Energy Revolution ... Solar's Journey

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Luncheon

The Energy Revolution … Leading the Solar Transition: Technology Innovation & the Wave of Solar Across the Regional PJM Electricity Marketplace at Very Low Prices

Georges Antoun, Chief Commercial Officer, First Solar, Inc., Tempe, AZ

Tuesday, February 19, 2019 12:30 p.m. to 1:15 p.m.

First Solar Proprietary & Confidential - General

Georges Antoun

Chief Commercial Officer

EXPERIENCE

Georges Antoun joined First Solar in July 2012 as the company’s Chief Operating Officer and was appointed Chief Commercial Officer in 2016. In this role, Mr. Antoun has responsibility for the company’s global business and project development strategies.

Mr. Antoun has over 30 years of operational and technical experience, including leadership positions at several global technology companies. Prior to joining First Solar, Mr. Antoun served as Venture Partner at Technology Crossover Ventures (TCV), a private equity and venture firm that he joined in July 2011. Prior to joining TCV, Mr. Antoun was the Head of Product Area IP & Broadband Networks for Ericsson, based

in San Jose, California. Mr. Antoun joined Ericsson in 2007, when B i o g r a p h y Ericsson acquired Redback Networks, a telecommunications equipment company, where Mr. Antoun served as the Senior Vice President of World Wide Sales & Operations. After the acquisition, Mr. Antoun was promoted to Chief Executive Officer of the Redback Networks subsidiary. Prior to Redback Networks, Mr. Antoun spent five years at Cisco Systems, where he served as Vice President of Worldwide Systems Engineering and Field Marketing, Vice President of Worldwide Optical Operations, and Vice President of Carrier Sales. He has also held senior management positions at Newbridge Networks, a data and voice networking company, and Nynex (now Verizon Communications), where he was part of its Science and Technology division.

EDUCATION

Mr. Antoun earned a Bachelor of Science in Engineering from the University of Louisiana at Lafayette and a Master’s Degree in Information Systems Engineering from NYU Poly.

First Solar, Inc. 350 W. Washington St. #600 Tempe, Arizona 85281 Telephone 877.850.FSLR www.firstsolar.com SOLAR’S JOURNEY IN OHIO AND BEYOND WHAT CAN POWER OUR FUTURE?

RENEWABLE FINITE

SOLAR 60—120 Wind Natural 215330 23,000 per year Gas Total 0.2—2 per year Waves 3—11 per year Petroleum 240310 OTEC Total 2010 World 2—6 per year required ~16 TW Biomass 3—4 per year Uranium 90-300 HYDRO Total 0.3 per year 0.3—2 per year 2050: ~28 TW TIDES Geothermal

900

COAL Total reserve

First Solar Proprietary & Confidential - General 2 14 February 2019 Solar Journey — TECHNOLOGY

FLEXIBLE DISPATCHABLE GRID RELIABILITY GENERATION & STABILITY

INTERMITTENCY

First Solar Proprietary & Confidential - General 3 14 February 2019 Solar Journey — ECONOMICS

Source: Lazard’s Levelized Cost of Energy Analysis, Version 12.0

BELOW MARGINAL LOWEST COST COST OF COAL NEW GENERATION GRID PARITY

UNECONOMICAL

First Solar Proprietary & Confidential - General 4 14 February 2019 Solar Journey — MARKET

Bloomberg New Energy Finance – New Energy Outlook 2018

Historical world power generation mix NEO2018 power generation 100% Other 90% Hydro Solar 48% solar & wind 80% 70% Nuclear Wind 60% Oil 50% Gas 64% renewables 40% 30% 20% Coal 29% fossil fuels 10% by 2050 0% 1970 1980 1990 2000 2010 2020 2030 2040 2050

ENERGY GENERATION MIX SHIFT TRADITIONAL FUEL ELECTRIFICATION RETIREMENTS

CLIMATE CHANGE

First Solar Proprietary & Confidential - General 5 14 February 2019 SOLAR JOURNEY

S R T E R S A BELOW MARGINAL O LOWEST COST COST OF COAL T NEW GENERATION U GRID PARITY DISPATCHABLE E R FLEXIBLE G UNECONOMICAL GRID RELIABILITY GENERATION ENERGY GENERATION C & STABILITY MIX SHIFT I ELECTRIFICATION E INTERMITTENCY TRADITIONAL FUEL C RETIREMENTS

CLIMATE CHANGE

First Solar Proprietary & Confidential - General 6 14 February 2019 FIRST SOLAR AT A GLANCE

Over 17GW sold worldwide and over $14.5B in project financing facilitated

Partner of choice for leading utilities and global power buyers since 1999

Solar energy that is economically competitive with fossil fuel

Strongest financial stability & bankability in the industry Lowest environmental impacts of all PV technologies on a life cycle basis

Industry-leading global PV recycling

program

First Solar Proprietary & Confidential - General 7 14 February 2019 FINANCIAL STABILITY & BANKABILITY

First Solar has the strongest financial stability & bankability in the industry making us the partner of choice for leading utilities and global power buyers

3,000

2,000

1,000

(1,000)

(2,000) Net (Debt)/CashNetMillions in$

(3,000) FSLR JA Solar Hanwha SunPower Jinko Trina Yingli Canadian Interest Income/ $10M ($46M) ($43M) ($88M) ($39M) - ($95M) ($98M) (Expense)

Based on company quarterly filings. FSLR, SunPower based on Q4 2017 results. Other companies based on Q3 2017 results. Interest income / (expense) based on trailing twelve months.

First Solar Proprietary & Confidential - General 8 14 February 2019 ENVIRONMENTAL FOOTPRINT

LOWEST LOWEST LOWEST CARBON FOOTPRINT WATER FOOTPRINT AIR POLLUTANTS (NOx, SOx, PM, heavy metals)

(gCO2 / kWh) (Liters / kWh) (g/ kWh)

Up to Up to 900 120 Up to 8

7.2 67 44 1.9 0.3 11 0.4 0.2

Thermal PV PV First Solar Thermal PV PV First Solar Thermal Power PV First Solar Power Plants Mono-Si Multi-Si Power Plants Mono-Si Multi-Si Plants Multi-Si

LOWEST environmental footprint of all PV technologies.

First Solar Proprietary & Confidential - General 9 14 February 2019 PJM SOLAR ACTIVITY

Contracts Executed 1.8 Why Solar is on a Path to Dominance 1.6

1.4

1.2

GW 0.8

0.6 0.4 Corporate Renewable Energy Deals Smash 0.2 Records in 2018

0 2017 2018 Corporate Utility

Solar is now COST-EFFECTIVE in PJM and Ohio.

First Solar Proprietary & Confidential - General 10 14 February 2019 FIRST SOLAR’S OHIO PROJECT PORTFOLIO

TOTAL: 749.3MW

Project Owner Location Status Size Offtaker

First Madison Madison Development 196MW Solar County

First Ross Yellowbud 127MW Solar County

First Crawford Crawford 160MW Solar County

First Ross Buckskin 100MW Solar County First Solar First Manufacturing Perrysburg Operation 2.3MW Solar Center Wyandot Solar Wyandot PSEG Operation 12MW AEP Farm County 5MW–ranging Additional — Operation from 6kW to Projects 1MW

Advanced stage projects ready to deploy COST-EFFECTIVE solar.

First Solar Proprietary & Confidential - General 11 14 February 2019 MADE IN OHIO

• Largest solar manufacturing • Employing 750+ associates facility in the Western • Over $1B invested into Ohio over Hemisphere the last three years* • Frontline of new technology innovation with co-located manufacturing and R&D

Ohio Mfr. FSLR

PV Plant

Working with 250+ suppliers and creating over 4,000 jobs across Ohio.

*includes wages paid, manufacturing purchases, R&D, development costs, and taxes Copyright First Solar, Inc. © ©

First Solar Proprietary & Confidential - General 12 14 February 2019 OHIO MANUFACTURING EXPANSION

SERIES 6 FACTORY EXPANSION 1.2GW Ohio, USA

• 500 FTEs • ~Annual payroll: $30 million • ~Investment: $400 million • 6,100+ local supply chain jobs • ~1,000,000 sq. ft. • Most high tech manufacturing & excellence center in North America

• Q2 2018: Construction start

• Q4 2019: Production start

First Solar Proprietary & Confidential - General 13 14 February 2019 CONCLUSION

• Solar energy is the LONG-TERM SUSTAINABLE energy source • Technology, economics, and markets have evolved – solar is now a STRATEGIC RESOURCE including here in Ohio • First Solar is expanding in Ohio: manufacturing innovative technology,

building cost-effective power plants, and creating Ohio jobs

First Solar Proprietary & Confidential - General 14 14 February 2019

APPENDIX

GLOBAL OFFICES & MANUFACTURING

First Solar Proprietary & Confidential - General 17 14 February 2019 CONTRIBUTING TO A CIRCULAR ECONOMY

Solar modules manufactured in Ohio, the US’s largest module manufacturing facility

Additional renewable energy generation in Ohio

Modules recycled at end-of-life in Ohio

Ohio -based glass Modules power companies reuse manufacturing module materials facilities and offices in Ohio

A FULLY circular, renewable OHIO Economy

First Solar Proprietary & Confidential - General 18 14 February 2019 POWER GENERATION IS LEADING CAUSE OF AIR POLLUTION IN THE U.S.

• The burning of fossil fuels for electricity, heat, and transportation represents the Annual Mean Particulate Matter (PM2.5)Levels Attributable to Electricity Generation in 2016 (µg/m3) largest source of man-made GHG emissions in the U.S. — Air pollution accounts for 6.5 million premature deaths per year

• Midwest emits the highest emissions of sulfur dioxide, nitrogen oxides and particulate matter — Linked to cardiovascular and respiratory diseases, cancer and early death

• Health impacts represent largest fraction of economic damages from air pollution

Benefits in avoided GHG and particulate matter emissions amount to 22.3¢/kWh in the Midwest. — EPA Co-Benefits Risk Assessment (COBRA) model

Environmental Quality and the U.S. Power Sector: Air Quality, Water Quality, Land Use and Environmental Justice (2017) Oak Ridge National Laboratory, ORNL/SPR-2016/772.

First Solar Proprietary & Confidential - General 19 14 February 2019 GROSS CAPACITY ADDITIONS & RETIREMENTS

GW Other flexible capacity 700 Demand response

Utility-scale 600 batteries Small-scale batteries 500 Other

Solar thermal 400 Small-scale PV

300 Utility-scale PV Offshore wind 200 Onshore wind

100 Biomass Geothermal 0 Hydro

Nuclear -100 Oil

-200 Peaker Gas

Gas -300 2015 2020 2025 2030 2035 2040 2045 2050

First Solar Proprietary & Confidential - General 20 14 February 2019 GENERATION 2012 - 2050

TWh Other Solar thermal 45,000 Small-scale PV Utility-scale PV 100% Offshore wind Onshore wind Biomass Geothermal Hydro Nuclear 90% 40,000 Oil Peaker Gas Gas Coal Renewables share 80% 35,000

70% 30,000

60% 25,000 50% 20,000 40%

15,000 30%

10,000 20%

5,000 10%

0 0% 2012 2017 2020 2025 2030 2035 2040 2045 2050

First Solar Proprietary & Confidential - General 21 14 February 2019 First Solar Proprietary & Confidential ~ 30 GENERATING OVER 17GW - General TWh /y 22