Document:

Voting
Rights Proxy Agreement

     

    among

     

    Beijing
Xin Fu Industry Consulting Co., Ltd.

    (北京信赋兴业咨询有限公司)

    and

     

    Li
Anning, Liu Liguo, Liu Yabin, Liu Yasheng, Wang Pingyi, Zhang Fude,

    Beijing
Wan Qiao Mechanical and Electrical Equipment Co., (北京市万桥机电设备公司) and
Ding Ting

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    This
Voting Rights Proxy Agreement (this "Agreement") is
entered into by and among the following parties on August 25, 2009 in Beijing, the
People's Republic of China ("China"):

     

    
      	
              (1)

            	
              Beijing
      Xin Fu industry Consulting Co., Ltd. (北京信赋兴业咨询有限公司),
      a company established in China and having its registered address at
      B2-D2-301 A Block TIANCHENG MANSION, 2# XINFENG Road DESHENGMENWAI Street,
      XICHENG Dist. Beijing P.R.China, 100088,  ("Beijing Xin
      Fu");

            

    

     

    
      	
              (2)

            	
              Li
      Anning whose China's ID number is 110102580802234, with her principal
      domicile at 15 The 8TH Floor of #1 Building South Street, Fuxingmen Wai,
      Xicheng District, Beijing, China.

            

    

     

    
      	
              (3)

            	
              Liu
      Liguo, whose China's ID number is 130302197102082511, with his principal
      domicile at 72 Haiyang Road, Haigang District, Qinhuandao City, Hebei,
      China.

            

    

     

    
      	
              (4)

            	
              Liu
      Yabin, whose China's ID number is 110108580617601, with his principal
      domicile at 22 Daliushu Village, Haidian District, Beijing,
      China.

            

    

     

    
      	
              (5)

            	
              Liu
      Yasheng, whose China's ID number is 110108196106268910, with his principal
      domicile at 7 the 15th Floor West Gate of the No. 2 Building, the East of
      Jimenli Haidian District, Beijing,
China.

            

    

     

    
      	
              (6)

            	
              Wang
      Pingyi, whose China's ID number is 110101540701404, with his principal
      domicile at 46 West Street of East 4, Dongcheng District,
      Beijing.

            

    

     

    
      	
              (7)

            	
              Zhang
      Fude, whose China's ID number is 110108560127601, with his principal
      domicile at 131 1 of the West Building, Beijing Jiaotong University,
      Shangyuan Village, Haidian District,
Beijing.

            

    

     

    
      	
              (8)

            	
              Ding
      Ting, whose China's ID number is 110101197910034058, with his principal
      domicile at 301 The First Gate in the 76th of Dengshikou Street, Dongcheng
      District, Beijing.

            

    

     

    
      	
              (9)

            	
              Beijing
      Wan Qiao Mechanical and Electrical Equipment Co., (北京市万桥机电设备公司,
      herein referred to as “Wan Qiao”) a
      limited liability company incorporated and established in Beijing, China
      with its registered address at 2102 The Third Building of Lihengmingyuan,
      the No. 23 of Nanbinminghe Road, Xuan Wu District,
  Beijing.

            

    

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     (hereinafter
the parties referred to individually as a "Party" and
collectively as the "Parties".)

     

    WHEREAS,

     

    
      	
              (A)

            	
              Li
      Anning, Liu Liguo, Liu Yabin, Liu Yasheng, Wang Pingyi, Zhang Fude and
      Ding Ting, the citizens of the People's Republic of China ("PRC”) and
      Beijing Wan Qiao Mechanical and Electrical Equipment Co., a limited
      liability company in China, (collectively referred to as “Shareholders”
      and individually as a “Shareholder”),
      are the Shareholders of  Beijing Wowjoint Machinery Co., Ltd
      (“Beijing
      Wowjoint”), holding 0.7%, 4.09%, 37.78%, 8.18%, 0.7%, 33.55%, 9%
      and 6% of the equity interests of Beijing Wowjoint respectively (the
      “Equity
      Interest”);

            

    

     

    
      	
              (B)

            	
              Beijing
      Wowjoint is a company registered in Beijing carrying on the business of
      manufacturing and installation of specialist construction equipment and
      machinery, whose registered capital is RMB28,500,000;
  and

            

    

     

    
      	
              (C)

            	
              According
      to the terms of this Agreement, the Shareholders agree to unconditionally
      entrust the person designated by Beijing Xin Fu to exercise its voting
      rights and other rights as Shareholders of Beijing Wowjoint, Beijing Xin
      Fu agrees to accept such
entrustment.

            

    

     

    NOW THEREFORE, the parties
through mutual negotiations agree as follows:

     

    1.           Entrust
of Shareholder’s Rights

     

    
      	
              1.1

            	
              Each
      of the Shareholders hereby irrevocably entrusts Beijing Xin Fu and any
      entities or individuals designated by Beijing Xin Fu (collectively “Designated
      Persons” and each a “Designated
      Person”) to exercise his voting rights and other rights as a
      shareholder of Beijing Wowjoint, including but not limited
    to:

            

    

     

    
      	
            	
              1.1.1

            	
              Attending
      the shareholders’ meetings of Beijing Wowjoint as a representative of
      Shareholders;

            

    

     

    
      
        	
              	
                1.1.2

              	
                Voting,
      as a representative of the Shareholders, on any matters to be discussed or
      decided by the shareholders’ meetings (including but not limited to
      election, appointment, removal or replacement of the directors,
      supervisors and senior management of Beijing
  Wowjoint);

              

      

    

     

    
      
        	
              	
                1.1.3

              	
                Rights
      of deciding the transfer or otherwise disposal of the equity interests
      enjoyed by the Shareholders of Beijing
Wowjoint;

              

      

    

     

    
      
        	
              	
                1.1.4

              	
                Other
      voting rights as specified in the Articles of Association of Beijing
      Wowjoint or application laws.

              

      

    

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    
      	
              1.2

            	
              Beijing
      Xin Fu and the Designated Persons shall comply with the Articles of
      Association of Beijing Wowjoint and the relevant laws while exercising the
      shareholder’s rights on behalf of the
  Shareholders.

            

    

     

    
      	
              1.3

            	
              Each
      of the Shareholders agrees that he will not interfere with the exercise of
      the rights as provided for the Article 1.1 by Beijing Xin Fu or any
      Designated Person, and shall make his best efforts to assist Beijing Xin
      Fu and the Designated Persons to exercise such
      rights.   The Shareholders further agree to execute timely
      all reasonable and necessary agreements, resolutions and other documents,
      and to take all necessary and appropriate actions so as to perform the
      requirements of this Agreement and to assist Beijing Xin Fu and the
      Designated Persons to exercise the shareholder’s
  rights.

            

    

     

    
      	
              1.4

            	
              Each
      of the Shareholders hereby acknowledges that Beijing Xin Fu and Designated
      Persons may exercise, at its own discretion, each right set forth under
      Article 1.1 and is not required to seek advice from
  him.

            

    

     

    
      	
              1.5

            	
              Each
      of the Shareholders shall separately execute a Power of Attorney
      substantially in the form attached hereto as Annex A to entrust the
      Designated Persons to exercise the rights set forth under Article
      1.1.  At any time during the term of this Agreement, once
      Beijing Xin Fu informs in writing the Shareholders to terminate the
      authorization given to any specific Designated Person, the Shareholders
      shall immediately terminate the authorization to such Designated Person
      and authorize the person designated by Beijing Xin Fu to exercise the
      rights set forth under Article 1.1.

            

    

     

    
      	
              1.6

            	
              If
      at any time during the term of this Agreement, the entrustment or exercise
      of the rights under Article 1.1 becomes unenforceable for any reason other
      than the breach of the Shareholders or Beijing Xin Fu, the Parties shall
      immediately seek the most similar alternative to the provisions in issue
      of this Agreement and, if necessary, enter into a supplementary agreement
      to amend or adjust the provisions hereof, in order to ensure the
      achievement of the purpose of this
Agreement.

            

    

     

    
      	
              2.

            	
              Term
      of Entrustment

            

    

     

    
      	
              2.1

            	
              This
      Agreement shall take effect as of the execution date hereof and will
      remain in force until terminated by the Parties in writing or, if earlier,
      until all of the equity interests held by the Shareholders in Beijing
      Wowjoint have been lawfully and effectively transferred to Beijing Xin Fu
      and/or its designated person(s).

            

    

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    
      
        	
                2.2

              	
                If
      any Shareholder transfers all of his equity interests of Beijing Wowjoint
      after obtaining Beijign Xin Fu’s consent, then such Shareholder shall
      cease to be a party to this Agreement. If any Shareholder transfers his
      equity interests to any entity or individual other than Beijing Xin Fu or
      its designee, such Shareholder shall, at the time of such transfer, cause
      the transferee to execute an agreement substantially the same as this
      Agreement to ensure that the rights of Beijing Xin Fu and the Designated
      Persons under this Agreement.

              

      

    

     

    3.
Representations and Warranties

     

    3.1 Each
Party to this Agreement hereby represents and warrants to the other Parties
that:

     

    
      (1)
It
is a legal person with independent status, duly registered and legally existing,
and with full formalities or an individual with full legal capacity, as
applicable;

    

     

    
      (2) He
has the power and authority to execute this Agreement and to perform the
obligations under this Agreement;

    

     

    
      (3) In
the event that such party is a legal person, it has duly authorized a
representative to execute this Agreement, which, upon its effective date, shall
be binding on it;

    

     

    
      (4) The
execution, delivery and performance of this Agreement by such party will not (i)
conflict with, result in a breach or violation of or constitute (or with notice
or lapse of time or both constitute) a default under, (A) the business license,
articles of association, permits, government approval for its incorporation,
agreements concerning its incorporation or any other charter documents of such
party, or (B) any Chinese laws or other laws and regulations to or by which such
party is subject or bound, or (C) any contracts or other documents to which such
party is a party or to or by which it (or any of its properties or assets) is
subject or bound; (ii) result in the creation of, or give any person the right
to create, any lien or encumbrance upon the assets of such party; (iii)
terminate or modify, or give any third party the right to terminate or modify,
the provisions or terms of any contracts or other documents to which such party
is a party or to or by which it (or any of its properties or assets) is subject
or bound; or (iv) result in any suspension, revocation, impairment, forfeiture
or nonrenewal of any permits applicable to such party;

    

     

    
      (5) There
is no lawsuit, arbitration or other judicial or administrative proceedings that
are pending and affect such Party’s ability to perform the obligations under
this Agreement, and, to its knowledge, none of such proceedings is threatened;
and

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    
      (6) Such
Party has disclosed to the other Parties all documents issued by any
governmental authority that may have a material adverse effect on its ability to
fully perform the obligations under this Agreement, and the documents provided
by such Party to the other Parties do not contain any inaccurate statement of a
material fact or omit to state a material fact.

    

     

    
      3.2 If
the representation and warranty made by any Party is untrue or inaccurate, it
shall constitute a fundamental breach of such Party.

    

     

    4.
Liabilities for Breach of Contract

     

    
      4.1
Except as otherwise provided herein, if one Party (“Party in Breach”)
fails to perform a certain obligation hereunder or otherwise breaches this
Agreement, the other Parties (“Harmed Party”)
may:

    

     

    
      (1) Serve
a written notice to the Party in Breach stating the nature and scope of the
breach and demanding the Party in Breach to cure such breach at its own expense
within a reasonable period of time as specified therein (“Cure Period”) (which
shall not be available if any representation or warranty made by the Party in
Breach under Article 7.1 is untrue or inaccurate at the time when it was made);
and

    

     

    
      (2) If
the Party in Breach fails to cure the breach during the Cure Period (or if there
is no Cure Period, then at any time after such breach), the Harmed Party is
entitled to demand that the Party in Breach assume all liabilities resulting
therefrom, and compensate the Harmed Party for all economic losses actually
incurred by the Harmed Party in connection therewith, including, without
limitation, all attorneys’ fees and litigation and arbitration expenses relating
thereto. The Harmed Party shall also be entitled to request that the court or
arbitration panel order specific performance and/or compulsory enforcement of
this Agreement. The remedies provided hereunder to the Harmed Party shall not
affect the right of the Harmed Party to seek any other remedy provided by
law.

    

     

    5.
Exemption and Compensation

     

    
      5.1 Each
of the Shareholders acknowledges that Beijing Xin Fu shall not be required to
assume any liabilities of any nature or make any economic or other compensation
to the other Parties as a result of the exercise of each right under Article 1.1
by Beijing Xin Fu and the Designated Person.

    

     

    
      5.2 The
Shareholders and Beijing Wowjoint agree to compensate Beijing Xin Fu and the
Designated Person for and hold it harmless against all losses incurred due to
the exercise of the rights under Article 1.1 of this Agreement, including but
not limited to any loss resulting from any litigation, charge, claim raised by
any third party against it, or administrative investigation and sanction of any
governmental authority, except for the losses incurred by Beijing Xin Fu or the
Designated Person due to their willful misconduct or gross
negligence.

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    6.
Governing Law and Dispute Resolution

     

    6.1 This
Agreement shall be governed by the PRC laws.

     

    
      6.2 All
the disputes arising out of the execution and performance of this Agreement
shall be resolved through friendly negotiations. In the event that any dispute
is not resolved by friendly consultations within thirty (30) days after the date
such dispute arises, such dispute may be submitted by any Party to the Hong Kong
International Arbitration Centre for arbitration in accordance with its then
effective arbitration rules. The arbitration shall be conducted in Hong Kong.
The arbitration tribunal shall comprise of three (3) arbitrators.  The
Shareholders collectively and Beijing Xin Fu shall each be entitled to appoint
one (1) arbitrator and the arbitrators so appointed shall appoint a third
(3rd)
arbitrator who shall preside as Chairman.  The arbitration proceedings
shall be conducted in Chinese.  The arbitration award shall be final
and binding on all the Parties.

    

     

    
      6.3  Except
for the matters in dispute, the Parties shall continue to perform the provisions
hereof pending the resolution of the dispute.

    

     

    7.
Miscellaneous

     

    
      7.1
During the term of this Agreement, no Party shall transfer part or all of its
rights or obligations hereunder to any third party without the prior written
consent of the other Parties, provided that Beijing Xin Fu may transfer all or
any of its rights and obligations hereunder.

    

     

    
      7.2 In
the event that any provision hereof becomes invalid, illegal or unenforceable in
accordance with Chinese law, all there other provisions of this Agreement shall
remain in full force and effect. In such event, the Parties shall negotiate in
good faith to amend this Agreement and achieve, in a mutually acceptable method
and to the extent possible, the original purpose of the
Parties.

    

     

    
      7.3 This
Agreement constitutes the entire agreement among the Parties with respect to the
subject matter hereof and supersedes all prior consultations, negotiations and
agreements among the Parties with respect to such subject
matter.

    

     

    
      7.4 A
Party’s failure to exercise or delay in exercising a certain right hereunder
shall not constitute a waiver thereof, and a Party’s exercise or partial
exercise of a certain right shall not preclude such Party from exercising such
right in the future.

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    
      7.5 This
Agreement shall be binding on the Parties and their lawful successors and
assignees.

    

     

    
      7.6
Headings of all paragraphs are for convenience of reference only and shall not
affect the meaning or interpretation of the contents of this
Agreement.

    

     

    
      7.7
Unless otherwise provided, references to “Articles”, “Paragraphs” and “Annexes”
are references to “Articles”, “Paragraphs” and “Annexes”
hereof.

    

     

    
      7.8 The
Parties may execute supplementary agreements in relation to this Agreement and
relevant affairs.

    

     

    
      7.9 This
Agreement is executed in English.

    

     

    [The remainder of this page is
intentionally left blank]

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF, this
Agreement is signed by the duly authorized representatives of the Parties as of
the date first written above.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    
      Beijing
Xin Fu Industry Consulting Co., Ltd. (北京信赋兴业咨询有限公司)

          

    

    
      
        
          
            	
                    Authorized
      representative: Yabin Liu

                  
	 
      
	
                    Name:

                  	
                    /s/ Yabin Liu

                  
	 
      
	
                    Title:
      Legal Representative

                  
	 
      
	
                    Company
      seal:

                  
	 
      
	
                    Li
      Anning,

                  
	 
      
	
                    Signature:  

                  	
                    /s/ Li Anning

                  
	 
      
	
                    Liu
      Liguo,

                  
	 
      
	
                    Signature:

                  	
                    /s/ Liu Liguo

                  
	 
      
	
                    Liu
      Yabin,

                  
	 
      
	
                    Signature:

                  	
                    /s/ Liu Yabin

                  
	 
      
	
                    Liu
      Yasheng,

                  
	 
      
	
                    Signature:

                  	
                    /s/ Liu
Yasheng

                  

          

        

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    
      
        	
                Wang
      Pingyi,

              
	 
      
	
                Signature:  

              	
                /s/ Wang Pingyi

              
	 
      
	
                Zhang
      Fude,

              
	 
      
	
                Signature:

              	
                /s/ Zhang
Fude

              

      

    

     

    Beijing
Wan Qiao Mechanical and Electrical Equipment Co. (北京市万桥机电设备公司)

      

    
      
        	
                Authorized
      representative: Yabin Liu

              
	 
      
	
                Name:

              	
                /s/ Yabin Liu

              
	 
      
	
                Title:
      Legal Representative

              
	 
      
	
                Company
      seal:

              
	 
      
	
                Ding
      Ting

              
	 
      
	
                Signature:  

              	
                /s/ Ding
Ting

              

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Power
of Attorney

     

    The
undersigned individual (the “Shareholder”) hereby issues this Power of Attorney
in accordance with the Voting Rights Proxy Agreement entered into by and among
Beijing Xin Fu Industry Consultancy Co., Ltd., [*], [*], and the Shareholder as
of August 25, 2009 (the “Proxy Agreement”).

     

    As a
shareholder of 33.55% equity interests of Beijing Wowjoint Machinery Co., Ltd.
(“Beijing Wowjoint”), the Shareholder hereby authorizes [*] (the
“Representative”) to act as the representative of the Shareholder and exercise,
according to the Articles of Associations of Beijing Wowjoint and the relevant
laws, all voting rights and other rights as a shareholder of Beijing Wowjoint,
including without limitation:

     

    
      	
            	
              (1)

            	
              Attending
      the shareholders’ meetings of Beijing Wowjoint as a representative of the
      Shareholder;

            

    

     

    
      	
            	
              (2)

            	
              Voting,
      as a representative of the Shareholder, on any matters to be discussed or
      decided by the shareholders’ meetings including but not limited to
      election, appointment, removal or replacement of the directors,
      supervisors and senior management of Beijing
  Wowjoint;

            

    

     

    
      	
            	
              (3)

            	
              Deciding
      the transfer or otherwise disposal of the equity interests enjoyed by the
      Shareholder in Beijing Wowjoint;

            

    

     

    
      	
            	
              (4)

            	
              Other
      voting rights as specified in the Articles of Association of Beijing
      Wowjoint or applicable laws.

            

    

     

    The
Shareholder hereby agrees and acknowledges that the Representative has full
power and authority to exercise, at its own discretion, the rights entrusted
under this Power of Attorney, and the Shareholder further undertakes to assume
the obligations or liabilities arising from the exercise by the Representative
of the rights entrusted under this Power of Attorney.

     

    This
Power of Attorney shall take effect as of the date of the execution and shall
remain in effect during the term of the Proxy Agreement. This Power of Attorney is executed in
English.

     

    
      
        	
                Name
      of Shareholder: Zhang Fude

              
	 
      
	
                Signature:  

              	
                /s/ Zhang
Fude

              

      

    

    

    Date:

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Power
of Attorney

     

    The
undersigned individual (the “Shareholder”) hereby issues this Power of Attorney
in accordance with the Voting Rights Proxy Agreement entered into by and among
Beijing Xin Fu Industry Consultancy Co., Ltd., [*], [*], and the Shareholder as
of August 25, 2009 (the “Proxy Agreement”).

     

    As a
shareholder of 0.7% equity interests of Beijing Wowjoint Machinery Co., Ltd.
(“Beijing Wowjoint”), the Shareholder hereby authorizes [*] (the
“Representative”) to act as the representative of the Shareholder and exercise,
according to the Articles of Associations of Beijing Wowjoint and the relevant
laws, all voting rights and other rights as a shareholder of Beijing Wowjoint,
including without limitation:

     

    
      	
            	
              (5)

            	
              Attending
      the shareholders’ meetings of Beijing Wowjoint as a representative of the
      Shareholder;

            

    

     

    
      	
            	
              (6)

            	
              Voting,
      as a representative of the Shareholder, on any matters to be discussed or
      decided by the shareholders’ meetings including but not limited to
      election, appointment, removal or replacement of the directors,
      supervisors and senior management of Beijing
  Wowjoint;

            

    

     

    
      	
            	
              (7)

            	
              Deciding
      the transfer or otherwise disposal of the equity interests enjoyed by the
      Shareholder in Beijing Wowjoint;

            

    

     

    
      	
            	
              (8)

            	
              Other
      voting rights as specified in the Articles of Association of Beijing
      Wowjoint or applicable laws.

            

    

     

    The
Shareholder hereby agrees and acknowledges that the Representative has full
power and authority to exercise, at its own discretion, the rights entrusted
under this Power of Attorney, and the Shareholder further undertakes to assume
the obligations or liabilities arising from the exercise by the Representative
of the rights entrusted under this Power of Attorney.

     

    This
Power of Attorney shall take effect as of the date of the execution and shall
remain in effect during the term of the Proxy Agreement. This Power of Attorney is executed in
English.

     

    
      
        	
                Name
      of Shareholder:  Wang Pingyi

              
	 
      
	
                Signature:  

              	
                /s/ Wang
Pingyi

              

      

    

    

    Date:

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Power
of Attorney

     

    The
undersigned individual (the “Shareholder”) hereby issues this Power of Attorney
in accordance with the Voting Rights Proxy Agreement entered into by and among
Beijing Xin Fu Industry Consultancy Co., Ltd., [*], [*], and the Shareholder as
of August 25, 2009 (the “Proxy Agreement”).

     

    As a
shareholder of 6% equity interests of Beijing Wowjoint Machinery Co., Ltd.
(“Beijing Wowjoint”), the Shareholder hereby authorizes [*] (the
“Representative”) to act as the representative of the Shareholder and exercise,
according to the Articles of Associations of Beijing Wowjoint and the relevant
laws, all voting rights and other rights as a shareholder of Beijing Wowjoint,
including without limitation:

     

    
      	
            	
              (9)

            	
              Attending
      the shareholders’ meetings of Beijing Wowjoint as a representative of the
      Shareholder;

            

    

     

    
      	
            	
              (10)

            	
              Voting,
      as a representative of the Shareholder, on any matters to be discussed or
      decided by the shareholders’ meetings including but not limited to
      election, appointment, removal or replacement of the directors,
      supervisors and senior management of Beijing
  Wowjoint;

            

    

     

    
      	
            	
              (11)

            	
              Deciding
      the transfer or otherwise disposal of the equity interests enjoyed by the
      Shareholder in Beijing Wowjoint;

            

    

     

    
      	
            	
              (12)

            	
              Other
      voting rights as specified in the Articles of Association of Beijing
      Wowjoint or applicable laws.

            

    

     

    The
Shareholder hereby agrees and acknowledges that the Representative has full
power and authority to exercise, at its own discretion, the rights entrusted
under this Power of Attorney, and the Shareholder further undertakes to assume
the obligations or liabilities arising from the exercise by the Representative
of the rights entrusted under this Power of Attorney.

     

    This
Power of Attorney shall take effect as of the date of the execution and shall
remain in effect during the term of the Proxy Agreement. This Power of Attorney is executed in
English.

    

    Name of
Shareholder:  Beijing Wan Qiao Mechanical and Electrical Equipment
Co.,

    

    
      
        	
                Signature:  

              	
                /s/ Liu Yabin

              
	
                Title:  Legal
      Representative

              
	
                Date:

              

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Power
of Attorney

     

    The
undersigned individual (the “Shareholder”) hereby issues this Power of Attorney
in accordance with the Voting Rights Proxy Agreement entered into by and among
Beijing Xin Fu Industry Consultancy Co., Ltd., [*], [*], and the Shareholder as
of August 25, 2009 (the “Proxy Agreement”).

     

    As a
shareholder of 8.18% equity interests of Beijing Wowjoint Machinery Co., Ltd.
(“Beijing Wowjoint”), the Shareholder hereby authorizes [*] (the
“Representative”) to act as the representative of the Shareholder and exercise,
according to the Articles of Associations of Beijing Wowjoint and the relevant
laws, all voting rights and other rights as a shareholder of Beijing Wowjoint,
including without limitation:

     

    
      	
            	
              (13)

            	
              Attending
      the shareholders’ meetings of Beijing Wowjoint as a representative of the
      Shareholder;

            

    

     

    
      	
            	
              (14)

            	
              Voting,
      as a representative of the Shareholder, on any matters to be discussed or
      decided by the shareholders’ meetings including but not limited to
      election, appointment, removal or replacement of the directors,
      supervisors and senior management of Beijing
  Wowjoint;

            

    

     

    
      	
            	
              (15)

            	
              Deciding
      the transfer or otherwise disposal of the equity interests enjoyed by the
      Shareholder in Beijing Wowjoint;

            

    

     

    
      	
            	
              (16)

            	
              Other
      voting rights as specified in the Articles of Association of Beijing
      Wowjoint or applicable laws.

            

    

     

    The
Shareholder hereby agrees and acknowledges that the Representative has full
power and authority to exercise, at its own discretion, the rights entrusted
under this Power of Attorney, and the Shareholder further undertakes to assume
the obligations or liabilities arising from the exercise by the Representative
of the rights entrusted under this Power of Attorney.

     

    This
Power of Attorney shall take effect as of the date of the execution and shall
remain in effect during the term of the Proxy Agreement. This Power of Attorney is executed in
English.

     

    
      
        	
                Name
      of Shareholder: Liu Yasheng

              
	 
      
	
                Signature:  

              	
                /s/ Liu
Yasheng

              

      

    

    

    Date:

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Power
of Attorney

     

    The
undersigned individual (the “Shareholder”) hereby issues this Power of Attorney
in accordance with the Voting Rights Proxy Agreement entered into by and among
Beijing Xin Fu Industry Consultancy Co., Ltd., [*], [*], and the Shareholder as
of August 25, 2009 (the “Proxy Agreement”).

     

    As a
shareholder of 37.78% equity interests of Beijing Wowjoint Machinery Co., Ltd.
(“Beijing Wowjoint”), the Shareholder hereby authorizes [*] (the
“Representative”) to act as the representative of the Shareholder and exercise,
according to the Articles of Associations of Beijing Wowjoint and the relevant
laws, all voting rights and other rights as a shareholder of Beijing Wowjoint,
including without limitation:

     

    
      	
            	
              (17)

            	
              Attending
      the shareholders’ meetings of Beijing Wowjoint as a representative of the
      Shareholder;

            

    

     

    
      	
            	
              (18)

            	
              Voting,
      as a representative of the Shareholder, on any matters to be discussed or
      decided by the shareholders’ meetings including but not limited to
      election, appointment, removal or replacement of the directors,
      supervisors and senior management of Beijing
  Wowjoint;

            

    

     

    
      	
            	
              (19)

            	
              Deciding
      the transfer or otherwise disposal of the equity interests enjoyed by the
      Shareholder in Beijing Wowjoint;

            

    

     

    
      	
            	
              (20)

            	
              Other
      voting rights as specified in the Articles of Association of Beijing
      Wowjoint or applicable laws.

            

    

     

    The
Shareholder hereby agrees and acknowledges that the Representative has full
power and authority to exercise, at its own discretion, the rights entrusted
under this Power of Attorney, and the Shareholder further undertakes to assume
the obligations or liabilities arising from the exercise by the Representative
of the rights entrusted under this Power of Attorney.

     

    This
Power of Attorney shall take effect as of the date of the execution and shall
remain in effect during the term of the Proxy Agreement. This Power of Attorney is executed in
English.

     

    
      
        	
                Name
      of Shareholder:  Liu Yabin

              
	 
      
	
                Signature:  

              	
                /s/ Liu
    Yabin

              

      

    

    

    Date:

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Power
of Attorney

     

    The
undersigned individual (the “Shareholder”) hereby issues this Power of Attorney
in accordance with the Voting Rights Proxy Agreement entered into by and among
Beijing Xin Fu Industry Consultancy Co., Ltd., [*], [*], and the Shareholder as
of August 25, 2009 (the “Proxy Agreement”).

     

    As a
shareholder of 4.09% equity interests of Beijing Wowjoint Machinery Co., Ltd.
(“Beijing Wowjoint”), the Shareholder hereby authorizes [*] (the
“Representative”) to act as the representative of the Shareholder and exercise,
according to the Articles of Associations of Beijing Wowjoint and the relevant
laws, all voting rights and other rights as a shareholder of Beijing Wowjoint,
including without limitation:

     

    
      	
            	
              (21)

            	
              Attending
      the shareholders’ meetings of Beijing Wowjoint as a representative of the
      Shareholder;

            

    

     

    
      	
            	
              (22)

            	
              Voting,
      as a representative of the Shareholder, on any matters to be discussed or
      decided by the shareholders’ meetings including but not limited to
      election, appointment, removal or replacement of the directors,
      supervisors and senior management of Beijing
  Wowjoint;

            

    

     

    
      	
            	
              (23)

            	
              Deciding
      the transfer or otherwise disposal of the equity interests enjoyed by the
      Shareholder in Beijing Wowjoint;

            

    

     

    
      	
            	
              (24)

            	
              Other
      voting rights as specified in the Articles of Association of Beijing
      Wowjoint or applicable laws.

            

    

     

    The
Shareholder hereby agrees and acknowledges that the Representative has full
power and authority to exercise, at its own discretion, the rights entrusted
under this Power of Attorney, and the Shareholder further undertakes to assume
the obligations or liabilities arising from the exercise by the Representative
of the rights entrusted under this Power of Attorney.

     

    This
Power of Attorney shall take effect as of the date of the execution and shall
remain in effect during the term of the Proxy Agreement. This Power of Attorney is executed in
English.

     

    
      
        	
                Name
      of Shareholder:  Liu Liguo

              
	 
      
	
                Signature:  

              	
                /s/ Liu
Liguo

              

      

    

    

    Date:

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Power
of Attorney

     

    The
undersigned individual (the “Shareholder”) hereby issues this Power of Attorney
in accordance with the Voting Rights Proxy Agreement entered into by and among
Beijing Xin Fu Industry Consultancy Co., Ltd., [*], [*], and the Shareholder as
of August 25, 2009 (the “Proxy Agreement”).

     

    As a
shareholder of 0.7% equity interests of Beijing Wowjoint Machinery Co., Ltd.
(“Beijing Wowjoint”), the Shareholder hereby authorizes [*] (the
“Representative”) to act as the representative of the Shareholder and exercise,
according to the Articles of Associations of Beijing Wowjoint and the relevant
laws, all voting rights and other rights as a shareholder of Beijing Wowjoint,
including without limitation:

     

    
      	
            	
              (25)

            	
              Attending
      the shareholders’ meetings of Beijing Wowjoint as a representative of the
      Shareholder;

            

    

     

    
      	
            	
              (26)

            	
              Voting,
      as a representative of the Shareholder, on any matters to be discussed or
      decided by the shareholders’ meetings including but not limited to
      election, appointment, removal or replacement of the directors,
      supervisors and senior management of Beijing
  Wowjoint;

            

    

     

    
      	
            	
              (27)

            	
              Deciding
      the transfer or otherwise disposal of the equity interests enjoyed by the
      Shareholder in Beijing Wowjoint;

            

    

     

    
      	
            	
              (28)

            	
              Other
      voting rights as specified in the Articles of Association of Beijing
      Wowjoint or applicable laws.

            

    

     

    The
Shareholder hereby agrees and acknowledges that the Representative has full
power and authority to exercise, at its own discretion, the rights entrusted
under this Power of Attorney, and the Shareholder further undertakes to assume
the obligations or liabilities arising from the exercise by the Representative
of the rights entrusted under this Power of Attorney.

     

    This
Power of Attorney shall take effect as of the date of the execution and shall
remain in effect during the term of the Proxy Agreement. This Power of Attorney is executed in
English.

     

    
      
        	
                Name
      of Shareholder:  Li Anning

              
	 
      
	
                Signature:  

              	
                /s/ Li
Anning

              

      

    

    

    Date:

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Power
of Attorney

     

    The
undersigned individual (the “Shareholder”) hereby issues this Power of Attorney
in accordance with the Voting Rights Proxy Agreement entered into by and among
Beijing Xin Fu Industry Consultancy Co., Ltd., [*], [*], and the Shareholder as
of August 25, 2009 (the “Proxy Agreement”).

     

    As a
shareholder of 9% equity interests of Beijing Wowjoint Machinery Co., Ltd.
(“Beijing Wowjoint”), the Shareholder hereby authorizes [*] (the
“Representative”) to act as the representative of the Shareholder and exercise,
according to the Articles of Associations of Beijing Wowjoint and the relevant
laws, all voting rights and other rights as a shareholder of Beijing Wowjoint,
including without limitation:

     

    
      	
            	
              (29)

            	
              Attending
      the shareholders’ meetings of Beijing Wowjoint as a representative of the
      Shareholder;

            

    

     

    
      	
            	
              (30)

            	
              Voting,
      as a representative of the Shareholder, on any matters to be discussed or
      decided by the shareholders’ meetings including but not limited to
      election, appointment, removal or replacement of the directors,
      supervisors and senior management of Beijing
  Wowjoint;

            

    

     

    
      	
            	
              (31)

            	
              Deciding
      the transfer or otherwise disposal of the equity interests enjoyed by the
      Shareholder in Beijing Wowjoint;

            

    

     

    
      	
            	
              (32)

            	
              Other
      voting rights as specified in the Articles of Association of Beijing
      Wowjoint or applicable laws.

            

    

     

    The
Shareholder hereby agrees and acknowledges that the Representative has full
power and authority to exercise, at its own discretion, the rights entrusted
under this Power of Attorney, and the Shareholder further undertakes to assume
the obligations or liabilities arising from the exercise by the Representative
of the rights entrusted under this Power of Attorney.

     

    This
Power of Attorney shall take effect as of the date of the execution and shall
remain in effect during the term of the Proxy Agreement. This Power of Attorney is
executed in
English.

     

    
      
        	
                Name
      of Shareholder:  Ding Ting

              
	 
      
	
                Signature:  

              	
                /s/ Ding
Ting

              

      

    

    

    Date:Exclusive
Call Option Agreement

     

    among

     

    Beijing
Xin Fu Industry Consulting Co. Ltd.

    (北京信赋兴业咨询有限公司)

    

    and

    Li
Anning, Liu Liguo, Liu Yabin, Liu Yasheng, Wang Pingyi, Zhang Fude, Beijing Wan
Qiao Mechanical and Electrical Equipment Co., (北京市万桥机电设备公司)and
Ding Ting

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    CONTENTS

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  	
                                                          Clause

                                                        	 
      	
                                                          Page

                                                        
	 	 	 
	
                                                          1.

                                                        	
                                                          GRANT
      OF OPTION

                                                        	
                                                          2

                                                        
	 	 	 
	
                                                          2.

                                                        	
                                                          EXERCISE
      OF OPTION AND COMPLETION OF TRANSACTION

                                                        	
                                                          2

                                                        
	 	 	 
	
                                                          3.

                                                        	
                                                          FULFILMENT
      OF OPTION

                                                        	
                                                          3

                                                        
	 	 	 
	
                                                          4.

                                                        	
                                                          REPRESENTATIONS
      AND WARRANTIES

                                                        	
                                                          4

                                                        
	 	 	 
	
                                                          5.

                                                        	
                                                          TAX

                                                        	
                                                          7

                                                        
	 	 	 
	
                                                          6.

                                                        	
                                                          LIABILITIES
      FOR BREACH OF CONTRACT

                                                        	
                                                          8

                                                        
	 	 	 
	
                                                          7.

                                                        	
                                                          APPLICABLE
      LAW AND SETTLEMENT OF DISPUTES

                                                        	
                                                          8

                                                        
	 	 	 
	
                                                          8.

                                                        	
                                                          CONFIDENTIALITY

                                                        	
                                                          9

                                                        
	 	 	 
	
                                                          9.

                                                        	
                                                          SUPPLEMENTARY
      PROVISIONS

                                                        	
                                                          9

                                                        
	 
      	 
      	 
      
	
                                                          APPENDIX
      A FORM OF AGREEMENT ON TRANSFER OF EQUITY INTEREST

                                                        	
                                                          1

                                                        
	 	 	 
	
                                                          1.

                                                        	
                                                          DEFINITIONS
      AND INTERPRETATIONS

                                                        	
                                                          3

                                                        
	 	 	 
	
                                                          2.

                                                        	
                                                          REPRESENTATIONS
      AND WARRANTIES

                                                        	
                                                          4

                                                        
	 	 	 
	
                                                          3.

                                                        	
                                                          ASSIGNMENT
      OF EQUITY INTEREST

                                                        	
                                                          4

                                                        
	 	 	 
	
                                                          4.

                                                        	
                                                          SUPPLEMENTARY
      PROVISIONS

                                                        	
                                                          5

                                                        
	 	 
	
                                                          ANNEX
      1 FORM OF RESOLUTION OF SHAREHOLDERS' MEETING

                                                        	
                                                          3

                                                        
	 	 
	
                                                          ANNEX
      2 FORM OF POWER OF ATTORNEY

                                                        	
                                                          3

                                                        
	 	 
	
                                                          APPENDIX
      B FORM OF WAIVER OF RIGHT OF FIRST REFUSAL

                                                        	
                                                          5

                                                        

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    This
Exclusive Call Option Agreement (this "Agreement") is
entered into by the following parties on August 25, 2009 in Beijing, the
People's Republic of China ("China"):

     

    
      	
              (1)

            	
              Beijing
      Xin Fu industry Consulting Co., Ltd. (北京信赋兴业咨询有限公司),
      a company established in China and having its registered address at
      B2-D2-301 A Block TIANCHENG MANSION, 2# XINFENG Road DESHENGMENWAI Street,
      XICHENG Dist. Beijing P.R.China, 100088,  ("Beijing Xin Fu");
      and

            

    

     

    
      	
              (2)

            	
              Li
      Anning whose China's ID number is 110102580802234, with her principal
      domicile at 15 The 8TH
      Floor of #1 Building South Street, Fuxingmen Wai, Xicheng District,
      Beijing, China.

            

    

     

    
      	
              (3)

            	
              Liu
      Liguo, whose China's ID number is 130302197102082511, with his principal
      domicile at 72 Haiyang Road, Haigang District, Qinhuandao City, Hebei,
      China.

            

    

     

    
      	
              (4)

            	
              Liu
      Yabin, whose China's ID number is 110108580617601, with his principal
      domicile at 22 Daliushu Village, Haidian District, Beijing,
      China.

            

    

     

    
      	
              (5)

            	
              Liu
      Yasheng, whose China's ID number is 110108196106268910, with his principal
      domicile at 7 the 15th
      Floor West Gate of the No. 2 Building, the East of Jimenli Haidian
      District, Beijing, China.

            

    

     

    
      	
              (6)

            	
              Wang
      Pingyi, whose China's ID number is 110101540701404, with his principal
      domicile at 46 West Street of East 4, Dongcheng District,
      Beijing.

            

    

     

    
      	
              (7)

            	
              Zhang
      Fude, whose China's ID number is 110108560127601, with his principal
      domicile at 131 1 of the West Building, Beijing Jiaotong University,
      Shangyuan Village, Haidian District,
Beijing.

            

    

     

    
      	
              (8)

            	
              Ding
      Ting, whose China's ID number is 110101197910034058, with his principal
      domicile at 301 The First Gate in the 76th
      of Dengshikou Street, Dongcheng District,
  Beijing.

            

    

     

    
      	
              (9)

            	
              Beijing
      Wan Qiao Mechanical and Electrical Equipment Co., (北京市万桥机电设备公司,
      herein referred to as “Wan Qiao”) a limited liability company incorporated
      and established in Beijing, China with its registered address at 2102 The
      Third Building of Lihengmingyuan, the No. 23 of Nanbinminghe Road, Xuan Wu
      District, Beijing.

            

    

     

    (hereinafter
the parties referred to individually as a "Party" and
collectively as the "Parties".)

     

    WHEREAS,

     

    
      	
              (A)

            	
              Li
      Anning, Liu Liguo, Liu Yabin, Liu Yasheng, Wang Pingyi, Zhang Fude and
      Ding Ting are the citizens of the People's Republic of China ("PRC”) and
      Beijing Wan Qiao Mechanical and Electrical Equipment Co., a limited
      liability company in China (collectively referred to as “Shareholders” and
      individually as a “Shareholder”), are the Shareholders
      of  Beijing Wowjoint Machinery Co., Ltd (“Beijing
      Wowjoint”), holding 0.7%, 4.09%, 37.78%, 8.18%, 0.7%, 33.55%, 9%
      and 6% of the equity interests of Beijing Wowjoint respectively (the
      “Equity
      Interest”);

            

    

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    
      	
              (B)

            	
              Beijing
      Wowjoint is a company registered in Beijing carrying on the business of
      manufacturing and installation of specialist construction equipment and
      machinery, whose registered capital is RMB 28,500,000;
  and

            

    

     

    
      	
              (C)

            	
              The
      Parties agree to enter into this
Agreement.

            

    

     

    NOW THEREFORE, the Parties
hereby agree as follows:

     

    
      	
              1.

            	
              GRANT OF
      OPTION

            

    

     

    
      	
              1.1

            	
              Option

            

    

     

    Each of
the Shareholders grants to Beijing Xin Fu the option (the “Option”) to purchase
the Equity Interest, at the exercise price equal to five percent (5%) of the
actual capital contribution made by each Shareholder to Beijing
Wowjoint.

     

    
      	
              1.2

            	
              Price of
      Option

            

    

     

    In
consideration of obtaining the Option, Beijing Xin Fu has paid to each of the
Shareholders One Renminbi on the date of this Agreement.  Each of the
Shareholders acknowledges that such consideration has been paid and is deemed to
be sufficient.

     

    
      	
              2.

            	
              EXERCISE OF OPTION AND
      COMPLETION OF TRANSACTION

            

    

     

    
      	
              2.1

            	
              Time of
      Exercise

            

    

     

    
      
        	
              	
                2.1.1

              	
                Each
      of the Shareholders agrees that, subject to compliance with legal
      restrictions on foreign investment under applicable laws of China, Beijing
      Xin Fu may exercise the Option in whole or in part to acquire all or part
      of the Equity Interest, at any time after the signing of this
      Agreement.

              

      

    

     

    
      
        	
              	
                2.1.2

              	
                For
      the avoidance of doubt, each of the Shareholders hereby agrees that
      Beijing Xin Fu may exercise the Option, without any limits on the
      frequency of its exercise, until Beijing Xin Fu acquires all of the Equity
      Interest.

              

      

    

     

    
      
        	
              	
                2.1.3

              	
                Each
      of the Shareholders agrees that Beijing Xin Fu may designate a third party
      to exercise the Option on its behalf, provided that Beijing Xin Fu shall
      give 3-days prior written notice to the
  Shareholders.

              

      

    

     

    
      	
              2.2

            	
              Assignment

            

    

     

    Each of
the Shareholders agrees that Beijing Xin Fu may assign all or part of the Option
to any third party. In the event of any such assignment and upon written notice
of such assignment from Beijing Xin Fu to the Shareholders, the Option may be
exercised by such third party pursuant to the terms and conditions of this
Agreement. Such third party shall be deemed to be a party to this Agreement and
shall assume Beijing Xin Fu's rights and obligations under this
Agreement.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    
      	
              2.3

            	
              Notice
      Requirements

            

    

     

    
      
        	
              	
                2.3.1

              	
                If
      Beijing Xin Fu intends to exercise the Option, it shall issue an
      irrevocable written notice to the Shareholders no later than 3 days prior
      to each Completion Date (as defined below),
  specifying:

              

      

    

     

    
      	
            	
              
                2.3.1.1

              

            	
              
                effectiveness
      date of the purchase ("Completion
      Date");

              

            

    

     

    
      	
            	
              
                2.3.1.2

              

            	
              
                name
      of the party registering the Equity
  Interest;

              

            

    

     

    
      	
            	
              
                2.3.1.3

              

            	
              
                percentage
      of the Equity Interest to be purchased from the
      Shareholders;

              

            

    

     

    
      	
            	
              
                2.3.1.4

              

            	
              
                method
      of payment; and

              

            

    

     

    
      	
            	
              
                2.3.1.5

              

            	
              
                related
      authorization documents, such as the document authorizing the third party
      to exercise the Option.

              

            

    

     

    
      	
            	
              
                2.3.2

              

            	
              
                For
      the avoidance of doubt, the Parties expressly agree that Beijing Xin Fu
      has the right to exercise the Option and to decide whether or not to
      register the Equity Interest in a third party's
  name.

              

            

    

     

    
      	
              2.4

            	
              Appointment of
      Director and Senior Management
Personnel

            

    

     

    After the
execution of this Agreement, Beijing Xin Fu shall have the right to nominate
persons to Beijing Wowjoint to be appointed as directors and senior management
personnel (including but not limited to general manager, deputy general manager,
financial controller, marketing director, technology director). The Shareholders
shall, to the extent applicable PRC law requires a shareholder vote, vote his
shares of Beijing Wowjoint to appoint the persons nominated by Beijing Xin Fu to
hold the positions as directors of Beijing Wowjoint, and vote its shares to
instruct the executive director of Beijing Wowjoint to appoint the persons
nominated by Beijing Xin Fu to hold the positions as senior management of
Beijing Wowjoint.

     

    
      	
              2.5

            	
              Completion of
      Transactions

            

    

     

    On the
Completion Date, Beijing Xin Fu shall pay to each of the Shareholders the
exercise price to purchase the Equity Interest set out in Article 1 and each of
the Shareholders shall acknowledge the receipt and sufficiency of the
consideration.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    
      	
              3.

            	
              FULFILMENT OF
      OPTION

            

    

     

    
      	
              3.1

            	
              Agreement on Transfer
      of Equity Interest

            

    

     

    When
signing and delivering this Agreement, each of the Shareholders shall at Beijing
Xin Fu's request sign (or, in the case of the waiver letter, use commercially
reasonable efforts to procure the execution of) and deliver one or more
agreement(s) for the transfer of equity interest as set out in the Appendix A
hereto ("Equity
Transfer Agreement") and other necessary documents, including the waiver
letter in the form of Appendix B ("Ancillary Documents")
intended to cause all or part of Equity Interest to be effectively transferred
to Beijing Xin Fu or its designated person. The Equity Transfer Agreement and
Ancillary Documents shall be held in the custody of Beijing Xin
Fu.  On the Completion Date, when Beijing Xin Fu exercises the Option
and pays the price for the Equity Interest, Beijing Xin Fu shall promptly
deliver the Equity Transfer Agreement and Ancillary Documents relating to such
Equity Interest to its designated person who shall be entitled to insert the
name of the transferee (if not already done so), date the signed Equity Transfer
Agreement and Ancillary Documents and submit the same to the relevant
authorities in order to give full effect to the transfer of the Equity
Interest.

     

    
      	
              3.2

            	
              Resolution of
      Shareholders' Meeting

            

    

     

    Notwithstanding
the provisions of the above Article 3.1, at the time of the signing and delivery
of this Agreement, each Shareholder shall at Beijing Xin Fu's request sign (and
use commercially reasonable efforts to procure that authorized representative of
Beijing Xin Fu will sign) and deliver one or more resolution(s) of the
shareholders' meeting of Beijing Wowjoint, substantially in the form of Annex 1
of Appendix A hereto (each referred to as a "Resolution"). The
Resolution shall approve the following matters:

     

    
      
        	
              	
                3.2.1

              	
                completion
      of the transfer of all or part of the Equity Interest to Beijing Xin Fu or
      its designated person; and

              

      

    

     

    
      
        	
              	
                3.2.2

              	
                other
      reasonable matters that Beijing Xin Fu may
  require.

              

      

    

     

    Each
Resolution shall be held in the custody of Beijing Xin Fu.  On each
Completion Date when Beijing Xin Fu exercises the Option and pays the price for
the Equity Interest, Beijing Xin Fu or its designated person shall date the
Resolution as of the date of exercise.

     

    
      	
              4.

            	
              REPRESENTATIONS AND
      WARRANTIES

            

    

     

    
      	
              4.1

            	
              Representations and
      Warranties

            

    

     

    Each of
the Shareholders jointly and severally represents and warrants to Beijing Xin
Fu:

     

    
      
        	
              	
                4.1.1

              	
                he
      has full authority to sign this
Agreement;

              

      

    

     

    
      	
            	
              
                4.1.2

              

            	
              
                this
      Agreement constitutes a valid and binding obligation of such Shareholder,
      enforceable in accordance with its
terms;

              

            

    

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    
      	
            	
              
                4.1.3

              

            	
              
                the
      signing of this Agreement and the performance of any of his obligations
      hereunder neither breaches any laws, regulations or contracts binding upon
      him, nor requires any authorization or approval from the
      government;

              

            

    

     

    
      	
            	
              
                4.1.4

              

            	
              
                to
      the best of his knowledge, he is not involved in any lawsuit, arbitration
      or other juridical or administrative proceedings which may have a material
      and adverse effect upon this Agreement and performance
      hereof;

              

            

    

     

    
      	
            	
              
                4.1.5

              

            	
              
                he
      has disclosed to Beijing Xin Fu all documents issued by any governmental
      authority that may have a material adverse effect upon the performance of
      the obligations hereunder;

              

            

    

     

    
      	
            	
              
                4.1.6

              

            	
              
                other
      than the pledge of Equity Interest in favor of Beijing Xin Fu (or its
      designated third party), the Equity Interest held by such Shareholder in
      Beijing Wowjoint is free of any lien, mortgage, pledge or third party's
      rights;

              

            

    

     

    
      	
            	
              
                4.1.7

              

            	
              
                except
      in favor of Beijing Xin Fu (or its designated third party), the Equity
      Interest held by such Shareholder shall remain intact, and is free of any
      lien, mortgage, pledge or third party's right, and such Shareholder will
      transfer, grant, pledge or otherwise dispose of his Equity
      Interest;

              

            

    

     

    
      	
            	
              
                4.1.8

              

            	
              
                the
      Option granted by such Shareholder to Beijing Xin Fu is an exclusive
      right, and the Option or any similar right will not be granted to any
      third party in any way and no rights or obligations exist that would in
      any way impair Beijing Xin Fu's rights under this
      Agreement.

              

            

    

     

    Each
Shareholder further represents and warrants to Beijing Xin Fu that he owns the
Equity Interests of Beijing Wowjoint as stated in the recital of this
Agreement.

     

    The
Parties hereby agree that as of each Completion Date, the representations and
warranties set out from Article 4.1.1 to Article 4.1.8 shall be repeated, and
shall be deemed to be given as of such Completion Date.

     

    
      	
              4.2

            	
              Undertakings

            

    

     

    Each
Shareholder undertakes to Beijing Xin Fu that:

     

    
      
        	
              	
                4.2.1

              	
                he
      will complete the formalities necessary for registering Beijing Xin Fu and
      its designated person as the lawful shareholder of Beijing Wowjoint,
      including but not limited to, assisting Beijing Xin Fu in inserting the
      name of the transferee in the Equity Transfer Agreement, dating the signed
      Equity Transfer Agreement and submitting the Equity Transfer Agreement and
      Ancillary Documents to the relevant industry and commerce administration
      department for the purpose of amending the articles of association and
      updating the shareholders' register, and other alteration
      formalities.

              

      

       

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

    

     

    
      
        	
              	
                4.2.2

              	
                he
      shall take all necessary actions to execute all necessary documents and
      carry out all necessary registrations within such
      Shareholder's  control (including registration with the Ministry
      of Information Industries or its local branches) to transfer the Equity
      Interest in accordance with applicable laws upon the exercise of the
      Option.

              

      

    

     

    
      	
            	
              
                4.2.3

              

            	
              
                he
      will not seek to influence the management of Beijing Wowjoint in any
      manner, and without limiting the
  foregoing:

              

            

    

     

    
      	
            	
              
                4.2.3.1

              

            	
              
                he
      will not request Beijing Wowjoint to distribute profits, funds, assets or
      property to him or any of his
Affiliates.

              

            

    

     

    
      	
            	
              
                4.2.3.2

              

            	
              
                if
      he receives any dividends from Beijing Wowjoint with respect to the Equity
      Interest, he shall pay to Beijing Xin Fu an amount equal to such dividends
      within 7 days thereafter.

              

            

    

     

    
      	
            	
              
                4.2.3.3

              

            	
              
                he
      will not engage in the following activities and not approve in his
      capacity as a shareholder (without the prior written consent of Beijing
      Xin Fu) the engagement of  Beijing Wowjoint in any of the
      following activities unless the prior written consent of Beijing Xin Fu is
      obtained:

              

            

    

     

    
      	
               
      

            	
              (a)

            	
              to
      create or undertake debts that are not in the ordinary course of business
      of  Beijing Wowjoint, or are in the ordinary course of the
      business of  Beijing Wowjoint but are in excess of
      US$5,000;

            

    

     

    
      	
               
      

            	
              (b)

            	
              to
      create or undertake any mortgage, pledge or any other type of encumbrance
      on any of  Beijing Wowjoint's existing properties or properties
      acquired in the future;

            

    

     

    
      	
               
      

            	
              (c)

            	
              to
      acquire assets of any third party on behalf of  Beijing
      Wowjoint, or to execute any agreement, arrangement, commitment or
      memorandum for the same;

            

    

     

    
      	
               
      

            	
              (d)

            	
              to
      sell, lease or otherwise dispose of any assets of  Beijing
      Wowjoint, or to execute any agreement, arrangement, commitment or
      memorandum for the same;

            

    

     

    
      	
               
      

            	
              (e)

            	
              to
      borrow or lend money to any third party on behalf of  Beijing
      Wowjoint, or to execute any agreement, arrangement, commitment or
      memorandum for the same;

            

    

     

    
      	
               
      

            	
              (f)

            	
              to
      assume any obligation, give a guarantee or endorsement for any third party
      on behalf of Beijing Wowjoint or assume responsibility in whatever form
      for any third party's obligation on behalf of  Beijing Wowjoint,
      or to execute any agreement, arrangement, commitment or memorandum for the
      same;

            

    

     

    
      	
               
      

            	
              (g)

            	
              to
      approve the annual budget and annual business plan and any material
      deviations thereof;

            

    

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (h)

            	
              to
      make any capital expenditure by  Beijing Wowjoint other than in
      the ordinary course of its business or greater than an aggregate of
      US$25,000 in any 12 month period;

            

    

     

    
      	
               
      

            	
              (i)

            	
              to
      commit any act that may endanger the legitimate existence or commercial
      interest of  Beijing
Wowjoint;

            

    

     

    
      	
               
      

            	
              (j)

            	
              to
      take any action that, according to the effective articles of association
      of  Beijing Wowjoint, requires a unanimous consent of all
      shareholders or the executive director of  Beijing
      Wowjoint;

            

    

     

    
      	
               
      

            	
              (k)

            	
              to
      cause  Beijing Wowjoint to engage in any business which is not
      expressly specified in its business
license;

            

    

     

    
      	
               
      

            	
              (l)

            	
              when
      exercising his rights in the capacity as a shareholder
      of  Beijing Wowjoint (including but not limited to the exercise
      of his voting rights), to adopt any resolution or otherwise take any
      shareholder action that conflicts with or jeopardises the rights and
      interests of Beijing Xin Fu or its Affiliates or direct or indirect
      parent; and

            

    

     

    
      
        	
              	
                4.2.4

              	
                He
      will provide Beijing Xin Fu with information on Beijing Wowjoint's
      business operations and financial condition which he is entitled to
      receive in his capacity as a shareholder at Beijing Xin Fu's request
      (excluding information provided by Beijing Wowjoint
  ).

              

      

    

     

    
      	
            	
              
                4.2.5

              

            	
              
                He
      will immediately notify Beijing Xin Fu of the occurrence or possible
      occurrence of any litigation, arbitration or administrative proceedings
      relating to Beijing Wowjoint's assets, business and revenue of which he
      may become aware.

              

            

    

     

    
      	
            	
              
                4.2.6

              

            	
              
                At
      Beijing Xin Fu's written request, each of the Shareholders will approve in
      his capacity as a shareholder any action of Beijing Wowjoint that is not
      in violation of any applicable
laws.

              

            

    

     

    For
purposes of this Clause 4.2, "Affiliate" means, in respect of an entity, any
legal entity that directly or indirectly controls, is controlled by or is under
the common control of the first mentioned entity. For the purposes of this
Agreement, "control" means the power, directly or indirectly, to direct the
management and policies of such entity.

     

    
      	
              5.

            	
              TAX

            

    

     

    
      	
              5.1

            	
              Tax

            

    

     

    Beijing
Xin Fu shall reimburse the Shareholders or directly pay to the appropriate tax
authorities all of the Shareholders' taxes that may arise from the execution and
performance of this Agreement.  Beijing Xin Fu shall bear any of its
taxes that may arise from the execution and performance of this
Agreement.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    
      	
              6.

            	
              LIABILITIES FOR BREACH OF
      CONTRACT

            

    

     

    
      	
              6.1

            	
              Shareholders'
      liability for breach

            

    

     

    Except as
provided in Paragraph 7.3.5, the sole remedy available to Beijing Xin Fu for the
breach by the Shareholders of any of their representations, warranties,
undertakings or obligations under this Agreement shall be the exercise of the
Option.

     

    
      	
              7.

            	
              APPLICABLE LAW AND SETTLEMENT
      OF DISPUTES

            

    

     

    
      	
              7.1

            	
              Applicable
      Law

            

    

     

    The
execution, validity, interpretation, performance of this Agreement and
resolution of disputes hereunder shall be governed by the laws of
China.

     

    
      	
              7.2

            	
              Consultation

            

    

     

    In case
of disputes resulting from the interpretation or performance of this Agreement,
the Parties shall attempt to solve such disputes through friendly consultation
or via mediation by a neutral third party. If such dispute fails to be solved
within 30 days after the commencement of consultation, either party may submit
such disputes for arbitration.

     

    
      	
              7.3

            	
              Arbitration

            

    

     

    
      
        	
              	
                7.3.1

              	
                Any
      dispute or difference of any kind whatsoever arising out of or in
      connection with this Agreement, including any question in connection with
      the existence, construction, interpretation, validity, termination or
      implementation of this Agreement, shall be submitted to the Hong Kong
      International Arbitration Centre (the “HKIAC”), for
      arbitration in Hong Kong which shall be conducted in accordance with HKIAC
      's rules.

              

      

    

     

    
      	
            	
              
                7.3.2

              

            	
              
                The
      arbitration tribunal shall comprise of three (3) arbitrators. The
      Shareholders, collectively, and Beijing Xin Fu shall each be entitled to
      appoint one (1) arbitrator and the arbitrators so appointed shall appoint
      a third (3rd)
      arbitrator who shall preside as
Chairman.

              

            

    

     

    
      	
            	
              
                7.3.3

              

            	
              
                The
      language to be used in any arbitral proceedings shall be
      Chinese.

              

            

    

     

    
      	
            	
              
                7.3.4

              

            	
              
                The
      costs of arbitration shall be borne by the losing Party, unless otherwise
      determined by the arbitration
award.

              

            

    

     

    
      	
            	
              
                7.3.5

              

            	
              
                The
      Parties further acknowledge that monetary damages alone shall not
      adequately compensate Beijing Xin Fu for the breach of the Shareholders'
      undertakings in this Agreement and therefore agree that if a breach or
      threatened breach of any such undertaking occurs, Beijing Xin Fu shall be
      entitled to apply or petition for, and the Shareholders shall not resist,
      object or challenge, injunctive relief compelling specific performance of
      such undertakings or immediate cessation of such actions in order to be in
      compliance with the terms of this Agreement in any competent court of
      China.

              

            

    

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    
      	
              8.

            	
              CONFIDENTIALITY

            

    

     

    
      	
              8.1

            	
              Confidential
      Information

            

    

     

    This
Agreement and its appendixes attached hereto shall be confidential. Neither
party shall disclose this Agreement and its appendixes attached hereto to any
third party (except for the disclosure only for the purpose of the above Article
2.2 and with the prior written consent of the Parties).

     

    
      	
              8.2

            	
              Exception

            

    

     

    If
certain disclosure is expressly required by law, court, arbitral tribunal or
competent administration authority, such disclose made by either party shall not
be deemed a breach of the above Article 8.1.

     

    
      	
              9.

            	
              SUPPLEMENTARY
      PROVISIONS

            

    

     

    
      	
              9.1

            	
              Term

            

    

     

    This
Agreement shall come into force from the date of the execution of this Agreement
by the Parties or their authorized representative until the date when Beijing
Xin Fu obtains all the Equity Interest, subject to a maximum term of 20
years.

     

    
      	
              9.2

            	
              Entire
      Agreement

            

    

     

    
      
        	
              	
                9.2.1

              	
                This
      Agreement and its appendixes constitute the entire agreement between the
      Parties with respect to the above subject matter, and shall supersede all
      previous discussions, consultations and agreements. This Agreement can be
      amended only by a written agreement jointly signed by the
      Parties.

              

      

    

     

    
      	
            	
              
                9.2.2

              

            	
              
                The
      appendixes attached hereto constitute an inseparable part of this
      Agreement, and have the same legal force as this
      Agreement.

              

            

    

     

    
      	
              9.3

            	
              Notice

            

    

     

    
      
        	
              	
                9.3.1

              	
                Unless
      notified by the other party of address change, all notices or other
      correspondences required in performing this Agreement shall be delivered
      by hand, express delivery, fax or registered mail to the address first
      written above of the parties hereto or the address advised in writing
      including facsimile and telex from time to time
  .

              

      

    

     

    Notices
and correspondences shall be deemed to be served if:

     

    
      
        	
              	
                9.3.1.1

              	
                sent
      by fax: the time displayed on the transmission record, however, if the
      displayed time is after 5:00 pm of the sending date, or the sending day is
      not a business day of the location where the recipient is located, the
      effective delivery date shall be the next business
  day;

              

      

       

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

    

     

    
      
        	
              	
                9.3.1.2

              	
                sent
      by hand delivery (including courier): the day when the recipient signs and
      accepts the delivery;

              

      

    

     

    
      
        	
              	
                9.3.1.3

              	
                sent
      by registered mail, the fifteenth day from the date when the post office
      issues a receipt thereof.

              

      

    

     

    
      	
              9.4

            	
              Binding
      Force

            

    

     

    This
Agreement is binding upon the Parties and their successors, representatives and
assigns.

     

    
      	
              9.5

            	
              Language and
      Counterpart

            

    

     

    This
Agreement is written in English.  This Agreement shall be executed in
two (2) originals with each Party holding one (1) original.

     

    
      	
              9.6

            	
              Calendar Day and
      Business Day

            

    

     

    Any
reference to a day in this Agreement means a calendar day. Business day means
any day on which commercial banks in China are open for business.

     

    
      	
              9.7

            	
              Headings

            

    

     

    The
headings contained herein are for convenience only and do not affect the
interpretation of this Agreement.

     

    
      	
              9.8

            	
              Singular and Plural
      Form

            

    

     

    As
required by the context, words importing the singular include the plural and
vice versa.

     

    
      	
              9.9

            	
              Matters Not
      Covered

            

    

     

    Matters
not covered in this Agreement shall be settled by the Parties through
consultation, in accordance with the provisions of the laws of
China.

     

    
      	
              9.10

            	
              Representations,
      Warranties, Undertakings and Obligations to
  Survive

            

    

     

    The
representations, warranties, undertakings and obligations of the Parties
provided in this Agreement, or made by or on behalf of a Party, shall be in full
force and effect and shall remain valid after the delivery of the Equity
Interest and payment of considerations, regardless of any investigation (or
statement on any investigation result) made by or on behalf of a
Party.

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF, this
Agreement is signed by the duly authorized representatives of the Parties as of
the date first written above.

     

    
      
        
          	
                  Beijing
      Xin Fu Industry Consulting Co.,

                  Ltd.
      (北京信赋兴业咨询有限公司)

                
	
                  (Affix
      Seal)

                
	 
      	 
      
	
                  By:

                	 
      
	
                  Name:
      Liu Yabin

                
	
                  Title:
      Legal
Representative

                

        

      

    

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF, this
Agreement is signed by the duly authorized representatives of the Parties as of
the date first written above.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          	
                                  By:

                                	 
      	 
      	
                                  By:

                                	 
      
	
                                  Li
      Anning

                                	 
      	
                                  Liu
      Liguo

                                
	 
      	 
      	 
      	 
      	 
      
	
                                  By:

                                	 
      	 
      	
                                  By:

                                	 
      
	
                                  Liu
      Yabin

                                	 
      	
                                  Liu
      Yasheng

                                
	 
      	 
      	 
      	 
      	 
      
	
                                  By:

                                	 
      	 
      	
                                  By:

                                	 
      
	
                                  Wang
      Pingyi

                                	 
      	
                                  Zhang
      Fude

                                
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                                  Beijing
      Wan Qiao Mechanical and Electrical

                                  Equipment
      Co.,  (北京市万桥机电设备公司)

                                  (Affix
      Seal)

                                
	 
      	 
      	 
      	 
      	 
      
	
                                  By:

                                	 
      	 
      	
                                  By:

                                	 
      
	
                                  Ding
      Ting

                                	 
      	
                                  Name:
      Liu Yabin

                                
	 
      	 
      	 
      	
                                  Title:
      Legal
Representative

                                

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Appendix
A

     

    Form
of agreement on transfer of equity interest

     

    
      
        

      

    

    Agreement
on Transfer of Equity Interest

     

      
        

      

    

     

    Li Anning, Liu Liguo, Liu Yabin, Liu
Yasheng, Wang Pingyi, Zhang Fude, Beijing Wan Qiao Mechanical and Electrical
Equipment Co. (北京市万桥机电设备公司), and Ding Ting

     

    and

     

    [*]

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    This
Agreement on Transfer of Equity Interest ("Equity Transfer
Agreement") is entered into by and among the following parties on
____________, in Beijing, the People's Republic of China ("China"):

     

    
      	
              (1)

            	
              Li
      Anning whose China's ID number is 110102580802234, with her principal
      domicile at 15 The 8TH
      Floor of #1 Building South Street, Fuxingmen Wai, Xicheng District,
      Beijing, China.

            

    

     

    
      	
              (2)

            	
              Liu
      Liguo, whose China's ID number is 130302197102082511, with his principal
      domicile at 72 Haiyang Road, Haigang District, Qinhuandao City, Hebei,
      China.

            

    

     

    
      	
              (3)

            	
              Liu
      Yabin, whose China's ID number is 110108580617601, with his principal
      domicile at 22 Daliushu Village, Haidian District, Beijing,
      China.

            

    

     

    
      	
              (4)

            	
              Liu
      Yasheng, whose China's ID number is 110108196106268910, with his principal
      domicile at 7 the 15th
      Floor West Gate of the No. 2 Building, the East of Jimenli Haidian
      District, Beijing, China.

            

    

     

    
      	
              (5)

            	
              Wang
      Pingyi, whose China's ID number is 110101540701404, with his principal
      domicile at 46 West Street of East 4, Dongcheng District,
      Beijing.

            

    

     

    
      	
              (6)

            	
              Zhang
      Fude, whose China's ID number is 110108560127601, with his principal
      domicile at 131 1 of the West Building, Beijing Jiaotong University,
      Shangyuan Village, Haidian District,
Beijing.

            

    

     

    
      	
              (7)

            	
              Ding
      Ting, whose China's ID number is 110101197910034058, with his principal
      domicile at 301 The First Gate in the 76th
      of Dengshikou Street, Dongcheng District,
  Beijing.

            

    

     

    
      	
              (8)

            	
              Beijing
      Wan Qiao Mechanical and Electrical Equipment Co., (北京市万桥机电设备公司,
      herein referred to as “Wan Qiao”) a limited liability company incorporated
      and established in Beijing, China with its registered address at 2102 The
      Third Building of Lihengmingyuan, the No. 23 of Nanbinminghe Road, Xuan Wu
      District, Beijing.

            

    

     

    
      	
              (9)

            	
              (each
      as a "Assignor" and
      collectively as “Assignors”); and

            

    

     

    
      	
              (10)

            	
              [*], [*] (the "Assignee").

            

    

     

    The
Assignors and the Assignee are hereinafter referred to individually as a "Party" and
collectively as the "Parties".

     

    WHEREAS,

     

    
      	
              A.

            	
              Li
      Anning, Liu Liguo, Liu Yabin, Liu Yasheng, Wang Pingyi, Zhang Fude and
      Ding Ting are the citizens of the People's Republic of China ("PRC”) and
      Beijing Wan Qiao Mechanical and Electrical Equipment Co., a limited
      liability company in China (collectively referred to as “Shareholders” and
      individually as a “Shareholder”), are the Shareholders
      of  Beijing Wowjoint Machinery Co., Ltd (“Beijing
      Wowjoint”), holding 0.7%, 4.09%, 37.78%, 8.18%, 0.7%, 33.55%, 9%
      and 6% of the equity interests of Beijing Wowjoint respectively (the
      “Equity
      Interest”).

            

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    
      	
              B.

            	
              Beijing
      Wowjoint is a company registered in Beijing carrying on the business of
      manufacturing and installation of specialist construction equipment and
      machinery, whose registered capital is RMB
  28,500,000;

            

    

     

    
      	
              C.

            	
              Subject
      to the terms and conditions of this Equity Transfer Agreement, each of the
      Assignors now intends to assign to the Assignee, and the Assignee is
      willing to accept from each of the Assignors, all the equity interest
      ("Equity
      Interest") held by the Assignors in  Beijing
      Wowjoint.

            

    

     

    NOW THEREFORE, the Parties
hereby agree as follows:

     

    
      	
              1.

            	
              DEFINITIONS AND
      INTERPRETATIONS

            

    

     

    
      	
              1.1

            	
              Definitions

            

    

     

    Unless
otherwise agreed herein (as defined below), words or expressions contained in
this Equity Transfer Agreement shall have the same meaning as those defined in
the Exclusive Call Option Agreement (the "Agreement"), dated as
of August 25, 2009 between Beijing Xin Fu Industry Consulting Co., a company
organized under the laws of China (the "Beijing Xin Fu") and
the Assignors.

     

    "Effective Date" means
the date of this Agreement, or if government or regulatory approvals are
necessary to effectuate the transfer, the date on which all such approvals are
obtained.

     

    "PRC Laws" means the PRC laws and
regulations that have been promulgated and now remain in force.

     

    "Resolution of Shareholders'
Meeting" means the written resolution of the shareholders' meeting of
Beijing Wowjoint, pursuant to which the shareholders agree that the Equity
Interest shall be assigned in accordance with the Equity Transfer Agreement and
waive their rights of first refusal regarding the Equity Interest.

     

    
      	
              1.2

            	
              Interpretation

            

    

     

    In this
Agreement, headings are for convenience only and do not affect the
interpretation of this Agreement. A reference to an Article or Appendix herein
is a reference to that Article or Appendix of the Equity Transfer Agreement.
Words importing the singular include the plural and vice versa. Unless otherwise
provided herein, a reference to day, month or year means a calendar day, month
or year. Business day refers to the day on which commercial banks in China are
open for business. Masculine words herein include the feminine meaning and vice
versa.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    
      	
              2.

            	
              REPRESENTATIONS AND
      WARRANTIES

            

    

     

    
      	
              2.1

            	
              General
      representations

            

    

     

    Each of
the Parties hereby represents and warrants to the other party that it has full
capacity and authorization to execute this Equity Transfer Agreement, and
perform its obligations under this Equity Transfer Agreement, subject to
compliance with legal restrictions on foreign investment under applicable PRC
Laws.

     

    
      	
              2.2

            	
              Assignor
      s

            

    

     

    Each of
the Assignors further represents and warrants that:

     

    
      
        	
              	
                2.2.1

              	
                he
      is the legitimate holder of the Equity
Interest;

              

      

    

     

    
      
        	
              	
                2.2.2

              	
                except
      for the pledge under the Equity Pledge Agreement dated as of August 25,
      2009 by and among the Assignors and Beijing Xin Fu, such Equity Interest
      is free of any security
interest.

              

      

    

     

    
      	
              3.

            	
              ASSIGNMENT OF EQUITY
      INTEREST

            

    

     

    
      	
              3.1

            	
              Assignment of equity
      interest

            

    

     

    Each of
the Assignors hereby assigns all of the Equity Interest to the Assignee. The
Assignee agrees to accept such Equity Interest from such Assignor.

     

    
      	
              3.2

            	
              Assignment of rights
      and obligations

            

    

     

    As at the
Effective Date, all rights and obligations in relation to the Equity Interest
shall be assigned from such Assignor to the Assignee.

     

    
      	
              3.3

            	
              Necessary
      measures

            

    

     

    Each of
the Assignors undertakes to execute all necessary documents and take all
necessary measures in a timely manner, so as to give effect to this Equity
Transfer Agreement, including but not limited to the following:

     

    
      
        	
              	
                3.3.1

              	
                execute
      the resolution of shareholders' meeting substantially in the form of Annex
      1; and provide the Assignee with a copy of the resolution of shareholders'
      meeting; and

              

      

    

     

    
      	
            	
              
                3.3.2

              

            	
              
                complete
      any procedures within its control necessary for the full effectiveness of
      the Equity Transfer Agreement pursuant to PRC Laws, including but not
      limited to, completing the registration of the change in shareholder with
      the relevant industry and commerce administration department, updating the
      shareholders' list of Beijing Wowjoint and delivering the updated
      shareholders' list to the
Assignee.

              

            

    

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    
      	
              3.4

            	
              Cooperation with the
      Assignee

            

    

     

    Each of
the Assignors further undertakes:

     

    
      
        	
              	
                3.4.1

              	
                if
      the formalities provided in Article 3.3.2 are delayed, the Assignors shall
      promptly notify the Assignee of the reason for such delay and the revised
      Effective Date; and

              

      

    

     

    
      	
            	
              
                3.4.2

              

            	
              
                fully
      assist the Assignee in performing the Equity Transfer Agreement, including
      but not limited to providing the Assignee with access to the related
      documents or information.

              

            

    

     

    
      	
              3.5

            	
              Power of
      attorney

            

    

     

    Each of
the Assignors further undertakes that, as of the date first written above, he
has full authority to entrust an appropriate entity or individual to, on his
behalf, handle all matters related to this Equity Transfer Agreement (including
but not limited to the matters related to this Article 3.5), in the event of
such Assignor's death, emigration, incapacity or other failure to perform his
obligations under this Equity Transfer Agreement. The above power of attorney
shall be substantially in the form of Annex 1, and a copy of such power of
attorney shall be provided to the Assignee.

     

    
      	
              4.

            	
              SUPPLEMENTARY
      PROVISIONS

            

    

     

    
      	
              4.1

            	
              Notice and
      service

            

    

     

    
      
        	
              	
                4.1.1

              	
                All
      notices and communications between the Parties shall be in writing, either
      in English or Chinese, and delivered by fax, hand (including express
      delivery) or registered mail to address first written above of the parties
      hereto or the address advised in writing including facsimile and telex
      from time to time.:

              

      

    

     

    
      	
              4.2

            	
              Time of
      service

            

    

     

    Notices
and communications shall be deemed to be served if:

     

    
      
        	
              	
                4.2.1

              	
                sent
      by fax: the time displayed on the transmission record, however, if the
      displayed time is after 5:00 pm of the sending date, or the sending day is
      not a business day of the location where the recipient is located, the
      effective delivery date shall be the next business
  day;

              

      

    

     

    
      	
            	
              
                4.2.2

              

            	
              
                sent
      by hand delivery (including courier): the day when the recipient or any
      staff at the recipient's location signs and accepts the delivery;
      or

              

            

    

     

    
      	
            	
              
                4.2.3

              

            	
              
                Sent
      by registered mail, the third day after the date when the post office
      issues a receipt thereof.

              

            

    

     

    
      	
              4.3

            	
              Amendment

            

    

     

    The
provisions of this Equity Transfer Agreement can be waived, revised or amended
only by a written instrument signed by the Parties.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    
      	
              4.4

            	
              Non-waiver

            

    

     

    The
failure by either party to exercise or its delay in exercising any right under
this Equity Transfer Agreement shall not be deemed a waiver of such
right.

     

    
      	
              4.5

            	
              Severability

            

    

     

    The
invalidity of any clause under this Agreement shall not affect the validity of
any other clauses unrelated to such clause.

     

    
      	
              4.6

            	
              Tax and
      expenses

            

    

     

    Each of
the Parties shall bear its respective taxes arising from the execution and
performance of this Agreement.

     

    
      	
              4.7

            	
              Successor

            

    

     

    This
Equity Transfer Agreement is binding upon the respective successors and assigns
(if any) of the Parties, and upon any individual designated by any of the
Assignors when it becomes necessary for such Assignor to use the power of
attorney provided in the appendix in case of the occurrence of events set out in
the above Article 3.5.

     

    
      	
              4.8

            	
              Applicable
      Law

            

    

     

    The
execution, validity, interpretation, performance of this Equity Transfer
Agreement and resolution of disputes hereunder shall be governed by the PRC
Laws.

     

    
      	
              4.9

            	
              Arbitration

            

    

     

    
      
        	
              	
                4.9.1

              	
                Any
      dispute or difference of any kind whatsoever arising out of or in
      connection with this Agreement, including any question in connection with
      the existence, construction, interpretation, validity, termination or
      implementation of this Agreement, shall be submitted to Hong Kong
      International Arbitration Centre (the “HKIAC”), for
      arbitration in Hong Kong which shall be conducted in accordance with
      HKIAC's rules.

              

      

    

     

    
      	
            	
              
                4.9.2

              

            	
              
                The
      arbitration tribunal shall comprise of three (3) arbitrators. The
      Assignors collectively and the Assignee shall each be entitled to appoint
      one (1) arbitrator and the arbitrators so appointed shall appoint a third
      (3rd)
      arbitrator who shall preside as
Chairman.

              

            

    

     

    
      	
            	
              
                4.9.3

              

            	
              
                The
      language to be used in any arbitral proceedings shall be
      Chinese.

              

            

    

     

    
      	
            	
              
                4.9.4

              

            	
              
                The
      costs of arbitration shall be borne by the losing Party, unless otherwise
      determined by the arbitration
award.

              

            

    

     

    
      	
              4.10

            	
              Language

            

    

     

    This
Equity Transfer Agreement is written in English and Chinese.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF, this
Equity Transfer Agreement is signed by the duly authorized representatives of
the Parties as of the date first written above.

     

    ASSIGNOR:

     

    
      
        
          
            
              
                	
                        By:

                      	
                        /s/ Li
      Anning

                      	 
      	
                        By:

                      	
                        /s/ Liu
      Liguo

                      
	
                        Li
      Anning

                      	 
      	
                        Liu
      Liguo

                      
	 
      	 
      	 
      	 
      	 
      
	
                        By:

                      	
                        /s/ Liu
      Yabin

                      	 
      	
                        By:

                      	
                        /s/ Liu
      Yasheng

                      
	
                        Liu
      Yabin

                      	 
      	
                        Liu
      Yasheng

                      
	 
      	 
      	 
      	 
      	 
      
	
                        By:

                      	
                        /s/ Wang
      Pingyi

                      	 
      	
                        By:

                      	
                        /s/ Zhang
      Fude

                      
	
                        Wang
      Pingyi

                      	 
      	
                        Zhang
      Fude

                      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                        Beijing
      Wan Qiao Mechanical and Electrical

                        Equipment
      Co.,  (北京市万桥机电设备公司)

                      
	 
      	 
      	 
      	
                        (Affix
      Seal)

                      
	 
      	 
      	 
      	 
      	 
      
	      
                        By:

                      	      
                        /s/ Ding
      Ting

                      	 
      	
                        By:

                      	
                        /s/ Liu
      Yabin

                      
	
                              
                          Ding
      Ting

                        

                      	 
      	
                        Name:
      Liu Yabin

                      
	
                         

                      	 
      	
                        Title:
      Legal
Representative

                      

              

            

          

        

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF, this
Equity Transfer Agreement is signed by the duly authorized representatives of
the Parties as of the date first written above.

     

    ASSIGNEE:

     

    Assignee:
[*]

     

    Authorized
representative: [*]

     

    Name:
[*]

     

    Title:
[*]

     

    Common
seal: [*]

     

    
      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

    

    

    Annex
1

    Form of resolution
of shareholders' meeting

     

    Beijing
Wowjoint Machinery Co., Ltd. (the "Company")

     

    This
written resolution of the shareholders' meeting of the Company is formally
adopted at [*] on [*]

     

    ___________________________________________________________________________

     

    
      	
              1.

            	
              Attending
      shareholders:

            

    

     

    Mr.
_______

     

    
      	
              2.

            	
              The
      matters related to transfer of equity interest provided in the Agreement
      on Transfer of Equity Interest ("Equity Transfer
      Agreement") entered into by and between _______ and [  ]
      on [*] were discussed at the shareholders'
  meeting.

            

    

     

    
      	
              3.

            	
              The
      shareholders' meeting unanimously agrees to make the following
      resolution:

            

    

     

    
      
        	
              	
                (a)

              	
                confirm
      and approve the Equity Transfer
Agreement;

              

      

    

     

    
      
        	
              	
                (b)

              	
                approve
      ______ to transfer its equity interest in the Company to [  ]
      pursuant to the provisions of the Equity Transfer Agreement;
      and

              

      

    

     

    
      
        	
              	
                (c)

              	
                the
      shareholders hereby waive their respective right of first refusal
      (entitled in accordance with the PRC laws and the articles of association
      of the Company) regarding the equity interest to be assigned by the other
      shareholders of the Company under the Equity Transfer
      Agreement.

              

      

    

     

    Signed
by:

     

    Signed
by:

     

    Date:

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Annex
2

    Form
of power of attorney

     

    Power
of Attorney

     

    To Whom
It May Concern,

     

    I, the
undersigned, a founder and a shareholder of Beijing Wowjoint
Machinery Co.,
Ltd (the "Company"), hereby entrusts  [  ] with full
authority on [  ], if I am unable to perform my obligations under the
Equity Transfer Agreement entered into by and among Beijing Xin Fu
Industry
Consulting Co., Ltd. (or its designated person) and I on
__________,  in the event of my death, emigration, illness, incapacity
or any other reason, to act on my behalf to perform the obligations under the
above agreement and all matters related to transfer of equity
interest.

     

    The above
actions shall include but shall not be limited to the execution of all necessary
documents (including resolutions of shareholders' meetings) and completion of
all necessary formalities (including filings with the government and alteration
of the registration of shareholders of the Company) required for my performance
of the obligations under the above Equity Transfer Agreement in accordance with
laws of China.

     

    Signed
by:

     

    Name:

     

    Date:

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Appendix
B

    Form
of waiver of right of first refusal

     

    Waiver
of Right of First Refusal

     

    
      To:  [*]

    

     

    Dear
Sirs,

     

    I refer
to the proposed transfer of your entire interest in the registered capital of Beijing Wowjoint
Machinery Co., Ltd. to Beijing Xin Fu Industry Consulting Co., Ltd. or
its designated entity ("Transferee").

     

    I hereby
waive any pre-emptive right I may have under PRC laws or otherwise to acquire
the equity interest you propose to transfer to the Transferee and consent to the
proposed transfer of the equity interest to the Transferee.

     

    
      
        
          
            	
                    Yours
      faithfully

                  
	 
      
	 
      
	
                    For
      and on behalf of

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