[JINPAN INTERNATIONAL LIMITED , 2016 Shareholders of Jinpan International Limited Re: Notice of General Meeting of Shareholders Dear Shareholder: At the general meeting you will be asked to consider and vote upon a proposal to authorize and approve the agreement and plan of merger dated as of January 24, 2016 (the “merger agreement”), by and among the Company, FNOF E&M] [Duff&Phelps Fairness Analysis Prepared for: Jinpan International Ltd. The Special Committee of Independent Directors of the Board of Directors of Jinpan International Limited The information contained herein is of a confidential nature and is intended for the use of the persons or firm to whom it is furnished by us. Reproduction, publication, or dissemination of portions hereof may not be] []