The Changing Shape of Power Architectures

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TM

March 2007

Power
-
One (PWER)

Investor Presentation

2

Mission Statement

To be recognized as the leader in system
-
level
power and power management solutions from
AC to the IC in the communications and high
-
technology markets, utilizing our technical
leadership to deliver comprehensive low
-
cost
solutions; providing increasing value to
customers, employees, and investors

3

Power
-
One Power Supplies Are Everywhere

Over 25 million power supplies shipped & now SILICON…

Our products convert, process & purify electricity to the
high levels of quality, reliability, & precise direct current
required by the digital economy

4

Power Conversion Products for Communications &
High
-
technology Infrastructure Markets

DC/DC Power
Plus Digital Power Management

Controls Power on the

Printed Circuit Board

AC/DC Power

Powers Telecom, Networking
& Industrial Equipment

Controls Power at the
System Cabinet

5

Power
-
One Today


30+ years of success


One of the world’s top power supply companies


Broad
-
line power conversion supplier


100’s of
standard product families


Over 2,500 employees


Top brand name & quality reputation


Industry leading Gross Margins


Five acquisitions since 1999


Highly
-
automated worldwide manufacturing


Strong balance sheet (~$45M cash, ~$80M debt)


’06 Sales ~$338M


29% Growth


Investing ~$7M/yr in R&D for silicon design

Today, Power
-
One is the technology leader in power;

a consolidator; and a developer of silicon products

(Now 4000!)

(Now six!)

($530
-
550M in ‘07)

6

NEWS FLASH!

Power
-
One Announced Acquisition
of a Power Conversion Company


Power Electronics Group of Magnetek, Inc. for $84M in late
October ’06


Expected to increase revenue by over 50% with overall
purchase price of only 0.5x forecasted 2007 sales


The acquisition is strategic and accretive


Accretive in Q1 of 2007


90% of products are digitally based with micro/DSP’s


Synergies expected to be additive to earnings per share

~$0.07per share in 2007

~$0.30 per share in 2008


Q4 ’07 exit rate: Expect sales ~ $150M and ~ EPS $0.10


January ’07 changes:


U.S. factory will be shutdown; products moved to low cost areas


Dr. Alex Levran joins Power
-
One as CTO from Magnetek


7

Overall Transaction Assets


Three main factories


230K sq. ft. in Shenzen (Bao’an) China


180K sq. ft. in Valdarno, Italy (Includes
R&D and Admin, with low
-
cost “feeder
plant” in Hungary)


50K sq. ft. in Chatsworth, CA


Best
-
in
-
class R&D Center
(80+ experienced engineers)


Custom product capability


New applications, like Alternative
Energy (AE) & digital control for
motors


High
-
volume purchasing leverage

Chatsworth, California

Valdarno, Italy

Shenzhen, China

8

Strategic Synergies & Importance


The acquisition is strategic and accretive


Forecasting EPS in 2007 to be ~ $0.20 per share


Expect to exit ’07 at a quarterly run
-
rate of a range around $150
million in sales and $0.10 EPS


Primary drivers for margin improvement are synergies in
purchasing and manufacturing


Size and purchasing power of larger company


Now the 7
th

largest power supply company in the world


Economy
-
of
-
scale to compete with larger competitors


High
-
volume, low
-
cost China operation


Adds Custom products (largest & fastest
-
growing
market) and augments top customer base


R&D resources and technologies


Alternative Energy initiative


9


Acquisition Highlights How Power Conversion &
Power Management Are Changing to Digital


Products range from smart motor driver
and control circuits to large 50KW power
modules


90% of products are digital
implementations with micro/DSP and
software


Fewer competitors
-

less commoditization


Higher margins over time


Greater functionality
-

market diversity


Higher performance


Software
-
driven with reduced parts count;
higher reliability


Augments Power
-
One’s board
-
level
Z
-
One
®

digital power management
capabilities

Digital

Smart Appliance

Control & Management

DSP
-
based Motor Controls

10

Alternative Energy Initiative In Power Inverters

Using Digital Technology to Innovate

Solar


Wind


Fuel Cells


High reliability and efficiency
power converters


High power
-
density & compact
size


Primary energy source control


Grid interactive control


System level control


Wind Power

Converters

Photovoltaic


Inverters

Compact Fuel
Cell Power
Conditioners

11

Quarterly Revenue

48
56
60
66
56
69
64
67
69
73
67
72
67
63
67
64
65
79
79
116
130
$0
$20
$40
$60
$80
$100
$120
$140
Q1-
02
Q2-
02
Q3-
02
Q4-
02
Q1-
03
Q2-
03
Q3-
03
Q4-
03
Q1-
04
Q2-
04
Q3-
04
Q4-
04
Q1-
05
Q2-
05
Q3-
05
Q4-
05
Q1-
06
Q2-
06
Q3-
06
Q4-
06
Q1-
07
(est)
($M)

Q1 07 estimate range is between $125 to $135M

12

Power
-
One’s History & Strategic Direction

1997

A technology leader in
powering communications.
Integrated five acquisitions,
developed silicon & digital
power mgt.

Founded as
AC/DC
power
conversion
company

1973

Strategic shift to
communications
infrastructure
markets &
acquisitions

Acquired


Melcher

Acquired


IPD

Acquired

HC

Acquired

Powec

Power Systems (North America)

DC/DC Bricks (North America)

DC/DC Conversion (Europe)

Power Systems (Europe/Asia)

AC/DC


North America

Initial
Public
Offering
(IPO)

Silicon
Initiative

Acquired
di/dt

High
-
density Bricks & POL’s

Silicon R&D Center Startup

Silicon
Division

Silicon POL’s + 1
st

Power Mgt.

Strategic Direction

Acquired

PEG of MAG

Custom Products & China Mfg.

Entered
Server/Storage
markets &
acquired Custom
capability


1998 1999 2000 2001 2002 2003 2004 2005 2006

13

30+ Years of Innovation in Power


1972


1
st

linear standard


1989


1
st

in configurable high power AC/DC


1993


1
st

DC/DC open frame converter


1995


1
st

dual ½ brick (DC/DC Converter)


1995


1
st

dual ¾ brick


1995


1
st

50 Amp ¾ brick


1995


1
st

planar transformer


2000


1
st

100 Amp AC/DC power supply in a 1U height


2001


1
st

150 Amp ¾ brick


2001


1
st

Surface Mount ¼ brick


2002


1
st

1/8
th

brick


2002


1
st

Surface Mount 1/8
th

brick


2002


1
st

triple
-
output scalable, sequenceable ½ brick


2004


1
st

in digital power & conversion (Z
-
One
®

IBA)


2004


1
st

97% efficient isolated DC/DC Converter


2005


1
st

340W 1/8
th

DC/DC Brick Bus Converter


2006


1
st

to control both analog & digital with Z
-
Series

14

Power
-
One’s New Global Footprint

Dominican Rep.

Carlsbad, CA

Switzerland

Australia

Singapore

Penang, Malaysia

Shekou, Shenzhen, China

Manufacturing Centers

R&D Centers

Camarillo, CA

Slovakia

Andover, MA

Ireland

San Jose, CA

Baoan, Shenzhen, China

NEW Mfg Centers

NEW R&D Centers

Italy

Hungary

Chatsworth, CA

Dallas, TX

15

Power
-
One’s Customers …


Acquisition Augments Premier Customer Base


Bottom Row Shows Significant Additions to PWER Base

16

Why Customers Select Power
-
One


Comprehensive product selection


Full range of options for power technology
solutions. 100’s of products to fit any application


Designed
-
in technology solutions


Vision
-
One process used to strengthen
engineering relationships


Newer technologies facilitate strong partnerships,
especially on
-
board designs


Reliable products at competitive prices


Only 2
-
5% of system cost, but “mission critical to
performance”


Logistics and customer support


Sophisticated Oracle ERP systems


EDI links to customers


Strong financial partner


Excellent balance sheet


Investing in infrastructure and R&D



17

2005/2006 =Major Restructuring/Sales Growth

2007= Integration Execution and Leverage

2005: Goal of profitability achieved in Q3 & Q4


Reduction of >$30M in overhead & SG&A


High
-
cost Norway functions moved to low
-
cost Slovakia & China


Telecom Power Systems combined with embedded business

2006: Return of Growth


Return of sales growth was #1 goal


Server & Storage and Power Systems growth has been dramatic in 2006


Original goal of 10
-
15% growth in ‘06 was at high
-
end without acquisition

2007: Executing the acquisition integration plan


Acquisition will increase sales dramatically to $530
-
550M


Material costs and synergy are highest priority to improve profits


Acquisition management teams are fully operational and motivated


Shutdown Chatsworth, CA facility & move products to low
-
cost areas


Dr. Alex Levran joined as CTO in January ‘07

18

Core Business Successes

Power Systems


Telecom & Cell Base Station Backup Power


Turned around our Telecom Systems Business to
now one of the fastest growth lines in Power
-
One


Seeing more new opportunities & strong Bookings
(esp. in Europe, Middle East, Russia).


Datacom & Telecom continue to converge


there
are many more new opportunities for rectifiers with
existing OEMs


Outdoor Cabinet for wireless that was developed
in ’06 is a new market for Power
-
One


Gaining Market Share in Telecom Power Systems


Supply Agreement with Ericsson announced in
2006 is starting to generate sales

19

Core Business Successes

Embedded Products


AC/DC Power Supplies



More aggressive in custom products business


Gained access to larger accounts in Storage/Server market


Strategy: standard platforms to develop customs, which lowers cost,
risk, and time to develop


Best distribution network


Award from Arrow for largest
sales of all products in the Electro
-
Mechanical (EM) category


Good upside when ATE/Semi Equipment market improves


New Product Introductions cement leadership, like the Best
-
in
-
Class, High
-
Density, Front
-
Ends (FNP Series of products)


Penetrated two of the largest Server/Storage companies and
working on others


“Supplier of the Year” Award for ALL products from Xyratex


Sun Computer “Meritorious Achievement Award” presented
to Power
-
One. Only 17 companies were honored

20

Core Business Successes

Embedded Products


DC/DC Converters


Growing market share in our space


World
-
class leadership


One of the broadest DC/DC converter portfolios in the industry.
We can control almost any application


High
-
density bricks (latest example is 1/8
th

brick with 30A and best
thermal performance in its class)


“Y” POLs (standard analog) continuing to gain traction


Using standard platforms for development of
custom DC/DC bricks and POLs


Reduced costs attained from moving U.S.
manufacturing to Dominican Republic and Asia

21

Where Power
-
One Excels


Worldwide Mfg. and R&D

(Asia, Americas & Europe)


Worldwide Customer Service and Support
Including Field
Applications, Sales & Sophisticated IT Infrastructure (EDI)


Technology:


In
-
house silicon development and packaging capabilities


Digital Power Management, Z
-
One
®

Digital IBA, the first complete
power conversion AND power management solution



Density leadership in DC
-
DC bricks and POLs


Leadership in AC Front Ends and Telecom Power Systems


Industry’s highest efficiency and power density


Competitive

on a world class level


We are a complete supplier from
AC to the IC


22

Market Drivers & Power
-
One’s Competitive Position

Product Choices

Both Standard & Custom.

Silicon to Systems offer

“One
-
Stop
-
Shop”

Vendor Consolidation

Customers Demand
Strong Balance Sheet
& Global Operations.

DPA


䥂A

䑩杩瑡D

Distributed Pwr. Arch.
Is Moving to
Intermediate Bus Arch.
& Digital Pwr. Mgt.

Global Market Trends

The Power
-
One Advantage


Leading Technology


from Silicon
to Systems


Broad Product Line: Standard +
Custom


Leading Brand


Top Quality &
Support


Proven Consolidation Capabilities


Global Blend of Outsourcing
& Vertical Mfg.


Few Competitors Can Compete at
Larger Customers. (Top Customers
dominate TAM)


23

Growth Opportunities

Communications &
Industrial Markets

Standard Products

Power Systems

(Indoor)

AC/DC Power Supplies

DC/DC Bricks

Server & Storage

Markets

Custom Products

Power Systems

(Outdoor & Access)

AC/DC Front
-
ends

Analog POLs

Z
-
One
®
Digital Power

-
Digital POLs

-
Digital Power Mgt.

NEW OPPORTUNITIES

1.
New Markets

2.
New Products

3.
Digital Power

CORE GROWTH

1.
Technology Leadership

2.
High Density/Efficiency

3.
Broad Product Portfolio

Acquisitions

TM

A Digital Power
Revolution

Conversion … Communications… Control

Digital Power Revolution
---

ZZZZ

25

What Do Customers Want and

Why The Inflection Point Now…..

1.
More and more lower voltages are
needed by our customers

2.
Number of outputs are increasing

3.
Power management functions are
escalating, as are # of components

4.
Power takes too much space & costs
too much

5.
Power is getting more complex


integration

has been non
-
existent

26

Power Management and Power Conversion…

Two Separate Markets

Conversion

Control

(Pwr. Mgt.)

Communication?


27

Power Management and Power Conversion
Becomes One … with Digital Technology

Conversion

Control

(Pwr. Mgt.)

Communication


Goal: 20% Market Share in 5 Years

28

The “Z” Strategy & Opportunity …

Win by Changing the Rules of the Game


Our Goal: Comprehensively solve our customers’
power management problems


Be first to market


and gain share


Establish leadership position … with a new
approach to power management


Silicon strategy + IP for higher margins and
sustainable competitive advantage


Attack new markets with
disruptive

technology

29

“BRICK”

DC/DC

Converter

Analog

Controller

V
5

48 V

“BRICK”

DC/DC

Converter

POL

3.3V

V
1

POL

3.0V

V
2

POL

2.5V

V
3

POL

1.8V

V
4

POL

POL

POL

V
6

V
7

The “Before”


Unmanageable with Analog

30

DPM

“BRICK”

DC/DC

Converter

48 V

The “After”: Z
-
One
®

DIGITAL

IBA™

V
1

V
2

V
3

V
4

V
5

V
6

V
7

Z
-
POL

Z
-
POL

Z
-
POL

Z
-
POL

Z
-
POL

Z
-
POL

Z
-
POL

I
2
C

from

Host

System

31

8
-
output Power System Comparison

Z
-
One
®

Digital IBA

IBA with Analog
Power Mgmt

200+

600+

~10 in
2

8 Weeks

Limited

~$100+

9

<100

3.8 in
2

3 Days

~$90

Virtually
Unlimited

32

Z
-
One
®

Architecture Benefits of Z
-
7000


Any voltage, any current,
any configuration;
architecture is
highly adaptive &
flexible
; system reconfiguration
on
-
the
-
fly


Real
-
time telemetry



continually monitors temperature, current, and voltage for
precise and optimized control


Open architecture communications

with industry
-
standard I
2
C interface bus
and affiliate program with BOTH module mfg. and silicon partners


More reliable

and flexible fault management strategies


90% reduction

in time to market, development, # of components & board traces

Z
-
Series
Digital

Power

Manager

Z
-
Point Of Load

Converters

33

And Now …
Power Management for Free


with No
-
bus™ Z
-
1000 POLs


NO bus
,
NO protocol
,
NO memory
,
NO software

and
NO
programming

are required


NO external controllers

are needed:


Power management features are inherent in Power
-
One
developed silicon


Based upon proven “Z” silicon technology


Lower price point

for “No
-
Bus” Z
-
1000 Series allows entry
into lower
-
end applications. Simple, yet fully featured:



No other POL on the market has near the performance


Configurable output voltages from 0.5 to 5.5v



Manage sequencing with configurable delays, tracking and cascading
between multiple outputs


Can measure output current and temperature via monitoring pins


Parallel up to ten Z
-
POL converters

34

“BRICK”

DC/DC

Converter

48 V

The No
-
Bus™ Z
-
1000

Power Management for Free

V
1

V
2

V
3

V
4

V
5

V
6

V
7

Z
-
POL

Z
-
POL

Z
-
POL

Z
-
POL

Z
-
POL

Z
-
POL

Z
-
POL

35

Free Power Management Features

Comparison
-

Modules

Feature

Z
-
1000

“No
-
bus”

Digital

Lynx™ II

& POLA

Analog

Operates w/o Needing an Ext. Power Mgt. Controller*

Yes

No*

Current Share

Yes

No

Output Over
-
voltage Protection

Yes

No

Power Good

Yes

No

Frequency Synchronization

Yes

No

Current & Temperature Measure

Yes

No

Startup into Pre
-
biased Output

Yes

No

Sequencing

Fixed

No

Tracking

Fixed

Limited

Speed of Transient Response

Config.

Fixed

Interleave

Config.

No

Fault Propagation Between Outputs

Config.

No

Approximate Cost of POL Module

$10

$10*

Lynx™ is a trademark of Tyco Electronics Power Systems, Inc

* Note: If Analog Power Management Is Used by Customer,

$5
-
15 of Analog Components Would be Required

TM

No
-
Bus™ Z
-
1000

Digital Power
Advertisement

37

Z
-
One
TM

Digital IBA

No
-
Bus
TM

Z
-
1000 POLs

Z
-
7000 POLs and

Digital Power Manager (DPM)

Power
Management

Interface

Hardware configurable

I
2
C programmable

Features

No external controller

or bus required

DPM provides unprecedented

power management options


Parameter
Selection

What

*

Vout

*

Turn
-
on Delays

*

Feedback loop compensation

*

Interleave


*

Vout

*

Protections

*

Turn
-
on delays

*

Power Good

*

Feedback loop

*

Slew rates


compensation

*

Frequency

*

Interleave

*

Fault mgt.

How

Pin strapping

and only one trim
resistor and capacitor

I
2
C programming

capabilities

include a wizard
-
driven GUI

Telemetry

What

Current and temperature

Voltage, current and temperature

How

Digital and analog signals

Via I
2
C bus



Z
-
One
TM

Digital IBA operates
autonomously in any system. Unlike
other power management solutions
it does not require users to provide
an I
2
C interface, host processor, or
non
-
volatile memory.




Choices in Cost and Functions

38

2
nd

Generation Digital Power Manager


ZM7300


One IC replaces entire module


(1/6
th

the footprint)


Increased functionality


Controls non
-
Z converters, e.g., fans, VRMs


Four

non
-
Z
-
One devices can be controlled and monitored


Monitoring & enable lines synchronized with Z
-
POLs


Industry standard 100khz and 400khz I
2
C comm. bus


Supports hot
-
swapping of circuit boards

39

ZM7300 Now Control Non
-
Z Converters!

ZPOL
ZPOL
ZPOL
Analog
POL
LDO
Nega-
tive Vo
VRM
ZPOL
DPM
ZM7300
SD Line
I
2
C
EN
EN
EN
EN
PGood
PGood
PGood
PGood

Four enable lines synchronized with Z
-
POLs


Four power good inputs for monitoring of non
-
Z Devices


Can control any converter or other device with enable signal (e.g., fan)


Enable turn
-
on/off delays and polarity are programmable via GUI

40

Z
-
One Digital (IBA) Outperforms & Is Less Costly

Cost

Performance

Analog

IBA

Competitive

Std. POLs

(No Pwr. Mgt.)

Full
-
Featured

Digital Power

Z
-
7000

“No
-
bus” Digital

Power Mgt.

Z
-
1000 POLs

POL Market is >$1B with ~15% Growth

2nd Gen

Digital Power

Controls

Analog

Discrete

Analog

Solutions

(No Pwr. Mgt.)

41

Results for Z
-
One Digital Power


We have a significant head
-
start on the competition


The Z
-
series disruptive architecture is a true revolution in power


Licensed technology (second sourcing)


Module 2
nd

source in Dec. ’04 with C&D Technologies (top 5 supplier)


Semiconductor Z
-
affiliate announced with Atmel in July’05; and with Micrel LDO
(Low Drop
-
Out) regulator IC in Sept ‘06


Silicon Labs joined the Z
-
Alliance in August ‘06


Meeting with other potential partners


Customers who implement the “Z” can offer products with additional
system features and benefits; and with faster TTM (time to market)


New markets opened, e.g., Storage & Server, Military, Aerospace &
Security (total POL market exceeds $1.0 billion)


Core business is growing as a result of the “Z”


~80 Z
-
One
®

board
-
level design wins & growing (now with top
-
tier cust.)


Significantly more embedded in the customers’ systems architecture

42

Strategic Initiatives

Execute on acquisition implementation

Invest in most advanced power technologies



Silicon
-
based products; Protect IP


Leading position in DC/DC bricks; new POL converters


Advanced AC/DC front
-
ends for DPA/IBA markets


High
-
density Power Systems for telecom/ISP/infrastructure


Alternative Energy initiative

Broaden portfolio into high
-
end data infrastructure



Gain further traction in Storage/Server markets with the “Z”


Custom AC/DC power supplies & DC/DC converters


New Telecom Power System’s outdoor cabinet

Continue to reduce overall cost structure

Bottom and top
-
line growth




43

Summary & “Take
-
a
-
ways”


2006 was a return to growth; 2007 is a year of execution and leverage


Telecom Power Systems is now a high
-
growth business


Server & Storage design wins have turned into revenue


Z
-
One
®

digital power management gaining momentum


Power
-
One is a consolidator and can compete with biggest
competitors; now # 7 in worldwide sales.


Power
-
One is the only significant “Pure Power” play


High synergistic & strategic value in acquisition: very quickly accretive


Power
-
One forecasts Q1 ‘07 range to be between $125
-
135M with
acquisition, $530
-
550M in 2007


Forecasting EPS in 2007 to be approximately $0.20 per share


Expect to exit ’07 at a quarterly run
-
rate of a range around $150M in
sales and $0.10 EPS

TM

A Digital Power
Revolution

Changing the Shape of Power

Z
-

Digital Power Revolution

TM

Thank You!

46

This

presentation

includes

forward
-
looking

statements

within

the

meaning

of

the

Safe

Harbor

provisions

of

the

Private

Securities

Litigation

Reform

Act

of

1995

that

can

be

identified

by

the

use

of

forward
-
looking

words

such

as

“will”

or

“estimate”

or

comparable

words
.

These

statements

are

subject

to

a

number

of

factors,

risks

and

uncertainties

that

could

cause

actual

results

to

differ

materially

from

those

projected
.

Risks

and

uncertainties

include,

but

are

not

necessarily

limited

to
:

the

Company’s

success

in

securing

customer

acceptance

and

adoption

of

the

Company’s

products

and

technologies
;

the

Company’s

success

in

integrating

the

newly

acquired

Magnetek

PEG

operations

into

the

Company’s

overall

operations
;

the

Company’s

success

in

achieving

anticipated

cost

savings

from

projected

synergies

relating

to

the

Magnetek

PEG

acquisition
;

the

size

and

pace

of

growth

and

improvement

in

target

and

potential

markets
;

the

Company’s

success

in

establishing

and

maintaining

adequate

and

qualified

manufacturing

sources

for

supply

of

products
;

constraints

and

limitations

in

the

supply

chain(s)

for

critical

components

contained

in

Company

products
;

the

Company’s

ability

to

achieve

and

sustain

gross

margins

at

levels

anticipated

and

noted

as

comparable

to

“silicon
-
based”

companies
;

the

Company’s

ability

to

continue

spending

at

prior

or

desired

levels

for

research

and

development

related

to

the

products

and

technologies

discussed

in

this

presentation
;

competitor

advances

and

successes

in

comparable,

alternative

or

competing

technologies
;

the

Company’s

success

in

securing

protection

for

intellectual

property

incorporated

into

the

Company’s

products

and/or

enforcing

such

intellectual

property

against

use

of

same

by

competitors
;

intellectual

property

claims

or

rights

of

third

parties

which

are

unknown

to

the

Company,

and/or

which

are

asserted

in

the

future

against

the

Company
.

In

addition,

we

refer

you

to

the

Company’s

most

recent

SEC

financial

filings,

to

include

the

Company’s

report(s)

filed

with

the

SEC

on

Form

10
-
K

and/or

10
-
Q

for

disclosure

and

discussion,

where

applicable

or

additional

risk

factors
.


Disclaimer & Forward Looking Statements