EnergyTrend Gold Membership Database 2018 en Sample [PDF]

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EnergyTrend PV Gold Member Market Report - PV Supply & Dem

Introduction - Global Company Profiles 1-1 1-2 1-3

Worldwide PV Demand Forecast (2014 - 2020) Installations by EMEA/ America / Asia & Pacific Worldwide PV Supply Forecast (2014 - 2020) By Capacity / Production / Utilization

2-1 2-2 2-3 2-4 2-5

Worldwide Suppliers Capacity (Quarterly & Yearly Figures) WW Supplier Polysilicon Capacity WW Supplier Wafer Capacity WW Supplier Cell Capacity WW Supplier Module Capacity WW third-country Capacity

3-1 3-2 3-3 3-4

Worldwide Suppliers Production (Quarterly & Market Share Figures) WW Supplier Polysilicon Production WW Supplier Wafer Production WW Supplier Cell Production WW Supplier Module Production

4-1

PV Price Trends

Next PV Supply & Demand DB will release on Mar. 30th, 2

Analysis, opinions and recommendations contained herein are designed to help our gold members make informed decisions promptly based on information and statistical data herein have been obtained from sources believed to be reliable, but the accuracy and completeness of the inform representation of warranty and accepts no responsibility or liability as to its accuracy or completeness. The information and analysis in the repo change without prior notice. TrendForce is not liable for any incidental, consequential or indirect (including but not limited to damages for lost p use of delay of any information provided by TrendForce. All material presented in the report, unless specifically indicated, is under copyright to T report for internal use. This report or any portion hereof may not be sold, modified, copied, republished, reproduced, displayed, transmitted or

© 2012 EnergyTrend, a Business Division of TrendForce Corp. All rights reserv

port - PV Supply & Demand Market Forecasts

Green Energy Division Mark Lin, Research Manager Jason Tsai, Analyst Rhea Tsao, Analyst Lions Shih, Analyst Emma Yang, Assistant Analyst

Gold Membership Service: Melissa Ye (Global) [email protected] Gino Tang (China) [email protected]

B will release on Mar. 30th, 2018

nformed decisions promptly based on the comprehensive collection of information and judgment. The ccuracy and completeness of the information are not guaranteed. TrendForce makes no guarantee, e information and analysis in the report constitute judgment as at the date of this report and are subject to g but not limited to damages for lost profits, business interruption and loss of information arising out of the fically indicated, is under copyright to TrendForce. Gold members have the right to use the information in the eproduced, displayed, transmitted or distributed in any form without prior written consent from TrendForce.

f TrendForce Corp. All rights reserved

No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40

Company AUO Activ Solar Aide Solar AE Polysilicon Aleo A&M Amerisolar Ample Sun Asia Silicon Astronergy Azur Space Solar Power Best Solar Bhaskar Silicon BYD Canadian Solar China Silicon Chisso CNPV Power Comtech CSG PVTech Co., Ltd. CSUN Dahai Danen Daqo New Energy Corp. DC Wafer DelSolar Dow Corning DunAn EGing PV Eoplly ET Solar E-ton Eversol Fenghuo First Philec First Solar GCL Solar (Jiangsu Zhongneng) GCL-Si Gigastorage Gintech

廠商名稱 友達 江蘇艾德

安德姆 杭州天裕 亞洲硅業 正泰 百世德 比亞迪 阿特斯 智索 東營光伏 卡姆丹克 東莞南玻 中電電氣 大海 達能 南京大全 旺能 道康寧 盾安光伏 億晶光電 歐貝黎 中盛 益通 旭晶 西安烽火 第一太陽能 協鑫 協鑫集成 國碩 昱晶

41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86

Global PV Specialists Golden Sun Goldpoly New Energy GPPV Green Energy Technology Hankook Hanwha Q-cells Hareon Solar Hemlock Hengdian Group DMEGC Hoku Scientific HT-SAAE Huajing Huanghe Hydropower Huanghe Photovoltaic Huantai Silicon Sci. & Tech. Hyundai Heavy Industries Inner Mongolia Clean Air Innovation Silicon Inventec JA Solar Jetion Solar Jiangsu Shunfeng Jiangxi Sornid Hi-Tech Co., Ltd Jiawei Solarchina Jinergy Jinglong Group Jinko Solar Jingyang JSC Solar JS Solar Juli Solar Kyocera Lanco Solar Energy LDK Lerri LG Lightway Green Energy Mitsubishi Material M.Setek MEMC Motech Neo Solar Power Nexolon Ningbo Solar Electric Power Ningbo Ulica Solar

浙江天明 金保利 格林保爾 綠能 韓華 江陰海潤 橫店東磁 航天機電 華晶 黃河水電 黃河光伏 鎮江環太 現代重工 柯林埃爾 英穩達 晶澳 浚鑫 江蘇順風 旭陽雷迪 珈偉 晉能 晶龍 晶科 內蒙古晶陽 九州方園 浙江晶森 巨力 京瓷 賽維LDK 樂業 光為

茂迪 新日光

寧波尤利卡

87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132

Nitol Chem Group Norsun NS Solar OCI Orisi Silicon Osung LST Pillar BV Group PV Crystalox Q-Cells REC Group Refine Solar Renesolar Rietech Risen Energy Risun Solar Energy RSI Silicon Runda Solar SAS Schott Solar Seraphim Shanghai Chaori Sharp Sichuan Xin'guang Silicon-Tech Sichuan Yongxiang Poly-Silicon Silicio Solar Sino American SINOSICO Solar Enertech Solar Frontier Solargiga Energy Solarworld Solon SE Sopray Space Energy Corporation Sun Earth Solar Power Sunowe Photovoltaic Sunpower Sunrise Suntech Tainergy Talesun TBEA Sunoasis TBEA Xinjiang Silicon TEK Tianwei New Energy

神舟硅業

綠華 昱輝 榮德 東方日升 瑞晶 江蘇潤達 中美晶 賽拉弗 上海超日 夏普 四川新光矽業 四川永祥 華美 中硅高科/洛陽中硅 張家港日晶 索朗 陽光能源

索日 日地太陽能 向日葵 旭泓 尚德 太極 中利騰暉 特變電工 特變電工 聚陽光能 天威新能源

133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162

Tianwei Sichuan Silicon TianWei SolarFilms Timminco Ltd Tokuyama Corporation Tongwei Topoint Solar Topray Solar TopSola Trina Solar Trony Solar Trunsun TSEC Utech Solar Wacker Chemie AG Weihai China Glass Solar Winsun New Energy Woongjin Xi'an Huanghe PV Xi'An LoNGi Silicon Yichang CSG Polysilicon Yingli Youser Yunnan Tianda Zhaokun Solar Zhejiang HengJi PV-Tech Zhejiang Shuqimeng Zhonghuan Solar Zhongning Silicon ZNSHINE ZoNEPV (Jiangsu) Co., Ltd.

天威四川硅業 保定天威

通威 尖山光電 拓日新能 上海交大泰陽 天合光能 創益 創盛 元晶 昱成 威海中玻光電 江蘇聚能 西安黃河光伏 西安隆基矽材料 宜昌南玻 英利 陝西有色/天宏 雲南天達 湖北兆錕 江陰浚鑫 浙江舒奇蒙 中環 中寧硅業 正信 江蘇綜藝

HQ Country Taiwan Austria China US Germany China US China China China Germany China India China Canada China Japan China China China China China Taiwan China Spain Taiwan US China China China China Taiwan Taiwan China Philippines US China China Taiwan Taiwan

Worldwide PV Company Profiles HQ Region Asia EMEA Asia America EMEA Asia America Asia Asia Asia EMEA Asia Asia Asia America Asia Asia Asia Asia Asia Asia Asia Asia Asia EMEA Asia America Asia Asia Asia Asia Asia Asia Asia Asia America Asia Asia Asia Asia

US China China China Taiwan Korea China China US China US China China China China China Korea China Korea Taiwan China China China China China China China China China China China China Japan India China China Korea China Japan Japan US Taiwan Taiwan Korea China China

America Asia Asia Asia Asia Asia Asia Asia America Asia America Asia Asia Asia Asia Asia Asia Asia Asia Asia Asia Asia Asia Asia Asia Asia Asia Asia Asia Asia Asia Asia Asia Asia Asia Asia Asia Asia Asia Asia America Asia Asia Asia Asia Asia

Russia Norway Japan South Korea China Korea Netherlands UK Germany Norway China China China China China US China Taiwan Germany China China Japan China China Spain Taiwan China China China Japan China Germany Germany China Japan China China US Taiwan China Taiwan China China China Taiwan China

EMEA EMEA Asia Asia Asia Asia EMEA EMEA EMEA EMEA Asia Asia Asia Asia Asia America Asia Asia EMEA Asia Asia Asia Asia Asia EMEA Asia Asia Asia Asia Asia Asia EMEA EMEA Asia Asia Asia Asia America Asia Asia Asia Asia Asia Asia Asia Asia

China China Canada Japan China China China China China China China Taiwan Taiwan Germany China China Korea China China China China China China China China China China China China China

Asia Asia America Asia Asia Asia Asia Asia Asia Asia Asia Asia Asia EMEA Asia Asia Asia Asia Asia Asia Asia Asia Asia Asia Asia Asia Asia Asia Asia Asia

Worldwide PV Company Profiles Website

Polysilicon

http://www.activsolar.com/ www.aidesolar.com http://www.aepolysilicon.com/ http://www.aleo-solar.de/

o

http://www.weamerisolar.com/ www.ample-sun.com http://www.asia-silicon.com/ http://www.astronergy.com/index.php http://www.azurspace.com/index.php/en/ www.bestsolarco.com http://bydit.com/docc/ http://www.canadiansolar.com/ www.sino-si.com http://www.chisso.co.jp/english/index.asp www.cnpv-power.com www.comtecsolar.com www.csgpvtech.com http://www.chinasunergy.com/ http://www.dahainewenergy.com/ http://www.danentech.com/ http://www.dqsolar.com/ http://www.dcwafers.com/ http://www.delsolarpv.com/ http://www.dowcorning.com/ http://www.dunangf.com/ http://www.egingpv.com/English/index.aspx www.eoplly.com http://www.etsolar.com/ http://www.e-tonsolar.com/ http://www.eversolcorp.com/zh_TW/ http://www.xafhpv.com/ http://www.firstphilec.com/ http://www.firstsolar.com/en/index.php http://www.gcl-poly.com.hk/eng/index.php http://www.gclsi.com/ http://www.gigastorage.com.tw/ http://www.gintechenergy.com/en/

o

o o

o o

o o

o

o

o o o

o

http://www.globalpvspecialists.com/ http://leoshen.solarbe.com/ www.goldpoly.com http://www.getinc.com.tw/en/Default.htm http://www.hksilicon.co.kr/ http://www.hanwha-solarone.com http://www.hareonsolar.com/ http://www.hscpoly.com/ www.dmegc.com.cn http://hokuscientific.com/ http://www.ht-saae.com/ http://huajingdianzi.solarbe.com/ http://www.hhsd.com.cn/ http://www.xahhpv.com/cn/ www.ht-stech.com http://www.hhiir.com/en/ http://www.imcleanair.com/ http://www.iskr.kr/ http://www.inventecsolar.com/ http://www.jasolar.com/ www.jetionsolar.com www.sf-pv.com www.sornid.com www.solarchina.com.hk http://www.jinergy.com/sy www.jinglong.net www.jinkosolar.com http://www.gdjyny.com.cn/ http://www.jcssolar.com/ www.jssolar.com www.julisolar.com http://www.kyocerasolar.com/ http://www.lancogroup.com/ http://www.ldksolar.com/ http://www.lerrisolar.com/en/index.php http://www.lg.com/us/commercial/solar www.lightwaysolar.com http://www.mmc.co.jp/corporate/en/index.html http://msetek.com/en/index.html http://www.memc.com/ http://www.motechsolar.com/index.aspx http://www.neosolarpower.com/ http://www.nexolon.com/ www.nbsolar.com www.ulicasolar.com

o o

o

o o

o

o o

o

o

o o o o o

o o o o

o

http://www.nitolsolar.com/ http://www.norsuncorp.no/ http://ocisolarpower.com/ http://www.orisi.com.cn/ http://www.osunglst.com/usa/prcenter/media_list.html http://www.pillargroup.eu http://www.pvcrystalox.com/home/ http://www.q-cells.com/ http://www.recgroup.com/ www.refinesolar.com http://www.renesola.com/ www.rietech-solar.com http://china.risenenergy.com/aboutus.htm http://www.risunsolar.com/en/home.asp http://www.rsi-silicon.com/ http://rundapv.solarbe.com/ http://www.saswafer.com/pages/sas/tw/ http://www.schottsolar.com/de/ http://www.seraphim-energy.com/cn/ www.chaorisolar.com http://www.sharpusa.com/SolarElectricity.aspx www.xgsic.com www.yx-polysilicon.com http://www.siliciosolar.es http://www.sac.com.tw/thi/tc/ http://www.sino-si.com/ http://zozo891617.solarbe.com/ www.solare-power.com http://www.solar-frontier.com/ www.solargiga.com http://www.solarworld.de/en/home/ http://www.solon.com www.sopraysolar.com http://spaceenergy.com/home.htm http://www.sunearthpower.com/web/ www.sunowe.com http://us.sunpowercorp.com/ http://www.sunriseglobalsolar.com/ http://am.suntech-power.com/ http://www.tainergy.com.tw/ http://www.talesun.com/ www.sunoasis.com.cn http://www.tbea.com.cn/Modules/other/Filiale/ShowFiliale.aspx?ID=23 www.twnesolar.com

o o o o

o o o o o o o

o o o o

o o o

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o o o

http://www.tianweisolution.com/ www.btw-solarfilms.com http://www.timminco.com/ http://www.tokuyama.co.jp/eng/ http://www.tw-solar.com/ http://www.topointsolar.cn/index.htm www.topraysolar.com www.topsola.com http://www.trinasolar.com/eu/ www.trony.com http://big5.qiao53185444.cnal.com/ http://www.tsecpv.com/zh-tw http://www.utech-solar.com/ http://www.wacker.com/cms/en/home/index.jsp www.cgsolar.com http://www.winsun-pv.com/en/ http://www.woongjinenergy.com/eng/main.aspx www.xahhpv.com www.longi-silicon.com www.csgholding.com http://www.yinglisolar.com/ http://www.yousergdkj.com/ www.ynsolar.cn www.zk-pv.com www.hjsolarpv.com www.stream-energy.com.cn http://www.tjsemi.com/ http://www.cn-silicon.com.cn/ http://www.znshinesolar.com/ www.zonepv.com

o o o o

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Wafer o

Cells o

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Inverters

Systems

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o

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o o o o

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o

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Worldwide PV Demand Forecast (2014 - 2020) Global PV Real-Demand (MW) 2014

2015

2016(E)

2017(F)

Multi

Mono

Multi

Mono

Multi

Mono

Multi

UK

8,000 1,000

8,000 1,000

8,000 1,000

8,000 1,000

8,000 1,000

8,000 1,000

8,000 1,000

Germany

1,000

1,000

1,000

1,000

1,000

1,000

1,000

France

1,000

1,000

1,000

1,000

1,000

1,000

1,000

Italy

1,000

1,000

1,000

1,000

1,000

1,000

1,000

Spain Belgium

1,000 1,000

1,000 1,000

1,000 1,000

1,000 1,000

1,000 1,000

1,000 1,000

1,000 1,000

Greece

1,000

1,000

1,000

1,000

1,000

1,000

1,000

Rest of Europe

1,000

1,000

1,000

1,000

1,000

1,000

1,000

3,000

3,000

3,000

3,000

3,000

3,000

3,000

Saudi Arabia Israel

1,000 1,000

1,000 1,000

1,000 1,000

1,000 1,000

1,000 1,000

1,000 1,000

1,000 1,000

Rest of Middle East

1,000

1,000

1,000

1,000

1,000

1,000

1,000

2,000

2,000

2,000

2,000

2,000

2,000

2,000

South Africa

1,000

1,000

1,000

1,000

1,000

1,000

1,000

Rest of Africa

1,000 4,000

1,000 4,000

1,000 4,000

1,000 4,000

1,000 4,000

1,000 4,000

1,000 4,000

EU

ME

Africa

Americas USA

1,000

1,000

1,000

1,000

1,000

1,000

1,000

Canada

1,000

1,000

1,000

1,000

1,000

1,000

1,000

Mexico

1,000

1,000

1,000

1,000

1,000

1,000

1,000

Rest of America

1,000 7,000

1,000 7,000

1,000 7,000

1,000 7,000

1,000 7,000

1,000 7,000

1,000 7,000

Asia & Pacific China

1,000

1,000

1,000

1,000

1,000

1,000

1,000

Japan

1,000

1,000

1,000

1,000

1,000

1,000

1,000

India

1,000

1,000

1,000

1,000

1,000

1,000

1,000

Australia South Korea

1,000 1,000

1,000 1,000

1,000 1,000

1,000 1,000

1,000 1,000

1,000 1,000

1,000 1,000 1,000

Thailand

1,000

1,000

1,000

1,000

1,000

1,000

Rest of Asia

1,000

1,000

1,000

1,000

1,000

1,000

1,000

Sum

24,000

24,000

24,000

24,000

24,000

24,000

24,000

Total Demand

48,000

48,000

48,000

48,000

EU

33.3%

33.3%

33.3%

33.3%

33.3%

33.3%

33.3%

ME

12.5%

12.5%

12.5%

12.5%

12.5%

12.5%

12.5%

Africa

8.3%

8.3%

8.3%

8.3%

8.3%

8.3%

8.3%

Americas Asia & Pacific

16.7% 29.2%

16.7% 29.2%

16.7% 29.2%

16.7% 29.2%

16.7% 29.2%

16.7% 29.2%

16.7% 29.2%

Worldwide PV Supply Forecast (2013 - 2019) Long-Term Forecast Item Polysilicon

Wafer

Cell

Module

Installation

Forecast Growth Rate (%)

2014

2015

2016(E)

2017(F)

2018(F)

2019(F)

2020(F)

CAGR 2013-2019

2014

2015 (E)

2016 (F)

2017 (F)

2018 (F)

2019 (F)

Capacity

225,000

225,000

225,000

225,000

225,000

225,000

225,000

0.0%

0%

0%

0%

0%

0%

0%

Production

80,000

80,000

20,000

20,000

20,000

9,000

9,000

-30.5%

0%

-75%

0%

0%

-55%

0%

Utilization

35.6%

35.6%

8.9%

8.9%

8.9%

4.0%

4.0%

Capacity

50,000

50,000

50,000

50,000

50,000

50,000

50,000

0.0%

0%

0%

0%

0%

0%

0%

Production

11,200

11,200

2,800

2,800

2,800

1,400

1,400

-29.3%

0%

-75%

0%

0%

-50%

0%

Utilization Capacity

22.4%

22.4%

5.6%

5.6%

5.6%

2.8%

2.8%

60,000

57,000

60,000

60,000

60,000

60,000

60,000

0.0%

-5%

5%

0%

0%

0%

0%

Production

15,600

15,600

3,900

3,900

3,900

1,300

300

-48.2%

0%

-75%

0%

0%

-67%

-77%

Utilization

26.0%

27.4%

6.5%

6.5%

6.5%

2.2%

0.5%

Capacity

59,435

74,021

89,391

100,930

103,056

110,956

119,306

12.3%

25%

21%

13%

2%

8%

8%

Production

12,400

12,400

3,100

3,100

3,100

1,500

1,500

-29.7%

0%

-75%

0%

0%

-52%

0%

Utilization EMEA

20.9%

16.8%

3.5%

3.1%

3.0%

1.4%

1.3%

#REF!

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Americas

#REF!

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Asia & Pacific

#REF!

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Total Demand

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No.

Country

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22

China Germany Korea US China Korea China Japan China China China Korea Korea Norway China China China China China China China China

Company GCL Solar Wacker Chemie AG OCI Hemlock TBEA Hanwha Yongxiang Tokuyama Corporation Sino-Si Daqo New Energy Corp. Asia Silicon Hankook SMP(samsung memc polysilicon) REC Silicon Dunan ReneSola LDK Yichnag CSG Poly Orisi Silicon Jingyang REC Silicon (China) East Hope Others (China) Others (Asia, China not included) Others (US) Others (EU) Other (WW) Firs-tier company capacity Firs-tier company capacity (MW) Total Total (MW) QoQ(%) Total China Capacity Total Asia(China not included) Capacity Total US Capacity Total EU Capacity

1Q14 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 1,000 1,000 1,000 1,000 1,000 230,000 44,231 225,000 43,269 -2.1% 61,000 88,450 56,600 82,100

Figure 3-1-1: Polysilicon Capacity Distributi 2020(F) 2019(F) 2018(F) 2017(F) 2016(E) 2015 2014 0

100,000

Other (WW) Hankook Hanwha

Others Asia Si TBEA

Polysilicon capacity (Metric ton) Historical & Fore Quarterly Capacity (MT) 2Q14 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 1,000 1,000 1,000 1,000 1,000 230,000 44,231 225,000 43,269 0.0% 61,000 41,000 21,000 21,000

3Q14 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 1,000 1,000 1,000 1,000 1,000 230,000 44,231 225,000 43,269 0.0% 61,000 41,000 21,000 21,000

4Q14 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 1,000 1,000 1,000 1,000 1,000 230,000 44,231 225,000 43,269 0.0% 61,000 41,000 21,000 21,000

1Q15 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 1,000 1,000 1,000 1,000 1,000 230,000 44,231 225,000 43,269 0.0% 61,000 41,000 21,000 21,000

2Q15 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 1,000 1,000 1,000 1,000 1,000 230,000 44,231 225,000 43,269 0.0% 61,000 41,000 21,000 21,000

3Q15 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 1,000 1,000 1,000 1,000 1,000 230,000 44,231 225,000 43,269 0.0% 61,000 41,000 21,000 21,000

Figure 3-1-1: Polysilicon Capacity Distribution, 2014-2020(F) 2020(F) 2019(F) 2018(F) 2017(F) 2016(E) 2015 2014 0

100,000

Other (WW) Hankook Hanwha

Others (EU) Asia Silicon TBEA

200,000

300,000

400,000

Others (US) SMP(samsung memc polysilicon) Hemlock

500,000

600,000

Others (Asia, China not included) Sino-Si OCI

Capa 700,000 (M

Others (China) Tokuyama Corporation Wacker Chemie AG

ic ton) Historical & Forecast Data

T)

Year Ca 4Q15 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 1,000 1,000 1,000 1,000 1,000 230,000 44,231 225,000 43,269 0.0% 61,000 41,000 21,000 21,000

1Q16 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 1,000 1,000 1,000 1,000 1,000 230,000 44,231 225,000 43,269 0.0% 61,000 41,000 21,000 21,000

2Q16(E) 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 1,000 1,000 1,000 1,000 1,000 230,000 44,231 225,000 43,269 0.0% 61,000 41,000 21,000 21,000

3Q16(F) 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 1,000 1,000 1,000 1,000 1,000 235,000 45,192 225,000 43,269 0.0% 61,000 41,000 21,000 21,000

2014 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 1,000 1,000 1,000 1,000 1,000 230,000 44,231 225,000 43,269

2015 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 1,000 1,000 1,000 1,000 1,000 235,000 45,192 225,000 43,269 0.0%

Figure 3-1-2: Polysilicon Capacity, 1Q14-3Q16(F) Capacity (MW) 500,000

400,000

300,000

200,000

100,000 600,000

Capacity 700,000 (MT) 0

ncluded)

Others (China) Tokuyama Corporation Wacker Chemie AG

REC Silicon Yongxiang GCL Solar

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

Year Capacity (MT) 2016(E) 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 1,000 1,000 1,000 1,000 1,000 235,000 45,192 225,000 43,269 0.0%

2017(F) 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 1,000 1,000 1,000 1,000 1,000 235,000 45,192 225,000 43,269 0.0%

2018(F) 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 1,000 1,000 1,000 1,000 1,000 235,000 45,192 225,000 43,269 0.0%

2019(F) 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 1,000 1,000 1,000 1,000 1,000 235,000 45,192 225,000 43,269 0.0%

2020(F) 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 1,000 1,000 1,000 1,000 1,000 235,000 45,192 225,000 43,269 0.0%

QoQ 50%

38%

26%

14%

2%

4Q14

1Q15

2Q15

3Q15

4Q15

1Q16 2Q16(E) 3Q16(F)

-10%

Country

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28

China China China China China China China Taiwan China China China Korea China China China China Taiwan China Taiwan Norway China Germany China Korea Philippine Spain China China

Type

Will separate product into Multi and Mono

No.

Company GCL Solar LONGi Silicon LDK Jinko Solar Yingli Zhonghuan Solar Trina Green Energy Technology Konca Renesola Jinglong Group Nexolon Suntech Jiangxi Sornid Hi-Tech Dahai Huajing ACC Solargiga Energy Sino-American REC Group JA Solar Solarworld Comtec Hanwha Q CELLS First Philec Pillar BV Group Hareon Solar Canadian Solar Others (China) Others (Taiwan) Others (Asia, China and Taiwan not included) Others (EU) First-tier company capacity Total

QoQ(%) Total China Capacity Total Asia(China not included) Capacity Total EU Capacity

Wafer capacity (MW) Historical & Forecast Dat Quarterly Capacity (MW) 1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

10,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 10,000 1,000 1,000 1,000 37,000 50,000

10,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 10,000 1,000 1,000 1,000 37,000 50,000

10,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 10,000 1,000 1,000 1,000 37,000 50,000

10,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 10,000 1,000 1,000 1,000 37,000 50,000

10,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 10,000 1,000 1,000 1,000 39,000 50,000

10,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 10,000 1,000 1,000 1,000 39,000 50,000

10,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 10,000 1,000 1,000 1,000 39,000 50,000

4.9% 38,000 7,000 4,000

0.0% 38,000 7,000 4,000

0.0% 38,000 7,000 4,000

0.0% 38,000 7,000 4,000

0.0% 38,000 7,000 4,000

0.0% 38,000 7,000 4,000

0.0% 38,000 7,000 4,000

Figure 3-1-1:

Wafer Capacity Distribution , 2014-2020(F)

2019 (F) 2019 (F) 2018 (F) 2017 (F) 2016 (E) 2015 2014 0 Others (EU) Pillar BV Group REC Group JA Solar Dahai

10,000

20,000

30,000

Others (Asia, China and Taiwan not included) Canadian Solar Sino-American ACC Jinglong Group

40,000

Others (China) First Philec Solargiga Energy Suntech Renesola

50,000

LDK Hanwha Q CELLS Comtec Nexolon Konca

60,0

Hareon Solar Solarworld Huajing Jiangxi Sornid Hi-Te Green Energy Techno

storical & Forecast Data

Year Capacity (

MW) 4Q15

1Q16(E)

2Q16(F)

3Q16(F)

2014

2015

2016 (E)

10,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 10,000 1,000 1,000 1,000 39,000 50,000

10,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 10,000 1,000 1,000 1,000 39,000 50,000

10,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 10,000 1,000 1,000 1,000 39,000 50,000

10,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 10,000 1,000 1,000 1,000 39,000 50,000

10,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 10,000 1,000 1,000 1,000 37,000 50,000

10,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 10,000 1,000 1,000 1,000 39,000 50,000

10,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 10,000 1,000 1,000 1,000 39,000 50,000

0.0% 38,000 7,000 4,000

0.0% 38,000 7,000 4,000

0.0% 38,000 7,000 4,000

0.0% 38,000 7,000 4,000

38,000 7,000 4,000

0.0% 38,000 7,000 4,000

Figure 3-2-2: Wafer Capacity, 1Q14-3Q16(F) Capacity (MW) 100,000

75,000

50,000

25,000

50,000

DK anwha Q CELLS omtec exolon onca

60,000

Hareon Solar Solarworld Huajing Jiangxi Sornid Hi-Tech Green Energy Technology

Capacity (MW)

0

0.0% 38,000 7,000 4,000

Year Capacity (MW) 2017 (F)

2018 (F)

2019 (F)

2019 (F)

2020 (F)

10,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 10,000 1,000 1,000 1,000 39,000 50,000

10,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 10,000 1,000 1,000 1,000 39,000 50,000

10,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 10,000 1,000 1,000 1,000 39,000 50,000

10,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 10,000 1,000 1,000 1,000 39,000 50,000

10,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 10,000 1,000 1,000 1,000 39,000 50,000

0.0% 38,000 7,000 4,000

0.0% 38,000 7,000 4,000

0.0% 38,000 7,000 4,000

0.0% 38,000 7,000 4,000

QoQ (%) 30%

20%

10%

0%

-10%

0.0% 38,000 7,000 4,000

Country Korea China China China China Taiwan China US China Taiwan China China Taiwan China China China USA Germany China Japan Taiwan Taiwan Japan Japan Taiwan China China China China Taiwan Norway Taiwan Japan China Taiwan China

Type

Multi and Mono be separated

No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36

Company Hanwha Q CELLS JA Solar Trina Solar Jinko Solar Yingli Motech Suntech First Solar Canadian Solar Neo Solar Power LDK Tongwei Gintech GCL-Si Hareon Solar Changzhou Eging Sunpower Solarworld Astronergy Kyocera Solartech Inventec Solar Frontier Panasonic(Sanyo) Tainergy Lerri CSUN HT-SAAE RISEN Energy Sunrise REC Group TSEC Sharp DMEGC E-ton Jinergy

1Q14 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000

37 38 39 40

Taiwan Vietnam Vietnam China

Topcell Vina Solar Boviet Tianwei New Energy Others (China) Others (Asia, China not included) Others (EU) Other (WW) First-tier company capacity Total QoQ(%) Total China Capacity Total Asia(China not included) Capacity Total EU Capacity

1,000 1,000 1,000 1,000 5,000 5,000 5,000 5,000 42,000 60,000 1.6% 24,000 19,000 7,000

Figure 3-1-1: Cell Capacity Dist

2020 (F) 2019 (F) 2018 (F) 2017 (F) 2016 (E) 2015 2014 0

10,

Other (WW) Tianwei New E HT-SAAE Panasonic(Sa Kyocera Changzhou Eg

Other (WW) Tianwei New E HT-SAAE Panasonic(Sa Kyocera Changzhou Eg

Cell capacity (MW) Historical & Forecast Data Quarterly Capacity (MW) 2Q14 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000

3Q14 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000

4Q14 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000

1Q15 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000

2Q15 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000

3Q15 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000

4Q15 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000

1Q16 (E) 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000

1,000 1,000 1,000 1,000 5,000 5,000 5,000 5,000 42,000 60,000 0.0% 24,000 19,000 7,000

1,000 1,000 1,000 1,000 5,000 5,000 5,000 5,000 42,000 60,000 0.0% 24,000 19,000 7,000

1,000 1,000 1,000 1,000 5,000 5,000 5,000 5,000 42,000 60,000 0.0% 24,000 19,000 7,000

1,000 1,000 1,000 1,000 5,000 5,000 5,000 5,000 43,000 60,000 0.0% 24,000 19,000 7,000

1,000 1,000 1,000 1,000 5,000 5,000 5,000 5,000 43,000 60,000 0.0% 24,000 19,000 7,000

1,000 1,000 1,000 1,000 5,000 5,000 5,000 5,000 43,000 60,000 0.0% 24,000 19,000 7,000

1,000 1,000 1,000 1,000 5,000 5,000 5,000 5,000 43,000 60,000 0.0% 24,000 19,000 7,000

1,000 1,000 1,000 1,000 5,000 5,000 5,000 5,000 43,000 60,000 0.0% 24,000 19,000 7,000

Figure 3-1-1: Cell Capacity Distribution, 2014-2020(F)

2020 (F) 2019 (F) 2018 (F) 2017 (F) 2016 (E) 2015 2014 0

10,000

Other (WW) Tianwei New Energy HT-SAAE Panasonic(Sanyo) Kyocera Changzhou Eging

20,000

Others (EU) Topcell CSUN Solar Frontier Astronergy Sharp

30,000

40,000

50,000

Others (Asia, China not included) Sunrise Lerri Inventec Solarworld Hareon Solar

60,000

Others (China) RISEN Energy Tainergy Solartech Sunpower DMEGC

Capacity (MW)

Other (WW) Tianwei New Energy HT-SAAE Panasonic(Sanyo) Kyocera Changzhou Eging

Others (EU) Topcell CSUN Solar Frontier Astronergy Sharp

Others (Asia, China not included) Sunrise Lerri Inventec Solarworld Hareon Solar

Others (China) RISEN Energy Tainergy Solartech Sunpower DMEGC

Year Capacity (MW) 2Q16(F) 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000

3Q16(F) 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000

2014 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000

2015 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000

2016 (E) 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000

2017 (F) 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000

2018 (F) 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000

2019 (F) 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000

1,000 1,000 1,000 1,000 5,000 5,000 5,000 5,000 43,000 60,000 0.0% 24,000 19,000 7,000

1,000 1,000 1,000 1,000 5,000 5,000 5,000 5,000 43,000 60,000 0.0% 24,000 19,000 7,000

1,000 1,000 1,000 1,000 5,000 5,000 5,000 5,000 42,000 60,000 24,000 19,000 7,000

1,000 1,000 1,000 1,000 5,000 5,000 2,000 5,000 43,000 57,000 -5.0% 24,000 19,000 4,000

1,000 1,000 1,000 1,000 5,000 5,000 5,000 5,000 44,000 60,000 5.3% 24,000 19,000 7,000

1,000 1,000 1,000 1,000 5,000 5,000 5,000 5,000 44,000 60,000 0.0% 24,000 19,000 7,000

1,000 1,000 1,000 1,000 5,000 5,000 5,000 5,000 44,000 60,000 0.0% 24,000 19,000 7,000

1,000 1,000 1,000 1,000 5,000 5,000 5,000 5,000 44,000 60,000 0.0% 24,000 19,000 7,000

Figure 3-3-2: Cell Capacity, 1Q14-3Q16(F) Capacity (MW) 150,000

40%

120,000

30%

90,000

20%

60,000

10%

30,000

0%

0

Capacity (MW)

-10%

QoQ (%)

2020 (F) 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000

1,000 1,000 1,000 1,000 5,000 5,000 5,000 5,000 44,000 60,000 0.0% 24,000 19,000 7,000

QoQ (%)

No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31

Company China China China China China China China Vietnam USA China China China Germany China US China China Norway Japan China China Japan Japan Japan China China China China China China China

Trina Solar Canadian Solar Jinko Solar Hanwha Q CELLS Yingli GCL JA Solar Vina Solar First Solar Suntech Lerri Risen Solarworld LDK Sunpower Astronergy CSUN REC Group Kyocera ZNSHINE Hareon Solar Sharp Panasonic(Sanyo) Solar Frontier ReneSola ET Solar Seraphim HT-SAAE Jinergy SunOwe DMEGC Others (China) Others (Asia, China not included) Others (EU) Other (WW) First-tier company capacity Total

1Q14 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 5,000 5,000 5,000 5,000 37,000 51,000

QoQ(%) Total China Capacity Total Asia(China not included) Capacity Total EU Capacity

4.4% 27,000 9,000 7,000

Figure 3-4-2: Module Capacity Distributi

2020 (F) 2019 (F) 2018 (F) 2017 (F) 2016 (E) 2015 2014 0

DMEGC Solar Frontier Kyocera Astronergy Suntech Hanwha Q CELL

Module capacity (MW) Historical & Forecast D Quarterly Capacity (MW) 2Q14 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 5,000 5,000 5,000 5,000 37,000 51,000

3Q14 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 5,000 5,000 5,000 5,000 37,000 51,000

4Q14 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 5,000 5,000 5,000 5,000 37,000 51,000

1Q15 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 5,000 5,000 5,000 5,000 39,000 51,000

2Q15 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 5,000 5,000 5,000 5,000 39,000 51,000

3Q15 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 5,000 5,000 5,000 5,000 39,000 51,000

4Q15 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 5,000 5,000 5,000 5,000 39,000 51,000

0.0% 27,000 9,000 7,000

0.0% 27,000 9,000 7,000

0.0% 27,000 9,000 7,000

0.0% 27,000 9,000 7,000

0.0% 27,000 9,000 7,000

0.0% 27,000 9,000 7,000

0.0% 27,000 9,000 7,000

Figure 3-4-2: Module Capacity Distribution, 2014-2020(F)

2020 (F) 2019 (F) 2018 (F) 2017 (F) 2016 (E) 2015

Capa (M

2014 0

20,000 DMEGC Solar Frontier Kyocera Astronergy Suntech Hanwha Q CELLS

SunOwe ReneSola Others (Asia, China not included) Other (WW) First Solar Jinko Solar

40,000 Jinergy Panasonic(Sanyo) REC Group Sunpower Lerri Canadian Solar

HT-SAAE Sharp Others (EU) LDK Yingli Trina Solar

60,000 Seraphim Hareon Solar Others (China) Solarworld GCL

ET Solar ZNSHINE CSUN Risen JA Solar

rical & Forecast Data Year Capacity (MW) 1Q16(E) 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 5,000 5,000 5,000 5,000 41,000 51,000

2Q16(F) 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 5,000 5,000 5,000 5,000 41,000 51,000

3Q16(F) 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 5,000 5,000 5,000 5,000 41,000 51,000

2014 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 5,000 5,000 5,000 5,000 37,000 59,435

2015 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 5,000 5,000 5,000 5,000 39,000 74,021

2016 (E) 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 5,000 5,000 5,000 5,000 41,000 89,391

aphim reon Solar hers (China) arworld L

0.0% 27,000 9,000 7,000

0.0% 27,000 9,000 7,000

0.0% 27,000 9,000 7,000

24.5% 27,000 9,000 7,000

27,000 9,000 7,000

20.8% 27,000 9,000 7,000

Figure 3-4-2: Module Capacity, 1Q14-3Q16(F) Capacity (MW) 120,000

90,000

60,000

Capacity (MW)

30,000

60,000 ET Solar ZNSHINE CSUN Risen JA Solar

0

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

4Q15

Year Capacity (MW) 2017 (F) 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 5,000 5,000 5,000 5,000 41,000 100,930

2018 (F) 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 5,000 5,000 5,000 5,000 41,000 103,056

2019 (F) 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 5,000 5,000 5,000 5,000 41,000 110,956

2020 (F) 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 5,000 5,000 5,000 5,000 41,000 119,306

15

12.9% 27,000 9,000 7,000

2.1% 27,000 9,000 7,000

7.7% 27,000 9,000 7,000

7.5% 27,000 9,000 7,000

QoQ (%) 50%

35%

20%

5%

2Q15

3Q15

4Q15

1Q16(E) 2Q16(F) 3Q16(F)

-10%

Cell cap CELL No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33

Country Brazil Germany India India India India Japan Japan Japan Japan Korea Korea Korea Korea Malaysia Malaysia Malaysia Malaysia Netherland Singapore Thailand Thailand Thailand Thailand Turkey US US US US Vietnam Vietnam Vietnam Vietnam

Company BYD Solarworld SunEdison JA Solar Trina Hareon Panasonic Solar Frontier Kyocera Sharp Hanwha Q-cells LGE Shinsung CSUN Jinko JA Solar NSP SolarTech Trina REC Group Trina Canadian Solar Talesun Gintech CSUN First Solar SunPower Solarworld Mission Solar Vina Solar Boviet Tainergy CSUN Total QoQ(%) Total Asia Capacity Total US Capacity Total EU Capacity

1Q15 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 3,300 2,500 400 200

2Q15 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 3,300 0.0% 2,500 400 200

Module c Module No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

Country Singapore Japan Japan Japan Japan Germany US US US US US Turkey Thailand Vietnam Vietnam

Company REC Group Kyocera Sharp Panasonic(Sanyo) Solar Frontier Solarworld First Solar SunPower Solarworld Seraphim Mission Solar Renesola Solartron Trina Vina Solar

1Q15 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100

2Q15 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100

16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36

Vietnam Vietnam Brazil Brazil HK India India India India Korea Korea Malaysia Malaysia Malaysia Mexico Mexico Thailand Thailand Thailand Thailand Turkey

Boviet NSP BYD Canadian Solar E Solar JA Solar SunEdison Trina Hareon LGE Hanwha Q-cells JA Solar Jinko Flextronics Risen BYD Talesun Trina Yingli Canadian Solar CSUN others (Korea) others (Taiwan) others (EU) others (Asia, not include Taiwan Total QoQ(%) Total Asia Capacity Total US Capacity Total EU Capacity

100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 1,000 1,000 1,000 1,000 7,600 5,600 600 1,200

100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 1,000 1,000 1,000 1,000 7,600 0.0% 5,600 600 1,200

Cell capacity (MW) Historical & Forecast Data Quarterly Capacity (MW) 3Q15 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 3,300 0.0% 2,500 400 200

4Q15 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 3,300 0.0% 2,500 400 200

1Q16 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 3,300 0.0% 2,500 400 200

2Q16(E) 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 3,300 0.0% 2,500 400 200

Module capacity (MW) Historical & Forecast Data Quarterly Capacity (MW) 3Q15 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100

4Q15 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100

1Q16 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100

2Q16(E) 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100

100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 1,000 1,000 1,000 1,000 7,600 0.0% 5,600 600 1,200

100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 1,000 1,000 1,000 1,000 7,600 0.0% 5,600 600 1,200

100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 1,000 1,000 1,000 1,000 7,600 0.0% 5,600 600 1,200

100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 1,000 1,000 1,000 1,000 7,600 0.0% 5,600 600 1,200

Year Capacity (MW) 3Q16(F) 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 3,300 0.0% 2,500 400 200

4Q16(F) 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 3,300 0.0% 2,500 400 200

2015 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 3,300 2,500 400 200

2016 (E) 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 3,300 0.0% 2,500 400 200

Year Capacity (MW) 3Q16(F) 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100

4Q16(F) 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100

2015 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100

2016 (E) 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100

100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 1,000 1,000 1,000 1,000 7,600 0.0% 5,600 600 1,200

100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 1,000 1,000 1,000 1,000 7,600 0.0% 5,600 600 1,200

100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 1,000 1,000 1,000 1,000 7,600 5,600 600 1,200

100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 1,000 1,000 1,000 1,000 7,600 0.0% 5,600 600 1,200

city (MW) 2017 (E) 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 3,300 0.0% 2,500 400 200

city (MW) 2017 (E) 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100

100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 1,000 1,000 1,000 1,000 7,600 0.0% 5,600 600 1,200

Country

1 3 2 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

China China China China China China Taiwan China China China China Taiwan China China China Korea Germany Norway Korea Taiwan China China Philippine Ukraine

Type

Company GCL Solar LONGi Silicon LDK Trina Yingli

Multi and Mono are separated

No.

Jinko Solar Green Energy Technology Jinglong Group Zhonghuan Solar ReneSola Jiangxi Sornid Hi-Tech Solargiga Energy CSI JA Solar Comtec Hanwha Qcells Solarworld REC Group Nexolon Sino-American Suntech Hareon Solar First Philec Pillar BV Group Others (China) Others (Asia, China not included) Others (EU) Other (WW) Total Production Total China Capacity Total Asia(China not included) Capacity Total EU Capacity

1Q14 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 2,800 1,600 700 400

Figure 4-1-1: Polysilicon Produc Production (MT)

Figure 4-1-1: Polysilicon Produc Production (MT)

3Q16(F) 2Q16(F) 1Q16(E) 4Q15 3Q15 2Q15 1Q15 4Q14 3Q14 2Q14 1Q14 0

Quarterly Wafer Production and M

Wafer Production (MW) 2Q14

3Q14

4Q14

2014

1Q15

2Q15

3Q15

100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 2,800 1,600 700 400

100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 2,800 1,600 700 400

100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 2,800 1,600 700 400

400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 11,200 6,400 2,800 1,600

100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 2,800 1,600 700 400

100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 2,800 1,600 700 400

100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 2,800 1,600 700 400

Figure 4-1-1: Polysilicon Production Distribution, 1Q14-3Q16(F) Production (MT)

Figure 4-1-1: Polysilicon Production Distribution, 1Q14-3Q16(F) Production (MT)

3Q16(F) 2Q16(F) 1Q16(E) 4Q15 3Q15 2Q15 1Q15 4Q14 3Q14 2Q14 1Q14 0

fer Production and Market Shares 4Q15

2015

1Q16(E)

2Q16(F)

3Q16(F)

1Q14

2Q14

100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 2,800 1,600 700 400

400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 11,200 6,400 2,800 1,600

100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 2,800 1,600 700 400

100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 2,800 1,600 700 400

100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 2,800 1,600 700 400

3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 100.0%

3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 100.0%

Figure4-2-2: Wafer Production Distribution 2 First Philec

Figure4-2-2: Wafer Production Distribution 2 First Philec Hareon Solar Others (Asia, China not included) Suntech Sino-American Nexolon REC Group Others (EU) Solarworld Hanwha Qcells Comtec CSI Other (WW) Solargiga Energy Jiangxi Sornid Hi-Tech Others (China) ReneSola Zhonghuan Solar Jinglong Group Green Energy Technology Jinko Solar Yingli Trina LDK LONGi Silicon GCL Solar

4,000

F Hareon S

Suntech; 3.6%

Sino-American; 3.6%;

Nexolon; 3.6%; 4.35% REC Group; 3.6%; 4.35%

Solarworld; 3.6%; 4.35%

Hanwha Qcells; 3.6%; 4

Comtec; 3.6%; 4

JA Solar; 3 C

Market Shares 3Q14

4Q14

1Q15

2Q15

3Q15

4Q15

1Q16(E)

2Q16(F)

3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 100.0%

3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 100.0%

3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 100.0%

3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 100.0%

3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 100.0%

3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 100.0%

3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 100.0%

3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 100.0%

Figure4-2-2: afer Production Distribution 2Q16(F) GCL Solar LONGi Silicon LDK

Figure4-2-2: afer Production Distribution 2Q16(F)

First Philec; GCL 3.6%; Solar; 4.35% 4.35% Hareon Solar; 3.6%; 4.35% LONGi Silicon; 4.35% Suntech; 3.6%; 4.35% Sino-American; 3.6%; 4.35% Nexolon; 3.6%; 4.35%

LDK; 4.35% Trina; 4.35% Yingli; 4.35%

REC Group; 3.6%; 4.35%

Jinko Solar; 4.35%

Solarworld; 3.6%; 4.35%

Green Energy Technology; 4.35%

Hanwha Qcells; 3.6%; 4.35% Comtec; 3.6%; 4.35%

Jinglong Group; 4.35% Zhonghuan Solar; 4.35%

JA Solar; 3.6%; 4.35% ReneSola; 4.35% CSI; 3.6%; Jiangxi 4.35% Sornid Hi-Tech ; 3.6%; 4.35% Solargiga Energy; 3.6%; 4.35%

GCL Solar LONGi Silicon LDK Trina Yingli Jinko Solar Green Energy Technology Jinglong Group Zhonghuan Solar ReneSola Jiangxi Sornid Hi-Tech Solargiga Energy CSI JA Solar Comtec Hanwha Qcells Solarworld REC Group Nexolon Sino-American Suntech Hareon Solar First Philec

con

3Q16(F) 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 100.0%

con

r ergy y Group n Solar

rnid Hi-Tech Energy

Qcells d p

rican

olar c

Country China Korea China Taiwan China Taiwan China China US China China Taiwan Japan US China Germany Taiwan Japan Japan China Taiwan China Taiwan China Norway Taiwan China Taiwan China Taiwan China Taiwan Germany Taiwan Germany

Type

Multi and Mono are separated

No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35

Company JA Solar Hanwha Q CELLS Trina Solar Motech Jinko Solar Neo Solar Power Yingli Canadian Solar First Solar Tongwei Suntech Gintech Sharp Sunpower CSUN Solarworld Solartech Kyocera Solar Frontier Astronergy Inventec RISEN Energy Tainergy Changzhou Eging REC Group Taiwan Solar Energy Corp. Hareon Solar Panasonic(Sanyo) LDK E-ton Tianwei New Energy Topcell Bosch DelSolar Q-Cells Others (China) Others (Asia, China not included)

1Q14 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100

Others (EU) Other (WW) Total Production Total China Capacity Total Asia(China not included) Capacity Total EU Capacity

100 100 3,900 1,500 1,500 500

Figure 4-3-1: Cell Production Distribu Production (Mw)

3Q16 (F) 2Q16 (F) 1Q16 (E) 4Q15 3Q15 2Q15 1Q15 4Q14 3Q14 2Q14 1Q14 0

Quarterly Cell Production and Mark Cell Production (MW) 2Q14 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100

3Q14 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100

4Q14 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100

2014 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400

1Q15 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100

2Q15 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100

100 100 3,900 1,500 1,500 500

100 100 3,900 1,500 1,500 500

100 100 3,900 1,500 1,500 500

400 400 15,600 6,000 6,000 2,000

100 100 3,900 1,500 1,500 500

100 100 3,900 1,500 1,500 500

gure 4-3-1: ell Production Distribution, 1Q14-3Q16(F)

oduction (Mw)

3Q16 (F) 2Q16 (F) 1Q16 (E) 4Q15 3Q15 2Q15 1Q15 4Q14 3Q14 2Q14 1Q14 0

4000

8000

12000

16000

Cell Production and Market Shares

) 3Q15 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100

4Q15 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100

2015 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400

1Q16 (E) 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100

2Q16 (F) 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100

3Q16 (F) 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100

00

100 100 3,900 1,500 1,500 500

100 100 3,900 1,500 1,500 500

400 400 15,600 6,000 6,000 2,000

100 100 3,900 1,500 1,500 500

100 100 3,900 1,500 1,500 500

100 100 3,900 1,500 1,500 500

Figur Cell Production D

Q-Cells Bosch Topcell Tianwei New Energy E-ton LDK Panasonic(Sanyo) Hareon Solar RISEN Energy Inventec Astronergy Solar Frontier Taiwan Solar Energy Corp. REC Group Changzhou Eging Tainergy Kyocera Solartech Solarworld CSUN Sunpower Others (EU) Sunpower Other (WW)

16000

20000

Market Shares 1Q14 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6%

2Q14 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6%

3Q14 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6%

4Q14 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6%

1Q15 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6%

2Q15 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6%

2.6% 2.6% 100.0%

2.6% 2.6% 100.0%

2.6% 2.6% 100.0%

2.6% 2.6% 100.0%

2.6% 2.6% 100.0%

2.6% 2.6% 100.0%

Figure4-3-2: Cell Production Distribution 2Q16(F)

E-ton; 2.6%; 3.33%3.33% JA Solar; LDK; 2.6%; 3.33% Hanwha Q CELLS; 3.33% Panasonic(Sanyo); 2.6%; 3.33% Trina Solar; 3.33% Hareon Solar; 2.6%; 3.33% Taiwan Solar Energy Corp.; 2.6%; 3.33% REC Group; 2.6%; 3.33%

Motech; 3.33%

Jinko Solar; 3.33%

Neo Solar Power;

Yingli; 3.3

Changzhou Eging; 2.6%; 3.33% Tainergy; 2.6%; 3.33%

Canadian Sol

RISEN Energy; 2.6%; 3.33%

First Solar; 3

Inventec; 2.6%; 3.33%

Tongwei ; 3.33

Astronergy; 2.6%; 3.33% Solar Frontier; 2.6%; 3.33%

Suntech; 2.6%; 3.33 Gintech; 2.6%; 3.33%

Kyocera; 2.6%; 3.33% Sharp; 2.6%; 3.33% Solartech ; 2.6%; 3.33%Sunpower; 2.6%; 3.33% Solarworld;CSUN; 2.6%;2.6%; 3.33% 3.33%

ket Shares 3Q15 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6%

4Q15 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6%

1Q16 (E) 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6%

2Q16(F) 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6%

3Q16(F) 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6%

2.6% 2.6% 100.0%

2.6% 2.6% 100.0%

33% Q CELLS; 3.33% Trina Solar; 3.33% Motech; 3.33% Jinko Solar; 3.33% Neo Solar Power; 3.33% Yingli; 3.33% Canadian Solar; 3.33% First Solar; 3.33% Tongwei ; 3.33% Suntech; 2.6%; 3.33% Gintech; 2.6%; 3.33%

Sharp; 2.6%; 3.33% wer; 2.6%; 3.33% % 3.33%

2.6% 2.6% 100.0%

2.6% 2.6% 100.0%

JA Solar Hanwha Q CELLS Trina Solar Motech Jinko Solar Neo Solar Power Yingli Canadian Solar First Solar Tongwei Suntech Gintech Sharp Sunpower CSUN Solarworld Solartech Kyocera Solar Frontier Astronergy Inventec RISEN Energy Tainergy Changzhou Eging REC Group Taiwan Solar Energy Corp. Hareon Solar Panasonic(Sanyo) LDK E-ton

2.6% 2.6% 100.0%

No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 21 22 23 24 25 26 27 28

Company China China China China Korea China US Japan China China China Japan US China China Germany China Singapore China Japan China Japan China China China Germany China

Trina Solar Canadian Solar JA Solar Jinko Solar Hanwha Q CELLS GCL-Si First Solar Sharp Suntech LERRI Yingli Kyocera Sunpower Astronergy Renesola Solarworld CSUN REC Group RISEN Energy Solar Frontier Eging Panasonic(Sanyo) ET Solar Hareon Solar SunOwe Aleo LDK Others (China) Others (Asia, not include China) Others (EU) Other (WW) Total Production Total China Capacity Total Asia(China not included) Capacity

1Q14 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 3,100 1,800 700

2Q14 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 3,100 1,800 700

Figure 4-1-1: Module Production Distribu Production (MV) 3Q16(F) 2Q16(F)

Module Production Distribu Production (MV) 3Q16(F) 2Q16(F) 1Q16(E) 4Q15 3Q15 2Q15 1Q15 4Q14 3Q14 2Q14 1Q14 0

Quarterly Module Production and Market Module Production (MW) 3Q14 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 3,100 1,800 700

4Q14 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 3,100 1,800 700

2014 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 12,400 7,200 2,800

1Q15 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 3,100 1,800 700

2Q15 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 3,100 1,800 700

3Q15 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 3,100 1,800 700

4Q15 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 3,100 1,800 700

4-1-1: e Production Distribution, 1Q14-3Q16(F)

uction V)

6(F)

6(F)

Others (China) LDK Aleo SunOwe Hareon Solar

e Production Distribution, 1Q14-3Q16(F)

uction V)

Others (China) LDK Aleo SunOwe Hareon Solar ET Solar Panasonic(San Eging Solar Frontier '3-4 supply- m production'!# RISEN Energy REC Group Renesola CSUN Solarworld Sunpower Others (EU) Other (WW)

6(F)

6(F)

6(E)

Q15

Q15

Q15

Q15

Q14

Q14

Q14

Q14 0

5,000

e Production and Market Shares 2015 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 12,400 7,200 2,800

1Q16(E) 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 3,100 1,800 700

2Q16(F) 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 3,100 1,800 700

3Q16(F) 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 3,100 1,800 700

1Q14 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 100.0%

2Q14 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 100.0%

3Q14 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 100.0%

Figure4-4-2: Module Production Distribution 2Q16(F)

Others (China) LDK Aleo SunOwe Hareon Solar

Others (China); 3.2%; Trina Solar; 3.57% LDK;3.57% 3.2%; 3.57% Canadian Solar; 3.5

Figure4-4-2: Module Production Distribution 2Q16(F)

Others (China) LDK Aleo SunOwe Hareon Solar ET Solar Panasonic(Sanyo) Eging Solar Frontier '3-4 supply- module production'!# RISEN Energy REC Group Renesola CSUN Solarworld Sunpower Others (EU) Other (WW)

5,000

Others (China); 3.2%; Trina Solar; 3.57% LDK;3.57% 3.2%; 3.57% Canadian Solar; 3.5 Aleo; 3.2%; 3.57% JA Solar; 3.5 SunOwe; 3.2%; 3.57% Jinko Sol Hareon Solar; 3.2%; Hanwha 3.57% ET Solar; 3.2%; 3.57% G Panasonic(Sanyo); 3.2%; 3.57%

F

Eging; 3.2%; 3.57%

Solar Frontier; 3.2%; S 3.57% RISEN Energy; 3.2%; LER 3.57% REC Group; 3.2%; 3.57% Yingli; 3 CSUN; 3.2%; 3.57% Kyocera; 3.2% Solarworld; 3.2%;3.2%; Sunpower; 3.57% 3.5 Renesola; Astronergy; 3.57% 3.2%;3.2%; 3.57%

Market Shares 4Q14 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 100.0%

1Q15 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 100.0%

2Q15 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 100.0%

3Q15 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 100.0%

4Q15 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 100.0%

1Q16(E) 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 100.0%

igure4-4-2: tion Distribution 2Q16(F)

Others (China); 3.2%; Trina Solar; 3.57% LDK; 3.2%; 3.57% Canadian Solar; 3.57% 3.57%

Trina Solar Canadian Solar

2Q16(F) 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 100.0%

3Q16(F) 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 100.0%

igure4-4-2: tion Distribution 2Q16(F)

Others (China); 3.2%; Trina Solar; 3.57% LDK; 3.2%; 3.57% Canadian Solar; 3.57% 3.57% Aleo; 3.2%; 3.57% JA Solar; 3.57% Owe; 3.2%; 3.57% Jinko Solar; 3.57% n Solar; 3.2%; Hanwha Q CELLS; 3.57%

3.2%; 3.57%

anyo); 3.2%;

%; 3.57%

ntier; 3.2%;

Energy; 3.2%;

GCL-Si; 3.57% First Solar; 3.57% Sharp; 3.57% Suntech; 3.57% LERRI; 3.57%

Group; 3.2%; 3.57% Yingli; 3.2%; 3.57% CSUN; 3.2%; 3.57% Kyocera; 3.2%; 3.57% Solarworld; 3.2%; Sunpower; 3.57% 3.57% Renesola; Astronergy; 3.2%; 3.57% 3.2%;3.2%; 3.57%

Trina Solar Canadian Solar JA Solar Jinko Solar Hanwha Q CELLS GCL-Si First Solar Sharp Suntech LERRI Yingli Kyocera Sunpower Astronergy Renesola Solarworld CSUN REC Group RISEN Energy Solar Frontier Eging

PV Spot Price Qua Item Polysilicon (USD/KG) Multi-Si Wafer (USD/pc) P-type Mono Wafer (USD/pc) Multi Cell (USD/ Watt) P-type Mono cell (USD/Watt) Mono PERC cell (USD/Watt) Multi Module (USD/Watt)

1Q14 19.7 0.97 1.19

2Q14 20.4 0.97 1.20

0.395 --0.64

0.377 0.440 -0.61

3Q14

PV Spot Price Quarterly ASP Trends (USD) 4Q14

1Q15

2Q15

3Q15

4Q15

Please Refer to The Complete Database Available Gold Member Service

1Q16

2Q16 (E)

plete Database Available in mber Service

3Q16 (F)

4Q16 (F)

1Q17 (F)