Meyer Burger Technology : Corporate Presentation Sept 2020 EN

PROJECT INDIUM

EVOLUTION INTO A SOLAR CELL AND MODULE MANUFACTURER

Corporate Presentation

September 2020

DISCLAIMER

NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE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

CORNERSTONES OF THE NEW STRATEGY

Growing

global solar

energy market

Superior and

proprietary technology

Captive

business

model

• 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
• 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

MEYER BURGER IS A TECHNOLOGY LEADER AND HAS SHAPED THE SOLAR INDUSTRY FOR YEARS

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 technologies

Milestones since 1999

1999 Market introduction of the wire saw for the solar industry

2012	Market introduction of the industrialized PERC1 technology,
	which is industry standard today

• has equipped the leading manufacturers of solar modules with production equipment
• 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

1. "Passivated Emitter and Rear Cell"

2013 Start of the development of the SmartWire technology

2014 Introduction of the diamond wire saw with patented double wire control

2016	Development of the later award-winning TOPCon system CAiA

2018 Major contract for Heterojunction/SmartWire equipment

2019 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

MEYER BURGER IS AGAIN DRIVING THE NEXT PV TECHNOLOGY GENERATION

Meyer Burger's technology is far superior to PERC

-performance
Module	Conventional technology
	2
	(PERC)

Today

1. Including module SmartWire-Technology; 2) "Passivated Emitter and Rear Cell"

• 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

KNOW-HOW AND MANUFACTURING EXPERTISE FOR CELL AND MODULE PRODUCTION ARE AVAILABLE

Meyer Burger has so far installed and commissioned the production lines for customers - Meyer Burger can now use this know-how itself

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

INTEGRATED VALUE CHAIN: CAPTURE >15X MORE

VALUE WITH CELL AND MODULE PRODUCTION

Equipment manufacturing

Cell manufacturing

Module manufacturing

By forward-integrating along value chain, Meyer Burger can increase the value captured from its proprietary, leading technology

		Solar modules:
		Achievable
		aggregate EBITDA
	>15x	on this equipment
	over a utilization
HJT equipment:
	period of 7 years1
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

THE CAPTIVE BUSINESS MODEL PROTECTS KNOW- HOW, TECHNOLOGY AND PROFITABILITY LONG-TERM

					Captive: no
New with own cell and module production			equipment to
		third parties
Modules	Cells
End markets		Third-party module			Third
	manufacturers			parties
E.g., wholesalers, large installers,	Note: Without SWCT®, to keep
IPPs, project developers	efficiency advantage for Meyer
		Burger

• 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
• 1. facilitate ramping in module sales and
  2. obtain economies of scale and purchasing power

8 © Meyer Burger

ENTRY INTO PV CELL AND MODULE PRODUCTION WITH CLEAR CAPACITY EXPANSION GOALS

Cell and module production in Germany

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,

Production capacity [GW] 2021 - 2027

7.0

then add 400 MW module plus 1 GW

cells in next step

6.4

		Module				4.2
		Cell				3.6
				0.8	1.4
0.4	0.4
		2021E	2023E	2025E	2027E
Phase		1			2	3

•	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

MODULE 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	Meyer Burger HJT/SWCT system
(PERC module)
0.31	+0.08 EUR/Wp module ASP	0.39
premium for Meyer Burger1
		80.7

• Meyer Burger provides considerable end-customer
benefit, reducing LCOE through:
1.	Higher efficiency, reducing BOS cost
2.	Better high-temperature energy yield

	75.3
Module	31.1
BOS2	44.2

	2.3
	10.1
31.1	38.9

Performance pricing	~20-25% of value
enabled by	pool ceded to
•	BOS lever3	customer to	41.85
•	Higher energy yield4	incentivize
to achieve same LCOE	purchase

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

System cost	Benchmark Value pool Customer System cost
	share

Assumptions: System - 100 MWp; 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	10 © Meyer Burger
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

RESIDENTIAL 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
	10,800
Module	3'050
BOS1	7'750

Meyer Burger HJT/SWCT system

+0.19 EUR/Wp module ASP		0.46
premium for Meyer Burger
			12,640

		765
3'050	1'375	5'190

	Performance	pricing	Customer desire for
	enabled by		better quality, esthetics,
•	BOS lever2	brand, "Made in	7,4504
•	Higher energy yield3	Germany" and "Swiss
to achieve same LCOE	technology"

• 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

System cost	Benchmark Performance	Additional System cost
	premium	premium

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	11 © Meyer Burger
degradation translate into more energy generation over lifetime; 4) BOS cost is reduced vs. benchmark BOS cost because of BOS lever

MEYER BURGER CAN OBTAIN UNIQUE MARKET POSITIONING, ENABLING HIGH MARGINS

LOW AVERAGE SALES PRICE HIGH

Market positioning and key competitors

IBC	Standard	HJT / SWCT®
	HJT

Medium margin Medium margin High margin

n-PERTPERC

Very low margin			Low margin
HIGH	MANUFACTURING COST	LOW

• 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

12 © Meyer Burger

MEYER BURGER CAN OBTAIN UNIQUE MARKET POSITIONING, ENABLING HIGH MARGINS

Average selling price / manufacturing costs1,2

Standard segmentHigh-efficiency segment

Standard HJT

IBC competitors

• The captive business model prevents

competitors' access to HJT/SWCT®, so

competitors

that Meyer Burger can maintain

European

Uncompetitive

product

margins long-term

module

offering

competitors3

• PERC: low-margin commodity business

with exhausted cost reduction potential

• High-efficiency competition: very high

Meyer Burger

Asian

prices due to positioning as a premium

HJT/SWCT®

product in the residential market - but

PERC competitors

with significantly higher production

costs

Average

Module efficiency2 [%]

Margin

Average

selling price

manufacturing costs

Source: Company datasheets, Solarmedia (Q4 2019), PVInfoLink, 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 several13 © Meyer Burger manufacturers for different categories; 3) module production with purchased Asian cells of medium performance class

VALUE-ORIENTED SEGMENT STRATEGY IN

SELECTED MARKETS

Meyer Burger will focus its PV cell and module sales activities on the following segments and markets:

Segments			Focus markets
1	Rooftop (residential and small	2 Utility-scale1
	commercial)

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: 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	14 © Meyer Burger
LCOE considerations for residential and small commercial

MEYER BURGER PURSUES VALUE-ORIENTED SEGMENT STRATEGY TO GAIN MARKET SHARE

Annual PV market size in target markets1 [GWp]

							Average annual
					59	62	growth rate
				56
	49	50	52			8%
45
						Rooftop

5%

Utility-scale

2021 2022 2023 2024 2025 2026 2027

Market share in target markets [%]

										16%	18%
								13%
											Residential
						8%
				5%			4%	6%
		2%			2%
1%			0%				Utility-scale
2021	2022	2023	2024	2025	2026	2027

Source: IHS Markit, IEA, SolarPower Europe, JPEA, SEIA, AU CER

1) Europe, U.S., Australia, Japan

• 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

15 © Meyer Burger

FAST PRODUCTION AND SALES RAMP-UP POSSIBLE DUE TO AVAILABLE INFRASTRUCTURE AND PERSONNEL

New production site for solar cells - Bitterfeld-Wolfen(Saxony-Anhalt)

16 © Meyer Burger

FAST PRODUCTION AND SALES RAMP-UP POSSIBLE DUE TO AVAILABLE INFRASTRUCTURE AND PERSONNEL

New production site for SmartWire modules - Freiberg (Saxony)

17 © Meyer Burger

VERIFIED TECHNOLOGY ROADMAP SECURES TOP

POSITION AND FURTHER IMPROVEMENT POTENTIAL

								MEYER BURGER ROADMAP
								CONFIRMED BY FRAUNHOFER
Avg. module efficiency [%]				• Current business plan is based on Meyer
30	Technology level 1	Technology level 2	Technology level 3
Burger's superior "Phase I" HJT technology,1
						29.1%
29					27.8%	28.3%		which is proven and protected by various
28							patents
27					SWCT lll + PSK HC	• Verified module efficiency roadmap suggests
26
							further improvements that further extend the
25				IBC SWCT II + HC	24.5%
					lead over HJT competitors and mainstream
24			23.0%
						PERC manufacturers
23		SWCT
22	21.0%	21.1%		22.4%			21.6%	• With its stake in Oxford PV and the related
21	19.8%		Shingled				21.0%	perovskite technology, Meyer Burger is
20						already investing in future technologies with
19	19.2%							further potential for performance
18							improvements
2019	2020	2021	2022	2023	2024	2025

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	18 © Meyer Burger

Source: Meyer Burger, CPIA

PROPRIETARY BUSINESS MODEL WITH REDUCED RISKS

Attractive returns

1 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, capabilities and brand

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

19 © Meyer Burger

IMPLEMENTATION WELL UNDERWAY: MARKET LAUNCH IN Q2/2021

Progress

Market launch

Q2/2021

	- Installation of production equipment
	- Module certification
	- Set-up Supply Chain management
New production sites	- Build-up sales organization
Q3/2020 - Q2/2021
- Site in Freiberg purchase
(3. August 2020)
- Site in Bitterfeld rented
(1. September 2020)

Successful

capital increase

22. July 2020

Time

20 © Meyer Burger

FINANCIAL OUTLOOK

TARGETS WITHIN 3 YEARS

›	Expected Revenue:	CHF 400m - CHF 450m
› Expected Gross Profit Margin:	45% - 50%
›	Expected EBITDA Margin:	25% - 30%
› Expected Net Debt / EBITDA	0.25x - 0.5x

• Expected revenues with annual capacity of 1.4 GW of cell and 0.8 GW of module production by raising a total of around CHF 180 million of debt in 2021/22
• 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 arm's length pricing, including margin for Meyer Burger)
  • Third-partyequipment 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%

LONG-TERM GOALS

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) - Meyer Burger Group Consolidated Financials

›	Revenue:	> CHF 2.0bn
›	EBITDA Margin:	> 30%
› Ratio Net Debt / EBITDA:	net cash

21 © Meyer Burger

HIGHLIGHTS OF THE NEW 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 © Meyer Burger