Dr.-Ing. h.c. Frank Asbeck
Chairman and CEO of SolarWorld AG

Letter by the Chairman

Dear customers, shareholders, employees and friends of SolarWorld AG

SolarWorld got off to more than a good start into the year 2010. We had what you might call a “flying start”. In the second quarter, we increased our shipments by 90 percent – and by 58 percent viewed over the full first half of the year. At the same time, our revenues went up by more than 50 percent in the last six months. We have successfully used the dynamics of the international solar markets and will continue to stay on course. We will keep on growing with our strong brand, further develop our quality at a high level and massively reduce our production costs.

At the beginning of July – just a few days after the feed-in compensation had been reduced in Germany – we laid the foundation stone for our new module production at our German location in Freiberg. By 2011, we will triple our module capacities at this site along. Then, a module of the SolarWorld brand will come off the production line in Freiberg every 15 seconds. In the U.S., we are also continuing our expansion – at our Hillsboro site a new module manufacturing facility is being created with a year-end capacity of around 350 MW.

We are producing in countries that offer us optimum framework conditions – with top quality and high competitiveness. We can do so because we have many years of production experience, a great deal of innovation power and highly qualified staff. SolarWorld is independent, operates successfully and works sustainably. Our strategy functions at all stages of the value chain with regard to costs, processes and quality. That makes us stand out in the market. After all, the market is not only determined by price. Especially with a long-term investment like a solar power system it is mainly a question of guaranteed quality. And this is something we provide reliably – as also impressively testified by independent experts like the Photon trade magazine or ÖkoTest.

We are strong and we are growing: from silicon all the way to solar kits. That is our quality strategy. SolarWorld is well positioned and in the future we will continue to set marks in the international solar markets with our name. That’s a promise.

The future remains exciting. This is what I am looking forward to together with you!

Sunny regards,