diff --git a/lib/module.js b/lib/module.js
index 67a95f0757..a7c7115566 100644
--- a/lib/module.js
+++ b/lib/module.js
@@ -488,9 +488,7 @@ Module._extensions['.json'] = function(module, filename) {
 
 
 //Native extension for .node
-Module._extensions['.node'] = function(module, filename) {
-  process.dlopen(filename, module.exports);
-};
+Module._extensions['.node'] = process.dlopen;
 
 
 // bootstrap main module.
diff --git a/src/node.cc b/src/node.cc
index 32cff1203b..fe7d4bcd32 100644
--- a/src/node.cc
+++ b/src/node.cc
@@ -101,6 +101,8 @@ Persistent<String> domain_symbol;
 
 static Persistent<Object> process;
 
+static Persistent<String> exports_symbol;
+
 static Persistent<String> errno_symbol;
 static Persistent<String> syscall_symbol;
 static Persistent<String> errpath_symbol;
@@ -1786,8 +1788,8 @@ Handle<Value> Hrtime(const v8::Arguments& args) {
 
 typedef void (UV_DYNAMIC* extInit)(Handle<Object> exports);
 
-// DLOpen is node.dlopen(). Used to load 'module.node' dynamically shared
-// objects.
+// DLOpen is process.dlopen(module, filename).
+// Used to load 'module.node' dynamically shared objects.
 Handle<Value> DLOpen(const v8::Arguments& args) {
   HandleScope scope;
   char symbol[1024], *base, *pos;
@@ -1800,8 +1802,13 @@ Handle<Value> DLOpen(const v8::Arguments& args) {
     return ThrowException(exception);
   }
 
-  String::Utf8Value filename(args[0]); // Cast
-  Local<Object> target = args[1]->ToObject(); // Cast
+  Local<Object> module = args[0]->ToObject(); // Cast
+  String::Utf8Value filename(args[1]); // Cast
+
+  if (exports_symbol.IsEmpty()) {
+    exports_symbol = NODE_PSYMBOL("exports");
+  }
+  Local<Object> exports = module->Get(exports_symbol)->ToObject();
 
   if (uv_dlopen(*filename, &lib)) {
     Local<String> errmsg = String::New(uv_dlerror(&lib));
@@ -1812,7 +1819,7 @@ Handle<Value> DLOpen(const v8::Arguments& args) {
     return ThrowException(Exception::Error(errmsg));
   }
 
-  String::Utf8Value path(args[0]);
+  String::Utf8Value path(args[1]);
   base = *path;
 
   /* Find the shared library filename within the full path. */
@@ -1869,7 +1876,7 @@ Handle<Value> DLOpen(const v8::Arguments& args) {
   }
 
   // Execute the C++ module
-  mod->register_func(target);
+  mod->register_func(exports, module);
 
   // Tell coverity that 'handle' should not be freed when we return.
   // coverity[leaked_storage]
@@ -1953,7 +1960,9 @@ static Handle<Value> Binding(const Arguments& args) {
 
   if ((modp = get_builtin_module(*module_v)) != NULL) {
     exports = Object::New();
-    modp->register_func(exports);
+    // Internal bindings don't have a "module" object,
+    // only exports.
+    modp->register_func(exports, Undefined());
     binding_cache->Set(module, exports);
 
   } else if (!strcmp(*module_v, "constants")) {
diff --git a/src/node.h b/src/node.h
index 51da0d9474..682b505832 100644
--- a/src/node.h
+++ b/src/node.h
@@ -83,6 +83,7 @@
 # endif
 #endif
 
+
 namespace node {
 
 NODE_EXTERN extern bool no_deprecation;
@@ -198,11 +199,15 @@ NODE_EXTERN v8::Local<v8::Value> WinapiErrnoException(int errorno,
 
 const char *signo_string(int errorno);
 
+
+NODE_EXTERN typedef void (* addon_register_func)(
+    v8::Handle<v8::Object> exports, v8::Handle<v8::Value> module);
+
 struct node_module_struct {
   int version;
   void *dso_handle;
   const char *filename;
-  void (*register_func) (v8::Handle<v8::Object> target);
+  node::addon_register_func register_func;
   const char *modname;
 };
 
@@ -214,7 +219,7 @@ node_module_struct* get_builtin_module(const char *name);
  * an API is broken in the C++ side, including in v8 or
  * other dependencies.
  */
-#define NODE_MODULE_VERSION 0x000A /* v0.10 */
+#define NODE_MODULE_VERSION 0x000B /* v0.11 */
 
 #define NODE_STANDARD_MODULE_STUFF \
           NODE_MODULE_VERSION,     \
@@ -232,7 +237,7 @@ node_module_struct* get_builtin_module(const char *name);
     NODE_MODULE_EXPORT node::node_module_struct modname ## _module =  \
     {                                                                 \
       NODE_STANDARD_MODULE_STUFF,                                     \
-      regfunc,                                                        \
+      (node::addon_register_func)regfunc,                             \
       NODE_STRINGIFY(modname)                                         \
     };                                                                \
   }
diff --git a/test/addons/hello-world-function-export/binding.cc b/test/addons/hello-world-function-export/binding.cc
new file mode 100644
index 0000000000..dcdb6b8ce8
--- /dev/null
+++ b/test/addons/hello-world-function-export/binding.cc
@@ -0,0 +1,15 @@
+#include <node.h>
+#include <v8.h>
+
+using namespace v8;
+
+Handle<Value> Method(const Arguments& args) {
+  HandleScope scope;
+  return scope.Close(String::New("world"));
+}
+
+void init(Handle<Object> exports, Handle<Object> module) {
+  NODE_SET_METHOD(module, "exports", Method);
+}
+
+NODE_MODULE(binding, init);
diff --git a/test/addons/hello-world-function-export/binding.gyp b/test/addons/hello-world-function-export/binding.gyp
new file mode 100644
index 0000000000..3bfb84493f
--- /dev/null
+++ b/test/addons/hello-world-function-export/binding.gyp
@@ -0,0 +1,8 @@
+{
+  'targets': [
+    {
+      'target_name': 'binding',
+      'sources': [ 'binding.cc' ]
+    }
+  ]
+}
diff --git a/test/addons/hello-world-function-export/test.js b/test/addons/hello-world-function-export/test.js
new file mode 100644
index 0000000000..238e105381
--- /dev/null
+++ b/test/addons/hello-world-function-export/test.js
@@ -0,0 +1,4 @@
+var assert = require('assert');
+var binding = require('./build/Release/binding');
+assert.equal('world', binding());
+console.log('binding.hello() =', binding());