FIRST HALF-YEAR 2019 PRESENTATION FOR INVESTORS, ANALYSTS, MEDIA - 15 August 2019 - Meyer Burger
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15 August 2019 FIRST HALF-YEAR 2019 PRESENTATION FOR INVESTORS, ANALYSTS, MEDIA
AGENDA • Business and market review Dr Hans Brändle, CEO • Financial statements H1 2019 in detail Manfred Häner, CFO • Q&A session Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 15 August 2019 2 © Meyer Burger
Dr Hans Brändle, CEO BUSINESS AND MARKET REVIEW Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 15 August 2019 3 © Meyer Burger
HALF-YEAR FINANCIALS IMPACTED BY
ONGOING TRANSFORMATION PROGRAM
Incoming orders in MCHF Net sales in MCHF Stable orders on a
comparable basis
400 400 337
268
308 308
261
Delayed HJT orders but
300 253 300
205 223
196 200 218 235 212 232 stable HJT pipeline, with
188 189 187 175
200 157 169 200
128 138 129 124 123 prospects mainly from
95 83 94 90 113
100 100 outside China
0 0 Drop in sales by 39% on
H1 12 H1 13 H1 14 H1 15 H1 16 H1 17 H1 18 H1 19 H1 12 H1 13 H1 14 H1 15 H1 16 H1 17 H1 18 H1 19
a comparable basis
EBITDA in MCHF Net result in MCHF CHF 2 Mio net result
8
following sale of wafering
50 29 2
0 business
5 6 5 7 5
0 -17 Significant cost reductions
-3 -34 -26
-23
-13 -60 -47 -51
as a consequence of
-50 -28
-41 -33 -71
-62
ongoing transformation
-59 -58 -55 -82 -82 -81 -88 -76
-93 program
-100 -120
H1 12 H1 13 H1 14 H1 15 H1 16 H1 17 H1 18 H1 19 H1 12 H1 13 H1 14 H1 15 H1 16 H1 17 H1 18 H1 19
Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 15 August 2019 4 © Meyer Burger
SOLAR ON VERGE OF
SWEEPING GRID PARITY:
LCOE RAPIDLY DECLINING
Levelized cost of electricity for different power sources
350 Sustained, dramatic decline in cost of electricity from
Solar utility-scale solar PV continues: between 2009 & 2018,
300 Wind global weighted-average LCOE for crystalline solar PV fell 88%
CCGT (year-on-year decline in 2018 was 14%)
250 Coal
Nuclear Lower PV module prices and ongoing reductions in BoS costs
remain main driver in LCOE decrease
USD/MWh
200 -88%
By 2020, solar electricity expected to cost consistently less
150 than least-cost fossil fuel alternative, without financial
assistance
100
-14% As solar’s global electricity share was only 2% in 2018, growth
potential is huge
50
Continuously falling solar electricity costs make solar power
0 Source: Lazard (2018) key to competitive backbone of global energy sector
2011
2012
2013
2009
2010
2014
2015
2016
2017
2018
All prices in 2019 USD
transformation
Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 15 August 2019 5 © Meyer Burger
STANDARD PV TECHNOLOGY: INCREASING
NUMBER SUCCESSFUL CHINESE COMPETITORS
wafer cell module
from ingot to wafer from wafer to cell from cell to module
Wafering PV Hennecke MB PERC PASAN
diamond wire saw wafer inspection system inline coating system (PECVD) module inspection system
DW 288 Series 3 WIS-08 MAiA 6.1 HighLIGHT
Local Chinese competitors
Shangji Autowell China S.C GSola
Linton TZTEK Leadmicro DLSK
Goace
Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 15 August 2019 6 © Meyer Burger
STANDARD PV TECHNOLOGY: RAPID COMMODITIZATION
CONTINUES DRIVEN BY CN COMPETITORS
Measures going forward
Reverse decision of planned move
of operations to China; adjust sales
force
Focus R&D resources on
HJT/SWCT™/perovskite
technologies; opportunistic
approach to PERC
Chinese customer focus on lowest CAPEX and local suppliers. Over the years local suppliers succeeded step-by-step in taking
over business from Western suppliers for standard PV equipment
Standard PV technology approaches commoditization: After PERC, “commoditization effect” now also seen in wafer inspection
systems where local Chinese suppliers offer “good enough” solutions at low prices. MB’s market share erodes product-by-
product for standard PV technology to local CN suppliers
Sharp decline of product contribution within 12 months: 70% volume effect and 30% margin compression
Projected available profit pool for standard PV equipment is no longer attractive for Meyer Burger
Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 15 August 2019 7 © Meyer Burger
STANDARD PV TECHNOLOGY:
MB PERC DROPS 45% IN
CAPEX PER GW SINCE 2018
Example: MB PERC Meyer Burger pioneered the PERC market with high market
share until 2017
CAPEX per GW [MCHF]
-45%
Strong price pressure due to fierce competition started in 2018
11.2
9.9 Chinese customer focus on lowest CAPEX and local suppliers
9.2
rather than on cost of ownership
6.9 7.2
6.2
HY1 18 HY2 18 HY1 19
net sales
order intake
Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 15 August 2019 8 © Meyer BurgerHIGH-END PV TECHNOLOGY: HJT/ SWCT™
ENABLES QUANTUM LEAP IN MODULE
EFFICIENCY
Monofacial module efficiency of best products1)
Meyer Burger Standard PERC Best-in-class PERC and standard Heterojunction with similar
HJT/SWCT Heterojunction module efficiency
22%
21.7% Bulk of PERC module efficiencies below 20%
Meyer Burger’s HJT/ SWCT™ enables quantum leap in
module efficiency enabling premium average sales prices
21%
REC’s module efficiency similar to Sunpower and LG whose
products are based on more costly IBC technology
(First Solar is at 18.0% with thin film modules based on CdTe)
20%
Jinergy
REC
GS Solar
CIE Power
GCL
Jinko
Trina
LONGi
Sunpreme
Panasonic
JA Solar
Q Cells
1) Commercially available best bin (front efficiency).
Sources: Official datasheets (downloaded Aug 6th,2019 on companies websites)
REC Alpha-Series (PM-DS-12-01-Rev- A 06.19); Panasonic N340 HIT®+Series; CIE Power CIE-H5C1-
60-DA2; Sunpreme Maxima GxB 330T SM; GS Solar HDT-60; Jinergy JNHM60; Jinko Cheetah HC 60M;
JASolar JAM60S10; Q Cells Q.PEAK DUO-G6; LONGi HiMO-4; Trina DE06H(II); GCL M3/60
Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 15 August 2019 9 © Meyer BurgerAND MEYER BURGER’S
HJT/SWCT™ ENABLES
COMPELLING BUSINESS CASE
Different technologies for crystalline silicon
PERC: low manufacturing costs but also low average sales
price due to little differentiation
high
IBC / Meyer Burger
Average sales price
IBC and standard HJT: higher average sales price than PERC
standard HJT HJT / SWCT™ but manufacturing costs also significantly higher
Low margin High margin
Meyer Burger is the HJT/SWCT™ pioneer, its solution unique
Leading in cell efficiency on industrialized production
equipment
n-PERT PERC
low
Providing most cost efficient production technology
SmartWire as a proprietary and strategic core piece, enabling
highest module efficiency
Low margin Low margin
high low
Manufacturing costs
Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 15 August 2019 10 © Meyer BurgerENVISAGED ADAPTATION OF
CURRENT BUSINESS MODEL
MB business model today Adaptation of business model
Technology focus on standard PV Primary technology focus on HJT/SWCT™
(e.g. PERC) and HJT / SWCT™ Strong technology and R&D focus
Strong technology and R&D focus 2 revenue sources
Equipment orders
No vertical integration / downstream access
Profit sharing
One-time proceeds from equipment orders Extended collaboration with REC to leverage downstream access
Non-exclusive sales to all cell producers and participate directly from module sales
globally (including China) Production capacity of 600MW available in 2020
Capacity expected to increase significantly to multi GW in coming years
“Double-positive effect” given higher profit sharing proceeds from increased
capacity plus additional HJT/SWCT™ equipment sales
Adequate exclusivity of MB’s HJT/SWCT™ only in case of significant
increase of REC’s production capacity to multi-GW scale in mid-term
Fierce competition and increasing pricing Collaboration with REC will reshape market and create significant
pressure limit MB’s ability to capitalize on its long-term shareholder value. “Vertical pooling” with REC and
technology leadership increasing downstream access will secure both exclusiveness of
HJT/SWCT technology and margin preservation longer term.
Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 15 August 2019 11 © Meyer BurgerDISRUPTIVE: ADAPTED BUSINESS MODEL
WITH PROFIT-SHARING ON A PER-WATT LEVEL
Update on REC 600 MW ramp-up and next steps for extended collaboration
Full potential of Meyer Burger’s combined HJT cell and SWCT™ cell connection technologies levered for
first time with REC’s premium Alpha Series
High expectations for both cell & module efficiencies and cost competitiveness
Ramp-up of first 200 MW within 9 months completed – new record for Meyer Burger’s HJT/SWCT™
technologies
Fast payback for investment expected given low HJT production cost
Based on 600 MW order in December 2018, REC plans to further expand HJT capacity to multiple GW
Profit-sharing agreement on a per-Watt level envisaged in exchange for adequate technological exclusivity
Memorandum of Understanding between Meyer Burger and REC for extended collaboration and profit
sharing signed on 14 August 2019 REC Alpha Video
Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 15 August 2019 12 © Meyer BurgerMEYER BURGER’S R&D KEEPING FAST PACE
IN HIGH-END PV TECHNOLOGY DEVELOPMENT
Impressive progress in HJT cell efficiency on >22% efficiency achieved on R&D module
Meyer Burger’s standard production equipment using Meyer Burger’s standard HJT cells
Cell Module
+0.49%
27% >30%
22.1%
24.75%
+0.24%
24.22% 24.26%
21.7%
24.02%
Q2 2017 Q4 2017 Q4 2018 Q2 2019 Commercial R&D 1)
1) using standard MB HJT cells
Best HJT cell achieved 24.75% from batch with median 24.4% cell efficiency (measurement calibration FhG ISE confirmed)
Meyer Burger/Solar Energy Research Institute Hamelin, Germany: HJT/SWCT R&D module with 22.1% confirmed by TÜV Rheinland
(July 2019); commercial module (REC Alpha-Series): 380Wp and module efficiencies up to 21.7% using Meyer Burger’s HJT/SWCT™
First HJT-perovskite-SWCT tandem test modules built within Meyer Burger’s collaboration with Oxford PV
TÜV confirmed 347Wp module TOPCon/SWCT™ – best TOPCon cell efficiency using CAiA® at 23.5%
Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 15 August 2019 13 © Meyer BurgerOUTLOOK: KEY PRIORITIES IN H2/2019 AND 2020
Transformation program and implementation of cost measures on track
1 2 3 4 5
Heterojunction Heterojunction Concentrate Review/sell non- Drive HJT
(HJT) SmartWire organization in core businesses capacity
SmartWire Tandem Hohenstein- Sell real estate expansion &
(SWCT™) Ernstthal (DE) profit sharing
Opportunistic
Equipment to approach for Streamline model with REC
upgrade HJT to PERC/TOPcon salesforce in Create strategic
tandem cell China options
Streamline Focus R&D Further adjust Streamline Implement new
product range roadmap fix cost base assets business model
ACHIEVE LONG-TERM SUSTAINABLE PROFITABILITY AND CREATE SHAREHOLDER VALUE
Strategic priority going forward is focus on Heterojunction, SmartWire (SWCT™)
and next generation cell technologies with new business model
Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 15 August 2019 14 © Meyer BurgerKEY TAKE-AWAYS
business development disappointing due to fierce competition in PERC
1 current trading
technologies
stable HJT sales pipeline but delayed HJT orders, with prospects
2 order pipeline
mainly from outside China
technology lead REC unveiled first HJT/SWCT module with quantum leap in module
3
validated efficiency
first gigawatt-scale
4 expected in late H2 2019 from REC
HJT order
strategic partnership with Oxford PV to develop and industrialize next-
technology beyond
5 generation high-efficiency crystalline silicon/perovskite tandem solar
heterojunction
cells
adapting business MoU signed with REC for extended collaboration, capacity expansion
6
model and profit sharing
transforming Meyer on track: strategic priority to focus on HJT, SmartWire and next
7
Burger generation cell technologies with adapted business model
Meyer Burger HJT/SWCT™/bifacial modules
Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 15 August 2019 15 © Meyer BurgerManfred Häner, CFO FINANCIAL STATEMENTS H1 2019 Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 15 August 2019 16 © Meyer Burger
ORDERS
Incoming Orders
MCHF 250
200
150 138
23
Incoming orders H1 2019
100 94
70 31 Incoming orders of CHF 94 million at lower end of expectations
50
60 Negative FX impact of CHF 2 million (-2.4%)
43
0 3 On comparable basis order intake decreased by 0.6% (decrease
H1 2018 H1 2019 of CHF 43 million of incoming orders was due to the sale of the
Spec. Tec. PV Wafering wafering business)
Incoming orders in Photovoltaics (excl. wafering) decreased by
Order Backlog 241 CHF 10 million, Specialised Technologies increased by CHF 8
MCHF
250
44 million.
200 Book-to-bill ratio of 0.77 (H1 2018: 0.59)
166
150 39
156 Order backlog 30 June 2019
100
126 Order backlog decreased to CHF 166 million (31 December
50
2018: CHF 241 million), CHF 41 million reduction due to sale of
41
0 wafering business
31.12.2018 30.06.2019
Spec. Tec. PV Wafering
Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 15 August 2019 17 © Meyer BurgerINCOME STATEMENT
In TCHF H1 2019 in % H1 2018 in %
Net sales 122 567 100% 232 328 100.0%
Other income 4 704 2 904
Curr. transl. effects on TR and prepay. 575 1 434
Income 127 846 236 667
Changes in inventories 22 187 -2 766
Income Statement
Cost of products and services -87 908 -114 484
Capitalised services 974 647
Extraordinary result includes result from the sale of the wafering
business as per 30 April 2019 of CHF 27 million and reversal of
Operating income 63 099 51.5% 120 064 51.7%
accruals
Personnel expenses -57 368 -64 248
Cost reductions come with certain time lag and effects are not
Other operating expenses -18 891 -26 575
EBITDA -13 159 -10.7% 29 241 12.6%
yet fully visible
Continuous effort to substantially reduce costs to safeguard
Depreciation/impairment on PPE - 4 976 -5 426
Amortisation/impairment on intangibles -3 005 -8 935
margins
EBIT -21 140 -17.2% 14 881 6.4%
Financial result -3 885 -3 979
Result from investment in associates -661
Ordinary result -25 686 -21.0% 10 901 4.7%
Non-operating result 61
Extraordinary result 27 676 831
Earnings before taxes 2 052 1.7% 11 732 5.0%
Income taxes -269 -3 440
Result 1 783 1.5% 8 292 3.6%
Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 15 August 2019 18 © Meyer BurgerNET SALES
Net Sales
MCHF
250 232
24
200
150 123
169 Net sales
100 23
Net sales of CHF 123 million
50 94
Negative currency effects of CHF 4 million
39
0 6 Sale of wafering business reduced sales in H1 by CHF 33 million
H1 2018 H1 2019
The decrease in net sales adjusted for currency effects and the
Spec. Tec. PV Wafering
sale of the wafering business amounted to 36.8%
Net sales by region by HY 2019
MCHF, numbers in brackets per HY 2018
Europe Net sales by region
MCHF 26, 21%
(MCHF 66, 28%) Asia, especially China, continued to be the most important region
with 73% in sales
Asia
MCHF 90, 73%
(MCHF 159, 68%)
Americas
MCHF 7, 6% RoW
(MCHF 7, 3%) MCHF 0, 0%
(MCHF 0.5, 1%)
Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 15 August 2019 19 © Meyer BurgerSPLIT OF NET SALES
By type of sales By currencies
0% 10% 2%
14% (2%) (11%)
(6%)
(8%)
18 10% 3
11
(4%)
12
19%
(13%)
23 MCHF 123
MCHF 123
(MCHF 232) (MCHF 232)
78%
82 (79%)
97
67%
(77%)
Equipment PV CHF
82
Specialised Technologies EUR
Services & spare parts PV USD
Other
Others
Note: Comparative figures reflecting HY 2018 are shown in brackets
Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 15 August 2019 20 © Meyer BurgerOPERATING INCOME
Operating income after costs of products and services
MCHF
150 Operating income
51.7% 51.5% Decrease in operating income is driven by decreased sales in
first half-year 2019
120 Stable operating income margin despite lower sales prices for
100 standard PV technologies
Operating income margin is positively influenced by
4 percentage points due to change in work-in-progress
63
50
0
H1 2018 H1 2019
Operating income Operating income margin
Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 15 August 2019 21 © Meyer BurgerPERSONNEL EXPENSES/
OTHER OPERATING EXPENSES
Personnel Expenses 80
MCHF
60
64 Personnel expenses
57
40 Personnel expenses decreased by 10.7% to CHF 57 million
compared to H1 2018 due to management’s focus on a more
20
flexible organisation
0 Thereof CHF 2 million due to sale of the wafering business
H1 2018 H1 2019 (78 FTEs transferred end April 2019)
FTEs 999 (30 June 2018: 1’227 FTEs)
Other Operating Expenses
MCHF
30
25 Other operating expenses
27
20 Other operating expenses decreased by 28.9% to
15 19 CHF 19 million
10
Thereof CHF 1 million due to sale of the wafering business
5
0
H1 2018 H1 2019
Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 15 August 2019 22 © Meyer BurgerEBITDA
EBITDA 40
MCHF 12.6%
20
EBITDA
29
Reported EBITDA of CHF -13 million, margin of -10.7%
0
-13
-20 -10.7%
H1 2018 H1 2019
EBITDA EBITDA margin
EBITDA H1 18 / H1 19
MCHF
EBITDA impacts
Operating income as basis for EBITDA calculation decreased
by CHF 57 million
Positive impact of personnel and operating cost savings of
CHF 15 million
Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 15 August 2019 23 © Meyer BurgerEBIT
EBIT 20
MCHF
15
0
EBIT
6.4%
-21 Reported EBIT CHF -21.1 million, margin -17.2%
-20
-17.2% EBITDA as basis for EBIT calculation decreased by
CHF 42 million
-40
H1 2018 H1 2019
EBIT EBIT margin
EBIT H1 18 / H1 19
MCHF
EBIT impacts
Lower depreciation and amortisation of CHF 6 million
Decline in line with expectations due to reduction in property,
plant and equipment and intangible assets, especially the final
amortisation of specific technologies in the previous year due to
the end of the amortisation lifecycle
Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 15 August 2019 24 © Meyer BurgerRESULT
Result 10
MCHF
Positive net result of CHF 2 million
5
8
2
0
H1 2018 H1 2019
Result H1 18 / H1 19 Financial result
MCHF
Stable compared to H1 2018
Includes CHF - 0.7 million result from associated company
(Oxford PV)
Extraordinary result
Includes CHF 27 million profit from sale of wafering business
Taxes
Income taxes reduced by CHF 3 million
Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 15 August 2019 25 © Meyer BurgerBALANCE SHEET
In TCHF 30 Jun 19 in % 31 Dec 18 in %
Cash and cash equivalents 31 688 89 799
Trade and other receivables 49 916 48 188
Inventories 87 105 78 564
Prepaid expenses and accrued income 8 232 10 117
Total current assets 176 942 50.5% 226 669 64.9%
Other long-term receivables 30 612 591 Balance Sheet
Investments in associates 36 712
Stable total assets
Property, plant and equipment 76 375 82 274
Intangible assets 8 946 11 930
Other long-term receivables include CHF 30 million cash
Deferred tax assets 20 727 27 689 collateral for the bank guarantee facility
Total non-current assets 173 372 49.5% 122 485 35.1% The newly acquired investment in Oxford PV is shown in
Total assets 350 314 100.0% 349 153 100.0%
investments in associates
Financial liabiilities 327 331
Trade payables 27 286 17 331 Repayment of mortgage loan of CHF 18 million reduces financial
Customer prepayments 14 652 34 422 liabilities
Provisions 6 926 13 762
Net debt of CHF 7.7 million
Other current liabilities 37 338 42 901
(31.12.2018: net cash CHF 34.2 million)
Total current liabilities 86 531 24.7% 108 747 31.1%
Financial liabilities 39 075 55 298 Equity ratio of 62.8% (31.12.2018: 52.0%)
Provisions 179 309
Deferred tax liabilities 2 598 857
Other non-current liabilities 1 882 2 231
Total non-current liabilities 43 734 12.5% 58 695 16.8%
Equity incl. minority interests 220 049 62.8% 181 711 52.0%
Total liabilities and equity 350 314 100.0% 349 153 100.0%
Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 15 August 2019 26 © Meyer BurgerCASH FLOW
MCHF
In TCHF H1 19 H1 18
Net result 1 783 8 292
Non-cash items - 20 271 18 844
Change in NWC -39 067 -43 514 Cash flow statement
Cash flow from operating activities -57 555 -16 378
Cash and cash equivalents decreased to CHF 32 million
Investments in property, plant and equipment - 3 483 -1 768
Operating cash flow impacted by change in net working capital
Sale of property, plant and equipment 1 291
Investments in intangible assets, net -134 -382 Positive investing cash flow due to sale of wafering business
Sale of business activities 50 000 200 Financing cash flow impacted by repayment of mortgage facility
Bank deposits with limited availability -30 000 by CHF 18 million
Cash flow from investing activities 17 674 - 1 950
Capital increase .1 422
Purchase of treasury shares -4 124
Repayment of current financial liabilities -2 -40
Borrowing of non-current financial liabilities 1 356
Repayment of non-current financial liabilities -18 000
Cash flow from financing activities -18 068 -4 164
Cash and cash equivalents at the beginning of the period 89 799 124 700
Change in cash and cash equivalents -57 949 -22 492
Currency translation effects on cash and cash equivalents -162 -236
Cash and cash equivalents at the end of the period 31 688 101 972
Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 15 August 2019 27 © Meyer BurgerQ&A Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 15 August 2019 28 © Meyer Burger
DISCLAIMER 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. Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 15 August 2019 29 © Meyer Burger
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