Document:

Subscription Agreement among the Registrant and other parties

 Exhibit 4.4 
 EXECUTION COPY 
  

 SUBSCRIPTION AGREEMENT 
 AMONG 
 CHINA SUNERGY CO., LTD., 
 THE INVESTORS LISTED HEREIN ON SCHEDULE 1

 and 
 THE
GUARANTORS LISTED HEREIN ON SCHEDULE 2 
 Dated September 17, 2006 
  

 TABLE OF CONTENTS 
  

			
	 	  	Page
	 Section 1 INTERPRETATION
	  	2
		
	 Section 2 SUBSCRIPTION FOR SERIES C PREFERRED SHARES
	  	8
		
	 Section 3 CONDITIONS PRECEDENT TO SUBSCRIPTION COMPLETION
	  	8
		
	 Section 4 subscription COMPLETION AND POST-COMPLETION ACTIONS
	  	11
		
	 Section 5 OBLIGATIONS OF THE COMPANY BETWEEN EXECUTION AND subscription COMPLETION
	  	14
		
	 Section 6 REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS
	  	15
		
	 Section 7 confidentiality; RESTRICTION ON ANNOUNCEMENTS
	  	16
		
	 Section 8 ACCESS
	  	18
		
	 Section 9 EXPENSES
	  	18
		
	 Section 10 TERMINATION
	  	18
		
	 Section 11 NOTICES
	  	19
		
	 Section 12 MISCELLANEOUS
	  	21
		
	 Section 13 GOVERNING LAW AND ARBITRATION
	  	22
		
	 Section 1 CORPORATE MATTERS
	  	4
		
	 Section 2 AUTHORIZATION AND VALIDITY OF TRANSACTIONS
	  	5
		
	 Section 3 LEGAL COMPLIANCE
	  	6
		
	 Section 4 OPERATIONS
	  	7
		
	 Section 5 ASSETS
	  	8
		
	 Section 6 REAL PROPERTY
	  	8
		
	 Section 7 INTELLECTUAL PROPERTY RIGHTS
	  	10
		
	 Section 8 CONTRACTS AND TRANSACTIONS
	  	12
		
	 Section 9 FINANCIAL MATTERS
	  	13
		
	 Section 10 ENVIRONMENTAL ISSUES
	  	14

  

 2 

			
	 Section 11 TAX, RECORDS AND RETURNS
	  	15
		
	 Section 12 EMPLOYEES
	  	16
		
	 Section 13 CLAIMS AND PROCEEDINGS
	  	17
		
	 Section 14 EXCLUSIVITY OF REPRESENTATIONS
	  	17
		
	 EXHIBIT D
	  	1

 SCHEDULES: 
  

					
	 SCHEDULE 1
	  	-	  	 INVESTOR

			
	 SCHEDULE 2
	  	-	  	 GUARANTORS

			
	 SCHEDULE 3
	  	-	  	 PARTICULARS OF THE COMPANY, THE BVI SUBSIDIARY AND NJPV

			
	 SCHEDULE 4
	  	-	  	 COLLECTIVE WARRANTIES

			
	 SCHEDULE 5
	  	-	  	 INVESTOR WARRANTIES

			
	 SCHEDULE 6
	  	-	  	 FORM OF OPINION OF THE COMPANY’S CAYMAN ISLANDS COUNSEL

			
	 SCHEDULE 7
	  	-	  	 FORM OF OPINION OF THE COMPANY’S BVI COUNSEL

			
	 SCHEDULE 8
	  	-	  	 FORM OF OPINION OF THE COMPANY’S PRC COUNSEL

			
	 SCHEDULE 9
	  	-	  	 OWNED PROPERTIES

			
	 SCHEDULE 10
	  	-	  	 PERSONS SUBJECT TO OFFSHORE EMPLOYMENT AGREEMENT

			
	 SCHEDULE 11
	  	-	  	 PERSONS SUBJECT TO ONSHORE EMPLOYMENT AGREEMENT

			
	 SCHEDULE 12
	  	-	  	 CERTAIN INTELLECTUAL PROPERTY CONTRIBUTED BY ZHAO JIAN HUA AND WANG AI HUA

			
	 SCHEDULE 13
	  	-	  	 CEEG TRADEMARKS

			
	 SCHEDULE 14
	  	-	  	 MONTHLY MANAGEMENT REPORT

			
	 SCHEDULE 15
	  	-	  	 PROCEEDS ACCOUNT

			
	 SCHEDULE 16
	  	-	  	 RESTRUCTURING

  

 3 

 EXHIBITS: 
  

					
	EXHIBIT A	  	-	  	FORM OF SHAREHOLDERS’ AGREEMENT
			
	EXHIBIT B	  	 -
	  	 FORM OF SECOND AMENDED AND RESTATED MEMORANDUM AND ARTICLES OF ASSOCIATION

			
	EXHIBIT C	  	 -
	  	 FORM OF REGISTRATION RIGHTS AGREEMENT

			
	EXHIBIT D	  	 -
	  	 FORM OF DISCLOSURE SCHEDULE

			
	EXHIBIT E	  	 -
	  	 FORM OF CEEG UNDERTAKING

  

 4 

 THIS SUBSCRIPTION AGREEMENT (this “Agreement”) made on the 17th day of September, 2006

 AMONG: 
  

	(1)	CHINA SUNERGY CO., LTD., a company organized and existing under the laws of the Cayman Islands, with its registered office located at the offices of Codan Trust Company
(Cayman) Limited at Century Yard, Cricket Square, Hutchins Drive, P.O. Box 2681 GT, George Town, Grand Cayman, Cayman Islands (the “Company” which term shall include, where appropriate, any Person (as defined below) controlled
directly or indirectly by the Company including the BVI Subsidiary (as defined below)); 

  

	(2)	THE INVESTORS (as defined below) as listed in Schedule 1 hereto; and 

  

	(3)	THE GUARANTORS (as defined below) as listed in Schedule 2 hereto. 

 RECITALS: 
  

	(A)	The Company is a limited liability company organized and existing under the laws of the Cayman Islands. Shortly after its incorporation, the Company owned, as a result of a Share
Swap (as defined below), a wholly-owned subsidiary, China Sunergy Co., Ltd., a business company incorporated in the British Virgin Islands (the “BVI Subsidiary”); 

  

	(B)	In April and May of 2006, the BVI Subsidiary allotted and issued Series A Preferred Shares and Series B Preferred Shares to certain investors in the Series A Transaction and Series
B Transaction (both as defined below), respectively; 

  

	(C)	As part of a recent corporate restructuring in August 2006, the Company, through a share swap transaction (the “Share Swap”), acquired all issued and outstanding
shares of the BVI Subsidiary and made the latter its wholly owned subsidiary. In implementing the Share Swap, the BVI Subsidiary’s existing shareholders sold all of their shares (including Ordinary Shares, Series A Preferred Shares and Series B
Preferred Shares (all as defined below)) of the BVI Subsidiary to the Company in exchange for the same percentage of the total issued share capital of the Company on an as converted basis as it held in the BVI Subsidiary prior to the Share Swap,
with each shareholder being issued shares in the Company of the same type and class of securities as it held in the BVI Subsidiary prior to the Share Swap; 

  

	(D)	Concurrently with the Share Swap, the BVI Subsidiary assigned all of its rights and transferred all of its obligations, including those under the Series A Transaction and the Series
B Transaction, to the Company, pursuant to that certain Agreement for the Transfer and Assumption of Obligations under the Subscription Agreement, the Shareholders’ Agreement and the Registration Rights Agreement, dated August 29, 2006;
and 

  

	(E)	The Company and the Guarantors desire that the Company allot and issue to the Investors, and the Investors desire to subscribe for, preferred redeemable convertible Series C shares
of the Company upon the terms and subject to the conditions set forth herein. 

 AGREEMENT: 
 SECTION 1 
 INTERPRETATION 
  

	1.1	Definitions. In this Agreement, unless the context otherwise requires the following words and expressions have the following meanings: 

 “Affiliate” of a Person (the “Subject Person”) means (i) in the case of a natural person, any other person that is
directly or indirectly controlled by such the Subject Person or is a spouse, parent, grandparent, child or grandchild of the Subject Person and (ii) in the case of a Subject Person other than a natural person, any other Person directly or
indirectly controlling, controlled by or under common control with the Subject Person, where “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a
Person, whether through the ownership of voting securities, by contract or otherwise, and includes (x) ownership directly or indirectly of at least 50% of the shares in issue or other equity interests of such person, (y) possession
directly or indirectly of at least 50% of the voting power of such person or (z) the power directly or indirectly to appoint a majority of the members of the board of directors or similar governing body of such person, and the terms
“controlling” and “controlled” have meanings correlative to the foregoing. 
 “Amended Offshore
Employment Agreement” means the Amended Employment Agreement, in the form reasonably satisfactory to the Investors, to be entered into by the Company and certain employees of the Company listed on Schedule 10. 
 “Amended Onshore Employee Agreement” means the Amended Employment Agreement, in the form reasonably satisfactory to the Investors, to be
entered into by NJPV and certain employees of NJPV listed on Schedule 11. 
 “Associate” has the meaning attributed to
such term in Section 1.01 of Chapter 1 of the Rules Governing the Listing of Securities of The Stock Exchange of Hong Kong Limited. 
 “Basic Documents” means this Agreement, the Shareholders’ Agreement, the Second Restated Articles and the Registration Rights Agreement. 
 “Board” means the board of directors of the Company. 
 “Business Day” means
any day on which banks are open for business in Hong Kong, New York and the PRC. 
 “CEEG” means China Electronic Equipment
Co., Ltd., a limited liability company organized and existing under the laws of the PRC. 
  

 2 

 “Charter Documents” means, in the case of the Company and the BVI Subsidiary, the
Memorandum and Articles of Association of the Company and the BVI Subsidiary, as applicable, in the case of NJPV, the articles of association of NJPV, and in the case of any other Subsidiary, the articles of association of such Subsidiary or similar
documents. 
 “Collective Warranties” means the representations, warranties and undertakings of the Company and the
Guarantors set forth in Schedule 4. 
 “CS” means Credit Suisse Private Equity Partners Asia, L.P., a limited
partnership registered in the Cayman Islands, with its registered address at c/o M&C Corporate Services Limited, P.O. Box 309GT, Ugland House, S. Church Street, George Town, Grand Cayman, Cayman Islands. 
 “Equity Securities” means, with respect to any Person, such Person’s capital stock, membership interests, partnership interests,
registered capital, joint venture or other ownership interests or any options, warrants or other securities that are directly or indirectly convertible into, or exercisable or exchangeable for, such capital stock, membership interests, partnership
interests, registered capital, joint venture or other ownership interest. 
 “Establishment Date” means the date on which
NJPV first obtained its business license from SAIC. 
 “Governmental Authority” means any government or political subdivision
thereof; any department, agency or instrumentality of any government or political subdivision thereof; any court or arbitral tribunal; and the governing body of any securities exchange. 
 “Group” means the Company, the BVI Subsidiary, NJPV and the Subsidiaries, and “Group Member” means any of them.

 “Guarantors” means all the persons set forth in Schedule 2. 
 “Hong Kong” means the Hong Kong Special Administrative Region of the PRC. 
 “IFRS” means the International Financial Reporting Standards and interpretations thereof approved by the International Accounting
Standards Board, including International Accounting Standards and interpretations thereof. 
 “Intellectual Property” means
all patents, trademarks, technology, service marks, registered designs, domain names and utility models, copyrights, inventions, Confidential Information, brand names, database rights and business names and any similar rights situated in any country
and the benefit (subject to the burden) of any of the foregoing (in each case whether registered or unregistered and including applications for the grant of any of the foregoing and the right to apply for any of the foregoing in any part of the
world). 
  

 3 

 “Investor Warranties” means the representations, warranties and undertakings of the
Investors set forth in Schedule 5. 
 “Investors” means the persons set forth in Schedule 1. For the purposes
of this Agreement and other Basic Documents, OZ Master Fund, Ltd., OZ Asia Master Fund, Ltd. and OZ Global Special Investments Master Fund, L.P. shall be viewed as one investor unless the context requires or indicates otherwise. 
 “NJPV” means CEEG (Nanjing) PV-Tech Co., Ltd., the particulars of which are set forth in Schedule 3 to this Agreement. 

“Ordinary Shares” means the ordinary shares, par value US$0.01 in the capital of the Company. 
 “OZ” means OZ Master Fund, Ltd., a Cayman Islands exempted company, OZ Asia Master Fund, Ltd., a Cayman Islands exempted company and OZ
Global Special Investments Master Fund, L.P., a Cayman Islands limited partnership, each with its registered address at c/o Goldman Sachs (Cayman) Trust, Ltd. Harbour Centre, P.O. Box 896, George Town, Grand Cayman, Cayman Islands. 
 “Party” means any signatory or the signatories to this Agreement. 
 “Person” means any individual, firm, corporation, partnership, company, trust, association, joint venture, government (or agency or
political subdivision thereof) or other entity of any kind, whether or not having separate legal personality and shall, where the context permits, include such person’s, executors, administrators, legal representatives and permitted successors
and assignors. 
 “PRC” means the People’s Republic of China, which for the purposes of this Agreement shall exclude
Taiwan and the Hong Kong and Macau Special Administrative Regions. 
 “Proceeds” means proceeds of the Consideration paid by
the Investors to the Company upon Subscription Completion. 
 “Registration Rights Agreement” means the Registration Rights
Agreement to be entered into among the Company, the Series A Investor, the Series B Investors and the Investors in the form of Exhibit C hereto. 
 “Related Party” means (i) any Substantial Shareholder, director or Senior Officer of any Group Member, and (ii) any Associate of any Substantial Shareholder, director or Senior Officer of
any Group Member. For the avoidance of doubt, CS or its assignee or successor shall not be deemed as a Related Party under this Agreement or any other Basic Documents. 
 “Restructuring” means the steps as contemplated in Schedule 16. 
 “RMB” means Renminbi, the lawful currency of the PRC. 
  

 4 

 “SAIC” means the State Administration of Industry and Commerce of the PRC or its
relevant local branch as appropriate to the context. 
 “Second Restated Articles” means the second amended and restated
Memorandum and Articles of Association of the Company, in the form of Exhibit B, to be adopted by the Company prior to Subscription Completion. 
 “Series A Investor” means PraxCapital Fund II, L.P., a limited partnership organized under the laws of the Cayman Islands. 
 “Series A Preferred Shares” means the series A redeemable convertible preferred shares, par value US$0.01 per share, in the capital of the BVI Subsidiary, which have been exchanged in the Share Swap
for series A redeemable convertible preferred shares, par value US$0.01 per share, in the capital of the Company. 
 “Series A
Proceeds” means the aggregate proceeds received by the BVI Subsidiary from the Series A Investor upon consummation of the Series A Transaction, in the amount of US$10,000,000. 
 “Series A Transaction” means the purchase by the Series A Investor from the BVI Subsidiary and its then existing shareholders of 128,473
Series A Preferred Shares for an aggregate consideration of US$13,110,400 and related transactions 
 “Series A Transaction
Documents” means the Warrant Purchase Agreement entered into on and as of March 8, 2006 by and among the Series A Investor, the BVI Subsidiary, NJPV and the other parties thereto, the Loan Agreement entered into as of March 8,
2006 by and between the BVI Subsidiary and NJPV, and other agreements and documents contemplated therein, pursuant to which the Series A Transaction is to be consummated. 
 “Series B Completion Date” means the date on which the Series B Transaction was completed. 
 “Series B Investors” means Exuberance Investment Limited, a limited partnership organized under the laws of the British Virgin Islands, Gersec Trust Reg., a trust enterprise organized under the laws of Liechtenstein and
China Environment Fund 2004, LP, a limited partnership organized under the laws of the Cayman Islands. 
 “Series B Preferred
Shares” means the series B redeemable convertible preferred shares, par value US$0.01 per share, in the capital of the BVI Subsidiary, which have been exchanged in the Share Swap for series B redeemable convertible preferred shares, par
value US$0.01 per share, in the capital of the Company. 
 “Series B Transaction” means the purchase by the Series B
Investors of 239,051 Series B Preferred Shares for an aggregate consideration of US$27,999,948 and related transactions. 
  

 5 

 “Series B Transaction Documents” means the Share Subscription Agreement entered into on
and as of April 4, 2006 by and among the Series B Investors, the BVI Subsidiary and the other parties thereto and other agreements and documents contemplated therein, pursuant to which the Series B Transaction is to be consummated. 

“Series C Preferred Shares” means the series C redeemable convertible preferred shares, par value US$0.01 per share, in the capital of
the Company. 
 “Series C Transaction” means the purchase by the Investors of 69,010 Series C Preferred Shares (or such
number of Subscribed Shares as adjusted in accordance with Section 5.3 where applicable) for an aggregate consideration of US$20,000,000 and all related transactions. 
 “Shareholders’ Agreement” means the Shareholders’ Agreement, in the form of Exhibit A, to be entered into by the Company, the Investors and the other parties listed therein.

 “Subscribed Shares” means such number of Series C Preferred Shares to be subscribed by the Investors pursuant to
Section 2.1 (as adjusted in accordance with Section 5.3 where applicable). 
 “Subscription Completion” means the
completion of the subscription of the Subscribed Shares by the Investors. 
 “Subsidiary” means any other Person in which the
Company directly or indirectly holds a majority of the ownership interests, or a majority of the voting power, represented by the Equity Securities of such Person, or the Company controls the appointment of a majority of the members of the board of
directors or other similar governing body of such Person. 
 “Substantial Shareholder” means a Person who owns of record or
beneficially more than five percent of any class of the Company’s Equity Securities. 
 “Target Completion Date” means
the date that is five business days after the date of this Agreement or such other date as may be agreed in writing by the Parties. 
 “US$” or “US Dollars” means United States Dollars, the lawful currency of the United States of America. 
 “Warranties” means the Collective Warranties and the Investor Warranties. 
  

	1.2	Terms Defined Elsewhere in this Agreement. The following terms are defined in this Agreement as follows: 

  

			
	Term	 	Section
		
	“Additional Issue”	 	Section 5.3
	“Agreement”	 	Preamble
	“Cayman Islands”	 	Preamble
	“Centre”	 	Section 13.2(b)
	“Company”	 	Preamble
	“Completion Date”	 	Section 4.2(a)
	“Completion Notice”	 	Section 4.2(a)
	“Completion Notice Date”	 	Section 4.2(a)
	“Confidential Information”	 	Section 7.1
	“Dilutive Event”	 	Section 5.3
	“Dispute”	 	Section 13.2(b)
	“Proceeds Account”	 	Section 4.1(b)
	“Purchase Price”	 	Section 2.1
	“Representatives”	 	Section 7.1
	“Unfulfilled Conditions”	 	Section 4.2(b)

  

 6 

	1.3	Interpretation. In this Agreement, unless the context otherwise requires: 

  

	 	(a)	Share Calculations. In calculations of share numbers, (i) references to a “fully diluted basis” mean that the calculation is to be made assuming that
all outstanding options, warrants and other Equity Securities convertible into or exercisable or exchangeable for Ordinary Shares (whether or not by their terms then currently convertible, exercisable or exchangeable), have been so converted,
exercised or exchanged, and (ii) references to a “non-diluted basis” mean that the calculation is to be made taking into account only Ordinary Shares then in issue. 

  

	 	(b)	Directly or Indirectly. The phrase “directly or indirectly” means directly, or indirectly through one or more intermediate persons or through contractual or
other legal arrangements, and “direct or indirect” has the correlative meaning. 

  

	 	(c)	Gender and Number. Unless the context otherwise requires, all words (whether gender-specific or gender neutral) shall be deemed to include each of the masculine, feminine and
neuter genders, and words importing the singular include the plural and vice versa. 

  

	 	(d)	Headings. Headings are included for convenience only and shall not affect the construction of any provision of this Agreement. 

  

	 	(e)	Include not Limiting. “Include,” “including,” “are inclusive of” and similar expressions are not expressions of limitation
and shall be construed as if followed by the words “without limitation.” 

  

	 	(f)	Law. References to “law” shall include all applicable laws, regulations, rules and orders of any Governmental Authority, securities exchange or other
self-regulating body, including the Act, any common or customary law, constitution, code, ordinance, statute or other legislative measure and any regulation, rule, treaty, order, decree or judgment; and “lawful” shall be construed
accordingly. 

  

	 	(g)	Successor. References to any government ministry, agency, department or authority shall be construed as references to the duly appointed successor ministry, agency,
department or authority of such ministry, agency, department or authority where the context permits. 

  

 7 

	 	(h)	References to Documents. References to this Agreement include the Schedules and the Exhibits, which form an integral part hereof. A reference to any Section, Schedule or
Exhibits, unless otherwise specified, to such Section of, or Schedule or Exhibit to, this Agreement. The words “hereof,” “hereunder” and “hereto,” and words of like import, refer to this Agreement
as a whole and not to any particular Section hereof or Schedule or Exhibit hereto. A reference to any document (including this Agreement) is to that document as amended, consolidated, supplemented, novated or replaced from time to time.

  

	 	(i)	Writing. References to writing include any mode of reproducing words in a legible and non-transitory form. 

 SECTION 2 
 SUBSCRIPTION FOR
SERIES C PREFERRED SHARES 
  

	2.1	Series C Transaction. Upon the terms and subject to the conditions of this Agreement, each Investor hereby subscribes for, and the Company agrees to allot and issue to each
Investor at Subscription Completion such number of Series C Preferred Shares as set forth opposite each Investor’s name in Schedule 1 hereto, which number being equal to the quotient of (i) consideration as set forth opposite each
Investor’s name in Schedule 1 (the “Consideration”) divided by (ii) a price per Subscribed Share of US$289.8162 (the “Purchase Price”), as adjusted in accordance with Section 5.3 where
applicable. The price per Subscribed Share is predicated on the assumption that the total issued share capital of the Company on a fully diluted basis (including all shares, issuable upon exercise of any and all warrants, options and other
convertible instruments issued by the Company and all shares issuable pursuant to the Series A Transaction Documents, the Series B Transaction Documents and the Basic Documents) shall be 1,412,964 shares immediately prior to Subscription Completion.

  

	2.2	Consideration. Subject to Section 9 and the other terms and conditions of this Agreement, each Investor shall pay its respective Consideration for its Series C Preferred
Shares at Subscription Completion by means of wire transfer to a bank account designated by the Company in accordance with Section 4.1(b). 

 SECTION 3 
 CONDITIONS PRECEDENT TO SUBSCRIPTION COMPLETION 
  

	3.1	Conditions Precedent to Obligations of the Investor. The obligation of each Investor to complete the subscription for its Subscribed Shares is subject to the fulfillment,
prior to or simultaneously on the Completion Date (or at the time specified below), of the following conditions, any one or more of which may be waived by that Investor: 

  

	 	(a)	each of the persons listed in Schedule 10 hereto having entered into an Amended Offshore Employment Agreement; 

  

 8 

	 	(b)	each of the other Basic Documents having been duly executed by the parties thereto other than the Investors; 

  

	 	(c)	the OZ Observer and CS Observer (as defined in the Shareholders’ Agreement) have been respectively appointed to the Board; 

  

	 	(d)	the Collective Warranties remaining true and correct on the Completion Date as provided in Section 6.4; 

  

	 	(e)	the existing shareholders of the Company having waived any pre-emptive rights such shareholders may have in respect of the issue of the Subscribed Shares; 

 

	 	(f)	the Company and the Guarantors having performed and complied with all agreements, obligations and conditions contained in the Basic Documents that are required to be performed or
complied with by them on or before the Completion Date; 

  

	 	(g)	the Company and the shareholders of the Company having duly attended to and carried out all corporate procedures that are required under the laws of the Company’s jurisdiction
of incorporation in connection with the Basic Documents and the transactions contemplated thereby, including without limitation: 

  

	 	(i)	approval by the Board and, to the extent required by the Company Charter Documents or applicable law, the shareholders of the Company of the execution, delivery and performance by
the Company of the Basic Documents, the allotment and issuance of the Subscribed Shares and the other transactions contemplated by the Basic Documents to which the Company is a party or which require approval by the Board or the shareholders of the
Company; and 

  

	 	(ii)	adoption of the Second Restated Articles by all necessary action of the Board and the shareholders of the Company and due filing of the Second Restated Articles with the Registrar
of Companies of the Cayman Island; 

  

	 	(h)	CEEG having executed a written undertaking, in substantially the form attached hereto as Exhibit E, that CEEG will continue to guarantee any and all of NJPV’s loan
facilities existing as of the Completion Date for at least one year after the Series B Completion Date; 

  

	 	(i)	all relevant consents, approvals and filings having been duly obtained or made; 

  

	 	(j)	there having been since the date of this Agreement (i) no material adverse change in the business, operations, properties, financial position (including without limitation any
material increase in provisions), prospects or condition of the Group other than any changes caused by worldwide, national or local economic conditions that impact all industries generally, and (ii) no material change in any relevant laws,
regulations or policies in any of the jurisdictions in which any Group Member does business (whether coming into effect prior to, on or after the Completion Date) that materially and adversely affects or is reasonably expected to materially and
adversely affect the Group; 

  

 9 

	 	(k)	the Company having delivered to each of the Investors a certificate, dated the Completion Date and signed by an executive officer of the Company, certifying that the conditions set
forth in Sections 3.1(a) to 3.1(j) have been satisfied; 

  

	 	(l)	each of the Investors having received all such counterpart originals and certified or other copies of all documents incident to the procedures referred to in Section 3.1(g) as
it may reasonably request, including without limitation each of the following, certified by an executive officer of the Company as true, complete and correct copies as of the Completion Date: 

  

	 	(i)	a copy of the resolutions (and all attachments thereto) described in Section 3.1(g); 

  

	 	(ii)	a copy of all items described in Section 3.1(i); 

  

	 	(iii)	a copy of the register of members of the Company as at the Completion Date; 

  

	 	(m)	each Investor having received an opinion from Conyers Dill & Pearman, Cayman Islands counsel to the Company, dated as of the Completion Date, in substantially the form
attached as Schedule 6 hereto and reasonably acceptable to each Investor; 

  

	 	(n)	each Investor having received an opinion from Conyers Dill & Pearman, the British Virgin Islands counsel to the Company, dated as of the Completion Date, in substantially
the form attached as Schedule 7 hereto and reasonably acceptable to each Investor; 

  

	 	(o)	each Investor having received an opinion from Capitallaw & Partners, PRC counsel to the Company, dated as of the Completion Date, in substantially the form attached as
Schedule 8 hereto and reasonably acceptable to each Investor; and 

  

	 	(p)	the Ordinary Shares issuable on conversion of the Series C Preferred Shares shall have been duly authorized and reserved for issuance upon such conversion. 

  

	3.2	Conditions Precedent to Obligations of the Company. The obligation of the Company to complete the issuance of the relevant Subscribed Shares to each Investor is subject to
the fulfillment, prior to or simultaneously at the relevant Subscription Completion, of the following conditions, any of which may be waived by the Company: 

  

	 	(a)	the Investor Warranties remaining true and correct on the Completion Date with respect to that Investor; 

  

 10 

	 	(b)	such Investor having performed and complied with all of its obligations under the Basic Documents that are required to be performed or complied with by it on or before the
Completion Date, and not otherwise being in material default under any of the provisions of this Agreement; 

  

	 	(c)	such Investor having carried out and attended to all the relevant corporate procedures that are required under laws of its jurisdiction of incorporation in order to complete the
transaction contemplated hereby; and 

  

	 	(d)	each of the Basic Documents having been duly executed by such Investor, in each case to the extent it is a party thereto. 

  

	3.3	Bring Down of Conditions Precedent. For the avoidance of doubt, the conditions precedent set forth in Section 3.1 must be met or waived by the relevant Investor on the
Completion Date in accordance with Section 4, and the conditions precedent set forth in Section 3.2 must be met or waived by the Company on the Completion Date in accordance with Section 4. 

 SECTION 4 
 SUBSCRIPTION
COMPLETION AND POST-COMPLETION ACTIONS 
  

	4.1	Actions at Subscription Completion. At Subscription Completion, 

  

	 	(a)	the Company shall: 

  

	 	(i)	allot and issue to each Investor its respective Subscribed Shares as set forth in Schedule 1 hereto; 

  

	 	(ii)	duly register the respective Subscribed Shares in the name of each Investor, in the Company’s register of members; 

  

	 	(iii)	deliver to each Investor or its custodian as directed a share certificate for its relevant Subscribed Shares, duly completed in the name of such Investor; and

  

	 	(iv)	deliver to each Investor a receipt for the Consideration paid by such Investor; 

  

	 	(b)	each Investor shall pay the Consideration by wire transfer to a bank account of the Company opened at a bank located outside of the PRC (which for purposes of this
Section 4.1(b) shall not include Hong Kong or Taiwan) whose authorized signatories shall include Mr. Lu Tingxiu (the “Proceeds Account”, the detailed information of which account is set forth in Schedule 15); and

  

 11 

	 	(c)	each of the parties to the Shareholders’ Agreement shall execute and deliver each of the Basic Documents, to the extent that they have not been previously executed and
delivered. 

  

	4.2	Time of Subscription Completion. 

  

	 	(a)	Upon the satisfaction or waiver of the conditions precedent set forth in Sections 3.1 and 3.2 (other than those conditions precedent set out in Sections 3.1(d), (j), (k), (l), (m),
(n), (o) and Sections 3.2(a) and (b) which by their terms cannot be fulfilled until Subscription Completion) by the Company or the relevant Investor, as applicable, the Company shall notify each Investor via facsimile, or another method of
instantaneous communication whereby the receipt of notice can be readily verified, of its intention to effect Subscription Completion (the “Completion Notice”) on the date (the “Completion Date”) that is three
Business Days after the date of the receipt of Completion Notice by all Investors (the “Completion Notice Date”). 

  

	 	(b)	To the extent that any condition in Section 3.1 has not been fulfilled as of the Target Completion Date (each such condition an “Unfulfilled Condition”), each
Investor may: 

  

	 	(i)	terminate this Agreement in accordance with Section 10.2(a); or 

  

	 	(ii)	proceed to Subscription Completion on the condition that the Company and the Guarantors will cause those of the Unfulfilled Conditions selected by the relevant Investor to be
fulfilled within 45 Business Days after the Completion Date. 

  

	 	(c)	Should the relevant Investor fail to inform the Company of its decision under Section 4.2(b) within three Business Days after the Target Completion Notice Date, the Company may
terminate this Agreement in accordance with Section 10.2(a). 

  

	 	(d)	Subscription Completion shall take place on the Completion Date, at 5 pm, Hong Kong time, or at such other time and place as the Parties may agree. 

  

	4.3	Efforts to Fulfill Subscription Completion Conditions. The Parties shall use all reasonable efforts to ensure that all conditions set forth in Section 3.1 shall be
fulfilled by the Target Completion Date. 

  

	4.4	Post-Completion Covenants. The Guarantors and the Company covenant, jointly and severally, to: 

  

	 	(a)	cause the Proceeds to be contributed to NJPV as NJPV’s outstanding increased registered capital as promptly as commercially practicable; 

  

 12 

	 	(b)	cause those Unfulfilled Conditions selected by each of the Investors pursuant to Section 4.2(b)(ii) to be fulfilled within 45 Business Days after the Completion Date;

  

	 	(c)	cause a trademark license agreement to be entered into between CEEG and NJPV, pursuant to which CEEG will license its Chinese trademark set forth on Schedule 13 hereto to
NJPV on terms reasonably acceptable to the Series A Investor, the Series B Investor and the Investors; 

  

	 	(d)	cause each of the persons listed in Schedule 11 hereto to enter into an Amended Onshore Employment Agreement within 15 Business Days after the Completion Date;

  

	 	(e)	cause NJPV to obtain the building ownership certificate with respect to the research and development building, the multi-functional building and the solar cell workshop with the
total area of 14,087.59 square meters as permitted to be constructed under the Work Permit for Construction Project issued to NJPV by Nanjing Jingning District Construction Bureau on November 18, 2004 within 10 Business Days after the
Completion Date, duly issued by the relevant PRC Governmental Authorities and fully attesting to NJPV’s lawful rights to use the said structures; 

  

	 	(f)	cause each of Mr. Lu Tingxiu, Ms. Huang Yingchun and Mr. Xu Chengrong to use his or her best efforts to submit an application for amendment registration in respect of
his or her overseas investments and the Share Swap from the relevant local offices of State Administration of Foreign Exchange required pursuant to the “Notice of the State Administration of Foreign Exchange on Relevant Issues of Foreign
Exchange Administration in Connection with the Financing and Return Investment by Onshore Residents via Offshore Special Purposes Vehicles” (Hui Fa [2005] No.75) promulgated by SAFE on October 21, 2005 as such may be modified, re-enacted
or replaced from time to time, and shall procure that each of Mr. Lu Tingxiu, Ms. Huang Yingchun and Mr. Xu Chengrong shall complete and obtain such registrations in accordance with all applicable requirements and to the
Investors’ reasonable satisfaction in each case within one year following the Completion Date; and 

  

	 	(g)	cause the outstanding Restructuring steps including the advancement of the Xinde Proceeds (as defined in Schedule 16 hereto) to NJPV as an entrustment loan and the waiver of
such loan or such other alternative method to inject the Xinde Proceeds to NJPV without recourse to NJPV or any other Person and in a manner not prejudicial to NJPV as may be agreed by the Company, the BVI Subsidiary, NJPV and the Series B Investors
as contemplated in items 12 to 14 as set out in Schedule 16 hereto to be duly completed within 2 months after the Completion Date. 

  

 13 

 SECTION 5 
 OBLIGATIONS OF THE COMPANY BETWEEN EXECUTION AND 
 SUBSCRIPTION COMPLETION 
  

	5.1	Notices of Breaches. From the date hereof through to the Completion Date, the Company shall, and shall procure all Group Members to, conduct its business in a manner, and
shall otherwise use all reasonable efforts, so as to ensure that the Collective Warranties shall continue to be true and correct on and as of the Completion Date as if made on and as of the Completion Date. Each of the Company and Guarantors shall
give each Investor prompt notice of any event, condition or circumstance occurring from the date hereof until the Completion Date that would constitute a violation or breach of any Collective Warranty if such Collective Warranty were made as of any
date from the date hereof until the Completion Date, or that would constitute a violation or breach of any terms and conditions contained in this Agreement. 

  

	5.2	Restrictions on Actions Between Signing and Subscription Completion. The Company shall not, and the Company and the Guarantors shall jointly and severally procure that none
of the other Group Members shall, without the prior written consent of each Investor, conduct any of the following actions in respect of itself from the date hereof through the Completion Date, other than pursuant to the Series A Transaction
Documents, the Series B Transaction Documents, this Agreement or other Basic Agreements: 

  

	 	(a)	sell or otherwise dispose of any material part of its assets (or any interest therein) or contract to do so; 

  

	 	(b)	unless permitted under the terms of this Agreement, appoint any additional directors or otherwise change its key management or personnel; 

  

	 	(c)	change its auditors; 

  

	 	(d)	amend its Charter Documents, except for the adoption of the Second Restated Articles; 

  

	 	(e)	change its financial year end; 

  

	 	(f)	acquire assets with an aggregate value exceeding US$750,000 (or any interest therein) or contract to do so, other than in the ordinary course of its business;

  

	 	(g)	enter into any arrangement, contract or agreement with any Related Party except on an arm’s length basis and in the ordinary course of business; 

  

	 	(h)	borrow any money from any Related Party except where such loan is unsecured and interest free or such loan subsists at the date of this Agreement; 

  

 14 

	 	(i)	lend any money or give any guarantee or indemnity in favor of any party in respect of the performance or obligations of any Related Party or give any financial assistance in any way
to any Related Party; 

  

	 	(j)	declare, pay or make any dividend or distribution; or 

  

	 	(k)	issue any securities of any kind other than as permitted pursuant to this Agreement, but subject to Section 5.3. 

  

	5.3	Adjustment. In the case of any issue of shares or other Equity Securities convertible or exchangeable into Ordinary Shares to any Person other than the Series C Shareholders
pursuant to the Series A Transaction Documents, the Series B Transaction Documents or the Basic Documents with respect to which issue the Series C Shareholders are not otherwise entitled or pursuant to any earnings adjustment in respect of the
Series A Conversion Price or the Series B Conversion Price under Clause 10.11(d)(iii) of the Second Restated Articles on or after the date of this Agreement (each such issue or adjustment, a “Dilutive Event”) up to Subscription
Completion, the Company shall allot and issue to each Investor, and each Investor hereby agrees to subscribe for, such additional number of Series C Preferred Shares as would, together with the number of Series C Preferred Shares agreed to be
subscribed for by, and allotted and issued to, each Investor pursuant to Section 2.1 prior to any adjustment, result in the proportion of issuable Ordinary Shares owned by each Investor upon Subscription Completion to the total issued and
outstanding Ordinary Shares and issuable Ordinary Shares (in each case, on a as-converted and fully diluted basis) being the same as such proportion each Investor would have owned upon Subscription Completion without such Dilutive Event. Any
additional Series C Preferred Shares to be allotted and issued to the Investors in accordance with this Section 5.3 shall be duly allotted and issued and credited as fully paid, non-assessable and free from any Encumbrance. The allotment and
issue of such additional Series C Preferred Shares shall not require any additional consideration to be payable by the Investors. 

  

	5.4	Monthly Management Report. The Company covenants and agrees that it shall procure NJPV, from the date hereof through the Completion Date, to deliver to each Investor a
management report in the form of Schedule 14 to this Agreement within 20 days after the end of each month. 

 SECTION 6 
 REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS 
  

	6.1	Collective Warranties. The Company and the Guarantors, acting jointly and severally, hereby represent, warrant and undertake to each Investor in the terms set forth in
Schedule 4 and acknowledge that each Investor in entering into this Agreement is relying on such representations, warranties and undertakings. 

  

	6.2	Investor Warranties. Each Investor hereby, severally but not jointly, represents, warrants and undertakes to the Company in the terms set forth in Schedule 5 with
respect to itself and acknowledges that the Company in entering into this Agreement is relying on such representations, warranties and undertakings, provided that, OZ Master Fund, Ltd., OZ Asia Master Fund, Ltd. and OZ Global Special
Investments Master Fund, L.P. shall act jointly and severally in rendering any of the representations, warranties and undertakings in Schedule 5 as they apply to OZ. 

  

 15 

	6.3	Knowledge of Claims. The Collective Warranties are given subject to the matters fully and fairly disclosed in the Disclosure Schedule, but no other information relating to
the Company, the shareholders of the Company or the Guarantors of which an Investor has actual or constructive knowledge, no other information relating to an Investor of which the Company or the Guarantors have actual or constructive knowledge and
no investigation by or on behalf of an Investor, the Company or the Guarantors shall prejudice any claim made by any Investor or the Company with respect to each other or operate to reduce any amount recoverable thereunder. It shall not be a defense
to any claim against the Company, the Guarantors or an Investor that such Investor, the Company or the Guarantors, as the case may be, know or ought to have known or had constructive knowledge of any information (other than as disclosed in the
Disclosure Schedule) relating to the circumstances giving rise to such claim. 

  

	6.4	Separate and Independent. The Collective Warranties and each Investor’s Warranties set forth in each paragraph of Schedule 4 and Schedule 5, respectively,
shall be separate and independent and save as expressly provided shall not be limited by reference to any other paragraph or anything in this Agreement or the Schedules. 

  

	6.5	Bring-Down to Subscription Completion. The Warranties shall be deemed to be repeated as at Subscription Completion as if they were made on and as of such date and all
references therein to the date of this Agreement were references to such date. 

  

	6.6	Survival of Warranties. All Warranties shall survive the execution and delivery of this Agreement for a period of 24 months. 

 SECTION 7 
 CONFIDENTIALITY;
RESTRICTION ON ANNOUNCEMENTS 
  

	7.1	General Obligation. Each Party undertakes to the other Parties that it shall not reveal, and that it shall procure that its respective directors, equity interest holders,
current or prospective partners, members, advisors and bankers, officers, employees, agents, consultants, professional advisors and Affiliates and the respective directors, equity interest holders, current or prospective partners, members, advisors
and bankers, officers, employees, agents, consultants, professional advisors of each such Affiliate (collectively, “Representatives”) who have received or will receive Confidential Information do not reveal, to any third party any
Confidential Information without the prior written consent of the relevant Investor and the concerned Party or use any Confidential Information in such manner that is detrimental to the relevant Investor or the concerned Party, as the case may be.
The term “Confidential Information” as used in this Section 7.1 means, (a) any information concerning the organization, business, technology, finance, transactions or affairs of any Party or any Guarantor or any of their
respective directors, officers or employees (whether conveyed in written, oral or in any other form and whether such information is furnished before, on or after the date of this Agreement); (b) the terms of this Agreement and the terms of any
of the other Basic Documents, and the identities of the Parties and their respective Affiliates; and (c) any other information or materials prepared by a Party or any Guarantor or its Representatives that contains or otherwise reflects, or is
generated from, Confidential Information. 

  

 16 

	7.2	Exceptions. The provisions of Section 7.1 shall not apply to: 

  

	 	(a)	disclosure of Confidential Information that is or becomes generally available to the public other than as a result of disclosure by or at the direction of a Party or any of the
Representatives in violation of this Agreement; 

  

	 	(b)	disclosure by a Party to a Representative; provided that such Representative (i) is under similar obligation of confidentiality or (ii) is otherwise under a binding
professional obligation of confidentiality; 

  

	 	(c)	disclosure, after giving prior notice to the other Parties to the extent practicable under the circumstances and subject to any practicable arrangements to protect confidentiality,
to the extent required under the rules of any stock exchange or by applicable laws or governmental regulations or judicial or regulatory process or in connection with any judicial process regarding any legal action, suit or proceeding arising out of
or relating to this Agreement; 

  

	 	(d)	disclosure by the Company to prospective investors in the Company who have entered into a confidentiality agreement with the Company in form and substance to the satisfaction of the
Investors; 

  

	 	(e)	disclosure by an Investor to its stockholders, limited partners, members or other owners, as the case may be, regarding the general status of its investment in the Company (without
disclosing specific Confidential Information); 

  

	 	(f)	disclosure by an Investor to Persons reasonably determined by such Investor to be potential stockholders, limited partners, members or other investors in such Investor in any media,
including without limitation in connection with any marketing materials distributed for or on behalf of such Investor, regarding the general status of its investment in the Company, including without limitation the name of the Company, a description
of the business conducted by the Company and the actual or estimated return on investment realized by such Investor resulting from or relating to its investment in the Company; and 

  

	 	(g)	disclosure by CS to its assignee as permitted pursuant to Section 12.1 hereof. 

  

 17 

	7.3	Publicity. Except as required by law or by any Governmental Authority or otherwise agreed by all the Parties, no publicity release or public announcement concerning the
relationship or involvement of the Parties shall be made by any Party. 

 SECTION 8 
 ACCESS 
  

	8.1	Access. Subject to Section 7.11(c) of the Shareholders’ Agreement, as from the date of this Agreement, the Company shall give to each Investor and its accountants,
counsel and agents full access, upon reasonable prior notice and during normal business hours, to the premises and all the books and records of the Group Members and shall instruct the officers and employees of the Group Members to give promptly all
information and explanations to each Investor or any such persons as each Investor may reasonably request, provided that the Investor agrees to keep confidential any information so obtained; provided further that each Investor may be
excluded from access to any material, records or other information if the Company is prohibited from making such disclosure pursuant to a bona fide agreement with a third party or if such disclosure will jeopardize attorney-client privilege.

 SECTION 9 
 EXPENSES 
  

	9.1	Expenses. Each Party shall bear its own costs and the expenses incurred in connection with the preparation and negotiation of this Agreement and the other Basic Documents.

  

	9.2	Stamp Duties, Fees and Expenses. Any stamp duty, capital duty, fees or expenses payable to any Governmental Authority in connection with the issue and allotment of the
Subscribed Shares pursuant to this Agreement shall be borne by the Company unless applicable laws require otherwise. 

 SECTION 10 
 TERMINATION 
  

	10.1	Effective Date; Termination. This Agreement shall become effective upon execution hereof by all of the Parties and shall continue in force until terminated in accordance with
Section 10.2. 

  

	10.2	Events of Termination. This Agreement may be terminated as regards an Investor: 

  

	 	(a)	by election of that Investor pursuant to Section 4.2(b)(i) or by election of the Company pursuant to Section 4.2(c); 

  

	 	(b)	at any time on or prior to Subscription Completion, at the election of that Investor with respect to its subscription of its relevant Subscribed Shares, if the Company or any of the
Guarantors has breached any Collective Warranty or any other material covenant or agreement of the Company or any of the Guarantors contained in this Agreement, which breach cannot be or is not cured within 30 days after being notified in writing of
the same; 

  

 18 

	 	(c)	at any time on or prior to Subscription Completion, at the election of the Company, if that Investor has breached any Investor Warranty, or any other material covenant or agreement
of such Investor contained in this Agreement, which breach cannot be or is not cured within 30 days after being notified in writing of the same; or 

  

	 	(d)	at any time on or prior to the Subscription Completion, by mutual written consent of the Company and that Investor. 

  

	10.3	Effect of Termination. In the case of a termination pursuant to Section 10.2, none of the relevant Parties shall have any rights or claims against any of the other
Parties, save for those that expressly survive termination of this Agreement in accordance with the provisions of Section 10.4. 

  

	10.4	Survival. If this Agreement is terminated in accordance with Section 10.2, it shall become void and of no further force and effect as among relevant parties, except for
the provisions of Sections 7, 9, 10.3, 11 and 13; provided, however, that such termination shall, unless otherwise agreed by the relevant Parties, be without prejudice to the rights of any relevant Party in respect of a breach of this
Agreement prior to such termination. 

 SECTION 11 
 NOTICES 
  

	11.1	Notices. Notices or other communications required to be given by any Party to any other Party pursuant to this Agreement shall be written in English and delivered by:

  

	 	(a)	hand delivery or courier; 

  

	 	(b)	prepaid registered letter sent by first class mail (airmail if to an address in a country other than the country in which the sender is situated), return receipt requested; or

  

	 	(c)	facsimile to the applicable Party at the address or facsimile number stated below: 

  

			
	(i) If to the Company:	  	123 Focheng West Road, Jiangning
		  	Economic & Technical Development
		  	Zone, Nanjing, PRC 211100
		  	Facsimile: +86 (25) 5276-6882
		  	Attn: Tingxiu Lu
		
		  	with a copy to:
		
		  	Latham & Watkins LLP
		  	41st Floor, One Exchange Square
		  	8 Connaught Place, Central
		  	Hong Kong
		  	Facsimile: +852 2522-7006
		  	Attn: David T. Zhang

  

 19 

			
	(ii) If to OZ:	  	 c/o Och-Ziff Capital Management Group,
 L.L.C.

		  	9 West 57th St., 13th Floor
		  	New York, NY 10019
		  	Facsimile: +1 (212) 790-0077
		  	Attn: Joel Frank
		  	Copy to: Nicole Macarchuk
		
		  	with a copy to:
		
		  	Address: c/o Och-Ziff Capital
		  	Management Hong Kong Limited
		  	Suite 2003A, Cheung Kong Center
		  	2 Queen’s Road Central
		  	Hong Kong
		  	Facsimile: +852 2297-0818
		  	Attn: Gabriel Fong
		
	(iii) If to CS:	  	 Credit Suisse Private Equity Partners
 Asia,
L.P.

		  	c/o M&C Corporate Services Limited
		  	P.O. Box 309GT, Ugland House
		  	S. Church Street, George Town
		  	Grand Cayman, Cayman Islands
		
		  	with copies to:
		
		  	c/o Credit Suisse
		  	45/F Two Exchange Square
		  	8 Connaught Place
		  	Central, Hong Kong
		  	Facsimile: +852 2284-6529
		  	 Attn: Delia Lang, Legal and Compliance
 Department

		
		  	and
		
		  	Milbank, Tweed, Hadley & McCloy LLP
		  	30 Raffles Place
		  	#14-00 Caltex House
		  	Singapore 048622
		  	Facsimile: +65 6428-2500
		  	Attn: David Zemans

 or, as to each Party, at such other address or number as shall be designated by such Party in a
notice to the other Parties containing the new information in the same format as the information set out above and complying as to delivery with the terms of this Section. 
  

 20 

	11.2	Date of Delivery. The dates on which notices shall be deemed to have been effectively given shall be determined as follows: 

  

	 	(a)	Notices given by personal delivery shall be deemed effectively given on the date of personal delivery with proof of such delivery; 

  

	 	(b)	Notices given in letter form shall be deemed effectively given on the fifth Business Day after the date mailed (as indicated by the postmark) by registered airmail, postage prepaid,
or the third Business Day after delivery to an internationally recognized courier service; and 

  

	 	(c)	Notices given by facsimile shall be deemed effectively given on the first Business Day following the date of transmission as indicated on the transmission confirmation slip of the
document in question. 

 SECTION 12 
 MISCELLANEOUS 
  

	12.1	Successors and Assignment. Without the written consent of the other Parties hereto, no Party shall be entitled to assign its rights under this Agreement, provided that CS
shall have the rights, without consent from any other Party, to assign its rights and obligations under this Agreement and other Basic Documents to a special purpose vehicle formed or to be formed by CS primarily for the purposes of acquiring and
holding the Series C Preferred Shares that CS intends to subscribe for hereunder. 

  

	12.2	Further Assurances. The Company, each Investor and each of the Guarantors shall and, so far as it is able, procure that any necessary third party shall, execute all such
documents and take all actions necessary or appropriate to give effect to this Agreement and the other Basic Documents. 

  

	12.3	Waiver. No failure or delay by any Party in exercising any right, power or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial
exercise of the same preclude any further exercise thereof or the exercise of any other right, power or remedy. Without limiting the foregoing, no waiver by any Party of any breach by any other Party of any provision hereof shall be deemed to be a
waiver of any subsequent breach of that or any other provision hereof. 

  

	12.4	Several Right and Liability. The rights, liability and obligations of the Investors under this Agreement shall be several and not joint and several. For the avoidance of
doubt, for the purpose of this clause, the rights, liability and obligations of OZ Master Fund, Ltd., OZ Asia Master Fund, Ltd. and OZ Global Special Investments Master Fund, L.P., shall be joint and several and the rights, liability and obligations
between CS and OZ shall be several but not joint and several. 

  

	12.5	Amendment. This Agreement may not be amended, modified or supplemented except by a written instrument executed by the Company and the Investors. 

  

 21 

	12.6	Counterparts. This Agreement may be executed in one or more counterparts including counterparts transmitted by telecopier or facsimile, each of which shall be deemed an
original, but all of which signed and taken together, shall constitute one document. 

  

	12.7	Consent to Specific Performance. The Parties declare that it may be impossible to measure in money the damages that would be suffered by a Party by reason of the failure by
any other Party to perform any of the obligations hereunder. Therefore, if any Party shall institute any action or proceeding to enforce the provisions hereof, any Party against whom such action or proceeding is brought hereby waives any claim or
defense therein that the other Party has an adequate remedy at law. 

 SECTION 13 
 GOVERNING LAW AND ARBITRATION 
  

	13.1	Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, United States of America. 

 

	13.2	Dispute Resolution. 

  

	 	(a)	Any dispute, controversy or claim arising out of or relating to this Agreement, or the performance, interpretation, breach, termination or validity hereof (a
“Dispute”), shall be resolved through friendly consultation. Such consultation shall begin immediately after one Party has delivered to the other Parties a written request for such consultation stating specifically the nature of the
Dispute. If within 30 days following the date on which such notice is received the Dispute has not been resolved, the Dispute shall be submitted to and finally resolved by arbitration by a Party (the “Claimant”) given written notice to the
other Parties (together, the “Respondents”). 

  

	 	(b)	The arbitration shall be conducted in Hong Kong at the Hong Kong International Arbitration Centre (the “Centre”). 

  

	 	(c)	There shall be three arbitrators. The Claimant shall appoint one arbitrator and the Respondent shall appoint one arbitrator. The third arbitrator shall act as the presiding
arbitrator and shall be appointed by agreement of the Party-appointed arbitrators. If no agreement on such appointment can be reached within 30 days after the appointment of the later of the two Party-appointed arbitrators, the Centre, which shall
act as the appointing authority, shall make the appointment. 

  

	 	(d)	The arbitration proceedings shall be conducted in English. The arbitration tribunal shall apply the Arbitration Rules of the United Nations Commission on International Trade Law, as
in effect at the time of the arbitration. However, if such rules are in conflict with the provisions of this Section 13.2, upon agreement by the Centre as provided in the rules of the Centre, the provisions of this Section 13.2 shall
prevail. 

  

 22 

	 	(e)	Each Party shall cooperate with the other Parties in making full disclosure of and providing complete access to all information and documents requested by the other Parties in
connection with such proceedings, subject only to relevance, privilege and any confidentiality obligations binding on such Party. 

  

	 	(f)	The award of the arbitration tribunal shall be final and binding upon the Parties, and the winning Party may, at the cost and expenses of the losing Party, apply to any court of
competent jurisdiction for enforcement of such award. 

  

	 	(g)	Each Party irrevocably consents to the service of process, notices or other paper in connection with or in any way arising from the arbitration or the enforcement of any arbitral
award, by use of any of the methods and to the addresses for the giving of notices set forth in Section 11. Nothing contained herein shall affect the right of any Party to serve such processes, notices or other papers in any other manner
permitted by applicable law. 

  

	 	(h)	Without prejudice to the provisions contained in this Section 13.2, in order to preserve its rights and remedies, any Party shall be entitled to seek preservation of property
or evidence or any other emergency relief in accordance with law from any court of competent jurisdiction, the Centre or the arbitration tribunal pending the final decision or award of the arbitration tribunal. 

  

	13.3	During the period when a Dispute is being resolved, except for the matter being disputed, the Parties shall in all other respects continue their implementation of this Agreement.

 [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK] 
  

 23 

 IN WITNESS WHEREOF this Agreement has been executed on the day and year first above written. 
  

			
	 THE COMPANY:

	
	CHINA SUNERGY CO., LTD.
		
	By:	 	 /s/ Tingxiu Lu

	Name:	 	Tingxiu Lu
	Title:	 	Director

			
	 THE INVESTORS

	
	 OZ MASTER FUND, LTD.

		
	By:	 	OZ Management, L.L.C.,
	its Investment Manager
		
	By:	 	 /s/ Joel M. Frank

	Name:	 	Joel M. Frank
	Title:	 	Chief Financial Officer
	
	 OZ ASIA MASTER FUND, LTD.

		
	By:	 	OZ Management, L.L.C.,
	its Investment Manager
		
	By:	 	 /s/ Joel M. Frank

	Name:	 	Joel M. Frank
	Title:	 	Chief Financial Officer
	
	 OZ GLOBAL SPECIAL INVESTMENTS MASTER FUND, L.P.

		
	By:	 	OZ Advisors, L.L.C., its General Partner
		
	By:	 	Och-Ziff Associates, L.L.C., its Managing Member
		
	By:	 	 /s/ Joel M. Frank

	Name:	 	Joel M. Frank
	Title:	 	Chief Financial Officer
	
	 CREDIT SUISSE PRIVATE EQUITY PARTNERS ASIA, L.P.

		
	By:	 	 Credit Suisse First Boston (Cayman)
 Management
Limited, its General Partner

		
	By:	 	 /s/ Heath Zarin

	Name:	 	Heath Zarin
	Title:	 	Authorized Signatory

			
	 THE GUARANTORS:

	
	LU, TINGXIU
	
	 /s/ LU, TINGXIU

		
	Address:	 	 123 Focheng West Road, Jiangning Economic
 &
Technical Development Zone, Nanjing,
 PRC 211100

	
	HUANG, YINGCHUN
	
	 /s/ HUANG, YINGCHUN

		
	Address:	 	 123 Focheng West Road, Jiangning Economic
 &
Technical Development Zone, Nanjing,
 PRC 211100

	
	ZHAO, JIANHUA
	
	 /s/ ZHAO, JIANHUA

		
	Address:	 	 123 Focheng West Road, Jiangning Economic
 &
Technical Development Zone, Nanjing,
 PRC 211100

	
	ZHANG, FENGMING
	
	 /s/ ZHANG, FENGMING

		
	Address:	 	 123 Focheng West Road, Jiangning Economic
 &
Technical Development Zone, Nanjing,
 PRC 211100

	
	WANG, AIHUA
	
	 /s/ WANG, AIHUA

		
	Address:	 	 123 Focheng West Road, Jiangning Economic
 &
Technical Development Zone, Nanjing,
 PRC 211100

 SCHEDULE 1 
 INVESTORS 
  

						
	 Name of Investor
	  	Series C Preferred
Shares Subscribed	  	Consideration Paid
	 OZ Master Fund, Ltd.
	  	18,517 Shares	  	US$	5,366,468.63
			
	 OZ Asia Master Fund, Ltd.
	  	20,094 Shares	  	US$	5,823,503.84
			
	 OZ Global Special Investments Master Fund, L.P.
	  	2,795 Shares	  	US$	810,027.53
			
	 OZ Total
	  	41,406 Shares	  	US$	12,000,000
			
	 Credit Suisse Private Equity Partners Asia, L.P.
	  	27,604 Shares	  	US$	8,000,000
			
	 SERIES C TOTAL
	  	69,010 Shares	  	US$	20,000,000

 SCHEDULE 2 
 GUARANTORS 
  

			
	 Name
	 	 Address

	 Lu, Tingxiu
	 	 123 Focheng West Road, Jiangning
 Economic &
Technical Development
 Zone, Nanjing, PRC

		
	 Huang, Yingchun
	 	 123 Focheng West Road, Jiangning
 Economic &
Technical Development
 Zone, Nanjing, PRC 211100

		
	 Zhao, Jianhua
	 	 123 Focheng West Road, Jiangning
 Economic &
Technical Development
 Zone, Nanjing, PRC 211100

		
	 Zhang, Fengming
	 	 123 Focheng West Road, Jiangning
 Economic &
Technical Development
 Zone, Nanjing, PRC 211100

		
	 Wang, Aihua
	 	 123 Focheng West Road, Jiangning
 Economic &
Technical Development
 Zone, Nanjing, PRC 211100

 SCHEDULE 3 
 PARTICULARS OF THE COMPANY, THE BVI SUBSIDIARY AND NJPV 
 PART A - COMPANY 
  

					
	1. Registered office	  	 :
	  	 The offices of Codan Trust Company (Cayman)
 Limited,
Century Yard, Cricket Square, Hutchins
 Drive, P.O. Box 2681 GT, George Town, Grand
 Cayman, British West Indies

			
	2. Date of incorporation	  	:	  	August 4, 2006
			
	3. Place of Incorporation	  	:	  	the Cayman Islands
			
	4. Directors	  	 :
	  	 Lu, Tingxiu; Zhao, Jianhua; Yin, Guangyou;
 Zhang,
Fengming; Guo, Shiliang; Guo, Hongjian;
 Mark Qiu; Fernando R. Vila.

			
	5. Secretary	  	:	  	Company Incorporations Asia Limited
			
	6. Share Capital	  	 :
	  	 Authorized 5,000,000 shares of par value US$0.01
 each, comprising Series A Preferred Shares, Series
 B Preferred Shares, Series C Preferred Shares and
 Ordinary Shares

			
	7. Auditors	  	:	  	Deloitte & Touche Tohmatsu
			
	8. Financial Year End	  	:	  	December 31
			
	9. Shareholders	  	:	  	

 (1) As of the date hereof: 
  

						
	 	  	Shares	  	%	 
	 Ordinary Share
	  		  		
	 Lu Tingxiu BVI (Elite Shine)
	  	391,842	  	27.73	%
	 Huang Yingchun BVI (Smooth King)
	  	212,958	  	15.07	%
	 Zhao Jianhua / Wang Aihua BVI (Brightest Power)
	  	203,040	  	14.37	%
	 Zhang Fengming BVI (Luck Great)
	  	97,200	  	6.88	%
	 Xu Chengrong BVI (Talent Day)
	  	86,400	  	6.11	%
	 Deutsche Bank
	  	54,000	  	3.82	%
	 Total Common
	  	1,045,440	  	73.99	%
			
	 Option & Warrant
	  		  		
			
	 Total option & warrant
	  	0	  	0	 
	 Series A preferred shares
	  		  		
	 PraxCapital Fund
	  	128,473	  	9.09	%
	 Total Series A
	  	128,473	  	9.09	%

						
			
	 Series B preferred shares
	  		  		
	 Exuberance Investment Limited
	  	192,095	  	13.60	%
	 Gersec Trust Reg.
	  	21,344	  	1.51	%
	 China Environment Fund 2004 LP
	  	25,613	  	1.81	%
	 Total Series B
	  	239,051	  	16.92	%
			
	 Reserved for ESOP
	  		  	0.00	%
			
	 fully diluted post Series B
	  	1,412,964	  	100.00	%

 (2) On and post completion of the Series C Transaction: 
  

						
	 	  	Shares	  	%	 
	 Ordinary Share
	  		  		
	 Lu Tingxiu BVI (Elite Shine)
	  	391,842	  	26.44	%
	 Huang Yingchun BVI (Smooth King)
	  	212,958	  	14.37	%
	 Zhao Jianhua / Wang Aihua BVI (Brightest Power)
	  	203,040	  	13.70	%
	 Zhang Fengming BVI (Luck Great)
	  	97,200	  	6.56	%
	 Xu Chengrong BVI (Talent Day)
	  	86,400	  	5.83	%
	 Deutsche Bank
	  	54,000	  	3.64	%
	 Total Common
	  	1,045,440	  	70.54	%
			
	 Option & Warrant
	  		  		
			
	 Total option & warrant
	  	0	  	0	 
			
	 Series A preferred shares
	  		  		
	 PraxCapital Fund
	  	128,473	  	8.67	%
	 Total Series A
	  	128,473	  	8.67	%
			
	 Series B preferred shares
	  		  		
	 Exuberance Investment Limited
	  	192,095	  	12.96	%
	 Gersec Trust Reg.
	  	21,344	  	1.44	%
	 China Environment Fund 2004 LP
	  	25,613	  	1.73	%
	 Total Series B
	  	239,051	  	16.13	%
			
	 Series C preferred shares
	  		  		
	 OZ Master Fund, Ltd.
	  	18,517	  	1.25	%
	 OZ Asia Master Fund, Ltd.
	  	20,094	  	1.36	%
	 OZ Global Special Investments Master Fund, L.P.
	  	2,795	  	0.19	%
	 Credit Suisse Private Equity Partners Asia, L.P.
	  	27,604	  	1.86	%
	 Total Series C
	  	69,010	  	4.66	%
			
	 Reserved for ESOP
	  		  	0.00	%
			
	 fully diluted post Series C
	  	1,481,974	  	100.00	%

 PART B – BVI Subsidiary 
  

					
	1. Registered office	 	:	  	 The office of Commonwealth Trust Limited,
 Drake
Chambers, Tortola, British Virgin Islands

			
	2. Date of incorporation	 	:	  	January 27, 2006
			
	3. Incorporation Number	 	:	  	1007838
			
	4. Place of Incorporation	 	:	  	the British Virgin Islands
			
	5. Directors	 	:	  	 Lu, Tingxiu; Zhao, Jianhua; Yin, Guangyou;
 Zhang,
Fengming; Guo, Shiliang; Guo, Hongjian;
 Mark Qiu; Fernando R. Vila.

			
	6. Secretary	 	:	  	Company Incorporations Asia Limited
			
	7. Share Capital	 	:	  	Authorized 50,000 shares of par value US$1.00 each
			
	8. Auditors	 	:	  	Deloitte & Touche Tohmatsu
			
	9. Financial Year End	 	:	  	December 31
			
	10. Shareholders	 	:	  	

 As of the date hereof and post completion of the Series C Transaction: 
  

						
	 	  	Shares	  	%	 
	 Ordinary Share
	  		  		
	 China Sunergy Co., Ltd.
	  	1,045,440	  	73.99	%
	 Total Ordinary Shares
	  	1,045,440	  	73.99	%
			
	 Option & Warrant
	  		  		
		  	 	  		
			
	 Total option & warrant
	  	0	  		
			
	 Series A Preferred Shares
	  		  		
	 China Sunergy Co., Ltd.
	  	128,473	  	9.09	%
		  	 	  	 	 
	 Total Series A
	  	128,473	  	9.09	%
			
	 Series B Preferred Shares
	  		  		
	 China Sunergy Co., Ltd.
	  	239,051	  	16.92	%
			
	 Total Series B Preferred Shares
	  	239,051	  	16.92	%
			
	 Reserved for ESOP
	  		  	0.00	%
			
	 Total
	  	1,412,964	  	100.00	%

 PART C – NJPV 
  

			
	 1.      Registered office:
	  	No. 88 Shengtai Road, Nanjing City, Jiangsu Province, the PRC
		
	 2.      Date of incorporation:
	  	August 2, 2004
		
	          Incorporation Number:
	  	Qi He Su Ning Zong Zi No. 007228
		
	 3.      Directors:
	  	Lu, Tingxiu; Zhao, Jianhua; Yin, Guangyou; Zhang, Fengming; Guo, Shiliang; Guo, Hongjian; Mark Qiu; Fernando R. Vila.
		
	 4.      Secretary:
	  	N/A
		
	 5.      Registered Capital:
	  	US$60,800,000.00
	
	 6.      All outstanding equity holders of NJPV and the amount of equity interest held by each such
equity interest holder as of Date Hereof:

  

							
	 Registered Capital of NJPV
(USD)
	 	 Shareholders
	 	 Equity Interest (Percentage)
	 	 Notes

	 60,800,000.00
	 	BVI Subsidiary	 	100%	 	

  

			
	 7.      Auditors:
	  	(A) Yang Zhong Zheng Xin Accounting Firm
		
		  	(B) Deloitte & Touche Tohmatsu
		
	 8.      Financial Year End:
	  	December 31

 SCHEDULE 4 
 COLLECTIVE WARRANTIES 
 Definitions and Interpretations 
 In this Schedule, capitalized terms not otherwise defined have the meanings set forth in this Agreement, and the following terms have the
meanings specified: 
 “Accounts” means (i) the audited consolidated accounts of the Group for the twelve months period
ended December 31, 2005, prepared in accordance with the requirements of IFRS, as audited by Deloitte & Touche and (ii) the reviewed consolidated accounts of the Group for the six months period ended June 30, 2006, prepared
in accordance with the requirements of IFRS, as reviewed by Deloitte & Touche, copies of which are annexed hereto and initialed by the Parties for purposes of identification. 
 “Accounts Date” means December 31, 2005. 
 “Assets” means all assets, rights and privileges of any nature and all goodwill associated therewith, including without limitation all rights in respect of Contracts, all Intellectual Property and
Equipment, but excluding rights in respect of real property. 
 “Contracts” means all contracts, agreements, licenses,
engagements, leases, financial instruments, purchase orders, commitments and other contractual arrangements, which are currently subsisting and not be terminated or completed. 
 “Current Properties” means all land and premises currently used by any Group Member or under the present ownership, occupation,
construction or control of any Group Member and shall include the Properties. 
 “Development Control Laws” includes any Law
from time to time in effect relating to or regulating town and country planning, building, development and/or use of property. 
 “Disclosed” means fully and fairly disclosed by the Company in this Schedule 4 and in the Disclosure Schedule. 
 “Disclosure Schedule” means the disclosure schedule to be provided by the Company to the Investors on even date herewith in the form satisfactory to the Investors and attached hereto as Exhibit D. 
 “Encumbrance” means (i) any mortgage, charge, pledge, lien, hypothecation, assignment, deed of trust, title retention, security
interest or other encumbrance of any kind securing, or conferring any priority of payment in respect of, any obligation of any Person, including without limitation any right granted by a transaction which, in legal terms, is not the granting of
security but which has an economic or financial effect similar to the granting of security under applicable law, (ii) any lease, sub-lease, occupancy agreement, easement or covenant granting a right of use or occupancy to any Person,
(iii) any proxy, power of attorney, voting trust agreement, interest, option, right of first offer, negotiation or refusal or transfer restriction in favor of any Person and (iv) any adverse claim as to title, possession or use.

 “Environment” means all or any of the following media, namely, air, water and land; and
the medium of air includes the air within buildings and the air within other natural or man-made structures above or below ground. 
 “Environmental Laws” means all and any Laws whether of the PRC or any other relevant jurisdiction, relating to pollution, contamination or protection of the Environment or to the storage, labeling, handling, release,
treatment, manufacture, processing, deposit, transportation or disposal of Hazardous Substances. 
 “Environmental License”
means any Permit, that may be required by any Environmental Law. 
 “Equipment” means all the plant and machinery, tools and
equipment, vehicles and office furniture, computer equipment and accessories and other tangible assets. 
 “Financial
Encumbrances” include any Encumbrance granted or agreed to be granted over or in respect of the Owned Property. 
 “Former
Properties” means all land and premises previously used by any Group Member or previously owned, occupied, controlled or developed by any Group Member and shall exclude the Current Properties. 
 “Governmental Authority” means any government or political subdivision thereof; any department, agency or instrumentality of any
government or political subdivision thereof; any court or arbitral tribunal; and the governing body of any securities exchange or self-regulating body, in each case having competent jurisdiction. 
 “Hazardous Substance” means all substances of whatever description which may cause or have a harmful effect on the Environment or the
health of man or any other living organism including, without limitation, all poisonous, toxic, noxious, dangerous and offensive substances. 
 “Knowledge of the Company and Guarantors” means the actual or constructive knowledge that would have been acquired after due inquiry of each of Lu, Tingxiu; Zhao, Jianhua; Zhang, Fengming; Wang, Aihua; Guo Shiliang, Zhu
Zhiping, each of the Guarantors, each member of the board of directors of the Company and each officer of each Group Member at or above the level of vice president. 
 “Law” shall include all applicable judgments, injunctions, awards, decrees, notice or directive and all applicable laws, regulations, rules and orders of any Governmental Authority, including any
common or customary law, constitution, code, ordinance, statute or other legislative measure and any regulation, rule, treaty, order, decree or judgment; and “lawful” shall be construed accordingly. 
  

 2 

 “Liabilities” means all indebtedness and other liabilities of any nature whatsoever,
actual or contingent, and whether or not of a nature required to be disclosed in the accounts of the Group. 
 “Management
Accounts” means the unaudited combined balance sheet of the Company or any of the Guarantors as at the Management Accounts Date and the monthly unaudited combined statement of income of the Group for the monthly period ending on such date.

 “Management Accounts Date” means June 30, 2006. 
 “Material Adverse Effect” means a material adverse effect on the financial condition, business, results of operations, properties or
assets of the Group Members, taken as a whole. 
 “Obligations” include covenants, conditions, agreements, stipulations,
restrictions, contractual requirements or other obligations (whether positive or negative) of a similar nature. 
 “Owned
Properties” means the real properties currently owned, used or possessed by any Group Member, short particulars of which are set out in Schedule 8. 
 “Permits” means all permits, approvals, authorizations, franchises and licenses from, and all registrations with, any Governmental Authority. 
 “Permitted Liens” means (i) liens for taxes not yet delinquent or the validity of which are being contested and (ii) liens
incurred in the ordinary course of business, which (x) do not in the aggregate materially detract from the value of the assets that are subject to such liens and (y) were not incurred in connection with the borrowing of money in an
aggregate amount that exceeds US$25,000. 
 “Related Party” means, with respect to a company, (i) any shareholder of
such company, (ii) any director of such company, (iii) any officer of such company, (iv) any Affiliate of a shareholder, director or officer of such company, (v) any Person in which any shareholder, director or officer of such
company has any interest, other than a passive shareholding of less than five percent (5%) in a publicly listed company, and (vi) any other Affiliate of such company or of a shareholder or director of such company. 
 “Rights” include any easement, way leave, license, quasi-easement, privilege, contractual right or other rights of a similar nature.

 “Tax” means all forms of taxation, estate, duties, deductions, withholdings, duties, imposts, levies, fees, charges and
rates imposed, levied, collected, withheld or assessed by any Governmental Authority in the PRC or elsewhere and any interest, additional taxation, penalty, surcharge or fine in connection therewith. 
  

 3 

 “Trade Secrets” means any trade secrets, research records, processes, procedures,
manufacturing formulae, technical know how, technology, blue prints, designs, plans, inventions (whether patentable and whether reduced to practice), invention disclosures and improvements thereto, in each case, the value of which is contingent upon
the maintenance of confidentiality thereof. 
 Any reference to any matter “adversely affecting” the Owned Properties means
any matter adversely affecting the title to the Owned Properties or their marketability, value, use or enjoyment. 
 Any reference to the
Owned Properties shall be deemed to include reference to each of them and each and every part of them. 
 SECTION 1 
 CORPORATE MATTERS 
  

	1.1	Organization, Good Standing and Qualification of the Group Members. Each Group Member has been duly incorporated and organized, and is validly existing in good standing,
under the laws of its place of incorporation. Each Group Member has the corporate power and authority to own and operate its Assets and to carry on its business as currently conducted and proposed to be conducted. 

  

	1.2	Qualification. Each Group Member is duly qualified or licensed to do business in the jurisdiction in which such Group Member currently conducts business that requires such
qualification or licensing. 

  

	1.3	Charter Documents. The copies of the charter documents (having attached thereto copies of all such resolutions as are by law required to be attached thereto and all
amendments made to date) of each Group Member that have been delivered to each Investor are true and complete. All legal and procedural requirements and other formalities concerning such charter documents have been duly and properly complied with.

  

	1.4	Capitalization and Other Particulars of the Group Member. The particulars of the share capital or registered capital, as the case may be, and the other particulars of each
Group Member, set forth in Schedule 3 of this Agreement are true, complete and correct. All of the issued share capital of the Company and the BVI Subsidiary and the entire equity interest of NJPV are free and clear from all Encumbrances.

  

	1.5	Options, Warrants and Reserved Shares. There are no outstanding options, warrants, rights (including conversion or preemption rights) or agreements for the subscription or
purchase from any Group Member of any shares in the capital stock or registered capital of any Group Member or any securities convertible into or ultimately exchangeable or exercisable for any shares of capital stock or registered capital of any
Group Member, and, other than as required by law or its own constitutional documents, no shares in the capital stock or registered capital of any Group Member, or share or registered capital issuable upon exercise of any outstanding options,
warrants or rights, or other shares issuable by any Group Member, are subject to any preemptive rights, rights of first refusal or other rights to subscribe or purchase such shares (whether in favor of any Group Member or any other Person), pursuant
to any agreement or commitment of any Group Member. 

  

 4 

	1.6	Subscribed Shares. The Subscribed Shares will, immediately following Subscription Completion, be free and clear from all Encumbrances. All Subscribed Shares are duly and
validly authorised and issued, fully paid and nonassessable, and are issued in compliance with all applicable Laws concerning the issuance of such shares. 

  

	1.7	Corporate Records. The statutory books, minute books and register of members of each Group Member have been properly and accurately maintained and contain full and accurate
records of all resolutions passed by the directors and the shareholders of each Group Member and all issuances and transfers of shares, registered capital or other securities of each Group Member. All returns, particulars, resolutions and other
documents required to be filed or registered with or delivered to any Governmental Authority in respect of any Group Member have been properly filed, registered or delivered. 

 SECTION 2 
 AUTHORIZATION AND VALIDITY OF TRANSACTIONS 
  

	2.1	Authorization. Each Group Member and each Guarantor have (in the case of a legal person) the corporate power and authority or (in the case of a natural person) the capacity,
power and authority to execute, deliver and perform this Agreement and the other Basic Documents to which it is a party. All corporate action on the part of each Group Member necessary for the authorization, execution, delivery of and the
performance of all of its obligations under this Agreement, the authorization, issuance and delivery of the Subscribed Shares and the filing of the Second Restated Articles has been taken or will be taken prior to Subscription Completion.

  

	2.2	Enforceability. This Agreement is, and each other Basic Document to which a Group Member or the other parties thereto is a party will when executed be, a valid and binding
obligation of such Person, enforceable against such Group Member and each Guarantor and, to the Knowledge of the Company and the Guarantors, such other parties in accordance with their respective terms, except as enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity relating to enforceability (regardless
of whether considered in a proceeding at law or in equity). 

  

	2.3	Consents and Approvals. No consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any Governmental Authority
or any other Person or pursuant to any contract binding on any Group Member, the Guarantors or the shareholders of any Group Member or to which any Group Member, the Guarantors or the shareholders of any Group Member or their respective assets are
subject or bound is required in connection with the execution, delivery and performance of this Agreement and all the other Basic Documents by each Group Member, the Guarantors and, to the Knowledge of the Company and the Guarantors, the other
parties to this Agreement and the other Basic Documents to which it is a party or the consummation of the transactions contemplated hereby or thereby. 

  

 5 

	2.4	No Breach. The execution and delivery by the Company and each Guarantor of this Agreement and the other Basic Documents and the performance by the Company and each Guarantor
of its obligations under this Agreement and the other Basic Documents do not and will not: 

  

	 	(a)	breach or constitute a default of the memorandum of association, articles of association, by-laws or other charter document of any Guarantor or any Group Member or each such other
party; 

  

	 	(b)	result in a breach of, or constitute a default under, any Contract to which any Group Member or any Guarantor or each such other party is a party or by which it or its property or
assets is bound, or result in the acceleration of any obligation under any loan agreement; or 

  

	 	(c)	result in a violation or breach of or default under any Law applicable to any Group Member or any Guarantor or each such other party. 

 SECTION 3 
 LEGAL COMPLIANCE

  

	3.1	Compliance with Laws. Except as Disclosed, each Group Member and (where applicable) each of their respective shareholders and the transferors from whom they acquired their
respective shareholdings, has at all times carried on its business in compliance with all applicable Law, including Law relating to the use of the Owned Property or the development and construction of the Owned Properties, in all material respects.
No Group Member, nor any of their directors, officers, employees or agents, has committed any criminal offense or any tort or any breach of the Law relating to such Group Member or its business. 

  

	3.2	Permits. Except as Disclosed, each Group Member and (where applicable) each of their respective shareholders and transferors from whom they acquired their respective
shareholdings has all Permits necessary for its establishment and restructuring, the lawful conduct of its business as currently conducted, and the remittance of dividends and distributions to its shareholders. No Group Member is in breach of or
default under any such Permit. All such Permits are in full force and effect and to the Knowledge of the Company and the Guarantors there is no reason to believe any such Permit will be restated or amended to limit the activities in which any Group
Member is permitted to engage. 

  

	3.3	OFAC Compliance. None of the Group Members, Guarantors or any director or officer of any Group Member or Guarantor is currently subject to any U.S. sanctions administered by
the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”); and none of the Group Members or Guarantors will directly or indirectly use the proceeds from the issuance of the Series C Preferred Shares or
lend, contribute or otherwise make available such proceeds to any subsidiary, Affiliate, joint venture partner or other Person, for the purpose of financing the activities of any Person currently subject to any U.S. sanctions administered by OFAC.

  

 6 

 SECTION 4 
 OPERATIONS 
  

	4.1	Activities since Accounts Date. Since the Accounts Date, there has not been: 

  

	 	(a)	any material interruption or alteration in the nature, scope or manner of the business of the Group, which has been carried on lawfully and in the ordinary and usual course of
business; 

  

	 	(b)	any material adverse change in any customer relationship, the business, operations, financial condition, position, prospects, assets or liabilities of the Group as compared with the
position disclosed by the Accounts and the Management Accounts and there has been no damage, destruction or loss (whether or not covered by insurance) affecting such business or assets in a total amount exceeding US$750,000 other than any changes
caused by worldwide, national or local economic conditions that impact all industries generally; 

  

	 	(c)	failure by any Group Member to pay its creditors in an aggregate amount exceeding US$750,000 in the ordinary course of business; 

  

	 	(d)	failure by any Group Member to repay any loan in whole or in part (other than indebtedness to its bankers) in an aggregate amount exceeding US$750,000 nor has it become bound or
liable to be called upon to repay prematurely any loan or other borrowed monies in an aggregate amount exceeding US$750,000; 

  

	 	(e)	except in the ordinary course of business, any acquisition, sale, transfer or disposal of any assets of whatsoever nature with an aggregate value exceeding US$750,000;

  

	 	(f)	payment of any sum or benefit to any executive officer or director of any Group Member by way of remuneration, bonus, incentive or otherwise in excess of the amounts paid or
distributed to them by such Group Member at the Accounts Date so as to increase their total remuneration by five percent or more from the corresponding prior period; 

  

	 	(g)	any resignation, threatened resignation or termination of any key officer of any Group Member; 

  

	 	(h)	any declaration or payment of any dividend or other distribution by any Group Member; 

  

 7 

	 	(i)	any debt, obligation or liability incurred, assumed or guaranteed by any Group Member, except those for immaterial amounts and for current liabilities incurred in the ordinary
course of business; 

  

	 	(j)	any reduction in the value of the net tangible assets of the Group by more than US$250,000; and 

  

	 	(k)	any agreement or commitment by any Group Member to do any of the things described above. 

  

	4.2	Current Operations. There is no existing fact or circumstance that may have a material adverse effect on the ability of any Group Member to conduct its business as currently
conducted and contemplated to be conducted. 

 SECTION 5 
 ASSETS 
  

	5.1	Title to Assets. The Assets included in the Accounts or acquired by the Group since the Accounts Date and all other Assets used or employed by the Group are the absolute
property of the Group, subject only to Permitted Liens and a pledge by NJPV of its assets to the Company as part of the Series A Transaction. 

  

	5.2	Status of Assets. Each Group Member owns or has the right to use all Assets required for the conduct of its business as currently conducted and contemplated to be conducted.
The Assets of each Group Member have been properly maintained and are in good working condition. 

 SECTION 6

 REAL PROPERTY 
  

	6.1	Owned Properties. The Owned Properties comprise all the land, buildings and premises currently owned, occupied, constructed or used by the Group or in respect of which the
Group has any estate, interest, right or title, and the descriptions of the Owned Properties set out in Schedule 9 are correct and not misleading. 

  

	6.2	Exclusive and Unfettered Possession. The Group has exclusive and unfettered possession and occupation of the Owned Properties and there are no Financial Encumbrances in favor
of third parties affecting them except as Disclosed. 

  

	6.3	Compliance with Obligations. All Obligations to which the Owned Properties are subject and all obligations under Financial Encumbrances have been observed and performed in
all material respects and there are no circumstances which could give rise to the restriction or termination of the continued possession, occupation, use or enjoyment of the Owned Properties or to the exercise of any powers under any Financial
Encumbrances or to any Liabilities whatever. All Obligations from which the Owned Properties benefit have been observed and performed in all material respects and no breach of such Obligations has been waived or acquiesced in.

  

 8 

	6.4	Enjoyment of Rights. The Owned Properties have the benefit of all Rights required to comply with applicable fire regulations and to maintain adequately the Owned Properties,
and all other Rights and facilities reasonably required for the continued full and free use and enjoyment of the Owned Properties for the duration of the Group’s interest in the relevant Property and such Rights are held on terms which do not
entitle any Person to terminate, curtail or charge for the Rights. 

  

	6.5	Financial Encumbrances. Copies of all Financial Encumbrances have been supplied to each Investor and are true and complete. 

  

	6.6	No Assignment or Disposal. No Group Member has at any time assigned or otherwise disposed of any estate, interest, right or title in or to any land, building or premises in
respect of which it has or may have continuing Obligations or Liabilities. 

  

	6.7	Good and Marketable Title. Each relevant Group Member possesses good and marketable title to the Owned Properties for an estate in possession and is the legal and beneficial
owner of the Owned Properties, subject to Permitted Liens. 

  

	6.8	No Adverse Title Entries. The title to each of the Owned Properties is properly constituted by and can be deduced from original or certified copy documents of title which are
in the possession and under the control of the Group or the relevant mortgagee of the Owned Properties and there are no entries in any land registries or other applicable authorities against the Owned Properties which are adverse to the title of the
Group to any of the Owned Properties or which may cast doubt on such title. 

  

	6.9	No Options or Pre-emptive Rights. There are no options or rights of pre-emption or first refusal affecting the Owned Properties and there are no Rights or Obligations which
prevent any interest in the Owned Properties from being sold, charged or otherwise freely disposed of. 

  

	6.10	No Adverse Rights. To the Knowledge of the Company and the Guarantors, there are no Rights of any neighboring land owner or other third party adversely affecting the Owned
Properties or which are of an unusual or onerous nature or which conflict with their present use or which are in the course of being acquired. 

  

	6.11	No Deleterious Material. To the Knowledge of the Company and the Guarantors, no building material or method of construction not in accordance with currently accepted good
building practice in the PRC has been used in the construction, alteration or repair of the Owned Properties. 

  

	6.12	Insurance Policies. Policies of insurance relating to the Owned Properties (including their fixtures, fittings and contents) have been effected by the Group or by the
managers of the buildings in which the Owned Properties are situated, are current and valid, cover the full reinstatement value of the Owned Properties and are not subject to any special or unusual terms or restrictions or to the payment of any
premium in excess of the normal rate for policies of the same kind. 

  

 9 

 SECTION 7 
 INTELLECTUAL PROPERTY RIGHTS 
  

	7.1	Ownership. 

  

	 	(a)	Except as Disclosed, each Group Member is the owner of all, or has the license or right to use, sell and license all of the Intellectual Property that are necessary to the business
of the Group as presently conducted or contemplated in each business plan of such Group Member as provided to each Investor, free and clear of all Encumbrances except for any preference, priority or preferential arrangement that may exist on any
Intellectual Property that such Group Member has licensed from another Person. 

  

	 	(b)	Each of Zhao Jian Hua and Wang Ai Hua has duly contributed to NJPV all rights held by he/she to the Intellectual Property listed on Schedule 12 hereto in partial exchange for
their respective equity interests in NJPV. To the Knowledge of the Company and the Guarantors, prior to such contribution Zhao Jian Hua and Wang Ai Hua were the rightful owner(s) of all rights to such Intellectual Property, in each case free and
clear of any and all claims and Encumbrances by any Person, including without limitations any claim, interest, ownership or Encumbrance on the part of the University of New South Wales, the Centre of Excellence for Advanced Silicon Photovoltaics and
Photonics or any Affiliate of either such entity. 

  

	7.2	Intellectual Property. The Disclosure Schedule sets forth all of the Intellectual Property owned by, and filings, registrations and applications for any Intellectual Property
filed by each Group Member. Except as Disclosed, none of the Intellectual Property listed on the Disclosure Schedule is subject to any outstanding judgment, injunction, writ, award, decree or order of any nature (each, an “Order”),
and no action, suit, proceeding, hearing, investigation, charge, complaint, claim or demand is pending or, to the Knowledge of the Company and the Guarantors, threatened, which challenges the validity, enforceability, use or ownership of the item by
such Group Member. 

  

	7.3	Intellectual Property Agreements. The Disclosure Schedule sets forth all Intellectual Property licenses, sublicenses, distributor agreements and other agreements under which
a Group Member is either a licensor, licensee or distributor other than licenses or agreements with respect to “shrink-wrap” or “off-the-shelf” commercially available software. All of the Intellectual Property licenses listed on
the Disclosure Schedule are valid, enforceable and in full force and effect, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting the
enforcement of creditors’ rights generally and by general principles of equity relating to enforceability (regardless of whether considered in a proceeding at law or in equity). 

  

 10 

	7.4	Infringement to Third Parties. To the Knowledge of the Company and the Guarantors, none of the Intellectual Property that is used, developed, sold, licensed or otherwise
exploited by any Group Member or made for, or sold or licensed to any Group Member by any Person and that is currently used in the business of such Group Member infringes upon or otherwise violates any Intellectual Property rights of others.

  

	7.5	Litigation. Except as Disclosed, no Litigation is pending against any Group Member or, to the Knowledge of the Company and the Guarantors, is threatened, contesting the right
of any Group Member to use its Intellectual Property or to sell or license to any Person such Intellectual Property. 

  

	7.6	Infringement by Person. Except as Disclosed, to the Knowledge of the Company and the Guarantors, no Person is infringing upon or otherwise violating the Intellectual Property
rights of the Group. 

  

	7.7	Claims by Employees. To the Knowledge of the Company and the Guarantors, no former employer of any employee of the Group has made a claim against any Group Member that such
employee is utilizing Intellectual Property of such former employer. 

  

	7.8	Group Member. Except as Disclosed, none of the Group Members is a party to or bound by any license or other agreement requiring the payment by any Group Member of any royalty
payment. 

  

	7.9	Violation by Employees. To the Knowledge of the Company and the Guarantors, no employee of any Group Member is in violation of any term of any patent or invention disclosure
agreement or any patent or invention disclosure provisions in any employment agreement or other contract or agreement. To the Knowledge of the Company and the Guarantors, no key officer or senior management is in violation of any employment
agreement or other employment related agreement with such Group Member. 

  

	7.10	Disclosure. To the Knowledge of the Company and the Guarantors, none of the Trade Secrets, wherever located, the value of which is contingent upon maintenance of
confidentiality thereof, has been disclosed to any Person other than employees representatives and agents of a Group Member, except: (x) as required pursuant to the filing of a patent application by a Group Member or (y) where such
disclosure was properly made in the normal course of its business subject to an agreement under which the recipient is obliged to maintain the confidentiality of such Trade Secrets and is restrained from further disclosing it or using it other than
for the purposes for which it was disclosed by such Group Member. To the Knowledge of the Company and the Guarantors, no Group Member is in breach of any Contractual Obligations under which confidential information belonging to any Person is made
available to a Group Member. 

  

	7.11	Related Rights. Except as Disclosed, it is not necessary for any Group Member’s business to use any Intellectual Property owned by any director, officer, employee or
consultant of any Group Member (or persons a Group Member presently intends to hire). Except as Disclosed, to the Knowledge of the Company and the Guarantors, at no time during the conception or reduction to practice of any of a Group Member’s
Intellectual Property was any developer, inventor or other contributor to such Intellectual Property operating under any grants from any Governmental Authority or subject to any employment agreement, invention assignment, nondisclosure agreement or
other Contractual Obligations with any Person that could adversely affect any Group Member’s rights to its Intellectual Property. 

  

 11 

 SECTION 8 
 CONTRACTS AND TRANSACTIONS 
  

	8.1	Contracts. Except as Disclosed, no Group Member is a party to or bound by any Contract that (i) was entered into outside of its ordinary course of business,
(ii) involves total payments in excess of US$1,000,000, (iii) is unusual or onerous or cannot be terminated without penalty or other compensation on less than twelve month’s notice, (iv) is a joint venture, shareholders’ or
partnership agreement or similar arrangement or agreement; or (v) restricts its freedom of action in relation to its normal business activities or is otherwise material to the business or financial condition of the Group (collectively,
“Material Contracts”). A list of all Material Contracts is included in the Disclosure Schedule. True and complete copies of all Material Contracts have been made available to each Investor. 

  

	8.2	Authorization. No Group Member is in default in the performance, observance or fulfillment of any material obligation, covenant or condition contained in any Material
Contract to which it is a party. Each Material Contract to which a Group Member is a party has been duly authorized, executed and delivered by such Group Member, constitutes the valid and binding obligation of such Group Member enforceable against
such Group Member and, to the Knowledge of the Company and the Guarantors, constitutes the valid and binding obligations of each other party thereto enforceable against each other party thereto in accordance with its terms, except as enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity relating to
enforceability (regardless of whether considered in a proceeding at law or in equity). 

  

	8.3	No Breach. With respect to each Material Contract to which each Group Member is party or by which it is bound; 

  

	 	(a)	such Group Member has duly performed and complied in all material respects with each of its obligations thereunder; 

  

	 	(b)	such Group Member is under no obligation which cannot readily be fulfilled, performed or discharged by it on time and without undue or unusual expenditure or effort; and

  

	 	(c)	there are no grounds for rescission, avoidance, repudiation or termination and such Group Member has not received any notice of termination. 

  

 12 

	8.4	Related Party Transactions. Except as Disclosed, there are no Contracts, understandings, transactions or proposed transactions between any Group Member on the one hand and
any Related Party of any Group Member on the other hand. No Related Party or employee of any Group Member or any member of his or her immediate family is indebted to any Group Member, nor is any Group Member indebted (or committed to make loans or
extend or guarantee credit) to any of them. Except as Disclosed, all previous indebtedness between any Group Member and any Related Party of any Group Member have been repaid in full. None of such Persons has any direct or indirect ownership in any
business entity with which any Group Member is affiliated or with which any Group Member has a business relationship, or any business entity that competes with any Group Member, other than passive shareholdings of less than five percent (5%) in
publicly listed companies. No such Person is, directly or indirectly, interested in any Contract with any Group Member. 

 SECTION 9 
 FINANCIAL MATTERS 
  

	9.1	Accounts. The Accounts have been prepared in accordance with the requirements of IFRS and show a true and fair view of the state of affairs, assets and liabilities, financial
position and profit or loss of the Group as at the respective dates thereof and for the periods covered thereby. 

  

	9.2	Provision and Reserve for Liabilities. The Accounts disclose and make full provision or reserve for or note all Liabilities, all contingent, unquantified or disputed
liabilities, capital or burdensome commitments and deferred or provisional Tax. 

  

	9.3	Profits and Losses. The profits and losses of the Group as shown by the Accounts have not in any material respect been affected by any unusual or non-recurring or exceptional
item or by any other matter which has rendered such profits or losses unusually high or low. 

  

	9.4	Debts and Receivables. None of the amounts shown in the Accounts in respect of debtors is represented by debts which were then or are now more than three months overdue for
payment and none of the same has been released or settled for an amount less than that shown in the Accounts unless the total amount of such debts is less than US$1,000,000. All of the Group’s book debts, whether shown in the Accounts or
arising since the Accounts Date, are valid and enforceable and have realized or will in aggregate realize the nominal amount thereof and all such book debts will be collectible in full within 90 days of the Completion Date subject to the relevant
Group Member using all reasonable endeavors to collect the same. For the avoidance of doubt the use of reasonable endeavors is not in this paragraph to be construed as requiring the initiation of legal proceedings. 

  

	9.5	Special Financial Arrangements. The Group has not factored any of its debts or entered into any financing arrangement of a type which would not require to be shown or
reflected in the Accounts. 

  

 13 

	9.6	Finance Documents. Except as set forth in the Accounts, there are no loans, guarantees, material undertakings, material commitments on capital account or unusual liabilities,
actual or contingent, made, given, entered into or incurred by or on behalf of any Group Member or on the assets of any Group Member or any part thereof and no Person has given any guarantee of or security for any overdraft, loan or loan facility
granted to any Group Member. 

  

	9.7	No Acceleration of Borrowings. No borrowing of any Group Member in excess of US$1,000,000 has become or is now due and payable, or capable of being declared due and payable,
before its normal or originally stated maturity and no demand or other notice requiring the payment or repayment of money before its normal or originally stated maturity has been received by such Group Member. No event or circumstance has occurred
that will render, or may render with the giving of notice or lapse of time or determination of materiality or satisfaction of any other condition, any borrowing of any Group Member to become so due and payable. 

  

	9.8	Increase in Amounts Secured. None of the amounts secured by the mortgages, charges, liens or other Encumbrances disclosed in the Accounts has been increased beyond the
amounts shown in the Accounts and none of the amounts secured by any mortgage, charge, lien or other Encumbrance created after the Accounts Date has been increased beyond the amount stated in the Disclosure Schedule. 

  

	9.9	Management Accounts. The Management Accounts have been prepared in accordance with the accounting policies of the Group and on a consistent basis with the monthly management
accounts of the Group and show a fair and reasonably comprehensive view of the state of affairs, assets, liabilities, financial position and profit or losses of the Group as at the Management Accounts Date. 

 SECTION 10 
 ENVIRONMENTAL
ISSUES 
  

	10.1	Compliance with Environmental Laws. Each Group Member is currently complying in all material respects with all Environmental Laws and has at all times complied in all
material respects with all Environmental Laws, and to the Knowledge of the Company and the Guarantors, no material expenditure, individually or in the aggregate, is or will be required on the part of any Group Member in order to comply with any such
Environmental Laws. 

  

	10.2	Hazardous Substance. To the Knowledge of the Company and the Guarantors, no Group Member or any present occupier or user of the Owned Properties have engaged in or permitted
nor has any previous owner, occupier or user of the Owned Properties engaged in or permitted any operations or activities upon the Owned Properties involving the use, storage, handling, release, treatment, manufacture, processing, deposit,
transportation or disposal of any Hazardous Substance, or any substance regulated by Environmental Law, other than such use, storage, handling, release, treatment, manufacture, processing, deposit, transportation or disposal of any Hazardous
Substance, or any substance regulated by Environmental Law that will not be reasonably expect to result in a Material Adverse Effect. No discharge, release, leaching, emission or escape into the Environment of any Hazardous Substance or any
substance regulated by Environmental Law has occurred or is occurring in the conduct of the business of any Group Member or in the conduct by any Group Member of any former business or in connection with or in relation to any assets of such Group
Member while such former assets were in the ownership or under the control of such Group Member and no such discharge, release, leaching, emission or escape has occurred or is occurring for which such Group Member might otherwise be held liable,
other than such discharge, release, leaching, emission or escape into the Environment of any Hazardous Substance or any substance regulated by Environmental Law that will not be reasonably expected to result in a Material Adverse Effect.

  

 14 

	10.3	No Contaminated Properties. To the Knowledge of the Company and the Guarantors , none of the Current Properties is or has been contaminated with any Hazardous Substance or
any substance regulated by Environmental Law and none of the Former Properties was contaminated with any Hazardous Substance or any substance regulated by Environmental Law during the period of use, ownership, occupation or control of such Former
Properties by the Group, which will reasonably be expected to result in a Material Adverse Effect. 

  

	10.4	Environmental Licenses. Each Group Member has obtained all Environmental Licenses (if any) required for the carrying on of its business. All such Environmental Licenses are
valid and subsisting and no Group Member knows of any reason why any of them should be varied, suspended, cancelled, revoked or not renewed upon expiry on substantially the same terms. Each Group Member has at all times complied with the terms and
conditions of its Environmental Licenses. 

  

	10.5	No Environmental Actions. To the Knowledge of the Company and the Guarantors, there have not been nor are there threatened or pending any civil or criminal actions, notices
of violations, investigations, administrative proceedings or written communications from any regulatory authority under any Environmental Laws against any Group Member or any of its assets or any of its directors, employees, officers or agents and,
so far as the Group Members are aware, there are no facts or circumstances which may give rise to the same. 

 SECTION 11 
 TAX, RECORDS AND RETURNS 
  

	11.1	Tax Returns. All returns, computations, notices and information made or provided or required to be made or provided by any Group Member for any Tax purpose have been made or
given substantially within the requisite periods and on a proper basis and when made were true and accurate in all material respects and are up to date and none of them is or is likely to be the subject of any dispute with any Tax authority.

  

 15 

	11.2	Payment of Tax. Each Group Member has paid all Tax, including provisional taxation, which it has become liable to pay on or before the date hereof, except reasonable delay to
pay any Tax that will not be reasonably expected to result in a Material Adverse Effect. 

  

	11.3	Deductions and Withholdings. Each Group Member has made all deductions and withholdings in respect, or on account, of any Tax from any payments made by it which it is obliged
or entitled to make and has duly accounted in full to the appropriate authority for all amounts so deducted or withheld, except any reasonable delay in making such deductions and withholdings that will not be reasonably expected to result in a
Material Adverse Effect. 

  

	11.4	Tax Avoidance Transactions. No Group Member has entered into or been engaged in or been a party to any transaction which is artificial or fictitious or any transaction or
series of transactions or scheme or arrangement of which the main or dominant purpose or one of the main or dominant purposes was the avoidance or deferral of or reduction in the liability to Tax of such Group Member. 

  

	11.5	Tax Liabilities in Other Jurisdictions. To the Knowledge of the Company and the Guarantors, no Group Member is or has at any time since the Establishment Date been liable to
Tax in any jurisdiction other than the PRC. 

 SECTION 12 
 EMPLOYEES 
  

	12.1	Employee Relations. 

  

	 	(a)	No Group Member has at any time since the Establishment Date had, or, to the Knowledge of the Company and the Guarantors, is there now threatened, any strike, work stoppage or other
labor dispute. 

  

	 	(b)	To the Knowledge of the Company and the Guarantors, the Group Members have complied in all material aspects with all applicable laws regarding employees, employee benefits and labor
matters for all employees of each Group Member, including the due payment of all social welfare, social security and similar benefits as required by PRC Law in respect of such employees. 

  

	12.2	Employment Agreements and Compensation Arrangements. Except as required by law and as Disclosed, no Group Member is a party to or is bound by any currently effective
employment contract (other than contracts that can be terminated on an at-will basis), deferred compensation agreement, pension, provident, superannuation, life assurance, disability or other similar schemes or arrangements, bonus plan, incentive
plan, profit sharing plan, retirement agreement or other employee compensation agreement. 

  

	12.3	Status of Employees. To the Knowledge of the Company and the Guarantors, no officer or key employee, or any group of key employees, intends to terminate their employment with
any Group Member, and no Group Member has a present intention to terminate the employment of any of the foregoing. 

  

 16 

 SECTION 13 
 CLAIMS AND PROCEEDINGS 
  

	13.1	Litigation. No Group Member is engaged in or the subject of any litigation, arbitration or administrative or criminal proceedings (collectively,
“Litigation”), whether as plaintiff, defendant or otherwise. 

  

	13.2	Threatened Litigation. To the Knowledge of the Company and the Guarantors, no Litigation is threatened or expected by or against any Group Member or any Guarantor in any
respect that can reasonably be expected to have a Material Adverse Effect. 

  

	13.3	No Insolvency. No order has been made and no resolution has been passed for the winding up of any Group Member or for a provisional liquidator to be appointed in respect of
any Group Member and no petition has been presented and no meeting has been convened for the purpose of winding up or dissolving any Group Member. No receiver has been appointed in respect of any Group Member or all or any of its assets. No Group
Member is insolvent or unable to pay its debts as they fall due. 

 SECTION 14 
 EXCLUSIVITY OF REPRESENTATIONS 
  

	14.1	No Misrepresentation. No representation, warranty or statement by the Company or the Guarantors in this Agreement, or in any Schedule, statement or certificate furnished to
each Investor pursuant to this Agreement, contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements made herein, in light of the circumstances under which they were made, not misleading.

  

	14.2	Accuracy of Information Provided. To the Knowledge of the Company and the Guarantors, all information given to each Investor and their professional advisers by the Company
and the Guarantors was when given and is at the date hereof true and accurate. 

  

	14.3	Full Disclosure. There is no fact or circumstance relating to the affairs of any Group Member or its shareholders which has not been disclosed to each Investor and which if
disclosed might reasonably have been expected to materially adversely influence the decision of the Investor to enter into this Agreement. 

  

 17 

 SCHEDULE 5 
 INVESTOR WARRANTIES 
  

	1.	The Investor is duly organized, existing and in good standing under the laws of its jurisdiction of incorporation. 

  

	2.	The Investor has the full power, authority and legal right to own assets and carry on its business; the Investor is not in receivership or liquidation and has taken no steps to
enter into liquidation, and no petition has been presented for the winding-up of the Investor. There are no grounds on which a petition or application could be based for the winding-up or appointment of a receiver of the Investor.

  

	3.	The execution, delivery and performance of this Agreement by the Investor will not: 

  

	 	(a)	violate any provision of the organizational documents of the Investor; 

  

	 	(b)	require the Investor to obtain any consent, approval or action of, or make any filing with or give any notice to, any Governmental Authority or any other third party pursuant to any
agreement to which such Investor is a party or by which such Investor is bound; 

  

	 	(c)	conflict with or result in any material breach or violation of any of the terms and conditions of, or constitute (or with notice or lapse of time or both constitute) a default
under, any agreement to which the Investor is a party or by which the Investor is bound; 

  

	 	(d)	violate any court order, judgment, injunction, award, decree or writ against, or binding upon, the Investor or upon its securities, properties or business; or

  

	 	(e)	violate any law or regulation of the country where the Investor is incorporated or any other jurisdiction in which the Investor maintains a business presence.

  

	4.	The Investor has the full power and authority to enter into, execute and deliver this Agreement and each other Basic Document to which the Investor is a party and to perform the
transactions contemplated hereby and thereby. The execution and delivery by the Investor of this Agreement and each other Basic Document and the performance by the Investor of the transactions contemplated hereby and thereby have been duly
authorized by all necessary corporate or other action of the Investor. Assuming the due authorization, execution and delivery hereof by the other parties hereto, this Agreement and the other Basic Documents constitute the legal, valid and binding
obligation of the Investor, enforceable against the Investor in accordance with their terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’
rights generally. 

  

	5.	Purchase for Own Account. Subscribed Shares purchased hereunder, and the Ordinary Shares issuable upon conversion of the Subscribed Shares to be received by the Investor will be
acquired for investment purposes for the Investor’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and the Investor has no present intention of selling, granting any participation
in, or otherwise distributing the same. By executing this Agreement, the Investor further represents that it does not have any contract with any Person to sell, transfer or grant participations, with respect to any of the Subscribed Securities and
has not solicited any Person for such purpose. 

 SCHEDULE 6 
 FORM OF OPINION OF THE COMPANY’S CAYMAN ISLANDS COUNSEL 
 [  ] September, 2006 
  

					
	 OZ Master Fund, Ltd.
 OZ Asia Master Fund,
Ltd.
 OZ Global Special Investments Master Fund, L.P.
 9 West
57th Street, 39th Floor
 New York, NY10019
 The United States of America
  
 Credit Suisse Private Equity Partners Asia,
L.P.
 c/o M&C Corporate Services Limited
 PO Box
309GT
 Ugland House
 S. Church Street
 George Town, Grand Cayman
 Cayman Islands
	  	 DIRECT LINE:
 E-MAIL:
 OUR REF:
 YOUR REF:
	  	 2842 9522
 Benjamin.Dyer@conyersdillandpearman.com
 BNRD/jm/222103 (M#871015)

 Dear Sirs 
 China
Sunergy Co. Ltd. (the “Company”) 
 We have acted as special legal counsel in the Cayman Islands to the Company in connection with: 

 

	A.	a subscription agreement (the “Subscription Agreement”) dated [  ] September, 2006 between the Company, the investors listed in Schedule 1 therein and the
Guarantors listed in Schedule 2 therein (the “Guarantors”) in connection with the issue of series C redeemable convertible preferred shares par value US$0.01 per share in the capital of the Company (“Series C Preferred Shares”);

  

	B.	a shareholders’ agreement (the “Shareholders Agreement”) dated [  ] September, 2006 between the Company, the individuals listed in Schedule 1 therein, the
entities listed in Schedule 2 therein, the entities listed in Schedule 3 therein, the entities listed in Schedule 4 therein, the entities listed in Schedule 5 therein and Deutsche Bank AG London Branch; 

  

	C.	a registration rights agreement (the “Registration Rights Agreement’) dated [  ] September, 2006 between the Company and the investors listed in Schedule 1
therein; and 

  

	D.	an offshore employment agreement (the “Employment Agreement”) dated [  ] September, 2006 between the Company and each of [  ] and [  ]
respectively. 

 For the purposes of giving this opinion, we have examined the following documents: 
  

	(i)	the signed Subscription Agreement; 

	(ii)	the signed Shareholders Agreement; 

  

	(iii)	the signed Registration Rights Agreement; and 

  

	(iv)	the signed Employment Agreements. 

 The documents listed in items
(i) through (iv) above are herein sometimes collectively referred to as the “Documents” (which term does not include any other instrument or agreement whether or not specifically referred to therein or attached as an exhibit or
schedule thereto). 
 We have also reviewed the Second Amended and Restated Memorandum and Articles of Association of the Company, each certified by the
Secretary of the Company on [  ] September, 2006 (the “Second Amended and Restated Memorandum and Articles”), minutes of unanimous written resolutions of its directors and unanimous written resolutions of its shareholders, each]
held on [  ] September, 2006 (the “Minutes”), a Certificate of Good Standing issued by the Registrar of Companies in relation to the Company on [  ] September, 2006 (the “Certificate Date”) and such other
documents and made such enquiries as to questions of law as we have deemed necessary in order to render the opinion set forth below. 
 We have assumed
(a) the genuineness and authenticity of all signatures and the conformity to the originals of all copies (whether or not certified) examined by us and the authenticity and completeness of the originals from which such copies were taken;
(b) the capacity, power and authority of each of the parties to the Documents, other than the Company, to enter into and perform its respective obligations under the Documents; (c) the due execution and delivery of the Documents by each of
the parties thereto, other than the Company, and the physical delivery thereof by the Company with an intention to be bound thereby; (d) the accuracy and completeness of all factual representations made in the Documents and other documents
reviewed by us; (e) that the resolutions contained in the Minutes were passed at one or more duly convened, constituted and quorate meetings or by unanimous written resolutions, remain in full force and effect and have not been rescinded or
amended; (f) that there is no provision of the law of any jurisdiction, other than the Cayman Islands, which would have any implication in relation to the opinions expressed herein; (g) the validity and binding effect under the laws of the
State of New York, United States of America in respect of the Subscription Agreement, the Shareholders’ Agreement and the Registration Rights Agreement and [ ] in respect of the Employment Agreements (the “Foreign Laws”) of the
Documents which are expressed to be governed by such Foreign Laws in accordance with their respective terms; (h) the validity and binding effect under the Foreign Laws of the submission by the Company pursuant to the Documents to arbitration
under the auspices of the Hong Kong International Arbitration Centre in accordance with the Arbitration Rules of the United Nation Commission on International Trade Law; (i) that no party to the Documents, other than the Company, negotiated or
prepared the Documents or the Second Amended and Restated Memorandum and Articles in the Cayman Islands. 
  

 2 

 The term “enforceable” as used in this opinion means that an obligation is of a type which the courts of the
Cayman Islands enforce. It does not mean that those obligations will be enforced in all circumstances in accordance with the terms of the Documents. In particular, the obligations of the Company under the Documents (a) will be subject to the
laws from time to time in effect relating to bankruptcy, insolvency, liquidation, possessory liens, rights of set off, reorganisation, amalgamation, moratorium or any other laws or legal procedures, whether of a similar nature or otherwise,
generally affecting the rights of creditors; (b) will be subject to statutory limitation of the time within which proceedings may be brought; (c) will be subject to general principles of equity and, as such, specific performance and
injunctive relief, being equitable remedies, may not be available; (d) may not be given effect to by a Cayman Islands court, whether or not it was applying the Foreign Laws, if and to the extent they constitute the payment of an amount which is
in the nature of a penalty and not in the nature of liquidated damages; (e) may not be given effect by a Cayman Islands court to the extent that they are to be performed in a jurisdiction outside the Cayman Islands and such performance would be
illegal under the laws of that jurisdiction. Notwithstanding any contractual submission to the jurisdiction of specific courts, a Cayman Islands court has inherent discretion to stay or allow proceedings in the Cayman Islands against the Company
under the Documents if there are other proceedings in respect of those Documents simultaneously underway against the Company in another jurisdiction 
 We
express no opinion as to validity or the binding effect of obligations to make any payment at an increased rate on overdue amounts or on the happening of an event or default or to pay a specified rate of interest on the amount of a judgment after
the date of judgement. In addition, any provision expressly or impliedly providing that certain statements, calculations and/or certificates are incorrect on their face or fraudulent will not necessarily prevent judicial enquiry into the merits of a
claim of an aggrieved party. We express no opinion in respect of the enforceability of any provision in the Documents which purports to fetter the statutory powers of the Company. 
 We have made no investigation of and express no opinion in relation to the laws of any jurisdiction other than the Cayman Islands. This opinion is to be governed by and construed in accordance with the laws of the
Cayman Islands and is limited to and is given on the basis of the current law and practice in the Cayman Islands. This opinion is issued solely for your benefit and is not to be relied upon by any other person, firm or entity or in respect of any
other matter. 
 On the basis of and subject to the foregoing, we are of the opinion that: 
  

	1.	As at the Certificate Date, the Company is duly incorporated and existing under the laws of the Cayman Islands in good standing (meaning solely that it has not failed to make any
filing with any Cayman Islands government authority or to pay any Cayman Islands government fee which would make it liable to be struck off by the Registrar of Companies and thereby cease to exist under the laws of the Cayman Islands).

  

 3 

	2.	The Company has the necessary corporate power and authority to own assets to carry on business in accordance with the Second Amended and Restated Memorandum and Articles and to
enter into and perform its obligations under the Documents. The execution and delivery of the Documents by the Company and the performance by the Company of its obligations thereunder will not conflict with or violate the Second Amended and Restated
Memorandum or Articles of Association of the Company nor any applicable law, regulation, order or decree in the Cayman Islands. 

  

	3.	The Company has taken all corporate action required to authorise its execution, delivery and performance of the Documents. The Documents have been duly executed and delivered by or
on behalf of the Company, and constitute the legal, valid and binding obligations of the Company enforceable in accordance with the terms thereof. 

  

	4.	The Second Amended and Restated Memorandum and Articles of Association of the Company have been duly adopted by the Company, are in full force and effect and are binding on the
Company and its members and enforceable against the Company in accordance with the terms thereof. 

  

	5.	No order, consent, approval, licence, authorisation or validation of or exemption by any government or public body or authority of the Cayman Islands or any sub-division thereof is
required to authorise or is required in connection with the execution, delivery, performance and enforcement of the Documents or the Second Amended and Restated Memorandum and Articles. 

  

	6.	It is not necessary or desirable to ensure the enforceability in the Cayman Islands of the Documents that they be registered in any register, kept by, or filed with, any
governmental authority or regulatory body in the Cayman Islands. However, to the extent that any of the Documents creates a charge over assets of the Company, the Company and its Directors are under an obligation to enter such charge in the Register
of Mortgages and Charges of the Company in accordance with section 54 of the Companies Law. While there is no exhaustive definition of a charge under Cayman Islands law, a charge normally has the following characteristics: 

 

	 	(i)	it is a proprietary interest granted by way of security which entitles the chargee to resort to the charged property only for the purposes of satisfying some liability due to the
chargee (whether from the chargor or a third party); and 

  

	 	(ii)	the chargor retains an equity of redemption to have the property restored to him when the liability has been discharged. 

 However, as the Documents are governed by the Foreign Laws, the question of whether they would possess these particular characteristics would be
determined under the Foreign Laws. 
  

 4 

	7.	There is no stamp, registration or similar tax or duty to be paid on or in relation to any of the Documents provided that they are executed and remain outside the Cayman Islands. If
it becomes necessary to bring the Documents into the Cayman Islands for enforcement or otherwise, nominal stamp duty will be payable on all Documents. In the case of any Document creating security over movable property granted by an exempted
company, an ordinary non-resident company or a foreign company, stamp duty will be payable on an ad valorem basis to a maximum of CI$500.00 (US$600.00). Apart from the payment of stamp duty, there are no acts, conditions or things required by the
laws and regulations of the Cayman Islands to be done, fulfilled or performed in order to make any of the Documents admissible in evidence in the Cayman Islands. 

  

	8.	There is no income or other tax of the Cayman Islands imposed by withholding or otherwise on any payment to be made to or by the Company pursuant to the Documents or the Second
Amended and Restated Memorandum and Articles. 

  

	9.	Based solely upon a search of the Register of Writs and other Originating Process of the Grand Court of the Cayman Islands conducted at [ ] on [ ] September, 2006, (which would not
reveal details of proceedings which have been filed but not actually entered in the Register of Writs and other Originating Process of the Grand Court of the Cayman Islands at the time of our search), there are no judgments against the Company, nor
any legal or governmental proceedings, nor any petitions to wind up the Company pending in the Grand Court of the Cayman Islands to which the Company is subject. 

  

	10.	The Series C Preferred Shares when issued and paid for in accordance with the Subscription Agreement, and the ordinary shares of the Company when issued upon a conversion of the
Series C Preferred Shares will be validly issued, fully paid and non-assessable (which term when used herein means that no further sums are required to be paid by the holders thereof in connection with the issue thereof) and have the rights set out
in the or the Second Amended and Restated Memorandum and Articles enforceable in accordance with the terms thereof. 

  

	11.	The parties to the Documents will not be deemed to be resident, domiciled, carrying on business or subject to taxation in the Cayman Islands by reason only of the negotiation,
preparation, execution, performance and/or enforcement of the Documents or the Second Amended and Restated Memorandum and Articles. 

  

	12.	The parties to the Documents each have standing to bring an action or proceedings before the appropriate courts in the Cayman Islands for the enforcement of the Documents and the
Second Amended and Restated Memorandum and Articles. It is not necessary or advisable in order for the parties to the Documents to enforce their respective rights under the Documents or the Second Amended and Restated Memorandum and Articles,
including the exercise of remedies thereunder, that any be licensed, qualified or otherwise entitled to carry on business in the Cayman Islands. 

  

 5 

	13.	The Company is not entitled to any immunity under the laws of the Cayman Islands, whether characterised as sovereign immunity or otherwise, from any legal proceedings to enforce the
Documents or the Second Amended and Restated Memorandum and Articles in respect of itself or its property. 

  

	14.	The obligations of the Company under the Documents and the Second Amended and Restated Memorandum and Articles will rank at least pari passu in priority of payment with all other
unsecured unsubordinated indebtedness of the Company, other than indebtedness which is preferred by virtue of any provision of the laws of the Cayman Islands of general application. 

  

	15.	The Company is free to acquire, hold and sell foreign currency and securities without restriction. 

  

	16.	The Documents and the Second Amended and Restated Memorandum and Articles are in an acceptable legal form under the laws of the Cayman Islands for enforcement thereof in the Cayman
Islands. 

  

	17.	A redemption of the Series C Preferred Shares in accordance with the Memorandum and Articles will be subject to the Companies Law (2004 Revision) of the Cayman Islands which
provides, among other things, that shares may only be redeemed or purchased out of profits a company or out of the proceeds of a fresh issue of shares made for the purposes of redemption. 

  

	18.	The choice of the Foreign Laws as the governing law of the Documents is a valid choice of law and would be recognised and given effect to in any action brought before a court of
competent jurisdiction in the Cayman Islands, except for those laws (i) which such court considers to be procedural in nature, (ii) which are revenue or penal laws or (iii) the application of which would be inconsistent with public
policy, as such term is interpreted under the laws of the Cayman Islands. The submission in the Documents to the non-exclusive jurisdiction of the Foreign Courts is valid and binding upon the Company. 

  

	19.	Foreign arbitration awards may be enforced in the Cayman Islands under the Foreign Arbitral Awards Enforcement Law, which applies where the arbitration award to be enforced (the
“Award”) was made in pursuance of an arbitration agreement in a state which is a party to the New York Convention on the Recognition of Enforcement of Foreign Arbitral Awards adopted by the 1958 United Nations Conference on International
Commercial Arbitration (the “Convention”). In general, the courts of the Cayman Islands will enforce an Award made under the Convention unless it is proved by the party against whom the Award was made that: 

  

	 	(i)	a party to the arbitration agreement was under some incapacity; 

  

 6 

	 	(ii)	the arbitration agreement was not valid under the law to which the parties subjected it or, in default, under the law of the jurisdiction where the Award was made;

  

	 	(iii)	the Award was made in circumstances contrary to natural justice; 

  

	 	(iv)	the Award dealt with a matter or matters not contemplated by or falling within the terms of the submission to arbitration or contained decisions on matters beyond the scope of such
submission; or 

  

	 	(v)	the composition of the arbitral authority or the arbitral procedure was not in accordance with the agreement of the parties or, in default of such agreement, with the laws of the
jurisdiction where the arbitration took place. 

 Yours faithfully 
 Conyers Dill & Pearman 
  

 7 

 SCHEDULE 7 
 FORM OF OPINION OF THE COMPANY’S BVI COUNSEL 
 [  ] September, 2006 
  

			
	 OZ Master Fund, Ltd.
 OZ Asia Master Fund, Ltd.
 OZ Global Special Investments Master Fund, L.P.
 9 West 57th Street, 39th Floor,
 New York, NY10019,
 the United States of America
  
 Credit Suisse Private Equity Partners, L.P.
 c/o M&C Corporate Services Limited
 PO Box 309GT
 Ugland House
 S. Church Street
 George Town, Grand Cayman
 Cayman Islands
	 	 DIRECT LINE: 2842 9522
 E-MAIL:
Benjamin.Dyer@conyersdillandpearman.com
 OUR REF: BNRD/jm/222105 (M#871015)
 YOUR REF:

 Dear Sirs 
 China
Sunergy Co. Ltd. (the “Company”) 
 We have acted as special legal counsel in the British Virgin Islands to the Company in connection with:

  

	A.	a subscription agreement dated [  ] September, 2006 between China Sunergy Co. Ltd., an exempt company incorporated in the Cayman Islands and the sole shareholder of the
Company (the “Shareholder”), the investors listed in Schedule 1 therein and the Guarantors listed in Schedule 2 therein (the “Guarantors”) in connection with the issue of series C redeemable convertible preferred shares par value
US$0.01 per share in the capital of the Company (“Series C Preferred Shares”); 

  

	B.	a shareholders’ agreement dated [  ] September, 2006 between the Shareholder, the individuals listed in Schedule 1 therein, the companies listed in Schedule 2
therein, the entities listed in Schedule 3 therein, the entities listed in Schedule 4 therein, the entities listed in Schedule 5 therein and Deutsche Bank AG London Branch; 

  

	C.	a registration rights agreement dated [  ] September, 2006 between the Shareholder and the investors listed in Schedule 1 therein; 

  

	D.	an offshore employment agreement dated [  ] September, 2006 between the Shareholder and each of [  ] and [  ], respectively. 

 

 8 

 We have also reviewed the memorandum of association and the articles of association of the Company, as obtained from the
Registrar of Corporate Affairs on [ ] September, 2006 (the “Memorandum and Articles”), resolutions in writing signed by all the directors of the Company and dated [ ] September, 2006 and resolutions in writing signed by all of its
shareholders, and dated [ ] September, 2006 (the “Minutes”), and such other documents and made such enquiries as to questions of law as we have deemed necessary in order to render the opinion set forth below. 
 We have assumed (a) the genuineness and authenticity of all signatures and the conformity to the originals of all copies (whether or not certified) examined by us
and the authenticity and completeness of the originals from which such copies were taken; (b) for the purposes of opinion paragraph 9 only, that the Shareholder is the sole member of the Company; (c) the accuracy and completeness of all
factual representations made in the Memorandum and Articles and other documents reviewed by us; (d) that the resolutions contained in the Minutes were passed at one or more duly convened, constituted and quorate meetings or by unanimous written
resolutions, remain in full force and effect and have not been rescinded or amended; (e) that there is no provision of the law of any jurisdiction, other than the British Virgin Islands, which would have any implication in relation to the
opinions expressed herein. 
 The obligations of the Company under the Memorandum and Articles (a) will be subject to the laws from time to time in
effect relating to bankruptcy, insolvency, liquidation, possessory liens, rights of set off, reorganisation, merger, consolidation, moratorium or any other laws or legal procedures, whether of a similar nature or otherwise, generally affecting the
rights of creditors; (b) will be subject to statutory limitation of the time within which proceedings may be brought; (c) will be subject to general principles of equity and, as such, specific performance and injunctive relief, being
equitable remedies, may not be available; (d) may not be given effect to by a British Virgin Islands court if and to the extent they constitute the payment of an amount which is in the nature of a penalty and not in the nature of liquidated
damages; (e) may not be given effect by a British Virgin Islands court to the extent that they are to be performed in a jurisdiction outside the British Virgin Islands and such performance would be illegal under the laws of that jurisdiction.
Notwithstanding any contractual submission to the jurisdiction of specific courts, a British Virgin Islands court has inherent discretion to stay or allow proceedings in the British Virgin Islands courts. 
 We have made no investigation of and express no opinion in relation to the laws of any jurisdiction other than the British Virgin Islands. This opinion is to be governed
by and construed in accordance with the laws of the British Virgin Islands and is limited to and is given on the basis of the current law and practice in the British Virgin Islands. This opinion is issued solely for your benefit and is not to be
relied upon by any other person, firm or entity or in respect of any other matter. 
 On the basis of and subject to the foregoing, we are of the opinion
that: 
  

	1.	The Company is duly incorporated and existing under the laws of the British Virgin Islands in good standing (meaning solely that it has not failed to make any filing with any
British Virgin Islands governmental authority or to pay any British Virgin Islands government fee or tax which would make it liable to be struck off the Register of Companies and thereby cease to exist under the laws of the British Virgin Islands).

  

 9 

	2.	The Company has the necessary corporate power and authority to own assets and to carry on business in accordance with the Memorandum and Articles. 

  

	3.	There is no income or other tax of the British Virgin Islands imposed by withholding or otherwise on any payment to be made to or by the Company. 

  

	4.	Based solely on a search of the public records in respect of the Company maintained at the offices of the Registrar of Corporate Affairs at [ ] on [ ] September, 2006 which would
not reveal details of matters which have not been lodged for registration or have been lodged for registration but not actually registered at the time of our search) and a search of the Index of Civil Suits maintained at the Supreme Court Registry,
Road Town, Tortola British Virgin Islands conducted at [ ] on [ ] September, 2006 (which would not reveal details of proceedings which have been filed but not actually entered in the Index of Civil Suits at the time of our search), there are no
judgments against the Company, nor any legal or governmental proceedings pending in the British Virgin Islands to which the Company is subject, and no steps have been, or are being, taken in the British Virgin Islands for the appointment of a
receiver, administrator or liquidator to, or for the winding-up, dissolution, reconstruction or reorganisation of, the Company (however, it should be noted that failure to file notice of appointment of a receiver does not invalidate the receivership
but only gives rise to penalties on the part of the receiver). 

  

	5.	Based solely upon a review of the register of members of the Company certified by the registered agent of the Company on [ ] September, 2006, the sole shareholder of the Company is
the Shareholder. 

  

	6.	On the basis the Shareholder is a member of the Company, the Shareholder has standing to bring an action or proceedings before the appropriate courts in the British Virgin Islands
for the enforcement of the Memorandum and Articles. It is not necessary or advisable in order for the Shareholder to enforce its rights under the Memorandum and Articles, including the exercise of remedies thereunder, that it be licensed, qualified
or otherwise entitled to carry on business in the British Virgin Islands. 

  

	7.	The Company is not entitled to any immunity under the laws of the British Virgin Islands, whether characterised as sovereign immunity or otherwise, from any legal proceedings to
enforce the Memorandum and Articles in respect of itself or its property. 

  

	8.	The Company is free to acquire, hold and sell foreign currency and securities without restriction. 

  

	9.	The Memorandum and Articles are binding as between the Company and each member of the Company and as between each member of the Company and are enforceable against the Company in
accordance with the terms thereof. 

 Yours faithfully 
 Conyers Dill & Pearman 
  

 10 

 SCHEDULE 8 
 FORM OF OPINION OF THE COMPANY’S PRC COUNSEL 
  

			
	Date:	  	September [  ], 2006
		
	TO:	  	
		
		  	OZ Master Fund, Ltd.
		  	OZ Asia Master Fund, Ltd.
		  	OZ Global Special Investments Master Fund, L.P.
		  	c/o Goldman Sachs (Cayman) Trust, Ltd.
		  	Harbour Centre
		  	P.O. Box 896
		  	George Town
		  	Grand Cayman
		  	Cayman Islands
		
		  	Credit Suisse Private Equity Partners Asia, L.P.
		  	c/o M&C Corporate Services Limited
		  	PO Box 309GT
		  	Ugland House
		  	S. Church Street
		  	George Town, Grand Cayman
		  	Cayman Islands

 Dear Sirs, 
 Re:
CEEG (Nanjing) PV-Tech Co., Ltd. (“NJPV”) 
 We are qualified lawyers in the People’s Republic of China (the “PRC”, for purposes
of this legal opinion, excluding the Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan), authorized to provide formal legal opinions on PRC laws, regulations and regulatory requirements (the “PRC
Laws”). We have acted as the PRC counsel to NJPV and China Sunergy Co. Ltd. (the “Company”) in connection with: 
  

	A.	a subscription agreement (the “Subscription Agreement”) dated [•] September 2006 between the Company, the investors listed in Schedule 1 therein and the
guarantors listed in Schedule 2 therein (the “Guarantors”) in connection with the issue of series C redeemable convertible preferred shares par value US$0.01 per share in the capital of the Company (“Series C Preferred
Shares”); 

  

	B.	a shareholders’ agreement (the “Shareholders Agreement”) dated [•] September 2006 between the Company, the individuals listed in Schedule 1 therein, the
entities listed in Schedule 2, Schedule 3, Schedule 4, Schedule 5 therein and Deutsche Bank AG London Branch; 

  

 11 

 (together, the “Transaction Documents”), and in accordance with the PRC Laws, we hereby render this
legal opinion. 
 For purpose of rendering this legal opinion, we have reviewed and examined originals or copies, certified or otherwise identified to our
satisfaction, of documents, materials, certificates, records, papers provided to us by NJPV, herein mentioned and representations or statements of NJPV, herein mentioned on the relevant facts and information as we have deemed necessary or advisable
for the purpose of rendering this legal opinion. 
 For purposes of rendering this legal opinion, we have assumed that (a) all documents submitted to us
as copies conform to their originals; (b) all signatures, seals and chops on such documents are genuine and duly authorized; (c) the documents as they were presented to us were in full force and effect up to the date of this legal opinion
and they have not been revoked, amended, revised or supplemented and that the factual statements in the documents are accurate and complete; (d) other than the citizens of the PRC and entities relevant to any of the documents or to such other
documents as referred to in this legal opinion which entities are incorporated or established or organized under the PRC Laws, all other non-PRC parties have the requisite power and authority to enter into, and have duly executed and delivered the
documents and performed their obligations there under and these documents constitute legal, valid and binding obligations on the non-PRC parties thereto under the laws (other than the PRC Laws) by which they are expressed to be governed. In
addition, we have made the necessary (both verbal and written) queries and consultations with all PRC governmental authorities, departments, branches and bureaus, as we consider necessary, advisable or desirable. 
 Unless otherwise provided herein, this opinion is given on the basis of PRC Laws effective as at the date hereof and is given on the basis that the opinion will be
governed by, and construed in accordance with such laws and regulations. There is no assurance that such laws and regulation will not be repealed, amended or replaced in the immediate future or in the long term with or without retrospective effect.

 We do not purport to be experts on or generally familiar with or qualified to express legal opinion based on the laws of any jurisdiction other than the
PRC. Accordingly we express or imply no opinion on the laws of any jurisdiction other than the PRC. 
 Based on and subject to the foregoing, we are of the
opinion that: 
 Unless otherwise defined herein, capitalized terms used herein shall have the same meaning as in the Transaction Documents. 
  

	1.	NJPV is a wholly foreign-owned enterprise duly incorporated, validly existing and in good standing under the laws of the PRC. 

  

	2.	NJPV has a total investment of USD126.6 million and a registered capital of USD60.8 million as duly approved by Ministry of Commerce of Jiangsu Province. USD44.753409 million of the
registered capital of NJPV has been duly issued and paid. The BVI Subsidiary holds 100% of the equity interests of NJPV. The equity interests of NJPV are free and clear of all liens, charges, restrictions upon voting or transfer or any other
Encumbrances. 

  

 12 

	3.	NJPV and the BVI Subsidiary have obtained all licenses, consents, approvals, authorizations, orders, clearances, exemptions, filings, registrations and qualifications
(“Governmental Authorizations”) which are currently required under the laws of the PRC to be obtained from relevant Governmental Authorities for the ownership by the BVI Subsidiary, of its equity interest in NJPV, and no other
Governmental Authorization is required under the laws of the PRC for such ownership. There are no outstanding rights, warrants or options to acquire, or instruments convertible into or exchangeable for, any equity interest in NJPV.

  

	4.	The articles of association of NJPV are consistent and in compliance with, and do not conflict with any PRC Laws. The articles of association of NJPV have been duly adopted by the
BVI Subsidiary as the sole shareholder of NJPV, approved by and filed with the relevant Governmental Authorities in the PRC, are in full force and effect and binding upon NJPV. 

  

	5.	NJPV has obtained and currently holds all Governmental Authorizations from or with any Governmental Authority having jurisdiction over it, which are required for the conduct of its
business as currently carried out and/or contemplated expressly to carry out pursuant to the Basic Documents and in connection with its establishment and Restructuring (as defined in Schedule A) and maintenance of the enterprise legal person status
and the remittance of dividends and distributions to NJPV’s shareholder. Such Governmental Authorizations are in full force and effect, and NJPV is not in receipt of any letter or notice from any Governmental Authority in the PRC notifying any
such Governmental Authorization is or will be void or, nullified due to any reasons. We are not aware of any reason that would cause us to believe that any of such Governmental Authorizations is likely to be revoked, suspended, cancelled or
withdrawn or (where applicable) cannot be renewed upon its expiry date. 

  

	6.	The business currently carried out by NJPV and/or contemplated expressly to be carried out by NJPV pursuant to the Basic Documents is within the scope of business permitted under
its business licenses. 

  

	7.	To the best of our knowledge, NJPV is not (i) in violation of its articles of association, business licenses and any other constituent documents, (ii) in contravention of
any PRC Laws, or (iii) in default in the performance or observance of any obligation, agreement, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which it is a
party or by which it is bound or to which any of its properties is subject, except in the case of item (iii), where such default would not, individually or in the aggregate, have a Material Adverse Effect. 

  

 13 

	8.	Except for those items as disclosed under Sections 7.1(a), 7.2, 7.3, 7.5, 7.6, 7.8, 7.9 and 7.11 of the Disclosure Schedule to the Subscription Agreement, NJPV has the full
corporate power and authority and has obtained all necessary Governmental Authorizations under PRC Laws to own, lease, license and use its properties and other assets, and has valid title to all of its assets and properties owned by it, free and
clear of any security interest, mortgage, pledge, encumbrance, claim or equity, or any third party right. 

  

	9.	All registrations or records with and applications to the relevant PRC Governmental Authorities in respect of the registrable Intellectual Property owned or used by NJPV necessary
for the protection of such registrable Intellectual Property under PRC laws have been made, are valid and in full force and effect and are not subject to the payment of any taxes or the taking of any other actions not specially required by the laws
and regulations of the PRC to maintain their validity or effectiveness. Except as Disclosed in the Disclosure Schedule to the Subscription Agreement, NJPV is not in violation or infringement of any proprietary asset or intellectual property of any
other person or entity under PRC Laws. To the best of our knowledge, there are no pending threats, suits, claims, demands or actions alleging that NJPV has violated or infringed any propriety asset or intellectual property of any other person or
entity in PRC. 

  

	10.	To the best of our knowledge, no step has been, or is being taken and no legal or administrative proceeding has been commenced or is pending or threatened against, and no order or
resolution has been passed for the winding–up, dissolution, liquidation or elimination of NJPV. 

  

	11.	Each of NJPV and the Guarantors who are PRC residents (“PRC Guarantors”) is capable of suing and being sued and can be the subject of any legal proceedings in PRC
courts. Neither NJPV or any PRC Guarantor nor any of its/his/her properties is entitled to any immunity on the ground of sovereignty from any action, suit or other legal proceedings or from enforcement, execution or attachment. To the best of our
knowledge, there is no claim, litigation, arbitration, administrative proceedings, or other legal process pending or threatened against NJPV or any PRC Guarantor, or involving the business or properties of NJPV, in the PRC. 

 

	12.	The execution and delivery by the Company of, and the performance by the Company of its obligations under the Basic Documents will not contravene any provision of
(i) applicable PRC Law; (ii) the Articles of Association, Business License and other approval documents necessary for the due incorporation of NJPV, (iii) to the best of our judgment, any outstanding agreement or other instrument
binding upon NJPV or its assets that is material to the Company, as of the date of this Opinion. 

  

 14 

	13.	The PRC Guarantors have full legal power to enter into, execute and deliver the Basic Documents to which they are parties. The execution and delivery by the PRC Guarantors of each
of the Basic Documents have been duly conducted and the due performance by those PRC Guarantors of their obligations thereunder will not contravene or violate any current PRC Laws. 

  

	14.	To the best of our knowledge, as of the day of this Opinion, there are no examinations or audits of any tax returns or reports of NJPV by any PRC governmental agency, and NJPV has
duly filed all corporate income tax returns in accordance with the legally prescribed filing schedules, and there is no material action, suit, proceeding, audit, claim or assessment pending or proposed in the PRC with respect to taxes payable by
NJPV or with respect to any tax return required to be filed by NJPV and there are no material liens for taxes upon the assets of NJPV. 

  

	15.	The valid authorization, execution, delivery and performance of and compliance with the terms of the Basic Documents by the PRC Guarantors and the consummation of the transactions
contemplated therein are not in contravention of any applicable PRC laws, and did not violate or conflict with, or constitute by itself or upon notice or passage of time, or both, a default under any provision in NJPV’s articles of association
and business license and other approval documents if applicable, as of the date of this Opinion. 

  

	16.	All Governmental Authorizations by or with any Governmental Authority in the PRC which are required to be obtained or made for the valid authorization, execution and delivery by the
parties thereto of any Basic Document to which any of the PRC Guarantors is a party have been obtained or made. 

  

	17.	Under the current PRC Laws, no taxes, stamp duties, or official withholding, fees or other charges are payable in the PRC directly imposed on the Investor in connection with the
execution, delivery or enforcement of the Basic Documents. 

  

	18.	Payments under the Basic Documents, proceeds of enforcement of Basic Documents, and the proceeds of any judgment obtained in the PRC in respect of the Basic Documents may be
remitted to the Investors and any dividend or distribution payable by NJPV may be remitted to the BVI Subsidiary out of the PRC, and all amounts payable to the Investors under the Basic Documents may be paid in the currency in which those amounts
are expressly stated to be payable, in each case without any legal impediment under the current PRC Laws. 

  

	19.	All payments of dividends distributed by NJPV to the BVI Subsidiary during the operational term of NJPV, are exempt from any taxes or duties levied or imposed by the government of
the PRC or by any department, agency, political subdivision or taxing or other authority thereof or therein under current PRC Laws; and no deductions or withholdings in the PRC are required by current PRC laws or regulations to be made therefrom,
provided that the distribution of the dividends complies with the PRC Laws. 

  

 15 

	20.	The Investors are not required to be licensed, qualified or otherwise entitled to carry on business in the PRC in order to execute, delivery or enforce its rights under any of the
Basic Documents. The Investors will not be deemed to be resident, domiciled, carrying on business or subject to taxation in the PRC only by reason of the negotiation, preparation, execution, delivery, performance or enforcement of the Basic
Documents or its ownership of the Series C Preferred Shares or Ordinary Shares upon conversion. 

  

	21.	The choice of the laws of the State of New York as the governing law of the Basic Documents shall be valid choice of law under the PRC Laws and shall be recognized by a court of
competent jurisdiction in the PRC against NJPV and the PRC Guarantors. 

  

	22.	Any arbitration award made in accordance with relevant clauses of the Basic Documents and the rules of Hong Kong International Arbitration Centre would be enforceable against the
Company and the Guarantors by the courts of the PRC, subject to the recognition of such arbitration award by the relevant PRC courts based on the principle of reciprocity and in light of the procedural correctness and the conformity with the public
interest of the PRC of such award. 

  

	23.	Each Person, either established under PRC laws or a PRC resident (each, a “Restructuring PRC Party”), which is listed in the restructuring plan as set forth in
Schedule A of this Opinion (the “Restructuring Plan”), or is a party to the Deed of Undertaking in the form attached to the Series B Subscription Agreement as Exhibit F and Exhibit I, respectively, has full legal
right, power and authority (corporate or otherwise) to enter into, execute and deliver the legal documents set forth in the Restructuring Plan, the Deeds of Undertaking (collectively, the “Restructuring Documents”) to which
it/he/she is a party. The execution and delivery by such Restructuring PRC Party of each of the relevant Restructuring Documents and the performance by such Restructuring PRC Party of its obligations thereunder have been duly authorized by all
requisite corporate action (if applicable), and the Restructuring Documents constitute the legal, valid and binding obligations of such Person in accordance with the terms thereof under current PRC Laws. 

  

	24.	The valid authorization, execution, delivery and performance of and compliance with the terms of the Restructuring Documents by the Restructuring PRC Parties and the consummation of
the transaction contemplated therein are not in contravention of any applicable PRC laws, and did not and will not violate or conflict with, or constitute by itself or upon notice or passage of time, or both, a default under any provision in its
current articles of association if applicable. The Restructuring Plan, whether on a stand-alone basis or taken as a whole, is in compliance with all applicable PRC laws or government policies. All Governmental Authorizations required under the
Restructuring Plan as the date of this Opinion have been duly obtained, no other Government Authorizations will be required to obtain after the date hereof and no other Government Authorizations will be required to obtain in connection with the
Restructuring Documents according to current PRC Laws. 

  

 16 

	25.	To the best of our knowledge, except for step 12, 13, 14 and 15 of the Restructuring Plan, the onshore restructuring included in the Restructuring Plan which shall be governed by
and/or subject to the applicable PRC Laws (“Onshore Restructuring Plan”) has been duly completed and being implemented and such final structure contemplated in the Onshore Restructuring Plan, is in place and the Restructuring plan is in
compliance with all current applicable PRC laws and is without defect under such PRC laws. 

 All Governmental Authorizations
required with respect to the establishment of the Company and the BVI Subsidiary, the Restructuring, the issue of Equity Securities to the previous holders of Equity Securities in the BVI Subsidiary and the current holders of Equity Securities in
the Company (including the issue of the Series C Preferred Shares to the Investor) have been duly obtained, are in full force and effect, and to the best of our knowledge, NJPV is not in receipt of any letter or notice from any Governmental
Authority in the PRC notifying any such Governmental Authorization is or will be void or, nullified due to any reasons to the extent the above mentioned is governed by the applicable PRC Laws. To the best of our knowledge, we are not aware, as at
the date of this Opinion, of any reason that would cause us to believe that any of such Governmental Authorizations is likely to be revoked, suspended, cancelled or withdrawn or (where applicable) cannot be renewed upon its expiry date. 

Paragraphs 3, 5,15, 16 and 25 of this opinion are subject to the following qualification: Mr. Tingxiu Lu, Ms. Yingchun Huang and Mr. Chengrong Xu are
in the process of registering with the State Administration of Foreign Exchange of the PRC the changes with respect to their respective offshore investments in connection with the incorporation of the Company and the Share Swap pursuant to the
Notice on Issues in respect of Administration of Foreign Exchange regarding the Domestic Resident’s Overseas Financing through an Overseas Special Purpose Vehicle Company and Return Investment but such registrations have not been completed.

 The opinion is addressed to you solely for your benefit in connection with the proposed transaction pursuant to the Transaction Documents. It may not be
relied upon by anyone else or used for any other purpose. 
 Yours faithfully 
 Capitallaw & Partners 
  

 17 

 Schedule A 
 RESTRUCTURING PLAN 
 The Restructuring shall be undertaken as follows: 
  

	1.	Mr. Lu Tingxiu (“Mr. Lu”) and Ms. Huang Yingchun (“Ms. Huang”) shall establish Nanjing Xinde Assets Management Co., Ltd
(“Xinde”), holding 64.79% and 35.21% of the equity interest in Xinde respectively. 

  

	2.	Xinde shall acquire all equity interest in NJPV from CEEG, and Mr. Yang Huaijin and Mr. Ted Szpitalak shall transfer all of their equity interests in NJPV to Mr. Zhao
Jianhua (“Mr. Zhao”), Mr. Zhang Fengming (“Mr. Zhang”), Ms. Wang Aihua (“Ms. Wang”) and Xinde. The shareholding structure of NJPV shall be as follows: 

  

					
	 Registered Capital of NJPV (USD)
	 	 Shareholders
	 	 Equity Interest (Percentage)

	10,800,000.00	 	Nanjing Xinde Assets Management Co., Ltd.	 	56%
		 	Zhao Jianhua	 	15%
		 	Zhang Fengming	 	24%
		 	Wang Aihua	 	5%

  

	3.	Each of Mr. Lu and Ms. Huang, and to the extent permitted by applicable Law Mr. Xu Chengrong (“Mr. Xu”), shall establish a limited liability company
in the BVI (“Lu BVI”, “Huang BVI” and “Xu BVI,” respectively), with Ms. Huang holding the shares of Huang BVI on behalf of the employees of CEEG, provided that each of them shall have completed
relevant foreign exchange registration regarding the overseas investment by PRC residents and subsequent round-trip investment. 

  

	4.	Mr. Zhao and Ms. Wang shall jointly establish a limited liability company in the BVI (“Zhao/Wang BVI”) and Mr. Zhang shall establish a limited
liability company in the BVI (“Zhang BVI”). 

  

	5.	BVI Subsidiary shall acquire all equity interests in NJPV from its then shareholders (the “NJPV Acquisition”) and convert NJPV from a Chinese-foreign equity joint
venture enterprise into a wholly foreign owned enterprise, as evidenced by, among other approvals and consents required on the part of all relevant Governmental Authorities, the issuance of the revised foreign investment approval certificate and new
business license of NJPV attesting to NJPV’s conversion from a Chinese-foreign joint venture into a wholly-foreign owned enterprise whose 100% equity interest is owned by the BVI Subsidiary (collectively, the “Red Chip
Approvals”). Under NJPV Acquisition, the purchase price payable by the BVI Subsidiary to each of Mr. Zhao, Mr. Zhang and Ms. Wang (the “Founder Proceeds”) shall be at the nominal value of US$1.00, and the
purchase price payable by the BVI Subsidiary to Xinde (the “Xinde Proceeds”) shall be at the appraised price based on the net assets of NJPV. The Founder Proceeds and the Xinde Proceeds shall not be paid by the BVI Subsidiary until
all Red Chip Approvals have been obtained. The existing shareholders of NJPV shall sign an agreement to terminate the then effective equity joint venture contact and articles of association of NJPV, while the BVI Subsidiary shall execute the amended
and restated articles of association of NJPV, pursuant to which the amount of the registered capital and total investment of NJPV shall be increased accordingly such that all the funding the BVI Subsidiary will receive from the Series A Investor and
the Series B Investors can be channeled into NJPV by registered capital contribution and/or shareholder’s loan. 

	6.	The BVI Subsidiary shall submit the documents as provided in Step 5 and other required documents to the original examination and approval authority for its approval on such
acquisition. After the issuance of such approval, NJPV shall obtain a revised foreign investment approval certificate, pursuant to which NJPV shall be converted into a wholly foreign owned enterprise with the BVI Subsidiary as its sole shareholder.

  

	7.	Immediately prior to the issuance of the revised foreign investment approval certificate, Lu BVI, Huang BVI, Xu BVI (if applicable), Zhao/Wang BVI and Zhang BVI shall respectively
fully exercise the warrants they shall receive as part of the Series A Transaction to purchase Ordinary Shares, and become the holders of Ordinary Shares and the controlling shareholders of the BVI Subsidiary. 

  

	8.	After obtaining the revised foreign investment approval certificate, NJPV shall apply to the local administration for industry and commerce for change registration and shall obtain
a revised business license. 

  

	9.	After NJPV obtains the revised business license and upon fulfillment or waiver of all other conditions in the Series B Subscription Completion shall occur, and the Series B
Investors shall each pay up its Relevant Consideration and be issued its Relevant Subscribed Shares. 

  

	10.	The BVI Subsidiary shall immediately pay all purchase prices to Xinde, Mr. Zhao, Mr. Zhang and Ms. Wang with respect to the acquisition stipulated in Step 6,
including the Xinde Proceeds. 

  

	11.	Upon Xinde’s receipt of Xinde Proceeds, NJPV shall promptly handle the relevant foreign exchange settlement procedures and foreign exchange registration for share purchase by
foreign investment with the local foreign exchange authority, and obtain the revised foreign exchange registration certificate. 

  

	12.	Upon the completion of foreign exchange settlement, Xinde shall, immediately and within three working days, advance the Xinde Proceeds (without any deduction) to NJPV as either an
entrustment loan through a licensed PRC bank or through an alternative method agreed to by the BVI Subsidiary, NJPV and Series B Investors. 

  

 2 

	13.	If an entrustment loan is made pursuant to Step 12 above, Xinde shall take all feasible measures, as permitted by PRC law and agreed by the Series A Investor and the Series B
Investors, as soon as possible (no later than the QIPO), to discharge, waive, deduct or set off the liability against NJPV arising from such loan. The detailed plan shall be determined within 90 days after the Completion Date, provided that the
objectives set forth in Part 2 below shall be achieved. 

  

	14.	Xinde shall bear all taxes arising under applicable Law with respect to any and all transfers of the Xinde Proceeds occurring as part of Steps 10 to 13 above without deducting any
amount of such taxes from or otherwise satisfying the payment of such taxes using the Xinde Proceeds. 

  

	15.	After the completion of Step 13, Xinde shall be dissolved or terminated promptly. 

  

	16.	The BVI Subsidiary shall allot and issue B Preferred Shares to Series B Investors. 

  

	17.	The Company, through a share swap transaction (the “Share Swap”), shall acquire all issued and outstanding shares of the BVI Subsidiary and made the latter its wholly
owned subsidiary. In implementing the Share Swap, the BVI Subsidiary’s existing shareholders shall sell all of their shares (including Ordinary Shares, Series A Preferred Shares and Series B Preferred Shares) of the BVI Subsidiary to the
Company in exchange for the same percentage of the total issued share capital of the Company on an as converted basis as it held in the BVI Subsidiary prior to the Share Swap, with each shareholder being issued shares in the Company of the same type
and class of securities as it held in the BVI Subsidiary prior to the Share Swap. 

  

	18.	Concurrently with the Share Swap, the BVI Subsidiary shall assign all of its rights and transfer all of its obligations, including those under the Series A Transaction and the
Series B Transaction, to the Company for the Transfer and Assumption of Obligations under the Series B Subscription Agreement, the Shareholders’ Agreement and the Registration Rights Agreement. 

  

 3 

 SCHEDULE 9 
 OWNED PROPERTIES 
 1. NJPV Premises 
 On February 16, 2006, NJPV entered into a State-owned Land Grant Contract (“Land Grant Contract”) with Nanjing State Land and Resource Bureau, Jiangning Branch (“Jiangning Land Bureau”),
pursuant to which NJPV has been granted, retroactively commencing from the approval date of November 12, 2004, a 50-year land use right over a piece of a land of 53,434.1 square meters located within the boundary between south of Focheng Road
and west of Shuige Road in Jiangjing Development Zone. The grant fee of such land use right is RMB 314 per square meter. The land use right is granted for industrial purposes. 
 On February 20, 2006, Jiangning Land Bureau issued an Approval Notice to approve the Land Grant Contract. NJPV obtained the State-Owned Land Use Right Certificate as of March 28, 2006. 
 2. NJPV Structures 
 On October 29, 2004, Nanjing Jiangning District
Planning Bureau issued a Planning Permit for Construction Project of NJPV, permitting it to build a research and development building, a multi-functional building and two solar cell workshops with the total area of 14,087.59 square meters (the
“Construction Project”). 
 On November 18, 2004, NJPV obtained the Construction Work Permit issued by Nanjing Jingning District
Construction Bureau for the Construction Project. 
 However, NJPV has not obtained the corresponding building ownership certificates. NJPV has been applying
for such building ownership certificates after the State-Owned Land Use Right Certificate was issued on March 28, 2006. 

 SCHEDULE 10 
 PERSONS SUBJECT TO OFFSHORE EMPLOYMENT AGREEMENT 
 Zhao Jianhua 
 Wang Aihua 
 Zhang Fengming 

 SCHEDULE 11 
 PERSONS SUBJECT TO ONSHORE EMPLOYMENT AGREEMENT 
 Lu Tingxiu 
 Zhao Jianhua 
 Wang Aihua 
 Zhang Fengming 
 Yin Guangyou 
 Xu Chengrong 
 Zhu Zhiping 

 SCHEDULE 12 
 CERTAIN INTELLECTUAL PROPERTY CONTRIBUTED BY ZHAO JIAN 
 HUA AND WANG AI HUA 
 As described in a letter dated February 21, 2006 by Martin A. Green of the University of New South Wales, Centre of Excellence for Advance Silicon Photovoltaics and
Photonics, and addressed to the Board of Directors of NJPV: 
 “Screen printed p-type silicon solar cell manufacturing technology, involving the standard
steps of texturing etch, phosphorus diffusion, edge isolation plasma etch, PECVD SiNx deposition, screen printing front and rear Ag and Al contact metal, firing the pastes, testing, sorting and packing.” 

 SCHEDULE 13 
 CEEG TRADEMARKS 
 CEEG 

 SCHEDULE 14 
 FORM OF MONTHLY MANAGEMENT REPORT 
 China Sunergy Co. Ltd. / Nanjing PV-Tech Co. Ltd. 

													
	Monthly Report	  		  		  		  		  	Month:	  	
							
	PRODUCTION	  	125mm
Mono	  	156mm
Mono	  	125mm
Poly	  	156mm
Poly	  	Total	  	Average
	 Total Output (Watt)
	  		  		  		  		  	—  	  	
	 Average Conversion Efficiency
	  		  		  		  		  		  	n/a
	 Average Capacity per Wafer
	  		  		  		  		  		  	
							
	 Normal Quality Wafers
	  		  		  		  		  		  	
	 Substandard Wafers
	  		  		  		  		  		  	
	 Wafer Breakage
	  		  		  		  		  		  	
	 Breakage Rate
	  	n/a	  	n/a	  	n/a	  	n/a	  		  	n/a
							
	ORDERS AND BACKLOG	  	MW	  	 	  	Estimated Value
(RMB mn)	  	 	  	 	  	 
		  		  		  		  		  		  	
	 Order Backlog - Beginning
	  		  		  		  		  		  	
	 New Order
	  		  		  		  		  		  	
	 Delivery
	  		  		  		  		  		  	
	 Adjustment to Estimated Value
	  		  		  		  		  		  	
	 Order Backlog - Ending
	  	—  	  		  	—  	  		  		  	

					
	PROCUREMENT AND INVENTORY	  	MW
Equivalent	  	Value (RMB mn)
	 Silicon Procurement
	  		  	
	 Contract Backlog - Beginning
	  		  	
	 New Contracts Signed
	  		  	
	 Shipment Received
	  		  	
	 Contract Backlog - Ending
	  	—  	  	—  
			
	 Raw Material Inventory - Beginning
	  		  	
	 Silicon
	  		  	
	 Others
	  		  	
			
	 Usage This Month
	  		  	
	 Silicon
	  		  	
	 Others
	  		  	
			
	 Procured This Month
	  		  	
	 Silicon
	  		  	
	 Others
	  		  	
			
	 Raw Material Inventory - Ending
	  		  	
	 Silicon
	  		  	—  
	 Others
	  		  	—  
			
	 Finished Goods Inventory - Beginning
	  		  	
	 Normal Quality
	  		  	
	 Substandard Quality
	  		  	
			
	 Production This Month
	  		  	
	 Normal Quality
	  		  	
	 Substandard Quality
	  		  	
			
	 Shipment This Month
	  		  	
	 Normal Quality
	  		  	
	 Substandard Quality
	  		  	
			
	 Finished Goods Inventory - Ending
	  		  	
	 Normal Quality
	  	—  	  	—  
	 Substandard Quality
	  	—  	  	—  
			
	 Work-in-Progress at Month’s End
	  		  	

									
	 TURNOVER AND COST OF SALES
	  		  		  		  	
					
	 Revenue (RMB mn)
	  		  		  		  	
	 Unit Sold (MW)
	  		  		  		  	
	 Average Selling Price (RMB per watt)
	  	n/a	  		  		  	
					
	 Cost of Sales (RMB mn)
	  		  		  		  	
	 Unit Cost (RMB per watt)
	  	n/a	  		  		  	

									
					
	 FINANCIALS
	  		  		  		  	
					
	 	  	This Month	  	Year to Date	  	Adjustments*	  	Adj. Year
to Date
	(RMB in millions)	  	 	  	 	  	 	  	 
	 Revenue
	  		  		  		  	—  
	 Cost of Sales
	  		  		  		  	—  
	 % revenue
	  	n/a	  	n/a	  		  	n/a
					
	 Business Taxes
	  		  		  		  	—  
					
	 Gross Profits
	  	—  	  	—  	  	—  	  	—  
	 % margin
	  	n/a	  	n/a	  		  	n/a
					
	 Selling Expenses
	  		  		  		  	—  
	 % revenue
	  	n/a	  	n/a	  		  	n/a
					
	 General & Administrative Expenses
	  		  		  		  	—  
	 % revenue
	  	n/a	  	n/a	  		  	n/a
					
	 Other Operating Income / (Expenses)—Net
	  		  		  		  	—  
					
	 Operating Income
	  	—  	  	—  	  		  	—  
	 % margin
	  	n/a	  	n/a	  		  	n/a
					
	 Other Income / (Expenses)
	  		  		  		  	—  
					
	 Interest Expenses
	  		  		  		  	—  
					
	 Profit Before Tax
	  	—  	  	—  	  		  	—  
	 % margin
	  	n/a	  	n/a	  		  	n/a

  

									
	 Income Tax
	  		  		  		  	—  
	 Tax Rate
	  	n/a	  	n/a	  		  	n/a
					
	 Net Income
	  	—  	  	—  	  		  	—  
	 % margin
	  	n/a	  	n/a	  		  	n/a
					
	 *       Please provide details on adjustments /
	  		  		  		  	
					
	 	  	Month -
Beginning	  	Month -
Ending	  	 	  	 
	 Cash & Equivalents
	  		  		  		  	
	 Pledged Bank Deposits
	  		  		  		  	
	 Trade Receivables
	  		  		  		  	
	 Inventories
	  		  		  		  	
	 Other Receivables (Please Elaborate)
	  		  		  		  	
	 Land Lease Premium—Current Portion
	  		  		  		  	
					
	 CURRENT ASSETS
	  	—  	  	—  	  		  	
					
	 Property, Plant & Equipment
	  		  		  		  	
	 Intangible Assets
	  		  		  		  	
	 Land Lease Premium
	  		  		  		  	
					
	 NON-CURRENT ASSETS
	  	—  	  	—  	  		  	
					
	 TOTAL ASSETS
	  	—  	  	—  	  		  	

					
	 Short Term Borrowings
	  		  	
	 Trade Payables
	  		  	
	 Other Payables and Advance
	  		  	
			
	 CURRENT LIABILITIES
	  	—  	  	—  
			
	 Long Term Borrowings
	  		  	
			
	 NON-CURRENT LIABILITIES
	  	—  	  	—  
	 Paid-in Capital
	  		  	
	 Retained Earnings / (Accumulated Losses)
	  		  	
			
	 SHAREHOLDERS’ EQUITY
	  	—  	  	—  
			
	 TOTAL LIABILITIES & EQUITY
	  	—  	  	—  

 DEBTS AND BORROWINGS 
  

									
	 Name of Bank / Lender
	  	Amount (mn)	  	Term	  	Due Date	  	Guarantee / Collateral
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

 SCHEDULE 15 
 PROCEEDS ACCOUNT 
  

			
	Beneficiary Name:	  	China Sunergy Co., Ltd.
		
	Currency:	  	USD
		
	A/C No:	  	1742454904
		
	A/C Nature:	  	USD Offshore Account
		
	Beneficiary Bank:	  	Citibank. N.A. Shanghai Branch
		
	Address:	  	No. 33, Hua Yuan Shi Qiao Road, Lu Jia Zui Finance and Trade
		
		  	Zone, Shanghai, P.R.China, 200120
		
	SWIFT:	  	CITICNSX
		
	Correspondent Bank:	  	Citibank. N.A. NewYork Branch
		
	SWIFT:	  	CITIUS33
		
	USD AC No:	  	36076824

 SCHEDULE 16 
 RESTRUCTURING 
 The completed Restructuring (other than items 12 to 14) is as follows: 
  

	 	1.	Mr. Lu Tingxiu (“Mr. Lu”) and Ms. Huang Yingchun (“Ms. Huang”) shall establish Nanjing Xinde Assets Management Co., Ltd
(“Xinde”), holding 64.79% and 35.21% of the equity interest in Xinde respectively. 

  

	 	2.	Xinde shall acquire all equity interest in NJPV from CEEG, and Mr. Yang Huaijin and Mr. Ted Szpitalak shall transfer all of their equity interests in NJPV to Mr. Zhao
Jianhua (“Mr. Zhao”), Mr. Zhang Fengming (“Mr. Zhang”), Ms. Wang Aihua (“Ms. Wang”) and Xinde. The shareholding structure of NJPV shall be as follows: 

  

					
	 Registered Capital of NJPV (USD)
	  	 Shareholders
	  	 Equity Interest (Percentage)

	10,800,000.00	  	Nanjing Xinde Assets Management Co., Ltd.	  	56%
		  	Zhao Jianhua	  	15%
		  	Zhang Fengming	  	24%
		  	Wang Aihua	  	5%

  

	 	3.	Each of Mr. Lu and Ms. Huang, and to the extent permitted by applicable Law Mr. Xu Chengrong (“Mr. Xu”), shall establish a limited liability company
in the BVI (“Lu BVI”, “Huang BVI” and “Xu BVI,” respectively), with Ms. Huang holding the shares of Huang BVI on behalf of the employees of CEEG, provided that each of them shall have completed
relevant foreign exchange registration regarding the overseas investment by PRC residents and subsequent round-trip investment. 

  

	 	4.	Mr. Zhao and Ms. Wang shall jointly establish a limited liability company in the BVI (“Zhao/Wang BVI”) and Mr. Zhang shall establish a limited
liability company in the BVI (“Zhang BVI”). 

  

	 	5.	BVI Subsidiary shall acquire all equity interests in NJPV from its then shareholders (the “NJPV Acquisition”) and convert NJPV from a Chinese-foreign equity joint
venture enterprise into a wholly foreign owned enterprise, as evidenced by, among other approvals and consents required on the part of all relevant Governmental Authorities, the issuance of the revised foreign investment approval certificate and new
business license of NJPV attesting to NJPV’s conversion from a Chinese-foreign joint venture into a wholly-foreign owned enterprise whose 100% equity interest is owned by the BVI Subsidiary (collectively, the “Red Chip
Approvals”). Under NJPV Acquisition, the purchase price payable by the BVI Subsidiary to each of Mr. Zhao, Mr. Zhang and Ms. Wang (the “Founder Proceeds”) shall be at the nominal value of US$1.00, and the
purchase price payable by the BVI Subsidiary to Xinde (the “Xinde Proceeds”) shall be at the appraised price based on the net assets of NJPV. The Founder Proceeds and the Xinde Proceeds shall not be paid by the BVI Subsidiary until
all Red Chip Approvals have been obtained. The existing shareholders of NJPV shall sign an agreement to terminate the then effective equity joint venture contact and articles of association of NJPV, while the BVI Subsidiary shall execute the amended
and restated articles of association of NJPV, pursuant to which the amount of the registered capital and total investment of NJPV shall be increased accordingly such that all the funding the BVI Subsidiary will receive from the Series A Investor and
the Series B Investors can be channeled into NJPV by registered capital contribution and/or shareholder’s loan. 

	 	6.	The BVI Subsidiary shall submit the documents as provided in Step 5 and other required documents to the original examination and approval authority for its approval on such
acquisition. After the issuance of such approval, NJPV shall obtain a revised foreign investment approval certificate, pursuant to which NJPV shall be converted into a wholly foreign owned enterprise with the BVI Subsidiary as its sole shareholder.

  

	 	7.	Immediately prior to the issuance of the revised foreign investment approval certificate, Lu BVI, Huang BVI, Xu BVI (if applicable), Zhao/Wang BVI and Zhang BVI shall respectively
fully exercise the warrants they shall receive as part of the Series A Transaction to purchase Ordinary Shares, and become the holders of Ordinary Shares and the controlling shareholders of the BVI Subsidiary. 

  

	 	8.	After obtaining the revised foreign investment approval certificate, NJPV shall apply to the local administration for industry and commerce for change registration and shall obtain
a revised business license. 

  

	 	9.	After NJPV obtains the revised business license and upon fulfillment or waiver of all other conditions in the Series B Subscription Completion shall occur, and the Series B
Investors shall each pay up its Relevant Consideration and be issued its Relevant Subscribed Shares. 

  

	 	10.	The BVI Subsidiary shall immediately pay all purchase prices to Xinde, Mr. Zhao, Mr. Zhang and Ms. Wang with respect to the acquisition stipulated in Step 6,
including the Xinde Proceeds. 

  

	 	11.	Upon Xinde’s receipt of Xinde Proceeds, NJPV shall promptly handle the relevant foreign exchange settlement procedures and foreign exchange registration for share purchase by
foreign investment with the local foreign exchange authority, and obtain the revised foreign exchange registration certificate. 

  

	 	12.	Upon the completion of foreign exchange settlement, Xinde shall, immediately and within three working days, advance the Xinde Proceeds (without any deduction) to NJPV as either an
entrustment loan through a licensed PRC bank or through an alternative method agreed to by the BVI Subsidiary, NJPV and Series B Investors. 

	 	13.	If an entrustment loan is made pursuant to Step 12 above, Xinde shall take all feasible measures, as permitted by PRC law and agreed by the Series A Investor and the Series B
Investors, as soon as possible (no later than the QIPO), to discharge, waive, deduct or set off the liability against NJPV arising from such loan. The detailed plan shall be determined within 90 days after the Completion Date, provided that the
objectives set forth in Part 2 below shall be achieved. 

  

	 	14.	Xinde shall bear all taxes arising under applicable Law with respect to any and all transfers of the Xinde Proceeds occurring as part of Steps 10 to 13 above without deducting any
amount of such taxes from or otherwise satisfying the payment of such taxes using the Xinde Proceeds. 

  

	 	15.	After the completion of Step 13, Xinde shall be dissolved or terminated promptly. 

  

	 	16.	The BVI Subsidiary shall allot and issue B Preferred Shares to Series B Investors. 

  

	 	17.	The Company, through a share swap transaction (the “Share Swap”), shall acquire all issued and outstanding shares of the BVI Subsidiary and made the latter its wholly
owned subsidiary. In implementing the Share Swap, the BVI Subsidiary’s existing shareholders shall sell all of their shares (including Ordinary Shares, Series A Preferred Shares and Series B Preferred Shares) of the BVI Subsidiary to the
Company in exchange for the same percentage of the total issued share capital of the Company on an as converted basis as it held in the BVI Subsidiary prior to the Share Swap, with each shareholder being issued shares in the Company of the same type
and class of securities as it held in the BVI Subsidiary prior to the Share Swap. 

  

	 	18.	Concurrently with the Share Swap, the BVI Subsidiary shall assign all of its rights and transfer all of its obligations, including those under the Series A Transaction and the
Series B Transaction, to the Company for the Transfer and Assumption of Obligations under the Series B Subscription Agreement, the Shareholders’ Agreement and the Registration Rights Agreement. 

 EXHIBIT A 
 FORM OF SHAREHOLDERS’ AGREEMENT 

 EXHIBIT B 
 FORM OF SECOND AMENDED AND RESTATED 
 MEMORANDUM AND ARTICLES OF ASSOCIATION 

 EXHIBIT C 
 FORM OF REGISTRATION RIGHTS AGREEMENT 

 EXHIBIT D 
 FORM OF DISCLOSURE SCHEDULE 
 This Disclosure Schedule is made and given pursuant to Schedule 4 of
the Subscription Agreement dated as of             , 2006 (the “Agreement”) by and among CHINA SUNERGY CO., LTD., a company organized and existing under the laws of the
Cayman Islands, with its registered address at the offices of Codan Trust Company (Cayman) Limited at Century Yard, Cricket Square, Hutchins Drive, P.O. Box 2681 GT, George Town, Grand Cayman, Cayman Islands (the “Company”); THE INVESTORS
as listed in Schedule 1 to the Agreement; and THE GUARANTORS as listed in Schedule 2 to the Agreement, and should be considered an integral part of the Agreement. 
 Unless the context otherwise requires, all capitalized terms that are used herein but not otherwise defined shall have the meanings attributed to them in
the Agreement. 
 The section numbers in this Disclosure Schedule correspond to the section numbers in Schedule 4 of the Agreement; provided,
however, that any information disclosed herein under any section number shall be deemed disclosed and incorporated into any other sections hereof where it is reasonably apparent on its face that such disclosure is applicable, whether or not a
specific cross reference is included. 
 No disclosure in this Disclosure Schedule relating to any possible breach, conflict, default or
violation of any contract or law or otherwise shall be construed as an admission or indication of any liability or that any breach, conflict, default or violation exists or has actually occurred. 
 The headings contained in this Disclosure Schedule are included for convenience only and are not intended to limit the effect of the disclosures
contained in this Disclosure Schedule or to expand the scope of the information required to be disclosed in this Disclosure Schedule. 
 Section 3.1

  

	1.	In connection with the incorporation of the Company and the Share Swap, Mr. Tingxiu Lu, Ms. Yingchun Huang and Mr. Chengrong Xu are in the process of registering the
changes with respect to their respective offshore investments with the State Administration of Foreign Exchange of the PRC but such registrations have not been completed. 

 Section 3.2 
 See disclosure in Section 3.1. 
 Section 6.2 
  

	1.	NJPV has not obtained the building ownership certificates for its research and development building, multi-functional building and two solar cell workshops. NJPV has been applying
for such building ownership certificates after the State-Owned Land Use Right Certificate was issued on March 28, 2006. 

 Section 6.3 
 See
disclosure in Section 6.2. 
 Section 6.7 
 See
disclosure in Section 6.2. 
 Section 6.8 
 See
disclosure in Section 6.2. 
 Section 6.9 
  

	1.	See disclosure in Section 6.2. 

 Section 7.1(a)

 The representations and warranties contained in Section 7.1(a) are not applicable to the item listed in Section 7.2(1) of this Disclosure
Schedule below. 
 Section 7.2 
 1. Patent
Applications 
 a. Application No.: 200510039002.2 
 Name of
Invention: A Method Regarding Structure and Manufacture of Silicon 
 Solar Cells 
 Application Date: April 21, 2005 
 Applicant: CEEG (Nanjing) PV-Tech Co., Ltd 
 This pending patent application concerns the structure and manufacture method of N-type solar cells. To the knowledge of NJPV and the Guarantors, no third party right,
claim or other challenge has been asserted with respect to the Intellectual Property as set forth in such application as of the date hereof; however, it is uncertain whether such Intellectual Property will be subject to any rights, claims or other
challenges from third parties in the future. 
 b. Application No.: 200620068809.9 
 Name of Utility Model: N-type Silicon Solar Power Cells 
 Application Date: January 24, 2006 
 This pending patent application concerns the structure and manufacture method of N-type solar cells. To the knowledge of NJPV and the Guarantors, no third party right,
claim or other challenge has been asserted with respect to the Intellectual Property as set forth in such application as of the date hereof; however, it is uncertain whether such Intellectual Property will be subject to any rights, claims or other
challenges from third parties in the future. 
  

 2 

 c. Application No.: 2006200688110.1 
 Name of Utility Model: N-type Silicon Solar Power Cells with [Front Surface 
 Passivation N-type Diffusion Layer] 
 Application Date: January 24, 2006 
 This pending patent application
concerns the structure and manufacture method of N-type solar cells. To the knowledge of NJPV and the Guarantors, no third party right, claim or other challenge has been asserted with respect to the Intellectual Property as set forth in such
application as of the date hereof; however, it is uncertain whether such Intellectual Property will be subject to any rights, claims or other challenges from third parties in the future. 
 2. License Agreement, by and between NJPV and CEEG Group Co., Ltd. (the “CEEG”) with respect to the registered trademark “CEEG”. 
 3. Letter of Consent Regarding Use of Trademark, undated, issued by CEEG to NJPV with respect to the trademark “CEEG” for which the CEEG has already filed a Trademark Registration Application. 
 4. Trademark Applications 
 a. Application Agency Number: ZC0608038

 Trademark Applied for: NPV 
 Trademark Agent: Nanjing Zheng Dao
Trademark Service Office Co., Ltd. 
 b. Application Agency Number: ZC0608039 
 Trademark Applied for: SUNERGY 
 Trademark Agent: Nanjing Zheng Dao Trademark Service Office Co., Ltd. 
 c. Application Agency Number: ZC0608040 
 Trademark Applied for: a logo

 Trademark Agent: Nanjing Zheng Dao Trademark Service Office Co., Ltd. 
 d. Application Agency Number: ZC0608041 
 Trademark Applied for: a logo 
 Trademark Agent: Nanjing Zheng Dao Trademark Service Office Co., Ltd. 
 e. Application Agency Number: ZC0608042 

Trademark Applied for: a logo 
 Trademark Agent: Nanjing Zheng Dao
Trademark Service Office Co., Ltd. 
 To the knowledge of NJPV and the Guarantors, no third party right, claim or other challenge has been asserted with
respect to the Intellectual Property as set forth in the foregoing trademark applications as of the date hereof; however, it is uncertain whether such Intellectual Property will be subject to any rights, claims or other challenges from third parties
in the future. 
  

 3 

 Section 7.3 
 See
Section 7.2(2) of this Disclosure Schedule. 
 Section 7.5 
 None. 
 Section 7.6 
 None 
 Section 7.8 
 None 
 Section 7.9 
 See Section 7.2(1) of this Disclosure
Schedule. 
 Section 7.11 
 See Section 7.2(1)
of this Disclosure Schedule. 
 Section 8.1 
  

	A.	Sales Contracts and Contracts to Process Customer-Owned Materials 

  

	1.	Supply Contract, dated November 11, 2005, between the NJPV and S.E. PROJECT S.r.l. (as the buyer) 

  

	2.	Sales Contract, signed on November 18, 2005, between the NJPV and Zhejiang Gong Yuan Electrical Machine Co., Ltd. 

  

	3.	Sales Contract, dated April 4, 2006, between NJPV and Zhejiang Gong Yuan Electrical Machine Co., Ltd. 

  

	4.	Supply Contract, dated December 2, 2005, between the NJPV and Renergies Italia srl (as the buyer) 

  

	5.	Sales Contract, signed on December 7, 2005, between the NJPV and Wuxi Xin Te Er Science & Technology Co., Ltd. 

  

	6.	Supply Contract, signed on December 28, 2005, between the NJPV and GIRASOLAR BV (as the buyer) 

  

	7.	Supply Contract, dated March 29, 2006, between NJPV and GIRASOLAR BV (as the buyer) 

  

 4 

	8.	Sales Contract, signed in December 2005, between the NJPV and Shanghai Ding Yi Sheng Industrial Co., Ltd., as supplemented by a supplementary agreement signed on July 31, 2006

  

	9.	Sales Contract, dated December 30, 2005, between the NJPV and Shanghai Yu Xian Solar Energy Electric Power Science & Technology Co., Ltd., as supplemented by a
supplementary agreement dated July 31, 2006 

  

	10.	Sales Contract, dated February 10, 2006, between the NJPV and Changzhou City Jing Da Machinery Industrial Co., Ltd., as supplemented by a supplementary agreement dated
July 26, 2006 

  

	11.	Sales Contract, dated January 13, 2006, between the NJPV and Wuxi Guo Fei Green Energy Co., Ltd. 

  

	12.	Supply Contract, dated February 24, 2006, between the NJPV and Energetica International Trade GmbH (as the buyer) 

  

	13.	Supply Contract, dated March 1, 2006, between NJPV and Emmvee Solar Systems Private Ltd (as the buyer). 

  

	14.	Sales Contract, dated March 29, 2005, between NJPV and Shangdong Li Nuo PV Hi-Tech Co., Ltd. (as the buyer) 

  

	15.	Sales Contract, dated March 30, 2006, between NJPV and Wuxi Guo Fei Green Energy Co., Ltd., as supplemented by a supplementary agreement dated July 18,

  

	16.	Supply Contract, dated May 25, 2006, between NJPV and Hyundai Heavy Industries Co., Ltd. (as the buyer) 

  

	B.	Purchase Contracts 

  

	1.	Contract, dated April 28, 2005, between the NJPV and Roth & Rau AG, regarding SiNA Antireflective Coating Equipment for Crystalline Silicon Solar Cells

  

	2.	Purchase Contract, dated March 8, 2006, between the NJPV and Baccini Spa of Treviso Italy, regarding Automatic Printing (rotary table) & Drying &
Sorting & Testing Line for Solar Cells 

  

	3.	Contract, dated March 11, 2006, between the NJPV and C.ILLIES & CO. HANDELSGESELLSCHAFT MBH, regarding Fast Firing Furnace DO11800-300-FF-HTO-CANtrol

  

	4.	Contract, dated April 24, 2006, between NJPV and Roth & Rau AG, regarding SiNA Antireflective Coating Equipment for Crystalline Silicon Solar Cells

  

 5 

	5.	Contract for Sale of Industrial Products, dated March 19, 2006, between NJPV and Beijing Qi Xing Hua Chuang Electric Company Limited by Shares, regarding 8451 programmed
diffusion system 

  

	6.	Long Term Supply Agreement, dated August 24, 2004, between the NJPV and Jiangsu Shun Da Semi-conductor Development Co., Ltd. 

  

	7.	Long Term Supply Agreement, dated May 2005, between the NJPV and Shandong Li Nuo PV Hi-Tech Co., Ltd. 

  

	8.	Purchase and Sales Contract, dated May 21, 2005, between the NJPV and Shanghai Yu Xian Solar Energy Electric Power Science & Technology Co., Ltd.

  

	9.	Framework Agreement, dated June 20, 2005, between the NJPV and Zhejiang Jing Gong Photovoltaic Co., Ltd. 

  

	10.	Long Term Supply Agreement, dated August 29, 2005, between the NJPV and Shanghai Comtec Semiconductor Co., Ltd. 

  

	11.	Sales & Purchase Contract, dated November 28, 2005, between the NJPV and Zhejiang Yu Hui Solar Energy Co., Ltd., as amended by a supplementary agreement dated
July 25, 2006 

  

	12.	Agreement, signed on August 2, 2006, among NJPV, NEWI-Solar GmbH and Ruiyu Solar Energy Technology Co., Ltd regarding solar cell contract YGX060412001G

  

	13.	Processing Contract, dated December 1, 2005, between the NJPV and Konca Solar Cell (Wuxi) Co., Ltd. 

  

	14.	Industrial Products Purchase and Sales Contract (No. NJPV-20051209-Z), dated December 9, 2005, between the Operating and KaiWa Hong Kong Limited 

  

	15.	Industrial Products Purchase and Sales Contract (No. NJPV-20051209-Z1) (8Inch), dated December 9, 2005, between the Operating and KaiWa Hong Kong Limited

  

	16.	Industrial Products Purchase and Sales Contract (No. NJPV-20051209-Z3) (8Inch), dated December 9, 2005, between the Operating and KaiWa Hong Kong Limited

  

	17.	Industrial Products Purchase and Sales Contract (No. NJPV2005CF1220-1), dated December 20, 2005, between the Operating and KaiWa Hong Kong Limited 

  

	18.	Industrial Products Purchase and Sales Contract (No. NJPV2005CF1220-2), dated December 20, 2005, between the Operating and KaiWa Hong Kong Limited 

  

 6 

	19.	Industrial Products Purchase and Sales Contract (No. NJPV2005CF1220-3), dated December 20, 2005, between the Operating and KaiWa Hong Kong Limited 

  

	20.	Industrial Products Purchase and Sales Contract (No. NJPV2005CF1220-4), dated December 20, 2005, between the Operating and KaiWa Hong Kong Limited 

  

	21.	Industrial Products Purchase and Sales Contract (No. NJPV2005CF1220-5), dated December 20, 2005, between the Operating and KaiWa Hong Kong Limited 

  

	22.	Industrial Products Purchase and Sales Contract, dated December 20, 2005, between the NJPV and Shanghai Qun Ying Machinery Co., Ltd. 

  

	23.	Contract, dated January 9, 2006, between the Operating and KaiWa Hong Kong Limited 

  

	24.	Contract, dated February 8, 2006, between NJPV and KaiWa Hong Kong Limited 

  

	25.	Industrial Products Purchase and Sales Contract, dated January 24, 2006, between the NJPV and Guangzhou City Ru Xing Science & Technology 

  

	26.	Industrial Products Purchase and Sales Contract, dated April 24, 2006, between NJPV and Nanjing Shenyu Science & Technology Co., Ltd. 

  

	27.	Industrial Products Purchase and Sales Contract, dated April 13, 2006, between NJPV and Shanghai Jing Jian Trading Co., Ltd. 

  

	28.	Contract (No. 051104-1), undated, between NJPV and Sunlight Group Inc. 

  

	29.	Contract (No. 060424), dated April 24, 2006, between NJPV and Sunlight Group Inc. 

  

	30.	Contract, dated May 29, 2006, between NJPV and Sunlight Group Inc. 

  

	31	Contract, dated April 3, 2006, between NJPV and Lanxess Hong Kong Limited. 

  

	32	Industrial Products Purchase and Sales Contract, dated May 19, 2006, between NJPV and Gold Name International Ltd. 

  

	33.	Industrial Products Purchase and Sales Contract, dated July 11, 2006, between NJPV and Gold Name International Ltd. 

  

	34.	Toll Manufacturing Contract, dated April 20, 2006, between NJPV and Tian Wei Ying Li New Energy Co., Ltd. 

  

 7 

	35.	Product Purchase Contract, dated June 16, 2006, between NJPV and Jiaxing Jia Jing Electronics Co., Ltd. 

  

	36.	Industrial Products Purchase and Sales Contract, dated March 31, 2006, between NJPV and Jiangsu Shun Da Semi-conductor Development Co., Ltd. 

  

	37.	Processing Contract, dated March 31, 2006, between NJPV and Jiangsu Shun Da Semi-conductor Development Co., Ltd. 

  

	38.	Industrial Products Contract, dated March 31, 2006, between NJPV and Jiangsu Shun Da Semi-conductor Development Co., Ltd. 

  

	39.	Invoice, dated April 12, 2006, issued by Dutchsolar BV to Nanjing PV 

  

	40.	Purchase Contract, undated, between NJPV and Solargy GmbH 

  

	41.	Sales Contract, dated July 30, 2006, between NJPV and Alternate Energy Solutions Inc. 

  

	42.	Product Purchase Contract, dated August 15, 2006, between NJPV and Jiangxi Saiwei LDK Solar Energy Hi-tech Co., Ltd. 

  

	43.	Letter of Intent, dated July 28, 2006, between NJPV and Zhenjiang Bao Hong PV Co., Ltd. 

  

	44.	Contract, dated August 1, 2006, between NJPV and Cheng Jing Enterprise Co., Ltd. 

  

	45.	Product Sales Contract, dated August 17, 2006, between NJPV and Nanjing Zhong Dian International Trade Co., Ltd. 

  

	46.	Purchase and Sale Contract, dated August 17, 2006, between NJPV and Jiangyin City Hai Run Science and Technology Co., Ltd. 

  

	47.	Sales and Purchase Basic Agreement, signed on August 17, 2006, between NJPV and TKX Co., Ltd. 

  

	48.	Contract, dated August 17, 2006, between NJPV and Sunlight Group Inc., as supplemented by a supplementary agreement dated August 25, 2006. 

  

	49.	Contract, dated August 25, 2006, between NJPV and Sunlight Group Inc. 

  

 8 

	C.	Loan Contracts 

 List of the Loan Contracts entered into by
the NJPV as a borrower: 
  

									
	 Lender
	  	 Date of
 Contract
	 	 Borrowing
 Term
 (mm/dd/yy-
 mm/dd/yy)
	 	 Principal
 (Million)
	 	 Notes

					
	 Nanjing City
 Commercial Bank
	  	November 23, 2004	 	11/18/04-11/18/07	 	RMB50	 	Mortgage required once the project of the NJPV is completed, and prior written consent required regarding equity transfer.
					
	 Huaqiao Road
 Branch of Nanjing City Commercial
Bank
	  	January 23, 2006	 	01/23/06-01/23/07	 	RMB60	 	Prior consent is required regarding issues affecting repayment of the debt.
					
	Nanjing Branch of China Merchants Bank	  	July 14, 2005	 	07/14/05-07/14/06	 	RMB20	 	Prior notice to the Lender is required regarding equity transfer.
					
	 Nanjing Branch
 of China Merchants Bank
	  	March 2, 2006	 	03/02/06-03/02/07	 	RMB20	 	Prior notice to the Lender is required regarding equity transfer.
					
	Nanjing Branch of China CITIC Bank	  	January 6, 2006	 	01/06/06-01/06/07	 	RMB25	 	Prior consent is required regarding equity transfer.
					
	Nanjing Branch of China CITIC Bank	  	February 23, 2006	 	02/23/06-02/23/07	 	RMB25	 	Prior notice to the Lender is required regarding equity transfer.
					
	Nanjing Hanfu Branch of Industrial and Commerce Bank of China	  	August 2, 2005	 	08/02/05-08/01/06	 	RMB10	 	Prior consent is required regarding equity transfer.
					
	Nanjing Xinjiekou Branch of China Construction Bank	  	October 24, 2005	 	10/24/05-10/23/06	 	RMB20	 	Prior consent is required regarding issues affecting repayment of the debt.
					
	Nanjing Branch of Bank of Communications	  	October 31, 2005	 	10/31/05-10/26/07	 	RMB20	 	Prior consent is required regarding equity transfer.
					
	Nanjing Branch of Bank of Communications	  	October 31, 2005	 	10/31/05-10/26/06	 	RMB10	 	Prior consent is required regarding equity transfer.
					
	Nanjing Hanfu Branch of Industrial and Commerce Bank of China	  	March 23, 2006	 	03/23/06-09/22/06	 	RMB20	 	Prior consent is required regarding equity transfer.
					
	Nanjing Hanfu Branch of Industrial and Commerce Bank of China	  	June 5, 2006	 	06/05/06-06/04/07	 	RMB50	 	Prior consent is required regarding equity transfer.

  

 9 

									
	Nanjing Branch of China Merchants Bank	 	July 24, 2006	 	07/24/06-07/24/07	 	RMB20	 	Prior notice to the Lender is required regarding equity transfer.
					
	Nanjing Yuhuatai Sub-branch of Agricultural Bank of China	 	July 27, 2006	 	07/27/2006-03/20/2007	 	RMB50	 	Prior consent is required regarding equity or asset transfer.
					
	Nanjing Yuhuatai Sub-branch of Agricultural Bank of China	 	July 28, 2006	 	07/28/2006-04/20/2007	 	RMB50	 	Prior consent is required regarding equity or asset transfer.
					
	Nanjing Hanfu Branch of Industrial and Commerce Bank of China	 	July 28, 2006	 	07/28/06-07/27/07	 	RMB10	 	Prior consent is required regarding equity transfer.
					
	Nanjing Yuhuatai Sub-branch of Agricultural Bank of China	 	August 1, 2006	 	08/01/2006-05/21/2007	 	RMB50	 	Prior consent is required regarding equity or asset transfer.

  

	D.	Series A Financing Agreements 

  

	1.	Warrant Purchase Agreement, dated March 8, 2006, by and among NJPV, the BVI Subsidiary and PraxCapital Fund II, L.P., and certain other persons. 

  

	2.	Loan Agreement, dated March 8, 2006, by and between NJPV and the BVI Subsidiary 

  

	3.	Asset Mortgage Agreement dated March 8, 2006, by and between NJPV and the BVI Subsidiary 

  

	4.	Equity Transfer Agreement by and among the BVI Subsidiary, Nanjing Xinde Asset Management Co., Ltd, Zhao Jianhua, Wang Aihua and Zhang Fengming. 

 E. Series B Financing Agreements 
  

	1.	Subscription Agreement, dated April 4, 2006, by and among NJPV, the BVI Subsidiary, Exuberance Investment Limited, Gersec Trust Reg. China Environment Fund 2004, LP, and
certain other persons specified therein. 

  

	2.	Shareholders’ Agreement dated May 4, 2006, by the BVI Subsidiary, the Series A Investor and the Series B Investors, and certain other persons. 

  

	3.	Registration Rights Agreement dated May 4, 2006, by the BVI Subsidiary and the Series B Investors. 

  

 10 

	4.	Indemnification Agreement dated May 4, 2006, by the BVI Subsidiary and its directors 

  

	5.	Deed of Undertaking dated May 4, 2006 

  

	6.	CEEG Deed of Undertaking dated May 4, 2006 

 F. Insurance
Agreement 
  

													
	 Insurance Carrier
	 	 Policy No.
	 	 Type of Insurance
	 	 Policy Period
	 	 Coverage
	 	 Premium (RMB)
	 	 Total Sum Insured
(RMB)

	Tian’an Insurance Co., Ltd.	 	0400005413	 	Property All Risks Insurance	 	November 17, 2005 to November 16, 2006	 	FN1.	 	51,321.15	 	73,315,933
							
		 	0500002413	 	Property All Risks Insurance	 	February 28, 2006 to November 16, 2006	 		 	5,699.75	 	9,579,411.44
							
		 	0500002414	 	Property All Risks Insurance	 	February 28, 2006 to November 16, 2006	 		 	15,302.77	 	25,718,944
							
		 	0500002422	 	Property All Risks Insurance	 	June 3, 2006 to November 16, 2006	 		 	9,646.34	 	22,967,469
							
		 	0400000464	 	Machinery Breakdown Insurance	 	November 17, 2005 to November 16, 2006	 	FN2.	 	32,876.75	 	41,095,933.02
							
		 	050000679	 	Machinery Breakdown Insurance	 	February 28, 2006 to November 16, 2006	 		 	6,514	 	9,579,411.44
							
		 	050000680	 	Machinery Breakdown Insurance	 	February 28, 2006 to November 16, 2006	 		 	20,575.16	 	25,718,944.07
							
		 	050000684	 	Machinery Breakdown Insurance	 	June 3, 2006 to November 16, 2006	 		 	11,024.39	 	22,967,469

 FN1. Any physical loss of or damage to fixed assets insured as listed thereunder respectively during the period of
insurance, arising from any natural hazards or accident other than those specifically excluded 
 FN2. Any physical loss or damage to the machinery and its
associated equipment insured respectively during the period of insurance arising from any sudden and unforeseen accident or caused by (i) faulty design, faults at workshop or in erection, defects in casting and material; (ii) faulty
operation, lack of skill, bad workmanship, negligence, faults and malicious acts on the part of workers or technicians; (iii) tearing apart on account of centrifugal force; (iv) overloading, over voltage, electronic line contact, arcing,
leakage of electricity, short-circuit, atmospheric, inductive electricity and other electric phenomena; or (v) any other events except to the extent specifically excluded. 
  

 11 

	G.	Miscellaneous 

  

	1.	Investment Agreement, dated August 22, 2004, between the Company and the Administrative Commission of Nanjing Jiangning Economic & Technology Development Zone

  

	2.	State-owned Land Use Right Grant Contract, dated February 16, 2006, between the NJPV and Jiangning Division of Nanjing Land and Resources Bureau 

 Section 8.4 
  

	1.	Guarantee Agreement, dated November 23, 2004, between the CEEG and Nanjing City Commercial Bank 

  

	2.	Irrevocable Guarantee, dated March 2, 2005, from the CEEG to the Nanjing Branch of China Merchants Bank 

  

	3.	Irrevocable Guarantee, dated July 14, 2005, from the CEEG to the Nanjing Branch of China Merchants Bank 

  

	4.	Guarantee Agreement with Maximum Amount, dated February 23, 2005, between the CEEG and the Nanjing Branch of CITIC Industrial Bank 

  

	5.	Guarantee Agreement, dated January 6, 2006, between the CEEG and the Nanjing Branch of China CITIC Bank 

  

	6.	Guarantee Agreement, dated August 2, 2005, between the CEEG and the Nanjing Hanfu Branch of Industrial and Commerce Bank of China 

  

	7.	Guarantee Agreement, dated October 24, 2005, between the CEEG and the Jiangsu Branch of China Construction Bank 

  

	8.	Guarantee Agreement, dated October 31, 2005, between the CEEG and the Nanjing Branch of Bank of Communications 

  

	9.	Guarantee Agreement, dated October 31, 2005, between the CEEG and the Nanjing Branch of Bank of Communications 

  

	10.	Guarantee Agreement, dated October 31, 2005, between Jiangsu CEEG Power Transmission and Distribution Equipment Co., Ltd. and the Nanjing Branch of Bank of Communications

  

 12 

	11.	Guarantee Agreement, dated October 31, 2005, between Jiangsu CEEG Power Transmission and Distribution Equipment Co., Ltd. and the Nanjing Branch of Bank of Communications

  

	12.	Guarantee Agreement, dated February 23, 2006, between CEEG and the Nanjing Branch of China CITIC Bank 

  

	13.	Guarantee Agreement, dated March 23, 2006, between CEEG and the Nanjing Hanfu Branch of Industrial and Commerce Bank of China 

  

	14.	Guarantee Agreement, dated June 5, 2006, between CEEG and the Nanjing Hanfu Branch of Industrial and Commerce Bank of China 

  

	15.	Loan Agreement, dated March 8, 2006, by and between NJPV and the BVI Subsidiary regarding a US$10 million loan to be made to NJPV 

  

	16.	Irrevocable Guarantee, dated July 24, 2006, from CEEG to the Nanjing Branch of China Merchants Bank 

  

	17.	Guarantee Agreement, dated July 27, 2006, between CEEG and the Nanjing Yuhuatai Sub-branch of Agricultural Bank of China 

  

	18.	Guarantee Agreement, dated July 28, 2006, between CEEG and the Nanjing Yuhuatai Sub-branch of Agricultural Bank of China 

  

	19.	Guarantee Agreement, dated July 28, 2006, between CEEG and the Nanjing Hanfu Branch of Industrial and Commerce Bank of China 

  

	20.	Guarantee Agreement, dated August 1, 2006, between CEEG and the Nanjing Yuhuatai Sub-branch of Agricultural Bank of China 

  

	21.	Product Sales Contract, dated August 17, 2006, between NJPV and Nanjing Zhong Dian International Trade Co., Ltd. 

 In addition, NJPV has made loans to CEEG and/or CEEG’s subsidiaries, all of which are reflected in the 2005 Accounts (as defined in the Subscription Agreement) and
other financial statements provided to the Investor in accordance with the Subscription Agreement. 
  

 13 

 EXHIBIT E 
 FORM OF CEEG UNDERTAKING 
 September   , 2006 
 To: 

	1.	China Sunergy Co., Ltd. 

	2.	OZ Master Fund, Ltd. 

	3.	OZ Asia Master Fund, Ltd. 

	4.	OZ Global Special Investments Master Fund, L.P. 

	5.	Credit Suisse Private Equity Partners Asia, L.P. 

 (1 is
refer to as the “Company”, 2-5 are individually or collectively referred to as the “Investors”, and all the above are collectively referred to as “you”.) 
 To whom it may concern: 
 The deed of understanding is made in accordance with the Series C share
subscription agreement (hereinafter referred to as “Subscription Agreement”) entered into by and among you and the controlling shareholder of China Electrical Equipment Group Co., Ltd. (hereinafter referred to as the
“Covenantor”) on September 17, 2006. The terms used by the deed of understanding shall have the same meaning defined in the Subscription Agreement unless otherwise specified in the deed. 
 Whereas, as stipulated in the Subscription Agreement, the Covenantor presents the deed of understanding to you constitutes one of the premises that the
Investor purchases Series C preference stock from the Company. 
 Whereas the Covenantor is the related party of the Company and CEEG
(Nanjing) PV-Tech Co., Ltd. (“Nanjing PV-Tech”) and acknowledges the development of the Company and Nanjing PV-Tech is in line with its interests and hopes to promote the development and operation of Nanjing PV-Tech. 
 The Covenantor and the Company (the actual signatory is the Company’s wholly owned subsidiary in the British Virgin Islands), Nanjing PV-Tech and
the investors of Series B preference stock have signed an undertaking on May 4, 2006 (“Series B Undertaking”). In the Series B Undertaking, the Convenantor made a series of covenants in order to facilitate the investors of Series B
preference stock to subscribe for the Company’s Series B preference stock. Now, to ensure your rights and interests, the Covenantor hereby unconditionally and irrevocably to you in a way similar to Series B Undertaking as follows: 

 

	1.	After the closing date of Series C preference stock (i.e., September , 2006), the Covenantor shall continuously and constantly provide Nanjing PV-Tech with full-amount warranty or
guarantees in other forms for any and all commercial bank loan (“Bank Loan”) and line of credit (“Line of Credit”) balance on the closing date of Series C preference stock, and take any and all necessary measures to
prevent the total bank loan and line of credit balance of Nanjing PV-Tech from reducing. The parties hereto acknowledges hereby that the above mentioned bank loan balance is RMB [•] and the line of credit balance is [•].

  

 14 

	2.	The Covenantor shall undertake that the terms and conditions for the bank loan and line of credit obtained by Nanjing PV-Tech after the closing date of Series C preference stock
under the above Clause 1 shall not be less favorable than the terms and conditions for the loan and line of credit the banks of the same type stipulate for the closing date of Series C preference stock unless otherwise stipulated by the laws or the
regulations or policies of the People’s Bank of China. 

  

	3.	In case of any expense, liabilities, obligations, compensation or loss incurred by you due to, resulting from or relating to the breach of the deed by any Covenantor, the Covenantor
shall compensate you for the expenses, liabilities, obligations, compensation or loss mentioned above and indemnify you against any losses. 

  

	4.	The deed of undertaking shall come into force on the day it is signed by the Covenantor to you. It is legally binding or effective upon the Covenantor. The deed shall be in effect
for one year after the closing date of Series B preference stock (i.e., till May 3, 2007). 

  

	5.	The deed of undertaking shall be governed and construed by the laws of the People’s Republic of China. 

  

 15 

	
	Covenantor:
	
	For and on behalf of
	
	China Electric Equipment Group Co., Ltd.
	
	 /s/ Tingxiu Lu

	Name:
	Title:
	
	Confirmed and accepted
	
	For and on behalf of
	
	CHINA SUNERGY CO., LTD.
	
	 /s/ Tingxiu Lu

	Name:
	Title:
	
	For and on behalf of
	
	CEEG (Nanjing) PV-Tech Co., Ltd.
	
	 /s/ Tingxiu Lu

	Name:
	Title:

  

 16 

	
	For and on behalf of
	
	OZ MASTER FUND, LTD.
	
	 /s/ Joel M. Frank

	Name:
	Title:
	
	For and on behalf of
	
	OZ ASIA MASTER FUND, LTD.
	
	 /s/ Joel M. Frank

	Name:
	Title:
	
	For and on behalf of
	
	OZ GLOBAL SPECIAL INVESTMENTS MASTER FUND, L.P.
	
	 /s/ Joel M. Frank

	Name:
	Title:

  

 17 

	
	For and on behalf of
	
	CREDIT SUISSE PRIVATE EQUITY PARTNERS ASIA, L.P.
	
	 /s/ Heath Zarin

	Name:
	Title:

  

 18Shareholders Agreement among the Registrant and other parties

 EXECUTION COPY 
 Exhibit 4.5 
  

 SHAREHOLDERS’ AGREEMENT 
 among 
 CHINA SUNERGY CO., LTD., 
 THE FOUNDERS LISTED HEREIN ON SCHEDULE 1,

 THE FOUNDER SHAREHOLDERS LISTED HEREIN ON SCHEDULE 2, 
 THE SERIES A SHAREHOLDERS LISTED HEREIN ON SCHEDULE 3, 
 THE SERIES B
SHAREHOLDERS LISTED HEREIN ON SCHEDULE 4, 
 THE SERIES C SHAREHOLDERS LISTED HEREIN ON SCHEDULE 5  
 and 
 DEUTSCHE BANK AG LONDON BRANCH

  

 Dated
September 26, 2006 
  

  

 TABLE OF CONTENTS 
  

			
	 	  	Page
	 SECTION 1    INTERPRETATION
	  	2
		
	 SECTION 2    BUSINESS OF THE COMPANY AND OBLIGATIONS OF THE SHAREHOLDERS
	  	9
		
	 SECTION 3    INFORMATION AND INSPECTION RIGHTS
	  	9
		
	 SECTION 4    CORPORATE GOVERNANCE
	  	11
		
	 SECTION 5    RIGHT OF PARTICIPATION
	  	17
		
	 SECTION 6    RESTRICTIONS ON TRANSFER OF SHARES
	  	19
		
	 SECTION 7    COVENANTS OF THE PARTIES
	  	24
		
	 SECTION 8    PUBLIC OFFERING
	  	29
		
	 SECTION 9    REPRESENTATIONS AND WARRANTIES
	  	29
		
	 SECTION 10  CONFIDENTIALITY AND RESTRICTIONS ON PUBLICITY
	  	30
		
	 SECTION 11  ASSIGNMENT AND AMENDMENT
	  	32
		
	 SECTION 12  TERM AND TERMINATION
	  	33
		
	 SECTION 13  NOTICES
	  	33
		
	 SECTION 14  FEES AND EXPENSES
	  	35
		
	 SECTION 15  MISCELLANEOUS
	  	35
		
	 SECTION 16  GOVERNING LAW AND DISPUTE RESOLUTION
	  	36
		
	SCHEDULES	  	
		
	 SCHEDULE 1         LIST OF THE FOUNDERS
	  	
		
	 SCHEDULE 2         LIST OF THE FOUNDER SHAREHOLDERS
	  	
		
	 SCHEDULE 3         LIST OF THE SERIES A SHAREHOLDERS
	  	
		
	 SCHEDULE 4         LIST OF THE SERIES B SHAREHOLDERS
	  	
		
	 SCHEDULE 5         LIST OF THE SERIES C SHAREHOLDERS
	  	
		
	 SCHEDULE 6         EXISTING SHAREHOLDERS
	  	
		
	 SCHEDULE 7         PARTICULARS OF NJPV
	  	

			
	 SCHEDULE 8         MATTERS REQUIRING SUPERMAJORITY BOARD APPROVAL
	  	
		
	 SCHEDULE 9         FORM OF MONTHLY MANAGEMENT REPORT
	  	
		
	EXHIBIT	  	
		
	 EXHIBIT A             FORM OF JOINDER
	  	

  

 SHAREHOLDERS’ AGREEMENT (this “Agreement”) made on the 26th day of September, 2006

 AMONG: 
  

	(1)	CHINA SUNERGY CO., LTD., a company organized and existing under the laws of the Cayman Islands, with its registered office located at the offices of Codan Trust Company
(Cayman) Limited at Century Yard, Cricket Square, Hutchins Drive, P.O. Box 2681 GT, George Town, Grand Cayman, Cayman Islands) (the “Company”); 

  

	(2)	those individuals listed on Schedule 1 hereto (collectively the “Founders” and each a “Founder”); 

  

	(3)	those companies listed on Schedule 2 hereto (collectively the “Founder Shareholders” and each a “Founder Shareholder”);

  

	(4)	those companies listed on Schedule 3 hereto (collectively the “Series A Shareholders” and each a “Series A Shareholder”);

  

	(5)	those companies listed on Schedule 4 hereto (collectively, the “Series B Shareholders” and each a “Series B Shareholder”);

  

	(6)	those companies listed on Schedule 5 hereto (collectively, the “Series C Shareholders” and each a “Series C Shareholder”); and

  

	(7)	DEUTSCHE BANK AG ACTING THROUGH ITS LONDON BRANCH (“DEUTSCHE BANK”). 

 The Company, the Founders, the Founder Shareholders, the Series A Shareholders, the Series B Shareholders, the Series C Shareholders and Deutsche Bank are collectively
referred to herein as the “Parties” and each individually as a “Party.” 
 RECITALS: 
  

	(A)	The Founder Shareholders, the Series A Shareholders, the Series B Shareholders, the Series C Shareholders and Deutsche Bank collectively own, legally or beneficially, all of the
issued share capital of the Company. The share ownership and certain other particulars of such shareholders are set forth in Schedule 6 hereto; 

  

	(B)	The Company owns all of the issued share capital of China Sunergy Co., Ltd., a business company incorporated in the British Virgin Islands (the “BVI Subsidiary”);

  

	(C)	The BVI Subsidiary owns the entire equity interest of CEEG (Nanjing) PV-tech Co., Ltd. (“NJPV”), the particulars of which are set forth on Schedule 7 hereto;
and 

  

	(D)	The Parties wish to provide for certain matters relating to the transfer of shares of the Company and the management and operation of the Company and its Subsidiaries (as defined
below). 

 AGREEMENT: 
 SECTION 1 
 INTERPRETATION 
  

	1.1	Definitions. In this Agreement, unless the context otherwise requires the following words and expressions have the following meanings: 

 “Act” means the Companies Law (2004 Revision) of the Cayman Islands. 
 “Affiliate” of a Person (the “Subject Person”) means (i) in the case of a natural person, any other Person that is
directly or indirectly controlled by such the Subject Person or is a spouse, parent, grandparent, child or grandchild of the Subject Person and (ii) in the case of a Subject Person other than a natural person, any other Person directly or
indirectly controlling, controlled by or under common control with the Subject Person, where “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a
Person, whether through the ownership of voting securities, by contract or otherwise, and includes (a) ownership directly or indirectly of 50% or more of the shares in issue or other equity interests of such Person, (b) possession directly
or indirectly of 50% or more of the voting power of such Person or (c) the power directly or indirectly to appoint a majority of the members of the board of directors or similar governing body of such Person, and the terms
“controlling” and “controlled” have meanings correlative to the foregoing. 
 “Associate”
has the meaning attributed to such term in Section 1.01 of Chapter 1 of the Rules Governing the Listing of Securities of The Stock Exchange of Hong Kong Limited. 
 “Basic Documents” means this Agreement, the Subscription Agreement, the Second Restated Articles and the Registration Rights Agreement. 
 “Board” means the board of Directors of the Company. 
 “CEEG” means Chinese Electrical Equipment Group Co., Ltd. 
 “CEF” means
Chinese Environment fund 2004, LP, a limited partnership registered in the Cayman Islands, with its registered address at P.O. Box 908GT, George Town, Grand Cayman, the Cayman Islands. 
 “Charter Documents” means (i) with respect to the Company, its Second Restated Articles, (ii) with respect to NJPV, its
articles of association, and (iii) with respect to any other Subsidiary of the Company, its articles of association, charter or other constitutional document(s) as required by the laws of the jurisdiction in which it is incorporated,

 “CS” means Credit Suisse Private Equity Partners Asia, L.P., a limited 

 
partnership registered in the Cayman Islands, with its registered address at c/o M&C Corporate Services Limited, P.O. Box 309GT, Ugland House, S. Church
Street, George Town, Grand Cayman, Cayman Islands. 
 “Director” means a director of the Company (including any duly
appointed alternate director). 
 “EIL” means Exuberance Investment Limited, a company organized and existing under the laws
of the British Virgin Islands, with its registered address at P.O. Box 173, Kingston Chambers, Road Town, Tortola, the BVI, owned by China Harvest Fund, L.P., a Cayman Islands exempted limited partnership, whose general partner is China Renaissance
Capital Investment, L.P., a Cayman Islands exempted limited partnership, and whose manager is China Renaissance Capital Investment Inc., a Cayman Islands exempted limited company. 
 “Encumbrance” means (i) any mortgage, charge (whether fixed or floating), pledge, lien, hypothecation, assignment, deed of trust,
title retention, security interest or other encumbrance of any kind securing, or conferring any priority of payment in respect of, any obligation of any person, including without limitation any right granted by a transaction which, in legal terms,
is not the granting of security but which has an economic or financial effect similar to the granting of security under applicable law, (ii) any lease, sub-lease, occupancy agreement, easement or covenant granting a right of use or occupancy to
any person, (iii) any proxy, power of attorney, voting trust agreement, interest, option, right of first offer, negotiation or refusal or transfer restriction in favor of any person and (iv) any adverse claim as to title, possession or
use. 
 “Equity Securities” means, with respect to any Person, such Person’s capital stock, membership interests,
partnership interests, registered capital, joint venture or other ownership interests (including, without limitation, in the case of the Company, Shares) or any options, warrants or other securities that are directly or indirectly convertible into,
or exercisable or exchangeable for, such capital stock, membership interests, partnership interests, registered capital, joint venture or other ownership interests. 
 “Financial Year” means the financial year of the Company, which ends on December 31. 
 “Group” means the Company, the BVI Subsidiary, NJPV and the Subsidiaries, and “Group Member” means any of them. 
 “IFRS” means the International Financial Reporting Standards and interpretations thereof approved by the International Accounting Standards Board, including International Accounting Standards and
interpretations thereof. 
 “Indirect Shares” means, with respect to any Founder, any Equity Securities directly or
indirectly held or controlled by such Founder in the Founder Shareholders. 

 “Intellectual Property” means all patents, trademarks, service marks, registered
designs, domain names and utility models, copyrights, inventions, brand names, database rights and business names and any similar rights situated in any country and the benefit (subject to the burden) of any of the foregoing (in each case whether
registered or unregistered and including applications for the grant of any of the foregoing and the right to apply for any of the foregoing in any part of the world). 
 “Investors” means all of the Preferred Holders. 
 “Observer” means the EIL
Observer, the CEF Observer, the OZ Observer and/or the CS Observer as the context may require. 
 “Ordinary Shares” means the
ordinary shares, par value US$0.01 per Share, in the capital of the Company. 
 “OZ” means OZ Master Fund, Ltd., a Cayman
Islands exempted company, OZ Asia Master Fund, Ltd., a Cayman Islands exempted company and OZ Global Special Investments Master Fund, L.P., a Cayman Islands limited partnership, each with its registered address at c/o Goldman Sachs (Cayman) Trust,
Ltd. Harbour Centre, P.O. Box 896, George Town, Grand Cayman, Cayman Islands. 
 “Person” means an individual, corporation,
joint venture, enterprise, partnership, trust, unincorporated association, limited liability company, government or any department or agency thereof, or any other entity. 
 “PRC” means the People’s Republic of China, excluding for the purposes of this Agreement, Hong Kong, Macau Special Administrative Region and Taiwan. 
 “Preferred Holder” means any holder of Preferred Shares. 
 “Preferred Shares” means the Series A Preferred Shares, Series B Preferred Shares and Series C Preferred Shares. 
 “Pro Rata Share” means, with respect to any Shareholder, the proportion that the number of Ordinary Shares held by such Shareholder bears to the aggregate number of Ordinary Shares held by all
shareholders of the Company, in each case on an as converted and fully-diluted basis. 
 “QIPO” means an initial public
offering of Shares on a Qualified Exchange with proceeds to the Company net of Selling Expenses of at least US$100 million and a market capitalization immediately before the offering of at least US$600 million. 
 “Qualified Exchange” means (i) the New York Stock Exchange or the Nasdaq Stock Market’s National Market System or The Stock
Exchange of Hong Kong Limited, or (ii) any other exchange of recognized international 

 
reputation and standing duly approved by the Board, including the affirmative votes of Directors nominated by EIL and the Series A Shareholder, and consented
to by the Series C Shareholders. 
 “Registration Rights Agreement” means the registration rights agreement to be entered
into as of even date herewith among the Company, the Series A Shareholders, the Series B Shareholders and the Series C Shareholders in substantially the same form as Exhibit C to the Subscription Agreement. 
 “Regulatory Approvals” means all approvals, permissions, authorizations, consents and notifications from any governmental, regulatory or
departmental authority. 
 “Related Party” means (i) any Substantial Shareholder, director or Senior Officer of any
Group Member, and (ii) any Associate of any Substantial Shareholder, director or Senior Officer of any Group Member. 
 “Second
Restated Articles” means the second amended and restated Memorandum and Articles of Association of the Company in the form of Exhibit B to the Subscription Agreement, to be adopted by the Company prior to Subscription Completion.

 “Selling Expenses” means all underwriting discounts, selling commissions and share transfer taxes applicable to the
initial public offering of the Shares. 
 “Series A Preferred Shares” means the series A convertible preferred shares, par
value US$0.01 per share, in the capital of the Company, with the rights set forth in the Charter Documents. 
 “Series A
Transaction” means the purchase by the Series A Shareholders from the BVI Subsidiary and its then existing shareholders of 128,473 Series A Preferred Shares for an aggregate consideration of US$13,110,400 and related transactions.

 “Series A Transaction Documents” means the Warrant Purchase Agreement entered into on and as of March 8, 2006 by and
among the Series A Shareholders, the BVI Subsidiary, NJPV and the other parties thereto, the Loan Agreement entered into as of March 8, 2006 by and between the BVI Subsidiary and NJPV, and other agreements and documents contemplated therein,
pursuant to which the Series A Transaction is to be consummated. 
 “Series B Completion Date” means the date on which the
Series B Transaction was completed. 
 “Series B Preferred Shares” means the series B convertible preferred shares, par value
US$0.01 per share, in the capital of the Company, with the rights set forth in the Charter Documents. 
 “Series B Subscription
Agreement” means the Subscription Agreement dated April 4, 2006 among the BVI Subsidiary, NJPV, the Founders and Series B Shareholders. 

 “Series B Transaction” means the purchase by the Series B Shareholders of 239,051 Series
B Preferred Shares for an aggregate consideration of US$27,999,948 and related transactions. 
 “Series B Transaction
Documents” means the Share Subscription Agreement entered into on and as of April 4, 2006 by and among the Series B Shareholders, the BVI Subsidiary and the other parties thereto and other agreements and documents contemplated therein,
pursuant to which the Series B Transaction is to be consummated. 
 “Series C Preferred Shares” means the series C
convertible preferred shares, par value US$0.01 per share, in the capital of the Company, with the rights set forth in the Charter Documents. 
 “Shareholders” means (i) the Founder Shareholders, Deutsche Bank, the Series A Shareholders, the Series B Shareholders and the Series C Shareholders, and (ii) any other person who becomes a shareholder of the
Company in accordance with the terms of this Agreement and executes a Joinder substantially in the form attached hereto as Exhibit A, in each case for so long as such person remains a shareholder of the Company, and in the case of any
shareholder that is a natural person shall be deemed to include the estate of such shareholder and the executor, conservator, committee or other similar legal representative of such shareholder or such shareholder’s estate following the death
or incapacitation of such shareholder. 
 “Shares” means the Ordinary Shares, the Series A Preferred Shares, the Series B
Preferred Shares and the Series C Preferred Shares or any of them. 
 “Subscription Agreement” means the Subscription
Agreement dated September 17, 2006 among the Company, Series C Shareholders and other parties specified therein. 
 “Subsidiary” means any other Person in which the Company directly or indirectly holds a majority of the ownership interests, or a majority of the voting power, represented by Equity Securities of such Person, or the Company
controls the appointment of a majority of the members of the board of directors or other similar governing body of such Person. 
 “Substantial Shareholder” means a Person who owns of record or beneficially more that five percent of any class of the Company’s Equity Securities. 
 “US$” means United States Dollars, the lawful currency of the United States of America. 
  

	1.2	Terms Defined Elsewhere in this Agreement. The following terms are defined in this Agreement as follows: 

  

			
	 “Acceptance Notice”
	  	Section 6.5(d)
	 “Additional Number”
	  	Section 5.3(b)
	 “Agreement”
	  	Preamble
	 “Business”
	  	Section 2.1

			
	 “CEF Observer”
	  	Section 4.3(a)
	 “Centre”
	  	Section 16.2(b)
	 “Company”
	  	Preamble
	 “Competitive Entity”
	  	Section 7.11(a)
	 “Company Secretary”
	  	Section 4.4(b)
	 “Confidential Information”
	  	Section 10.1
	 “Co-Sale Right”
	  	Section 6.6(b)
	 “CS Observer”
	  	Section 4.3(a)
	 “Dilutive Event”
	  	Section 6.6(b)
	 “Disclosing Party”
	  	Section 10.4
	 “Dispute”
	  	Section 16.2(a)
	 “EIL Observer”
	  	Section 4.3(a)
	 “Electing Offeree”
	  	Section 6.5(c)
	 “Environmental Laws”
	  	Section 7.9
	 “Excess Offered Shares”
	  	Section 6.5(c)
	 “First Refusal Allocation”
	  	Section 6.5(c)
	 “First Refusal Right”
	  	Section 6.5(a)
	 “First Participation Notice”
	  	Section 5.2
	 “Founder” or the “Founders”
	  	Preamble
	 “Founder Director”
	  	Section 4.3(a)(iv)
	 “Founder Shareholder” or the “Founder Shareholders”
	  	Preamble
	 “Information Rights”
	  	Section 3.1(a)(xii)
	 “Inspection Rights”
	  	Section 3.1(b)
	 “IPO”
	  	Section 6.4
	 “New Securities”
	  	Section 5.1
	 “Non-Disclosing Party”
	  	Section 10.4
	 “Non-Electing Offerees”
	  	Section 6.5(c)
	 “Notices”
	  	Section 13.1
	 “Offer Period”
	  	Section 6.5(c)
	 “Offer Price”
	  	Section 6.5(b)
	 “Offered Shares”
	  	Section 6.5(b)
	 “Offerees”
	  	Section 6.5(b)
	 “OZ Observer”
	  	Section 4.3(a)
	 “Party” or the “Parties”
	  	Preamble
	 “Preferred Shareholder Approval Matters”
	  	Section 4.2
	 “Proposed Issuance”
	  	Section 5.2
	 “Proposed Recipient”
	  	Section 5.1
	 “Prospective Financing”
	  	Section 7.11(f)
	 “Prospective Investor”
	  	Section 7.11(f)
	 “NJPV”
	  	Recitals
	 “Representatives”
	  	Section 10.1
	 “Right Participant”
	  	Section 5.3(b)
	 “Second Participation Notice”
	  	Section 5.3(b)
	 “Second Participation Period”
	  	Section 5.3(b)
	 “Senior Officers”
	  	Schedule 8(e)
	 “Series A Director”
	  	Section 4.3(a)(ii)
	 “Series A Shareholder” or the “Series A Shareholders”
	  	Preamble
	 “Series B Director”
	  	Section 4.3(a)(iii)
	 “Series B Shareholders” or the “Series B Shareholder”
	  	Preamble

			
	 “Series C Shareholders” or the “Series C Shareholder”
	  	Preamble
	 “Shareholders’ Meeting”
	  	Section 4.1
	 “Transfer”
	  	Section 6.1
	 “Transfer Notice”
	  	Section 6.5(b)
	 “Transferee”
	  	Section 6.5(b)
	 “Transferring Shareholder”
	  	Section 6.5(b)

  

	1.3	Interpretation. 

  

	 	(a)	Share Calculations. In calculations of share numbers, (i) references to a “fully diluted basis” mean that the calculation is to be made assuming that
all outstanding options, warrants and other Equity Securities convertible into or exercisable or exchangeable for Ordinary Shares (whether or not by their terms then currently convertible, exercisable or exchangeable), have been so converted,
exercised or exchanged, and (ii) references to a “non-diluted basis” mean that the calculation is to be made taking into account only Ordinary Shares then in issue. 

  

	 	(b)	Directly or Indirectly. The phrase “directly or indirectly” means directly, or indirectly through one or more intermediate persons or through contractual or
other legal arrangements, and “direct or indirect” has the correlative meaning. 

  

	 	(c)	Gender and Number. Unless the context otherwise requires, all words (whether gender-specific or gender neutral) shall be deemed to include each of the masculine, feminine and
neuter genders, and words importing the singular include the plural and vice versa. 

  

	 	(d)	Headings. Headings are included for convenience only and shall not affect the construction of any provision of this Agreement. 

  

	 	(e)	Include not Limiting. “Include,” “including,” “are inclusive of” and similar expressions are not expressions of limitation
and shall be construed as if followed by the words “without limitation.” 

  

	 	(f)	Law. References to “law” shall include all applicable laws, regulations, rules and orders of any governmental authority, securities exchange or other
self-regulating body, including the Act, any common or customary law, constitution, code, ordinance, statute or other legislative measure and any regulation, rule, treaty, order, decree or judgment; and “lawful” shall be construed
accordingly. 

  

	 	(g)	Successor. References to any government ministry, agency, department or authority shall be construed as references to the duly appointed successor ministry, agency,
department or authority of such ministry, agency, department or authority where the context permits. 

  

	 	(h)	 References to Documents. References to this Agreement include the Schedules and the Exhibits, which form an integral part hereof. A reference to any Section,
Schedule or Exhibit is, unless otherwise specified, to such Section of, or Schedule or Exhibit to, this 

	 	 
Agreement. The words “hereof,” “hereunder” and “hereto,” and words of like import, refer to this Agreement
as a whole and not to any particular Section hereof or Schedule or Exhibit hereto. A reference to any document (including this Agreement) is to that document as amended, consolidated, supplemented, novated or replaced from time to time.

  

	 	(i)	Writing. References to writing include any mode of reproducing words in a legible and non-transitory form. 

 SECTION 2 
 BUSINESS OF THE
COMPANY AND OBLIGATIONS OF THE 
 SHAREHOLDERS 
  

	2.1	Principal Business. The business of the Company shall be directly and/or through the Subsidiaries to engage in the manufacture of photovoltaic cells (the
“Business”) and to engage in such other businesses or activities or make such other investments as may be approved by the Board from time to time in accordance with Section 4.4. 

  

	2.2	Shareholder Obligations. Each Shareholder shall comply with the provisions of this Agreement in relation to its investment in the Company and in transacting business with the
Company and shall exercise its rights and powers in accordance with and so as to give effect to this Agreement. 

 SECTION 3 
 INFORMATION AND INSPECTION RIGHTS 
  

	3.1	Information and Inspection Rights. 

  

	 	(a)	The Company covenants and agrees that, commencing on the date of this Agreement, for so long as any Preferred Holder holds any Preferred Shares, the Company will deliver to such
Preferred Holder: 

  

	 	(i)	audited annual consolidated financial statements of the Group prepared and delivered by a “Big 4” accounting firm within ninety (90) days after the end of each fiscal
year; 

  

	 	(ii)	unaudited quarterly consolidated financial statements of the Group within thirty (30) days of the end of each fiscal quarter; 

  

	 	(iii)	unaudited monthly consolidated financial statements and individual standard accounts of the Group within fifteen (15) days of the end of each month; 

 

	 	(iv)	a monthly management report in the form of Schedule 9 hereto within 20 days after the end of each month; 

  

	 	(v)	an annual budget for the Group within thirty (30) days prior to the end of each fiscal year; 

	 	(vi)	copies of all documents or other information sent to any Shareholder; 

  

	 	(vii)	upon the written request by the Preferred Holder, such other information as the Preferred Holder shall reasonably request within seven (7) days following receipt by the Company
of notice from the Preferred Holder requesting such information, unless the Company demonstrates to the reasonable satisfaction of the Preferred Holder that more than seven (7) days is required to produce such information, in which case, within
a reasonable period of time following receipt of such notice from the Preferred Holder; provided, that the Preferred Holder agrees to keep confidential any information so obtained and that the Preferred Holder may be excluded from access to
any material, records or other information if the Company is restricted from making such disclosure in accordance with applicable laws or pursuant to a bona fide agreement with a third party or if such disclosure will jeopardize any attorney-client
privilege of the Company; 

  

	 	(viii)	full details of any progress in the Company planned initial public offering involving all or part of the Group’s business; 

  

	 	(ix)	prompt notification of any withdrawal of any loan or credit facility of any Group Member in the ordinary course of business but exceeding $5,000,000 or loan or credit facility of
any Group Member not occurring in the ordinary course of business and such Group Member’s efforts to restore the foregoing withdrawn loan or credit facility; 

  

	 	(x)	prompt notification of any material litigation or any circumstance that would reasonably likely to give rise to any material litigation; 

  

	 	(xi)	prior notification of any change in the equity holding structure of any Subsidiary or Affiliate of the Company or any joint venture to which the Company is a party; and

  

	 	(xii)	prompt notification of resignation by any key management personnel (the above rights collectively referred to as the “Information Rights”).

  

	 	(b)	The Company further covenants and agrees that, commencing on the date of this Agreement, for so long as any Preferred Holder holds any Preferred Shares, the Preferred Holder shall
have the right, at its own expense (the “Inspection Rights”) to: 

  

	 	(i)	reasonably inspect facilities, records and books of the Company, any of its Subsidiaries at any time during regular working hours on reasonable prior notice to the Company and only
in a manner so as not to interfere with the normal business operations of the Company and its Subsidiaries; and 

	 	(ii)	discuss the business, operation and conditions of the Company and any of its Subsidiaries with the Company’s directors, officers, employees, accountants, legal counsels and
investment bankers at such reasonable times as may be requested by the Preferred Holder; provided that the Preferred Holder agrees to keep confidential any information so obtained and that the Preferred Holder may be excluded from access to
any material, record or other information if the Company is restricted from making such disclosure in accordance with applicable laws or pursuant to a bona fide agreement with a third party or if such disclosure will jeopardize any attorney-client
privilege of the Company. 

  

	 	(c)	The Information Rights and Inspection Rights shall terminate upon the consummation of a QIPO. 

  

	3.2	Form of Financial Statements. All financial statements to be provided to the Preferred Holder pursuant to Section 3.1 shall include an income statement, a balance sheet
and a cash flow statement for the relevant period as well as for the fiscal year-to-date and shall be shall prepared in English and in accordance with IFRS. 

 SECTION 4 
 CORPORATE GOVERNANCE 
  

	4.1	General. From and after the date hereof, each Shareholder shall vote its Shares at any regular or special meeting of Shareholders (a “Shareholders’
Meeting”), and shall take all other actions necessary, to give effect to the provisions of this Agreement and to ensure the inclusion in the Charter Documents of the rights and privileges of the Shareholders included in this Agreement. In
addition, each Shareholder shall vote its Shares at any Shareholders’ Meeting, upon any matter submitted for action by the Shareholders or with respect to which such Shareholder may vote, in conformity with the specific terms and provisions of
this Agreement. 

  

	4.2	Shareholder Approval. 

  

	 	(a)	It is the intent of the Shareholders that all major decisions shall be made by the Board. To the extent that shareholder approval of any matter is required in accordance with the
Act or otherwise, the affirmative vote of the Shareholders of at least 75% of all issued and outstanding Series A Preferred Shares, the Shareholders of at least 75% of all issued and outstanding Series B Preferred Shares and the Shareholders of at
least 75% of all issued and outstanding Series C Preferred Shares shall be required to approve the matters listed in Section 4.2(b) below (the “Preferred Shareholder Approval Matters”). 

	 	(b)	For the avoidance of doubt, Preferred Shareholder Approval Matters shall include: 

  

	 	(i)	any amendment or change of the rights, preferences, privileges or powers of, or the restrictions provided for the benefit of, any class of Preferred Shares;

  

	 	(ii)	any action that authorizes, creates or issues any class of the Company’s or any Subsidiary’s securities having preferences superior to or pari passu with the Series
A Preferred Shares, Series B Preferred Shares, Series C Preferred Shares, or any other securities of the Company; 

  

	 	(iii)	any action that reclassifies any outstanding Equity Securities into Equity Securities having preferences or priority as to dividends or assets senior to or pari passu with
the preferences of the Series A Preferred Shares, Series B Preferred Shares or Series C Preferred Shares; 

  

	 	(iv)	any action that repurchases, redeems or retires any of the Company’s Equity Securities other than pursuant to this Agreement or other contractual rights to repurchase any
Equity Securities held by the employees, directors or consultants of the Company or its Subsidiaries upon termination of their employment or services or pursuant to the exercise of a contractual right of first refusal held by the Company; and

  

	 	(v)	any amendment of the Charter Documents that would adversely affect the rights of the Series A Preferred Shares, Series B Preferred Shares or Series C Preferred Shares.

  

	4.3	Board of Directors 

  

	 	(a)	Number and Composition. 

  

	 	(i)	The Shareholders shall be entitled to appoint Directors in accordance with Sections 4.3(a)(ii) to 4.3(a)(iv) below. For the avoidance of doubt, the number of Directors constituting
the entire Board initially shall be eight. 

  

	 	(ii)	For as long as the Series A Shareholders as a group continue to hold 50% or more of the number of Series A Preferred Shares (as adjusted for share splits, combinations and other
similar events) held by such group as of the date hereof, one person shall be appointed by the Series A Shareholders (the “Series A Director”) by notice in writing to the Company and elected to the Board. 

 

	 	(iii)	 For as long as the Series B Shareholders as a group continue to hold 50% or more of the number of Shares (on an as-converted basis and as adjusted for share splits,
combinations and other 

	 	 
similar events) held by such group as of the date hereof, one person shall be appointed by the Series B Shareholders (each a “Series B
Director”) by notice in writing to the Company and elected to the Board. 

  

	 	(iv)	Any seat on the Board not occupied by a Series A Director or Series B Director shall be nominated by the holders of Ordinary Shares who does not hold any Preferred Shares as of the
date hereof. For the avoidance of doubt, initially, six nominees of the Founder Shareholders (each a “Founder Director”) shall be elected to the Board. 

  

	 	(v)	In addition, each of EIL, CEF, OZ and CS shall have the right to appoint one observer (the “EIL Observer”, the “CEF Observer”, the “OZ
Observer” and the “CS Observer”, respectively) to the board who will be provided with notices of all meetings and all documentation provided to the directors and shall have the right to attend all Board meetings, but shall
not have a right to vote at such meetings. 

  

	 	(b)	Removal and Replacement of Directors. 

  

	 	(i)	A Director shall be removed, with or without cause, upon, and only upon, the affirmative vote of the Shareholders who appointed such Director. 

  

	 	(ii)	In the event any Director resigns or is removed in accordance with Section 4.3(b)(i), the Shareholder that appointed such Director will have the right to appoint such
Director’s successor or replacement. 

  

	 	(iii)	 If it is the Series B Director or the Series A Director that resigns, dies, is removed or is disqualified (a “Terminated Director”), neither the
Shareholders nor the Board shall authorize the Company to transact any business outside the ordinary course of business or that is adverse to the interests of the Series B Shareholders or the Series A Shareholders, as the case may be, as
shareholders of the Company until the earlier of (i) the date that the successor or replacement Series B Director or Series A Director nominated by the Series B Shareholders or the Series A Shareholder, as applicable, has been elected to the
Board pursuant to the Company’s Second Restated Articles or (ii) the date that is fifteen (15) days after the original date of the resignation, death, removal or disqualification of the Terminated Director; provided, however, that the
Series B Shareholders or the Series A Shareholder, as applicable, shall in good faith use its reasonable best efforts to nominate and elect a successor or replacement Series B Director or Series A Director, as applicable, as soon as possible after
the resignation, death, removal or disqualification of the Terminated Director and in any case within fifteen (15) days 

	 	 
after such resignation, death, removal or disqualification; provided, further, that the other Shareholders agree to cooperate in good faith with the Series B
Shareholders or the Series A Shareholder, as the case may be, in furtherance of the foregoing provisions and vote their Shares, to the extent necessary under the laws of the Cayman Islands, whether by way of a meeting called for that purpose or by
written consent and in any event as expeditiously as reasonably possible, in accordance with the Company’s Second Restated Articles and this Agreement to elect the person nominated by the Series B Shareholders or the Series A Shareholder, as
applicable, to replace or succeed the Terminated Director. 

  

	 	(c)	Directors’ Access. Each Director and Observer shall be entitled to examine the books and accounts of the Company and shall have free access, at all reasonable times and
with prior written notice, to any and all properties and facilities of the Company or any Subsidiary. The Company shall provide such information relating to the business affairs and financial position of the Company as any Director or Observer may
require. 

  

	 	(d)	Authority of Board. Subject only to the provisions of this Agreement and the Act: 

  

	 	(i)	the Board shall have ultimate responsibility for management and control of the Company; and 

  

	 	(ii)	the Board shall be required to make all major decisions of the Company and all decisions outside the day to day business of the Company (including, without limitation, those
referred to in Sections 4.4(h)). All matters in respect of such decisions must be referred to the Board, and no Shareholder or officer shall take any actions purporting to commit the Company in relation to any such matters without the approval of
the Board. Each Shareholder shall cause the Director nominated by such Shareholder, if any, not to take any such actions or authorize any officers to take any such actions. 

  

	 	(e)	Chairman of the Board. The Chairman of the Board shall be appointed by holders of the majority of the Ordinary Shares. The Chairman shall not have a casting vote.

  

	4.4	Board Meetings. 

  

	 	(a)	Frequency and Location. Meetings of the Board shall take place at least once in every three-month period. Meetings shall be held in a location approved by a majority of the
Directors. 

  

	 	(b)	 Notice. A meeting may be called by the Chairman of the Board, any two other Directors, the Series A Director or the Series B Director by giving notice in
writing to the company’s secretary (the “Company 

	 	 
Secretary”) specifying the date, time and agenda for such meeting. The Company Secretary shall upon receipt of such notice give a copy of such
notice to all Directors and Observers of such meeting, accompanied by a written agenda specifying the business of such meeting and copies of all papers relevant for such meeting. Not less than 14 days’ notice shall be given to all Directors and
Observers; provided, however, that such notice period (i) shall not apply in the case of an adjourned meeting pursuant to Section 4.4(c) and (ii) may be reduced with the written consent of all of the Directors.

  

	 	(c)	Quorum. All meetings of the Board shall require a quorum of at least five Directors; provided, however, that at any time when there is a Series B Director the
quorum must include at least one Director who is a Series B Director and at any time when there is a Series A Director the quorum must include at least one Director who is a Series A Director. If such a quorum is not present within one hour from the
time appointed for the meeting, the meeting shall adjourn to such place and time as those Directors who did attend shall decide or, if no such decision is reached, at the same place and time seven days later, at which meeting the Directors present
shall constitute a valid quorum even though a Series B Director and/or a Series A Director is not present; provided that notice of such adjourned meeting shall have been delivered to all Directors at least five days prior to the date of such
adjourned meeting. 

  

	 	(d)	Voting. At any Board meeting, each Director may exercise one vote. Any Director may, by written notice to the Company Secretary, authorize another Director to attend and vote
by proxy for such Director at any Board meeting. Except as provided in Section 4.4(h), the adoption of any resolution of the Board shall require the affirmative vote of a majority of the Directors present at a duly constituted meeting of the
Board. The Board shall not at any meeting adopt any resolution covering any matter that is not specified on the agenda for such meeting unless all Directors are present at such meeting and vote in favor of such resolution. 

 

	 	(e)	Telephonic Participation. Directors may participate in Board meetings by telephone, and such participation shall constitute presence for purposes of the quorum provisions of
Section 4.4(c). 

  

	 	(f)	Expenses. The reasonable costs of attendance of Directors at Board meetings shall be borne by the Company. 

  

	 	(g)	Action by Written Consent. Any action that may be taken by the Directors at a meeting may be taken by a written resolution signed by all of the Directors.

  

	 	(h)	 Supermajority Board Approval. Subject to any additional requirements imposed by the Act, the Shareholders agree that the Company, the Subsidiaries and their
respective directors, officers, committees, committee members, employees, agents or any of their 

	 	 
respective delegates shall not, without the affirmative consent or approval of the Series A Director and the Series B Director, take any of the actions set
forth on Schedule 8 hereto. 

  

	4.5	Future Funding. Subject to Section 5, Section 4.4(h) and Section 4.2(b), the Board shall have the authority to determine the extent of, and the means of
satisfying, any future funding needs of the Company and shall have the discretion to determine the terms of any future issuance of securities or incurrence of indebtedness by the Company; provided, however, that no Shareholder shall
have any obligation to provide any indemnity, guarantee or other security to any other Shareholder or any third party in support of loans, overdraft facilities, borrowings or other financial arrangements entered into, required by or otherwise
procured for the Company. 

  

	4.6	Governance of Subsidiaries. 

  

	 	(a)	The Company shall cause the board of directors of each Subsidiary, to the extent permitted by applicable law, to be the same size as the Board and to include directors nominated by
Shareholders of the Company in the same proportion as each such Shareholder is represented on the Board. The right of nomination by each Shareholder shall also carry the right to remove or replace the director so nominated, and if a nominating
Shareholder ceases to meet the requirements set out in Section 4.3(a), such Shareholder shall immediately cause the directors on the board of each Subsidiary appointed by such Shareholder to resign or be removed. The Shareholders shall cause
their nominees on the boards of directors of the Subsidiaries to vote in the manner determined by the Board and shall cause any director who fails to vote in such manner to be removed. The Company shall cause the quorum and voting arrangements and
other procedures with respect to the boards of directors of the Subsidiaries, as well as other corporate governance matters, to the extent permitted by applicable law, to be the same as those set forth in Section 4 with respect to the Board and
the Company. 

  

	 	(b)	In addition to such other limitations as may be provided in the Charter Documents, the following acts of NJPV shall require the prior written approval of the Shareholders of at
least seventy-five percent (75%) of the outstanding Series A Preferred Shares, the Shareholders of at least seventy-five percent (75%) of the outstanding Series B Preferred Shares and the Shareholders of at least seventy-five percent
(75%) of the outstanding Series C Preferred Shares: 

  

	 	(i)	any amendment to NJPV’s Charter Documents; 

  

	 	(ii)	the liquidation, termination or dissolution of NJPV; 

  

	 	(iii)	any increase of the registered capital of NJPV or transfer of any equity or interest in NJPV; 

	 	(iv)	the sale, lease, transfer or other disposition of all or substantially all of the assets of NJPV or any merger or consolidation of NJPV with or into any other business entity; and

  

	 	(v)	any issuance of Equity Securities of NJPV. 

 SECTION 5 
 RIGHT OF PARTICIPATION 
  

	5.1	Restrictions. The Company shall not issue any securities (including, without limitation, any Equity Securities or any debt or other securities of any kind) of any type or
class (the “New Securities”) to any Person (the “Proposed Recipient”) unless the Company has offered each Shareholder in accordance with the provisions of this Section 5 the right to purchase such
Shareholder’s Pro Rata Share of such issuance for a per unit consideration, payable solely in cash, equal to the per unit consideration to be paid by the Proposed Recipient and otherwise on the same terms and conditions as are offered to the
Proposed Recipient; provided that the foregoing restriction shall not apply to: 

  

	 	(a)	any issuance of Shares upon the conversion of the Preferred Shares; 

  

	 	(b)	issuance of Shares in an IPO; 

  

	 	(c)	any Equity Securities issued in connection with any share split, share dividend, reclassification or other similar event in which all Shareholders are entitled to participate on a
pro rata basis; and 

  

	 	(d)	any Equity Securities issued pursuant to the acquisition of another Person by the Company by way of consolidation, merger, purchase of assets, or other reorganization in which the
Company acquires, in a single transaction or series of related transactions, all or substantially all assets of such other corporation or entity, or fifty percent (50%) or more of the equity ownership or voting power of such other corporation
or entity. 

  

	5.2	Notice. Not less than 20 days before a proposed issuance of securities other than in connection with an issuance permitted under Section 5.1 (a “Proposed
Issuance”), the Company shall deliver to each Shareholder written notice of the Proposed Issuance (the “First Participation Notice”) setting forth (i) the number, type and terms of the securities to be issued,
(ii) the consideration to be received by the Company in connection with the Proposed Issuance and (iii) the identity of the Proposed Recipients. 

  

	5.3	Exercise of Rights. 

  

	 	(a)	 Within 15 days after delivery of the notice referred to in Section 5.2, each Shareholder electing to exercise its rights under this Section 5 shall give
written notice to the Company specifying the number of New Securities to be purchased by such Shareholder up to its Pro Rata Share and the calculation by such Shareholder of its Pro Rata Share. 

	 	 
Except as provided in the next succeeding sentence, failure by any Shareholder to give such notice within such 15 day period shall be deemed a waiver by such
Shareholder of its rights under this Section 5 with respect to such Proposed Issuance. 

  

	 	(b)	If any Shareholder declines to exercise its right under this Section 5 or fails to exercise its right under this Section 5 in full or in part, the Company shall promptly
give notice (the “Second Participation Notice”) to the other Shareholders who exercised their rights in accordance with Section 5.3(a) above (each a “Right Participant”). Each Right Participant shall have five
(5) business days from the date of the Second Participation Notice (the “Second Participation Period”) to notify the Company of its desire to purchase more than its Pro Rata Share of New Securities, stating the number of the
additional New Securities it proposes to buy (the “Additional Number”). Such notice may be made by telephone if confirmed in writing within two (2) business days. If, as a result thereof, such oversubscription exceeds the total
number of the remaining New Securities available for purchase, each oversubscribing Shareholder will be cut back by the Company with respect to its oversubscription to that number of remaining New Securities equal to the lesser of (x) the
Additional Number and (y) the product obtained by multiplying (i) the number of the remaining New Securities available for subscription by (ii) a fraction, the numerator of which is the number of Ordinary Shares (calculated on a
fully-diluted and as-converted basis) held by such oversubscribing Right Participant and the denominator of which is the total number of Ordinary Shares (calculated on a fully-diluted and as-converted basis) held by all the oversubscribing Right
Participants. Each Right Participant shall be obligated to buy such number of New Securities as determined by the Company pursuant to this Section 5.3(b) and the number of New Securities specified pursuant to Section 5.3(a) and the Company
shall so notify the Right Participants within fifteen (15) business days following the date of the Second Participation Notice. 

  

	 	(c)	Upon the expiration of the Second Participation Period, or in the event no Shareholder exercises its rights under this Section 5 within ten (10) days following the
issuance of the First Participation Notice, the Company shall have 120 days thereafter to sell the New Securities described in the First Participation Notice (with respect to which the Right of Participation hereunder were not exercised) at the same
or higher price and upon non-price terms not more favorable to the purchasers thereof than specified in the First Participation Notice. In the event that the Company has not issued and sold such New Securities within such 120 day period, then the
Company shall not thereafter issue or sell any New Securities without again first offering such New Securities to the Shareholders pursuant to this Section 5. 

  

	 	(d)	If any Shareholder fails to give the notice required under this Section 5.3 solely because of the Company’s failure to comply with the notice provisions of
Section 5.2, then the Company shall not issue securities pursuant to this Section 5 and if purported to be issued, such issuance of securities shall be void. 

	5.4	Adjustment. Notwithstanding any other provision of the Basic Documents, in the case of any issue of Shares or other Equity Securities convertible or exchangeable into Shares
to any Person other than the Series C Shareholders pursuant to the Series A Transaction Documents, the Series B Transaction Documents or the Basic Documents with respect to which issue the Series C Shareholders are not otherwise entitled or pursuant
to any earnings adjustment in respect of the Series A Conversion Price or the Series B Conversion Price under Clause 10.11(d)(iii) of the Second Restated Articles on or after the date of this Agreement (each such issue or adjustment, a
“Dilutive Event”)), the Company shall allot and issue to such Series C shareholder, and each such Series C Shareholder hereby agrees to subscribe for, such additional number of Series C Preferred Shares as would, together with the
number of Series C Preferred Shares agreed to be subscribed for by, and allotted and issued to, each of the Series C Shareholders pursuant to Section 2.1 of the Subscription Agreement prior to any adjustment, result in each of the Series C
Shareholders’ respective Pro Rata Share being the same as such proportion immediately prior to such Dilutive Event. Any additional Series C Preferred Shares to be allotted and issued in accordance with this Section 5.4 shall be duly
allotted and issued and credited as fully paid, non-assessable and free from any Encumbrance. The allotment and issue of such additional Series C Preferred Shares shall not require any additional consideration to be payable by any Series C
Shareholder. 

  

	5.5	Termination. The rights of any Shareholder under this Section 5 shall automatically terminate upon the consummation of a QIPO. 

 SECTION 6 
 RESTRICTIONS ON
TRANSFER OF SHARES 
  

	6.1	Limitation on Transfers. No Shareholder shall sell, give, assign, hypothecate, pledge, encumber, grant a security interest in or otherwise dispose of, or suffer to exist
(whether by operation of law or otherwise) any Encumbrance on, any Shares or any right, title or interest therein or thereto (each, a “Transfer”), except as expressly permitted by this Section 6. Any attempt to Transfer any
Shares in violation of the preceding sentence shall be null and void ab initio, and the Company shall not register any such Transfer. 

  

	6.2	Transfers in Compliance with Law. Notwithstanding any other provision of this Agreement, no Transfer may be made pursuant to this Section 6 unless (a) the
transferee has agreed in writing to be bound by the terms and conditions of this Agreement pursuant to a Joinder substantially in the form attached hereto as Exhibit A, (b) the Transfer complies in all respects with the other applicable
provisions of this Agreement and (c) the Transfer complies in all respects with applicable securities laws. If requested by the Company in its reasonable discretion, an opinion of counsel to such transferring Shareholder shall be supplied to
the Company, at such transferring Shareholder’s expense, to the effect that such Transfer complies with applicable securities laws. 

	6.3	No Transfer to Competitors. No Shareholder may effect any Transfer of any Shares to any Person who is at any time engaged in the PRC, whether directly or indirectly, in any
business or affairs similar to or otherwise competitive with the Business. 

  

	6.4	Permitted Transfers. Notwithstanding other provisions herein to the contrary, the following Transfers may be made without compliance with the provisions of Section 6.5
or 6.6: 

  

	 	(a)	any sale of Shares on the public market in connection with or following an initial public offering of the Shares that has been duly approved by the Board (an
“IPO”); 

  

	 	(b)	any Transfer by a Shareholder that is a natural person to a spouse, estate or trust for the purpose of tax planning, provided that such Shareholder is the sole trustee of such trust
and all of the beneficial interests in such trust are held by such Shareholder; and 

  

	 	(c)	any Transfer of Shares by an employee of the Company to the Company upon termination of his or her employment with the Company. 

  

	6.5	Right of First Refusal. 

  

	 	(a)	Transfers Subject to Right of First Refusal. If any Founder Shareholder proposes to Transfer any Shares, the other Shareholders shall have a right of First Refusal (the
“First Refusal Right”) with respect to such Transfer as provided in this Section 6.5. 

  

	 	(b)	Transfer Notice. If a Founder Shareholder (the “Transferring Shareholder”) proposes to Transfer any Shares, the Transferring Shareholder shall send written
notice (the “Transfer Notice”) to the other Shareholders (the “Offerees”), which notice shall state (i) the name of the Transferring Shareholder, (ii) the name and address of the proposed transferee (the
“Transferee”), (iii) the number of Shares to be Transferred (the “Offered Shares”), (iv) the amount and form of the proposed consideration for the Transfer and (v) the other terms and conditions of
the proposed Transfer. In the event that the proposed consideration for the Transfer includes consideration other than cash, the Transfer Notice shall include a calculation of the fair market value of such consideration and an explanation of the
basis for such calculation. The total value of the consideration for the proposed Transfer is referred to herein as the “Offer Price”. 

  

	 	(c)	 Rights of Other Shareholders. For a period of 30 days after delivery of a Transfer Notice (the “Offer Period”), the Offerees shall have the
right, exercisable by each Offeree through the delivery of an Acceptance Notice as provided in Section 6.5(d), to purchase in aggregate all, but not less than all, of the Offered Shares at a purchase price equal to the Offer Price per Share and
upon the other terms and conditions set forth in the Transfer Notice. Each Offeree shall have the 

	 	 
right to purchase a number of Offered Shares (such Offeree’s “First Refusal Allocation”) equal to the total number of Offered Shares
multiplied by a fraction, the numerator of which is the number of Ordinary Shares held by such Offeree and the denominator of which is the total number of Ordinary Shares held by all Offerees, in each case on an as converted but otherwise
non-diluted basis. In addition, in the event that one or more Offerees (“Non-Electing Offerees”) declines or is deemed pursuant to Section 6.5(d) to have waived its First Refusal Right, each Offeree electing to exercise its
First Refusal Right (an “Electing Offeree”) shall have the right as provided in Section 6.5(e) to purchase all or a portion of the Offered Shares constituting the aggregate First Refusal Allocations of the Non-Electing Offerees
(the “Excess Offered Shares”). An Offeree may assign to an Affiliate of such Offeree its right to acquire Offered Shares pursuant to this Section 6.5. 

  

	 	(d)	Exercise of Rights. The First Refusal Right of each Offeree under Section 6.5(c) shall be exercisable by delivering written notice of exercise (an “Acceptance
Notice”) within the Offer Period to the Transferring Shareholder, with a copy to each of the other Offerees. Each Acceptance Notice shall include a statement of (i) the number of Shares held by such Offeree on a non-diluted basis and
(ii) the maximum number of Excess Offered Shares (up to the total number of Offered Shares less such Offeree’s First Refusal Allocation) that such Offeree is willing to purchase, if any. An Acceptance Notice shall be irrevocable and shall
constitute a binding agreement by such Offeree to purchase the relevant number of Offered Shares determined in accordance with Sections 6.5(c) and 6.5(e). The failure of an Offeree to give an Acceptance Notice within the Offer Period shall be deemed
to be a waiver of such Offeree’s First Refusal Right. 

  

	 	(e)	Allocation of Excess Offered Shares. Each Electing Offeree shall have the right to purchase the number of Excess Offered Shares specified in such Electing Offeree’s
Acceptance Notice; provided that if the number of Excess Offered Shares is less than the aggregate number of Excess Offered Shares that the Electing Offerees have indicated a willingness to purchase in their Acceptance Notices, the Excess
Offered Shares shall be allocated as necessary such that each Electing Offeree shall have a right to purchase (i) not less than the total number of Excess Offered Shares multiplied by a fraction, the numerator of which is the number of Ordinary
Shares held by such Electing Offeree and the denominator of which is the total number of Ordinary Shares held by all Electing Offerees, in each case on an as converted but otherwise non-diluted basis, and (ii) not more than the maximum number
of Excess Offered Shares specified in such Electing Offeree’s Acceptance Notice. 

  

	 	(f)	 Sale to Third Party Purchaser. Unless the Offerees elect in the aggregate to purchase all of the Offered Shares under Sections 6.5(c) and (e), the
Transferring Shareholder may Transfer, subject to Section 

	 	 
6.6, all of the Offered Shares to the Transferee on the terms and conditions set forth in the Transfer Notice; provided, however, that
(i) such sale is bona fide, (ii) the price for the sale to the Transferee is a price not less than the Offer Price and the sale is otherwise on terms and conditions no less favorable to the Transferring Shareholder than those set forth in
the Transfer Notice and (iii) the Transfer is made within three months after the giving of the Transfer Notice. If such a Transfer does not occur within such three month period for any reason, the restrictions provided for herein shall again
become effective, and no Transfer of Shares may be made by the Transferring Shareholder thereafter without again making an offer to the Preferred Holders in accordance with this Section 6.5. 

  

	 	(g)	Closing. The closing of any purchase of Offered Shares by the Offerees shall be held at the principal office of the Company at 11:00 a.m. local time on the 30th day after the
giving of the Transfer Notice or at such other time and place as the parties to the transaction may agree. The said 30 day period shall be extended for an additional period of up to 15 days if necessary to obtain any Regulatory Approvals required
for such purchase and payment. At such closing, the Transferring Shareholder shall deliver certificates representing the Offered Shares, accompanied by duly executed instruments of transfer and the Transferring Shareholder’s portion of the
requisite transfer taxes, if any. Such Offered Shares shall be free and clear of any Encumbrance (other than Encumbrances arising hereunder or attributable to actions by the Offerees), and the Transferring Shareholder shall so represent and warrant
and shall further represent and warrant that it is the beneficial and record owner of such Offered Shares. Each Offeree purchasing Offered Shares shall deliver at such closing (or on such later date or dates as may be provided in the Transfer Notice
with respect to payment of consideration by the proposed Transferee) payment in full of the Offer Price. At such closing, all of the parties to the transaction shall execute such additional documents as may be necessary or appropriate to effect the
sale of the Offered Shares to the Offerees. Any stamp duty or transfer taxes or fees payable on the transfer of any Offered Shares shall be borne and paid equally by the Transferring Shareholder and the relevant Offeree. 

  

	6.6	Co-Sale Rights. 

  

	 	(a)	 If any Founder Shareholder shall propose to make a Transfer, the Transfer Notice delivered by such Transferring Shareholder pursuant to Section 6.5(b), shall
state (i) the number of Ordinary Shares the Transferring Shareholder then owns, on an as converted but otherwise non-diluted basis, (ii) the expected date of consummation of the proposed Transfer, (iii) a representation that the
proposed Transferee has been informed of the Co-Sale Rights provided for in Section 6.6(b) and has agreed to purchase all Shares required to be purchased in accordance with the terms of this Section 6.6 and (iv) a representation

	 	 
that no consideration, tangible or intangible, is being provided to the Transferring Shareholder that is not reflected in the price to be paid to the
Preferred Holders exercising their Co-Sale Rights hereunder. Such Transfer Notice shall be accompanied by true and complete copies of all agreements between the Transferring Shareholder and the Transferee regarding the proposed Transfer.

  

	 	(b)	Co-Sale Rights. In addition to its First Refusal Right, each Non-Electing Offeree who is a Preferred Holder shall have the right (the “Co-Sale Right”) but
not the obligation to require the Transferee to purchase from such Non-Electing Offeree, for the same consideration per Ordinary Share and upon the same terms and conditions as to be paid and given to the Transferring Shareholder, up to a maximum of
the number of Shares equal to the product of all Offered Shares multiplied by a fraction, the numerator of which is the number of Ordinary Shares owned by such Non-Electing Offeree and the denominator of which is the total number of Ordinary Shares
held by the Transferring Shareholder and all such Non-Electing Offerees, in each case on an as converted but otherwise non-diluted basis. 

  

	 	(c)	Co-Sale Notice. Within 40 days after the delivery of the Transfer Notice, each Offeree that elects to exercise its Co-Sale Right shall deliver a written notice of such
election to the Transferring Shareholder, specifying the number of Shares with respect to which it has elected to exercise its Co-Sale Right. Such notice shall be irrevocable and shall constitute a binding agreement by such Offeree to Transfer such
Shares on the terms and conditions set forth in the Transfer Notice. In order to be entitled to exercise its Co-Sale Right, each electing Offeree must make substantially the same representations, warranties and indemnities as the Transferring
Shareholder makes in connection with its Transfer of Shares; provided, however, that no Offeree exercising its Co-Sale Right shall be obligated to pay any amount with respect to any liabilities arising from the representations, and
warranties severally made by the Shareholders in excess of such Offeree’s share of the total consideration paid by the Transferee. 

  

	 	(d)	Consummation. Where any Offeree has properly elected to exercise its Co-Sale Right and the proposed Transferee fails to purchase the number of Shares from such Offeree that
such Offeree is permitted to Transfer to the Transferee pursuant to Section 6.6(a), the Transferring Shareholder shall not make the proposed Transfer, and if purported to be made, such Transfer shall be void. 

  

	6.7	 No Restriction on Transfer of Preferred Shares. Notwithstanding any other provisions herein, the Transfer of Preferred Shares shall not be subject to the
First Refusal Right and/or the Co-Sale Right, and such shares and all the rights in connection therewith will be freely transferrable subject only to Sections 6.2 and 6.3. For the avoidance of doubt, CS shall also have the rights to freely transfer
its Series C Preferred Shares and assign all the rights and obligations in connection therewith under this Agreement and other Basic Documents to a 

  

 23 

	 	 
special purpose vehicle formed or to be formed by CS primarily for the purposes of acquiring and holding the Series C Preferred Shares that CS shall
subscribe for under the Subscription Agreement. 

  

	6.8	Avoidance of Restrictions. The Parties agree that the Transfer restrictions in this Agreement and in the Charter Documents shall not be capable of being avoided by the
holding of Shares indirectly through a company or other entity that can be sold in order to dispose of an interest in Shares free of such restrictions. Any Transfer or other disposal of any shares (or other interest) resulting in any change in the
control of a Shareholder or of any company (or other entity) having control over that Shareholder shall be treated as being a Transfer of the Shares held by that Shareholder, and the provisions of this Agreement and the Charter Documents that apply
in respect of the Transfer of Shares shall thereupon apply in respect of the Shares so held. 

  

	6.9	Transfer of Convertible Securities. Any Transfer of Equity Securities exercisable or convertible into or exchangeable for Shares will be deemed for the purposes of this
Section 6 to be a Transfer of Shares. 

  

	6.10	Notice of Transfer. Within five business days after registering any Transfer of Shares or other Equity Securities on its books, the Company shall send a notice to each
Shareholder stating that such Transfer has taken place and setting forth the name of the transferor, the name of the transferee and the number and class of Equity Securities involved. 

  

	6.11	Founder Lock-up. Notwithstanding anything to the contrary set forth herein, until the day immediately following the Company’s consummation of a QIPO, a Founder may not
Transfer any of his Indirect Shares and a Founder Shareholder may not Transfer any of its Shares. 

  

	6.12	Termination. The provisions of this Section 6 shall automatically terminate upon the earlier to occur of: 

  

	 	(a)	the consummation of a QIPO; and 

  

	 	(b)	the sale of all or substantially all of the assets of the Company or the consolidation, merger or other business combination of the Company or into any other Person pursuant to
which the holders of the Company’s Equity Securities prior to such consolidation, merger or other business combination hold less than 50% of the voting power of the surviving or resulting entity. 

 SECTION 7 
 COVENANTS OF THE
PARTIES 
  

	7.1	Books and Records. The Company shall, and shall cause the Subsidiaries to, keep proper, complete and accurate books of account in United States Dollars in accordance with
IFRS and, in the case of each Subsidiary, the currency of the jurisdiction in which such Subsidiary is organized in accordance with the standards of such jurisdiction. The Company shall have its accounts and those of each Subsidiary audited annually
in accordance with IFRS by a reputable firm of international accountants appointed by the Board. 

  

 24 

	7.2	Securities Filings. The Company shall provide to the Shareholders, promptly after the filing thereof, copies of any registration statement, preliminary prospectus, final
prospectus, application for listing or other document filed with any securities regulatory authority or securities exchange in any jurisdiction. 

  

	7.3	Budgets and Business Plans. The Company shall prepare proposed annual operating and capital budgets and business plans for the Company, which shall be submitted to all
Directors and Observers within 30 days prior to the commencement of each Financial Year. The Board shall adopt budgets and business plans for the Company within one month after the commencement of the relevant Financial Year.

  

	7.4	Bank Accounts. The Company and each Subsidiary shall open and maintain a bank account or bank accounts in its own name with such bank or banks as may be determined by the
Board. Such account or accounts shall be operated as the Board, or the board of directors of the relevant Subsidiary, shall resolve from time to time. All payments to or by the Company or such Subsidiary shall be paid into or withdrawn from such
account or accounts. 

  

	7.5	Insurance. The Company shall, and shall ensure that each Subsidiary will, keep insured at all times and maintain insurance policies in a sufficient amount and with such
coverage as are generally maintained by responsible companies in the same industry in the PRC. Such policies shall be sufficient to cover liabilities to which the Company and the Subsidiaries may reasonably be considered at risk in the course of
their respective businesses. Without limiting the generality of the foregoing, the Company shall, and shall ensure that each Subsidiary will, keep insured up to the replacement value thereof (including surveyor’s and architect’s fees) all
its properties as are of an insurable nature against fire, theft, lighting, explosion, earthquake, riot, strike, civil commotion, storm, tempest, flood, marine risks, erection risks, war risks and such other risks to the extent such coverage is
available under commercially reasonable terms and shall duly pay all premia and other sums payable for those purposes. Such insurance shall be taken in the name of the Company or the relevant Subsidiary, as applicable, and any other person having an
insurable interest in the property of the Company or the relevant Subsidiary, as the case may be. The Company agrees that in the event of failure on the part of the Company or any Subsidiary to insure the properties or to pay the insurance premia or
other sums referred to above, any Series A Shareholder, Series B Shareholder or Series C Shareholder may (but shall not be obliged to) cause the properties to be insured or pay the insurance premia or other sums referred to above, as the case may
be, and the Company shall promptly reimburse any expense incurred by such Series A Shareholder, Series B Shareholder or Series C Shareholder (as the case may be) in taking such action. 

  

	7.6	Intellectual Property Protection. The Company shall, and shall ensure that the Subsidiaries shall, take all steps promptly to protect their respective Intellectual Property
Rights, including without limitation registering all their respective trademarks, brand names and copyrights and wherever prudent applying for patents on their respective technology. 

  

 25 

	7.7	Ethical Business Practices. The Company, the Subsidiaries and their respective officers, directors, employees and agents shall engage only in legitimate business and ethical
practices in commercial operations and in relation to governmental authorities. None of the Company, any Subsidiary or any of their respective officers, directors, employees or agents shall pay, offer, promise or authorize the payment, directly or
indirectly, of any monies or anything of value to any government official or employee or any political party for the purpose of influencing any act or decision of such official or of any governmental authority to obtain or retain business, or direct
business to any person. 

  

	7.8	Borrowings. The Company and the Founders shall ensure that CEEG will continue to provide guarantees, for a period of one year from the Series B Completion Date, with respect
to commercial loans obtained by NJPV from PRC banks at the same level as that prior to the Series B Shareholders’ investment in the Company, unless any lender of such loans voluntarily releases CEEG from any such guarantees while maintaining
the relevant facility at the same level. 

  

	7.9	Compliance with Environmental Laws. The Company and the Founders shall ensure that each Group Member will at all times comply with all environmental laws and regulations of
the PRC applicable to its business (the “Environmental Laws”). Each Group Member shall promptly provide such information relating to its compliance with the Environmental Laws as the Investors may reasonably request from time to
time. 

  

	7.10	Compliance with OFAC. All Group Members and the Founders shall not, and shall cause its directors, officers, agents, employees or affiliates not to, engage in any activities
which may subject them to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury. 

  

	7.11	Competitive Investments. 

  

	 	(a)	After the date hereof, no Preferred Holder (other than OZ) shall make any new investment in any company operating in the PRC that engages in any business which competes, or which
may compete in the future, with the Business of the Company or NJPV (a “Competitive Entity”); provided that the foregoing shall not apply to: 

  

	 	(i)	any holding by (i) any Series A Shareholder or Series B Shareholder existing on the date of the Series B Subscription Agreement, and (ii) any Series C Shareholder (other
than OZ) existing on the date hereof, of any equity interests in a Competitive Entity, including without limitation the shareholding in Suntech Power Co., Ltd. held by the Series A Shareholder or its Affiliates; or 

  

 26 

	 	(ii)	any holding by any Preferred Holder (other than OZ) of no more than 1% of the equity interest in a Competitive Entity. 

  

	 	(b)	After the date hereof, OZ shall not make any new investments in: 

  

	 	(i)	any Competitive Entity that is a PRC-Based private company to the extent such investment shall result in OZ’s holding of more than 1% of the total equity interests in such
Competitive Entity; or 

  

	 	(ii)	any Competitive Entity that is a PRC-Based publicly-traded company where the investment held by OZ in such Competitive Entity exceeds 10% of the total issued and outstanding shares
of such Competitive Entity, 

 provided that Section 7.11(b) shall not apply to: 
  

	 	(i)	any of OZ’s investment in a Competitive Entity existing on the date hereof; or 

  

	 	(ii)	any investment made or to be made by OZ with respect to any entity which, at the time of OZ’s investment, is not a Competitive Entity and which, at the time of OZ’s
investment, OZ has not been expressly made aware by such entity that it will become a PRC-Based Competitive Entity in the future. 

  

	 	(c)	If OZ holds more than 3% of the total issued and outstanding shares of any PRC-Based and publicly-traded Competitive Entity (other than those provided for in paragraphs (x) and
(y) above), upon OZ’s holding in such Competitive Entity becoming in excess of 3% of the total issued and outstanding shares of such Competitive Entity, (A) OZ shall not be entitled to appoint any observer to the Board as otherwise
permitted in accordance with section 4.3(e)(v) and shall, in case the OZ Observer has been appointed to the Board, cause the OZ Observer to immediately resign from his or her observership, and (B) the Information Rights and the Inspection
Rights to which OZ shall otherwise be entitled in accordance with Section 3.1 shall immediately cease save to the extent that OZ shall remain entitled to such Information Rights or Inspection Rights as a shareholder of the Company under
applicable laws, rules or regulations or such Information Rights or Inspection Rights as may be reasonably required by OZ for the purposes of making any filings, determinations, elections or disclosures required by laws, rules or regulations to
which OZ or any of its Affiliates is subject or otherwise complying with laws, rules or regulations to which OZ or any of its Affiliates is subject, provided further that such Information Rights and Inspection Rights and OZ’s
observership which have ceased in accordance with the foregoing shall resume upon OZ’s holding in such Competitive Entity reducing to 3% of the total issued and outstanding shares of such company or below. 

  

 27 

	 	(d)	For the purposes of this Section 7.11, a PRC-Based company shall mean a PRC incorporated private or publicly-traded company or a non-PRC incorporated private or publicly-traded
company, whose consolidated gross turnover generated from its solar photovoltaic cell manufacturing operations located in the PRC constitutes more than 67% of its total consolidated gross turnover generated from its solar photovoltaic cell
manufacturing operations and whose consolidated gross turnover generated from its solar photovoltaic cell manufacturing operations constitutes more than 80% of its total consolidated gross turnover, in each case such consolidated gross turnover
shall be determined by reference to the audited consolidated annual accounts of the company (or their closest equivalent) with respect to the financial year immediately preceding the year in which OZ makes its investment, and (B) a
publicly-traded company shall mean any company that is listed either in the PRC or in other jurisdictions including without limitation the Hong Kong Special Administrative Region, Singapore, Japan, Germany, the United Kingdom and the United States.

  

	 	(e)	The Company shall be obliged, and the Guarantors shall procure the Company, to notify OZ in writing of any entity which the Company reasonably considers to be an entity contemplated
by Section 7.11(b) immediately upon the Company becoming aware of such entity or forming such view of such entity. For the avoidance of doubt, any notice served by the Company shall be for consideration by OZ only and the parties agree that no
entity shall be deemed an entity contemplated by Section 7.11(b) by virtue only of a notice having been served by the Company with respect to it pursuant to this Section 7.11(e). 

  

	 	(f)	Subject to Sections 4.2(b) and 7.11(g), after the date hereof, the Company shall not, and shall cause each of its Subsidiaries to not, except with the prior written consent of the
Preferred Holders, negotiate, enter into, or otherwise engage in any transaction with any third party (other than any Preferred Holder) (a “Prospective Investor”) pursuant to which such Prospective Investor will acquire any Equity
Securities of the Company or NJPV (a “Prospective Financing”), if such Prospective Investor has, as of the date hereof, or may acquire after the date hereof, more than 1% of a Competitive Entity; 

  

	 	(g)	The restriction in Section 7.11(f) shall not apply to: 

  

	 	(i)	any Prospective Financing involving a Prospective Investor who holds more than 1% but no more than 3% of the aggregate equity interest in a Competitive Entity (all of which equity
interest must be acquired on the public market) and discloses such shareholding to the Company, NJPV and the Preferred Holders prior to the Board’s approval of the Prospective Financing; 

  

 28 

	 	(ii)	any Prospective Financing involving a Prospective Investor who holds more than 3% but no more than 5% of the aggregate equity interest in a Competitive Entity (all of which equity
interest must be acquired on the public market) and discloses such shareholding to the Company, NJPV and the Preferred Holders prior to the Board’s approval of the Prospective Financing, provided that the Series A Shareholder and EIL
shall each have the right, exercised in reasonable good faith for the protection of the Company and the Shareholders, to require the Company to consummate the Prospective Financing on the condition that the Prospective Investor will not receive any
director seat on the Board and/or not receive any right to confidential and other proprietary information of the Company and its Affiliates; or 

  

	 	(iii)	any Prospective Financing involving a Prospective Investor who holds more than 5% of the aggregate equity interest in a Competitive Entity (all of which equity interest must be
acquired on the public market), provided that (A) the Prospective Financing involves the acquisition by the Prospective Investor of less than 1% of the aggregate equity interest in the Company, and (B) the Prospective Investor will
not receive any director seat on the Board or any right to confidential and other proprietary information of the Company and its Affiliates as part of the Prospective Financing. 

  

	7.12	Authorised Share Capital. The Company shall and, to the extent required by the applicable law or the Second Restated Articles, the Shareholders, shall pass all necessary
resolutions to procure the Company to, increase its authorised share capital for the purposes of effecting any future anti-dilution issues pursuant to Clause 5.4. 

 SECTION 8 
 PUBLIC OFFERING 
  

	8.1	Public Offering. It is the intention of the Parties that the Company will conduct a QIPO on a Qualified Exchange to be agreed between the Parties as soon as practicable
taking into account market conditions and the best interests of the Company. The Parties will cooperate and use all reasonable commercial efforts to cause the QIPO to be implemented prior to March 31, 2008. 

 SECTION 9 
 REPRESENTATIONS AND
WARRANTIES 
  

	9.1	Each Party represents to the other Parties hereto, severally and not jointly and on behalf of itself and each of its Subsidiaries, that: 

  

	 	(a)	it has the full power and authority to enter into, execute and deliver this Agreement and to perform, and cause its relevant Subsidiaries to perform (where applicable), the
transactions contemplated hereby; 

  

 29 

	 	(b)	if it is not a natural person, it is duly incorporated or organized and existing under the laws of the jurisdiction of its incorporation or organization; 

 

	 	(c)	its execution and delivery of this Agreement and performance of the transactions contemplated hereby have been duly authorized by all necessary corporate or other actions on its
part; 

  

	 	(d)	assuming the due authorization, execution and delivery hereof by the other Parties, this Agreement constitutes its legal, valid and binding obligation, enforceable against it in
accordance with the terms hereof, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally; and 

  

	 	(e)	its execution, delivery and performance of this Agreement and consummation of the transactions contemplated hereby will not, (i) violate any provision of its organizational or
governance documents, (ii) require it to obtain any consent, approval or action of, or make any filing with or give any notice to, any governmental authority in its country of organization or any other Person pursuant to any instrument,
contract or other agreement to which it is a party or by which it is bound, other than any such consent, approval, action or filing that has already duly obtained or made or otherwise explicitly required hereunder, (iii) conflict with or result
in any material breach or violation of any of the terms and conditions of, or constitute (or with notice or lapse of time or both constitute) a default under, any instrument, contract or other agreement to which it is a party or by which it is
bound, (iv) violate any order, judgment or decree against, or binding upon, it or upon its respective securities, properties or businesses, or (v) violate any law or regulation of its country of organization or any other country in which
it maintains its principal office. 

 SECTION 10 
 CONFIDENTIALITY AND RESTRICTIONS ON PUBLICITY 
  

	10.1	General Obligation. Each Party undertakes that it shall not reveal, and shall use its reasonable efforts to ensure that its directors, equity interest holders, employees,
agents. current or prospective partners, members, advisors and bankers (collectively, “Representatives”) do not reveal, to any third party any Confidential Information without the prior written consent of the concerned Party, as the
case may be. The term “Confidential Information” as used in this Agreement means, (a) the terms of this Agreement and the other Basic Documents or the existence thereof, the identities of the parties hereto and thereto and
their respective Affiliates and the transactions contemplated hereunder and thereunder; and (b) any information or materials prepared by a Party or its Representatives that contains or otherwise reflects, or is generated or derived from any of
the foregoing. 

  

 30 

	10.2	Exceptions. The provisions of Section 10.1 shall not apply to: 

  

	 	(a)	disclosure of Confidential Information that is or becomes generally available to the public other than as a result of disclosure by or at the direction of a Party or any of its
Representatives in violation of this Agreement; 

  

	 	(b)	disclosure by a Party to its Affiliates and their respective Representatives; 

  

	 	(c)	disclosure, after giving prior notice to the other Parties to the extent practicable under the circumstances and subject to any practicable arrangements to protect confidentiality,
to the extent required under the rules of any stock exchange or by applicable laws or governmental regulations or judicial or regulatory process or in connection with any judicial process regarding any legal action, suit or proceeding whether or not
arising out of or relating to this Agreement; or 

  

	 	(d)	disclosure by any Party or its Affiliates of Confidential Information to any Person that is a potential provider of financing or purchaser or subscriber for any or all of the shares
or assets or undertaking of such Party or an Affiliate thereof or for other similar business purposes, if the recipient has entered into obligations of confidentiality substantially similar to those contained in this Section 10.

  

	 	(e)	disclosure by an Investor to its stockholders, limited partners, members or other owners, as the case may be, regarding the general status of its investment in the Company (without
disclosing specific confidential information); and 

  

	 	(f)	disclosure by an Investor to Persons reasonably determined by the Investor to be potential stockholders, limited partners, members or other investors in the Investor in any media,
including without limitation in connection with any marketing materials distributed for or on behalf of the Investor, regarding the general status of its investment in the Company, including without limitation the name of the Company, a description
of the business conducted by the Company and the actual or estimated return on investment realized by the Investor resulting from or relating to its investment in the Company. 

 For the avoidance of doubt, an Observer shall be entitled to disclose to his appointer such information in connection with the Group as he sees fit.

  

	10.3	Publicity. Each Party agrees that it shall make no public release or announcement concerning this Agreement or any other Basic Document or the contemplated transactions
hereunder or thereunder or otherwise disclose the identity, ownership or involvement of any other Party or its Affiliates in the transactions contemplated by this Agreement or any other Basic Document without advance written approval thereof by such
other Party. 

  

	10.4	 Legally Compelled Disclosure. In the event that any Party is requested or 

  

 31 

	 	 
becomes legally compelled (including without limitation, pursuant to securities laws and regulations) to disclose the existence of this Agreement and any
other Basic Document, any of the exhibits and schedules attached to such agreements, or any of the terms hereof in contravention of the provisions of this Section 10, such Party (the “Disclosing Party”) shall provide the other
Parties (the “Non-Disclosing Parties”) with prompt written notice of that fact and use all reasonable efforts to seek (with the cooperation and reasonable efforts of the other parties) a protective order, confidential treatment or
other appropriate remedy. In such event, the Disclosing Party shall furnish only that portion of the information which is legally required to be disclosed and shall exercise reasonable efforts to keep confidential such information to the extent
reasonably requested by any Non-Disclosing Party. 

 SECTION 11 
 ASSIGNMENT AND AMENDMENT 
  

	11.1	Information Rights. Each Preferred Holder may assign its rights under Section 3.1 to any of its Affiliates to the extent reasonably necessary in the ordinary course of
business of such Preferred Holder; provided, however, that no party may be assigned any such rights unless the Company is given written notice by the assigning party stating the name and address of the assignee and identifying the
Equity Securities of the Company as to which the rights in question are being assigned; and provided further, that any such assignee shall receive such assigned rights subject to all the terms and conditions of this Agreement, including
without limitation the provisions of this Section 11. 

  

	11.2	Rights of Participation; Right of First Refusal; Co-Sale Rights. The rights of each Preferred Holder under Section 5 and Section 6 are fully assignable in
connection with a permitted Transfer of Shares by such Preferred Holder; provided, however, that no party may be assigned any of the foregoing rights unless the Company is given written notice by such assigning party at the time of
such assignment, stating the name and address of the assignee and identifying the Equity Securities of the Company as to which the rights in question are being assigned; and provided further, that any such assignee shall receive such assigned
rights subject to all the terms and conditions of this Agreement, including without limitation the provisions of this Section 11. 

  

	11.3	 Amendment of Rights. Any provision in this Agreement may be amended and the observance thereof may be waived (either generally or in a particular instance
and either retroactively or prospectively), only by the written consent of (i) as to the Company, only the Company; (ii) as to Series A Shareholders and Series B Shareholders, persons or entities holding at least a majority of the class or
series of Series A Preferred Shares or Series B Preferred Shares (as the case may be); provided that any Series B Shareholder may not waive any of its rights hereunder without obtaining the prior written consent of EIL; (iii) as to
Series C Shareholders, any Series C Shareholder shall not waive any of its rights hereunder without obtaining the prior written consent of all the other Series C Shareholders; and (iv) as to the Founder Shareholders, by persons or entities
holding a majority of the Ordinary Shares held by the Founder Shareholders; provided that any Founder Shareholder may waive any of its rights hereunder without obtaining the consent of any other Founder 

  

 32 

	 	 
Shareholder. Any amendment or waiver effected in accordance with this Section 11.3 shall be binding upon the Company, the Preferred Holders, the Founder
Shareholders, each Founder and their respective assigns. 

 SECTION 12 
 TERM AND TERMINATION 
  

	12.1	Effective Date; Termination. This Agreement shall become effective upon the execution hereof by all of the Parties and shall, except with respect to certain provisions herein
specifically stated otherwise, continue in effect until the earlier to occur of (a) the date on which the Company goes into liquidation or dissolution or any property or assets of the Company are placed in the hands of a receiver, trust
custodian or liquidator or a winding up order in respect of the Company is issued, and (b) any date agreed upon in writing by all of the Parties, provided that this Agreement shall cease to have effect as regards any Shareholder that ceases to
hold any Shares held by such Shareholders as at the date hereof and any shares acquired pursuant to this Agreement save for any of its provisions that are expressed to continue in force after termination. 

  

	12.2	Consequences of Termination. If this Agreement is terminated pursuant to Section 12.1, this Agreement shall become null and void and of no further force and effect,
except that the Parties shall continue to be bound by the provisions of this Section 12 and Section 10 (Confidentiality and Restrictions on Publicity), Section 13 (Notices) and Section 16 (Governing Law and Dispute Resolution).
Nothing in this Section 12.2 shall be deemed to release any Party from any liability for any breach of this Agreement prior to the effective date of such termination. 

 SECTION 13 
 NOTICES 
  

	13.1	Notice Addresses and Method of Delivery. All notices, requests, demands, consents and other communications (“Notices”) required to be given by any Party to
any other Party shall be in writing and delivered by: 

  

	 	(a)	hand delivery or courier; 

  

	 	(b)	prepaid registered letter sent by first class mail (airmail if to an address in a country other than the country in which the sender is situated), return receipt requested; or

  

	 	(c)	facsimile to the applicable Party at the address or facsimile number stated below: 

  

			
	 (i)     If to the Company:
	 	 123 Focheng West Road, Jiangning
 Economic &
Technical Development
 Zone, Nanjing, PRC 211100
  
 Attention: Tingxiu Lu
 Facsimile: (8625) 5276-6882

  

 33 

	 	(ii)	If to a Founder to such founder at the address set forth opposite his or her name on Schedule 1. 

	 	

	 	(iii)	If to a Founder Shareholder to such Founder Shareholder at the address set forth opposite its name on Schedule 2. 

	 	

	 	(iv)	If to a Series A Shareholder to such Series A Shareholder at the address set forth opposite its name on Schedule 3. 

  

	 	(v)	If to a Series B Shareholder to such Series B Shareholder at the address set forth opposite its name on Schedule 4. 

  

	 	(vi)	If to a Series C Shareholder to such Series C Shareholder at the address set forth opposite its name on Schedule 5. 

  

	 	(vii)	If to Deutsche Bank: Winchester House, 1 Great Winchester Street, London EC2N 2DB, United Kingdom. 

 or, as to each Party, at such other address or number as shall be designated by such Party in a notice to the other Parties containing the new information
in the same format as the information set out above and complying as to delivery with the terms of this Section. 
  

	13.2	Time of Delivery. Any Notice delivered: 

  

	 	(a)	by hand delivery or courier shall be deemed to have been delivered on the date of actual delivery; 

  

	 	(b)	by prepaid registered letter shall be deemed to have been delivered four Business Days after the date of posting; and 

  

	 	(c)	by facsimile shall be deemed to have been delivered on the day the transmission is sent (as long as the sender has a confirmation report specifying a facsimile, a facsimile number
of the recipient, the number of pages sent and the date of the transmission). 

  

	13.3	Proof of Delivery. In proving delivery of any Notice it shall be sufficient: 

  

	 	(a)	in the case of delivery by hand delivery or courier, to prove that the Notice was properly addressed and delivered; 

  

	 	(b)	in the case of delivery by prepaid registered letter, to prove that the Notice was properly addressed and posted; and 

  

	 	(c)	in the case of delivery by facsimile transmission, to prove that the transmission was confirmed as sent by the originating machine to the facsimile number of the recipient, on the
date specified. 

  

 34 

 SECTION 14 
 FEES AND EXPENSES 
  

	14.1	Payment of Fees. Each Party shall bear its own costs and expenses in connection with the negotiation, documentation and execution of this Agreement. 

SECTION 15 
 MISCELLANEOUS

  

	15.1	Legend. Each certificate for any Shares now held or hereafter acquired by any Shareholder shall, for as long as this Agreement is effective, bear a legend as follows:

 “China Sunergy Co., Ltd. (the “Company”) is a company organized under the laws of the Cayman Islands,
and the shares represented by this certificate shall not be sold, assigned, transferred, exchanged, mortgaged, pledged or otherwise disposed of or encumbered without compliance with the provisions of that certain Shareholders’ Agreement, dated
as of September 26, 2006, among the Company, the Founders (as defined therein) and the shareholders of the Company named therein or subsequently adhering thereto. A copy of such Shareholders’ Agreement is on file at the principal offices
of the Company. The Company will not register the transfer of such shares on the books of the Company unless and until the transfer has been made in compliance with the terms of such Shareholders’ Agreement.” 
  

	15.2	Discrepancies. If there is any discrepancy between any provision of this Agreement and any provision of the Charter Documents or the charter documents of any Subsidiary, the
provisions of this Agreement shall prevail, and the Parties shall procure that the Charter Documents or the charter documents of the relevant Subsidiary, as the case may be, are promptly amended, to the extent permitted by applicable law, in order
to conform with this Agreement. 

  

	15.3	Several Right and Liability. The rights, liability and obligations of the Preferred Holders under this Agreement shall be several and not joint and several. For the avoidance
of doubt, for the purpose of this clause, the rights, liability and obligations of OZ Master Fund, Ltd., OZ Asia Master Fund, Ltd. and OZ Global Special Investments Master Fund, L.P., shall be joint and several. 

  

	15.4	Severability. If any provision of this Agreement is found to be invalid or unenforceable, then such provision shall be construed, to the extent feasible, so as to render the
provision enforceable and to provide for the consummation of the transactions contemplated hereby on substantially the same terms as originally set forth herein, and if no feasible interpretation would save such provision, it shall be severed from
the remainder of this Agreement, which shall remain in full force and effect unless the severed provision is essential to the rights or benefits intended by the parties. In such event, the parties shall use best efforts to negotiate, in good faith,
a substitute, valid and enforceable provision or agreement which most nearly effects the Parties’ intent in entering into this Agreement. 

  

 35 

	15.5	Third Parties. Nothing in this Agreement, express or implied, is intended to confer upon any Person, other than the Parties hereto and their permitted successors and assigns
any rights or remedies under or by reason of this Agreement. 

  

	15.6	Successors and Assigns. Subject to the provisions of Section 11, the provisions of this Agreement shall inure to the benefit of, and shall be binding upon, the
successors and permitted assigns of the Parties hereto. 

  

	15.7	Superseding Existing Agreement. This Agreement shall replace the shareholders’ agreement with respect to the BVI Subsidiary, dated April 4, 2006, among the BVI
subsidiary, the Founders, the Founder Shareholders, the Series A Shareholder and the Series B Shareholders, which shareholders’ agreements shall be terminated upon this Agreement becoming effective. 

  

	15.8	Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same
instrument. 

  

	15.9	Adjustments for Share Splits, Etc. Wherever in this Agreement there is a reference to a specific number of shares of Series A Preferred Shares, Series B Preferred Shares,
Series C Preferred Shares or Ordinary Shares of the Company, then, upon the occurrence of any subdivision, combination or share dividend of such relevant Equity Securities, the specific number of shares so referenced in this Agreement shall
automatically be proportionally adjusted to reflect the effect on the outstanding shares of such class or series of Equity Securities by such subdivision, combination or share dividend. 

  

	15.10	Aggregation of Shares. All Shares held or acquired by any Affiliate of any Party (as defined in Rule 144 under the Securities Act of 1933 of the United States of America)
shall be aggregated together for the purpose of determining the availability of any rights to such Party under this Agreement. 

 SECTION 16 
 GOVERNING LAW AND DISPUTE RESOLUTION 
  

	16.1	Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK OF THE UNITED STATES OF AMERICA, WITHOUT REGARD TO THE
PRINCIPLES OF CONFLICTS OF LAW OF ANY JURISDICTION, except with respect to matters relating to the internal corporate affairs of the Company (including the issuance of shares and the interpretation and application of its Memorandum and Articles of
Association) which shall be governed by and construed in accordance with the Act. 

  

	16.2	Arbitration. 

  

	 	(a)	 Any dispute, controversy or claim arising out of or relating to this Agreement, or the performance, interpretation, breach, termination or 

  

 36 

	 	 
validity hereof (a “Dispute”), shall be resolved through friendly consultation. Such consultation shall begin immediately after one Party
has delivered to the other Parties a written request for such consultation stating specifically the nature of the Dispute. If within 30 days following the date on which such notice is received the Dispute has not been resolved, the Dispute shall be
submitted to and finally resolved by arbitration by a Party (the “Claimant”) giving written notice to the other Parties (the “Respondent”). 

  

	 	(b)	The arbitration shall be conducted in Hong Kong at the Hong Kong International Arbitration Centre (the “Centre”). 

  

	 	(c)	There shall be three arbitrators. The Claimant shall appoint one arbitrator and the Respondent shall appoint one arbitrator. The third arbitrator shall act as the presiding
arbitrator and shall be appointed by agreement of the Party-appointed arbitrators. If no agreement on such appointment can be reached within 30 days after the appointment of the later of the two Party-appointed arbitrators, the Centre, which shall
act as the appointing authority, shall make the appointment. 

  

	 	(d)	The arbitration proceedings shall be conducted in English. The arbitration tribunal shall apply the Arbitration Rules of the United Nations Commission on International Trade Law in
effect at the time of the arbitration. However, if such rules are in conflict with the provisions of this Section 16.2, upon agreement by the Centre as provided in the rules of the Centre, the provisions of this Section 16.2 shall prevail.

  

	 	(e)	Each Party shall cooperate with the other Parties in making full disclosure of and providing complete access to all information and documents requested by the other Parties in
connection with such proceedings, subject only to relevance, privilege and any confidentiality obligations binding on such Party. 

  

	 	(f)	The award of the arbitration tribunal shall be final and binding upon the Parties, and the winning Party may, at the cost and expenses of the losing Party, apply to any court of
competent jurisdiction for enforcement of such award. 

  

	 	(g)	Each Party irrevocably consents to the service of process, notices or other paper in connection with or in any way arising from the arbitration or the enforcement of any arbitral
award, by use of any of the methods and to the addresses for the giving of notices set forth in Section 13. Nothing contained herein shall affect the right of any Party to serve such processes, notices or other papers in any other manner
permitted by applicable law. 

  

	 	(h)	Without prejudice to the provisions contained in this Section 16.2, in order to preserve its rights and remedies, any Party shall be entitled to seek preservation of property
or evidence or any other emergency relief in accordance with law from any court of competent jurisdiction, the Centre or the arbitration tribunal pending the final decision or award of the arbitration tribunal. 

  

 37 

	16.3	During the period when a Dispute is being resolved, except for the matter being disputed, the Parties shall in all other respects continue their implementation of this Agreement.

 [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK] 
  

 38 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written. 

 

			
	COMPANY:
	
	 CHINA SUNERGY CO., LTD.

		
	 By:
	 	 /s/ Tingxiu Lu

	 Name:
	 	Tingxiu Lu
	 Title:
	 	Director

	
	FOUNDERS:
	
	 LU, TINGXIU

	
	 /s/ LU, TINGXIU

	
	 HUANG, YINGCHUN

	
	 /s/ HUANG, YINGCHUN

	
	 ZHAO, JIANHUA

	
	 /s/ ZHAO, JIANHUA

	
	 ZHANG, FENGMING

	
	 /s/ ZHANG, FENGMING

	
	 WANG, AIHUA

	
	 /s/ WANG, AIHUA

			
	FOUNDER SHAREHOLDERS:
	
	 ELITE SHINE GROUP LIMITED

		
	 By:
	 	 /s/ Lu Tingxiu

	 Name:
	 	
	 Title:
	 	
	
	 SMOOTH KING INVESTMENTS LIMITED

		
	 By:
	 	 /s/ Huang Yingchun

	 Name:
	 	
	 Title:
	 	
	
	 BRIGHTEST POWER HOLDINGS LIMITED

		
	 By:
	 	 /s/ Zhao Jianhua

	 Name:
	 	
	 Title:
	 	
	
	 TALENT DAY INVESTMENTS LIMITED

		
	 By:
	 	 /s/ Xu Chengrong

	 Name:
	 	
	 Title:
	 	
	
	 LUCK GREAT INVESTMENTS LIMITED

		
	 By:
	 	 /s/ Zhang Fengming

	 Name:
	 	
	 Title:
	 	

			
	DEUTSCHE BANK AG ACTING THROUGH ITS LONDON BRANCH
		
	 By:
	 	 /s/ Greg M Caneity

	 Name:
	 	
	 Title:
	 	Managing Director

			
	 SERIES A SHAREHOLDERS:

	
	 PRAXCAPITAL FUND II, L.P.

		
	 By:
	 	
	 its:
	 	General Partner
		
	 By:
	 	 /s/ Jeff Yao

	 Name:
	 	JEFF YAO
	 Title:
	 	PARTNER

			
	 SERIES B SHAREHOLDERS:

	
	 EXUBERANCE INVESTMENT LIMITED

		
	 BY:
	 	 /s/ Mark Qiu

	 Name:
	 	
	 Title:
	 	
	
	 GERSEC TRUST REG.

		
	 By:
	 	 /s/ Germano Vallo

	 Name:
	 	GERMANO VALLO
	 Title:
	 	TRUSTEE
	
	 CHINA ENVIRONMENT FUND 2004, LP

		
	 By:
	 	 /s/
                                    

	 Name:
	 	
	 Title:
	 	

  

			
	 SERIES C SHAREHOLDERS:

	
	OZ MASTER FUND, LTD.
		
	By:	 	OZ Management, L.L.C.,
		 	its Investment Manager
		
	By:	 	 /s/ Joel M. Frank

	Name:	 	Joel M. Frank
	Title:	 	Chief Financial Officer
	
	OZ ASIA MASTER FUND, LTD.
		
	By:	 	OZ Management, L.L.C.,
		 	its Investment Manager
		
	By:	 	 /s/ Joel M. Frank_

	Name:	 	Joel M. Frank
	Title:	 	Chief Financial Officer
	
	OZ GLOBAL SPECIAL INVESTMENTS MASTER FUND, L.P.
		
	By:	 	OZ Advisors, L.L.C., its General Partner
	By:	 	Och-Ziff Associates, L.L.C., its Managing Member
		
	By:	 	 /s/ Joel M. Frank

	Name:	 	Joel M. Frank
	Title:	 	Chief Financial Officer
	
	CREDIT SUISSE PRIVATE EQUITY PARTNERS ASIA, L.P.
		
	By:	 	Credit Suisse First Boston (Cayman)
		 	Management Limited, its General Partner

  

			
	By:	 	 /s/ Heath Zarin

	Name:	 	Heath Zarin
	Title:	 	Authorized Signatory

 EXECUTION COPY 
 SCHEDULE 1 
 LIST OF THE FOUNDERS 
  

			
	 Name
	  	 Address

	 Lu, Tingxiu
	  	123 Focheng West Road, Jiangning Economic & Technical Development Zone, Nanjing, PRC
		
	 Huang, Yingchun
	  	123 Focheng West Road, Jiangning Economic & Technical Development Zone, Nanjing, PRC
		
	 Zhao, Jianhua
	  	123 Focheng West Road, Jiangning Economic & Technical Development Zone, Nanjing, PRC
		
	 Zhang, Fengming
	  	123 Focheng West Road, Jiangning Economic & Technical Development Zone, Nanjing, PRC
		
	 Wang, Aihua
	  	123 Focheng West Road, Jiangning Economic & Technical Development Zone, Nanjing, PRC

 EXECUTION COPY 
 SCHEDULE 2 
 LIST OF THE FOUNDER SHAREHOLDERS 
  

			
	 Name
	  	 Address

	ELITE SHINE GROUP LIMITED	  	P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands
		
	SMOOTH KING INVESTMENTS LIMITED	  	P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands
		
	BRIGHTEST POWER HOLDINGS LIMITED	  	P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands
		
	TALENT DAY INVESTMENTS LIMITED	  	P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands
		
	LUCK GREAT INVESTMENTS LIMITED	  	P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands

 EXECUTION COPY 
 SCHEDULE 3 
 LIST OF THE SERIES A SHAREHOLDERS 
  

			
	 Name
	  	 Address

	 PraxCapital Fund II, L.P.
	  	2272 Hongqiao Road, Suite 6A, Hongqiao Business Centre, Shanghai 200336, China

 EXECUTION COPY 
 SCHEDULE 4 
 LIST OF THE SERIES B SHAREHOLDERS 
  

			
	 Name
	 	 Address

	Exuberance Investment Limited	 	 c/o Maples Finance BVI Limited
 P.O. Box 173, Kingston
Chambers, Road Town
 Tortola, the BVI
  
 with copies to:
  
 c/o: China Renaissance Capital Investment
 Suite 305 – 307
 St. George’s Building
 2 Ice House Street Central
 Hong Kong
 Tel: +852 2521-8013
 Facsimile: +852
2521-8023
 Attn: Hung Shih
  
 and
  
 Paul, Weiss, Rifkind, Wharton &
Garrison
 12th Floor, Hong Kong Club Building
 3A Chater Road
Central
 Hong Kong
 Facsimile: +852 2536-9622
 Attn: Jeanette K. Chan

		
	Gersec Trust Reg.	 	 Meierhostrasse 5
 Vaduz FI-9490
 Liechtenstein
 Tel: +41 (279) 222-080
 Facsimile: +41 (279) 222-085
 Attn: Germano Valle

		
	China Environment Fund 2004, LP	 	 c/o Walkers SPV Limited, P.O. Box 908GT
 George Town,
Grand Cayman
 Cayman Islands
  
 with a copy to:
  
 c/o Tsinghua Venture Capital Management Co., Ltd.
 A1301 Innovation Plaza
 Tsinghua Science Park
 Beijing, the PRC
 Tel: +86 (10) 6270-5921
 Facsimile: +86 (10) 6270-5920
 Attn: Donald Ye/Alan Bai

 EXECUTION COPY 
 SCHEDULE 5 
 LIST OF THE SERIES C SHAREHOLDERS 
  

			
	 Name
	 	 Address

	OZ Master Fund, Ltd.	 	 c/o Goldman Sachs (Cayman) Trust, Ltd.,
 Harbour Centre,
P.O. Box 896, George Town,
 Grand Cayman, Cayman Islands
  
 with a copy to:
  
 c/o Och-Ziff Capital Management Hong Kong Limited
 Suite 2003A, Cheung Kong Center 2 Queen’s Road Central Hong Kong Facsimile: +852 2297-0818
Attn: Gabriel Fong

		
	OZ Asia Master Fund, Ltd.	 	 c/o Goldman Sachs (Cayman) Trust, Ltd.,
 Harbour Centre,
P.O. Box 896, George Town,
 Grand Cayman, Cayman Islands
  
 with a copy to:
  
 c/o Och-Ziff Capital Management Hong Kong Limited
 Suite 2003A, Cheung Kong Center
 2 Queen’s Road Central
 Hong Kong
 Facsimile: +852 2297-0818
 Attn: Gabriel Fong

		
	OZ Global Special Investments Master Fund, L.P.	 	 c/o Goldman Sachs (Cayman) Trust, Ltd.,
 Harbour Centre,
P.O. Box 896, George Town,
 Grand Cayman, Cayman Islands
  
 with a copy to:
  
 c/o Och-Ziff Capital Management Hong Kong Limited
 Suite 2003A, Cheung Kong Center
 2 Queen’s Road Central
 Hong Kong
 Facsimile: +852 2297-0818
 Attn: Gabriel Fong

			
	Credit Suisse Private Equity Partners Asia, L.P.	 	 c/o M&C Corporate Services Limited, P.O. Box
 309GT Ugland House, S. Church Street, George
 Town, Grand Cayman, Cayman Islands
  
 with copies to:
  
 c/o Credit Suisse
 45/F Two Exchange Square
 8 Connaught Place
 Central, Hong Kong
 Facsimile: +852 2284-6529
 Attn: Delia Lang, Legal and Compliance
Department
  
 and
  
 Milbank, Tweed, Hadley & McCloy LLP
 30 Raffles Place
 #14-00 Caltex House
 Singapore 048622
 Facsimile: +65 6428-2500
 Attn: David Zemans

 EXECUTION COPY 
 SCHEDULE 6 
 EXISTING SHAREHOLDERS 
  

						
	 	  	Shares	  	%	 
	 Ordinary Share
	  		  		
	 Lu Tingxiu BVI (Elite Shine)
	  	391,842	  	26.44	%
	 Huang Yingchun BVI (Smooth King)
	  	212,958	  	14.37	%
	 Zhao Jianhua / Wang Aihua BVI (Brightest Power)
	  	203,040	  	13.70	%
	 Zhang Fengming BVI (Luck Great)
	  	97,200	  	6.56	%
	 Xu Chengrong BVI (Talent Day)
	  	86,400	  	5.83	%
	 Deutsche Bank
	  	54,000	  	3.64	%
	 Total Common
	  	1,045,440	  	70.54	%
			
	 Option & Warrant
	  		  		
			
	 Total option & warrant
	  	0	  	0	 
			
	 Series A preferred shares
	  		  		
	 PraxCapital Fund
	  	128,473	  	8.67	%
	 Total Series A
	  	128,473	  	8.67	%
			
	 Series B preferred shares
	  		  		
	 Exuberance Investment Limited
	  	192,095	  	12.96	%
	 Gersec Trust Reg.
	  	21,344	  	1.44	%
	 China Environment Fund 2004 LP
	  	25,613	  	1.73	%
	 Total Series B
	  	239,051	  	16.13	%
			
	 Series C preferred shares
	  		  		
	 OZ Master Fund, Ltd.
	  	18,517	  	1.25	%
	 OZ Asia Master Fund, Ltd.
	  	20,094	  	1.36	%
	 OZ Global Special Investments Master Fund, L.P.
	  	2,795	  	0.19	%
	 Credit Suisse Private Equity Partners Asia, L.P.
	  	27,604	  	1.86	%
	 Total Series C
	  	69,010	  	4.66	%
			
	 Reserved for ESOP
	  		  	0.00	%
			
	 fully diluted post Series C
	  	1,481,974	  	100.00	%

 EXECUTION COPY 
 SCHEDULE 7 
 PARTICULARS OF NJPV 
  

					
	1.	  	Registered office:	  	No. 88 Shengtai Road, Nanjing City, Jiangsu Province, the PRC
			
	2.	  	Date of incorporation:	  	August 2, 2004
			
		  	Incorporation Number:	  	Qi He Su Ning Zong Zi No. 007228
			
	3.	  	Directors:	  	Lu, Tingxiu; Zhao, Jianhua; Yin, Guangyou; Zhang, Fengming; Guo, Shiliang; Guo, Hongjian; Mark Qiu; Fernando R. Vila.
			
	4.	  	Secretary:	  	N/A
			
	5.	  	Registered Capital:	  	US$60,800,000.00
		
	6.	  	All outstanding equity holders of NJPV and the amount of equity interest held by each such equity interest holder as of Date Hereof:

  

								
	 Registered Capital
of NJPV (USD)
	  	 Shareholders
	  	Equity Interest
(Percentage)	 	 	Notes
	 60,800,000.00
	  	BVI Subsidiary	  	100	%	 	

  

					
	7.	  	Auditors:	  	(A) Yang Zhong Zheng Xin Accounting Firm
			
		  		  	(B) Deloitte & Touche Tohmatsu
			
	8.	  	Financial Year End:	  	December 31

 EXECUTION COPY 
 SCHEDULE 8 
 MATTERS REQUIRING SUPERMAJORITY BOARD APPROVAL 
 Without the prior written approval of the Series A Director and the Series B Director as specified in Section 4.4(h), the Company shall not take (or permit any of
the Subsidiaries to take) any of the following actions, or take or omit to take any action that would have the effect of any of the following actions: 
  

	 	(a)	incur an indebtedness in excess of US$5,000,000 (or its equivalent in other currencies) individually or in the aggregate during any fiscal year, provided that such
additional approval shall not be required for indebtedness specifically stipulated in a budget approved by the Board or the board of directors of the relevant Subsidiary to the extent that the actual indebtedness is not in excess of the amount
stipulated in such budget for such indebtedness; 

  

	 	(b)	purchase, lease or otherwise acquire or dispose of any asset valued in excess of US$500,000 individually or in the aggregate during any fiscal year, provided that such
additional approval shall not be required for assets specifically stipulated in a budget approved by the Board or the board of directors of the relevant Subsidiary to the extent that the actual asset value is not in excess of the amount stipulated
in such budget for such asset; 

  

	 	(c)	invest in any other Person in excess of US$50,000 individually or in the aggregate during any fiscal year, or to enter into any joint venture or partnership involving expenditure,
investment or potential liability by the Company and its Subsidiaries in the aggregate in excess of US$1,000,000 or that will involve the use or contribution of any Intellectual Property of the Company; 

  

	 	(d)	increase the compensation of any of the five (5) most highly compensated employees of the Company or any Subsidiary by more than 10% in a twelve (12) month period;

  

	 	(e)	the appointment or removal of the Chief Executive Officer, Chief Financial Officer and Financial Controller of the Company and any other officer who reports directly to the Chief
Executive Officer (collectively, “Senior Officers”); 

  

	 	(f)	determination of the compensation (including without limitation cash and stock option compensation) of (i) the Chief Executive Officer or Chairman, as the case may be, of the
Company, (ii) the Chairman of the Board, (iii) any Director or director of a Subsidiary or any member of a committee of the Board or the board of directors of any Subsidiary or (iv) any officer or employee of the Company or any
Subsidiary who shall receive from the Company or such Subsidiary more than US$100,000 (or its equivalent in other currencies), in the aggregate in compensation (including without limitation cash and stock option compensation) in any given year;

	 	(g)	cause or permit the Company or any Subsidiary to enter into any transactions with (including without limitation any loan to) a Related Party, other than the Registration Rights
Agreement; 

  

	 	(h)	any incurrence of any security interest, lien or other Encumbrance on any of the assets of the Company or any Subsidiary, provided that such additional approval shall
not be required for any security interest specifically stipulated in a budget approved by the Board or the board of directors of the relevant Subsidiary to the extent that the actual security interest is not in excess of the amount stipulated in
such budget for such security interest; 

  

	 	(i)	the approval or amendment of the annual budget or strategic, management or business plan of the Company or any Subsidiary; 

  

	 	(j)	change the scope of business of the Company or any Subsidiary, approve the development of any new line of business or enter into any business other than the Business

  

	 	(k)	amend, modify or waive any provisions of the Charter Documents; 

  

	 	(l)	dissolve, liquidate, reorganize or restructure the Company or any Subsidiary; 

  

	 	(m)	sell or dispose of all or substantially all of the assets of the Company or any Subsidiary; 

  

	 	(n)	merge, amalgamate or consolidate the Company or any Subsidiary with any other entity; 

  

	 	(o)	issue, redeem or repurchase any Equity Securities of the Company or any Subsidiary; 

  

	 	(p)	effect a public offering of any securities of the Company or any Subsidiary; 

  

	 	(q)	cause or permit the Company and/or any Subsidiary to make financial commitments or guarantees individually or in the aggregate over any 12 consecutive calendar month period in
excess of US$5,000,000 (or its equivalent in other currencies); 

  

	 	(r)	cause or permit the Company or any Subsidiary to undertake any recapitalization or similar transaction; 

  

	 	(s)	cause or permit the Company or any Subsidiary to create any subsidiary, invest in the equity or debt securities of any person (other than investment grade securities acquired in
connection with ordinary treasury activities) or otherwise acquire any interest in any other person; 

  

	 	(t)	change the size or composition of the Board or the board of directors of any Subsidiary or any committee thereof; 

	 	(u)	approve the terms of any stock option plan for employees or directors of the Company or any Subsidiary and the allocation of options thereunder; 

  

	 	(v)	approve the execution or termination of any contract entered into outside the ordinary course of business of the Company or the relevant Subsidiary that involves payments in excess
of US$1,000,000 per year in the aggregate by the Company and/or any Subsidiary; provided that such additional approval shall not be required for expenditures specifically stipulated in a budget approved by the Board or the board of
directors of the relevant Subsidiary to the extent that the actual expenditure is not in excess of the amount stipulated in such budget for such expenditure; 

  

	 	(w)	declare any dividend, or make any payment or other distribution to the Shareholders (whether in cash, securities, property or other assets); 

  

	 	(x)	change the name of the Company or any Subsidiary or cause or permit the Company or any Subsidiary to cease carrying on its business; 

  

	 	(y)	cause the Company or any Subsidiary to (1) commence any case, proceeding or other action (A) under any bankruptcy, insolvency or similar law seeking to have an order of
relief entered with respect to it or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding up, liquidation, dissolution, composition or other relief with respect to it or its debts or
(B) seeking appointment of a receiver, trustee, custodian or other similar official for it or all or any substantial part of its property, (2) make a general assignment for the benefit or its creditors or (3) admit in writing its
inability to pay its debts when they become due; 

  

	 	(z)	initial appointment and change the auditors of the Company or any Subsidiary; 

  

	 	(aa)	change the accounting standards employed by the Company or any of its Subsidiaries; 

  

	 	(bb)	change the Financial Year or tax year of the Company or any Subsidiary; 

  

	 	(cc)	the transfer, assignment, sale, lease, license or other disposition of any Intellectual Property of the Company or any Subsidiary; or 

  

	 	(dd)	make any draw-down of the Proceeds (as defined in the Subscription Agreement) from the Proceeds Account (as defined in the Subscription Agreement) other than those as provided in
Section 4.4 (a) of the Subscription Agreement, or make any draw-down of the Proceeds from the Proceeds Account in an amount, individually or in the aggregate in any one-month period, in excess of US$1,000,000. 

 EXECUTION COPY 
 SCHEDULE 9 
 FORM OF MONTHLY MANAGEMENT REPORT 
  

													
	 China Sunergy Co. Ltd. / Nanjing PV-Tech Co. Ltd.

	 Monthly Report
	  		  		  		  		  	Month	  	
							
	 PRODUCTION
	  	125mm
Mono	  	156mm
Mono	  	 125mm
 Poly
	  	156mm
Poly	  	Total	  	Average
	 Total Output (Watt)
	  		  		  		  		  	—  	  	
	 Average Conversion Efficiency
	  		  		  		  		  		  	n/a
	 Average Capacity per Wafer
	  		  		  		  		  		  	
							
	 Normal Quality Wafers
	  		  		  		  		  		  	
	 Substandard Wafers
	  		  		  		  		  		  	
	 Wafer Breakage
	  		  		  		  		  		  	
	 Breakage Rate
	  	n/a	  	n/a	  	n/a	  	n/a	  		  	n/a
							
	 ORDERS AND BACKLOG
	  	MW	  	 	  	Estimated Value
(RMB mn)	  	 	  	 	  	 
	 Order Backlog—Beginning
	  		  		  		  		  		  	
	 New Order
	  		  		  		  		  		  	
	 Delivery
	  		  		  		  		  		  	
	 Adjustment to Estimated Value
	  		  		  		  		  		  	
							
	 Order Backlog—Ending
	  	—  	  		  	—  	  		  		  	

					
			
	 PROCUREMENT AND INVENTORY
	  	MW
Equivalent	  	Value (RMB mn)
	 Silicon Procurement
	  		  	
	 Contract Backlog—Beginning
	  		  	
	 New Contracts Signed
	  		  	
	 Shipment Received
	  		  	
			
	 Contract Backlog—Ending
	  	—  	  	—  
			
	 Raw Material Inventory—Beginning
	  		  	
	 Silicon
	  		  	
	 Others
	  		  	
	 Usage This Month
	  		  	
	 Silicon
	  		  	
	 Others
	  		  	
	 Procured This Month
	  		  	
	 Silicon
	  		  	
	 Others
	  		  	
	 Raw Material Inventory—Ending
	  		  	
	 Silicon
	  		  	—  
	 Others
	  		  	—  
			
	 Finished Goods Inventory—Beginning
	  		  	
	 Normal Quality
	  		  	
	 Substandard Quality
	  		  	
	 Production This Month
	  		  	
	 Normal Quality
	  		  	
	 Substandard Quality
	  		  	
	 Shipment This Month
	  		  	
	 Normal Quality
	  		  	
	 Substandard Quality
	  		  	
	 Finished Goods Inventory—Ending
	  		  	
			
	 Normal Quality
	  	—  	  	—  
			
	 Substandard Quality
	  	—  	  	—  
			
	 Work-in-Progress at Month’s End
	  		  	
			
	 TURNOVER AND COST OF SALES
	  		  	
			
	 Revenue (RMB mn)
	  		  	
	 Unit Sold (MW)
	  		  	
	 Average Selling Price (RMB per watt)
	  	n/a	  	
			
	 Cost of Sales (RMB mn)
	  		  	
	 Unit Cost (RMB per watt)
	  	n/a	  	

									
					
	 FINANCIALS
	  		  		  		  	
	 	  	This Month	  	Year to Date	  	Adjustments*	  	Adj. Year to Date
	(RMB in millions)	  	 	  	 	  	 	  	 
	 Revenue
	  		  		  		  	—  
	 Cost of Sales
	  		  		  		  	—  
	 % revenue
	  	n/a	  	n/a	  		  	n/a
					
	 Business Taxes
	  		  		  		  	—  
					
	 Gross Profits
	  	—  	  	—  	  	—  	  	—  
	 % margin
	  	n/a	  	n/a	  		  	n/a
					
	 Selling Expenses
	  		  		  		  	—  
	 % revenue
	  	n/a	  	n/a	  		  	n/a
					
	 General & Administrative Expenses
	  		  		  		  	—  
	 % revenue
	  	n/a	  	n/a	  		  	n/a
					
	 Other Operating Income / (Expenses)—Net
	  		  		  		  	—  
					
	 Operating Income
	  	—  	  	—  	  		  	—  
	 % margin
	  	n/a	  	n/a	  		  	n/a
					
	 Other Income / (Expenses)
	  		  		  		  	—  
					
	 Interest Expenses
	  		  		  		  	—  
					
	 Profit Before Tax
	  	—  	  	—  	  		  	—  
	 % margin
	  	n/a	  	n/a	  		  	n/a
					
	 Income Tax
	  		  		  		  	—  
	 Tax Rate
	  	n/a	  	n/a	  		  	n/a
					
	 Net Income
	  	—  	  	—  	  		  	—  
	 % margin
	  	n/a	  	n/a	  		  	n/a

 * Please provide
details on adjustments 

									
	 	  	Month -
Beginning	  	Month -
Ending	  	 	  	 
	 Cash & Equivalents
	  		  		  		  	
	 Pledged Bank Deposits
	  		  		  		  	
	 Trade Receivables
	  		  		  		  	
	 Inventories
	  		  		  		  	
	 Other Receivables (Please Elaborate)
	  		  		  		  	
	 Land Lease Premium—Current Portion
	  		  		  		  	
					
	 CURRENT ASSETS
	  	—  	  	—  	  		  	
					
	 Property, Plant & Equipment
	  		  		  		  	
	 Intangible Assets
	  		  		  		  	
	 Land Lease Premium
	  		  		  		  	
					
	 NON-CURRENT ASSETS
	  	—  	  	—  	  		  	
					
	 TOTAL ASSETS
	  	—  	  	—  	  		  	
					
	 Short Term Borrowings
	  		  		  		  	
	 Trade Payables
	  		  		  		  	
	 Other Payables and Advance
	  		  		  		  	
					
	 CURRENT LIABILITIES
	  	—  	  	—  	  		  	
					
	 Long Term Borrowings
	  		  		  		  	
					
	 NON-CURRENT LIABILITIES
	  	—  	  	—  	  		  	
					
	 Paid-in Capital
	  		  		  		  	
	 Retained Earnings / (Accumulated Losses)
	  		  		  		  	
					
	 SHAREHOLDERS’ EQUITY
	  	—  	  	—  	  		  	
					
	 TOTAL LIABILITIES & EQUITY
	  	—  	  	—  	  		  	

 DEBTS AND BORROWINGS 
  

									
	 Name of Bank / Lender
	  	Amount
(mn)	  	Term	  	Due Date	  	Guarantee /
Collateral
		  		  		  		  	

 EXECUTION COPY 
 EXHIBIT A 
 FORM OF JOINDER 
 Reference is made to the [transfer document], dated [    ] between [transferor] (the “Transferor”) and the undersigned, pursuant to which the Transferor shall sell to the
undersigned, and the undersigned shall purchase from the Transferor, [number of type of shares] of [            ] for consideration equal to [consideration]. It is a condition to the
completion of such sale and purchase that the undersigned become a party to that certain Shareholders’ Agreement, dated [    ], among China Sunergy Co., Ltd., the Series A Shareholder, the Series B Shareholders, the Series C
Shareholders and other parties named therein (the “Shareholders’ Agreement”). 
 Accordingly, by execution of this joinder, the
undersigned ratifies and shall become a party to the Shareholders’ Agreement, and shall be fully bound by, and subject to, all of the covenants, terms and conditions of the Shareholders’ Agreement as though an original party thereto and
shall be deemed [a Founder/a Founder Shareholder/a Series A Shareholder/a Series B Shareholder/a Series C Shareholder] (as defined in the Shareholders’ Agreement) for all purposes thereunder. The undersigned authorizes this signature page to be
attached to and made part of the Shareholders’ Agreement. 
 The address of the undersigned for purposes of all notices under the Shareholders’
Agreement is: [            ] 
  

			
	[NAME OF NEW SHAREHOLDER]
		
	By:	 	  

	Name:	 	[                                       
         ]
	Title:	 	[                                       
         ]

 THIS AGREEMENT is dated as of the 24th day of October, 2006. 
 INTRODUCTION 
  

	(A)	A Shareholders’ Agreement was entered into on 26 September 2006 (Shareholders’ Agreement) by and among China Sunergy Co., Ltd., a company organized and
existing under the laws of the Cayman Islands, the individuals listed on Schedule 1 thereto, the companies listed on Schedule 2 hereto; the companies listed on Schedule 3 hereto; the companies listed on Schedule 4 hereto; the companies listed on
Schedule 5 hereto; and Deutsche Bank AG acting through its London Branch. 

  

	(B)	All the parties hereto desire to add two seats to the Board of the Company. 

 IT IS HEREBY AGREED: 
  

	1.	DEFINITIONS 

 The terms used
herein shall have the same meaning as set forth in the Shareholders’ Agreement. 
  

	2.	Clause 4.3(a)(i) 

 Clause 4.3(a)(i) of the
Shareholders’ Agreement be amended and restated in its entirety to read as follows: 
 “The Shareholders shall be entitled to
appoint Directors in accordance with Sections 4.3(a)(ii) to 4.3(a)(iv) below. For the avoidance of doubt, the number of Directors constituting the entire Board shall be ten.” 
  

	3.	Clause 4.3(a)(iv) 

 Clause 4.3(a)(iv) of the
Shareholders’ Agreement be amended and restated in its entirety to read as follows: 
 “Among the eight (8) seats on the Board
not occupied by a Series A Director or Series B Director, six (6) shall be nominated by the holders of Ordinary Shares who does not hold any Preferred Shares as of the date hereof. For the avoidance of doubt, initially, six nominees of the
Founder Shareholders (each a “Founder Director”) shall be elected to the Board.” 
 [THE REMAINDER OF THIS PAGE IS
INTENTIONALLY LEFT BLANK] 
  

 1 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above
written. 
  

			
	COMPANY:
	
	CHINA SUNERGY CO., LTD.
		
	By:	 	 /s/ Lu Tingxiu

	Name:	 	Tingxiu Lu
	Title:	 	Director

	
	FOUNDERS:
	
	LU, TINGXIU
	
	 /s/ LU, TINGXIU

	
	HUANG, YINGCHUN
	
	 /s/ HUANG, YINGCHUN

	
	ZHAO, JIANHUA
	
	 /s/ ZHAO, JIANHUA

	
	ZHANG, FENGMING
	
	 /s/ ZHANG, FENGMING

	
	WANG, AIHUA
	
	 /s/ WANG, AIHUA

			
	FOUNDER SHAREHOLDERS:
	
	Elite Shine Group Limited
		
	By:	 	 /s/ Lu Tingxiu

	Name:	 	
	Title:	 	
	
	SMOOTH KING INVESTMENTS LIMITED
		
	By:	 	 /s/ Huang Yingchun

	Name:	 	
	Title:	 	
	
	BRIGHTEST POWER HOLDINGS LIMITED
		
	By:	 	 /s/ Zhao Jianhua

	Name:	 	
	Title:	 	
	
	TALENT DAY INVESTMENTS LIMITED
		
	By:	 	 /s/ Xu Chengrong

	Name:	 	
	Title:	 	
	
	LUCK GREAT INVESTMENTS LIMITED
		
	By:	 	 /s/ Zhang Fengming

	Name:	 	
	Title:	 	

			
	 DEUTSCHE BANK AG ACTING THROUGH ITS
 LONDON
BRANCH

		
	 By:
	 	 /s/ Greg M. Caneity

	 Name:
	 	Greg M. Caneity
	 Title:
	 	Managing Director

			
	SERIES A SHAREHOLDERS:
	
	PRAXCAPITAL FUND II, L.P.
	By:	 	
	its:	 	General Partner
		
	By:	 	 /s/ Jeff Yao

	Name:	 	JEFF YAO
	Title:	 	PARTNER

			
	SERIES B SHAREHOLDERS:
	
	EXUBERANCE INVESTMENT LIMITED
		
	BY:	 	 /s/ Mark Qiu

	Name:	 	MARK QIU
	Title:	 	DIRECTOR
	
	GERSEC TRUST REG.
		
	By:	 	 /s/ Germano Valle

	Name:	 	GERMANO VALLE
	Title:	 	TRUSTEE
	
	CHINA ENVIRONMENT FUND 2004, LP
		
	By:	 	 /s/ Donald Ye

	Name:	 	DONALD YE
	Title:	 	DIRECTOR

			
	SERIES C SHAREHOLDERS:
	
	OZ MASTER FUND, LTD.
		
	By:	 	OZ Management, L.L.C.,
		 	its Investment Manager
		
	By:	 	 /s/ Joel M. Frank

	Name:	 	Joel M. Frank
	Title:	 	Chief Financial Officer
	
	OZ ASIA MASTER FUND, LTD.
		
	By:	 	OZ Management, L.L.C.,
		 	its Investment Manager
		
	By:	 	 /s/ Joel M. Frank

	Name:	 	Joel M. Frank
	Title:	 	Chief Financial Officer
	
	OZ GLOBAL SPECIAL INVESTMENTS MASTER FUND, L.P.
		
	By:	 	OZ Advisors, L.L.C., its General Partner
	By:	 	Och-Ziff Associates, L.L.C., its Managing Member
		
	By:	 	 /s/ Joel M. Frank

	Name:	 	Joel M. Frank
	Title:	 	Chief Financial Officer

			
	 CREDIT SUISSE PRIVATE EQUITY
 PARTNERS ASIA, L.P.

		
	By:	 	 Credit Suisse First Boston (Cayman)
 Management
Limited, its General Partner

		
	By:	 	 /s/ Heath Zarin

	Name:	 	Heath Zarin
	Title:	 	Authorized Signatory

 JOINDER 
 Reference is made to the Stock Purchase Agreement, dated November 13, 2006 between Credit Suisse Private Equity Partners Asia, L.P. (the “Transferor”) and the undersigned, pursuant to
which the Transferor shall sell to the undersigned, and the undersigned shall purchase from the Transferor, 27,604 series C convertible redeemable preferred shares for consideration equal to US$8,000,000. It is a condition to the completion of such
sale and purchase that the undersigned become a party to that certain Shareholders’ Agreement, dated September 26,2006, among China Sunergy Co., Ltd., the Series A Shareholder, the Series B Shareholders, the Series C Shareholders and other
parties named therein (the “Shareholders’ Agreement”). 
 Accordingly, by execution of this joinder, the undersigned
ratifies and shall become a party to the Shareholders’ Agreement, and shall be fully bound by, and subject to, all of the covenants, terms and conditions of the Shareholders’ Agreement as though an original party thereto and shall be
deemed a Series C Shareholder (as defined in the Shareholders’ Agreement) for all purposes thereunder. The undersigned authorizes this signature page to be attached to and made part of the Shareholders’ Agreement. 
 The address of the undersigned for purposes of all notices under the Shareholders’ Agreement is: c/o Maples Finance BVI Limited, PO Box 173,
Kingston Chambers, Road Town, Tortola, British Virgin Islands, Facsimile: +1 284 852 3098, with a copy to: c/o Credit Suisse, 45/F Two Exchange Square, 8 Connaught Place, Central, Hong Kong, Attn: Delia Lang, Legal and Compliance Department,
Fascimile:+852 2284 6529 
  

			
	CREDIT SUISSE PE ASIA AURORA
	(BVI) LIMITED
		
	By:	 	 /s/ HEATH ZARIN

	Name:	 	HEATH ZARIN
	Title:	 	AUTHORIZED SIGNATORY

 EXECUTION COPY 
 AMENDMENT TO 
 SHAREHOLDERS’ AGREEMENT 
 This Amendment to Shareholders’ Agreement (this “Amendment”) is dated as of March 22, 2007, by and among China Sunergy Co.,
Ltd., a company incorporated under the laws of Cayman Islands (the “Company”), and the other parties listed on the signature pages hereto (each, along with the Company, a “Party” and collectively, the
“Parties”). 
 W I T N E S S E T H: 
 WHEREAS, the Parties, except for Credit Suisse PE Asia Aurora (BVI) Limited (who has become a party thereto by executing a joinder dated as of November 13, 2006), have previously entered into a
Shareholders’ Agreement dated as of September 26, 2006 (the “Shareholders’ Agreement”); 
 WHEREAS,
capitalized terms not defined in this Amendment have the respective meanings ascribed to such terms in the Shareholders’ Agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, agree as
follows: 
  

	1.	Section 1.1 

 The definition of “Qualified
Exchange” in the Shareholders’ Agreement is hereby deleted in its entirety. The definition of the following capitalized terms in the Shareholders’ Agreement are hereby amended and restated in its entirety to read as follows:

 ‘“QIPO” or “IPO” means an initial public offering of the Shares that has been duly approved by
the Board.’ 
 All Parties hereby agree that the above definition is also hereby applied to the capitalized terms of
“QIPO” or “IPO” in the Registration Rights Agreement by and among the Company and other parties thereto dated as of September 26, 2006. 
  

	2.	Section 8.1 

 Section 8.1 of the
Shareholders’ Agreement is hereby amended and restated in its entirety to read as follows: 

 “Public Offering. It is the intention of the Parties that the Company will conduct an IPO as
soon as practicable taking into account market conditions and the best interests of the Company. The Parties will cooperate and use all reasonable commercial efforts to cause the IPO to be implemented prior to March 31, 2008.” 

 

	3.	Miscellaneous 

  

	 	(a)	Except as specifically provided for in this Amendment, the terms of the Shareholders’ Agreement shall be unmodified and shall remain in full force and effect.

  

	 	(b)	This Amendment may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

  

	 	(c)	Section 16 of the Shareholders’ Agreement (GOVERNING LAW AND DISPUTE RESOLUTION) shall also apply to this Agreement. 

 [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK] 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written. 

 

			
	COMPANY:
	
	CHINA SUNERGY CO., LTD.
		
	By:	 	  

	Name:	 	Tingxiu Lu
	Title:	 	Director

	
	FOUNDERS:
	
	LU, TINGXIU
	
	  

	
	HUANG, YINGCHUN
	
	  

	
	ZHAO, JIANHUA
	
	  

	
	ZHANG, FENGMING
	
	  

	
	WANG, AIHUA
	
	  

			
	FOUNDER SHAREHOLDERS:
	
	Elite Shine Group Limited
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Smooth King Investments LIMITED
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Brightest Power Holdings Limited
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Talent Day Investments Limited
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Luck Great Investments Limited
		
	By:	 	  

	Name:	 	
		
	Title:	 	

			
	 DEUTSCHE BANK AG ACTING
 THROUGH ITS LONDON
BRANCH

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

			
	SERIES A SHAREHOLDERS:
	
	PRAXCAPITAL FUND II, L.P.
	By:	 	  

	its:	 	General Partner
		
	By:	 	  

	Name:	 	
	Title:	 	

			
	 SERIES B SHAREHOLDERS:

	
	EXUBERANCE INVESTMENT LIMITED
		
	BY:	 	  

	Name:	 	
	Title:	 	
	
	GERSEC TRUST REG.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CHINA ENVIRONMENT FUND 2004, LP
		
	By:	 	  

	Name:	 	
	Title:	 	

			
	SERIES C SHAREHOLDERS:
	
	OZ Master Fund, Ltd.
		
	By:	 	OZ Management, L.L.C.,
		 	its Investment Manager
		
	By:	 	  

	Name:	 	Joel M. Frank
	Title:	 	Chief Financial Officer
	
	OZ Asia Master Fund, Ltd.
		
	By:	 	OZ Management, L.L.C.,
		 	its Investment Manager
		
	By:	 	  

	Name:	 	Joel M. Frank
	Title:	 	Chief Financial Officer
	
	OZ Global Special Investments Master Fund, L.P.
		
	By:	 	OZ Advisors, L.L.C., its General Partner
	By:	 	Och-Ziff Associates, L.L.C., its Managing Member
		
	By:	 	  

	Name:	 	Joel M. Frank
	Title:	 	Chief Financial Officer

			
	 CREDIT SUISSE PE ASIA AURORA
 (BVI)
Limited

		
	By:	 	
		
	By:	 	  

	Name:	 	Heath Zarin
	Title:	 	Authorized Signatory

 EXECUTION COPY 
 AMENDMENT TO 
 SHAREHOLDERS’ AGREEMENT 
 This Amendment to Shareholders’ Agreement (this “Amendment”) is dated as of April 24, 2007, by and among China Sunergy Co.,
Ltd., a company incorporated under the laws of Cayman Islands (the “Company”), and the other parties listed on the signature pages hereto (each, along with the Company, a “Party” and collectively, the
“Parties”). 
 W I T N E S S E T H: 
 WHEREAS, the Parties, except for Credit Suisse PE Asia Aurora (BVI) Limited (who has become a party thereto by executing a joinder dated as of November 13, 2006), have previously entered into a
Shareholders’ Agreement dated as of September 26, 2006, as amended on October 24, 2006 and March 22, 2007, respectively (the “Shareholders’ Agreement”); 
 WHEREAS, capitalized terms not defined in this Amendment have the respective meanings ascribed to such terms in the Shareholders’ Agreement.

 NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, agree as follows: 
  

	1.	Section 1.1 

 The definition of the following
capitalized term in the Shareholders’ Agreement is hereby amended and restated in its entirety to read as follows: 
 “Observer” means the EIL Observer, the CEF Observer, the OZ Observer, the CS Observer and/or the Alternate Observer as the context may require. 
  

	2.	Section 4.3(a)(ii) 

 Section 4.3(a)(ii) of the
Shareholders’ Agreement is hereby deleted in its entirety. 
 “For as long as the Series A Shareholders as a group continue to hold
50% or more of the number of Series A Preferred Shares (as adjusted for share splits, combinations and other similar events) held by such group as of April 24, 2007, one person shall be appointed by the Series A Shareholders (the
“Series A Director”) by notice in writing to the Company and elected to the Board.” 
  

	3.	Section 4.3(a)(iii) 

 Section 4.3(a)(iii) of the
Shareholders’ Agreement is hereby deleted in its entirety. 
 “For as long as the Series B Shareholders as a group continue to hold
50% or more of the number of Series B Preferred Shares (as adjusted for share splits, combinations and other similar events) held by such group as of April 24, 2007, one person shall be appointed by the Series B Shareholders (the
“Series B Director”) by notice in writing to the Company and elected to the Board.” 

	4.	Section 4.3(a)(vi) 

 The following paragraph shall be
added to the Shareholders’ Agreement as Section 4.3(a)(vi) thereof: 
 “When the Shareholder(s) that is entitled to appoint a
director does not appoint such director, then such Shareholder shall have the right to appoint one observer (“Alternate Observer”) to the board who shall have the same rights as those of the EIL Observer, the CEF Observer, the OZ Observer
and the CS Observer.” 
  

	5.	Section 4.3(b)(iii) 

 Section 4.3(b)(iii) of the
Shareholders’ Agreement is hereby deleted in its entirety. 
  

	6.	Section 4.4(h) 

 Section 4.4(h) of the
Shareholders’ Agreement is hereby amended and restated in its entirety to read as follows: 
 “Supermajority Board Approval.
Subject to any additional requirements imposed by the Act, at any time when there is a Series A Director and/or a Series B Director, the Shareholders agree that the Company, the Subsidiaries and their respective directors, officers, committees,
committee members, employees, agents or any of their respective delegates shall not, without the affirmative consent or approval of such Series A Director and/or the Series B Director, take any of the actions set forth on Schedule 8 hereto,
provided however that this provision shall not apply when there is neither a Series A Director or a Series B Director.” 
  

	7.	Section 4.6(a) 

 Section 4.6(a) of the
Shareholders’ Agreement is hereby amended and restated in its entirety to read as follows: 
 “The Company shall cause the board of
directors of each Subsidiary, to the extent permitted by applicable law, to be the same size as the Board and to include directors nominated by Shareholders of the Company in the same proportion as each such Shareholder is, or is entitled to be,
represented on the Board. The right of nomination by each Shareholder shall also carry the right to remove or replace the director so nominated, and if a nominating Shareholder ceases to meet the requirements set out in Section 4.3(a), such
Shareholder shall immediately cause the directors on the board of each Subsidiary appointed by such Shareholder to resign or be removed. The Shareholders shall cause their nominees on the boards of directors of the Subsidiaries to vote in the manner
determined by the Board and shall cause any director who fails to vote in such manner to be removed. The Company 

 
shall cause the quorum and voting arrangements and other procedures with respect to the boards of directors of the Subsidiaries, as well as other corporate
governance matters, to the extent permitted by applicable law, to be the same as those set forth in Section 4 with respect to the Board and the Company.” 
  

	8.	Schedule 8. 

 The first paragraph of Schedule 8 of the
Shareholders’ Agreement is hereby amended and restated in its entirety to read as follows: 
 “At any time when there is a Series A
Director and/or a Series B Director, without the prior written approval of the Series A Director and the Series B Director as specified in Section 4.4(h), the Company shall not take (or permit any of the Subsidiaries to take) any of the
following actions, or take or omit to take any action that would have the effect of any of the following actions, provided however that this provision shall not apply when there is neither a Series A Director or a Series B Director:”

  

	9.	Miscellaneous 

  

	 	(a)	Except as specifically provided for in this Amendment, the terms of the Shareholders’ Agreement shall be unmodified and shall remain in full force and effect.

  

	 	(b)	This Amendment may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

  

	 	(c)	Section 16 of the Shareholders’ Agreement (GOVERNING LAW AND DISPUTE RESOLUTION) shall also apply to this Agreement. 

 [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK] 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written. 

 

			
	COMPANY:
	
	 CHINA SUNERGY CO., LTD.

		
	 By:
	 	  

	 Name:
	 	Tingxiu Lu
	 Title:
	 	Director

	
	FOUNDERS:
	
	 LU, TINGXIU

	  

	
	 HUANG, YINGCHUN

	  

	
	 ZHAO, JIANHUA

	  

	
	 ZHANG, FENGMING

	  

	
	 WANG, AIHUA

	  

			
	FOUNDER SHAREHOLDERS:
	
	 ELITE SHINE GROUP LIMITED

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 SMOOTH KING INVESTMENTS LIMITED

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 BRIGHTEST POWER HOLDINGS LIMITED

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 TALENT DAY INVESTMENTS LIMITED

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 LUCK GREAT INVESTMENTS LIMITED

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

			
	DEUTSCHE BANK AG ACTING THROUGH ITS LONDON BRANCH
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

			
	SERIES A SHAREHOLDERS:
	
	 PRAXCAPITAL FUND II, L.P.

		
	 By:
	 	
	 its:
	 	General Partner
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

			
	SERIES B SHAREHOLDERS:
	
	 EXUBERANCE INVESTMENT LIMITED

		
	 BY:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 GERSEC TRUST REG.

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 CHINA ENVIRONMENT FUND 2004, LP

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

			
	SERIES C SHAREHOLDERS:
	
	 OZ Master Fund, Ltd.

		
	 By:
	 	OZ Management, L.L.C.,
		 	its Investment Manager
		
	 By:
	 	  

	 Name:
	 	 Joel M. Frank

	 Title:
	 	 Chief Financial Officer

	
	 OZ Asia Master Fund, Ltd.

		
	 By:
	 	OZ Management, L.L.C.,
		 	its Investment Manager
		
	 By:
	 	  

	 Name:
	 	 Joel M. Frank

	 Title:
	 	 Chief Financial Officer

	
	 OZ Global Special Investments Master Fund, L.P.

		
	 By:
	 	OZ Advisors, L.L.C., its General Partner
	 By:
	 	Och-Ziff Associates, L.L.C., its Managing Member
		
	 By:
	 	  

	 Name:
	 	 Joel M. Frank

	 Title:
	 	 Chief Financial Officer

			
	 CREDIT SUISSE PE ASIA AURORA
 (BVI)
Limited

		
	 By:
	 	
		
	 By:
	 	  

	 Name:
	 	Heath Zarin
	 Title:
	 	Authorized Signatory

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