Acquisition Criteria

Consistent with our strategy, we have identified the following general criteria and guidelines which we believe are important in evaluating prospective target businesses. We will use these criteria and guidelines in evaluating acquisition opportunities but we may decide to enter into our initial business combination with a target business that does not meet these criteria and guidelines.

We believe there are a considerable number of potential target businesses that can benefit from new capital to scale operations and generate substantial revenue and earnings growth.

We intend to acquire one or more businesses that we believe have the following characteristics:

Large Total Addressable Market

Riding the growth powered by Asia's emerging middle class, we intend to focus on consumption focused companies with disruptive growth potential in Asia with a particular focus on technology companies, which provides a clear path for structural growth. The large total addressable market and strong growth potential in Asia in particular present opportunities for new or existing players to make significant share gains.

Market Leadership with Sustainable Competitive Advantage

We will focus on companies that are or can be leaders in its verticals with an established and high quality customer base. These companies have the ability to protect and also grow their market. We will look for superior business models relative to its competitors in terms of higher operating efficiency, stronger brand recognition, wider distribution channels or any characteristics that ultimately lead to greater ability to capture value from its customers. We intend to target businesses that possess long-term competitive proposition and high barriers to entry, which will allow them to develop a leading market position.

Experienced and Motivated Management Team

We intend to focus on companies with visionary, experienced and professional management who can successfully execute business plans and capture market opportunities in a dynamic region. We will seek to partner with a committed management team with proven track record of driving growth and enhancing profitability to create long term value.

High Revenue and Earnings Growth Potential

We will look for one or more businesses that have multiple growth levers that could provide additional revenue streams and monetization potentials. We believe such businesses have disruptive growth prospects for existing business operations and potential for our management to add value by contributing their knowledge, proven operational strategies and past experience in growing businesses.

Attractive Unit Economics

We intend to target one or more businesses that may not be necessarily profitable at the current stage but have improving unit economics or shown strong potential to achieve attractive unit economics in the near future. In particular, we will focus on companies that enjoy economies of scales with potential room for profitability enhancement.

Significant Expansion Plan

We intend to target companies where we can work with them and leverage our management team's operational expertise and established network in the region.

These criteria are not intended to be exhaustive. Any evaluation of the merits of a particular initial business combination may be based, to the extent relevant, on these general guidelines as well as other considerations, factors and criteria that our management team may deem relevant. In the event that we decide to enter into our initial business combination with a target business that does not meet the above criteria and guidelines, we will disclose that the target business does not meet the above criteria in our shareholder communications related to our initial business combination, which would be in the form of tender offer documents or proxy solicitation materials that we would file with the SEC.

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