Jinpan NDR November 2009

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November 2009

Jinpan International Limited



Disclaimer

1

Forward-Looking Statements

This presentation and oral statements made in conjunction with it may contain or incorporate by reference information that includes or isbased upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-lookingstatements include, among other things the information concerning our possible or assumed future results of operations, businessstrategies, financing plans, competitive position, potential growth opportunities and the effects of future regulation and competition.These statements are only our current expectations. They are based on our management’s beliefs and assumptions and on informationcurrently available to our management. Forward-looking statements involve risks, uncertainties and assumptions. Although we do notmake forward-looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee their accuracy. Actualresults may differ materially from those expressed in these forward-looking statements due to a number of uncertainties and risks, in thedocuments incorporated by reference into the prospectus supplement and in the accompanying prospectus and other unforeseen risks,including:

our ability to successfully implement our business strategy;uncertainties about the future growth in electricity consumption and infrastructure development in the markets in which weoperate;inability to attract and retain qualified management and personnel;increases in the costs of our raw materials;the impact of existing and new competitors in the markets in which we compete, including competitors that may offer lessexpensive products and services, more desirable or innovative products or technological substitutes, or have more extensiveresources or better financing;the effects of rapid technological changes and vigorous competition in the markets in which we operate;changes in competition and the pricing environments in the countries in which we operate;the failure to keep pace with technological changes in our industry;potential product liability claims;the effects of the higher degree of regulation in the markets in which we operate;general economic and political conditions in the countries in which we operate or other countries which have an impact on ourbusiness activities or investments;

inability to successfully adapt our internal controls over financial reporting to changes in circumstance;the monetary and interest rate policies of the countries in which we operate; andexchange rates.

You should not rely on any forward-looking statements. We undertake no obligation to publicly update or revise any forward-lookingstatements, whether as a result of new information, future events or otherwise, after we distribute this presentation, except as otherwiserequired by law.

U s e o f N o n-G AA P F in an ci al M e as ur esThis presentation contains non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and ExchangeCommission. Refer to the Appendix for a discussion of these numbers and a reconciliation to their nearest equivalent financial measurescalculated in accordance with GAAP.



Management Presenters

2

Albert ShengInvestor Relations Manager

Mark DuChief Financial Officer



Company Overview



Company Highlights

4

$3.0 $3.3 $3.5$4.5

$7.5

$16.4

$19.8

$0

$5

$10

$15

$20

$25

2002 2003 2004 2005 2006 2007 2008A

Net Sales($ Millions)

Manufactures electrical equipment for powerdistribution:

Cast resin transformers (conventional and windpower)Reactors (wind power), switchgears, and unitsubstations.

Primary end markets include industrial,infrastructure & utilities, commercial &

residential developments.One of China’s leading manufacturers of castresin transformers.*

State of the art manufacturing facilities inHaikou, Wuhan, and Shanghai.

Well positioned to capitalize on strong

economic and infrastructure growth in Chinaand alternative energy markets globally.

Net sales 2008: 87% China / 13% International

Listed by Forbes Asia as among the best 200companies under US$ 1 billion for three yearsin a row (2007, 2008, and 2009).

$27.8 $33.5$42.3

$53.6

$82.3

$119.6

$154.0$162.0

$0

$30

$60

$90

$120

$150

$180

2002 2003 2004 2005 2006 2007 2008A 2009LTM

Net Income($ Millions)

*Ranked No. 2 in production volume by the ChinaNational Transformer Association in 2007



Year Milestone1993 Jinpan’s predecessor entity founded as Haikou Jinpan

1997 Company established as a JV between Haikou Jinpan and Jinpan International

ISO 9001 Certification

1998 IPO – Listed on AMEX

2000 ISO 14001 Certification

2002 Top ranked transformer company by China National Standards Bureau

2004 Selected as Best New Supplier by leading OEM customer

2006 Successfully raised $25.7 million of capital through PIPE for new facility

2007 Achieved UL Listing

Began construction of new facility in Wuhan, China

2008 Successfully developed transformers for future generation wind towers

Completion of the Wuhan facility (June)

Announcement of new facility near Shanghai (August)Switched listing from AMEX to Nasdaq (September)

2009 Completion of the Phase I of the Shanghai Facility (September)

Company Milestones

5



Products



7

Transformer Product Offering

Jinpan is a leading manufacturer of castresin transformers in China.

Cast resin transformer

Electrical equipment that transforms thevoltage of electricity

Used for the distribution of electricity

Step up transformers raise the voltageof electricity to prepare it fortransmission.

Step down (or distribution) transformslower the voltage of electricity to makeit usable.

Jinpan offers a range of medium voltage

cast resin power transformers. (100KVA –20,000KVA)

Cast resin transformers are more suitable foruse as distribution transformers. Most of Jinpan’s transformers are distributiontransformers.

Jinpan also makes cast resin step up

transformers for special applications (e.g.wind towers).

Key Applications:

Urban Infrastructure: train & subways, airports, office buildings

Industrial Infrastructure:factories, data centers

Electric power distribution



Advantages of Cast Resin Transformers

Jinp an’s Cast ResinTransformers Oil-Filled Transformers

Underwriters Laboratories (“ UL”) Listed

Highest Reliability

Lower Cost of Ow nership

Safe and Fire Resistant

Environmentally Friendly

Sophisticated Technology

Jinpan ’s cast resin transformers primarily compete with oil-filled transformers

Chinese Ministry of Machinery requires the use of cast resin transformers incertain buildings with public access



Integrated AssembliesSwitchgears Unit Substations Reactors

Description

Enables operators to switchsystem equipment in andout of networks

Mini power generationstation comprised of switchgears, transformers,power meters and a powerfactor compensation device

Helps balance line voltagesgenerated from wind towers.Reactors are installed in thehub of the wind tower.

Applications Electrical networkconfigurations

Construction and upgradingof city power networks

Wind towers

9

Other Product Offerings



Markets, Growth Drivers, and Competition



Current End Markets Served

• Products used in large scale construction and infrastructure projects

– Industrial: factories, steel plants, shipbuilding, oil refineries

– Utilities and Infrastructure

• Utilities: wind farms (step up transformers) and electrical distributionnetworks (step down transformers)

• Infrastructure: trains/subway stations, airports, hospitals, and other

municipal projects. – Commercial and Residential: office buildings, shopping malls, high rise

apartments

• 2008 Revenue by Product: – 85% Cast Resin Transformers

– 15% Reactors, Switchgears, and Unit Substations

11

2008 Revenue by End Market

Utilities andInfrastructure

Industrial

Residentialan d

Commercial

10 %

45 %

45 %



Growth Driver: Growing Demand for Electricity inChina

12

Demand for electricity in China is driven by its growing economyChina’s GDP grew by 9% in 2008 over 2007China consumed 3.4 trillion kilowatt (“kW”)-hours in 2008 – represents growth over 2007of ~5.3%, which is fastest in the world.Projected increase to 8.8 trillion KW-hrs in 2030

China increased its total power generating capabilities by 9.0 million kW in 2008Installed capacity ranked 2 nd in world after 10.3% increase over 2007 to 793 million kW

Chinese Electricity Consumption

1.31.5

1.61.8

2.1

2.8

3.23.4

2.4

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

2000 2001 2002 2003 2004 2005 2006 2007 2008

Trillion kWh

China GDP

8.9 9.610.5

11.7

13.7

20.9

24.7

27.0

18.2

0.0

5.0

10.0

15.0

20.0

25.0

30.0

2000 2001 2002 2003 2004 2005 2006 2007 2008

RMB Billions

Source: National Bureau of Statistics, China Electricity Council, World Bank.



Future Outlook for Chinese Transformer Market

• Demand expected to remain strong

– Direct correlation between electric power capacity and demand for transformers

– According to the China Electricity Council, China’s electric transformation capacity, as measured by tallyingthe capacity of public electrical transforming equipment with capacity at or above 35KV, reached 2.4 billionKVA in 2008, up 14.9% from 2007.

– Government has mandated increasing use of alternative forms of energy

• Chinese government’s current five year plan specifically addresses increasing power generatingcapacity

– Increased expansion of China’s power grids and transformation capacity

– Replacing small thermal power generators with larger ones to conserve energy and reduce pollution

– Favors cast resin technology as it is required in certain buildings with public access due to greatersafety and fire resistance

13



Growth Driver: Alternative Energy

14

Wind is the fastest growing energy source in the world .

According to the Global Wind Energy Council (“GWEC”), theworld’s total installed capacity for wind energy generation in2008 reached 120.8GW, a growth rate of 36% over 2007.The GWEC predicts that by 2013 global wind generationcapacity will reach 332GW.

Wind is our primary focus in the alternative energy field. Jinpancurrently produce:

Reactors for use in 1.5MW wind towers; and

Transformers and reactors for 2.5MW wind towers.

Two pronged strategy on alternative energy:

Expand OEM customer base for existing products.

Work with OEM customers to develop new wind energy

products for their wind power packages.



Growth Driver: International Market

• North America

– UL-listing in 2007 marks major milestone in efforts to develop markets in the U.S. and Canada. – Currently, Jinpan is one of two manufacturers of UL certified cast resin transformers in the world.

• Europe

– Most of our wind power products are exported to Europe, which enhanced our market presence inthe Euro zone.

• UL Certification, wind power products, and our close cooperation with international OEMsfueled growth in international sales (outside of China)

– 2007 Int’l Sales: US$ 6 Million (5% of 2007 sales revenue) – 2008 Int’l Sales: US$ 19.5 Million (12.7% of 2008 sales revenue)



Competitive Landscape• Jinpan is a leading cast resin transformer manufacturer in China.

• In China, our primary competition in the cast resin transformer market comes from domesticChinese enterprise and joint ventures between foreign and Chinese companies.

• Our top two competitors in China include Sunten Electric (Guangdong Province) and HuapengElectric (Jiangsu Province). Ranking of manufacturers of cast resin transformers in China by 2007market share is as follows:

• In North America, Jinpan ’s primary competitor in the cast resin transformer market is ABB Ltd.

16

Company Ownership 2007 Market Share

Sunten Electric Government - Private JV 36.3%

Jinpan Private 14.5%

Hua Peng Private 11.5%

Others Government and Private 37.7%

Source: China Transformer Association and Company estimates.



Facilities, Sales/Marketing, and People



Advanced Manufacturing Facilities

18

Haikou Wuhan Shanghai

Year Operational 1993 2008 Phase I CompletedSeptember 2009

Size (m 2 ) 44,446 19,920 >35,000

Owned / Leased 40% Owned /60% Leased

100% Owned 100% Owned

Products Manufactured Customized transformers,exported transformers

Standard transformers Reactors, switch panels,substations



State of the Art Manufacturing Technology

Foil Winding

Epoxy Mixing

Core Assembly



Ongoing Capacity Expansions

Wuhan facility became operational in June 2008

• Increased transformer production capacity by 50% from 6 million KVA to 9 million KVa.

New facility near Shanghai

• Construction of Phase I Completed in September 2009.

• Increased the Company's total transformer capacity by 11% from 9.0 million KVA to 10.1 millionKVA• Increased total production capacity for reactors, switchgears, and unit substations by 300% over

current levels

Management plans to specialize each facility by product offering to maximize efficiency and capacityutilization.

Haikou Facility: Customized transformers (for high end applications and export)Wuhan Facility: Standard transformers for the China marketShanghai facility: High margin products primarily for alternative energy applications

20



21

Sales and Marketing

• Direct sales network consisting 34 regional salesoffices located in major cities

• 56 sales representatives and 22 sales supportpersonnel

• International sales office in the U.S.

• Majority of sales in Shanghai, Beijing, Guangdong,Jiangsu and the northeast of China

• Diversified customer base – Largest customer approximately 18.4% of total

sales – No other customer accounts for more than 10%

of total sales

Jinpan’s extensive sales network i s a significant barrier to entry for foreignand domestic competitors seeking to enter the China market.

HaikouFacility

ShanghaiFacility

WuhanFacility



Experienced, Entrepreneurial ManagementTeam

Jinpan’s founders were the first to develop cast resin transformers in ChinaCurrent management team has built Jinpan into the leading transformer manufacturer in ChinaStaff of more than 60 professionals with engineering degreesContinued commitment from senior management, owning approximately 30% of outstanding equity

22

Name Age PositionRelevant Indu stryExperience

Li Zhiyuan 54 Chairman of the Board of Directors, President,and Chief Executive Officer

20 years

Ling Xiangsheng 57 Vice Chairman of the Board of Directors and VicePresident

28 years

Jing Yuqing 46 Corporate Secretary and President of U.S.Division

24 years

Richard Wolff, Jr. 53 Vice President of Business Development 27 years

Mark Du 48 Chief Financial Officer 21 years



Compelling Growth Strategy

23

Continue to focus on China ’s growing electrical infrastructuremarket

Invest in new, state-of-the-art facilities to increase manufacturing

capacity and efficiency

Promote and develop high margin products, particularly in windenergy

Leverage our relations with OEMs and UL certification to expandour global reach.



Financial Performance



Financial Performance

$3.0$4.5 $5.1

$7.2

$24.8$20.9

$10.5

$0

$5

$10

$15

$20

$25

$30

2002 2003 2004 2005 2006 2007 2008

25

$3.0 $3.5$4.5

$7.4

$16.4

$19.8

$3.3

$0

$5

$10

$15

$20

$25

2002 2003 2004 2005 2006 2007 2008

$27.8 $33.5 $42.3$53.6

$82.3

$119.6

$154.0$162.9

$0

$30

$60

$90

$120

$150

$180

2 0 0

2

2 0 0

3

2 0 0

4

2 0 0 5

2 0 0

6

2 0 0 7

2 0 0

8

L T M 0 6 / 3 0

/ 0 9

Net Income & M argins

($Millions)

$12.2$14.4 $14.7

$17.2

$41.6

$48.9

$22.9

$0

$10

$20

$30

$40

$50

$60

2002 2003 2004 2005 2006 2007 2008

Gross Profit & MarginsNet Sales

EBITDA & M argins

(1)

(1)



Financial OverviewFYE December 31 9 months ended 09/30

2005 2006 2007 2008 2008 2009

Net Sales 53.6 82.3 119.6 154 109.1 117.2

% Growth 26.9% 53.5% 45.4% 28.8% NA 7.4%

Gross Profit 17.2 22.9 41.6 48.9 35.3 49.9

% Margin 32.0% 27.8% 34.8% 31.7% 32.4% 42.6%

EBITDA 7.2 10.5 20.9 24.8 17.8 27.7

% Margin 13.3% 12.8% 17.4% 16.1% 16.3% 23.6%

EBIT 6.4 9.7 19.6 23.1 16.7 25.5

% Margin 11.9% 11.8% 16.4% 15.0% 15.3% 21.7%

Net Income 4.5 7.4 16.4 19.8 13.6 22.7

% Margin 8.5% 9.0% 13.7% 12.9% 12.5% 19.4%

Diluted Earnings per share 0.68 1.1 2.03 2.43 1.67 2.80

26

($Millions, except per share data)



Investment HighlightsPositioned to capitalize on growing end markets

Recognized industry leader

Advanced, state-of-the-art manufacturing capabilities

Entrepreneurial management team

Strong historical financial performance

OBJECTIVE:

To be the leading provider of cast resin transformers and relatedproducts in China and a global supplier of choice to OEMs for

innovative electrical equipment solutions

Documents

Jinpan NDR November 2009