August 1,2016 Presentation to Special Committee of the Board of Directors of Trina Solar Limited Stretly Private and ConfidentialDisclaimer ‘is document coma mate onde ome Sec Connie he Boa of eu ele Tin SolrLnied the Conan Cie Gkba Vk ie. CCH) Pumaarts Helms ater enpapemert wth Can dado lary, 206 fe Eager er) “Tis cure ogstr wth anyon r seamen iferatin poe concn win fs zener ele the nerd), wa ampli roprdn a cafe al {yor tse ae Cit comacten wth Tareas Stn bo) oral son twa ple Seo unde a sositon or ars. 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Transaction OverviewIntroduction ‘Transaction Background = On Dosember 14,2016, Thna Solar Linite (Tat the “Gompany’) announced thal ls Board of Drecors received S| prafminary non-bincing proposal tar rom a Buyer Consortium comprise of Mr, ian Gao (Chairman and CEO of Trina) ‘and Shanghai Xingsheng Equty & Investment Manegement Co. Li, subsidiary of Industal Bank Co, Li. that proposal to ake Tina private ot US 60 por ADS Sree x) Te ietig) - On ianvary 6, 2076, Cigroup Global Markets nc. ‘Cit? was appointed by the Special Commitee ofthe Board of Directors cof Trina (he “Specie! Commitee") 2s financial sevaoe fo ait the Specel Commitesin feviwing an evaluating the proposal rom the Buyer Consorium and any potential atematves + Git’ focus so opine as tothe fama, rom a fnaneal poi of vew, of the Buyer Consortum's proposed offer based on ‘various valuation methodologiae Valuation Methodologies Methodologies comments ‘Valuation based on market trading mltlesofpubsiealy comparable companies (primary valuation methodology) « Present value ofprjected fee cash flows (primary valuation methodclogy) + Historica trasing range of Trina (fr reference only) + Price target publahed by equty research analyst (tr reference nly) (SR «se peeping i epee rteKey Transaction Metrics Valuation Summary Implied Premium ss ner} Prion pram Ey sii80 Take vate ler Pee pr ADS (55) Dabo ADS esa tom cure Pice exo 9% Let Trad ony ere Armowtcerent oss as Lew: Cutan ut atm Oe Let 30 Tn Oey VAP Per Ararat ons we Perea Last 60 Tn Dey VAP Pero Arainearnt 2 70% Impiaaen va Las Tn Bay (WAP ert Amaincarent oe ox Imlea Vauaton mate s.eoc4ghPr Amacom ow (20%) erate exo EE s2iteokLow Per Amainconent 7H 09% Pn ero eel ‘ara Pi pr ADS (5) aint ADE dng fe uit Vae ess: ca and sh Eas om so monty rare citi2. Valuation AnalysisBusiness Overview of Trina © Founded in 1997, Trina engages in the manufacture and sale of integrated solar-powered products and specializes in the manufacture of crystalline silicon photovoltaic modules and system integration » Key Segments: Upstream and downstream Upstream segment covers the manufacturing of ingots, wafers, PV cells and the PV module product portfolio ~ Downstream segment offers design, planning and execution for utility, residential and commercial distributed generation projects » Generates revenue from the sale of projects or by salling electricity to the grid companies Trina Solar has more than 20 production and sales centres around the world and employs 14,200 people Annualized manufacturing capacity reached 12.6 GM in 2015, consisting of ~ Modules: 5.0 GM Cells: 3.5 GM ~ Wafers: 1.8 GM = Ingots: 2.3 GM * Total module shipments during 2016 were 5.74 GW, consisting of 4,83 GW extemal shipments ~ 912 MW internal shipments to the Company's downstream power projects, ~ An increase of 56.8% from 3.68 GW in 2014, primarily driven by strong demand from China, Japan and the U.S © In.2015, Trina completed and connected 425.0 MW of build-to-own projects in China, completed and connected 210.9 MW of build-to-sell projects in China, and completed and sold 50,0MW of build-to-sell projects in Europe Headquarters: Changzhou, China ‘ citiOverview of Key Financials - Management Forecast (USS in Millions) Total Revenue Growth Gross Profit % revenue ear % revenue EBITDA, % revenue Net (loss) Income Atrributed to Trina Solar % revenue Manufacturing Capex % revenue Fert rod Conan) management 3.469 43% 583 168.8% 276 80% 416 0% 119 34% 250 72% 16.8% por 84% 13.2% vr 37% 87% 3m 77% 2.0% 185 37% 0.6% 4,760 14.2% 15.2% 70% 19% 168 3.5% 78% 168 3.8% 7.3% 5.558 56x 836 19.0% 385 5.9% 609 10.9% 209 38% 390 70% aot 18.1% 423 72% 0 11.2% 241 41% 400 6.8% ear 113% 261 42% 410 66% citiTrina Solar Valuation Summary Implied Share Price Implied Multiples Commentary za ‘yar DF win papaya 2 — eT haps Tet ce sreaoe saree | Keaton pean dn penn oneComparable Companies Analysis Valuation Analysis [Utils Eee pe an Pt Sh Dae) Shee aly Frm ___VVEBTONGA) ‘rice Eringe fn) company Pico Value Value Bie aE oie HE “Ti (oni boned on ranogaert Txscot cry 7 2088 | 0x wee arn eax Coren Sore re 0 2008 ‘7 a6 u 56 eon s = Ss 5 a6 7 5a Frat Sr a 4000 3.008 82 se 6 ‘80 ‘Surrewer Coperten vas 2535 ase 1 6s ur ezDCF Valuation Key Assumptions DC Projections + Valuation die Soptorbor30, 2018 + lev tt te: 2016 ae of 18% 24a tur mye ents 2172028 nrc 16% pr igen Sf S&S & manson a oO OR + imal aqustnrt- US 288men erm er sr em <= = a ~ cash usin ome se Bie “ota Dott USS1,900rIm "ance (io Ge) Guy) et, Imsinetn Ase USERGnm senting a Minority inorast USS42mm smu tp ‘ar “cer Sar ome “ome ah = wicca one a rd «Final pcjecon year December 31,2022 Temata tee FOF a + Tormial valu basen mina adised —— Renaan (eer ges eines ne ie ea acu fee cash ow and peel rom too * vee ens ot rae ee firm value om ae a nla et ri otboteeng6x= s = em Ee te ‘ibe, based on 20228 EBITDA of g ae S g§ oe] ‘See Ussacornn 8 z 3 + Aes esyarconten is i Foetal tiDCF Valuation —- WACC Calculation 1D ated Mel ates tts "pct Batre POT Cpa = me nen aa a nox conte sip atin pe ES-ES tren wmmnaoeam 18 Oe mire mr aa some amare nae a continent in eve ty oe SEES wel numa Stan, | “Sete lanel enn ay Sorta Soe 2 wes sy cote vata : ee my S18 gtd rn at Wav tax Ee Caml Soni cette “an 1 fe = 2 osteoma tas ane + Sy Us vay ened et i eal ACC cor ren he Conoarys nee gb mai a ht caer a rae 0 USS teresetng pak nc 2 18% ap bndon eka USES sr ton BBL Vain YnSum of the Parts Analysis ‘STP 20166 FV/ EBITDA SOTP- 20186 P/E + 2016 manufacturing net income of US$103mm! + plied multiples based on 2016E medkan of manufacturing comps 7AKP/E, +-10% + Impled manutactung segment equity value of USS620mn— 83tmn + 2018E manufacturing EBITDA of US$319mm Manvtacturing |» Applied multiples based on 2016 median of manufacturing Segment comps of 5.1% + 10% limped manufacturing sogment fm valve of USS1.Sba=1.8hn + 2016E solar projects EBITDA of USS8Emm + Applied multiples based on 2018 median of downstream compe 6.2x FV EBITDA +-10%, aseuming no dfference in (Chinese downstream markets, the US downstream market + pio soar projects cogent frm value of USS481mm— + 20166 solar projects net income of USS7 mm + Appiiod mulpis based on 2076 meta of dowsraam comps 11.1xP 1, +-10%, assuming no otference in ‘Chinese downstream marke ve. he US dosnstanm market + imped projects sogment equity vale of USS67 82mm 87mm + 2016E EBITDA intersegment adjustment of USS1 rm + 2016 net income intersegment adjustment of USS 0mm + Applod multiples bacad on woight avorage of + Appiiod multiples based on weighed average of ‘manutaciunng and solar projects multiple, 58x + 10% ‘manulacturing and solar projects mulple, 7.x +- 10% + Implied intersagment adusiment fim value of USSSImm- | « Implied ntasegmentagustmentequty value of USSHGmm— 62mm Bin BMI « Cminines fem velue cf USS2.050-2 Abn + Combined fim value of US$2-thn-2:360, SS cena ee ear ate em ereeee nneee nem TO ttTrina Solar’s Share Last 3 Years Price Performance ae Ses ayPrecedent US-listed Chinese Take Private Transactions" {Day Promium (%) jiaatdara 3-Day VWAP Premium (8) .