").

The majority shareholders of the Company are Ripplewood Power Systems I L.L.C. and Ripplewood Power

Systems II L.L.C., which are managed by Ripplewood Holdings, I L.L.C.

The Group is engaged in the design, development, manufacture, marketing, sale and distribution of AC and DC

power systems, converters, power modules, battery chargers, uninterruptible power systems (UPS), Power Con-

trol System and Modules and power conversion products. There are manufacturing operations in France, Ger-

many, and Malaysia.

In a meeting on 6 December 2007, the Directors of the Company decided to commence a process whereby cer-

tain assets and or business divisions of the Group could be sold.

In December 2008, the Directors signed a Memorandum of Understanding whereby the power conversion prod-

ucts known as the Converters business at Lannion in France held by Harmer + Simmons S.A.S. would be sold to

members of its management team. Accordingly, the Converters segment has been deemed to be a discontinued

operation and classified as held for sale as at December 31, 2008 (See notes 5 and 6).

During the year, a number of internal reorganisations were completed which included the sale and transfer by the

Company of the shareholding in Saft Power Systems B.V. to AEG Power Solutions GmbH in May 2008 and in

November 2008, the Company repurchased and transferred the shareholding in Saft Power Systems B.V. from

AEG Power Solutions GmbH. On December 29, 2008 Saft Power Systems B.V. was merged into AEG Power

Solutions B.V.

Finally, the Directors decided to change the name of the Company from Power Supply Systems Holdings (The

Netherlands) B.V. to 3W Power Holdings B.V. and subsequently into AEG Power Solutions B.V.

2 Basis of preparation and significant accounting policies

The consolidated financial statements of AEG Power Solutions B.V. and its subsidiaries are prepared in accor-

dance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Stan-

dards Board (IASB) and their interpretation as adopted by the European Union (EU) and also comply with Book

2 Title 9 of The Netherlands Civil Code. The accounting policies set out below have been applied consistently to

all periods presented in these consolidated financial statements.

The consolidated financial statements were authorised for issue by the Board of Directors on

6 July 2009.

a) Principles of consolidation

The consolidated financial statements include the financial statements of AEG Power Solutions B.V. and sub-

sidiaries over which the Group has control. Control exists when the Group has the power to govern the financial

and operating policies of an entity so as to obtain benefits from its activities.

All significant intercompany balances and transactions have been eliminated in consolidation.

With reference to the company income statement of the company, use has been made of the exemption pursuant

to Section 402 of Book 2 of the Netherlands Civil Code.

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