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CONFIDENTIALFocus on High Growth Markets – SolarSolar Power Market(MW)357Solar Energy1,6564,7642001 2005 2010E• Growth of solar cell production will drive demand growth for solar silicon andsolar silicon melting and crystallisation furnacesSource: Solarbuzz(Tonnes)120,000100,00080,00060,00040,00020,000CAGR: 33%Polysilicon IndustryCAGR: 23%• Key demand drivers:– Rising conventional energy prices– Concerns over global warming– Energy security• Demand for silicon used in solar PV stillgrowing explosively– Most new polysilicon capacityexpansions backstopped with longtermcontracts– 5–10 year contracts being signedat approx. $60/kg• China is a growing consumer ofpolysilicon – solar cell capacity of ~3GWby year-end, more than triple year-end2006 capacity02002 2003 2004 2005 2006 2007 2008 2009 2010Source: Broker research14 AMG ADVANCED METALLURGICAL GROUP N.V.