Document:

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                                                                     Exhibit 4.8

                                                                  Execution Copy

                                13 NOVEMBER 2006

                  YINGLI GREEN ENERGY HOLDING COMPANY LIMITED.
                                   AS COMPANY

                                       and

                         DB TRUSTEES (HONG KONG) LIMITED
                                   AS TRUSTEE

                                   TRUST DEED

                                  CONSTITUTING

                          US$85,000,000 Bonds due 2008

                               (WHITE & CASE LOGO)

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                                    CONTENTS

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CLAUSE   HEADING                                                                                                   PAGE

<S>      <C>                                                                                                       <C>
1        Interpretation............................................................................................  2

2        Amount of the Bonds and Covenant to Pay...................................................................  4

3        Form of the Bonds and Certificates; Issue of the Bonds....................................................  5

4        Stamp Duties and Taxes....................................................................................  6

5        Further issues............................................................................................  6

6        Covenants relating to the Share Conversion................................................................  7

7        The Security..............................................................................................  7

8        Application of Moneys received by the Trustee............................................................  11

9        Covenants................................................................................................  12

10       Remuneration and Indemnification of the Trustee..........................................................  12

11       Provisions Supplemental to the Trustee Act 1925 and the Trustee Act 2000.................................  14

12       Trustee Liable for Negligence............................................................................  18

13       Waiver and Proof of Default..............................................................................  18

14       Trustee not Precluded from Entering into Contracts.......................................................  19

15       Modification.............................................................................................  19

16       Appointment, Retirement and Removal of the Trustee.......................................................  19

17       Currency Indemnity.......................................................................................  20

18       Communications...........................................................................................  21

19       Governing Law and Jurisdiction...........................................................................  22

20       Counterparts.............................................................................................  22

Schedule 1 Form of Certificate for Definitive Tranche A Bonds.....................................................  23

Schedule 2 Form of Certificate For Definitive Tranche B Bonds.....................................................  43

Schedule 3 Provisions for Meetings of Bondholders.................................................................  85

Schedule 4 Trustee's Powers In Relation To The Security...........................................................  91

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THIS TRUST DEED is dated 13 November 2006 and made

BETWEEN:

(1)  YINGLI GREEN ENERGY HOLDING COMPANY LIMITED., (the "COMPANY"), a company
     incorporated in the Cayman Islands and having its registered office at the
     offices of Codan Trust Company (Cayman) Limited, Cricket Square, Hutchins
     Drive, P.O. Box 2681 GT, George Town, Grand Cayman, Cayman Islands; and

(2)  DB TRUSTEES (HONG KONG) LIMITED, (the "TRUSTEE", which expression, where
     the context so admits, includes all persons for the time being the trustee
     or trustees of this Trust Deed).

BACKGROUND:

(A)  The Company has, pursuant to resolution by its board of directors,
     authorised the issue of US$85,000,000 Bonds due 2008, comprising the
     Tranche A Bonds and the Tranche B Bonds.

(B)  The Trustee has agreed to act as trustee of this Trust Deed on the
     following terms and conditions.

THIS DEED WITNESSES AND IT IS DECLARED as follows:

1    INTERPRETATION

     1.1  DEFINITIONS: Terms defined in the Conditions, the Notes Conditions
          and the Notes Trust Deed have the same meanings where used herein
          unless separately defined herein. In addition, the following
          expressions have the following meanings:

          "AGENTS" means the Principal Agent, the Registrar, and the other
          paying, conversion and transfer agents appointed under the Agency
          Agreement, at their specified offices, and their Successors;

          "AUTHORISED OFFICER" means any Director or Attorney of the Company
          who has been authorised by the Company to sign the certificates
          required under the Trust Deed on behalf of, and so as to bind, the
          Company;

          "CONDITIONS" means the terms and conditions set out in Schedule 1 (in
          the case of the Tranche A Bonds) and Schedule 2 (in the case of the
          Tranche B Bonds) as from time to time modified in accordance with
          this Trust Deed, and any reference to a particularly numbered
          Condition shall be construed accordingly;

          "DIRECTORS" means the directors of the Company;

          "EXTRAORDINARY RESOLUTION" has the meaning set out in Schedule 3;

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          "INITIAL PURCHASER" means Yingli Power Holding Ltd. as initial
          purchaser under the Subscription Agreement;

          "MCB REDEMPTION SUBACCOUNT" means the subaccount of the Issuer
          Account of that name established pursuant to the First Escrow
          Agreement;

          "NOTES TRUST DEED" means the trust deed dated as of 13 November 2006
          among the Issuer, Liansheng Miao and the Trustee and the Terms and
          Conditions relating thereto (the "NOTES CONDITIONS");

          "NOTES TRUSTEE" means DB Trustees (Hong Kong) Limited in its capacity
          as trustee under the Notes Trust Deed (or its successor trustee);

          "SUBSCRIPTION AGREEMENT" means the Subscription Agreement dated 13
          November 2006 between the Company and Yingli Power Holding Company
          Limited in connection with the subscription of the Bonds;

          "SUCCESSOR" means, in relation to the Agents, such other or further
          person as may from time to time be appointed by the Company as an
          Agent with the written approval of, and on terms approved in writing
          by, the Trustee and notice of whose appointment is given to
          Bondholders; and

          "THIS TRUST DEED" means this Trust Deed (as from time to time altered
          in accordance with this Trust Deed) and any other document executed
          in accordance with this Trust Deed (as from time to time so altered)
          and expressed to be supplemental to this Trust Deed.

     1.2  CONSTRUCTION OF CERTAIN REFERENCES: References to:

          1.2.1  costs, charges, remuneration or expenses include any
                 withholding, value added, turnover or similar tax charged in
                 respect thereof;

          1.2.2  "U.S. DOLLARS" and "US$" are to the lawful currency for the
                 time being of the United States of America; and

          1.2.3  an action, remedy or method of judicial proceedings for the
                 enforcement of rights of creditors shall include references to
                 the action, remedy or method of judicial proceedings in
                 jurisdictions other than England as shall most nearly
                 approximate thereto.

     1.3  HEADINGS: Headings shall be ignored in construing this Trust Deed.

     1.4  SCHEDULES: The Schedules are part of this Trust Deed and have effect
          accordingly.

     1.5  DEFINITIONS IN CONDITIONS: Terms defined in the Conditions shall,
          unless otherwise defined herein, have the same meaning when used in
          the main body of this Trust Deed.

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     1.6  CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999: A person who is not a
          party to this Trust Deed has no right under the Contracts (Rights of
          Third Parties) Act 1999 to enforce any term of this Trust Deed except
          and to the extent (if any) that this Trust Deed expressly provides for
          such Act to apply to any of its terms.

2    AMOUNT OF THE BONDS AND COVENANT TO PAY

     2.1  AMOUNT OF THE BONDS: The aggregate principal amount of the Tranche A
          Bonds and Tranche B Bonds are limited to US$38,000,000 and
          US$47,000,000 respectively.

     2.2  COVENANT TO PAY: The Company will, at least one Business Day prior to
          any date when the Bonds or any of them become due to be redeemed,
          unconditionally pay or procure to be paid to (i) for so long as the
          Bonds and/or Shares held by the Initial Purchaser are secured under
          the Debenture and Share Charge, the relevant account of the principal
          agent for the Notes referred to in Clause 8.2 of the Notes Agency
          Agreement or in the case of any payment under Condition 10(C) of the
          Tranche A Bonds, to the MCB Redemption Subaccount, or (ii) such other
          account as may be advised by the Trustee, in U.S. Dollars in
          immediately available funds the principal amount of the Bonds becoming
          due for redemption or repayment on that date together with any
          applicable premium and, will (subject to the Conditions) until such
          payment (both before and after judgement) unconditionally so pay to
          the aforesaid account or to the order of the Trustee interest on the
          principal amount of the relevant Bonds outstanding as set out in the
          relevant Conditions provided that (a) every payment of any sum due in
          respect of the Bonds made to the principal agent as provided in the
          Agency Agreement shall, to that extent, satisfy such obligation except
          to the extent that there is failure in its subsequent payment to the
          relevant Bondholders under the Conditions (or for so long as the Bonds
          are secured under the Debenture and the Share Charge, the holders of
          the Notes), and (b) a payment made after the due date will be deemed
          to have been made on the third business day in London after the full
          amount due (including interest accrued to that third business day) has
          been received by the principal agent or the Trustee and notice to that
          effect has been given to the Bondholders (if requested by the Trustee)
          except (if payment is made to the principal agent) to the extent that
          there is failure in the subsequent payment to the relevant Bondholders
          under the Conditions (or for so long as the Bonds are secured under
          the Debenture and the Share Charge, the holders of the Notes). The
          Trustee will hold the benefit of the covenants in this Clause 2.2 on
          trust for the Bondholders.

     2.3  DISCHARGE: Subject to Clause 2.4, any payment to be made in respect of
          the Bonds by the Company or the Trustee may be made as provided in the
          Conditions and any payment so made will (subject to Clause 2.4) to
          such extent be a good discharge to the Company or the Trustee, as the
          case may be.

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     2.4  PAYMENT AFTER A DEFAULT: At any time after an Event of Default has
          occurred the Trustee may:

          2.4.1  by notice in writing to the Company and the Agents, require the
                 Agents, until notified by the Trustee to the contrary, so far
                 as permitted by applicable law:-

                 (a)  to act as agents of the Trustee under this Trust Deed and
                      the Bonds on the terms of the Agency Agreement (with
                      consequential amendments as necessary and except that the
                      Trustee's liability for the indemnification, remuneration
                      and all other expenses of the Agents will be limited to
                      the amounts for the time being held by the Trustee in
                      respect of the Bonds on the terms of this Trust Deed and
                      available for the purpose) and thereafter to hold all
                      Certificates and all moneys, documents and records held
                      by them in respect of Bonds to the order of the Trustee;
                      and/or

                 (b)  to deliver all Certificates and all moneys, documents and
                      records held by them in respect of the Bonds to the
                      Trustee or as the Trustee directs in such notice,
                      provided that this Clause 2.4.1(b) shall not apply to any
                      documents or records which the relevant Agent is obliged
                      not to release by any laws or regulations to which it is
                      subject; and

          2.4.2  by notice in writing to the Company require it to make all
                 subsequent payments in respect of the Bonds to or to the order
                 of the Trustee and not to the Principal Agent.

3    FORM OF THE BONDS AND CERTIFICATES; ISSUE OF THE BONDS

     3.1  CERTIFICATES: The Bonds will be represented by the relevant definitive
          Certificates, issued to each Bondholder, and will be substantially in
          the form set out in Schedule 1 (in the case of the Tranche A Bonds)
          and Schedule 2 (in the case of the Tranche B Bonds) and endorsed with
          the respective Conditions.

     3.2  SIGNATURE: The definitive Certificates shall be signed manually or in
          facsimile by one Director or Authorised Officer of the Company duly
          authorised for the purpose or manually or in facsimile by any duly
          authorised attorney of the Company and authenticated manually or in
          facsimile by or on behalf of the Registrar. Bonds represented by
          Certificates so executed and authenticated will be binding and valid
          obligations of the Company.

     3.3  REDEMPTION: Upon redemption of the Bonds for any reason, a notation
          will be made by the Registrar in the register reflecting such event
          (or, in the case of any definitive Certificates that are outstanding,
          such Certificates shall be surrendered to the Registrar).

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     3.4  ENTITLEMENT TO TREAT HOLDER AS OWNER: A Bondholder will (save as
          otherwise required by law) be treated as the absolute owner of a Bond
          registered in its name for all purposes (whether or not it is overdue
          and regardless of any notice of ownership, trust or any interest in it
          or any writing on or the theft or loss of the Certificate issued in
          respect of it) and no person will be liable for so treating the
          holder.

4    STAMP DUTIES AND TAXES

     4.1  STAMP DUTIES: The Company will pay any stamp, issue, registration,
          documentary or other similar taxes and duties, including interest and
          penalties, payable in respect of the creation, issue and offering of
          the Bonds, the execution or delivery of this Trust Deed and the
          deposit of Certificates, the conversion of Tranche B Bonds into
          Shares, and the issue of Shares following such conversion. The Company
          will also indemnify the Trustee and the Bondholders from and against
          all stamp, issue, registration, documentary or other like taxes paid
          by any of them in any jurisdiction in connection with any action taken
          by or on behalf of the Trustee or, as the case may be, (where entitled
          under Condition 18 to do so) the Bondholders to enforce the
          obligations of the Company under this Trust Deed or the Bonds.

     4.2  CHANGE OF TAXING JURISDICTION: If the Company is or becomes subject
          generally to the taxing jurisdiction of any territory or any authority
          of or in that territory having power to tax other than or in addition
          to the Cayman Islands or any such authority of or in such territory
          imposes taxes, duties, assessments or governmental charges of whatever
          nature with respect to this Trust Deed or the Bonds then the Company
          will (upon request by the Trustee) give to the Trustee an undertaking
          satisfactory to the Trustee in terms and manner corresponding to the
          terms of Condition 11, with the substitution for, or (as the case may
          require) the addition to, the references in that Condition to the
          Cayman Islands of references to that other or additional territory or
          authority to whose taxing jurisdiction the Company is or has become so
          subject or which has imposed such taxes, duties, assessments or
          governmental charges. In such event this Trust Deed and the Bonds will
          be read accordingly.

5    FURTHER ISSUES

     5.1  LIBERTY TO CREATE: The Company may from time to time with the consent
          of the Bondholders create and issue further bonds, notes or debentures
          (the "FURTHER BONDS") (whether in bearer or registered form) either
          having the same terms and conditions as the Bonds in all respects
          (save for the date of issue) and so that the same shall be
          consolidated and form a single series with the Bonds, or (in any case)
          upon such terms as to interest, subordination (if any), conversion,
          premium, redemption and otherwise as the Company may at the time of
          issue thereof determine.

     5.2  MEANS OF CONSTITUTION: Any further bonds, notes or debentures created
          and issued pursuant to the provisions of Clause 5.1 above so as to
          form a single

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          series with the Bonds shall be constituted by a deed supplemental to
          this Trust Deed and any other further bonds, notes or debentures of
          any series created and issued pursuant to the provisions of Clause 5.1
          above may (provided that such bonds, notes or debentures rank for
          payment to the same extent as the Bonds), with the consent of the
          Trustee, be so constituted. The Company shall prior to the issue of
          any Further Bonds to be so constituted execute and deliver to the
          Trustee a deed supplemental to this Trust Deed (if applicable duly
          stamped or denoted) and containing a covenant by the Company in the
          form mutatis mutandis of Clause 2 of this Trust Deed in relation to
          the principal and interest in respect of such Further Bonds and such
          other provisions (corresponding to any of the provisions contained in
          this Trust Deed) as the Trustee shall require.

     5.3  NOTE OF SUPPLEMENTAL DEEDS: A memorandum of every such supplemental
          deed shall be endorsed by the Trustee on this Trust Deed and by the
          Company on the duplicate(s) of this Trust Deed.

     5.4  NOTICE OF FURTHER ISSUES: Whenever it is proposed to create and issue
          any Further Bonds, the Company shall give to the Trustee not less than
          seven days' notice in writing of its intention to do so, stating the
          amount of Further Bonds proposed to be created or issued.

     5.5  SEPARATE SERIES: Any Further Bonds not forming a single series with
          the Bonds shall form a separate series and accordingly, unless for any
          purpose the Trustee in its absolute discretion shall otherwise
          determine, the provisions of Clause 5.2 and of Clauses 4 and 6 to 19
          (inclusive) (other than Clauses 16.1, 16.2 and 16.5) and Schedule 3
          shall apply mutatis mutandis separately and independently to the Bonds
          of each series and in such Clauses and Schedule the expressions
          "BONDS" and "BONDHOLDERS" shall be construed accordingly.

6    COVENANTS RELATING TO THE SHARE CONVERSION

     The Company hereby undertakes to, and covenants with, the Trustee that the
     Company will, unless otherwise required by applicable laws and regulations,
     keep available, free from pre-emptive or other rights, out of its
     authorised but unissued share capital such number of Shares as would be
     required to be issued to Bondholders on conversion of all the Tranche B
     Bonds from time to time remaining outstanding and to satisfy in full all
     other rights of conversion into or exchange or subscription for Shares and
     shall ensure that (i) the Company will register the Notes Trustee or in
     any other case) such other person as advised by the Trustee as the holder
     of that number of Shares issuable upon conversion and (ii) all Shares so
     delivered upon conversion of Tranche B Bonds will be duly and validly
     issued as fully-paid and non-assessable and shall rank pari passu with and
     will be fully fungible with the Shares then outstanding.

7    THE SECURITY

     7.1  APPOINTMENT OF TRUSTEE: the Trustee is hereby appointed to act as
          trustee, agent, administrator and, to the extent required by
          applicable law, attorney for

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          the purpose of holding on trust, executing, accepting, administering
          and enforcing the security created under CB Security Documents for
          and on behalf of the Bondholders.

     7.2  TRUST: The Trustee accepts its appointment as a trustee, agent and
          administrator of the CB Security Documents and declares that it shall
          hold such security for itself and on behalf of the Secured Creditors
          on the terms contained in this Trust Deed and shall have only those
          duties, obligations and responsibilities expressly specified in the CB
          Security Documents and this Trust Deed.

     7.3  ADDITIONAL SECURITY. Subject to the provisions of this Trust Deed, the
          Trustee may from time to time accept as security the benefit of any
          additional security as may from time to time be granted to it as
          security for all obligations and amounts due under the CB Documents.

     7.4  RELEASE OF SECURITY.

          On the irrevocable and unconditional payment or discharge by or on
          behalf of the Company of all sums due under this Trust Deed and the
          Bonds and the Company certifying such events to the Trustee, the
          Trustee shall, at the request and cost of the Company, release and
          cancel the security created under the CB Security Documents and
          procure the reassignment to the relevant party of the property and
          assets assigned to the Trustee pursuant to the CB Security Documents
          as soon as reasonably practicable.

     7.5  NO INDEPENDENT POWER. Bondholders shall not have any independent power
          to enforce, or have recourse to, any of the CB Security Documents or
          to exercise any rights or powers arising under the CB Security
          Documents except through the Trustee unless the Trustee, having been
          obligated to do so and indemnified and/or secured to its satisfaction,
          fails to do so within a reasonable time and such failure is
          continuing.

     7.6  NO RESPONSIBILITY TO PERFECT SECURITY. The Trustee shall not be liable
          for any failure, omission or defect (save arising from its own gross
          negligence, fraud or wilful misconduct) in perfecting or protecting
          its rights under the CB Security Documents or the priority of such
          security, including, without limitation, failure to:

          7.6.1 require the deposit with it of any deed or document certifying,
                representing or constituting the title of the Company to any of
                such security;

          7.6.2 obtain any licence, consent or other authority for the
                execution, delivery, legality, validity, enforceability or
                admissibility in evidence of any of the CB Security Documents;

          7.6.3 register, file or record or otherwise protect any security (or
                the priority of any security) under any applicable laws in any
                jurisdiction or to give

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                notice to any person of the execution of any of the CB Security
                Documents;

          7.6.4 take, or to require Company to take, any steps to perfect its
                title to any of the assets subject to the CB Security Documents
                or to render any security effective or to secure the creation of
                any ancillary security interest under the laws of any
                jurisdiction; or

          7.6.5 require any further assurances in relation to any of the CB
                Security Documents.

     7.7  ENFORCEMENT OF THE SECURITY

          7.7.1 Upon the occurrence of an Event of Default which is continuing,
                the Trustee shall be entitled to do any of the acts and things
                listed in Schedule 4 (Trustee's Powers in Relation to the
                Security), including but not limited to, taking any steps
                necessary or required to enforce or collect or require the
                enforcement or collection of any of the security under the CB
                Security Documents (including the crystallisation of any
                floating charge forming part of such security).

          7.7.2 Sections 93 and 103 of the Law of Property Act 1925 shall not
                apply hereto, but the powers of sale, calling in, collection and
                appointment of a receiver and other powers conferred upon a
                mortgagee by Sections 101 and 106 of the said Law of Property
                Act 1925 shall apply hereto.

          7.7.3 By way of security the Company hereby appoints and constitutes
                the Trustee as its true and lawful attorney with full power in
                the name and on behalf of the Company to do, following an Event
                of Default which is continuing any of the acts and things listed
                in Schedule 4 (Trustee's Powers in Relation to the Security) and
                with full power for any such attorney to sub-delegate any of
                such powers including the power to sub-delegate.

          7.7.4 In order to facilitate the enforcement by the Trustee at any
                time after the occurrence and continuation of an Event of
                Default of the any security, the company hereby irrevocably
                appoints and constitutes the Trustee as its true and lawful
                attorney with full power in the name and on behalf of the
                Company, or otherwise:

                (i)  to request, require, demand, receive, compound, give
                     receipts and discharges for, settle and compromise any and
                     all sums and claims for money due and to become due under
                     or in respect of the any security and all other rights and
                     obligations arising in respect thereof;

                (ii) to endorse any cheques or other instruments or orders in
                     that connection;

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               (iii) to file any claim, to take any action or institute any
                     proceeding which the Trustee may deem to be necessary or
                     advisable in connection therewith either in its own name or
                     in the name of the Company;

               (iv)  to execute any documents and to do anything which the
                     Trustee deems to be necessary or desirable hereunder or
                     thereunder, and with full power to delegate any of the
                     rights and powers hereby conferred upon it; and

               (v)   without prejudice to the generality of the foregoing, to
                     exercise all or any of the powers or rights which but for
                     the creation of any security would have been powers or
                     rights of the Company in relation to the CB Security
                     Documents in such manner as it may consider expedient.

     7.8  DISCHARGE. Upon any sale, calling in, collection, conversion or
          enforcement as provided in Clause 7.7 (Enforcement of the Security)
          and upon any other dealing or transaction under the provisions
          contained in this Trust Deed, the receipt of the Trustee for the
          purchase money of the assets sold and for any other moneys paid to it
          shall effectually discharge the purchaser or other person paying the
          same and such purchaser or other person shall not be responsible for
          the application of such moneys.

     7.9  FURTHER ASSURANCE. The Company shall at its own cost and expense
          execute and do all such assurances, acts and things as the Trustee may
          reasonably require (including, without limitation, the giving of
          notices of charge or assignment and the effecting of filings or
          registrations in any jurisdiction) for perfecting or protecting any
          security and from time to time and at any time after any security or
          any part thereof has become enforceable shall execute and do all such
          assurances, acts and things as the Trustee may reasonably require for
          facilitating the realisation of, or enforcement of rights in respect
          of, all or any of the security under the CB Security Documents. For
          the purposes of this Clause 7.9, a certificate in writing signed by
          the Trustee to the effect that any particular assurance or thing
          required by it is reasonably required shall be conclusive evidence of
          the fact.

     7.10 LIABILITY OF THE TRUSTEE. The Trustee shall not by reason of taking
          possession of all or any of the security or any other reason
          whatsoever and whether as mortgagee in possession or on any other
          basis whatsoever be liable to account for anything except actual
          receipts or be liable for any loss or damage arising from realisation
          of, or enforcement of rights in respect of any security or any other
          property, assets, rights or undertakings of whatsoever nature whether
          or not owned by the Company or any other person or in which the
          Company or such other person has an interest, from any act, default or
          omission in relation to the any security or any other property,
          assets, rights or undertakings of whatsoever nature whether or not
          owned by the Company or any other person or in which the Company or
          such other person has an interest, or from any

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          exercise or non-exercise by it of any power, authority or discretion
          conferred upon it in relation to all or any security or any other
          property, assets, rights or undertakings of whatsoever nature whether
          or not owned by the Company or any other person or in which the
          Company or such other person has an interest, by or pursuant to this
          Trust Deed.

     7.11 POWERS ADDITIONAL TO LPA 1925. The powers conferred by this Trust Deed
          on the Trustee shall be in addition to and not in substitution for the
          powers conferred on mortgagees or receivers under the Law of Property
          Act 1925 and the Insolvency Act 1986 and where there is any ambiguity
          or conflict between the powers contained in such Act and those
          conferred by this Trust Deed the terms of this Trust Deed shall
          prevail.

     7.12 DEALINGS WITH THE TRUSTEE. No person dealing with the Trustee shall be
          concerned to enquire whether any event has happened upon which any of
          the powers, authorities and discretions conferred by or pursuant to
          this Trust Deed in relation to any property, assets or undertaking are
          or may be exercisable by the Trustee or otherwise as to the propriety
          or regularity of acts purporting or intended to be in exercise of any
          such powers, authorities or discretions and all the protections of
          purchasers contained in Sections 106 and 107 of the Law of Property
          Act 1925 shall apply to any person purchasing from or dealing with the
          Trustee in like manner as if the statutory powers of sale in relation
          to such property, assets or undertaking had not been varied or
          extended by this Trust Deed.

8    APPLICATION OF MONEYS RECEIVED BY THE TRUSTEE

     8.1  DECLARATION OF TRUST: All moneys received by the Trustee in respect of
          the Bonds, the realisation of the security created under the CB
          Security Documents or amounts payable under this Trust Deed will,
          despite any appropriation of all or part of them by the Company, be
          held by the Trustee upon trust to apply them (subject to Clause 8.2):

          8.1.1 first, in payment or satisfaction of all costs, charges,
                expenses and liabilities incurred by the Trustee (including
                remuneration payable to the Trustee) in carrying out its
                functions under this Trust Deed;

          8.1.2 secondly, in payment of any interest owing in respect of the
                Bonds (on a pari passu and rateable basis);

          8.1.3 thirdly, in payment of any other amounts (including principal
                and premium) owing in respect of the Bonds pari passu and
                rateably; and

          8.1.4 fourthly, in payment of any balance (if any) to the Company for
                itself.

          If the Trustee holds any moneys in respect of Bonds in respect of
          which claims have become prescribed under Condition 14, such moneys
          will be returned to the Company.

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     8.2  ACCUMULATION: If the amount of the moneys at any time available for
          payment in respect of the Bonds under Clause 8.1 is less than 10 per
          cent. of (i) interest due under the Bonds or (ii) the principal amount
          of the Bonds then outstanding, the Trustee may, at its discretion,
          invest such moneys. The Trustee may retain such investments and
          accumulate the resulting income until the investments and the
          accumulations, together with any other funds for the time being under
          its control and available for such payment, amount to at least 10 per
          cent. of (i) interest due under the Bonds or (ii) the principal amount
          of the Bonds then outstanding as the case may be, and then such
          investments, accumulations and funds (after deduction of, or provision
          for, any applicable taxes) will be applied as specified in Clause 8.1.

     8.3  INVESTMENT: Moneys held by the Trustee may, in the Trustee's absolute
          discretion, be invested in its name or under its control in any
          investments or other assets anywhere whether or not they produce
          income, or deposited in its name or under its control at such bank or
          other financial institution in such currency as the Trustee may, in
          its absolute discretion, think fit and the Trustee may at any time
          vary or transfer any of such investments for or into other such
          investments or convert any moneys so deposited into any other
          currency. If that bank or institution is the Trustee or a subsidiary,
          holding or associated company of the Trustee, it need only account for
          an amount of interest calculated by reference to the rate of interest
          which at the relevant time would be payable by it on such a deposit to
          an independent customer. The Trustee may at any time vary or transpose
          any such investments or assets or convert any moneys so deposited into
          any other currency, and will not be responsible for any resulting
          loss, whether by depreciation in value, change in exchange rates or
          otherwise.

9    COVENANTS

     So long as any Bond is outstanding, the Company will comply with all
     covenants contained in the Conditions.

10   REMUNERATION AND INDEMNIFICATION OF THE TRUSTEE

     10.1 NORMAL REMUNERATION: So long as any Bond is outstanding, the Company
          will pay the Trustee as remuneration for its services as Trustee such
          sum on such dates in each case as they may from time to time agree,
          which sums, for the avoidance of doubt, shall be paid free and clear
          of deduction and withholding on account of taxation. Such remuneration
          will accrue from day to day from the date of this Trust Deed and shall
          be payable in priority to payments to the Bondholders.

     10.2 EXTRA REMUNERATION: If a Default shall have occurred, or if the
          Trustee finds it expedient or necessary (acting reasonably), or the
          Trustee is requested by the Company to undertake duties which they
          both agree to be of an exceptional nature or otherwise outside the
          scope of the Trustee's normal duties under this Trust Deed, the
          Company will pay such additional remuneration as they may

                                       12
<PAGE>

          agree or, failing agreement as to any of the matters in this Clause
          (or as to such sums referred to in Clause 10.1), as determined by a
          merchant or investment bank (acting as an expert) selected by the
          Trustee and approved by the Company or, failing such approval,
          nominated by the President for the time being of The Law Society of
          England and Wales. The expenses involved in such nomination and such
          merchant or investment bank's fee will be paid by the Company, which
          sums, for the avoidance of doubt, shall be paid free and clear of
          deduction and withholding on account of taxation. The determination
          of such merchant or investment bank will (in the absence of manifest
          error) be conclusive and binding on the Company, the Trustee and the
          Bondholders.

     10.3 EXPENSES: The Company will on demand by the Trustee pay or discharge
          all costs, charges, liabilities and expenses properly incurred by the
          Trustee in the preparation and execution of this Trust Deed and the
          performance of its functions under, and in any other manner in
          relation to, this Trust Deed, the Agency Agreement and the Conditions
          including, but not limited to, expenses incurred seeking appropriate
          legal or financial advice to discharge its duties in accordance with
          the Conditions, legal and travelling expenses and any stamp,
          documentary or other taxes or duties paid or payable by the Trustee in
          connection with any action or legal proceedings brought or
          contemplated by the Trustee against the Company to enforce any
          provision of this Trust Deed or the Bonds. Such costs, charges,
          liabilities and expenses will:

          10.3.1 in the case of payments made by the Trustee before such demand
                 carry interest from the date of the demand at the rate of two
                 per cent. per annum over the overnight rate of Deutsche Bank
                 AG. on the date on which the Trustee made such payments; and

          10.3.2 in other cases carry interest at such rate from 15 days after
                 the date of the demand or (where the demand specifies that
                 payment is to be made on an earlier date) from such earlier
                 date.

     10.4 INDEMNITY: The Company shall indemnify (to the extent not compensated
          pursuant to Clause 10.3 above) the Trustee in respect of all Amounts
          or Claims paid or incurred by it in the carrying out of its functions
          (including, but not limited to, (i) any Agent/Delegate Liabilities and
          (ii) in respect of defending any Amounts or Claims brought against the
          Trustee or in respect of any Agent/Delegate Liabilities). The Company
          shall promptly following demand by such agent or delegate indemnify it
          against such Agent/Delegate Liabilities. In this Clause 10.4, "AMOUNTS
          OR CLAIMS" are losses, liabilities, costs, claims, actions, demands or
          expenses (other than claims which arise from the willful default,
          gross negligence or fraud of the Trustee); and "AGENT/DELEGATE
          LIABILITIES" are Amounts or Claims which the Trustee is or would be
          obliged to pay or reimburse to any of its agents or delegates
          appointed pursuant to this Trust Deed. The Contracts (Rights of Third
          Parties) Act 1999 applies to this Clause 10.4.

                                       13
<PAGE>

     10.5 CONTINUING EFFECT: Clauses 10.3 and 10.4 will continue in full force
          and effect as regards the Trustee even if it no longer is Trustee or
          the Bonds are no longer outstanding or this Trust Deed has been
          discharged.

11   PROVISIONS SUPPLEMENTAL TO THE TRUSTEE ACT 1925 AND THE TRUSTEE ACT 2000

     By way of supplement to the Trustee Act 1925 and the Trustee Act 2000 it is
     expressly declared as follows:

     11.1 ADVICE: The Trustee may in relation to this Trust Deed act on the
          opinion or advice of, or a certificate or any information obtained
          from any lawyer, valuer, surveyor, broker, auctioneer, accountant or
          other expert (including the Manager) whether obtained by it, the
          Company or any Agent or any other person and which advice, opinion,
          certificate or information may be provided on such terms (including as
          to limitations on liability) as the Trustee may consider in its sole
          discretion to be consistent with the prevailing market practice in
          relation thereto and will not be responsible to anyone for any loss
          occasioned by so acting. Any such opinion, advice, certificate or
          information may be sent or obtained by letter, telex or fax and the
          Trustee will not be liable to anyone for acting in good faith on any
          opinion, advice, certificate or information purporting to be conveyed
          by such means even if it contains some error or is not authentic.

     11.2 TRUSTEE TO ASSUME DUE PERFORMANCE: The Trustee need not notify anyone
          of the execution of this Trust Deed or do anything to find out if an
          Event of Default or Potential Event of Default has occurred. Until it
          has actual knowledge or express notice in writing from the Company to
          the contrary, the Trustee may assume that no such event has occurred
          and that the Company is performing all its obligations under this
          Trust Deed and the Bonds, and no event has happened as a consequence
          of which any of the Bonds may become repayable.

     11.3 RESOLUTIONS OF BONDHOLDERS: The Trustee will not be responsible for
          having acted in good faith upon a resolution in writing purporting to
          have been signed by the requisite Bondholders or upon a resolution
          purporting to have been passed at a meeting of Bondholders in respect
          of which minutes have been made and signed, even if it is later found
          that there was a defect in the constitution of the meeting or the
          passing of the resolution or that the resolution was not valid or
          binding on the Bondholders.

     11.4 CERTIFICATE SIGNED BY DIRECTOR AND/OR AUTHORISED OFFICER: If the
          Trustee, in the exercise of its functions, requires to be satisfied or
          to have information as to any fact or the expediency of any act, it
          may call for and accept as sufficient evidence of that fact or the
          expediency of that act a certificate signed by one Director and/or
          Authorised Officer of the Company as to that fact or to the effect
          that, in their opinion, that act is expedient and the Trustee need not
          call for further evidence and will not be responsible for any loss
          occasioned by acting on such a certificate.

                                       14
<PAGE>

     11.5 DEPOSIT OF DOCUMENTS: The Trustee may deposit this Trust Deed and any
          other documents in any part of the world with any bank or entity whose
          business includes the safe custody of documents or with any lawyer or
          firm of lawyers believed by it to be of good repute and may pay all
          sums due in respect thereof and the Trustee shall not be responsible
          for or required to insure against any loss incurred in connection with
          such deposit.

     11.6 DISCRETION: Save as expressly provided in this Trust Deed, the Trustee
          will have absolute and uncontrolled discretion as to the exercise or
          non-exercise of its functions and will not be responsible for any
          loss, liability, cost, claim, action, demand, expense or inconvenience
          which may result from their exercise or non-exercise. Whenever in this
          Trust Deed, the Agency Agreement or by law, the Trustee shall have
          discretion or permissive power it may decline to exercise the same in
          the absence of approval by the Bondholders and need not exercise the
          same unless it has been indemnified and/or provided with security to
          its satisfaction.

     11.7 AGENTS: Whenever it considers it reasonably expedient in the interests
          of the Bondholders, the Trustee may (after prior consultation with the
          Company where, in the reasonable opinion of the Trustee, so to do
          would be both practicable and not materially prejudicial to the
          interests of the Bondholders), in the conduct of its trust business,
          instead of acting personally, employ and pay an agent selected by it,
          whether or not a lawyer or other professional person (including the
          Manager), to transact or conduct, or concur in transacting or
          conducting, any business and to do or concur in doing all acts
          required to be done by the Trustee (including the receipt and payment
          of money). The Trustee will not be responsible to anyone for any
          misconduct or omission by any such agent so employed by it or be bound
          to supervise the proceedings or acts of any such agent.

     11.8 DELEGATION: Whenever it reasonably considers it expedient in the
          interests of the Bondholders, the Trustee may delegate to any person
          on any terms (including power to delegate) all or any of its
          functions. Any such delegation may be by power of attorney or in such
          other manner as the Trustee may reasonably think fit and subject to
          such regulation as the Trustee may think fit. The Trustee shall
          exercise reasonable care in its appointment of any delegate on the
          terms of this Clause 11.8 (Delegation). Provided it has exercised such
          reasonable care, the Trustee will not have any obligation to notify
          anyone of such appointment or to supervise such delegate or be
          responsible for any loss, liability, cost, claim, action, demand or
          expense incurred by reason of any misconduct or default by any such
          delegate or sub-delegate. The Trustee will not have any obligation to
          supervise such delegate or be responsible for any loss, liability,
          cost, claim, action, demand or expense incurred by reason of any
          misconduct or default by any such delegate. Without prejudice to the
          generality of the foregoing, the Trustee shall be entitled at any time
          following an Event of Default which is continuing to appoint an agent
          (subject to the provisions of applicable law) in the name and on
          behalf of the Company.

                                       15
<PAGE>

     11.9  CONFIDENTIALITY: Unless ordered to do so by a court of competent
           jurisdiction the Trustee shall not be required to disclose to any
           Bondholder any confidential financial or other information made
           available to the Trustee by the Company and no Bondholder shall be
           entitled to take any action to obtain from the Trustee any such
           information.

     11.10 DETERMINATIONS CONCLUSIVE: As between itself and the Bondholders the
           Trustee may determine all questions and doubts arising in relation
           to any of the provisions of this Trust Deed. Such determinations,
           whether made upon such a question actually raised or implied in the
           acts or proceedings of the Trustee, will be conclusive and shall
           bind the Trustee and the Bondholders.

     11.11 CURRENCY CONVERSION: Where it is necessary or desirable to convert
           any sum from one currency to another, it will (unless otherwise
           provided hereby or required by law) be converted at such rate or
           rates, in accordance with such method and as at such date as may be
           specified by the Trustee in its absolute discretion but having regard
           to current rates of exchange, if available offered by Deutsche Bank
           AG. Any rate, method and date so specified will be binding on the
           Company and the Bondholders.

     11.12 EVENTS OF DEFAULT: The Trustee may determine whether or not a Default
           is in its opinion capable of remedy and/or materially prejudicial to
           the interests of the Bondholders. Any such determination and any
           determination as to materiality required of it will be conclusive and
           binding on the Company and the Bondholders.

     11.13 PAYMENT FOR BONDS: The Trustee will not be responsible for the
           receipt or application by the Company of the proceeds of the issue of
           the Bonds or the delivery of Certificates to the persons entitled to
           them.

     11.14 BONDS HELD BY THE COMPANY ETC.: In the absence of actual knowledge or
           express notice to the contrary, the Trustee may assume without
           enquiry that no Bonds are for the time being held beneficially by or
           on behalf of the Company or its Subsidiaries.

     11.15 THE SHARES: The Trustee shall have no duty or responsibility at any
           time in respect of the validity or value (or the kind or amount) of
           the Shares or any other property which may at any time be issued on
           the conversion of any Bond or the sale or other disposal of any
           Shares. The Trustee shall not be responsible for any failure of the
           Company to make available any Shares, share certificates or any other
           securities or property or make any payment on the conversion of any
           Bond.

     11.16 RESPONSIBILITY: The Trustee assumes no responsibility for the
           correctness of Recital (A), any representation or warranty given by
           any person in this Trust Deed, nor shall the Trustee by the
           execution of this Trust Deed be deemed to make any representation as
           to the validity, sufficiency or enforceability of this Trust Deed or
           any part hereof.

                                       16
<PAGE>

     11.17 ACTION BY THE TRUSTEE: Notwithstanding anything else contained in
           this Trust Deed the Trustee shall not be required to take any action
           prior to making any declaration under Condition 12 that the Bonds are
           immediately due and payable (save that it will procure notice to be
           given to the Bondholders of any Event of Default of which it has
           actual knowledge or express notice) if such action would require the
           Trustee to incur any expenditure or other financial liability or
           risk its own funds (including obtaining any advice which it might
           otherwise have thought appropriate to obtain). The Trustee shall not
           be under any obligation to act following an Event of Default unless
           it shall have been indemnified to its satisfaction.

     11.18 CONSOLIDATION, AMALGAMATION ETC.: The Trustee shall not be
           responsible for any consolidation, amalgamation, merger,
           reconstruction or scheme of the Company or any sale or transfer of
           all or substantially all of the assets of the Company or the form or
           substance of any plan relating thereto or the consequences thereof
           to any Bondholder.

     11.19 BONDS AND DOCUMENTS: The Trustee shall not be liable to the Company
           or any Bondholder if it has accepted as valid or has not rejected any
           Certificate purporting to be such and subsequently found to be forged
           or not authentic, nor shall it be liable for any action taken or
           omitted to be taken in reliance on any document, certificate or
           communication believed by it to be genuine and to have been presented
           or signed by the proper parties, including, for the avoidance of
           doubt, the Register.

     11.20 CONSENT: Any consent given by the Trustee for the purposes of this
           Trust Deed may be given on such terms and subject to such conditions
           (if any) as the Trustee thinks fit.

     11.21 TRUSTEE'S FUNDS: Nothing herein shall be construed to require the
           Trustee to expend or risk its own funds in the discharge or its
           duties and responsibilities hereunder.

     11.22 TRANSACTIONS WITH THE COMPANY: Nothing herein shall prevent the
           Trustee from entering into financial transactions with the Company.

     11.23 INTERESTS OF BONDHOLDERS: In connection with the exercise of its
           powers, trusts, authorities or discretions (including, but not
           limited to, those in relation to any proposed modifications, waiver
           or authorisation of any breach or proposed breach of any of the
           Conditions or any of the provisions of this Trust Deed), the Trustee
           shall have regard to the general interests of the Bondholders as a
           class and shall not have regard to any interest arising from
           circumstances particular to individual Bondholders (whatever their
           number) and, in particular but without limitation, shall not have
           regard to the consequences of such exercise for individual
           Bondholders (whatever their number) resulting from their being for
           any purpose domiciled or resident in, or otherwise connected with,
           or subject to the jurisdiction of, any particular territory or
           otherwise to the tax consequences thereof and the Trustee shall not

                                       17
<PAGE>

           be entitled to require, nor shall any Bondholder be entitled to
           claim from the Company or the Trustee, any indemnification or
           payment in respect of any tax consequence of any such exercise upon
           individual Bondholders except to the extent provided for in any
           undertakings given in addition thereto or in substitution therefor
           pursuant to this Trust Deed.

     11.24 ACTION CONTRARY TO LAW ETC. The Trustee may refrain from doing
           anything in any jurisdiction if doing the relevant thing in that
           jurisdiction would, in its opinion based upon legal advice in the
           relevant jurisdiction, be contrary to any law of that jurisdiction
           or, to the extent applicable, of England, or would otherwise render
           it liable to any person in that jurisdiction or England or if, in its
           opinion based upon such legal advice, it would not have power to do
           the relevant thing in that jurisdiction by virtue of any applicable
           law in that jurisdiction or in England or if it is determined by any
           court or other competent authority in that jurisdiction or in England
           that it does not have such power.

12   TRUSTEE LIABLE FOR NEGLIGENCE

     The duty of care that applies to a trustee under Section 2 of the Trustee
     Act 2000 shall not apply to the Trustee. For the avoidance of doubt, (a)
     the Trustee may retain or invest in securities payable to bearer without
     appointing a person to act as custodian and (b) the application of
     Sections 22 or 23 of the Trustee Act 2000 is inconsistent with the terms
     of this Trust Deed.

     Subject thereto, if the Trustee fails to show the degree of care and
     diligence required of it as trustee having regard to the provisions
     hereof, nothing in this Trust Deed shall relieve or indemnify it from
     or against any liability which by any rule of law would otherwise attach
     to it in respect of any negligence, default, breach of duty or breach of
     trust of which it may be guilty in relation to its duties under this Trust
     Deed.

13   WAIVER AND PROOF OF DEFAULT

     13.1 WAIVER: The Trustee may, without the consent of the Bondholders and
          without prejudice to its rights in respect of any subsequent breach,
          from time to time and at any time, if in its opinion the interests of
          the Bondholders will not be materially prejudiced thereby, waive or
          authorise, on such terms as seem expedient to it, any breach or
          proposed breach by the Company of the provisions of this Trust Deed or
          the Conditions or determine that a Default will not be treated as such
          provided that the Trustee will not do so in contravention of an
          express direction given by an Extraordinary Resolution or a request
          made pursuant to Condition 12. No such direction or request will
          affect a previous waiver, authorisation or determination. Any such
          waiver, authorisation or determination will be binding on the
          Bondholders and, if the Trustee so requires, will be notified to the
          Bondholders as soon as practicable.

     13.2 PROOF OF DEFAULT: Proof that the Company has failed to pay a sum due
          to the holder of any one Bond will (unless the contrary be proved and
          in the absence

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<PAGE>
          of manifest error) be sufficient evidence that it has made the same
          default as regards all other Bonds which are then payable.

14   TRUSTEE NOT PRECLUDED FROM ENTERING INTO CONTRACTS

     The Trustee may acquire, hold or dispose of any Bond or other security (or
     any interest therein) of the Company or any other person, may enter into
     or be interested in any contract or transaction with any such person and
     may act on, or as depositary or agent for, any committee or body of
     holders of any securities of any such person in each case with the same
     rights as it would have had if the Trustee were not acting as Trustee and
     need not account for any profit.

15   MODIFICATION

     The Trustee may agree without the consent of the Bondholders to any
     modification to this Trust Deed which is of a formal, minor or
     technical nature or is made to correct a manifest error or to comply with
     mandatory provisions of law. The Trustee may also so agree to any
     modification to this Trust Deed or to any modification of Bondholders'
     conversion rights in respect of the Bonds which is in its opinion not
     materially prejudicial to the interests of the Bondholders, but such
     power does not extend to any such modification as is mentioned in the
     proviso to paragraph 15 of Schedule 3. Any such modification will be
     binding on the Bondholders and, if the Trustee so requires, will be
     notified to the Bondholders as soon as practicable.

16   APPOINTMENT, RETIREMENT AND REMOVAL OF THE TRUSTEE

     16.1 APPOINTMENT: The Company has the power of appointing new trustees but
          no one may be so appointed unless previously approved by an
          Extraordinary Resolution. The Trustee will at all times be a trust
          corporation and may be the sole Trustee. Any appointment of a new
          Trustee will be notified by the Company to the Bondholders as soon as
          practicable.

     16.2 RETIREMENT AND REMOVAL: Any Trustee may retire at any time on giving
          at least 60 days' advance written notice to the Company without giving
          any reason and without being responsible for any costs occasioned by
          such retirement or, the appointment of a new trustee which shall be
          borne by the Company. The Bondholders may by Extraordinary Resolution
          remove any Trustee provided that the retirement or removal of a sole
          trust corporation will not become effective until a trust corporation
          is appointed as successor Trustee. If a sole trust corporation gives
          notice of retirement or an Extraordinary Resolution is passed for its
          removal, the Company will use all reasonable endeavours to procure
          that another trust corporation be appointed as Trustee and if, after
          60 days of such notice having been given the Company has failed to do
          so, the Trustee shall be entitled but not obliged to appoint another
          trust corporation selected by the Trustee as its successor.

     16.3 CO-TRUSTEES: The Trustee may, despite Clause 16.1, by advance written
          notice to the Company appoint anyone to act as an additional Trustee
          jointly with the Trustee:

                                       19
<PAGE>

          16.3.1 if the Trustee considers such appointment to be in the
                 interests of the Bondholders;

          16.3.2 to conform with any legal requirement, restriction or condition
                 in a jurisdiction in which a particular act is to be performed;
                 or

          16.3.3 to obtain a judgment or to enforce a judgment or any provision
                 of this Trust Deed in any jurisdiction.

          Subject to the provisions of this Trust Deed the Trustee may confer on
          any person so appointed such functions as it thinks fit (provided that
          such functions shall not extend beyond those functions empowered to
          the Trustee pursuant to this Trust Deed or the CB Security Documents).
          The Trustee may by written notice to the Company and that person
          remove that person. At the Trustee's request, the Company will
          forthwith do all things as may be required to perfect such appointment
          or removal and it irrevocably appoints the Trustee to be its attorney
          in its name and on its behalf to do so. The Trustee shall not be
          responsible for supervising any such additional trustee.

     16.4 COMPETENCE OF A MAJORITY OF TRUSTEES: If there are more than two
          Trustees the majority of them will be competent to perform the
          Trustee's functions provided the majority includes a trust
          corporation.

     16.5 SUCCESSOR: Any corporation into which the Trustee may be merged or
          converted or with which it may be consolidated, or any corporation
          resulting from any merger, conversion or consolidation to which the
          Trustee shall be a party, or any corporation succeeding to all or
          substantially all the corporate trust business of the Trustee, shall
          be the successor of the Trustee hereunder (provided it is a trust
          corporation) without the execution of filing of any papers or any
          further act on the part of any of the parties hereto.

17   CURRENCY INDEMNITY

     17.1 CURRENCY OF ACCOUNT AND PAYMENT: U.S. Dollars (the "CONTRACTUAL
          CURRENCY") is the sole currency of account and payment for all sums
          payable by the Company under or in connection with this Trust Deed and
          the Bonds, including damages. If any sum due from the Company in
          respect of the Bonds under the Trust Deed or any order or judgment
          given or made in relation thereto has to be converted from the
          currency (the "first currency") in which the same is payable under
          these Conditions or such order or judgment into another currency (the
          "second currency") for the purpose of (a) making or filing a claim or
          proof against the Company, (b) obtaining an order or judgment in any
          court or other tribunal or (c) enforcing any order or judgment given
          or made in relation to the Bonds, the Company shall indemnify each
          Bondholder, on the written demand of such Bondholder addressed to the
          Company and delivered to the Company or to the specified office of the
          Registrar or any Paying and Transfer Agent with its specified office
          in London against any loss suffered as a result of any discrepancy
          between (i) the rate of

                                        20
<PAGE>

          exchange used for such purpose to convert the sum in question from the
          first currency into the second currency and (ii) the rate or rates of
          exchange at which such Bondholder may in the ordinary course of
          business purchase the first currency with the second currency upon
          receipt of a sum paid to it in satisfaction, in whole or in part, of
          any such order, judgment, claim or proof.

     17.2 INDEMNITIES SEPARATE: This indemnity and the indemnity in Clause 10.4
          constitute separate and independent obligations from the other
          obligations in this Trust Deed, will each give rise to a separate and
          independent cause of action, will apply irrespective of any indulgence
          granted by the Trustee and/or any Bondholder and will continue in full
          force and effect despite any judgment, order, claim or proof for a
          liquidated amount in respect of any sum due under this Trust Deed
          and/or the Bonds or any judgment or order. No proof of actual loss may
          be required.

18   COMMUNICATIONS

     Any communication shall be in the English language, by letter sent by
     registered post or courier or by fax:

          in the case of the Company, to it at:

          No. 3055 Middle Fuxing Road
          Baoding
          People's Republic of China

          Fax no.:   86 312 3151 881
          Attention: Conghui Liu

          and in the case of the Trustee, to it at:

          DB Trustees (Hong Kong) Limited
          55/F Cheung Kong Center
          2 Queen's Road Central
          Hong Kong

          Fax no.: 852-2203-7320

          Attention: The Directors

     or to such other address or facsimile number as shall have been notified
     (in accordance with this Clause) to the other parties hereto.
     Communications will take effect, in the case of delivery, when delivered
     or, in the case of fax, at the time of despatch if the correct error-free
     transmission report is received provided that if such communication would
     take effect outside business hours in the place of receipt then it shall
     be deemed to be received on the next business day in the place of receipt.
     Any communication not by letter shall be confirmed by letter but failure
     to send or receive the letter of confirmation shall not invalidate the
     original communication.

                                       21
<PAGE>

19   GOVERNING LAW AND JURISDICTION

     19.1  GOVERNING LAW: This Trust Deed shall be governed by and construed in
           accordance with English law.

     19.2  JURISDICTION: The Company agrees for the benefit of the
           Trustee that the courts of England shall have jurisdiction to
           hear and determine any suit, action or proceedings arising out
           of or in connection with this Trust Deed ("PROCEEDINGS") and,
           for such purposes, irrevocably submits to the jurisdiction of
           such courts.

     19.3  NON-EXCLUSIVITY. The submission to the jurisdiction of the
           court of England shall not (and shall not be construed so as
           to) limit the right of the Trustee to take Proceedings in any
           other court of competent jurisdiction, nor shall the taking of
           Proceedings in any one or more jurisdictions preclude the
           taking of Proceedings in any other jurisdiction (whether
           concurrently or not) if and to the extent permitted by law.

     19.4  SERVICE OF PROCESS: The Company irrevocably appoints Law
           Debenture Corporate Services Limited currently at Fifth Floor,
           100 Wood Street, London EC2V 7EX as its authorised agent for
           service of process in England. The Company will procure that,
           so long as any of the Bonds is outstanding, there shall be in
           force an appointment of such a person with an office in
           England with authority to accept service as aforesaid on
           behalf of the Company and shall notify the Trustee of any such
           new appointment and, failing such appointment and notification
           within 15 days after demand by or on behalf of the Trustee,
           the Trustee shall be entitled by notice to the Company to
           appoint such person. Nothing herein shall affect the right to
           serve process in any other manner permitted by law.

     19.5  CONSENT TO ENFORCEMENT: The Company irrevocably consents
           generally to the giving of any relief or the issue of any
           process in connection with any Proceedings, including (without
           limitation) the making, enforcement or execution against any
           property whatsoever (irrespective of its use or intended use)
           of any order or judgment or award which may be made or given
           in such Proceedings or arbitral proceedings.

20   COUNTERPARTS

     This Trust Deed may be executed in counterparts which when taken together
     shall constitute one and the same document.

                                       22
<PAGE>

                                   SCHEDULE 1
               FORM OF CERTIFICATE FOR DEFINITIVE TRANCHE A BONDS
               --------------------------------------------------

[IDENTIFYING NUMBER]

                  YINGLI GREEN ENERGY HOLDING COMPANY LIMITED.
   (INCORPORATED WITH LIMITED LIABILITY UNDER THE LAWS OF THE CAYMAN ISLANDS)
                     US$38,000,000 TRANCHE A BONDS DUE 2008

The Tranche A Bond or Tranche A Bonds in respect of which this Certificate is
issued, the identifying numbers of which are noted below, are in registered form
and form part of a series designated as specified in the title (the "TRANCHE A
BONDS") of Yingli Green Energy Holding Company Limited. (the "COMPANY") and
constituted by the Trust Deed referred to on the reverse hereof. The Tranche A
Bonds are subject to, and have the benefit of, that Trust Deed and the terms and
conditions (the "CONDITIONS") set out on the reverse hereof.

The Company hereby certifies that [     ] of [      ] is, at the date hereof,
entered in the register of Bondholders as the holder of Tranche A Bonds in the
principal amount of US$-([     ] United States Dollars). For value received,
the Company promises to pay the person who appears at the relevant time on the
register of Bondholders as holder of the Tranche A Bonds in respect of which
this Certificate is issued such amount or amounts as shall become due in respect
of such Tranche A Bonds and otherwise to comply with the Conditions.

This Certificate is evidence of entitlement only. Title to the Tranche A Bonds
passes only on due registration on the register of Bondholders and only the duly
registered holder is entitled to payments on Tranche A Bonds in respect of which
this Certificate is issued.

This Certificate shall not be valid for any purpose until authenticated by or on
behalf of the Registrar.

The Certificate is governed by, and shall be construed in accordance with,
English law.

IN WITNESS whereof the Company has caused this Certificate to be signed on its
behalf.

YINGLI GREEN ENERGY HOLDING COMPANY LIMITED.

-----------------------------------

Name:

Director / Authorised Officer

                                       23
<PAGE>

ISSUED ON [-] NOVEMBER 2006

AUTHENTICATED FOR AND ON BEHALF OF
DEUTSCHE BANK AG, HONG KONG BRANCH
as registrar without recourse, warranty
or liability

By:      ..................
         [manual signature]
         (duly authorised)

                                       24
<PAGE>

                   TERMS AND CONDITIONS OF THE TRANCHE A BONDS

     The following terms and conditions (except for the sentences in italics)
will be endorsed on the Certificates issued in respect of the Tranche A Bonds:

     The issue of US$38,000,000 Bonds due 2008 (the "TRANCHE A BONDS", which
expression shall include any additional Tranche A Bonds issued pursuant to the
Trust Deed (as defined below)), of Yingli Green Energy Holding Company Limited.
(the "COMPANY") was authorised by resolutions of the Board of Directors of the
Company adopted on or about 13 November 2006 and by the shareholders of the
Company by way of unanimous written resolutions adopted on or about 13 November
2006. The Tranche A Bonds are constituted by a trust deed (the "TRUST DEED") to
be dated on or about 13 November 2006 and made between the Company and DB
Trustees (Hong Kong) Limited as Trustee (the "TRUSTEE", which term includes any
additional or successor trustee under the Trust Deed) for the holders of the
Tranche A Bonds (the "BONDHOLDERS"). The Company has entered into a paying and
conversion agency agreement (the "AGENCY AGREEMENT") to be dated on or about 13
November 2006 with the Trustee, Deutsche Bank AG as the principal paying and
transfer agent and as registrar (together the "AGENTS") in relation to the
Tranche A Bonds. The registrar, principal paying and conversion agent, paying
agents and transfer agents for the time being are referred to below as the
"REGISTRAR", the "PRINCIPAL AGENT", the "PAYING AGENTS" (which expression shall
include the Principal Agent), and the "TRANSFER AGENTS" (which expression shall
include the Principal Agent) respectively. The statements in these Terms and
Conditions (the "CONDITIONS") include summaries of, and are subject to, the
detailed provisions of the Trust Deed and the Agency Agreement. Copies of the
Trust Deed and the Agency Agreement are available for inspection at the
registered office of the Trustee being at the date hereof at 55/F Cheung Kong
Center, 2 Queen's Road Central, Hong Kong and at the specified offices of each
of the Agents. The Bondholders are entitled to the benefit of the Trust Deed and
are bound by, and are deemed to have notice of, all the provisions of the Trust
Deed and the Agency Agreement.

1.   STATUS

(a)  The Tranche A Bonds constitute direct, unconditional, unsubordinated
     and secured senior obligations of the Company and rank pari passu among
     themselves.

(b)  The obligations of the Company under the Tranche A Bonds and the Trust
     Deed are secured under the security created in favour of the Trustee
     under the following security documents (the "CB SECURITY DOCUMENTS");

     (i)   a pledge in favour of the Trustee over 100% of the Company's
           shareholding in Baoding Tianwei Yingli New Energy Resources Company
           Limited ("TYNER"); and

     (ii)  a fixed and floating charge over all assets of the Company
           including (without limitation) an assignment of the YGEH
           Account.

                                       25
<PAGE>

In certain circumstances, the Trustee can (subject to it being indemnified
and/or secured to its satisfaction) exercise certain of its powers under the
Trust Deed (including those arising in connection with the CB Security
Documents) to take proceedings to enforce the obligations of the Company
thereunder.

2.   FORM AND DENOMINATION

     The Tranche A Bonds are issued in registered form in the denomination of
US$500,000 each and in integral multiples thereof. A bond certificate (each a
"CERTIFICATE") will be issued to each Bondholder in respect of its registered
holding of Tranche A Bonds. Each Tranche A Bond and each Certificate will have
an identifying number which will be recorded on the relevant Certificate and in
the register of Bondholders which the Company will procure to be kept by the
Registrar.

3.   TITLE

     Title to the Tranche A Bonds passes only by transfer and registration in
the register of Bondholders. The holder of any Tranche A Bond will (except as
otherwise required by law) be treated as its absolute owner for all purposes
(whether or not it is overdue and regardless of any notice of ownership, trust
or any interest in it or any writing on, or the theft or loss of, the
Certificate issued in respect of it) and no person will be liable for so
treating the holder. In these Conditions, "BONDHOLDERS" and (in relation to a
Tranche A Bond) "HOLDER" means the person in whose name a Tranche A Bond is
registered.

4.   TRANSFERS OF TRANCHE A BONDS; ISSUE OF CERTIFICATES

(A)  TRANSFERS

     A Tranche A Bond may be transferred by depositing the Certificate issued in
respect of that Tranche A Bond, with the form of transfer on the back duly
completed and signed, at the specified office of the Registrar or any of the
Transfer Agents.

(B)  DELIVERY OF NEW CERTIFICATES

     Each new Certificate to be issued upon any transfer of Tranche A Bonds
will, within five business days of receipt by the relevant Transfer Agent of the
form of transfer, be mailed by uninsured mail at the risk of the holder entitled
to the relavant Tranche A Bond to the address specified in the form of transfer.
For the purposes of this Condition 5, "BUSINESS DAY" shall mean a day (other
than a Saturday or Sunday) on which banks are open for business in London,
Singapore and Hong Kong and the city in which the specified office of the
Transfer Agent with whom the form of transfer deposited in connection with the
transfer is located.

     Where some but not all the Tranche A Bonds in respect of which a
Certificate is issued are to be transferred or repurchased, a new Certificate in
respect of the Tranche A Bonds not so transferred or repurchased will, within
five business days of deposit or surrender of the original Certificate with or
to the relevant Transfer Agent, Paying Agent or Conversion Agent, be mailed by
uninsured mail at the risk of the holder of the Tranche A

                                       26
<PAGE>

Bonds not so transferred or repurchased to the address of such holder appearing
on the register of Bondholders.

(C)  FORMALITIES FREE OF CHARGE

     Registration of any transfer of Tranche A Bonds and issuance of new
Certificates will be effected without charge by or on behalf of the Company or
any of the Agents, subject to payment (or the giving of such indemnity as the
Company or any of the Agents may require) in respect of any tax or other
governmental charges which may be imposed in relation to it.

(D)  NO TRANSFER PERIODS

     No Bondholder may require the transfer of a Tranche A Bond to be registered
(i) during the period of 15 days ending on (and including) the due date for any
payment of principal, premium, if any, or interest on such Tranche A Bond; or
(ii) during the period of seven days ending on (and including) the dates for
redemption pursuant to Conditions 10(B) and 10(C).

(E)  REGULATIONS

     All transfers of Tranche A Bonds and entries on the register of Bondholders
will be made subject to the detailed regulations concerning transfer of Tranche
A Bonds set forth in the Agency Agreement. The regulations may be changed by the
Company, with the prior written approval of the Trustee and the Registrar. A
copy of the current regulations will be mailed (at the Company's expense) by the
Registrar to any Bondholder who asks for one.

5.   REPRESENTATIONS AND WARRANTIES

     The Company in respect of itself and its Subsidiaries represents and
warrants to the Trustee and to each Bondholder that on the date hereof, on the
date of issuance of the Bonds and (except in the case of Conditions 5.6(A),
5.6(B), 5.9, 5.14, 5.15, 5.19, 5.20, 5.21, 5.22(C), 5.22(E), 5.24 and 5.25) on
each Interest Payment Date during the period that the Bonds remain outstanding
(with reference to the facts then subsisting), except for the Exceptions (but
without prejudice to the Company's obligations under Condition 6.3.12):

5.1  DULY INCORPORATED

     The Company and each of its Subsidiaries is a company duly incorporated and
validly existing under the laws of the jurisdiction of its incorporation; and
each of them has full power and authority to conduct its business and is
lawfully qualified to do business in those jurisdictions in which business is
conducted by it.

5.2  DOCUMENTS DULY AUTHORISED

     Each of this Trust Deed and the other Transaction Documents has been
duly authorised, executed and delivered by the Group members party thereto, has
been duly authorised by each such Group member, and on and from the date of
issuance of the Bonds will constitute valid and legally binding obligations of
such Group member, enforceable

                                       27
<PAGE>

against such Group member in accordance with their terms (save as otherwise
specified in the Legal Opinions).

5.3  SECURITY DULY AUTHORISED

     The security interests created or to be created pursuant to the Initial
Security Documents has been duly authorised by each of the Group members party
thereto and, when the relevant Security Documents have been executed and
delivered, will constitute valid and legally binding obligations of each of
them, enforceable (subject to the approval of the Hebei Provincial Commercial
Bureau to the PRC Share Pledges, the registration of the PRC Share Pledges with
the local Administration of Industry and Commerce and recording of the PRC Share
Pledges on the shareholder register of TYNER) against them in accordance with
their terms, and confer on the Security Trustee the Security as contemplated
therein (save as otherwise specified in the Legal Opinions).

5.4  NO CONSENTS

     No consent, clearance, approval, authorisation, order, registration or
qualification of or with any court, governmental agency or regulatory body or
any other Person is or was required and no other action or thing is required to
be taken, fulfilled or done for the issue or offer of the Notes, the creation of
the security contemplated in the Security Documents, the acquisition by MLS of
100% of the shares of the Issuer, the IPO Event (other than Authorizations
required by the competent authorities of the United States or such other
jurisdiction of the exchange on which the IPO Event is to occur, and save as
specified in the Legal Opinions), the acquisition of the Company's initial stake
in TYNER from Baoding Yingli Group Company Limited, the injection of additional
equity capital into TYNER by the Company, the giving of the PRC Share Pledges,
the execution of the Existing Joint Venture Agreement, Equity Purchase Agreement
and Series A Agreements, or the consummation of the other transactions
contemplated by the Transaction Documents, other than (a) those that have
already been duly obtained, including any such actions as may be required to be
obtained from the Ministry of Commerce, the State Administration of Industry and
Commerce, State Administration of Foreign Exchange, the State-owned Asset
Supervision and Administrative Committee, the State Tax Bureau (whether under
SAFE Circular 75, the Provisions on the Merger and Acquisition of Domestic
Enterprises by Foreign Investors, or otherwise, and whether at the national or
the local levels of such bodies), any Group member, or any other Person party to
any of the Transaction Documents or Material Contracts or any other Person
having jurisdiction over such Person (including the Shanghai Stock Exchange or
any shareholder of Baobian), without any further requirement including (without
limitation) as to anti-dilutive or pre-emptive rights of other Persons, (b) (i)
the issuance of the capital verification report and business licence relating to
the Initial Equity Injection, the First Equity Injection and the Second Equity
Injection, and (ii) the approvals of the Baoding State-owned Assets Supervision
and Administration Committee and the Hebei Provincial Commercial Bureau (or in
respect of the Second Equity Injection, the Ministry of Commerce, as the case
may be), registration with the Baoding Administration of Industry and Commerce
in relation to the First Equity Injection and the Second Equity Injection, and
(c) Authorizations required under PRC law to be obtained in connection with the
registration (as noted in Condition 5.3), actual foreclosure or other transfer
of the shares subject to the PRC Share Pledges.

                                       28
<PAGE>

5.5  NO CONFLICT

     The execution and delivery of the Transaction Documents, the issue or offer
of the Bonds, the creation of the security contemplated in the Security
Documents, the consummation of the transactions herein and therein contemplated
and compliance with the terms hereof and thereof, do not conflict with or result
in a breach of any of the terms or provisions of, or constitute a default under,
or result in the creation or imposition of any lien, charge or encumbrance upon
the property of any Group member pursuant to the documents constituting any of
the Group members, or any indenture, trust deed, mortgage, any Material
Contract, or other agreement or instrument to which any of them is a party or by
which any of them or any of their properties are bound, or infringe any existing
applicable law, rule, regulation, judgment order, authorisation or decree of any
government, governmental body or court, domestic or foreign, having jurisdiction
over any of them or any of their properties or assets or infringe the rules of
any stock exchange on which securities of any of them are listed, in each case
where such conflict, breach, default, creation or imposition would have or would
be reasonably likely to have a Material Adverse Effect.

5.6  FINANCIAL STATEMENTS

(a)  The unaudited consolidated financial statements of TYNER for each of the
     years ended 31 December 2003, 31 December 2004 and 31 December 2005 and for
     the 6 months period ended 30 June 2006 were delivered at or prior to the
     Issue Date and were in accordance with GAAP consistently applied and fairly
     present the consolidated financial position of TYNER as at the relevant
     dates and the consolidated results of operations and changes in financial
     position of TYNER for the periods in respect of which they have been
     prepared; and

(b)  since December 31, 2005 up to the Issue Date, there has been no Material
     Adverse Effect.

5.7  TITLE TO PROPERTIES

     The Company and its Subsidiaries have good and marketable title to all real
properties and good and marketable title to all other properties and assets
owned by them, in each case free from liens, encumbrances and defects that would
materially affect the value thereof or materially interfere with the use made or
to be made thereof by them and the Company and its Subsidiaries hold any leased
real or personal property under valid and enforceable leases with no exceptions
that would interfere with the use made or to be made thereof by them where
failure to comply with any of the foregoing would have or would be reasonably
likely to have a Material Adverse Effect.

5.8  LICENCES

     The Company and its Subsidiaries possess all certificates, authorities or
permits issued by appropriate governmental agencies or bodies necessary to
conduct the business now operated by them and have not received any notice of
proceedings relating to the revocation or modification of any such certificate,
authority or permit, in each case where failure to comply with any of the
foregoing would have or would be reasonably likely to have a Material Adverse
Effect.

                                       29
<PAGE>

5.9  SHAREHOLDINGS

     Subject only to the security rights created or to be created under the
Initial Security Documents, (i) the Issuer is the legal and beneficial owner of
88.1% of the issued share capital of, and voting rights in, the Company (on a
Fully Diluted Basis) and (ii) before and after giving effect to the Initial
Equity Injection, the Company will be the legal and beneficial owner of 51% and
53.98% respectively of the issued equity capital of, and a majority of the
voting rights in, TYNER (on a Fully Diluted Basis). The Company has contributed
the amount of US$17,000,000 for purposes of the Initial Equity Injection and the
Company and TYNER are in the process of obtaining the capital verification and
renewal of final business licence in relation thereto.

5.10 INTELLECTUAL PROPERTY

     The Company and its Subsidiaries own, possess or can acquire on reasonable
terms, adequate trademarks, trade names and other rights to inventions,
know-how, patents, copyrights, confidential information and other intellectual
property (collectively, "INTELLECTUAL PROPERTY RIGHTS") which is material to the
business of the Group (taken as a whole).

5.11 ENVIRONMENTAL COMPLIANCE

     Neither the Company nor any of its Subsidiaries is in violation of any
statute, any rule, regulation, decision or order of any governmental agency or
body or any court, domestic or foreign, relating to the use, disposal or release
of hazardous or toxic substances or relating to the protection or restoration of
the environment or human exposure to hazardous or toxic substances
(collectively, "ENVIRONMENTAL LAWS"), owns or operates any real property
contaminated with any substance that is subject to any environmental laws, is
liable for any off-site disposal or contamination pursuant to any environmental
laws, or is subject to any claim relating to any environmental laws where this
would have or would be reasonably likely to have a Material Adverse Effect.

5.12 NO PROCEEDINGS

     There are no pending disputes (including labour disputes), actions, suits
or proceedings against or affecting (or to the best of the knowledge of the
Issuer), threatened or contemplated against the Company or any of its
Subsidiaries or any of their respective properties, in each case which if
adversely determined are reasonably likely to have a Material Adverse Effect.

5.13 NO DEFAULT

     No Default has occurred and is continuing or would be continuing
immediately following the issue of the Bonds.

                                       30
<PAGE>

5.14 STAMP DUTY

     Under the laws of the CI, BVI and the PRC, it is not necessary that any CI,
BVI or PRC stamp, registration or similar tax, stamp duty or similar levy be
paid on or in relation to the issue of the Bonds or any of the Transaction
Documents.

5.15 NO WITHHOLDING

     All payments by the Company or any other Group member under any
Transaction Document to which it is a party may be made free and clear of, and
without withholding or deduction for or on account of, any taxes, duties,
assessments or governmental charges of whatever nature imposed, levied,
collected, withheld or assessed by or on behalf of the CI, BVI or the PRC or any
political sub-division or any authority thereof or therein having power to tax.

5.16 PRIVATE ACTS

     The entry into and performance of the Transaction Documents are private
commercial acts of the Company and each Group member party thereto and none of
them will be entitled to any immunity from suit, execution or other legal
process in respect thereof.

5.17 COMPLIANCE WITH LAWS/NO VIOLATION

     The Company and each Group member is in compliance in all respects with,
and the performance of the Company and each Group member of their respective
obligations under the Transaction Documents to which it is party will not be in
breach of, all applicable provisions of the laws and regulations of the CI, BVI
and the PRC (including, without limitation, anti-money laundering and
anti-corruption laws and regulations), none of the Company or any Group member
is in violation of its charter or by-laws or similar organizational documents,
and none of them is in default and no event has occurred that, with notice or
lapse of time or both, would constitute such a default in the due performance or
observance of any term, covenant or condition contained in any trust deed,
mortgage, deed of trust, loan agreement or other agreement or instrument to
which any of them is a party or by which any of them is bound or to which any of
the property or assets of any of them is subject, in each case where failure to
comply with any of the foregoing would have or would be reasonably likely to
have a Material Adverse Effect.

5.18 GOVERNING LAW

     Save as specified in the Legal Opinions, in any proceedings taken in the
CI, BVI, United Kingdom, Hong Kong or the PRC in relation to such of the
Transaction Documents expressed to be governed by English, CI, BVI or PRC law,
respectively, the choice of English law, CI law, BVI law or PRC law, as the case
may be, as the governing law of such Transaction Document will be recognised and
enforced in the CI, BVI or the PRC, as appropriate after compliance with the
applicable procedural rules in the CI, BVI or the PRC, as the case may be.

                                       31
<PAGE>

5.19 RULES AND REGULATIONS ENFORCED BY THE OFFICE OF FOREIGN ASSETS CONTROL OF
     THE U.S. DEPARTMENT OF THE TREASURY (THE "OFAC REGULATIONS")

     The Company's use of the proceeds from the offer and sale of the Bonds will
not conflict with, or result in a breach or violation of, the OFAC Regulations
by any of the parties to this Agreement and neither the Bonds, any Group member
nor any director, officer, agent or employee of any of them, has been designated
a sanctioned person under the OFAC Regulations.

5.20 INVESTMENT COMPANY

     Neither the Company nor any of its Subsidiaries is an open-end investment
company, unit investment trust or face-amount certificate company that is or is
required to be registered under Section 8 of the US Investment Company Act of
1940 (the "INVESTMENT COMPANY ACT"); and the Company is not and, after giving
effect to the offering and sale of the Bonds and the application of the proceeds
thereof, will not be an "investment company" as defined in the Investment
Company Act.

5.21 REGULATION S

     The Company is a "foreign issuer" (as such term is defined in Regulation S)
which reasonably believes that there is no "substantial U.S. market interest"
(as such term is defined in Regulation S) in the Company 's securities and the
Company has implemented the necessary "offering restrictions" (as such term is
defined in Regulation S).

5.22 TAXES, ACCOUNTING CONTROLS, SOLVENCY, DISCLOSURE, FOREIGN EXCHANGE CONTROLS

(a)  Save for any taxes which are unpaid or being contested in good faith but in
     each case for which adequate reserves have been established in accordance
     with GAAP, the Company and its Subsidiaries have paid all national,
     provincial, state, local and foreign taxes and filed all tax returns
     required to be paid or filed to the date hereof; there is no tax deficiency
     that has been, or could reasonably be expected to be, asserted against the
     Company or any of its Subsidiaries or any of their respective properties or
     assets, where failure to comply would have or would be reasonably likely to
     have a Material Adverse Effect.

(b)  The Company and its Subsidiaries maintain systems of internal accounting
     controls sufficient to provide reasonable assurance that: (i) transactions
     are executed in accordance with management's general or specific
     authorizations; (ii) transactions are recorded as necessary to permit
     preparation of financial statements in conformity with generally accepted
     accounting principles and to maintain asset accountability; (iii) access to
     assets is permitted only in accordance with management's general or
     specific authorization; and (iv) the recorded accountability for assets is
     compared with the existing assets at reasonable intervals and appropriate
     action is taken with respect to any differences.

(c)  On and immediately after the date of issuance of the Bonds, the Company and
     its Subsidiaries (after giving effect to the issuance of the Bonds and the
     other transactions related thereto) will be Solvent. As used in this
     Clause, the term

                                       32
<PAGE>

     "Solvent" means, with respect to a particular date, that on such date: (i)
     the present fair market value (or present fair saleable value) of the
     respective assets of the Company and its Subsidiaries is not less than the
     total amount required to pay each of their respective liabilities on its
     total existing debts and liabilities (including contingent liabilities) as
     they become absolute and matured; (ii) the Company and its Subsidiaries are
     able to realize upon its assets and pay its debts and other liabilities,
     contingent obligations and commitments as they mature and become due in the
     normal course of business; (iii) assuming closing of the issuance of the
     Bonds, the Company and its Subsidiaries are not incurring debts or
     liabilities beyond their ability to pay as such debts and liabilities
     mature; (iv) the Company and its Subsidiaries are not engaged in any
     business or transaction, and do not propose to engage in any business or
     transaction, for which their respective properties would constitute
     unreasonably small capital after giving due consideration to the prevailing
     practice in the industry in which they are engaged; and (v) neither the
     Company nor any of its Subsidiaries is a defendant in any civil action that
     would result in a judgment that it is or would be unable to satisfy.

(d)  The information (including, without limitation, the information listed in
     Schedule 8 of the Notes Trust Deed) provided in writing by or on behalf of
     the Company and its Subsidiaries in connection with the transactions
     contemplated hereby was, at the date of its provision, true, complete and
     accurate in all material respects and did not contain any untrue statement
     of a material fact or omitted to state a material fact necessary in order
     to make the statements therein, in the light of the circumstances under
     which they were made, not misleading.

(e)  There is nothing under applicable PRC law (other than the requirement to
     establish and maintain a reserve fund and workers' bonus and staff welfare
     fund and enterprise development fund from TYNER's after-tax profits) that
     restricts TYNER from remitting the full amount of its distributable profits
     that were earned for any period, together with retained earnings of prior
     periods, as at the end of such period, to the Company (and the other
     shareholder(s) of TYNER) as and when determined by its board of directors.

5.23 NO INDEBTEDNESS

     There is no Indebtedness for borrowed money owing by the Company other than
pursuant to or contemplated under the Transaction Documents. Since its
incorporation, the Company has not engaged in any business or incurred any
liabilities other than the holding of its investment in the capital of TYNER and
those activities customarily undertaken by such a holding company holding such
an investment.

5.24 OPTIONS OR CALLS FOR SHARES

     Other than pursuant to the Series A Agreements, the Existing Joint Venture
Agreement, the Existing FOTIC Agreement and the Transaction Documents, there is
no agreement or commitment outstanding which calls for the allotment, issue,
transfer of, or accords to any person the right to call for the allotment, issue
or transfer of, any shares of the Company or any of its Subsidiaries.

                                       33
<PAGE>

5.25 RAISING PRIVATE EQUITY

     The Company is in discussions with certain third parties with a view to
raising further private equity in the region of US$80 million within the next
few months in anticipation of a possible IPO Event in 2007.

6.   COVENANTS

6.1  FINANCIAL AND OTHER INFORMATION

6.1.1 FINANCIAL STATEMENTS

     The  Company shall procure that the Trustee is supplied with:

(A)  as soon as the same are available and in any event within 180 days of the
     end of its financial year for 2006, the audited financial statements of
     TYNER for each of the years ended 31 December 2003, 31 December 2004 and 31
     December 2005, for the 6 months period ended 30 June 2006, and for the year
     ended 31 December 2006, in each case prepared and audited by KPMG Huazhen;

(B)  as soon as the same are available (and in any event within 120 days of the
     end of each of its other financial years), its audited Consolidated
     financial statements for that financial year;

(C)  as soon as the same are available (and in any event, within 45 days of the
     end of each of its financial quarters ending in December 2006, March 2007,
     June 2007 and September 2007, but within 30 days of the end of each of its
     financial quarters thereafter) (i) its unaudited Consolidated quarterly
     management financial statements for that financial quarter, and (ii) its
     unaudited quarterly stand-alone management financial statements of each
     Subsidiary Operating Company for that financial quarter;

(D)  together with any financial statements specified in paragraphs (A) to (C)
     above, an Officers' Certificate of the Company:

     (i)  confirming that no Default is outstanding or if a Default is
          outstanding, specifying the Default and the steps, if any, being taken
          to remedy it; and

     (ii) setting out in reasonable detail computations establishing, as at the
          date of such financial statements, whether each of the financial
          ratios set out in Condition 6.2 were complied with; and

(E)  within ten (10) days after the occurrence of such event, information with
     respect to:

     (i)  any change in the independent Auditors or registered public
          accountants of the Company or any of its Subsidiaries (unless such
          information has already been provided pursuant to Condition 6.4.13);
          and

     (ii) any acquisition or disposal deemed material in accordance with GAAP.

                                       34
<PAGE>

6.1.2 REQUIREMENTS AS TO FINANCIAL STATEMENTS

     Each set of financial statements delivered pursuant to Condition 6.1.1(A)
and (B) shall be certified by an Officer's Certificate of the Company, stating
that such financial statements have been prepared in accordance with GAAP and
(if audited) presenting a true and fair view of or (if quarterly unaudited)
fairly presenting the Company's Consolidated financial condition or such
Subsidiary Operating Company's stand-alone financial condition, as the case may
be, as at the date to which they were drawn up for the relevant period, subject
in the case of quarterly financial statements to normal year end adjustments.

6.1.3 NOTIFICATION OF DEFAULT

(A)  The Company shall notify the Trustee of any Default (describing in
     reasonable detail what the Default is, its causes (so far as known to the
     Company) and the steps, if any, being taken or proposed to be taken to
     remedy it) promptly upon becoming aware of its occurrence.

(B)  Promptly upon a request by the Trustee, the Company shall supply to the
     Trustee an Officers' Certificate on its behalf certifying that no Default
     is continuing (or if a Default is continuing, specifying the Default and
     the steps, if any, being taken to remedy it).

6.1.4 NOTICES TO BONDHOLDERS

     The Company shall send to the Trustee not less than 14 days (or such
shorter period as may be agreed by the Trustee) prior to the date of publication
the form of each notice to be given to Bondholders pursuant to any Transaction
Document and, once given, two copies of each such notice, such notice to be in a
form approved by the Trustee.

6.1.5 CHANGE IN AGENTS

     The Company shall give at least 14 days' prior notice to the Bondholders of
any future appointment, resignation or removal of an Agent or of any change by
an Agent of its specified office and not make any such appointment or removal
without the Trustee's written approval.

6.1.6 NOTES

     The Company shall send to the Trustee as soon as reasonably practicable
after being so requested by the Trustee a certificate of the Company, signed by
one of its authorised signatories stating the number of Bonds held at the date
of such certificate by or on behalf of the Company or its Subsidiaries or any
Affiliate.

6.1.7 PROVISION OF CERTAIN CORPORATE ACTIONS

     The Company shall provide the Trustee with copies of every balance sheet,
profit & loss account, report, circular and notice of meeting and every other
document issued or sent to shareholders or holders of securities of the Company
or TYNER promptly after the issue or publication thereof.

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<PAGE>

6.1.8 [INTENTIONALLY OMITTED.]

6.1.9 INFORMATION

     The Company shall notify the Trustee of the date of any IPO Event as soon
as practicable, and shall from time to time give or procure to be given to each
of the Trustee and the Security Trustee such opinions, certificates, information
and evidence regarding the financial conditions, assets and operations of the
Company and its Subsidiaries as the Trustee or Security Trustee shall reasonably
require and in such form as it shall reasonably require for the purpose of the
discharge or exercise of the duties, trusts, powers, authorities and discretions
vested in it under the Trust Deed and other Transaction Documents or by
operation of law.

6.2  FINANCIAL COVENANTS

     The Company will procure that at the end of each Ratio Period ending on
each 31 March, 30 June, 30 September and 31 December of each year, commencing
with the Ratio Period ending on 30 June 2007, its:

(A)  ratio of Current Assets to Current Liabilities shall be equal to or less
     than 3.40 (as at the end of the Ratio Periods ending 30 June 2007 and 30
     September 2007) or 2.75 (as at the end of the Ratio Periods ending 31
     December 2007 and 31 March 2008) or 2.50 (as at the end of the Ratio
     Periods ending after 31 March 2008);

(B)  ratio of Consolidated EBITDA to Consolidated Interest Expense shall be more
     than or equal to 5.00 (as at the end of any Ratio Period);

(C)  ratio of Consolidated Cash Flow From Operations to Consolidated Total Debt
     shall be more than or equal to 10% (as at the end of the Ratio Periods
     ending 30 June 2007 and 30 September 2007) or 15% (as at the end of the
     Ratio Period ending 31 December 2007) or 30% (as at the end of the Ratio
     Period ending 31 March 2008) or 50% (as at the end of the Ratio Periods
     ending after 31 March 2008);

(D)  Ratio of Consolidated Total Debt to Consolidated EBITDA shall be less than
     or equal to 2.75 (as at the end of the Ratio Period ending 30 June 2007) or
     2.00 (as at the end of the Ratio Period ending 30 September 2007) or 1.75
     (as at the end of the Ratio Periods ending 31 December 2007 and 31 March
     2008) or 1.50 (as at the end of the Ratio Periods ending after 31 March
     2008); and

(E)  ratio of Consolidated Total Debt to Shareholders' Equity shall be less than
     or equal to 1.25 (as at the end of the Ratio Periods ending 30 June 2007
     and 30 September 2007) or 1.00 (as at the end of the Ratio Periods ending
     after 30 September 2007).

6.3  POSITIVE UNDERTAKINGS

6.3.1 USE OF PROCEEDS

(A)  The Company agrees and acknowledges that the net proceeds (after giving
     effect to all obligations of the Issuer in connection with the payment of
     fees, discounts,

                                       36
<PAGE>

     expenses and other transaction costs in relation thereto) of the issue of
     the Notes by the Issuer will be used by the Issuer to purchase all the
     Bonds to be issued by the Company.

(B)  The Company shall procure that the net proceeds (the "NET PROCEEDS") of the
     issue of the Bonds (after giving effect to all obligations of the Company
     in connection with the payment of fees, discounts, expenses and other
     transaction costs in relation thereto) will be used by the Company as
     follows:

     (i)  up to US$62,000,000 shall be deposited into the YGEH Account. Subject
          to satisfaction of the relevant conditions, and in the amounts and at
          the times, specified in the First Escrow Agreement, such amount may be
          transferred from the YGEH Account to the PRC Account and subject to
          (C) below, shall be used for purposes of the Company's equity
          injection into TYNER which will increase the Company's equity in TYNER
          from 53.98% to 62.13% on a Fully Diluted Basis after giving effect to
          such equity injection (the "FIRST EQUITY INJECTION");

     (ii) up to US$17,000,000 shall be deposited into the YGEH Account. Subject
          to satisfaction of the relevant conditions, and in the amounts and at
          the times, specified in the First Escrow Agreement, such amount may be
          transferred from the YGEH Account to the PRC Account and subject to
          (C) below, shall be used for purposes of an equity injection by the
          Company into TYNER which will increase the Company's equity in TYNER
          from 62.13% to the relevant percentage of equity in TYNER (the "SECOND
          EQUITY INJECTION");

     (iii) US$4,500,000 shall be deposited into the YGEH Account, and such
          amount shall be applied towards payment of interest by the Company
          under the Bonds in respect of the first three interest periods under
          the Bonds, which interest shall at the relevant times be paid into the
          account of the principal paying and transfer agent for the Notes
          referred to in Clause 8.2 of the Notes Agency Agreement; and

     (iv) the balance (if any) will be applied towards the general operating
          expenses of the Company.

(C)  Subject to the satisfaction of the relevant conditions, and in the amounts
     and at the times, specified in the Second Escrow Agreement, the monies in
     the PRC Account shall be released from the PRC Account and the Company
     shall procure that such monies, being proceeds of the First Equity
     Injection and Second Equity Injection respectively, shall be applied by
     TYNER towards (i) capital expenditure in connection with the phase III
     expansion of its photovoltaic manufacturing operations and (ii) making down
     payments for long-term raw material supply contracts.

6.3.2 APPROVALS AND CONSENTS

     The Company shall, and shall procure that each of the Subsidiary Operating
Companies shall, maintain, obtain and promptly renew from time to time when
necessary all such Authorisations as may be required under any applicable law or
regulation and are

                                       37
<PAGE>

material so as to enable it to carry on its business or to perform its
respective obligations under the Bonds and the Trust Deed and the other
Transaction Documents in all material respects or as may be required for the
validity or enforceability of the Bonds and the Trust Deed and other Transaction
Documents and will comply with all the terms of the same.

6.3.3 PAYMENT OF TAXES AND OTHER CLAIMS

     The Company shall pay or discharge or cause to be paid or discharged, on or
before the date the same shall become due and payable, (1) all Taxes,
assessments and governmental charges levied or imposed upon the Company and each
of the Subsidiary Operating Companies shown to be due on any return of the
Company or each of the Subsidiary Operating Companies and (2) all lawful claims
for labour, materials and supplies, which, if unpaid, would by law become a Lien
upon the property of the Company or any Subsidiary Operating Company; provided,
however, that the Company shall not be required to pay or discharge or cause to
be paid or discharged any such Tax, assessment, charge or claim whose amount,
applicability or validity is being contested in good faith by appropriate
proceedings properly instituted and diligently conducted and in respect of which
appropriate reserves are being maintained in accordance with GAAP or where the
failure to pay or discharge would not or would not be reasonably expected to
have a Material Adverse Effect.

6.3.4 MAINTENANCE OF PROPERTIES

     The Company shall cause all material properties owned by the Company and
each of the Subsidiary Operating Companies or used or held for use in the
conduct of its business or the business of each of the Subsidiary Operating
Companies to be maintained and kept in reasonably good condition, repair and
working order (ordinary wear and tear excepted) and supplied with all reasonably
necessary equipment and will cause to be made all reasonably necessary repairs,
renewals, replacements, betterments and improvements thereof, all as in the
reasonable judgment of the Company or any Subsidiary Operating Company (as the
case may be) may be consistent with sound business practice and necessary so
that the business carried on in connection therewith may be properly conducted
or where a failure to so maintain would have or would be reasonably expected to
have a Material Adverse Effect.

6.3.5 MAINTENANCE OF INSURANCE

     The Company shall, and shall procure that each of the Subsidiary Operating
Companies at all times keep all of its properties which are of an insurable
nature insured with reputable insurers against loss or damage to the extent that
property of similar character is usually so insured by corporations similarly
situated, owning like properties in the same general geographic areas in which
it operates and operating businesses similar to that carried on by the Company
or the relevant Subsidiary Operating Company.

6.3.6 ENVIRONMENTAL MATTERS

     The Company shall, and shall procure that each of the Subsidiary Operating
Companies will (i) obtain and maintain all requisite Environmental Licences,
(ii) comply with the terms and conditions of all Environmental Licences
applicable to it, and (iii) comply with all other applicable Environmental Law,
in each case where failure to do so would or is reasonably likely to have a
Material Adverse Effect.

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<PAGE>

6.3.7  BOOKS OF ACCOUNT

       The Company shall keep, and shall procure that each of the Subsidiary
Operating Companies keeps, proper books of account and so far as permitted by
applicable law, allow, and procure that each of them will allow, the Trustee and
anyone appointed by it, access to its books of account at all times and (except
after the occurrence of a Default) following the giving of reasonable notice
during normal business hours.

6.3.8  AGENCY AGREEMENT

       The Company shall comply with and perform all its material obligations
under the Agency Agreement (including, without limitation, maintaining a
Principal Paying Agent and a Registrar at all times) and shall not make any
amendment or modification to such Agreement (other than amendments of a minor or
administrative nature or to correct a manifest error) without the prior written
approval of the Trustee.

6.3.9  PERFORMANCE OF CONTRACTS

       The Company will and will procure that each of itself and TYNER will (a)
perform its material obligations under the Material Contracts and (b) use
reasonable efforts to enforce the respective obligations of each counterparty to
such contracts.

6.3.10 SECURITY OVER SHARES

       The Company shall ensure at all times that:

(A)    the equity in TYNER held by the Company pledged in favour of the Trustee
       shall be 100% of all equity in TYNER owned by the Company and shall not
       be less than, or represent, 50% (on a Fully Diluted Basis) of the total
       equity interest, and voting rights, in TYNER; and

(B)    (i) the Initial PRC Share Pledge shall be executed as a condition to the
       release of funds in accordance with the First Escrow Agreement, (ii) the
       First PRC Share Pledge shall be executed within 30 days after deposit of
       the amount of the First Equity Injection into the PRC Account, (iii) the
       Second PRC Share Pledge shall be executed within 30 days after deposit of
       the amount of the Second Equity Injection into the PRC Account, and (iv)
       as and when the Company acquires additional shares or equity in TYNER,
       such additional shares or equity shall be charged or pledged as aforesaid
       in (A) above, as soon as practicable upon acquisition and in any case
       within 10 days thereof, and such security shall be perfected under
       applicable laws by no later than 30 days from such acquisition.

6.3.11 CAPITAL VERIFICATION

       The Company shall ensure that the capital verification of TYNER, in
connection with the First Equity Injection and Second Equity Injection
respectively, shall be completed and the relevant capital verification report by
a certified public accounting firm in the PRC shall be issued and a new business
licence based on such capital verification report from the local Administration
of Industry and Commerce shall be issued, in each case within 30 days from

                                       39
<PAGE>

the date that the relevant amounts for the First Equity Injection and Second
Equity Injection respectively have been credited into the PRC Account in
accordance with Condition 6.3.1(B). The Company shall, within the time frame
stated in the foregoing, deliver to the Trustee an Officer's Certificate stating
that the foregoing requirements have been satisfied, and shall provide the
Trustee with such information as the Trustee (acting on the advice of the
Manager) may require. Such certificate will be accompanied by an opinion of
independent PRC counsel acceptable to the Trustee acting on the advice of the
Manager that confirms the legal substance of such certificate.

6.3.12 CURE

(A)    The Company shall procure that each of the Subsidiary Operating Companies
       (as the case may be) obtains, each of the items referred to in the
       Exceptions by no later than by the relevant dates specified in the
       definition of Exceptions, and shall deliver to the Trustee evidence of
       the same promptly thereafter, provided that failure to obtain any item
       referred to in the Exceptions by the relevant date shall only constitute
       an Event of Default if the Bondholders so decide pursuant to an
       Extraordinary Resolution.

(B)    The Company shall procure that (i) the approval of the Hebei Provincial
       Commercial Bureau, the registration with the Baoding Administration of
       Industry and Commerce and recording on the shareholder register of TYNER
       of the Initial PRC Share Pledge be duly obtained within 30 days of the
       Issue Date, (ii) the approval of the Baoding State-owned Assets
       Supervision and Administration Committee, the approval of the Hebei
       Provincial Commercial Bureau, and registration with the Baoding
       Administration of Industry and Commerce, in relation to the First Equity
       Injection are duly obtained within 30 days after deposit of the amount of
       the First Equity Injection into the PRC Account, (iii) the approval of
       the Hebei Provincial Commercial Bureau, registration with the Baoding
       Administration of Industry and Commerce, and recording on the shareholder
       register of TYNER, of the First PRC Share Pledge are duly obtained within
       30 days after deposit of the amount of the First Equity Injection into
       the PRC Account, (iv) the approval of the Baoding State-owned Assets
       Supervision and Administration Committee, the approval of the Hebei
       Provincial Commercial Bureau, and registration with the Baoding
       Administration of Industry and Commerce, in relation to the Second Equity
       Injection are duly obtained within 30 days after deposit of the amount of
       the Second Equity Injection into the PRC Account, and (v) the approval of
       the Hebei Provincial Commercial Bureau, registration with the Baoding
       Administration of Industry and Commerce, and recording on the shareholder
       register of TYNER, of the Second PRC Share Pledge are duly obtained
       within 30 days after deposit of the amount of the Second Equity Injection
       into the PRC Account.

6.3.13 DIVIDEND POLICY

       The Company shall and shall procure that each of TYNER and its
Subsidiaries shall adopt and implement a dividend policy consistent with
ensuring that the Company's payment obligations under the Bonds and the Issuer's
payment obligations under the Notes are met in full and on a timely basis and
that TYNER make all applications, filings, registrations and/or

                                       40
<PAGE>

notifications and obtain any approvals necessary or advisable in connection with
such payment to the tax and foreign exchange control authorities in the PRC.

6.3.14 DIRECTORS UNDERTAKING

       The Company shall procure that each of the directors of TYNER appointed
by the Company shall have executed the Directors Undertaking on or before the
date of issuance of the Bonds, and shall procure that any replacement or new
director of TYNER appointed by the Company (prior to the termination of the
Directors Undertaking) shall execute a deed of undertaking (substantially in the
form of the Directors Undertaking) promptly upon becoming a director in TYNER.

6.3.15 INTERIM STATEMENTS

       The financial statements referred to in Condition 5.6(A) ("INTERIM
STATEMENTS") shall be substantially similar to the audited financial statements
for the relevant period ("FINAL STATEMENTS") to be delivered pursuant to
Condition 6.1.1(A) and:

(A)    the Consolidated Net Income for each of the years ended 31 December 2003,
       31 December 2004 and 31 December 2005, as stated in the Final Statements,
       shall not be less than the Consolidated Net Income stated in the
       corresponding Interim Statements by more than 10%; and

(B)    the Consolidated Net Income for the 6 months period ending 30 June 2006,
       as stated in the Final Statements, shall not be less than the
       Consolidated Net Income stated in the corresponding Interim Statements by
       more than 15%.

6.4    NEGATIVE UNDERTAKINGS

6.4.1  NEGATIVE PLEDGE

       The Company shall not, and shall not allow any of its Subsidiaries,
without the prior written consent of the Trustee acting on the instruction of
the Bondholders (pursuant to an Extraordinary Resolution), to directly or
indirectly create or permit to subsist any Lien over all or any of its present
or future revenues or assets other than a Lien which:

(A)    arises by operation of Law;

(B)    relates to a banker's right of set-off or netting arrangement which
       arises by operation of Law;

(C)    arises in respect of any judgment or award for which an appeal or
       proceedings for review are being pursued in good faith and in respect of
       which not more than 30 days have elapsed without a stay of execution in
       respect thereof having been granted, provided that (i) the affected Group
       member shall have established such reserves as may be required under GAAP
       in respect of such judgment or award or (ii) the liability in respect of
       such judgment or award shall be fully insured and the insurer shall not
       have denied coverage;

                                       41
<PAGE>

(D)   arises in respect of Taxes which are being contested in good faith by
      appropriate proceedings and for which adequate reserves have been
      established in accordance with GAAP; or

(E)   arises, is created or subsists pursuant to any Transaction Documents.

6.4.2 IMPAIRMENT OF SECURITY INTERESTS

      The Company shall not, and shall not permit any of its Subsidiaries to,
without the prior written consent of the Trustee acting on the instruction of
the Bondholders (pursuant to an Extraordinary Resolution), directly or
indirectly take or omit to take any action which action or omission could
reasonably be expected to have the result of adversely affecting or impairing
the security granted over the Collateral pursuant to the Security Documents in
favour of the Security Trustee, other than as expressly contemplated by the
Trust Deed or the Security Documents.

6.4.3 INVESTMENTS, LOANS AND GUARANTEES

      The Company shall not, and shall not permit any of its Subsidiaries to,
without the prior written consent of the Trustee acting on the instruction of
the Bondholders (pursuant to an Extraordinary Resolution), directly or
indirectly, lend money or credit or make advances to any Person, grant any
credit or give any guarantee to any other Person, make any payment of principal
of or interest on any loan that is subordinated to the indebtedness under the
Notes and/or the Bonds, or purchase or acquire any stock, obligations or
securities of, or any other interest in, or make any capital contribution to,
any other Person, or purchase or own a futures contract or otherwise become
liable for the purchase or sale of currency or other commodities at a future
date in the nature of a futures contract (all of the foregoing, collectively,
"INVESTMENTS"), or otherwise own any Investment, other than:

(A)   Investments in existing Subsidiaries and Investments made in accordance
      with or contemplated under the provisions of the Transaction Documents
      (including, without limitation, pursuant to the Existing Joint Venture
      Agreement);

(B)   normal trade credit in the ordinary course of business and in line with
      general industry practice;

(C)   the Company or any of its Subsidiaries may (i) acquire and hold accounts
      receivables owing to any of them if created or acquired in the ordinary
      course of business and payable or dischargeable in accordance with
      customary terms, (ii) acquire and hold cash and cash equivalents, (iii)
      endorse negotiable instruments for collection in the ordinary course of
      business, (iv) make lease, utility and other similar deposits in the
      ordinary course of business and (v) enter into hedging arrangements on
      arms length commercial terms, inter alia, to protect the Company or such
      Subsidiary from fluctuations in the value of commodities, currency
      exchange rates or interest rates;

(D)   other Investments for strategic or operational purposes in companies or
      joint ventures not to exceed, in the aggregate (together with any
      Investments so made by the Issuer), the equivalent when made of US$10
      million per annum; or

                                       42
<PAGE>

(E)   guarantees of Financial Indebtedness permitted under Condition 6.4.4.

6.4.4 FINANCIAL INDEBTEDNESS

      The Company shall not, and shall procure that its Subsidiaries shall not,
without the prior written consent of the Trustee acting on the instruction of
the Bondholders (pursuant to an Extraordinary Resolution), incur, create or
permit to subsist or have outstanding or make any payment (whether of principal,
interest or otherwise) in respect of any Financial Indebtedness or enter into
any agreement or arrangement whereby it is entitled to incur, create or permit
to subsist any Financial Indebtedness other than:

(A)   pursuant to or contemplated under the Transaction Documents;

(B)   Indebtedness under hedging arrangements permitted under Condition 6.4.3(C)
      so long as Condition 6.2 is complied with after giving effect to such
      Indebtedness;

(C)   unsecured working capital facilities owed to any bank or financial
      institution (in each case other than an Affiliate) by a Subsidiary
      Operating Company, provided that Condition 6.2 is complied with after
      giving effect to such Indebtedness;

(D)   Indebtedness in respect of workers' compensation claims, self-insurance
      obligations, performance bonds, surety appeal or similar bonds and
      completion guarantees provided in the ordinary course of its business;

(E)   Indebtedness owed to any bank or financial institution (in each case not
      being an Affiliate) pursuant to acceptance bills issued by such bank or
      financial institution in the ordinary course of its business; and

(F)   loans incurred in the ordinary course of business provided to it by
      another Group member or an Affiliate.

6.4.5 RESTRICTED PAYMENTS

(A)   The Company shall not, and shall not permit any of its Subsidiaries to,
      without the prior written consent of the Trustee acting on the instruction
      of the Bondholders (pursuant to an Extraordinary Resolution), directly or
      indirectly make any Restricted Payments other than Permitted Payments.

(B)   As used herein, a "Restricted Payment" means, in each case whether in
      cash, securities, property or otherwise:

      (i)   any direct or indirect distribution, dividend or other payment on
            account of any class of its share capital or capital stock or other
            securities made by it to a Group member;

      (ii)  any payment of principal of, or interest on, any loan made by it to
            any Group member; or

      (iii) any transfer of assets, loan or other payment made by it to any
            Group member.

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<PAGE>

(C)   As used herein, a "Permitted Payment" means any distribution, dividend,
      transfer of assets, loan or other payment:

      (i)   contemplated by the Transaction Documents including (without
            limitation) by the Company under the Bonds and pursuant to the CB
            Documents;

      (ii)  by (x) the Company for the payment of dividends on YGEH Shares held
            by the Issuer and other shareholders of the Company on a pro rata
            basis and (y) TYNER for the payment of dividends on shares of TYNER
            held by the Company and other shareholders of TYNER on a pro rata
            basis; provided that any dividends payable or paid to the Issuer
            and/or the Company shall be credited to the Issuer Account and/or
            the YGEH Account respectively);

      (iii) by any Subsidiary of TYNER to TYNER;

      (iv)  by any Subsidiary of TYNER to another Subsidiary of TYNER;

      (v)   payments made pursuant to a transaction permitted under Clause
            6.4.4(F)

      (vi)  in relation to transactions carried out on bona fide arm's length
            commercial terms in the ordinary course of business; or

      (vii) being any payment owed to any Subsidiary Operating Company by
            another Subsidiary of the Company.

6.4.6 ASSET SALES

      The Company shall not, and shall procure that none of its Subsidiaries
shall, without the prior written consent of the Trustee acting on the
instruction of the Bondholders (pursuant to an Extraordinary Resolution),
directly or indirectly, either in a single transaction or in a series of
transactions, sell, transfer, lease or otherwise dispose of all or any part of
its revenues, assets, shares, business or undertakings other than:

                                       44
<PAGE>

(A)   leases, the disposal of trading assets or the expenditure of cash, in each
      case in the ordinary course of trade on arms' length terms;

(B)   the disposal of obsolete or surplus assets not required for the efficient
      operation of the business of the Company or such Subsidiaries, on arms'
      length terms;

(C)   disposals of assets in exchange for other assets comparable or superior as
      to type, value and quality;

(D)   a sale of YGEH Shares pursuant to the IPO Event, provided that the
      proceeds of any such sale by the Issuer are deposited into the Issuer
      Account; or

(E)   other disposals not exceeding, in the aggregate (together with disposals
      by the Issuer), US$3,000,000 per annum.

6.4.7 CHANGE OF BUSINESS

      The Company shall not, and shall procure that none of its Subsidiaries
shall make any material change in the nature of its business or cease (or
threaten to cease) any material part of its business, as carried on immediately
prior to the date of the Trust Deed, in each case where this would result in a
material change to the business of the Group taken as a whole.

6.4.8 MERGERS

      The Company shall not, and shall procure that none of its Subsidiaries
shall, without the prior written consent of the Trustee acting on the
instruction of the Bondholders (pursuant to an Extraordinary Resolution),
amalgamate, consolidate or merge with any other Person, provided that any member
of the Group may amalgamate, consolidate or merge with another member of the
Group if there is no adverse effect on the security created by the Security
Documents and no Default or Material Adverse Effect would arise as a result of
such amalgamation, consolidation or merger.

6.4.9 DIVIDENDS AND OTHER SUBSIDIARY PAYMENTS

      The Company will not, and shall not permit any of its Subsidiaries to,
without the prior written consent of the Trustee acting on the instruction of
the Bondholders (pursuant to an Extraordinary Resolution), directly or
indirectly create or otherwise cause or permit to exist or become effective any
encumbrance or restriction on the ability of any Subsidiary of the Company to:

(A)   pay dividends or make any other distributions on or in respect of its
      Capital Stock;

(B)   pay any Indebtedness or other obligations owed to the Company or any
      Subsidiary;

(C)   make loans or advances to the Company or any other Subsidiary of the
      Company; or

(D)   transfer any of its property or assets to the Company or any other
      Subsidiary of the Company.

                                       45
<PAGE>

The preceding provisions will not prohibit:

(1)    any Lien or restriction constituted by this Trust Deed or the other
       Transaction Documents; or

(2)    Liens or restrictions arising or existing by reason of applicable law or
       any applicable rule, regulation or order or required by any regulatory
       authorities.

6.4.10 CONSTITUTIVE DOCUMENTS, SECURITIES ISSUANCE

       The Company shall not, and shall procure that none of its Subsidiaries
       shall:

(A)    without the prior written consent of the Trustee (acting on the advice of
       the Manager), which consent shall not be unreasonably withheld, amend its
       constitutive documents in any way other than as required by the IPO Event
       or pursuant to any issuance of securities permitted under (B) below; or

(B)    issue securities, other than pursuant to the Initial Equity Injection,
       the First Equity Injection, the Second Equity Injection, or any
       Transaction Document, or any issue of securities by the Company, provided
       that in each case (i) at all times (both before and after such issuance)
       Condition 6.3.10 is complied with, and (ii) (other than pursuant to the
       Initial Equity Injection, the First Equity Injection and the Second
       Equity Injection) the Company shall have provided the Trustee with
       written notice of such issuance of securities at least 10 days prior to
       the proposed closing date of such transaction.

6.4.11 TRANSACTIONS WITH AFFILIATES

       The Company shall not, and shall not permit any of its Subsidiaries to,
without the prior written consent of the Trustee acting on the instruction of
the Bondholders (pursuant to an Extraordinary Resolution), directly or
indirectly enter into or conduct any transaction or a series of related
transactions (including the purchase, sale, lease or exchange of any property or
the rendering of any service) with, or for the benefit of, the Company or any
Subsidiary or Affiliate of the Company (an "AFFILIATE TRANSACTION"), other than:

(A)    pursuant to the Transaction Documents (including, without limitation, any
       Permitted Payment pursuant to Condition 6.4.5 or any Investment permitted
       to be made in accordance with Condition 6.4.3); or

(B)    any other Affiliate Transaction, if such transaction is on arm's-length
       terms.

6.4.12 BONDS AND OTHER TRANSACTION DOCUMENTS

(A)    The Company agrees and acknowledges that the Issuer shall comply with all
       requests and instructions of the Notes Trustee (acting on the advice of
       the Manager) relating to or in connection with the exercise and
       performance by the Issuer of all its rights and obligations under or
       pursuant to the Bonds and the CB Documents, including (without
       limitation) correspondence with and notices to the Company thereunder.

                                       46
<PAGE>

(B)    The Company shall not, and shall procure that each other Group member
       shall not, directly or indirectly, supplement, amend, modify, waive,
       assign or transfer (or purport to do any of the foregoing in relation to)
       (save with respect to any amendment or waiver of a minor or
       administrative nature or which corrects a manifest error) any of the
       provisions of and rights and obligations under the CB Documents and any
       other Transaction Document to which it is a party, in each case without
       the prior written consent of the Trustee acting on the instruction of the
       Bondholders (pursuant to an Extraordinary Resolution).

6.4.13 FISCAL YEAR AND AUDITORS

       Without the consent of the Trustee (acting on the advice of the Manager),
which consent shall not be unreasonably withheld, neither the Company nor any
Subsidiary will change (i) its fiscal year or (ii) its auditors and any request
for Trustee's consent to any change in its auditors shall only be to a firm of
accountants belonging to the "Big 4" international accounting firms.

6.4.14 CAPITAL EXPENDITURE

       In the event that on the day following 9 months after the date of issue
of the Notes, the IPO Event has not occurred, the Company shall not, and shall
procure that its Subsidiaries shall not, without the prior written consent of
the Trustee (acting on the advice of the Manager), incur any amount of Capital
Expenditure relating to Stage 2 and/or Stage 3 of phase III of TYNER's
construction expansion project unless it can demonstrate to the satisfaction of
the Trustee (acting on the advice of the Manager) that TYNER has sufficient
funds to ensure than all amounts of Capital Expenditure relating to Stage 2 and
Stage 3 of phase III of such project will be met in full.

6.4.15 MATERIAL CONTRACTS

       The Company shall not, and shall procure that no Group member shall
amend, supplement, supersede or waive any provisions of any Material Contract,
or exercise any right to rescind, cancel or terminate any Material Contract, or
waive any breach by any counterparty or consent to any act or omission which
would otherwise constitute such a breach, in each case which would have or would
be reasonably expected to have a Material Adverse Effect. In any case, the
Company shall promptly notify the Trustee of any amendment, supplement, waiver,
rescission, cancellation or termination of any provisions of any Material
Contract.

7.     DEFINITIONS

       Terms defined in the Notes Conditions and the Notes Trust Deed shall
have the same meanings where used herein unless separately defined herein.

       "BONDHOLDERS" means the person(s) in whose names the Bonds are registered
       in the register of Bondholders; and the words "HOLDER" and "HOLDERS" and
       related expressions shall (where appropriate) be construed accordingly;

                                       47
<PAGE>

     "DEBENTURE" means the Debenture dated as of 13 November 2006 between the
     Issuer and the Trustee.

     "NON-ASSESSABLE", in relation to securities, including the Shares, means
     that, when issued, those securities are not subject to any further calls by
     the Company for, or any other provisions which could require, further
     payments or contributions from their holders;

     "NOTES AGENCY AGREEMENT" means the Paying Agency Agreement dated as of 13
     November 2006 among the Issuer, the Trustee and Deutsche Bank AG, Hong Kong
     Branch;

     "OUTSTANDING" means, in relation to the Bonds, all the Bonds issued except
     (a) those which have been redeemed in accordance with the Conditions, (b)
     those in respect of which the date for redemption has occurred and the
     redemption moneys and all accrued interest have been duly paid to or to the
     order of the Trustee as provided in Clause 2 or have been duly paid to the
     Principal Agent and remain available for payment following surrender of
     Certificates in respect of Bonds, (c) those in respect of which claims have
     become prescribed under Condition 14, (d) those which have been purchased
     and cancelled as provided in the Conditions, (e) those mutilated or defaced
     Certificates which have been surrendered in exchange for replacement
     Certificates pursuant to Condition 15, (f) for the purpose only of
     determining how many Bonds are outstanding and without prejudice to their
     status for any other purpose, those Certificates alleged to have been lost,
     stolen or destroyed and in respect of which replacement Certificates have
     been issued pursuant to Condition 15, and (g) those Tranche B Bonds which
     has been converted to Shares in accordance with Condition 10(C); provided
     that for the purposes of (1) ascertaining the right to attend and vote at
     any meeting of the Bondholders, (2) determining how many Bonds are
     outstanding for the purposes of Conditions 17 and 18 and Schedule 3, (3)
     the exercise of any discretion, power or authority which the Trustee is
     required, expressly or impliedly, to exercise in or by reference to the
     interests of the Bondholders, and (4) the certification (where relevant) by
     the Trustee as to whether a Potential Event of Default is in its opinion
     materially prejudicial to the interests of the Bondholders, those Bonds
     which are beneficially held by or on behalf of the Company or any of its
     Subsidiaries and Affiliates (other than the Initial Purchaser) and not yet
     cancelled shall be deemed not to remain outstanding;

     "PRINCIPAL AGENT" means the bank named as such in the Conditions or any
     Successor Principal Agent appointed under the Agency Agreement at its
     specified office;

     "SECURED CREDITOR" means the Trustee (for itself and as trustee for the
     holders of the Bonds) and their respective successors and assigns;

     "SHARES" means (a) shares of the class of share capital of the Company
     which, at the date of this Trust Deed, is designated as ordinary shares of
     US$0.01 each in the capital of the Company, together with shares of any
     class or classes resulting from any division, consolidation or
     re-classification thereof, which as between themselves have no preference
     in respect of dividends or of amounts payable in the event of any

                                       48
<PAGE>

     voluntary or involuntary liquidation or winding-up of the Company, and (b)
     fully-paid and non-assessable shares of any class or classes of the share
     capital of the Company authorised after the date of this Trust Deed which
     have no preference in respect of dividends or of amounts payable in the
     event of any voluntary or involuntary liquidation or winding-up of the
     Company;

     "SHAREHOLDER" means the person in whose name a Share is registered;

     "SPECIFIED OFFICE" means, in relation to an Agent the office identified
     with its name at the end of the Conditions or any other office approved by
     the Trustee and notified to the Bondholders;

     "TRANCHE A BONDS" means bonds in registered form comprising the
     US$38,000,000 bonds due 2008 constituted by this Trust Deed represented by
     the Tranche A Certificates and for the time being outstanding or, as the
     context may require, a specific number or principal amount of them and
     includes any replacement Certificates issued pursuant to the Conditions;

     "TRANCHE A CERTIFICATE" means a certificate, in or substantially in the
     form set out in Schedule 1, issued in the name of the holder of one or more
     Tranche A Bonds and includes any replacement Certificates issued pursuant
     to the Conditions;

     "TRANCHE B BONDS" means bonds in registered form comprising the
     US$47,000,000 bonds due 2008 constituted by this Trust Deed represented by
     the Tranche B Certificates and for the time being outstanding or, as the
     context may require, a specific number or principal amount of them and
     includes any replacement Certificates issued pursuant to the Conditions;
     and

     "TRANCHE B CERTIFICATE" means a certificate, in or substantially in the
     form set out in Schedule 2, issued in the name of the holder of one or more
     Tranche B Bonds and includes any replacement Certificates issued pursuant
     to the Conditions.

8.   INTEREST

(A)  INTEREST ACCRUAL

     The Tranche A Bonds bear interest from 16 November 2006 (the "ISSUE DATE"),
payable in arrears on each 16 February, 16 May, 16 August and 16 November in
each year (each, an "INTEREST PAYMENT DATE"), subject as provided in Condition 9
(Payments); provided, however, that, if any Interest Payment Date would
otherwise fall on a date which is not a Business Day, it will be postponed to
the next Business Day unless it would thereby fall into the next calendar month,
in which case it will be brought forward to the preceding Business Day. Each
period beginning on (and including) the Issue Date or any Interest Payment Date
and ending on (but excluding) the next Interest Payment Date is herein called an
"INTEREST PERIOD".

(B)  CESSATION OF INTEREST

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<PAGE>

     Each Tranche A Bond will cease to bear interest from the due date for final
redemption unless, upon due presentation, payment of principal is improperly
withheld or refused, in which case it will continue to bear interest in
accordance with this Condition (after as well as before judgment) until the day
on which all sums due in respect of such Tranche A Bond up to that day have been
paid by the Company to the Principal Agent (or, for so long as the Bonds and/or
Shares held by the Initial Purchaser are secured under the Debenture and the
YGEH Share Charge, the Principal Agent for the Notes under the Notes Agency
Agreement).

(C)  CALCULATION OF INTEREST RATE

     The rate of interest applicable to the Tranche A Bonds (the "RATE OF
INTEREST") for each Interest Period will be determined by the Calculation Agent
on the following basis:

      (i)   the Calculation Agent will determine the British Bankers Association
            Interest Settlement Rate for deposits in U.S. dollars for a period
            equal to the relevant Interest Period which appears on the
            appropriate display page designated 3750 on the Bridge/Telerate
            service (or such other page as may replace that page on that
            service, or such other service as may be nominated as the
            information vendor, for the purpose of displaying comparable rates)
            (the "SCREEN RATE") as of 12.00 noon (London time) on the second
            Business Day before the first day of the relevant Interest Period
            (the "INTEREST DETERMINATION DATE");

      (ii)  if such rate does not appear on that page on that time, the
            Calculation Agent will:

            (A)   request the principal London office of each of four major
                  banks in the London interbank market to provide a quotation of
                  the rate at which deposits in U.S. dollars are offered by it
                  in the London interbank market at approximately 12.00 noon
                  (London time) on the Interest Determination Date to prime
                  banks in the London interbank market for a period equal to the
                  relevant Interest Period and in an amount that is
                  representative for a single transaction in that market at that
                  time; and

            (B)   determine the arithmetic mean (rounded if necessary to the
                  fifth decimal place, with 0.000005 being rounded upwards) of
                  such quotations; and

      (iii) if fewer than two such quotations are provided as requested, the
            Calculation Agent will determine the arithmetic mean (rounded, if
            necessary, as aforesaid) of the rates quoted by major banks in New
            York City, selected by the Calculation Agent, at approximately 11.00
            a.m. (New York City time) on the first day of the relevant Interest
            Period for loans in U.S. dollars to leading European banks for a
            period equal to the relevant Interest Period and in an amount that
            is representative for a single transaction in that market at that
            time,

and the Rate of Interest shall be the sum of (A)(1) 2.00 per cent. per annum
(the "STAGE 1 MARGIN") in respect of each Interest Period prior to and including
the Interest Period ending

                                       50
<PAGE>
on the Interest Payment Date falling in 16 August 2007 or (2) 4.00 per cent.
per annum (the "STAGE 2 MARGIN") thereafter and (B) the Screen Rate or the
arithmetic mean so determined in respect of each Interest Period thereafter;
provided, however, that if the Agent Bank is unable to determine an arithmetic
mean in accordance with the above provisions in relation to any Interest
Period, the Rate of Interest applicable to the Notes during such Interest
Period will be the sum of the Stage 1 Margin or the Stage 2 Margin, as the
case may be, and the rate (or as the case may be) arithmetic mean last
determined in relation to the Tranche B Bonds in respect of a preceding
Interest Period.

(D)  CALCULATION OF INTEREST AMOUNT

     The Calculation Agent will, as soon as practicable after the Interest
Determination Date in relation to each Interest Period, calculate the amount of
interest (the "INTEREST AMOUNT") payable in respect of each Tranche B Bond for
such Interest Period. The Interest Amount will be calculated by applying the
Rate of Interest for such Interest Period to the principal amount outstanding of
such Tranche B Bond during such Interest Period, multiplying the product by the
actual number of days in such Interest Period divided by 360 and rounding the
resulting figure to the nearest cent (half a cent being rounded upwards).

(E)  PUBLICATION OF INTEREST RATE

     The Calculation Agent will cause each Rate of Interest and Interest Amount
determined by it, together with the relevant Interest Payment Date, to be
notified to the Paying Agents and to the Company as soon as practicable after
such determination but in any event not later than the first day of the relevant
Interest Period. Notice thereof shall also promptly be given to the Bondholders.
The Calculation Agent will be entitled to recalculate any Interest Amount (on
the basis of the foregoing provisions) without notice in the event of an
extension or shortening of the relevant Interest Period.

(F)  CALCULATIONS BINDING

     All notifications, opinions, determinations, certificates, calculations,
quotations and decisions given, expressed, made or obtained for the purposes of
this Condition 8 (Interest) by the Calculation Agent will (in the absence of
manifest error) be binding on the Company, the Paying Agents and the Bondholders
and (subject as aforesaid) no liability to any such person will attach to the
Calculation Agent in connection with the exercise or non-exercise by it of its
powers, duties and discretions for such purposes.

(G)  PAYMENT FROM ACCOUNT

     Without prejudice to the Company's obligation to pay any shortfall in the
event there are insufficient monies in the YGEH Account, the Company shall pay
interest due on the first 3 Interest Payment Dates from the initial amount
deposited into the YGEH Account in accordance with Condition 6.3.1(B)(iii).

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<PAGE>

9.   PAYMENTS

(A)  PRINCIPAL, PREMIUM AND INTEREST

     Payment of principal and interest due other than on an Interest Payment
Date will (subject to Clause 2.2 of the Trust Deed) be made to the order of the
persons shown in the register of Bondholders at the close of business on the
fifteenth business day before the relevant payment date (the "RECORD DATE").

     Payments of interest due on an Interest Payment Date will (subject to
Clause 2.2 of the Trust Deed) be made to the order of the persons shown in the
register of Bondholders at close of business on the Record Date.

     Interest payable under the Bonds in respect of the first three Interest
Periods shall be paid from the monies standing to the credit of the YGEH Account
in accordance with the First Escrow Agreement, but without prejudice to the
Company's liability to pay the amount of any shortfall in the event that monies
in the YGEH Account are insufficient to pay such interest amounts.

(B)  PAYMENTS

     Subject to Clause 2.2 of the Trust Deed, each payment in respect of the
Tranche B Bonds will be made by United States dollar cheque drawn on a branch of
a bank in New York City mailed to the holder of the relevant Note at his address
appearing in the register. However, upon application by the holder to the
specified office of the Registrar or any Paying and Transfer Agent not less than
15 days before the due date for any payment in respect of a Tranche B Bond, such
payment may be made by transfer to a United States dollar account maintained by
the payee with a bank in New York City.

     Where payment is to be made by cheque, the cheque will be mailed, on the
Business Day preceding the due date for payment or, in the case of payments
referred to in Condition 10(A), if later, on the Business Day on which the
relevant Tranche B Bond is surrendered (at the risk and, if mailed at the
request of the holder otherwise than by ordinary mail, expense of the holder).

     Bondholders will not be entitled to any interest or other payment for any
delay after the due date in receiving the amount due (i) as a result of the due
date not being a Business Day, (ii) if a cheque mailed in accordance with this
Condition arrives after the date for payment.

(C)  PAYMENTS SUBJECT TO FISCAL LAWS

     All payments in respect of the Tranche B Bonds are subject in all cases to
any applicable fiscal or other laws and regulations in the place of payment, but
without prejudice to the provisions of Condition 11. No commissions or expenses
shall be charged to the Bondholders in respect of such payments.

                                       52
<PAGE>

(D)  SURRENDER OF CERTIFICATES; BUSINESS DAYS

     Where payment is to be made by transfer to a registered account, payment
instructions (for value the due date or, if that date is not a business day, for
value the next following business day) will be initiated, and, where payment is
to be made by cheque, the cheque will be mailed, (i) on the later of the
business day on which the relevant Certificate is surrendered at the specified
office of any relevant Agent and the business day preceding the due date for
payment (in the case of principal and interest due other than on an Interest
Payment Date) and (ii) on the business day preceding the due date for payment
(in the case of interest due on an Interest Payment Date).

     Bondholders will not be entitled to any interest or other payment for any
delay after the due date in receiving the amount due if the due date is not a
business day, if the Bondholder is late in surrendering its Certificate (if
required pursuant to these Conditions) or if a cheque mailed in accordance with
this Condition arrives or is cleared after the due date for payment.

(E)  PARTIAL PAYMENTS

     If the amount of principal, premium, if any, or interest which is due on
the Tranche B Bonds on any date is not paid in full, the Registrar will annotate
the register of Bondholders and any Certificates surrendered for payment with a
record of the amount of principal, premium, if any, or interest in fact paid and
the date of such payment.

10.   REDEMPTION; REPURCHASE AND CANCELLATION; CONVERSION

(A)  REDEMPTION AT MATURITY

     Unless previously redeemed or purchased and cancelled as herein provided,
the Company will redeem the Tranche B Bonds on 16 November 2008 at 100 per cent.
of their principal amount in US dollars plus accrued and unpaid interest plus
Breakage (if any).

     The Tranche B Bonds may be redeemed in whole prior to that date only as
provided in paragraphs (B) and (C) below (but without prejudice to Condition
12).

(B)  REDEMPTION AT THE OPTION OF THE COMPANY

     At any time, the Company may, having given not less than 15 Business Days'
notice to the Bondholders (which notice will be irrevocable), redeem the Tranche
B Bonds, in whole but not in part at 100 per cent. of the principal amount of
the Tranche B Bonds redeemed plus any accrued and unpaid interest plus Breakage
(if any), provided that no such redemption may take place unless (i) the Tranche
A Bonds are simultaneously redeemed in full on the same redemption date in
accordance with Condition 10(B) of the terms and conditions of the Tranche A
Bonds and (ii) for so long as the Bonds and/or Shares held by the Company are
secured under the Debenture and Share Charge, the Notes are simultaneously
redeemed in full on the same redemption date in accordance with condition 10(b)
of the Notes Condition.

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<PAGE>

(C)  MANDATORY REDEMPTION AND CONVERSION

     Upon the occurrence of an IPO Event, the Tranche B Bonds shall be
converted, on the date of fixing of the offer price of Shares pursuant to the
IPO Event (the "EXCHANGE DATE"), to the Conversion Shares. The Conversion shares
shall be issued to and registered in (for so long as the Bonds and/or Shares
held by the Initial Purchaser are secured under the Debenture and Share Charge)
the name of the Notes Trustee.

     "CONVERSION SHARES" means such number of the Shares representing in
aggregate X% of the total issued share capital of the Company.

     "X%" means as determined by the Calculation Agent (in consultation with the
Company), such percentage of shares in the Company (on a Fully Diluted Basis)
that would represent an effective ownership of 3.73% in the equity of TYNER (on
such a Fully Diluted Basis).

(D)  ISSUE OF SHARES

(i) Upon conversion of the Tranche B Bonds for Shares, the Company will, as soon
as practicable, and in any event not later than the closing date of the IPO
Event, cause the relevant securities account of the Notes Trustee (for so long
as the Bonds and/or Shares held by the Initial Purchaser are secured under the
Debenture and the Share Charge) or of the relevant Bondholder or their
respective nominee to be credited with such number of relevant Shares to be
issued upon conversion.

(ii) The Shares issued upon conversion of the Tranche B Bonds will in all
respects rank pari passu with the Shares in issue on the relevant conversion
date (except for any right excluded by mandatory provisions of applicable law)
and such Shares shall be entitled to all rights the record date for which falls
on or after such conversion date to the same extent as all other fully-paid and
non-assessable Shares of the Company in issue as if such Shares had been in
issue throughout the period to which such rights relate.

(iii) The Company shall pay all stamp, issue, registration or similar taxes and
duties (if any) arising on conversion of the Tranche B Bonds and the issue and
allotment of Shares on conversion. The Company will pay all other expenses
arising on the issue of Shares on conversion of the Tranche B Bonds and all
charges of the Agents and the share transfer agent for the Shares in connection
with conversion.

(E)  REPURCHASE

     The Company or any of its Subsidiaries (as defined above) may, if permitted
under applicable laws, at any time repurchase Tranche B Bonds or interests
therein. The Company or the relevant Subsidiary is required to submit to the
Registrar for cancellation any Tranche B Bonds so purchased.

(F)  NO RE-ISSUE

     Tranche B Bonds which have been redeemed or converted or purchased by the
Company or its Subsidiaries may not be re-issued or resold and shall be
cancelled upon redemption, conversion or purchase. Certificates in respect of
all Tranche B Bonds cancelled will be forwarded to or to the order of the
Principal Agent.

(G)  REDEMPTION NOTICES

     All notices to Bondholders given by or on behalf of the Company pursuant to
this Condition 10 will where applicable specify the date fixed for redemption,
the redemption amount, and the aggregate principal amount of the Tranche B Bonds
outstanding.

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<PAGE>

11.  TAXATION

     All payments of principal and interest by the Company will be made without
deduction or withholding for or on account of any present or future taxes,
duties, assessments, or governmental charges of whatever nature imposed or
levied by or on behalf of the government of the Cayman Islands or any authority
thereof or therein having power to tax, unless deduction or withholding of such
taxes, duties, assessments or governmental charges is compelled by law. In that
event, the Company will pay such additional amounts by way of principal and
interest as will result in the receipt by the Bondholders of the amounts which
would otherwise have been receivable in respect of principal and interest in the
absence of any such withholding or deduction, except that no such additional
amount shall be payable in respect of any Tranche B Bond:

     (i)   to a holder (or a third party on behalf of a holder) who is subject
           to such taxes, duties, assessments or governmental charges in
           respect of such Tranche B Bond by reason of his having some
           connection with the Cayman Islands otherwise than merely by holding
           such Tranche B Bond or by receipt of principal, premium, if any, or
           interest in respect of such Tranche B Bond;

     (ii)  if the Certificate in respect of such Tranche B Bond is surrendered
           more than 30 days after the relevant date except to the extent that
           the holder would have been entitled to such additional amount on
           surrendering the relevant Certificate for payment on the last day of
           such period of 30 days;

     (iii) where such withholding or deduction is imposed on a payment to an
           individual and is required to be made pursuant to European Union
           Directive 2003/48/EC or any other Directive implementing the
           conclusions of the ECOFIN Council meeting of 26-27 November 2000 on
           the taxation of savings income or any law implementing or complying
           with, or introduced in order to conform to, such Directive; or

     (iv)  presented for payment by or on behalf of a Bondholder who would have
           been able to avoid such withholding or deduction by presenting the
           relevant Tranche B Bond to another Paying Agent in a Member State of
           the European Union.

     In these Conditions "RELEVANT DATE" means, in relation to any date for
payments on the Tranche B Bonds, whichever is the later of (a) the date on which
such payment first becomes due and (b) if the full amount payable has not been
received in Hong Kong by the Trustee or the Principal Agent on or prior to such
due date, the date on which, the full amount having been so received, notice to
that effect shall have been given to the Bondholders.

     References in these Conditions to principal and interest shall be deemed
also to refer to any additional amounts which may be payable under this
Condition 11 or any undertaking or covenant given in addition thereto or in
substitution thereof pursuant to the Trust Deed.

                                       55
<PAGE>

12.  EVENTS OF DEFAULT

     The Trustee if so directed by an Extraordinary Resolution (subject in each
case to being indemnified to its satisfaction) shall, give notice to the Company
that the Bonds are and they shall immediately become due and repayable at their
principal amount together with accrued interest plus Breakage if any of the
following events (each, an "EVENT OF DEFAULT") occurs:

(A)  NON-PAYMENT OF PRINCIPAL OR INTEREST; NON-DELIVERY OF SHARES

     (i)   the Issuer fails to pay any amount of principal (or deliver any
           shares in accordance with Condition 10 of the Notes) in respect of
           the Notes on the due date for payment (or delivery) thereof or fails
           to pay any amount of interest in respect of the Notes within 3
           Business Days of the due date for payment thereof; or

     (ii)  the Company fails to pay any amount of principal (or deliver any
           shares) in respect of the Bonds on the due date for payment (or
           delivery) thereof or fails to pay any amount of interest in respect
           of the Bonds within 3 Business Days of the due date for payment
           thereof;

(B)  BREACH OF OTHER OBLIGATIONS

     (i)   the Issuer, the Company, TYNER or MLS defaults in the performance or
           observance of any of its other obligations or covenants under or in
           respect of the Bonds (other than under Condition 6.3.11 (Capital
           Verification) or Condition 6.3.12(B)) or the Trust Deed or the other
           Transaction Documents and such default (i) is in the opinion of the
           Trustee acting on the instruction of the Bondholders (pursuant to an
           Extraordinary Resolution), incapable of remedy or (ii) being a
           default which is, in the opinion of the Trustee acting on the
           instruction of the Bondholders (pursuant to an Extraordinary
           Resolution), capable of remedy, remains unremedied for 5 Business
           Days (in the case of any covenants contained in Conditions 6.2,
           6.3.1, 6.3.10, 6.3.12(A), 6.3.13 and 6.4.1 to 6.4.14) or 30 days (in
           any other case) or such longer period as the Trustee acting on the
           instruction of the Bondholders (pursuant to an Extraordinary
           Resolution) may agree after the Trustee has given written notice
           thereof, addressed to the Company; or

     (ii)  the Company fails to comply with Condition 6.3.11 (Capital
           Verification) or Condition 6.3.12(B) within the time period
           specified therein;

(C)  CROSS-DEFAULT

     (i)   any Indebtedness of the Company or any Group member is not paid when
           due or (as the case may be) within any originally applicable grace
           period;

     (ii)  any such Indebtedness becomes due and payable prior to its stated
           maturity otherwise than at the option of the Company or (as the case
           may be) the relevant Group member or (provided that no event of
           default howsoever described, has occurred under the terms of the
           agreement governing such Indebtedness) any Person entitled to the
           payment of such Indebtedness; or

     (iii) the Company or any Group member fails to pay when due any amount
           payable by it under any guarantee of any Indebtedness (including any
           indemnity of such Indebtedness or any arrangement having a similar
           effect),

           Provided, however, that the amount of Indebtedness referred to in
           paragraphs (i) and/or (ii) above and/or the amount payable under any
           guarantee referred to in paragraph (iii) above individually or in
           the aggregate exceeds U.S.$5 million (or its equivalent in any other
           currency or currencies);

                                      56
<PAGE>

(D)  UNSATISFIED JUDGMENTS

     one or more judgment(s) or order(s) for the payment of an amount in
excess of U.S.$5 million (or its equivalent in any other currency or
currencies), whether individually or in aggregate, is rendered against the
Company or any other Group member and continue(s) unsatisfied and unstayed for
a period of 30 days after the date(s) thereof or, if later, the date therein
specified for payment save where such judgment or order is being contested in
good faith and adequate reserve (in accordance with GAAP) has been made
against such judgment or order;

(E)  SECURITY ENFORCED

     a secured party takes possession, or a receiver, manager or other similar
officer is appointed, of the whole or a substantial (in the opinion of the
Trustee acting on the advice of the Manager) part of the undertaking, assets
and revenues of the Company or any other Group member;

(F)  INSOLVENCY; CESSATION OF BUSINESS ETC.

     (i) the Company, the Issuer or any Subsidiary Operating Company becomes
insolvent or is unable to pay its debts as they fall due, (ii) an
administrator or liquidator is appointed over the Company and the Issuer or
any other Subsidiary Operating Company or the whole or a substantial (in the
opinion of the Trustee acting on the advice of the Manager) part of their
respective undertaking, assets and revenues, (iii) an order is made or an
effective resolution is passed for the winding up, liquidation or dissolution
of the Company and the Issuer or any Subsidiary Operating Company, (iv) the
Company or any other Group member takes any action for a readjustment or
deferment of any of its obligations where such obligations exceed US$5 million
or its equivalent, (v) the Company, the Issuer or any Subsidiary Operating
Company makes a general assignment or an arrangement or composition with or
for the benefit of all or substantially all of its creditors or declares a
moratorium in respect of any of its Indebtedness or any guarantee in respect
thereof;

(G)  ANALOGOUS EFFECT

     any event occurs which under the laws of the CI, BVI or the PRC has an
analogous effect to any of the events referred to in paragraphs 13(D) to 13(F)
above;

(H)  LEGAL, VALID AND BINDING

     any action, condition or thing at any time required to be taken,
fulfilled or done in order (i) to enable MLS, the Company, the Issuer or TYNER
lawfully to enter into, exercise their respective rights and perform and
comply with their respective obligations under and in respect of the Bonds or
the Trust Deed or the other Transaction Documents, (ii) to ensure that those
obligations are legal, valid, binding and enforceable and (iii) to make the
Bonds Certificates and the Trust Deed and the other Transaction Documents
admissible as evidence in the courts of the CI, BVI and the PRC is not taken,
fulfilled or done;

(I)  ILLEGALITY

     it is or will become unlawful for MLS, the Company, the Issuer or TYNER
to perform or comply with any of its material obligations under or in respect
of the Bonds or the Trust Deed;

                                      57
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(J)  TRANSACTION SECURITY NOT IN EFFECT

     any Transaction Document is not (or is claimed by MLS, the Company or
other Group member party thereto not to be) in full force and effect (with all
necessary approvals necessary therefor having been obtained), other than (but
without prejudice to Condition 6.3.12(B) and Condition 13(B)) the failure to
obtain the approval of the Hebei Provincial Commercial Bureau to, and the
registration with the Baoding Administration of Industry and Commerce of, the
PRC Share Pledges;

(K)  GOVERNMENT INTERVENTION OR FOREIGN EXCHANGE RESTRICTIONS

     (i)   all or any material part of the undertaking, assets and revenues of
           the Company, the Issuer or any Subsidiary Operating Company is
           condemned, seized or otherwise appropriated by any person acting
           under the authority of any national, regional or local government;
           or

     (ii)  the Company, the Issuer or any Subsidiary Operating Company is
           prevented by any such person from exercising normal control over all
           or any substantial part of its undertaking, assets and revenues; or

     (iii) any governmental authority of the PRC or any province, municipality
           or other local or regional jurisdiction therein shall have enacted
           any rule, regulation or law to take any action that restricts TYNER
           from remitting the full amount of its distributable profits that
           were earned for any period, together with retained earnings of prior
           periods, as at the end of such period, to its shareholders as and
           when determined by its board of directors (other than the reserve
           requirements as specified in Condition 5.22(E) prevailing as of the
           date hereof) which in each case has or could be reasonably expected
           to have a Material Adverse Effect;

(L)  MISREPRESENTATIONS

     any representation or warranty given pursuant to Condition 5 or in any
provision of any certificate or other document required to be delivered by the
Company under any Transaction Document proves to have been inaccurate,
incomplete or misleading in any material respect and (if such default is
capable of being remedied in the opinion of the Trustee acting on the
instructions of the Bondholders pursuant to an Extraordinary Resolution) is
not remedied within 30 days after notice thereof from the Trustee to the
Company; or

(M)  MATERIAL ADVERSE CHANGE

     there has been a material adverse effect or material adverse change in
(i) the business, operation or financial condition of the Company, the Issuer,
TYNER or the Group (taken as a whole) which affects the ability of any of them
to perform their respective payment obligations under the Transaction
Documents or (ii) the validity, legality or enforceability of any Transaction
Document.

                                      58
<PAGE>

13.  FURTHER ISSUE

     The Company may, from time to time, with the consent of Bondholders
create and issue additional bonds either having the same terms and conditions
as the Tranche B Bonds in all respects (save for the date of issue and the
first payment of interest on them) so that such additional bonds shall be
consolidated and form a single series with the Tranche B Bonds or upon such
terms as the Company may determine.

14.  PRESCRIPTION

     Claims against the Company for payment of principal, premium, if any,
and/or interest, if any, in respect of Tranche B Bonds will become prescribed
unless made within 10 years in the case of principal and five years in the
case of premium and interest from the relevant date for payment.

15.  REPLACEMENT OF CERTIFICATES

     If any Certificate is lost, stolen, mutilated, defaced or destroyed it
may be replaced at the specified office of the Registrar, subject to all
applicable laws and stock exchange requirements, upon payment by the claimant
of the expenses incurred in connection with such replacement and the giving of
such indemnity and/or security and production of such evidence as the Company
may reasonably require. Mutilated or defaced Certificates must be surrendered
before replacements will be issued.

16.  AGENTS

     The initial Agents and Registrar and their initial specified offices are
listed below. Subject to the terms of the Agency Agreement, the Company
reserves the right at any time with the prior written approval of the Trustee
to vary or terminate the appointment of any Agent, the Registrar or the Share
Transfer Agent and appoint additional or other Agents or a replacement
Registrar or Share Transfer Agent, provided that it will maintain (i) a
Principal Agent, (ii) a Registrar, (iii) a Share Transfer Agent, and (iv) a
paying agent, transfer agent and conversion agent). Notice of any change in
the Agents, the Registrar or the Share Transfer Agent or their specified
offices will promptly be given to the Bondholders.

17.  MEETINGS OF BONDHOLDERS; MODIFICATION AND WAIVER

(A)  MEETINGS OF BONDHOLDERS

     The Trust Deed contains provisions for convening meetings of Bondholders
holding Tranche A Bonds and Tranche B Bonds to consider matters relating to
the Bonds, including the modification of any of these Conditions or any
provisions of the Trust Deed. Any such modification may be made if sanctioned
by an Extraordinary Resolution (as defined in the Trust Deed). Such a meeting
may be convened by the Trustee or the Company, or by the Trustee upon the
request in writing of Bondholders holding not less than one-tenth of the
aggregate principal amount of the outstanding Bonds. The quorum for any
meeting convened to vote on an Extraordinary Resolution will be one or more
persons holding or representing not less than two-thirds of the aggregate
principal amount of the Bonds for the time being outstanding, or at any
adjourned meeting one or more persons being or representing Bondholders
holding a clear majority of the principal amount of the Bonds held or

                                      59

<PAGE>

represented, unless the business of such meeting includes consideration of
proposals, inter alia, (i) to modify the status or ranking of the Tranche B
Bonds, (ii) to reduce or cancel the principal amount of or rate of interest or
other amounts in respect of the Tranche B Bonds, (iii) to change the currency
of payment of the Tranche B Bonds or the due date or date for any payment in
respect of the Tranche B Bonds, (iv) to modify the provisions concerning the
quorum required at any meeting of Bondholders or the majority required to pass
an Extraordinary Resolution, or (v) to modify this proviso, in which case the
necessary quorum will be one or more persons holding or representing not less
than three-quarters, or at any adjourned meeting one or more persons holding
Bonds and/or bring proxies or representatives and holding or representing in
the aggregate not less than a clear majority in principal amount of the Bonds
for the time being outstanding so held or represented. Any Extraordinary
Resolution duly passed shall be binding on Bondholders whether or not they
were present at the meeting at which such resolution was passed. The Trust
Deed provides that a written resolution signed by or on behalf of the holders
of not less than 90 per cent. of the principal amount of the Bonds outstanding
shall be as valid and effective as a duly passed Extraordinary Resolution.

(B)  MODIFICATION AND WAIVER

     The Trustee may agree, without the consent of the Bondholders, to (i) any
modification of any of the provisions of the Trust Deed which is of a formal,
minor or technical nature or is made to correct a manifest error or to comply
with mandatory provisions of law, and (ii) any other modification (except as
mentioned in the Trust Deed), and any waiver or authorisation of any breach or
proposed breach, of any of the provisions of the Trust Deed which is in the
opinion of the Trustee not materially prejudicial to the interests of the
Bondholders. Any such modification, authorisation, or waiver shall be binding
on the Bondholders and, if the Trustee so requires, shall be notified to the
Bondholders as soon as practicable.

(C)  ENTITLEMENT OF THE TRUSTEE

     In connection with the exercise of its functions (including but not
limited to those in relation to any proposed modification, authorisation or
waiver) the Trustee shall have regard to the interests of the Bondholders as a
class and shall not have regard to the consequences of such exercise for
individual Bondholders and the Trustee shall not be entitled to require, nor
shall any Bondholder be entitled to claim from the Company, any
indemnification or payment in respect of any tax consequences of any such
individual Bondholders.

18.  ENFORCEMENT

     At any time after the Tranche B Bonds become due and payable and amounts
in respect thereof remain outstanding, the Trustee may at any time without
notice, institute such proceedings as it thinks fit to enforce its rights
under the Trust Deed in respect of the Bonds, but if it has been so requested
in writing by the holders of a least two thirds in principal amount of the
outstanding Bonds or has been so directed by an Extraordinary Resolution, but
it shall not be bound to do so unless it has been indemnified or provided with
security to its satisfaction.

                                      60
<PAGE>

     The Trustee may, in making any determination under these Conditions, act
on the opinion or advice of, or information obtained from, any expert
(including the Manager) and will not be responsible for any loss, liability,
cost, claim, action, demand, expense or inconvenience which may result from it
so acting.

     Until the Trustee has actual or express knowledge to the contrary, the
Trustee may assume that no Default has occurred.

     The Trustee is not liable for any failure to monitor compliance by the
Company with the Conditions (including Conditions 6 (Covenants) and 12 (Events
of Default)) and may rely upon the information provided to it in any
certificate by the Company pursuant to these Conditions.

19.  INDEMNIFICATION OF THE TRUSTEE

     The Trust Deed contains provisions for the indemnification of the Trustee
and for its relief from responsibility. The Trustee is entitled to enter into
business transactions with the Company and any of its Subsidiaries and
affiliated companies without accounting for any profits.

20.  NOTICES

     Notices to the Bondholders shall be valid if delivered to their
respective addresses and/or facsimile numbers contained in the register of
Bondholders. Any such notice shall be deemed to have been given when delivered
or 5 days after registered posting, whichever is earlier, or, in the case of
fax, at the time of despatch if the correct error-free transmission report is
received provided that if such communication would take effect outside
business hours in the place of receipt then it shall be deemed to be received
on the next business day in the place of receipt. Any communication not by
letter shall be confirmed by letter but failure to send or receive the letter
of confirmation shall not invalidate the original communication. For so long
as the Bonds and/or Shares held by the Initial Purchaser are secured under the
debenture and the Share Charge, all notices must be copied to the Notes
Trustee.

21.  GOVERNING LAW AND JURISDICTION

(A)  GOVERNING LAW

     The Trust Deed, the Agency Agreement and the Bonds are governed by, and
shall be construed in accordance with, English Law.

                                      61
<PAGE>

(B)  SUBMISSION TO JURISDICTION

     The Company has in the Trust Deed (i) submitted irrevocably to the
jurisdiction of the courts of England for the purposes of hearing and
determining any suit, action or proceedings or settling any disputes arising
out of or in connection with the Trust Deed or the Bonds; (ii) waived any
objection which it might have to such courts being nominated as the forum to
hear and determine any such suit, action or proceedings or to settle any such
disputes and agreed not to claim that any such court is not a convenient or
appropriate forum; (iii) designated Law Debenture Corporate Services Ltd at
100 Wood Street, London EC2V 7EX, United Kingdom to accept service of any
process on its behalf in England; (iv) consented to the enforcement of any
judgement; and (v) to the extent that it may in any jurisdiction claim for
itself or its assets immunity from suit, execution, attachment (whether in aid
of execution, before judgment or otherwise) or other legal process, and to the
extent that in any such jurisdiction there may be attributed to itself or its
assets or revenues such immunity (whether or not claimed), agreed not to claim
and irrevocably waived such immunity to the full extent permitted by the laws
of such jurisdiction.

22.  CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999

     No person shall have any right to enforce any term or condition of the
Tranche B Bonds under the Contract (Rights of Third Parties) Act 1999 unless
otherwise stated.

                                      62
<PAGE>

                               PRINCIPAL AGENT,
                      TRANSFER AGENT AND CONVERSION AGENT

            Deutsche Bank AG (acting through its Hong Kong Branch)
                            55/F Cheung Kong Center
                            2 Queen's Road Central
                                   Hong Kong

                                   REGISTRAR

                      Deutsche Bank AG, Hong Kong Branch
                            55/F Cheung Kong Center
                            2 Queen's Road Central
                                   Hong Kong

                                      63
<PAGE>

                               FORM OF TRANSFER

FOR VALUE RECEIVED the undersigned hereby transfers to

.......................................

.......................................

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF TRANSFEREE)

US$ ................ principal amount of the Tranche B Bonds (having
identifying numbers .......) in respect of which this Certificate is issued,
and all rights in respect thereof.

All payments in respect of the Tranche B Bonds hereby transferred are to be
made (unless otherwise instructed by the transferee) to the following account:

Name of bank:

US$ account number:

For the account of:

Dated:
       --------------------------------------------

       Certifying Signature

Name:
       --------------------------------------------

Notes:

     (c)   A representative of the Bondholder should state the capacity in
           which he signs, e.g. executor.

     (d)  The signature of the transferor shall conform to any list of duly
          authorised specimen signatures supplied by the registered holder or
          be certified by a recognised bank, notary public or in such other
          manner as the Agent or the Registrar may require.

                                      64
<PAGE>

                                  SCHEDULE 3
                    PROVISIONS FOR MEETINGS OF BONDHOLDERS
                    --------------------------------------

For the purposes of this Schedule:

     "24 HOURS" means a period of 24 hours including all or part of a day upon
     which banks are open for business in both the place where the relevant
     meeting is to be held and in each of the places where the Agents have
     their specified offices (disregarding for this purpose the day upon which
     such meeting is to be held) and such period shall be extended by one
     period or, to the extent necessary, more periods of 24 hours until there
     is included as aforesaid all or part of a day upon which banks are open
     for business as aforesaid; and

     "48 HOURS" means 2 consecutive periods of 24 hours.

     (a)  (i)    A holder of a Bond may by an instrument in writing (a "FORM OF
                 PROXY") in the form available from the specified office of any
                 Agent in English signed by the holder or, in the case of a
                 corporation, executed under its common seal or signed on its
                 behalf by an attorney or a duly authorised officer of the
                 corporation and delivered to the Agent not later than 24 hours
                 before the time fixed for any meeting, appoint any person (a
                 "PROXY") to act on his or its behalf in connection with any
                 meeting or proposed meeting of Bondholders.

          (ii)   A holder of a Bond which is a corporation may by delivering to
                 any Agent not later than 24 hours before the time fixed for any
                 meeting a resolution of its Directors or other governing body
                 in English authorise any person to act as its representative (a
                 "REPRESENTATIVE") in connection with any meeting or proposed
                 meeting of Bondholder.

           (iii) Any proxy appointed pursuant to sub-paragraph 1(a)(i) above or
                 representative appointed pursuant to sub-paragraph (a)(ii)
                 above shall so long as such appointment remains in force be
                 deemed, for all purposes in connection with any meeting or
                 proposed meeting of Bondholders specified in such appointment,
                 to be the holder of the Bonds to which such appointment relates
                 and the holder of the Bond shall be deemed for such purposes
                 not to be the holder.

                                      65
<PAGE>

     (b)   "BLOCK VOTING INSTRUCTION" shall mean a document in the English
           language issued by the Principal Agent and dated, in which:

          (i)    it is certified that Bonds are registered in the books and
                 records maintained by the Registrar in the names of specified
                 registered holders;

          (ii)   it is certified that each holder of such Bonds or a duly
                 authorised agent on his or its behalf has instructed the
                 Principal Agent that the vote(s) attributable to his or its
                 Bonds so registered should be cast in a particular way in
                 relation to the resolution or resolutions to be put to such
                 meeting or any adjournment thereof and that all such
                 instructions are, during the period of 48 hours prior to the
                 time for which such meeting or adjourned meeting is convened,
                 neither revocable nor subject to amendment;

          (iii) the total number and the identifying numbers of the Bonds so
                registered are listed, distinguishing with regard to each such
                resolution between those in respect of which instructions have
                been given as aforesaid that the votes attributable thereto
                should be cast in favour of the resolution and those in respect
                of which instructions have been so given that the votes
                attributable thereto should be cast against the resolution; and

          (iv)  any person named in such document (hereinafter called a
                "PROXY") is authorised and instructed by the Principal Agent to
                cast the votes attributable to the Bonds so listed in
                accordance with the instructions referred to in (ii) and (iii)
                above as set out in such document.

     (c)   Block voting instructions and forms of proxy shall be valid for so
           long as the relevant Bonds shall be duly registered in the name(s)
           of the registered holder(s) certified in the block voting
           instruction or, in the case of a form of proxy, in the name of the
           appointor but not otherwise and notwithstanding any other provision
           of this Schedule and during the validity thereof the proxy shall,
           for all purposes in connection with any meeting of holders of Bonds,
           be deemed to be the holder of the Bonds of the relevant Series to
           which such block voting instructions or form of proxy relates.

1    The Company or the Trustee may at any time convene a meeting of
     Bondholders. If it receives a written request by Bondholders holding at
     least 10 per cent. in principal amount of the Bonds for the time being
     outstanding and is indemnified to its satisfaction against all costs and
     expenses, the Trustee shall convene a meeting of Bondholders. Every
     meeting shall be held at a time and place approved by the Trustee.

2    At least 21 days' notice (exclusive of the day on which the notice is
     given and of the day of the meeting) shall be given to the Bondholders. A
     copy of the notice shall be given by the party convening the meeting to
     the other parties. The notice shall specify the day, time and place of
     meeting, be given in the manner provided in the Conditions and shall
     specify, unless the Trustee otherwise agrees, the nature of the
     resolutions to be proposed and shall include a statement to the effect
     that the holders of Bonds may appoint proxies by executing and delivering
     a form of proxy in English to the specified office of an Agent not later
     than 24 hours before the time fixed for the meeting or, in the case of
     corporations, may appoint representatives by resolution in English of
     their Directors or other governing body and by delivering an executed
     copy of such resolution to the Agent not later than 24 hours before the
     time fixed for the meeting.

                                      66
<PAGE>

3    A person (who may, but need not, be a Bondholder) nominated in writing by
     the Trustee may act as chairman of a meeting but if no such nomination is
     made or if the person nominated is not present within 15 minutes after
     the time fixed for the meeting the Bondholders present shall choose one
     of their number to be chairman, failing which the Company may appoint a
     chairman. The chairman of an adjourned meeting need not be the same
     person as was chairman of the original meeting.

4    At a meeting one or more persons present in person holding Bonds or being
     proxies or representatives and holding or representing in the aggregate
     not less than 10 per cent. in principal amount of the Bonds for the time
     being outstanding shall (except for the purpose of passing an
     Extraordinary Resolution) form a quorum for the transaction of business,
     and no business (other than the choosing of a chairman) shall be
     transacted unless the requisite quorum be present at the commencement of
     business. The quorum at a meeting for passing an Extraordinary Resolution
     shall (subject as provided below) be one or more persons present in
     person holding Bonds or being proxies or representatives and holding or
     representing in the aggregate at least two-thirds in principal amount of
     the Bonds for the time being outstanding provided that the quorum at any
     meeting the business of which includes any of the matters specified in
     the proviso to paragraph 15 shall be one or more persons so present
     holding Bonds or being proxies or representatives and holding or
     representing in the aggregate not less than three quarters in principal
     amount of the Bonds for the time being outstanding.

5    If within half an hour from the time fixed for a meeting a quorum is not
     present the meeting shall, if convened upon the requisition of
     Bondholders or if the Company and the Trustee agree, be dissolved. In any
     other case it shall stand adjourned to such date, not less than 14 nor
     more than 42 days later, and to such place as the chairman may decide. At
     such adjourned meeting one or more persons present in person holding
     Bonds or being proxies or representatives and holding or representing in
     the aggregate not less than a majority in principal amount of the Bonds
     for the time being outstanding shall form a quorum and may pass any
     resolution and decide upon all matters which could properly have been
     dealt with at the meeting from which the adjournment took place had a
     quorum been present at such meeting provided that at any adjourned
     meeting at which is to be proposed an Extraordinary Resolution for the
     purpose of effecting any of the modifications specified in the proviso to
     paragraph 15 the quorum shall be one or more persons so present holding
     Bonds or being proxies or representatives and holding or representing in
     the aggregate a clear majority in principal amount of the Bonds for the
     time being outstanding.

6    The chairman may with the consent of (and shall if directed by) a meeting
     adjourn the meeting from time to time and from place to place but no
     business shall be transacted at an adjourned meeting which might not
     lawfully have been transacted at the meeting from which the adjournment
     took place.

                                      67
<PAGE>

7    At least 10 days' notice of any meeting adjourned through want of a
     quorum shall be given in the same manner as for an original meeting and
     such notice shall state the quorum required at the adjourned meeting. No
     notice need, however, otherwise be given of an adjourned meeting.

8    Each question submitted to a meeting shall be decided in the first
     instance by a show of hands and in case of equality of votes the chairman
     shall both on a show of hands and on a poll have a casting vote in
     addition to the vote or votes (if any) which he may have as a Bondholder
     or as a holder of a voting certificate or as a proxy or representative.

9    Unless a poll is (before or on the declaration of the result of the show
     of hands) demanded at a meeting by the chairman, the Company, the Trustee
     or by one or more persons holding one or more Bonds or being proxies or
     representatives and holding or representing in the aggregate not less
     than 2 per cent. in principal amount of the Bonds for the time being
     outstanding, a declaration by the chairman that a resolution has been
     carried or carried by a particular majority or lost or not carried by a
     particular majority shall be conclusive evidence of the fact without
     proof of the number or proportion of the votes recorded in favour of or
     against such resolution.

10   If a poll is demanded, it shall be taken in such manner and (subject as
     provided below) either at once or after such an adjournment as the
     chairman directs and the result of such poll shall be deemed to be the
     resolution of the meeting at which the poll was demanded as at the date
     of the taking of the poll. The demand for a poll shall not prevent the
     continuation of the meeting for the transaction of any business other
     than the question on which the poll has been demanded.

11   A poll demanded on the election of a chairman or on any question of
     adjournment shall be taken at the meeting without adjournment.

12   The Company and the Trustee (through their respective representatives)
     and their respective financial and legal advisers may attend and speak at
     any meeting of Bondholders. No one else may attend or speak at a meeting
     of Bondholders unless he is the holder of a Bond or is a proxy or a
     representative.

13   On a show of hands every holder who is present in person or any person
     who is present and is a proxy or a representative shall have one vote and
     on a poll every person who is so present shall have one vote in respect
     of each US$500,000 principal amount of Bonds held or in respect of which
     he is a proxy or a representative. Without prejudice to the obligations
     of proxies, a person entitled to more than one vote need not use them all
     or cast them all in the same way.

14   A proxy need not be a Bondholder.

15   A meeting of Bondholders shall, subject to the Conditions, in addition to
     the powers given above, but without prejudice to any powers conferred on
     other persons by this Trust Deed, have power exercisable only by
     Extraordinary Resolution:

                                      68
<PAGE>

     (A)   to sanction any proposal by the Company for any modification,
           abrogation, variation or compromise of, or arrangement in respect
           of, the rights of the Bondholders against the Company whether or not
           such rights arise under this Trust Deed;

     (B)   to sanction the exchange or substitution for the Bonds of, or the
           conversion of the Bonds into, shares, bonds, or other obligations or
           securities of the Company or any other entity;

     (C)   to assent to any modification of this Trust Deed or the Bonds which
           shall be proposed by the Company or the Trustee;

     (D)   to authorise anyone to concur in and do anything necessary to carry
           out and give effect to an Extraordinary Resolution;

     (E)   to give any authority, direction or sanction required to be given by
           Extraordinary Resolution;

     (F)   to appoint any persons (whether Bondholders or not) as a committee
           or committees to represent the interests of the Bondholders and to
           confer on them any powers or discretions which the Bondholders could
           themselves exercise by Extraordinary Resolution;

     (G)   to approve the substitution of any entity for the Company (or any
           previous substitute) as principal debtor under this Trust Deed;

     (H)   to approve a proposed new Trustee and to remove a Trustee; and

     (I)   to discharge or exonerate the Trustee from any liability in respect
           of any act or omission for which it may become responsible under
           this Trust Deed or the Bonds,

     provided that the special quorum provisions contained in paragraph 4 and,
     in the case of an adjourned meeting, in paragraph 5 shall apply in
     relation to any Extraordinary Resolution for the purpose of making any
     modification to the provisions contained in this Trust Deed or the Bonds
     which would have the effect of:

           (i)   modifying the status or ranking of the Bonds;

           (ii)  reducing or cancel the principal amount of or rate of interest
                 or other amounts in respect of the Bonds;

           (iii) changing the currency of payment of the Bonds or the due date
                 or date for any payment in respect of the Bonds;

           (iv)  modifying the provisions concerning the quorum required at any
                 meeting of Bondholders or the majority required to pass an
                 Extraordinary Resolution; or

           (v)   modifying this proviso.

                                      69
<PAGE>

16   An Extraordinary Resolution passed at a meeting of Bondholders duly
     convened and held in accordance with this Trust Deed shall be binding on
     all the Bondholders, whether or not present at the meeting, and each of
     them shall be bound to give effect to it accordingly. The passing of such
     a resolution shall be conclusive evidence that the circumstances of such
     resolution justify the passing of it.

17   The expression "EXTRAORDINARY RESOLUTION" means a resolution passed at a
     meeting of Bondholders duly convened and held in accordance with these
     provisions by a majority consisting of not less than two-thirds (or, in
     the case of the matters listed in paragraph 15(i) to (v) above, 80%) of
     the votes cast.

18   A resolution in writing signed by or on behalf of the holders of not less
     than 90 per cent. in principal amount of the Bonds who for the time being
     are entitled to receive notice of a meeting in accordance with these
     provisions shall for all purposes be as valid as an Extraordinary
     Resolution passed at a meeting of Bondholders convened and held in
     accordance with these provisions. Such resolution in writing may be in
     one document or several documents in like form each signed by or on
     behalf of one or more of the Bondholders.

19   Minutes shall be made of all resolutions and proceedings at every meeting
     and, if purporting to be signed by the chairman of that meeting or of the
     next succeeding meeting of Bondholders, shall be conclusive evidence of
     the matters in them. Until the contrary is proved every meeting for which
     minutes have been so made and signed shall be deemed to have been duly
     convened and held and all resolutions passed or proceedings transacted at
     it to have been duly passed and transacted.

20   Subject to all other provisions contained in this Trust Deed the Trustee
     may without the consent of the Bondholders prescribe such further
     regulations regarding the holding of meetings and attendance and voting
     at them or regarding the making of resolutions in writing as the Trustee
     may in its sole discretion determine including (without limitation) such
     regulations and requirements as the Trustee thinks reasonable to satisfy
     itself that persons who purport to make any requisition in accordance
     with this Trust Deed are entitled to do so and that those who purport to
     attend or vote at a meeting or to sign a written resolution are entitled
     to do so.

                                      70
<PAGE>

                                  SCHEDULE 4
                 TRUSTEE'S POWERS IN RELATION TO THE SECURITY

(a)  Power to demand and collect or arrange for the collection of and receive
     all amounts which shall from time to time become due and payable in
     respect of any security.

(b)  Power to compound, give receipts and discharges for, settle and
     compromise any and all sums and claims for money due and to become due in
     respect of any security.

(c)  Power to exercise all or any of the powers or rights which but for the
     creation of any security would have been exercisable by the Company.

(d)  Power to file any claim, to take any action, and to institute and
     prosecute or defend any legal, arbitration or other proceedings.

(e)  Power to lodge claims and prove in and to institute, any insolvency or
     bankruptcy proceedings of whatsoever nature relating to the Company.

(f)  Power to execute, deliver, file and record any statement or other paper
     to create, preserve, perfect or validate the creation of any security to
     enable the Trustee to exercise and enforce its rights under this Trust
     Deed.

(g)  Power to apply for, obtain, make and renew any approvals, permissions,
     authorisations and other consents and all registrations and filings which
     may be desirable or required to create or perfect any security or to
     ensure the validity, enforceability or admissibility in evidence of this
     Trust Deed in any jurisdiction.

                                      71
<PAGE>

IN WITNESS whereof this Trust Deed has been executed as a deed on the date
stated at the beginning.

<TABLE>
<CAPTION>
THE COMPANY

<S>                                                       <C>
EXECUTED AS A DEED by                                     )
YINGLI GREEN ENERGY HOLDING                               )
COMPANY LIMITED                                           )
                                                          )    /s/ Liansheng Miao
                                                              --------------------------------------------
                                                          )   Name: Liansheng Miao
                                                          )   Attorney/Director
                                                          )   Duly authorized, for and on behalf of
                                                          )   YINGLI GREEN ENERGY HOLDING
                                                          )   COMPANY LIMITED

In the presence of:

..................................................
                  Witness

Name:

Address:

TRUSTEE

DB TRUSTEES (HONG KONG) LIMITED

By:  /s/ Lawrence Ying Hung Chan
    ----------------------------

Name: Lawrence Ying Hung Chan

Title: Director

By:  /s/ Aric Kay-Russell
    ----------------------------

Name: Aric Kay-Russell

Title: Director
</TABLE>

                                      72<PAGE>

                                                                     Exhibit 4.9
                                                                  Execution Copy

--------------------------------------------------------------------------------

                             SUBSCRIPTION AGREEMENT

                             DATED 13 NOVEMBER 2006

                   YINGLI GREEN ENERGY HOLDING COMPANY LIMITED

                        YINGLI POWER HOLDING COMPANY LTD.

                      RELATING TO THE SUBSCRIPTION OF UP TO
                        US$85,000,000 BONDS DUE 2008 OF,
                       AND CONVERTIBLE INTO NEWLY ISSUED,
                 ORDINARY SHARES OF PAR VALUE US$0.01 PER SHARE
                 IN YINGLI GREEN ENERGY HOLDING COMPANY LIMITED

--------------------------------------------------------------------------------

                               (WHITE & CASE LOGO)

<PAGE>

                      YINGLI GREEN HOLDING COMPANY LIMITED

                                 Cayman Islands

                          US$85,000,000 bonds due 2008

                                                                13 November 2006

Ladies and Gentlemen:

     Yingli Green Energy Holding Company Limited, a limited liability company
organised under the laws of the Cayman Islands (the "COMPANY"), agrees with
Yingli Power Holding Company Ltd. (the "PURCHASER") as follows:

1.   AUTHORIZATION OF BONDS; SECURITY.

1.1  THE BONDS.

     The Company has authorised the issue and sale of US$85,000,000 aggregate
principal amount of its bonds due 2008 (the "BONDS") comprising (i)
US$38,000,000 Tranche A Bonds due 2008 (the "TRANCHE A BONDS") and (ii)
US$47,000,000 Tranche B Convertible Bonds due 2008 (the "TRANCHE B BONDS")
convertible into its ordinary shares of the Company of par value US$0.01 per
share (the "SHARES"). Unless otherwise defined herein, certain capitalised terms
used in this Agreement shall have the meanings given to them in the trust deed
(or in the Conditions relating thereto) to be dated on or about 13 November 2006
and to be entered into between the Company and DB Trustees (Hong Kong) Limited
as trustee (the "TRUST DEED") and references to a "SCHEDULE" are, unless
otherwise specified, references to a Schedule attached to this Agreement.

     The form of the Bonds (including the terms and conditions applicable to the
Bonds (the "CONDITIONS")) are scheduled to the Trust Deed. The Purchaser is
bound by, and is deemed to have notice of all the provisions of the Trust Deed.
Copies of the Trust Deed are available for inspection during normal business
hours at the specified office for the time being of the Trustee, being at the
date hereof, 55/F Cheung Kong Center, 2 Queen's Road Central, Hong Kong.

1.2  SECURITY.

     As further surety for their payment obligations in respect of the Bonds,
the Company has provided certain security to the Trustee pursuant to the CB
Security Documents, which security the Trustee will hold on trust for the
holders of the Bonds from time to time pursuant to the terms of the Trust Deed.

2.   SALE AND PURCHASE OF BONDS.

     Subject to the terms and conditions of this Agreement, the Company will
issue and sell to the Purchaser and the Purchaser will purchase from the
Company, at the Closing provided for in Section 3, Bonds in the principal amount
specified opposite the Purchaser's name in Schedule A at the purchase price (the
"SUBSCRIPTION PRICE") specified in a letter agreement between the Company and
the Purchaser. The terms and conditions of the Bonds shall be in the form as set
forth in

                                       1
<PAGE>

Schedule 1 (in the case of the Tranche A Bonds) and Schedule 2 (in the case of
the Tranche B Bonds), in each case attached to the agreed form of the Trust
Deed.

3.   CLOSING.

3.1  ISSUE OF BONDS.

     At 15:00 hours (Hong Kong time) on 16 November 2006 (the "CLOSING") or such
other time and date as the Company and the Purchaser shall determine, the
Company will issue and deliver the definitive Certificates to the Purchaser with
any issuance or transfer taxes payable in connection with the issue or transfer
to the Purchaser of the Bonds duly paid by the Company.

3.2  PAYMENT.

     Against such delivery the Purchaser will pay or cause to be paid to the
Company the net subscription monies of the Bonds, less the expenses referred to
in Section 8. Such payment shall be made by the Purchaser in US Dollars in
immediately available funds to the YGEH Account in accordance with Condition
6.3.1 of the Bonds.

4.   CONDITIONS TO CLOSING.

     The Purchaser's obligation to purchase and pay for the Bonds to be sold to
it at the Closing is subject to the fulfillment to the Purchaser's satisfaction,
prior to or at the Closing, of the following conditions:

4.1  REPRESENTATIONS AND WARRANTIES.

     The representations and warranties of the Company in this Agreement shall
be correct when made and at the time of the Closing.

4.2  PERFORMANCE; NO DEFAULT.

     The Company shall have performed and complied with all agreements and
conditions contained in this Agreement and the Trust Deed required to be
performed or complied with by it prior to or at the Closing; and after giving
effect to the issue and sale of the Bonds no Default shall have occurred and be
continuing.

4.3  COMPLIANCE CERTIFICATES.

     The Company shall have delivered to the Purchaser's nominee (being Deutsche
Bank A.G. ("DEUTSCHE BANK")) an Officer's Certificate, dated the date of the
Closing, certifying that the conditions specified in Sections 4.1, 4.2 and 4.7
have been fulfilled.

4.4  OPINIONS OF COUNSEL.

     Deutsche Bank shall have received opinions in form and substance
satisfactory to it, dated the date of the Closing and addressed to it (a) from
White & Case, English legal advisers to Deutsche Bank, in connection with such
transactions and covering such other matters incidental to the transactions
contemplated hereby as Deutsche Bank may reasonably request, (b) from Maples &
Calder, Cayman Islands and BVI legal counsel to Deutsche Bank in connection with
such transactions, and covering such other matters incident to such transactions
as Deutsche Bank may reasonably request and (c) Global Law Office, PRC counsel
to Deutsche Bank in connection with such transactions, and covering such other
matters incidental to such transactions as Deutsche Bank may reasonably request.

                                       2
<PAGE>

4.5  PURCHASE PERMITTED BY APPLICABLE LAW, ETC.

     On the date of the Closing the Purchaser's purchase of Bonds shall (a) be
permitted by the laws and regulations of each jurisdiction to which the
Purchaser is subject, (b) not violate any applicable law or regulation
(including, without limitation, any provision of the Financial Services and
Markets Act 2000 of the United Kingdom (the "FSMA"), any regulation promulgated
pursuant to the FSMA or the Securities Act, as amended) (the "REGULATIONS")) and
(c) not subject the Purchaser to any tax, penalty or liability under or pursuant
to any applicable law or regulation, which law or regulation was not in effect
on the date hereof.

4.6  PROCEEDINGS AND DOCUMENTS.

     All corporate and other proceedings in connection with the transactions
contemplated by this Agreement, and the Trust Deed and all documents and
instruments incident to such transactions shall be satisfactory to Deutsche Bank
and the Purchaser, and Deutsche Bank and the Purchaser shall have received all
such counterpart originals or certified or other copies of such documents as it
or they may reasonably request.

4.7  SECURITY AND OTHER TRANSACTION DOCUMENTS.

     The Trust Deed shall have been duly authorised, executed and delivered by
the parties thereto, and on the Closing Date the Trust Deed shall be in full
force and effect and the Security Documents shall have been duly authorised,
executed and delivered by the Company, and on the Closing Date the Security
Documents and other Transaction Documents (other than the Second Escrow
Agreement and the PRC Share Pledges) shall be in full force and effect.

4.8  CERTIFICATES ETC.

     The Company to have provided Deutsche Bank copies of (i) all relevant
constitutional documents and corporate authorities of the Company and the other
Group members; (ii) all necessary governmental approval documents related to the
Company and the other Group members as set out in Schedule B and (iii) a list of
the authorised signature list (including specimen signatures) for each Person
authorised to sign this Agreement and all related documents on behalf of the
Company and the other Group members.

4.9  FINANCIAL STATEMENTS.

     The Company to have provided Deutsche Bank the financial statements
referred to in Condition 5.6 of the Bonds.

4.10 CONSENTS.

     The consents in writing (in form and substance satisfactory to Deutsche
Bank) from Inspiration Partners Limited ("IPL") and TB Management Ltd ("TBM") to
the Transaction Documents and the matters contemplated thereunder (including,
without limitation, waiver by PIL and TBM of any right of first refusal, co-sale
right and participation right in relation to any shares in the capital of the
Company that are or may be issued or transferred pursuant to the Transaction
Documents, issuance of the Notes by the Purchaser, pledge by the Purchaser of
its shares in the capital of the Company, assignment by the Purchaser of the
Material Contracts to which IPL and/or TBM are party, and any amendment to the
constitutive documents of the Company as contemplated by the Transaction
Documents).

                                       3
<PAGE>

4.11 YGEH ACCOUNT AND ISSUER ACCOUNT.

     Each of the Company and the Purchaser shall have established an account
with Deutsche Bank AG, Hong Kong Branch (the "YGEH ACCOUNT" and "ISSUER ACCOUNT"
respectively).

5.   REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

     The Company in respect of itself and its Subsidiaries gives the
representations and warranties to the Purchaser as set out in Condition 5 of the
Conditions:

6.   REPRESENTATIONS OF THE PURCHASER.

6.1  PURCHASE OF BONDS.

     The Purchaser represents and warrants to and agrees with the Company that
(i) it has only communicated or caused to be communicated and will only
communicate or cause to be communicated any invitation or inducement to engage
in investment activity (within the meaning of section 21 of the FSMA) received
by it in connection with the issue and sale of any Bonds in circumstances in
which section 21(1) of the FSMA does not apply to the Company and (ii) it has
complied and will comply with all applicable provisions of the FSMA with respect
to anything done by it in relation to the Bonds in, from or otherwise involving
the United Kingdom.

     The Purchaser understands that the Bonds and the Shares have not been and
will not be registered under the Securities Act and may not be offered or sold
within the United States or to, or for the account or benefit of, U.S. persons
except in accordance with Regulation S under the Securities Act or pursuant to
an exemption from the registration requirements of the Securities Act. The
Purchaser represents that it has offered and sold the Bonds, and agrees that it
will offer and sell the Bonds (i) as part of their distribution at any time and
(ii) otherwise until 40 days after the later of the commencement of the offering
and the Closing, only in accordance with Rule 903 of Regulation S under the
Securities Act. Accordingly, neither it, its affiliates, nor any persons acting
on its or their behalf have engaged or will engage in any directed selling
efforts with respect to the Bonds, and it has complied and will comply with the
offering restrictions requirement of Regulation S. The Purchaser agrees that, at
or prior to confirmation of sale of Bonds, it will have sent to each
distributor, dealer or person receiving a selling concession, fee or other
remuneration that purchases Bonds from it during the distribution compliance
period a confirmation or notice to substantially the following effect:

     "The Securities covered hereby have not been registered under the U.S.
Securities Act of 1933 (the "Securities Act") and may not be offered and sold
within the United States or to, or for the account or benefit of, U.S. persons
(i) as part of their distribution at any time or (ii) otherwise until 40 days
after the later of the commencement of the offering and the Closing, except in
either case in accordance with Regulation S under the Securities Act. Terms used
above have the meanings given to them by Regulation S."

6.2  NO PUBLIC OFFER.

     The Purchaser represents and warrants to and agrees with the Company that
no action has been or will be taken in any jurisdiction by it that would, or is
intended to, permit a public offering of the Bonds, or possession or
distribution of any offering material in relation thereto, in any country or
jurisdiction where action for that purpose is required.

7.   COVENANTS OF THE COMPANY.

     The Company covenants and undertakes as follows:

                                       4
<PAGE>

7.1  USE OF PROCEEDS.

     The Company undertakes to procure and ensure that the proceeds of the issue
of the Bonds are used in accordance with Condition 6.3.1 of the Trust Deed.

7.2  TAXES.

     That all payments under this Agreement by the Company shall be made free
and clear of, and without withholding or deduction for or on account of, any
taxes, duties, assessments or governmental charges of whatever nature imposed,
levied, collected, withheld or assessed by or on behalf of the BVI, Cayman
Islands or the PRC or any political sub-division or any authority thereof or
therein having power to tax, unless such withholding or deduction is required by
law. In that event the Company shall pay such additional amounts as will result
in the receipt by the Purchaser of such amounts as would have been received by
it if no such withholding or deduction had been required.

7.3  STAMP DUTIES.

     The Company agrees to pay (a) any and all stamp or other similar
documentary taxes or duties (including any interest and penalties thereon or in
connection therewith) payable in connection with the authorisation, issuance or
delivery of the Bonds and the execution, delivery and performance of the Trust
Deed, the Agency Agreement, this Agreement, the CB Security Documents and the
other Transaction Documents; and (b) any value added tax payable in connection
with the commissions or other amounts payable or allowed under the Trust Deed,
the Agency Agreement, this Agreement, the CB Security Documents and the other
Transaction Documents and the Company shall indemnify promptly upon demand the
Purchaser against any liabilities, losses, costs, expenses (including, without
limitation, legal fees and value added tax thereon) and claims, actions or
demands which it may incur as a result of or arising out of or in relation to
any failure to pay or delay in paying any of the same.

8.   EXPENSES, ETC.

     The Company and the Purchaser have come to a separate arrangement as to
expenses in relation to the issue of the Bonds, including, without limitation,
structuring fees and other commissions, costs and expenses payable in respect of
the issue of the Bonds. The Company agrees that such amounts may be deducted
from the proceeds paid to the Company on the Closing.

9.   SURVIVAL; ENTIRE AGREEMENT.

     All representations and warranties contained herein shall survive the
execution and delivery of this Agreement and the Bonds, the purchase or transfer
by the Purchaser of the Bonds or portion thereof or interest therein and the
payment of the Bonds, and may be relied upon by any subsequent holder of a Bond,
regardless of any investigation made at any time by or on behalf of the
Purchaser or any other holder of a Bond. In addition, the provisions of this
Agreement shall continue in full force and effect notwithstanding the completion
of the arrangements set out herein for the issue of the Bonds or the delivery of
a termination notice under Section 13 and regardless of any investigation by any
party to this Agreement.

     All statements contained in any certificate or other instrument delivered
by or on behalf of the Company pursuant to this Agreement shall be deemed
representations and warranties of the Company under this Agreement. Subject to
the preceding sentence, this Agreement and the Bonds embody the entire agreement
and understanding between the Purchaser and the Company and supersede all prior
agreements and understandings relating to the subject matter hereof.

                                       5
<PAGE>

10.  NOTICES.

     All notices and communications provided for hereunder shall be in writing
and sent (a) by facsimile if the sender on the same day sends a confirming copy
of such notice by a recognised overnight delivery service (charges prepaid), or
(b) by registered or certified mail with return receipt requested (postage
prepaid), or (c) by a recognised overnight delivery service (with charges
prepaid). Any such notice must be sent:

          (i) if to the Purchaser or its nominee, to the Purchaser or its
     nominee at the address specified for such communications in Schedule A, or
     at such other address as the Purchaser or its nominee shall have specified
     to the Company in writing,

          (ii) if to any other holder of any Bond, to such holder at such
     address as such holder shall have specified to the Company in writing,

          (ii) if to the Company to No. 3055 Middle Fuxing Road, Baoding,
     People's Republic of China, Facsimile: +86 312 3151 881, Attention: Conghui
     Liu or at such other address as the Company shall have specified to the
     holder of each Bonds in writing.

     Notices under this Section 10 will be deemed given only when actually
received.

11.  INDEMNIFICATION.

     The Company undertakes to the Purchaser that if the Purchaser or any of its
Related Parties incurs any Loss arising out of, in connection with or based on
(a) any inaccuracy of any representation and warranty by the Company in this
Agreement (on the date of this Agreement or on any date when it is deemed to be
repeated) or (b) any breach by the Company of any of its covenants or
undertakings in this Agreement, the Company shall pay to the Purchaser, promptly
on demand an amount equal to such Loss. The Purchaser shall not have any duty or
other obligation, whether as fiduciary or trustee for any of its Related Parties
or otherwise, to recover any such payment or to account to any other person for
any amounts paid to it under this Section 11. This undertaking to make payment
will be in addition to any liability which the Company may otherwise have. The
Contracts (Right of Third Parties) Act 1999 applies to this Clause 11.

12.  TERMINATION.

12.1 RIGHT TO TERMINATE.

     The Purchaser may give a termination notice to the Company at any time
prior to the payment of the net proceeds to the Company on the Closing if:

          (a) any representation and warranty by the Company in this Agreement
     is or proves to be untrue or incorrect in any material respect on the date
     of this Agreement or on any date on which it is deemed to be repeated;

          (b) the Company fails to perform any of its obligations under this
     Agreement; or

          (c) any of the conditions in Section 4 is not satisfied or waived by
     the Purchaser on or before the Closing.

12.2 CONSEQUENCES.

     Upon the giving of a termination notice and subject to Clause 12.3:

                                       6
<PAGE>

          (a) the Company shall be discharged from performance of its
     obligations under Clauses 3.1 and 4; and

          (b) the Purchaser shall be discharged from performance of their
     respective obligations under Clause 3.2 and Section 6.

12.3 SAVING.

     A discharge pursuant to this Section 12 shall not affect the other
obligations of the parties to this Agreement and shall be without prejudice to
accrued liabilities.

13.  MISCELLANEOUS.

13.1 SUCCESSORS AND ASSIGNS.

     All covenants and other agreements contained in this Agreement by or on
behalf of any of the parties hereto bind and inure to the benefit of their
respective successors and assigns (including, without limitation, any subsequent
holder of a Bond) whether so expressed or not.

13.2 SEVERABILITY.

     Any provision of this Agreement that is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall (to the full extent permitted by law) not invalidate or
render unenforceable such provision in any other jurisdiction.

13.3 CONSTRUCTION.

     Each covenant contained herein shall be construed (absent express provision
to the contrary) as being independent of each other covenant contained herein,
so that compliance with any one covenant shall not (absent such an express
contrary provision) be deemed to excuse compliance with any other covenant.
Where any provision herein refers to action to be taken by any Person, or which
such Person is prohibited from taking, such provision shall be applicable
whether such action is taken directly or indirectly by such Person.

13.4 COUNTERPARTS.

     This Agreement may be executed in any number of counterparts, each of which
shall be an original but all of which together shall constitute one instrument.
Each counterpart may consist of a number of copies hereof, each signed by less
than all, but together signed by all, of the parties hereto.

13.5 DEFINITIONS.

     Terms defined in the Trust Deed and Conditions to the Bonds have the same
meanings where used herein unless separately defined herein.

     As used herein, the following terms have the respective meanings set forth
below or set forth in the Section hereof following such term:

     "LOSS" means any loss, liability, cost, claim, charge, damage or expense
(including, without limitation, legal fees, costs and expenses and any value
added tax thereon).

     "RELATED PARTY" means, in respect of any person, any Affiliate of that
person or any representative, officer, director, employee or agent of that
person or any such Affiliate or any person

                                       7
<PAGE>

by whom any of them is controlled within the meaning of Section 15 of the
Securities Act or Section 20 of the United States Securities Exchange Act of
1934, as amended.

14.  GOVERNING LAW AND JURISDICTION.

14.1 GOVERNING LAW.

     This Agreement is governed by, and shall be construed in accordance with,
English law.

14.2 JURISDICTION.

     The Company agrees for the benefit of the Purchaser that the courts of
England shall have jurisdiction to hear and determine any suit, action or
proceedings arising out of or in connection with this Agreement ("PROCEEDINGS")
and, for such purposes, irrevocably submits to the jurisdiction of such courts.

14.3 NON-EXCLUSIVITY.

     The submission to the jurisdiction of the courts of England shall not (and
shall not be construed so as to) limit the right of the Purchaser to take
Proceedings in any other court of competent jurisdiction, nor shall the taking
of Proceedings in any one or more jurisdictions preclude the taking of
Proceedings in any other jurisdiction (whether concurrently or not) if and to
the extent permitted by law.

14.4 APPROPRIATE FORUM.

     The Company irrevocably waives any objection which it might now or
hereafter have to any of the specified courts being nominated as the forum to
hear and determine any Proceedings and agrees not to claim that any such court
is not a convenient or appropriate forum.

14.5 PROCESS AGENT.

     The Company agrees that the process by which any Proceedings in England are
begun may be served on it by being delivered to Law Debenture Corporate Services
Limited, 100 Wood Street, London EC2V 7EX, United Kingdom, or, if different, its
registered office for the time being or at any address of the Company in Great
Britain at which process may be served on it in accordance with Part XXIII of
the Companies Act 1985. If such person is not or ceases to be effectively
appointed so to accept service of process, the Company shall, (i) notify the
Purchaser; and (ii) appoint a further person in England to accept service of
process on its behalf and, failing such appointment within 15 days, the
Purchaser shall be entitled to appoint such a person by written notice to the
Company. Nothing in this paragraph shall affect the right of the Purchaser to
serve process in any other manner permitted by law.

14.6 CONSENT TO ENFORCEMENT.

     The Company irrevocably consents generally to the giving of any relief or
the issue of any process in connection with any Proceedings including (without
limitation) the making, enforcement or execution against any property whatsoever
(irrespective of its use or intended use) of any order or judgment or award
which may be made or given in such Proceedings or arbitral proceedings.

                                       8
<PAGE>

15.  RIGHTS OF THIRD PARTIES.

     Unless otherwise specified, a person who is not a party to this Agreement
has no rights under the Contracts (Rights of Third Parties) Act 1999 to enforce
any term of this Agreement

If each Purchaser is in agreement with the foregoing, please sign the form of
agreement on the accompanying counterpart of this Agreement and return it to the
Company whereupon the foregoing shall become a binding agreement between the
Purchaser and the Company.

                                       9
<PAGE>

Yours faithfully,

YINGLI GREEN ENERGY HOLDING COMPANY LIMITED.

-------------------------------------
Name:
Director/Attorney
Duly authorised for and on behalf of YINGLI GREEN ENERGY HOLDING COMPANY
LIMITED.

-------------------------------------
In the presence of:
Name:
Address:

<PAGE>

The foregoing is hereby

agreed to as of the

date thereof.

YINGLI POWER HOLDING COMPANY LTD.

-------------------------------------
Name:
Director/Attorney
Duly authorised for and on behalf of YINGLI POWER HOLDING COMPANY LTD.

-------------------------------------
In the presence of:
Name:
Address:

<PAGE>

                                   SCHEDULE A

This Schedule A shows the names of the Purchaser under the foregoing
Subscription Agreement and the principal amounts of Bonds to be purchased by the
Purchaser.

<Table>
<Caption>
           NAME                ADDRESS                          US DOLLAR AMOUNT
           ----                -------                          ----------------
<S>                            <C>                              <C>
Yingli Power Holding           No. 3055 Middle Fuxing Road      US$85,000,000
Company Ltd.                   Baoding
                               People's Republic of China

                               Facsimile:  +86 312 3151 881

                               Attention: Conghui Lui
</Table>

                                       12
<PAGE>

                                   SCHEDULE B

                         Governmental approval documents

1.   The modification to the Foreign Exchange Registration Form of PRC
     Individual Overseas Investment (CHINESE CHARACTERS) issued by SAFE, Baoding
     Sub-branch in relation to the Series A Financing between Inspiration
     Partners Limited, YGEH, the Company and Mr. Liansheng Miao.

2.   The following approvals related to the business of Subsidiaries of TYNER:

(a)  The latest Business License (CHINESE CHARACTERS) of Chengdu Yingli New
     Energy Resources Co., Ltd.

(b)  The latest Business License (CHINESE CHARACTERS) of Tibet Tianwei Yingli
     New Energy Resources Co., Ltd.

(c)  The latest Business License (CHINESE CHARACTERS) of Baoding Yingli Guangfu
     Co., Ltd.

(d)  The latest Approval Certificate (CHINESE CHARACTERS) of Baoding Yingli
     Guangfu Co., Ltd.

(e)  The latest Business License (CHINESE CHARACTERS) of Tibet Keguang Industry
     and Trading Co., Ltd.

                                       13

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