Swiss Re Places $150 Million Vega Securitization
July 1, 2008

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Swiss Re announced that it has obtained $150 million worth of protection against North Atlantic hurricanes, European windstorms, Californian earthquakes and Japanese earthquakes and typhoons through a natural catastrophe protection program named Vega Capital Ltd.

Swiss Re described Vega as "the latest natural catastrophe securitization to be sponsored by Swiss Re and the first natural catastrophe securitization to use a cash reserve account to enhance protection to noteholders. Vega protects Swiss Re on both a multi-event and multi-peril basis, and affirms Swiss Re's leading role in product innovation in the insurance-linked securities sector."

Four classes of notes were issued and ranked in order of seniority. "Vega provides transparency to investors by utilizing index- and modeled loss-based triggers with fixed risk profiles. Investors can choose between different risk layers while achieving diversification across five natural catastrophe risks," the announcement explained.
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Brian Gray, Swiss Re's Head of Property and Specialty Products division commented: "Vega represents a positive evolution in the structure of cat bond programs for Swiss Re. It provides us with protection for lowlayer earnings volatility for our peak natural catastrophe perils, over multiple events."

Swiss Re also noted that "Vega is a shelf-offering program that allows issuance of securities at any time. The private placement closed on 27 June 2008 and involved $150 million of principal at-risk variable rate notes, which have been purchased by a variety of institutional investors according to Rule 144A. This private placement was structured and underwritten by Swiss Re Capital Markets.

Source: Swiss Re: www.swissre.com

02.07.2008 Adhoc-Meldungen
China Sunergy: Closing of Offerings of Convertible Senior Notes
China Sunergy Co., Ltd. announces the closing on July 1, 2008 of its offering of 4.75% Convertible Senior Notes due 2013. The notes were offered to qualified institutional buyers pursuant to Rule 144A under the United States Securities Act of 1933, as amended. The initial purchaser of the notes exercised its option to purchase an additional US$4.5 million of notes from China Sunergy to cover overallotments, bringing the total size of the issuance to US$54.5 million. The notes are convertible into American Depositary Shares (''ADSs'') of China Sunergy.

China Sunergy also announces the closing at the same time of the concurrent offering of 4,431,000 ADSs. China Sunergy loaned the ADSs to an affiliate of the initial purchaser of the notes, the ADS borrower, which in turn sold the borrowed ADSs in the offering. The ADS borrower is using the short position resulting from its sale of the borrowed ADSs to facilitate the establishment of hedge positions by investors in the notes offering. The ADS borrower will be required to return the borrowed ADSs when the notes are no longer outstanding. China Sunergy does not receive any proceeds from the offering of the borrowed ADSs, but has received a nominal lending fee from the ADS borrower.

About China Sunergy Co., Ltd.:

China Sunergy Co., Ltd. is a leading manufacturer of solar cell products in China as measured by production capacity. China Sunergy manufactures solar cells from silicon wafers utilizing crystalline silicon solar cell technology to convert sunlight directly into electricity through a process known as the photovoltaic effect. China Sunergy sells solar cell products to Chinese and overseas module manufacturers and system integrators, who assemble solar cells into solar modules and solar power systems for use in various markets. For more information please visit www.chinasunergy.com .

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the company's ability to raise additional capital to finance the company's activities; the effectiveness, profitability, and the marketability of its products; the future trading of the common stock of the company; the ability of the company to operate as a public company; the period of time for which its current liquidity will enable the company to fund its operations; the company's ability to protect its proprietary information; general economic and business conditions; the volatility of the company's operating results and financial condition; the company's ability to attract or retain qualified senior management personnel and research and development staff; future shortage or availability of the supply of raw materials and other risks detailed in the company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the companies and the industry. The company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward looking statements are reasonable, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

For further information contact:

Financial Dynamics
Julian Wilson
Phone: +86-10-8591-1951
Email: julian.wilson@fd.com

Source: China Sunergy Co., Ltd.