JA Solar Company Presentation

- September, 2013

Shanghai, China (with EU, US & Japan Offices)

May 2005 / February 2007 JASO (NASDAQ)

c-Si solar module , cell & system supplier

1.7GW in 2012

High efficiency, reliability

1.8 GW Module, 2.5 GW Cell, 1.0 GW Wafer

Mission: Responsible Partners

9,784 as of December 31, 2012

Headquarters

Shipments

Mission

Founded / IPO

Product Highlights

Capacity (Annual)

Employees

Business

Company Overview

1

Selectively Optimized Vertically Integrated Model

2

Polysilicon Silicon wafer Cell Module System

Solar wafers Solar cells PV modules EPC

Low-cost, high-quality

production

Leading the industry

in high-efficiency

wafer research

One of the world’s

largest manufacturers

Recognized for top

tech at low cost

High-performance

mono- and multi-

crystalline solar cells

High-quality product

with high-quality BOM

Additional channel for

product distribution

Working with leading

brands on OEM

modules

Partnering with top-

tier developers in

China

Cooperation with

global leading IPPs

on utility scale

projects

3

Lianyungang Wafer Facility

500MW Capacity

Shanghai Head Quarter

Fengxian Module Facility

1300MW Capacity

Yangzhou Cell Facility

1600MW Capacity

State-of-the-art PV R&D Center

Ningjin Cell Facility

900MW Capacity

Hefei Solar Products Facility

3GW Capacity (Started from Y11)

Current Module Capacity 500MW

Yanjiao Wafer Facility

500MW Capacity

…with State-of-the-art Production Facilities

Rank 2010 2011 2012

1 Yingli

2 Suntech Suntech

3 Sharp Trina Trina

4 Q-Cells Yingli Suntech

5 Trina Motech solar Motech solar

6 Yingli Hareon Gintech Solar

7 Motech Gintech solar Canadian Solar

8 Gintech Q-Cells Jinko

9 Kyocera NEO Solar NEO Solar

10 Others Canadian Solar Sunpower

World‟s Leading Cell Manufacturer

4

TOP 10 c-Si cell manufacturer in the world

Source: IMS & SolarBuzz, 2012

World‟s Fastest-growing Leading Module Manufacturer

5

Module shipment ranked 8th globally in 2012, increasing 7 spots YoY

Successful transformation into a major module supplier

Cell74.8%

Module25.2%

Cell85.1%

Module14.9%

Cell 44.9%

Module55.1%

2010

2011

2012

Shipments (% of total MW shipped)

April 2012: Financial Times Germany

Report on a study on the solar industry by the strategy consultancy

Simon-Kucher identifying companies with strong financials.

Germany: Solarworld, Aleo, Payom, Solarfabrik

USA: First Solar

China: JA Solar, TrinaSource: Die Solarbranche kann es noch schaffen, April 13, 2012.

Financial Time Deutschland

August 2012: China Development Bank

JA was enlisted to be one of the top Chinese solar manufacturers whose credit

lines are supported by CDB and other major domestic commercial banks.

Sep.2012: Goldman Sachs „Transforming China‟ ReportJA placed at long term hold.

Predicted to become industry survivor and amongst leaders

October 2012: GTM Research USA

Researchers placed JA Solar in the forecasted 9 major global module

manufacturers of 2015.

http://www.pv-magazine.com/news/details/beitrag/dead-manufacturers-walking--study-predicts-

solar-firms-survival_100008863/#axzz29Xwhi700

Experts Rank JA Solar Amongst Future Leaders

Confidential

6

7

Sustainable Development

Globalization Market Strategy

Sustainable

Developmen

t

Healthy Financial Conditions

Social Responsibility

Product Reliability

Customer Service

Innovation

Sustainable

Development

Average efficiency in mass production:

− Mono-crystalline cell: 19.4%

− Multi-crystalline cell: 17.9%

Excellent solderability

− Application of double printing technology in

production enhances solderability

Innovation – Highest Efficiency in Main Stream Cells & Modules (P-type, 80% market share in the world)

8

Industrial Average:

18.9% Industrial Average:

17.6%

+0.5%

+0.3%

15.0%

16.0%

17.0%

18.0%

19.0%

20.0%

Mono Cell Multi Cell

JA :19.4%

JA :17.9%

High efficiency cells in mass production

High efficiency solar module

Average efficiency in mass production:

− Mono-crystalline module: 16.5%

− Multi-crystalline module: 15.9%

Reliable Quality

− 100% EL double-inspection ensures modules

are defect free

− Potential Induced Degradation (PID) Resistant

High efficiency modules in mass production

Industrial

Average:

15.9%

Industrial

Average:

15.3%

+0.6%

+0.6%

12.0%

13.0%

14.0%

15.0%

16.0%

17.0%

18.0%

Mono Module Multi Module

JA: 16.5%

JA: 15.9%

CYPRESS Series high efficiency solar cell

Innovative solar cell technology

PERCIUM Solar Cell (P-type): ~20.1%

BYCIUM Solar Cell (N-type): >20.1%

WRACIUM Back-contact Cell: ~ 18.6% (Poly), ~19.9% (Mono)

Proprietary technology and innovative processing to continuously improve solar cell conversion

efficiency

DT(Dry Texturing ) Poly Cell: >18.3%

Develop new module manufacturing and system integration technology based on existing high

efficiency cell technology

Long-term research for next generation PV cell and module technology

High efficiency and low cost solar cell and module technology

Innovation – Global Leading R&D Capabilities

9

Mono Multi Black Silicon Cell (Multi.)

Product Reliability – Long-term Reliability & Special Tests

TÜV-Rheinland Ammonia Resistance Test Certificate

Intertek Salt Fog Spray Test Certificate

TÜV-NORD Salt Mist Spray Test Certificate

Certificate for H2S Acid Test

Overall Factory Audit by Third-party PI-Berlin

DH1000 to DH3000

TC200 to TC600

Mechanical load test 5400Pa to 10000Pa

HAST test DH1000 to 121℃ and 100%RH

PID test：-1000V, 85℃、85%RH, 96h

Thresher test: HF 30, Hot Spot 20h

Special Test Certification & Factory Audit Program

Long-term Reliability Test

10

Global Service Network

Customer Service

Linear Warranty

“The linear warranty of JA Solar modules offers the

additional insurance of electricity generation, they

even offered retroactive warranty upgrade for

modules originally purchased under the staircase

warranty.”

– Customer A

Prompt Response

Immediate feedback within 24 hours

Service E-mail: services@jasolar.com

10 year warranty on material and workmanship

25 year linear power output warranty

Customized Services, caring for clients‟ unique demand

11

Japan Germany U.S.A Process

Planning

Quality assurance

12

Globalization Market Strategy –Well Positioned in Major Emerging Markets

Japan: Top 2 Chinese module supplier in year of 2012 and 1H 2013.

Middle East: No.1 Chinese module supplier in 1H 2013.

China: 3rd largest module supplier in 2012.

Other APAC market: India, Thailand breakthroughs

Africa Market: Morocco breakthroughs

Source: Solarzoom & China Customs

Europe26%

China58%

APAC8%

Americas8%

Total shipments by region

2011

2012

Europe61%

China14%

APAC10%

Americas15%

Module shipments by region

2011

2012Europe

44%

China34%

APAC17%

Americas

5%

(% of total MW shipped)

(% of total module MW shipped)

Europe30%

China50%

APAC16%

Americas4%

JA Solar has established long-term strategic partnerships with various leading corporations around the world.

Globalization Market Strategy – Selected Strategic Partners

13

Healthy Financial Conditions – Strong Credit Profile Relative to Peers

Total Liabilities / Total Equity

Cash & Cash Equivalent(1) / Short-term Borrowings

14

81%72% 66% 66% 64%

53% 42% 42%

12%

0%

40%

80%

120%

JASO Jinko Hanwha CSIQ Trina Renesola Suntech** Yingli LDK

Average: 52.1%

153%241% 275%

445%

602%658% 665%

788%

1163%

Average: 604.8%

0%

200%

400%

600%

800%

1000%

1200%

1400%

JASO Trina Hanwha Suntech** CSIQ Jinko Renesola Yingli LDKPeer A Peer B^ Peer C Peer DPeer G** Peer FPeer E Peer H*

Source: Company filings.

Note: Balance sheet figures are as of 6/30/2013 (except ** as of 3/31/2012, ^ as of 3/31/2013).

Peer H* Total Liabilities / Total Equity value is negative, illustrated in absolute value for comparison purpose

(1): including restricted cash

Peer APeer B^Peer C Peer DPeer E Peer FPeer G** Peer H*Peer APeer B^Peer C Peer E Peer D Peer FPeer G**Peer APeer B^Peer C Peer E

Healthy Financial Conditions – Ability to Meet Short-term Obligations

Current Ratio

15

(Current Assets – Inventories – Short-term Pre-payment) / Current Liabilities

86% 87% 84% 77%63% 63% 46% 44%

13%

0%

40%

80%

120%

JASO CSIQ Hanwha Trina Jinko Yingli Renesola Suntech** LDK

Average: 59.6%

113% 109%102% 100%

86%72% 66%

64%

19%

Average: 77.2%

0%

50%

100%

150%

JASO Hanwha CSIQ Trina Yingli Jinko Renesola Suntech** LDKPeer HPeer D Peer G**Peer CPeer FPeer EPeer B^ Peer A

Source: Company filings.

Note: Balance sheet figures are as of 6/30/2013 (except ** as of 3/31/2012, ^ as of 3/31/2013).

Peer B^Peer E Peer A Peer FPeer C Peer D Peer G** Peer H

Healthy Financial Conditions – Strong Balance Sheet for Future Growth

16

Assets Liabilities and Stockholders‟ Equity

Strong cash position and unused credit lines provides adequate liquidity to

ensure sustainable development.

(1) Includes restricted cash(2) All figures converted from RMB to USD using exchange rates of 6.285, 6.298, 6.353, 6.285, 6.230 at 12/31/2011, 3/31/2012, 6/30/2012, 9/30/2012, and 12/31/2012 respectively.

1,000 920 870 785 769 758

697473 445 377 217 296

7721,051 955

945 1,125 861

0

500

1,000

1,500

2,000

2,500

2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2

Stockholders' Equity

Non-current Liabilities

Current Liabilities

(US$ million)

1,105 1,077 999 960 941 943

673 745 664 630 676 618

691 623 606 518 493 355

-

500

1,000

1,500

2,000

2,500

2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2

Non-Current Assets

Current Asset Excluding Cash & Cash Equivalents

Cash & Cash Equivalents

(US$ million)

17

Successfully closed a registered direct offering of up to $96 million.

Extended the terms of an outstanding loan with the Hefei High-tech Development

Committee in the amount of $234.6 million.

Together with Jinglong Group, secured RMB 550 million loan with Bank of

Communications of China. Of the RMB 550 million, RMB 250 million (roughly $41 million)

will be available to JA Solar.

Healthy Financial Conditions – Strong Bank Partnership

Recent activities to further strengthen our balance sheet

Supported by Leading Banks

Healthy Financial Conditions – Strong Operation Management

18

Prudent inventory control and working capital management ensure

long-term viability.

Source: Company filings.

Note: Balance sheet figures are as of 6/30/2013 (except ** as of 3/31/2012, ^ as of 3/31/2013).

66 39

67 69 76 82 90

113 118

0

50

100

150

JASO Jinko Hanwha CSIQ Trina Renesola Yingli Suntech** LDK

Days of Inventory (DOI)

Average: 82 Days

Peer B^ Peer E Peer A Peer FPeer C Peer D Peer G** Peer H

19

By the end of 2012, the global PV cumulative installed capacity reached 100GW, the cost

of PV power generation has been lower than the retail price of natural gas.

The decline in the cost of PV power generation is faster than the projection of Professor

Sachs. Currently, some regions with high consumer electricity price and rich solar

irradiation have already reached “grid parity”.

CSR – the Upcoming “Grid Parity” era

Source: Professor Emanuel Sachs,

Massachusetts Institute of TechnologySource: Bloomberg, 2012

Residential Grid Parity Regions in 2013

Germany: JA Solar is the Chief Official Sponsor

of German Cycling Federation.

USA: Donated modules to Stanford University

for its construction of the Bioengineering &

Chemical Engineering building.

China: Sponsors Peking University, Tsinghua

University, and Tongji University in their

participation at the “Solar Decathlon SD”.

Haiti: Following Haiti’s earthquake, JA donated

PV modules to the local fish farmers for

electricity generation

20

CSR – Corporate Activities

Thank You

21