Appendix

Appendix 1: Global cumulative PV capacity in gigawatts since 1992.

Appendix 2: Global PV shipments for financial year 2014 through financial year 2016
Appendix 3: Global areas that hold grid parity

Source: Deutsche Bank Estimates

Appendix 4: Market share of PV cells.

Appendix 5: Price history of PV cells.

Source: Bloomberg new energy finance.

Appendix 7: Average selling price for Jinko Solar solar modules

Source: Bloomberg Professional, 2017

Appendix 8: Jinko vs PV manufacturer Solar module Price
Appendix 9: Comparable companies (USD in millions, current/LTM).

Company Ticker Business description Equity Enterprise Sales

value value
JA Solar JASO JA Solar Holdings Company, Ltd. 300 779 2,356
Holdings Co., manufactures solar cells. The Company sells
Ltd. its products principally to solar module
manufacturers, which assemble and integrate
its products into modules and systems.

Hareon Solar 600401 Hareon Solar Technology Co., Ltd. specializes 1,578 2,916 924
Technology Co in the production of solar cells and solar
Ltd modules.

GCL-POLY 3800 GCL-Poly Energy Holdings Ltd is a Chinese 2,504 7,782 3,296
power company that produces solar grade
polysilicon and operates cogeneration plants
and in China

Hanwha Q HQCL Hanwha Q CELLS Co., Ltd. manufactures 601 1,390 2,412
CELLS Co. photovoltaic (PV) cells and modules and it is
Ltd. also engaged in downstream development and
EPC business in EMEA, North and Latin
Americas and across APAC. The Company
sells its products both through third-party
distributors and directly to system integrators.

Daqo New DQ Daqo New Energy Corporation manufactures 225 585 1,767
Energy Corp polysilicon. The Company markets polysilicon
to photovoltaic product manufacturers who
process it into ingots, wafers, cells and
modules for solar power products.

Eging 600537 Eging Photovoltaic Technology Company Ltd. 1,203 1,536 749
Photovoltaic manufactures solar energy equipment. The
Technology Co Company produces mono crystalline and
Ltd polycrystalline solar modules. EGing sells its
products in Germany, Spain, Italy, the Czech
Republic, Australia, South Korea and South
Africa.

Risen Energy 300118 Risen Energy Co., Ltd. develops, manufactures 1,547 1,879 799
CO Ltd. and sells photovoltaic applications. The
Company’s products include crystalline silicon
solar lamps, batteries, parts and other
applications.
Source: Bloomberg Professional, 2017
Appendix 10: EBITDA, EBIT and EPS multiples (USD in millions).

Appendix 10 continued
Appendix 11: Jinko Solar implied share price range.
Appendix 12: Comparable universe profitability.

Appendix 13: Comparable universe net income and EPS values.

Appendix 14: WACC calculations.
Appendix 15: Realistic DCF scenario.

Realistic Summary

Cash Flow
Appenddix 15 cont :Terminal value matrix 1 (value of perpetuity at 2022)

Appenddix 15 cont Terminal value matrix 2 (PV of stage 1 + PV of TV)

Appenddix 15 cont Terminal value matrix 3 (estimated share price range)

Appendix 16: Negative Scenario

Summary

Appenddix 16 cont Cash Flow

Appendix 16 cont. Terminal value matrix 3 (estimated share price range)
Appendix 17 (optimistic)

Summary

Appenddix 17 cont Cash Flow

Appenddix 17 cont: Terminal value matrix 3 (estimated share price range