Document:

Lease Agreement between JingAo Solar & Jinglong Group

 Exhibit 10.3 
 English translation for reference purpose only 
 Building Lease Contract 
  

			
	Party A (Lessor):	 	Hebei Jinglong Industry and Commerce Group Co., Ltd.
		
	Party B (Lessee):	 	JingAo Solar Co., Ltd.

 In accordance with the PRC’s Contract Law and relevant provisions, both Parties agree to enter into this
contract to specify the rights and obligations of Party A and Party B with respect to the buildings leased by Party B from Party A. 
 CLAUSE 1 Leased
Premise and the Purpose of Use 
  

	1.1	The buildings leased by Party B are located in the Jinglong Street of Ningjin County in Hebei Province. 

  

	1.2	Party A agrees to lease out to Party B the following plants, office buildings, warehouses and workers living quarters (collectively, “Leased Premise”, the details of which
are described in the attached plane), which take up 25,000 square meters and the construction area of which are 15,000 square meters: 

  

	 	Plant:	Jinglong Industry Park, including 

 One framework style
main manufacturing workshop and its facilities; 
 One framework style auxiliary shop; 
 One gas storage; 
 Two power distribution
rooms; 
 One workshop entrance guard room; 
 Four deep water wells. 
 Office building: One framework style two-stair office building 
 Warehouse: Two framework style one-stair warehouses 
 Worker living quarter: One framework style six-stair workers living quarter. 
  

	1.3	Party B will use the Leased Premise to engage in any activity within its approved business scope and warrants that Party B shall be eligible to perform this Contract. Without
consent from Party A in writing, Party B shall not change the use of the Leased Premise for other purpose. 

  

	1.4	 Party A warrants that it possesses lawful ownership and lawful right to lease on the above Leased Premise (the Ownership Certificate of the Buildings is attached
hereto) and warrants that the land and buildings associated therewith are not involved 

  

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with any dispute on the title. Party A undertakes that Party B’s use of the Leased Premise in accordance with this Contract will not be disturbed by any
claim raised by any third party, and otherwise that Party A shall take the liability to Party B on breach of contract and compensate Party B for all the losses so caused to Party B. 

  

	1.5	Party B acknowledges that the relevant documents provided by Party A with respect to the title of, and the authority on, the Leased Premise have been fully satisfied with the needs
for manufacturing and may be used to achieve the goal of this Contract. 

 CLAUSE 2 Condition for Occupation 
  

	2.1	Before Party A notifies Party B to occupy the Leased Premise, the service facilities such as power, light, stairs, and sewer facility in the public areas of the Leased Premise and
its associated buildings should stay in good condition. The yard and empty place outside of the Leased Premise should be provided to Party B free of charge. 

  

	2.2	Party A shall ensure that the Leased Premise is satisfied with the above conditions for occupation by July 1, 2006 and shall deliver the Leased Premise to Party B for use.

 CLAUSE 3 Fitting Up and Decoration 
  

	3.1	Upon the execution of this Contract, if Party B needs to do the fitting-up to the Leased Premise, it shall submit various blueprint and design proposals in relation to the
fitting-up and decoration on the internal facilities and auxiliary goods to Party B in advance for approval. 

  

	3.2	Any fitting-up to the Leased Premise should be constructed in accordance with the proposal approved by Party A. Party B shall be responsible for all the fitting-up, decoration and
facilities added to the Leased Premise and shall ensure that such activities should comply with the PRC laws and relevant rules, decrees of the local government. 

  

	3.3	 In the event that Party B desires to fit up or renovate the Leased Premise second time, in addition to the provisions under 

  

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Clause 3.2, the construction made by Party B shall not impact the construction structure and fire-fighting equipments of the buildings. Party B shall be
liable for, and compensate, all the loss and expense caused by any change or destroy on the buildings and facilities due to the fitting-up made by Party B. 

 CLAUSE 4 Term of the Lease 
  

	4.1	The term of the lease under this Contract starts from the date on which the Leased Premise is delivered to Party B and ends on June 30, 2010. Both Parties agree that
July 1, 2006 is the date from which the rent is calculated. 

 CLAUSE 5 Extension of the Lease 
  

	5.1	At the expiration of the term of the lease, Party B shall have the right of first refusal to extend the lease upon the same condition. 

  

	5.2	In the event that Party B intends to extend the lease, it shall submit the written application to Party A at least three months prior to the expiration of the term and Party A shall
reply in writing on this application within 15 days upon the receipt of such application. If Party A agrees to extend the lease, Party A shall not withdraw its commitment and otherwise compensate for the loss caused to Party B.

  

	5.3	If Party B is not able to apply in writing for the extension of the lease to Party A or both Parties cannot enter into a renewed agreement on the lease at least one month in advance
of the expiration of the term of the lease, Party B’s right of first refusal is deemed to be waived and Party A has the right to lease out the Leased Premise to a third party. 

 CLAUSE 6 Rental, Payment Schedule and Payment Method 
  

	6.1	The rental under this Contract is demonstrated in Renminbi. 

  

	6.2	 Both Parties agree that the yearly rental of the Leased Premise is Renminbi 1,800,000 including the maintenance fee for drainage work, fire-fighting facilities and
week-electricity system, maintenance fee for infrastructure and equipments, water, heating and electricity expenses collected in accordance with the state standard (ie. water fee is collected and paid by Party A on 

  

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behalf of Party B on a monthly basis according to the actual usage of Party B; heating fee is paid by Party B to heating administration unit directly;
electricity fee is paid by Party B to power supply administration unit directly). Party B shall be responsible for the cost and expenses for installment of telecommunication facilities if it needs. 

  

	6.3	Party B shall pay the rental to Party A once every half a year and the payment should be performed in accordance with the provisions under 6.4 and 6.5 of this Contract.

  

	6.4	Party B shall pay the rental for the half a year lease which is Renminbi 900,000 prior to each August 8 and the following February 8. The first payment time is
August 6, 2006. 

  

	6.5	Payment method: Party B shall pay to Party A by money transfer through bank and then Party A shall issue formal invoice to Party B. 

  

	6.6	Party B shall pay the rental on due in accordance with the schedule provided hereunder. In the event that Party B delays payment, is shall be charged Renminbi 0.5 per square
meter per day for its breach of contract. In the event that Party B delays payment for 60 days or more, Party A has the right to dissolve this Contract, request Party B to move out without any condition and claim for economic loss so caused.

  

	6.7	Except for the fees provided herein, Party B shall have no other obligations on any cost and expenses. 

 CLAUSE 7 Change of Party A or Party B 
  

	7.1	In the event that Party A transfers the ownership of the Leased Premise to a third party, the terms and conditions under this Contract should continue to be valid to the new owner
of the Leased Premise. In such circumstance, Party B will not claim for the right of first refusal on the purchase of the Leased Premise and undertakes that it will then claim for rights to the new owner of the Leased Premise and take the
obligations in accordance with this Contract. 

  

	7.2	 Without written consent of Party A, Party B shall not jointly use or exchange all or part of the Leased Premise with a third party 

  

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by transferring, subleasing the Leased Premise or by using other ways. The wholly owned entities of Party B or affiliates of Party B may use the Leased
Premise if so needed, provided however that, Party B shall obtain the written consent from Party A and provide all the certificating documents of such relevant affiliates to Party A in advance and ensure that such affiliates abide by the terms and
conditions of this Contract and the Lessee of this Contract should not be changed within the term of this Contract. 

 CLAUSE 8 Rights
and Obligations of Party A 
  

	8.1	Rights of Party A: 

  

	 	(1)	Party A has the right to lead other potential lessees who are interested in leasing the Leased Premise to look around in the Leased Premise within the normal working hours of Party
B provided that prior written notice has been delivered to Party B three-day in advance and such visiting should not disturb the normal use of Party B in the Leased Premise. 

  

	 	(2)	Party A’s acceptance of the rental with the acknowledgement of Party B’s breach of contract shall not be deemed the waiver of Party A to claim for Party B’s breaching
contract unless Party A expressly states so. In the event that Party B pays insufficient rental or other fees, acceptance of such amount by Party A should not be deemed that Party A agrees on such insufficiency and should not adversely affect its
right to claim for sufficient rental or other payment and take other actions in accordance with this Contract and relevant laws. 

  

	8.2	Obligations of Party A: 

  

	 	(1)	Party A shall deliver the Leased Premise on time in accordance with this Contract. In the event that Party A cannot deliver the Leased Premise to Party B on time, it shall be
charged Renminbi 0.5 per square meter per day to Party B. 

  

	 	(2)	Party A shall supply heat to Party B in accordance with the schedule provided by the state. 

  

	 	(3)	Party A shall ensure that all the system and infrastructure of the Leased Premise are in good condition and shall be responsible for maintenance for normal use for manufacturing and
work by Party B. 

  

	 	(4)	During the term of the lease, both Parties shall bear various taxes and fees as required by the laws and regulations, respectively. 

  

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	 	(5)	Party A warrants that the Leased Premise is in compliance with relevant provisions of the PRC and local government and Party A has provided to Party B with relevant materials.

  

	 	(6)	Party A will conduct the lease filing procedure on the Leased Premise as required by relevant laws and regulations upon the execution of this Contract and submit relevant
certificates to Party B regarding such filing. 

 CLAUSE 9 Rights and Obligations of Party B 
  

	9.1	Party B has the right to engage in the business operation in accordance with the purpose of lease without disturbing during the term of lease. 

  

	9.2	Party B shall pay the rental and other fees as provided herein on time. Party B may have the assets located in the Leased Premise insured, including assets and auxiliary equipments
insurance and third-party liability insurance with Party B as the beneficiary. 

  

	9.3	If there is any damage to the Leased Premise, Party B shall notify Party A immediately for Party A to repair. Party B shall take precautious measures to prevent the Leased Premise
from being intentionally damaged. Party B shall repair the Leased Premise to make it back to the original condition in the event that the Leased Premise is damaged due to negligence or misconduct in office. 

  

	9.4	In the event that both Parties agree not to extend the term of the lease, Party B shall within 7 days of the expiration of the term: 

  

	 	(1)	delivering the equipments and facilities in good condition that are originally located in the Leased Premise to Party B (except for the fair wear and tear, existing defect and
destroys due to force majeure); 

  

	 	(2)	except for the retaining agreed by Party A in writing, removing the replacement to the Leased Premise or the new equipments installed during the term of the lease when Party B moves
out, returning the Leased Premise to its original condition and ensuring the equipments originally stayed in the Leased Premise can be normally used; 

  

	 	(3)	paying all the rental and other fees as required for special services and compensating Party A for any cost and expenses caused to Party A due to Party B’s violation of the
contract. 

  

	9.5	 At the expiration or early termination of this Contract, as a principle the real estate that has been reformed in the Leased Premise 

  

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may not be removed unless Party B thinks it is necessary and Party A agrees so in writing. In the event that Party B does not move out the remaining assets
that are located in the Leased Premise, Party B is deemed to waive his ownership right to such assets and Party A has the right to dispose all of the remaining assess without any interference and claim from Party B. 

  

	9.6	During the term of this Contract, Party B shall formulate safety rules with respect to Party B, Party B’s personnel and properties of Party B to ensure that the fire-fighting
facilities stay in good condition and the passway for emergency evacuation stay open and unblocked. If there is any accident happened which may be attributed to Party B’s liability and cause personal injury, property loss, fine imposed by
relevant authorities or damages to Party A’s property, interest or the Leased Premise, Party B shall take all the liabilities. 

 CLAUSE 10 Termination of the Contract 
  

	10.1	When one of the following event occurs, Party A has the right to notify Party B to terminate or dissolve this Contract without any compensation to Party B: 

 

	 	(1)	Party B engages illegal business activities in violation of PRC laws; 

  

	 	(2)	Party B changes the purpose of use of the Leased Premise without consent from Party A; 

  

	 	(3)	Unless otherwise provided herein and without consent from Party A, Party B operates the Leased Premise under the name other than Party B; 

  

	 	(4)	Unless otherwise provided herein and without consent from Party A, Party B transfers, subleases or delivers the Leased Premise to a third party to use or jointly use with such
party; 

  

	 	(5)	Party B does not pay the rental on time in accordance with the provisions under Clause 6. 

  

	10.2	 If one Party wants to terminate this Contract, this Party shall notify the other Party in writing three months in advance. In the even that Party A wants to
terminate this Contract, it should make up to Party B the expenses for Party B’s fitting-up and decoration in addition to a half-year rental as the compensation for early termination. Specific calculation standard of such expenses for
fitting-up and decoration is as follows: (total amount for fitting-up and decoration) ÷ total lease year × remaining 

  

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year of lease. In the event that Party B wants to termination this Contract, Party B shall compensate Party A with the half-year rental provided that the
prepaid rental should be offset from such compensation. 

  

	10.3	In the event that this Contract is terminated or dissolved in accordance with 10.1 above, Party A does not need to pay any compensation to Party B and Party B shall pay to Party A
the default penalty equivalent to half-year rental within 10 days of such termination. Any prepaid rental should be offset from such default penalty. If Party B’s default causes economic loss to Party A, Party B shall also compensate to Party A
for any losses caused to Party A. 

  

	10.4	If Party A violates this Contact or if any of its representation or warranty provided herein is false and Party A does not cure such violation within 14 days of the receipt of the
notice from Party B and such violation of Party A causes Party B’s failure to achieve the contract purpose, Party B shall have the right to terminate this Contract and Party A shall pay to Party B the default penalty equivalent to half-year
rental within 10 days of such termination. If Party A’s default causes economic loss to Party B, Party A shall also compensate to Party B for any losses caused to Party B. 

  

	10.5	At the expiration of this Contract, both Parties shall handle the process of returning the Leased Premise and settling relevant payment and then terminate this Contract.

 CLAUSE 11 FORCE MAJEURE 
  

	11.1	Either Party shall not be held liable for nonperformance of its obligations hereunder due to any force majeure event, including without limitation, earthquake, rainstorm, war,
rebellion or any other events that are unavoidable and uncontrollable. 

  

	11.2	The Party affected by the force majeure event shall notify the other Party immediately by telegraph or fax and shall, within 15 days after the occurrence of the force majeure,
deliver to the other Party the documents certifying the details of the force majeure as well as the reasons for non-performance, partial performance or delayed performance. Such certifying documents should be issued by competent notary public
organization located in the place when the force majeure occurs. 

  

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	11.3	If the force majeure event makes the Leased Premise not be used in normal, Party A may decide to deduct the rental according to the situation and extent of the destroy to the Leased
Premise. In the event that the force majeure causes the Leased Premise entirely failed to be used, the payment of rental may be suspended until the Leased Premise is suitable for use. If the accumulated dates of the suspension of the use are 90 days
or more, Party B may notify Party A in writing to terminate this Contract. Party B shall return the Leased Premise to Party B within 30 days of the issuance of the written notice and Party A shall return Party B the prepaid rental within 30 days of
the receipt of such notice with the actual assumed rental deducted. 

 CLAUSE 12 LIABILITY FOR BREACH 
  

	12.1	Party A’s Liability for Breach of Contract 

 Party A
should be liable for violation of this Contract and compensate Party B if Party A does not deliver the Leased Premise on time and in good condition in accordance with this Contract. 
  

	12.2	Party B’s Liabilities for Breach of Contract 

  

	 	(1)	If Party B does not pay or delays to pay the rental or other payment in accordance with this Contract, Party A is entitled to Renminbi 0.5 per square meter per day as the
default penalty to Party B until the payment is made. If Party B delays payment for more than 60 days, Party A shall have the right to terminate this Contract. 

  

	 	(2)	If Party B causes any loss to Party A during the course of replacement, fitting-up or decoration in the Leased Premise in violation of this Contract, in addition to the duty of
recovery, Party B should compensate Party A for actual loss caused to Party A. 

 CLAUSE 13 Dispute Resolution and Legal Expenses

  

	13.1	The formation and interpretation of this Contract is governed and construed by the PRC laws. 

  

	13.2	 In the event any dispute arises between the Parties out of or in relation to the performance of this Contract, the Parties shall attempt in the first instance to
resolve such dispute through friendly consultations within 3 days upon the delivering a written 

  

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notice for one Party to the other Party requesting the commencement of such consultations. If for any reason the dispute has not been resolved through
friendly consultations within one month after one Party has served written notice to the other Party, any Party may raise law suit to the court where the Leased Premise is located and the relevant legal expenses should be borne by the Party who
loses the suit. 

 CLAUSE 14 Validity of the Contract 
  

	14.1	This Contract shall become effective upon being executed and sealed by both Parties. 

  

	14.2	The invalidity, illegality or unenforcableness of any provision of this Contract shall not affect the validity, legality and enforceableness of any other provision of this Contract.

 CLAUSE 15 Legal Effect of Supplemental Agreement 
 With respect to any matters unaddressed herein, both Parties shall make resolution by friendly consultation and enter into supplemental contract or provisions, which shall be integral part of this Contract. Upon confirmation by both
Parties, the printed copy and handwriting copy of this Contract as well as the supplementary agreement should have same legal effect. Any amendment to them should be signed by both Parties. 
 CLAUSE 16 Delivery of the Notice 
 Any written notice in relation
hereto should be sent to the other Party by personal delivery or posted to the business address which is lately notified. 
 CLAUSE 17 Other Matters

  

	17.1	If relevant price is adjusted or equipments are installed in accordance with the amendment or revision made by taxation authorities or public facilities administrative authorities
based on the PRC laws or local rules, Party A may upon the issuance of relevant documents and certificates to Party B discuss with Party B on the change of rental and other fees and may have the right to collect relevant tax and fees from Party B in
accordance with PRC laws and regulations. 

  

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	17.2	Prior to the execution of this Contract, both Parties should exchange the photocopy of the valid business license, power of attorney issued by the legal representative and the
identification card of such authorized representative, of each Party for examination. In the event that there are some changes to the above documents, the Party who has such changes should notify the other Party within 5 days of such change.

  

	17.3	During the term of this Contract, Party has the obligation to assist Party B in dealing with fitting up and decoration on the buildings and relevant application procedures, if any,
in the course of business operation. Such expenses or cost as may occur should be borne by Party B. 

 CLAUSE 18 Contract Version

 This Contract is executed in two originals in Chinese, each of which is held by each Party and has the same legal effect. 
 This Contract is executed on July 1, 2006 in Ningjin County, Hebei Province. 
 Party A: Hebei Jinglong Industry and Commerce Group Co., Ltd. (seal) 
  

			
	Signature:	 	 /s/ Jin Baofang

 Party B: JingAo Solar Co., Ltd. (seal) 
  

			
	Signature:	 	 /s/ Yang Huaijin

  

					
	Appendix:	 	1.	 	<Plane of the Leased Premise>
			
		 	2.	 	Copies of the Certificate on Land Use Right and Ownership Certificate on Buildings

  

 11Long-Term Supply Agreement between JingAo Solar Co. and Jinglong Group

 Exhibit 10.4 
 English translation for reference purpose only 
 Long Term Supply Contract 
 Ref. No. 20060701 
 This Long Term Supply Contract
(this “Agreement”) is entered into in Hebei Province, China on 1st, July 2006 by and between: 
 JingAo Solar Co., Ltd, a company duly established and existing under the law
of China with its registered address at Jinglong Street, Ningjing County, Hebei Province (“Party A”); and 
 Hebei Jinglong Industry and
Commerce Group Co., Ltd., a company duly established and existing under the law of China with its registered address at High and Advanced Technology Development Zone, Ningjin County, Hebei Province (“Party B”). 
 WHEREAS, Party A is a leading manufacturer of, among others, PV cells, and Party B is one of the major suppliers of mono-crystalline silicon with the capability of
supplying mono-crystalline silicon to Party A on a long term; 
 WHEREAS, Party A desires Party B, and Party B is willing and able to supply Party A with
mono-crystalline silicon on a long term subject to the terms and conditions of this Agreement. 
 Now, therefore, upon friendly negotiation, Party A and
Party B has reached the agreement that follows on Party A purchasing from Party B the products set forth herein: 
 CLAUSE 1 LONG TERM SUPPLY OF PRODUCTS

  

	1.1	Products 

 Unless otherwise required herein or agreed by both Parties, the
“Products” referred to in this Agreement shall mean the mono-crystalline silicon in conformity with the following specifications as to the technology and quality: 
  

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	1)	Type: P Dopant: Boron Orientation 

  

	2)	Resistance Rate: 0.5—3 W • cm 

  

	3)	Incision: Multi–lines 

  

	4)	Kerf: £20μm 

  

	5)	Bow: £75μm 

  

	6)	TTV: £50μm 

  

	7)	Distortion: £3000 / cm3 

  

	8)	Squareness: 90° ±0.3o 

  

	9)	Crystalline orientation: <100>±1.5o 

  

	10)	Oxygen contain: £1×1018atoms / cm3

  

	11)	Carbon contain: £1×1017atoms / cm3

  

	12)	Minority Life: 3 10μs 

  

	13)	Thickness: 3200μm 

 With the enhancement of the technology, Party A may request Party B to provide the mono-crystalline silicon which is superior in the technology and quality; in such
event, both Parties shall consult on the specifications as to the technology and quality of the Products, and any determination on the update of the technology and quality of the Products shall be made by entering into a six-month-prior supplemental
agreement. 
  

	1.2	Both Parties agree that Party A shall purchase from Party B the Products during the Term(as defined in Clause 14.2), and Party B shall take all such actions, including, ensuring the
procurement of sufficient materials from material suppliers for the production of the Products, as is necessary to satisfy the requirements of Party A as to the Products. Both Parties acknowledge that this Agreement shall not operate as an
restriction on Party A’s channel for procurement of the Products and Party A has the right to purchase the mono-crystalline silicon from any suppliers including Party B. 

  

	1.3	Party A projects that with the increase of its production capacity, its demand for the Products during the Term may increase by yearly increment. Party A hereby delivers to Party B
the plans of the demand for Products for each month till December 31, 2006, as described in Schedule I hereto. 

  

	1.4	Party A undertakes to take an active part in the capacity expansion plans of the manufactures of the materials upstream in order to satisfy Party A’s ever-increasing demand for
the Products; both Parties agree to have a separate and equal-term consultation in accordance with the business customs, regarding the manner of cooperation in participation in the expansion plans and the arrangements for proportionate increase of
supply of the Products, before Party A participate in such plans. 

  

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	1.5	During the Term, both Parties shall reach agreements one month in advance on the specific demands for, minimum supply of and the prices of the Products for subsequent six months.
Party B shall arrange for and adjust the production according to Party A’s demand for the Products. 

  

	1.6	Under any circumstance shall Party A’s demand for and Party B’s supply of the Products be subject only to the orders of the Products placed by Party A on Party B pursuant
hereto. 

  

	1.7	In case Party B’s supply should not satisfy Party A’s demand, Party B may supply the Products by way of outsourcing with Party A’s prior written consent. Should Party
A need to increase the demand for the next month to a large extent due to occurrence of an emergency, Party A shall give Party B a ten-business day prior written notice and Party B shall use its best efforts to secure the supply by increasing the
output of the Products as required by Party A or with the prior written consent of Party A, by way of outsourcing. Party A’s written consent given under this Clause shall not operate as a waiver of the claim for any damages to Party A as a
result of the outsourcing. 

  

	1.8	Should Party A plan to reduce the requirements for the next month to a large extent any time during the Term, Party A shall give Party B a five-business day prior written notice and
Party B may, with a prior written notice to sell to any third party the Products in excess of those ordered by Party A. 

 CLAUSE 2 PRICING
OF THE PRODUCTS 
  

	2.1	Party B agrees that the price of the Products sold to Party A (including the Products procured from any third party and supplied to Party A) pursuant hereto shall be reasonably
discounted on the basis of such fair market price as Party A may pay to any other supplier for identical or similar products. Party B understands and acknowledges that such a pricing is requested by Party A on the basis of its long term and large
quantity of demand and the arrangement of payment by Party A to Party B. 

  

	2.2	The dimensions, specifications, quantity and unit prices of the Products purchased by Party A from Party B shall be specified in the Products order in the form as set forth in
Schedule II hereto. 

  

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 CLAUSE 3 ORDERS 
  

	3.1	During the Term, Party A may place on Party B the orders of the Products (“Orders”) in the form as set forth in Schedule I hereto each week or from time to time according
to its requirements; Party B shall confirm and accept the Orders within one(1) business day after receiving the same and secure the production and delivery in such quantity and specifications as may be required by the Orders.

  

	3.2	Should Party A need to amend or adjust the terms of the Order after dispatching the Orders, Party A may consult with Party B in a timely manner. 

  

	3.3	The Order shall be the integral part of this Agreement and has the same legal effect as this Agreement. To the extent unaddressed in the Order, this Agreement shall prevail.

 CLAUSE 4 DELIVERY OF PRODUCTS 
  

	4.1	Products delivery date shall be specified by Party A in the Order and the delivery place shall be Party A’s depot or such other places as may be designated by Party A.

  

	4.2	Party B shall, at its own cost, properly package and mark the Products in accordance with applicable standards at state and industry level and laws and regulations to meet the
requirements for safe transportation. Party B shall make timely preparation for the delivery in accordance with the delivery date specified by Party A in the Order, and make delivery in a timely manner in accordance with the specified delivery date
and place. 

  

	4.3	The delivery manner shall be home delivery by Party B, and upon the delivery, Party A and Party B shall sign off on the delivery receipt. 

  

	4.4	Party B shall made full provision for any errors, incidents or accidents arising out of the delivery to Party A and loading, transportation and discharging of the Products, and
procure the insurance of full coverage as required by the circumstances. 

  

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	4.5	The title to the Products and the risks shall pass from Party B to Party A upon the completion of the delivery. 

 CLAUSE 5 PAYMENT 
  

	5.1	Regarding the payment of the prices for the Products, both Parties agree that: 

  

	 	(1)	unless otherwise required herein or agreed by both Parties, Party A shall pay to Party B 30% of the prices for the projected Orders quantity for the next month on or prior to the
25th day of each month; 

  

	 	(2)	on or prior to 23rd day of each month, Party A
and Party B shall settle the accounts for the Products accepted during the preceding month; and upon deducting the prices prepaid by Party A, Party A shall pay the balance of the prices (if any) to Party B; 

  

	 	(3)	by the end of the last month prior to the expiration of this Agreement, Party A shall calculate the prices for the Products accepted in that month, reconcile with the balance of the
prices prepaid to Party B and refund the excess or make up for the shortfall (as the case may be). 

  

	5.2	Party A may make the payment by wire transfer to Party B-designated bank accounts or by delivering the cheques to financial staff authorized by Party B in writing. Party B shall
issue to Party A a value-added tax invoice for each payment of prices. 

 CLAUSE 6 QUALITY AND ACCEPTANCE OF PRODUCTS 
  

	6.1	Party A shall, within 5 days after delivery, inspect the Products to ensure that the Products is in conformity with the specifications for the Products set forth in this Agreement
and the Orders. 

  

	6.2	Should the inspection by Party A reveal that the Products fail to conform to the requirements of the Orders in specification, type, quantity, quality, function, technology or the
packaging, are defective or flawed in respect of the quality, or fall short of the performance of the Products as required by Party A, Party A shall have the right to replace or return the Products immediately at Party B’s costs; in case that
the contractual purpose of any Order should not be substantially fulfilled due to such defects in the Products, Party A shall have the right to cancel such Order and claim damages against Party B for any losses thus incurred by Party A, including
the delay of work, work stoppage, late delivery to any third party or late performance, procuring substitute and loss of expected contract benefits suffered by Party A. 

  

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	6.3	Party A’s warranty period for the Products shall be two months. In case of occurrence of any quality issues during warranty period, Party A shall have the right to resort to
Clause 6.2 and claim the damages against Party B. Further, should Party A be subject to any successful claims from any third party due to the quality issues of the Products either based on the contract or in torts, Party B shall indemnify Party A in
accordance with Clause 10.4. 

 CLAUSE 7 REPRESENTATIONS AND WARRANTIES 
  

	7.1	Each Party represents and warrants to the other party that: 

  

	 	(1)	it is a company legally established and validly existing under the law of the PRC and has the capacity of right and action to execute and perform this Agreement in its own name;

  

	 	(2)	it has obtained necessary internal approval to execute and perform this Agreement; 

  

	 	(3)	the person representing it to execute this Agreement has been duly authorized to do the same on its behalf; and 

  

	 	(4)	execution and performance of this Agreement by it is not in conflict with any judgments, rulings, contracts, agreement or any other documents binding upon it.

  

	7.2	Party B further represents and warrants for the benefit of Party A that: 

  

	 	(1)	the sufficient supply of the silicon for production of the Products hereunder is available to Party B; 

  

	 	(2)	there is no defect with the materials, functions and technologies of the Products supplied to Party A (including the Products procured from any third party and supplied to Party A)
and the Products are satisfactory to Party A’s requirements; 

  

	 	(3)	Party A possesses the legal ownership of and the right to dispose of the Products supplied by Party B to Party A; and 

  

	 	(4)	the Products supplied by Party B to Party A do not infringe upon the intellectual property or any other legal interests of any third party. 

  

 6 

 English translation for reference purpose only 
 CLAUSE 8 FORCE MAJEURE 
  

	8.1	Either Party shall not be held liable for nonperformance of all or part of the obligations hereunder due to any force majeure event, including without limitation, flood, earthquake,
war, or any other events which are unpredictable at the time of executing this Agreement, uncontrollable and unavoidable and insurmountable. 

  

	8.2	Either Party affected by the force majeure events shall notify the other Party as soon as possible and shall, within 15 days after the occurrence of the force majeure, deliver to
the other Party the documents certifying the occurrence of the force majeure issued by competent institutions. 

  

	8.3	In case of the force majeure events, the time for performance of the obligations hereunder shall be deferred accordingly. The deferral shall coincide with the continuance of the
force majeure event; in case the force majeure continues for more than ninety days, both Parties may terminate this Agreement upon consultaion. 

 CLAUSE 9 CONFIDENTIALITY 
 Both Parties and their employees are obligated to keep in strict confidentiality any information hereunder and the
information regarding technology, business and production of the other party to which that Party had access by executing and performing this Agreement. The obligations of confidentiality hereunder shall remain effective during the Term of this
Agreement and for five years thereafter. 
 CLAUSE 10 LIABILITY FOR BREACH 
  

	10.1	Either Party shall be liable in damages for breach of this Agreement. 

  

	10.2	 Should Party B fail to make the delivery in a timely manner pursuant to this Agreement and/or the Order, it shall be liable for damages in an amount of [0.3‰]
of the aggregate price of the Products specified in the Order of the current month for each default day, commencing from the second day of the late delivery, and compensate Party A for loss suffered as a result of the delay of work, work stoppage,
late delivery to any third party or late performance, procuring substitute and loss of expected contract benefits. In case Party B fails to correct the late delivery breach within 30 days after the delivery date agreed to in 

  

 7 

 English translation for reference purpose only 
  

	 	 
any Order, Party A shall have the right to cancel such Order and/or terminate this Agreement and claim damages against Party B for any loss thus incurred by
Party A as a result of the breach, including the loss of the expected contract interests. 

  

	10.3	In case that Party B gives Party A’s relevant employees additional benefits in violation of good faith during the execution and performance of this Agreement, resulting or
likely to result in Party A’s relevant employees seeking improper contractual benefits, Party A may, whenever it would be found, terminate this Agreement immediately by sending a written notice to Party B and claim damages against Party B for
any loss thus incurred. Party A shall not be held liable to Party B for such termination of this Agreement. 

  

	10.4	Party B shall indemnify Party A for any loss resulting from any claims, litigations or any other legal proceedings in torts from any third party in connection with the procurement
and use of the Products, or any successful claims by any third party for quality issues on the contract. 

  

	10.5	In case Party A should default in making payment pursuant to this Agreement and/or Orders, Party A shall be liable for damages in an amount of [0.3‰] of the arrears, but in no
event exceeding the aggregate amount in arrears. 

 CLAUSE 11 NO WAIVER 
 No failure to exercise or any delay in exercising, on the part of either Party, any right, power, or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power
or privilege prevent any further exercise thereof. 
 CLAUSE 12 RESOLUTION OF DISPUTES 
  

	12.1	Both Parties agree to resolve the disputes in connection with this Agreement by way of friendly negotiation in the first instance. 

  

	12.2	Both Parties agree to refer the disputes to Beijing Arbitration Committee for arbitration in accordance with its arbitration rules should both Parties not resolve the disputes in
the aforesaid manner within 60 days after the disputes arise. The arbitral award shall be final and binding upon both Parties. 

  

 8 

 English translation for reference purpose only 
 CLAUSE 13 NOTICE AND SERVICE 
  

	13.1	Any notice or other communication to be given (hereinafter referred to as “Notice”) under this Agreement shall be in writing (by delivery by hand, mail and fax) and shall
be sent to the addressee at the following address or number and indicate the name of the following contact persons to constitute a valid notice. 

 Party A: JingAo Solar Co., Ltd, 
 Attn: Mr. Cao ZhongQian 
 Address: Jinglong Industries Park, Ningjin, Hebei, PRC 
 Post Code: 055550            Fax: (86319)5806685 
 Party B: Hebei Jinglong Industry Group Co., Ltd. 
 Attn: Mr. Li Shijie 
 Address: Jinglong Industries Park, Ningjin, Hebei, PRC 
 Post Code: 055550 
 Fax: (86319)5806097 
  

	13.2	Any notice served in the way set forth in 13.1 shall be deemed to have been duly given: 

  

	 	(1)	in the case of delivery by hand, when its receipt is acknowledged by the addressee; failing which, it shall not be deemed to have been duly given. 

  

	 	(2)	in the case of the mail delivery, which shall be registered mail or courier delivery, on the 48 hours following the date of posting (or the day immediately following that day if
that time falling on the holiday) ; 

  

	 	(3)	in the case of fax, when sent, provided, however, if the day the notice is sent falls on a holiday, the notice shall be deemed to have been given on the first business day
immediately following such holiday. 

  

	13.3	In case of any change in the aforesaid addresses or numbers of either Party, that Party shall notify in writing the other Party of such change within 7 days after the change; or
else, any notice sent by the other Party at the original address or number shall be deemed to have been duly given. 

  

 9 

 English translation for reference purpose only 
 CLAUSE 14 EFFECTIVENESS AND TERM OF THE AGREEMENT 
  

	14.1	This Agreement shall become effective upon being executed and sealed by authorized representatives of both Parties. 

  

	14.2	The effectiveness period of this Agreement shall commence from the effectiveness of this Agreement and continue till December 31, 2010 (“Term”). Upon the expiration
of this Agreement, unless either Party raises a three-month prior written objection, the Term shall be automatically for three years,; provided, however, both Parties shall consult on the specific quantity of the supply and thus revise this
Agreement. In the event that Party B proposes not to extend the Term of this Agreement, in which case a three-month-prior notice should be given to Party A, Party A shall have the right of first refusal with respect to the negotiation on procurement
of the Products hereunder for three months, whereby both Parties may re-negotiate on such terms as the demand for and price of the Products. During such period, Party B shall be precluded from engaging in any communication, negotiation and any other
contacts with any third prospective purchaser with respect to the Products. In case both Parties fail to enter into a new supply agreement within 3 months, Party A shall have the priority within six months after the expiration of this Agreement in
entering into agreement with Party B on such terms as may be agreed upon between Party B and any third Party with respect to the Products. 

  

	14.3	Should this Agreement be canceled or terminated pursuant hereto, Party B shall continue to fulfill its obligation to make delivery with respect to the Orders accepted by it pursuant
hereto prior to the termination of this Agreement and any undertakings and warranties of Party B under this Agreement shall remain effective. 

 CLAUSE 15 UNADDRESSED MATTERS 
 With respect to any matters unaddressed herein, both Parties shall make resolution by friendly consultation
and enter into supplemental contract or provisions, which shall be equal to this Agreement the legal effect. 
  

 10 

 English translation for reference purpose only 
 CLAUSE 16 ENTIRE AGREEMENT 
 This Agreement and any Schedules thereto
shall constitute the entire agreement on the subject matter contemplated herein between Party A and Party B and supersede all previous discussions, negotiations and agreements or any other written documents between both Parties. Any amendment or
supplement to this Agreement shall be made in writing and executed by the authorized representatives of both Parties to become effective. 
 IN WITNESS
WHEREOF, both Parties has caused this Agreement to be executed by the duly authorized representatives of both Parties on the date herein above written, in two(2) originals of counterparts, with each Party holding one. 
  

			
	Party A:	 	JingAo Solar Co., Ltd.
		
	Signature:	 	 /s/ Yang Huaijin

	Name:	 	Yang HuaiJin
	Title:	 	CEO

 Party B: Hebei Jinglong Industry and Commerce Group Co., Ltd. 
  

			
	Signature:	 	 /s/ Jing Baofang

	Name:	 	Jin BaoFang
	Title:	 	CEO

  

 11 

 English translation for reference purpose only 
 Appendix 1 
 Expected Demand & Minimum
supply 
  

					
	 Delivery schedule 2006
	  	Expected demand of JingAo
pieces	  	Minimun supply by JingLong
pieces
	 July
	  	1,500,000	  	1,500,000
	 August
	  	2,000,000	  	2,000,000
	 September
	  	2,100,000	  	2,100,000
	 October
	  	2,700,000	  	2,700,000
	 November
	  	2,700,000	  	2,700,000
	 December
	  	2,700,000	  	2,700,000

  

 12 

 English translation for reference purpose only 
 Appendix 2 
 Purchase Order 
 Order No.:                      
 Buyer: JingAo Solar Co., Ltd. 
 Seller: Hebei
Jinglong Industry and Commerce Group Co., Ltd. 
 Products’ size, specification, quantity, price 
  

											
	 Name
	  	 Size
	  	Specification	  	 Total
 Quantity(pcs)
	  	 Unit price
 including
VAT(RMB)
	  	Remarks
						
	 Monocrystalline
Wafers
	  	[125×125±0.4mm]	  	Diameter:  
 Thickness:
	  		  		  	
		
	 Total Amount
	  	

 Delivery date and place 
 According to Purchase Order No.: , the goods should be delivered to
                     no later than  
 Buyer: 
 Company Name (Stamped): JingAo Solar Co., Ltd. 
 Signature: 
 Date: 
 Received and
Confirmed by: 
 Seller: 
 Company
Name (Stamped): Hebei Jinglong Industry and Commerce Group Co., Ltd. 
 Signature: 
 Date: 
  

 13 

 Supplemental Agreement Regarding 
 Wafer Delivery Schedule in 2007 
 The Buyer: JingAo Solar Co., Ltd 
 The Seller: Hebei Jinglong Industry and Commerce Group Co., Ltd. 
 According to the long-term supply contract signed in July 1st, 2006, both
parties reach an agreement for the wafers supply of 2007: 
  

											
	 Month
	  	Expected
Demand(pieces)	  	Supply
Quantity(pieces)	  	Month	  	Expected
Demand(pieces)	  	Supply
Quantity(pieces)
	 January
	  	2,700,000	  	2,700,000	  	July	  	4,900,000	  	4,000,000
	 February
	  	2,700,000	  	2,700,000	  	August	  	4,900,000	  	4,000,000
	 March
	  	2,700,000	  	2,700,000	  	September	  	5,600,000	  	4,000,000
	 April
	  	2,700,000	  	2,700,000	  	October	  	5,600,000	  	4,000,000
	 May
	  	4,000,000	  	4,000,000	  	November	  	5,600,000	  	4,000,000
	 June
	  	4,000,000	  	4,000,000	  	December	  	5,600,000	  	4,000,000

  

							
	Buyer:	 	JingAo Solar Co., Ltd.	 	Seller:	 	Hebei Jinglong Industry and Commerce Group Co., Ltd.
				
	Signature:	 	 /s/ Yang Huaijin
	 	Signature:	 	 /s/ Jin Baofang

				
	Date:	 	October 18, 2006	 	Date:	 	October 18, 2006

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