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Net Revenue

Trina Solar’s net revenues in the first quarter of 2008 were $120.7 million, an increase of 19.0% sequentially and 183.6% year-over-year. Total shipments in the first quarter of 2008 increased to 29.49 MW, up from 23.91 MW in the fourth quarter of 2007 and 10.52 MW in the first quarter of 2007. Average sales price („ASP“) was $3.95 in the first quarter of 2008, compared to $3.94 in the fourth quarter of 2007 and $3.80 in the first quarter of 2007.

Gross Profit and Margin

Gross profit in the first quarter of 2008 was $31.1 million, an increase of 12.6% sequentially and 226.8% year-over-year. Gross margin was 25.8% in the first quarter of 2008, a decrease from 27.2% in the fourth quarter of 2007 and an increase from 22.3% in the first quarter of 2007. The sequential decrease was predominantly due to higher cost of silicon raw materials. The year-over-year increase in gross margin was primarily due to higher module ASP and cost efficiencies from in-house cell production.

Operating Expense, Income and Margin

Operating expenses in the first quarter of 2008 were $10.9 million, representing 9.0% of first quarter net revenues, a decrease of 11.2% from the fourth quarter of 2007 and 11.8% from the first quarter of 2007. The sequential and year-over-year decreases were primarily due to lower general and administrative (‚G&A‘) expenses and sales and marketing expenses as a proportion of total net revenues. Operating expenses in the first quarter of 2008 included approximately $1.3 million of share-based compensation expenses.

Operating income in the first quarter of 2008 was $20.2 million, an increase of 24.5% sequentially and 352.2% year-over-year.

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