Document:

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                                                                    EXHIBIT 4.10

                                                               EXECUTION VERSION

                              AMENDED AND RESTATED
                   SERIES B PREFERRED SHARE PURCHASE AGREEMENT

                          dated as of December 15, 2006

                                  by and among

                  YINGLI GREEN ENERGY HOLDING COMPANY LIMITED,

                       YINGLI POWER HOLDING COMPANY LTD.,

                                 LIANSHENG MIAO,

                                       and

                                  THE INVESTORS
                      LISTED ON SCHEDULE I ATTACHED HERETO

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                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                        Page No.
                                                                        --------
<S>                                                                     <C>
ARTICLE I SALE OF SHARES AND CLOSING.................................       1
   SECTION 1.01.  Purchase and Sale..................................       1
   SECTION 1.02.  Closing............................................       2
   SECTION 1.03.  Purchase Price.....................................       2
   SECTION 1.04.  Share Certificate..................................       2

   SECTION 1.05.  Use of Proceeds....................................       3
   SECTION 1.06.  Escrow Arrangement.................................       4
   SECTION 1.07.  Further Assurances.................................       5

ARTICLE II REPRESENTATIONS AND WARRANTIES OF THE COMPANY.............       6
   SECTION 2.01.  Power and Authority................................       6
   SECTION 2.02.  Execution and Delivery.............................       6
   SECTION 2.03.  Corporate Existence of the Company.................       6
   SECTION 2.04.  Company Capital Stock..............................       6
   SECTION 2.05.  Subsidiaries.......................................       7
   SECTION 2.06.  No Conflicts.......................................       8
   SECTION 2.07.  Governmental Approvals and Filings.................       9
   SECTION 2.08.  Books and Records..................................       9
   SECTION 2.09.  Financial Statements and Condition.................       9
   SECTION 2.10.  Taxes..............................................      10
   SECTION 2.11.  Legal Proceedings..................................      10
   SECTION 2.12.  Compliance With Laws and Orders....................      11
   SECTION 2.13.  Real Property......................................      11
   SECTION 2.14.  Tangible Personal Property.........................      11
   SECTION 2.15.  Investment Assets..................................      11
   SECTION 2.16.  Intellectual Property Rights.......................      12
   SECTION 2.17.  Contracts..........................................      12
   SECTION 2.18.  Insurance..........................................      13
   SECTION 2.19.  Employees; Labor Relations.........................      13
   SECTION 2.20.  Environmental Matters..............................      14
   SECTION 2.21.  Brokers............................................      14
   SECTION 2.22.  Related Party Transaction..........................      15
   SECTION 2.23.  Registration Rights................................      15
   SECTION 2.24.  Disclosure.........................................      15

ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE INVESTORS..........      16
   SECTION 3.01.  Corporate Existence................................      16
   SECTION 3.02.  Authority..........................................      16
   SECTION 3.03.  No Conflicts.......................................      16
   SECTION 3.04.  Governmental Approvals and Filings.................      16
   SECTION 3.05.  Legal Proceedings..................................      17
</TABLE>

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<TABLE>
<S>                                                                     <C>
   SECTION 3.06.  Investment Purpose.................................      17
   SECTION 3.07.  Brokers............................................      17

ARTICLE IV COVENANTS AND OTHER AGREEMENTS............................      17
   SECTION 4.01.  Covenants of the Warrantors........................      17
   SECTION 4.02.  Covenants of the Investors.........................      19
   SECTION 4.03.  Mutual Covenants...................................      19

ARTICLE V CONDITIONS TO CLOSING......................................      20
   SECTION 5.01.  Conditions to Each Party's Obligations.............      20
   SECTION 5.02.  Conditions to Obligations of the Investor..........      20
   SECTION 5.03.  Conditions to Obligations of the Company...........      22

ARTICLE VI SURVIVAL; NO OTHER REPRESENTATIONS........................      22
   SECTION 6.01.  Survival of Representations and Warranties.........      22
   SECTION 6.02.  No Other Representations...........................      22

ARTICLE VII INDEMNIFICATION..........................................      23
   SECTION 7.01.  Indemnification....................................      23
   SECTION 7.02.  Method of Asserting Claims.........................      24
   SECTION 7.03.  Exclusivity........................................      26
   SECTION 7.04.  No Consequential Damages...........................      27
   SECTION 7.05.  Limitation of Liability............................      27

ARTICLE VIII TERMINATION.............................................      27
   SECTION 8.01.  Termination........................................      27
   SECTION 8.02.  Effect of Termination..............................      27

ARTICLE IX DEFINITIONS...............................................      28
   SECTION 9.01.  Defined Terms......................................      28
   SECTION 9.02.  Construction of Certain Terms and Phrases..........      35

ARTICLE X MISCELLANEOUS..............................................      36
   SECTION 10.01. Notices............................................      36
   SECTION 10.02. Entire Agreement...................................      36
   SECTION 10.03. Expenses...........................................      37
   SECTION 10.04. Public Announcements...............................      37
   SECTION 10.05. Amendment and Waiver...............................      37
   SECTION 10.06. No Third Party Beneficiary.........................      37
   SECTION 10.07. No Assignment; Binding Effect......................      37
   SECTION 10.08. Enforcement of Agreement...........................      38
   SECTION 10.09. Headings...........................................      38
   SECTION 10.10. Governing Law; Dispute Resolution..................      38
   SECTION 10.11. Invalid Provisions.................................      38
   SECTION 10.12. Counterparts.......................................      39
</TABLE>

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Schedule I  Schedule of the Investors
Schedule II Disclosure Schedule

Exhibit A   Transaction Documents
Exhibit B   Amended and Restated Shareholders Agreement
Exhibit C   Amended Articles
Exhibit D   Warrant Side Letter
Exhibit E   Additional Investor Representations and Warranties

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          This AMENDED AND RESTATED SERIES B PREFERRED SHARE PURCHASE AGREEMENT,
dated as of December 15, 2006 (this "AGREEMENT"), is entered into by and among
Yingli Green Energy Holding Company Limited, an exempted company with limited
liability incorporated and existing under the laws of the Cayman Islands (the
"COMPANY"), Yingli Power Holding Company Ltd., a company with limited liability
incorporated and existing under the laws of the British Virgin Islands (the
"HOLDCO"), Mr. Liansheng Miao (the "FOUNDER") and the investors listed on
Schedule I attached to hereto (the "INVESTORS"). Capitalized terms not otherwise
defined herein have the meanings set forth in Section 9.01.

                                   WITNESSETH:

          WHEREAS, the Company, the Holdco, the Founder and Baytree
(Investments) Mauritius Pte Ltd. entered into the Series B Preferred Share
Purchase Agreement, dated December 5, 2006 (the "PRIOR SERIES B PURCHASE
AGREEMENT");

          WHEREAS, the parties to the Prior Series B Purchase Agreement desire
to amend and restate the Prior Series B Purchase Agreement in its entirety
pursuant to the terms set forth in this Agreement;

          WHEREAS, The parties to the Prior Series B Purchase Agreement have
agreed that the Prior Series B Purchase Agreement shall be of no further force
and effect and further that the rights granted to the parties hereto under this
Agreement shall supersede the rights granted to such parties under the Prior
Series B Purchase Agreement

          WHEREAS, the Company wishes to sell and the Investors wish to purchase
a certain number of Series B Preferred Shares, US$0.01 par value per share, of
the Company (the "SERIES B PREFERRED SHARES") on terms and subject to the
conditions set forth in this Agreement.

          NOW, THEREFORE, in consideration of the mutual covenants and
agreements set forth in this Agreement, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby amend and restate the Prior Series B Purchase Agreement in
its entirety as follows:

                                   ARTICLE I

                           SALE OF SHARES AND CLOSING

          SECTION 1.01. Purchase and Sale. Subject to the conditions set forth
in this Agreement, each Investor agrees to purchase, severally but not jointly,
and the Company agrees to sell and issue to each such Investor, at the Closing
the number of Series B Preferred Shares set forth opposite such Investor's name
on Schedule I, at a purchase price of US$4.835 per share. The Series B Preferred
Shares issued and sold to the Investors pursuant to this Agreement shall be
referred to as the "SHARES".

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          SECTION 1.02. Closing. The Closing shall take place not later than
five (5) Business days after the satisfaction or waiver of the conditions set
forth in Articles V or such other date agreed by the parties hereto (such date
being the "CLOSING DATE") at the offices of Simpson Thacher & Bartlett LLP, 7/F
ICBC Tower, 3 Garden Road, Central Hong Kong, or at such other time and place as
the Investors and the Company mutually agree.

          SECTION 1.03. Purchase Price. Subject to Section 1.04 hereof, upon the
terms and subject to the conditions of this Agreement, on the Closing Date, each
Investor shall pay the Company the sum of (i) the purchase price (the "PURCHASE
PRICE") set forth opposite such Investor's name on Schedule I; provided,
however, the Advance Payment made by each Advance Payment Investor shall be
deemed to constitute the payment by such Advance Payment Investor of its
Purchase Price on the Closing Date and (ii), except in the case of the Lead
Series B Shareholder, the Pro Rata Expense applicable to such Investor. The
Purchase Price shall be paid by each Investor (other than an Advance Payment
Investor) as follows:

          (a) An amount set forth under the heading of "Released Amount"
opposite such Investor's name on Schedule I attached hereto (the "RELEASED
AMOUNT") shall be paid in immediately available funds by wire transfer to an
account to be designated by the Company in writing on or prior to the Closing
Date; and

          (b) The remaining amount of the Purchase Price (the "ESCROW AMOUNT")
shall be paid in immediately available funds by wire transfer to an escrow
account established pursuant to the Escrow Agreement.

          The Pro Rata Expense shall be paid by each Investor (other than the
Lead Series B Investor) in immediately available funds by wire transfer to an
account to be designated by the Company and to be notified by the Lead Series B
Investor in writing to each Investor (other than the Lead Series B Investor) on
or prior to the Closing Date.

          SECTION 1.04. Share Certificate.

          (a) At the Closing, in exchange for the payment to the Company of the
Released Amount by each Investor (other than an Advance Payment Investor) and
the Pro Rata Expense by each Investor (other than the Lead Series B Shareholder)
pursuant to Section 1.03(a) hereof, the Company shall deliver or cause to be
delivered to such Investor original share certificates (the "RELEASED SHARE
CERTIFICATES") representing the number of Shares set forth under the heading of
the "Released Shares" opposite such Investor's name on Schedule I attached
hereto (the "RELEASED SHARES").

          (b) Subject to the escrow arrangement described in Section 1.06 below,
at the Closing, in exchange for the payment to the Escrow Agent of the Escrow
Amount by each Investor (other than an Advance Payment Investor) pursuant to
Section 1.03(b) hereof, the Company shall deliver or cause to be delivered to
such Investor original share certificates (the "ESCROW SHARE CERTIFICATES")
representing the number of

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Shares set forth under the heading of "Escrow Shares" opposite such Investor's
name on Schedule I attached hereto (the "ESCROW SHARES").

          (c) At the Closing, in exchange for the advance payment of the
Purchase Price and the Pro Rata Expense to the Company by each Advance Payment
Investor prior to the date of this Agreement, the Company shall deliver or cause
to be delivered to such Advance Payment Investor original share certificates
(the "ADVANCE PAYMENT SHARE CERTIFICATES") representing the number of Shares set
forth under the heading of the "Shares Being Purchased" opposite such Advance
Payment Investor's name on Schedule I attached hereto (the "ADVANCE PAYMENT
SHARES").

          (d) The Company shall exercise its best efforts to pay to the Lead
Series B Shareholder the aggregate sum of the Pro Rata Expenses received by the
Company at or prior to the Closing as soon as reasonably practicable, but in no
event within two (2) Business Days following the Closing. Following the payment
of such sum of the Pro Rata Expenses, the Company shall be under no obligation
whatsoever to the Lead Series B Investor with respect to the Pro Rata Expenses
that remains unpaid to the Lead Series B Investor.

          (e) For the avoidance of doubt, the rights and obligations of the
Company set forth in this Section 1.04(a) and (c) shall apply severally and not
jointly to each Investor, and the failure of any Investor or Investors (other
than an Advance Payment Investor) to pay the Released Amount or the failure of
any Investor or Investors (other than an Lead Series B Shareholder) to pay its
or their Pro Rata Expense shall in no way whatsoever affect the Company's right
and obligations under this Agreement to effect the Closing with respect to the
other Investors.

          SECTION 1.05. Use of Proceeds.

          (a) The Company shall not use the net proceeds from the Purchase Price
(the "PROCEEDS") for any purpose other than to (i) make an interest-bearing loan
(the "SHAREHOLDER LOAN") to Tianwei Yingli in an aggregate principal amount
equal to the sum (or its Renminbi equivalent) of (x) the Released Amounts paid
by all of the Investors (other than the Advance Payment Investors) and (y) the
aggregate amount of all Advancement Payments paid by each Advance Payment
Investor and (ii) in accordance with that certain Joint Venture Contract, dated
August 25, 2006, by and between Baoding Tianwei Baobian Electric Co., Ltd. and
the Company, as amended from time to time (the "JOINT VENTURE CONTRACT"),
increase the Company's equity ownership in Tianwei Yingli (the "CAPITAL
INCREASE"). The amount of the Capital Increase shall be an amount (or its
Renminbi equivalent) equal to the difference between the total amount of the
Proceeds and the aggregate principal amount of the Shareholder Loan, provided
that if the Shareholder Loan is fully converted into the Company's equity
ownership in Tianwei Yingli following approval thereof by relevant Government or
Regulatory Authorities, the amount of the Capital Increase shall be the entire
amount of the Proceeds. The Company shall, and the Warrantors shall procure the
Company and Tianwei Yingli to, apply for the approval of relevant Government or
Regulatory Authorities to convert the entire principal

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and interest accrued under the Shareholder Loan into an equity interest in
Tianwei Yingli in the form of a Capital Increase.

          (b) Following the Shareholder Loan and the Capital Increase, the
Company shall procure that the Subsidiaries use the Proceeds for the purchase of
silicon raw materials, capital expenditure related to the expansion of the
production capacity of the Subsidiaries, repayment of loans of the Subsidiaries
made by financial institutions then due and other general corporate purposes of
the Subsidiaries in accordance with the Amended Articles and the Shareholders
Agreement. Subject to Section 1.06 hereof and the Escrow Agreement, the Proceeds
shall be deposited in an account of the Company at a bank located outside of the
PRC and shall be withdrawn only by the Company's authorized signatories subject
to the prior written approval by the Series B Nominee (as defined in the
Shareholders Agreement), which approval shall not be unreasonably withheld,
provided such approval by the Series B Nominee shall be required with respect to
the withdrawal of the Proceeds for the purpose of effecting the Shareholder Loan
and the Capital Increase.

          SECTION 1.06. Escrow Arrangement.

          (a) For the purpose of securing satisfaction by the Warrantors of
certain conditions subsequent set forth in Section 1.06(c) (the "CONDITIONS
SUBSEQUENT"), the Warrantors and the Investors (other than the Advance Payment
Investors) shall enter into a mutually satisfactory escrow agreement (the
"ESCROW AGREEMENT") with an escrow agent (the "ESCROW AGENT") selected by the
Warrantors and reasonably satisfactory to the Investors. The Warrantors and the
Investors agree that the Escrow Amount and the Escrow Share Certificates shall
be held, free and clear of any and all Liens other than subject to the Escrow
Agreement, as of the Closing Date, in an escrow account established pursuant to
the Escrow Agreement. For the avoidance of doubt, the Shares issued to the
Advance Payment Investors shall not be subject to the provisions of this Section
1.06.

          (b) The Escrow Amount and the Escrow Share Certificates shall be held
in an escrow by the Escrow Agent subject to the terms of the Escrow Agreement
until the satisfaction or waiver of the Conditions Subsequent, upon which the
Escrow Amount (together with any accrued interest paid by the Escrow Agent)
shall be immediately released by the Escrow Agent to the Company as otherwise
provided in Section 1.03 and the Escrow Share Certificates shall be immediately
released by the Escrow Agent to the Investors as otherwise provided in Section
1.04; provided that, in the event that this Agreement is terminated by the Lead
Series B Investor pursuant to Section 8.01(b) hereof, the Escrow Amount
(together with any accrued interest paid by the Escrow Agent) shall be returned
by the Escrow Agent to the Investors, and the Escrow Share Certificates shall be
returned to the Company, each pursuant to Section 8.02(b). For the avoidance of
doubt, upon the return of the Escrow Share Certificates, the Investors shall not
be entitled to any right to or interest in the Escrow Shares evidenced by such
Escrow Share Certificates.

                                       4

<PAGE>

          (c) Unless otherwise waived by the Lead Series B Shareholder, the
Conditions Subsequent shall be deemed to be satisfied when the Company shall
have (i) entered into (x) an amendment to the joint venture contract between the
Company and Baoding Tianwei Baobian Electrics Co., Ltd (the "JV CONTRACT
AMENDMENT") and (y) an amendment to the articles of association of Tianwei
Yingli (the "JV ARTICLE AMENDMENT"), in each case to the reasonable satisfaction
of the Lead Series B Shareholder; (ii) delivered a legal opinion to the
reasonable satisfaction of the Investors from the PRC counsel of the Company
that the Company has filed with, and obtained requisite Licenses, approvals and
consents from the relevant Governmental or Regulatory Authorities (including,
without limitation, the governmental approvals and filings as set forth in
Section 2.07 of the Disclosure Schedule) and any other third parties to effect
the JV Contract Amendment, the JV Article Amendment and the Capital Increase;
and (iii) the Shareholder Loan shall have been funded by the Company to Tianwei
Yingli prior to the Capital Increase and duly registered with the Baoding Branch
of the State Administration of Foreign Exchange.

          (d) Each Investor (other than an Advance Payment Investor) hereby
appoints the Lead Series B Shareholder as its representative with respect to the
negotiation, execution and performance of the Escrow Agreement, and the Lead
Series B Shareholder accepts such appointment. The Lead Series B Shareholder,
acting in accordance with this Agreement, shall have the authority and power to
act on behalf of other Investors (other than the Advance Payment Investors) with
respect to the Escrow Agreement or other rights or obligations arising from and
taken pursuant to the Escrow Agreement, provided that such actions do not
increase or disproportionately affect an Investor's obligations hereunder in
regards to the obligations of all Investors hereunder. Each Investor (other than
an Advance Payment Investor) shall be bound by all actions taken by the Lead
Series B Shareholder in accordance with this Agreement, in connection with the
Escrow Agreement. Each of the Investors (other than the Lead Series B
Shareholder and the Advanced Payment Investors) agrees, severally and not
jointly, to indemnify, defend and hold harmless the other Lead Series B
Shareholder to the fullest extent permitted by law from and against any and all
Losses of the Lead Series B Shareholder resulting from or arising out of the
Lead Series B Shareholder's action on behalf of other Investors with respect to
the Escrow Agreement or other rights or obligations arising from and taken
pursuant to the Escrow Agreement in the absence of willful misconduct or bad
faith on the part of the Lead Series B Shareholder, provided, further that, such
Losses shall be borne pro rata by each of the Investors (including the Lead
Series B Shareholder) in proportion to such Investor's applicable Escrow Amount.

          SECTION 1.07. Further Assurances. At any time or from time to time
after the Closing, each party hereto shall, at the expense of the party making
such request, execute and deliver such other documents and instruments, provide
such materials and information and take such other actions as may reasonably be
necessary, proper or advisable, to the extent permitted by Law, to fulfill its
obligations under this Agreement and the Transaction Documents.

                                       5

<PAGE>

                                   ARTICLE II

                  REPRESENTATIONS AND WARRANTIES OF THE COMPANY

          The Company, the Holdco and the Founder (together, the "WARRANTORS")
hereby jointly and severally represent and warrant to each Investor that the
statements contained in this Article II are true, correct and complete as of the
date of this Agreement and, unless otherwise provided herein, the date of the
Closing, except as set forth in the Disclosure Schedule attached hereto as
Schedule II, which exceptions shall be deemed to be representations and
warranties as if made hereunder:

          SECTION 2.01. Power and Authority. Each of the Company and the Holdco
has full corporate power and authority to execute and deliver this Agreement, to
perform its obligations hereunder and to consummate the transactions
contemplated hereby, including without limitation the sale and issuance of the
Shares, the Warrants and the Warrant Shares upon the exercise of the Warrants
pursuant to the Transaction Documents.

          SECTION 2.02. Execution and Delivery. The execution and delivery by
each of the Company and Holdco of the Transaction Documents and the performance
by the Company and the Holdco of their respective obligations under the
Transaction Documents and any other agreements, instruments and documents
required to be executed and delivered with respect to the transactions
contemplated in the Transaction Documents have been duly and validly authorized
by or on behalf of the Company and/or the Holdco (as applicable), no other
action on the part of the Company, the Holdco or their respective shareholders
being necessary except as expressly contemplated hereby. The Transaction
Documents have been duly and validly executed and delivered by each of the
Company and Holdco and assuming the due execution of the Transaction Documents
by other parties hereto, constitute legal, valid and binding obligations of each
of the Company and Holdco enforceable against each of the Company and the Holdco
in accordance with their respective terms.

          SECTION 2.03. Corporate Existence of the Company. The Company is a
corporation duly incorporated, validly existing and in good standing under the
laws of the Cayman Islands, and has full corporate power and authority to
conduct its business as and to the extent now conducted and to own, use and
lease its Assets and Properties. The Company is duly qualified, licensed or
admitted to do business in each jurisdiction in which the ownership, use or
leasing of its Assets and Properties, or the conduct or nature of its business,
makes such qualification, licensing or admission necessary, except for those
jurisdictions in which the adverse effects of all such failures by the Company
to be qualified, licensed or admitted would not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect.

          SECTION 2.04. Company Capital Stock. Immediately prior to the Closing,
the authorized capital stock of the Company shall be US$10,000,000, consisting
of (a) 967,513,542 ordinary shares ("ORDINARY SHARES"), US$0.01 par value per
share,

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of which 59,800,000 shares are issued and outstanding, (b) 8,081,081 shares of
Series A Preferred Shares, US$0.01 par value per share, all of which are issued
and outstanding, and (c) 24,405,377 shares of Series B Preferred Shares, US$0.01
par value per share, none of which are issued and outstanding. The Shares, when
issued, sold and delivered in accordance with the terms and for the
consideration set forth in this Agreement, shall be duly authorized and validly
issued, fully paid and nonassessable and free and clear of all Liens. The
Ordinary Shares issuable upon conversion of the Shares purchased under this
Agreement or upon the exercise of the Warrants issued in accordance with the
Warrant Side Letter have been duly and validly reserved for issuance and, upon
issuance in accordance with the terms of this Agreement and the Amended
Articles, shall be duly authorized and validly issued, fully paid and
nonassessable and free and clear of all Liens. The delivery of the Share
Certificates at the Closing representing the Shares in the manner provided in
Section 1.04 shall transfer to each Investor good and valid title to the Shares
purchased by such Investor, free and clear of all Liens other than restrictions
on the payment of dividends arising under applicable Law, restrictions on
transferability arising under applicable securities Laws and any Liens created
or suffered to exist by the Investor. Except the Warrants and as disclosed in
the Disclosure Schedule and except as provided in this Agreement, there are no
outstanding Options with respect to any shares of the Company. A complete list
of all outstanding shareholders, Option holders and other security holders of
the Company as of the Closing Date is provided in Section 2.04 of the Disclosure
Schedule.

          SECTION 2.05. Subsidiaries.

          (a) Each of the Subsidiaries is a corporation duly organized and
validly existing under the laws of its jurisdiction of incorporation and has
full corporate power and authority to conduct its business as and to the extent
now conducted and to own, use and lease its Assets and Properties. Each of the
Subsidiaries is duly qualified, licensed or admitted to do business in each
jurisdiction in which the ownership, use or leasing of its Assets and
Properties, or the conduct or nature of its business, makes such qualification,
licensing or admission necessary, except for those jurisdictions in which the
adverse effects of all such failures by any Subsidiary to be qualified, licensed
or admitted would not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect. The Articles of Association of each
Subsidiary are valid and, to the extent required by applicable Laws, have been
approved by and filed with competent Governmental or Regulatory Authorities and
are in full force and effect.

          (b) The Disclosure Schedule lists for each of the Subsidiaries its
jurisdiction of organization, the amount of its authorized capital stock or its
equivalent, the amount of its outstanding capital stock or its equivalent, and
the record owners of such outstanding capital stock or its equivalent. As of the
date hereof and as of the Closing Date, except as disclosed in the Disclosure
Schedule, all the outstanding shares of capital stock or its equivalent of each
of the Subsidiaries have been duly authorized and validly issued, are fully paid
and nonassessable and free and clear of all Liens. Except as disclosed in the
Disclosure Schedule, there are no outstanding Options or other

                                       7

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rights, agreements, arrangements or commitments to which any Subsidiary is a
party or by which any Subsidiary is bound relating to the issued or unissued
shares of capital stock or its equivalent of any Subsidiary.

          (c) Each of (i) the transfer of the equity interest in Tianwei Yingli
held by Baoding Yingli Group Co., Ltd. to the Company as contemplated in Tianwei
Yingli's shareholders' resolutions dated August 25, 2006 and (ii) the increase
of the registered capital of Tianwei Yingli as contemplated in Tianwei Yingli's
board resolutions dated October 10, 2006 and November 13, 2006 were made in
compliance, in all material respects, with applicable PRC Laws and Orders
(including without limitation the M&A Regulations, the SAFE Circular 75 and the
PRC Laws governing state-owned assets).

          (d) Except as set forth in the Disclosure Schedule, none of the
Subsidiaries is in receipt of any written notice from any relevant Governmental
or Regulatory Authority notifying the revocation of any Licenses issued to such
Subsidiary or requiring any remedial actions by such Subsidiary, except as would
not reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect.

          (e) Except as set forth in the Disclosure Schedule, none of the
Subsidiaries is in receipt of any written notice from any relevant Governmental
or Regulatory Authority notifying the revocation of any Licenses issued to it
for non-compliance or the need for compliance or remedial actions in respect of
the activities carried out by such Subsidiary.

          SECTION 2.06. No Conflicts. Except as disclosed in the Disclosure
Schedule, the execution and delivery by each of the Warrantors and Tianwei
Yingli of the Transaction Documents (as applicable) do not, and the performance
by the Warrantors of their respective obligations under the Transaction
Documents, and the consummation of the transactions contemplated thereby shall
not, as of the date of this Agreement and as of the Closing Date:

          (a) conflict with or result in a violation or breach of any of the
terms, conditions or provisions of the organizational documents of the Company,
the Holdco or any Subsidiary;

          (b) conflict with or result in a violation or breach of any term or
provision of any Law or Order applicable to or any License of the Company, the
Holdco, any Subsidiary or any of their respective Assets and Properties in any
material respect; or

          (c) (i) conflict with or result in a violation or breach of, (ii)
constitute a default under, (iii) require the Company, the Holdco or any
Subsidiary to obtain any consent, approval or action of, make any filing with or
give any notice to any Person as a result or under the terms of, (iv) result in
or give to any Person any right of termination, cancellation, acceleration or
modification in or with respect to, or (v) result in the creation or imposition
of any Lien upon the Company, the Holdco, any Subsidiary or any

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of their respective Assets and Properties under, any Material Contract, in each
case, in any material respect.

          SECTION 2.07. Governmental Approvals and Filings. Except as disclosed
in the Disclosure Schedule, no consent, approval or action of, filing with or
notice to any Governmental or Regulatory Authority on the part of the Company,
the Holdco or any Subsidiary is required in connection with the execution,
delivery and performance of the Transaction Documents or the consummation of the
transactions contemplated thereby. All Licenses required with respect to the
Subsidiaries have been duly obtained in accordance with the applicable Laws,
except where the failure to obtain such Licenses would not have a Material
Adverse Effect.

          SECTION 2.08. Books and Records. The Company has made available to the
Investors prior to the execution of this Agreement complete and correct copies
of the organizational documents of the Company and each Subsidiary. The minute
books and other similar records of the Company and each Subsidiary as made
available to the Investors prior to the execution of this Agreement contain a
true and complete record, in all material respects, of all actions taken at all
meetings and by written consents in lieu of meetings of the stockholders, the
boards of directors and committees of the boards of directors of the Company and
each Subsidiary. The shareholders register of the Company and each Subsidiary as
made available to the Investors prior to the execution of this Agreement
accurately reflect all record issuances and transfers prior to the execution of
this Agreement of the capital stock of the Company and each Subsidiary. To the
Knowledge of the president, the directors, the vice presidents and the
department heads of the Company and Tianwei Yingli, the Books and Records of the
Company and each Subsidiary made available to the Investors prior to the
execution of this Agreement do not contain any untrue statement of a material
fact.

          SECTION 2.09. Financial Statements and Condition

          (a) Prior to the execution of this Agreement, the Company has made
available to the Investors true and complete copies of the Financial Statements.
The information contained in the Financial Statements shall be substantially
similar to the information contained in the audited consolidated balance sheets,
income statements and statements of cash flow of Tianwei Yingli for the years
ended on December 31, 2004 and 2005 (the "ACTUAL ANNUAL FINANCIAL STATEMENTS")
and the unaudited consolidated balance sheets, income statements and statements
of cash flow of Tianwei Yingli for the six months ended June 30, 2006 (the
"ACTUAL INTERIM FINANCIAL STATEMENTS"), each of which shall have been audited
(in the case of the Actual Annual Financial Statements) or reviewed (in the case
of the Actual Interim Financial Statements) by KPMG Huazhen and shall be
delivered to the Investors as soon as it is released by KPMG Huazhen but no
later than sixty (60) days following the Closing.

               The net income for each of the years ended on December 31, 2004
and 2005 as indicated in the Actual Annual Financial Statements shall not be
less than ninety five percent (95%) of the net income for each of the
corresponding years indicated in the Financial Statements. The net income for
the six months ended on June 30, 2006 as

                                       9

<PAGE>

indicated in the Actual Interim Financial Statements shall not be less than
ninety percent (90%) of its counterpart for the corresponding period indicated
in the Financial Statements.

          (b) Except for the execution and delivery of the Transaction Documents
and the transactions to take place pursuant thereto on or prior to the Closing
Date or as disclosed in the Disclosure Schedule, since June 30, 2006 until the
Closing Date, the business of the Company and the Subsidiaries has been operated
in all material respects in the ordinary course consistent with past practice
and there has not been any change in the Business or Condition of the Company
that has or would reasonably be expected to have a Material Adverse Effect.

          (c) To the Knowledge of the Warrantors, except as reflected in the
Financial Statements described in paragraph (a) of this Section or as set forth
in the Disclosure Schedule, and except for Liabilities incurred in the ordinary
course of business consistent with past practice, neither the Company nor any
Subsidiary has any material Liabilities of any nature (whether accrued,
absolute, contingent or otherwise) required by US GAAP to be set forth on a
consolidated balance sheet of the Company or in the notes thereto.

          SECTION 2.10. Taxes. Except as disclosed in the Disclosure Schedule,
as of the date hereof, (1) the Company and each Subsidiary have filed all Tax
returns and reports required to be filed by the Company and each Subsidiary, or
requests for extensions to file such returns or reports have been timely filed
or granted and have not expired; (2) all such Tax returns and reports are true,
correct and complete except as would not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect; (3) there have been
no examinations or audits of any tax returns or reports by any applicable
Governmental or Regulatory Authority; and (4) there have been no written
communications from any applicable Governmental or Regulatory Authority. As of
the date hereof, except as disclosed in the Disclosure Schedule, the Company and
each Subsidiary have paid all Taxes shown as due on such Tax returns and reports
in all material respects. Further, each of the Company and its Subsidiaries has
duly withheld individual income taxes and adequately paid mandatory
contributions to the statutory welfare or social security funds on behalf of all
its employees, contractors and directors, in each case to the extent required by
applicable laws, in compliance with the applicable regulations in each
respective jurisdiction such that there shall be no default or underpayment in
respect of individual income taxes and mandatory contributions to the statutory
social security funds that has or would reasonably be expected to have a
Material Adverse Effect.

          SECTION 2.11. Legal Proceedings. As of the date hereof, except as
disclosed in the Disclosure Schedule or except as would not reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect:

          (a) there are no Actions or Proceedings pending or, to the Knowledge
of the Warrantors, threatened seeking to restrain, adjourn or otherwise prohibit
or make

                                       10

<PAGE>

illegal the consummation of any of the transactions contemplated by the
Transaction Documents; and

          (b) there are no Actions or Proceedings pending or, to the Knowledge
of the Warrantors, threatened against, relating to or affecting the Company, any
Subsidiary or any of their respective Assets and Properties.

          SECTION 2.12. Compliance With Laws and Orders. Except as disclosed in
the Disclosure Schedule or except as would not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect, neither the Company
nor any Subsidiary has received any written communication since January 1, 2004
until the date hereof from any Governmental or Regulatory Authority that alleges
that the Company or any Subsidiary, as applicable, is in violation of or in
default under any Law or Order applicable to the Company or such Subsidiary. To
the Knowledge of the Warrantors, each of the Company and its Subsidiaries is in
compliance, in all material respects, with all Laws or Orders.

          SECTION 2.13. Real Property.

          (a) Except as disclosed in the Disclosure Schedule, each of the
Company and the Subsidiaries has good title to each parcel of real property
owned by it and is in possession of each such parcel of real property, together
with all buildings, structures, facilities, fixtures and other improvements
thereon, free and clear of any Lien other than the Permitted Liens that do not
materially impair the Company's or any Subsidiary's ownership or use of such
property.

          (b) Except as disclosed in the Disclosure Schedule, each of the
Company and the Subsidiaries has a valid and subsisting leasehold estate in and
the right to quiet enjoyment of the real properties leased by it, free and clear
of any Liens other than the Permitted Liens (except by the Lessor) that do not
materially impair the Company's or any Subsidiary's use of such property.

          SECTION 2.14. Tangible Personal Property. Except as disclosed in the
Disclosure Schedule or except as would not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect, each of the Company
and the Subsidiaries is in possession of and has good title to, or has valid
leasehold interests in or valid rights under Contract to use, all tangible
personal property material to the Business or Condition of the Company, free and
clear of any Liens other than the Permitted Liens that do not materially impair
the Company's or any Subsidiary's ownership or use, as applicable, of such
property.

          SECTION 2.15. Investment Assets. As of the date hereof, the Disclosure
Schedule lists each Investment Asset in excess of US$3 million held by the
Company or any Subsidiary in any Person which is not a Subsidiary. Except as
disclosed in the Disclosure Schedule, as of the date hereof, all such Investment
Assets listed on the Disclosure Schedule are owned by the Company or a
Subsidiary and are free and clear of

                                       11

<PAGE>

all Liens other than the Permitted Liens that do not materially impair the
Company's or any Subsidiary's ownership or use of such property.

          SECTION 2.16. Intellectual Property Rights. As of the date hereof,
each of the Company and the Subsidiaries either has all right, title and
interest in or a valid and binding right under Contract to use the Intellectual
Property material to the Business or Condition of the Company (the "COMPANY
INTELLECTUAL PROPERTY"). As of the date hereof, (a) all registrations with and
applications to Governmental or Regulatory Authorities in respect of the Company
Intellectual Property owned by the Company or a Subsidiary are valid and in full
force and effect and (b) the execution of the Transaction Documents and the
consummation of the transactions contemplated thereby do not trigger any
restrictions on the direct or indirect transfer of any material Contract, or any
interest therein, held by the Company or any Subsidiary in respect of the
Company Intellectual Property. As of the date hereof, neither the Company nor
any Subsidiary has received notice that the Company or any Subsidiary is
infringing any Intellectual Property of any other Person in any material
respect; to the Knowledge of the Warrantors, no claim to such effect is pending
and has not been resolved; and as of the date hereof, to the Knowledge of the
Warrantors, neither the Company nor any Subsidiary is infringing any
Intellectual Property of any other Person in any material respect. Section 2.16
of the Disclosure Schedule contains a complete list of the Company Intellectual
Property.

          SECTION 2.17. Contracts.

          (a) As of the date hereof, the Disclosure Schedule contains a true and
complete list of each of the following Contracts to which the Company or any
Subsidiary is a party or by which any of their respective Assets and Properties
is bound (the "MATERIAL CONTRACTS"):

               (i) Contracts providing for a commitment of employment or
consultation services for a specified or unspecified term or otherwise relating
to employment or termination of employment of each member of senior management
of the Company and the Subsidiaries;

               (ii) Contracts containing any provision or covenant prohibiting
or materially limiting the ability of the Company or any Subsidiary to engage in
any business activity or compete with any Person or prohibiting or materially
limiting the ability of any Person to compete with the Company or any Subsidiary
or otherwise impairing, restricting or imposing conditions on the Company or any
Subsidiary's right to offer or sell products or services in specified
geographical areas or for specified time periods;

               (iii) material partnership, joint venture, shareholders' or other
similar Contracts with any Person;

                                       12

<PAGE>

               (iv) Contracts relating to Indebtedness of the Company or any
Subsidiary in excess of US$3 million;

               (v) Contracts with distributors, manufacturers, suppliers or
sales agencies that involve a binding payment or obligation by or to the Company
or any Subsidiary of more than US$3 million annually;

               (vi) Contracts relating to (A) the future disposition or
acquisition of any Assets and Properties individually or in the aggregate
material to the Business or Condition of the Company, other than dispositions or
acquisitions in the ordinary course of business, and (B) any merger or other
business combination (other than this Agreement);

               (vii) Contracts between or among the Company and any Subsidiary
relating to Indebtedness or the provision of services between such entities;

               (viii) Contracts with top five (5) distributors, manufacturers,
suppliers or sales agencies, which collectively account for at least seventy
percent (70%) of the supply of silicon to the Company and its Subsidiaries in
the aggregate as of the date of this Agreement; and

               (ix) Contracts transferring or licensing any Company Intellectual
Property to or from the Company or any Subsidiary (other than licenses from
commercially readily available "off the shelf" computer software).

          (b) As of the date hereof, none of the Contracts required to be
disclosed in the Disclosure Schedule has been terminated prior to the expiration
of the agreed minimum term by any party thereto nor, to the Knowledge of the
Warrantors as to any Contract the Company or any Subsidiary is a party, has any
party indicated its intention to terminate any of such Contracts. Except as
disclosed in the Disclosure Schedule, to the Knowledge of the Warrantors,
neither the Company nor any Subsidiary or any other party to such Contract is in
violation or breach of or default under any such Contract in any material
respect.

          SECTION 2.18. Insurance. As of the date hereof, except as disclosed in
the Disclosure Schedule or except as would not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect, no premiums are due
or have not been paid in relation to, and neither the Company nor any Subsidiary
has received any notice of cancellation or termination in respect of, or, to the
Knowledge of the Warrantors, is in default under, any insurance policy currently
in effect that insure the business, operations or employees of the Company or
any Subsidiary or affect or relate to the ownership, use or operation of any of
the Assets and Properties of the Company or any Subsidiary in any material
respect.

          SECTION 2.19. Employees; Labor Relations. Except as disclosed in the
Disclosure Schedule, each of the employees of the Company and/or the
Subsidiaries

                                       13

<PAGE>

has entered into an employment contract with the Company or the applicable
Subsidiary in the form made available to the Investors prior to the Closing.
Except as disclosed in the Disclosure Schedule, neither the Company nor any of
its Subsidiaries is a party to or bound by any other currently effective
employment contract, deferred compensation agreement, bonus plan, incentive
plan, profit sharing plan, retirement agreement or other employee compensation
agreement. As of the date hereof, except as disclosed in the Disclosure
Schedule, there are no disputes pending or, to the Knowledge of the Company,
threatened in writing between the Company or any Subsidiary and any trade union
or other representatives of its employees, except in each case for such disputes
as would not reasonably be expected to have, individually or in the aggregate, a
Material Adverse Effect.

          SECTION 2.20. Environmental Matters. As of the date hereof, except as
disclosed in the Disclosure Schedule:

          (a) Neither the Company nor any Subsidiary has received any written
communication since January 1, 2003 until the date hereof from any Governmental
or Regulatory Authority that alleges that the Company or any Subsidiary, as
applicable, is not in compliance with applicable Environmental Laws in any
material respect, except for any non-compliance that has been settled or
resolved.

          (b) To the Knowledge of the Company, neither the Company nor any
Subsidiary is in violation of or not in compliance with applicable Environmental
Laws in any material respect.

          (c) To the Knowledge of the Company, each of the Company and the
Subsidiaries has obtained or maintains all environmental, health and safety
permits and governmental authorizations necessary for the construction of its
facilities and the conduct of its operations as currently conducted, as
applicable (collectively, the "ENVIRONMENTAL PERMITS"), and all such
Environmental Permits are in good standing or, where applicable, a renewal
application or an application for any new operations has been timely filed and
is pending agency approval, and the Company and the Subsidiaries are in
compliance with all terms and conditions of such Environmental Permits. To the
Knowledge of the Company, neither the Company nor any Subsidiary has received
any notice from any Governmental Authority that it will revoke, cancel,
withdraw, terminate, suspend, not renew, or modify any such Environmental
Permits.

          (d) This Section 2.20 contains the sole and exclusive representations
and warranties of the Company with respect to environmental matters arising
under any Environmental Law.

          SECTION 2.21. Brokers. All negotiations relating to this Agreement and
the transactions contemplated hereby have been carried out by the Company
directly with the Investors without the intervention of any Person on behalf of
the Company in such manner as to give rise to any valid claim by any Person
against the

                                       14

<PAGE>

Investor, the Company or any Subsidiary for a finder's fee, brokerage commission
or similar payment.

          SECTION 2.22. Related Party Transaction. Except as disclosed in the
Disclosure Schedule, no Founder, officer or director of the Company or any
Subsidiary or any Affiliate of any such person has any agreement with the
Company or any Subsidiary (except for employment contracts), understanding,
proposed transaction with, or is indebted to, any Company or Subsidiary, nor is
any Company or Subsidiary indebted (or committed to make loans or extend or
guarantee credit) to any of such persons (other than for accrued salaries,
reimbursable expenses or other standard employee benefits). Except as disclosed
in the Disclosure Schedule, no Founder, officer or director of the Holdco, the
Company or any Subsidiary has any direct or indirect ownership interest in (i)
any Person with which the Company or any Subsidiary is affiliated, (ii) any
Person with which the Company or any Subsidiary has a business relationship,
(iii) any Person that competes with the Company or any Subsidiary or (iv) any
Person which purchases from or sells, licenses or furnishes to the Company or
any Subsidiary any goods, property, intellectual or other property rights or
services. Except as disclosed in the Disclosure Schedule, there is no agreement
between any Founder, the Holdco and any other shareholder with respect to the
ownership or control of the Company or any Subsidiary.

          SECTION 2.23. Registration Rights. Except as provided in the
Disclosure Schedule, the Shareholders Agreement, the warrant, dated August 28,
2006, granted by the Company to TB Management Company Limited, the Warrants, and
any employee stock option plans to be adopted by the Company in contemplation of
the Qualified IPO, neither the Company nor any Subsidiary is under any
obligation to provide any rights to register under the U.S. Securities Act of
1933, as amended (the "SECURITIES ACT"), any of its presently outstanding
securities or any of its securities that may hereafter be issued or upon
exercise or conversion of its currently outstanding securities, including
piggyback rights, to any Person.

          SECTION 2.24. Disclosure. The information provided by the Warrantors
to the Investors as part of the due diligence process in connection with the
negotiation and execution of the Transaction Documents, taken as a whole, are
true and accurate in all material respects. The information contained in the
Transaction Documents and any other written certificates or instruments
delivered by the Warrantors in connection with the transactions contemplated
therein, taken as a whole, is true and accurate in all material respects.

                                       15

<PAGE>

                                   ARTICLE III

                 REPRESENTATIONS AND WARRANTIES OF THE INVESTORS

          Unless otherwise specified herein, each Investor hereby, with respect
to such Investor, severally but not jointly represents and warrants to the
Company as follows:

          SECTION 3.01. Corporate Existence. Each Investor is an entity duly
organized, validly existing and in good standing under the laws of the
jurisdiction in which it has been organized. Each Investor has full corporate
power and authority to execute and deliver this Agreement, to perform its
obligations hereunder and to consummate the transactions contemplated hereby.

          SECTION 3.02. Authority. The execution and delivery by each Investor
of this Agreement, and the performance by such Investor of its obligations
hereunder, have been duly and validly authorized by all necessary action on the
part of such Investor, no other action on the part of such Investor or its
equity holders being necessary. This Agreement has been duly and validly
executed and delivered by each Investor and constitutes a legal, valid and
binding obligation of such Investor enforceable against such Investor in
accordance with its terms.

          SECTION 3.03. No Conflicts. The execution and delivery by each
Investor of this Agreement do not, and the performance by such Investor of its
obligations under this Agreement and the consummation of the transactions
contemplated hereby shall not:

          (a) conflict with or result in a violation or breach of any of the
terms, conditions or provisions of the corporate organizational documents of
such Investor;

          (b) conflict with or result in a violation or breach of any term or
provision of any Law or Order applicable to such Investor or any of its Assets
and Properties; or

          (c) (i) conflict with or result in a violation or breach of, (ii)
constitute (with or without notice or lapse of time or both) a default under,
(iii) require such Investor to obtain any consent, approval or action of, make
any filing with or give any notice to any Person as a result or under the terms
of, (iv) result in or give to any Person any right of termination, cancellation,
acceleration or modification in or with respect to, or (v) result in the
creation or imposition of any Lien upon such Investor or any of its Assets and
Properties under, any Contract or License to which such Investor is a party or
by which any of its Assets and Properties is bound.

          SECTION 3.04. Governmental Approvals and Filings. No consent, approval
or action of, filing with or notice to any Governmental or Regulatory Authority
on the part of any Investor is required in connection with the execution,
delivery and

                                       16

<PAGE>

performance of this Agreement or the consummation of the transactions
contemplated hereby.

          SECTION 3.05. Legal Proceedings. There are no Actions or Proceedings
pending or, to the Knowledge of each Investor, threatened seeking to restrain,
enjoin or otherwise prohibit or make illegal the consummation of any of the
transactions contemplated by this Agreement.

          SECTION 3.06. Investment Purpose. Each Investor is acquiring the
Shares solely for the purpose of investment and not with a view to, or for offer
or sale in connection with, any distribution thereof.

          SECTION 3.07. Brokers. All negotiations relating to this Agreement and
the transactions contemplated hereby have been carried out by each Investor
directly with the Company without the intervention of any Person on behalf of
such Investor in such manner as to give rise to any valid claim by any Person
against the Company for a finder's fee, brokerage commission or similar payment.

          SECTION 3.08. Additional Representations. In addition to the
representations and warranties set forth in Sections 3.01 through 3.07 above,
each Investor who is a U.S. person (as such term is defined by Regulation S
under the Securities Act), with respect to such Investor, severally but not
jointly, makes the representations and warranties set forth in Appendix E
attached hereto.

                                   ARTICLE IV

                         COVENANTS AND OTHER AGREEMENTS

          SECTION 4.01. Covenants of the Warrantors. The Warrantors covenant and
agree with each Investor that, at all times from and after the date hereof until
the Closing, the Company shall comply and the Warrantors shall procure the
compliance by the Company and Tianwei Yingli with all covenants and provisions
of this Section 4.01, except to the extent the Lead Series B Shareholder may
otherwise consent in writing, which consent shall not be unreasonably withheld,
delayed or conditioned.

          (a) Regulatory and Other Approvals. The Warrantors shall, and shall
cause the Subsidiaries to, as promptly as reasonably practicable, (i) obtain all
consents, approvals or actions of, make all filings with and give all notices to
Governmental or Regulatory Authorities or any other Person required of the
Company or any Subsidiary to consummate the transactions contemplated in the
Transaction Documents, including without limitation those described in the
Disclosure Schedule and the filing under the SAFE Circular 75, which shall be
obtained no later than March 31, 2007, (ii) provide such other information and
communications to such Governmental or Regulatory Authorities or other Persons
as such Governmental or Regulatory Authorities or other Persons may reasonably
request in connection therewith and (iii) provide reasonable

                                       17

<PAGE>

cooperation to the Investors in connection with the performance of its
obligations under Section 4.02. The Company shall provide prompt notification to
the Investors when any such consent, approval, action, filing or notice referred
to in clause (i) above is obtained, taken, made or given, denied, rejected or
disapproved, as applicable, and shall advise the Investors of any communications
(and, unless precluded by Law, provide copies of any such communications that
are in writing) with any Governmental or Regulatory Authority or other Person
regarding any of the transactions contemplated by the Transaction Documents.

          (b) Conduct of Business. The Company and each Subsidiary shall conduct
its business in the ordinary course consistent with past practice. Without
limiting the generality of the foregoing, between the date of this Agreement and
the Closing Date, the Company shall use, and the Warrantors shall cause each
Subsidiary to use their best efforts to (i) preserve intact the present business
organization and reputation of the Company and the Subsidiaries, respectively,
in all material respects, (ii) keep available (subject to dismissals and
retirements in the ordinary course of business) the services of the key officers
and employees of the Company and the Subsidiaries, respectively, (iii) maintain
the respective Assets and Properties of the Company and the Subsidiaries in
working order and condition consistent with past custom and practice, ordinary
wear and tear excepted, and (iv) maintain the goodwill of key customers,
suppliers and lenders and other Persons with whom the Company and any Subsidiary
otherwise has significant business relationships.

          (c) Fulfillment of Conditions. The Warrantors shall take all
commercially reasonable steps necessary or desirable and proceed diligently and
in good faith to satisfy each condition to the obligations of the Investors
contained in this Agreement and shall not take or fail to take any action that
would reasonably be expected to result in the non-fulfillment of any such
condition.

          (d) Delivery of Financial Statements. As promptly as practicable, but
no later than one hundred twenty (120) days, after the end of each of 2006 and
2007, the Company shall deliver to the Investors audited consolidated balance
sheets, income statements and statements of cash flow of the Company, in each
case prepared in accordance with US GAAP, provided that if such consolidated
financial statements of the Company are not available, the Company shall deliver
audited consolidated balance sheets, income statements and statements of cash
flow of Tianwei Yingli, in each case prepared in accordance with US GAAP.

          (e) Amended and Restated Articles of Association. The Warrantors shall
take all necessary steps to file or register the Company's Amended Articles in
the form reasonably satisfactory to the Lead Series B Shareholder with
applicable Governmental and Regulatory Authorities within five (5) Business Days
after the Closing.

          (f) Register of Members. Notwithstanding anything contrary herein, the
Warrantors shall, on the Business Day immediately following the Closing Date,
deliver a copy of its registers of the members, directors, officers and holders
of warrants

                                       18

<PAGE>

of the Company, certified by the Chief Executive Officer as true, complete,
accurate and as in effect immediately after the Closing. The register of members
and register of directors delivered under this Section 4.01(f) shall reflect the
issuance of the Shares pursuant to this Agreement and the election of the Series
B Nominee (as defined in the Shareholders Agreement), respectively.

          SECTION 4.02. Covenants of the Investors. Unless otherwise specified
herein, each Investor, with respect to such Investor, covenants and agrees with
the Company that, at all times from and after the date hereof until the Closing,
such Investor shall comply with all covenants and provisions of this Section
4.02, except to the extent the Company may otherwise consent in writing, which
consent shall not be unreasonably withheld, delayed or conditioned.

          (a) Regulatory and Other Approvals. Each Investor shall as promptly as
practicable (i) take all commercially reasonable steps necessary or desirable to
obtain all applicable consents, approvals or actions of, make all filings with
and give all notices to Governmental or Regulatory Authorities or any other
Person required of such Investor to consummate the transactions contemplated
hereby, (ii) provide such other information and communications to such
Governmental or Regulatory Authorities or other Persons as such Governmental or
Regulatory Authorities or other Persons may reasonably request in connection
therewith and (iii) provide reasonable cooperation to the Company in connection
with the performance of its obligations under this Section 4.02. Each Investor
shall provide prompt notification to the Company when any such consent,
approval, action, filing or notice referred to in clause (i) above is obtained,
taken, made or given, as applicable, and shall advise the Company of any
communications (and, unless precluded by Law, provide copies of any such
communications that are in writing) with any Governmental or Regulatory
Authority or other Person regarding any of the transactions contemplated by this
Agreement.

          (b) Fulfillment of Conditions. Each Investor shall take all
commercially reasonable steps necessary or desirable and proceed diligently and
in good faith to satisfy each condition to the obligations of the Company
contained in this Agreement and shall not take or fail to take any action that
would reasonably be expected to result in the non-fulfillment of any such
condition.

          SECTION 4.03. Mutual Covenants. Each party hereto covenants and agrees
with the other party that, at all times from and after the date hereof until the
Closing, such party shall comply with all covenants and provisions of this
Section 4.03, except to the extent each other party may otherwise consent in
writing, which consent shall not be unreasonably withheld, delayed or
conditioned.

          (a) Confidentiality. Each party hereto shall hold, and shall cause its
representatives to hold, in confidence this Agreement, the Transaction
Documents, all documents and information furnished to it by or on behalf of the
other parties in connection with the transactions contemplated hereby and shall
continue to be bound the

                                       19

<PAGE>

terms of the confidentiality agreement with the Company respectively entered by
each Investor, the terms of which are incorporated herein by reference.

          (b) Publicity. No party hereto shall make any announcement regarding
this Agreement or the transactions contemplated hereby without the prior written
consent of the other parties, except as may be required pursuant to applicable
Law and except pursuant to Section 10.04.

                                    ARTICLE V

                              CONDITIONS TO CLOSING

          SECTION 5.01. Conditions to Each Party's Obligations. The obligation
of any of the parties hereto to consummate the transactions contemplated by this
Agreement is subject to the fulfillment, at or before the Closing, of each of
the following conditions (all or any of which may be waived in whole or in part
by the Company and the Lead Series B Shareholder):

          (a) Orders and Laws. There shall not be in effect on the Closing Date
any Order or Law restraining, enjoining or otherwise prohibiting or making
illegal the consummation of any of the transactions contemplated by this
Agreement.

          SECTION 5.02. Conditions to Obligations of the Investor. The
obligation of each Investor to purchase Shares at the Closing pursuant to this
Agreement is subject to the fulfillment, at or before the Closing, of each of
the following conditions (all or any of which may be waived in whole or in part
by such Investor in its sole discretion):

          (a) Representations and Warranties. The representations and warranties
made by the Warrantors in this Agreement shall be true and correct in all
material respects on and as of the Closing Date as though made on and as of the
Closing Date (or, in the case of representations and warranties made as of a
specified date earlier than the Closing Date, on and as of such earlier date).

          (b) Performance. The Warrantors shall have performed and complied
with, in all material respects, the agreements, covenants and obligations
required by this Agreement to be so performed or complied with by the Warrantors
at or before the Closing.

          (c) No Material Change. Since June 30, 2006, there shall not have
occurred any change, event or condition that, individually or taken as a whole,
has, or that could reasonably be expected to have a Material Adverse Effect.

          (d) Officer's Certificate. The Company's chief executive officer shall
deliver to the Investors at the Closing a certificate (i) certifying that the
conditions specified in Sections 5.02(a), 5.02(b), 5.02(c) and 5.02(j) have been
fulfilled; and (ii)

                                       20

<PAGE>

attaching a copy of the Amended Articles which shall be effective upon the
Closing.

          (e) Transaction Documents. Except for the Amended Articles, the JV
Contract Amendment and the JV Article Amendment, each party to each Transaction
Document shall have duly executed and delivered each of the Transaction
Documents to which it is a party, which shall each be substantially similar to
the respective forms attached hereto as exhibits.

          (f) Memorandum and Articles of Association. The Amended Articles,
which shall be substantially in the form attached hereto as Exhibit C and be
effective upon the Closing, shall have been duly adopted by all necessary
actions of the board of directors and shareholders of the Company.

          (g) Opinion of Counsel. The Investors shall have received as of the
Closing Date the opinions of each of Conyers Dill & Pearman, Cayman Islands
counsel to the Company, and Fangda Partners, the PRC counsel to the Company,
both dated as of the Closing Date, to the reasonable satisfaction of the
Investors.

          (h) Issuance of New Shares. Prior to the Closing, the Company shall
not, and the Warrantors shall procure the Company not to, have issued or
authorized the issuance of any Ordinary Shares or Series B Preferred Shares
other than as set forth in Section 2.04 hereof.

          (i) Series B Directors. All necessary actions shall have been taken to
appoint a representative of the holders of the Series B Preferred Shares to each
of the board of directors of the Company and Tianwei Yingli, and to each
committee of the board of the Company, effective as of the Closing Date.

          (j) Confidential Submission. The Company shall have submitted to the
United States Securities and Exchange Commission on a confidential basis a draft
registration statement on Form F-1 in connection with the initial public
offering of the Company's equity securities on the New York Stock Exchange as
lead-managed, as of the date of such submission, by the underwriters identified
in the copy of the draft registration statement on Form F-1 provided to the Lead
Series B Shareholder on November 18, 2006.

          (k) Warrant Side Letter. The Company, the Holdco, the Founder and the
Lead Series B Shareholder shall have entered into a side letter relating, among
others, to the issuance of certain warrants substantially in the form attached
hereto as Exhibit D (the "WARRANT SIDE LETTER") or as otherwise agreed by the
Lead Series B Shareholder.

          (l) Funding of the CB Proceeds. At least US$62,000,000 of the proceeds
from the issuance of that certain US$85,000,000 Bonds due 2008 issued by the
Company under the Trustee Deed, dated November 13, 2006, between the Company and
DB Trustees (Hong Kong) Limited, shall have been funded by the Company into
Tianwei Yingli in the form of registered capital to increase the percentage of
the Company's

                                       21

<PAGE>

equity ownership in Tianwei Yingli to at least 62.13%, as evidenced by a capital
verification report issued by a PRC certified public accountant and an updated
business license of Tianwei Yingli to such effect.

          SECTION 5.03. Conditions to Obligations of the Company. The obligation
of the Company to consummate the transactions contemplated by this Agreement is
subject to the fulfillment, at or before the Closing, of each of the following
conditions (all or any of which may be waived in whole or in part by the Company
in its sole discretion); provided that the failure to fulfill any of such
conditions by an Investor other than the Lead Series B Shareholder shall not
affect the ability of the Lead Series B Shareholder to consummate the
transactions contemplated by this Agreement with respect to the Lead Series B
Shareholder.

          (a) Representations and Warranties. The representations and warranties
made by each Investor in this Agreement, taken as a whole, shall be true and
correct in all material respects on and as of the Closing Date as though made on
and as of the Closing Date.

          (b) Performance. Each Investor shall have performed and complied with,
in all material respects, the agreements, covenants and obligations required by
this Agreement to be so performed or complied with by such Investor at or before
the Closing.

                                   ARTICLE VI

                       SURVIVAL; NO OTHER REPRESENTATIONS

          SECTION 6.01. Survival of Representations and Warranties. The
representations and warranties of the Company contained in Article II and in the
Disclosure Schedule shall survive only until the first anniversary of the
Closing, except that any representation or warranty that would otherwise
terminate in accordance with this sentence shall continue to survive if a Claim
Notice or Indemnity Notice (as applicable) shall have been timely given in good
faith based on facts reasonably expected to establish a valid claim under
Article VII on or prior to such termination date, until the related claim for
indemnification has been satisfied or otherwise resolved as provided in Article
VII.

          SECTION 6.02. No Other Representations. Except those representations
and warranties contained in Article II as qualified by the Disclosure Schedule,
it is the explicit intent of each party hereto that the Company is making no
representation or warranty whatsoever, express or implied, at law or in equity,
whether under contract, tort or other applicable law, in respect of the
Business, the Company or any Subsidiary, or any of their respective Assets and
Properties, Liabilities or operations. In addition, the Company makes no
representation or warranty to the Investors with respect to any financial
projection or forecast relating to the Business or Condition of the Company
provided by or on behalf of the Company to the Investors or any of their

                                       22

<PAGE>

Affiliates or Representatives, provided, that, such financial projection or
forecast were prepared in good faith. With respect to any projection or forecast
with respect to the Company and the Subsidiaries or the Business delivered by or
on behalf of the Company to the Investors or any of their Affiliates or
Representatives, each Investor acknowledges that (a) there are uncertainties
inherent in attempting to make such projections and forecasts, (b) it is
familiar with such uncertainties, (c) it is taking full responsibility for
making its own evaluation of the adequacy and accuracy of all such projections
and forecasts furnished to it and (d) it shall have no claim against the Company
or any of their Affiliates or Representatives with respect thereto, except where
it is determined that such projection or forecast were not prepared in good
faith.

                                   ARTICLE VII

                                 INDEMNIFICATION

          SECTION 7.01. Indemnification.

          (a) Following the Closing, subject to paragraphs (c) and (d) of this
Section, Section 7.03 and the other Sections of this Article VII, the Warrantors
shall jointly and severally indemnify each Investor in respect of, and hold it
harmless from and against, any and all Losses suffered, incurred or sustained by
it or to which it becomes subject, resulting from, arising out of or relating to
any breach of representation or warranty or non-fulfillment of or failure to
perform any covenant or agreement on the part of the Warrantors made in this
Agreement.

          (b) Notwithstanding anything to the contrary contained in this
Agreement, no amounts of indemnity shall be payable by the Warrantors as a
result of any Losses arising under paragraph (a) of this Section 7.01:

               (i) with respect to any claim, unless and until the aggregate
amount of Losses suffered cumulatively by any and all Investors exceeds US$2
million, in which case each Investor shall be entitled to indemnification of the
entire amount of Losses suffered by it subject to the terms and conditions of
Section 7.01;

               (ii) with respect to any Investor, to the extent it arises from
or was caused by actions taken by such Investor or any of its Affiliates; or

               (iii) with respect to any Investor, to the extent that such
Investor had been compensated for such Loss.

          (c) Notwithstanding anything to the contrary contained in this
Agreement, the Warrantors shall, in no circumstance, be obligated hereunder to
indemnify any Investor in respect of any and all Losses in the aggregate in an
amount in excess of the sum of (i) the Purchase Price paid by such Investor and
(ii) an amount representing 12% of the Purchase Price paid by such Investor, as
computed on an annualized basis.

                                       23

<PAGE>

          (d) Notwithstanding anything to the contrary contained in this
Agreement, this Article VII shall survive any termination of this Agreement.

          SECTION 7.02. Method of Asserting Claims. All claims for
indemnification by any Indemnified Party under Section 7.01 must be asserted and
resolved as follows:

          (a) In the event any claim or demand in respect of which an
Indemnified Party might seek indemnity under Section 7.01 is asserted against or
sought to be collected from such Indemnified Party by a Person other than the
Warrantors or any of their respective Affiliates (a "THIRD PARTY CLAIM"), the
Indemnified Party shall deliver a Claim Notice with reasonable promptness to the
Indemnifying Party. The Indemnifying Party shall notify the Indemnified Party as
soon as practicable within the Dispute Period whether the Indemnifying Party
disputes its liability to the Indemnified Party under Section 7.01 and whether
the Indemnifying Party desires, at its sole cost and expense, to defend the
Indemnified Party against such Third Party Claim.

               (i) If the Indemnifying Party notifies the Indemnified Party
within the Dispute Period that the Indemnifying Party desires to defend the
Indemnified Party with respect to the Third Party Claim pursuant to this Section
7.02(a), then the Indemnifying Party shall have the right to defend, at the sole
cost and expense of the Indemnifying Party, such Third Party Claim by all
appropriate proceedings, which proceedings shall be vigorously and diligently
prosecuted by the Indemnifying Party to a final conclusion or shall be settled
at the discretion of the Indemnifying Party (but only with the consent of the
Indemnified Party, which consent shall not be unreasonably withheld or delayed
in the case of any settlement that provides for any relief other than the
payment of monetary damages as to which the Indemnified Party shall be
indemnified in full). The Indemnifying Party shall have full control of such
defense and proceedings, including (except as provided in the immediately
preceding sentence) any settlement thereof, except that:

                    (x) the Indemnified Party may, at the sole cost and expense
of the Indemnified Party, at any time prior to the Indemnifying Party's delivery
of the notice referred to in the first sentence of this clause (i), file any
motion, answer or other pleadings or take any other action that the Indemnified
Party reasonably believes to be necessary or appropriate to protect its
interests and not prejudicial to the Indemnifying Party (it being understood and
agreed that, except as provided in clause (ii) below, if an Indemnified Party
takes any such action that is prejudicial and causes a final adjudication that
is adverse to the Indemnifying Party, the Indemnifying Party shall be relieved
of its obligations hereunder with respect to the portion of such Third Party
Claim prejudiced by the Indemnified Party's action); and

                    (y) if requested by the Indemnifying Party, the Indemnified
Party shall, at the sole cost and expense of the Indemnifying Party, cooperate
with the Indemnifying Party and its counsel in contesting any Third Party Claim
that the

                                       24

<PAGE>

Indemnifying Party elects to contest, or, if appropriate and related to the
Third Party Claim in question, in making any counterclaim against the Person
asserting the Third Party Claim, or any cross-complaint against any Person
(other than the Indemnified Party or any of its Affiliates).

                         The Indemnified Party may retain separate counsel to
represent it in, but not control, any defense or settlement of any Third Party
Claim controlled by the Indemnifying Party pursuant to this clause (i), and the
Indemnified Party shall bear its own costs and expenses with respect to such
separate counsel except as provided in the preceding sentence. Notwithstanding
the foregoing, the Indemnified Party may retain or take over the control of the
defense or settlement of any Third Party Claim the defense of which the
Indemnifying Party has elected to control if the Indemnified Party irrevocably
waives its right to indemnity under Section 7.01 with respect to such Third
Party Claim.

               (ii) If the Indemnifying Party fails to notify the Indemnified
Party within the Dispute Period that the Indemnifying Party desires to defend
the Third Party Claim pursuant to this Section 7.02(a), then the Indemnified
Party shall have the right to defend, at the sole cost and expense of the
Indemnifying Party, the Third Party Claim by all appropriate proceedings, which
proceedings shall be vigorously and diligently prosecuted by the Indemnified
Party to a final conclusion or shall be settled at the discretion of the
Indemnified Party (with the consent of the Indemnifying Party, which consent
shall not be unreasonably withheld or delayed). The Indemnified Party shall have
full control of such defense and proceedings, including (except as provided in
the immediately preceding sentence) any settlement thereof; provided, however,
that:

                    (x) if requested by the Indemnified Party, the Indemnifying
Party shall, at the sole cost and expense of the Indemnifying Party, cooperate
with the Indemnified Party and its counsel in contesting any Third Party Claim
which the Indemnified Party is contesting, or, if appropriate and related to the
Third Party Claim in question, in making any counterclaim against the Person
asserting the Third Party Claim, or any cross-complaint against any Person
(other than the Indemnifying Party or any of its Affiliates);

                    (y) notwithstanding the foregoing provisions of this clause
(ii), if the Indemnifying Party has notified the Indemnified Party within the
Dispute Period that the Indemnifying Party disputes its liability hereunder to
the Indemnified Party with respect to such Third Party Claim and if such dispute
is resolved in favor of the Indemnifying Party in the manner provided in clause
(iii) below, the Indemnifying Party shall not be required to bear the costs and
expenses of the Indemnified Party's defense pursuant to this clause (ii) or of
the Indemnifying Party's participation therein at the Indemnified Party's
request, and the Indemnified Party shall reimburse the Indemnifying Party in
full for all reasonable costs and expenses incurred by the Indemnifying Party in
connection with such litigation; and

                                       25

<PAGE>

                    (z) the Indemnifying Party may retain separate counsel to
represent it in, but not control, any defense or settlement controlled by the
Indemnified Party pursuant to this clause (ii), and the Indemnifying Party shall
bear its own costs and expenses with respect to such participation.

               (iii) If the Indemnifying Party notifies the Indemnified Party
that it does not dispute its liability to the Indemnified Party with respect to
the Third Party Claim under Section 7.01 or fails to notify the Indemnified
Party within the Dispute Period whether the Indemnifying Party disputes its
liability to the Indemnified Party with respect to such Third Party Claim, the
Loss arising from such Third Party Claim shall, subject to the provisions of
Section 7.01(c), be conclusively deemed a liability of the Indemnifying Party
under Section 7.01 and the Indemnifying Party shall, subject to the provisions
of Section 7.01(c), pay the amount of such Loss to the Indemnified Party on
demand following the final determination thereof. If the Indemnifying Party has
timely disputed its liability with respect to such claim, the Indemnifying Party
and the Indemnified Party shall proceed in good faith to negotiate a resolution
of such dispute and, if not resolved through negotiations, such dispute shall be
resolved in accordance with the dispute resolution provisions in Section 10.10.

          (b) In the event of a claim by any Indemnified Party under Section
7.01 against any Indemnifying Party that does not involve a Third Party Claim,
the Indemnified Party shall deliver an Indemnity Notice with reasonable
promptness to the Indemnifying Party. If the Indemnifying Party notifies the
Indemnified Party that it does not dispute the claim described in such Indemnity
Notice or fails to notify the Indemnified Party within the Dispute Period
whether the Indemnifying Party disputes the claim described in such Indemnity
Notice, the Loss arising from the claim specified in such Indemnity Notice
shall, subject to the provisions of Section 7.01(c), be conclusively deemed a
liability of the Indemnifying Party under Section 7.01 and the Indemnifying
Party shall, subject to the provisions of Section 7.01(c), pay the amount of
such Loss to the Indemnified Party on demand following the final determination
thereof. If the Indemnifying Party has timely disputed its liability with
respect to such claim, the Indemnifying Party and the Indemnified Party shall
proceed in good faith to negotiate a resolution of such dispute, and if not
resolved through negotiations, such dispute shall be resolved in accordance with
the dispute resolution provisions in Section 10.10.

          SECTION 7.03. Exclusivity. After the Closing, except in the event of
fraud or willful breach of representations, warranties or covenants herein, the
indemnities set forth in this Article VII shall be the sole and exclusive
remedies of each Investor and its respective officers, directors, employees,
agents and Affiliates for any breach of representation or warranty or
nonfulfillment of or failure to perform any covenant or agreement made in this
Agreement, and the parties shall not be entitled to a rescission of this
Agreement or to any further indemnification rights or claims of any nature
whatsoever in respect thereof, all of which the parties hereto hereby waive. No
Person who was an officer, director or stockholder of the Company or any of the
Subsidiaries prior to the Closing or any of their respective Affiliates shall
have any liability to make any payment in respect of any breach of any
representation or warranty

                                       26

<PAGE>

or non-performance of any covenant or agreement made in this Agreement, except
for the Company's indemnification obligations under this Article VII.

          SECTION 7.04. No Consequential Damages. Anything herein to the
contrary notwithstanding, no party shall be liable under this Agreement or with
respect to the transactions contemplated hereby for any consequential,
exemplary, punitive, special, indirect or incidental damages, including loss of
profits or revenue or any multiple of damages.

          SECTION 7.05. Limitation of Liability. No recourse shall be had for
any claim based on or otherwise in respect of this Agreement or the transactions
contemplated hereby against any Person other than the Warrantors or the
Investors.

                                  ARTICLE VIII

                                   TERMINATION

          SECTION 8.01. Termination. This Agreement may be terminated, and the
transactions contemplated hereby may be abandoned:

          (a) at any time before the Closing, by mutual written agreement of the
Company and the Investors; or

          (b) after the Closing by the Lead Series B Investor in the event the
Conditions Subsequent shall have not been satisfied or waived by March 31, 2007;

          SECTION 8.02. Effect of Termination. (a) Subject to paragraph (b)
below, if this Agreement is validly terminated pursuant to Section 8.01, this
Agreement shall forthwith become null and void, and there shall be no liability
or obligation on the part of the Company or any Investor (or any of their
respective officers, directors, employees, agents or other Representatives or
Affiliates) under this Agreement or in connection with the transactions
contemplated hereby, except that such termination shall not relieve any
breaching party from liability hereunder from willful breach of any
representation or warranty contained herein or any breach of any covenant or
agreement contained herein.

          (b) If this Agreement is validly terminated pursuant to Section
8.01(b), within five (5) Business Days after receipt of such written request
from the Lead Series B Investor, the Escrow Agent shall (i) release the Escrow
Amount (together with any accrued interest paid thereon by the Escrow Agent) to
the bank accounts designated by the Lead Series B Investor in writing and (ii)
return the Escrow Share Certificates to the Company. Immediately upon the return
by the Escrow Agent of the Escrow Amount (together with any accrued interest
paid by the Escrow Agent) to each Investor, such Investor shall no longer be a
shareholder of the Company with respect to the Escrow Shares and shall not have
any rights, interests or claims with respect to the Company as a shareholder of
the Company with respect to the Escrow Shares.

                                       27

<PAGE>

                                   ARTICLE IX

                                   DEFINITIONS

          SECTION 9.01. Defined Terms. As used in this Agreement, the following
defined terms have the meanings indicated below:

          "ACTIONS OR PROCEEDINGS" means any action, suit, proceeding,
arbitration or Governmental or Regulatory Authority investigation.

          "ACTUAL ANNUAL FINANCIAL STATEMENTS" has the meaning ascribed to it in
Section 2.09(a).

          "ACTUAL INTERIM FINANCIAL STATEMENTS" has the meaning ascribed to it
in Section 2.09(a).

          "ADVANCE PAYMENT" means, with respect to each Advance Payment
Investor, such amount of advance payment made by such Advance Payment Investor
to the Company pursuant to the Advance Payment Agreement between such Advance
Payment Investor and the Company, to the extent that such advance payment equals
the purchase price of the Series B Preferred Shares allocated by the Company to
such Advance Payment Investor as indicated as the Purchase Price set forth
opposite such Advance Payment Investor's name on Schedule 1.

          "ADVANCE PAYMENT INVESTORS" means Modern Peakview Limited, KWR
International Ltd., and DBS Nominees (Private) Limited.

          "ADVANCE PAYMENT SHARES" has the meaning ascribed to it in Section
1.04(c).

          "ADVANCE PAYMENT SHARE CERTIFICATES" has the meaning ascribed to it in
Section 1.04(c).

          "AFFILIATE" means any Person that directly, or indirectly through one
or more intermediaries, controls or is controlled by or is under common control
with the Person specified. For purposes of this definition, control of a Person
means the power, direct or indirect, to direct or cause the direction of the
management and policies of such Person whether by Contract or otherwise and, in
any event and without limitation of the previous sentence, any Person owning
fifty percent (50%) or more of the voting securities of another Person shall be
deemed to control that Person.

          "AGREEMENT" means this Series B Preferred Share Purchase Agreement,
the Disclosure Schedule, the exhibits and annexes attached hereto.

          "AMENDED ARTICLES" means the Second Amended and Restated Memorandum
and Articles of Association of the Company.

                                       28

<PAGE>

          "ASSETS AND PROPERTIES" of any Person means all assets and properties
of every kind, nature, character and description (whether real, personal or
mixed, whether tangible or intangible, and wherever situated), including the
goodwill related thereto, operated, owned or leased by such Person.

          "BOOKS AND RECORDS" means all files, documents, instruments, papers,
books and records relating to the Business or Condition of the Company,
including without limitation financial statements, Tax returns and related work
papers and letters from accountants, budgets, pricing guidelines, ledgers,
journals, deeds, title policies, minute books, stock certificates and books,
stock transfer ledgers, Contracts, Licenses, operating data and plans.

          "BUSINESS" means the design, manufacture, sales, assembly,
installation and servicing of photovoltaic products engaged in by the Company,
directly or indirectly through the Subsidiaries.

          "BUSINESS DAY" means a day other than Saturday, Sunday or any day on
which banks located in Hong Kong are authorized or obligated to close.

          "BUSINESS OR CONDITION OF THE COMPANY" means the business, financial
condition or results of operations of the Company and the Subsidiaries taken as
a whole.

          "CLAIM NOTICE" means written notification pursuant to Section 7.02(a)
of a Third Party Claim as to which indemnity under Section 7.01 is sought by an
Indemnified Party, enclosing a copy of all papers served, if any, and specifying
the nature of and basis for such Third Party Claim and for the Indemnified
Party's claim against the Indemnifying Party under Section 7.01, together with
the amount or, if not then reasonably determinable, the estimated amount,
determined in good faith, of the Loss arising from such Third Party Claim.

          "CLOSING" means the closing of the transactions contemplated by
Article I.

          "CLOSING DATE" has the meaning ascribed to it in Section 1.02.

          "COMPANY" has the meaning ascribed to it in the preamble of this
Agreement.

          "COMPANY INTELLECTUAL PROPERTY" has the meaning ascribed to it in
Section 2.16.

          "CONDITIONS SUBSEQUENT" has the meaning ascribed to it in Section
1.06(c).

          "CONTRACT" means any agreement, lease, license, evidence of
Indebtedness, mortgage, indenture, security agreement or other contract.

                                       29

<PAGE>

          "DISCLOSURE SCHEDULE" means the records delivered to the Investors on
behalf of the Company herewith and dated as of the date hereof, containing all
lists, exceptions and other information and materials as may be provided or deem
to be provided pursuant to this Agreement.

          "DISPUTE PERIOD" means the period ending twenty (20) days following
receipt by an Indemnifying Party of either a Claim Notice or an Indemnity
Notice.

          "ENVIRONMENTAL PERMITS" has the meaning ascribed to it in Section
2.20(c).

          "ENVIRONMENTAL LAWS" means all Laws of any jurisdiction in which the
Company or any Subsidiary conducts business or operations relating to pollution
and the environment generally.

          "ESCROW AGENT" has the meaning ascribed to it in Section 1.06(a).

          "ESCROW AGREEMENT" has the meaning ascribed to it in Section 1.06(a).

          "ESCROW AMOUNT" has the meaning ascribed to it in Section 1.03(b).

          "ESCROW SHARES" has the meaning ascribed to it in Section 1.04(b).

          "ESCROW SHARE CERTIFICATES" has the meaning ascribed to it in Section
1.04(b).

          "FINANCIAL STATEMENTS" means the drafts of the unaudited consolidated
balance sheets, income statements and statements of cash flow of Tianwei Yingli
for the years ended on December 31, 2004 and 2005 and for the six months ended
June 30, 2006, in each case, prepared in accordance with US GAAP and included in
the Disclosure Schedule.

          "FOUNDER" has the meaning ascribed to it in the Preamble.

          "GOVERNMENTAL OR REGULATORY AUTHORITY" means any applicable court,
tribunal, arbitrator, authority, agency, commission, official or other
instrumentality of any jurisdiction in which a Person conducts business or
operations.

          "HOLDCO" has the meaning ascribed to it in the Preamble.

          "ICC" has the meaning ascribed to it in Section 10.10(b).

          "INDEBTEDNESS" of any Person means all obligations of such Person (i)
for borrowed money, (ii) evidenced by notes, bonds, debentures or similar
instruments, (iii)

                                       30

<PAGE>

under capital leases and (iv) in the nature of guarantees of the obligations
described in clauses (i) through (iii) above of any other Person.

          "INDEMNIFIED PARTY" means any Person claiming indemnification under
any provision of Article VII.

          "INDEMNIFYING PARTY" means any Person against whom a claim for
indemnification is being asserted under any provision of Article VII.

          "INDEMNITY NOTICE" means written notification pursuant to Section
7.02(b) of a claim for indemnity under Article VII, specifying the nature of and
basis for such claim, together with the amount or, if not then reasonably
determinable, the estimated amount, determined in good faith, of the Loss
arising from such claim.

          "INTELLECTUAL PROPERTY" of any Person means all patents and patent
rights, trademarks and trademark rights, trade names and trade name rights,
service marks and service mark rights, service names and service name rights,
brand names, domain names, inventions, copyrights and copyright rights, know-how
and all pending applications for and registrations of patents, trademarks,
service marks and copyrights.

          "INVESTMENT ASSETS" of any Person means all debentures, notes and
other evidences of Indebtedness, stocks, securities (including rights to
purchase and securities convertible into or exchangeable for other securities),
interests in joint ventures and general and limited partnerships, mortgage loans
and other investment or portfolio assets owned of record or beneficially by such
Person (other than trade receivables generated in the ordinary course of
business of such Person).

          "INVESTOR" has the meaning ascribed to it in the preamble of this
Agreement.

          "JOINT VENTURE CONTRACT" has the meaning ascribed to it in Section
1.05(c) of this Agreement.

          "JV ARTICLE AMENDMENT" has the meaning ascribed to it in Section
1.06(c) of this Agreement.

          "JV CONTRACT AMENDMENT" has the meaning ascribed to it in Section
1.06(c) of this Agreement.

          "KNOWLEDGE" means, with respect to any matter in question, a party's
actual knowledge after due and diligent inquiries of officers, directors and
other employees of such party reasonably believed to have knowledge of the
matter in question. Any such individual will be deemed to have Knowledge of a
particular fact, circumstance, event or other matter if (i) such individual has
actual knowledge of such fact, circumstance, event or other matter; or (ii) such
fact, circumstance, event or other

                                       31

<PAGE>

matter is reflected in one or more documents in, or that have been in, such
individual's possession, including personal files of such person.

          "LAWS" means, with respect to a Person, all laws, statutes, rules,
regulations, ordinances and other pronouncements having the effect of law of any
jurisdiction in which such Person conducts business or operations or of any
Governmental or Regulatory Authority.

          "LEAD SERIES B SHAREHOLDER" has the meaning ascribed to it in the
Shareholders Agreement.

          "LIABILITIES" means all Indebtedness, obligations and other
liabilities of a Person (whether absolute, accrued, contingent, fixed or
otherwise, or whether due or to become due).

          "LICENSES" means all licenses, permits, certificates of authority,
authorizations, approvals, registrations, franchises and similar consents
granted or issued by any Governmental or Regulatory Authority.

          "LIENS" means any mortgage, pledge, assessment, security interest,
lease, lien, levy, charge or other encumbrance of any kind, or any conditional
sale Contract, title retention Contract or other Contract to give any of the
foregoing.

          "LOSS" means any and all damages, fines, penalties, deficiencies,
losses and expenses (including without limitation interest, court costs,
reasonable fees of attorneys, accountants and other experts or other reasonable
expenses of litigation or other proceedings or of any claim, default or
assessment).

          "M&A REGULATIONS" means the Regulations on Acquisition of Domestic
Enterprises by Foreign Investors promulgated by the Ministry of Commerce and
other Governmental or Regulatory Authorities of the PRC on August 8, 2006 and
effective as of September 8, 2006.

          "MATERIAL ADVERSE EFFECT" means an effect of any change, circumstance,
condition, development, effect, event, occurrence or state of facts that,
individually or in the aggregate, is or has been, or would reasonably be
expected to be, materially adverse to the Business or Condition of the Company,
other than an effect of any change, circumstance, condition, development,
effect, event, occurrence or state of facts relating to (i) economic or industry
conditions generally, (ii) any change in Laws or regulatory conditions directly
and specifically affecting any segment of the energy industry, (iii) any change
in political conditions, including any acts of war or terrorist activities,
directly affecting any segment of the energy industry, (iii) any change in US
GAAP, or (iv) any adverse change, effect, event, occurrence, state of facts or
development arising from or relating to compliance with the terms of this
Agreement, or action taken, or failed to be taken, to which the Investors have
consented in writing.

                                       32

<PAGE>

          "MATERIAL CONTRACT" has the meaning ascribed to it in Section 2.17.

          "OPTION" with respect to any Person means any security, right,
subscription, warrant, option, "phantom" stock right or other Contract that
gives the right to (i) purchase or otherwise receive or be issued any shares of
capital stock of such Person or any security of any kind convertible into or
exchangeable or exercisable for any shares of capital stock of such Person or
(ii) receive or exercise any benefits or rights similar to any rights enjoyed by
or accruing to the holder of shares of capital stock of such Person, including
any rights to participate in the equity or income of such Person or to
participate in or direct the election of any directors or officers of such
Person or the manner in which any shares of capital stock of such Person are
voted.

          "ORDER" means any writ, judgment, decree, injunction or similar order
of any Governmental or Regulatory Authority (in each such case whether
preliminary or final).

          "ORDINARY SHARES" has the meaning ascribed to it in Section 2.04.

          "PERMITTED LIEN" means (i) statutory Liens for current Taxes not yet
due and payable or Taxes being contested in good faith through appropriate
proceedings, (ii) mechanics', carriers', workers', repairers' and other similar
Liens imposed by Law arising or incurred in the ordinary course of business for
obligations not yet due, (iii) in the case of leases of vehicles and other
personal property, Liens which do not, individually or in the aggregate,
materially impair the use of such leased equipment or other personal property,
(iv) Liens incidental to the operation of the Business or the ownership by the
Company or any Subsidiary of any of their Assets and Properties which were not
incurred in connection with the borrowing of money or the advance of credit and
which do not materially detract from the value of the assets encumbered thereby
or materially interfere with the use thereof, (v) in the case of Licenses or
other rights to use the Company Intellectual Property, Liens or other
restrictions arising from the terms thereof, and (vi) Liens on leases of real
property arising from the provisions of such leases, including, in relation to
leased real property, any agreements and/or conditions imposed by Laws on the
issuance of land use permits, zoning, business licenses, use permits or other
entitlements of various types issued by any Governmental or Regulatory
Authority, necessary or beneficial to the continued use and occupancy of the
Assets and Properties of the Company or any Subsidiary.

          "PERSON" means any natural person, corporation, limited liability
company, general partnership, limited partnership, proprietorship, other
business organization, trust, union, association or Governmental or Regulatory
Authority.

          "PRO RATA EXPENSE" means, with respect to each Investor other than the
Lead Series B Shareholder, the proportionate amount of costs and expenses
incurred by the Lead Series B Shareholder, which is borne by such Investor
pursuant to Section 10.03 hereof, which amount will be set forth in a written
notice provided by the Lead Series B

                                       33

<PAGE>

Shareholder to such Investor and the Company at least three (3) Business Days
prior to the Closing.

          "PROCEEDS" has the meaning ascribed to it in Section 1.05.

          "PRC" means the People's Republic of China and, for the purpose of
this Agreement, excluding Hong Kong Special Administrative Region, Macau Special
Administrative Region and Taiwan.

          "PURCHASE PRICE" has the meaning ascribed to it in Section 1.03.

          "QUALIFIED IPO" has the meaning ascribed to it in the Shareholders
Agreement.

          "RELEASED AMOUNT" has the meaning ascribed to it in Section 1.03(a)
hereof.

          "RELEASED SHARES" has the meaning ascribed to it in Section 1.04(a).

          "RELEASED SHARE CERTIFICATES" has the meaning ascribed to it in
Section 1.04(a).

          "REPRESENTATIVES" means, with respect to any Person, such Person's
counsel, accountants, financial advisors, consultants and other representatives.

          "SAFE CIRCULAR 75" means the Circular on Issues Relating to Foreign
Exchange Administration of Financings and Return Investments by Onshore
Residents Utilizing Offshore Special Purpose Companies (Hui Fa (2005) No. 75)
issued by the State Administration of Foreign Exchange of the PRC on October 21,
2005.

          "SECURITIES ACT" has the meaning ascribed to it in Section 2.23.

          "SERIES B PREFERRED SHARES" has the meaning ascribed to it in the
preamble of this Agreement.

          "SHARES" has the meaning ascribed to it in Section 1.01.

          "SHARE CERTIFICATES" means, collectively, the Released Share
Certificates, the Escrow Share Certificates and the Advance Payment Share
Certificates.

          "SHAREHOLDER LOAN" has the meaning ascribed to it in Section 1.05.

          "SHAREHOLDERS AGREEMENT" means the Amended and Restated Shareholders
Agreement substantially in the form attached hereto as Exhibit B.

                                       34

<PAGE>

          "SUBSIDIARY" means any Person (i) in which the Company, directly or
indirectly, beneficially owns more than fifty percent (50%) of either the equity
interests in, or the voting control of, such Person, including without
limitation Tianwei Yingli or (ii) any Person with respect to which the Company
has the power to otherwise direct the business and policies of such Person
directly or indirectly through another subsidiary.

          "TAXES" means any taxes, charges, fees, levies, other assessments, or
withholding taxes or charges imposed by any Governmental or Regulatory
Authority, and includes any interest and penalties on or additions to any such
Taxes and any expenses incurred in connection with the determination, settlement
or litigation of any Tax Liabilities.

          "THIRD PARTY CLAIM" has the meaning ascribed to it in Section 7.02(a).

          "TIANWEI YINGLI" means Baoding Tianwei Yingli New Energy Resources
Co., Ltd., a Sino-foreign equity joint venture with limited liability registered
and existing under the laws of the PRC.

          "TRANSACTION DOCUMENTS" means this Agreement and each of the
agreements and documents set forth in Exhibit A attached hereto.

          "U.S. DOLLARS" or "US$" means the lawful currency of the United States
of America.

          "US GAAP" means generally accepted accounting principles in the United
States, consistently applied throughout the specified period and in the
immediately prior comparable period.

          "WARRANT" has the meaning ascribed to it in the Warrant Side Letter.

          "WARRANT SHARES" has the meaning ascribed to it in the Warrant Side
Letter.

          "WARRANT SIDE LETTER" has the meaning ascribed to it in Section
5.02(k) hereof.

          "WARRANTORS" has the meaning ascribed to it in the preamble of Article
II hereof.

          SECTION 9.02. Construction of Certain Terms and Phrases. Unless the
context of this Agreement otherwise requires, (i) words of any gender include
each other gender; (ii) words using the singular or plural number also include
the plural or singular number, respectively; (iii) the terms "hereof," "herein,"
"hereby," "hereunder" and derivative or similar words refer to this entire
Agreement; (iv) the terms "Article" or "Section" refer to the specified Article
or Section of this Agreement; and (v) the phrase "ordinary course of business"
refers to the business of the Company consistent with past

                                       35

<PAGE>

custom and practice. Whenever this Agreement refers to a number of days, such
number shall refer to calendar days unless Business Days are specified. All
accounting terms used herein and not expressly defined herein shall have the
meanings given to them under US GAAP. Any representation or warranty contained
herein as to the enforceability of a Contract (including this Agreement) shall
be subject to the effect of any bankruptcy, insolvency, reorganization,
moratorium or other similar Law affecting the enforcement of creditors' rights
generally and to general equitable principles (regardless of whether such
enforceability is considered in a proceeding in equity or at law).

                                    ARTICLE X

                                  MISCELLANEOUS

          SECTION 10.01. Notices. All notices, requests and other communications
hereunder must be in writing and shall be deemed to have been duly given only if
delivered personally or by facsimile transmission or mailed (first class postage
prepaid) to the parties at the following addresses or facsimile numbers:

          If to the Investors, to the address of each Investor set forth under
such Investor's name on Schedule I attached hereto.

          If to the Company, to:

          Yingli Green Energy Holding Company Limited
          No. 3055 Middle Fuxing Road
          Baoding, People's Republic of China
          Facsimile No.: +86 312 2151 881
          Attn: Conghui Liu.

All such notices, requests and other communications shall (a) if delivered
personally to the address as provided in this Section, be deemed given upon
delivery, (b) if delivered by facsimile transmission to the facsimile number as
provided in this Section, be deemed given upon receipt, and (c) if delivered by
mail in the manner described above to the address as provided in this Section,
be deemed given upon receipt (in each case regardless of whether such notice,
request or other communication is received by any other Person to whom a copy of
such notice, request or other communication is to be delivered pursuant to this
Section). Any party from time to time may change its address, facsimile number
or other information for the purpose of notices to that party by giving notice
specifying such change to the other party hereto.

          SECTION 10.02. Entire Agreement. This Agreement (including the
Disclosure Schedule, the exhibits and annexes attached hereto) supersedes all
prior discussions and agreements between the parties with respect to the subject
matter hereof, including the Series B Purchase Agreement, dated December 5,
2006, by and among the Company, Yingli Green Energy Holding Company Limited,
Liansheng Miao and the

                                       36

<PAGE>

investors listed on Schedule I attached thereto, and contains the sole and
entire agreement between the parties hereto with respect to the subject matter
hereof.

          SECTION 10.03. Expenses. Except as otherwise expressly provided in
this Agreement, whether or not the transactions contemplated hereby are
consummated, each party shall pay its own costs and expenses incurred in
connection with the negotiation, execution and closing of this Agreement and the
transactions contemplated hereby and thereby; provided, however, that such costs
and expenses incurred by the Lead Series B Shareholder shall be borne
proportionately among all of the Investors.

          SECTION 10.04. Public Announcements. At all times at or before the
Closing, neither the Company nor any Investor shall issue or make any reports,
statements or releases to the public with respect to this Agreement or the
transactions contemplated hereby without the consent of the other, which consent
shall not be unreasonably withheld or delayed. If either party is unable to
obtain the approval of its public report, statement or release from the other
party and such report, statement or release is, in the opinion of legal counsel
to such party, required by Law in order to discharge such party's disclosure
obligations, then such party may make or issue the legally required report,
statement or release and promptly furnish the other party with a copy thereof.
The Company and each Investor shall also obtain prior approval by the other
parties of any public announcement, including without limitation any press
release, interviews with media and attendance in any press conference or related
forums, to be made immediately following the Closing announcing the consummation
of the transactions contemplated by this Agreement.

          SECTION 10.05. Amendment and Waiver. This Agreement may be amended and
the observance of any term of this Agreement may be waived (either generally or
in a particular instance and either retroactively or prospectively), only with
the written consent of the Company and the Lead Series B Shareholder. Any
amendment or waiver effected in accordance with this section shall be binding
upon each holder of any securities purchased in this Agreement at the time
outstanding (including securities into which such securities are convertible),
each future holder of all such securities, and the Company.

          SECTION 10.06. No Third Party Beneficiary. The terms and provisions of
this Agreement are intended solely for the benefit of each party hereto and
their respective successors or permitted assigns, and it is not the intention of
the parties to confer third party beneficiary rights upon any other Person.

          SECTION 10.07. No Assignment; Binding Effect. Neither this Agreement
nor any right, interest or obligation hereunder may be assigned by any party
hereto without the prior written consent of the other party hereto and any
attempt to do so shall be void, except that each Investor may assign any or all
of its rights, interests and obligations hereunder to its Affiliates, provided
that any such Affiliate agrees in writing to be bound by all of the terms,
conditions and provisions contained herein, but no such

                                       37

<PAGE>

assignment shall relieve such Investor of its obligations hereunder. Subject to
the preceding sentence, this Agreement is binding upon, inures to the benefit of
and is enforceable by the parties hereto and their respective successors and
permitted assigns.

          SECTION 10.08. Enforcement of Agreement. Notwithstanding anything to
the contrary in this Agreement, the parties hereto agree that irreparable damage
for which monetary damages, even if available, would not be an adequate remedy
would occur in the event that any of the provisions of this Agreement (including
the failure by any party to take such actions as are required of it hereunder to
consummate this Agreement) was not performed in accordance with its specified
terms or was otherwise breached. It is accordingly agreed that the parties shall
be entitled to an injunction or other equitable relief to prevent breaches of
this Agreement and to enforce specifically the terms and provisions hereof in
any court of competent jurisdiction, this being in addition to any other remedy
to which they are entitled at law or in equity.

          SECTION 10.09. Headings. The headings used in this Agreement have been
inserted for convenience of reference only and do not define or limit the
provisions hereof.

          SECTION 10.10. Governing Law; Dispute Resolution.

          (a) This Agreement shall be governed by and construed in accordance
with the laws of the State of New York applicable to a contract executed and
performed in such jurisdiction, without giving effect to the conflicts of laws
principles thereof.

          (b) Any controversy or claim arising out of or relating to this
Agreement, or any breach of this Agreement, shall be initiated, maintained and
finally determined by binding arbitration under the rules of conciliation and
arbitration of the International Chamber of Commerce (the "ICC"); and the site
of the arbitration, unless the parties agree otherwise, shall be in Hong Kong.
The arbitral tribunal shall be appointed within thirty (30) days of the notice
of dispute, and shall consist of three arbitrators, one of which shall be
appointed by the Investors and one by the Company and the third by the Investors
and the Company jointly; provided, however, that if the Investors and the
Company shall be unable to select the third arbitrator within such thirty
(30)-day period, such third arbitrator shall be chosen by the International
Court of Arbitration of the ICC. Judgment upon any award rendered may be entered
in any court having jurisdiction thereof, or application may be made to such
court for a judicial acceptance of the award and an order of enforcement, as the
case may be. Any award pursuant to such proceeding shall be granted in U.S.
Dollars. The fees and costs of the arbitration shall be shared equally by all
disputing parties. The arbitrators shall award legal fees, disbursements and
other expenses to the prevailing party for such amounts as determined by the
arbitrators to be appropriate.

          SECTION 10.11. Invalid Provisions. If any provision of this Agreement
is held to be illegal, invalid or unenforceable under any present or future Law,
and if the rights or obligations of any party hereto under this Agreement shall
not be materially and adversely affected thereby, (a) such provision shall be
fully severable,

                                       38

<PAGE>

(b) this Agreement shall be construed and enforced as if such illegal, invalid
or unenforceable provision had never comprised a part hereof, and (c) the
remaining provisions of this Agreement shall remain in full force and effect and
shall not be affected by the illegal, invalid or unenforceable provision or by
its severance herefrom.

          SECTION 10.12. Counterparts. This Agreement may be executed in any
number of counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. A facsimile,
telecopy or other reproduction of this Agreement may be executed by one or more
parties hereto and delivered by such party by facsimile or any similar
electronic transmission device pursuant to which the signature of or on behalf
of such party can be seen. Such execution and delivery shall be considered
valid, binding and effective for all purposes. At the request of any party
hereto, all parties hereto agree to execute and deliver an original of this
Agreement as well as any facsimile, telecopy or other reproduction hereof.

                            [Signature pages follow]

                                       39
<PAGE>

          IN WITNESS WHEREOF, this Agreement has been duly executed and
delivered by or on behalf of each party hereto as of the date first above
written.

                                        YINGLI GREEN ENERGY HOLDING COMPANY
                                        LIMITED

                                        By: /s/ Liansheng Miao
                                            ------------------------------------
                                        Name: Liansheng Miao
                                        Title: Chairman and Chief Executive
                                               Officer

                                        YINGLI POWER HOLDING COMPANY LTD.

                                        By: /s/ Liansheng Miao
                                            ------------------------------------
                                        Name: Liansheng Miao
                                        Title: Director

                                        /s/ Liansheng Miao
                                        ----------------------------------------
                                        Liansheng Miao

<PAGE>

                                        BAYTREE INVESTMENTS (MAURITIUS) PTE LTD.

                                        By: /s/ Jeffrey Chua
                                            ------------------------------------
                                        Name: Jeffrey Chua
                                        Title: Director

                                        CREATION WAY ASSET MANAGEMENT LTD.

                                        By: /s/ Wenqi Liu
                                            ------------------------------------
                                        Name: Wenqi Liu
                                        Title: Director

                                        INCEI, S.A.

                                        By: /s/ Mao Ching Fu Lee
                                            ------------------------------------
                                        Name: Mao Ching Fu Lee
                                        Title: Chairman

                                        J.P. MORGAN SECURITIES LTD.

                                        By: /s/ Paul. M. Lauritano
                                            ------------------------------------
                                        Name: Paul M. Lauritano
                                        Title: Managing Director

                                        For and on behalf of J.P. Morgan
                                        Securities (Asia Pacific) Limited as
                                        agent for J.P. Morgan Securities Ltd.

                                        BENCHMARK EUROPE II, L.P.
                                        as nominee for
                                        Benchmark Europe II, L.P.
                                        Benchmark Europe Founders' Fund II, L.P.
                                        and related individuals

                                        By: Benchmark Management (UK) LLP
                                            its manager

                                        By: /s/ John Mesrie
                                            ------------------------------------
                                            Member

<PAGE>

                                        TB HOLDINGS LTD.

                                        By: /s/ Shujun Li
                                            ------------------------------------
                                        Name: Shujun Li
                                        Title: Director

                                        NEW HORIZON KEENSOLAR INVESTMENT CO.,
                                        LTD.

                                        By: /s/ Jianming Yu
                                            ------------------------------------
                                        Name: Jianming Yu
                                        Title: Managing Partner

                                        POPE INVESTMENTS LLC

                                        By: /s/ William P. Wells
                                            ------------------------------------
                                        Name: William P. Wells
                                        Title: President

                                        DBS NOMINEES (PRIVATE) LIMITED

                                        By: /s/ Melvin Teo Tzai Win
                                            ------------------------------------
                                        Name: Melvin Teo Tzai Win
                                        Title: Managing Director

                                        KWR INTERNATIONAL LTD.

                                        By: /s/ Mingyu Shen
                                            ------------------------------------
                                        Name: Mingyu Shen
                                        Title: Director

                                        MODERN PEAKVIEW LIMITED

                                        By: /s/ Wei Cao
                                            ------------------------------------
                                        Name: Wei Cao
                                        Title: Authorized Signatory

<PAGE>

                                        DAEDALUS HOLDINGS, L.L.C.

                                        By: Farallon Capital Management, L.L.C.,
                                            its manager

                                        By: /s/ William F. Duhamel
                                            ------------------------------------
                                        Name: William F. Duhamel
                                        Title: Managing Member

                                        PCM DIRECT CAPITAL FUND

                                        By: /s/ Huimin Wu
                                            ------------------------------------
                                        Name: Huimin Wu
                                        Title: Director

<PAGE>

                                        THE TRUSTEES OF COLUMBIA UNIVERSITY
                                        IN THE CITY OF NEW YORK

                                        By: /s/ NP Narvekar
                                            ------------------------------------
                                        Name: NP Narvekar
                                        Title: President and CEO, Columbia
                                               Investment Management Co., LLC

<PAGE>

                                   SCHEDULE I

                            SCHEDULE OF THE INVESTORS

<TABLE>
<CAPTION>
                                                 NUMBER OF                         NUMBER OF
                                                  SHARES     NUMBER OF  NUMBER OF   ADVANCE     PURCHASE      RELEASED      ESCROW
                                                   BEING     RELEASED     ESCROW    PAYMENT       PRICE        AMOUNT       AMOUNT
INVESTOR                     ADDRESS             PURCHASED    SHARES      SHARES     SHARES       (US$)        (US$)        (US$)
--------          ----------------------------  ----------  ----------  ---------  ---------  ------------  -----------  -----------
<S>               <C>                           <C>         <C>         <C>        <C>        <C>           <C>          <C>
Baytree           60B Orchard Road,              9,307,135   7,445,708  1,861,427         --  $ 45,000,000  $36,000,000  $ 9,000,000
Investments       #06-18 Tower 2,
(Mauritius) Pte   The Atrium@Orchard,
Ltd.              Singapore 238891
                  Fax No.: +65 6821 1173
                  Attention: Jeffrey Chua,
                  George Chuang and Sean Lu

Creation Way      Portcullis Trustnet Chambers   2,068,252   1,654,602    413,650         --  $ 10,000,000  $ 8,000,000  $ 2,000,000
Asset             Road Town, Tortola, British
Management Ltd.   Virgin Island
                  Fax No.: 021-6419 4108
                  Attention: Wenqi Liu

INCEI, S.A.       Plaza Ramon y Cajal, 1-bajo    2,068,252   1,654,602    413,650         --  $ 10,000,000  $ 8,000,000  $ 2,000,000
                  31008 Pamplona Navarra,
                  Spain
                  Fax No.:
                  Attention:

J.P. Morgan       125 London Wall,               1,654,602   1,323,682    330,920         --  $  8,000,000  $ 6,400,000  $ 1,600,000
Securities Ltd.   London, EC2Y 5AJ
                  United Kingdom
                  Attention: c/o Moncef M
                  Heddad 26/F Chater House
                  8 Connaught Road
                  Central, Hong Kong
                  Fax No.: +852 2800 4613
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                                                 NUMBER OF                         NUMBER OF
                                                  SHARES     NUMBER OF  NUMBER OF   ADVANCE     PURCHASE      RELEASED      ESCROW
                                                   BEING     RELEASED     ESCROW    PAYMENT       PRICE        AMOUNT       AMOUNT
INVESTOR                     ADDRESS             PURCHASED    SHARES      SHARES     SHARES       (US$)        (US$)        (US$)
--------          ----------------------------  ----------  ----------  ---------  ---------  ------------  -----------  -----------
<S>               <C>                           <C>         <C>         <C>        <C>        <C>           <C>          <C>
Benchmark         20 Balderton Street, London    1,551,189   1,240,951    310,238         --  $  7,500,000  $ 6,000,000  $ 1,500,000
Europe II., L.P.  W1K 6TL United Kingdom
as nominee for    Fax No: +44(0)20 7016 6810
Benchmark         Attention: Jerome Misso /
Europe II, L.P.,             John Mesrie
Benchmark
Europe Founders'
Fund II, L.P.
and related
individuals

TB Holdings Ltd.  AZIA Center, Unit 2701B,1233   1,137,539     910,031    227,508         --  $  5,500,000  $ 4,400,000  $ 1,100,000
                  Lujiazui Ring Road Shanghai
                  P.R.China 200120
                  Fax No.: +86 21 5876 7238
                  Attention: Shujun Li and
                  Donglei Zhou

The Trustees of   405 Lexington Ave.             1,034,126     827,301    206,825         --  $  5,000,000  $ 4,000,000  $ 1,000,000
Columbia          63rd floor New York,
University in     NY 10174
the City of New   Fax No.:
York              Attention:

New Horizon       Jin Bao Tower 1204, 89 Jin     1,034,126     827,301    206,825         --  $  5,000,000  $ 4,000,000  $ 1,000,000
Keensolar         Bao Street, Dongcheng
Investment Co.,   District, Beijing
Ltd               China 100005
                  Fax No.: +86 10-8522-1231
                  Attention: Kawada Hanae
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                                                 NUMBER OF                         NUMBER OF
                                                  SHARES     NUMBER OF  NUMBER OF   ADVANCE     PURCHASE      RELEASED      ESCROW
                                                   BEING     RELEASED     ESCROW    PAYMENT       PRICE        AMOUNT       AMOUNT
INVESTOR                     ADDRESS             PURCHASED    SHARES      SHARES     SHARES       (US$)        (US$)        (US$)
--------          ----------------------------  ----------  ----------  ---------  ---------  ------------  -----------  -----------
<S>               <C>                           <C>         <C>         <C>        <C>        <C>           <C>          <C>
Pope              5100 Poplar Avenue,              206,825     165,460     41,365         --  $  1,000,000  $   800,000  $   200,000
Investments LLC   Suite 805 Memphis, TN 38137
                  USA
                  Fax No.: +1-901-763-4229
                  Attention: William P. Wells,
                  President

Daedalus          c/o Farallon Capital             103,413      82,730     20,683         --  $    500,000  $   400,000  $   100,000
Holdings, L.L.C.  Management, L.L.C.
                  One Maritime Plaza,
                  Suite 1325 San Francisco,
                  CA 94111
                  Fax: (415) 421-2133
                  Attn: Chun Ding
                  Copy to: Erik Chu

PCM Direct        c/o Prime Capital Management     103,413      82,730     20,683         --  $    500,000  $   400,000  $   100,000
Capital Fund      Company Limited
                  Unit 2506, Low Block,
                  Grand Millennium Plaza,
                  181 Queen's Road Central,
                  Hong Kong
                  Fax Number: 852-3523-1000
                  Attention: Director

DBS Nominees      6 Shenton Way,                 2,481,903          --         --  2,481,903  $ 12,000,000           --           --
(Private)         DBS Building Tower 1,
Limited           #30-01, Singapore 068809
                  Fax No.: (65) 6220-7487
                  Attention: Melvin Teo Tzai
                  Win, Managing Director

KWR               P.O. Box 1239,                 1,137,539          --         --  1,137,539  $  5,500,000           --           --
International     Offshore Incorporations
Ltd.              Centre, Victoria, Mahe,
                  Seychelles.
                  Fax No.: +021-5080-5861
                  Attention: Shen Mingyu
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                                                 NUMBER OF                         NUMBER OF
                                                  SHARES     NUMBER OF  NUMBER OF   ADVANCE     PURCHASE      RELEASED      ESCROW
                                                   BEING     RELEASED     ESCROW    PAYMENT       PRICE        AMOUNT       AMOUNT
INVESTOR                     ADDRESS             PURCHASED    SHARES      SHARES     SHARES       (US$)        (US$)        (US$)
--------          ----------------------------  ----------  ----------  ---------  ---------  ------------  -----------  -----------
<S>               <C>                           <C>         <C>         <C>        <C>        <C>           <C>          <C>
Modern Peakview   Palm Grove House,                517,063          --         --    517,063  $  2,500,000           --           --
Limited           P.O. Box 438 Road Town,
                  Tortola British
                  Virgin Islands
                  Fax No.: +86-21-6859-8768
                  Attention: Wei Cao
                                                ----------  ----------  ---------  ---------  ------------  -----------  -----------
TOTAL:                                          24,405,377  16,215,098  4,053,774  4,136,505  $118,000,000  $78,400,000  $19,600,000
                                                ==========  ==========  =========  =========  ============  ===========  ===========
</TABLE>

<PAGE>

                                   SCHEDULE II

                               DISCLOSURE SCHEDULE

                              [SEPARATELY PROVIDED]

<PAGE>

                                    EXHIBIT A

                          LIST OF TRANSACTION DOCUMENTS

This Agreement

The Shareholders Agreement

The Amended Articles

The Escrow Agreement

The JV Contract Amendment

The JV Article Amendment

The Warrant Side Letter

The Warrants

<PAGE>

                                    EXHIBIT B

               SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

                              [SEPARATELY PROVIDED]

<PAGE>

                                    EXHIBIT C

       SECOND AMENDED AND RESTATED MEMORANDUM AND ARTICLES OF ASSOCIATION

                              [SEPARATELY PROVIDED]

<PAGE>

                                    EXHIBIT D

                               WARRANT SIDE LETTER

                              [SEPARATELY PROVIDED]

<PAGE>

                                    EXHIBIT E

               ADDITIONAL INVESTOR REPRESENTATIONS AND WARRANTIES

1.   The Investor understands that the Shares have not been registered under the
     Securities Act and may only be sold or otherwise transferred in accordance
     with the restrictions and conditions set forth in this Agreement and the
     Shareholders Agreement.

2.   The Investor understands that purchasing the Shares (the "TRANSACTION")
     involves a high degree of risk and that the Shares are a speculative
     investment.

3.   The Investor (a) has consulted with its own legal, regulatory, tax,
     business, investment, financial and accounting advisers in connection
     herewith to the extent it has deemed necessary, (b) has conducted its own
     due diligence on the Company, its subsidiaries and the Transaction, and (c)
     has made its own investment decisions based upon its own judgment, due
     diligence and advice from such advisers as it has deemed necessary.

4.   The Investor has such knowledge and experience in financial, business and
     international investment matters that it is capable of evaluating the
     merits and risks of purchasing the Shares, and has had the opportunity to
     ask questions of, and receive answers and request additional information
     from the Company.

5.   The Investor has the ability to bear the economic risk of the Transaction,
     has adequate means of providing for its current and contingent needs, has
     no need for liquidity with respect to its investment in the Shares, and is
     able to sustain a complete loss in connection with the Transaction.

6.   The Investor acknowledges, represents and agrees:

     (i)  that it is an accredited investor ("AI") as defined in Rule 501(a) of
          the Securities Act, purchasing the Shares for its own account or for
          the account of one or more AIs as defined in Rule 501(a) of the
          Securities Act;

     (ii) that it is aware, and each beneficial owner of the Shares has been
          advised, that any sale to it is being made in reliance on an exemption
          from the registration requirements of the Securities Act;

     (iii) that no securities issuable upon conversion of the Shares (the
          "CONVERSION SHARES") have been registered under the Securities Act or
          any applicable U.S. state securities laws, that the Shares and the
          Conversion Shares are "restricted securities" within the meaning of
          Rule 144(a)(3) under the Securities Act and that no Shares or
          Conversion Shares may be offered or sold within the United States or
          to, or for the account or benefit of, U.S. persons (as defined in
          Regulation S of the Securities Act) except as set forth in (iv) below;

     (iv) if in the future it decides to resell, pledge or otherwise transfer
          the Shares or the Conversion Shares or any beneficial interests
          therein, it will do so, only (a) inside the United States to a person
          whom the Investor reasonably believes is a QIB

<PAGE>

          pursuant to an exemption from registration under the Securities Act,
          (b) outside the United States to a person other than a U.S. person (as
          defined in Regulation S of the Securities Act) in compliance with
          Regulation S of the Securities Act, (c) pursuant to another exemption
          from registration under the Securities Act (if available) or (d)
          pursuant to an effective registration statement under the Securities
          Act, in each case, in accordance with the Securities Act and
          applicable laws of the states, territories and possession of the
          Untied States governing the offer and sale of securities;

     (v)  it will, and will require each subsequent holder of the Shares or the
          Conversion Shares to, notify any purchaser of an interest in the
          Shares or the Conversion Shares of the resale restrictions referred to
          in paragraphs (iii) and (iv) above, if then applicable;

     (vi) that the Conversion Shares will bear a legend setting forth the resale
          restrictions referred to in paragraphs (iii) and (iv) above; and

     (vii) on each day from the date on which it acquires the Shares, through
          and including the date on which it disposes of its interests in such
          Shares, either that (a) it is not an "employee benefit plan" as
          defined in Section 3(3) of ERISA, subject to Title I of ERISA, a
          "plan" (defined in Section 4975(e)(1) of the Code, subject to Section
          4975 of the Code (including without limitation, an individual
          retirement account), an entity whose underlying assets include the
          assets of any such employee benefit plan or plan by reason of
          Department of Labor Regulation section 2510.3-10 or otherwise, or a
          governmental or church plan which is subject to any federal, state or
          local law that is substantially similar to the provisions of Section
          406 of ERISA or Section 4975 of the Code or (b) its purchase, holding
          and disposition of such Notes will not result in a prohibited
          transaction under Section 406 of ERISA or Section 4975 of the Code
          (or, in the case of a governmental or church plan, any substantially
          similar federal, state or local law) unless an exemption is available
          with respect to such transactions and all the conditions of such
          exemption have been satisfied.

7.   The Investor understands that no action has been taken to permit an
     offering of the Shares or the Conversion Shares in any jurisdiction; the
     Investor will not offer or sell any of the Shares or the Conversion Shares
     which may be acquired by it in any jurisdiction or in any circumstances in
     which such offer or sale is not authorised or to any person to whom it is
     unlawful to make such offer, sale or invitation except under circumstances
     that will result in compliance with any applicable laws and/or regulations.

8.   The Investor's purchase of the Shares is lawful under the securities laws
     of the jurisdiction in which it accepts the offer to purchase the Shares.<PAGE>

                                                                    EXHIBIT 4.11

                                                               EXECUTION VERSION

                          SECOND AMENDED AND RESTATED

                             SHAREHOLDERS AGREEMENT

                                     AMONG

                       YINGLI POWER HOLDING COMPANY LTD.,

                                LIANSHENG MIAO,

                  YINGLI GREEN ENERGY HOLDING COMPANY LIMITED,

                          INSPIRATION PARTNERS LIMITED

                                      AND

               THE INVESTORS LISTED ON SCHEDULE I ATTACHED HERETO

                         DATED AS OF DECEMBER 15, 2006

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>                                                                         <C>
Section 1.  Certain Definitions..........................................     2
Section 2.  Purchase Price Adjustment....................................     7
   2.1      The 2006 Adjustment..........................................     7
   2.2      The 2007 Adjustment..........................................     8
   2.3      Conversion...................................................     9
Section 3.  Financial Statements and Reports; Information and Inspection
            Rights; Confidentiality......................................     9
   3.1      Financial Statements and Reports to Shareholders.............     9
   3.2      Information and Inspection Rights............................     9
   3.3      Confidentiality..............................................    10
Section 4.  Corporate Governance.........................................    10
   4.1      Board Composition............................................    10
   4.2      Audit Committee..............................................    11
   4.3      Compensation Committee.......................................    12
   4.4      Other Board Committees.......................................    12
   4.5      Meetings of the Board; Quorum; Telephonic Meetings...........    12
   4.6      Action by Written Consent....................................    12
   4.7      Expenses.....................................................    12
   4.8      Indemnification..............................................    12
   4.9      Governance of Subsidiaries...................................    12
Section 5.  Right of Participation.......................................    12
   5.1      Right of Participation With Respect to New Securities........    12
   5.2      Issuance Notice..............................................    13
   5.3      Sale of New Securities.......................................    13
Section 6.  Right of First Refusal; Co-Sale Right........................    14
   6.1      Right of First Refusal.......................................    14
   6.2      Co-Sale Right................................................    15
   6.3      Sale by the Founder..........................................    17
   6.4      No Adverse Effect............................................    17
   6.5      Exempt Transfers.............................................    17
   6.6      Prohibited Transfer..........................................    18
   6.7      Restrictions on the Transfer by the Preferred Shareholders...    18
Section 7.  Demand Registration..........................................    18
   7.1      Request for Registration on Form Other Than Form F-3.........    18
   7.2      Request for Registration on Form F-3.........................    19
   7.3      Right of Deferral............................................    20
   7.4      Registration of Other Securities in Demand Registration......    22
   7.5      Underwriting in Demand Registration..........................    22
   7.6      Other Securities Laws in Demand Registration.................    25
   7.7      Other Registration Rights....................................    25
Section 8.  Piggyback Registration.......................................    25
   8.1      Notice of Piggyback Registration and Inclusion of Registrable
            Securities...................................................    25
   8.2      Underwriting in Piggyback Registration.......................    26
</TABLE>

                                       -i-

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>                                                                         <C>
Section 9.  Expenses of Registration.....................................    27
Section 10. Termination of Registration Rights...........................    28
Section 11. Registration Procedures and Obligations......................    28
Section 12. Information Furnished by Holder..............................    29
Section 13. Indemnification..............................................    30
   13.1     Company's Indemnification of the Holders.....................    30
   13.2     Holder's Indemnification of Company..........................    30
   13.3     Condition to Indemnity.......................................    31
   13.4     Indemnification Procedure....................................    31
   13.5     Contribution.................................................    32
   13.6     Conflicts....................................................    32
   13.7     Survival of Obligations......................................    32
Section 14. Lock-Up......................................................    32
Section 15. No Action Letter.............................................    33
Section 16. Reports Under the Exchange Act...............................    33
Section 17. Transfer of Rights...........................................    34
Section 18. Legend; Stop Transfer Instructions...........................    34
   18.1     Legend.......................................................    34
   18.2     Stop Transfer Instructions...................................    35
Section 19. Covenants....................................................    36
Section 20. Conflict with Charter Documents..............................    39
Section 21. Miscellaneous................................................    39
   21.1     Governing Law................................................    40
   21.2     Dispute Resolution...........................................    40
   21.3     Counterparts and Facsimile Execution.........................    40
   21.4     Headings.....................................................    40
   21.5     Notices......................................................    40
   21.6     Amendments and Waivers.......................................    41
   21.7     Severability.................................................    41
   21.8     Entire Agreement; Successors and Assigns.....................    41
   21.9     Assignability................................................    41
   21.10    Termination..................................................    42
   21.11    Director and Officer Insurance...............................    42
</TABLE>

Schedule I List of the Series B Shareholders
Appendix A Form of Investor Representation Letter

                                      -ii-

<PAGE>

               SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

          THIS SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT, dated as of
December 15, 2006 (the "AGREEMENT"), is entered into by and among Yingli Green
Energy Holding Company Limited, an exempted company organized under the laws of
the Cayman Islands (the "COMPANY"), Yingli Power Holding Company Ltd., an
international business company incorporated under the laws of the British Virgin
Islands (the "HOLDCO"), Mr. Liansheng Miao (together with the Holdco,
collectively, the "FOUNDER"), Inspiration Partners Limited, an international
business company incorporated under the laws of the British Virgin Islands (the
"SERIES A SHAREHOLDER"), and the investors listed on Schedule I attached hereto
(the "SERIES B SHAREHOLDERS", and together with the Series A Shareholder, the
"PREFERRED SHAREHOLDERS"). The Founder, the Series A Shareholder and the Series
B Shareholders shall be collectively referred to as the "SHAREHOLDERS", and
together with the Company, the "PARTIES".

                                    RECITALS

          WHEREAS:

          (A) The Company, the Founder and the Series B Shareholders have
entered into an Amended and Restated Series B Preferred Share Purchase Agreement
as of even date herewith (the "SERIES B PURCHASE AGREEMENT"), pursuant to which
the Series B Shareholders are purchasing a certain number of Series B Shares,
par value US$0.01 per share, of the Company (the "SERIES B SHARES");

          (B) The execution and delivery of this Agreement is a condition
precedent to the purchase by the Series B Shareholders of the Series B Shares
under the Series B Purchase Agreement;

          (C) In connection with the issuance and sale of Series A Shares, par
value US$0.01 per share, of the Company (the "SERIES A SHARES") pursuant to a
Series A Preferred Share Purchase Agreement, dated as of September 20, 2006 (the
"SERIES A PURCHASE AGREEMENT"), the Company, the Founder and the Series A
Shareholder entered into a Shareholders Agreement, dated as of September 20,
2006 (the "SERIES A SHAREHOLDERS AGREEMENT");

          (E) In connection with the issuance and sale of a certain number of
the Series B Shares to Baytree (Investments) Mauritius Pte Ltd, the Company, the
Holdco, the Founder, the Series A Shareholder and Baytree (Investments)
Mauritius Pte Ltd. entered into the Amended and Restated Shareholders Agreement,
dated December 5, 2006 (the "PRIOR SERIES B SHAREHOLDERS AGREEMENT"), which
amended and restated the Series A Shareholders Agreement in its entirety;

          (F) In connection with the purchase of the Series B Shares described
in paragraph (A) above, the parties to the Prior Series B Shareholders Agreement
desire to amend and restate the Prior Series B Shareholders Agreement in its
entirety pursuant to the terms set forth in this Agreement; and

                                       1

<PAGE>

          (E) The parties to the Prior Series B Shareholders Agreement have
agreed that the Prior Series B Shareholders Agreement shall be of no further
force and effect and further that the rights granted to the parties hereto under
this Agreement shall supersede the rights granted to such parties under the
Prior Series B Shareholders Agreement.

          NOW, THEREFORE, in consideration of the foregoing and the mutual
promises, covenants and agreements of the Parties contained herein, the Parties
hereby amend and restate the Prior Series B Shareholders Agreement in its
entirety as follows:

     SECTION 1. Certain Definitions. As used in this Agreement, the following
terms have the following respective meanings:

          "2006 ACTUAL EARNINGS" has the meaning set forth in Section 2.1 of
     this Agreement.

          "2007 ACTUAL EARNINGS" has the meaning set forth in Section 2.2 of
     this Agreement.

          "AFFILIATE" means, in respect of a Person, any other Person that
     directly or indirectly through one or more intermediaries, Controls, is
     Controlled by, or is under common Control with, such Person, including,
     without limitation, any general partner, officer or director of such Person
     and any venture capital fund now or hereafter existing which is controlled
     by or under common control with one or more general partners or shares the
     same management company with such Person.

          "AGREEMENT" has the meaning set forth in the preamble to this
     Agreement.

          "ARTICLES OF ASSOCIATION" means the Second Amended and Restated
     Memorandum and Articles of Association of the Company.

          "BLUE SKY" means the statutes of any state of the United States of
     America regulating the sale of corporate securities within that state.

          "BOARD" means the Company's board of directors as constituted from
     time to time.

          "BUSINESS DAY" means any day other than Saturday, Sunday or any other
     day on which banks in Hong Kong or the People's Republic of China (the
     "PRC") are authorized or required by law to close.

          "COMMISSION" means the United States Securities and Exchange
     Commission, as constituted from time to time, or any successor agency
     charged with administering the Securities Act and/or the Exchange Act.

          "CONTROL" with respect to any third Person means the possession,
     directly or indirectly, of the power or the ability to direct or cause the
     direction of the management and affairs of such third Person whether,
     through the ownership of voting securities, as

                                       2

<PAGE>

     trustee or executor, by contract or otherwise, including, without
     limitation, the ownership, directly or indirectly, of securities having the
     power to elect a majority of the board of directors or similar body of such
     third Person.

          "CONVERSION SHARES" means, collectively, the Series A Conversion
     Shares and the Series B Conversion Shares.

          "CONVERTIBLE BONDS" means the US$85,000,000 Bonds due 2008 issued by
     the Company under the Trustee Deed, dated November 13, 2006, between the
     Company and DB Trustees (Hong Kong) Limited, which are convertible into
     Ordinary Shares.

          "CO-SALE RIGHT" has the meaning set forth in Section 6.2 of this
     Agreement.

          "DAMAGES" has the meaning set forth in Section 13.1 of this Agreement.

          "EXCHANGE ACT" means the United States Securities Exchange Act of
     1934, as amended, and the rules and regulations of the Commission
     promulgated thereunder, all as from time to time in effect.

          "FORM F-3" means Form F-3 issued by the Commission or any
     substantially similar form then in effect.

          "FOUNDERS" has the meaning set forth in Section 6.1 of this Agreement.

          "FOUNDER SHARES" has the meaning set forth in Section 6.1 of this
     Agreement.

          "GROUP" means the Company, the Operating Subsidiary and their
     respective subsidiaries from time to time, and "GROUP COMPANY" means, as
     applicable, each of the Company, the Operating Subsidiary, and their
     respective subsidiaries from time to time.

          "HOLDER" means any holder of outstanding Registrable Securities.

          "ICC" has the meaning set forth in Section 21.2 of this Agreement.

          "INVESTOR REPRESENTATION LETTER" has the meaning set forth in Section
     18.1 of this Agreement.

          "ISSUANCE NOTICE" has the meaning set forth in Section 5.2 of this
     Agreement.

          "LEAD SERIES B SHAREHOLDER" means Baytree Investments (Mauritius) Pte
     Ltd.; provided, however, that if Baytree Investments (Mauritius) Pte Ltd.,
     together with its Affiliates, holds less than thirty three percent (33%) of
     the Series B Shares, the term Lead Series B Shareholder shall mean the
     holders of more than fifty percent (50%) of the Series B Shares in the
     aggregate then outstanding on a fully diluted, as converted basis.

          "MAJORITY OF THE SERIES A SHAREHOLDERS" means holders of more than
     fifty percent (50%) of the Series A Shares in the aggregate then
     outstanding on a fully diluted, as-converted basis.

                                       3

<PAGE>

          "NEW SECURITIES" means any shares of the Company, whether now
     authorized or not, and any rights, options, or warrants to purchase shares
     of the Company, and securities of any type whatsoever that are, or may
     become, convertible into shares of the Company, provided that "New
     Securities" does not include: (a) any Preferred Shares purchased under the
     Series B Purchase Agreement; (b) Ordinary Shares issuable upon conversion
     of the Preferred Shares; (c) Ordinary Shares issuable upon conversion of
     the Convertible Bonds; (d) securities offered to the public pursuant to a
     Registration Statement; (e) Ordinary Shares issuable pursuant to the
     exercise of warrants, rights or options, issued or issuable to officers,
     directors, and employees of, and consultants to, any Group Company pursuant
     to stock option plans to be adopted by the Company, provided that the
     number of such Ordinary Shares shall not exceed five percent (5%) of the
     Ordinary Shares Equivalent after giving effect to the closing of the
     issuance of the Series B Shares under the Series B Purchase Agreement; (f)
     shares issued without consideration pursuant to a stock dividend, stock
     sub-division, or similar transaction; (g) all Ordinary Shares or other
     securities hereafter issued in connection with or as consideration for
     acquisition or licensing of technology; (h) Ordinary Shares issuable
     pursuant to the exercise of the warrant, dated August 28, 2006, granted by
     the Company to TB Management Company Limited (the "TB MANAGEMENT WARRANT");
     and (i) the Warrant and Warrant Shares (each as defined in the Series B
     Purchase Agreement).

          "ORDINARY SHARES" means the Company's Ordinary Shares, par value
     US$0.01 per share.

          "ORDINARY SHARES EQUIVALENT" means, collectively, the issued and
     outstanding Ordinary Shares and the Ordinary Shares into which the issued
     and outstanding Preferred Shares and other securities are convertible.

          "OPERATING SUBSIDIARY" means Baoding Tianwei Yingli New Energy
     Resources Co., Ltd., a Sino-foreign joint venture with limited liability
     registered and existing under the laws of the PRC.

          "PARTIES" has the meaning set forth in the preamble to this Agreement.

          "PERSON" means any individual, sole proprietorship, partnership,
     estate, trust, unincorporated organization, association, corporation,
     institution, public benefit corporation, entity, governmental or regulatory
     authority or other entity of any kind or nature.

          "PREFERRED SHARES" means Series A Shares and/or Series B Shares, as
     the case may be.

          "PREFERRED SHAREHOLDER" has the meaning set forth in the preamble to
     this Agreement.

          "PREFERRED SHAREHOLDER NOMINEE" has the meaning set forth in Section
     4.1(b) of this Agreement.

                                       4

<PAGE>

          "PRIOR SERIES B SHAREHOLDERS AGREEMENT" has the meaning set forth in
     the recitals to this Agreement.

          "PRO RATA SHARE" means, with respect to any Shareholder, the ratio of:
     (a) the total number of Ordinary Shares Equivalent held by such Shareholder
     immediately before the proposed allotment and issue of New Securities to
     (b) the total number of Ordinary Shares Equivalent held by all Shareholders
     immediately before the proposed allotment and issue of New Securities.

          "QUALIFIED IPO" means the closing of the Company's first firm
     commitment, underwritten public offering of Ordinary Shares or shares
     representing Ordinary Shares in connection with which Ordinary Shares or
     shares representing Ordinary Shares are listed and become publicly traded
     on an internationally recognized securities exchange or the NASDAQ Global
     Market, provided, however, that such listing shall result in net proceeds
     (after payment of the underwriters' discounts and commissions and the
     offering-related expenses) to the Company of at least US$100 million and
     (b) a total market capitalization of the Company of at least US$750
     million.

          "REGISTER", "REGISTERED", and "REGISTRATION" means a registration of
     securities effected by preparing and filing a registration statement on
     Form F-1, S-1, SB-2, F-3 or S-3 in compliance with the Securities Act, or
     on any comparable form in connection with a registration in a jurisdiction
     other than the United States (collectively, a "REGISTRATION STATEMENT"),
     and the declaration or ordering of the effectiveness of that Registration
     Statement by the Commission.

          "REGISTRABLE SECURITIES" means, collectively, the Series A Registrable
     Securities and the Series B Registrable Securities.

          "REGISTRATION EXPENSES" means all expenses incurred by the Company in
     complying with Section 7 or 8 of this Agreement, including, without
     limitation, all federal and state Registration, qualification, and filing
     fees, printing expenses, any fees, commissions, expenses and disbursements
     of underwriters customarily paid by similarly situated companies in
     connection with underwritten offerings of equity securities to the public,
     fees and disbursements of counsel for the Company and reasonable fees and
     disbursements of one special counsel for all Holders (if different from
     counsel to the Company), Blue Sky fees and expenses, and the expense of any
     special audits incident to or required by any Registration.

          "REGISTRATION STATEMENT" has the meaning set forth in the definition
     of "Registration," above.

          "RELATED PARTY" means, with respect to any Person, (a) any Affiliate
     of such Person, (b) each Person that serves as a director, officer,
     partner, member, executor, or trustee of such Person (or in any other
     similar capacity), (c) any Person with respect to which such Person serves
     as a general partner or trustee (or in any other similar capacity), and (d)
     any Person that has direct or indirect beneficial ownership of voting
     securities or other voting interests representing at least ten percent
     (10%) of the outstanding voting

                                       5

<PAGE>

     power or equity securities or other equity interests (a "MATERIAL
     INTEREST") in such Person.

          "RESTRICTED SECURITIES" has the meaning set forth in Section 18.1(b)
     of this Agreement.

          "RIGHT OF FIRST REFUSAL" has the meaning set forth in Section 6.1 of
     this Agreement.

          "RIGHT OF PARTICIPATION" has the meaning set forth in Section 5.1 of
     this Agreement.

          "SECURITIES ACT" means the United States Securities Act of 1933, as
     amended, and the rules and regulations of the Commission promulgated
     thereunder, all as from time to time in effect.

          "SELLING EXPENSES" means all underwriting discounts and selling
     commissions applicable to the sale of Registrable Securities pursuant to
     this Agreement.

          "SERIES A CONVERSION SHARES" means, collectively, Series A Shares then
     outstanding on a fully diluted, as-converted basis.

          "SERIES A INITIATING HOLDERS" means holders who in the aggregate hold
     at least thirty-three percent (33%) of the Series A Registrable Securities.

          "SERIES A NOMINEE" has the meaning set forth in Section 4.1(a) of this
     Agreement.

          "SERIES A REGISTRABLE SECURITIES" means (a) the Ordinary Shares issued
     or issuable upon conversion or exercise of any of the Series A Shares and
     (b) Ordinary Shares issued or issuable pursuant to stock sub-divisions,
     stock dividends and similar distributions to the Series A Shareholders, or
     in exchange for or in replacement of the Ordinary Shares referred to clause
     (a) above, excluding in all cases, however, any Series A Registrable
     Securities sold by a Person in a transaction in which its rights under
     Sections 7 or 8 hereof are not assigned or any shares for which
     registration rights have terminated pursuant to Section 10.

          "SERIES A SHARE" has the meaning set forth in the recitals to this
     Agreement.

          "SERIES A SHAREHOLDER" has the meaning set forth in the preamble to
     this Agreement.

          "SERIES B CONVERSION SHARES" means, collectively, Series B Shares then
     outstanding on a fully diluted, as-converted basis.

          "SERIES B INITIATING HOLDERS" means the Lead Series B Shareholder.

                                       6

<PAGE>

          "SERIES B NOMINEE" has the meaning set forth in Section 4.1(c) of this
     Agreement.

          "SERIES B REGISTRABLE SECURITIES" means (a) the Ordinary Shares issued
     or issuable upon conversion or exercise of any of the Series B Shares and
     the Warrants (as defined in the Series B Purchase Agreement) and (b)
     Ordinary Shares issued or issuable pursuant to stock sub-divisions, stock
     dividends and similar distributions to the Series B Shareholders, or in
     exchange for or in replacement of the Ordinary Shares referred to clause
     (a) above, excluding in all cases, however, any Series B Registrable
     Securities sold by a Person in a transaction in which its rights under
     Sections 7 or 8 hereof are not assigned or any shares for which
     registration rights have terminated pursuant to Section 10.

          "SERIES B SHARE" has the meaning set forth in the recitals to this
     Agreement.

          "SERIES B SHAREHOLDER" has the meaning set forth in the preamble to
     this Agreement.

          "SHARE" means any Ordinary Share, a Series A Preferred Share and/or a
     Series B Preferred Share, as the case may be.

          "SHAREHOLDERS" has the meaning set forth in the preamble to this
     Agreement.

          "STOCK OPTION CHARGES" means any charges to the Company's earnings
     made pursuant to US GAAP as a result of the Company's issuance of employee
     stock options, provided, however, that if the number of Ordinary Shares
     issued under such stock options, when added together with the number of
     Ordinary Shares issued under any other outstanding stock options granted by
     the Company, exceeds five percent (5%) of the Ordinary Shares Equivalent
     after giving effect to the closing of the issuance of the Series B Shares
     under the Series B Purchase Agreement, such stock options shall be
     considered in calculating the Stock Option Charges only after they have
     been approved in writing by each of the Preferred Shareholder Nominees.

          "SUBSIDIARY" has the meaning set forth in the Series B Purchase
     Agreement.

          "TRANSFER NOTICE" has the meaning set forth in Section 6.1 of this
     Agreement.

          "UNDERWRITERS' REPRESENTATIVE" has the meaning set forth in Section
     7.5(a) of this Agreement.

          "US GAAP" means generally accepted accounting principles in the United
     States, consistently applied throughout the specified period and in the
     immediately prior comparable period.

     SECTION 2. Purchase Price Adjustment.

          2.1 The 2006 Adjustment. If the Operating Subsidiary's consolidated
profit after taxes, excluding any non-recurring or extraordinary items for the
year ended December 31,

                                       7

<PAGE>

2006 and adding back Stock Option Charges (the "2006 ACTUAL EARNINGS"), as
determined by the audited consolidated statements of income of the Operating
Subsidiary for such year as prepared by a "big four" accounting firm in
accordance with US GAAP, is less than US$35 million (or its RMB equivalent), the
Founder shall, and the Company shall take all steps and actions necessary and
desirable to cause the Founder to, within thirty (30) days following date of the
audit report containing the 2006 Actual Earnings:

          (a) transfer to the Series A Shareholder, for no consideration, such
number of Ordinary Shares that the aggregate ownership percentage of the equity
interests in the Company held by the Series A Shareholder on a fully-diluted,
as-converted basis, immediately following such transfer, shall be equal to the
aggregate purchase price for the Series A Shares paid by the Series A
Shareholder under the Series A Purchase Agreement, divided by 51% of the product
of the 2006 Actual Earnings times eight (8), as further adjusted solely for the
dilutive effects of any and all subsequent equity and equity-linked issuances by
the Company following the closing of the transactions contemplated by Series A
Purchase Agreement up to the date of such transfer; and

          (b) transfer to the Series B Shareholders, for no consideration and on
a prorated basis, such number of Ordinary Shares that the aggregate ownership
percentage of the equity interests in the Company held by all of the Series B
Shareholders on a fully-diluted, as-converted basis, immediately following such
transfer, shall be equal to the aggregate purchase price for the Series B Shares
paid by all of the Series B Shareholders under the Series B Purchase Agreement,
divided by the sum of (i) the aggregate purchase price paid by all of the Series
B Shareholders under the Series B Purchase Agreement plus (ii) the product of
(x) 53.98%, times (y) the 2006 Actual Earnings times sixteen (16), as further
adjusted solely for the dilutive effects of any and all subsequent equity and
equity-linked issuances by the Company approved by the Board (with the consent
of the Series B Nominee) following the closing of the transactions contemplated
by the Series A Purchase Agreement up to the date of such transfer.

          2.2 The 2007 Adjustment.

          (a) If the Company's consolidated profit after taxes, excluding any
non-recurring or extraordinary items and adding back Stock Option Charges, for
the year ended December 31, 2007 (the "2007 ACTUAL EARNINGS"), as determined by
the audited consolidated statements of income of the Company for such year as
prepared by a "big four" accounting firm in accordance with US GAAP, is less
than US$70 million, the Founder shall, and the Company shall take all steps and
actions necessary and desirable to cause the Founder to, within five (5)
Business Days following date of the audit report containing the 2007 Actual
Earnings, transfer to the Series B Shareholders, for no consideration, such
number of Ordinary Shares that the aggregate ownership percentage of the equity
interests in the Company held by all of the Series B Shareholders on a
fully-diluted, as-converted basis, immediately following such transfer, shall be
equal to the aggregate purchase price paid by all of the Series B Shareholders
under the Series B Purchase Agreement, divided by the sum of the aggregate
purchase price paid by all of the Series B Shareholders under the Series B
Purchase Agreement plus the product of (x) 53.98%, times (y) the 2007 Actual
Earnings, times (z) the product of sixteen (16) times the 2006 Actual Earnings
divided by US$70 million, as further adjusted solely for the dilutive effects of
any and all subsequent equity and equity-linked issuances by the Company
approved by the Board (with

                                       8

<PAGE>

the consent of the Series B Nominee) following the closing of the transactions
contemplated by the Series A Purchase Agreement up to the date of such transfer.

          (b) If the 2007 Actual Earnings is less than 1.5 times the 2006 Actual
Earnings, the Founder shall transfer to the Series A Shareholders, for no
consideration, such number of Ordinary Shares that the aggregate value of the
equity interests in the Company held by the Series A Shareholder on a
fully-diluted, as-converted basis, immediately following such transfer, shall be
equal to the aggregate purchase price for the Series A Shares paid by the Series
A Shareholder under the Series A Purchase Agreement, divided by 51% of the
product of the 2007 Actual Earnings times 5.3, as further adjusted solely for
the dilutive effects of any and all subsequent equity and equity-linked
issuances by the Company following the closing of the transactions contemplated
by the Series A Purchase Agreement up to the date of such transfer.

          2.3 Conversion. Within the fifteen (15) days of a transfer of shares
under Section 2.1 or Section 2.2, the Founder and the Company shall cause, as
soon as reasonably practicable, any Ordinary Shares transferred pursuant to
Section 2.1 or Section 2.2 hereof, as the case may be, to be converted into
Series A Shares at the conversion ratio of one Ordinary Share to one Series A
Share (with respect to any Ordinary Shares transferred to the Series A
Shareholder), or into Series B Shares at the conversion ratio of one Ordinary
Share to one Series B Share (with respect to any Ordinary Shares transferred to
the Series B Shareholders), subject to further adjustments as provided in the
Articles of Association.

     SECTION 3. Financial Statements and Reports; Information and Inspection
Rights; Confidentiality

          3.1 Financial Statements and Reports to Shareholders.

          (a) The Company shall keep true and accurate books of account and
records in reasonable detail, prepared in accordance with US GAAP and make
available to the holders of the Preferred Shares: (i) within thirty (30) days
after the end of each month, an unaudited unconsolidated monthly income
statement, balance sheet, and cash flow statement of the Operating Subsidiary;
(ii) within one hundred twenty (120) days after the end of each fiscal year of
the Company, an audited consolidated balance sheet of the Company (or, in the
case of financial statements as of and for the year ended December 31, 2006, the
Operating Subsidiary) as of the end of such year and audited consolidated
statements of income and cash flow for such year, which year-end financial
statements shall be prepared in accordance with US GAAP consistently applied and
accompanied by an unqualified opinion of a "big four" firm of independent public
accountants; and (iii) at least thirty (30) days prior to the end of each fiscal
year of the Group, the annual budget of the Group for the next fiscal year. In
addition, upon the written request by any Preferred Shareholder, which, together
with its Affiliates, owns at least twenty-five percent (25%) of the Series A
Conversion Shares or at least twenty-five percent (25%) of the Series B
Conversion Shares, as the case may be, the Company shall provide any other
information to such holder as such holder may reasonably request.

          (b) Notwithstanding anything in this Agreement to the contrary, the
Company may cease providing the information set forth in this Section 3.1(a)
during the period starting from the date sixty (60) days prior to the Company's
good faith estimate of the effective date of,

                                       9

<PAGE>

and ending on a date one hundred eighty (180) days after the effective date of,
the Registration effecting the Company' initial public offering pursuant to a
Registration Statement, provided that such estimated date of the Registration
Statement is not postponed by more than ninety (90) days.

          3.2 Information and Inspection Rights. The Company covenants and
agrees that, commencing on the date of this Agreement,

          (a) Each Preferred Shareholder, which, together with its Affiliates,
owns at least twenty-five percent (25%) of the Series A Conversion Shares or at
least twenty-five percent (25%) of the Series B Shares, as the case may be,
shall have standard inspection rights of the facilities, records and books of
the Group, including without limitation, discussing the business, operations and
conditions of the Group with its directors, officers, employees, accountants,
legal counsel and investment bankers, provided that (i) such rights shall be
exercised reasonably and at the expense of such holder and (ii) the Company
shall not be obligated to provide information which, in the reasonable opinion
of the Company, would be highly confidential relating to the business and
operations of the Company or would adversely affect the attorney-client
privilege between the Company and its counsel; and

          (b) the Company shall, as soon as reasonably practicable, notify each
Preferred Shareholder of all matters which in the Company's reasonable opinion
is reasonably expected to cause a material adverse change to the ability of the
Company and its subsidiaries to conduct their respective businesses as now
conducted or own, use or lease their respective assets and properties as now
owned, used or leased.

          3.3 Confidentiality. Each Preferred Shareholder agrees that it will
keep confidential and will not disclose, divulge or use for any purpose, other
than to monitor its investment in the Company, any confidential information
obtained from any Group Company pursuant to the terms of this Agreement, unless
such confidential information (i) is known or becomes known to the public in
general (other than as result of a breach of this Section 3.3) by such Preferred
Shareholder), (ii) is or has been independently developed or conceived by the
such Preferred Shareholder without use of the Company's confidential information
or (iii) is or has been made known or disclosed to such Preferred Shareholder by
a third party without a breach of any obligation of confidentiality such third
party may have to the Company; provided, however, that such Preferred
Shareholder may disclose confidential information (a) to its attorneys,
accountants, consultants and other professionals to the necessary to obtain
their services in connection with monitoring its investment in the Company, (b)
to any prospective investor of any Registrable Securities from such Preferred
Shareholder as long as such prospective investor agrees to be bound by the
provisions of this Section 3.3, (c) to any Affiliate, partner, member,
stockholder or wholly owned subsidiary of such Preferred Shareholder on a "need
to know" basis, or (d) as may otherwise be required by law, provided that such
Preferred Shareholder takes reasonable steps to minimize the extent of any such
required disclosure. Such Preferred Shareholder shall be liable for any breach
of this Section 3.3 by any person set forth in clauses (a), (b) and (c) of the
preceding sentence in this Section 3.3.

     SECTION 4. Corporate Governance.

                                       10

<PAGE>

          4.1 Board Composition.

          (a) The Board shall consist of no more than seven (7) directors. The
alteration of the maximum size of the Board shall require the affirmative votes
of at least the Majority of the Series A Shareholders and the Lead Series B
Shareholder, voting separately as two classes. The board of directors of the
Operating Subsidiary shall consist of nine (9) directors, four (4) of which
shall be appointed by the Company, one (1) of which shall be appointed by the
Series A Shareholder and one (1) of which shall be appointed by the Lead Series
B Shareholder.

          (b) If and for so long as the Series A Shareholder, together with its
Affiliates, holds at least thirty-three percent (33%) of the Series A Conversion
Shares, the Series A Shareholder shall be entitled to appoint, or to remove from
office and replace one (1) person as a director of each of the Company and the
Operating Subsidiary (the "SERIES A NOMINEE"), following prior consultation with
the Company. If the Series A Shareholder, together with its Affiliates, ceases
to hold at least thirty-three percent (33%) of the Series A Conversion Shares,
the Series A Shareholder shall remove the Series A Nominee, or cause the Series
A Nominee to resign, from the board of directors of each of the Company and the
Operating Subsidiary, in each case, immediately following the appointment by the
Founder of a replacement director therefor.

          (c) If and for so long as the Lead Series B Shareholder, together with
its Affiliates, holds at least thirty-three percent (33%) of the Series B
Conversion Shares, the Lead Series B Shareholder shall be entitled to appoint,
or to remove from office and replace a person to each of the board of directors
of the Company and the Operating Subsidiary (each, a "SERIES B NOMINEE" and
together with the Series A Nominee, the "PREFERRED SHAREHOLDER NOMINEES"),
following prior consultation with the Company. If the Lead Series B Shareholder,
together with its Affiliates, ceases to hold at least thirty-three percent (33%)
of the Series B Conversion Shares, the Lead Series B Shareholder shall remove
the Series B Nominee, or cause the Series B Nominee to resign, from the board of
directors of each of the Company and the Operating Subsidiary, in each case,
immediately following the appointment by the Founder of a replacement director
therefor. Any appointment or removal of independent directors of the Company
and/or its Subsidiaries shall be subject to the written consent of the Series B
Nominee, if any.

          (d) The Preferred Shareholders shall procure that their respective
nominees that are directors of the Operating Subsidiary shall cast their votes
or otherwise act in ways that are consistent with the board resolutions and/or
shareholder resolutions of the Company.

          (e) The Preferred Shareholder Nominees shall have the right to appoint
alternates or proxies to attend any meeting of the Board or the board of
directors of the Operating Subsidiary and to vote on matters before the Board or
the board of directors of the Operating Subsidiary on the behalf of the
Preferred Shareholders.

          (f) The Founder agrees that, at each meeting of the shareholders of
the Company called for the purpose of electing the members of the Board, it
shall vote all of its shares in the Company to elect each Preferred Shareholder
Nominee as a member of the Board. The Company agrees that, at each meeting of
the shareholders of the Operating Subsidiary for the purpose of electing the
members of the board of the Operating Subsidiary, it shall vote all of

                                       11

<PAGE>

its equity interest in the Operating Subsidiary and take all other necessary
steps and actions to nominate, designate and elect each of the Series A Nominee
and the Series B Nominee as a member of the board of the Operating Subsidiary.

          4.2 Audit Committee. The Company shall establish and maintain an Audit
Committee, which shall consist of no more than five (5) directors and include
the Series A Nominee and the Series B Nominee. The chairperson of the Audit
Committee shall be designated by the mutual agreement of the Series A Nominee
and the Series B Nominee.

          4.3 Compensation Committee. The Company shall establish and maintain a
Compensation Committee, which shall consist of no more than five (5) directors.
The Compensation Committee shall make recommendations to the full Board for such
matters as management compensation, the Company's benefit plans, and matters
relating to the Company's option plans, if any, which shall include the Series A
Nominee and the Series B Nominee.

          4.4 Other Board Committees. All other Board committees formed from
time to time shall include the Series A Nominee and the Series B Nominee as
members.

          4.5 Meetings of the Board; Quorum; Telephonic Meetings. The Board
shall meet at least once every three calendar months. A quorum for any meeting
of the Board shall consist of more than fifty percent (50%) of all the
directors, provided that the quorum shall include the Series A Nominee and the
Series B Nominee. The quorum for any committee meeting of the Board shall
include the Series A Nominee and the Series B Nominee. The Directors may
participate in a meeting of the Board by means of a conference telephone or
other communication equipment through which all persons participating in such
meeting can hear each other, and such participation in a meeting shall
constitute presence in person at such meeting.

          4.6 Action by Written Consent. Any action required or permitted to be
taken by the Board, either at a meeting or otherwise, may be taken without a
meeting if the Directors unanimously consent thereto in writing and the writing
or writings are filed with the minutes of the meeting of the Board.

          4.7 Expenses. The Company shall reimburse the Preferred Shareholder
Nominee for all reasonable expenses incurred by such nominee relating to Board's
activities, including but not limited to, expenses incurred to attend Board
meetings.

          4.8 Indemnification. The Company's Memorandum of Association or
Articles of Association shall provide for indemnification for the directors of
the Company to the extent permissible under applicable law.

          4.9 Governance of Subsidiaries. Each party hereto will use its best
efforts to procure that the Operating Subsidiary and any other Group Company
take actions only as directed or permitted by the Company's Board of Directors.

     SECTION 5. Right of Participation.

          5.1 Right of Participation With Respect to New Securities. Subject to
the provisions of Sections 5.2 and 5.3, the Company grants to each holder of the
Preferred Shares

                                       12

<PAGE>

then outstanding the right of participation (the "RIGHT OF PARTICIPATION") to
purchase its Pro Rata Share of New Securities which the Company may, from time
to time prior to the Qualified IPO, propose to allot and issue; provided that,
with respect to each such proposed allotment and issuance, (i) no Series A
Shareholder may exercise its Right of Participation unless the Majority of the
Series A Shareholders elect to exercise such right and (ii) no Series B
Shareholder may exercise its Right of Participation unless the Lead Series B
Shareholder elects to exercise such right. The Company shall offer to each
holder of the Preferred Shares for subscription up to its Pro Rata Share of the
New Securities on the same terms and at the same price at which the Company
proposes to allot and issue the New Securities.

          5.2 Issuance Notice.

          (a) In the event the Company proposes to issue New Securities, it
shall give the holders of the Preferred Shares then outstanding a written notice
(the "ISSUANCE NOTICE") of the Company's intention, describing the type of New
Securities, the price, the terms upon which the Company proposes to issue the
same, an offer for subscription the aggregate number of New Securities that
holders of the Series A Shares as a single class and holders of the Series B
Shares as a single class are each entitled to purchase pursuant to Section 5.1
of this Agreement, a statement that all such holders shall have thirty (30) days
from the date of receipt of the Issuance Notice to accept the offer for
subscription under the Issuance Notice (the "ISSUANCE NOTICE PERIOD), and a
statement that no such holder shall be entitled to exercise the Right of
Participation unless (i) in the case of the Series A Shareholders, the Majority
of the Series A Shareholders must exercise such right and (ii) in the case of
the Series B Shareholders, the Lead Series B Shareholder must exercise such
right.

          (b) If the Majority of the Series A Shareholders elect to exercise the
Right of Participation within the Issuance Notice Period, each such holder may
elect to purchase up to its Pro Rata Share of the New Securities for the price
and upon the terms specified in the Issuance Notice by (a) giving written notice
to the Company within the Issuance Notice Period and (b) sending payment for its
Pro Rata Share of New Securities to the Company.

          (c) If the Lead Series B Shareholder elects to exercise the Right of
Participation within the Issuance Notice Period, each such holder may elect to
purchase up to its Pro Rata Share of the New Securities for the price and upon
the terms specified in the Issuance Notice by (a) giving written notice to the
Company within the Issuance Notice Period and (b) sending payment for its Pro
Rata Share of New Securities to the Company.

          5.3 Sale of New Securities.

          (a) If the Majority of the Series A Shareholders fail to exercise the
Right of Participation within the Issuance Notice Period, the Company shall have
sixty (60) days thereafter to sell or enter into an agreement (pursuant to which
the sale of New Securities covered by the Issuance Notice shall be closed, if at
all, within thirty (30) days after the date of such agreement) to allot and
issue the New Securities, at a price and upon general terms no more favorable to
the subscriber of the New Securities than specified in the Issuance Notice. If
the number of New Securities which the Majority of the Series A Shareholders
elect to subscribe in the aggregate is less the aggregate number of New
Securities that the Series A Shareholders are

                                       13

<PAGE>

entitled to purchase as stated in the Issuance Notice, the Company shall have
sixty (60) days thereafter to sell or enter into an agreement (pursuant to which
the sale of New Securities covered by the Issuance Notice shall be closed, if at
all, within thirty (30) days after the date of such agreement) to allot and
issue up to such number of the New Securities as equal to the difference between
the number of New Securities which the Majority of the Series A Shareholders
elect to subscribe in the aggregate and the aggregate number of New Securities
that the Series A Shareholders are entitled to purchase as stated in the
Issuance Notice, at a price and upon general terms no more favorable to the
subscriber of the New Securities than specified in the Issuance Notice. In the
event the Company has not allotted and issued the New Securities within this
ninety (90) day period, the Company shall not thereafter allot or issue any New
Securities without first offering the New Securities to holders of the Series A
Shares in the manner provided above.

          (b) If the Lead Series B Shareholder fails to exercise the Right of
Participation within the Issuance Notice Period, the Company shall have sixty
(60) days thereafter to sell or enter into an agreement (pursuant to which the
sale of New Securities covered by the Issuance Notice shall be closed, if at
all, within thirty (30) days after the date of such agreement) to allot and
issue the New Securities, at a price and upon general terms no more favorable to
the subscriber of the New Securities than specified in the Issuance Notice. If
the number of New Securities which the Lead Series B Shareholder elects to
subscribe in the aggregate is less the aggregate number of New Securities that
the Series B Shareholders are entitled to purchase as stated in the Issuance
Notice, the Company shall have sixty (60) days thereafter to sell or enter into
an agreement (pursuant to which the sale of New Securities covered by the
Issuance Notice shall be closed, if at all, within thirty (30) days after the
date of such agreement) to allot and issue up to such number of the New
Securities as equal to the difference between the number of New Securities which
the Lead Series B Shareholder elects to subscribe in the aggregate and the
aggregate number of New Securities that the Series B Shareholders are entitled
to purchase as stated in the Issuance Notice, at a price and upon general terms
no more favorable to the subscriber of the New Securities than specified in the
Issuance Notice. In the event the Company has not allotted and issued the New
Securities within this ninety (90) day period, the Company shall not thereafter
allot or issue any New Securities without first offering the New Securities to
holders of the Series B Shares in the manner provided above.

     SECTION 6. Right of First Refusal; Co-Sale Right.

          6.1 Right of First Refusal.

          (a) Subject to the provisions of this Section 6.1 and Sections 6.5 and
6.7 of this Agreement, if the Founder proposes to sell or otherwise transfer,
directly or indirectly ("TRANSFER"), any interest in any Ordinary Shares or
other voting securities of the Company now owned or subsequently acquired by the
Founder (the "FOUNDER SHARES"), then each holder of the Preferred Shares shall
have a right of first refusal (the "RIGHT OF FIRST REFUSAL") to purchase the
Founder Shares proposed to be Transferred; provided that with respect each such
Transfer, (i) no Series A Shareholder may exercise its Right of First Refusal
unless the Majority of the Series A Shareholders elect to exercise such right
and (ii) no Series B Shareholder may exercise its Right of First Refusal unless
the Lead Series B Shareholder elects to exercise such right.

                                       14

<PAGE>

          (b) The Founder shall give a written notice (the "TRANSFER NOTICE") to
each holder of the Preferred Shares describing fully the proposed Transfer,
including the number of shares proposed to be Transferred, the proposed Transfer
price, the name and address of the proposed Transferee and a statement that no
such holder may exercise the Right of First Refusal unless (i) in the case of
the Series A Shareholders, the Majority of the Series A Shareholders must
exercise such right and (ii) in the case of the Series B Shareholders, the Lead
Series B Shareholder must exercise such right. The Transfer Notice shall be
accompanied by a written certification by the Founder that the proposed
transferee is a bona fide purchaser and the Transfer Notice constitutes a
binding commitment of the Founder and the proposed transferee, with or without
conditions, for the Transfer of that Founder Shares subject to the Right of
First Refusal of the Majority of the Series A Preferred Shareholders or the Lead
Series B Shareholder, as the case may be.

          (c) The holders of the Preferred Shares shall then have the right to
purchase up to all of the Founder Shares subject to the Transfer Notice at a
price per share equal to the proposed per share transfer price, by delivery of a
notice of exercise of the Right of First Refusal within thirty (30) days after
the date the Transfer Notice is delivered to such holders; provided that (i) in
the case of the Series A Shareholders, the Majority of the Series A Shareholders
has elected to exercise the Right of First Refusal and (ii) in the case of the
Series B Shareholders, the Lead Series B Shareholder has elected to exercise the
Right of First Refusal.

          6.2 Co-Sale Right.

          (a) General. If the Founder proposes to Transfer any Founder Shares or
any interest therein to any person or entity, each holder of the Preferred
Shares shall have the right, exercisable upon written notice to the Founder
within thirty (30) days after the date the Transfer Notice is delivered to such
holder, to participate in such sale of the Founder Shares on substantially the
same terms and conditions applicable to the Founder (the "CO-SALE RIGHT");
provided, however, that (i) the Co-Sale Right shall not apply to any Transfer of
Founder Shares pursuant to the exercise of the Right of First Refusal under
Section 6.1 and (ii) with respect to each such Transfer, (A) no Series A
Shareholder may exercise its Co-Sale Right unless the Majority of the Series A
Shareholders elect to exercise such right and (B) no Series B Shareholder may
exercise its Co-Sale Right unless the Lead Series B Shareholder elects to
exercise such right.

          (b) Notice of Exercise.

               (i) Notice of exercise of the Co-Sale Right shall indicate the
number of Founder Shares each holder of the Preferred Shares wishes to Transfer
under the Co-Sale Right and include an acknowledgment from such holder that it
may not exercise its Co-Sale Right unless (A) in the case of the Series A
Shareholders, the Majority of the Series A Shareholders must exercise such right
and (ii) in the case of the Series B Shareholders, the Lead Series B Shareholder
must exercise such right.

               (ii) If the Majority of the Series A Shareholders elect to
exercise the Co-Sale Right, the holders of the Series A Shares may Transfer in
the aggregate up to the number of shares of Founder Shares equal to the product
obtained by multiplying the aggregate

                                       15

<PAGE>

number of the Founder Shares proposed to be Transferred as set out in the
Transfer Notice by a fraction, (x) the numerator of which is the number of
Shares held in the aggregate by such Majority of the Series A Shareholders
immediately before the Transfer and (y) the denominator of which is the total
number of the Shares held, in the aggregate, by the Founder and such Majority of
the Series A Shareholders immediately before the Transfer. If the Majority of
the Series A Shareholders exercise their Co-Sale Right in accordance with the
terms and conditions set forth in this Section 6.2, the Founder may Transfer its
Shares only if the proposed transferee completes the purchase of the shares
which such Majority of the Series A Shareholders seek to sell pursuant to the
exercise of the Co-Sale Right.

               (iii) If the Lead Series B Shareholder elects to exercise the
Co-Sale Right, the holders of the Series B Shares may Transfer in the aggregate
up to the number of shares of Founder Shares equal to the product obtained by
multiplying the aggregate number of the Founder Shares proposed to be
Transferred as set out in the Transfer Notice by a fraction, (x) the numerator
of which is the number of Shares held in the aggregate by such Lead Series B
Shareholder immediately before the Transfer and (y) the denominator of which is
the total number of the Shares held, in the aggregate, by the Founder and such
Lead Series B Shareholder immediately before the Transfer. If the Lead Series B
Shareholder exercises its Co-Sale Right in accordance with the terms and
conditions set forth in this Section 6.2, the Founder may Transfer its Shares
only if the proposed transferee completes the purchase of the shares which such
Lead Series B Shareholder seeks to sell pursuant to the exercise of the Co-Sale
Right.

          (c) Delivery of Certificates.

               (i) The Majority of the Series A Shareholders shall effect their
participation in the Transfer under this Section 6.2 by, promptly or no later
than fifteen (15) days after the exercise of such Majority of the Series A
Shareholders of the Co-Sale Right, delivering to the Founder for Transfer to the
prospective purchaser one or more certificates, properly endorsed for Transfer,
which represent the type and number of the Series A Shares which such Majority
of the Series A Shareholders elect to Transfer; provided, however, that if the
prospective purchaser objects to the delivery of the Series A Shares in lieu of
Ordinary Shares, such Majority of the Series A Shareholders shall first convert
the Series A Shares into Ordinary Shares and deliver Ordinary Shares as provided
in this Section 6.2. The Company agrees to make any such conversion concurrent
with and contingent upon the actual Transfer of such shares to the prospective
purchaser.

               (ii) The Lead Series B Shareholder shall effect its participation
in the Transfer under this Section 6.2 by, promptly or no later than fifteen
(15) days after the exercise of such Lead Series B Shareholder of the Co-Sale
Right, delivering to the Founder for Transfer to the prospective purchaser one
or more certificates, properly endorsed for Transfer, which represent the type
and number of the Series B Shares which such Lead Series B Shareholder elects to
Transfer; provided, however, that if the prospective purchaser objects to the
delivery of the Series B Shares in lieu of Ordinary Shares, such Lead Series B
Shareholder shall first convert the Series B Shares into Ordinary Shares and
deliver Ordinary Shares as provided in this Section 6.2. The Company agrees to
make any such conversion concurrent with and contingent upon the actual Transfer
of such shares to the prospective purchaser.

                                       16

<PAGE>

          (d) Sales Proceeds.

               (i) The stock certificate or certificates that the Majority of
the Series A Shareholders deliver to the Founder pursuant to Section 6.2(c)(i)
shall be transferred to the prospective purchaser in consummation of the sale of
the Founder Shares pursuant to substantially the same terms and conditions as
specified in the Transfer Notice, and the Founder shall upon receiving the same
from the prospective purchaser concurrently remit to each holder constituting
such Majority of the Series A Shareholders on a prorated basis the portion of
the sale proceeds to which such Majority of the Series A Shareholders is
entitled by reason of its participation in the Transfer. To the extent that any
prospective purchaser or purchasers prohibit assignment or otherwise refuse to
purchase shares or other securities from such Majority of the Series A
Shareholders, the Founder shall not Transfer to the prospective purchaser or
purchasers any Series A Shares unless and until, simultaneously with the sale,
the Founder purchases those shares or other securities from such Majority of the
Series A Shareholders.

               (ii) The stock certificate or certificates that the Lead Series B
Shareholder deliver to the Founder pursuant to Section 6.2(c)(ii) shall be
transferred to the prospective purchaser in consummation of the sale of the
Founder Shares pursuant to substantially the same terms and conditions as
specified in the Transfer Notice, and the Founder shall upon receiving the same
from the prospective purchaser concurrently remit to the Lead Series B
Shareholder on a prorated basis the portion of the sale proceeds to which the
Lead Series B Shareholder is entitled by reason of its participation in the
Transfer. To the extent that any prospective purchaser or purchasers prohibit
assignment or otherwise refuse to purchase shares or other securities from the
Lead Series B Shareholder, the Founder shall not Transfer to the prospective
purchaser or purchasers any Series A Shares unless and until, simultaneously
with the sale, the Founder purchases those shares or other securities from the
Lead Series B Shareholder.

          (e) Purchase and Sales Agreement. The terms and conditions of any sale
pursuant to this Section 6.2 shall be memorialized in, and governed by, a
written purchase and sales agreement with customary terms and provisions for
such a transaction; provided that the Majority of the Series A Shareholders or
the Majority of the Series A Shareholders, as the case may be, shall not be
required to give any representations or warranties other than those reasonably
requested relating to its title in and ownership of the shares and information
relating to such majority or in connection with complying with the relevant
exemptions of the Securities Act.

          6.3 Sale by the Founder. Subject to Section 6.6, if and to the extent
that either or both of the Majority of the Series A Shareholders or the Lead
Series B Shareholder do not exercise its Right of First Refusal or Co-Sale Right
with respect to the sale of the Founder Shares subject to the Transfer Notice
within the relevant prescribed period, the Founder may, not later than ninety
(90) days following delivery to such Majority of the Series A Shareholders
and/or the Lead Series B Shareholder, as the case may be, of the Transfer
Notice, conclude a bona fide Transfer of all of the Founder Shares covered by
the Transfer Notice on terms and conditions not more favorable to the transferee
or transferor than those described in the Transfer Notice. Any proposed Transfer
on terms and conditions more favorable than those described in the Transfer
Notice, as well as any subsequent proposed transfer of any Founder Shares by the
Founder, shall

                                       17

<PAGE>

again be subject to the Right of First Refusal and the Co-Sale Right held by the
Majority of the Series A Shareholders and/or the Lead Series B Shareholder, as
the case may be, and shall require compliance by the Founder with the procedures
described in this Section 6.

          6.4 No Adverse Effect. The exercise or non-exercise by either or both
of the Majority of the Series A Shareholders or the Lead Series B Shareholder of
the Right of First Refusal or the Co-Sale Right shall not adversely affect their
rights to participate in subsequent transfers of Founder Shares by the Founder
subject to the provisions of this Section 6.

          6.5 Exempt Transfers.

          (a) Notwithstanding the foregoing, the Right of Refusal and the
Co-Sale Right shall not apply to any transfer or transfers of Founder Shares by
the Founder to its Affiliates or the Company's employees, provided that such
employee transferee shall agree to the same transfer restrictions set out in
this Section 6.

          (b) Notwithstanding the foregoing, the Right of First Refusal or the
Co-Sale Right shall not apply to the sale of any Founder Shares to the public
pursuant to a Registration Statement filed with, and declared effective by, the
Commission under the Securities Act (or with respect to a Registration in a
jurisdiction other than the United States, with or by an equivalent agency under
applicable law in such jurisdiction).

          6.6 Prohibited Transfer. No sale of the Shares to a transferee under
Section 6.5 shall be effective if a purpose or effect of such transfer shall
have been to circumvent the provisions in Sections 6.1 and 6.2. Each Shareholder
shall remain responsible for the performance of this Agreement by each
transferee of such Shareholder to whom the Shares are transferred. If any
Affiliate of any Shareholder to whom the Shares are transferred pursuant to
Section 6.5 ceases to be an Affiliate of such Shareholder from whom it acquired
such Shares pursuant to such provision, such Person shall re-convey such Shares
to such transferring Shareholder as soon as reasonably practicable after such
Person knows of its upcoming change of status immediately prior thereto. If such
change of status is not known until after its occurrence, the former Affiliate
shall make such transfer to such transferring Shareholder as soon as practicable
after the former Affiliate receives notice thereof.

          6.7 Restrictions on the Transfer by the Preferred Shareholders. Any
Preferred Shares, or any classes of shares of the Company, held by the Preferred
Shareholders are freely transferable, subject to restrictions under applicable
laws, provided, however, that (i) the holders of the Preferred Shares shall give
advance written notice to the Company with respect to a proposed transfer of
such shares, and (ii) such holders shall not transfer such shares to any Person
whose principal business is, in the good faith determination of two-thirds of
the members of the Board (not counting the Series A Nominees in the event that
the Series A Shares are being proposed to be transferred and not counting the
Series B Nominees in the event that the Series B Shares are being proposed to be
transferred), in direct competition with the principal business of the Company
at the time of such transfer. In addition to the foregoing, for a period of one
year (1) following the date of the Series A Shareholders Agreement, the Series A
Shareholder (or its Affiliates) shall not transfer shares of the Company
representing, on an aggregated basis, more than 50% of the Series A Shares (as
determined on a fully-diluted, as-converted basis) to a

                                       18

<PAGE>

Person other than Affiliates of the Series A Shareholder without the prior
written consent of the Company, which consent shall not be unreasonably
withheld.

     SECTION 7. Demand Registration.

          7.1 Request for Registration on Form Other Than Form F-3.

          (a) Subject to the terms of this Agreement, in the event that the
Company receives from the Series A Initiating Holders at any time six (6) months
after the closing of the Company's initial public offering of Ordinary Shares
under a Registration Statement (other than a Registration of securities in a
Rule 145 transaction or of securities being offered to the employees of the
Group Companies pursuant to a stock option, stock purchase or similar plan, a
Registration on any form that does not include substantially the same
information as would be required to be included in a Registration Statement
covering the sale of the Registrable Securities, or a Registration in which the
only Ordinary Shares issuable upon conversion of debt securities that are also
being Registered), a written request that the Company effect any Registration
with respect to the Series A Registrable Securities on a form other than Form
F-3 for an offering of the then outstanding Series A Registrable Securities, the
Company shall (x) within ten (10) days of the receipt thereof, give written
notice of the proposed Registration to all other holders of the Registrable
Securities, and (y) as soon as practicable, use commercially reasonable efforts
to effect the Registration of the Series A Registrable Securities specified in
the request, together with any Registrable Securities of any other Holder of
Registrable Securities as are specified in a written request from such Holder
given within twenty (20) days after written notice from the Company. The Company
shall not be obligated to take any action to effect any Registration pursuant to
this Section 7.1(a) after the Company has effected two (2) Registrations
pursuant to this Section 7.1(a) and each Registration has been declared
effective. The substantive provisions of Section 7.5 in respect of the Series A
Registrable Securities shall be applicable to the Registration initiated under
this Section 7.1(a).

          (b) Subject to the terms of this Agreement, in the event that the
Company receives from the Series B Initiating Holders at any time six (6) months
after the closing of the Company's initial public offering of Ordinary Shares
under a Registration Statement (other than a Registration of securities in a
Rule 145 transaction or of securities being offered to the employees of the
Group Companies pursuant to a stock option, stock purchase or similar plan, a
Registration on any form that does not include substantially the same
information as would be required to be included in a Registration Statement
covering the sale of the Registrable Securities, or a Registration in which the
only Ordinary Shares issuable upon conversion of debt securities that are also
being Registered), a written request that the Company effect any Registration
with respect to the Series B Registrable Securities on a form other than Form
F-3 for an offering of the then outstanding Series B Registrable Securities, the
Company shall (x) within ten (10) days of the receipt thereof, give written
notice of the proposed Registration to all other holders of the Registrable
Securities, and (y) as soon as practicable, use commercially reasonable efforts
to effect the Registration of the Series B Registrable Securities specified in
the request, together with any Registrable Securities of any other Holder of
Registrable Securities as are specified in a written request from such Holder
given within twenty (20) days after written notice from the Company. The Company
shall not be obligated to take any action to effect any Registration pursuant to
this Section 7.1(b) after the Company has effected two (2) Registrations

                                       19

<PAGE>

pursuant to this Section 7.1(b) and each Registration has been declared
effective. The substantive provisions of Section 7.5 in respect of the Series B
Registrable Securities shall be applicable to the Registration initiated under
this Section 7.1(b).

          7.2 Request for Registration on Form F-3.

          (a) If the Series A Initiating Holders request that the Company file a
Registration Statement on Form F-3 (or any successor form to Form F-3, or any
comparable form for a Registration in a jurisdiction other than the United
States) for a public offering, of shares of Series A Registrable Securities, the
reasonably anticipated aggregate price to the public of which, net of Selling
Expenses, would not be less than US$5,000,000, and the Company is a registrant
entitled to use Form F-3 or comparable form to Register the Series A Registrable
Securities for an offering, the Company shall use commercially reasonable
efforts to cause those Series A Registrable Securities to be Registered for the
offering on that form and to cause those Series A Registrable Securities to be
qualified in jurisdictions as the Holder or Holders of the Series A Registrable
Shares may reasonably request. The Company shall not be required to effect more
than one Registration pursuant to this Section 7.2(a) in any twelve (12) month
period. The substantive provisions of Section 7.5 in respect of the Series A
Registrable Securities shall be applicable to each Registration initiated under
this Section 7.2(a).

          (b) If the Series B Initiating Holders request that the Company file a
Registration Statement on Form F-3 (or any successor form to Form F-3, or any
comparable form for a Registration in a jurisdiction other than the United
States) for a public offering, of shares of Series B Registrable Securities, the
reasonably anticipated aggregate price to the public of which, net of Selling
Expenses, would not be less than US$5,000,000, and the Company is a registrant
entitled to use Form F-3 or comparable form to Register the Series B Registrable
Securities for an offering, the Company shall use commercially reasonable
efforts to cause those Series B Registrable Securities to be Registered for the
offering on that form and to cause those Series B Registrable Securities to be
qualified in jurisdictions as the Holder or Holders of the Series B Registrable
Shares may reasonably request. The Company shall not be required to effect more
than one Registration pursuant to this Section 7.2(b) in any twelve (12) month
period. The substantive provisions of Section 7.5 in respect of the Series B
Registrable Securities shall be applicable to each Registration initiated under
this Section 7.2(b).

          7.3 Right of Deferral. Notwithstanding anything in this Section 7 to
the contrary, the Company shall not be obligated to file a Registration
Statement pursuant to this Section 7:

          (a) in any particular jurisdiction in which the Company would be
required to execute a general consent to service of process in effecting that
Registration, qualification, or compliance, unless the Company is already
subject to service in that jurisdiction and except as may be required by the
Securities Act or other applicable law in a jurisdiction other than the United
States in which the Registration is being effected;

          (b) if the Company, within fifteen (15) days of the receipt of the
request of any Series A Initiating Holder(s), gives notice of its bona fide
intention to effect the filing of a Registration Statement with the Commission
or comparable regulatory agency for a Registration

                                       20

<PAGE>

in a jurisdiction other than the United States (other than a Registration of
securities in a Rule 145 transaction or of securities being offered to the
employees of the Group Companies pursuant to a stock option, stock purchase or
similar plan, a registration relating to a corporate reorganization, a
registration on any form that does not include substantially the same
information as would be required to be included in a registration statement
covering the sale of the Series A Registrable Securities, or a registration in
which the only Ordinary Shares being registered is Ordinary Shares issuable upon
conversion of debt securities that are also being registered), then the Company
shall have the right to defer such filing for a period of not more than one
hundred twenty (120) days after receipt of the request of the Holders of the
Series A Registrable Shares requesting Registration pursuant to Section 7.1(a)
or Section 7.2(a), provided that the Company may not utilize this right more
than once in every twelve (12) month period and that the Company shall not
Register any other shares during such twelve (12) month period. Any Registration
of Series A Registrable Securities as a result of such efforts shall be deemed
to have been initiated by the Company, not by the Series A Initiating Holders
under Section 7.1(a), and the original request by the Series A Initiating
Holders to Register Registrable Securities shall instead be deemed a request to
include the Series A Registrable Securities specified in the request in such
Registration under Section 8;

          (c) if the Company, within fifteen (15) days of the receipt of the
request of any Series B Initiating Holder(s), gives notice of its bona fide
intention to effect the filing of a Registration Statement with the Commission
or comparable regulatory agency for a Registration in a jurisdiction other than
the United States (other than a Registration of securities in a Rule 145
transaction or of securities being offered to the employees of the Group
Companies pursuant to a stock option, stock purchase or similar plan, a
registration relating to a corporate reorganization, a registration on any form
that does not include substantially the same information as would be required to
be included in a registration statement covering the sale of the Series B
Registrable Securities, or a registration in which the only Ordinary Shares
being registered is Ordinary Shares issuable upon conversion of debt securities
that are also being registered), then the Company shall have the right to defer
such filing for a period of not more than one hundred twenty (120) days after
receipt of the request of the Holders of the Series B Registrable Shares
requesting Registration pursuant to Section 7.1(b) or Section 7.2(b), provided
that the Company may not utilize this right more than once in every twelve (12)
month period and that the Company shall not Register any other shares during
such twelve (12) month period. Any Registration of Series B Registrable
Securities as a result of such efforts shall be deemed to have been initiated by
the Company, not by the Series B Initiating Holders under Section 7.1(b), and
the original request by the Series B Initiating Holders to Register Registrable
Securities shall instead be deemed a request to include the Series B Registrable
Securities specified in the request in such Registration under Section 8;

          (d) within one hundred eighty (180) days immediately following the
effective date of any Registration Statement pertaining to the securities of the
Company (other than a Registration of securities in a Rule 145 transaction or of
securities being offered to the employees of the Group Companies pursuant to a
stock option, stock purchase or similar plan, a Registration relating to a
corporate reorganization, a Registration on any form that does not include
substantially the same information as would be required to be included in a
Registration Statement covering the sale of any Series A Registrable Securities
or any Series B Registrable

                                       21

<PAGE>

Securities, or a Registration in which the only Ordinary Shares being Registered
is Ordinary Shares issuable upon conversion of debt securities that are also
being Registered);

          (e) in the case of a proposed Registration under Section 7.1(a) or
Section 7.2(a), if the Company furnishes to the Series A Initiating Holders a
certificate signed by the President of the Company stating that in the good
faith judgment of the Board it would be materially detrimental to the Company
and its shareholders for a Registration Statement to be filed in the near
future. Then the Company's obligation to use its commercially reasonable efforts
to file a Registration Statement shall be deferred for a period not to exceed
one hundred twenty (120) days from the receipt of the request to file the
Registration by such Holder provided that the Company shall not exercise the
right contained in this Section 7.3(e) more than once in any twelve (12) month
period and provided further, that during such one hundred twenty (120) day
period the Company shall not file a Registration Statement with respect to the
public offering of securities of the Company (other than a Registration of
securities in a Rule 145 transaction or of securities being offered to the
employees of the Group Companies pursuant to a stock option, stock purchase or
similar plan, a Registration on any form that does not include substantially the
same information as would be required to be included in a Registration Statement
covering the sale of the Series A Registrable Securities, or a Registration in
which the only Ordinary Shares issuable upon conversion of debt securities that
are also being Registered); or

          (f) in the case of a proposed Registration under Section 7.1(b) or
Section 7.2(b), if the Company furnishes to the Series B Initiating Holders a
certificate signed by the President of the Company stating that in the good
faith judgment of the Board it would be materially detrimental to the Company
and its shareholders for a Registration Statement to be filed in the near
future. Then the Company's obligation to use its commercially reasonable efforts
to file a Registration Statement shall be deferred for a period not to exceed
one hundred twenty (120) days from the receipt of the request to file the
Registration by such Holder provided that the Company shall not exercise the
right contained in this Section 7.3(f) more than once in any twelve (12) month
period and provided further, that during such one hundred twenty (120) day
period the Company shall not file a Registration Statement with respect to the
public offering of securities of the Company (other than a Registration of
securities in a Rule 145 transaction or of securities being offered to the
employees of the Group Companies pursuant to a stock option, stock purchase or
similar plan, a Registration on any form that does not include substantially the
same information as would be required to be included in a Registration Statement
covering the sale of the Series B Registrable Securities, or a Registration in
which the only Ordinary Shares issuable upon conversion of debt securities that
are also being Registered).

          7.4 Registration of Other Securities in Demand Registration. Any
Registration Statement filed pursuant to the request of any Holder under this
Section 7 may, subject to the provisions of Section 7.5, include Ordinary Shares
of the Company other than Registrable Securities.

          7.5 Underwriting in Demand Registration.

          (a) Notice of Underwriting.

                                       22

<PAGE>

               (i) If the Series A Initiating Holders intend to distribute the
Series A Registrable Securities covered by their request by means of an
underwriting, they shall so advise the Company as a part of their request made
pursuant to this Section 7, and the Company shall include that information in
the written notice referred to in Section 7.1(a) or 7.2(a) of this Agreement. In
such event, the right of any Holder of the Series A Registrable Securities to
Registration pursuant to this Section 7 shall be conditioned upon such Holder's
agreement to participate in the underwriting arrangement required by this
Section 7.5 in respect of the Series A Registrable Securities, and the inclusion
of that Holder's Series A Registrable Securities in the underwriting to the
extent provided herein. The Company shall (together with all Holders of the
Series A Registrable Securities proposing to distribute their securities through
the underwriting) enter into an underwriting agreement with the representative
(the "UNDERWRITERS' REPRESENTATIVE") of the underwriter or underwriters selected
for the underwriting by the Company and reasonably acceptable to Holders of a
majority of the Series A Registrable Securities that are being proposed to be
distributed through such underwriting.

               (ii) If the Series B Initiating Holders intend to distribute the
Series B Registrable Securities covered by their request by means of an
underwriting, they shall so advise the Company as a part of their request made
pursuant to this Section 7, and the Company shall include that information in
the written notice referred to in Section 7.1(b) or 7.2(b) of this Agreement. In
such event, the right of any Holder of the Series B Registrable Securities to
Registration pursuant to this Section 7 shall be conditioned upon such Holder's
agreement to participate in the underwriting arrangement required by this
Section 7.5 in respect of the Series B Registrable Securities, and the inclusion
of that Holder's Series B Registrable Securities in the underwriting to the
extent provided herein. The Company shall (together with all Holders the Series
B Registrable Securities proposing to distribute their securities through the
underwriting) enter into an underwriting agreement with the representative (the
"UNDERWRITERS' REPRESENTATIVE") of the underwriter or underwriters selected for
the underwriting by the Company and reasonably acceptable to Holders of a
majority of the Series B Registrable Securities that are being proposed to be
distributed through such underwriting.

          (b) Inclusion of Other Holders in Demand Registration.

               (i) If the Company, officers or directors of the Company holding
Ordinary Shares other than Registrable Securities, or holders of securities
other than Registrable Securities, request inclusion of such Ordinary Shares or
other securities in the Registration, the Series A Initiating Holders or the
Series B Initiating Holders, as the case may be and to the extent they deem
advisable and consistent with the goals of that Registration, may, in their
reasonable discretion, on behalf of all Series A Holders (in the case of the
Series A Initiating Holders) or on behalf of all Series B Holders (in the case
of the Series B Initiating Holders), as the case may be, offer to any or all of
the Company, those officers or directors, and the holders of securities other
than Registrable Securities that such Ordinary Shares or other securities be
included in the underwriting and may condition that offer on the acceptance by
those persons of the terms of this Section 7.

               (ii) If the number of shares included pursuant to Section
7.5(b)(i) exceeds the number of shares of Series A Registrable Securities
included by all Holders of the Series A Registrable Securities, the Registration
shall be treated as governed by Section 8 of this

                                       23

<PAGE>

Agreement in respect of the Series A Registrable Securities rather than this
Section 7, and it shall not count as a Registration for purposes of this Section
7 in respect of the Series A Registrable Securities.

               (iii) If the number of shares included pursuant to Section
7.5(b)(i) exceeds the number of shares of Series B Registrable Securities
included by all Holders of the Series B Registrable Securities, the Registration
shall be treated as governed by Section 8 of this Agreement in respect of the
Series B Registrable Securities rather than this Section 7, and it shall not
count as a Registration for purposes of this Section 7 in respect of the Series
B Registrable Securities.

          (c) Marketing Limitation in Demand Registration.

               (i) Notwithstanding anything in this Section 7 to the contrary,
if the Underwriters' Representative advises the Series A Initiating Holders in
writing that marketing factors (including, without limitation, the aggregate
number of Ordinary Shares requested to be Registered, the general condition of
the market, and the status of the persons proposing to sell securities pursuant
to the Registration) require a limitation of the number of shares to be
underwritten, then the Series A Initiating Holders shall so advise all Holders
of Series A Registrable Securities which would otherwise be underwritten
pursuant hereto, and the number of shares of Series A Registrable Securities
that may be included in the Registration and underwriting shall be allocated
among all Holders thereof in proportion, as nearly as practicable, to the
respective amounts of Series A Registrable Securities entitled to inclusion in
that Registration held by such Holders of the Series A Registrable Securities at
the time of filing the Registration Statement; provided that securities
described in Section 7.5(b)(i) shall first be excluded from such Registration,
and that at least twenty-five percent (25%) of the Registrable Securities
requested by the Series A Initiating Holders to be included in such Registration
and underwriting shall be so included. No Series A Registrable Securities or
other securities excluded from the underwriting by reason of this Section
7.5(c)(i) shall be included in such Registration Statement. To facilitate the
allocation of shares in accordance with the above provisions, the Company and
the Underwriters' Representative may round the number of shares allocated to any
Holder of the Series A Registrable Securities to the nearest one hundred (100)
shares.

               (ii) Notwithstanding anything in this Section 7 to the contrary,
if the Underwriters' Representative advises the Series B Initiating Holders in
writing that marketing factors (including, without limitation, the aggregate
number of Ordinary Shares requested to be Registered, the general condition of
the market, and the status of the persons proposing to sell securities pursuant
to the Registration) require a limitation of the number of shares to be
underwritten, then the Series B Initiating Holders shall so advise all Holders
of Series B Registrable Securities which would otherwise be underwritten
pursuant hereto, and the number of shares of Series B Registrable Securities
that may be included in the Registration and underwriting shall be allocated
among all Holders thereof in proportion, as nearly as practicable, to the
respective amounts of Series B Registrable Securities entitled to inclusion in
that Registration held by such Holders of the Series B Registrable Securities at
the time of filing the Registration Statement; provided that securities
described in Section 7.5(b)(i) shall first be excluded from such Registration,
and that at least fifteen percent (15%) of the Registrable

                                       24

<PAGE>

Securities requested by the Series B Initiating Holders to be included in such
Registration and underwriting shall be so included. No Series B Registrable
Securities or other securities excluded from the underwriting by reason of this
Section 7.5(c)(ii) shall be included in such Registration Statement. To
facilitate the allocation of shares in accordance with the above provisions, the
Company and the Underwriters' Representative may round the number of shares
allocated to any Holder of the Series B Registrable Securities to the nearest
one hundred (100) shares.

          (d) Right of Withdrawal in Demand Registration. If any Holder of
Registrable Securities or, or a holder of other securities entitled (upon
request) to be included in such Registration, disapproves of the terms of the
underwriting, such person may elect to withdraw therefrom by written notice to
the Company, the Underwriter's Representative, and the Series A Initiating
Holders or the Series B Initiating Holders, as the case may be, delivered at
least seven (7) Business Days prior to the effective date of the Registration
Statement. The securities so withdrawn shall also be withdrawn from the
Registration Statement, and such securities shall not be transferred in a public
distribution prior to one hundred eighty (180) days after the effective date of
such Registration, or such other period of time as the underwriters may require.

          7.6 Other Securities Laws in Demand Registration. In the event of any
Registration pursuant to this Section 7, the Company shall exercise its
commercially reasonable endeavors to Register and qualify the securities covered
by the Registration Statement under the securities laws of any other
jurisdictions in the United States as shall be reasonably appropriate for the
distribution of the securities; provided, however, that: (a) the Company shall
not be required to do business or to file a general consent to service of
process in any such state or jurisdiction; and (b) notwithstanding anything in
this Agreement to the contrary, in the event any jurisdiction in which the
securities shall be qualified imposes a non-waivable requirement that expenses
incurred in connection with the qualification of the securities be borne by
selling shareholders, the expenses shall be payable pro rata by the selling
shareholders.

          7.7 Other Registration Rights. The Company and the Founder hereby
jointly and severally (i) represent and warrant to the Preferred Shareholders
that the Company has not granted any rights to any shareholder or other person
with respect to the Registration of securities of the Company and (ii) covenant
that the Company will not, and the Founder will not permit the Company to, grant
any such rights to any Person without the prior written consent of each of (a)
Holders holding at least a majority of the Series A Registrable Securities and
(b) the Lead Series B Shareholder.

     SECTION 8. Piggyback Registration.

          8.1 Notice of Piggyback Registration and Inclusion of Registrable
Securities. Subject to the terms of this Agreement, if the Company decides to
Register any of its Ordinary Shares (either for its own account or the account
of a security holder or holders (other than Holders exercising their demand
rights pursuant to Section 7 of this Agreement)) (other than a Registration
relating solely to the sale of securities to participants in a Company stock
plan, a Registration relating to a corporate reorganization or other transaction
under Rule 145 of the Securities Act, a Registration on any form that does not
include substantially the same

                                       25

<PAGE>

information as would be required to be included in a registration statement
covering the sale of the Registrable Securities, or a Registration in which the
only Ordinary Shares being registered is Ordinary Shares issuable upon
conversion of debt securities that are also being Registered), the Company
shall: (a) promptly give each Holder written notice thereof (which shall include
a list of the jurisdictions in which the Company intends to attempt to qualify
those securities under the applicable Blue Sky or other securities laws); and
(b) include in that Registration (and any related qualification under Blue Sky
laws or other compliance), and in any underwriting involved therein, all the
Registrable Securities specified in a written request delivered to the Company
by any Holder within twenty (20) days after delivery of the written notice from
the Company. The Company shall have the right to terminate or withdraw any
Registration initiated by it under this Section 8 prior to the effectiveness of
such Registration whether or not any Holder has elected to include securities in
such Registration.

          8.2 Underwriting in Piggyback Registration.

          (a) Notice of Underwriting in Piggyback Registration. If the
Registration of which the Company gives notice is for a Registered public
offering involving an underwriting, the Company shall so advise the Holders as a
part of the written notice given pursuant to Section 8.1. In such event, the
right of any Holder to Registration shall be conditioned upon such Holder's
participation in such underwriting and the inclusion of such Holder's
Registrable Securities in such underwriting to the extent provided in this
Section 8. All Holders proposing to distribute their securities through the
underwriting shall (together with the Company and any other holders distributing
their securities through the underwriting) enter into an underwriting agreement
with the Underwriter's Representative for such offering. The Holders shall have
no right to participate in the selection of the underwriters for an offering
pursuant to this Section 8.

          (b) Marketing Limitation in Piggyback Registration. Notwithstanding
anything in this Section 8 to the contrary, if the Underwriter's Representative
advises the Holders seeking Registration of Registrable Securities pursuant to
this Section 8 in writing that marketing factors (including, without limitation,
the aggregate number of Ordinary Shares requested to be Registered, the general
condition of the market, and the status of the persons proposing to sell
securities pursuant to the Registration) require a limitation of the number of
shares to be underwritten, the Underwriters' Representative (subject to the
allocation priority set forth in Section 8.2(c)) may:

               (i) in the case of the Company's initial public offering pursuant
to a Registration Statement, exclude some or all Registrable Securities from the
Registration and underwriting; and

               (ii) in the case of any Registered public offering subsequent to
the initial public offering, limit the number of shares of Registrable
Securities to be included in the Registration and underwriting, to not less than
thirty-five percent (35%) of the Series A Registrable Securities and not less
than twenty five percent (25%) of the Series B Registrable Securities requested
to be included in the Registration.

          (c) Allocation of Shares in Piggyback Registration. If the
Underwriter's Representative limits the number of shares to be included in a
Registration pursuant to Section

                                       26

<PAGE>

8.2(b), the number of shares to be included in the Registration shall be
allocated among all other Holders and other holders of securities (other than
Registrable Securities) requesting and legally entitled to include securities in
that Registration, in the following order of priority:

               (i) first, to the Company, to the extent it is offering shares
for its own account; and

               (ii) next, to Holders of Registrable Securities requesting
inclusion of Registrable Securities in the offering, in proportion, as nearly as
practicable, to the respective amounts of securities (including the Registrable
Securities), which such Holders would otherwise be entitled to include in the
Registration;

               (iii) next, to the other holders requesting inclusion of such
securities (other than Registrable Securities) in the offering, in proportion,
as nearly as practicable to the respective amounts of securities which such
other holders would otherwise be entitled to include in the Registration.

          For any Registration subsequent to an initial public offering, the
number of Registrable Securities that may be included in the Registration and
underwriting under Section 8.2(b)(ii) shall not be reduced to (i) less than
thirty-five percent (35%) of the Series A Registrable Securities without the
prior consent of at least a majority of the Holders of the Series A Registrable
Securities who have requested their Series A Registrable Securities to be
included in the Registration and underwriting or (ii) less than twenty five
percent (25%) of the Series B Registrable Securities requested to be included in
the Registration without the prior consent of the Lead Series B Shareholder who
has requested its Series B Registrable Securities be included in the
Registration and underwriting. No Registrable Securities or other securities
excluded from the underwriting by reason of this Section 8.2(c) shall be
included in the Registration Statement. To facilitate the allocation of shares
in accordance with the above provisions, the Company and the Underwriters'
Representative may round the number of shares allocated to any Holder to the
nearest one hundred (100) shares.

          (d) Withdrawal in Piggyback Registration. If any Holder disapproves of
the terms of any underwriting, the Holder may elect to withdraw therefrom by
written notice to the Company and the Underwriter's Representative delivered at
least seven days prior to the effective date of the Registration Statement. Any
Registrable Securities or other securities excluded or withdrawn from the
underwriting shall be withdrawn from the Registration.

     SECTION 9. Expenses of Registration.

          (a) All Registration Expenses reasonably incurred in connection with
up to two (2) Registrations pursuant to Section 7.1(a), two (2) Registrations
pursuant Section 7.1(b) and unlimited Registrations pursuant to Sections 7.2 and
8 shall be borne by the Company. All Registration Expenses incurred in
connection with any other Registration, qualification or compliance shall be
apportioned among the Holders, and other holders, including the Company, of the
securities so Registered on the basis of the number of shares Registered.

          (b) Notwithstanding the above, the Company shall not be required to
pay for any expenses of any Registration proceeding commenced pursuant to
Section 7 if (i) in the case

                                       27

<PAGE>

of a Registration under Section 7.1(a), the Registration request is subsequently
withdrawn at the request of the Holders of a majority of the Series A
Registrable Securities to be Registered (which Holders shall bear those
expenses), unless the Holders of a majority of the Series A Registrable
Securities agree to forfeit their right to one (1) corresponding Registration
pursuant to Section 7.1(a) and (ii) in the case of a Registration under Section
7.1(b), the Registration request is subsequently withdrawn at the request of the
Lead Series B Shareholder (which Holders shall bear those expenses), unless the
Lead Series B Shareholder agrees to forfeit its right to one (1) corresponding
Registration pursuant to Section 7.1(b); provided, however, that if at the time
of such withdrawal, such Holders have learned of a material adverse change in
the condition, business, or prospects of the Company not known to such Holders
at the time of their request for such Registration, and have withdrawn their
request for Registration with reasonable promptness after learning of such
material adverse change, then the Holders shall not be required to pay any such
expenses and such Registration shall not constitute the use of a Registration
under Section 7. All Selling Expenses shall be borne by the holders of the
securities Registered pro rata on the basis of the number of shares Registered.

     SECTION 10. Termination of Registration Rights. The rights of any Holder to
cause the Company to Register securities granted under Sections 7 and 8 and to
receive notices pursuant to Section 7 and Section 8 of this Agreement shall
terminate on the earlier of: (a) five (5) years after the consummation of a
Qualified IPO; (b) with respect to such Holder, after a Qualified IPO or the
Company's initial public offering of securities pursuant to a Registration
Statement, if following such Qualified IPO or initial public offering, such
Holder, together with its Affiliates, holds less than one percent (1%) of the
outstanding Ordinary Shares, (c) with respect to such Holder, when such Holder
is eligible to sell all of the Registrable Securities held by it (together with
any Affiliate of such Holder with whom such Holder must aggregate its sales
under Rule 144) either (i) under Rule 144 within any ninety (90) day period
without volume limitations or (ii) under Rule 144(k), or (d) with respect to
such Holder's right with respect to Registration of Registrable Securities in
any jurisdiction other than the United States, when that Holder is eligible to
sell all of its Registrable Securities under a provision of that jurisdiction's
securities laws comparable to Rule 144 or 144(k).

     SECTION 11. Registration Procedures and Obligations. Whenever required
under this Agreement to effect the Registration of any Registrable Securities,
the Company shall, as expeditiously as reasonably possible:

          (a) Prepare and file with the Commission (or comparable regulatory
agency with respect to a Registration in a jurisdiction other than the United
States) a Registration Statement with respect to such Registrable Securities and
use its commercially reasonable efforts to cause that Registration Statement to
become effective, and, upon the request of the Holders of a majority of the
Registrable Securities Registered thereunder, keep the Registration Statement
effective for up to ninety (90) days, or if earlier, until the distribution
contemplated by the Registration has been completed.

          (b) Prepare and file with the Commission (or comparable regulatory
agency for a Registration in a jurisdiction other than the United States), such
amendments and supplements to such Registration Statement and the prospectus
used in connection with such Registration Statement as may be necessary to
comply with the provisions of the Securities Act

                                       28

<PAGE>

(or, with respect to a Registration in a jurisdiction other than the United
States, other applicable law in a jurisdiction other than the United States)
with respect to the disposition of all securities covered by such Registration
Statement;

          (c) Furnish to the Holders the number of copies of a prospectus,
including a preliminary prospectus, required by the Securities Act (or, with
respect to a Registration in a jurisdiction other than the United States, other
applicable law in a jurisdiction other than the United States), and such other
documents as the underwriters may reasonably request in order to facilitate the
disposition of such Registrable Securities;

          (d) Otherwise use its commercially reasonable efforts to comply with
the Securities Act, the Exchange Act and any other applicable rules and
regulations of the Commission, and make available to the securities holders, as
soon as reasonably practicable, an earnings statement covering the period of at
least twelve (12) months after the effective date of such Registration
Statement, which earnings statement shall satisfy Section 11(a) of the
Securities Act and any applicable regulations thereunder, including Rule 158;

          (e) Use its commercially reasonable efforts to Register and qualify
the securities covered by the Registration Statement under the securities or
Blue Sky laws of any other jurisdictions as shall be reasonably requested by the
Holders, provided that the Company shall not be required to qualify to do
business or file a general consent to service of process in any such states or
jurisdictions, and provided further that if any jurisdiction in which the
securities shall be qualified imposes a non-waivable requirement that expenses
incurred in connection with the qualification of the securities be borne by
selling shareholders, such expenses shall be payable pro rata by selling
shareholders;

          (f) Appoint a qualified independent underwriter, if necessary under
the circumstances or if reasonably requested by the Holders of more than fifty
percent (50%) of the Registrable Securities in any Registration made pursuant to
the terms hereof;

          (g) In the event of any underwritten public offering, enter into and
perform its obligations under an underwriting agreement, in usual and customary
form, with the managing underwriter of such offering, provided that each Holder
participating in the underwriting shall also enter into and perform its
obligations under such an agreement;

          (h) Notify each Holder of Registrable Securities covered by the
Registration Statement at any time when a prospectus relating thereto is
required to be delivered under the Securities Act of the happening of any event
as a result of which the prospectus included in the Registration Statement, as
then in effect, includes an untrue statement of a material fact or omits to
state a material fact required to be stated therein or necessary to make the
statements therein not misleading in the light of the circumstances then
existing;

          (i) Provide a transfer agent and registrar for all Registrable
Securities Registered pursuant to the Registration Statement and a CUSIP number
for all such Registrable Securities, in each case not later than the effective
date of such Registration;

          (j) Use its commercially reasonable efforts to furnish, at the request
of any Holder requesting Registration of Registrable Securities pursuant to this
Agreement, on the date

                                       29

<PAGE>

that Registrable Securities are delivered to the underwriters for sale in
connection with a Registration pursuant to this Agreement, (i) an opinion, dated
the date of the sale, of the counsel representing the Company for the purposes
of such Registration, in form and substance as is customarily given to
underwriters in an underwritten public offering, and (ii) a "comfort" letter
dated the date of the sale, from the independent certified public accountants of
the Company, in form and substance as is customarily given by independent
certified public accountants to underwriters in an underwritten public offering,
addressed to the underwriters, if any; and

          (k) Use its commercially reasonable efforts to list the Registrable
Securities on the primary exchange upon which similar securities issued by the
Company are then traded.

     SECTION 12. Information Furnished by Holder. It shall be a condition
precedent of the Company's obligations under this Agreement that each Holder of
Registrable Securities included in any Registration furnish to the Company
information regarding such Holder, the Registrable Securities held by it and the
distribution of such Registrable Securities proposed by such Holder as the
Company may reasonably request.

     SECTION 13. Indemnification.

          13.1 Company's Indemnification of the Holders. In the event any
Registrable Securities are included in a Registration Statement under this
Agreement, to the extent permitted by law, the Company shall indemnify each
Holder, each of its officers, directors, partners and legal counsel, and each
person controlling such Holder, with respect to which Registration,
qualification, or compliance of Registrable Securities has been effected
pursuant to this Agreement, and each underwriter, if any, and each person who
controls such underwriter within the meaning of Section 15 of the Securities Act
against all claims, losses, damages, liabilities, or actions in respect thereof
(collectively, "DAMAGES") arising out of or based upon any untrue statement (or
alleged untrue statement) of a material fact contained in any prospectus or
other document (including any related Registration Statement) incident to any
Registration, qualification, or compliance, or are based on any omission (or
alleged omission) to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading, or any violation by
the Company of any rule or regulation promulgated under the Securities Act,
Exchange Act, applicable Blue Sky laws, or other applicable laws in the
jurisdiction other than the United States in which the Registration occurred,
applicable to the Company and relating to action or inaction required of the
Company in connection with any Registration, qualification, or compliance, and
the Company shall reimburse each such Holder, its directors, partners, legal
counsel and independent accountant, each such underwriter, and each such person
who controls such Holder or any such underwriter, for any legal and any other
expenses reasonably incurred in connection with investigating or defending any
such claim, loss, damage, liability, or action; provided, however, that the
indemnity contained in this Section 13.1 shall not apply to amounts paid in
settlement of any Damages if settlement is effected without the consent of the
Company (which consent shall not unreasonably be withheld); and provided,
further, that the Company will not be liable in any case to the extent that any
Damages arise out of or are based upon any untrue statement or omission based
upon written information furnished to the Company by a Holder, underwriter, or
controlling person and stated to be for use in connection with the offering of
securities of the Company.

                                       30

<PAGE>

          13.2 Holder's Indemnification of Company. In the event any Registrable
Securities are included in a Registration Statement under this Agreement, to the
extent permitted by law, each Holder shall, if Registrable Securities held by
that Holder are included in the securities as to which Registration,
qualification or, compliance is being effected pursuant to this Agreement,
indemnify the Company, each of its directors and officers, each legal counsel
and independent accountant of the Company, each underwriter, if any, of the
Company's securities covered by the Registration Statement, each person who
controls the Company or such underwriter within the meaning of Section 15 of the
Securities Act, and each other Holder, each of its officers, directors, and
constituent partners, and each person controlling such other Holder, against all
Damages arising out of or based upon any untrue statement (or alleged untrue
statement) of a material fact contained in any Registration Statement,
prospectus, offering circular, or other document, or any omission (or alleged
omission) to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, or any violation by the
Holder of any rule or regulation promulgated under the Securities Act, Exchange
Act, applicable Blue Sky laws, or other applicable laws in the jurisdiction
other than the United States in which the Registration occurred, applicable to
such Holder and relating to action or inaction required of such Holder in
connection with any Registration, qualification, or compliance, and shall
reimburse the Company, such other Holders, directors, officers, partners,
persons, law firms and accounting firms, underwriters or control persons for any
legal and any other expenses reasonably incurred in connection with
investigating or defending any claim, loss, damage, liability, or action, in
each case to the extent, but only to the extent, that the untrue statement (or
alleged untrue statement) or omission (or alleged omission) or violation is made
in that Registration Statement, prospectus, offering circular, or other document
in reliance upon and in conformity with written information furnished to the
Company by such Holder and stated to be specifically for use in connection with
the offering of securities of the Company, provided, however, that the indemnity
contained in this Section 13.2 shall not apply to amounts paid in settlement of
any Damages if settlement is effected without the consent of such Holder (which
consent shall not be unreasonably withheld) and provided, further, that such
Holder's liability under this Section 13.2 shall not exceed the Holder's
proceeds (less underwriting discounts and selling commissions) from the offering
of securities made in connection with such Registration, except in the case of
fraud or willful misconduct by such Holder.

          The obligations of the Holders under this Section 13.2 shall be
several, and not joint and several, among the Holders whose Registrable
Securities are included in the Registration.

          13.3 Condition to Indemnity. The foregoing indemnity agreements of the
Company and the Holders are subject to the condition that, insofar as they
relate to any violation made in a preliminary prospectus but eliminated or
remedied in the amended prospectus on file with the Commission at the time the
Registration Statement in question becomes effective or the amended prospectus
filed with the Commission pursuant to Rule 424(b) (the "FINAL PROSPECTUS"), such
indemnity agreement shall not inure to the benefit of any person if a copy of
the Final Prospectus was furnished to the indemnified party and was not
furnished to the person asserting the loss, liability, claim or damage at or
prior to the time such action is required by the Securities Act.

                                       31

<PAGE>

          13.4 Indemnification Procedure. Promptly after receipt by an
indemnified party under this Section 13 of notice of the commencement of any
action, the indemnified party shall, if a claim is to be made against an
indemnifying party under this Section 13, notify the indemnifying party in
writing of the commencement thereof and generally summarize the action. The
indemnifying party shall have the right to participate in and to assume the
defense of that claim; provided, however, that the indemnifying party shall be
entitled to select counsel for the defense of the claim with the approval of any
parties entitled to indemnification, which approval shall not be unreasonably
withheld; provided further, however, that if either party reasonably determines
that there may be a conflict between the position of the Company and the Holders
in conducting the defense of the action, suit, or proceeding by reason of
recognized claims for indemnity under this Section 13, then counsel for such
party shall be entitled to conduct the defense to the extent reasonably
determined by counsel to be necessary to protect the interests of such party.
The failure to notify an indemnifying party promptly of the commencement of any
action, if prejudicial to the ability of the indemnifying party to defend the
action, shall relieve the indemnifying party, to the extent so prejudiced, of
any liability to the indemnified party under this Section 13, but the omission
to notify the indemnifying party shall not relieve the party of any liability
that the party may otherwise have to any indemnified party otherwise under this
Section 13.

          13.5 Contribution. If the indemnification provided for in this Section
13 is held by a court of competent jurisdiction to be unavailable to an
indemnified party with respect to any Damages, then the indemnifying party, in
lieu of indemnifying the indemnified party hereunder, shall contribute to the
amount paid or payable by the indemnified party as a result of those Damages in
such proportion as is appropriate to reflect the relative fault of the
indemnifying party, on the one hand, and of the indemnified party, on the other
hand, in connection with the statements or omissions that resulted in Damages as
well as any other relevant equitable considerations. The relative fault of the
indemnifying party and of the indemnified party shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission to state a material fact relates to information
supplied by the indemnifying or the indemnified party and the parties' relative
intent, knowledge, access to information, and opportunity to correct or prevent
the statement or omission. No Holder will be required to contribute any amount
in excess of the net proceeds received from the sale of all such Registrable
Securities offered and sold by such Holder pursuant to such Registration
Statement, except in the case of fraud or willful misconduct by such Holder; and
no person or entity guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the Securities Act) will be entitled to contribution from
any person or entity who was not guilty of such fraudulent misrepresentation.

          13.6 Conflicts. Notwithstanding the foregoing, to the extent that
provisions on indemnification and contribution contained in the underwriting
agreement entered into in connection with the underwritten public offering are
in conflict with the foregoing provisions, the provisions in the underwriting
agreement shall control; provided however, that the provision in any such
underwriting agreement pertaining to indemnification and contribution will be
(i) substantially similar to those contained herein, or (ii) typical of such
provisions found in underwriting agreements of companies similarly situated to
the Company.

                                       32

<PAGE>

          13.7 Survival of Obligations. The obligations of the Company and
Holders under this Section 13 shall survive the completion of any offering of
Registrable Securities in a Registration Statement under this Agreement or
otherwise. No indemnifying party, in the defense of any such claim or
litigation, shall, except with the consent of each indemnified party, consent to
entry of any judgment or enter into any settlement which admits fault on behalf
of the indemnified party or which does not include as an unconditional term
thereof the giving by the claimant or plaintiff to such indemnified party of a
release from all liability with respect to such claim or litigation.

     SECTION 14. Lock-Up. Each Holder hereby agrees that, if requested by the
Company or the Underwriter's Representative (if any) in connection with the
Company's initial public offering, such Holder shall not sell, contract to sell,
make any short sale of, loan, grant any option for the purchase of, pledge,
charge or otherwise transfer or dispose of any Registrable Securities or other
securities of the Company without the prior written consent of the Company or
the Underwriter's Representative, as the case may be, for such period of time
(not to exceed one hundred eighty (180) days) following the effective date of a
Registration Statement of the Company filed under the Securities Act (or other
applicable law in a jurisdiction other than the United States in which a
Registration occurred) as may be requested by the Underwriter's Representative
or pursuant to any regulations or rules of the stock exchange on which shares of
the Company are listed. The obligations of Holders under this Section 14 shall
be conditioned upon similar agreements being in effect with each other
shareholder who is an officer, director, or five percent (5%) shareholder of the
Company. The Company shall not release any of the shareholders who is an
officer, director, or five percent (5%) shareholder of the Company from the
lock-up without first releasing the Holders.

     SECTION 15. No Action Letter. Notwithstanding anything else in this
Agreement, if: (a) the Company obtains from the Commission (or comparable
regulatory agency in case of Registration in a jurisdiction other than the
United States) a "no-action" letter in which the Commission or such comparable
regulatory agency has indicated that it will take no action if, without
Registration under the Securities Act or comparable law, any Holder disposes of
Registrable Securities covered by any request for Registration made under
Section 7 of this Agreement in the specific manner in which the Holder proposes
to dispose of Registrable Securities included in that request (such as
including, without limitation, inclusion of the Registrable Securities in an
underwriting initiated by either the Company or the Holders) and that the
Registrable Securities may be sold to the public without Registration in
accordance with an established procedure or Rule-based "safe harbor" without
unreasonable legal risk or uncertainty, then the Registrable Securities included
in the request shall not be eligible for Registration under this Agreement. Any
Registrable Securities not so disposed of shall be eligible for Registration in
accordance with the terms of this Agreement with respect to other proposed
dispositions to which this Section 15 does not apply. The Registration rights of
the Holders of Registrable Securities set forth in this Agreement are
conditioned upon the conversion of the Registrable Securities with respect to
which Registration is sought into Ordinary Shares prior to the effective date of
the Registration Statement.

     SECTION 16. Reports Under the Exchange Act. With a view to making available
to Holders the benefits of Rule 144 promulgated under the Securities Act and any
other rule or regulation of the Commission that may at any time permit a Holder
to sell securities of the

                                       33

<PAGE>

Company to the public without Registration or pursuant to a Registration on Form
F-3, the Company agrees to:

          (a) make and keep public information available, as those terms are
understood and defined in Rule 144, at all times after ninety (90) days after
the effective date of the first Registration Statement filed by the Company for
the offering of its securities to the public so long as the Company is subject
to the periodic reporting requirements under Section 13 or 15(d) of the Exchange
Act;

          (b) file with the Commission in a timely manner all reports and other
documents required of the Company under the Securities Act and the Exchange Act;

          (c) furnish to any Holder, so long as the Holder owns any Registrable
Securities, promptly upon written request (i) a written statement by the Company
that it has complied with the reporting requirements of Rule 144 (at any time
after ninety (90) days after the effective date of the first Registration
Statement filed by the Company), the Securities Act, and the Exchange Act (at
any time after it has become subject to reporting requirements thereunder), or
that it qualifies as a registrant whose securities may be resold pursuant to
Form F-3 (at any time after it so qualifies); (ii) a copy of the most recent
annual or quarterly report of the Company and any other reports and documents
filed by the Company; and (iii) such other information as may be reasonably
requested in availing any Holder of any rule or regulation of the Commission
which permits the selling of any such securities without Registration or
pursuant to that form;

          (d) with respect to a Registration in a jurisdiction other than the
United States, take actions similar to those set forth in paragraphs (a), (b),
(c) and (d) of this Section 16 with a view to making available to Holders the
benefits of the corresponding provision or provisions of that jurisdiction's
securities laws; and

          (e) at the request of a Holder, use its best efforts to enable such
Holder to sell the maximum number of Registrable Securities permitted under Rule
144, including without limitation promptly issuing appropriate instructions to
the Company's share transfer agent to remove legends from such Holder's share
certificates, causing the Company's counsel to issue legal opinions to support
such instructions, and if applicable promptly issuing appropriate instructions
to the Company's share registrar and depository agent to convert such Holder's
shares into depository receipts or similar instruments to be deposited into such
Holder's brokerage account(s). The Company acknowledges that time is of the
essence with respect to its obligations under this Section 16(e), and that any
unreasonable delay will cause the Holders irreparable harm and constitutes a
material breach of its obligations hereunder.

     SECTION 17. Transfer of Rights. The rights to cause the Company to Register
Registrable Securities under this Agreement may be assigned (but only with all
related obligations) by a Holder to (i) another Holder of Registrable Securities
who already possesses registration rights granted under this Agreement, (ii) a
transferee or assignee acquiring five percent (5%) or more of the Ordinary
Shares Equivalent, (iii) an affiliated limited partnership, a limited partner,
or general partner or other Affiliates of a Holder, provided that (x) the
Company is, within reasonable time after such transfer, furnished with written
notice of the name and

                                       34

<PAGE>

address of such transferee or assignee and the securities with respect to which
such registration rights are being assigned, (y) such assignment shall be
effective only if immediately following such transfer the further disposition of
such securities by the transferee or assignee is restricted under the Securities
Act and (z) such Holder shall procure that the transferee or assignee of such
Holder's Registrable Securities execute a deed of adherence to this Agreement.

     SECTION 18. Legend; Stop Transfer Instructions.

          18.1 Legend.

          (a) Each certificate representing shares or securities of the Company
now or hereafter owned by Shareholders who are not U.S. persons (as such term is
defined by Regulation S under the Securities Act) and any transferee of such
shares and securities shall be endorsed with the following legend:

          "THE SALE, PLEDGE, HYPOTHECATION OR TRANSFER OF THE SECURITIES
     REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE TERMS AND CONDITIONS OF
     AN AMENDED AND RESTATED SHAREHOLDERS AGREEMENT BY AND BETWEEN THE HOLDER
     HEREOF, THE COMPANY AND CERTAIN OTHER SHAREHOLDERS OF THE COMPANY. COPIES
     OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF
     THE COMPANY."

          "THE SECURITIES REPRESENTED BY THIS CERTIFICATE AND THE SECURITIES TO
     BE ISSUED UPON THEIR CONVERSION (IF APPLICABLE) HAVE NOT BEEN REGISTERED
     UNDER THE U.S. SECURITIES ACT OF 1933 (THE "SECURITIES ACT"), AND MAY NOT
     BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS BY OR ON BEHALF
     OF ANY U.S. PERSON, UNLESS REGISTERED UNDER THE SECURITIES ACT OR AN
     EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE. IN ORDER TO TRANSFER OR
     EXERCISE ANY INTEREST IN THESE SECURITIES, THE BENEFICIAL HOLDER MUST
     FURNISH TO THE COMPANY EITHER (A) A WRITTEN CERTIFICATION THAT IT IS NOT A
     U.S. PERSON AND THE PREFERRED SHARES ARE NOT BEING CONVERTED ON BEHALF OF A
     U.S. PERSON OR (B) A WRITTEN OPINION OF COUNSEL TO THE EFFECT THAT THE
     SECURITIES DELIVERED UPON CONVERSION OF THESE SECURITIES HAVE BEEN
     REGISTERED UNDER THE SECURITIES ACT OR THAT THE DELIVERY OF SUCH SECURITIES
     IS EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. EACH
     BENEFICIAL HOLDER BY ACCEPTING AN INTEREST IN THESE SECURITIES AGREES THAT
     ANY HEDGING TRANSACTION INVOLVING SUCH SECURITIES OR THE SECURITIES TO BE
     ISSUED UPON CONVERSION OF SUCH SECURITIES MAY NOT BE CONDUCTED UNLESS IN
     COMPLIANCE WITH THE SECURITIES ACT. TERMS IN THIS LEGEND HAVE THE MEANINGS
     GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT."

                                       35

<PAGE>

          (b) Each certificate representing shares or securities of the Company
now or hereafter owned by Shareholders who are U.S. persons (as such term is
defined by Regulation S under the Securities Act) (the "RESTRICTED SECURITIES")
and any transferee of the Restricted Securities shall be endorsed with the
following legend:

          "THE SALE, PLEDGE, HYPOTHECATION OR TRANSFER OF THE SECURITIES
     REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE TERMS AND CONDITIONS OF
     AN AMENDED AND RESTATED SHAREHOLDERS AGREEMENT BY AND BETWEEN THE HOLDER
     HEREOF, THE COMPANY AND CERTAIN OTHER SHAREHOLDERS OF THE COMPANY. COPIES
     OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF
     THE COMPANY."

          "THE SECURITIES REPRESENTED BY THIS CERTIFICATE AND THE SECURITIES TO
     BE ISSUED UPON THEIR CONVERSION (IF APPLICABLE) HAVE NOT BEEN REGISTERED
     UNDER THE U.S. SECURITIES ACT OF 1933, AMENDED (THE "SECURITIES ACT").
     THESE SECURITIES ARE "RESTRICTED SECURITIES" WITHIN THE MEANING OF RULE
     144(A)(3) UNDER THE SECURITIES ACT, AND MAY ONLY BE OFFERED, SOLD OR
     OTHERWISE TRANSFERRED (1) INSIDE THE UNITED STATES TO A PERSON WHOM THE
     HOLDER AND THE BENEFICIAL OWNER REASONABLY BELIEVE IS A QUALIFIED
     INSTITUTIONAL BUYER ("QIB") AS DEFINED IN RULE 144A UNDER THE SECURITIES
     ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QIB IN A
     TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT,
     (2) OUTSIDE THE UNITED STATES TO A PERSON OTHER THAN A U.S. PERSON (AS SUCH
     TERMS ARE DEFINED IN REGULATION S UNDER THE SECURITIES ACT) IN COMPLIANCE
     WITH REGULATION S UNDER THE SECURITIES ACT, (3) PURSUANT TO AN EXEMPTION
     FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (IF AVAILABLE), OR
     (4) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
     ACT, IN EACH CASE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE LAWS
     OF THE STATES, TERRITORIES AND POSSESSION OF THE UNITED STATES GOVERNING
     THE OFFER AND SALE OF SECURITIES. THE PURCHASER OF THESE SECURITIES, BY ITS
     ACCEPTANCE HEREOF, ACKNOWLEDGES THE RESTRICTIONS ON THE TRANSFER OF THESE
     SECURITIES SET FORTH HEREIN AND AGREES THAT IT SHALL TRANSFER THESE
     SECURITIES ONLY AS PROVIDED IN THE FOREGOING TRANSFER RESTRICTIONS.

          IF REQUESTED BY THE COMPANY OR BY ITS AGENT, THE PURCHASER AGREES TO
     PROVIDE THE INFORMATION NECESSARY TO DETERMINE WHETHER THE TRANSFER OF
     THESE SECURITIES IS PERMISSIBLE UNDER THE SECURITIES ACT."

                                       36

<PAGE>

          In connection with any transfer of the Restricted Securities, the
Shareholders and transferee of the Restricted Securities will deliver to the
Company such opinions or counsel, certificates and/or other information as the
Company may reasonably require in form reasonably satisfactory to the Company to
confirm that the transfer complied with the foregoing transfer restrictions, as
applicable. In the case of a transfer of the Restricted Securities pursuant to
Rule 144A under the Securities Act, the Company shall make available to holders
and transferees of such Restricted Securities a form of investor representation
letter, substantially in the form attached hereto as Appendix A (the "INVESTOR
REPRESENTATION LETTER"), and shall not effect in its share register any
attempted transfer of such Restricted Securities in violation of the foregoing
transfer restrictions or without delivery of an Investor Representation Letter
duly executed by the transferee of such Restricted Securities.

          18.2 Stop Transfer Instructions. The Parties hereto agree that the
Company may instruct its transfer agent to impose transfer restrictions on the
shares represented by certificates bearing the legend referred to in Section
18.1 to enforce the provisions of this Agreement, and the Company agrees
promptly to do so.

     SECTION 19. Covenants.

          (a) In addition to any other rights provided by law and the provisions
of the Articles of Association or Memorandum of Association of the Company, the
Company and the Founder shall not, and shall procure that the Company and the
Operating Subsidiary shall not, without first obtaining the affirmative vote of
the Majority of the Series A Shareholders and the Lead Series B Shareholder then
outstanding, voting as separate classes, or a written consent of each of the
Majority of the Series A Shareholders and the Lead Series B Shareholder:

               (i) Issue or sell any equity, equity-related or debt securities
          of any Group Company, other than (i) Ordinary Shares to be issued upon
          conversion of the Series A Preferred Shares or the Series B Preferred
          Shares, (ii) upon the exercise of the TB Management Warrant, and (iii)
          upon the exercise of options granted under stock option plans approved
          by the Board, provided that the number of such Ordinary Shares shall
          not exceed five percent (5%) of the Ordinary Shares Equivalent after
          giving effect to the closing of the issuance of the Series B Shares
          under the Series B Purchase Agreement;

               (ii) Redeem, acquire or otherwise purchase any Ordinary Shares or
          any preferred stock or any other securities of the Company, or any
          equity or securities of other Group Companies, other than any such
          securities from an employee or consultant of the Company upon
          termination of such person's employment or consulting arrangement, as
          the case may be, with the Company or in connection with a corporate
          reorganization within the Group (as approved by the Board (including
          the approval of each of the Series A Nominee and the Series B
          Nominee);

               (iii) Make any acquisitions, merger or consolidation, enter into
          a joint venture arrangement or incorporate any subsidiary in excess of
          US$3 million in aggregate, unless such action and the terms thereof
          have been approved by the

                                       37

<PAGE>

          Board (including the approval of each of the Series A Nominee and the
          Series B Nominee); provided, however, that the foregoing provision
          shall not apply in the event that the Company or any Subsidiary forms
          a joint venture enterprise outside the PRC with an aggregate
          investment amount of less than US$5 million;

               (iv) Acquire any shares, securities or interests in any Person
          other than an Affiliate of the Company in excess of US$ 3 million in
          aggregate, including any joint venture entities in which the Company
          or its Affiliates hold an equity interest, in excess of US$ 3 million
          in aggregate, unless such action and the terms thereof have been
          approved by the Board (including the approval of each of the Series A
          Nominee and the Series B Nominee);

               (v) Sell, lease, dispose of or otherwise transfer all or
          substantially all of the assets of any Group Company;

               (vi) Incur any indebtedness or assume any financial obligation or
          issue, assume, guarantee or create any liability for borrowed money
          from any Person other than an Affiliate of the Company in excess of
          US$3 million in aggregate at any time outstanding unless such
          liability is incurred (A) pursuant to a budget or business plan
          approved by (x) the Board and (y) the Majority of the Series A
          Shareholders and the Lead Series B Shareholder, voting as two separate
          classes (the "BUDGET" or the "BUSINESS PLAN", as applicable), or (B)
          otherwise approved by the Board (including the approval of each of the
          Series A Nominee and the Series B Nominee);

               (vii) Extend any loan to, or guarantee any indebtedness or
          financial obligations of, any Person other than an Affiliate of the
          Company, including any joint venture entities in which the Company or
          its Affiliates hold an equity interest unless pursuant to a Budget or
          Business Plan or otherwise approved by the Board (including the
          approval of each of the Series A Nominee and the Series B Nominee);

               (viii) Approve or make any capital expenditure in excess of US$3
          million of any Group Company unless such capital expenditure is made
          pursuant to a Budget or Business plan or otherwise approved by the
          Board (including the approval of each of the Series A Nominee and the
          Series B Nominee);

               (ix) Enter into any transaction with the Founder or any of their
          respective Affiliates in excess of US$1 million in aggregate, unless
          in connection with an employment or consulting arrangement with a
          Group Company approved by the Compensation Committee of the Board
          (including the approval of each of the Series A Nominee and the Series
          B Nominee);

               (x) Enter into any transaction with any other Group Company or
          any of their respective Affiliates in excess of US$3 million in
          aggregate, except for

                                       38

<PAGE>

          any purchase of silicon raw materials by the Operating Subsidiary from
          any of its Affiliates or any purchase or supply of PV products among
          the Operating Subsidiary and its non-PRC Subsidiaries; provided,
          however, that (i) the Company shall certify in writing to the Lead
          Series B Shareholder within one (1) month after such transaction that
          such transaction is on an arm length basis and in the ordinary course
          of business, and (ii) to the extent applicable, the establishment of
          such non-PRC Subsidiaries shall be approved by each of the Preferred
          Shareholder Nominees in writing.

               (xi) Approve annual budgets and business plans;

               (xii) Appoint, terminate or change the terms of employment
          (including an increase in compensation in a twelve-month period by
          more than ten percent (10%) in the aggregate compared to the
          immediately preceding twelve-month period) with respect to the ten
          (10) most highly compensated employees of the Company;

               (xiii) Amend, repeal or modify the Memorandum or Articles of
          Association of the Company, any equivalent articles of association,
          joint venture contract or any by-laws, or other constitutional
          documents of any Group Company;

               (xiv) Declare or pay any dividends or any other distributions to
          any of the Shareholders;

               (xv) Make any material change in the accounting methods or
          policies or appoint, remove or change the independent public
          accountants other than as required by applicable law, regulations or
          accounting standards;

               (xvi) Dissolve, liquidate, wind up, recapitalize, reorganize or
          commence any bankruptcy proceedings with respect to any Group Company;

               (xvii) Change the principal business activities of the Company or
          the Operating Subsidiary's registered capital other than through a
          Transfer to an Affiliate of the Company or the Operating Subsidiary;

               (xviii) Effect a recapitalization, reclassification or
          reorganization of its shares or the or registered capital of any Group
          Company, unless approved by the Board (including the approval of each
          of the Series A Nominee and the Series B Nominee); and

               (xix) Issue or grant any securities to the chief executive
          officer, the chief financial officer, the chief operating officer and
          the chief technology officer of the Company and any person who is not
          an employee of a Group Company, unless such issuance and grant to such
          person has been approved by the Board (including the approval of each
          of the Series A Nominee and the Series B Nominee).

                                       39

<PAGE>

          (b) Restrictions on Transfer. Unless otherwise provided in this
Agreement, the Company and the Founder undertake to the Preferred Shareholders
that they will not transfer, alienate or dispose of any share capital of the
Company and the Operating Subsidiary held by them (as applicable) or otherwise
create any encumbrance on any share capital of the Company and the Operating
Subsidiary held by them (as applicable) without the written consent of each of
(i) the Majority of the Series A Shareholders and (ii) the Lead Series B
Shareholder.

          (c) Availability of Ordinary Shares. The Company hereby covenants that
at all times there shall be made available, free of any liens, for issuance and
delivery upon conversion of the Shares such number of Ordinary Shares or other
shares in the share capital of the Company as are from time to time issuable
upon conversion of the Preferred Shares, from time to time, and will take all
steps necessary to increase its authorized share capital to provide for
sufficient number of Ordinary Shares issuable upon conversion of the Preferred
Shares.

          (d) Taxes. The Company and each Subsidiary shall pay, as soon as
reasonably practicable, all lawful taxes imposed on the income, profits,
property or business thereof when due and payable. The Company will reasonably
cooperate and will cause the Subsidiaries to reasonably cooperate with the
Investors to assist the Investors in compliance with any applicable tax Laws in
the respective home country of the Investors.

          (e) Incorporation of Certain Provisions from the Articles of
Association. The following provisions of the Articles of Association are hereby
incorporated by reference into this Agreement and shall be enforceable as if
such provisions were part of this Agreement: (i) Article 53 (Indemnification and
Exculpation of Directors and Officers; and (ii) Clauses (D) (Liquidation
Rights), (E) (Conversion Rights) and (F) (Redemption) of Schedule I.
Notwithstanding anything to the contrary in this Agreement, (i) any amendment or
waiver of any of the foregoing provisions of the Articles of Association may be
effected in accordance with the terms of the Articles of Association and
applicable law without regard to any terms of this Agreement (including without
limitation Section 21.6 hereof), (ii) no amendment or waiver of any provision of
the Articles of Association shall result in an amendment or waiver of any
provision of this Agreement (except that in the case of an amendment or waiver
of any of the foregoing provisions of the Articles of Association, such
provisions (as amended or waived) shall automatically be incorporated by
reference herein as so amended or waived without the necessity of any further
action or approval of the parties to this Agreement) and (iii) no amendment or
waiver of any provision of this Agreement (including without limitation this
Section 19(e)) shall be deemed to effect an amendment or waiver of any provision
of the Articles of Association.

          (f) Payment of Taxes. Within thirty (30) days after the consummation
of the Capital Increase, the Warrantors shall procure the Operating Subsidiary
to pay in full any and all amounts of the unpaid taxes and overdue social
welfare funds as set forth in Section 2.10 of the Disclosure Schedules of the
Series B Purchase Agreement.

          (g) FOTIC. Within thirty (30) days after the Closing, the Warrantors
shall procure the Operating Subsidiary to enter into an amendment to the
agreement between the Operating Subsidiary and China Foreign Economic and Trade
Trust & Investment Co., Ltd., as set forth in Section 2.04 of the of the
Disclosure Schedules of the Series B Purchase Agreement to the reasonable
satisfaction of the Lead Series B Shareholder.

                                       40

<PAGE>

     SECTION 20. Conflict with Charter Documents. In the event of any conflict
or inconsistency between the provisions of this Agreement and the provisions of
the Company's Articles or Memorandum of Association or other constitutional
documents, the parties shall, notwithstanding the conflict or inconsistency, act
so as to effect the intent of this Agreement to the extent possible under the
circumstances and shall promptly take all reasonable steps to amend the
conflicting constitutional documents to conform to this Agreement to the extent
possible.

     SECTION 21. Miscellaneous.

          21.1 Governing Law. This Agreement shall be governed by, and construed
in accordance with, the laws of New York, without regard to principles of
conflicts of law.

          21.2 Dispute Resolution. Any controversy or claim arising out of or
relating to this Agreement, or any breach of this Agreement, shall be initiated,
maintained and finally determined by binding arbitration under the rules of
conciliation and arbitration of the International Chamber of Commerce (the
"ICC"); and the site of the arbitration, unless the parties agree otherwise,
shall be in Hong Kong. The arbitral tribunal shall be appointed within thirty
(30) days of the notice of dispute, and shall consist of three arbitrators, one
of which shall be appointed by the Preferred Shareholders and one by the Company
and the third by the Preferred Shareholders and the Company jointly; provided,
however, that if the Preferred Shareholders and the Company shall be unable to
select the third arbitrator within such thirty (30)-day period, such third
arbitrator shall be chosen by the International Court of Arbitration of the ICC.
Judgment upon any award rendered may be entered in any court having jurisdiction
thereof, or application may be made to such court for a judicial acceptance of
the award and an order of enforcement, as the case may be. Any award pursuant to
such proceeding shall be granted in U.S. Dollars. The fees and costs of the
arbitration shall be shared equally by all disputing parties. The arbitrators
shall award legal fees, disbursements and other expenses to the prevailing party
for such amounts as determined by the arbitrators to be appropriate.

          21.3 Counterparts and Facsimile Execution. This Agreement may be
executed in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. Any
counterpart or other signature delivered by facsimile shall be deemed for all
purposes as being a good and valid execution and delivery of this Agreement by
that party.

          21.4 Headings. The headings of the Sections of this Agreement are for
convenience and shall not by themselves determine the interpretation of this
Agreement.

          21.5 Notices. Except as may be otherwise provided herein, all notices,
requests, waivers and other communications made pursuant to this Agreement shall
be in writing and shall be conclusively deemed to have been duly given (i) when
hand delivered to the other party; (ii) when received when sent by facsimile at
the number set forth below (or hereafter amended by subsequent notice to the
parties hereto), with printed confirmation sheet verifying successful
transmission of the facsimile; (iii) ten (10) Business Days after deposit in the
mail as certified mail, postage prepaid and addressed to the other party as set
forth below; or (iv) five (5) Business Days after deposit with an overnight
delivery service, postage prepaid, addressed to the

                                       41

<PAGE>

parties as set forth below, provided that the sending party receives a
confirmation of delivery from the delivery service provider.

          (a) If to the Series A Preferred Shareholder, to:

               Inspiration Partners Limited
               AZIA Center, Unit 2701B
               1233 Lujiazui Ring Road
               Shanghai, People's Republic of China 200120
               Facsimile No.: +86 21 58767238
               Attn: Shujun Li and Donglei Zhou

          (b) If to the Series B Preferred Shareholders, to their respective
addresses set forth below their names in Schedule I attached hereto.

          (c) If to the Founder or the Company, to:

               Yingli Green Energy Holding Company Ltd.
               No. 3055 Middle Fuxing Road
               Baoding, People's Republic of China
               Facsimile No.: +86 312 2151 881
               Attn: Conghui Liu

          Each person making a communication hereunder by facsimile shall
promptly confirm by telephone to the person to whom such communication was
addressed each communication made by it by facsimile pursuant hereto but the
absence of such confirmation shall not affect the validity of any such
communication. A party may change or supplement the addresses given above, or
designate additional addresses, for purposes of this Section 21.5 by giving the
other parties written notice of the new address in the manner set forth above.

          21.6 Amendments and Waivers. Any term of this Agreement may be amended
and the observance of any term of this Agreement may be waived (either generally
or in a particular instance and either retroactively or prospectively), only
with the written consent of the Company, the Founder and Holders (other than the
Founder) of at least a majority of the Registrable Securities then outstanding
held by such Holders (other than the Founder). Any amendment or waiver effected
in accordance with this paragraph shall be binding upon each Holder of any
Registrable Securities then outstanding, each future Holder of all such
Registrable Securities, and the Company.

          21.7 Severability. In case any provision of this Agreement shall be
invalid, illegal, or unenforceable, the validity, legality, and enforceability
of the remaining provisions shall not in any way be affected or impaired
thereby.

          21.8 Entire Agreement; Successors and Assigns. Except as specifically
referenced in this Agreement, this Agreement, together with any Exhibits to this
Agreement, constitute the entire contract among the Parties with respect to the
subject matter of this Agreement. Any prior or contemporaneous agreement,
discussion, understanding, or correspondence among the parties (including any
prior representations or warranties given by the

                                       42

<PAGE>

Parties) regarding the purchase of shares of the Company, including the Series A
Shareholders Agreement and the Prior Series B Shareholders Agreement, is
superseded by this Agreement. Subject to the exceptions specifically set forth
in this Agreement, the terms and conditions of this Agreement shall inure to the
benefit of and be binding upon the respective executors, administrators, heirs,
successors, and assigns of the Parties to this Agreement.

          21.9 Assignability. Subject to Section 18, the rights and obligation
under this Agreement shall not be assignable by any party without the prior
written consent of all the other Parties, except that the assignment by the
Preferred Shareholders of their rights and obligations hereunder to their
respective Affiliates provided that any such Affiliate agrees in writing to be
bound by all of the terms, conditions and provisions contained herein.

          21.10 Effectiveness. This Agreement shall be effective upon the
Closing (as defined in the Series B Purchase Agreement) until termination
thereof pursuant to Section 21.11 hereof.

          21.11 Termination. The provisions of this Agreement, except for
Sections 1, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 20 and 21 and other
provisions that by their express terms survive termination, shall cease to have
effect immediately upon a Qualified IPO and no parties shall have any rights or
obligations under these provisions (save as excepted above) save for any
obligations arising in connection prior to the Qualified IPO.

          21.12 Director and Officer Insurance. If the Series B Nominee
continues to be a director of the Company following a Qualified IPO, the Company
shall obtain on commercially reasonable terms and maintain a director and
officer insurance policy or policies with an internationally reputable insurance
company and the coverage, term and policy limits of such insurance policy or
policies shall be reasonably satisfactory to the Series B Nominee.

                [Remainder of this page intentionally left blank]

                                       43

<PAGE>

          IN WITNESS WHEREOF, each of the Parties hereto has caused this
Agreement to be duly executed by its respective authorized officers:

                                        YINGLI GREEN ENERGY HOLDING COMPANY
                                        LIMITED

                                        By: /s/ Liansheng Miao
                                            ------------------------------------
                                        Name: Liansheng Miao
                                        Title: Chairman and Chief Executive
                                               Officer

                                        YINGLI POWER HOLDING COMPANY LTD.

                                        By: /s/ Liansheng Miao
                                            ------------------------------------
                                        Name: Liansheng Miao
                                        Title: Director

                                        /s/ Liansheng Miao
                                        ------------------------------------
                                        Liansheng Miao

<PAGE>

                                        SERIES A SHAREHOLDER:

                                        INSPIRATION PARTNERS LIMITED

                                        By: /s/ Shujun Li
                                            ------------------------------------
                                        Name: Shujun Li
                                        Title: Director

<PAGE>

                                        SERIES B SHAREHOLDERS:

                                        BAYTREE INVESTMENTS (MAURITIUS) PTE LTD.

                                        By: /s/ Jeffrey Chua
                                            ------------------------------------
                                        Name: Jeffrey Chua
                                        Title: Director

                                        CREATION WAY ASSET MANAGEMENT LTD.

                                        By: /s/ Wenqi Liu
                                            ------------------------------------
                                        Name: Wenqi Liu
                                        Title: Director

                                        INCEI, S.A.

                                        By: /s/ Mao Ching Fu Lee
                                            ------------------------------------
                                        Name: Mao Ching Fu Lee
                                        Title: Chairman

                                        J.P. MORGAN SECURITIES LTD.

                                        By: /s/ Paul M. Lauritano
                                            ------------------------------------
                                        Name: Paul M. Lauritano
                                        Title: Managing Director

                                        For and on behalf of J.P. Morgan
                                        Securities (Asia Pacific) Limited as
                                        agent for J.P. Morgan Securities Ltd.

                                        BENCHMARK EUROPE II, L.P.
                                        as nominee for
                                        Benchmark Europe II, L.P.
                                        Benchmark Europe Founders' Fund II, L.P.
                                        and related individuals

                                        By: Benchmark Management (UK) LLP
                                            its manager

                                        By: /s/ John Mesrie
                                            ------------------------------------
                                            Member

<PAGE>

                                        TB HOLDINGS LTD.

                                        By: /s/ Shujun Li
                                            ------------------------------------
                                        Name: Shujun Li
                                        Title: Director

                                        NEW HORIZON KEENSOLAR INVESTMENT CO.,
                                        LTD.

                                        By: /s/ Jianming Yu
                                            ------------------------------------
                                        Name: Jianming Yu
                                        Title: Managing Partner

                                        POPE INVESTMENTS LLC

                                        By: /s/ William P. Wells
                                            ------------------------------------
                                        Name: William P. Wells
                                        Title: President

                                        DBS NOMINEES (PRIVATE) LIMITED

                                        By: /s/ Melvin Teo Tzai Win
                                            ------------------------------------
                                        Name: Melvin Teo Tzai Win
                                        Title: Managing Director

                                        KWR INTERNATIONAL LTD.

                                        By: /s/ Mingyu Shen
                                            ------------------------------------
                                        Name: Mingyu Shen
                                        Title: Director

                                        MODERN PEAKVIEW LIMITED

                                        By: /s/ Wei Cao
                                            ------------------------------------
                                        Name: Wei Cao
                                        Title: Authorized Signatory

<PAGE>

                                        DAEDALUS HOLDINGS, L.L.C.

                                        By: Farallon Capital Management, L.L.C.,
                                            its manager

                                        By: /s/ William F. Duhamel
                                            ------------------------------------
                                        Name: William F. Duhamel
                                        Title: Managing Member

                                        PCM DIRECT CAPITAL FUND

                                        By: /s/ Huimin Wu
                                            ------------------------------------
                                        Name: Huimin Wu
                                        Title: Director

<PAGE>

                                        THE TRUSTEES OF COLUMBIA UNIVERSITY
                                        IN THE CITY OF NEW YORK

                                        By: /s/ NP Narvekar
                                            ------------------------------------
                                        Name: NP Narvekar
                                        Title: President and CEO, Columbia
                                               Investment Management Co., LLC

<PAGE>

                                   SCHEDULE I

                        LIST OF THE SERIES B SHAREHOLDERS

<TABLE>
<CAPTION>
             INVESTORS                                  ADDRESS
             ---------                                  -------
<S>                                   <C>
Baytree Investments (Mauritius) Pte   60B Orchard Road,
Ltd.                                  #06-18 Tower 2,
                                      The Atrium@Orchard, Singapore 238891
                                      Fax No.: +65 6821 1173
                                      Attention: Jeffrey Chua, George Chuang and
                                                 Sean Lu

Creation Way Asset Management Ltd.    Portcullis Trustnet Chambers Road Town,
                                      Tortola, British Virgin Island
                                      Fax No.: 021-6419 4108
                                      Attention: Wenqi Liu

INCEI, S.A.                           Plaza Ramon y Cajal, 1-bajo 31008 Pamplona
                                      Navarra, Spain
                                      Fax No.: _________________________________
                                      Attention: _______________________________

J.P. Morgan Securities Ltd.           125 London Wall,
                                      London, EC2Y 5AJ
                                      United Kingdom
                                      Attention: c/o Moncef M Heddad
                                      26/F Chater House
                                      8 Connaught Road
                                      Central, Hong Kong
                                      Fax No.: +852 2800 4613

Benchmark Europe II., L.P.            20 Balderton Street, London W1K 6TL United
as nominee for                        Kingdom
Benchmark Europe II, L.P.             Fax No: +44(0)20 7016 6810
Benchmark Europe Founders' Fund II,   Attention: Jerome Misso / John Mesrie
L.P.
and related individuals

TB Holdings Ltd.                      AZIA Center, Unit 2701B,1233 Lujiazui Ring
                                      Road Shanghai P.R.China 200120
                                      Fax No.: +86 21 5876 7238
                                      Attention: Shujun Li and Donglei Zhou

The Trustees of Columbia University   405 Lexington Ave. 63rd floor
in the City of New York               New York, NY 10174
                                      Fax No.: _________________________________
                                      Attention: _______________________________
</TABLE>

<PAGE>

<TABLE>
<S>                                   <C>
New Horizon Keensolar Investment      Jin Bao Tower 1204, 89 Jin Bao Street,
Co., Ltd                              Dongcheng District, Beijing China 100005
                                      Fax No.: +86 10-8522-1231
                                      Attention: Kawada Hanae

Pope Investments LLC                  5100 Poplar Avenue, Suite 805
                                      Memphis, TN 38137
                                      USA
                                      Fax No.: +1-901-763-4229
                                      Attention: William P. Wells, President

Daedalus Holdings, L.L.C.             c/o Farallon Capital Management, L.L.C.
                                      One Maritime Plaza, Suite 1325
                                      San Francisco, CA 94111
                                      Fax: (415) 421-2133
                                      Attn: Chun Ding
                                      Copy to: Erik Chu

PCM Direct Capital Fund               c/o Prime Capital Management Company
                                      Limited
                                      Unit 2506, Low Block, Grand Millennium
                                      Plaza, 181 Queen's Road
                                      Central, Hong Kong
                                      Fax Number: 852-3523-1000
                                      Attention: Director

DBS Nominees (Private) Limited        6 Shenton Way, DBS Building Tower 1,
                                      #30-01, Singapore 068809
                                      Fax No.: (65) 6220-7487
                                      Attention: Melvin Teo Tzai Win,
                                                 Managing Director

KWR International Ltd.                P.O. Box 1239, Offshore Incorporations
                                      Centre, Victoria, Mahe Seychelles.
                                      Fax No.: +021-5080-5861
                                      Attention: Mingyu Shen

Modern Peakview Limited               Palm Grove House, P.O. Box 438 Road Town,
                                      Tortola
                                      British Virgin Islands
                                      Fax No.: +86-21-6859-8768
                                      Attention: Wei Cao
</TABLE>

<PAGE>

                                   APPENDIX A

                     FORM OF INVESTOR REPRESENTATION LETTER

                                                                          [Date]

[Yingli Green Energy Holding Company Ltd.
No. 3055 Middle Fuxing Road
Baoding, People's Republic of China
Facsimile No.: +86 312 2151 881
Attn: Conghui Liu]

(If applicable)
[Share Transfer Agent]
[Address]
[Facsimile Number]
[Attention]

                    YINGLI GREEN ENERGY HOLDING COMPANY LTD.
                            SERIES B PREFERRED SHARES

Dear Sirs,

Reference is made to the Series B preferred shares (the "Shares") of Yingli
Green Energy Holding Company Ltd. (the "Company"), par value US$0.01 per share,
issued pursuant to that certain Amended and Restated Series B Preferred Share
Purchase Agreement, dated December 15, 2006 (the "PURCHASE AGREEMENT"), by and
among the Company, Yingli Power Holding Company Ltd., Liansheng Miao and the
investors listed on Schedule I attached thereto. Capitalized terms used herein
but not otherwise defined herein shall have the meanings set forth in the
Purchase Agreement.

This letter is being delivered to request a transfer of Shares to the
undersigned (the "TRANSFEREE").

Upon transfer, the share certificates representing the Shares that have been
transferred to the Transferee shall be registered in the name of the new owner
as follows:

Name: ___________________________________________________
      [If applicable, add: as nominee for the transferee]

Address: ________________________________________________

Taxpayer ID Number: _____________________________________

The undersigned represents and warrants to you that:

<PAGE>

A.   the Transferee or an investment advisor acting on its behalf has received
     and reviewed information as it deems necessary in order to make its
     investment decision;

B.   that the Transferee understands that any subsequent transfer of the Shares
     and securities issuable upon the conversion of the Shares (the "CONVERSION
     SHARES") is subject to certain restrictions and conditions set forth in the
     Purchase Agreement and the Shareholders Agreement and that it agrees to be
     bound by, and not to resell, pledge or otherwise transfer the Shares or the
     Conversion Shares except in compliance with such restrictions and
     conditions and the Securities Act;

C.   that the Transferee is a qualified institutional buyer (a "QIB") as defined
     in Rule 144A of the U.S. Securities Act of 1933, as amended (the
     "SECURITIES ACT"), purchasing the Shares for its own account or for the
     account of one or more QIBs;

D.   that the Transferee is aware, and each beneficial owner of the Shares has
     been advised, that any sale to it is being made in reliance on an exemption
     from the registration requirements of the Securities Act;

E.   that no Shares or Conversion Shares have been registered under the
     Securities Act or any applicable U.S. state securities laws, that the
     Shares and the Conversion Shares are "restricted securities" within the
     meaning of Rule 144(a)(3) under the Securities Act and that no Shares or
     Conversion Shares may be offered or sold within the United States or to, or
     for the account or benefit of, U.S. persons (as defined in Regulation S of
     the Securities Act) except as set forth below;

F.   if in the future the Transferee decides to resell, pledge or otherwise
     transfer the Shares or the Conversion Shares or any beneficial interests
     therein, it will do so, only (a) inside the United States to a person whom
     the Transferee reasonably believes is a QIB pursuant to an exemption from
     registration under the Securities Act, (b) outside the United States to a
     person other than a U.S. person in compliance with Regulation S of the
     Securities Act, (c) pursuant to another exemption from registration under
     the Securities Act (if available) or (d) pursuant to an effective
     registration statement under the Securities Act, in each case, in
     accordance with the Securities Act and applicable laws of the states,
     territories and possession of the Untied States governing the offer and
     sale of securities;

G.   the Transferee will, and will require each subsequent holder of Shares or
     Conversion Shares to, notify any purchaser of an interest in a Note or
     Conversion Shares of the resale restrictions referred to in paragraphs (E)
     and (F) above, if then applicable;

H.   that the Transferee is a sophisticated investor that, in the normal course
     of its business, invests in or purchases securities similar to the Shares
     and the Conversion Shares and has knowledge and experience in investment
     matters;

I.   that the Transferee and each account for which it is acting has such
     knowledge and experience in financial and business matters as to be capable
     of evaluating the merits and risks of its investment in the Shares and the
     Conversion Shares, and it and any accounts

<PAGE>

     for which it is acting are each able to bear the economic risk of its or
     any such accounts' investment for an indefinite period of time;

J.   that the Transferee is acquiring the Shares purchased by it for its own
     account or for one or more accounts (each of which is a QIB) as to each of
     which it exercises sole investment discretion and has full power to make
     the foregoing acknowledgements, representations and agreements on behalf of
     each such account, and not with a view to any resale, distribution or other
     disposition of the Shares, subject, nevertheless, to the understanding that
     the disposition of its property shall at all times be and remain within its
     control;

K.   that the Transferee acknowledges that (a) none of the Company, any of its
     affiliates or any person acting on their behalf has made any representation
     to it, express or implied, with respect to the Company, its business or
     financial condition, the Shares or the Conversion Shares, (b) it conducted
     and relied on its own investigation with respect to making an investment in
     the Shares; (c) it received all information that it believes is necessary
     or appropriate in connection with making an investment in the Shares;

L.   that, on each day from the date on which it acquires the Shares through and
     including the date on which it disposes of its interests in such U.S.
     Securities, either that (a) the Transferee is not an "employee benefit
     plan" as defined in Section 3(3) of ERISA subject to Title I of ERISA, a
     "plan" (defined in Section 4975(e)(1) of the Code subject to Section 4975
     of the Code (including without limitation, an individual retirement
     account), an entity whose underlying assets include the assets of any such
     employee benefit plan or plan, or a governmental or church plan which is
     subject to any federal, state or local law that is substantially similar to
     the provisions of Section 406 of ERISA or Section 4975 of the Code or (b)
     the Transferee's purchase, holding and disposition of such U.S. Securities
     (including, if applicable, the receipt of any Guaranty or Entitlement) will
     not result in a prohibited transaction under Section 406 of ERISA or
     Section 4975 of the Code (or, in the case of a governmental or church plan,
     any substantially similar federal, state or local law) unless an exemption
     is available with respect to such transactions and all the conditions of
     such exemption have been satisfied;

M.   that the Transferee acknowledges that the Company and others will rely upon
     the truth and accuracy of the foregoing acknowledgements, representations
     and agreements, and it agrees that if any of such acknowledgements,
     representations or agreements made by it are no longer accurate, it shall
     promptly notify the Company;

N.   that the Transferee acknowledges that it assumes all economic risk of loss
     that may occur as a result of changes in the prices of the Shares and the
     Conversion Shares in accordance with the terms of the Shares, and that it
     will not look directly or indirectly on the Company or its affiliates to
     indemnify it for such loss, and that it expressly holds the Company and its
     affiliates harmless in respect of any such loss; and

O.   that the Transferee is not a member of the public in the Cayman Islands.

<PAGE>

The Transferee understands that the Company, the Share Transfer Agent (if any)
and any of their affiliates will rely upon the truth and accuracy of the
foregoing covenants, representations and certifications and agrees that if any
of the covenants, representations and certifications deemed to have been made by
it by its purchase of the Shares is no longer accurate, it shall promptly notify
the Company and the Share Transfer Agent (if any).

                                        ----------------------------------------
                                                  [Name of Transferee]

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------
                                        Date:
                                              ----------------------------------

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