FIRST SOLAR INVESTOR OVERVIEW

FIRST SOLAR INVESTOR OVERVIEW

IMPORTANT INFORMATION Forward Looking Statements This presentation contains forward-looking statements which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements, among other things, concerning effects on our financial statements and guidance resulting from certain module manufacturing changes and associated restructuring activities; our business strategy, including anticipated trends and developments in and management plans for our business and the markets in which we operate; future financial results, operating results, revenues, gross margin, operating expenses, products, projected costs (including estimated future module collection and recycling costs), warranties, solar module technology and cost reduction roadmaps, restructuring, product reliability, investments in unconsolidated affiliates and capital expenditures; our anticipated module shipments; our anticipated bookings opportunities by stage and geography; our ability to continue to reduce the cost per watt of our solar modules; the impact of public policies, such as tariffs or other trade remedies imposed on solar cells and modules; our ability to expand manufacturing capacity worldwide; our ability to reduce the costs to construct PV solar power systems; research and development programs and our ability to improve the conversion efficiency of our solar modules; sales and marketing initiatives; and competition. These forward-looking statements are often characterized by the use of words such as "estimate," "expect," "anticipate," "project," "plan," "intend," "seek," "believe," "forecast," "foresee," "likely," "may," "should," "goal," "target," "might," "will," "could," "predict," "continue" and the negative or plural of these words and other comparable terminology. The forward-looking statements in this presentation are based on current information and expectations, are subject to uncertainties and changes in circumstances, and do not constitute guarantees of future performance. Those statements involve a number of factors that could cause actual results to differ materially from those statements, including the risks as described in First Solar, Inc. s ( First Solar or the Company ) most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the Securities and Exchange Commission. First Solar assumes no obligation to update any forward-looking information contained in this presentation or with respect to the announcements described herein. Non-GAAP Financial Measures This presentation includes the presentation and discussion of certain financial information that differs from what is reported under generally accepted accounting principles in the United States ( GAAP ). These non-gaap financial measures include non-gaap earnings per fully diluted share ( EPS ), free cash flow, adjusted operating expenses, adjusted operating income and non-gaap guidance for EPS, operating expenses and operating income. See the Appendix for a reconciliation of each of these non-gaap financial measures to its most directly comparable GAAP measure and further information regarding such measures. Investors and other readers should consider non-gaap measures only as supplements to, not as substitutes for or superior to, measures of financial performance prepared in accordance with GAAP. 2

INVESTMENT THESIS Solar Market Global Solar Demand Continues to Grow Rapidly ; 2017 Demand of ~90 GWs* Cost of Solar Competitive with Traditional Generation Sources (With No Fuel Price Risk) First Solar Advantage Differentiated Thin Film Technology Combines Low Cost and High Efficiency Proven Track Record with >17 GWs of Modules Sold Worldwide Industry Leading Balance Sheet to Invest in Disruptive Technology Roadmap *Estimated PV Installs by IHS (PV Demand Tracker Q3 2017) Applies to certain markets with high solar irradiance 3

CORPORATE OVERVIEW

SOLAR ENERGY IS COMPETITIVE TODAY ON AN UNSUBSIDIZED BASIS $0.30 $0.25 $0.20 $0.15 $0.10 $0.05 $- Coal Nuclear Gas CC Gas Peaking Diesel First Solar Source: Lazard Levelized Cost of Energy Analysis Version 10. First Solar LCOE excludes ITC benefit and assumes a 30MW system in a high insolation region, such as the Southwest U.S. 5

FIRST SOLAR AT A GLANCE Over 17GW sold worldwide and over $14.5B in project financing facilitated Partner of choice for leading utilities and global power buyers since 2006 Solar energy that is economically competitive with fossil fuel Strongest financial stability & bankability in the industry 6

TRUSTED PARTNER We create enduring value for our customers by powering their worlds through clean and affordable energy. Mark Widmar First Solar CEO 7

TECHNOLOGY & MANUFACTURING ADVANTAGE

FIRST SOLAR MANUFACTURING ADVANTAGE First Solar Fully Integrated, Automated and Continuous Thin Film Process < 3.5 HRS 1 Factory Large glass substrate vs. individual Si wafers Fully integrated, continuous process GLASS Semiconductor Deposition Cell Definition Final Assembly & Test First Solar MODULE 98% less semiconductor material vs Si Quality controlled under one roof Polysilicon Output Ingot Output Wafer Output Solar Cell Output Module Crystalline Silicon Wafer Based Batch Technology < 3 DAYS 4+ Factories 9

UNPRECEDENTED EFFICIENCY IMPROVEMENTS 26.0% 24.0% 22.0% 20.4% 21.5% 22.1% Record Cell 20.0% 18.0% 16.0% 17.3% 14.4% 18.7% 16.1% 17.0% 14.4% 18.2% 16.1% 19.0% 16.6% Record Module Fleet Average * 14.0% 12.9% 13.4% 12.0% 2012 2013 2014 2015 2016 Record Cell Efficiency Record Module Efficiency Fleet Average Efficiency* * Represents Q4 full fleet average. 10

SPECIFIC ANNUAL ENERGY YIELD ADVANTAGE (RELATIVE TO FRAMED BSF AND PERC, MULTI AND MONO) ovember 2017 11

ENERGY YIELD ADVANTAGE VS. C-SI Powered by: Up to 7.5% Specific Annual Energy Yield Advantage 12

PROVIDING THE LEADING ECO-EFFICIENT PV TECHNOLOGY proven energy advantage economically competitive with fossil fuel lowest environmental impacts Validated by 3rd party research and global peer reviews Higher energy yields at a competitive cost Fastest energy payback time < 1 year Smallest carbon footprint and air pollutants Lowest life cycle water use Industry leading PV recycling program Creating MORE VALUE with LESS ENVIRONMENTAL IMPACT. Seitz et al., Eco-Efficiency Analysis of Photovoltaic Modules, Bavarian State Ministry of Environment and Health, 2013. 13

PRODUCT ROADMAP & SERIES 6 ADVANTAGE

PRODUCT ROADMAP: TRANSITION TO SERIES 6 FIRST SOLAR 122 W FIRST SOLAR >420 W S4 S6 Strategic decision made in November 2016 to accelerate Series 6 production Change in leading edge from long to short side of module allows for reuse of exiting factories for Series 6 production Future roadmap for Series 4 production under evaluation 15

$0.19 $0.14 $0.09 $0.04 -$0.01 -$0.06 c Si ASP $0.45 $0.35 $0.25 $0.15 $0.05 -$0.05 -$0.15 - - VARIOUS - - ovember 2017 SERIES 6 PRODUCT ADVANTAGE ASP Entitlement ($/Wdc)* (not to scale) Net +6c/W ASP entitlement S6 vs S4 Lowest CpW (not to scale) CpW ~40% lower S6 vs S4** Higher BOS Energy Advantage (0.02) 0.04 0.04 0.04 (0.06 c-si Series 4 Series 6 c-si Series 4 Series 6 *Illustrative example. Energy advantage and added BOS cost varies based on geography, site specific factors, PPA pricing and various other factors. Comparison to 340 watt crystalline silicon panel. **S4 cost per watt is 2016 average ; S6 cost is fully ramped cost, not including start-up effects 16

MODULE CAPACITY ROADMAP AS OF NOVEMBER 2016 MW 4,000 Series 4 Series 6 3,000 2,000 1,000-2017 2018 2019 Prior numbers reflect 30 lines of existing Series 4 capacity and exclude stored tools. Current roadmap reflects approximate timing of phase out of Series 4 product and ramp of Series 6 17

FINANCIALS & 2017 GUIDANCE

Defaulted Net (Debt) / Cash ($m) INDUSTRY LEADING BALANCE SHEET 2,500 2,000 1,500 1,000 500 0 (500) (1,000) (1,500) (2,000) FSLR Competitor A Competitor B Competitor C Competitor D Competitor E Competitor F Source: Company reports, SEC filings and IR Insight. *Based on Q3 16 results, others Q1 17. 19

EFFECTIVE OPEX MANAGEMENT $m $/W 450 400 R&D SG&A OpEx per Watt shipped 398 386 387 0.45 0.40 350 0.35 300 250 254 255 262 280 0.30 0.25 200 185 0.20 150 0.15 100 0.10 50 144 131 125 95 0.05-2014 2015 2016 2017 - *2017 operating expense and shipments based on guidance mid-point. Excludes production start-up. 20

2017 GUIDANCE AS OF OCTOBER 26, 2017 Prior GAAP Current GAAP Prior Non-GAAP* Current Non-GAAP* Net Sales $3.0B to $3.1B Unchanged Gross Margin (%) 17.0% to 18.0% ~18.0% Operating Expenses $370M to $395M $370M to $385M $330M to $340M Unchanged Operating Income $115M to $180M $165M to $190M $170M to $220M $210M to $230M Earnings Per Share $1.55 to $2.20 $2.05 to $2.30 $2.00 to $2.50 $2.40 to $2.60 Net Cash Balance 1 $2.1B to $2.3B Unchanged Operating Cash Flow $850M to $950M Unchanged Capital Expenditures $400M to $500M Unchanged Shipments 2.6GW to 2.7GW Unchanged *See the appendix for a reconciliation of these forward looking non-gaap measures to their most directly comparable GAAP measures 1. Cash and marketable securities less expected debt at the end of 2017 21

USE OF NON-GAAP FINANCIAL MEASURES: NON-GAAP GUIDANCE In the presentation above, we provided non-gaap guidance as of October 26, 2017 for our operating expenses, operating income and earnings per share for the year ending December 31, 2017. We have included these forward-looking non-gaap financial measures to adjust our GAAP projections of such financial measures for, as applicable, (i) restructuring, asset impairment and related charges primarily associated with the transition from Series 4 to Series 6 production and (ii) additional restructuring activities expected during the remainder of the year. Other GAAP charges, including those related to certain asset impairments or restructuring programs, that would be excluded from non-gaap earnings per share are possible for the periods presented, but such amounts are dependent on numerous factors that we currently cannot ascertain with sufficient certainty or are presently unknown. These GAAP charges are also dependent upon future events and valuations that have not yet occurred or been performed. We believe these forward-looking non-gaap financial measures, when taken together with our corresponding financial guidance based on GAAP, to be relevant and useful information to our investors because they provide them with additional information in assessing our financial operating results. Our management also uses such non-gaap guidance in evaluating our operating performance. However, such measures have limitations, including that they exclude the effect of certain changes to our assets and liabilities, certain amounts that we may ultimately have to pay in cash and certain tax impacts. Accordingly, these forward-looking non-gaap financial measures that exclude the aforementioned items should be considered in addition to, and not as substitutes for or superior to, financial guidance based on GAAP. The following are the reconciliations of our current and prior non-gaap 2017 guidance to our current and prior GAAP 2017 guidance (in millions, except per share amounts): 23

RECONCILIATION OF CURRENT GAAP GUIDANCE TO CURRENT NON-GAAP GUIDANCE 2017 In millions GAAP Guidance Restructuring Charges 1 Non-GAAP Guidance Operating Expenses $370 to $385 $(40) to $(45) $330 to $340 Operating Income $165 to $190 $45 to $40 $210 to $230 Earnings per share $2.05 to $2.30 $0.35 to $0.30 $2.40 to $2.60 1. $40 to $45 million of restructuring and asset impairment charges associated with our transition from Series 4 to Series 6 module manufacturing. 24

RECONCILIATION OF PRIOR GAAP GUIDANCE TO PRIOR NON-GAAP GUIDANCE 2017 In millions GAAP Guidance Restructuring Charges 1 Non-GAAP Guidance Operating Expenses $370 to $395 $(40) to $(55) $330 to $340 Operating Income $115 to $180 $55 to $40 $170 to $220 Earnings per share $1.55 to $2.20 $0.45 to $0.30 $2.00 to $2.50 1. $40 to $55 million of restructuring and asset impairment charges associated with our transition from Series 4 to Series 6 module manufacturing. 25