FSLR Notes:

EPS Release and conference call 2/13/08

• Q4 revenue $200.8m up 26.3% sequentially and 281% y/y – for full year $504m from $135 in 2006

• Net income $0.77 versus $0.11 last year – full year EPS $2.03 versus 0.05 last year

• Increased module production by 244% to > 200MW and reduced cost per watt by 12% to $1.23

• Contracts with customers through 2012 representing over 3 gigawats – revenue allowing expansion of capacity which drives cost reduction effort

• Added 6 new customers (now 12 total) with geographic coverage across majority of Europe

• Acquired Turner Renewable Energy (re-named First Solar Electric Company) – plant engineering and project management skills – focus on Utilities

• Q4 represents steady state quarter – full benefit of capacity online with no ramp up costs.

• Plant 1 in Malaysia is complete and should ramp a bit ahead of schedule providing upside to previous production estimates

  • Plants 2,3 & 4 in different stages of construction and progressing in line with previous guidance

  • All four online by Q4 2009 driving annual production to 1GW annually

• Demand robust (outstrips supply) – sold 75.8MW at $2.60 / watt

• Vast majority of modules deployed in Germany – should continue in ‘08

  • Seeking opportunities to expand to new markets with little or no subsidies

• Strength of Euro contributed $43.8m to net sales in 2007 versus ‘06

  • Forex gains offset majority of annual price decline for ‘07

  • Hedged 36% of 2008 revenues at $1.45/EUR

• Concentrating on RONA – preparing investors that margins may contract

• Guiding to sell 400-430 mw in 2008 – revenues 900-950m

  • Q1 revenues will decline sequentially due to contractual price decline

• 2008 Start up costs 28.31m up from 17m in ‘07

• Increasing guidance for stock based compensation (stock volatility, expanded workforce)

CSFB Report 2/13/08

• Impressed with Q4 – CY ’10 EPS @ 8.75

• Low cost production brings industry closer to stand alone profitability without subsidies

• Sees room for efficiency gains (production volume and costs) by tweaking processes

• Believes the company using a very conservative approach regarding future decline in sales price

Lehman report 2/14/08

• Believes company could consider a new production site after completing Malaysia

• Announcement of deals with US utilities could provide positive catalyst.