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As part of its initial public offering, the Issuer issued units (the Units) consisting of shares of Common Stock and
warrants (the Warrants). Each Unit consists of one share of Common Stock and one Warrant, and each Warrant entitles the holder to purchase one share of Common Stock at a price of $7.00.
QVT Financial LP (QVT Financial) is the investment manager for QVT Fund LP (the
Fund), which beneficially owns 5,663,937 shares of Common Stock, and for Quintessence Fund L.P. (Quintessence), which beneficially owns 644,023 shares of Common Stock. QVT Financial is also the investment manager for a
separate discretionary account managed for Deutsche Bank AG (the Separate Account), which holds 560,565 shares of Common Stock. QVT Financial has the power to direct the vote and disposition of the Common Stock held by the Fund,
Quintessence and the Separate Account. Accordingly, QVT Financial may be deemed to be the beneficial owner of an aggregate amount of 6,868,525 shares of Common Stock, consisting of the shares owned by the Fund and Quintessence and the shares held in
the Separate Account.
The Fund, Quintessence and the Separate Account own Warrants that
are not exercisable until the later of the Issuers completion of a business combination and January 17, 2009, and will expire on January 17, 2012 or earlier upon redemption. As of the date of this filing, there has been no report of the
completion of a business combination.
QVT Financial GP LLC, as General Partner of QVT
Financial, may be deemed to beneficially own the same number of shares of Common Stock reported by QVT Financial. QVT Associates GP LLC, as General Partner of the Fund and Quintessence, may be deemed to beneficially own the aggregate number of
shares of Common Stock owned by the Fund and Quintessence, and accordingly, QVT Associates GP LLC may be deemed to be the beneficial owner of an aggregate amount of 6,307,960 shares of Common Stock.
The Fund acquired beneficial ownership of more than 5% of the class of equity securities on February
22, 2008. The reported share amounts reflect amounts beneficially owned by the reporting persons as of that date, as adjusted for subsequent transactions through the date hereof.
Each of QVT Financial and QVT Financial GP LLC disclaims beneficial ownership of the shares of Common
Stock owned by the Fund and Quintessence and held in the Separate Account. QVT Associates GP LLC disclaims beneficial ownership of all shares of Common Stock owned by the Fund and Quintessence, except to the extent of its pecuniary interest therein.
The percentage disclosed in Item 11 of the Cover Pages for each reporting person is
calculated based upon 103,000,000 shares of Common Stock outstanding, which is the total number of shares issued and outstanding as reported in audited financial statements filed with the Issuers Current Report on Form 8-K filed with the
Securities and Exchange Commission on January 29, 2008.
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