THIS DOCUMENT IS A TECHNICAL ILLUSTRATION OF HOW CERTAIN DISCLOSURES IN SEC FILINGS ARE TO BE TAGGED. IT DOES NOT INDICATE WHICH PARTICULAR DISCLOSURES MUST BE INCLUDED AND/OR TAGGED IN COMMISSION FILINGS, AND IT DOES NOT CONSTITUTE LEGAL GUIDANCE OF ANY SORT.

The following table illustrates the difference between the public offering price per unit and our NTBV per share, as adjusted to give effect to this offering and assuming redemption of our public shares at varying levels and the full exercise and no exercise of the over-allotment option:

No Redemptions

25% of Maximum
Redemptions

50% of Maximum
Redemptions

75% of Maximum
Redemptions

Maximum
Redemptions


	Without Over- Allotment			With Over- Allotment			Without Over- Allotment			With Over- Allotment			Without Over- Allotment			With Over- Allotment			Without Over- Allotment			With Over- Allotment			Without Over- Allotment			With Over- Allotment
Public offering price	$	10.00		$	10.00		$	10.00		$	10.00		$	10.00		$	10.00		$	10.00		$	10.00		$	10.00		$	10.00

Net tangible book deficit before this offering		(0.01	)		(0.01	)		(0.01	)		(0.01	)		(0.01	)		(0.01	)		(0.01	)		(0.01	)		(0.01	)		(0.01	)
Increase attributable to public shareholders		7.05			7.06			6.38			6.39			5.32			5.34			3.43			3.45			(0.99	)		(0.97	)

Pro forma net tangible book value after this offering and the sale of the placement shares		7.04			7.05			6.37			6.38			5.31			5.33			3.42			3.44			(1.00	)		(0.98	)

Dilution to public shareholders	$	2.96		$	2.95		$	3.63		$	3.62		$	4.69		$	4.67		$	6.58		$	6.56		$	11.00		$	10.98

Percentage of dilution to public shareholders		29.60	%		29.50	%		36.30	%		36.20	%		46.90	%		46.70	%		65.80	%		65.60	%		110.00	%		109.80	%

No Redemptions

25% of Maximum
Redemptions

50% of Maximum
Redemptions

75% of Maximum
Redemptions

Maximum
Redemptions


	Without Over- Allotment		With Over- Allotment		Without Over- Allotment		With Over- Allotment		Without Over- Allotment		With Over- Allotment		Without Over- Allotment		With Over- Allotment		Without Over- Allotment		With Over- Allotment
Numerator:
Net tangible book deficit before this offering	$	(113,273)	$	(113,273)		(113,273)		(113,273)		(113,273)		(113,273)		(113,273)		(113,273)		(113,273)		(113,273)
Net proceeds from this offering and the sale of the placement shares⁽¹⁾		201,900,000		231,900,000		201,900,000		231,900,000		201,900,000		231,900,000		201,900,000		231,900,000		201,900,000		231,900,000
Plus: Offering costs accrued for or paid in advance, excluded from tangible book value		123,239		123,239		123,239		123,239		123,239		123,239		123,239		123,239		123,239		123,239
Less: Deferred underwriting commissions		(8,000,000)		(9,200,000)		(8,000,000)		(9,200,000)		(8,000,000)		(9,200,000)		(8,000,000)		(9,200,000)		(8,000,000)		(9,200,000)
Less: Overallotment liability		(398,000)		—		(398,000)		—		(398,000)		—		(398,000)		—		(398,000)		—
Less: Amounts paid for redemptions⁽²⁾		—		—		(50,250,000)		(57,787,500)		(100,500,000)		(115,575,000)		(150,750,000)		(173,362,500)		(201,000,000)		(231,150,000)

	$	193,511,966	$	222,709,966	$	143,261,966	$	164,922,466	$	93,011,966	$	107,134,966	$	42,761,966	$	49,347,466	$	(7,488,034)		(8,440,034)

Denominator:
Ordinary shares outstanding prior to this offering		7,880,000		7,880,000		7,880,000		7,880,000		7,880,000		7,880,000		7,880,000		7,880,000		7,880,000		7,880,000
Ordinary shares forfeited if over-allotment is not exercised		(1,027,826)		—		(1,027,826)		—		(1,027,826)		—		(1,027,826)		—		(1,027,826)		—
Ordinary shares offered and sale of placement shares		20,000,000		23,000,000		20,000,000		23,000,000		20,000,000		23,000,000		20,000,000		23,000,000		20,000,000		23,000,000
Less: Ordinary shares redeemed		—		—		(5,000,000)		(5,750,000)		(10,000,000)		(11,500,000)		(15,000,000)		(17,250,000)		(20,000,000)		(23,000,000)
Placement shares		650,000		710,000		650,000		710,000		650,000		710,000		650,000		710,000		650,000		710,000

		27,502,174		31,590,000		22,502,174		25,840,000		17,502,174		20,090,000		12,502,174		14,340,000		7,502,174		8,590,000


(1)	Expenses applied against gross proceeds include offering expenses of approximately $600,000 and underwriting commissions of $0.20 per unit (including any units sold pursuant to the underwriter’s option to purchase additional units), or $4,000,000 in the aggregate, payable to the underwriters in this offering (excluding deferred underwriting commissions). See “Use of Proceeds.”
(2)	Upon the consummation of our initial business combination, the deferred underwriting commissions would be paid as follows: $0.40 per unit $8,000,000 in the aggregate or up to an additional $1,200,000 in the aggregate if the underwriter’s over-allotment option is exercised in full payable to the underwriters in the Proposed Offering. See also “Underwriting” for a description of compensation and other items of value payable to the underwriter.
(3)	If we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our sponsor, initial shareholders, directors, officers, advisors or their affiliates may purchase shares or public warrants in privately negotiated transactions or in the open market either prior to or following the completion of our initial business combination. In the event of any such purchases of our shares prior to the completion of our initial business combination, the number of ordinary shares subject to redemption will be reduced by the amount of any such purchases, increasing the pro forma net tangible book value per share. See “Proposed Business — Effecting Our Initial Business Combination — Permitted Purchases and other transactions with respect to our securities.”


NTBV	NTBV		Difference between NTBV and Offering Price		NTBV		Difference between NTBV and Offering Price		NTBV		Difference between NTBV and Offering Price		NTBV			Difference between NTBV and Offering Price
Assuming Full Exercise of Over-Allotment Option
$7.05	$	6.38	$	3.62	$	5.33	$	4.67	$	3.44	$	6.56	$	(0.98	)	$	10.98
Assuming No Exercise of Over-Allotment Option
$7.04	$	6.37	$	3.63	$	5.31	$	4.69	$	3.42	$	6.58	$	(1.00	)	$	11.00

Deprecated Concept