Seoul 12 September – The Gyeonggi Provincial Government of the Republic of Korea, Dyesol Limited (ASX:DYE) and Timo Technology (KOSDAQ:037340) signed a Memorandum of Understanding (MOU) establishing the framework of the strategic investment plan for the Dyesol-Timo joint venture in Gyeonggi Province and the commitment of Gyeonggi Provincial Government to the venture.

The signing of the MOU which occurred at yesterday’s prestigious official launch of the Dyesol-Timo JV was an important milestone recognising the importance of the JV which was established to rapidly commercialise Dye Solar Cell (DSC) technology in Korea.

The MOU encompasses Dyesol-Timo JV’s investment strategy in the Gyeonggi Province, the framework existing between the parties and the potential support of the Gyeonggi Government in establishing a Dye Solar Cell (DSC) commercialisation program leading to commercial production of DSC products in Seong Nam city.

In addition, the Gyeonggi Government will exempt Dyesol and Timo from a range of local taxes including property tax, acquisition tax and registration tax for the first 15 years, if the JV achieves its growth targets.

The highly respected Governor of Gyeonggi Province, Kim Moon-soo, was enthusiastic in his praise of the advantages of DSC technology for Korea and encouraged the venture to accelerate the manufacturing plans in the province. The parties agreed that the urban environment of Korea and its solar radiation conditions are ideal environments to promote commercial DSC panels.

Dr Gavin Tulloch, Global Managing Director of Dyesol who, with Ken McKeen, Vice President of Dyesol International, represented the company: ‘Dyesol is committed to commercialising DSC technology through technical collaborations and business partnerships in those countries where companies, research institutes and government recognise and foster an environment that promotes the rapid commercialisation of DSC technology. Korea and the Gyeonggi Province in particular provides an environment highly conducive to our aim of rapid commercialisation.’ ‘For example, with this JV we are fast tracking the development of a prototyping facility in Korea which, with its strong technological base and supportive environment, is one of the most exciting locations globally to commercialise Dyesol’s technology,’ Dr Tulloch continued.

Dyesol-Timo also recently applied for investment support finance from the Korean government’s renewable energy advancement program that has an investment budget for 2008 exceeding US$100M.

For further information contact Viv Hardy at Callidus PR on +61 (0) 2 9283 4113 or on +61 (0) 411 208 951. In Europe contact Eva Reuter, Investor Relations, Dyesol Europe on +49 177 6058804

Note to editors The Technology – DYE SOLAR CELLS

DSC technology can best be described as ‘artificial photosynthesis’ using an electrolyte, a layer of titania (a pigment used in white paints and tooth paste) and ruthenium dye sandwiched between glass. Light striking the dye excites electrons which are absorbed by the titania to become an electric current many times stronger than that found in natural photosynthesis in plants. Compared to conventional silicon based photovoltaic technology, Dyesol’s technology has lower cost and embodied energy in manufacture, it produces electricity more efficiently even in low light conditions and can be directly incorporated into buildings by replacing conventional glass panels rather than taking up roof or extra land area.

The Company – DYESOL Limited

Dyesol is located in Queanbeyan NSW (near Canberra) and in August 2005 was listed on the Australian Stock Exchange (ASX Code ‘DYE’). Dyesol manufactures and supplies a range of Dye Solar Cell products comprising equipment, chemicals, materials, components and related services to researchers and manufacturers of DSC. The Company is playing a key role in taking this third generation solar technology out of the laboratory and into the community.

More detail about the company and the technology can be found at: http://www.dyesol.com

Timo Technology

Timo Technology was established in 1996. With 128 employees, and turnover of over $60 million, its shares are listed on KOSDAQ. Timo commenced a renewables business focused on Dye Solar Cell technology in 2007.

More detail about Timo Technology can be found at: http://www.timo.co.kr

For further information contact Viv Hardy at Callidus PR on +61 (0) 2 9283 4113 or on +61 (0) 411 208 951. In Europe contact Eva Reuter, Investor Relations, Dyesol Europe on +49 177 6058804

Release of a Corporate News, transmitted by DGAP – a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement.

12.09.2008 Financial News transmitted by DGAP

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