LDK Solar Co., Ltd. (LDK Solar) reported strong 2Q 08 results which significantly exceeded our and market expectations. Furthermore, Management has offered a strong outlook and has again revised its FY 2008 wafer shipment, production capacity and revenue estimates upwards as the company continues to foresee strong demand for its wafers. In view of this, we maintain our positive outlook for the company and do not anticipate a change in our current rating for the NYSE common stock. Given our strong fundamental outlook, we do not anticipate a change in our current European stock rating. We expect to revert to a 6-24 month horizon to value this stock as we no longer anticipate a significant currency impact on the European stock over 6-12 months.

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