TPI Composites : October 2020 Company Presentation

COMPANY PRESENTATION

October 2020

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) the potential impact of the Coronavirus on our business and results of operations; (ii) growth of the wind energy market and our addressable market;

1. 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; (iv) 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; (v) changes in domestic or international government or regulatory policy, including without limitation, changes in trade policy; (vi) the sufficiency of our cash and cash equivalents to meet our liquidity needs; (vii) our ability to attract and retain customers for our products, and to optimize product pricing; (viii) our ability to effectively manage our growth strategy and future expenses, including our startup and transition costs; (ix) competition from other wind blade and wind blade turbine manufacturers; (x) the discovery of defects in our products and our ability to estimate the future cost of warranty campaigns and product recalls; (xi) our ability to successfully expand in our existing wind energy markets and into new international wind energy markets, including our ability to expand our field service inspection and repair services in wind energy markets; (xii) our ability to successfully open new manufacturing facilities and expand existing facilities on time and on budget; (xiii) the impact of the accelerated pace of new product and wind blade model introductions on our business and our results of operations; (xiv) our ability to successfully expand our transportation business and execute upon our strategy of entering new markets outside of wind energy; (xv) worldwide economic conditions and their impact on customer demand; (xvi) our ability to maintain, protect and enhance our intellectual property; (xvii) 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; (xviii) the attraction and retention of qualified employees and key personnel; (xix) 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; (xx) our ability to procure adequate supplies of raw materials and components to fulfill our wind blade volume commitments to our customers and (xxi) 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 EBITDA, adjusted EBITDA, net cash (debt) and free cash flow. 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, any realized gains or losses from foreign currency remeasurement, any realized gains or losses on the sale of assets and asset impairments and restructuring charges. We define net cash (debt) as total unrestricted cash and cash equivalents less the total principal amount of debt outstanding. We define free cash flow as net cash flow 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.

October 2020 | 2

Investment Thesis

Capitalizing on the Decarbonization of Electric Sector and Electrification of the Vehicle Fleet

• 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.
• Electric vehicles sales are expected to grow 20%+ CAGR through 2040 according to BNEF.

Only Independent Blade Manufacturer with a Global Footprint

• 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 technicians and growing.
• 60-75+meter blades, larger than 787 wingspan, 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

• 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.

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.

October 2020 | 3

Introduction to TPI Composites

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, two transportation facilities, and six 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 the production of clean transportation solutions, including electric buses and commercial vehicles and passenger EV platforms

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 14,400 associates globally

					20%
$1,500					15%
$1,000					10%
$500						5%
$0						0%
2016	2017	2018	2019
		Net Sales		Market Share

October 2020 | 4

Strong Customer Base of Industry Leaders

Key Customers with Significant Market Share

Current Customer Mix - 53 (2) Dedicated Lines

Global Onshore Wind

						2017-2019
Rank		OEM	Share (1)
					Vestas	19%
1
			Goldwind	14%
	2
			GE Wind	12%
	3
			SGRE	11%
	4
			Envision	8%
	5
		Mingyang	5%
	6
		Nordex	5%
	7
		Enercon	5%
	8
		Windey	3%
	9
		United Power	2%
	10
					TPI Customers	~52%
					Market Share

= TPI Customer = Chinese OEM

Global Onshore Wind excl. China

					2017-2019
Rank		OEM	Share (1)
			Vestas	32%
	1
			GE Wind	20%
	2
			SGRE	19%
	3
			Nordex	9%
	4
		ENERCON	8%
	5
		Suzlon	3%
	6
		Senvion	3%
	7
		Goldwind	1%
	8
		INOX	1%
	9
		Envision	<1%
	10
			TPI Customers	~88%
			Market Share

4%

28%

45%

13%

10%

TPI's customers account for 99% of the U.S. onshore wind market and 52% of the global onshore market

Source: BloombergNEF, "Global Wind Turbine Market Shares 2014-19"

1. Figures are rounded to nearest whole percent
2. 53 dedicated lines under long term agreement; does not include 2 lines under a short-term agreement for 2020 in China.

October 2020 | 5

Existing Contracts Provide for ~$5.4 Billion in Revenue through 2024

Key Contract Terms

Minimum Volume	• Minimum Volume Obligations (MVOs) in place requiring
Visibility Mitigates	the customer to take an agreed upon percentage of total
production capacity or pay TPI its equivalent gross
Downside Risk
margin and operating costs associated with the MVO
	• Pricing mechanisms generally encourage customers to
Incentivized	purchase 100% of the contract volume, as prices
progressively increase as volumes decrease
Maximum
• Customers fund the molds for each production line
Customer Volume
incentivizing them to maximize TPI's production
	capability to amortize their fixed cost

Long-term Supply Agreements (1)

2020

2021

2022

2023

2024

China

India

Mexico

Turkey

Attractive

Contract

Negotiation

Dynamic

• TPI plans for renegotiation and extension of contracts one year in advance of expiration
• 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

U.S.

Long-term supply agreements provide for estimated minimum aggregate volume commitments from our customers of ~$2.9 billion and encourage our customers to purchase additional volume up to, in the aggregate, an estimated total contract value ~$5.4 billion through the end of 2024

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 August 6, 2020. The chart depicts the term of the longest contract in each location; Iowa blade contract expires at the end of 2021; does not include 2 lines under a short-term agreement for 2020 in China.

October 2020 | 6

Long-Term Wind Financial Targets

Annual Wind Revenue

Adj. EBITDA Margin

Market Share

ROIC(1)

Free Cash Flow

$2 billion

12%

20%

25% - 30%

7% - 9%

.

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.

October 2020 | 7

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

In the last decade, cumulative global power generating capacity of wind turbine installations has gone up by more than 3 times, with compound annual growth in cumulative global installed wind capacity of 21% since 2000.

Rapid growth driven by:		637
•	Decarbonization
	577
•	Increasing cost
	528
	competitiveness through
		476
	technological	21% CAGR
	advancement	423
	2000-2019
•	Supportive global policy
	361
	initiatives
		313
•	Global population growth		279
	and electricity demand		233

30

Offshore

278

Asia and rest of the world onshore

149

Americas onshore

• Increasing C&I and utility demand
• Coal/nuclear decommissioning
• Repowering

193

156

16

22

29

37

45

55

70

90

117

180

EMEA onshore

• EV trends

Wind energy is a large and rapidly growing worldwide business

Source: Bloomberg New Energy Finance

Note: Regional onshore and worldwide offshore figures presented for 2019 only

October 2020 | 8

Large and Growing Global Market

Estimated Annual Installed Global Wind Capacity (GW): 2019 - 2029

		77.5			Onshore		Offshore	78.3
						77.3
	72.0	9.8	68.3	67.8	70.0
	6.8	19.2	18.2
62.5		9.5			11.0
		11.5
6.3

	65.2	67.7		58.9		60.1
56.3	58.9	56.3	58.1

93.1 93.5

88.6

25.8	24.6	Offshore
CAGR
24.3
		~ 15%
		(2019 - 2029)

			Onshore
	67.3	68.9	CAGR
64.3	~ 2%
			(2019 - 2029)

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

Annual installed wind capacity growth is projected to average 77GW between 2019 and 2029.

Global markets (excluding the US and China) are projected to grow at an 8% CAGR. TPI is well positioned to participate in this growth.

Source: Wood Mackenzie, "Q3 2020 Global Wind Power Market Outlook Update"

October 2020 | 9

U.S. Forecast - Forecasted GW Continue to Increase

2019-2029

	16.6
16	14.7
	13.9
14	13.2

GW

12
11.0												9.8
							9.9								9.3
10
							7.9	8.2	9.0	9.1	9.2	8.4	8.5
8			16.6				3.7
			6.8
				6.4			3.9	4.0	4.1
				13.2				3.7
6					1.1
						4.2
11.0
4
				6.8	5.3	6.2
								5.1	5.1	5.1
2							3.7	4.5

0

	Onshore		Offshore		UBS Onshore and Offshore

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

Source: Wood Mackenzie, "Q3 2020 Global Wind Power Market Outlook Update" and UBS Securities LLC

October 2020 | 10

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
			LCOE Mean		LCOE Range
$188				67% DECREASE
$148				over ten years - 11%
$125					CAGR (2)
	$92	$95	$95	$81
$99				$77
$63						$62	$60	$56	$54
	$50	$48	$45	$37	$32
				$32	$30	$29	$28
$0
2010	2011	2012	2013	2014	2015	2016	2017	2018	2019

Unsubsidized Global Levelized Cost of Power Generation Ranges by Technology (1) - ($/MWh)

$250				Fossil Fuels
$200				Onshore Wind
			Other Renewables
$150
$100
$50

$0

Onshore	Solar PV	CCGT	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

Source: Lazard Levelized Cost of Energy Analysis (version 13.0).

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.

October 2020 | 11

LCOE Comparison

Alternative Energy versus Marginal Cost of Selected Existing Conventional Generation

$90 $75 $60 $45

$30

$15

$0

Levelized Cost	Marginal Cost of Selected Existing
of New-Build Wind and Solar	Conventional Generation(1)

Unsubsidized Solar PV

Unsubsidized Wind

Onshore	Solar PV	Coal	Nuclear
Wind	- Thin Film
	Utility Scale
Onshore	Solar PV - Thin	Coal	Nuclear
wind	Film 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 13.0).

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.

October 2020 | 12

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

• Wind Production Tax Credit (PTC) through 2020 for both new and repowering of existing turbines allow developers a PTC benefit as late as 2024, with Treasury clarifications providing an additional year of safe harbor for 2016 and 2017 projects due to COVID-19.
• State Renewable Portfolio Standards
• Potential Tailwinds from Biden Presidency and Democratic led Congress

2

Corporate and Utility Procurement

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

• 86% of S&P 500 companies published sustainability reports in 2018
• Furthermore, over 230 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

3

International Policy Initiatives

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
• Potential EU tailwind from EUR 1.85 trillion Recovery Plan
• China is targeting 210 GW of grid-connected wind capacity by 2020

4

COP21 Paris Climate Talks

Paris Agreement is a landmark deal marking a significant commitment by the international community to further reduce fossil fuel consumption

• 189 countries have ratified the agreement

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

October 2020 | 13

The Industry has Shifted 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 and 2020.

Currently outsources to TPI in Mexico and Turkey

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

100%							37%
80%		62%
60%
40%							63%
20%		38%
0%
	2009					2019
				Outsourced		Insourced

TPI Onshore Global Wind Blade Market Share

2016 - 2019 (2)	18%
TPI Share	14%		Future market share increases
Increase: ~2X
		expected to be driven by:
9%			•	Continuation of
					outsourcing
				•	Growth and leverage
					from global footprint
2016	2018	2019

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

1. Source: Wood Mackenzie, based on % of MW, LM supply to GE is defined as outsourced
2. TPI's market share based on TPI MW relative to OEM total onshore MW from Bloomberg NEF, "Global Wind Turbine Market Shares 2014-19"

October 2020 | 14

787 aircraft,

60m

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

Turbine Cost by Component

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)

	8%			Blades
3%			Tower
4%		29%		Gearbox
5%
6%				Hub & Pitch

10%			Converter
13%	22%		Bearing & Shaft
	Generator
			Bedplate

Wind blades represent ~22% of total installed turbine costs

Movement Towards

Larger Blade Lengths

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

Global Blade Length Breakdown

4%	7%			<50.0m
40%
56%			50.0-59.9m
46%				60.0-69.9m
			70.0-79.9m
9%	36%
		>80.0m
2019E	2024E

On par with the movement toward larger wind blades, TPI blades are generally 60-75m in length

Pipeline Opportunities

Size of Total

Addressable Market

OEM(s) Share

Long-term Revenue

Potential

Prioritized Pipeline - >6GW:

60-100+m blades, >$40M/year/line, >320MW/year/line

New and Existing Customers Existing Geographies Onshore and Offshore

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.

October 2020 | 15

Strong Barriers to Entry Provide an Opportunity for TPI to Capture Additional Market Share

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.

Barriers to Entry

Know How &

Extensive Expertise

Strong Reputation

for Reliability

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 59,000 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

Established Global Scale

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

Customer Stickiness

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 us to grow

our revenue by 87% from 2016 to 2019 and expand our global manufacturing footprint over the same period

October 2020 | 16

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

13 Manufacturing Facilities with Approximately 6 million SF in 5 countries and 18GW Equivalent Capacity.

Applied Technology Development at All Manufacturing Sites. With Over 300 Engineers and Technicians Globally.

October 2020 | 17

Dedicated Supplier Model Encourages Stable Long-Term Customers

Deeply Integrated

Partnership Model

• 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

High Customer	Strong Customer
Value Proposition	Base of Leading OEMs

Build-to-spec blades

High quality, low cost

Dedicated capacity

Industry leading field performance

Global operations

October 2020 | 18

Technology Advantage

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

Aero Design structure

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 and pilot production line in our facilities

Design of external shape (airfoil)

Material Technology

Develop new materials to reduce weight and cost

Leads to

• Reduced Time to Market
• Design to Cost Target
• Enhanced Design for Manufacturing
• Margin Expansion

October 2020 | 19

Vehicle Strategy for Clean Transportation

Lighter weight equates to longer range

Lower capital investment required for composites structure

Multiple programs in: Passenger Automotive	EVs	Commercial Vehicles

October 2020 | 20

Large Market Opportunity

U.S. Electric Bus Market

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

1,400

1,20040%

1,000CAGR

Units	800
600

400

200

-

2019 2020 2021 2022 2023 2024 2025 U.S.

Source: BloombergNEF Long-Term Electric Vehicle Outlook 2020, Proterra

• Proterra is a leader in North American electric transit bus market with 50%+ share
• >120 customers and >900 vehicles sold
• >55,000,000 pounds of CO2 emissions & 2,000,000 gallons of fuel avoided

October 2020 | 21

Commercial Electric Vehicles Market

Significant Growth Projections

• Commercial vehicle market growing, largely driven by ecommerce
• Opportunity for electric vehicles driven by economics

Light

	7
	6
	23%
	5
units	4	CAGR
Million	3
	2
	1

Medium and Heavy

Medium		Heavy

700

600
29%
500
CAGR
units
400
Thousand
300
200
100

0				0

Source: BloombergNEF Long-Term Electric Vehicle Outlook 2020

October 2020 | 22

Passenger EV market

>55% of passenger vehicle sales to be electric by 2040

Global new passenger vehicle sales forecast by drivetrain

Million units

100

80

60

40

20

0

	Battery electric		Plug-in hybrid		Internal combustion

Source: BloombergNEF Long-Term Electric Vehicle Outlook 2020

October 2020 | 23

Large and Growing Global Service Market Opportunity

Global Blade Service Market Forecast

Wind Blade Service Offerings

	3.5			+$1.6B
	3.0			7%						Certified Professionals
	2.5			CAGR
	2.0										Engineering & Preventative Maintenance
billion
1.5
US$										Inspection & Analysis
	1.0
	0.5										Repair & Improvements
	0.0
	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028

Leading Edge Repair		Lightning Receptor Exchange
		Blade Surface Add On-Install / Repairs
Trailing Edge Repair
		Other
Structural Repair
Global Retrofits

Recycling

Source: Wood Mackenzie, Global Onshore Wind Power O&M 2019

October 2020 | 24

TPI Operating Imperatives

• Relentless focus on operational excellence

• Turn speed into a competitive advantage - cut transition and startup time in half

• Innovate - continue to advance our composites technology

• Partner more deeply with our customers

• Reduce and balance cost of transitions with our customers

• Apply scale to expand material capacity, continuity of supply, and drive cost down

• Continue to build and develop world class team

• Drive ESG vision

October 2020 | 25

TPI's ESG Efforts

Embracing and operationalizing Environmental, Social and Governance (ESG) practices into everything we do will reduce risk, increase associate satisfaction and improve operational execution, financial performance, and governance. TPI is committed to ESG and we've developed a long-term ESG strategy.

Materiality		Goal Setting &		Data Collection
Refresh		Execution		& Processes
Through peer analysis		We plan to set goals		We have established
and stakeholder		and targets for our		and documented
engagement, we will		material topics and		procedures for data
refresh which ESG		execute projects to		collection, identification
topics are material,		achieve them.		of data owners and
relevant and aligned				developed standard
to TPI's business				operating procedures
strategy on a regular				for reporting.
basis.

Stakeholder

Reporting

We published a sustainability report aligned to the GRI and SASB frameworks. In the future, we plan to adopt additional ESG reporting frameworks.

Highlights of TPI's 2019 ESG Report
ENVIRONMENTAL	SOCIAL	GOVERNANCE
• Over the last 5 years, the wind	• 82% decrease in recordable	• Board committee oversight of
blades we have sold have the	incident and 78% decrease in lost	ESG-related matters
potential to reduce more than 980	time incident rates over the last 4	• ESG metrics are included in our
million metric tons of CO2 over their	years	executive compensation plans
average 20-year life span
		October 2020 | 26

October 2020

Financial Summary

Financial Results

Net Sales (2)

AEBITDA (1)(2)

$ millions	$1,800				$ millions	$120
$1,600	23%
	$1,400	CAGR				$100
	$1,200					$80
	$1,000
						$60
	$800
	$600					$40
	$400
						$20
	$200
	$0					$0
	2016	2017	2018	2019

	4%
	CAGR
2016	2017	2018	2019

1. See Appendix for reconciliations of non-GAAP financial data
2. 2016 and 2017 as restated per the Company's retroactive adoption of ASC 606. 2019 full year Adjusted EBITDA has been restated to include restructuring charges, based upon a definition change made in Q1 2020.

October 2020 | 28

Financial Performance

Growth Funded Largely from Cash Flow from Operations

MW and Sets per Line

2016 - 2019

		+56% MW/line			100	Topline Increase
	325	+19% Sets/line					$769 M	$1.4 B
MW/Line	275	2016-2019				90	Sets/Line
	225					80
							Investment in Growth
	175					70
							$202 M	$169 M
	125	2016	2017	2018	2019	60
			MW/Line	Sets per Line				CAPEX	Start-up Costs
GW Sold			MW/Set

10	+ 24% GW Sold CAGR	70	3.0	+8% CAGR
2016-2019
	60		2016-2019
		2.8

8										50
40	2.6

Cumulative Cash Flow From Operations, Net

$188 M

6													30	2.4
												20	2.2
													10
4														0	2.0
2016	2017	2018	2019		2016	2017	2018	2019
				TPI GW Sold			Global Total Install

Net Debt
$6 M	$72 M

October 2020 | 29

Q2 2020 Highlights

• Operating results and year-over-year comparisons to 2019:

Net Sales and Adjusted EBITDA ($ in millions)

	• Net sales were up 13% to $373.8 million for the quarter	$400		$374
	• Net loss for the quarter was $66.1 million compared to net
		$331
	income of $1.8 million
	• Adjusted EBITDA for the quarter was $3.3 million or 0.9%
	of net sales down 620 bps
• GE: extended our supply agreement in one of our Mexico
	plants by two years through 2022 and our supply	$200
	agreement in Iowa through 2021. Added one additional
	manufacturing line in Mexico.
• Nordex: signed multi-year agreement for two
	manufacturing lines in our Chennai, India facility				$23
• Added approximately $800 million of potential contract				$3
	value	$0	2Q19	2Q20	2Q19	2Q20
• Global Service: signed agreements totaling approximately
	$15 million.	Sets	716	787
• Transportation: continued progress on commercial	invoiced
Est. MW	2,016	2,650
	delivery vehicles, producing parts on the passenger EV
	Dedicated
	tooling	54	52
	lines (1)
• Appointed Jim Hilderhoff as Chief Commercial Officer.	Lines	50	54
• Appointed Adan Gossar as Chief Accounting Officer.	installed (2)
Utilization (3)	70%	69%
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.
3.	Represents the percentage of wind blades invoiced during the period compared to the total potential wind blade capacity of manufacturing lines installed at the end of the period.
						October 2020	|	30

Key Statement of Operations and Performance Indicator Data(1)

(unaudited)

Key Statement of Operations Data	Three Months Ended	Change
	June 30,
(in thousands, except per share data)	2020	2019	%

Key Highlights

• Net sales of wind blades increased

Net sales

Cost of sales

Startup and transition costs

Total cost of goods sold

Gross profit (loss)

General and administrative expenses

Realized loss on sale of assets and asset impairments

Income tax provision

Net income (loss)

Weighted-average common shares outstanding (diluted)

Net income (loss) per common share (diluted)

$	373,817	$	330,771	13.0%
$	367,644	$	285,319	28.9%
$	10,920	$	22,901	-52.3%
$	378,564	$	308,220	22.8%
$	(4,747)	$	22,551	-121.1%
$	6,887	$	9,208	-25.2%
$	1,440	$	4,972	-71.0%
$	(49,312)	$	(475)	NM
$	(66,101)	$	1,828	NM
	35,299		36,369
$	(1.87)	$	0.05

by 15.3%

• 10% increase in the number of wind

blades produced year over year

• Q2 2020 revenue was negatively

impacted by approximately

$96 million associated with the

reduced production levels in

Mexico, Iowa, Turkey, and India due

to COVID-19

• For the year, we expect our cash

taxes to be approximately $15

million - $ 17 million

Non-GAAP Metric

	Adjusted EBITDA (1) (in thousands)	$	3,295	$	23,421	-85.9%
	Adjusted EBITDA Margin		0.9%		7.1%		-620 bps
	Key Performance Indicators (KPIs)
	Sets produced			787		716		71
	Estimated megawatts		2,650		2,016	634
	Utilization		69%		70%		-100 bps
	Dedicated wind blade manufacturing lines		52		54		2 lines
	Wind blade manufacturing lines installed		54		50		4 lines

(1) See Appendix for reconciliations of non-GAAP financial data

• Adjusted EBITDA was negatively

impacted by approximately

$36 million associated with the

production volume lost and other

costs related to COVID-19

October 2020 | 31

Short Term Increase in Leverage During COVID-19

Total Net Leverage Ratio (1)

Actual Covenant Target

4.5%

4.0%

3.5%

3.0%

2.5%

2.0%

1.5%

1.0%

0.5%

0.0%

Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021

(1) Net Debt / TTM Adjusted EBITDA. See Credit Agreement for complete definition.

Key Highlights

• Amended the Credit Agreement to increase permitted Total Net Leverage covenant during 2020 due to COVID-19 impact
• Expect Total Net Leverage Ratio to peak in Q3 2020 and then decrease in Q4 2020
• Total Net Leverage Ratio Long-Term Target is 2%

October 2020 | 32

Key Balance Sheet and Cash Flow Data (1)

(unaudited)

Key Balance Sheet Data	June 30,	December 31,
(in thousands)	2020	2019

Key Highlights

• Increased inventory (included within

Cash and cash equivalents

Accounts receivable

Contract assets

Operating lease right of use assets Total operating lease liabilities - current

and noncurrent

Accounts payable and accrued expensesTotal debt - current and noncurrent, net Net debt (1)

$	96,657	$	70,282
$	133,147	$	184,012
$	214,556	$	166,515
$	162,767	$	122,351
$	176,677	$	130,512
$	267,833	$	293,104
$	237,902	$	141,389
$	(142,524)	$	(71,779)

inventory and contract assets

balances) by approximately $25

million during 2Q 2020 to manage

COVID-19 risks

• Plan to reduce inventory levels

during Q3 and Q4 of 2020 while

monitoring continued risks

• Continue to defer capital

expenditures

Key Cash Flow Data	Three Months Ended
	June 30,
(in thousands)	2020	2019

Net cash provided by (used in) operating activities

Capital expenditures

Free cash flow (1)

$	(29,573)	$	10,573
$	15,047	$	19,030
$	(44,620)	$	(8,457)

(1) See Appendix for reconciliations of non-GAAP financial data

October 2020 | 33

Capital Allocation Plan

Capital discipline

• • Robust balance sheet
• Working capital management
• • Return on invested capital

Reinvestment in business to drive long term

profitable growth and productivity

Selective acquisitions aligned to core strategy

Potential return

of capital to

shareholders

October 2020 | 34

Key Messages

• Wind energy and EV's offer significant opportunity for TPI's diversified, profitable, global growth.
• Wind growth is mostly about economics, customers, investors and the need to positively impact climate change.
• Wind costs will continue to be driven down to compete primarily with solar. Price discipline and margin opportunities should improve over time.
• TPI is building global infrastructure with best-in- class composites technology to access the global growth with the lowest total delivered cost.
• TPI is a large global player with ~18% global onshore market share in 2019.
• We will continue to partner deeply with the industry leading customers.
• We are applying our global scale to ensure lowest cost raw materials and to eliminate supply change constraints.
• We are bringing relentless focus to manufacturing execution, productivity gains, cost reduction and risk mitigation.
• We plan to turn speed into a source of competitive advantage - cut transition and startup time in half, reduce cost of transitions and share those costs with our customers.

• We will continue to innovate and advance our state-of-the-art blade technology.
• We plan to bring value to the EV sector with structural composite solutions and our long-term plan is to build a $500M annual revenue stream. By developing bus, delivery vehicle, truck and passenger vehicle applications, we will see just how low down the cost curve and how high up the volume curve we can profitably grow.
• Our capital allocation strategy includes maintaining a conservative balance sheet, smart long-term growth investments and return of capital to shareholders.
• ESG is the right thing to do. We are committed to it and expect it to drive long term value.
• We will continue to build a strong, independent and diverse board of directors as well as ensure that our management team is fully aligned with the interests of our stakeholders.
• 18GW of capacity, 80% utilization, 20% global market share, $2B in annual revenue, 12% AEBITDA, 25-30% ROIC, and 7-9% free cash flow.

October 2020 | 35

October 2020

Appendix

Balance Sheets

					December 31,					June 30,
	($ in thousands)		2016		2017		2018		2019			2020
	Assets
	Current assets:
	Cash and cash equivalents	$	119,066	$	148,113	$	85,346	$	70,282	$	96,657
	Restricted cash		2,259		3,849		3,555		992			312
	Accounts receivable		67,349		121,576		176,815		184,012			133,147
	Contract assets		99,120		105,619		116,708		166,515			214,556
	Prepaid expenses and other current assets		30,657		27,507		26,038		39,890			41,883
	Inventories		5,076		4,112		5,735		6,731			12,368
	Total current assets		323,527		410,776		414,197		468,422			498,923

Noncurrent assets:
Property, plant, and equipment, net		91,166		123,480		159,423		205,007		211,175
Operating lease right of use assets		-		-		-		122,351		162,767
Goodwill and other intangibles, net		3,624		3,915		7,265		6,977		6,778
Other noncurrent assets		18,516		7,566		23,970		23,920		15,642
Total assets	$	436,833	$	545,737	$	604,855	$	826,677	$	895,285

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued expenses	$	112,490	$	167,175	$	199,078	$	293,104	$	267,833
Accrued warranty		21,089		30,419		36,765		47,639			56,772
Current maturities of long-term debt		33,403		35,506		27,058		13,501			25,285
Current operating lease liabilities		-		-		-		16,629			21,918
Contract liabilities		687		2,763		7,143		3,008			2,447
Total current liabilities		167,669		235,863		270,044		373,881			374,255

Noncurrent liabilities:
Long-term debt		89,752		85,879		110,565		127,888		212,617
Noncurrent operating lease liabilities		-		-		-		113,883		154,759
Other noncurrent liabilities		8,012		3,441		3,289		5,975		24,809
Total liabilities		265,433		325,183		383,898		621,627		766,440
Total stockholders' equity (deficit)		171,400		220,554		220,957		205,050		128,845
Total liabilities and stockholders' equity	$	436,833	$	545,737	$	604,855	$	826,677	$	895,285
Non-GAAP Metric (unaudited):
Net cash (debt)	$	(6,379)	$	24,557	$	(53,155)	$	(71,779)	$	(142,524)

Source: Year end 2016 through 2019 audited financial statements. 2016 and 2017 as restated per the Company's retroactive adoption of ASC 606. 2020 interim period is unaudited.

October 2020 | 37

Income Statements

				Year Ended December 31,					Three Months Ended			Six Months Ended
								June 30,				June 30,
($ in thousands)		2016		2017		2018		2019			2019		2020			2019		2020
Net sales	$	769,019	$	955,198	$	1,029,624	$	1,436,500		$	330,771	$	373,817		$	630,551	$	730,453
Cost of sales		664,026		804,099		882,075		1,290,619			285,319		367,644			568,357		716,119
Startup and transition costs		18,127		40,628		74,708		68,033			22,901		10,920			41,079		22,954
Total cost of goods sold		682,153		844,727		956,783		1,358,652			308,220		378,564			609,436		739,073
Gross profit (loss)		86,866		110,471		72,841		77,848			22,551		(4,747)			21,115		(8,620)
General and administrative expenses		33,892		40,373		43,542		39,916			9,208		6,887			17,193		16,383
Realized loss on sale of assets and asset impairments		-		-		4,581		18,117			4,972		1,440			7,207		3,358
Restructuring charges, net		-		-		-		3,927			3,874		181			3,874		298
Income (loss) from operations		52,974		70,098		24,718		15,888			4,497		(13,255)			(7,159)		(28,659)
Other income (expense)
Interest income		344		95		181		157			31		8			82		40
Interest expense		(17,614)		(12,381)		(10,417)		(8,179)			(2,274)		(2,553)			(4,273)		(4,356)
Loss on extinguishment of debt		(4,487)		-		(3,397)		-			-		-			-		-
Realized loss on foreign currency remeasurement		(757)		(4,471)		(13,489)		(4,107)			(967)		(1,928)			(4,769)		(968)
Miscellaneous income		238		1,191		4,650		3,648			1,016		939			1,718		1,634
Total other expense		(22,276)		(15,566)		(22,472)		(8,481)			(2,194)		(3,534)			(7,242)		(3,650)
Income (loss) before income taxes		30,698		54,532		2,246		7,407			2,303		(16,789)			(14,401)		(32,309)
Income tax benefit (provision)		(3,654)		(15,798)		3,033		(23,115)			(475)		(49,312)			4,125		(34,284)
Net income (loss)		27,044		38,734		5,279		(15,708)			1,828		(66,101)			(10,276)		(66,593)
Net income attributable to preferred stockholders		5,471		-		-		-			-		-			-		-
Net income (loss) attributable to common stockholders	$	21,573	$	38,734	$	5,279	$	(15,708)		$	1,828	$	(66,101)		$	(10,276)	$	(66,593)
Non-GAAP Metrics (unaudited):
EBITDA	$	65,641	$	88,516	$	42,308	$	54,009		$	11,671	$	(2,628)		$	7,574	$	(5,349)
Adjusted EBITDA	$	76,300	$	100,111	$	68,173	$	85,841		$	23,421	$	3,295		$	26,346	$	4,591

Source: Year end 2016 through 2019 audited financial statements. 2016 and 2017 as restated per the Company's retroactive adoption of ASC 606. 2019 and 2020 interim periods are unaudited. 2019 full year Adjusted EBITDA has been restated to include restructuring charges, based upon a definition change made in Q1 2020.

October 2020 | 38

Cash Flow Statements

											Three Months Ended			Six Months Ended
				Year Ended December 31,					June 30,				June 30,
($ in thousands)		2016		2017		2018		2019			2019		2020			2019		2020
Cash flows from operating activities
Net income (loss)	$	27,044	$	38,734	$	5,279	$	(15,708)	$	1,828	$	(66,101)	$	(10,276)	$	(66,593)
Depreciation and amortization		13,186		21,698		26,429		38,580			7,125		11,616			17,784		22,644
Realized loss on sale of assets and asset impairments		2		334		4,581		18,117			4,972		1,440			7,207		3,358
Restructuring charges, net		-		-		-		3,927			3,874		181			3,874		298
Share-based compensation expense		9,902		7,124		7,795		5,681			1,937		2,374			2,922		5,316
Amortization of debt issuance costs and debt discount		4,681		573		336		206			52		66			103		122
Loss on extinguishment of debt		4,487		-		3,397		-			-		-			-		-
Deferred income taxes		(6,123)		1,650		(14,912)		4,951			-		-			-		-
Changes in assets and liabilities		6,663		4,487		(36,163)		1,330			(9,215)		20,851			(23,132)		7,850
Net cash provided by (used in) operating activities		59,842		74,600		(3,258)		57,084			10,573		(29,573)			(1,518)		(27,005)
Cash flows from investing activities
Purchases of property, plant and equipment		(30,507)		(44,828)		(52,688)		(74,408)			(19,030)		(15,047)			(37,739)		(42,030)
Proceeds from sale of assets		-		850		-		-			-		-			-		-
Acquisition of a business		-		-		-		(1,102)			-		-			-		-
Net cash used in investing activities		(30,507)		(43,978)		(52,688)		(75,510)			(19,030)		(15,047)			(37,739)		(42,030)
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
Net proceeds from (repayment of) debt		(15,370)		(8,095)		(8,876)		(2,133)			(10,773)		32,210			6,289		97,122
Debt issuance costs		-		(454)		(281)		-			-		(547)			-		(730)
Proceeds from exercise of stock options		-		1,430		4,284		5,223			144		559			4,716		1,371
Repurchase of common stock including shares withheld in lieu		-									-
of income taxes			(1,264)		(2,859)		(2,120)				(49)			(559)		(508)
Net cash provided by (used in) financing activities		51,829		(8,383)		(7,732)		970			(10,629)		32,173			10,446		97,255
Impact of foreign exchange rates on cash, cash equivalents
and restricted cash		(1,515)		335		617		(171)			(297)		(719)			696		(2,525)
Net change in cash, cash equivalents and restricted cash		79,649		22,574		(63,061)		(17,627)			(19,383)		(13,166)			(28,115)		25,695
Cash, cash equivalents and restricted cash, beginning of period		50,214		129,863		152,437		89,376			80,644		110,610			89,376		71,749
Cash, cash equivalents and restricted cash, end of period	$	129,863	$	152,437	$	89,376	$	71,749		$	61,261	$	97,444		$	61,261	$	97,444
Non-GAAP Metric (unaudited):
Free cash flow	$	29,335	$	29,772	$	(55,946)	$	(17,324)	$	(8,457)	$	(44,620)	$	(39,257)	$	(69,035)

Source: Year end 2016 through 2019 audited financial statements. 2016 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. 2019 and 2020 interim periods are unaudited.

October 2020 | 39

Non-GAAP Reconciliations

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

											Three Months Ended			Six Months Ended
				Year Ended December 31,					June 30,				June 30,
($ in thousands)		2016		2017		2018		2019			2019		2020			2019		2020
Net income (loss)	$	27,044	$	38,734	$	5,279	$	(15,708)	$	1,828	$	(66,101)	$	(10,276)	$	(66,593)
Adjustments:
Depreciation and amortization		13,186		21,698		26,429		38,580			7,125		11,616			17,784		22,644
Interest expense (net of interest income)		17,270		12,286		10,236		8,022			2,243		2,545			4,191		4,316
Loss on extinguishment of debt		4,487		-		3,397		-			-		-			-		-
Income tax provision (benefit)		3,654		15,798		(3,033)		23,115			475		49,312			(4,125)		34,284
EBITDA		65,641		88,516		42,308		54,009			11,671		(2,628)			7,574		(5,349)
Share-based compensation expense		9,902		7,124		7,795		5,681			1,937		2,374			2,922		5,316
Realized loss on foreign currency remeasurement		757		4,471		13,489		4,107			967		1,928			4,769		968
Realized loss on sale of assets and asset impairments		-		-		4,581		18,117			4,972		1,440			7,207		3,358
Restructuring costs, net		-		-		-		3,927			3,874		181			3,874		298
Adjusted EBITDA	$	76,300	$	100,111	$	68,173	$	85,841		$	23,421	$	3,295		$	26,346	$	4,591

Net cash (debt) is reconciled as follows:

				December 31,					June 30,
($ in thousands)		2016		2017		2018		2019			2019		2020
Cash and cash equivalents	$	119,066	$	148,113	$	85,346	$	70,282	$	58,664	$	96,657
Less total debt, net of debt issuance costs and discount		(123,155)		(121,385)		(137,623)		(141,389)			(148,937)		(237,902)
Less debt issuance costs and discount		(2,290)		(2,171)		(878)		(672)			(775)		(1,279)
Net cash (debt)	$	(6,379)	$	24,557	$	(53,155)	$	(71,779)		$	(91,048)	$	(142,524)

Free cash flow is reconciled as follows:

												Three Months Ended			Six Months Ended
					Year Ended December 31,					June 30,				June 30,
	($ in thousands)		2016		2017		2018		2019			2019		2020			2019		2020
	Net cash provided by (used in) operating activities	$	59,842	$	74,600	$	(3,258)	$	57,084		$	10,573	$	(29,573)		$	(1,518)	$	(27,005)
	Less capital expenditures		(30,507)		(44,828)		(52,688)		(74,408)			(19,030)		(15,047)			(37,739)		(42,030)
	Free cash flow	$	29,335	$	29,772	$	(55,946)	$	(17,324)		$	(8,457)	$	(44,620)		$	(39,257)	$	(69,035)

Source: Year end 2016 through 2019 audited financial statements. 2016 and 2017 as restated per the Company's retroactive adoption of ASC 606. 2019 and 2020 interim periods are unaudited. 2019 full year Adjusted EBITDA has been restated to include restructuring charges, based upon a definition change made in Q1 2020.

October 2020 | 40