Shareholder Update:

Dear Shareholder,

When Natcore experiences a material event, we are required to disseminate that information in the form of a news release. Our scientific team’s achievement of the first all-back-contact solar cell created with a low-temperature laser process was certainly a material event. In fact, it is transformational not only for Natcore, but for the industry at large.

Therefore, we had to announce this development as soon as possible. In turn, this meant that we were forced to close our private placement prematurely, as we could not release material news while a financing was in progress.

Those whose quick action enabled them to get into this financing were the beneficiaries of the significant increase in our share price that resulted from the news. Still, our news release unfortunately coincided with a deep sell-off in North American equities (the Dow suffered a 300-point drop), and thus much of the potentially positive reaction remained on the table.

But rest assured, there’s more to come.

We feel our next material event will come when we achieve efficiencies into the teens for cells created by our laser process. Our solar industry contacts and advisors agree that this will make our technology a “must have” by manufacturers, and our scientists see no major barriers to achieving these efficiencies in the near future.

Additionally, as we’ve indicated in recent news releases, we have been approached by a number of companies and other groups in the solar arena seeking to utilize our technology. Most importantly, we were contacted by the key international group in back-side solar cells following our recent news release, and we are now exchanging NDAs with them. They are very excited about our achievements, and have already given us permission to include them into our best-of-breed stable of equipment manufacturers.

In short, there’s a lot more news to come — news that promises to have a significant impact on the company’s profile and valuation.

I’m sending this update since we enjoy a very loyal group of shareholders, and I want to ensure that you are kept up to date on our progress as well as investment opportunities. In regard to the latter, we anticipate relaunching our financing efforts very shortly, and will let you know the details as soon as possible.

If you have any question, please call me directly, since all these issues are important.

Best,





Charles R. Provini

President & CEO



Natcore Technology, Inc.

87 Maple Avenue, Red Bank, NJ 07701

732-576-8800, fax 732-576-8809

Email: [email protected]

www.natcoresolar.com