#1MEYER BURGER PROJECT INDIUM EVOLUTION INTO A SOLAR CELL AND MODULE MANUFACTURER MEDIA PRESENTATION June 19, 2020#2DISCLAIMER MEYER BURGER NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL This document is not intended to constitute an offer or solicitation to purchase or invest in any securities of Meyer Burger Technology AG (the "Company"). In particular, this document is neither (i) a prospectus as such term is understood pursuant to the Swiss Financial Services Act ("FinSA") nor (ii) an issuance prospectus pursuant to article 652a of the Swiss Code of Obligations in its version as it was effective immediately prior to the entering into force of the FinSA (the "CO") or a listing prospectus within the meaning of article 27 et seq. of the listing rules of SIX Exchange Regulation of November 8, 2019, in effect since January 1, 2020 (the "Listing Rules") or of the listing rules of any other stock exchange or regulated trading venue in Switzerland, in each case in conjunction with article 109 of the Swiss Financial Services Ordinance ("FinSO"). In connection with the rights offering mentioned herein, the Company intends to prepare an issuance and listing prospectus pursuant to article 652a of the CO and article 27 et seq. of the Listing Rules, in each case in conjunction with article 109 of the FinSO. Investors are advised to consult their bank or financial adviser before making any investment decision. This document and the information contained herein are not for distribution in or into (directly or indirectly) the United States, Canada, Australia or Japan or any other jurisdiction in which the distribution or release would be unlawful. This document does not constitute an offer of securities for sale in or into the United States, Canada, Australia or Japan. This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States. The securities of Meyer Burger Technology AG to which these materials relate have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in or into the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. This document is only addressed to and directed at persons in member states of the European Economic Area ("EEA") who are qualified investors within the meaning of article 2(1)(e) of the Regulation (EU) 2017/1129 of the European Parliament and of the Council of the European Union of 14 June 2017 ("Qualified Investors"). In addition, in the United Kingdom, this document is addressed to and directed only at, and should only be relied upon by, persons who are qualified investors as defined under section 86(7) of the Financial Services and Markets Act 2000 and who have professional experience in matters relating to investments falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order”), are persons who are high net worth entities falling within Article 49(2)(a) to (d) of the Order or are persons to whom it may otherwise be lawful to communicate it to (all such persons being referred to as "Relevant Persons"). No other person should act or rely on this document and persons distributing this document must satisfy themselves that it is lawful. If you have received this document and you are not a Relevant Person, you must return this document immediately to the Company and not copy, reproduce or otherwise disclose it (in whole or any part). Any investment or investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. This document may contain certain forward-looking statements relating to the Company and its business. Such statements involve certain risks, uncertainties and other factors which could cause the actual results, financial condition, performance or achievements of the Company to be materially different from those expressed or implied by such statements. Readers should therefore not place undue reliance on these statements, particularly not in connection with any contract or investment decision. The Company disclaims any obligation to update any such forward-looking statements. There will not be a public offering of securities in the United States, the United Kingdom or in any other jurisdiction other than Switzerland. 2 Meyer Burger#3CORNERSTONES OF THE NEW STRATEGY Growing global solar energy market Superior and proprietary technology . MEYER BURGER The high-margin residential and commercial rooftop segment, which Meyer Burger is focusing on, is growing at an above- average rate of +8% per year in the target markets until 2027 Meyer Burger Heterojunction/SmartWire has a 3-year technology advantage over standard technology, which is confirmed by the Fraunhofer Institute Captive business model • The full value of Meyer Burger's technology advantage can be captured as the Heterojunction/SmartWire technology is not supplied to third parties anymore High, sustained profit levels can be achieved on the basis of a superior technology and the captive business model 3 Meyer Burger#4MEYER BURGER IS A TECHNOLOGY LEADER AND HAS SHAPED THE SOLAR INDUSTRY FOR YEARS Meyer Burger... MEYER BURGER . is the backbone of the PV industry and has been the industrialization partner for over 20 years of the world's leading PV companies when launching new 1999 2012 technologies 2013 has equipped the leading manufacturers of solar modules with 2014 production equipment 2016 has so far delivered 350 production machines for the current standard, PERC, 1 for a total capacity of 55 GW, i.e., more than 50% of total global PERC production capacity 2018 2019 1) "Passivated Emitter and Rear Cell" Milestones since 1999 Market introduction of the wire saw for the solar industry. Market introduction of the industrialized PERC1 technology, which is industry standard today Start of the development of the SmartWire technology Introduction of the diamond wire saw with patented double wire control Development of the later award-winning TOPCon system CAIA Major contract for Heterojunction/SmartWire equipment Proof of an industrial heterojunction/SmartWire production line. Presentation of a 510 W bifacial module at Intersolar Munich Start of R&D cooperation with Oxford PV for the development of the HJT/Perovskite tandem cell technology 4 Meyer Burger#5MEYER BURGER IS AGAIN DRIVING THE NEXT PV TECHNOLOGY GENERATION Meyer Burger's technology is far superior to PERC • Module-performance Today Meyer Burger Heterojunction (MB HJT)1 Conventional technology (PERC)² 1) Including module SmartWire-Technology; 2) "Passivated Emitter and Rear Cell" MEYER BURGER . • • Fraunhofer ISE has confirmed in study: "Meyer Burger has a lead of 3 years in terms of module efficiency (i.e., cell efficiency and module losses) over manufacturers that produce classic solar modules" PERC is at the end of the technology life cycle, reaching limits performance improvement and thus cost reduction TOPCon is not yet ready for mass production and faces integration and cost problems Other HJT manufacturers are currently neither competitive with MB HJT and PERC nor market-ready 5 Meyer Burger#6KNOW-HOW AND MANUFACTURING EXPERTISE FOR CELL AND MODULE PRODUCTION ARE AVAILABLE MEYER BURGER свет Meyer Burger has so far installed and commissioned the production lines for customers - Meyer Burger can now use this know-how itself MEYER BURGER Ideal timing for Meyer Burger to enter cell and module manufacturing, employing its superior MB HJT technology, because: 1. Heterojunction/SmartWire technology is more efficient than both the current standard mono-PERC and other heterojunction technologies currently available 2. The current solution has been developed in Switzerland (Neuchâtel) since 2008 and has been brought to market maturity in the in-house pilot industrial plant in Germany (Hohenstein/Saxony) since 2016 3. With the successful installation of a 600 MW production line by Meyer Burger for a customer, the proof-of-concept in mass production is already provided 6 Meyer Burger#7INTEGRATED VALUE CHAIN: CAPTURE >15X MORE VALUE WITH CELL AND MODULE PRODUCTION MEYER BURGER HELL Equipment manufacturing Cell manufacturing Module manufacturing By forward-integrating along value chain, Meyer Burger can increase the value captured from its proprietary, leading technology >15x Solar modules: Achievable aggregate EBITDA on this equipment over a utilization period of 7 years1 HJT equipment: EBITDA for supply of 1 GW equipment EBITDA for a supply of 1 GW equipment (left) vs. production of 1 GW modules over 7 years (right) 1) 7-year utilization period and 9% discount factor 7 Meyer Burger#8THE CAPTIVE BUSINESS MODEL PROTECTS KNOW- HOW, TECHNOLOGY AND PROFITABILITY LONG-TERM MEYER BURGER MEYER BURGER New with own cell and module production Captive: no equipment to third parties . Technology and know-how remain exclusively with Meyer Burger (except Oxford PV and strategic R&D partners) Total value capture remains in the company. Further improvement on equipment will not be shared with third parties The worldwide standard PV equipment and service business will be continued • Sale of cells to third-party module. manufacturers used in the first years to a) facilitate ramping in module sales and b) obtain economies of scale and purchasing power Modules Cells ୧ End markets Third-party module manufacturers Third parties E.g., wholesalers, large installers, IPPS, project developers Note: Without SWCT®, to keep efficiency advantage for Meyer Burger 8 Meyer Burger#9ENTRY INTO PV CELL AND MODULE PRODUCTION WITH CLEAR CAPACITY EXPANSION GOALS Cell and module production in Germany Production capacity [GW] 2021 - 2027 Module 7.0 6.4 4.2 Cell 3.6 1.4 0.8 0.4 0.4 2021E 2023E 2025E 2027E MEYER BURGER Meyer Burger's goals: • • • • Become a European champion and global player for the production of high- efficiency cells and modules using Swiss technology, "Made in Germany" Sustainable superior R&D unit to further expand technological leadership Start with 400 MW to reach profit zone, then add 400 MW module plus 1 GW cells in next step Achieve an annual module production capacity of 5 GW by 2026 Support the EU Green Deal plan by establishing local PV production 9 Meyer Burger#10MODULE PERFORMANCE ENABLES LOWER LCOE FOR UTILITY CUSTOMERS AND PRICE PREMIUM FOR MB Utility segment - total system cost, example 100 MWp U.S. [EUR m] Benchmark system (PERC module) 0.31 Meyer Burger HJT/SWCT system +0.08 EUR/Wp module ASP premium for Meyer Burger1 0.39 . MEYER BURGER 80.7 75.3 2.3 10.1 38.9 Module 31.1 31.1 · • Meyer Burger provides considerable end-customer benefit, reducing LCOE through: 1. Higher efficiency, reducing BOS cost 2. Better high-temperature energy yield. 3. Lower lifetime degradation 4. Better bifaciality (yield on backside). 5. Better angular response To reward better performance, customers are willing to pay higher module price – value pool is determined such that LCOE savings are offset by module price premium Around 20-25% of value pool to be ceded to end customer to incentivize purchase ~20-25% of value Performance pricing enabled by pool ceded to BOS2 44.2 BOS lever³ • Higher energy yield 4 to achieve same LCOE System cost Benchmark Value pool customer to incentivize purchase 41.85 Customer System cost share Assumptions: System – 100 MW p; Year - 2020; 1) Module ASPs include 20% Section 201 import tariff; For some time after market introduction, business plan anticipates discounts down to PERC level until bankability and market acceptance of performance gains is fully established; 2) Balance-of-system; 3) BOS lever: Higher module power requires less modules for the same area leading to e.g., less cables, mounting structures, installation, etc.; 4) Improved performance due to e.g., lower temperature coefficient and lower degradation translate into more energy generation over lifetime; 5) BOS cost is reduced vs. benchmark system BOS cost because of BOS lever 10 O Meyer Burger#11RESIDENTIAL CUSTOMERS PAY LARGE PRICE PREMIUM FOR HIGHER PERFORMANCE AND QUALITY Residential rooftop segment - total system cost, example 8 kWp Germany [EUR] Benchmark system (PERC module) 0.27 Meyer Burger HJT/SWCT system +0.19 EUR/Wp module ASP MEYER BURGER . 0.46 premium for Meyer Burger 12,640 10,800 765 5'190 Module 3'050 1'375 3'050 Performance pricing enabled by BOS1 7'750 BOS lever2 • Higher energy yield ³ to achieve same LCOE System cost Customer desire for better quality, esthetics, brand, "Made in Germany" and "Swiss technology" 7,4504 Benchmark Performance premium Additional System cost premium • End customer benefits from BOS savings due to higher efficiency, as well as higher energy yield, both lowering levelized cost of energy (LCOE) To reward better performance, customers are willing to pay a higher module price - this performance premium offsets LCOE savings On top of performance premium, customers in premium segment are willing to pay additional premium for higher quality, esthetics and "Made in Germany" / "Swiss technology" • Reference for additional premium are premium competitors LG, REC, SunPower Assumptions: System - 8 kWp, Year - 2020, Total module cost include wholesaler and installer margins; 1) Balance-of-system; 2) BOS lever: Higher module power requires less modules for the same area leading to e.g., less cables, mounting structures, installation, etc.; 3) Improved performance due to e.g., lower temperature coefficient and degradation translate into more energy generation over lifetime; 4) BOS cost is reduced vs. benchmark BOS cost because of BOS lever 11 O Meyer Burger#12MEYER BURGER CAN OBTAIN UNIQUE MARKET POSITIONING, ENABLING HIGH MARGINS MEYER BURGER LOW AVERAGE SALES PRICE HIGH Market positioning and key competitors IBC SUNPOWER® LG Standard HJT Panasonic HIT Phim nhat Wa HJT / SWCT® MEYER BURGER Medium margin Medium margin n-PERT Very low margin HIGH REC High margin PERC Hanura rom • Technology advantage enables unique market positioning and high margins. Captive model protects this advantage long-term Meyer Burger as the first player to be competitive in all market segments (rooftop and utility-scale) Competitors in premium segment like SunPower, LG and Panasonic have higher manufacturing costs PERC manufacturers cannot offer modules in the premium segment LONGİ JA SOLAR QCELLS Solar Jinko CanadianSolar Low margin MANUFACTURING COST LOW 12 O Meyer Burger#13MEYER BURGER CAN OBTAIN UNIQUE MARKET POSITIONING, ENABLING HIGH MARGINS MEYER BURGER Average selling price / manufacturing costs 1,2 Standard segment European module competitors³ Standard HJT competitors Uncompetitive product offering H Asian PERC competitors High-efficiency segment IBC competitors I Meyer Burger HJT/SWCTⓇ The captive business model prevents competitors' access to HJT/SWCT®, so that Meyer Burger can maintain margins long-term PERC: low-margin commodity business with exhausted cost reduction potential High-efficiency competition: very high prices due to positioning as a premium product in the residential market - but with significantly higher production costs Margin Average selling price Module efficiency2 [%] Average manufacturing costs Source: Company datasheets, Solarmedia (Q4 2019), PV InfoLink, analyst reports, expert interviews; 1) Average sales price: reference prices from publicly available sources for “black-black" modules; production costs: COGS, incl. D&A; 2) average of several manufacturers for different categories; 3) module production with purchased Asian cells of medium performance class 13 O Meyer Burger#14VALUE-ORIENTED SEGMENT STRATEGY IN SELECTED MARKETS Meyer Burger will focus its PV cell and module sales activities on the following segments and markets: Segments 1 Rooftop (residential and small commercial) 2 Utility-scale¹ Targeted segments: . • Rooftop (premium segment): Customers value Meyer Burger technology for its high performance, quality and aesthetics Utility-scale: Advantages of Meyer Burger technology are recognized in this very price sensitive segment, because they enable lower electricity generation costs (LCOE) compared to standard technology2 Focus markets MEYER BURGER Focus markets: Europe, U.S., Australia, Japan Decent market size • Price premium is achievable and accepted by market participants 1) May include large commercial segment to the extent that price differentiation is possible; 2) Solar leasing companies also primarily driven by LCOE considerations for residential and small commercial 14 O Meyer Burger#15MEYER BURGER PURSUES VALUE-ORIENTED SEGMENT STRATEGY TO GAIN MARKET SHARE Annual PV market size in target markets1 [GWp] 62 59 Average annual growth rate • 56 52 49 50 45 8% Rooftop 2021 2022 2023 2024 2025 2026 2027 Market share in target markets [%] MEYER BURGER 5% Utility-scale Rooftop: Meyer Burger focuses on the high- margin premium segment Utility-scale: Market share will be gradually increased as soon as first pilot projects have proven the "bankability" and the higher energy yield per area in practice As part of the preparations for the business model transformation, Meyer Burger has already sounded the product interest of potential European and U.S. customers and has received written letters of intent (LOIs) to purchase a total of over 2 GW cells and modules per year 18% 16% 13% 8% 5% 6% 4% 1% 2% 2% 0% Residential Utility-scale 2021 2022 2023 2024 2025 2026 2027 Source: IHS Markit, IEA, Solar Power Europe, JPEA, SEIA, AU CER 1) Europe, U.S., Australia, Japan 15 O Meyer Burger#16FAST PRODUCTION AND SALES RAMP-UP POSSIBLE DUE TO AVAILABLE INFRASTRUCTURE AND PERSONNEL MEYER BURGER Meyer Burger Deutschland (Hohenstein-Ernstthal) + Meyer Burger Schweiz (Thun) HJT tools SWCTⓇ tools + L Use existing infrastructure for cell and module production Former cell and module factories and logistics centers. are available for immediate use in Germany at attractive conditions; locations offer potential for up to 5 GW capacity expansion At the "historical" solar manufacturing hubs, skilled workers, engineers and sales forces can be hired quickly a critical success factor and unique in the Western world - Existing infrastructure and available skilled personnel should enable production and sales start in Q2/2021 Capex savings of EUR ~30m possible by using existing infrastructure 16 O Meyer Burger#17VERIFIED TECHNOLOGY ROADMAP SECURES TOP POSITION AND FURTHER IMPROVEMENT POTENTIAL Avg. module efficiency [%] Phase I 30 29 28 27 26 25 Phase II Phase III 29.1% 28.3% 27.8% + SWCT III+PSK HC 24.5% IBC SWCT II + HC 24 23.0% SWCT 23 22.4% 22 21.6% 21.0% 21.1% 21 HJT competitors Shingled 19.8% 21.0% 20 Mainstream PERC 19 19.2% 18 2019 2020 2021 2022 2023 2024 2025 MEYER BURGER • • Fraunhofer ISE MEYER BURGER ROADMAP CONFIRMED BY FRAUNHOFER Current business plan is based on Meyer Burger's superior "Phase I" HJT technology,1 which is proven and protected by various. patents Verified module efficiency roadmap suggests further improvements that further extend the lead over HJT competitors and mainstream PERC manufacturers With its stake in Oxford PV and the related perovskite technology, Meyer Burger is already investing in future technologies with further potential for performance improvements Note: 2020 values based on average module efficiencies based on datasheets; year-on-year increase based on CPIA; 1) In business plan, no technology improvements beyond continuous improvement program (CIP) benefits assumed Source: Meyer Burger, CPIA 17 O Meyer Burger#18PROPRIETARY BUSINESS MODEL WITH REDUCED RISKS MEYER BURGER 1 Attractive returns Value-driven segment strategy Only selected segments and markets in which price premiums are possible are served 2 Sustainable margins With captive business model, know-how as well as cell and module technology remain within Meyer Burger 3 Upside potential Thanks to the innovation potential of the R&D roadmap, Meyer Burger expects to be highly profitable in the long- term Derisked investment 4 Proven technology Meyer Burger has successfully proven the mass- production readiness of its Heterojunction/SmartWire technology and acceptance in the market 5 Existing sites and capabilities Availability of existing PV infrastructure and capabilities in Germany allow for a fast go-to-market approach with the envisaged production capacities 6 Long-term secured investment Further broadening of innovation potential is provided by Meyer Burger's share in Oxford PV and the cooperation on perovskite technology 18 O Meyer Burger#19TRANSACTION AT A GLANCE Option I (CHF 165m) PIPE (CHF 30m CHF 55m) Rights issue (CHF 110m CHF135m) Backstop (CHF 30m 55m) Option II (CHF 165m) Rights issue (CHF 165m) MEYER BURGER Option I: A split transaction consisting of a PIPE & Backstop transaction and a rights issue 1. A CHF 30 million - CHF 55 million capital increase with the exclusion of subscription rights ("PIPE") whereby PIPE investors in the simultaneously executed rights issue must commit to a CHF 1 backstop for each CHF 1 investment in the PIPE transaction; plus 2. A rights issue in the amount of CHF 110 million - CHF 135 million with tradable subscription rights, preserving the subscription rights of existing shareholders 3. Condition: Minimum gross proceeds from the entire capital increase of CHF 150 million 4. Up to now, more than half of the maximum size of the PIPE and thus more than one third of the total capital increase has already been guaranteed at a subscription price of CHF 0.05 by commitments of a number of PIPE and backstop investors consisting of existing shareholders (e.g., Sentis Capital - a total of CHF 30 million, CHF 15 million PIPE & CHF 15 million backstop) as well as additional investors, whereby the commitments are subject to certain commercial and legal conditions 5. The PIPE and Backstop Investors that are already shareholders of Meyer Burger have committed themselves in this respect to fully exercise their subscription rights within the framework of Transaction Alternative I, whereby the shares thus subscribed are deducted from the Backstop Commitment 6. In Phase II until July 6, 2020 at the latest, potential qualified investors have the opportunity to participate in the PIPE & Backstop transaction Backstop (CHF 50m) Option II: Standard rights issue 1. A CHF 165 million capital increase with tradable subscription rights preserving the subscription rights of existing shareholders 2. Condition: Minimum gross proceeds from the entire capital increase of CHF 150 million 3. A backstop underwriting of an existing shareholder of Meyer Burger, Sentis Capital, in the amount of CHF 50 million has been delivered, being subject to commercial and legal conditions 4. The final subscription price will be determined immediately prior to the Extraordinary General Meeting by the lead banks and the Company, depending on the market situation at that time 19 O Meyer Burger#20TOWARD SUCCESS WITH NEW EXPERIENCED MANAGEMENT AND BOARD OF DIRECTORS VRP Franz Richter CEO Gunter Erfurt CFO Manfred Häner Chairman of the Board of Directors since May 2020 • Since 2016 CEO of Süss MicroTec SE, DE-Garching • 2007-2016 CEO and founder of Thin Materials, DE-Eichenau • • MEYER BURGER 2005-2007 President of the segment Semiconductor Equipment, Unaxis, at OC Oerlikon, CH-Pfäffikon 1990-2004 Various positions at Süss MicroTec, incl. CEO and COO of Süss Holding and CEO of Karl Süss Verwaltung GmbH 1988 1990 Scientist at Fraunhofer Institute for Laser Technology, DE-Aachen 1985 1988 Scientist at Carl Zeiss, DE-Oberkochen CEO since April 2020 • Member of Executive Board since 2017 (COO: Feb-Aug 2017; CTO: Sep 2017-Mar 2020) 2015-2017 Managing Director & Member of Executive Board of Meyer Burger Germany • 2011-2015 Managing Director of Solarworld Innovations GmbH • 2009-2011 Global Head Planning & Investment / Technology Transfer at Solarworld AG . 2006-2009 Head of Planning and Investment Solarworld Industries America 1999-2005 Various positions at Deutsche Solar & Saxon Academy of Sciences and Humanities CFO since 2018 • • 2016-2018 Independent consultant 2012-2016 Group CFO, Investor Relations, Real Estate & IT at CPH Chemie + Papier Holding 1999-2010 Group CFO, Deputy CEO & Secretary of BoD1 of Micronas Semiconductor Holding 1991-1998 Division CFO & Deputy CEO of Sulzer International • 1988-1991 Head of Finance, Administration and HR of Sulzer España 1976-1985 Various positions in Finance & Controlling at Sulzer 20 20 O Meyer Burger#21OUTLOOK MEYER BURGER In line with the expected demand for Meyer Burger's high-quality products, Meyer Burger intends to increase annual capacity to 1.4 GW of cell and 0.8 GW of module production. by the beginning of 2022 by raising a total of around CHF 180 million of debt in 2021/22. On this basis, Meyer Burger expects annual sales of CHF 400 million - CHF 450 million and an EBITDA margin of 25% - 30% within three years. 21 O Meyer Burger#22HIGHLIGHTS OF THE NEW MEYER BURGER MEYER BURGER 1. Heterojunction/SmartWire technology is superior to the current standard, mono-PERC, as well as other currently available heterojunction technologies in terms of efficiency and energy yield. 2. Captive business model enables capturing full value from Meyer Burger's technological leadership and protects know-how 3. Premium products at relatively low manufacturing costs enable a unique positioning in the PV industry and sustained profitability of Meyer Burger 4. With the successful production ramp-up of the technology by a customer, the proof-of-concept in mass production has already been provided 5. Existing infrastructure and available skilled personnel should enable production and sales start in Q2/2021 6. The "Green Deal" and the European climate targets provide a tailwind for the re-establishment of the solar industry in Europe 22 O Meyer Burger#23MANY THANKS FOR YOUR ATTENTION MEYER BURGER 223 O Meyer Burger#24MEYER BURGER#25FINANCIALS - SHORT-TO MEDIUM-TERM OUTLOOK Short-to medium-term outlook (3 years horizon) - MBT Group Consolidated Financials › Expected Revenue: › Expected Gross Profit Margin: › Expected EBITDA Margin: CHF 400m- CHF 450m 45%-50% 25%-30% › Expected Net Debt / EBITDA 0.25x-0.5x MEYER BURGER › CAPEX (for equal cell and module capacity, in aggregate): Equipment sourced from Meyer Burger EUR 70-90m/GW for initial investment; reducing to EUR 55-65m/GW from 2023 on (figures at arms length pricing, including margin for Meyer Burger) Third-party equipment EUR 45-55m/GW Building and facility EUR 70-90m/GW; for the first factory build phase of 0.8 GW module and 1.4 GW cell capacity, savings of EUR 22-28m can be expected due to existing buildings Ratio of CAPEX for cell to module capacity c. 80% : 20% O Meyer Burger#26FINANCIALS - LONG-TERM GOALS MEYER BURGER Assumptions: > In addition, a further CHF 260m - 340m of financing can be raised to implement phase II of our new business plan - additional 1.4 GW installed cell and module capacity - in the base case, the required financing for phase II is to be raised in 2023, but potentially to be accelerated depending on developments over the next 18 months Long-term goals (> 5 years horizon) - MBT Group Consolidated Financials > Revenue: > EBITDA Margin: > Ratio Net Debt/ EBITDA: > 2.0bn > 30% net cash O Meyer Burger#27HJT/SWCT WITH A LEAD OVER CONVENTIONAL PV MANUFACTURERS - A FRAUNHOFER STUDY MEYER BURGER "MEYER BURGER HAS A LEAD OF AROUND 3 YEARS OVER MANUFACTURERS WHO PRODUCE CLASSIC SOLAR MODULES IN TERMS OF MODULE EFFICIENCY (CELL EFFICIENCY AND MODULE LOSSES)" - FRAUNHOFER REPORT 05/2020 GLOBAL CELL/MODULE PRODUCTION › Trend towards continued increased output and efficiency of solar modules worldwide with manufacturers choosing: (i) monocrystalline p-type silicon wafer, (ii) increase in wafer area, (iii) cell division, (iv) PERC and (v) wire connection > HJT/SWCTⓇ on par with Sunpower's A-Series in terms of module efficiency and yield, while being superior to all other cell/module combinations of competitors > HJT already reaches cell efficiencies of 23.8% superior to PERC with currently 22.3%, with HJT constantly being developed further, while PERC enhancement has slowed recently HJT/SWCT® PROOF OF CONCEPT AND SCALABILITY › Meyer Burger demonstrated successful mass production of HJT/SWCT® in co-operation with REC (100MW & 600MW) of 370W modules (21.2% module, implied 23.8% cell efficiency) > > Cell efficiency of up to 24.5% possible at 1GW production › Competitive production cost for HJT/ SWCTⓇ already today with further cost reduction potential Pursuant to Fraunhofer estimates, the higher module efficiency and higher yield of HJT/SWCTⓇ allow a price premium in the market › Bifaciality >90% proves superiority above all other module types, providing an additional positive effect on price premium for the power plant segment MEYER BURGER'S DECISIVE ADVANTAGE > SWCT® Meyer Burger has a wire connection that reduces module losses similar to half-cells and multiwire interconnection used in PERC › Meyer Burger's roadmap to further increase cell and module efficiency is plausible and realistic. Concepts as "negative gap", "HJT-IBC/SWCT® and "HJT/Perovskite/SWCTⓇ lead to the expectation of a further above average development of module efficiency and reduction of manufacturing costs according to Fraunhofer > Knowhow of HJT-IBC from CSEM and HJT/Perovskite by Oxford PV provide very useful additions to secure the future R&D roadmap according to Fraunhofer Fraunhofer ISE HJT/SWCT® ADVANTAGES AND COMPETITION > SWCTⓇ while being more expensive, has decisive advantages: (i) high positioning tolerance, (ii) low temperature process (suitable for HJT, HJT/perovskite), (iii) processing of very thin wafers (cost reduction), (iv) high, (v) easy repair possibility before lamination › Meyer Burger holds patents on a specific form of HJT and SWCT® equipment; therefore HJT can be produced by other manufacturers, although mostly at significantly lower quality regarding cell and module efficiency and higher cost > Likely that classic solder-wire connection will also work on HJT, circumventing SWCT®, but at higher cost and lower technology readiness; manufacturers also provide adhesive stringers as alternative, which is inferior to SWCT® in terms of module efficiency › Meyer Burger faces numerous competitors who offer equipment for HJT cell production, however no alternative supplier of SWCT exists Source: Fraunhofer 2020 O Meyer Burger#28KEY BENEFITS OF HETEROJUNCTION TECHNOLOGY (HJT) THE TECHNICAL SUPERIORITY OF HJT ENABLES COST SAVINGS, MORE POWER AND HIGHER ENERGY YIELDS FOR END-CUSTOMERS TECHNICAL SUPERIORITY Cell efficiency of 24%: Exceptionally high efficiencies are achieved through combining the advantage of crystalline silicon cells (c-Si) with their good light absorption and the superior passivation characteristics of amorphous silicon (a-Si) A MEYER BURGER BENEFIT FOR END-CUSTOMER Cost savings for BOS5 components, because higher efficiency technology requires less modules/area for same power B More power, because higher efficiency technology deploys more power on same area Temperature coefficient of -0.25%/K: The high passivation of amorphous silicon results in an exceptionally low temperature coefficient; the possibility to use thin wafers for HJT cells (e.g., 120 μm) can further reduce the temperature coefficient Higher energy yield, because lower efficiency loss at operating temperature Lowlight sensitivity: The amorphous silicon in HJT cells increases the cells ability to capture a larger proportion of diffuse light than pure crystalline silicon cells Higher energy yield, because more diffuse light is converted into electricity6 Relatively low first year (<2%) and annual degradation (<0.25%): Immunity to LID¹ of the n-type silicon wafer and protection against PID2 through the extremely conductive TCO³ that acts like a Faraday cage reduces year 1 and annual overall degradation respectively Higher energy yield, because actual efficiency remains closer to nameplate efficiency during lifetime of technology * Exceptional bifaciality factor of >90%: The symmetric structure of HJT cells makes them bifacial 'by nature', significantly increasing the bifaciality factor relative to bifacial PERC cells (e.g., c. 75%) Higher energy yield for bifacial modules, because more of the incident light on the rear surface can be converted to electricity 1) Light-induced degradation; 2) Potential-induced degradation 3) Transparent conductive oxide; 4) Ratio of the nominal efficiency at the rear side, with respect to nominal efficiency of the front side; 5) Balance-of-system; 6) This impact is not accounted for in the value driver analysis and business plan (upside potential) O Meyer Burger#29SMARTWIRE CONNECTION TECHNOLOGY (SWCT®) MEYER BURGER THE COMBINATION OF HIGHER ENERGY YIELD AND LOWER PRODUCTION COSTS MAKES SWCT® COMPARATIVELY IN ITS CLASS THE MOST COST-EFFICIENT CONNECTION METHOD FOR SOLAR CELLS WITH LITTLE USE OF PRECIOUS METAL AT A GLANCE FEATURES Busbar Glass Busbar Solar cell SmartWire Glass Active surface SWCT Active surface Solar cell Busbar Multi-wire SmartWire Silver (Ag) Silver (Ag) Roundwire > SWCT® encompasses the electrical and mechanical connection of solar cells encapsulating them into strings > This patented technology allows very cost-effective and resource-friendly mass production of high- performance, top-quality solar modules > SWCT® is fairly versatile as almost all cell and module types can be processed, including state-of-the-art developments such as bifacial HJT glass/glass solar modules › An overall increase in solar module output of about 2% is possible using SWCTⓇ versus Busbar > SWCTⓇ addresses the most important technical requirements of cell connection: minimal shading of the active cell surface and low electrical resistance › Compared to conventional square busbar connections, the round, thin SWCT® wires reduce shading of the solar cell by up to 20% due to their significantly smaller contact surface. The active surface of the solar cell - the area that can absorb light and convert it into electrical energy - is thus considerably larger > SWCTⓇ uses an innovative foil wire electrode that comprises up to 38 impeccably aligned wires to connect solar cells. The electrodes are aligned in parallel and fixed in position by means of an electrode foil resulting in a series-connected set of cells - a "string" > The lower process temperature of SWCT® encapsulation also prevents thermal stress on the strings, particularly important for HJT cells that react sensitively to temperatures over 200 degrees Celsius > SWCT® benefits from a reduced silver consumption: Only 0.095g of the precious metal is required for the metallization of a bifacial HJT cell with SWCT®. This reduces silver consumption by up to 66%, and module material costs by 6%, compared to other technologies > The winning combination of higher energy yield and lower production costs currently makes SWCTⓇ currently a cost-efficient connection method for solar cells Source: MBT SWCT Factsheet 05/2019 O Meyer Burger#304 KEY BENEFITS SMARTWIRE CONNECTION TECHNOLOGY (SWCT®) 3 2 1 MEYER BURGER Busbar SmartWire MAXIMAL ABSORPTION > The geometrical shape of the thin round wire reduces the effective shading on the active surface of the solar cell by up to 20% due to their significantly smaller contact surface Glass OF SUNLIGHT > Sunlight is reflected on the round wire surface and trapped in the module MINIMAL ELECTRICAL > SWCTⓇ reduces the electrical loss by spreading the current with up to 38 wires LOSS > 2% increase in module output is thus possible HIGH DURABILITY AND RESILIENCE > Modules with SWCTⓇ meet IEC criteria in triplicate, which is far beyond the industry standard > In addition, the modules are highly resistant to mechanical stress and tolerate a wide range of climatic conditions RESOURCE SAVER > SWCTⓇ with significant reduction in silver consumption › Copper electrodes are encased using an exclusive alloy and are mounted directly on the thin contact fingers without a silver busbar print > SWCTⓇ it is a resource-saver and futureproof¹ as it does not use any indium or lead and already fulfills the RoHS Directives for hazardous substances Notes: 1) Fraunhofer Gutachten 05/2020 Source: MBT SWCT Factsheet 05/2019 Power performance Glass Busbar Active surface SWCT Active surface Solar cell Solar cell 5BB 98% SWCT ■IEC 95% 98% 98% 61215M Standard 1x 2x 3x Lifetime simulation. Silver savings in mg 67% 300 250 ■ 5BB 200 150 60% 100 50 ■ MBB ■SWCT 0 PERC HJT O Meyer Burger#31COSTS OF GOODS SOLD FOR HJT/ SWCT® TECHNOLOGY MEYER BURGER MEYER BURGER'S ADVANCED HJT TECHNOLOGY: 35% COST ADVANTAGE AND SUBSTANTIALLY HIGHER GROSS MARGIN EXPECTED IN CELL PRODUCTION VS HJT COMPETITION STEP COST-COGS INCL. D&A IN EURCT/WP FOR 2020 -21% Fraunhofer 30 28.4 Module ~9.6 ISE 22.5 COST ADVANTAGES -35% 10.3 Cell ~13.1 OVER HJT COMPETITORS CONFIRMED BY FRAUNHOFER 25 5.9 Wafer ~5.8 6.3 HJT MBT HJT/SWCT® 20 20 competition 334W Wafer Size: Cell eff.: M2 23.0% 388W M6 24.0% > Two key features differentiating Meyer Burger's technology from mainstream HJT competition 35% lower cell production cost and overall ~20% cost advantage ~50W higher output per module (10 power classes) enabling higher ASPS > Reasons for significant cell cost advantage: Proprietary SWCT® enables significantly lower silver paste consumption MBT has collected significant know-how compared to competitors, allowing MBT to have higher production yield and to use larger wafers (M6 versus competitors' M2) MBT's operational excellence, developed through its own HJT pilot line, leads to lower use of consumables, lower unscheduled down times and more efficient line utilization Note: Wafer cost for HJT competition updated to April 2020; 1) In selected markets also used in utility segment Source: Meyer Burger business plan, PV Info Link Report, Dec. 2019 HJT COGS INCL. D&A PER SEGMENT IN EURCT./WP Bi-facial glass-glass modules (utility) Mono-facial glass-backsheet (residential¹) 0 2020E T 2021E 2022E 2023E 2024E 2025E 2026E 2027E > COGS are for market-ready HJT/SWCT® technology of Meyer Burger (see 'Phase I' in R&D roadmap) based in Germany › COGS reductions are based on wafer price reduction, cell and module BOM reduction, improved processing on e.g., silver consumption due to economies of scale, utilization of next generation cell equipment and improved local supply chain O Meyer Burger#32DUAL BRAND APPROACH TO LEVERAGE CUSTOMER REACH MEYER BURGER GERMAN PV MANUFACTURING BRAND WITH STRONG HISTORY IN RESIDENTIAL & SMALL COMMERCIAL SEGMENT, WHILE MEYER BURGER SHALL BE THE-GO-TO BRAND IN THE UTILITY SEGMENT > ¦ Direct/ 'Indirect¹ > > DIRECT CHANNEL SALES GERMAN PV MANUFACTURING BRAND Direct Wholesalers/distributors > Purchase modules in bulk, re-package RESIDENTIAL & SMALL COMMERCIAL GERMAN PV MANUFACTURING BRAND Direct Solar leasing companies > Purchase of modules to supply end customers with entire PV system > For residential and small commercial segment, previous brand envisaged to be leveraged > > Re-sell to partner installers possible Brand has a high reputation with installers and end-customers and stands for high quality modules > Mainly driven by LCOE considerations > Installers Well-known brand in the PV industry, in particular in the U.S. and Europe, which is a good fit to Meyer Burger's envisaged market strategy > Re-sell modules to installers with lower buying power > Mainly driven by brand and reputation of supplier Purchase modules either directly from manufacturers or from wholesalers depending on size Installer usually makes ultimate decision on which module brand/type to use, rather than end-customer > Mainly driven by brand, perceived quality and reputation of module supplier Residential & small commercial Households Retail businesses For residential and small commercial, indirect sales channels are leveraged Relationships with sales channels are built up by key account managers Hiring of staff with established strong network to wholesaler, installer and solar leasing companies > Create a push-pull effect with installers asking for the product with their preferred wholesaler Notes: 1) Dependent on market, e.g., possible in US, more difficult in Germany because of channel conflicts UTILITY-SCALE MEYER BURGER > Buildup of a new performance-driven (= lowest LCOE) module brand using Meyer Burger's existing reputation in the PV industry > The brand stands for high-quality and innovation resulting in best-in-class results TWO-BRAND APPROACH ENABLES MEYER BURGER TO DIFFERENTIATE PRICING, USP AND MARKETING STRATEGIES PER END-CUSTOMER SEGMENT O Meyer Burger#33BRAND BUILDING AND SALES ROADMAP MEYER BURGER WHILE MEYER BURGER RELIES HEAVILY ON STRONG BRAND BUILDING RIGHT FROM THE BEGINNING, THE FOUR-STAGED SALES CHANNEL ROADMAP SERVES AS FRAMEWORK SHORT TO LONG-TERM STRONG BRAND BUILDING FROM THE BEGINNING FOUR-STAGED SALES CHANNEL ROADMAP > STRONG BRAND > Brand recognition most important for residential and small commercial segment¹ Customers are less familiar with "Meyer Burger" name, but "Made in Europe" still of significance > MBT plans to leverage on dormant brand recall, but investment needed to overcome tainted reputation TRUSTED BEST-IN-CLASS PRODUCT > Advocate module > advantages to wholesalers and installers High-efficiency module > Well-suited especially for area-constrained rooftops > Lower LCOE to be conveyed to solar leasing companies › Long product warranties increase customer's confidence in a strong brand (verified by certificates) STRATEGY > Increasing sales efforts ESTABLISHED PARTNERSHIPS (SEE DEEP DIVE) With wholesalers/ distributors and large installers > Enables Meyer Burger to build loyalty while ensuring high quality towards end- customers › Efficiently widens Meyer Burger's footprint and generates brand awareness › Manpower intensive but required to establish brand in early phases Meyer Burger's strategy on the residential segment is to build a strong brand backed by an outstanding product, which is sold on the market through established partnerships 1 2 > 3 Investigating and pioneering further sales channels › Meyer Burger already investigates further sales channels with pioneering potential, e.g., establishment of direct B2C sales channels with residential end-customers on- and offline to increase tangibility of PV systems and leverage its brand as premium supplier Implement country-tailored strategies to directly sell to small/medium installers > Sales organizations for the residential and small commercial segment are market-specific due to individual regional characteristics, demanding tailored approaches to fully exploit potentials (e.g., bundling as extended offering, selling via utilities/solution providers) Reinforce and increase wholesaler and installer network with loyalty programs Establish distribution partnerships and loyalty programs for installers to focus on enhancement of the wholesale and installer base as well as electrical wholesale trade to complement Meyer Burger's distribution network Market to wholesalers, large installers and solar leasing providers > Hiring of staff with existing and established relationships with wholesalers, large installers and solar leasing providers form the basis of Meyer Burger's sales network and ensure a broad distribution with limited sales efforts Notes: 1) For wholesalers/distributors and installers Short-term Long-term O Meyer Burger