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IIT LIB-related Study Program 08-09 (January 2009)

Chapter 1

LIB Market Bulletin (09Q1)

Chapter 1 of the report presents recorded data for the LIB market in 0

8Q4, and reports on the latest market situation in 09Q1. Results for 08Q4 have been revised downwards from those presented in the 08Q4 report, with a major impact from a sharp fall in shipments of cylindrical cells, which were supposed to be the safety net, in December 2008. Adjustments in notebook PC component purchasing and production were delayed until November, and production and inventory adjustments by LIB 18650 cell suppliers were left to catch up. Just in December, each supplier cut 18650 cell shipments by 40-50%. In 09Q1, production did not rise in January and February, and hopes are resting on a push by Japanese manufacturers in March for the end of the financial year, and a slight recovery of demand. However, comparing cylindrical and prismatic cells, demand is still stronger for cylindrical cells, which suffered a 13% QOQ drop in shipments, against 16% for prismatic cells. As this report was being written in the first half of February 2009, one concern in the LIB industry was certainly "when will the market recover?", and shipments for notebook PCs and power tools were bottoming out for some brands and manufacturers. Specifically, there are a scattering of users who are stepping up their purchasing volumes somewhat from March and April. As mentioned in 08Q4 report, the next recovery of the LIB market will not be achieved until there is a recovery in real demand for devices, leading to a reduction of inventory. A serious recovery will have to wait until all users are increasing their purchasing volumes, but it is difficult to make a quantitative analysis of that situation because it is related to the inventory volumes held by each user. Therefore, we cannot make more than qualitative statements, but the situation has been getting clearer since the start of February. In addition to the latest information emerging on the consumer LIB market, we will examine new topics in the automotive and other fields as they arise.

1. Overall Trends in Suppliers and Applications
We have collated statistical data from the Battery Association of Japan (BAJ) to grasp the real situation in 08Q4. In the BAJ data, the total of shipments from major Japanese LIB suppliers is categorized by application, cell form and size, and tallied for each month. IIT uses the same data independently to collate supply and demand relationships, but our data are monthly averages within each quarter. In this report, we will present the BAJ data first, to confirm that the situation is changing month by month. The data presented here include both the domestic and overseas production by Japanese manufacturers, but shipments going directly from overseas production centers to destinations outside Japan are not included in shipments for each application, and are only tallied as overall figures under “Out-Out”. Figure 1 presents BAJ LIB shipment statistics for September to December 2008. The global share taken by Japanese LIB suppliers has fallen to around 50%, but that drop is most obvious in notebook PCs, cellular phones and power tools, while their share as LIB suppliers remains high in applications for which Japanese device manufacturers have high shares, such as DSC, video cameras and games machines. Bearing that in mind, we can get an accurate grasp of the shipment situation in 08Q4. The LIB industry is suffering from several months of decline in production and shipments, and is now reported to be down 30-40% from its peak. We will have to prove that fact quantitatively, but we have taken it as a general view and
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IIT LIB-related Study Program 08-09 (January 2009)

concentrated on applications that placed above or below the general level. Figure 1 uses a red background to indicate reductions of 50% or more, which are sharp slowdowns in shipments. Those which dropped by up to 20% are colored yellow to indicate the need for caution. Some have even increased their shipments, and those are colored green for “go”. This categorization is enough to reveal a surprising result. Many managers in the LIB industry and elsewhere take the generalized view that the current slump in management and industries is uniform across the board and caused by financial instability originating in the US, but it is not that simple. Here are the differences. The statistics can only make the broad distinction between Japanese and overseas markets, but that is enough to reveal major differences.
* There is little decline in the Japanese LIB market. * There is very little decline in shipments for notebook PCs. * There is a marked increase in shipments for cellular phones and games machines. * There is an increase in shipments for motor-assisted cycles (the effect of a change in regulations from 2009). * There is a marked drop in shipments for power tools, DSC and video cameras. * The overseas LIB market declined gradually, with an extreme drop in December. * There was an extreme drop in shipments for notebook PCs, cellular phones, DSC and video cameras in December. * Cellular phones are the main application in the Out-Out segment, and they dropped dramatically. * There is little drop in shipments for power tools.

Figure 1

Shipments for Each Application by Japanese LIB Suppliers (BAJ data)

This is only data for past shipments, but it can offer a few hints for considering the market recovery in 09Q1 and beyond and the characteristics of the equipment markets. Firstly, it is true that the economic environment is bad around the world, but that situation should not be confused with the medium and long-term trends for the equipment markets. These trends are as indicated numerically in Chapter 3 of the
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IIT LIB-related Study Program 08-09 (January 2009)

08Q4 report, and we can add the following qualitative explanations.
* Notebook PCs: Demand remains robust, and the current decline is due to an extreme inventory adjustment. Recovery will be rapid, together with that of power tools. * Cellular phones: Decline is due to the conjunction of market saturation and economic recession. Even after the economy recovers, there is no prospect of high growth. * DSC, video camera: As for cellular phones above. * Power tools: The inventory adjustment began earlier than the one affecting notebook PCs, so growth will also recover earlier. This adjustment is accompanied by an accelerated shift to LIB, but LIB demand is still clearly lower than in notebook PCs, so it will saturate in the long term. * Games machines: The fact that demand has not dropped far worldwide could be because consumers are cutting back on their leisure expenditures and compensating with games.

Figure 2 shows movements of shipment volume from each LIB supplier. Total shipments in 08Q4 averaged 250M/M, a drop of 7% YOY and 14% QOQ. The shipment volume for the whole of CY08 was 3,168,000,000 cells, up only 12% YOY (Figure 3). The forecast for shipments in 09Q1 is a monthly average of 212M cells, a further fall of 15% from 08Q4, down 15% YOY. The forecast for shipments in the whole of CY09 is negative growth of -4%, down to 3,050,000,000 cells. These forecast values should be regarded as minima. The demand outlook that will be presented in Section 2 indicates a 1% increase to approximately 3.2 billion cells. As in the previous shipment data, the previous shipment peak will be surpassed in 09Q4. With the exception of LGC, who are continuing to increase shipments after they were cut back by a factory fire in the first half of CY08, LIB suppliers have all reduced their shipments. SGS and NEC, who have few users and applications and cannot hedge, suffered extreme declines. NEC Tokin have announced their withdrawal from the consumer market, and SGS are also in an extremely tough position. If these two companies disappeared, the beneficiaries would be Sanyo, Sony and Maxell. The two leaders, Sanyo and SDI, kept their declines to around industry average levels. CY09 will be a well-matched race between these two leaders, plus Sony and LGC. Figure 2
350

Movements in Cell Shipment Volumes for Each LIB Supplier (quarterly)
Lami. others

LIB cell shipment (Milion cells/M)
300 250 200 150 100 50 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 07 07 07 07 08 08 08 08 09 09 09 09

LIB others A123 E-One BAK ATL Lishen BYD LGC SDI NEC SGS Maxell Panasonic Sony Sanyo

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IIT LIB-related Study Program 08-09 (January 2009)

70

LIB cell shipment (Milion cells/M)
60 50 40 30 20 10 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 07 07 07 07 08 08 08 08 09 09 09 09

Sanyo Sony Panasonic Maxell SGS NEC SDI LGC BYD Lishen ATL BAK E-One A123

Figure 3
3,500

Movements in Cell Shipment Volumes for Each LIB Supplier (calendar year base)
LIB shipment (M cells/CY)
Lami. others LIB others A123 E-One BAK ATL Lishen BYD LGC SDI NEC SGS Maxell Panasonic Sony 00CY 01CY 02CY 03CY 04CY 05CY 06CY 07CY 08CY 09CY Sanyo

3,000 2,500 2,000 1,500 1,000 500 0

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IIT LIB-related Study Program 08-09 (January 2009)

Later we will use 18650 cells as an example of supply and demand balance, and as that example indicates, the situation is, naturally, one of oversupply. As the future for the equipment markets is unclear, major users are using the inevitable oversupply and falling metals prices to try to get price cuts of 20-40%p.a. However, the oversupply this time does not exceed the expanding demand. This oversupply exists because demand is depressed, and the LIB suppliers are well aware that setting low prices at this time will not win them commensurate increases in share and volume. Therefore, the two South Korean suppliers will not easily offer low prices, particularly while they have a pricing advantage from the cheap Korean Won. Or rather, they have yet to place their trump card of “Won depreciation”. It may not be polite to say so, but all the LIB suppliers are smart these days. In the materials market too, there is no sign of major falls in the prices of separators and formulated electrolytes. It will be interesting to watch the cut and thrust between major users such as Nokia, who strategically extract low prices, and the LIB suppliers. Figures 4-6 present pricerelated data. The JPY-based average unit sale price for LIB suppliers has risen 7% from JPY264 in CY07 to JPY283 in CY08 (the US$-based equivalent rose 23%). In 08Q4, Japanese manufacturers saw their average unit sale price rise, following strong price setting in October and November, while South Korean manufacturers saw their figure drop substantially, due to the depreciation of the Won and US$ relative to the JPY. We forecast a 16% fall in CY09, to JPY238. That is smaller than the 23% drop in the IT slump of CY01-02. Figure 4
450 400 350 300 250 200 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 06 06 06 06 07 07 07 07 08 08 08 08

Movements in the Average Sale Prices of the Five Major LIB Suppliers (quarterly base)
LIB Ave. sales price (JPY/cell)
Sanyo Sony Panasoni c SDI LGC Average

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IIT LIB-related Study Program 08-09 (January 2009)

Figure 5

Movements in Average Sale Price for LIB Suppliers (calendar year base)

Figure 6
25 20 15 10 5 0

Movements in Prices of LIB-related Metals and Ores
50 40 Ni?LME?US$/lb 30 20 10 0 Manganese?US$/lb Cu?US$/kg Co?LMB?US$/lb?(right? axis) Li2CO3?US$/kg

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09

Figure 7

Movements in LIB Cell Prices (Recorded values and the target prices of major users)
18650 bare cell price US$

3.6 3.4 3.2 3 2.8 2.6 2.4 2.2 2 1.8 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 PT Ave. 2.0Ah Ave. 2.2Ah Ave. 2.4Ah Ave. 2.6Ah Ave. 2.8Ah Ave.

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IIT LIB-related Study Program 08-09 (January 2009)

Prismatic/Laminate bare cell price US$
2.00 1.80 1.60 1.40 1.20 1.00 0.80 1Q 2Q 3Q 07 07 07 4Q 1Q 2Q 07 08 08 3Q 4Q 08 08 1Q 2Q 09 09 553450 Ave. 463450 Ave. 553443/46 Ave. 463443/46 Ave. 553450 Lcapa

Note) Figures up to 08Q4 are recorded values. Figures for 09Q1-Q2 are target prices for major users. In many cases, the LIB suppliers have not given any commitment to meet those targets.

Movements in the business revenues and expenditures of LIB suppliers will be presented in Chapter 2, but we have not observed any sense of urgency from major suppliers such as Sanyo and SDI, even though the drop in demand and decline in equipment work rates are major problems. Figure 8 shows the historical bottom line of Sanyo’s battery business (including solar cells). LIB cells account for a high share of revenue, so the results closely reflect trends in their LIB business. Sales in 08Q3 were strong and their profit rate reached 16% even though metal prices kept the high level of 08Q2, as Figure 6 shows. Revenue dropped substantially in 08Q4, hit by the drop in LIB shipments, but the profit rate held at 14%, reflecting the drop in metal prices in 08Q3. Sales will fall further in 09Q1-Q2, but the benefit of metal prices dropping to the level of the first half of CY06 (and even further for Ni and Cu) is expected to maintain profitability at around 12%. There are differences in the absolute values, but the trend is the same for SDI, Sony and LGC, the other three leading companies. Figure 8
160000 140000 120000 100000 80000 60000 40000 20000 0 2Q?07 3Q?07 4Q?07 1Q?08 2Q?08 3Q?08 4Q?08

Movements in Sanyo’s Revenue and Expenditures
Sanyo?battery?business?(Million? JPY)
18% 16% 14% 12% 10% 8% 6% 4% 2% 0% Investment Other?cost Profit P?rate I?rate

Note) These figures include secondary cells, lithium primary cells, chargers, HEV batteries, solar cells and other areas of business. P rate is the operating profit rate, and I rate is the equipment investment expenditure rate.

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IIT LIB-related Study Program 08-09 (January 2009)

Of course, all companies other than LGC are revising their equipment investments for CY09-10. In the medium and long term, the consumer LIB market is certain to grow, so even if all companies defer their investments, they will not abandon them. As reported in the press1, Panasonic have begun construction of their Suminoe factory, and Maxell have completed their new electrode manufacturing building at their Kyoto factory. We will now examine changes in 18650 cell equipment investments which have occurred since the 08Q4 report (Figure 9). Figure 9
250 200 150 100 50 0 1Q? 2Q? 3Q? 4Q? 1Q? 2Q? 3Q? 4Q? 1Q? 2Q? 3Q? 4Q? 08 08 08 08 09 09 09 09 10 10 10 10

Supply Capacity and the Balance of Supply and Demand for 18650 LIB Cells
18650?cell?volume?(M? cells/M)
2.8Ah 2.6Ah 2.4Ah 2.2Ah 2.0Ah 1.8Ah 1.6Ah Demand?indicator Max?output? Case?A Max?output? Case?B

1 Panasonic have announced their decision to build the Suminoe factory in anticipation of recovering consumer LIB demand, but production of batteries for vehicular and power storage applications would be more practical. Conversely, Maxell are also producing electrodes for HEV batteries, but expectations are not high.

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IIT LIB-related Study Program 08-09 (January 2009)

Note) Case B is the more likely forecast for the balance of supply and demand. The reasons are detailed in the text below. Case B is the case in which the capacity increased highlighted in blue are not made.

Sanyo’s new lines in their new buildings at Kaizuka and Nandan Mihara (Kaizuka No.12 and Nandan No.13, due for operation in 09Q1 and 09Q3) will be deferred, but will still be operational within CY09. However, the second lines for each of the new buildings, and the plan for the Kasai factory, will be indefinitely shelved. Thus, Sanyo’s 18650 cell production capacity, based on material input, will rise from 36.8M/M in 08Q4 to 45.8M/M in 09Q4, with the addition of two 4.5M/M lines, and there will be no change in CY10. SDI, who have almost caught up with Sony in cylindrical cell volume, have postponed the startup of their 6M/M MP8 line, due to begin operation in 08Q4, until 09Q2 or beyond, while their 6.6M/M MP9 line is scheduled to start up in 09Q3. That will bring their capacity from 25.9M/M in 08Q4 to 38.5M/M in 09Q4. Their MP10 line, intended to produce 10M/M, is scheduled for CY10, but the timing is uncertain because they will watch the state of market recovery in CY09 before deciding. Sony have reconsidered the CY09 capacity increase in their existing buildings in Tochigi, so their initial total expansion of 4.7M/M is revised down to 3M/M at most. The timing will be 09Q3 at the earliest, controlled by the state of their orders for power tool cells. Their new building in Tochigi is scheduled to begin operation in CY10, but that is very likely to be postponed. So their capacity is very likely to increase from 21.1M/M in 08Q4 to 24.1M/M in 09Q4, with the timing of subsequent expansions unclear. Panasonic will add one line of 4M/M at Moriguchi or Wakayama to expand from 16M/M in 08Q4 to 20M/M in 09Q4. They cut their initial plan of two lines down to one line. They are determined to start cell assembly at the Suminoe factory in 10Q2. It is rumored that there will be a continuous process, starting from internal production of active materials for LNO cathodes and Si alloy anodes, but the volume is expected to be kept down to around 10M/M from two lines. LGC have not changed their plan to start up three lines, #5-#7, at their Ochang factory within CY09. They will make decisions on line #8 and beyond after watching the market and the circumstances of other companies. Even so, they will expand from 17.3M/M in 08Q4 to 34.8M/M in 09Q4. In closing this section, we will touch on recent automotive-related topics. Whether or not it is the direct impact of Sanyo’s buyout of Panasonic, Sanyo’s position becomes extremely harsh in the automotive field. They started by developing and supplying NiMH HEV batteries for Ford, Honda and VW, and had the idea of continuing those supplies with LIB as a matter of course, with Toyota2 as a further target, but that vision is crumbling. This is the situation that IIT anticipated, and it appears to have
2 Toyota’s batteries for HEV and PHEV use will certainly be developed by Toyota and manufactured by PEVE, but it is possible that for BEV batteries they could use Panasonic for cell development and manufacturing, with PEVE manufacturing the packs. However, by around CY12, PEVE’s cell and pack production systems could be expanded far beyond the volume needed for the LIB-powered Prius edition HEV, so there will be no scope for independent cell manufacturers to pick up overflow demand from Toyota.

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IIT LIB-related Study Program 08-09 (January 2009)

arrived. Figure 10 updates the supply relationships for automotive NiMH and LIB batteries which were presented in Figure 27 of Chapter 2, re-examining the cell sources used by auto makers for HEV, PHEV and BEV. Figure 10 Forecast of Supply Relationships for Automotive NiMH and LIB Batteries

Honda have announced a joint venture with GSY to manufacture LIB batteries for HEV use, and recent announcements from VW and Ford can only lead to the conclusion that Sanyo’s business area is shrinking. Ford are continuing to develop LIB batteries with Sanyo for their next generation of HEVs, but they have announced that they plan to buy LIB batteries for PHEV use from JCS, and that they will develop packs for BEV use with Magna International (it is not clear which LIB cell source Magna use). VW are also developing LIB batteries for HEV with Sanyo, but in the PHEV field, where they are applying greatest effort, the leading candidate as a LIB source is GAIA (a subsidiary of Lithium Technology Corp) under LIB 2015, which can be fairly described as a national LIB development project. They have also announced joint development of BEV batteries with Toshiba recently, and SCiB are the leading candidate. VW’s policy is to use the super-rapid charging made possible by SCiB to provide BEV users with convenience even without carrying large LIB battery capacity. VW also have a deep relationship with Tier 1 Bosch, and SBLiMotive could also become a supplier.

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IIT LIB-related Study Program 08-09 (January 2009)

The auto industry has been hit hard by the recent worsening of the economic environment, and times are so hard that even Toyota and Nissan fell into the red in FY08. Investments in HEV, PHEV, BEV and LIB development are still treated as a sacred cow, as an engine for future growth, but there is no smoke without fire. Within the US$25 billion of low-interest credit extended to the US DOE (Department Of Energy) Advanced Technology Vehicle Manufacturing Incentive Program (ATVMIP), there have been applications for $480 million from EnerDel, for $1.84 billion from A123systems and for $1 billion from a consortium of 14 companies including 3M/JCS. Nissan have also stated recently that they will apply for a low-interest loan, although the amount they will ask for is unclear.

2 The State of Shipments in 08Q4 and a Quarterly Demand Forecast for CY09
Having collated the results for supply and demand relationships in 08Q4, we will now confirm the state of shipments for each application, including those shipments. Figure 11 shows recorded shipments and forecast demand for LIB cells for each application. We are now in the process of preparing CY09 supply and demand forecasts for large users and the major LIB suppliers, and will present that content in Chapter 2. Figure 11 (a) LIB total
350 300 250 200 150 100 50 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 07 07 07 07 08 08 08 08 09 09 09 09

Movements in Cell Demand Volumes for Each LIB Application
LIB cell demand by application (Million cells/M)

Others Game DMP CAM DSC PT Cellular NBPC Cylindrical Prismatic Laminate

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IIT LIB-related Study Program 08-09 (January 2009)

(b) Separating cylindrical, prismatic and laminate-type cells
200 180 160 140 120 100 80 60 40 20 0 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 Others Game DMP CAM DSC PT Cellular NBPC

Cy LIB cell demand by application (M cells/M)

200 180 160 140 120 100 80 60 40 20 0 1Q 07
60 50 40 30 20 10 0 1Q 07

Pr LIB cell demand by application (M cells/M)
Others Game DMP CAM DSC PT Cellular NBPC 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09

Lami. LIB cell demand by application (M cells/M)
Others Game DMP CAM DSC PT Cellular NBPC 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09

Some materials manufacturers anticipate desperate reductions of 20-30% in materials demand in CY09, caused by the recent production adjustment and reduced materials purchasing by LIB manufacturers, but suppliers who have a correct outlook for LIB cell demand know that purchasing volumes will come back up once the inventory adjustment process has run its course. In updating this short-term volume forecast for CY09, we used figures of 156.6M notebook PCs (up 15% YOY) and 1,071M cellular phones (down 10% YOY) for the year. Of course, cell suppliers will not hold excessive inventories of materials, so 10% subtraction from the growth rate of LIB cell demand will become the growth rate for materials demand. Based on the results presented in Figure 11, the worst case for materials demand is around minus 10% YOY.

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IIT LIB-related Study Program 08-09 (January 2009)

Figure 12 shows movements in shipment volumes for each major LIB supplier and large user. Figure 13 shows movements in procurement shares for Nokia, Samsung Electronics and HP. The top companies are planning to step up their procurement from the South Korean suppliers in CY09, because of the price competitiveness they gain from the weak Won. For example, Nokia will clearly favor SDI over Sanyo for mid-range and high-end models, and LGC over BYD for low-end models. SDI and LGC are both aware of the situation and will not set low prices easily. Samsung Electronics are sticking to aggressive procurement policies, even when buying within their own corporate group. BYD and Lishen will make good use of that policy to encroach on the shares of the big three, in the same way as they did with sales to MOT in the past. Maxell will resist stubbornly, but there is nothing Sanyo can do. One dark horse within HP’s procurement is their use of Boston Power for option packs. Another notable developments in the notebook PC field is the start of 18650 cell production by ATL and BAK, but their shipments were, of course, stagnating in 08Q4. On the other hand ATL keep polymer cells business for Apple MacBooks favorably. Segments and users differ, but Apple are competing with Asus for the sixth place behind the big five brands in the notebook PC market. Movements in Cell Shipment Volumes for Major LIB Suppliers and Large Users (a) Sanyo Electric
60? 50? 40? 30? 20? 10? 0? 1Q? 2Q? 3Q? 4Q? 1Q? 2Q? 3Q? 4Q? 1Q? 2Q? 3Q? 4Q? 1Q? 2Q? 3Q? 4Q? 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08

Figure 12

Sanyo?shipment?M?cells/M

Others Hitachi?Koki Sharp Canon Lenovo Toshiba Acer Dell HP SEMC LGE MOT SEC Nokia

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IIT LIB-related Study Program 08-09 (January 2009)

(b) Samsung SDI
45? 40? 35? 30? 25? 20? 15? 10? 5? 0? 1Q? 2Q? 3Q? 4Q? 1Q? 2Q? 3Q? 4Q? 1Q? 2Q? 3Q? 4Q? 1Q? 2Q? 3Q? 4Q? 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08

SDI?shipment?M?cells/M

Others Bosch Asus Lenovo Toshiba Acer Dell HP SEMC LGE MOT SEC Nokia

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IIT LIB-related Study Program 08-09 (January 2009)

(c) Sony
45? 40? 35? 30? 25? 20? 15? 10? 5? 0? 1Q? 2Q? 3Q? 4Q? 1Q? 2Q? 3Q? 4Q? 1Q? 2Q? 3Q? 4Q? 1Q? 2Q? 3Q? 4Q? 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08

Sony?shipment?M?cells/M

Others Makita Sony?AVE Lenovo Toshiba Acer Dell HP SEMC LGE MOT Nokia

(d) LGE
25?

LGC?shipment?M?cells/M
20?

Others

15?

Lenovo Toshiba Acer Dell HP SEMC LGE MOT SEC 1Q? 2Q? 3Q? 4Q? 1Q? 2Q? 3Q? 4Q? 1Q? 2Q? 3Q? 4Q? 1Q? 2Q? 3Q? 4Q? 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 Nokia

10?

5?

0?

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