Solar Frontier Update Sun Spec Alliance Members Meeting

Solar Frontier Update Sun. Spec Alliance Members Meeting February 12, 2013

Solar Frontier q q q World’s largest CIS thin-film panel manufacturer with systems services 100% subsidiary of Showa Shell Sekiyu 30+ years legacy in PV 980 MW production capacity in Japan 600 MW+ supplied worldwide ~1, 500 employees 1

Parent Company Profile Showa Shell Sekiyu K. K. Core Businesses: Oil & Solar Year of Establishment: 1985 (Amalgamation of Showa Oil Co. , Ltd. & Shell Sekiyu K. K. ) Stock Exchange: TYO: 5002 Financial Ratings: A- (R&I), A+ (JCR) Employees: 1, 007 Billion Yen 2010 2011 Change Revenue 2, 346 2, 771 (+18%) Operating Profit 36. 7 60. 2 (+ 64%) EBIT 36. 3 56. 7 (+ 56%) Net Income 15. 9 23. 1 (+ 45%) 2

Showa Shell Sekiyu K. K. Oil Business 510, 000 bbl/day Non-oil Business CIS Solar Business ●Production and sales of CIS photovoltaic modules Power Business ●Retails and wholesale of electric power Other businesses ●Home security services ●House cleaning services 3

History Oil crisis sparks joint solar project with Japanese government Technical partnership with Arco Solar Launched Showa Arco Solar JV with Arco Solar Showa Arco Solar renamed Showa Solar Energy Shell Solar acquired Siemens Solar Commitment to CIS production Commercial production in Miyazaki Plant 1 New Global Name Solar Frontier 1974 1981 1986 1990 2003 2005 2007 2010 R&D crystalline-Si CIS amorphous-Si 1978 1983 1987 Showa Shell starts PV R&D Started c-Si production Co-founded JPEA 1993 Start CIS research funded by NEDO 2004 2006 2009 2011 Shell Solar Japan established Showa Shell Solar established Production at 2 nd plant begins; Atsugi R&D Launched world’s largest CIS plant 1 GW Scale Center opens 4

Regional Sales Channels Global Sales Profile Sales to date 600 MW+ Large Supply Agreement Triple-digit (Germany) Largest Project Agreement 150 MW (USA) Americas Solar Frontier Americas Inc. 3945 Freedom Circle Santa Clara, CA 95054 USA Europe Solar Frontier Europe Gm. BH Bavariafilmplatz 8, 82031 Grunwald bei Munchen, Germany Middle East Solar Frontier K. K. Scientific & Technical Office Eastern Cement Tower #306 King Fahd Road Al Khobar Saudi Arabia Asia Solar Frontier K. K. Daiba Frontier Building 2 -3 -2 Daiba, Minato-ku, Tokyo 135 -8074 Japan 5

Key Technology Advantages Solar Frontier’s unique CIS thin-film technology offers the following benefits: 1. Outperforms Other Panels q q q 2. Superior Reliability q q 3. Efficiency boost after light exposure Strong in high-temperatures and low-light Average 5% higher performance 100% Made in Japan Highly automated production Highest quality materials No microcracks or cell solder joints Most Environmentally-friendly q q q Energy Payback Time 0. 69 years, 16. 8 g. CO 2/k. Wh Lead & cadmium free Reusable packaging 6

Highest Thin-Film Conversion Efficiency 30 cm x 30 cm sub-module 20 World Record 19 18 17. 2% 17 16. 3% 16. 03% 16 15. 2% 15 14 17. 8% 14. 3% 12. 9% 13 12 2000 2002 2007 2010 2011 2012 © Solar Frontier K. K. 7

Highest Conversion Efficiency Today Tokyo, January 8, 2013 －Solar Frontier, in joint research with Japan’s New Energy and Industrial Technology Development Organization (NEDO), has achieved a world record-breaking energy conversion efficiency of 19. 7% for cadmium-free, thin-film solar cells measuring approx. 0. 5 cm 2, as measured by the National Institute of Advanced Industrial Science and Technology (AIST). It has been ten years since the previous record of 18. 6% was set. This world record was achieved using cells cut from a 30 cm x 30 cm substrate, rather than specifically-developed small area cells, demonstrating high potential for further increases. 19. 7% © Solar Frontier K. K. 8

R&D and MF Achievement in 4 years Factory Mod. Eff Format Capacity Invest/ MW Staff/MW 2007 MP 1 9. 5% 1235 x 641 20 MW 300 M Yen 3. 5 2009 MP 2 11% 1235 x 641 60 MW 250 M Yen 2. 5 2011 MP 3 12. 6% 1257 x 977 900 MW 110 M Yen 0. 9 © Solar Frontier K. K. 9

CIS: 5% more k. Wh per rated capacity 170. 0 CIS c-Si Cd. Te 150. 0 Average k. Wh/k. Wp/month 130. 0 110. 0 90. 0 70. 0 50. 0 Brekendorf, Germany Kassel, Germany © Solar Frontier K. K. CONFIDENTIAL Rhodes, Greece Otjawarongo, Namibia Atsugi, Japan Arizona, USA Gunzenhausen, Formigliana, Germany Italy Atsugi, Japan 10

Softbank Field Tests Credit Suisse: “This data shows that the panels made by Showa Shell Sekiyu subsidiary Solar Frontier performed best in 10 of 12 monthly test cases. ” © Solar Frontier K. K. 11

Product Development Roadmap Total Prod. Capacity 1, 500 (MW) 4 th plant 17% AA GEN 3 Tech Lab Technology AA-Efficiency (%) AA=Aperture Area On 30 cm x 30 cm module 170 W　15. 0% AA Applied 16. 3% AA Module eff. 13. 9% Achieved GEN 2 Tech 160 W　14. 2% AA 1, 000 Module eff. 13. 0% 14 GEN 3: Innovative crystal growth. Refined module and circuit design. Optical tuning 13 150 W　13. 3% AA Module eff. 12. 2% 3 rd Plant 900 MW GEN 2 92. 5 W　13. 0% AA 12 GEN 2: Large substrate, High quality CIGSS crystals with Voc and FF improvement 2 nd Plant Module eff. 11. 6% 60 MW GEN 1: Existing technology based st upon selenization, CIGSS absorber, 1 Plant 　Cd-Free 20 MW 2010 2009 2011 Now Unrestricted RAC 10 -0044_02 ・ ・ GEN 3 Applied 80 17 Future 11 2012 2013 2014 12

Contact: Ravi Menon Manager – Engineering & Business Development Ravi. Menon@solar-frontier. com (408) 916 -4152 http: //www. solar-frontier. com © Solar Frontier K. K. Corporate Presentation | October 2011 13