May 23, 2012

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JinkoSolar (JKS,$JKS) Declines 22% JinkoSolar Holding Co., Ltd. is a solar product manufacturer with operations based in Jiangxi Province and Zhejiang Province in China. JinkoSolar has built a vertically integrated solar product value chain from recovered silicon materials to solar modules. JinkoSolar's principal products are silicon wafers, solar cells and solar modules which are all along the photovoltaic value chain, with a global network spanning across Europe, North America and Asia. JinkoSolar Holding Co. was selected by our Diversified Growth Strategy as the primary short pick for the Energy Sector for this month's edition of the ValuEngine Forecast 16 Market Neutral Newsletter. When selected for our newsletter last week, the stock was trading at $5.32/share. As of yesterday's close, the stock was trading at $4.14. That represents a short gain of more than 22%. Chinese solar firms were the subject of a dumping investigation by the US Department of Commerce recently. As part of the resultant penalties, tariffs of 31.18% were imposed on companies like JinkoSolar. The company reports Q1 2012 results on June 20. ValuEngine has issued a STRONG SELL recommendation for JINKOSOLAR HLDG on May. 23, 2012. Based on the information we have gathered and our resulting research, we feel that JINKOSOLAR HLDG has the probability to UNDERPERFORM average market performance for the next year. The company exhibits UNATTRACTIVE P/E ratio, momentum and volatility.

Based on available data as of May. 23, 2012, we believe that JKS should be trading at $4.67. This makes JKS 11.30% undervalued. Fair Value indicates what we believe the stock should be trading at today if the stock market were perfectly efficient and everything traded at its true worth. For JKS, we base this on actual earnings per share (EPS) for the previous four quarters of -$4.32, forecasted EPS for the next four quarters of -$1.95, and correlations to the 30- year Treasury bond yield of 2.89%.

ValuEngine Forecast
Target Price Expected Return -5.47% -11.72% -21.59% -34.63% -44.79% -50.87%

1-Month 3-Month 6-Month 1-Year 2-Year 3-Year

3.91 3.65 3.25 2.71 2.29 2.03

Valuation & Rankings

Valuation 1-M Forecast Return 12-M Return Sharpe Ratio 5-Y Avg Annual Return Volatility Expected EPS Growth Market Cap (billions) Trailing P/E Ratio Forward P/E Ratio PEG Ratio Price/Sales Market/Book Beta Alpha 11.30% undervalued -5.47% -83.16% -0.37 -46.30% 126.58% 54.76% 0.09 n/a n/a n/a 0.08 0.23 4.18 -0.78 Valuation Rank 1-M Forecast Return Rank Momentum Rank Sharpe Ratio Rank 5-Y Avg Annual Rtn Rank Volatility Rank EPS Growth Rank Size Rank Trailing P/E Rank Forward P/E Ratio Rank PEG Ratio Rank Price/Sales Rank Market/Book Rank Beta Rank Alpha Rank 46 2 3 32 14 6 77 42 2 n/a n/a 95 95 2 4

Market Overview
Summary of VE Stock Universe
Stocks Undervalued Stocks Overvalued Stocks Undervalued by 20% Stocks Overvalued by 20% 74.69% 25.31% 37.93% 10.13%

Sector

Change

MTD

YTD

Valuation

Last 12M Return

-15.63% -19.99% -35.09% -7.42% -16.47% -16.00% -10.65% -11.80% -4.36% -17.72% -16.96% -11.50% -29.03% 1.06% -21.95% -10.33%

P/E Ratio
37.47 16.3 18.06 25.79 44.1 39.14 27.01 24.6 21.46 18.31 27.39 16.41 26.69 21.31 16.6 23.09

Aerospace Auto-Tires-Trucks Basic Materials Business Services Computer and Technology Construction Consumer Discretionary Consumer Staples Finance Industrial Products Medical Multi-Sector Conglomerates Oils-Energy Retail-Wholesale Transportation Utilities

-0.68% 0.52% -1.55% -0.05% -0.74% -0.26% -0.82% -0.31% -0.36% -0.27% -0.77% 0.11% -0.82% -0.14% -0.19% -0.50%

-7.26% -10.29% -14.37% -6.13% -9.19% -7.90% -7.91% -2.99% -5.23% -9.07% -6.79% -8.17% -12.90% -6.74% -7.92% -6.30%

-1.45% -2.91% -10.21% 1.78% 3.01% 10.25% 6.19% 3.94% 8.50% -1.23% 4.82% 2.45% -11.98% 4.84% 2.26% -4.32%

1.86% undervalued 22.56% undervalued 20.67% undervalued 10.25% undervalued 1.09% overvalued 4.17% undervalued 9.49% undervalued 4.64% overvalued 1.99% overvalued 0.52% undervalued 4.14% overvalued 2.34% undervalued 13.34% undervalued 4.21% overvalued 3.23% undervalued 4.02% overvalued