First Quarter 2009 Earnings Supplementary SlidesApril 23, 2009

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Safe Harbor StatementThis 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 "expects," “believes,” “plans,” “anticipates,” "continue," "growing," "will," 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.

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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SunPower California Residential Market Share

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Share of completed systems as reported on CSI website

Financial Results

Note: Non-GAAP figures are reconciled to comparable GAAP figures in appendix on Company website

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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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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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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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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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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Utility Pipeline >1.3 GW

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10%

17%

20%

24%

29%

2009

2010

2011

2012

2013

Expected Revenue Distribution

First Quarter 2009 Earnings Supplementary SlidesApril 23, 2009

Appendix

GAAP to Non-GAAP Reconciliation

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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

THREE MONTHS ENDEDNET INCOME (LOSS) PER SHARE:

GAAP to Non-GAAP Reconciliation

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Systems ComponentsAmortization 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)$

THREE MONTHS ENDED

March 29, 2009Gross Margin Research and

development Selling, general

and administrative Interest and other income (expense),

Income tax provision (benefit)

First Quarter 2009 Earnings Supplementary SlidesApril 23, 2009