STRICTLY PRIVATE AND CONFIDENTIAL

Sino-American Silicon Products Inc.

April 2018

This presentation has been prepared by Sino-American Silicon Products Inc. (the “Company”). This presentation and the materials

provided herewith do not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company in any

jurisdiction or an inducement to enter into investment activity, nor may it or any part of it form the basis of or be relied on in connection with

any contract or commitment whatsoever. Any decision to purchase securities in a proposed offering should be made solely on the basis of

the information contained in the offering circular published in relation to such proposed offering, if any.

The information contained in this presentation has not been independently verified. No representation, warranty or undertaking, express or

implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the

opinions contained herein. The information contained in this document should be considered in the context of the circumstances prevailing

at the time and has not been, and will not be, updated to reflect material developments which may occur after the date of the presentation.

None of the Company nor any of its affiliates, advisors or representatives will be liable (in negligence or otherwise) for any loss howsoever

arising from any use of this presentation or its contents or otherwise arising in connection with the presentation.

Disclaimer

1

SAS Group Overview

Group Structure

Source: Company filings.

Sapphire

Business

Crystalwise

Technology Inc.

(4944-TW)

(Taiwan)

Sapphire

Components

Manufacturer

40.38%

Solar Business

Cathay Sunrise

Corp.

(Taiwan)

Power Plant

Investment

Aleo Solar

GmbH

(Germany)

SAS Sunrise Inc.

(Cayman)

Sunrise PV World

Co., Ltd.

(Taiwan)

Solar Panel

Manufacturer

Power Plant

Investment

Power Plant

Investment

CSC SPW

30% 100% 100% 100%

Sunrise PV Three

Co., Ltd.

(Taiwan)

Sunrise PV Two

Co., Ltd.

(Taiwan)

Sulu Electric

Power and

Light Inc.

(Philippines)

Sepalco SPV2 SPV3

100% 100% 85%

50 – Megawatt

Solar Power

Plant

Sino-American Silicon

Products Inc.

(Taiwan)

Semiconductor Business

SunEdison

Semiconductor,

Ltd. (USA)

Sino Silicon

Technology

Co., Ltd.

(China)

GlobiTech, Inc.

(USA)

GlobalWafers

Japan Co., Ltd.

(Japan)

Silicon Ingot

and Wafer

Manufacturer

Silicon Ingot

and Wafer

Manufacturer

Silicon

Epitaxy

Manufacturer

Silicon Ingot

and Wafer

Manufacturer

Topsil

GlobalWafers

(Denmark)

Silicon Ingot

and Wafer

Manufacturer

GlobalWafers Co., Ltd.

(6488-TW)

(Taiwan)

Silicon Ingot and

Wafer Manufacturer

50.84%

100% 100% 100% 100% 100%

2

Group Revenue by Business

11,900 12,959 13,173 13,043

15,921 15,310 18,426

46,213

27,821 28,269

31,599

59,256

FY2014 FY2015 FY2016 FY2017

Solar Semiconductor Wafer

(NT$mm)

57%

43%

54%

46%

58%

42%

78%

22%

3

Sino-American Silicon Products Inc.

7,898

18,329

27,819 28,611

39,111 43,065

52,510

81,023

101,859

112,109

122,639

136,070

2009 2010 2011 2012 2013 2014 2015 2016 2017E 2018E 2019E 2020E

Annual solar new installation (MW)

APAC North America Europe South America Middle East & Africa and rest

Global Solar Demand Forecast

Source: NEA, Energy Information Administration, China Photovoltaic Industry Association, as of Jan 2018.

Global solar demand is expected to register a 13.8% CAGR from 2016 to 2020, mainly driven by incremental

demand from India/Middle East/Africa/South America, and a demand recovery in Europe

4

Corporate Milestone

May 2016 – The 50MW power farm built in Palo City, Philippines had formally began operation with twenty-year

electricity purchase commitment from the government. This solar power generation was invested by SAS’s oversea

subsidiary, SAS Sunrise

Mar 2001 – SAS went public on TPEx. The IPO price was NT$13.8 per share

Oct 2011 – To maximize operation and performance, SAS spun off it’s business into

three segments: 1) SAS for solar business, 2) GWC for semiconductor business, 3)

Sino Sapphire for sapphire business

Jan 2013 –Sino Sapphire and Crystalwise, the reputable listed

company, merged for integration of pattern and R&D advantages.

Crystalwise was the surviving company

Aug 2014 – SAS established a new branch office in Yilan by merging Sunrise Global Solar

Energy, one of the leading P-type solar cells manufacturer. Sunrise Global Solar Energy had

acquired 280MW solar module fab from Aleo Solar AG on May 2014

Oct 2016 – SAS sold 24 million GlobalWafers shares for NT$1.7bn to raise capital for the construction of power farms

Sepalco

5

Vertical Integration in Solar Value Chain

Through track record of successful acquisitions, SAS is fully integrated in the solar value chain dedicating to

provide the PV total solutions with competitive LCOE1 and WACC2

Upstream Midstream Downstream

Source: Company filings.

1. Levelized cost of electricity.

2. Weighted Average Cost of Capital.

Silicon Ingot Wafer Solar Cell Solar Module D2D/Sales Project

Development

Project

Investment Yield Co

Products and

Services

DSS technology

High efficiency

High-efficiency

multi-wafer

Robust wafer (R-

Wafer)

High efficiency

cell Celco

Next generation

Celco

Premium segment

made in Germany

>300W output

High efficiency

module

Direct to Dealer

More than 2,100

customers

worldwide

Feasibility study

Site selection

Energy yield

prediction

Permits &

Licensing

Legal & Technical

Due diligence

Financial model

Plant design

Construction

Commissioning

Operations &

Maintenance

Portfolios

management

Stable

performance

Long-term

investment return

Risk control

Acquire premium brand of solar module to enable

higher average selling price and orders

Leverage geographic sales to respond to market

movements and increase exposure to high margin

and growth sectors

Reap stable cash flow from solar power system

establishment to diversify operational risk

Merits of Downstream Integration

A

B

C

Secure supply of raw materials during industry

boom to materialize profit

Result in cost saving of raw materials through

integrated manufacturing and production line

proximity

Merits of Upstream Integration

A

B

SPW

6

PV Power Plants Structure of SAS

SAS has established ~96MW PV power projects in Taiwan and Philippines and targets to launch 50-100MW PV

power projects in 2018

Energy Output by Subsidiaries

Energy Output by Plant Types

SPW

50MW (Philippines) ~11MW (Taiwan) ~35MW (Taiwan)

100% 100%

30%

45%

25%

CSC

Ground Mounted Water Floating Roof Mounted

~29MW (Taiwan) ~5MW (Taiwan)

50MW (Philippines) ~12MW (Taiwan)

7

Efficiency Roadmap of SAS

SAS has leading technology of solar cells performance

21.50%

21.70%

21.90% 22.00%

22.10% 22.20%

19.40%

19.60%

19.80% 19.90%

20.00% 20.10%

18.50%

19.00%

19.50%

20.00%

20.50%

21.00%

21.50%

22.00%

22.50%

23.00%

2017 Q2 2017 Q4 2018 Q2 2018 Q4 2019 Q2 2019 Q4

MONO PERC Poly PERC

8

Projection of Module Power Roadmap of SAS

Targeting Minimum 310W with 60pcs Mono Modules

Targeting Minimum 300W with 60pcs Multi Modules

Record high 320W with SAS latest 5BB Mono PERC cells

21.80%

22.00%

22.20%

22.40%

22.60% 22.10%

22.50%

23.00%

19.50%

20.00%

20.50%

21.00%

21.50%

22.00%

22.50%

23.00%

23.50%

290W

300W

310W

320W

330W

2018 Q2 2018 Q4 2019 Q2 2019 Q4 2020 Q2

P-Type Mono N-Type Mono

Mono Perc.

Multi Perc.

N type Mono

9

Max. Available Power Class of Aleo HE Modules

Power Roadmap of Aleo

Note: 1. Aleo 60cell M2size HE modules; LHS; 42mm frame. 2. Aleo 60cell M4size HE modules; LHS; 42mm frame.

Aleo is constantly innovating its products to provide high efficiency and high quality modules for its

customers, aiming for yield maximizing

280

290

300

310

320

330

340

350

Q1-2018 Q2-2018 Q3-2018 Q4-2018 Q1-2019 Q2-2019 Q3-2019 Q4-2019

aleo X-line modules aleo W-line modules market average

Maximum module power class [Wp]

1 2

10

1,044.1 861.7

861.7

1,759.5

1,419.3

1,231.5

555.7

2,222.9

3.6% 3.9%

3.2% 2.8%

5.7%

6.5%

1.2%

2.2%

2014 2015 2016 2017

Dividend Payout (SAS) Dividend Payout (From GWC to SAS) Dividend Yield (SAS) Dividend Yield (GWC)

(NT$mm)

Dividend Payout Amount and Yield from 2014 to 2017

Stable Dividend Payout with Lucrative Yield

Source: Company filings.

1. As of dividend payout date.

2. Dividend yield calculated based on the closing price of dividend announcement date.

3. Dividend is subject to approval of SAS AGM on Jun 26, 2018 and GWC AGM on Jun 25, 2018.

There is positive correlation between SAS’ and GWC’s dividend payout since GWC’s IPO in 2014

With sufficient cash inflow of GWC’s cash dividend and high capital surplus, SAS is committed to provide stable dividend

payout to its shareholders with lucrative yield rate

2014 2015 2016 20173

SAS' Shareholding in GWC1 71.3% 66.7% 50.8% 50.8%

% of SAS’ dividend payout to

dividend SAS received from GWC 73.6% 70.0% 155.1% 79.2%

Dividend per Share of SAS (NT$) 1.8 1.5 1.5 3.0

Dividend per Share of GWC (NT$) 5.7 5.0 2.5 10.0

11

Source: Factset as of March 23, 2018.

Current market value of SAS trades at 42% discount compared to sum of its 50.84% stake of GWC and 40.80%

stake of Crystalwise, which makes SAS a cheaper alternative to invest in GWC

Undervalued Market Value of SAS versus

Its Stake in GWC and Crystalwise

98,589 1,320

99,909

58,123

50.84% Stake of GWC 40.80% Stake of Crystalwise Sum of Public Stake Current Market Value of SAS

(NT$mm)

42% market

discount

(Difference of

NT$41,787m)

12

Q&A