Company Presentation
October 2010
Disclaimers & Safe Harbour Statement
This presentation does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire securities ofTrina Solar Limited (the “Company”) in any jurisdiction or an inducement to enter into investment activity, nor may it orany part of it form the basis of or be relied on in connection with any contract or commitment whatsoever.
The information herein has been prepared by the Company solely for use in this presentation. 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. None of the Company or any of itsaffiliates, advisors or representatives will be liable (in negligence or otherwise) for any loss howsoever arising from anyuse of this presentation or its contents or otherwise arising in connection with the presentation.
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the PrivateSecurities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement areforward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance theCompany's activities; the effectiveness, profitability and marketability of its products; the future trading of the securitiesof the Company; the period of time for which the Company's current liquidity will enable the Company to fund itsoperations; general economic and business conditions; the volatility of the Company's operating results and financialcondition; and other risks detailed in the Company's filings with the Securities and Exchange Commission.
These forward-looking statements involve known and unknown risks and uncertainties and are based on currentexpectations, assumptions, estimates and projections about the Company and the industry in which the Companyoperates. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurringevents or circumstances, or to changes in its expectations, except as may be required by law. Although the Companybelieves that the expectations expressed in these forward looking statements are reasonable, it cannot assure you thatsuch expectations will turn out to be correct, and the Company cautions investors that actual results may differmaterially from the anticipated results.
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1. A Global Solar Player
2. World Class Manufacturing
3. Trina Solar Strategy
4. Market and Sales
1_Source: Navigant Consulting, Solar Outlook 01-20102_Source: Company releases
The Roadmap to Leadership – Module Shipments
20061 2007 1 20081 2009 2 2010 (est.)2
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Module Shipments, in MW
399
900-930
On track to be among the largest PV
module suppliers
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76
201
Top 20
435
180
363
309
498
458
1,112
704
Growing into an industry leaderwhile maintaining strong financials.
Growing into an industry leaderwhile maintaining strong financials.
Top 6
Top15
Top 10
Company Snapshot
● Founded in 1997, in Changzhou, China
● $845.1mm in Revenue in FY09
● >11,000 employees worldwide1
● Listed on the NYSE (under TSL ticker)
● One single manufacturing campus
Our Advantage: Vertically Integrated Business Model
Ingot Wafer Cell Module System
Over 1GW of modules shipped since 2006
1_As of August 20102_ Estimate provided in Trina Solar Q2 2010 Earnings Call
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Italy19-21%
Estimated shipments in 2010Estimated shipments in 201022
900-930 MW
Czech Rep.4-6%
Germany29-31%
Spain10-12%
Italy19-21%Belgium
7-9%
France4-6%
USA13-15%
China3-5%
ROW2-3%
Module Capacity Expansion
Module Shipments (MW) Main facts
170 – 290Wp170 – 290WpModule Power Range
Wafer Thickness
Cell Efficiency1
Polysilicon Usage
180 µm180 µm
Up to 19.5% monoUp to 18.0% multiUp to 19.5% monoUp to 18.0% multi
6.0g/W in 1Q106.0g/W in 1Q10
1_Test production line basis2_ Cell and Module Capacity by end of August 2010
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Module Capacity (MW)
2775
201
399
900-930
2006 2007 2008 2009 2010
Long-Term Expansion Plans
Integrated manufacturing capabilitiesallows better control of
cost quality yield product developmentþ þ þ þ cycle timeþ
Trina Photovoltaic Park Facility Site
n Strategic location of key suppliers
n Suppliers bring benefits like cost savings
East Campus (Phases 2 and 3) n 500+MW production facility
n Single manufacturing campus
n Increased degree of vertical integration and automation
Phase 1- Finished -
Trina PV Park Facility Site
Phase 2(Current)
Phase 3
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7
R&D and manufacturing cluster
n Cluster effect
n Sharing research/test lab capabilities
Top Management Team
Jifan GaoChairman and
Chief Executive Officer
Jifan GaoChairman and
Chief Executive Officer
n 20+ years of experience in finance and accounting
n Former Exec. VP of Finance of Spreadtrum (NASDAQ:SPRD)
n Former Controller at one of the world's largest NASDAQ-listed semiconductor
assembly and testing companies
Terry WangChief Financial Officer
Terry WangChief Financial Officer
n 20+ years of management and entrepreneurial experience
n Visionary founder of Trina Solar Ltd, in 1997
n Standing Vice Chairman of the New Energy Chamber of Commerce of the All-China
Federation of Industry and Commerce
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Stephanie ShaoChief Human Resource Officer
Stephanie ShaoChief Human Resource Officer
n Over 15 years of global experience in Fortune 500 Companies in managing key HR
functional areas and Marketing Management across industries and geographies
n Proven record in building people and organizational capabilities and business
partnership to support global business growth
n Ph.D in Social & Organizational Psychology from Rutgers University and Executive
Education in Marketing Management from Columbia Business School
1. A Global Solar Player
2. World Class Manufacturing
3. Trina Solar Strategy
4. Market and Sales
Our Competitive Advantage
The Best $/kWh Value
101_ TUV Reinland's Energy Yield 2008” (period from June 1 to September 30, 2008)2_ see slide 12 for more details
3_ Test production line basis
n Modules ranked by TUV Rheinland (GER)1 and Desert Knowledge Center (AUS)2 tests as one of the best performing module compared with other leading international brandsn CENTER FOR EXCELLENCE: world class in-house testing center
n Modules ranked by TUV Rheinland (GER)1 and Desert Knowledge Center (AUS)2 tests as one of the best performing module compared with other leading international brandsn CENTER FOR EXCELLENCE: world class in-house testing center
n A single campus to ensure optimal yield and quality throughout the entire manufacturing processn Efficient management of our supply chain
n A single campus to ensure optimal yield and quality throughout the entire manufacturing processn Efficient management of our supply chain
n Cell efficiency: Achieved 18.8% for mono & 17.5% for multicrystalline end of 20093
n Goal: reach up to 19.5% mono and 18.0% multi by end of 2010 3
n Cell efficiency: Achieved 18.8% for mono & 17.5% for multicrystalline end of 20093
n Goal: reach up to 19.5% mono and 18.0% multi by end of 2010 3
n Maintained healthy financials all year round, for a FY09 Gross Margin of 28.1% n As of June 30, 2010, the Company had $685.3 million in cash and cash equivalents and restricted cash.
n Maintained healthy financials all year round, for a FY09 Gross Margin of 28.1% n As of June 30, 2010, the Company had $685.3 million in cash and cash equivalents and restricted cash.
Our Facilities
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1. A Global Solar Player
2. World Class Manufacturing
3. Trina Solar Strategy
4. Market and Sales
Trina Solar Strategy
Portfolio strategy
Expand product line to serve more customer segments and markets worldwideLarge product line from 175Wp to 290WpNew products tailored for residential and utility systems
Reliability & technology
Internal reliability testing on module & materialsAccelerated Life Testing reliability tests – 25yr warranty Working closely with UL, ICIM, TUV and customersFull vertical integration to ensure top quality at each step
Customer focus organization
Local sales & technical team to support salesOn-line after sales service launchedDevelop global & diversified customer base to mitigate risk and reduce currency exposure
DELIVER THE BEST VALUE TO CUSTOMERS & INVESTORS
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Solutions for all applications
RESIDENTIAL
COMMERCIAL
INDUSTRIAL
UTILITY
RELIABLE PRODUCTS
n Positive tolerance for all products (0+3%)
n Ongoing research and testing to minimize Micro-cracks
n LID testing
n Experimenting with module color to provide customers with custom solutions
n Certificates for all major markets (TUV, UL, ICIM, VDE, JET and SGS)1
n Offer a 5-year manufacturing warranty, 10-year output warranty (90%) and 25-year output warranty (80%)
Products For Every Segment
Residential
Commercial
Utility
Product Portfolio
Mono-Series Multi-Series Design-Series
TSM-DC01 TSM-PC05 TSM-PC14 TSM-DC01 Black TSM-PC05 Black
ØWattage range: 175 – 240 Wp
ØModule Efficiency: up to 14.70%
Ø 48, 60, 72 high efficiency Mono cells
ØWattage range: 220 – 290 Wp
ØModule Efficiency: up to 14.95%
Ø 60, 72 high efficiency multi cells
ØWattage range: 175 – 235 Wp
ØModule Efficiency: up to 14.50%
Ø60 high efficiency multi cells or 72
high efficiency mono cells
TSM-DC05TSM-DC03
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New Product - TSM-DC80
Quad MAX– NEW square MONO crystalline cell withadvanced production process:
1. Two high temperature thermal processes
2. Additional printing and cleaning step
3. Uses special paste for cell surface
→ Conversion efficiency: up to 18.8%→ Average efficiency: 18.2%
TSM-DC80 – The QuadMAX module
§Module conversion efficiency of up to 15.6%
§Modules using QuadMAX technology have up to 8% more power
output
§ Aesthetic appearance of QuadMAX cell provides ideal design
solutions for residential rooftop applications
18.8% cell efficiency1
161_ up to 18.8% , test production line basis
Quality, guaranteed by rigorous in-house testing
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Mechanical Loading Test
UV Test
Power Determination
Test
CENTER FOR CENTER FOR EXCELLENCEEXCELLENCEn Over 30 in-house tests, allows internal testing in accordance
with IEC standards and those of internationally-trusted testing bodies
n Long-term Strategic Partnership with TUV Rheinland Group, Underwriters Laboratories Inc (UL) and China General Certification Centre (CGC).
n Material & Electrical testing to increase panel durability and prolong product lifetime
n Allows Trina Solar to confidently offer customers our customers product and manufacturing warranties
Sample Tests
Overview of Quality Tests
Environmental Reliability Testing:Trina Solar puts a selection of PV modules through extreme environmental testing to ensure reliability and performance in the world’s most unforgiving environments. This allows Trina Solar to confidently provide our customers with a 25 year output warranty.
Component Testing:Trina Solar carefully tests the performance of each module component both individually and together in order to maximize electrical output while minimizing the degradation of the module over its lifetime.
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Damp Heat Test
Damp Heat Test
Mechanical load Test
Mechanical load Test
Wet Leakage Test
Wet Leakage Test
UV Preconditioning
Test
UV Preconditioning
Test
Corrosive Atmosphere
Test
Corrosive Atmosphere
TestImpact TestingImpact Testing
Outdoor Exposure Test
Outdoor Exposure Test
Highly Accelerated Stress Test
Highly Accelerated Stress Test
Humidity Freeze TestHumidity
Freeze Test
Insulation Test (Dry & Wet)
Insulation Test (Dry & Wet)
Thermal Cycling Test
Thermal Cycling Test
Hot-spot Endurance Test
Hot-spot Endurance Test
Materials & components
testing
Materials & components
testing
Measurement of NOCT
Measurement of NOCT
Q. C. throughout
Manufacturing Process
Q. C. throughout
Manufacturing Process
Micro-crack Testing
Micro-crack Testing
Flash TestingFlash TestingElectrical
Component Testing
Electrical Component
Testing
Bypass Diode Test
Bypass Diode Test
The Best $/kWh Under The Sun
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Results of the Photon Test, September 2009 (in kWh/kWp)
Trina Solar panels are among the world’s top performers.Trina Solar panels are among the world’s top performers.
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Even in the harsh Australian desert, Trina Solar panels outperformed competitors.
Even in the harsh Australian desert, Trina Solar panels outperformed competitors.
Average Daily output, 2009 (Jan-Dec), in kWh/kWp
How much more electricity do you get by using Trina Solar modules?
How much more electricity do you get by using Trina Solar modules?
Trina vs.BP Mono +8.0%
SPWR +4.7%
BP Poly +4.5%
Kyocera -1.3%
Source: Data collected by the Desert Knowledge Australia, a public initiative supported by the Australia Energy Ministry
Desert Knowledge Australia test results
Alice Springs
The Best $/kWh Under The Sun
1. A Global Solar Player
2. World Class Manufacturing
3. Trina Solar Strategy
4. Market and Sales
Global Operations
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ZurichEurope HQ
Changzhou, JiangsuCorporate HQ & Factory
MunichSales Office
San Jose, CAN. America HQ
MadridSales & Marketing
Seoul, S. KoreaSales Office
Tokyo, JapanRegional HQ
BeijingSales Office
MilanSales Office
Corporate & Regional Headquarters
Regional Sales & Marketing Branches
Shanghai, ChinaCorporate
10 branch locations, 11,000+ employees10 branch locations, 11,000+ employees
Regionalized Decision Making
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n Benefits of regionalized decision making: • Closer proximity to customers and markets
• Improved, region-based Customer Service
• Increased reactivity to market demand
• Consistent Global Brand Management
• Closer-to-Market Product Feedback
n Recruited local teams of experienced experts
n New warehouses in Europe and North America for greater flexibility
Regional headquartersCHINA
SWITZERLAND
USA
JAPAN
OfficesKOREA
GERMANY
ITALY
SPAIN
Market Strategy
Customer Focus
Wholesalers and
Distributors
PV System Integrators /
Large installers
Brand Development PV System Owners and Financiers
Solid position in: Germany, Italy, Spain and Belgium
Strong development in: France, Czech Rep., Australia, US
Growing in: Korea, China, India, Thailand
Ø Geographical Distribution: 22 Countries
Ø Large diversified customer base
Ø Active medium-large size customers
Ø Rapid adaptation to market requirements
Ø Well developed channel strategy
Ø Local focus to provide excellent service and effective brand management
Manage Brand RecognitionIncreased Influence Over End Customer
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Geographic Diversification
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EUROPE USA & Others
Italy18%
Belgium14%
Spain 32%
2008 2008 201 MW
ROW10-5%
2009 2009 399 MW
1_Estimate
Italy19-21%
Spain 13-15%
2010201011
900-930 MW
Germany24%
Spain32%
Italy18%
Belgium14%
ROE3%
China4%
ROW5%
Germany33%
Spain12%
Italy20%
Belgium21%
France7%
USA2%
China3%
ROW2%
Czech Rep.4-6%
Germany29-31%
Spain10-12%
Italy19-21%Belgium
7-9%
France4-6%
USA13-15%
China3-5%
ROW2-3%
Serving customers in 22 countries…
Global Market Overview
GERMANY FiT decreases encourages
geographic diversification of customer base
ITALY Strong growth in ’09
CZECH REP. Outstanding ’09 growth to
continue into 2010
USA Market picking up in 2010, major growth of
utility segment
CANADA Ontario FiT to support steady growth
CHINA National Feed-in-Tariff expected to spur
PV growth
INDIA Strong emerging market
2009 PV Market estimate: 7.3 GW
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Source: internal estimates 26
Regional Market Outlook: Europe
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Key European Markets in 2010EUROPEAN MARKET OUTLOOKn Germany to remain biggest World market despite FIT digression.n CAP expected to be reached in Italy in 2010.n French FIT changes to support growth of agricultural sector & medium size PV plants.n Spain to remain a small market BUT very strong customers acting internationally.n Belgium to decrease its size BUT very strong customers acting internationally
TRINA ACTIONSn New European HQ in Zurich.n Expanded Sales Team in Germany.n New sales office in Milano & Madridn Growing portfolio of Czech clients.n Partnership with French top distributors.nWorld’s Largest Commercial Rooftop installation in Belgium (40MW) with Invictus.
Trina Sales Presence
205 kW in Galargues, (South Eastern France)
26 MW in Murcia, Spain 20 kW in a Rome school, Italy
3,3 MW PV plant in Bavaria, Germany
100 kW in Arcadia, Greece
40 MW rooftop in Belgium
Sample projects throughout Europe
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Regional Market Outlook: USA
Key 16 State Markets in 2010US MARKET PROSPECTSn Strong growth in 2010
driven by state RPS requirements
nARRA funding to boost renewable energy sector
n Project financing slowly improving
n Rapid growth of utility-scale projects
TRINA ACTIONSn New Regional Headquarters
established in San Jose, CA
nCompleted 2 MW ground-
mounted system at Colorado
State University
n Partnerships with key national
distributors, developers, and
utilities
n Sales and customer services
reps in each region
Trina Sales & Marketing Presence
2 MW ground-mountColorado State University
2.4 MW rooftop Atlantic City Convention Center
Large-scale ground-mount
Large-scale rooftop
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Regional Market Outlook: Asia-Pacific
Key APAC Markets in 2010APAC MARKET PROSPECTSn Australian market begins period of rapid growth under strong state Feed-in Tariffs
n Chinese market expected to take off in 2010
n India’s “National Solar Mission” spurs market growth
n New FiT encourages smooth growth of Japanese residential market
TRINA ACTIONSn New Sales Offices in Japan
& Korea
n Partnership with RFI, one of Australia’s largest solar distributor
nGrowing project pipeline in China
n Sales and customer service reps in each region
31.5 kW ground-mountAlice Springs, Australia
700 kW ground-mountTibet, China
1.8 MW ground-mountNaju City, Korea
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Project Installations (1/2)
Spain – 26MW10th largest installations in the world 1
1. Source: pvresources.com, as of April 3, 20092. As of April 3, 2009
USA – 2.4MWAmerica’s largest single rooftop installation 2
Netherlands – 83kW2007 largest PV system in the Netherlands
Italy – 4.7MWLargest PV rooftop system in Italy 2
Germany – 3.3MWSaves 2,200 tons of CO2 a year
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Project Installations (2/2)
Australia – 31.5kW
Greece – 100kWKorea – 1.8MW
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Antwerp, Belgium – 40MW
Marketing Activities: New Sponsor of Renault F1 Team
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n Global Ambassador of Solar PV: help elevate the status and accelerate the global adoption of solar PV
n Bring PV to the wider audience of global sports enthusiasts
n Trina Solar technologies will be integrated into the operations and ongoing upgrades of the Renault team’s Enstone facilities
n Contribute to the ‘greening’ of the Renault F1 team and the F1 sporting community
n F1 Race Tracks in all major markets
Increased Brand Recognition& Global Partnerships
Marketing Activities
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Sponsorship of Lisa Airplane:Developed 100% eco-friendly airplane, called the Hy-Bird. The plane will be flown around the globe, in stages.
Sponsored the Belgian European Pavilion at the Shanghai World Expo 2010
Customer Events
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Organized customer events at the most important trade shows in Europe, Asia, and North America
Organized customer events at the most important trade shows in Europe, Asia, and North America
Locations of Customer Events:
Valencia, Spain
Munich, Germany
Los Angeles, USA
Tokyo, Japan
Shanghai, China
Changzhou, China
and more to come…
www.trinasolar.com
CHINA
JAPAN
KOREA
U.S.A.
SWITZERLAND
GERMANY
ITALY
SPAIN