[JINPAN INTERNATIONAL LIMITED , 2016 Shareholders of Jinpan International Limited Re: Notice of General Meeting of Shareholders Dear Shareholder: At the general meeting you will be asked to consider and vote upon a proposal to authorize and approve the agreement and plan of merger dated as of January 24, 2016 (the “merger agreement”), by and among the Company, FNOF E&M] [Fairness Analysis December 20, 2015 The information contained herein is of a confidential nature and is intended for the use of the persons or firm to whom it is furnished by us. Reproduction, publication, or dissemination of portions hereof may not be made without prior approval of Duff & Phelps, LLC and its affiliates. CONFIDENTIAL – DRAFT Prepared for: The] []