Investment Thesis ............................................................................................................ 1
Market Conditions Remain Challenging But Are Improving.............................................. 2
Growth to Resume in 2010................................................................................................ 5
United States: Largest Utility Market in the World in 2010................................................ 6
China: The Most Growth Potential in 2010 ...................................................................... 12
Other Markets: Subsidies to Drive Growing Demand ...................................................... 15
Prices Still Falling; Stabilization in 1H10 to Drive Demand .............................................. 18
Approaching Grid Parity in Some Markets But Still a Few Years Away for Most ............ 20
Solar Cell/Module Makers Need to Differentiate in an Oversupplied Industry ................. 22
We Like Companies That Are Leveraged to U.S. or China and Have Strong Differentiations 26
Investment Risks ............................................................................................................... 27
Appendix A: Crystalline Silicon Solar Cells ...................................................................... 28
Appendix B: Solar Modules .............................................................................................. 34
Appendix C: Balance of Systems ..................................................................................... 35
Disclosures ....................................................................................................................... 37