How to Reduce LCOE. Executive President Alvin Dong 2017 Sept

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1 How to Reduce LCOE Executive President Alvin Dong 2017 Sept

2 ABOUT GCL GROUP ORGANIC GROWTH IN 5 INDUSTRIEs IN 27 YEARs Leading non-state owned power producer in China Regional Distribution Wind Power Generation Renewable Energy Large Combustion Engines Combustion Engine Thermal Power POWER Silicon Wafer Cell Module System Integration Solar Plant PV Golden Concord Holdings Limited ("GCL") is the world s champion manufacturer of high quality photovoltaic material. GCL is an integrated energy group that specializes in clean, efficient and new energy. Since its foundation, GCL has committed itself to "Bringing Green Power to Life" by providing sustainable energy and delivering first-rate services. Through various innovations and its constant pursuit of excellence, GCL strives to be the most respectable international clean energy enterprise. NG exploration and development FLNG liquidation and transportation LNG terminal Pipeline transportation OIL & GAS Industry fund Leasing Insurance Commercial factoring Asset management Online financing Third party payment FINANCE Green smart town Green warehouse Smart Commute Tourism, Culture, Education GREEN SMART CITY

3 Remarkable Key Facts of GCL Group 30, billion NO Over 30,000 employees worldwide With a total asset value of almost $18.8 billion Global top 500 new energy companies of the year 2016 Owned 5 listed companies With over 60 bases globally

4 Modules Battery GCL System Integration Silicon System Integration GCL Poly GCL New Energy Wafer Crystal Growth Vertical Integrated Supply Chain Solar energy sector covers PV materials manufacturing, intelligent system integration services as well as development and operation of solar farms. Solar Farms Operation Solar Farms Development and Construction

5 Key Figures of GCL in PV Sector NO.1 Poly Wafer 23% 80,000tons 23% silicon global market shares 30% 20 GW 30% of total worldwide wafers PV Manufacturer* *according to PV Tech Module Top2 6 GW Total capacity of 6 GW ranked TOP2 in the industry Power Plant No.1 5 GW China No.1 Accumulated self owned power plant

6 To Achieve Lower LCOE Cell & Module HVM Technology and R&D Driven Values for Investment

7 Cell & Module HVM GCL System produces innovative and cost-effective solar modules with an advanced automated intergrated industry. Indeed, our vertical supply chain business model allows us to High Volume Manufacture Cost Control Smart Factory 100% Full Automation Supplier Chain Optimization Quality Assurance High Reliability Guarantee Advanced Test Lab Vertically Integrated supply chain Unrivaled economy of scale Maximun yield return & minimum system loss Global research insititutions 197 patents applied and 60 approved

8 Technology and R&D 3% of Revenue goes to R&D Investment GCL System emphasizes R&D and applications of high efficiency products via technology innovation. From Poly silicon to the Total Turn Key Solution, GCL System provides optimized designs for greater ROI*. National level post PhD work station Engineering Research Center PV testing center (by TUV Rheinland) R&D centers: PV, PVT, ESS, Nano Hi-Tech Materials, Energy Internet Researching 197 patents including 6 PCT**, and 5 software copyrights *Return on Investment **Patent Corporation Treaty

9 Cost Forecast of Multi-Cell Cost Reduction Key Parameters: Materials, Consumables, Efficiency Cost Forecast of Cell ct/w Wafer Cost Cell Conversion Cost Total Exchange rate USD/RMB=6.8; Wafer price=61.6ct/pcs Q Q Q Q Q Q Q Q Q Q4 Wafer:THINNER(170um), BIGGER(157.75cm), CHEAPER(DWS),30% cost lower by 2019 Ag Paste:Direct Material consumption by 2019 with Advanced Metallization Technologies Efficiency:Reaching 21.5% Average Efficiency in Mass Production by 2019

10 Eff. % Power W Road map of Cell Eff. Introduction and combination of DWS wafer+ Black Silicon Texturing + PERC structure 1 Target Average Efficiency Reaching 21.5% by Road Map of Cell Eff. / Power Cell Eff. Cell Power Q Q Q Q Q Q Q Q Q :Black Silicon + PERC 2:Bigger size,more power 3:Advanced Metallization Technologies,MBB, PTP(pattern transfer printing) 4:Continuous Processing Optimization,Reaching 21.5% by 2019

11 Module R&D 1 LCOE Concept Driven Solar industry focus now is /kwh (LCOE) Cell Efficiency GCL DWS+ Black-Silicon + PERC hits average 20.5% cell efficiency in production. Mainstream module power is 290W(60cells)&350W(72cells) Standard Products GCL 1500V White Glass- Glass Module is terrific ( 20% $/kwh cost), bottleneck solved by white design, patented installation and light compensation system. New Products GCL PERC bi-facial Module is coming (another 10% $/kwh cost)

12 Values for Investment Black Silicon 17.6% 16.4% VS +PERC Modules 285W-290W 265W-270W Tier 1 Brand Multi module 2.5% 3-5% 7% 30Y Better IRR 2.5% higher IRR Rate than standard Industry level. More Power Output 3~5% more power generation on the same installed capacity basis More Cost Saving Higher power output can reduce the number of modules by 7% more cost savings on construction and logistics More Reliable Lower LCOE by 30 years Reliability assurance