1. First Quarter 2009 Earnings Supplementary Slides
April 23, 2009

2. Safe Harbor Statement
This presentation contains forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are statements that do not represent
historical facts and may be based on underlying assumptions. The company uses words and
phrases such as quot;expects,quot; “believes,” “plans,” “anticipates,” quot;continue,quot; quot;growing,quot; quot;will,quot; to identify
forward-looking statements in this presentation, including forward-looking statements regarding: (a)
our backlog and pipeline; (b) our plans and expectations regarding our cost reduction roadmap; (c)
cell manufacturing ramp plan; (d) financial forecasts; and (e) governmental and financial industry
incentives. Such forward-looking statements are based on information available to the company as
of the date of this release and involve a number of risks and uncertainties, some beyond the
company's control, that could cause actual results to differ materially from those anticipated by these
forward-looking statements, including risks and uncertainties such as: (i) the company's ability to
obtain and maintain an adequate supply of raw materials and components, as well as the price it
pays for such; (ii) general business and economic conditions, including seasonality of the industry;
(iii) growth trends in the solar power industry; (iv) the continuation of governmental and related
economic incentives promoting the use of solar power; (v) the improved availability of third-party
financing arrangements for the company's customers; (vi) construction difficulties or potential delays,
including permitting and transmission access and upgrades; (vii) the company's ability to ramp new
production lines and realize expected manufacturing efficiencies; (viii) manufacturing difficulties that
could arise; (ix) the success of the company's ongoing research and development efforts to compete
with other companies and competing technologies; (x) FPL Group’s potential exercise of early
termination rights under the supply agreement; and (xi) other risks described in the company's
Annual Report on Form 10-K for the year ended December 28, 2008, and other filings with the
Securities and Exchange Commission. These forward-looking statements should not be relied upon
as representing the company's views as of any subsequent date, and the company is under no
obligation to, and expressly disclaims any responsibility to, update or alter its forward-looking
statements, whether as a result of new information, future events or otherwise.
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3. Overview
Q1 / 2009
– Seasonality, credit crisis, difficult economy
– Converted to demand-driven manufacturing model
– Built strong backlog / pipeline for 2010
Customers Prefer SunPower
– Value our industry leading high efficiency solar panels and systems
– Trust our history of long-term system performance
– Competitive levelized cost of energy
Financial Strength
– Strong balance sheet
– Reduced capital expenditures/ adjusting operating expenses
– Ability to flex to the upside as conditions improve
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4. SunPower California Residential Market Share
Share of completed systems as reported on CSI website
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5. Financial Results
Note: Non-GAAP figures are reconciled to comparable GAAP figures in
appendix on Company website

6. Managing Cashflow: Strong Balance Sheet
Operating Expenses
– Instituted programs and controls to reduce 2009 planned OpEx
– Cost savings of more than $50 million
– Mix of variable/fixed expenses can be moderated
Working Capital
– Inventory levels: converted to a demand-driven manufacturing model
Capital Expenditures
– 2009 production plan – up to 400 MW
– Delayed ramp completion for last 2 lines in Fab 2, avoiding depreciation
– Adjusted Fab 3 build-out and other discretionary outlays
– 2009 CapEx reduced - from $350 - $400 MM to $250 - $300 MM
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7. Financing Overview
Wells Fargo
– $50 million credit facility: extended through 3/27/2010
– $150 million LC facility: extended through 3/27/2014
Malaysian Government Loan
– Multi-year facility for financing of Fab 3
– 1 billion Malaysian Ringgit ($288 million) facility: $104 million drawn
Union Bank of California
– $30 million three-year term loan
– Closed and drawn on April 17th (not on Q1 balance sheet)
International Finance Corporation
– $75 million multi-year financing
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8. SunPower Rooftop Systems Maximize NPV
Del Monte: 1.9 MW dc over 2 roofs
J.C. Penney: 3.7 MW dc over 9 roofs
Best NPV from more kWh/roof
– Most efficient solar panels
– Most kWh/kW according to test labs
– Superior temperature coefficient
– Superior energy in low light conditions
– No light-induced degradation
Premium ASP/W due to higher NPV
Drivers: ITC, stimulus, state programs
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9. SunPower Distributed Power Plant Technology
Inland Empire Utility Agency
– 3.5 MW ac: 5 systems over 4 sites
– Multiple technologies: T20, T0, T10
Leadership Globally
– Nellis AFB, Nevada - 2007
– Solar Bavaria 1, Germany - 2004
Distributed Solar Drivers
– PV can be sited anywhere, any scale, fast
– State RPS
– Federal stimulus
– Utility solar programs
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10. SunPower Utility Experience
FPL Group
– 2 project sites – 35 MW ac
– 25 MW (2009) , 10 MW (2010)
– 300-600 MW 3-year supply agreement
Xcel 17 MW ac, Exelon 8 MW ac
PG&E 210 MW ac (2010-2012)
> 200 MW of operating Power Plants
Utility Solar Investment Drivers
– State and Federal RPS
– 2008 Q4 ITC expansion and extension
– Carbon legislation / Energy bill
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11. Utility Pipeline >1.3 GW
Expected Revenue Distribution
10%
29%
17% 2009
2010
2011
20%
2012
24%
2013
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12. First Quarter 2009 Earnings Supplementary Slides
April 23, 2009
Appendix

13. GAAP to Non-GAAP Reconciliation
NET INCOME (LOSS) PER SHARE:
THREE MONTHS ENDED
Mar. 29, Mar. 30, Dec. 28,
2009 2008 2008
Basic:
GAAP net income (loss) per share $ (0.06) $ 0.15 $ 0.37
Reconciling items:
Amortization of intangible assets 0.05 0.05 0.05
Stock-based compensation expense 0.11 0.18 0.22
Impairment of long-lived assets - 0.07 -
Non-cash interest expense 0.06 0.05 0.05
Tax effect (0.11) (0.10) 0.02
Non-GAAP net income per share $ 0.05 $ 0.40 $ 0.71
Diluted:
GAAP net income (loss) per share $ (0.06) $ 0.14 $ 0.36
Reconciling items:
Amortization of intangible assets 0.05 0.05 0.05
Stock-based compensation expenses 0.11 0.17 0.21
Impairment of long-lived assets - 0.07 -
Non-cash interest expense 0.06 0.05 0.05
Tax effect (0.11) (0.10) 0.02
Non-GAAP net income per share $ 0.05 $ 0.38 $ 0.69
Shares used in calculation of GAAP net income
(loss) per share:
- Basic 84,162 80,215 84,008
- Diluted 84,162 84,252 86,120
Shares used in calculation of non-GAAP net
income per share:
-Basic 84,162 80,215 84,008
-Diluted 85,992 84,252 86,120
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14. GAAP to Non-GAAP Reconciliation
THREE MONTHS ENDED
March 29, 2009
Gross Margin Research and Selling, general Interest and other Income tax
Systems Components development and administrative income (expense), provision (benefit)
Amortization of intangible assets $ 1,841 $ 952 $ - $ 1,259 $ - $ -
Stock-based compensation expense 298 525 1,431 7,229 - -
Non-cash interest expense 230 270 - - 4,521 -
Tax effect - - - - - (9,547)
$ 2,369 $ 1,747 $ 1,431 $ 8,488 $ 4,521 $ (9,547)
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15. First Quarter 2009 Earnings Supplementary Slides
April 23, 2009