X0203 3 2009-10-29 0 0001402364 Ultimate Escapes, Inc. UEI 0001439357 Nisswa Acquisition Master Fund Ltd. C/O MAPLES CORPORATE SVCS LIMITED PO BOX 309, UGLAND HOUSE GRAND CAYMA E9 KY1-1104 CAYMAN ISLANDS 0 0 1 0 0001288136 Pine River Capital Management L.P. 601 CARLSON PARKWAY SUITE 330 MINNETONKA MN 55305 0 0 1 0 0001387809 TAYLOR BRIAN C/O PINE RIVER CAPITAL MANAGEMENT 601 CARLSON PARKWAY, SUITE 330 MINNETONKA MN 55305 0 0 1 0 Warrants 8.8 2013-10-29 Common Stock 1253650 D Warrants 8.8 2013-10-29 Common Stock 1253650 I See Footnote 3 Warrants 8.8 2013-10-29 Common Stock 507800 I See Footnote 4 The warrants held by Nisswa Acquisition Master Fund Ltd. became reportable on October 29, 2009, the effective date of the merger among Secure America Acquisition Corp., Ultimate Escapes Holdings, LLC ("Ultimate Escapes"), Ultimate Resort Holdings, LLC ("Ultimate Resort") and James M. Tousignant (in his capacity as the representative of the holders of the issued and outstanding membership interests of Ultimate Escapes and Ultimate Resort. These warrants are owned by Nisswa Acquisition Master Fund Ltd., which is the Reporting Person. These warrants may be deemed to be beneficially owned by Pine River Capital Management L.P., the investment manager of Nisswa Acquisition Master Fund Ltd. (the "Investment Manager") and Brian Taylor, the managing member of Pine River Capital Management LLC, the general partner of the Investment Manager. Each such Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for the purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose. These warrants are held in the accounts of private investment vehicles, other than Nisswa Acquisition Master Fund Ltd., over which the Investment Manager and Brian Taylor have investment discretion by virtue of their respective positions as Investment Manager and managing member of Pine River Capital Management LLC, the general partner of the Investment Manager. Each such Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose. Nisswa Acquisition Master Fund Ltd., By: Pine River Capital Management L.P., its Investment Manager, By: Pine River Capital Management LLC, its General Partner, By: Brian Taylor, Managing Member 2009-11-19 Pine River Capital Management LLC, By: Brian Taylor, Managing Member 2009-11-19 Brian Taylor 2009-11-19