China Solar & Clean Energy Solutions is the new name of Deli Solar USA, an established and significant seller of solar water heaters and space-heating devices in the People’s Republic of China (“PRC”). The name change reflects the Company’s decision to expand into other areas of energy conservation. The well-documented need for China to turn to environmentally friendly energy sources to support its dramatic economic growth forms the basis for substantial opportunities in the alternative energy sector. China Solar’s solar water heating business is achieving solid gains as it expands its geographic footprint and market share in China. That market is benefiting not only from the need for alternative energy sources but also from the rapid growth of the middle class and a strong housing market in China. We project 44% earnings-per-share growth in 2007, and a gain of 53% in 2008, aided by internal growth and a recently completed major acquisition; yet the shares trade at less than 8x estimated 2008 EPS. Longer term, we believe that the Company’s interest in other alternative energy sectors further enhances China Solar’s growth potential. Based on “street” estimates for S&P’s 500 earnings in 2008, the S&P 500 P/E is currently about 14. Assigning this multiple to China Solar’s estimated 2008 EPS, despite the Company’s prospects for above-average growth, generates a 12-month price target of $5.46, over 55% above the current share price.

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