TPI Composites : December Investor Presentation

Company Presentation

December 2019

Legal Disclaimer

This presentation contains forward-looking statements within the meaning of the federal securities law. All statements other than statements of historical facts contained in this presentation, including statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, are forward-looking statements. In many cases, you can identify forward- looking statements by terms such as "may," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other similar words. Forward- looking statements contained in this presentation include, but are not limited to, statements about: (i) growth of the wind energy market and our addressable market; (ii) the potential impact of the increasing prevalence of auction-based tenders in the wind energy market and increased competition from solar energy on our gross margins and overall financial performance; (iii) our future financial performance, including our net sales, cost of goods sold, gross profit or gross margin, operating expenses, ability to generate positive cash flow, and ability to achieve or maintain profitability; (iv) changes in domestic or international government or regulatory policy, including without limitation, changes in trade policy; (v) the sufficiency of our cash and cash equivalents to meet our liquidity needs; (vi) our ability to attract and retain customers for our products, and to optimize product pricing; (vii) our ability to effectively manage our growth strategy and future expenses, including our startup and transition costs; (viii) competition from other wind blade and wind blade turbine manufacturers; (ix) the discovery of defects in our products; (x) our ability to successfully expand in our existing wind energy markets and into new international wind energy markets; (xi) our ability to successfully open new manufacturing facilities and expand existing facilities on time and on budget; (xii) the impact of the accelerated pace of new product and wind blade model introductions on our business and our results of operations; (xiii) our ability to successfully expand our transportation business and execute upon our strategy of entering new markets outside of wind energy; (xiv) worldwide economic conditions and their impact on customer demand; (xv) our ability to maintain, protect and enhance our intellectual property; (xvi) our ability to comply with existing, modified or new laws and regulations applying to our business, including the imposition of new taxes, duties or similar assessments on our products; (xvii) the attraction and retention of qualified employees and key personnel;

1. our ability to maintain good working relationships with our employees, and avoid labor disruptions, strikes and other disputes with labor unions that represent certain of our employees; (xix) our ability to procure adequate supplies of raw materials and components to fulfill our wind blade volume commitments to our customers and (xx) the potential impact of one or more of our customers becoming bankrupt or insolvent, or experiencing other financial problems.

These forward-looking statements are only predictions. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other important factors that may cause our actual results, levels of activity, performance or achievements to materially differ from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking

statements. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as guarantees of future events. Further information on the factors, risks and uncertainties that could affect our financial results and the forward- looking statements in this presentation are included in our filings with the Securities and Exchange Commission and will be included in subsequent periodic and current reports we make with the Securities and Exchange Commission from time to time, including in our Annual Report on Form 10-K filed with the Securities and Exchange Commission.

The forward-looking statements in this presentation represent our views as of the date of this presentation. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we undertake no obligation to update any forward-looking statement to reflect events or developments after the date on which the statement is made or to reflect the occurrence of unanticipated events except to the extent required by applicable law. You should, therefore, not rely on these forward- looking statements as representing our views as of any date after the date of this presentation. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments we may make.

This presentation includes unaudited non-GAAP financial measures including total billings, EBITDA, adjusted EBITDA, net cash (debt) and free cash flow. We define total billings as the total amounts we have invoiced our customers for products and services for which we are entitled to payment under the terms of our long-term supply agreements or other contractual agreements. We define EBITDA as net income (loss) plus interest expense (including losses on the extinguishment of debt and net of interest income), income taxes and depreciation and amortization. We define Adjusted EBITDA as EBITDA plus any share-based compensation expense, plus or minus any gains or losses from foreign currency remeasurement and any gains or losses on the sale of assets. We define net cash (debt) as the total unrestricted cash and cash equivalents less the total principal amount of debt outstanding. We define free cash flow as net cash flow generated from operating activities less capital expenditures. We present non- GAAP measures when we believe that the additional information is useful and meaningful to investors. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. The presentation of non-GAAP financial measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with GAAP. See the appendix for the reconciliations of certain non-GAAP financial measures to the comparable GAAP measures.

This presentation also contains estimates and other information concerning our industry that are based on industry publications, surveys and forecasts. This information involves a number of assumptions and limitations, and we have not independently verified the accuracy or completeness of the information.

Company Presentation

December 2019 | 2

Investment Thesis

Capitalizing on Wind Market Growth, Blade Outsourcing and Improving Economics

• Renewables and wind energy are mainstream, large, growing, competitive and desired by customers.
• Emerging markets around the world are growing faster than mature markets.
• Blades are being outsourced to access emerging growth markets, drive cost and efficiently utilize capital.
• Same competitive dynamics in place today that put us in business.

Only Independent Blade Manufacturer with a Global Footprint

• We've made good choices - customers, locations and markets.
• Our factories are low cost, world class hubs that serve large, diverse and growing addressable markets, reducing the effect of individual market fluctuations.

Advanced Composite Technology and Production Expertise Provide Barrier to Entry

• TPI holds important IP that is difficult to replicate (materials, process, tooling, inspection and DFM).
• >300 engineers and growing, opened Denmark office to attract even more talent.
• Acquired Germany blade engineering team in support of global operations and growth.
• 60-75+meter blades, larger than 787 wing span, with tolerances measured in millimeters.

Collaborative Dedicated Supplier Model to Share Gain and Drive Down LCOE

• Our business model helps TPI customers to gain market share in a cost effective and capital efficient manner by sharing the investment, spreading overhead, driving down material cost, improving productivity and sharing a large portion of that benefit with our customers.

Long-Term Supply Agreements Provide Significant Revenue Visibility

• Current agreements provide up to $5.8B in potential revenue through 2023.
• Volume based pricing and shared investment motivate both parties to keep plants full.
• Shared gain/pain protects our margins.

Compelling Return on Invested Capital

• Shared capital investment results in a "capital-light" model for TPI and our customers.
• New investments target an initial average five-year ROIC hurdle rate of 25%.

Seasoned Management Team with Significant Global Growth Experience

• TPI has become a destination for top talent. Pleased with the exceptional leaders and managers that have joined the TPI team.

Company Presentation

December 2019 | 3

Key Messages

• Applying our advanced composites technology to major growth trends including the decarbonization of the electric sector and clean transportation systems.
• BNEF estimates that $9.5 trillion will be invested in wind and solar power generation capacity through 2050.
• BNEF estimates that by 2040 annual global EV sales will reach 55 million units representing 57% of all new car sales. 30% of the global fleet will be electric.
• MarketsandMarkets projects the aerospace composites market to grow from $24.5 billion in 2016 to $43 billion by 2022, or a CAGR of 9.85% between 2017 and 2022.
• Wind industry and market dynamics are rationalizing. Large global players are competing.
• TPI is a large global player with ~14% global share, ~25% ex-China and ~53% ex-China outsourced and a strong global reach.
• TPI has executed really well delivering revenue growth, market share growth, cost reduction, operational improvements and profit expansion.
• 37% revenue CAGR 2013 through 2018 - estimate 43% revenue growth and 21% Adjusted EBITDA growth in 2019.
• Will continue to advance TPI technology, further expand global footprint, and drive world class cost to differentiate and win.
• Will utilize deep partnership business model to provide capacity, flexibility and share gain to help our customers increase market share while we maintain and grow our profit.
• TPI strategy of strong and diversified growth will continue to build shareholder value.

Company Presentation

December 2019 | 4

Introduction to TPI Composites

Business Overview

Only independent manufacturer of composite wind blades for the high-growth wind energy market with a global footprint

Provides wind blades to some of the industry's leading OEMs such as: Vestas, GE, Siemens/Gamesa, Nordex, and

ENERCON

Operates ten wind blade manufacturing plants, with one more under construction, two transportation facilities, and four tooling and R&D facilities and advanced engineering centers across six countries:

• United States	• Mexico	• Denmark • Germany
• China	• Turkey	• India

Applying advanced composites technology to production of clean transportation solutions, including electric buses

Long-term supply agreements with customers, providing contracted volumes that generate significant revenue visibility and drive capital efficiency

Founded in 1968 and headquartered in Scottsdale, Arizona Approximately 12,600 employees globally

Strong Historical Financial Results

37%	52%	13.9%
Revenue		7.0%
Adjusted	Adjusted
CAGR	EBITDA	EBITDA
	CAGR	Margin Growth*
2013-2018	2013-2018	2013 - 2018

• Adjusted EBITDA margin is before startup and transition costs

Company Presentation

December 2019 | 5

Strong Customer Base of Industry Leaders

Key Customers with Significant Market Share

Current Customer Mix - 52 (3) Dedicated Lines

Global Onshore Wind

						2016-2018
Rank		OEM	Share (1)
					Vestas	18%
1
			Goldwind	12%
	2
			SGRE (2)	12%
	3
			GE Wind	12%
	4
			ENERCON	7%
	5
			Envision	6%
	6
			Nordex Group	6%
	7
8		Mingyang	4%
		United Power	3%
	9
		CSIC Haizhuang	3%
	10
					TPI Customer	~55%
					Market Share

Global Onshore Wind excl. China

					2016-2018
Rank		OEM	Share (1)
			Vestas	28%
	1
			SGRE (2)	19%
	2
			GE Wind	19%
	3
			ENERCON	11%
	4
			Nordex Group	10%
	5
			Senvion	4%
	6
		Suzlon	4%
	7
		INOX	1%
	8
9		Goldwind	<1%
		ReGen Powertech	<1%
	10
			TPI Customer	~90%
			Market Share

4%

27%

46%

13%

10%

= TPI Customer = Chinese Players

TPI's customers account for 99% of the U.S. onshore wind market

and 55% of the global onshore market

Source: Wood Mackenzie, "Historical Global W ind Turbine OEM Market Share"

1. Figures are rounded to nearest whole percent
2. Figures for Siemens/Gamesa are pro forma for the April 2017 merger of Gamesa Corporatión Tecnológica and Siemens W ind Power
3. Reflects the number of dedicated lines once the transitions for GE in Iowa and Mexico are completed and excludes Senvion

Company Presentation

December 2019 | 6

Existing Contracts Provide for ~$5.8 Billion in Revenue through 2023 (1)

Key Contract Terms

• Minimum Volume Obligations (MVOs) in place
  Minimum Volume requiring the customer to take an agreed upon
  Visibility Mitigates percentage of total production capacity or pay TPI
  Downside Risk its equivalent gross margin and operating costs

associated with the MVO

Long-term Supply Agreements (1)

2019 2020 2021 2022 2023

China

Incentivized

Maximum

Customer Volume

• Pricing mechanisms generally encourage customers to purchase 100% of the contract volume, as prices progressively increase as volumes decrease
• Customers fund the molds for each production line incentivizing them to maximize TPI's production capability to amortize their fixed cost

India

Iowa

Mexico

Attractive

Contract

Negotiation

Dynamic

• TPI typically renegotiates and extends contracts more than a year in advance of expiration in conjunction with blade model transitions
• Provisions allowing for reductions in lines generally provide for adequate time to replace a customer if a line reduction option is exercised
• Demand in locations where TPI already has a foothold (China, Turkey, Mexico and India) provides a substantial opportunity for synergies in the construction of new facilities
• TPI continues to expand its manufacturing facilities globally to meet increased demand

Turkey

Long-term supply agreements provide for estimated

minimum aggregate volume commitments from our customers of ~$3.2 billion and encourage our customers to purchase additional volume up to, in the aggregate, an estimated total contract value ~$5.8 billion through the end of 2023(1)

Long-term contracts with minimum volume obligations provide strong revenue visibility

Note: Contracts with some of our customers are subject to termination on short notice with substantial penalties. Contracts with some of our customers also enable them to reduce number of lines, generally with 12 months notice, and in some cases with substantial penalties. Our contracts also contain liquidated damages provisions, which may require us to make unanticipated payments to our customers or our customers to make payments to us.

(1) As of November 6, 2019. The chart depicts the term of the longest contract in each location. Does not include two lines in China operating under a short-term contract in 2020.

Company Presentation

December 2019 | 7

Prioritized Pipeline

Annual Revenue Potential - Wind Only > $2.0 Billion

		$0.6
	$2.0
				Prioritized
	$1.8				Pipeline
		$1.5		~6 GW (2)
	$1.6
	$1.4
Billions$	$1.2
$1.0
	$0.8		Under Contract
			52 Lines

$0.6
	~15 GW (1)
$0.4
$0.2
$0.0

Pipeline Opportunities

Size of Total	OEM(s)	Long-term
Addressable	Revenue
Share
Market	Potential

Prioritized Pipeline - 6GW

• 60-100mblades, >$40M/year/line, >320MW/year/line
• New and Existing Customers
• New and Existing Geographies
• Onshore and Offshore

1. Annual revenue potential based on 52 lines under contract as of November 7, 2019 at an average of $36 million per line per year at 80% utilization. Approximately 15 GW capacity is based on 280MW/line at contractual capacity.
2. Annual revenue potential based on 6GW per year capacity operating at 80% utilization and $125,000 per MW sold.

Company Presentation

December 2019 | 8

TPI Financial Targets

Annual Wind Revenue

Adj. EBITDA Margin

ROIC(1)

$2 billion

12+%

35+%

.

1. ROIC target is based on an estimate of tax effected income from operations plus implied interest on operating leases divided by beginning of the period capital which includes total stockholders' equity less cash and cash equivalents plus total outstanding debt and the net present value of operating leases.

Company Presentation

December 2019 | 9

Wind Power Generation Has Grown Rapidly and Expanded Globally in Recent Years

From 2008 to 2018, the cumulative global power generating capacity of wind turbine installations has gone up 5 times, with compound annual growth in cumulative global installed wind capacity of 22% since 2000.

Global Cumulative Installed Wind Capacity - 2000-2018 (GW) (1)

• Rapid growth driven by:
• • Increasing cost competitiveness through technological advancement
  • Supportive global policy initiatives
  • Global population growth and electricity demand
  • Increasing C&I and utility demand
  • Coal/nuclear decommissioning

Offshore

Asia and rest of the world onshore

Americas onshore

EMEA onshore

580

528 22

477

424

248

361

313

279

233	137

193

 Repowering							157
 EV trends							117
					55	70	90
			37	45	173
	22	29
16

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Wind energy is a large and rapidly growing worldwide business

Source: Bloomberg New Energy Finance

(1) Regional onshore and worldwide offshore figures presented for 2018 only

Company Presentation

December 2019 | 10

Global Market Growth

Annual Installed Global Wind Capacity (GW): 2018A - 2027E

Onshore Offshore

6.3				18.5	~ 18%
9.9				(2018 - 2027)
		13.4	16.6
6.7	10.7	11.9	16.2

4.3

	68.6							~ 3%
61.0	62.9	59.6	57.7	58.6	57.1	59.7	61.5	(2018 - 2027)

46.0

2018A

2019

2020

2021

2022

2023

2024

2025

2026

2027

Annual installed wind capacity growth is projected to average 71GW between 2018 and 2027.

Global markets (excluding the US and China) are projected to grow at a 9% CAGR. TPI is well positioned to participate in this growth.

Source: Wood Mackenzie, "Q3 2019 Global Wind Power Market Outlook Update"

Company Presentation

December 2019 | 11

U.S. Onshore Market Growth

U.S. Annual Installed Wind Capacity (GW): 2018A - 2025E

Wood Mackenzie	UBS

14.6

12.5

12.8

11.9

12.3

8.5

9.0

8.0

7.7

8.0

8.0

6.4

2018A

2019E

2020E

2021E

2022E

2019E

2020E

2021E

2022E

2023E

2024E

2025E

Offtake demand

Key Demand Drivers

•

Economics of Offshore Wind

• Economics of Onshore Wind

Logistics limitations

•

Corporate and Industrial Buyers •

Repowering

Cost-out and serial production of next-gen. turbines

•

Utilities

•

Vehicle Electrification

Demand from future RPS and C&I target increases

•

Decarbonization

•

State RPS/Country Renewable

Goals

The U.S. wind market is expected to experience consistent near-term growth

Source: Wood Mackenzie, "Q3 2019 Global Wind Power Market Outlook Update - Onshore" and UBS Securities LLC

Company Presentation

December 2019 | 12

Declining LCOE

Allows Wind Energy to be More Competitive with Conventional Power Generation

Global Onshore Wind LCOE Over Time (1)

	- ($/MWh)
$250					Onshore wind			Onshore wind	$250
					LCOE Mean			LCOE Range
$188					69% DECREASE	$200
$169				over nine years - 12%
		$148				CAGR (2)			$150
$125
			$92	$95	$95	$81					$100
	$101	$99				$77
$63								$62	$60	$56
			$50								$50
			$48	$45
				$37
						$32	$32	$30	$29
$0	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	$0

Unsubsidized Global Levelized Cost of Power Generation Ranges by Technology (1)

- ($/MWh)

Fossil Fuels

Onshore Wind

Other Renewables

Onshore	Solar PV	CCGT	Fuel Cell	Geo-	Coal	Solar
wind	utility	gas		thermal		thermal
						w/storage

Global LCOE for onshore wind generation has become increasingly competitive at or below new combined cycle gas turbines, unsubsidized, with an additional 50% decline expected by 2030 (3)

Source: Lazard Levelized Cost of Energy Analysis (version 12.0).

1. Costs are on an unsubsidized basis. Ranges reflect differences in resources, geography, fuel costs and cost of capital, among other factors.
2. Represents the average compound annual rate of decline of the high and low end of the LCOE range.
3. U.S. Department of Energy National Renewable Energy Laboratory (NREL)

Company Presentation

December 2019 | 13

LCOE Comparison - Alternative Energy versus Marginal Cost of Selected Existing Conventional Generation

$90

$75

$60

$45

$30

$15

$0

Coal		Nuclear		Onshore Wind		Solar PV - Thin Film Utility Scale
							Marginal Cost of Selected Existing
Levelized Cost of New-Build Wind and Solar	Conventional Generation (1)

Unsubsidized Solar

PV

Unsubsidized Wind

Onshore	Solar PV - Thin Film	Coal	Nuclear
wind	Utilitiy Scale

Onshore wind, which became cost-competitive with conventional generation technologies several years ago, is, in some scenarios, approaching an LCOE that is at or below the marginal cost of operating existing conventional generation technologies.

Source: Lazard Levelized Cost of Energy Analysis (version 12.0).

1. Represents the marginal cost of operating, fully depreciated coal and nuclear facilities, inclusive of decommissioning costs for nuclear facilities. Analysis assumes that the salvage value for a decommissioned coal plant is equivalent to the decommissioning and site restoration costs. Inputs are derived from a benchmark of operating, fully depreciated coal and nuclear assets across the U.S. Capacity factors, fuel, variable and fixed operating expenses are based on upper and lower quartile estimates derived from Lazard's research.

Company Presentation

December 2019 | 14

Global Policy Support Coupled with Corporate Initiatives and Repowering Expected to Drive Additional Growth

1

U.S.

Policy

Initiatives

U.S. policy expected to support continued domestic wind capacity installation

• Extension of the Wind Production Tax Credit (PTC) through 2019 for both new turbines and repowering of existing turbines along with IRS clarifications that expand PTC eligibility allowing developers a PTC benefit as late as 2023
• State Renewable Portfolio Standards
• Increased state programs/targets for offshore wind

Increasing focus in board rooms regarding the economic and social benefits of adopting low-cost wind energy

• 67% of Fortune 500 companies have set sustainability goals
• Furthermore, over 190 leading multinationals such as GM, Nike, Walmart, IKEA, BMW, Coca Cola and Proctor & Gamble have taken the RE100 pledge, organized by the Climate Group, to transition to 100% renewable energy

2

Corporate

and Utility

Procurement

International

Policy

Initiatives

3

Recent global initiatives aimed at promoting the growth of renewable energy including wind

• European Union finalized new climate rules targeting an uplift in the share of renewable energy to 32% by 2030
• China is targeting 210 GW of grid- connected wind capacity by 2020

Paris Agreement is a landmark deal marking
a significant commitment by the	COP21
international community to further reduce
fossil fuel consumption	Paris
• Effective in 2020 and took effect on	Climate
Talks
November 4, 2016

• 185 countries have ratified the agreement	4

Longer term policy visibility and an increase in corporate and utility procurement is expected to drive additional growth over the next decade

Source: Bloomberg New Energy Finance, China National Development and Reform Commission, IRRC Institute, RE100

Company Presentation

December 2019 | 15

The Industry is Shifting to a Predominantly Outsourced Wind Blade Manufacturing Model

Outsourcing Trends

Vertically integrated OEMs are outsourcing wind blade manufacturing due to:

• the need to accelerate access to emerging markets
• the need for efficient capital allocation
• the need for supply chain optimization
• global talent constraints

Some have sold or shuttered in-house tower and blade manufacturing facilities in favor of an outsourced manufacturer

Geographically distributed, high precision blade manufacturing is more cost effective when performed by diversified, specialized manufacturers

TPI is the only independent manufacturer of composite wind blades with a global footprint and is well positioned to capitalize on global industry trends

TPI selected as manufacturer of Vestas- designed blades in China, Mexico, India and Turkey

Expected to continue to outsource a significant percentage of blade needs notwithstanding acquisition of LM Wind Power. Expanded with TPI in 2018.

Currently outsources to TPI in Mexico and

Turkey

Global Wind Blade Manufacturing: Outsourced vs. Insourced (1)

100%
80%			62%				41%
60%
40%								59%
20%			38%
0%
					2009				2018
		Outsourced		Insourced
TPI Global Wind Blade Market Share 2013 - 2018 (2)
				TPI Share Increase:	14%	Future market share increases
							expected to be driven by:
						~4X
					9%				 Continuation of
									outsourcing
										 LM Wind Power customer
3%									attrition
							 Advantages from global
											footprint
2013			2016	2018

Several of the wind industry's largest participants have chosen TPI as their leading outsourced blade manufacturer

1. Source: Wood Mackenzie, "Global wind turbine supply chain trends 2019" - based on % of MW
2. TPI's market share based on TPI MW relative to Wood Mackenzie OEM total onshore MW for 2013, 2016 and 2018

Company Presentation

December 2019 | 16

TPI is Well Positioned to Take Advantage of the Market Movement Towards Larger Blades

Wind Turbine & Blade Overview		Turbine Cost by Component		Movement Towards Larger Blade Lengths

• A typical wind turbine consists of many components, the most important being the wind blades, gear box, electric generator and tower
• When the wind blows, the combination of the lift and drag of the air pressure on the wind blades rotate the rotor, which drives the gear- box and generator to create electricity

• Blades and pitch systems remain the most important elements in reducing LCOE driven by ongoing improvements in aerodynamic efficiency, load controls and cost reductions

Turbine Cost Breakdown

by Component(1)

• The trend toward larger wind blades indicates the potential phase out of smaller wind blades, as larger blades have the greatest impact on energy efficiency and LCOE reduction

787 aircraft,

60m

A Typical Wind Turbine		3%	8%
		4%	29%
1.	Rotor Blade	5%
2.	Pitch drive	6%
3.	Nacelle
4.	Brake
5.	Low-speed shaft	10%
6.	Gear box

1. High-speedshaft
2. Generator

9.	Heat exchanger			13%	22%
10.	Controller
11.	Anemometer
12.	Wind vane		Blades			Tower
13.	Yaw drive
14.	Tower		Gearbox			Hub & Pitch
			Converter			Bearing & Shaft
			Generator			Bedplate
			Balance of Nacelle

Blade length and air foil shape contribute to		Wind blades represent ~22% of total installed
efficiency in turning kinetic energy from the
	turbine costs
rotor into electricity

Source: Wood Mackenzie, American Wind Energy Association

(1) Costs included in turbine cost breakdown represent 77% of total installed turbine costs. Remaining 23% not represented in chart.

Global Blade Length Breakdown

8%	13%					<50.0m
58%	27%					50.0-59.9m
						60.0-64.9m
		29%
22%					65.0-69.9m
18%					70.0-79.9m
6%	12%					>80.0m
5%

2018A 2022E

On par with the movement toward larger wind blades, TPI blades are generally 50-70m in length

Company Presentation

December 2019 | 17

Strong Barriers to Entry Will Allow TPI to Capture Additional Market Share

Wind blades are a critical component of our customers' strategy and, along with supply chain optimization, play an integral role bringing down

LCOE

We believe that our extensive experience and track-record in delivering high quality wind blades combined with our established global scale and strong customer relationships creates a significant barrier to entry and is the foundation of our leadership position

• Extensive Expertise

Strong track record of delivering high quality wind blades to diverse, global markets, and of developing replicable and scalable manufacturing facilities and processes

• Reputation for Reliability

Over 52,000 wind blades produced since 2001, with an excellent field performance record in a market where reliability is critical to our customers' success

 Established Global Scale  Customer Stickiness

We expand our manufacturing footprint in coordination with our customers' needs, scaling our capacity to meet demand in markets across the globe

Dedicated capacity and collaborative approach of manufacturing wind blades to meet customer specifications promotes significant customer loyalty and creates higher switching costs

TPI's ability to capitalize on recent growth trends in the wind energy market and outsourcing trends has allowed it to grow our revenue by nearly 400% from 2013 to 2018 while expanding our global manufacturing footprint over the same period

Company Presentation

December 2019 | 18

Headquarters: Scottsdale, AZ

Global Footprint Strategically Optimized for Regional Industry Demand

TPI has strategically built a strong global footprint that takes advantage of proximity to large existing regional markets, adjacent new markets and seaports for global export

Demonstrated ability of global expansion

• TPI has developed a strong process to enter new markets, with an excellent track record of ramping and operating new facilities

United States

2018 Capacity: 98 GW

Proj. Install '19-'21 - 39 GW

CAGR: 12%

▪ Significant "know how" in creating replicable and scalable manufacturing processes for ramping facilities globally

• Has successfully reduced costs and operational risks through the utilization of

existing teams that have personally led similar startup processes

TPI's operational expertise provides for a crucial competitive advantage as it continues to ramp new facilities in 2019 and beyond

LATAM (ex-Brazil)

2018 Capacity: 11 GW

Proj. Install '19-'21 - 9 GW

CAGR: 21%

Wind Blade Manufacturing Facilities

Europe, MiddleEast, Africa,

Russiaand Caspian

2018 Capacity: 178 GW

Proj. Install '19-'21 - 47 GW

CAGR: 8%

Asia Pacific

2018 Capacity: 228 GW

Proj. Install '19-'21 - 86 GW

CAGR: 11%

Tooling / Engineering / R&D Facilities

Transportation Manufacturing Facility

14 manufacturing facilities in 5 countries; approximately 6 million square feet of manufacturing facilities,

including India facility under construction

Source: Wood Mackenzie, "Q3 2019 Global Wind Power Market Outlook - Onshore"

Company Presentation

December 2019 | 19

Advanced Technology

Customer Technology

TPI Technology

Collaborative Space

Design for Manufacturing

Technical Due Diligence

	Process Technology
	Develop manufacturing
	process technology to
Structural Design	enable manufacture
Design of internal
structure

Aero Design	Material Technology
Design of external shape (airfoil)	Develop new materials to
	reduce weight and cost

Company Presentation

Prototype Build

Manufacture of zero series blades

Tooling Design

Advanced tooling design to manufacture blades

Enhanced TPI Customer

Collaboration

• Technology Partnership built on long- term relationships and mutual dependency
• 'True' Partnerships with customers in their New Product Development process
• Move upstream - Collaborative due diligence on Design for Manufacturing and Risk Mitigation
• Customer Intimacy - Joint prototyping of blades with customers in customer facilities

December 2019 | 20

Expanding Technology Development Footprint

Rhode Island, US

•Advanced composite manufacturing technologies expertise

•Accredited materials lab

Kolding, Denmark

•Established Advanced Engineering Center to enhance capabilities to serve European customer base

Izmir, Turkey

•Established AR-GE program to leverage Turkish Gov't R&D Funding for tooling and process engineering R&D

Juarez, Mexico

•Precision molding and assembly systems facility supporting North America

Berlin, Germany

•Strengthens technical capabilities in support of global operations and growth and enables complete blade solutions

Taicang, China

•Accredited materials lab

•Significant process and tooling development

Applied Development at all Manufacturing Sites

Over 300 engineers globally. TPI is a destination for top talent.

Company Presentation

December 2019 | 21

Industrialization

Objective: Create replicable and scalable processes to launch new sites, new blades and transition technology

Approach	Benefits
• Standard Stage Gate Model	• Consistency, repeatability and scalability
• Clearly defined metrics and deliverables	• Speed - time to market
• Consistent processes based on lessons learned	• Flexibility in dynamic environment
• Core team with functional expertise	• Reduction in startup and transition costs
Results IN DAYS

Flexibility

Tooling Transition / Existing Facility

30		48%
25	27
20		REDUCTION
15
10		14
5
0	2015	2017

Speed

Ramp up / Existing Facility

250		55%
200	210
150		REDUCTION
100
50		95
0	2015	2017

Speed

Ramp up / New Facility

400		51%
350	365
300
250		REDUCTION
200
150		180
100
50
0	2015	2017

Company Presentation

December 2019 | 22

Dedicated Supplier Model Encourages Stable Long-Term Customers

Deeply Integrated Partnership Model

High Customer Value Proposition

Strong Customer Base of Leading OEMs

• Dedicated TPI capacity provides outsourced volume that customers can depend upon
• Joint investment in manufacturing with tooling funded by customers
• Long-termagreements with incentives for maximum volumes
• Strong visibility into next fiscal year volumes
• Shared pain/gain on increases and decreases of material costs and some production costs
• Cooperative manufacturing and design efforts optimize performance, quality and cost
• Global presence enables customers to repeat models in new markets











Build-to-spec blades

High quality, low cost

Dedicated capacity

Industry leading field performance

Global operations

RENEWABLE ENERGY

Company Presentation

December 2019 | 23

Diversification Strategy

CLEAN TRANSPORTATION: In EVs, lighter weight equates to longer range or fewer batteries which drives cost

By 2040, 55% of all new car sales and 33% of global fleet will be electric (1)

Multiple development programs in:

• Passenger automotive
• EVs
• Commercial vehicles

Growing with Proterra

(1) Bloomberg New Energy Finance, "New Energy Outlook 2018"

Company Presentation

December 2019 | 24

Diversification Strategy

Proterra's Mission

Advancing electric vehicle technology to deliver the world's best-performingheavy-duty vehicles

• Leader in North American electric transit bus market with 50%+ share
• Offices and manufacturing in CA and SC
• Industry-leadingcrossover, VC, and corporate investors
• 500+ employees, strong transportation expertise
• >90 customers; >700 vehicles sold
• >400 vehicles delivered; >8,000,000 service miles
• >50,000,000 pounds of CO2 emissions avoided
• Longest range, fastest charging heavy duty EV platform - demonstrated

>1,100 miles on single charge

Source: Proterra, Inc.

Strong Transportation Expertise

World Class Financial Partners

Company Presentation

December 2019 | 25

Large Market Opportunity

North American Electric Bus Market (Units)

						95%
						CAGR
							2,140
						1,600
					1,000
				525
		150	270
20	50
2015	2016	2017	2018	2019	2020	2021	2022

% share of total transit

0%	1%	3%	5%	8%	16%	24%	31%

• Addresses large opportunity given mission-critical nature of transit
• Cusp of wide-spread adoption
• Technology applicable everywhere
• Compelling growth potential

Source: Frost & Sullivan, HD Transit Bus Market - Global Analysis, March 2016

Company Presentation

December 2019 | 26

Diversification Strategy

AEROSPACE

$24.5B per year composites market growing to $43.0B by 2022 - CAGR of 9.85% (1)

• Replacing aluminum and other more expensive composites (e.g., carbon) with TPI's solutions

1. MarketsandMarkets - November 2017

Company Presentation

December 2019 | 27

OUR ESG ROADMAP

Embracing and operationalizing Environmental, Social and Governance (ESG) practices into everything we do will drive growth, improve productivity, reduce operational risks and reduce cost. TPI is committed to ESG and we've developed a roadmap for our long-term ESG strategy.

Materiality Assessment

Through peer analysis and stakeholder engagement, we have identified which ESG topics are material, relevant and aligned to TPI's business strategy.

Data Collection & Processes

We have established and documented procedures for data collection, identification of data owners and developed standard operating procedures for ESG reporting.

Stakeholder Communications

We will create messaging and reporting for all stakeholders - investors, associates, customers and suppliers.

PHASE 1

PHASE 2

PHASE 3

Expected reporting: 2020

TPI's ESG materiality matrix aligned to our business strategy:

Environmental	Social	Governance
• Environmental Compliance	• Occupational Health and Safety	•	Governance and Ethics
• Materials and Materials Efficiency	•	Training and Education	•	Economic Performance
• Waste	•	Local Communities
	•	Indirect Economic Impacts
		Company Presentation		December 2019 | 28

High Quality Management Team, Board and Workforce

	Management Team
	Joined TPI in 1999. Prior to TPI, served as the Vice President of Satloc
Steve Lockard
and was a founding officer of ADFlex solutions, a NASDAQ listed
Chief Executive Officer	company. Board member and past Chair of the American Wind Energy
	Association (AWEA).
	Joined TPI in 2013. Prior to TPI, was CFO for T.W. Lewis Company,
Bill Siwek
EVP of Talisker Inc., President & CFO of Lyle Anderson Company and
President	was a Partner at Arthur Andersen in both Audit and Business
	Consulting.
Ramesh Gopalakrishnan	Joined TPI in 2016. Prior to TPI, was EVP of Global Manufacturing for
Chief Operating Officer,	Senvion Wind Energy. Prior to that he was COO of Suzlon Energy
Wind	Composites, Inc. and has also spent time at Haliburton Corp. and GE.
	Joined TPI in 2017. Prior to TPI, was President, International and Chief
Joe Kishkill
Commercial Officer of First Solar, Inc., President, Eastern Hemisphere
Chief Commercial Officer
and Latin America for Exterran Holdings.
	Joined TPI in 2019. Prior to TPI, was Chief Accounting Officer of First
Bryan Schumaker
Solar, Inc. and Chief Financial Officer for 8point3 Energy Partners and
Chief Financial Officer	prior to that held multiple roles at Swift Transportation including VP
	Corporate Controller.
	Joined TPI in 2015. Prior to TPI, was SVP, Deputy General Counsel of
Steve Fishbach
Global Cash Access Holdings, Inc. (NYSE: GCA) and various senior
General Counsel	roles in the legal department of Fidelity National Information Services,
	Inc./eFunds Corporation (NYSE: FIS).
	Joined TPI in 2015. Prior to TPI, held a number of positions with
T.J. Castle
Honeywell including most recently VP of Integrated Supply Chain and
SVP - Operations, Strategic
prior to that was Global VP of the Honeywell Operating System for
Markets
Aerospace.
	Joined TPI in 2016. Prior to TPI, was VP of Organizational
Deane Ilukowicz
Effectiveness at TransUnion, Chief Human Resources Officer for
SVP - Global Human
Hypertherm, and held senior level roles at other financial services and
Resources	manufacturing companies.
	Joined TPI in 2017. Prior to TPI, was Commercial Vice-President with
Joe Kerkhove
Arconic (ALCOA) and has over 20 years of sales and marketing
SVP - Strategic Markets	experience, including leadership positions in Aerospace, Defense and
	Automotive markets.
Lance Marram	Joined TPI in 2019. Prior to TPI, was Managing Director with Senvion
SVP - Global Service	North America and has over 20 years of wind industry experience.
	Joined TPI in 2017. Prior to TPI, was the Director of Taylor Weir
Paddy Weir
Limited. Prior to that, he was VP and Managing Director of UK Blade
SVP - China
operations for Vestas.

			Board of Directors
Name			Affiliation
Steve Lockard		• Chief Executive Officer and Director
	• Board Member - AWEA
Stephen B. Bransfield		•	Director
	• Previously VP, General Electric
Michael L. DeRosa		•	Director
	•	MD, Element Partners
Jayshree S. Desai		•	Director
	•	President, ConnectGen, LLC
Philip J. Deutch		•	Director
	• MP, NGP Energy Technology Partners
Paul G. Giovacchini		• Director and Chairman of the Board
	• Independent consulting advisor to Landmark Partners
Jack A. Henry		•	Director
	• MD, Sierra Blanca Ventures
James A. Hughes		•	Director
	• Former CEO and board member of First Solar, Inc.
Tyrone M. Jordan		•	Director
	• President and COO of Dura Automotive Systems, LLC
Daniel G. Weiss		•	Director
	•	MP, Angeleno Group

Employees at a Glance

US ~ 1,300

	Asia ~ 2,600
	~12,600
	employees
	worldwide
Mexico ~ 5,400	EMEAI ~ 3,300

Company Presentation

December 2019 | 29

FINANCIAL SUMMARY

Financial Results

GAAP Net Sales and Total Billings ($ in millions) (1) (2) (3)

Adjusted EBITDA ($ in millions) (2) (3)

$1,200

$1,000

			34%
Sales		Billings	'14-'18 Sales
	CAGR	$1,007
			$955	$1,030
			$942

49%

'14-'18 CAGR

$120

$100

$100

$800

$600

$400

$200

$0

$321

$769

$600

$586

$363

$764

$80		$76
$68
$60
$39
$40		$14
$20
($0)

2014

2015

2016

2017

2018

2014

2015

2016

2017

2018

	Margin	4.2%	6.7%	9.9%	10.5%	6.6%
1.	Total billings refers to the total amounts we have invoiced our customers for products and services for which we are entitled to payment under the terms of our long-term
	supply agreements or other contractual agreements
2.	See appendix for reconciliations of non-GAAP financial data
3.	2016 and 2017 as restated per the Company's retroactive adoption of ASC 606.
	Company Presentation				December 2019 | 31

Q3 2019 Highlights

Q3 2019 Highlights

• Operating results and year-over-year compared to 2018:
• • Net sales were up 50.5% to $383.8 million for the quarter
  • Total billings were up 60.2% to $385.6 million for the quarter
  • Net loss for the quarter was $4.6 million compared to net income of $9.5 million in Q3 2018
  • Adjusted EBITDA for the quarter was $27.6 million or 7.2% of net sales up 57.2% year over year
• Hired Lance Marram as Senior Vice President, Global Service. Lance will be responsible for expanding and implementing TPI's global service strategy working with TPI's existing regional teams and collaborating with turbine OEMs.

$400

$200

$0

Sets invoiced

Est. MW

Dedicated lines (1)

Lines installed (2)

Net Sales and Adjusted EBITDA ($ in millions)

Net Sales		Adjusted EBITDA

$384

$255

					$18	$28
3Q18		3Q19	3Q18				3Q19
589	858
1,625	2,491

1. 52

1. 48

1. Number of wind blade manufacturing lines dedicated to our customers under long-term supply agreements at the end of the period.
2. Number of wind blade manufacturing lines installed that are either in operation, startup or transition at the end of the period.

Company Presentation

December 2019 | 32

Q3 2019 Financial Highlights (1)

(unaudited)

($ in millions, except per share data and KPIs)		Three Months Ended					Nine Months Ended
	September 30,					September 30,
		2019		2018		Change			2019		2018		Change
Select Financial Data
Net Sales	$	383.8	$	255.0		50.5%	$	1,014.4	$	739.6		37.2%
Total Billings	$	385.6	$	240.7		60.2%	$	969.5	$	701.8		38.2%
Net Income (Loss)	$	(4.6)	$	9.5		-148.0%	$	(14.8)	$	14.1		-205.1%
Diluted Earnings (Loss) Per Share	$	(0.13)	$	0.26	$	(0.39)	$	(0.42)	$	0.39	$	(0.81)
Adjusted EBITDA (1)	$	27.6	$	17.6		57.2%	$	50.1	$	58.4		-14.3%
Adjusted EBITDA Margin		7.2%		6.9%		30 bps			4.9%		7.9%		-300 bps
Net Debt (1)	$	(51.3)	$	(22.9)	$	(28.4)	$	(51.3)	$	(22.9)	$	(28.4)
Free Cash Flow (1)	$	42.9	$	6.3	$	36.6	$	3.6	$	(33.4)	$	37.1
Capital Expenditures	$	21.4	$	8.3	$	13.0	$	59.1	$	50.6	$	8.5
Key Performance Indicators (KPIs)
Sets Invoiced		858		589		269			2,236		1,734		502
Estimated Megawatts		2,491		1,625		866			6,381		4,633		1,748
Utilization		88%		69%		1900 bps			74%		68%		600 bps
Dedicated Wind Blade Manufacturing Lines		52		51		1 line			54		51		3 lines
Wind Blade Manufacturing Lines Installed		48		39		9 lines			48		39		9 lines
Wind Blade Manufacturing Lines in Operation		30		28		2 lines			24		11		13 lines
Wind Blade Manufacturing Lines in Startup		10		5		5 lines			14		13		1 line
Wind Blade Manufacturing Lines in Transition		8		6		2 lines			10		15		5 lines
(1) See Appendix for reconciliations of non-GAAP financial data
					Company Presentation					December 2019 | 33

Income Statement Summary (1)

(unaudited)	Three Months Ended					Nine Months Ended
			September 30,		Change		September 30,		Change
			2019		2018		$	%		2019		2018		$	%
(in thousands, except per share data)
Net sales	$	383,836	$	254,976	$	128,860	50.5%	$	1,014,387	$	739,567	$	274,820	37.2%
Cost of sales	$	335,778	$	216,594	$	119,184	55.0%	$	904,135	$	625,817	$	278,318	44.5%
Startup and transition costs	$	22,127	$	21,415	$	712	3.3%	$	63,206	$	53,474	$	9,732	18.2%
Total cost of goods sold	$	357,905	$	238,009	$	119,896	50.4%	$	967,341	$	679,291	$	288,050	42.4%
Cost of goods sold %		93.2%		93.3%			-10 bps		95.4%		91.8%			360 bps
Gross profit	$	25,931	$	16,967	$	8,964	52.8%	$	47,046	$	60,276	$	(13,230)	-21.9%
Gross profit %		6.8%		6.7%			10 bps		4.6%		8.2%			-360 bps
General and administrative expenses	$	10,608	$	9,756	$	852	8.7%	$	27,801	$	31,908	$	(4,107)	-12.9%
General and administrative expenses %		2.8%		3.8%			-100 bps		2.7%		4.3%			-160 bps
Realized loss on sale of assets	$	3,354	$	-	$	3,354	NM	$	10,561	$	-	$	10,561	NM
Restructuring charges (reversals), net	$	(149)	$	-	$	(149)	NM	$	3,725	$	-	$	3,725	NM
Income from operations	$	12,118	$	7,211	$	4,907	68.0%	$	4,959	$	28,368	$	(23,409)	-82.5%
Income (loss) before income taxes	$	14,267	$	(737)	$	15,004	NM	$	(134)	$	7,770	$	(7,904)	-101.7%
Net income (loss)	$	(4,571)	$	9,532	$	(14,103)	-148.0%	$	(14,847)	$	14,127	$	(28,974)	-205.1%
Weighted-average common shares outstanding:
Basic		35,131		34,419					35,024		34,212
Diluted		35,131		36,282					35,024		35,946
Net income (loss) per common share:
Basic	$	(0.13)	$	0.28	$	(0.41)		$	(0.42)	$	0.41	$	(0.83)
Diluted	$	(0.13)	$	0.26	$	(0.39)		$	(0.42)	$	0.39	$	(0.81)
Non-GAAP Metrics
Total billings	$	385,603	$	240,699	$	144,904	60.2%	$	969,543	$	701,755	$	267,788	38.2%
EBITDA (1)	$	26,302	$	7,419	$	18,883	NM	$	33,876	$	38,494	$	(4,618)	-12.0%
EBITDA margin %		6.9%		2.9%			400 bps		3.3%		5.2%			-190 bps
Adjusted EBITDA (1)	$	27,619	$	17,572	$	10,047	57.2%	$	50,091	$	58,422	$	(8,331)	-14.3%
Adjusted EBITDA margin %		7.2%		6.9%			30 bps		4.9%		7.9%			-300 bps
(1) See Appendix for reconciliations of non-GAAP financial data
					Company Presentation						December 2019 | 34

Key Balance Sheet and Cash Flow Data (1)

(unaudited)

	September 30,	December 31,
($ in thousands)		2019		2018
Balance Sheet Data:
Cash and cash equivalents	$	92,085	$	85,346
Restricted cash	$	1,600	$	3,555
Restricted cash - noncurrent	$	475	$	475
Accounts receivable	$	152,725	$	176,815
Contract assets	$	164,568	$	116,708
Operating lease right of use assets	$	126,366	$	-
Total operating lease liabilities - current and noncurrent	$	129,877	$	-
Total debt - current and noncurrent, net	$	142,652	$	137,623
Net debt (1)	$	(51,290)	$	(53,155)

		Three Months Ended		Nine Months Ended
		September 30,		September 30,
($ in thousands)		2019		2018		2019		2018
Cash Flow Data:
Net cash provided by operating activities	$	64,253	$	14,660	$	62,735	$	17,195
Capital expenditures	$	21,353	$	8,326	$	59,092	$	50,636
Free cash flow (1)	$	42,900	$	6,334	$	3,643	$	(33,441)

(1) See Appendix for the reconciliations of net cash (debt) and free cash flow

Company Presentation

December 2019 | 35

GUIDANCE FOR 2019

Key Drivers for 2019 Performance

• Continued focus on day-to-day execution and delivery to continue driving down cycle times and direct labor hours and collaborating with our supplier base for raw material pricing, certainty of supply and further innovation
• Increase in dedicated manufacturing lines to between 52 and 55 through conversion of prioritized pipeline
• 43% growth in net sales and 21% increase in Adjusted EBITDA based on the mid-point of the guidance ranges
• As we execute on the 10 lines in transition and 14 lines in startup, we plan to end the year with strong overall utilization (of the lines under contract as of January 1, 2019)
• Negative free cash flow of $20 million to $30 million due to significant startup activity. Will continue our rigorous working capital management and selective use of credit facilities when needed.
• Continue investments in 2019 to drive growth in 2020 and beyond
• Opened a new tooling facility in Juarez, Mexico and expanded our tooling resources on a global scale
• Continued use of productivity and throughput improvements
• Start construction of new facility in Chennai, India, hire leadership team, and prepare for 2020 launch

Company Presentation

December 2019 | 37

2019 Key Guidance Metrics

Note: References to lines relate to wind blade manufacturing lines

Company Presentation

December 2019 | 38

2019 Startup and Transition Guidance Metrics

					2019	2019
	Q1A	Q2A	Q3A	Q4F	Guidance	Guidance
					Updated	Previous
Lines Installed - end	49	50	48	48	48	48
of period (1)
Lines in Startup -	13	13	10	4	14	14
during period
Lines in Transition -	5	7	8	2	10	10
during period
Startup Costs	$16.1M	$14.7M	$13.1M	$3.1M - $5.1M	$47.0M - $49.0M	$47.0M - $49.0M
Transition Costs	$2.1M	$8.2M	$9.0M	$0.2M - $1.2M	$19.5M - $20.5M	$19.0M - $21.0M
Line Utilization %
(based on 50 lines in Q1/Q2	64%	70%	88%	96% - 99%	80%	79% - 80%
and 48 lines in Q3/Q4)
Sets	662	716	858	944 - 969	3,180 - 3,205	3,180 - 3,220

Note: References to lines relate to wind blade manufacturing lines

(1) Senvion lines deinstalled at the end of Q2

Company Presentation

December 2019 | 39

Strong Financial Performance and Outlook

Total Billings ($ in millions) (1) (2) (3)

Adjusted EBITDA ($ in millions) (1) (2) (3)

$1,600

$1,400

$1,200

$1,390

$120

$100

$100

$1,007

$1,000		$942

$800$764

	$83
$80		$76
	$68
$60

$600

$600

$400 $363

$200

$0 2014A 2015A 2016A 2017A 2018A 2019E

$40			$39
$20		$14
$0
	2014A	2015A	2016A	2017A	2018A	2019E

Margin

3.7%

6.5%

10.0%

10.6%

6.8%

5.9%

1. Estimates for 2019 is shown at the midpoint of ranges provided. See appendix for reconciliation of non-GAAP financial data.
2. We have not reconciled our total expected billings for 2019 to expected net sales under GAAP because we have not yet finalized calculations necessary to provide the reconciliations and as such the reconciliations are not possible without unreasonable efforts.
3. 2016 and 2017 as restated per the Company's retroactive adoption of ASC 606.

Company Presentation

December 2019 | 40

Compelling Return on Invested Capital on New Plants

Illustrative Manufacturing Facility Expansion Assumptions

• 6 lines per plant
• Total invested capital of $60 million (CapEx and Startup Losses)
• Gross margin of 15%
• Illustrative effective tax rate of 25%
• Full run-rate achieved by end of year 2
• 500,000 sq. ft. per facility - leased by TPI
• Assumes 5 production year supply agreement(s)
• Assumes 25% - 30% of annual set volume from a line in startup during the startup year
• Average sets per line per year of 75

Financial Highlights

• Steady state revenue of $210M per year
• $36M million of annual run-rate EBITDA
• Target hurdle ROIC of 25% over the first five years of production

Illustrative Plant Financial Results

	Year 0	Year 1	Year 2	Year 3	Year 4	Year 5	Average
Net Sales	$1	$132	$210	$210	$210	$210	$162
COGS (excluding depreciation)	(8)	(108)	(174)	(174)	(174)	(174)	($135)
EBITDA	($7)	$24	$36	$36	$36	$36	$27
Taxes	0	(6)	(9)	(9)	(9)	(9)	(7)
Tax-Effected EBITDA	($7)	$18	$27	$27	$27	$27	$20
Depreciation	(3)	(5)	(5)	(5)	(5)	(5)	(4)
Net Income	($10)	$14	$23	$23	$23	$23	$16
Return on Invested Capital	-17%	23%	38%	38%	38%	38%	26%
Invested Capital	$60	$60	$60	$60	$60	$60	$60
Note: Return on Invested Capital (ROIC) is calculated as Net Income divided by Invested Capital
		Company Presentation				December 2019 | 41

APPENDIX

Balance Sheets

						December 31,						September 30,
($ in thousands)			2014		2015		2016		2017		2018			2019
Assets
Current assets:
Cash and cash equivalents	$	43,592	$	45,917	$	119,066	$	148,113	$	85,346	$	92,085
Restricted cash			771		1,760		2,259		3,849		3,555			1,600
Accounts receivable			44,432		72,913		67,349		121,576		176,815			152,725
Inventories			44,017		50,841		5,076		4,112		5,735			11,559
Inventories held for customer orders			55,794		49,594		-		-		-			-
Contract assets			-		-		99,120		105,619		116,708			164,568
Prepaid expenses and other current assets			20,360		31,337		30,657		27,507		26,038			45,881
Total current assets			208,966		252,362		323,527		410,776		414,197			468,418
Noncurrent assets:
Property, plant, and equipment, net			51,799		67,732		91,166		123,480		159,423			193,988
Operating lease right of use assets			-		-		-		-		-			126,366
Goodwill and other intangibles, net			3,994		3,226		3,624		3,915		7,265			8,373
Other noncurrent assets			8,945		6,600		18,516		7,566		23,970			23,827
Total assets	$	273,704	$	329,920	$	436,833	$	545,737	$	604,855	$	820,972
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued expenses	$	66,805	$	101,108	$	112,490	$	167,175	$	199,078	$	286,545
Accrued warranty			5,916		13,596		21,089		30,419		36,765			48,282
Current maturities of long-term debt			64,260		52,065		33,403		35,506		27,058			19,262
Deferred revenue			59,476		65,520		-		-		-			-
Contract liabilities			-		-		687		2,763		7,143			2,141
Current operating lease liabilities			-		-		-		-		-			16,730
Customer deposits and customer advances			13,267		8,905		-		-		-			-
Total current liabilities			209,724		241,194		167,669		235,863		270,044			372,960
Noncurrent liabilities:
Long-term debt			58,464		77,281		89,752		85,879		110,565			123,390
Noncurrent operating lease liabilities			-		-		-		-		-			113,147
Other noncurrent liabilities			3,260		3,812		8,012		3,441		3,289			5,310
Total liabilities			271,448		322,287		265,433		325,183		383,898			614,807
Convertible and senior redeemable preferred shares and							-		-		-			-
warrants			189,349		198,830
Total stockholders' equity (deficit)			(187,093)		(191,197)		171,400		220,554		220,957			206,165
Total liabilities and stockholders' equity	$	273,704	$	329,920	$	436,833	$	545,737	$	604,855	$	820,972
Non-GAAP Metric (unaudited):
Net cash (debt)	$	(87,547)	$	(90,667)	$	(6,379)	$	24,557	$	(53,155)	$	(51,290)

Source: Year end 2014 through 2018 audited financial statements. 2016 and 2017 as restated per the Company's retroactive adoption of ASC 606. 2019 interim period is unaudited.

Company Presentation

December 2019 | 43

Income Statements

													Three Months Ended			Nine Months Ended
				Year Ended December 31,						September 30,			September 30,
($ in thousands)		2014		2015		2016		2017		2018			2018		2019			2018		2019
Net sales	$	320,747	$	585,852	$	769,019	$	955,198	$	1,029,624	$	254,976	$	383,836	$	739,567	$	1,014,387
Cost of sales		289,528		528,247		664,026		804,099		882,075			216,594		335,778			625,817		904,135
Startup and transition costs		16,567		15,860		18,127		40,628		74,708			21,415		22,127			53,474		63,206
Total cost of goods sold		306,095		544,107		682,153		844,727		956,783			238,009		357,905			679,291		967,341
Gross profit		14,652		41,745		86,866		110,471		72,841			16,967		25,931			60,276		47,046
General and administrative expenses		9,175		14,126		33,892		40,373		48,123			9,756		10,608			31,908		27,801
Realized loss on sale of assets		-		-		-		-		-			-		3,354			-		10,561
Restructuring charges (reversals), net		-		-		-		-		-			-		(149)			-		3,725
Income from operations		5,477		27,619		52,974		70,098		24,718			7,211		12,118			28,368		4,959
Other income (expense)
Interest income		186		161		344		95		181			45		43			129		125
Interest expense		(7,236)		(14,565)		(17,614)		(12,381)		(10,417)			(2,323)		(2,130)			(8,376)		(6,403)
Loss on extinguishment of debt		(2,946)		-		(4,487)		-		(3,397)			-		-			(3,397)		-
Realized gain (loss) on foreign currency remeasurement		(1,743)		(1,802)		(757)		(4,471)		(13,489)			(8,181)		3,719			(12,957)		(1,050)
Miscellaneous income		539		246		238		1,191		4,650			2,511		517			4,003		2,235
Total other income (expense)		(11,200)		(15,960)		(22,276)		(15,566)		(22,472)			(7,948)		2,149			(20,598)		(5,093)
Income (loss) before income taxes		(5,723)		11,659		30,698		54,532		2,246			(737)		14,267			7,770		(134)
Income tax benefit (provision)		(925)		(3,977)		(3,654)		(15,798)		3,033			10,269		(18,838)			6,357		(14,713)
Net income (loss)		(6,648)		7,682		27,044		38,734		5,279			9,532		(4,571)			14,127		(14,847)
Net income attributable to preferred stockholders		13,930		9,423		5,471		-		-			-		-			-		-
Net income (loss) attributable to common stockholders	$	(20,578)	$	(1,741)	$	21,573	$	38,734	$	5,279	$	9,532	$	(4,571)	$	14,127	$	(14,847)
Non-GAAP Metrics (unaudited):
Total billings	$	362,749	$	600,107	$	764,424	$	941,565	$	1,006,541	$	240,699	$	385,603	$	701,755	$	969,543
EBITDA	$	11,714	$	37,479	$	65,641	$	88,516	$	42,308	$	7,419	$	26,302	$	38,494	$	33,876
Adjusted EBITDA	$	13,457	$	39,281	$	76,300	$	100,111	$	68,173	$	17,572	$	27,619	$	58,422	$	50,091

Source: Year end 2014 through 2018 audited financial statements. 2016 and 2017 as restated per the Company's retroactive adoption of ASC 606. 2018 and 2019 interim periods are unaudited.

Company Presentation

December 2019 | 44

Cash Flow Statements

															Three Months Ended			Nine Months Ended
						Year Ended December 31,						September 30,			September 30,
	($ in thousands)			2014		2015		2016		2017		2018			2018		2019			2018		2019
	Cash flows from operating activities
	Net income (loss)	$	(6,648)	$	7,682	$	27,044	$	38,734	$	5,279	$	9,532	$	(4,571)	$	14,127	$	(14,847)
	Depreciation and amortization			7,441		11,416		13,186		21,698		26,429			5,878		9,948			19,080		27,732
	Share-based compensation expense			-		-		9,902		7,124		7,795			1,972		1,682			6,971		4,604
	Amortization of debt issuance costs and debt discount			715		4,319		4,681		573		336			24		52			284		155
	Loss on extinguishment of debt			2,946		-		4,487		-		3,397			-		-			3,397		-
	Realized loss on sale of assets			128		187		2		334		4,581			-		3,354			-		10,561
	Restructuring charges (reversals), net			-		-		-		-		-			-		(149)			-		3,725
	Amortization of discount on customer advances			224		-		-		-		-			-		-			-		-
	Deferred income taxes			(1,018)		(765)		(6,123)		1,650		(14,912)			(10,898)		3,296			(10,898)		3,296
	Changes in assets and liabilities			(35,151)		5,561		6,663		4,487		(36,163)			8,152		50,641			(15,766)		27,509
	Net cash provided by (used in) operating activities			(31,363)		28,400		59,842		74,600		(3,258)			14,660		64,253			17,195		62,735
	Cash flows from investing activities
	Purchases of property, plant and equipment			(18,924)		(26,361)		(30,507)		(44,828)		(52,688)			(8,326)		(21,353)			(50,636)		(59,092)
	Proceeds from sale of assets			-		146		-		850		-			-		-			-		-
	Acquisition of a business			-		-		-		-		-			-		(1,102)			-		(1,102)
	Net cash used in investing activities			(18,924)		(26,215)		(30,507)		(43,978)		(52,688)			(8,326)		(22,455)			(50,636)		(60,194)
	Cash flows from financing activities
	Proceeds from issuance of common stock sold in initial public			-		-				-		-			-		-			-		-
	offering, net of underwriters discount and offering costs					67,199
	Proceeds from issuance of preferred stock			6,846		-		-		-		-			-		-			-		-
	Net proceeds from (repayment of) debt			77,220		1,554		(15,370)		(8,095)		(8,876)			(9,564)		(6,537)			(3,626)		(248)
	Debt issuance costs			(4,818)		(1,113)		-		(454)		(281)			-		-			(281)		-
	Payment on acquisition of noncontrolling interest			(1,625)		(1,875)		-		-		-			-		-			-		-
	Proceeds from customer advances			4,500		-		-		-		-			-		-			-		-
	Proceeds from exercise of stock options			-		-		-		1,430		4,284			904		10			2,211		4,726
	Repurchase of common stock including shares withheld in lieu			-		-		-
	of income taxes						(1,264)		(2,859)			(2,587)		(1,561)			(2,859)		(2,120)
	Net cash provided by (used in) financing activities			82,123		(1,434)		51,829		(8,383)		(7,732)			(11,247)		(8,088)			(4,555)		2,358
	Impact of foreign exchange rates on cash, cash equivalents
	and restricted cash			(43)		(330)		(1,515)		335		617			170		(811)			(283)		(115)
	Net change in cash, cash equivalents and restricted cash			31,793		421		79,649		22,574		(63,061)			(4,743)		32,899			(38,279)		4,784
	Cash, cash equivalents and restricted cash, beginning of period			18,000		49,793		50,214		129,863		152,437			118,901		61,261			152,437		89,376
	Cash, cash equivalents and restricted cash, end of period	$	49,793	$	50,214	$	129,863	$	152,437	$	89,376	$	114,158	$	94,160	$	114,158	$	94,160
	Non-GAAP Metric (unaudited):
	Free cash flow	$	(50,287)	$	2,039	$	29,335	$	29,772	$	(55,946)	$	6,334	$	42,900	$	(33,441)	$	3,643

Source: Year end 2014 through 2018 audited financial statements. 2014 through 2017 restated per the Company's retroactive adoption of ASU 2016-2018. 2016 and 2017 as restated per the Company's retroactive adoption of ASC 606. 2018 and 2019 interim periods are unaudited.

Company Presentation

December 2019 | 45

Non-GAAP Reconciliations

Net sales is reconciled to total billings as follows:

															Three Months Ended			Nine Months Ended
					Year Ended December 31,							September 30,			September 30,
	($ in thousands)		2014		2015		2016		2017		2018				2018		2019			2018		2019
	Net sales	$	320,747	$	585,852	$	769,019	$	955,198	$	1,029,624	$	254,976	$	383,836	$	739,567	$	1,014,387
	Blade-related deferred revenue at beginning of year (1)		(20,646)		(59,476)		-		-		-				-		-			-		-
	Blade-related deferred revenue at end of year (1)		59,476		65,520		-		-		-				-		-			-		-
	(Increase) decrease in gross contract assets		-		-		(10,094)		(13,437)		(15,011)				(1,434)		2,303			(24,526)		(41,444)
	Foreign exchange impact (2)		3,172		8,211		5,499		(196)		(8,072)				(12,843)		(536)			(13,286)		(3,400)
	Total billings	$	362,749	$	600,107	$	764,424	$	941,565	$	1,006,541		$	240,699	$	385,603		$	701,755	$	969,543

Net income (loss) is reconciled to adjusted EBITDA as follows:

				Year Ended December 31,						Three Months Ended			Nine Months Ended
									September 30,			September 30,
($ in thousands)		2014		2015		2016		2017		2018			2018		2019			2018		2019
Net income (loss)	$	(6,648)	$	7,682	$	27,044	$	38,734	$	5,279	$	9,532	$	(4,571)	$	14,127	$	(14,847)
Adjustments:
Depreciation and amortization		7,441		11,416		13,186		21,698		26,429			5,878		9,948			19,080		27,732
Interest expense (net of interest income)		7,050		14,404		17,270		12,286		10,236			2,278		2,087			8,247		6,278
Loss on extinguishment of debt		2,946		-		4,487		-		3,397			-		-			3,397		-
Income tax provision (benefit)		925		3,977		3,654		15,798		(3,033)			(10,269)		18,838			(6,357)		14,713
EBITDA		11,714		37,479		65,641		88,516		42,308			7,419		26,302			38,494		33,876
Share-based compensation expense		-		-		9,902		7,124		7,795			1,972		1,682			6,971		4,604
Realized loss (gain) on foreign currency remeasurement		1,743		1,802		757		4,471		13,489			8,181		(3,719)			12,957		1,050
Realized loss on sale of assets		-		-		-		-		4,581			-		3,354			-		10,561
Adjusted EBITDA	$	13,457	$	39,281	$	76,300	$	100,111	$	68,173		$	17,572	$	27,619		$	58,422	$	50,091

Note: Footnote references are on the following page.

Source: Year end 2014 through 2018 audited financial statements. 2016 and 2017 as restated per the Company's retroactive adoption of ASC 606. 2018 and 2019 interim periods are unaudited.

Company Presentation

December 2019 | 46

Non-GAAP Reconciliations

(Continued)

(1) Total billings is reconciled using the blade-related deferred revenue amounts at the beginning and the end of the year as follows:

		Year Ended December 31,
($ in thousands)		2014		2015
Blade-related deferred revenue at beginning of year	$	20,646	$	59,476
Non-blade related deferred revenue at beginning of year		757		-
Total current and noncurrent deferred revenue at beginning of year	$	21,403	$	59,476
Blade-related deferred revenue at end of year	$	59,476	$	65,520
Non-blade related deferred revenue at end of year		-		-
Total current and noncurrent deferred revenue at end of year	$	59,476	$	65,520

1. Represents the effect of the difference in the exchange rates used by our various foreign subsidiaries when converted to U.S. dollars on the net sales and deferred revenue (for 2014 and 2015) and on contract assets (for 2016 - 2019) as of period end.

Net cash (debt) is reconciled as follows:

					December 31,							September 30,
($ in thousands)		2014		2015		2016		2017		2018			2018		2019
Cash and cash equivalents	$	43,592	$	45,917	$	119,066	$	148,113	$	85,346	$	110,838	$	92,085
Less total debt, net of debt issuance costs and discount		(120,849)		(129,346)		(123,155)		(121,385)		(137,623)			(132,784)		(142,652)
Less debt issuance costs and discount		(10,290)		(7,238)		(2,290)		(2,171)		(878)			(930)		(723)
Net cash (debt)	$	(87,547)	$	(90,667)	$	(6,379)	$	24,557	$	(53,155)		$	(22,876)	$	(51,290)

Source: Year end 2014 through 2018 audited financial statements. 2018 and 2019 interim periods are unaudited.

Company Presentation

December 2019 | 47

Non-GAAP Reconciliations

(Continued)

Free cash flow is reconciled as follows (1):

				Year Ended December 31,						Three Months Ended			Nine Months Ended
									September 30,			September 30,
($ in thousands)		2014		2015		2016		2017		2018			2018		2019			2018		2019
Net cash provided by (used in) operating activities	$	(31,363)	$	28,400	$	59,842	$	74,600	$	(3,258)	$	14,660	$	64,253		$	17,195	$	62,735
Less capital expenditures		(18,924)		(26,361)		(30,507)		(44,828)		(52,688)			(8,326)		(21,353)			(50,636)		(59,092)
Free cash flow	$	(50,287)	$	2,039	$	29,335	$	29,772	$	(55,946)	$	6,334	$	42,900		$	(33,441)	$	3,643

A reconciliation of the low end and high end ranges of projected 2019 net loss under ASC 606 to projected adjusted EBITDA is as follows (2):

			2019 Adjusted EBITDA
			Guidance Range
	($ in thousands)		Low End		High End
	Projected net loss	$	(8,000)	$	(6,250)
	Adjustments:
	Projected depreciation and amortization		37,000		38,000
	Projected interest expense (net of interest income)		8,000		8,500
	Projected income tax provision		17,500		15,000
	Projected EBITDA		54,500		55,250
	Projected share-based compensation expense		7,000		8,000
	Projected realized loss on foreign currency remeasurement		4,500		6,750
	Projected realized loss on sale of assets		14,000		15,000
	Projected Adjusted EBITDA	$	80,000	$	85,000

1. Source: Year end 2014 through 2018 audited financial statements. 2014 through 2017 restated per the Company's retroactive adoption of ASU 2016-2018. 2016 and 2017 as restated per the Company's retroactive adoption of ASC 606. 2018 and 2019 interim periods are unaudited.
2. Figures presented are projected estimates for the full year ending December 31, 2019.

Company Presentation

December 2019 | 48