FINANCIAL INSIGHTS * GAAP loss per share of $1.59 including of $1.59 per share GAAP loss * • • • 2017 RESULTS — — Series 6Transition — — Technology &Operations — — — Financial Results Positioning First Solar forPositioning Solar long termgrowth First stability and First module produced in November,4 factories underwayMalaysia (Ohio, 1, Vietnam 1&2) 17.0%line andfleetaverage lead exit efficiency 2.7 GWof moduleshipments Year-endof $2.6 Net-Cash billion balance Non-GAAP Earnings of $2.59 per share * Revenue of$2.9 billion restructuring and tax reform impacts

6 March3 2018 © Copyright First Solar, Inc. * Includes $10m restructuring, $60m restructuring, * Includes$10m • • • 2018 OUTLOOK — — Series 6Transition — — Technology &Operations — — — Financial Guidance Production of ~1GW ofSeries 6 modules, year endoperating capacity of~2GW 800 million Capex of$700 – unchanged at17.0%Series 4efficiency GW 3.0 module shipments 2.9 – billion 2.3 Year-endof $2.1 Net-Cash balance – 1.90 * $1.50 – of Earnings pershare 2.65 billion Revenue of$2.45 – ramp costs, $110m start-up costs start-up $110m ramp costs,

6 March4 2018 © Copyright First Solar, Inc. TAX CUTS AND JOBS ACT KEY PROVISIONS provisions International tax tax repatriation One time system International tax Losses Net Operating expensing Capital deductibility expense Interest Corporate taxrate • • • • • • • • 2017regime (“Old”tax taxed typesof foreign passiveCertain income n/a to fullU.S.subject corporatetax Dividends from foreign subsidiaries (20 years) carryoverand (2 years) 100% carryback (wheneligible) Bonus depreciation schedule (MACRS) Depreciation No limit 35% 08(“New” taxregime) 2018 ) • • • • • • • • • • • • BEAT (Base Erosion and Anti-Abuse Tax) andAnti-Abuse BEAT (Base Erosion IntangibleLow-Taxed (Global Income) tax GILTI Payableover weightedback-end 8years, /8%onnon-cash 15.5% on cash tax free are subsidiaries Dividends from (10+% owned) foreign (indefinite)and 80%carryover No carryback to MACRS subject Amounts not immediately expensed, steps2023 down 20% per year starting 2022); immediateEligible assets expensing (2018 – of disallowedUnlimiteddeductions carryforward Limit 30%U.S. EBIT(2022 2021) Limit 30%U.S. EBITDA (2018 - 21%  )

6 March6 2018 © Copyright First Solar, Inc. • • • MACRO IMPACT — — — — — Power sector — — — Corporate impact finance — Macro varies benefit by sector Mixed impact to renewables (ITC/PTC unchanged, impacts to debtand tax equity capital) debtorNOLs Negative to companies with HoldCo Lowestimpact E&P multinationals, tocompanieslarge withsignificant offshore Greatest impact to/ benefit largeUStaxpayers Neutral to regulated utilities (exemptions from Potential creditimplications for highly leveragedsectors Repatriation (subject to onetimetax impact) unlocks ~$1-1.5 trillion previously trapped cash Increased costofcapital/reduced value from leverage Leads to higher profits and cash,higher costof interest deductibility, capitalexpensing rules) capital,netslight enterprise value increase

6 March7 2018 © Copyright First Solar, Inc. • • • WHAT HAVEFAR?SO WE SEEN — — Cash usage — — — Capital structure — — ProfitabilityValuation / — “Use ofproceeds” announcements focused onca Near term focus ononetime bonuses / employee benefits Energy sector higherleveragehistoricallyaverage than S&P supported Deleveragingdrivendowngradehitting EBITDA/EBIT bycredit risk of deductibilitylimits,or Interest deductibility limitsforcingstructure reevaluation capital of Valuations expected to increasecorrespondin Forecastearnings increasesthrough lowercorporate tax rate Companies with M&A track records have “licen gly, balanced by lower buyout leverage se” to pursue more / larger acquisitions larger / se” to more pursue pexand return ofcapitalto shareholders

6 March8 2018 © Copyright First Solar, Inc. SOLAR LANDSCAPE: CORPORATE Source: GTM, IHS, BNEF IHS, Source: GTM, COMPETITIVE LANDSCAPE: NUMBERS vrg p 03 03 03 $0.34 $0.35 $0.37 $0.35 $0.39 GW 18 $0.38 107 GW $0.39 24GW 99GW $0.48 GW 14 70GW Average CpW GW 29 79GW Average ASP (Global) expansion Capacity Module marketGlobal demand Actual 2016 xetdActual Expected 072018 2017 Forecast 10 6 March 2018 © Copyright First Solar, Inc. • • • • 2018 2017 COMPETITIVE TRENDS — — — — — — — — — — — Paradox of growthParadox of capex Industry Mono PERC conversion continues Module capacity For existing players, apr often Technology changeforcing new capacity $10bn acrossingot to module(~25% fromincrease 2017) Waferand key supplyremainsconstraint driver ofte Trending to ~50% of cellcapacityby endof 2018 new tech opening up– differential Quality Module supply remains Chinesedominated (all fore Global supply / demandrelativelynear term balanced Rising polysiliconpricing C-Si trendofconversion to (p-type) mono capacity Series4 to Series6 transition First Solar– ecursor to financial instability nology vs older and uneconomic capacity nology vsolderanduneconomic cast top 10cast companies by shipmentvolume) chnology conversion – driven by Longi and Zhonghuan and driven by Longi chnology conversion – 11 6 March 2018 © Copyright First Solar, Inc. • • • Ranking by volume Ranking module shipment • TIER 1 COMPETITORS: FINANCIAL HEALTH FINANCIAL TIER 1COMPETITORS: 3Sharp LDK Suntech #3 #2 #1 5Trina DefaultExit / Bankruptcy / Canadian #5 #4 ak21 0121 0321 052016 2015 2014 2013 2012 2011 2010 Rank : DefaultedYingli: 20 bonds in on Suntech:Defaults onbonds in20 LDK: Defaults on >$1B bonds and file Sharp: Sells RecurrentEx Sharp: Energy ; aainCnda Ynl igiCnda Trina Canadian Yingli Yingli Canadian utc igiTrina Trina Trina Jinko Yingli Suntech hr utc utc aainHnh Hanwha Hanwha Canadian Suntech Suntech Sharp igiJ oa JnoJ oa Ynl JA Solar Yingli JA Solar Jinko JA Solar Yingli rn rn aainJ noJnoCanadian Jinko Trina Trina Canadian Jinko 15 ;ongoingcreditor negotiations 13and filesfor bankruptcy in2014 its theU.S. andEuropean markets s for bankruptcy in theU.S. in2014 Sharp LDK Suntech Yingli 12 6 March 2018 © Copyright First Solar, Inc. Ranking by volume Ranking module shipment TIER 1 COMPETITORS: CREDITWATCH TIER 1COMPETITORS: Debt watchST (Cash/ 1.0) debt< 3Sharp LDK Suntech #3 #2 #1 5Trina DefaultExit / Bankruptcy / Canadian #5 #4 ak21 0121 0321 052016 2015 2014 2013 2012 2011 2010 Rank aainCnda Ynl igiCnda Trina Canadian Yingli Yingli Canadian utc igiTrina Trina Trina Jinko Yingli Suntech hr utc utc aainHnh Hanwha Hanwha Canadian Suntech Suntech Sharp igiJ oa JnoJ oa Ynl JA Solar Yingli JA Solar Jinko JA Solar Yingli rn rn aainJ noJnoCanadian Jinko Trina Trina Canadian Jinko Sharp ik awaCnda rn JA Solar Trina Canadian Hanwha Jinko LDK Suntech Yingli 13 6 March 2018 © Copyright First Solar, Inc. Ranking by volume Ranking module shipment TIER 1 COMPETITORS: PRIVATIZATION TIER 1COMPETITORS: #4 Privatization Debt watchST (Cash/ 1.0) debt< 5Trina DefaultExit / Bankruptcy / #5 Suntech #3 #2 #1 ak21 0121 0321 0521 2017 2016 2015 2014 2013 2012 2011 2010 Rank Canadian Sharp LDK Canadian utc igiTiaTiaTiaJnoJinko Trina Trina Trina Jinko Yingli Suntech Sharp igiJ oa JnoJ oa Ynl ASlrHanwha JA Solar Yingli JA Solar Jinko JA Solar Yingli Trina Trina aainTiaJA Solar Trina Canadian aainYnl igiCnda rn Trina Trina Canadian Yingli Canadian Yingli utc utc aainHnh awaJA Solar Hanwha CanadianHanwha Suntech Suntech Sharp ik Hanwha Jinko rn aainJnoJnoCnda Canadian Canadian Jinko Trina Canadian Jinko LDK Suntech Yingli 14 6 March 2018 © Copyright First Solar, Inc. As of Mar 2017 3 MARKET CAPITALIZATION2017 0 2 4 6 8 ($bn) SRSunPower FSLR 3.6 1.1 T iaCnda awaJnoJ oa Yingli JA Solar Jinko Hanwha Canadian rina 1.0 0.9 0.7 4.4 0.5 0.2 0.0 15 6 March 2018 © Copyright First Solar, Inc. As of Feb 26, 2018 As of Feb 26, MARKET CAPITALIZATION2018 0 2 4 6 8 ($bn) SRSunPower FSLR 6.5 1.0 T iaCnda awaJnoJ oa Yingli JA Solar Jinko Hanwha Canadian rina Private 0.9 0.7 0.6 0.4 0.0 16 6 March 2018 © Copyright First Solar, Inc. • • (Expense Income/ Interest NET DEBT2017 Interest income Interest income / (expense) ba result Based onQ42016 filings. quarterly on company Based Net (Debt)/Cash in $ Millions (3,000) (2,000) (1,000) ) 1,000 2,000 3,000 0 $3M SRJ oa awaSnoe Jno rn Ynl Canadian Yingli Trina Jinko SunPower Hanwha JA Solar FSLR sed on trailing twelve months twelve trailing sed on $8)(4M $8)($52 ($58M) ($46M) ($38M) s, except for whic s, h is based on Q3 2016 results. is based on Q32016 h )(8M $5)($60M) ($95M) ($82M) M) 17 6 March 2018 © Copyright First Solar, Inc. • • (Expense Income/ Interest NET DEBT2018 Interest income Interest income / (expense) ba based on filings. Based on quarterly FSLR, company SunPower Net (Debt)/Cash in $ Millions (3,000) (2,000) (1,000) ) 1,000 2,000 3,000 0 $10M SRJ oa awaSnoe Jno rn Ynl Canadian Yingli Trina Jinko SunPower Hanwha JA Solar FSLR sed on trailing twelve months twelve trailing sed on $6)(4M ($88M) ($43M) ($46M) Q4 2017 results. Other companies based on Q3 2017 results. based on Q32017 Other companies results. Q42017 $0.9B Increase in Competitor Net Debt Net Increase inCompetitor $0.9B $9)-(9M ($98M) ($95M) - ($39M)

Private

Defaulted 18 6 March 2018 © Copyright First Solar, Inc. Source: BNEF, “Company Peer Comparison – Solar” (December 2016). Fo (December Solar” 2016). – Peer Comparison “Company Source: BNEF, CREDIT RISK2017 10.0 (6.0) (4.0) (2.0) 0.0 2.0 4.0 6.0 8.0 SRHnh ASlrTiaJnoCnda uPwrYingli SunPower Canadian Jinko Trina JA Solar Hanwha FSLR 2.6 2.0 1.5 1.5 r Q3 scores not reported r Q3scoresnot by BN 1.2 1.2 1.0 1.0 1.0 1.0 EF, Altman-Z score calculated d irectly irectly from company statementsusing financial 0.4 (1.8) 1.1 2.6 Z <1.1 online tool Risk . 19 6 March 2018 © Copyright First Solar, Inc. (14.0) ore NF CmayPe oprsn–Slr latestdata available,except9/30/2017 SPWR (12/31/2017) Solar” – Source: BNEF,“Company Peer Comparison – CREDIT RISK2018 10.0 (6.0) (4.0) (2.0) 0.0 2.0 4.0 6.0 8.0 SRHnh ASlrTiaJnoCnda uPwrYingli SunPower Canadian Jinko Trina JA Solar Hanwha FSLR 7.7 7.7 0.5 1.6 1.6

Private 0.8 0.3 (3.3) (12.7) 1.1 2.6 Z <1.1 Risk 20 6 March 2018 © Copyright First Solar, Inc. • • • SUMMARY Corporate financialsandcredit continueto decline Technology conversion pressure remains strong 2018Global demandcontinuingto rise,100–120GW 21 6 March 2018 © Copyright First Solar, Inc. SOLAR LANDSCAPE: PROJECT Source: GTM, IHS, BNEF GROWTH ANDCOMPETITIVENESS: US GROWTH GW installed 10 15 20 0 5 0820 0021 0221 0421 0621 0821 0022 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 0.3 0.4 US annualinstallations (GW) 0.8 1.9 3.4 4.8 6.3 7.5 Module price($/w) 15.0 11.9 10.1 11.9 12.6 12.6 13.9 4 3 2 1 0 23 6 March 2018 © Copyright First Solar, Inc. Source: GTM, IHS, BNEF GROWTH ANDCOMPETITIVENESS: US GROWTH GW installed 10 15 20 0 5 0820 0021 0221 0421 0621 0821 0022 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 US annualinstallations (GW) Module price($/w) Module price($/w) 4 3 2 1 0 24 6 March 2018 © Copyright First Solar, Inc. Source: GTM, IHS, BNEF GROWTH ANDCOMPETITIVENESS: US GROWTH 10 15 20 GW installed 0 5 IC20 2007) (ITC 2006 – 0520 0720 0921 0121 0321 0521 0721 0922 012022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 Energy Policy Act 2005 Health CareAct Tax Relief and (ITC 2008) US annualinstallations (GW) 2006 Emergency Economic IC20 2016) (ITC 2009 – Stabilization Act 2008 Module price($/w) IC21 2021) (ITC 2017 – Appropriations Act Omnibus 2015 ITC (%) 40% 30% 20% 10% 0% 25 6 March 2018 © Copyright First Solar, Inc. Source: GTM, IHS, BNEF, Bloomberg GROWTH ANDCOMPETITIVENESS: US GROWTH 10 15 20 GW installed 0 5 US annualinstallations (GW) 0820 0021 0221 0421 0621 0821 0022 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 US 10YearTreasury Indicative solarproj ect costofcapital Cost ofCapital (%) 20% 15% 10% 5% 0% 26 6 March 2018 © Copyright First Solar, Inc. E RVR FVLE LO CONTRIBUTION KEY DRIVERS OFVALUE: LCOE Very high module costs 43% most obvious lever to reducing LCOE 9019 082018 2008 1998 1980 16% 38% Balance ofPlantincreasingly 40% important asmodule important costs improved 5% Financing 31% 24% o Module BoP Cost ofcapitalmorerelevant 39% as moduleandBOP 6% costs decline 27% 28% OpEx contributor tocontributor LCOE asother costs increasinglyoptimized pxbecomesmeaningful OpEx 33% 17% 18% 32% 27 6 March 2018 © Copyright First Solar, Inc. CAPITAL AND STRUCTURES SOURCES Early adopter Strategics Unlevered /lease taxequity partnership Unlevered Sale Banks / LifeCos / Corporates / Banks /LifeCos 0820 0021 0221 0421 062017 2016 2015 2014 2013 2012 2011 2010 2009 2008 Private Equity withhigherriskappetite BroaderStrategics Back levered taxequity partnership Guaranteed /SubsidizedFinancing Structures Infrastructure / Infrastructure Energy Funds Commercial Financing qiyTax Equity Equity YieldCo’s taeisasTax Equity Strategics Debt Pension /AnnuityCapital 28 6 March 2018 © Copyright First Solar, Inc. YIELDCO’S Comment Status Sponsor IPO Date Infrastructure Infrastructure Yield interest sale ofNRG Announced e 2018 Feb July2015 June2015 July2014 June2014 June2014 Sept2013 July 2013 to Global to Partners Partners (GIP) R iesoeAegaNxEaSunEdison NextEra Abengoa Riverstone NRG ae- Sale - Partnership Partnership bankruptcy. Bankruptcy announced Algonquin Nov 2017 Renamed Renamed following Abengoa Sponsor with - - Bankruptcy Brookfield Mar 2017 Sponsor Sold to company to Announced First Solar First SunPower Feb 2018 Feb Dynamics Capital sale of Sale Bankruptcy SunEdison Brookfield Mar 2017 Sponsor Sold to 29 6 March 2018 © Copyright First Solar, Inc. CAPITAL STACK Unlevered Strategic 100% Strategic Levered 20% 80% Tax Equity Unlevered Tax Equity 50% 0 50% 50% Sponsor Tax Equity Levered 35% 15% Debt (Post Tax Reform) Tax Equity Levered 45% 40% 15% Tax Equity (10% ITC) Levered 20% 55% 25% 30 6 March 2018 © Copyright First Solar, Inc. Tax equity market is ad is market equity Tax TAX REFORM — — — — — New on restrictions NOL usage mayimpact certain sponsors leverage for certain sponsors deductibility reduce thebenefits of on interest may Limitations back operations with oversees for investors of taxcredits value the reduce Tax (“BEAT”)may Anti-Abuse Erosion Base (i.e. DRO) structures existing will of taxbenefits pressure value Reduced investor capacity to use tax credits tax Corporate rate reduction to 21% will reduce valueof tax benefits and 35% r-a eomPost-TaxReform Pre-Tax Reform 15% Tax Equity Capital Contribution (%) (%) Contribution Capital justing andremainsrobust 50% Cash Equity Back Leverage Back Cash Equity 45% 15% 40% oa akt$1 $22B - $11B $1B $500M - $1B $500M - $1B $500M- $1B $500M Market - Total $1B $500M - Union Bank $1B $500M- State Street $2B $1B - $2B $1B - Goldman Sachs Credit Suisse $2B $2B Citi $1B - $1B- Mellon BNY Wells Fargo $2B $1B- Volume Annual Deal US Bank MidAm / BHER JPMorgan of America Bank Company aktLeaders Market 31 6 March 2018 © Copyright First Solar, Inc. RISK EVOLUTION Structure Off-Take Risk profile & Tenor Financing netronduiiisIvso-we utilities Investor-owned utilities Investor-owned taei buyers Strategic 0–2 er 0–25years – 20 25years – 20 DOE loans itrclCretFuture Current Historical Community choiceaggregators Some 30year tenors More 15 year tenors Strategic buyers Private equity Curtailment Corporates Tax equity Basis risk YieldCos Community choiceaggregators netrondutilities Investor-owned nrsrcuefunds Infrastructure Merchant projects Tracking accounts Energy insurance Strategic buyers Hedge products oa + storage Solar Pension funds 5–30years 15 – Curtailment Corporates Tax equity Basis risk Storage 32 6 March 2018 © Copyright First Solar, Inc. • • • SUMMARY Evolving riskprofilerequires ongoing financingcreativity capital availability remainsstrong Capital structures evolve – Financing remains key driver of LCOE 33 6 March 2018 © Copyright First Solar, Inc.