The PPVX began on Aug. 1, 2001 with 1,000 points and is calculated weekly using the euro as its base currency. It includes 13 stocks listed on the market in different countries, as well as one company (Phönix Sonnenstrom AG) that is traded off-market. To be included in the PPVX, more than 50 percent of a company's sales in the previous year must have come from PV products or services.

Currency: Share price in domestic currency. Conversion rate from Aug. 1, 2004.

MC: Market Capitalization (number of share multiplied by price)

WP: The PPVX is a weighted index so that the stocks of a few highly capitalized companies do not exert too much influence. It is divided into three classes, with different weighting points (WP) based on the companies' market capitalizations. A capitalization of less than €50 million ($60.1 million) has 1 WP (Arise, Daystar, , Phönix, Solar Energy Systems, S.A.G., Solar-Fabrik, Sunways, WorldWater); between €50 million and €200 million ($60.1 million and $240.5 million), 2 WP (Evergreen, Motech, Solar Integrated Technologies, SolarWorld, Solon); and greater than €200 million ($240.5 million), 3 WP (Energy Conversion Devices). If the stock price of a company under- or overperfoms the »critical« market capitalization level for a certain weighing class for a minimum of four weeks, the weight factors shift because the company is down- or upgraded. Currently, the PPVX has 21 WP, which means that 1 WP represents 4.8 percent in the index.

REV: Revenues in 2003

PSR: Price-to-Sales Ratio (MC divided by annual revenues)

E: Number of employees (current or end of 2003)

¹* Based on first nine month of business year 2003-04, which ended on June 30, 2004.
²* Phönix is valued in the PPVX with the price of the last official capital increase at the start of 2001 as long as it is not publicly traded.
³* Based on first nine month of business year 2002-03, which ended on June 30, 2003,
⁴* included in PPVX as of March 31, 2004 (Daystar), as of Feb. 13, 2004, as of May 13, 2004 (SIT).
⁵* SIT is listed at the London Stock Exchange, that’s why share price is published in British pounds.