LDK Solar Co., Ltd. - Asia Europe Clean Energy (Solar) Advisory Co ...

History of Securities Issuances
The following is a summary of the issuances of our securities since our inception on May 1, 2006.
Ordinary shares
In May 2006, we issued 100,000 ordinary shares at par value to LDK New Energy, a British Virgin
Islands company wholly owned by Mr. Peng, for an aggregate consideration of $10,000.
In July 2006, we issued 74,900,000 ordinary shares at par value to LDK New Energy, for an aggregate
consideration of $7,490,000.
Series A preferred shares
In July 2006, we issued an aggregate of 4,580,000 Series A preferred shares, convertible into 4,580,000
ordinary shares, for an aggregate consideration of $15,000,000.
The conversion ratio of our Series A preferred shares is subject to adjustments if our 2006 net earnings
are lower than $28,500,000. Any adjustment to the conversion ratio of our Series B or Series C preferred
shares may also trigger adjustment to the conversion ratio of our Series A preferred shares. If we consummate
this offering prior to the end of 2007 reflecting a valuation immediately prior to this offering of no less than
$1,210,000,000, with a per-share offering price of no less than $11.00 and aggregate proceeds to us of at least
$300,000,000, no such conversion ratio adjustment to Series A preferred shares will be made. The holders of
our Series A preferred shares have confirmed that, after their review of our net earnings up to December 31,
2006, no adjustments to the conversion ratio of our Series A preferred shares need be made on the basis of our
net earnings for the year ended December 31, 2006.
Series B preferred shares
In September 2006, we issued an aggregate of 8,000,000 Series B preferred shares, convertible into
8,000,000 ordinary shares, for an aggregate consideration of $48,000,000.
The conversion ratio of our Series B preferred shares is subject to adjustments if our net earnings for the
12-month period ending June 30, 2007 are lower than $57,000,000. Any adjustment to the conversion ratio of
our Series A or Series C preferred shares may also trigger adjustment to the conversion ratio of our Series B
preferred shares. If this offering meets the criteria as described in ""Ì Series A preferred shares'' above and is
consummated on or before June 30, 2007, any conversion ratio adjustment to the Series B preferred shares
based on our net earnings for the 12-month period ending June 30, 2007 will be computed on the basis of the
annualized amount of our net earnings for number of full the months that elapsed prior to this offering. In
April 2007, we agreed with the holders of our Series B preferred shares that, if we publicly file our F-1
registration statement covering this offering on or before May 31, 2007, the conversion ratio adjustments for
our Series B preferred shares would be determined based on our aggregate net income for the three months
ended March 31, 2007 and the six months ended December 31, 2006 on an annualized basis, or an aggregate
of $42.75 million for the nine-month period. The holders of our Series B preferred shares have confirmed that
no adjustments to the conversion ratio of our Series B preferred shares need be made after their review of our
consolidated interim financial statements as of, and for the three months ended, March 31, 2007 included in
this prospectus.
Series C preferred shares
In December 2006, we issued an aggregate of 3,000,000 Series C preferred shares, convertible into
3,000,000 ordinary shares, for an aggregate consideration of $22,500,000.
The conversion ratio of our Series C preferred shares is subject to adjustments if our net earnings for the
year ending December 31, 2007 are lower than $104,500,000. Any adjustment to the conversion ratio of our
Series A or Series B preferred shares may also trigger adjustment to the conversion ratio of our Series C
preferred shares. If this offering meets the criteria as described in ""Ì Series A preferred shares'' above and is
consummated before the end of 2007, any conversion ratio adjustment to the Series C preferred shares based
on our net earnings for the year ending December 31, 2007 will be computed on the basis of an adjusted
annualized amount of our net earnings for the number of full months that elapsed prior to this offering. In
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