Management clearly missed the right time to define the right strategy for Polysilicon. It looks to us as if the division will turn out to become a money tomb, despite the fact that it has good access to the largest photovoltaic market, China. The recent profit warning and the initiation of a cost-cutting programme underpin our view: should Polysilicon still stay with the company? We would say: PolysilEXIT! Additionally, management will miss FY guidance and adjusted it accordingly.