#11st Half-Year 2018 Presentation for investors, analysts, media 16 August 2018 MEYER BURGER E24#2Agenda ☐ Achievements and market analysis 2 Financial statements H1 2018 in detail Q&A session Meyer Burger Technology Ltd, Presentation for Investors, Analysts and Media MEYER BURGER Dr Hans Brändle, CEO Michel Hirschi, CFO#3Net profit reached after a long period of losses Incoming orders in MCHF Net sales in MCHF MEYER BURGER 400 400 337 308 308 300 268 253 300 261 205 223 196 200 157 169 188 187 200 218 235 212 232 128 138 200 95 83 90 113 129 124 100 100 0 0 H112 H113 H114 H115 H116 H117 H118 H1 12 H1 13 H114 H115 H116 H117 H118 EBITDA in MCHF 50 LO 5 Net result in MCHF 29 6575 0 8 0 -50 -28 TTT -59-58-55 -17 -26 -34 -60 -23 -33 -41 -47 -62 -71 -82-82-81 -88 -76 -93 -100 -120 H112 H1 13 H114 H1 15 H1 16 H1 17 H1 18 H112 H113 H114 H115 H116 H117 H1 18 Cost efficiency measures and discontinuation of non-profitable businesses have led to improvement of profit margins and overall profitability Incoming orders negatively affected by market uncertainties influenced by USA-China trade conflict and 531 announcement of Chinese government 3 Meyer Burger Technology Ltd, Presentation for Investors, Analysts and Media#4China 531: a disruptive announcement of the Chinese government on May 31st, 2018 4 Market growth - CPIA 2017 Solar PV roadmap 2017 - 2025 60 GW 53 50 40 40 34.5 30 30 30 20 20 20 20 20 20 15.1 11.0 10.6 10 10 10 2.7 3.9 0 2011 2012 2013 2014 2015 2016 2017 2018 2020 2022 2025 Historical data ■CPIA Low Scenario ■CPIA High Scenario Source: CPIA China Phovotoltaic Industry Association Higher quality at much lower cost 2017 "Top Runner" winning prices $MWh 140 120 100 80 60 420 Dalate Baicheng Shouyang Sihong Haixing Baoying Weinan Winning price range • Local PV FIT Local tariff for coal plants Source: Local government announcements; Bloomberg New Energy Finance Meyer Burger Technology Ltd, Presentation for Investors, Analysts and Media MEYER BURGER With recent 531 Solar Notice, Chinese Administration strives to control growth: Uncapped and very attractive feed-in tariffs resulted in higher end-installations than originally planned. 2017 installations were significantly higher than estimated in early 2017 (China Solar Association CPIA's PV Industry Roadmap) achieve grid parity within the next three years: Establish a market driven model to achieve grid parity until 2021. Top Runner project winning prices were much lower than FiTs and close to coal power prices, despite required use of high efficiency solar modules push the PV industry from a purely cost- driven focus to a quality and technology focus: Top Runner program turns out to be very effective in pushing the CN-industry to PERC as a minimum level and encourage advanced technologies beyond PERC#5China 531: pushing towards a more market driven model to enable grid parity soon Stop uncontrolled growth immediately Suspend approval for new utility-scale PV power stations in 2018 - No Build Plan for utility-scale PV stations The "Build Plan" for distributed PV power is capped at 10 GW, incl. residential and commercial applications Reduce FIT rate by RMB 0.05/kWh for both utility-scale and distributed PV projects Continue to launch "Top Runner" Program; 2018 plan to be released later Prepare MEYER BURGER for more controlled auction process ■ Utility-Scale PV - - All utility-scale PV projects must determine. the developer through bidding method The tender price should not be higher than. the FIT rate post adjustment of Policy 531 Distributed PV Encourage local government to introduce. bidding process for distributed PV excl. residential projects - Promote electricity market trading model for distributed PV ■ FiT critical selection indicator for future bidding process Provincial governments should report tender price or subsidy (if any) of each. project to central government for supervision 5 Meyer Burger Technology Ltd, Presentation for Investors, Analysts and Media#6China 531: Chinese market for PV end- installations remains strong China annual PV solar end-installed capacity forecast In GW IHS robust forecast of 50-60 GW of new added installation capacity from 2018-2020 before "Policy 531" 2018 estimated China installed capacity Project types 6 MEYER BURGER Realistic Forecast Post "Policy 531" GW Comments Distributed PV 12 Installed between Jan-May 2018 60 53 50-55 >50 2018 quota has not been announced Top Runner Project 7 yet. Wait for government final approval 30-35 Poverty Alleviation Project 4 Confirmed quota for 2018 Utility-scale PV 0-5 Some projects may receive provincial subsidies and connect to grid Capacity quota 2017 or before (on-grid in 2018) 6 Already installed in 2017 or prior to 30 June 2018 2017 Installation Capacity 2018 2019 2020 2018 Other special projects 3 approved by government Source: IHS China PV market scenarios 2018 – 2022 (end-installed cap.) 90 80 70 60 52.8 50 40 GW 50 30 +22% 45.9 +13% +33% 39.6 -26% -23% 28.5 30 20 10 0 2017 2018 2019 2020 2021 78.1 2022 Total 30-37 Effects on China PV end-installed capacities In 2018, China end-installed capacity additions could decrease by over 20 GW compared to 2017 numbers This would still represent c. 30-37 GW of additional end-installed capacity in 2018 in China Sustainable growth y-o-y expected again after solar market design restructuring as of 2020 Historical data Low scenario I High scenario-Mid scenario Source: SolarPower Europe Meyer Burger Technology Ltd, Presentation for Investors, Analysts and Media#7World solar market - markets outside China gain importance China vs. RoW: Annual end-installed capacity share 100% 80% 60% 40% 53% 20% 41% 32% 36% 31% 32% 31% 31% 0% 2015 2016 2017 2018e 2019e 2020e 2021e ■China ■Rest of World 2022e MEYER BURGER Global solar dependence on China demand is expected to lessen As of 2019, over 2/3 of solar end-installed capacity expected to be installed outside China The number of annual GW-scale solar markets is quickly increasing Source: IHS Number of GW-scale markets is expected to more than double within 2 years 2018 2017 2016 Source: SolarPower Europe C⭑ C⭑ Σ 6 markets 7 Meyer Burger Technology Ltd, Presentation for Investors, Analysts and Media Σ9 markets Σ14 markets#8Solar growth story intact Over 630 GW of new end-installed capacity expected in the next 5 years 20 GW 14 GW USA 63 GW 12 GW 209 GW Germany $11 GW MEYER BURGER 29 GW China Turkey France 12 GV Japan 78 GW Mexico 169 GW Egypt India 16 GW Rest of the World Australia Source: SolarPower Europe Strong growth: Total global solar market expected to exceed 1 TW of end-installed capacity in 2022; up from slightly above 400 GW at end of 2017 Diversification: Top 10 PV markets will account for > 70% of new capacity added in the next 5 years, while in 2017 only the top 3 markets accounted for 73% market share 8 Meyer Burger Technology Ltd, Presentation for Investors, Analysts and Media#99 PERC - the new mainstream technology MEYER BURGER MAIA® the industrial standard for PERC MAIA® The successful industrialisation of PERC by setting the industrial standard with MAIA® is one more proof that Meyer Burger drives the technology roadmap of the PV industry. Strong competition on PERC equipment ☐ ☐ ☐ ☐ PERC is the new mainstream cell-techno- logy much faster than expected by experts Since 2018: MB PERC challenged by local competition in China, esp. with alternative technology ALD (atomic layer deposition) Competitive environment: large pressure on price and throughput: CAPEX per GW dropped by a factor of ~2 from 2017 to 2018 Meyer Burger has won 3 GW for PERC equipment in H1 2018 Need for PV players to establish manu- facturing outside CN is an upside for MB Large interest to upgrade PERC towards passivated contacts (PaCo) – potential solutions not yet industrialised. MB's solution for PaCo – based on successful MAIAⓇ platform - planned for early 2019 Meyer Burger Technology Ltd, Presentation for Investors, Analysts and Media#10Heterojunction - ready and available MEYER BURGER c-Si technology roadmap evolutionary (upgradable) technology roadmap step change in technology 30% 25 % 23 % 22 % 19 % AI-BSF PERC Passivated Contacts² HJT p-type n-type HJT with lowest LCOE low high LCOE Multi PERC bifacial Mono PERC BSF Mono BSF PaCo² Tandem cell1: HJT + Perovskite HJT low high Efficiency 10 Meyer Burger Technology Ltd, Presentation for Investors, Analysts and Media HJT with undisputed advantages ✓ Highest efficiency for c-Si solar cells ✓ Superior temperature coefficient ✓ Highest bifaciality of all technologies Allows thinnest wafers (cost!) Lowest levelized cost of energy (LCOE) CN government pushing high-efficiency PV technology even more as part of subsidy restructuring: growing number of players considering or working on HJT MB recognized leader in technology and only supplier with proven integration capabilities including module perform - ance; however, several single equipment providers offer individual HJT steps MB working on several deals - strong interest in MB technology but high CAPEX as a hurdle 531 delayed actions as customers assess their options for short-term business and future investments Tandem cell: two different cells are stacked 2 PaCo: passivated contacts, not yet industrially ready#11HJT / SWCT™ success: Record 410W module 11 ☐ MEYER BURGER CEA INES - Meyer Burger partnership on heterojunction technology - CEA INES team, in collaboration with Meyer Burger, achieved new heterojunction 72 cell module performance record at 410W - Heterojunction cells manufactured in CEA - INES research lab on Meyer Burger HELIAⓇ platform Record 410 watt module produced in Thun on Meyer Burger's SmartWire Connection Technology (SWCT™) manufacturing equipment DE LA RECHERCHE À L'INDUSTRIE cea 410 410 W 72 M2 cells White Backsheet watt module Meyer Burger Technology Ltd, Presentation for Investors, Analysts and Media#12Driving the technology roadmap: several new products launched at the SNEC 2018 Diamond wire saw DW 291 2018 DW 291 ■ Increased throughput ■ Overall production costs per wafer reduced by 20% Leading thin wire ☐ capability (50 μm) Cell coating MAIA® 6.1, DIVA® 6.1 and FABIAⓇ 4.1 FABIA® 4.1 ■ Increased throughput Wafer Inspection System WIS 08 WIS 08 from 3,200 wafers per hour (wph) to > 4,000 and > 6,000 wph Integrated solution: three process-steps in one run ■ Sets performance ■ benchmark in PV industry Highest throughput with 8,300 wph with best measurement accuracy MEYER BURGER Impressions from the Meyer Burger booth at SNEC 480 480 ESIVIT 12 Meyer Burger Technology Ltd, Presentation for Investors, Analysts and Media#13Industrial leaders opting for SWCT™ MEYER BURGER REC Group orders Meyer Burger's SmartWire Connection Technology (SWCT™) as manufacturing basis for its newest high efficiency solar modules Feb 2018 Delivery and installation of SWCT™ equipment to REC took place in July 2018 - Joint technology development project between REC & Meyer Burger Panasonic Solar selects SWCT TM for evaluation in the manufacture of its HITT cells - Delivery and installation to R&D facility in Osaka/Japan took place in July 2018 - R&D collaboration between Meyer Burger & Panasonic Another solar module manufacturer in South East Asia ordered 200 MW SWCT™ - Delivery and installation planned for H1 2019 REC Panasonic MEYER BURGER SWCT TM Stringer 13 Meyer Burger Technology Ltd, Presentation for Investors, Analysts and Media May 2018 July 2018#14Reorganisation Thun on track (announced 2 November 2017) Solar Systems Module Wafer 14 MEYER BURGER MegaSlate roof installation Strategic options to be evaluated; sale of business preferred option SWCT™ Line Establish SWCT™ as industrial standard; outsource assembly Sale of Solar Systems business Announced in May; Transaction closed June 2018 DW 291 Transfer production of diamond wire saws to outsourcing partner in China Outsourcing SWCT™ production To Mondragon Assembly; Announced in April; Production at Mondragon starting in January 2019 Outsourcing PV diamond wire saws production To Flex Announced in August; Production at Flex starting in January 2019 # 2018 2017 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2 Nov 2017: Announcement that production site in Thun will be reorganised and all manufacturing activities in Thun will be discontinued by end of 2018. Meyer Burger Technology Ltd, Presentation for Investors, Analysts and Media ✓ Manufacturing activities in Thun scheduled to be discontinued by year-end 2018.#15Further structural measures to safeguard long-term profitability Additional structural measures Programme aims to: - - - Further increase customer proximity Optimise MB global production footprint Increase company's robustness against market volatilities ➤ Target to reduce break-even level at net earnings to a net sales volume of below CHF 300 million Details of the programme to be finalised over the next few weeks and implemented thereafter More information on this programme to be announced on 16 October 2018 Meyer Burger Technology Ltd, Thun 15 Meyer Burger Technology Ltd, Presentation for Investors, Analysts and Media MEYER BURGER#16Financial Statements H1 2018 in detail Michel Hirschi, Chief Financial Officer MEYER BURGER#17Incoming orders / Order backlog Incoming orders H1 2018 ☐ ☐ " Incoming orders MCHF 137.9 weak in H1 2018 Many open/future customer projects in early 2018, but investment sentiment at PV customers getting worse with intensifying US/China trade tensions and Chinese announcement regarding subsidy cuts; increasing competition for MB PERC Market uncertainty leads to project / investment postponements →> almost no really large orders in H1 2018 Increased incoming orders for cutting tools for the sapphire and semiconductor industries Incoming orders MCHF 400 MEYER BURGER 65% 308 268 300 223 200 100 138 0 H1 2015 H1 2016 H1 2017 H1 2018 Incoming orders HY 2016 - 2018 MCHF 400 308 268 300 253 188 138 - Book-to-Bill Ratio 0.59 in H1 2018 (H1 2017: 1.45) 200 " Salesforce intensely working on customer projects 100 0 H116 H2 16 H117 H2 17 H118 Order backlog 30 June 2018 " Order backlog MCHF 240.9 Order backlog last 5 half-years (31.12.2017: MCHF 343.8) Order backlog as at 30 June 2018 consists of - Photovoltaics MCHF 151.8 - Specialised Technologies MCHF 89.1 17 Meyer Burger Technology Ltd, Presentation for Investors, Analysts and Media MCHF 400 339 344 307 300 245 241 200 100 30.06.2016 31.12.2016 30.06.2017 31.12.2017 30.06.2018#18Incoming orders per month MEYER BURGER H1 2017: MCHF 308 H2 2017: MCHF 253 H1 2018: MCHF 138 H2 2018 125 Incoming orders (MCHF) 102 100 75 60 67 34 35 32 80 00 49 50 45 44 55 15 24 25 45 19 34 35 20 19 22 15 0 T T T J F M A M J 18 H1 2017 33 33 32 74 45 36 34 33 22 21 22 2 24 16 18 16 14 22 36 7 7 11 22 2 29 21 22 14 15 17 18 15 16 11 T A S O N D J F M A M J H2 2017 H1 2018 H2 2018 ■Orders "normal" business Larger orders H1 2018 new larger orders February March April May DW 288 Saphir DW 288 Saphir MAIA 4.1 FABIA 4.1 DS 261 MCHF 7 MCHF 7 MCHF 16 MCHF 18 Meyer Burger Technology Ltd, Presentation for Investors, Analysts and Media#19Net sales MEYER BURGER ☐ Net sales of MCHF 232.3 +9.4% year-on-year Positive currency effects of about MCHF 15.2 or +6.5% Adjusted for foreign currency effects and divested DMT business activities, organic growth of continuing business would be +5.2% Segment sales third parties: Photovoltaics MCHF 202.4, Specialised Technologies MCHF 29.9 Net sales 1st Half-Year MCHF 250 +9% 232 218 212 200 150 124 100 50 - Change in net sales Europe mainly due to 3Sun HJT order 0 H1 2015 H1 2016 H1 2017 H1 2018 Asia (mainly China) continues to be major region with 68% of net sales Change in net sales by region Americas MCHF -4 Europe MCHF +21 Net sales HY 2016 - 2018 MCHF 300 261 235 232 250 218 212 200 150 100 Asia MCHF +3 50 0 H116 H2 16 H117 H2 17 H118 19 Meyer Burger Technology Ltd, Presentation for Investors, Analysts and Media#20Split of net sales MCHF 232.3 28% (19%) By region 3% (4%) 68% (77%) By type of sales 2% 8% (3%) (9%) 13% (14%) MEYER BURGER By currencies 6% 11% (6%) 4% (19%) (5%) 78% (74%) 79% (70%) ■ Asia ■Europe Americas, RoW ■Equipment PV ■Specialised Technologies CHF EUR USD Services & spare parts PV ■ Other Consumables Note: Comparative figures reflecting full FY 2017 are shown in brackets 20 Meyer Burger Technology Ltd, Presentation for Investors, Analysts and Media#21■ Operating income after costs of products and services 21 Operating income after costs of products and services MCHF 120.1 (H1 2017 MCHF 98.2) Margin in H1 2018 of 51.7% was 5.4 percentage points higher than in H1 2017 Normalised margin for H1 2018 would be 51.1% (H1 2017: 51.2%) Discontinuation of non-profitable businesses, product mix with higher margins led to improvement of profit margin Meyer Burger Technology Ltd, Presentation for Investors, Analysts and Media MEYER BURGER Op. income after costs of products and services MCHF 52% 57% 140 49% 46% 120 107 120 98 50% 47% 100 71 80 60 40 20 0 H1 2015 H1 2016 H1 2017 H1 2018 Op. income after costs of p. a. serv. HY 2016 - 2018 MCHF 120 120 107 104 52% 98 97 50% 90 47% 49% 46% 44% 60 60 37% 30 0 H116 H2 16 H117 H2 17 H1 18 Operating income Operating income margin Normalised margin#22OPEX (1) Personnel - Employees MEYER BURGER ☐ Number of FTE at 30 June 2018: 1,227 FTE Employees (at 30 June 2017: 1,303 FTE) FTE 2000 ◉ Payroll reflection: Decline of 76 FTE vs. 30 June 2017 213 -38 175 -100 1500 -27 -49 75 C.-130 1000 1303 1276 1227 500 30 Jun 17 Reorganisation Thun (announced Nov 2017): 30 FTE transferred with sale of Solar Systems unit. Up to c. 130 FTE will still be affected (following outsourcing SWCT™ production to Mondragon Assembly Group and outsourcing of PV diamond wire saw production to Flex Ltd) Temporary staff: Decrease by 138 temporary employees vs. 30 June 2017; mainly in production ➤ Organisation and cost structure more flexible than before Further decline of personnel expenses by 7.4% - Personnel expenses H1 2018 lower by MCHF 5.1 compared to H1 2017 (H1 2018: MCHF 64.2, H1 2017: MCHF 69.4) Another significant reduction in fix costs 0 40 40 20 20 22 Meyer Burger Technology Ltd, Presentation for Investors, Analysts and Media AFTE ATemporary 31 Dec 17 AFTE ATemporary 30 Jun 18 To leave Employees (permanent positions) Temporary employees Personnel expenses HY 2016 - 2018 MCHF 100 75 76 80 69 69 67 64 60 0 H116 H2 16 H117 H2 17 H1 18#23/ OPEX (2) EBITDA Other operating expenses Total other operating expenses MCHF 26.6 (H1 2017: MCHF 21.9) Increase of MCHF 4.7 compared to H1 2017 mainly due to MCHF 4.3 resulting loss from sale of Solar Systems business (incl. MCHF 1 Goodwill recycling) EBITDA MCHF 40 20 20 EBITDA MCHF 29.2 - ■ Reported EBITDA MCHF 29.2, margin of 12.6% Reflects successful execution on cost reduction and closing/ending non-profitable businesses and/or products 23 Meyer Burger Technology Ltd, Presentation for Investors, Analysts and Media MEYER BURGER 6 7 0 3% 3% -20 29 13% -26% -40 -33 H1 2015 H1 2016 H1 2017 H1 2018 EBITDA HY 2016 - 2018 MCHF 40 30 20 20 13% $29 6 10 7 4 3% 3% 2% 2% 0 H116 H2 16 H117 H2 17 H118 EBITDA EBITDA margin#24EBIT Depreciation, amortisation and impairments total MCHF 14.4 (H1 2017: MCHF 15.8) ➤ Decline in line with expectations Depreciation and amortisation ◉ ☐ Property, plant and equipment - Scheduled depreciation MCHF 5.4 Intangible assets - Scheduled amortisation of intangible assets mainly related to M&A activities of recent years MCHF 8.9 EBIT MCHF 20 0 -20 -40 MEYER BURGER -4% -10% -21 15 5 -60 -55% -80 -69 H1 2015 H1 2016 H1 2017 H1 2018 EBIT HY 2016 - 2018 EBIT MCHF 14.9 MCHF ■ First time positive EBIT since 2012; margin 6.4% 30 20 20 24 Meyer Burger Technology Ltd, Presentation for Investors, Analysts and Media 6% 15 6% 10 10 0 -10 -4% -4% -9 -10% -10% -10 -20 -21 -30 -23 H116 H2 16 H117 H2 17 H118 EBIT EBIT margin#25Financial result / Extraord. result / Taxes MEYER BURGER Financial result Financial result, net of MCHF -4.0 (H1 2017: MCHF -7.4) Major differences compared to H1 2017: - - MCHF 5.7 less interest expenses and amortisation costs (due to straight bond redeemed in May 2017, conversions of convertible bond since December 2017 → current outstanding nominal amount of MCHF 26.8 for convertible bond 2020) Foreign exchange rate differences MCHF -1.7 vs. MCHF +0.9 in H1 2017 Extraordinary result Extraordinary result of MCHF +0.8 (H1 2017: MCHF -0.6) Mainly in conjunction with revaluations of inventory and provisions connected to previously accrued restructuring charges Taxes Tax expense of MCHF -3.4 (H1 2017: Tax expense of MCHF -0.2) Reflects tax rate of 29.3% for H1 2018 25 Meyer Burger Technology Ltd, Presentation for Investors, Analysts and Media#26Net result Net result ☐ Net result H1 2018 MCHF 8.3 (H1 2017: MCHF -17.0) Return to profitability at net result level achieved in H1 2018 Earnings per share " EPS CHF 0.01 (H1 2017: CHF -0.03) Ø Number of outstanding shares 621,659,281 (H1 2017: 547,329,662) ☐ Cash EPS CHF -0.03 (H1 2017: CHF +0.01) 26 Meyer Burger Technology Ltd, Presentation for Investors, Analysts and Media Net result MCHF MEYER BURGER 50 25 8 0 -25 -17 -26 -50 -75 -100 -93 H1 2015 H1 2016 H1 2017 H1 2018 Net result HY 2016 - 2018 MCHF 50 25 8 0 -25 -26 -17 -50 -75 -62 -71 -100 H116 H2 16 H117 H2 17 H118#27Income statement details MEYER BURGER in TCHF Net sales Other income H1 2018 in % H1 2017 in % 232 328 100.0% 212 294 100.0% 2 904 2 196 Currency translation gains and losses on trade receivables and customer prep. Income 1 434 - 3 738 236 667 210 752 - 2 766 5 925 Changes in inventories of finished and semi-finished products as well as machines before acceptance Cost of products and services Capitalised services - 114 484 - 119 768 647 1 330 Operating income after costs of products and services 120 064 51.7% 98 239 46.3% Personnel expenses - 64 248 - 69 393 Other operating expenses - 26 575 - 21 897 EBITDA 29 241 12.6% 6 949 3.3% Depreciation and impairment on property, plant, equipment - 5 426 - 6 095 Amortisation and impairment on intangible assets - 8935 - 9 655 EBIT Financial result Operating result 14 881 6.4% - 8 801 -4.1% - 3 979 - 7 413 10 901 4.7% - 16 214 -7.6% Extraordinary result 831 590 Earnings before taxes 11 732 5.0% - 16 804 -7.9% Taxes - 3 440 - 158 Net result 8 292 3.6% - 16 962 -8.0% 27 Meyer Burger Technology Ltd, Presentation for Investors, Analysts and Media#28Balance sheet MEYER BURGER Solid balance sheet structure in TCHF Cash and cash equivalents 30.06 2018 in % 31.12. 2017 in % 101 972 124 700 Trade and other receivables 63 565 59 177 Cash, cash equivalents Decreased mainly due to increased net working capital (see next slide) Inventories 101 353 83 314 Prepaid expenses and accrued income 10 518 8 739 Total current assets 277 407 60.7% 275 930 58.7% Inventories Increased mainly due to lower prepayments attributed to inventories MCHF -14.0 Other long-term receivables 1 575 1 624 Property, plant and equipment 86 604 91 138 Intangible assets 15 497 24 380 Deferred tax assets 75 631 76 910 Total non-current assets 179 307 39.3% 194 052 41.3% Remaining MCHF 26.8 of convertible bond due Sep 2020 MCHF 24.9 in financial liabilities; rest split into equity component recognised in equity and transaction costs spread over remaining lifetime of bond MCHF 30 mortgage loan on building in Thun Equity ratio of 54.6% Increase in equity as result of the net profit contribution Current provisions Other current liabilities Total assets 456 715 100.0% 469 983 100.0% Current financial liabilities 490 328 Trade payables 32 112 29 970 Customer prepayments 61 863 67 065 14 872 15 883 38 719 50 691 Total current liabilities 148 057 32.4% 163 938 34.9% Non-current financial liabilities 55 813 57 128 Provisions 271 1 565 Deferred tax liabilities 806 1 364 Other non-current liabilities 2 604 3 031 Total non-current liabilities 59 494 13.0% 63 088 13.4% Equity incl. minority interests 249 163 54.6% 242 957 51.7% Total liabilities and equity 456 715 100.0% 469 983 100.0% 28 Meyer Burger Technology Ltd, Presentation for Investors, Analysts and Media#29Analysis Net Working Capital MEYER BURGER Increase in receivables by MCHF +4.4 Inventories (net) increased by MCHF +18.0 (reduction of attributed customer prepayments MCHF 14.0) Overall decrease in customer prepayments of MCHF -19.2, mainly due to weak incoming orders in H1 2018 in TCHF Trade and other receivables Inventories (gross) ./. Allocated customer prepayments Trade payables Customer prepayments 30.06. 2018 31.12. 2017 31.12.2016 63 565 59 177 164 764 160 734 61 034 176 584 - 63 411 - 77 420 - 81 344 Inventories (net) 101 353 83 314 95 240 Other current assets 1 10 518 8 739 6 399 1 Current assets excluding cash and cash equivalents 175 435 151 231 162 672 Current financial liabilities 1 490 328 1 556 32 112 29 970 28 010 61 863 67 065 58 270 Current provisions Other current liabilities 14 872 15 883 9 614 38 719 50 691 43 763 Net liability from construction contracts turned into a receivable in line with project progress. Current liabilities Net working capital 148 057 163 938 141 213 27 378 - 12 707 21 459 29 Change in NWC of MCHF +40.1 Increase in NWC mainly due to the lower customer prepayments and increase in trade/other receivables as well as inventories. 1 In the balance sheet 31 December 2016, straight bond values (repaid on 24 May 2017) of MCHF 129.93 (in current liability) and acquired own straight bonds MCHF 3.1 (in current financial asset) were not included in NWC calculation. Meyer Burger Technology Ltd, Presentation for Investors, Analysts and Media#30Cash flow MEYER BURGER CF from operating activities ◉ Before NWC changes MCHF +27.1 mainly thanks to the reduced cost base After NWC increase MCHF -16.4 CF from investing activities Normal conservative net investments in non-current assets of MCHF 1.8 in TCHF Net result Cash flow from operating activities Investment in securities (bonds) Sale of securities (bonds) H1 2018 H1 2017 8 292 - 16 962 Non-cash items 18 844 18 174 CF from op. activities before changes in NWC 27 136 1 212 Change in NWC - 43 514 2 277 - 16 378 3 489 - 15 065 18 125 ☐ CF from financing activities Purchase of treasury shares for share participation programme of MCHF 4.1 Investments in property, plant, equipment, net Investments in intangible assets, net Sale of business activities Solar Systems Cash flow from investing activities - 1 768 - 1 879 382 217 200 - 1 950 1 398 20 Operating cash flow MCHF 20 15 Capital increases (follow-up costs capital increase Dec 16) Purchase of shares of MB Germany after change control Purchase of treasury shares 199 105 - 4 124 - 3 822 10 10 10 3 Repayment of (current) financial liabilities 40 - 130 036 0 Cash flow from financing activities Cash, cash equivalents at beginning of period - 4 164 - 134 162 124 700 246 427 -10 Change in cash, cash equivalents - 22 492 - 129 275 -12 -20 -16 Currency translation effects on cash & cash equivalents $236 53 H1 16 H2 16 H117 H2 17 H118 Cash, cash equivalents at end of period 101 972 117 205 30 Meyer Burger Technology Ltd, Presentation for Investors, Analysts and Media#31Conclusion / Guidance MEYER BURGER Our Outlook statements in March 2018 Long-term outlook for solar industry remains attractive Meyer Burger will continue to drive technology roadmap in PV industry Return to profitability at net result level remains our major goal Targets for FY 2018 Net sales of about MCHF 450-500 - EBITDA margin of about 10% Comments / situation in August 2018 MBT remains convinced of the long-term attractiveness of the solar industry Technology developments ongoing to protect leading position Achieved with the H1 2018 results. Long-term profitability to be protected by additional structural measures. Programme to start in H2 2018 Targets for FY 2018 - Net sales of about MCHF 400-440 EBITDA margin about 10% confirmed 31 Meyer Burger Technology Ltd, Presentation for Investors, Analysts and Media#32Questions & Answers MEYER BURGER#33Disclaimer MEYER BURGER Information in this presentation may contain "forward-looking statements", such as guidance, expectations, plans, intentions or strategies regarding the future. These forward-looking statements are subject to risks and uncertainties. The reader is cautioned that actual future results may differ from those expressed in or implied by the statements, which constitute projections of possible developments. All forward-looking statements included in this presentation are based on data available to Meyer Burger Technology Ltd as of the date that this presentation is released. The company does not undertake any obligation to update any forward-looking statements contained in this presentation as a result of new information, future events or otherwise. This presentation is not being issued in the United States of America and should not be distributed to U.S. persons or publications with a general circulation in the United States. This presentation does not constitute an offer or invitation to subscribe for, exchange or purchase any securities. In addition, the securities of Meyer Burger Technology Ltd have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws and may not be offered, sold or delivered within the United States or to U.S. persons absent registration under an applicable exemption from the registration requirements of the Securities Act or any state securities laws. The information contained in this presentation does not constitute an offer of securities to the public in the United Kingdom within the meaning of the Public Offers of Securities Regulations 1995. No prospectus offering securities to the public will be published in the United Kingdom. Persons receiving this presentation in the United Kingdom should not rely on it or act on it in any way. In addition, the presentation is not for release, distribution or publication in or into Australia, Canada or Japan or any other jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction, and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. 33 Meyer Burger Technology Ltd, Presentation for Investors, Analysts and Media