Sunedison (SUNEQ) 8-K Results of Operations and Financial Condition

Capital Markets Day

February 4, 2010

Exhibit 99.2

Safe Harbor

Capital Markets Day |  P. 2

With the exception of historical information, the matters

disclosed in this presentation are forward-looking statements. 

Such statements involve certain risks and uncertainties that

could cause actual results to differ materially from those in the

forward-looking statements.  Potential risks and uncertainties

are described in the Company’s filings with the Securities and

Exchange Commission, including its 2008 Form 10-K and

2009 Form 10-Qs. These forward-looking statements

represent the Company’s judgment as of the date of this

presentation.  The Company disclaims, however, any intent or

obligation to update these forward-looking statements.

Agenda

Capital Markets Day |  P. 3

The

MEMC

of

Today

and

Tomorrow

–

Ahmad

Chatila

MEMC

Semiconductor

Materials

–

Shaker

Sadasivam

MEMC

Solar

Materials

–

Ken

Hannah

SunEdison

–

Carlos

Domenech

Closing

&

Divisional

Remarks

-

Ahmad

Chatila

2010

Outlook

–

Tim

Oliver

Q & A

The MEMC of Today

& Tomorrow

Ahmad Chatila, Chief Executive Officer

February 4, 2010

Capital Markets Day |  P. 5

Dynamics and Challenges

Rebuilding and Repositioning

MEMC…Today and Tomorrow

2009 in Review

2010 Priorities

Semiconductors

Solar

Dynamics and Challenges

Capital Markets Day |  P. 6

Pricing Declines

Polysilicon

Solar Wafers

Semiconductor Wafers

Unit Drop in

Semiconductors

Flat Solar Units (while

capacities increased by

~50%)

Spain, Credit Crunch

Pasadena Operational

Challenges

Low Gross Margin and

Inconsistent Results

Opaqueness to Investors

Customer Relationships

Market Related Challenges

MEMC Specific Challenges

Tough Year…Weathered the Storm

Capital Markets Day |  P. 7

Rebuilding & Repositioning

Reduce Costs

Improve Capability

Catalyze Growth

Mitigate Risk

Rebuilding & Repositioning: Reduce Costs

Capital Markets Day |  P. 8

Best-in-class Cost  Position Will Drive Our Success…Broad-based Productivity Effort

Wave 1 & 2

Base Spend

Confirmed

Savings

Additional

Target

Adjusted

Spend

-14%

-3%

Polysilicon

Costs

Procurement  Savings

Pasadena Cost per KG

Rebuilding & Repositioning: Catalyze Growth

Capital Markets Day |  P. 9

*Source:  SEMI, MEMC estimates

**Source: Photon, SEMI, Gartner, MEMC estimates

Simultaneously  growing share and expanding our reach

2005

2006

2007

2008

2009

Semiconductor  Market Share

*

Expanded Addressable Market

* *

2009

Semiconductor Wafer

Solar Polysilicon

Solar Wafer

Solar Project

2009

Rebuilding and Repositioning: Diverse, Synergistic Business Portfolio

Capital Markets Day |  P. 10

50 years of innovation

Direct global presence

Established

(semiconductor stringent)

quality systems

Price and demand visibility

Better planning

Additional wafer demand

Accelerate poly/wafer

innovations

“10,000 customers”

Polysilicon

scale

SG&A cost amortization

Strong ties with

cell/module customers

High quality material at

predictable cost

Semiconductor

Materials

Solar

Materials

SunEdison

synergy

synergy

Vertically Integrated Portfolio is a Competitive Advantage

Strong balance sheet, low financing costs

Rebuilding and Repositioning: Diverse, Synergistic Business Portfolio

Capital Markets Day |  P. 11

50 years of  innovation

Direct global presence

Established

(semiconductor stringent)

quality systems

Price and demand visibility

Better planning

Additional wafer demand

Accelerate poly/wafer

innovations

“10,000 customers”

Polysilicon

scale

SG&A cost amortization

Strong ties with

cell/module customers

High quality material at

predictable cost

Semiconductor

Materials

Solar

Materials

SunEdison

Vertically Integrated Portfolio is a Competitive Advantage

Strong balance sheet, low financing costs

synergy

Rebuilding and Repositioning: Diverse, Synergistic Business Portfolio

Capital Markets Day |  P. 12

50 years of  innovation

Direct global presence

Established

(semiconductor stringent)

quality systems

Price and demand visibility

Better planning

Additional wafer demand

Accelerate poly/wafer

innovations

“10,000 customers”

Polysilicon

scale

SG&A cost amortization

Strong ties with

cell/module customers

High quality material at

predictable cost

Semiconductor

Materials

Solar

Materials

SunEdison

Vertically Integrated Portfolio is a Competitive Advantage

Strong balance sheet, low financing costs

synergy

Rebuilding and Repositioning: Diverse, Synergistic Business Portfolio

Capital Markets Day |  P. 13

50 years of  innovation

Direct global presence

Established

(semiconductor stringent)

quality systems

Price and demand visibility

Better planning

Additional wafer demand

Accelerate poly/wafer

innovations

“10,000 customers”

Polysilicon scale

SG&A cost amortization

Strong ties with

cell/module customers

High quality material at

predictable cost

Semiconductor

Materials

Solar

Materials

SunEdison

Vertically Integrated Portfolio is a Competitive Advantage

Strong balance sheet, low financing costs

synergy

Rebuilding and Repositioning: Diverse, Synergistic Business Portfolio

Capital Markets Day |  P. 14

50 years of  innovation

Direct global presence

Established

(semiconductor stringent)

quality systems

Price and demand visibility

Better planning

Additional wafer demand

Accelerate poly/wafer

innovations

“10,000

customers”

Polysilicon

scale

SG&A cost amortization

Strong ties with

cell/module customers

High quality material at

predictable cost

Semiconductor

Materials

Solar

Materials

SunEdison

Vertically Integrated Portfolio is a Competitive Advantage

Strong balance sheet, low financing costs

synergy

Rebuilding & Repositioning: Improving Capability

Capital Markets Day |  P. 15

Equipping the best people with the best processes and the right metrics

Experienced Team

Robust Processes

Diverse Backgrounds

Deep Experience

Optimal Mix

Internal Promotions

New Additions

Returning Experts

Strong, Engaged Board of

Directors

Applicable expertise

Historical perspective

New Processes

Account management

Semi pricing

Semi cost roadmap

Customer base

“LCOE”

roadmap

Pasadena operations

Procurement

Free Cash Flow

forecasting

Improved corporate

planning

More to come

Rebuilding & Repositioning: Mitigate Risk

Capital Markets Day |  P. 16

Changing the risk profile of the company

Lower Costs

Faster Growth

More Capable

Captured significant

purchasing savings

Launched Asia

centric

manufacturing

strategy

Launched internal

solar wafering plant

Implemented LCOE

roadmap

Implemented Semi

wafer roadmap

Reduced Pasadena

variability

Expanded

addressable market

Expanded product

offering

Broadened customer

sets

Acquired Sun Edison

Increasing

polysilicon capacity

Assembled the right

team

Implemented robust

processes in the

right places

Implementing

business unit

structure

Cross-qualified

plants

Priorities for 2010 and Beyond

Capital Markets Day |  P. 17

Continued customer

momentum

Improve Service

Optimal pricing

Cost roadmap execution

Best-in-class costs

Expand pipeline…Grow

backlog

Deliver competitive LCOE

roadmap

Capture sufficient and

efficient project financing

capacity

Systematize operational

improvements

Semiconductor Materials

Solar Businesses

Good Momentum…a lot left to do

Total Company

Attract and retain the best people

More transparent and consistent

Semiconductor Materials

Dr. Shaker Sadasivam,

President, MEMC Semiconductor Materials

February 4, 2010

Capital Markets Day |  P. 19

Semiconductor Materials Overview

Broad Product & IP Portfolio

Hundreds of high quality silicon patents worldwide

Complete offering of  innovative products

SOI, PerfectSilicon, MDZ, Optia, Clear Epi

World-class Research & Development organization

Available

to

support

customers

–

competitive

advantage

50 years of silicon research and experience

Driving innovation & cost-reduction efforts

Worldwide customer service, support & logistics

21

locations

–

manufacturing,

sales,

service

&

support

Local, responsive & flexible

Worldwide quality assurance

Strongest financial position & longevity

Strong balance sheet and low cost manufacturing global

infrastructure

Leading Position

Market Dynamics: Long-Term

Capital Markets Day |  P. 20

TODAY

1993

Pre-1990

Consolidated Market 

High Barriers to Entry –

(thousands of specs, global presence, capability,

patents & IP, capex, profitable performance)

Generally consistent unit growth

Consolidated Market, High Barriers

>20

producers of

150mm or

smaller

10 producers

of 200mm

6 producers

of 300mm

Long-term Unit Growth

Mature market with Good Long-Term Growth Trend

Capital Markets Day |  P. 21

Market Dynamics: 2009

‘09

Unprecedented Decline in both Price and Volume

Capital Markets Day |  P. 22

Market Dynamics: 2009

‘09

‘10

Price and Volume Recovery

Capital Markets Day |  P. 23

Historical Performance

Source:  SEMI, MEMC estimates.

Revenue & Operating Margin

Structural Changes Stem Market Share Losses.  We Now Have Positive Momentum.

Reversed Share Losses, Now Have Momentum

•

Complete Customer Focus

•

New Qualifications

Lower Wafer Cost

•

Improved Process

•

Asia Manufacturing

•

Closing High Cost Capacity

SOI

R&D

2009

2009 Accomplishments

…Costs coming Down

Strong Customer Momentum…

Strong Customer Momentum

Capital Markets Day |  P. 24

0%

20%

2005

2006

2007

2008

2009

Semiconductor Market Share

Successful Turn-Around…Near Double from Bottom

2009

2008

2009

2010

2011

Semiconductor Wafer Cost

(Example: 200mm)

Costs Coming Down

Capital Markets Day |  P. 25

Capital Markets Day |  P. 25

Best Known Method

-Utilization

-

-

reductions

-7%

-20%

Reversing Upward Cost Trend

Procurement

Tactical cost

2010 Outlook

Capital Markets Day |  P. 26

World-class costs generating high gross

margins

•

Consolidation projects and capability

improvements

Best-in-class service and customer

momentum

New products to fuel above-market growth

•

300mm & SOI capacity expansion

-50%

50%

0

350

1Q'09

2Q'09

3Q'09

4Q'09

1Q'10

2Q'10

3Q'10

4Q'10

2010 Priorities

Customer Momentum: Capacity Development

Revenue & Margin 2009-2010

Significant Volume Rebound…Aggressive Cost Actions

Taiwan

Expand crystal making

Korea

300mm qualification & ramp

Malaysia

200mm hard ramp

Source: Gartner

New Products: SOI TAM

*

–

A great opportunity

2010 Outlook: Priorities

Capital Markets Day |  P. 27

Planned phased closure of U.S. sites by early 2011 and continuous cost

reduction activities

We will also continue with high asset turnover model on capacity

expansions

World-class costs generating higher gross margins

Significant Volume Rebound…Aggressive Cost Actions

Best-in-class service and sustained customer momentum

New products to fuel above-market growth rates

Ranked #1 in service at 3 of the 6 largest device companies across 3

continents

Expanded Sales, Engineering and Service organizations to create more

focus and responsiveness

2010 will be first year of strong revenue growth on 300mm SOI

Development of 32nm substrate solutions for advanced applications and

tailored epitaxy solutions for CIS

SunEdison

Carlos Domenech, President, SunEdison

February 4, 2010

Solar Materials

Ken Hannah, President, MEMC Solar Materials

February 4, 2010

Capital Markets Day |  P. 29

Solar Business Model

Synergy Rich Combination

Cell & Module

Vendor / Customer

Partners

“First mover”

advantage

in highest growth, most

complex,  fragmented

markets

Revenue and margin

created per watt is 4x

wafer; margin stacking

Diversify customer base

by 100x

High barriers to entry

Cost off-take

Pull through 

Solar

Materials

SunEdison

Match forward pricing

curve with internal cost

projections

Accelerate cost reductions

and product innovation at

module level

Leverage strategic

partners to increase

revenue with wafer  “pull-

through”

Improve revenue quality

by aligning with future

industry leaders

Reduce risk on long-cycle

CAPEX

Leverage solar materials

international presence to

expand SunEdison

worldwide

Capital Markets Day |  P. 30

#1 Solar Energy Services Provider in U.S.

Pioneer provider of solar systems and services

Commercial turn key solar power plants

Leading PPA developer

Developed distributed generation market

The largest solar energy service provider in North America

~100+ Mws installed, financed and under O&M

700 Mws backlog and pipeline

Demonstrated track record with financial institutions

Over $700M in project financing

Systems operating at >100% of underwritten investment

Three Value Streams

Development Fee (up-front income upon sale of systems)

Contracted  Residual (value of production beyond obligations)

Service Revenue (O&M, environment attributes)

Key Advantages

Internal R&D to optimize system design and production

Leading monitoring technology to maximize uptime and production

Best in class cost of capital

SunEdison Overview

Capital Markets Day |  P. 31

Strong & Established Company Competing in an Immature Market

Solar Materials Overview

Vertical integration in polysilicon

and wafers

Capacity expansion in both areas

Internal wafering

site on-line in 2010

Polysilicon

capacity to support internal growth

Significant synergies with other MEMC segments

High Quality Materials

2 world-class polysilicon

facilities

Semiconductor capable material

Recognized quality leader

World-class Research & Development organization

FAE’s

available

to

support

customers

–

competitive

advantage

50 years of silicon research, IP & patents

Driving innovation & cost-reduction efforts

Semiconductor quality systems, supporting solar

Worldwide customer service, support & logistics

21

worldwide

locations

–

manufacturing,

sales,

service

&

support

Worldwide quality assurance

Relationships with all major cell & module providers

Strongest financial position & longevity

Customers

know

we

will

be

here

to

support

them

for

the

long-term

Viability to invest in capital intensive business

Market Dynamics –

PV solar capacity

Capital Markets Day |  P. 32

Annual Installations (Gw)

1.4

2005

2.7

2007

5-6

2009e

8.2

6.0

6.6

2011e

2008

2012e

5.5

10.0

7.8

8.6

2006

2010e

1.8

7.0

5.5

6.0

Low:

High:

View:

ROW (MENA)

62%

Italy

39%

Germany

-21%

Spain

29%

Europe (France)

36%

Canada

127% 

US

51%

India

60%

China

137%

Global

37%

Japan

25%

3Year

CAGR

Source: Greentech Media, Solarbuzz, SunEdison estimates.

Enormous potential market –

solar <0.5% of world energy supply

•

State RPS requirements and other solar incentive programs

•

U.S Stimulus; DOE, ITC, Bonus depreciation

•

U.S. Federal climate legislation and EPA regulation

•

New FIT markets

Market Dynamics –

Global PV Market Trends

Capital Markets Day |  P. 33

Key drivers

Competitive trends (2010 –

2014)

•

ST: Consolidation of existing players, local competition (China)

•

Large debt loads, outdated equipment, varied cost structures

•

MT: Differentiated by ability to scale project financing

•

LT: Large cap new entrants as economics and markets mature

•

Willing to accept lower margins to compete

Competition

(fewer and bigger players)

•

Need based economies (China, India, North Africa)

•

Regulatory requirements and policy (net metering)

•

Competitive $/Mwh versus increasing conventional energy rates

Demand

(net global increase)

•

New technologies emerge, challenge to finance

•

Additional capacity coming on-line, overcapacity

•

Few successful new polysilicon entrants, more to follow

•

Pressure on margins, forward integration; lowest cost wins

•

Inefficient and opaque global supply chain

Supply

(increased volumes)

Regulatory environment

(increased involvement)

Enormous potential market –

solar <0.5% of world energy supply

2008

2009

Pasadena Cost/KG

Capital Markets Day |  P. 34

Considerable Progress on Several Important Issues

Revenue & Operating Margin (Solar Materials)

0%

100%

0

1,200

2007

2008

2009

Historical Performance

Improved existing customer relationships…sales

to all 4 LTA customers

Added over 25 new customers

Completed 50Mw German solar plant …IRR>20%

Stabilized polysilicon manufacturing in

Q4…increased throughput and reduced variability

2009 Accomplishments

…and Predictability is Up

Poly Costs are Down…

Capital Markets Day |  P. 35

Historical Performance

2008

2009

Pasadena Cost/KG

Operational

Improvements

Showing

Early

Results

–

Increased

&

More

Consistent

Output

Capital Markets Day |  P. 36

Operational

Improvements

Showing

Early

Results

–

Increased

&

More

Consistent

Output.

Historical Performance

Capital Markets Day |  P. 37

Historical Performance

Greatly Expanded Customer Base, Reduced Customer Concentration

Rank

Customer

2009 MW

Q109 Status

Q409 Status

1

THIN-FILM

1,200

N/A

N/A

2

SILICON

1,130

N/A

ACTIVE

3

SILICON

1,000

ACTIVE

ACTIVE

4

THIN-FILM & SILICON

600

N/A

DEVELOPING

5

SILICON

600

N/A

N/A

6

SILICON

500

N/A

ACTIVE

7

SILICON

450

N/A

DEVELOPING

8

SILICON

450

N/A

N/A

9

SILICON

400

N/A

N/A

10

SILICON

360

ACTIVE

ACTIVE

11

SILICON

360

N/A

ACTIVE

12

SILICON

300

N/A

N/A

13

SILICON

300

N/A

DEVELOPING

14

SILICON

295

N/A

N/A

15

SILICON

290

N/A

N/A

16

SILICON

280

N/A

DEVELOPING

17

SILICON

225

N/A

N/A

18

SILICON

200

N/A

DEVELOPING

19

SILICON

200

N/A

ACTIVE

20

THIN-FILM & SILICON

190

N/A

ACTIVE

21

SILICON

185

N/A

ACTIVE

22

SILICON

160

N/A

ACTIVE

23

SILICON

150

N/A

ACTIVE

24

SILICON

130

N/A

DEVELOPING

25

SILICON

120

N/A

ACTIVE

Other

Other

2,000

N/A

ACTIVE

EMERGING THIN-FILM

1,000

N/A

ACTIVE

Total

Total

13,000

Historical Performance

Capital Markets Day |  P. 38

Description:

•

Technology agnostic

•

Leading owner/operator of PV assets

•

Highest efficiency crystalline module manufacturer

•

Historically strong in residential segment

Capacity share:

14%

5%

4%

8%

4%

•

Thin film  manufacturer

•

Strong in utility segment

85

31

49

Operational PPA-financed capacity in United States (Mw)

25

25

•

Technology agnostic ESCO service provider

•

Bundles solar with energy efficiency

•

FL’s largest Investor Owned utility

Company B

Company C

Company D

Company E

Source: Energy Acuity  as of 1/21/09. Data shows developer of record. 

2009 Accomplishments -

SunEdison

Systems >100% production

Channel partner program with largest regional players

100+ Mws under management

3 Bil kw/hrs contracted for 20 yrs

Successfully penetrated international markets

(Canada, Italy, Spain)

40 Mw,  135 systems installed and financed (est. 12%

of US non-resi market)

•

Strong position with national customers

•

MEMC parent company

•

Early focus on Europe, emerging

player in NA

2010 Outlook

Capital Markets Day |  P. 39

2010 Priorities

Materials Revenue & Margin 2009-2010

Leading Provider of Solar Energy Products & Services, Enabling Grid Parity & Profitable Growth

Reduce product cost…OEE improvements

Expand customer base…wafer pull through

Expand capacity in poly, wafers and installation

Leverage backlog and pipeline…1Gw by 2010

Turn cell-module suppliers/customers into strategic

partners

SunEdison Revenue & Margin 2009-2010

Investments and Initiatives

0%

50%

0

250

1Q'09

2Q'09

3Q'09

4Q'09

1Q'10

2Q'10

3Q'10

4Q'10

0%

50%

0

250

1Q'09

2Q'09

3Q'09

4Q'09

1Q'10

2Q'10

3Q'10

4Q'10

Internal solar wafer plant in Malaysia...sales in Q4

Develop > 100Mw in ‘10 vs. 40Mw in ’09

Channel partners penetration globally

Leverage platform in SunEdison; Italy, Spain,

Canada

Poly production up with OEE improvements and

Merano expansion (double capacity)

Diversified sources of capital

Closing Business

Unit Remarks

Ahmad Chatila, Chief Executive Officer

February 4, 2010

2009, 2010 & Beyond

Capital Markets Day |  P. 41

Capitalized on Tough Times to Rebuild and Refocus…Poised for Success

Semiconductor

Continue customer

momentum

Best-in-class costs

Solar

Expand pipeline…grow

backlog

Deliver on LCOE roadmap

Secure sufficient and

efficient financing capacity

Institutionalize operational

improvements

Built customer momentum

Implemented business

processes to improve

operations

Closed strategic investment in

SunEdison

2009 Highlights

Priorities for 2010 and Beyond

2010 Outlook

Tim Oliver, Chief Financial Officer

February 4, 2010

First 96 Days: Perspective

Restructuring

Operational issues in Pasadena

Tight credit markets

Unprecedented correction in

semiconductor and solar

Significant acquisition

2009 Realities

Transparency & Accessibility

Credibility & Predictability

Steady sequential improvement

Fund investment in future period

growth with current period

efficiency

2010 Objectives

Joined at Just the Right Time

Capital Markets Day |  P. 43

2010 Outlook: Revenue Walk

($ millions)

Tailwinds

Headwinds

Share gain in 2009 augmented by

further gains in 2010

Semiconductor volume and price

recovery

Solar wafer volume

SunEdison Mw ramp

Persistent and expected decline in

Solar wafer prices

–

Supply chain discontinuity

$1.16B

$1.75-1.85B

Semi Materials

Solar Materials

SunEdison

2009

Market

MEMC

Price

SunEdison

Other

2010

Growth

Specific Growth

Capital Markets Day |  P. 44

2010 Outlook: Segment Operating Margin Walk

($ millions)

Tailwinds

Headwinds

Volume and the accompanying

leverage

Supply chain and purchasing

savings

Restructuring benefits

Other cost productivity

Solar price declines only partially

offset by semiconductor increases

2009

Volume

Price

Mix

Productivity

2010

(3%)

16-17%

Capital Markets Day |  P. 45

2010 Outlook: Free Cash Flow Re-Definition

Past Definition

Current Definition

Proceeds from financing and

capital lease obligations

Repayments of financing and

capital lease obligations

SunEdison Business Model Necessitates the Change

plus

Construction of Solar

Energy Systems

Cash flows from

operating activities

Capital expenditures

Free Cash Flow

less

Cash flows from

operating activities

Capital expenditures

less

Free Cash Flow

less

less

Capital Markets Day |  P. 46

2010 Outlook: Cash Flow Walk

Tailwinds

Headwinds

Swing to a profit

Working capital opportunities

Strategically imperative capacity

investments

SunEdison project timing

$1,075M

Capital Markets Day |  P. 47

~$350M

Beg

Net Inc

Op Cash

Semi

Poly

Solar

SunEd

SunEd

End

Cash &

Capex

Capex

Capex

Projects

Net Fin.

Cash &

Investments

Investments

2010 Outlook: SunEdison Impact to Reported Results

Sale/Leaseback

Debt Finance

Direct Sale

Energy revenue over

life of project

Deferred gain on sale

over life of project as

credit to depreciation

Interest expense

Energy revenue over

life of project

ITC and energy credits

Interest expense

Immediate revenue

and margin, just like a

product sale

O&M contract only

impact after sale

Capital lease asset

Capital lease liability

(non-recourse project

debt)

Energy system asset

Debt (non-recourse

project debt)

Nothing on balance

sheet post sale and

receivable collection

Capex to build system

Immediate cash inflow -

Proceeds from financing and

capital lease obligations in

Financing cash flow

Cash outflow for lease

repayments

Cash inflow over life of

project for energy rev.

Capex to build system

Immediate cash inflow -

Proceeds from financing and

capital lease obligations in

Financing cash flow

Cash outflow for debt

repayments

Cash inflow over life of

project for energy rev.

Operating cash 

(inventory) to build

system

Operating cash upon

receipt of cash from

customer on system

sale

Capital Markets Day |  P. 48

SunEdison: Typical Sale/Leaseback Project

Construction Phase

Project LLC

MEMC

Construction

System

Sale

Cash

Purchase

Const.

Funding

Capital Markets Day |  P. 49

SunEdison: Typical Sale/Leaseback Project

Financial

Institution

Cash

Purchase

System

Sale

Project LLC

MEMC

Construction

Closing Phase

Capital Markets Day |  P. 50

SunEdison: Typical Sale/Leaseback Project

Financial

Institution

Host /

Customer

Energy from

System

$/kWh

Billing

Free

Cash

Flow

Lease

Payments

System

Lease

Project LLC

MEMC

Construction

Operations Phase

Capital Markets Day |  P. 51

2010 Outlook: New Reported Segments

Semiconductor

Materials

Solar Materials

SunEdison

Risks

•Operational execution

•Global economic

regression

Opportunities

•Pricing retention

Risks

•2

nd

half uncertainty

Opportunities

•SunEdison

pull through

Risks

•Ramp execution risk

•Subsidies environment

•Financing capacity

Opportunities

•Materials cross-sell

•Large Intl. projects

-50%

50%

0

1,500

2009

2010

-50%

50%

0

1,500

2009

2010

-50%

50%

0

250

2009

2010

Cautiously Optimistic

Dynamic Environment

Rapid Ramp

Capital Markets Day |  P. 52

2010 Outlook: Guidance Overview

Revenue ($ million)

-

Semiconductor Materials

-

Solar Materials

-

SunEdison

Segment Operating Margin

-

Semiconductor Materials

-

Solar Materials

-

SunEdison

Tax Rate

EPS from Continuing Ops

Free Cash Flow

Capital Expenditure

2009

Actual

$1,164

586

573

4

(2%)

($0.30)

($158)

$225

2010

Guidance

$1,750–1,850

$0.70-0.80

Positive

Modeling

Support

60-70% Growth

5-15% Growth

~$200M

16-17%

Higher than avg.

Higher than avg.

Lower than avg.

~15%

~$350M for core

Capital Markets Day |  P. 53

2010 Outlook: Revenue & EPS Calendarization

0.00

0.50

0

500

Q110

Q210

Q310

Q410

Consensus Revenue

Consensus EPS

MEMC Revenue Outlook

MEMC EPS Outlook

EPS Ramps with Volume and Productivity

Capital Markets Day |  P. 54

Business Model: Longer-Range Targets

Capital Markets Day |  P. 55

We Will Make Significant Progress in 2010

Long

Range

Target

2010

Outlook

Revenue Growth

Gross Margins

Opex as % of Revenue

Operating Income as % Revenue

Capex as % of Revenue (Materials Businesses)

IRR of Projects in Solar Systems

FCF as % of Net Income

>Market

30%

10%

20%

15%

20%

85%

Closing

Gap

Work to

do

Closing

Gap

~20%

Work to

do

Q&A

Ahmad Chatila, Chief Executive Officer

Tim Oliver, Chief Financial Officer

Dr. Shaker Sadasivam, President, MEMC Semiconductor Materials

Ken Hannah, President, MEMC Solar Materials

Carlos Domenech, President, SunEdison

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Capital Markets Day

February 4, 2010

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