Document:

Unassociated Document

    

      WARRANT
        AGREEMENT

       

      THIS WARRANT AGREEMENT
        is
        made as of __, 2008 between Korea Milestone Acquisition Corporation, a Cayman
        Islands corporation, with offices at 545-7 Dogokdong, Gangnam, Seoul, Korea
        135-170 (the “Company”),
        and
        Continental Stock Transfer & Trust Company, a New York corporation, with
        offices at 17 Battery Place, New York, New York 10004 (the “Warrant
        Agent”).
        

       

      WHEREAS,
        the
        Company is engaged in an initial public offering (“Public
        Offering”)
        and,
        in connection therewith, has determined to issue and deliver: (i) up to
        5,750,000 units (“Public Units”),
        each
        Public Unit consisting of two of the Company’s ordinary shares, par value
        $0.0001 per share (“Ordinary
        Shares”)
        and
        one warrant (“Public
        Warrants”),
        each
        of such Public Warrants evidencing the right of the holder thereof to purchase
        one Ordinary Share for $6.00, subject to adjustment as described herein and
        (ii)
        375,000 warrants issuable pursuant to the Unit Purchase Option issued to
        Broadband Capital Management, LLC (the “Representative”)
        or its
        designees (the “Representative’s
        Warrants”);

       

      WHEREAS,
        immediately prior to the completion of the Public Offering, the Company shall
        sell and issue (i) 2,692,308 (the “Private
        Warrants”)
        to
        Sang-Chul Kim, each of such Private Warrants evidencing the right of the
        holder
        thereof to purchase one Ordinary Share for $6.00, subject to adjustment as
        described herein, (the Public Warrants, the Representative’s Warrants and the
        Private Warrants are together referred herein as “Warrants”);
        

       

      WHEREAS,
        the
        Company has filed with the Securities and Exchange Commission a Registration
        Statement, No. 333-153155, on Form F-1 (“Registration
        Statement”)
        for
        the registration under the Securities Act of 1933, as amended (“Act”),
        of,
        among other securities, the Public Warrants, the Representative’s Warrants and
        the Ordinary Shares issuable upon exercise of the Public Warrants and the
        Representative’s Warrants; 

       

      WHEREAS,
        the
        Company desires the Warrant Agent to act on behalf of the Company, and the
        Warrant Agent is willing to so act, in connection with the issuance,
        registration, transfer, exchange, redemption, exercise and cancellation of
        the
        Warrants; 

       

      WHEREAS,
        the
        Company desires to provide for the form and provisions of the Warrants, the
        terms upon which they shall be issued and exercised, and the respective rights,
        limitation of rights, and immunities of the Company, the Warrant Agent, and
        the
        holders of the Warrants; and 

       

      WHEREAS,
        all
        acts and things have been done and performed that are necessary to make the
        Warrants, when executed on behalf of the Company and countersigned by or
        on
        behalf of the Warrant Agent, as provided herein, the valid, binding and legal
        obligations of the Company, and to authorize the execution and delivery of
        this
        Agreement. 

       

      NOW,
        THEREFORE,
        in
        consideration of the mutual agreements herein contained, the parties hereto
        agree as follows: 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      1. Appointment
        of Warrant Agent.
        The
        Company hereby appoints the Warrant Agent to act as agent for the Company
        with
        respect to the Warrants, and the Warrant Agent hereby accepts such appointment
        and agrees to perform the same in accordance with the terms and conditions
        set
        forth in this Agreement. 

       

      2. Warrants.
        

       

      2.1 Form
        of Warrant.
        Each
        Warrant shall be issued in registered form only, shall be in substantially
        the
        form of Exhibit
        A
        hereto,
        the provisions of which are incorporated herein and shall be signed by, or
        bear
        the facsimile signature of, the Chairman of the Board, Chief Executive Officer,
        President, Chief Financial Officer, Vice President or Secretary of the Company
        and shall bear a facsimile of the Company’s seal. In the event the person whose
        facsimile signature has been placed upon any Warrant shall have ceased to
        serve
        in the capacity in which such person signed the Warrant before such Warrant
        is
        issued, it may be issued with the same effect as if he or she had not ceased
        to
        be such at the date of issuance. All of the Warrants shall initially be
        represented by one or more book-entry certificates (each a “Book
        Entry Warrant Certificate”).
        

       

      2.2 Effect
        of Countersignature.
        Unless
        and until countersigned by the Warrant Agent pursuant to this Agreement,
        a
        Warrant shall be invalid and of no effect and may not be exercised by the
        holder
        thereof. 

       

      2.3 Detachability
        of Warrants.
        The
        securities comprising the Units will not be separately transferable until
        the
        90th day after the date of the prospectus relating to the Company’s Public
        Offering (unless the Representative determines that an earlier date is
        acceptable) (the “Detachment
        Date”),
        but
        in no event will separate trading of the securities comprising the Units
        be
        allowed until the Company files a Report of Foreign Private Issuer on Form
        6-K
        that includes an audited balance sheet reflecting the receipt by the Company
        of
        the gross proceeds of the Public Offering including the proceeds received
        by the
        Company from the exercise of the Underwriter’s over-allotment option if the
        over-allotment option is exercised prior to the filing of the Form 6-K.

       

      2.4 Registration.
        

       

      2.4.1 Warrant
        Register.
        The
        Warrant Agent shall maintain books (“Warrant
        Register”)
        for
        registration of original issuance and the registration of transfer of the
        Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall
        issue and register the Warrants in the names of the respective holders thereof
        in such denominations and otherwise in accordance with instructions delivered
        to
        the Warrant Agent by the Company. All of the Public Warrants shall initially
        be
        represented by one or more Book-Entry Warrant Certificates deposited with
        the
        Depository Trust Company (the “Depository”)
        and
        registered in the name of Cede & Co., a nominee of the Depository. Ownership
        of beneficial interests in the Public Warrants shall be shown on, and the
        transfer of such ownership shall be effected through, records maintained
        by (i)
        the Depository or its nominee for each Book-Entry Warrant Certificate, or
        (ii)
        institutions that have accounts with the Depository (such institution, with
        respect to a Warrant in its account, a “Participant”).
        

       

      
        
          
          

        

        
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      If
        the
        Depository subsequently ceases to make its book-entry settlement system
        available for the Public Warrants, the Company may instruct the Warrant Agent
        regarding making other arrangements for book-entry settlement. In the event
        that
        the Public Warrants are not eligible for, or it is no longer necessary to
        have
        the Public Warrants available in, book-entry form, the Warrant Agent shall
        provide written instructions to the Depository to deliver to the Warrant
        Agent
        for cancellation each Book-Entry Warrant Certificate, and the Company shall
        instruct the Warrant Agent to deliver to the Depository definitive Warrant
        Certificates in physical form evidencing such Public Warrants. Such definitive
        Warrant Certificates shall be in the form annexed hereto as Exhibit
        A
        with
        appropriate insertions, modifications and omissions, as provided above.

       

      2.4.2 Beneficial
        Owner; Registered Holder.
        The
        term “beneficial
        owner”
shall
        mean, on or after the Detachment Date, any person in whose name ownership
        of a
        beneficial interest in the Warrants evidenced by a Book-Entry Warrant
        Certificate is recorded in the records maintained by the Depository or its
        nominee, and prior to the Detachment Date, the person in whose name the Unit
        to
        which such Warrant Certificate was initially attached as registered upon
        the
        register relating to such Units. Prior to due presentment for registration
        of
        transfer of any Warrant, the Company and the Warrant Agent may deem and treat
        the person in whose name such Warrant shall be registered upon the Warrant
        Register (a “Registered
        Holder”)
        as the
        absolute owner of such Warrant and of each Warrant represented thereby
        (notwithstanding any notation of ownership or other writing on the Warrant
        Certificate made by anyone other than the Company or the Warrant Agent) for
        the
        purpose of any exercise thereof, and for all other purposes, and neither
        the
        Company nor the Warrant Agent shall be affected by any notice to the contrary.
        

       

      3. Terms
        and Exercise of Warrants 

       

      3.1 Warrant
        Price.
        Each
        Warrant shall, when countersigned by the Warrant Agent, entitle the Registered
        Holder thereof, subject to the provisions of (a) such Public Warrant, Private
        Warrant or Representative’s Warrant, as the case may be, and (b) this Warrant
        Agreement, to purchase from the Company the number of Ordinary Shares stated
        therein, at the price of $6.00 per whole share, subject to the adjustments
        provided in Section 4 hereof and in the last sentence of this Section 3.1.
        The
        term “Warrant
        Price”
as
        used
        in this Warrant Agreement refers to the price per share at which Ordinary
        Shares
        may be purchased at the time a Warrant is exercised. The Company in its sole
        discretion may lower the Warrant Price at any time prior to the Expiration
        Date.

       

      3.2 Duration
        of Warrants.
        A
        Warrant may be exercised only during the period (“Exercise
        Period”)
        commencing on the later of the consummation by the Company of a merger, capital
        stock exchange, stock purchase, asset acquisition or other similar business
        combination or a combination of any of the foregoing, of one or more operating
        businesses having collectively, a fair market value (as calculated in accordance
        with the requirements as set forth in the Company’s Memorandum and Articles of
        Incorporation) of at least 80% of the balance in the trust account at the
        time
        of the execution of a definitive agreement for the business combination (a
        “Business
        Combination”),
        or
        ___________ 2008, and terminating at 5:00 p.m., New York City time on the
        earlier to occur of (i) ____________, 2012, or (ii) the date fixed for
        redemption of the Warrants as provided in Section 6 of this Agreement
        (“Expiration
        Date”).
        Except with respect to the right to receive the Redemption Price (as set
        forth
        in Section 6 hereunder), each Warrant not exercised on or before the Expiration
        Date shall become void, and all rights thereunder and all rights in respect
        thereof under this Agreement shall cease at the close of business on the
        Expiration Date. The Company in its sole discretion may extend the duration
        of
        the Warrants by delaying the Expiration Date. 

       

      
        
          
          

        

        
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      3.3 Exercise
        of Warrants.
        A
        Registered Holder may exercise a Warrant by delivering, not later than 5:00
        P.M., New York time, on any Business Day during the Exercise Period (the
        “Exercise
        Date”)
        to the
        Warrant Agent at its corporate trust department (i) the Warrant Certificate
        evidencing the Warrants to be exercised, or, in the case of a Book-Entry
        Warrant
        Certificate, the Warrants to be exercised (the “Book-Entry
        Warrants”)
        free
        on the records of the Depository to an account of the Warrant Agent at the
        Depository designated for such purpose in writing by the Warrant Agent to
        the
        Depository from time to time, (ii) an election to purchase the Shares underlying
        the Warrants to be exercised (“Election
        to Purchase”),
        properly completed and executed by the Registered Holder on the reverse of
        the
        Warrant Certificate or, in the case of a Book-Entry Warrant Certificate,
        properly delivered by the Participant in accordance with the Depository’s
        procedures, and (iii) the Warrant Price for each Warrant to be exercised
        as
        follows: 

       

      (a)
        in cash, good certified check or good bank draft payable to the order of
        the
        Company (or as otherwise agreed to by the Company);

      

      (b)
        in the event of redemption pursuant to Section 6 hereof in which the Company’s
        management has elected to require all holders of Public Warrants to exercise
        such Public Warrants on a “cashless basis,” by surrendering the Public Warrants
        for that number of Ordinary Shares equal to the quotient obtained by dividing
        (x) the product of the number of Ordinary Shares underlying the Public Warrants,
        multiplied by the difference between the Warrant Price and the “Fair Market
        Value” (defined below) by (y) the Fair Market Value. Solely for purposes of this
        Section 3.3, the “Fair Market Value” shall mean the average reported last sale
        price of the Ordinary Shares for the 10 trading days ending on the third
        trading
        day prior to the date on which the notice of redemption is sent to holders
        of
        Warrant pursuant to Section 6 hereof; or

      

      (c)
        with respect to any Private Warrants, in the event of redemption pursuant
        to
        Section 6 hereof in which the Company’s management has not elected to require
        all holders of Private Warrants to exercise such Private Warrants on a “cashless
        basis” or at any time other than in connection with a redemption pursuant to
        Section 6 hereof, in any case so long as such Private Warrants are held by
        Sang-Chul Kim or his permitted transferees, by surrendering such Private
        Warrants for that number of Ordinary Shares equal to the quotient obtained
        by
        dividing (x) the product of the number of Ordinary Shares underlying the
        Private
        Warrants, multiplied by the difference between the exercise price of the
        Private
        Warrants and the “Fair Market Value” by (y) the Fair Market Value. Solely for
        purposes of this Section 3.3, the “Fair Market Value” shall mean the average
        reported last sale price of the Ordinary Shares for the five trading days
        ending
        on the trading day preceding the date the Private Warrants are
        exercised.

      

      If
        any of
        (A) the Warrant Certificate or the Book-Entry Warrants, (B) the Election
        to
        Purchase, or (C) the Warrant Price therefor, is received by the Warrant Agent
        after 5:00 P.M., New York time, on the specified Exercise Date, the Warrants
        will be deemed to be received and exercised on the Business Day next succeeding
        the Exercise Date. If the date specified as the Exercise Date is not a Business
        Day, the Warrants will be deemed to be received and exercised on the next
        succeeding day that is a Business Day. If the Warrants are received or deemed
        to
        be received after the Expiration Date, the exercise thereof will be null
        and
        void and any funds delivered to the Warrant Agent will be returned to the
        Holder
        or Participant, as the case may be, as soon as practicable. In no event will
        interest accrue on funds deposited with the Warrant Agent in respect of an
        exercise or attempted exercise of Warrants. The validity of any exercise
        of
        Warrants will be determined by the Company in its sole discretion and such
        determination will be final and binding upon the Holder and the Warrant Agent.
        Neither the Company nor the Warrant Agent shall have any obligation to inform
        a
        Holder of the invalidity of any exercise of Warrants. 

       

      
        
          
          

        

        
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      The
        Warrant Agent shall deposit all funds received by it in payment of the Warrant
        Price in the account of the Company maintained with the Warrant Agent for
        such
        purpose and shall advise the Company at the end of each day on which funds
        for
        the exercise of the Warrants are received of the amount so deposited to its
        account. The Warrant Agent shall promptly confirm such telephonic advice
        to the
        Company in writing. 

       

      (i) The
        Warrant Agent shall, by 11:00 A.M. Eastern Time on the Business Day following
        the Exercise Date of any Warrant, advise the Company and the transfer agent
        and
        registrar in respect of (a) the Ordinary Shares issuable upon such exercise
        as
        to the number of Warrants exercised in accordance with the terms and conditions
        of this Agreement, (b) the instructions of each Registered Holder or
        Participant, as the case may be, with respect to delivery of the Ordinary
        Shares
        issuable upon such exercise, and the delivery of definitive Warrant
        Certificates, as appropriate, evidencing the balance, if any, of the Warrants
        remaining after such exercise, (c) in case of a Book-Entry Warrant Certificate,
        the notation that shall be made to the records maintained by the Depository,
        its
        nominee for each Book-Entry Warrant Certificate, or a Participant, as
        appropriate, evidencing the balance, if any, of the Warrants remaining after
        such exercise and (d) such other information as the Company or such transfer
        agent and registrar shall reasonably require. 

       

      (ii) The
        Company shall, by 5:00 P.M., New York time, on the third Business Day next
        succeeding the Exercise Date of any Warrant and the clearance of the funds
        in
        payment of the Warrant Price, execute, issue and deliver to the Warrant Agent,
        the Ordinary Shares to which such Registered Holder or Participant, as the
        case
        may be, is entitled, in fully registered form, registered in such name or
        names
        as may be directed by such Registered Holder or the Participant, as the case
        may
        be. Upon receipt of such Ordinary Shares, the Warrant Agent shall, by 5:00
        P.M.,
        New York time, on the fifth Business Day next succeeding such Exercise Date,
        transmit such Ordinary Shares to or upon the order of the Registered Holder
        or
        Participant, as the case may be. 

       

      In
        lieu
        of delivering physical certificates representing the Ordinary Shares issuable
        upon exercise, provided the Company’s transfer agent is participating in the
        Depository Fast Automated Securities Transfer program, the Company shall
        use its
        reasonable best efforts to cause its transfer agent to electronically transmit
        the Ordinary Shares issuable upon exercise to the Registered Holder or
        Participant by crediting the account of Registered Holder’s prime broker with
        Depository or of the Participant through its Deposit Withdrawal Agent Commission
        system. The time periods for delivery described in the immediately preceding
        paragraph shall apply to the electronic transmittals described herein.
        Notwithstanding the foregoing, the Company shall not be obligated to deliver
        any
        securities pursuant to the exercise of a Warrant unless a registration statement
        under the Act with respect to the Ordinary Shares is effective. In no event
        will
        the Company be required to net cash settle the warrant exercise. Warrants
        may
        not be exercised by, or securities issued to, any Registered Holder in any
        state
        in which such exercise would be unlawful. 

       

      
        
          
          

        

        
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      (iii) The
        accrual of dividends, if any, on the Ordinary Shares issued upon the valid
        exercise of any Warrant will be governed by the terms generally applicable
        to
        the Ordinary Shares. From and after the issuance of such Ordinary Shares,
        the
        former Holder of the Warrants exercised will be entitled to the benefits
        generally available to other holders of Ordinary Shares and such former Holder’s
        right to receive payments of dividends and any other amounts payable in respect
        of the Ordinary Shares shall be governed by, and shall be subject to, the
        terms
        and provisions generally applicable to such Ordinary Shares. 

       

      (iv) Warrants
        may be exercised only in whole numbers of Ordinary Shares. No fractional
        Ordinary Shares are to be issued upon the exercise of the Warrant, but rather
        the number of Ordinary Shares to be issued shall be rounded up to the nearest
        whole number. If fewer than all of the Warrants evidenced by a Warrant
        Certificate are exercised, a new Warrant Certificate for the number of
        unexercised Warrants remaining shall be executed by the Company and
        countersigned by the Warrant Agent as provided in Section 2 hereof, and
        delivered to the holder of this Warrant Certificate at the address specified
        on
        the books of the Warrant Agent or as otherwise specified by such Registered
        Holder. If fewer than all the Warrants evidenced by a Book-Entry Warrant
        Certificate are exercised, a notation shall be made to the records maintained
        by
        the Depository, its nominee for each Book-Entry Warrant Certificate, or a
        Participant, as appropriate, evidencing the balance of the Warrants remaining
        after such exercise. 

       

      (v) The
        Company shall not be required to pay any stamp or other tax or governmental
        charge required to be paid in connection with any transfer involved in the
        issue
        of the Ordinary Shares upon the exercise of Warrants; and in the event that
        any
        such transfer is involved, the Company shall not be required to issue or
        deliver
        any Ordinary Shares until such tax or other charge shall have been paid or
        it
        has been established to the Company’s satisfaction that no such tax or other
        charge is due. 

       

      3.4 Valid
        Issuance.
        All
        Ordinary Shares issued upon the proper exercise of a Warrant in conformity
        with
        this Agreement shall be validly issued, fully paid and nonassessable.

       

      3.5 Date
        of Issuance.
        Each
        person in whose name any such certificate for Ordinary Shares is issued shall
        for all purposes be deemed to have become the holder of record of such shares
        on
        the date on which the Warrant was surrendered and payment of the Warrant
        Price
        was made, irrespective of the date of delivery of such certificate, except
        that,
        if the date of such surrender and payment is a date when the stock transfer
        books of the Company are closed, such person shall be deemed to have become
        the
        holder of such Ordinary Shares at the close of business on the next succeeding
        date on which the stock transfer books are open. 

       

      
        
          
          

        

        
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      4. Adjustments.
        

       

      4.1 Stock
        Dividends - Split-Ups.
        If
        after the date hereof, and subject to the provisions of Section 4.6 below,
        the
        number of outstanding Ordinary Shares is increased by a stock dividend payable
        in Ordinary Shares, or by a split-up of Ordinary Shares, or other similar
        event,
        then, on the effective date of such stock dividend, split-up or similar event,
        the number of Ordinary Shares issuable on exercise of each Warrant shall
        be
        increased in proportion to such increase in outstanding Ordinary Shares.
        

       

      4.2 Aggregation
        of Shares.
        If,
        after the date hereof, and subject to the provisions of Section 4.6, the
        number
        of outstanding Ordinary Shares is decreased by a consolidation, combination,
        reverse stock split or reclassification of Ordinary Shares or other similar
        event, then, on the effective date of such consolidation, combination, reverse
        stock split, reclassification or similar event, the number of Ordinary Shares
        issuable on exercise of each Warrant shall be decreased in proportion to
        such
        decrease in outstanding Ordinary Shares. 

       

      4.3 Adjustments
        in Warrant Price.
        Whenever the number of Ordinary Shares purchasable upon the exercise of the
        Warrants is adjusted, as provided in Section 4.1 and 4.2 above, the Warrant
        Price shall be adjusted (to the nearest cent) by multiplying such Warrant
        Price
        immediately prior to such adjustment by a fraction (x) the numerator of which
        shall be the number of Ordinary Shares purchasable upon the exercise of the
        Warrants immediately prior to such adjustment, and (y) the denominator of
        which
        shall be the number of Ordinary Shares so purchasable immediately thereafter.
        

       

      4.4 Replacement
        of Securities upon Reorganization, etc.
        In case
        of any reclassification or reorganization of the outstanding Ordinary Shares
        (other than a change covered by Section 4.1 or 4.2 hereof or that solely
        affects
        the par value of such Ordinary Shares), or in the case of any merger or
        consolidation of the Company with or into another corporation (other than
        a
        consolidation or merger in which the Company is the continuing corporation
        and
        that does not result in any reclassification or reorganization of the
        outstanding Ordinary Shares), or in the case of any sale or conveyance to
        another corporation or entity of the assets or other property of the Company
        as
        an entirety or substantially as an entirety in connection with which the
        Company
        is dissolved, the Warrant holders shall thereafter have the right to purchase
        and receive, upon the basis and upon the terms and conditions specified in
        the
        Warrants and in lieu of the Ordinary Shares of the Company immediately
        theretofore purchasable and receivable upon the exercise of the rights
        represented thereby, the kind and amount of shares of stock or other securities
        or property (including cash) receivable upon such reclassification,
        reorganization, merger or consolidation, or upon a dissolution following
        any
        such sale or transfer, that the Warrant holder would have received if such
        Warrant holder had exercised his, her or its Warrant(s) immediately prior
        to
        such event; and if any reclassification also results in a change in Ordinary
        Shares covered by Section 4.1 or 4.2, then such adjustment shall be made
        pursuant to Sections 4.1, 4.2, 4.3 and this Section 4.4. The provisions of
        this
        Section 4.4 shall similarly apply to successive reclassifications,
        reorganizations, mergers or consolidations, sales or other transfers.

       

      4.5 Notices
        of Changes in Warrant.
        Upon
        every adjustment of the Warrant Price or the number of Ordinary Shares issuable
        upon exercise of a Warrant, the Company shall give written notice thereof
        to the
        Warrant Agent, which notice shall state the Warrant Price resulting from
        such
        adjustment and the increase or decrease, if any, in the number of Ordinary
        Shares purchasable at such price upon the exercise of a Warrant, setting
        forth
        in reasonable detail the method of calculation and the facts upon which such
        calculation is based. Upon the occurrence of any event specified in Sections
        4.1, 4.2, 4.3 or 4.4, then, in any such event, the Company shall give written
        notice to the Warrant holder, at the last address set forth for such holder
        in
        the Warrant Register, of the record date or the effective date of the event.
        Failure to give such notice, or any defect therein, shall not affect the
        legality or validity of such event. 

       

      
        
          
          

        

        
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      4.6 No
        Fractional Shares.
        Notwithstanding any provision contained in this Agreement to the contrary,
        the
        Company shall not issue fractional Ordinary Shares upon exercise of Warrants.
        If, by reason of any adjustment made pursuant to this Section 4, the holder
        of
        any Warrant would be entitled, upon the exercise of such Warrant, to receive
        a
        fractional interest in an Ordinary Share, the Company shall, upon such exercise,
        round up to the nearest whole number the number of the Ordinary Shares to
        be
        issued to the Warrant holder. 

       

      4.7 Form
        of Warrant.
        The
        form of Warrant need not be changed because of any adjustment pursuant to
        this
        Section 4, and Warrants issued after such adjustment may state the same Warrant
        Price and the same number of Ordinary Shares as is stated in the Warrants
        initially issued pursuant to this Agreement. However, the Company may at
        any
        time in its sole discretion make any change in the form of Warrant that the
        Company may deem appropriate and that does not affect the substance thereof,
        and
        any Warrant thereafter issued or countersigned, whether in exchange or
        substitution for an outstanding Warrant or otherwise, may be in the form
        as so
        changed. 

       

      5. Transfer
        and Exchange of Warrants.
        

       

      5.1 Transfer
        of Warrants.
        Prior
        to the Detachment Date, the Public Warrants may be transferred or exchanged
        only
        together with the Unit in which such Warrant is included, and only for the
        purpose of effecting, or in conjunction with, a transfer or exchange of such
        Unit. Furthermore, each transfer of a Public Unit or a Private Unit on the
        register relating to such Units shall operate also to transfer the Warrants
        included in such Unit. 

       

      5.2 Registration
        of Transfer.
        The
        Warrant Agent shall register the transfer, from time to time, of any outstanding
        Warrant upon the Warrant Register, upon surrender of such Warrant for transfer,
        properly endorsed with signatures properly guaranteed and accompanied by
        appropriate instructions for transfer. Upon any such transfer, a new Warrant
        representing an equal aggregate number of Warrants shall be issued and the
        old
        Warrant shall be cancelled by the Warrant Agent. The Warrants so cancelled
        shall
        be delivered by the Warrant Agent to the Company from time to time upon request.
        

       

      5.3 Procedure
        for Surrender of Warrants.
        Warrants may be surrendered to the Warrant Agent, together with a written
        request for exchange or transfer, and thereupon the Warrant Agent shall issue
        in
        exchange therefor one or more new Warrants as requested by the Registered
        Holder
        of the Warrants so surrendered, representing an equal aggregate number of
        Warrants; provided,
        however,
        that
        except as otherwise provided herein or in any Book-Entry Warrant Certificate,
        each Book-Entry Warrant Certificate may be transferred only in whole and
        only to
        the Depository, to another nominee of the Depository, to a successor depository,
        or to a nominee of a successor depository; provided
        further,
        however,
        that in
        the event that a Warrant surrendered for transfer bears a restrictive legend,
        the Warrant Agent shall not cancel such Warrant and issue new Warrants in
        exchange therefor until the Warrant Agent has received an opinion of counsel
        for
        the Company stating that such transfer may be made and indicating whether
        the
        new Warrants must also bear a restrictive legend. Upon any such registration
        of
        transfer, the Company shall execute, and the Warrant Agent shall countersign
        and
        deliver, in the name of the designated transferee a new Warrant Certificate
        or
        Warrant Certificates of any authorized denomination evidencing in the aggregate
        a like number of unexercised Warrants. 

       

      
        
          
          

        

        
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      5.4 Fractional
        Warrants.
        The
        Warrant Agent shall not be required to effect any registration of transfer
        or
        exchange that will result in the issuance of a Warrant Certificate for a
        fraction of a Warrant. 

       

      5.5 Service
        Charges.
        No
        service charge shall be made for any exchange or registration of transfer
        of
        Warrants. 

       

      5.6 Warrant
        Execution and Countersignature.
        The
        Warrant Agent is hereby authorized to countersign and to deliver, in accordance
        with the terms of this Agreement, the Warrants required to be issued pursuant
        to
        the provisions of this Section 5, and the Company, whenever required by the
        Warrant Agent, will supply the Warrant Agent with Warrants duly executed
        on
        behalf of the Company for such purpose. 

       

      6. Redemption.
        

       

      6.1 Redemption.
        Subject
        to Section 6.4 hereof, not less than all of the outstanding Warrants may
        be
        redeemed, at the option of the Company, at any time after they become
        exercisable and so long as an effective registration statement covering the
        Ordinary Shares issuable upon exercise of the Warrants is current and available
        throughout the 30-day notice of redemption period and prior to their expiration,
        at the office of the Warrant Agent, upon the notice referred to in Section
        6.2,
        at the price of $0.01 per Warrant (“Redemption
        Price”),
        provided that the last sales price of the Ordinary Shares has been at least
        $14.25 per Ordinary Share for any twenty (20) trading days within a thirty
        (30)
        trading-day period ending on the third business day prior to the date on
        which
        notice of redemption is given. 

       

      6.2 Date
        Fixed for, and Notice of, Redemption.
        In the
        event the Company shall elect to redeem all of the Warrants, the Company
        shall
        fix a date for the redemption (the “Redemption
        Date”).
        Notice of redemption shall be mailed by first class mail, postage prepaid,
        by
        the Company not less than 30 days prior to the date fixed for redemption
        to the
        Registered Holders of the Warrants to be redeemed at their last addresses
        as
        they shall appear on the Warrant Register (the “Redemption
        Notice”).
        Any
        notice mailed in the manner herein provided shall be conclusively presumed
        to
        have been duly given on the date sent whether or not the Registered Holder
        received such notice. 

       

      6.3 Exercise
        After Notice of Redemption.
        The
        Warrants may be exercised in accordance with Section 3 of this Agreement
        at any
        time after the Redemption Notice shall have been given by the Company pursuant
        to Section 6.2 hereof and prior to the time and date fixed for redemption.
        On
        and after the Redemption Date, the record holder of the Warrants shall have
        no
        further rights except to receive, upon surrender of the Warrants, the Redemption
        Price. 

       

      
        
          
          

        

        
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      6.4 Exclusion
        of Certain Warrants.
        The Company understands that the redemption rights provided for by this Section
        6 apply only to outstanding Warrants. To the extent a person holds rights
        to
        purchase Warrants, such purchase rights shall not be extinguished by redemption.
        However, once such purchase rights are exercised, the Company may redeem
        the
        Warrants issued upon such exercise provided that the criteria for redemption
        is
        met. Additionally, any of the Private Warrants shall not be redeemable by
        the
        Company as long as such Private Warrants continue to be held by Sang-Chul
        Kim or
        his permitted transferees. However, once such individuals or their permitted
        transferee otherwise transfer such Private Warrants, such Private Warrants
        shall
        then be redeemable by the Company pursuant to Section 6 hereof.

      

      7. Other
        Provisions Relating to Rights of Holders of Warrants.
        

       

      7.1 No
        Rights as Shareholder.
        A
        Warrant does not entitle the Registered Holder thereof to any of the rights
        of a
        shareholder of the Company, including, without limitation, the right to receive
        dividends, or other distributions, exercise any preemptive rights to vote
        or to
        consent or to receive notice as shareholders in respect of the meetings of
        shareholders or the election of directors of the Company or any other matter.
        

       

      7.2 Lost,
        Stolen, Mutilated, or Destroyed Warrants.
        If any
        Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant
        Agent may on such terms as to indemnity or otherwise as they may in their
        discretion impose (which shall, in the case of a mutilated Warrant, include
        the
        surrender thereof), issue a new Warrant of like denomination, tenor, and
        date as
        the Warrant so lost, stolen, mutilated, or destroyed. Any such new Warrant
        shall
        constitute a substitute contractual obligation of the Company, whether or
        not
        the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any
        time
        enforceable by anyone. 

       

      7.3 Reservation
        of Ordinary Shares.
        The
        Company shall at all times reserve and keep available a number of its authorized
        but unissued Ordinary Shares that will be sufficient to permit the exercise
        in
        full of all outstanding Warrants issued pursuant to this Agreement.

       

      7.4 Registration
        of Ordinary Shares.
        The
        Company agrees that prior to the commencement of the Exercise Period, it
        shall
        use its best efforts to file with the Securities and Exchange Commission
        a
        post-effective amendment to the Registration Statement, or a new registration
        statement, for the registration under the Act of, and it shall take such
        action
        as is necessary to qualify for sale in those states in which the Warrants
        were
        initially offered by the Company, the Ordinary Shares issuable upon exercise
        of
        the Warrants. In either case, the Company will use its reasonable best efforts
        to cause the same to become effective and to maintain the effectiveness of
        such
        registration statement until the expiration of the Warrants in accordance
        with
        the provisions of this Agreement. The provisions of this Section 7.4 may
        not be
        modified, amended or deleted without the prior written consent of the
        Representative. 

       

      
        
          
          

        

        
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      8. Concerning
        the Warrant Agent and Other Matters.
        

       

      8.1 Payment
        of Taxes.
        The
        Company will from time to time promptly pay all taxes and charges that may
        be
        imposed upon the Company or the Warrant Agent in respect of the issuance
        or
        delivery of Ordinary Shares upon the exercise of Warrants, but the Company
        shall
        not be obligated to pay any transfer taxes in respect of the Warrants or
        such
        Ordinary Shares. 

       

      8.2 Resignation,
        Consolidation, or Merger of Warrant Agent.
        

       

      8.2.1 Appointment
        of Successor Warrant Agent.
        The
        Warrant Agent, or any successor to it hereafter appointed, may resign its
        duties
        and be discharged from all further duties and liabilities hereunder after
        giving
        sixty (60) days’ prior written notice to the Company. If the office of the
        Warrant Agent becomes vacant by resignation or incapacity to act or otherwise,
        the Company shall appoint in writing a successor warrant agent in place of
        the
        Warrant Agent. If the Company shall fail to make such appointment within
        a
        period of 30 days after it has been notified in writing of such resignation
        or
        incapacity by the Warrant Agent or by the holder of the Warrant (who shall,
        with
        such notice, submit his Warrant for inspection by the Company), then the
        holder
        of any Warrant may apply to the Supreme Court of the State of New York for
        the
        County of New York for the appointment of a successor Warrant Agent at the
        Company’s cost. Any successor warrant agent, whether appointed by the Company or
        by such court, shall be a corporation organized and existing under the laws
        of
        the State of New York, in good standing and having its principal office in
        the
        Borough of Manhattan, City and State of New York, and authorized under such
        laws
        to exercise corporate trust powers and subject to supervision or examination
        by
        federal or state authority. After appointment, any successor warrant agent
        shall
        be vested with all the authority, powers, rights, immunities, duties, and
        obligations of its predecessor warrant agent with like effect as if originally
        named as warrant agent hereunder, without any further act or deed; but if
        for
        any reason it becomes necessary or appropriate, the predecessor warrant agent
        shall execute and deliver, at the expense of the Company, an instrument
        transferring to such successor warrant agent all the authority, powers, and
        rights of such predecessor warrant agent hereunder; and upon request of any
        successor warrant agent the Company shall make, execute, acknowledge, and
        deliver any and all instruments in writing for more fully and effectually
        vesting in and confirming to such successor warrant agent all such authority,
        powers, rights, immunities, duties, and obligations. 

       

      8.2.2 Notice
        of Successor Warrant Agent.
        In the
        event a successor warrant agent shall be appointed, the Company shall give
        notice thereof to the predecessor warrant agent and the transfer agent for
        the
        Ordinary Shares not later than the effective date of any such appointment.
        

       

      8.2.3 Merger
        or Consolidation of Warrant Agent.
        Any
        corporation into which the Warrant Agent may be merged or with which it may
        be
        consolidated or any corporation resulting from any merger or consolidation
        to
        which the Warrant Agent shall be a party shall be the successor warrant agent
        under this Agreement without any further act. 

       

      
        
          
          

        

        
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      8.3 Fees
        and Expenses of Warrant Agent.
        

       

      8.3.1 Remuneration.
        The
        Company agrees to pay the Warrant Agent reasonable remuneration for its services
        as Warrant Agent hereunder and will reimburse the Warrant Agent upon demand
        for
        all expenditures that the Warrant Agent may reasonably incur in the execution
        of
        its duties hereunder. 

       

      8.3.2 Further
        Assurances.
        The
        Company agrees to perform, execute, acknowledge, and deliver or cause to
        be
        performed, executed, acknowledged, and delivered all such further acts,
        instruments, and assurances as may reasonably be required by the Warrant
        Agent
        for the carrying out or performing of the provisions of this Agreement.

       

      8.4 Liability
        of Warrant Agent.
        

       

      8.4.1 Reliance
        on Company Statement.
        Whenever in the performance of its duties under this Warrant Agreement, the
        Warrant Agent shall deem it necessary or desirable that any fact or matter
        be
        proved or established by the Company prior to taking or suffering any action
        hereunder, such fact or matter (unless other evidence in respect thereof
        be
        herein specifically prescribed) may be deemed to be conclusively proved and
        established by a statement signed by the Chief Executive Officer, President
        or
        Chairman of the Board of the Company and delivered to the Warrant Agent.
        The
        Warrant Agent may rely upon such statement for any action taken or suffered
        in
        good faith by it pursuant to the provisions of this Agreement. 

       

      8.4.2 Indemnity.
        The
        Warrant Agent shall be liable hereunder only for its own negligence, willful
        misconduct or bad faith. The Company agrees to indemnify the Warrant Agent
        and
        save it harmless against any and all liabilities, including judgments, costs
        and
        reasonable counsel fees, for anything done or omitted by the Warrant Agent
        in
        the execution of this Agreement except as a result of the Warrant Agent’s
        negligence, willful misconduct, or bad faith. 

       

      8.4.3 Exclusions.
        The
        Warrant Agent shall have no responsibility with respect to the validity of
        this
        Agreement or with respect to the validity or execution of any Warrant (except
        its countersignature thereof); nor shall it be responsible for any breach
        by the
        Company of any covenant or condition contained in this Agreement or in any
        Warrant; nor shall it be responsible to make any adjustments required under
        the
        provisions of Section 4 hereof or responsible for the manner, method, or
        amount
        of any such adjustment or the ascertaining of the existence of facts that
        would
        require any such adjustment; nor shall it by any act hereunder be deemed
        to make
        any representation or warranty as to the authorization or reservation of
        any
        Ordinary Shares to be issued pursuant to this Agreement or any Warrant or
        as to
        whether any Ordinary Shares will when issued be valid and fully paid and
        nonassessable. 

       

      8.5 Acceptance
        of Agency.
        The
        Warrant Agent hereby accepts the agency established by this Agreement and
        agrees
        to perform the same upon the terms and conditions herein set forth and among
        other things, shall account promptly to the Company with respect to Warrants
        exercised and concurrently account for, and pay to the Company, all moneys
        received by the Warrant Agent for the purchase of shares of the Company’s
        Ordinary Shares through the exercise of Warrants. 

       

      
        
          
          

        

        
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      8.6 Waiver.
        The
        Warrant Agent hereby waives any and all right, title, interest or claim of
        any
        kind (“Claim”)
        in or
        to any distribution of the Trust Account (as defined in that certain Investment
        Management Trust Agreement, dated as of the date hereof, by and between the
        Company and the Warrant Agent as trustee thereunder), and hereby agrees not
        to
        seek recourse, reimbursement, payment or satisfaction for any Claim against
        the
        Trust Fund for any reason whatsoever. 

       

      9. Miscellaneous
        Provisions.
        

       

      9.1 Successors.
        All the
        covenants and provisions of this Agreement by or for the benefit of the Company
        or the Warrant Agent shall bind and inure to the benefit of their respective
        successors and assigns. 

       

      9.2 Notices.
        Any
        notice, statement or demand authorized by this Warrant Agreement to be given
        or
        made by the Warrant Agent or by the holder of any Warrant to or on the Company
        shall be sufficiently given when so delivered if by hand or overnight delivery
        or if sent by certified mail or private courier service within five days
        after
        deposit of such notice, postage prepaid, addressed (until another address
        is
        filed in writing by the Company with the Warrant Agent), as follows:

      

      Korea
        Milestone Acquisition Corporation

      SoftForum
        Building

      8th
        Floor

      545-7
        Dogokdong

      Gangnam,
        Seoul, Korea 135-170

      Attn:
        Sang-Chul Kim, Chairman and Chief Executive Officer

      

       

      with
        a
        copy in each case (which shall not constitute notice) to: 

       

      Mintz
        Levin Cohn Ferris Glovsky and Popeo, P.C.

      666
        Third
        Avenue

      New
        York,
        New York 10017

      Attn:
        Kenneth R. Koch, Esq.

      

      And

      

      Broadband
        Capital Management, LLC

      712
        Fifth
        Avenue, 49th
        Floor

      New
        York,
        New York 10019

      Attn:
        Michael Rapoport

      

      with
        a
        copy in each case (which shall not constitute notice) to:

      

      Ellenoff
        Grossman & Schole LLP

      150
        E.
        42nd
        Street

      New
        York,
        NY 10017

      Attn:
        Douglass S. Ellenoff, Esq.

      
        
          
          

        

        
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      Any
        notice, statement or demand authorized by this Agreement to be given or made
        by
        the holder of any Warrant or by the Company to or on the Warrant Agent shall
        be
        sufficiently given when so delivered if by hand or overnight delivery or
        if sent
        by certified mail or private courier service within five days after deposit
        of
        such notice, postage prepaid, addressed (until another address is filed in
        writing by the Warrant Agent with the Company), as follows: 

      

      Continental
        Stock Transfer & Trust Company

      17
        Battery Place

      New
        York,
        New York 10004

      Attn
        :
        Compliance Department 

       

      9.3 Applicable
        Law.
        The
        validity, interpretation, and performance of this Agreement and of the Warrants
        shall be governed in all respects by the laws of the State of New York, without
        giving effect to conflict of laws. The Company hereby agrees that any action,
        proceeding or claim against it arising out of or relating in any way to this
        Agreement shall be brought and enforced in the courts of the State of New
        York
        or the United States District Court for the Southern District of New York,
        and
        irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive.
        The Company hereby waives any objection to such exclusive jurisdiction and
        that
        such courts represent an inconvenience forum. Any such process or summons
        to be
        served upon the Company may be served by transmitting a copy thereof by
        registered or certified mail, return receipt requested, postage prepaid,
        addressed to it at the address set forth in Section 9.2 hereof. Such mailing
        shall be deemed personal service and shall be legal and binding upon the
        Company
        in any action, proceeding or claim. 

       

      9.4 Persons
        Having Rights under this Agreement.
        Nothing
        in this Agreement expressed and nothing that may be implied from any of the
        provisions hereof is intended, or shall be construed, to confer upon, or
        give
        to, any person or corporation other than the parties hereto and the Registered
        Holders and, for the purposes of Sections 6.4 and 7.4 hereof, the
        Representative, any right, remedy, or claim under or by reason of this Warrant
        Agreement or of any covenant, condition, stipulation, promise, or agreement
        hereof. The Representative shall be deemed to be a third-party beneficiary
        of
        this Agreement with respect to Sections 6.4 and 7.4 hereof. All covenants,
        conditions, stipulations, promises, and agreements contained in this Warrant
        Agreement shall be for the sole and exclusive benefit of the parties hereto
        (and
        the Representative with respect to the Sections 6.4 and 7.4 hereof) and their
        successors and assigns and of the Registered Holders of the Warrants.

       

      9.5 Examination
        of the Warrant Agreement.
        A copy
        of this Agreement shall be available at all reasonable times at the office
        of
        the Warrant Agent in the Borough of Manhattan, City and State of New York,
        for
        inspection by the Registered Holder of any Warrant. The Warrant Agent may
        require any such holder to submit his Warrant for inspection by it.

       

      9.6 Counterparts.
        This
        Agreement may be executed in any number of counterparts and each of such
        counterparts shall for all purposes be deemed to be an original, and all
        such
        counterparts shall together constitute but one and the same instrument.

       

      
        
          
          

        

        
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      9.7 Effect
        of Headings.
        The
        Section headings herein are for convenience only and are not part of this
        Warrant Agreement and shall not affect the interpretation thereof. 

       

      [Remainder
        of page intentionally left blank. Signature
        page to follow.]

       

      
        
           

        

        
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      IN
        WITNESS WHEREOF,
        this
        Agreement has been duly executed by the parties hereto as of the day and
        year
        first above written. 

      
        	 	 	 
	 	 	 
	 	KOREA
                MILESTONE ACQUISITION CORPORATION
	 
 	 
 	 
 
	 	By:  	 
	 	
                

                Name: 
                  Sang-Chul Kim

                Title: Chairman
                  and Chief Executive Officer

              
	 	 

      

       

      
        	 	 	 
	 	CONTINENTAL
                STOCK TRANSFER & TRUST COMPANY
	 
 	 
 	 
 
	 	By:  	 
	 	
                

                Name: Steven
                  Nelson

                Title: Chairman

              
	 	 

      

       

       

      
        
          
          

        

        
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      EXHIBIT
        A

      

      Form
        of WarrantUnassociated Document

    INVESTMENT
      MANAGEMENT TRUST AGREEMENT

    

    This
      Agreement is made as of [____],
      2008 by
      and between Korea Milestone Acquisition Corporation (the “Company”)
      whose
      principal office is located at 545-7 Dogokdong, Gangnam, Seoul, Korea 135-170,
      and Continental Stock Transfer & Trust Company (the
      “Trustee”),
      17
      Battery Place, New York, New York 10004.

    

    WHEREAS,
      the Company’s
      registration statement on Form F-1, No. 333-153155 (the “Registration
      Statement”),
      relating to the initial public offering of its securities (the “IPO”)
      has
      been declared effective as of the date hereof (the “Effective
      Date”)
      by the
      Securities and Exchange Commission (capitalized terms used herein and not
      otherwise defined shall have the meanings set forth in the Registration
      Statement);

    

    WHEREAS,
      Broadband Capital Management LLC (the “Representative”)
      is
      acting as the representative of the underwriters in the IPO;

    

    WHEREAS,
      as described in the Registration Statement, and in accordance with the Company’s
      amended and restated memorandum and articles of association, an aggregate of
      $100,000,000 (or $114,625,000,
      if the underwriters’ over-allotment option is exercised in full), which is
      comprised of (i) the net proceeds of the IPO (except as provided in the
      Registration Statement); (ii) $3,500,000 received by the Company in exchange
      for
      its securities issued pursuant to the private placement that will take place
      immediately prior the closing of the IPO; and (iii) an additional $4,500,000
      (or
      $5,175,000, if the underwriters’ over-allotment option is exercised in full) of
      the proceeds of the IPO, representing deferred underwriting discounts and
      commissions payable to the underwriters of the IPO under the underwriting
      agreement between the Company and the Representative on behalf of the other
      underwriters named therein (the “Deferred
      Discount”),
      which
      the underwriters have agreed to deposit in the Trust Account (as defined below),
      will be delivered to the Trustee to be deposited and held in the Trust Account
      for the benefit of the Company, and the holders of the Company’s ordinary
      shares, par value $0.0001 per ordinary share (“Ordinary
      Shares”),
      that
      form a part of the units of the Company’s securities issued in the IPO (the
“Units”).
      The
      amount to be delivered to the Trustee will be referred to herein as the
“Property,”
the
      shareholders for whose benefit the Trustee shall hold the Property will be
      referred to as the “Public
      Shareholders,”
and
      the Public Shareholders, the underwriters and the Company will be referred
      to
      collectively as the “Beneficiaries;”
      and

    

    WHEREAS,
      the Company and the Trustee desire to enter into this Agreement to set forth
      the
      terms and con-di-tions pursuant to which the Trustee shall hold the
      Property.

    

    NOW,
      THEREFORE,
      in
      consideration of the foregoing and the mutual covenants and agreements herein
      contained, the parties hereto agree as follows:

    

    1. Agreements
      and Covenants of Trustee.
      The
      Trustee hereby agrees and covenants to:

    (a) hold
      the
      Property in trust for the Beneficiaries
      in accordance with the terms of this Agreement in a segregated trust account
      (“Trust
      Account”)
      established by the Trustee at J.P. Morgan Chase Bank N.A. and at a brokerage
      institution located outside the United States selected by the
      Company; 

    

    (b) manage,
      supervise and administer the Trust Account subject to the terms and conditions
      set forth herein;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (c) in
      a
      timely manner, upon the instruction of the Company, to invest and reinvest
      the
      Property in United States “government securities” within the meaning of Section
      2(a)(16) of the Investment Company Act of 1940 having a maturity of 180 days
      or
      less,
      and/or
      in any money market fund selected by the Company meeting the conditions of
      paragraphs (c)(2), (c)(3) and (c)(4) of Rule 2a-7 promulgated under the
      Investment Company Act of 1940, as determined by the Company;

    

    (d) collect
      and receive, when due, all principal and income arising from the Property,
      which
      shall become part of the “Property,”
as
      such term is used herein;

    

    (e) notify
      the Company of all communications received by it with respect to any Property
      requiring action by the Company;

    

    (f) supply
      any necessary information or docu-ments as may be requested by the Company
      in
      connection with the Com-pany’s preparation of its tax returns;

    

    (g) participate
      in any plan or proceeding for protect-ing or enforcing any right or interest
      arising from the Property if, as and when instructed by the Company and/or
      the
      Representative to do so;

    

    (h) render
      to
      the Company and such other person as the Company may instruct and the
      Representative 
      (at the
      Representative’s request), monthly written statements of the activities of and
      amounts in the Trust Account reflecting all receipts and disbursements of the
      Trust Account; 

    

    (i) if
      there
      is any income or other tax obligation relating to the income from the Property
      in the Trust Account as determined by the Company, then, from time to time,
      at
      the written instruction of the Company, the Trustee shall promptly, to the
      extent there is not sufficient cash in the Trust Account to pay such tax
      obligation, liquidate such assets held in the Trust Account as shall be
      designated by the Company in writing, and disburse to the Company by wire
      transfer, out of the Property in the Trust Account, the amount indicated by
      the
      Company as owing in respect of such income tax obligation 

     

    (j) commence
      liquidation of the Trust Account only after and promptly after receipt of,
      and
      only in accordance with, the terms of a letter (the “Termination
      Letter”),
      in a
      form substantially similar to that attached hereto as either Exhibit
      A
      or
Exhibit B,
      signed
      on behalf of the Company by its President or Chairman of the Board and
      Secre-tary or Assistant Secretary of the Company, and complete the liquidation
      of the Trust Account and distribute the Property in the Trust Account only
      as
      directed in the Termination Letter and the other documents referred to therein;
      provided,
      however,
      that in
      the event that a Termination Letter has not been received by the Trustee by
      the
      close of business on the “business day” that is the 15 month anniversary of the
      consummation of the IPO (or up to the 27 month anniversary, if an extension
      of
      the time period within which the Company’s initial business combination may be
      consummated has been approved by shareholders in accordance with the Company’s
      second amended and restated memorandum and articles of association) (the
“Last
      Date”),
      the
      Trust Account shall be liquidated in accordance with the procedures described
      in
      the Prospectus and set forth in the Termination Letter attached as Exhibit
      B
      hereto
      and distributed to the designated paying agent for distribution to the
      shareholders of record on the Last Date. A business day shall be any day that
      is
      not a Saturday, Sunday or other day on which banks are required or authorized
      to
      be closed in the City of New York. In all cases, the Trustee shall provide
      the
      Representative with
      a
      copy of any Termination Letter and/or any other correspondence that it receives
      with respect to any proposed withdrawal from the Trust Account promptly after
      it
      receives same. The provisions of this Section 1(j) may not be modified, amended
      or deleted under any circumstances; and

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (k) distribute,
      upon receipt of an Extension Notification Letter (as defined below), to the
      Public Shareholders who exercised their conversion rights in connection with
      an
      Extension (as defined below), an amount equal to the pro rata share of the
      Property relating to the Ordinary Shares for which such Public Shareholders
      have
      exercised conversion rights in connection with a vote of shareholders for an
      Extension. 

    

    2. Limited
      Distributions of Income from Trust Account.
      

    

    (a) Upon
      written request from the Company, which may be given from time to time in a
      form
      substantially similar to that attached hereto as Exhibit
      C,
      the
      Trustee shall pay to the Company
      by
      wire transfer the amount required to pay such taxes; provided,
      however,
      that in
      no event shall the aggregate amount of all payments made to the Company for
      the
      payment of taxes pursuant to this Section 2(a) exceed the income in respect
      of
      which such taxes are due and owing;

    

    (b) Upon
      written request from the Company, which may be given from time to time in a
      form
      substantially similar to that attached hereto as Exhibit
      D,
      the
      Trustee shall distribute to the Company from interest earned on the Property
      (net of income taxes payable thereon) the amount requested by the Company
to
      cover
      expenses related to investigating and selecting a target business and other
      working capital requirements; provided,
      however,
      that the
      aggregate amount of all such distributions shall not exceed $1,500,000,
      and the Company will not be allowed to withdraw interest income earned on the
      Property unless there is sufficient funds available to pay the Company’s tax
      obligations that are or will be due on such interest income; and

    

    (c) The
      limited distributions referred to in Sections 2(a) and 2(b) above shall be
      made
      only from income collected on the Property. Except as provided in Sections
      2(a)
      and 2(b) above, no other distributions from the Trust Account shall be permitted
      except in accordance with Sections 1(i), (j) and (k) hereof.

    

    3. Agreements
      and Covenants of the Company.
      The
      Company hereby agrees and covenants to:

    

    (a) Give
      all
      instructions to the Trustee here-under in writing, signed by the Company’s
      Chairman of the Board or President, provided
      that any
      Termination Letter shall be given pursuant to the requirements of paragraph
      1(j)
      hereof.
      In
      addi-tion, except with respect to its duties under paragraphs 1(i), 1(j), 1(k),
      2(a) and 2(b) above, the Trustee shall be entitled to rely on, and shall be
      protected in relying on, any verbal or telephonic advice or instruction that
      it
      believes to be given in good faith by any one of the persons authorized by
      this
      paragraph to give written instructions, provided that the Company shall promptly
      confirm such instructions in writing;

    

    (b) Hold
      the
      Trustee harmless and indemnify the Trustee from and against, any and all
      expenses, includ-ing reason-able counsel fees and disbursements, or loss
      suf-fered by the Trustee in connection with any action, suit or other
      pro-ceeding brought against the Trustee involving any claim, or in connection
      with any claim or demand that in any way arises out of or relates to this
      Agreement, the services of the Trustee hereunder, or the Property or any income
      earned from investment of the Property, except for expenses and losses resulting
      from the Trustee's gross negligence or willful misconduct. Promptly after the
      receipt by the Trustee of notice of demand or claim or the commencement of
      any
      action, suit or proceeding, pursuant to which the Trustee intends to seek
      indemnifica-tion under this paragraph, it shall notify the Company in writing
      of
      such claim (hereinafter referred to as the “Indemnified
      Claim”).
      The
      Trustee shall have the right to conduct and manage the defense against such
      Indemnified Claim, provided that the Trustee shall obtain the consent of the
      Company with respect to the selection of coun-sel, which consent shall not
      be
      unreasonably withheld. The Trustee may not agree to settle any Indemnified
      Claim
      without the prior written consent of the Company, which consent shall not be
      unreasonably withheld. The Company may participate in such action with its
      own
      counsel; 

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (c) Pay
      the
      Trustee an initial acceptance fee, an annual fee and a transaction processing
      fee for each disbursement made pursuant to Section 2 as set forth on
Schedule
      A
      hereto,
      which fees shall be subject to modification by mutual agreement of the parties
      from time to time. It is expressly understood that the Property shall not be
      used to pay such fees and further agreed that said transaction processing fees
      shall be deducted by the Trustee from accumulated income at the time that
      disbursements are made to the Company pursuant to Section 2. The Company shall
      pay the Trustee the initial acceptance fee and first annual fee at the
      consummation of the IPO and the annual fee thereafter on the anniversary of
      the
      Effective Date. The Trustee shall refund to the Company the annual fee (on
      a pro
      rata basis) with respect to any period after the liquidation of the Trust
      Account. The Company shall not be responsible for any other fees or charges
      of
      the Trustee except as set forth in this Section 3(c) and as may be provided
      in
      Section 3(b) hereof (it being expressly understood that the Property shall
      not
      be used to make any payments to the Trustee under such Sections, except to
      the
      extent it is distributed to the Company pursuant to Section 2); and

    

    (d) In
      connection with any vote of the Company’s shareholders regarding a Business
      Combination or an Extension, provide to the Trustee an affidavit or certificate
      of a firm regularly engaged in the business of soliciting proxies and/or
      tabulating shareholder votes verifying the vote of the Company’s shareholders
      regarding such Business Combination or Extension.

    

    (e) Within
      five business days after the vote of the Company’s shareholders regarding an
      Extension (as described in paragraph (d) above), provide the Trustee with a
      letter (an “Extension
      Notification Letter”)
      providing that (i) the Last Date has been extended (an “Extension”)
      to a
      date that is not more than 27 months after the consummation of the IPO, and
      (ii) instructions for the distribution of funds to Public Shareholders who
      exercised their conversion rights in connection with such Extension.

    

    4. Limitations
      of Liability.
      The
      Trustee shall have no responsibility or liability to:

    

    (a) Imply
      obligations, perform
      duties, inquire or otherwise be subject to the provisions of any agreement
      or
      document other than this agreement and that which is expressly set forth
      herein;

    

    (b) Take
      any
      action with respect to the Property, other than as directed in Sections 1 and
      2
      hereof and the Trustee shall have no liability to any party except for liability
      arising out of its own gross negligence or willful misconduct;

    

    (c) Institute
      any proceeding for the collection of any principal and income arising from,
      or
      institute, appear in or defend any proceeding of any kind with respect to,
      any
      of the Prop-erty unless and until it shall have received instructions from
      the
      Company given as provided here-in to do so and the Company shall have advanced
      or guaranteed to it funds sufficient to pay any expenses incident
      thereto;

    

    (d) Change
      the investment of any Property, other than in compliance with
      paragraph 1(c);

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (e) Refund
      any depreciation in principal of any Property;

    

    (f) Assume
      that the authority of any person designated by the Company to give instructions
      here-under shall not be continuing unless provided otherwise in such
      designa-tion, or unless the Company shall have delivered a written revocation
      of
      such authority to the Trustee;

    

    (g) The
      other
      parties hereto or to anyone else for any action taken or omitted by it, or
      any
      action suffer-ed by it to be taken or omitted, in good faith and in the exercise
      of its own best judgment, except for its gross negligence or willful misconduct.
      The Trustee may rely con-clusively and shall be protected in acting upon any
      order, notice, demand, certificate, opinion or advice of counsel (including
      counsel chosen by the Trustee), statement, instru-ment, report or other paper
      or
      document (not only as to its due execution and the validity and effectiveness
      of
      its provisions, but also as to the truth and acceptability of any information
      therein con-tained) which is believed by the Trustee, in good faith, to be
      genuine and to be signed or presented by the proper person or persons. The
      Trustee shall not be bound by any notice or demand, or any waiver, modification,
      termination or rescis-sion of this Agreement or any of the terms hereof, unless
      evidenced by a written instrument delivered to the Trustee signed by the proper
      party or par-ties and, if the duties or rights of the Trustee are affected,
      unless it shall give its prior written consent thereto;

    

    (h) Verify
      the correctness of the information set forth in the Registra-tion Statement
      or
      to confirm or assure that any acquisition made by the Company or any other
      action taken by it is as contemplated by the Registration Statement;

    

    (i) 
      Prepare,
      execute and file tax reports, income or other tax returns and pay any taxes
      with
      respect to income and activities relating to the Trust Account, regardless
      of
      whether such tax is payable by the Trust Account or the Company (including
      but
      not limited to income tax obligations), it being expressly understood that
      as
      set forth in Section 1(i), if there is any income or other tax obligation
      relating to the Trust Account or the Property in the Trust Account, as
      determined from time to time by the Company and regardless of whether such
      tax
      is payable by the Company or the Trust, at the written instruction of the
      Company, the Trustee shall make funds available in cash from the Property in
      the
      Trust Account an amount specified by the Company as owing to the applicable
      taxing authority, which amount shall be paid directly to the Company by
      electronic funds transfer, account debit or other method of payment, and the
      Company shall forward such payment to the taxing authority; and

     

    (j) Verify
      calculations, qualify or otherwise approve the Company’s requests for
      distributions pursuant to Section 1(j) above.

    

    5. Termination.
      This
      Agreement shall terminate as follows:

    

    (a) If
      the
      Trustee gives written notice to the Company that it desires to resign under
      this
      Agreement, the Company shall use its reasonable efforts to locate a successor
      trustee. At such time that the Company notifies the Trustee that a successor
      trustee has been appointed by the Company and has agreed to become subject
      to
      the terms of this Agreement, the Trustee shall transfer the management of the
      Trust Account to the successor trustee, including but not limited to the
      transfer of copies of the reports and statements relating to the Trust Account,
      whereupon this Agreement shall terminate; provided,
      however,
      that,
      in the event that the Company does not locate a successor trustee within ninety
      days of receipt of the resignation notice from the Trustee, the Trustee may
      submit an application to have the Property deposited with any court in the
      State
      of New York or with the United States District Court for the Southern District
      of New York and, upon such deposit, the Trustee shall be immune from any
      liability whatsoever; or 

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    (b) At
      such
      time that the Trustee has completed the liquidation of the Trust Account in
      accordance with the provi-sions of paragraph 1(j) hereof, and dis-tributed
      the
      Property in accordance with the provisions of the Termination Letter, this
      Agreement shall terminate except with respect to Section 3(b).

    

    6. Miscellaneous.

    

    (a) Notwithstanding
      any other provision of this Agreement, the Trustee confirms its understanding
      that the Company has established the Trust Account relating to the Units being
      sold in the IPO. The Trustee acknowledges that the Trust Account will exist
      for
      the benefit of the Company’s Public Shareholders and the monies from the Trust
      Account may only be disbursed upon the occurrence of certain events, as more
      fully described in the Prospectus, and the Trustee hereby waives any and all
      right, title, interest or claim of any kind in or to any distribution of any
      property held in the Trust Account that it or its affiliates may have now or
      in
      the future and hereby agrees not to seek recourse, reimbursement, payment or
      satisfaction for any claim of any kind against the Trust Account for any reason
      whatsoever, including in respect of the Company’s indemnification obligations
      set forth in this Agreement. The Trustee agrees that neither it nor any of
      its
      affiliates have or will have any right, title, interest or claim in or to the
      monies in the Trust Account.

    

    (b) The
      Company and the Trustee each acknowledge that the Trustee will follow the
      procedures set forth in this paragraph with respect to funds transferred from
      the Trust Account. In executing funds transfers, the Trustee will rely upon
      all
      information provided by the Company, including payee account name, account
      numbers or other identifying numbers of a beneficiary, beneficiary's bank or
      intermediary bank. The Trustee shall not be liable for any loss, liability
      or
      expense resulting from any error in an account number or other identifying
      information.

    

    (c) This
      Agreement shall be governed by and construed and enforced in accordance with
      the
      laws of the State of New York, without giving effect to conflicts of law
      principles that would result in the application of the substantive laws of
      another jurisdiction. The parties hereto consent to the jurisdiction and venue
      of any state or federal court located in the City of New York, Borough of
      Manhattan, for purposes of resolving any disputes hereunder, and
      irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive.
      The parties
      hereto
      hereby
      waive any objection to such exclusive jurisdiction and that such courts
      represent an inconvenient
      forum. The
      Company hereby appoints, without power of revocation, Mintz, Levin, Cohn,
      Ferris, Glovsky & Popeo, P.C.,
      with
      an office at 666 Third Avenue, New York, New York, 10017, Attention of Kenneth
      R. Koch, Esq., as its agent to accept and acknowledge on its behalf service
      of
      any and all process which may be served in any action, proceeding or
      counterclaim in any way relating to or arising out of this letter
      agreement. 

    

    (d) This
      Agreement contains the entire agreement and understanding of the parties hereto
      with respect to the subject matter hereof. Except for Section 1(j) (which may
      not be amended under any circumstances), this Agreement or any provision here-of
      may only be changed, amended or modified by a writing signed by each of the
      parties hereto; provided,
      however,
      that no
      such change, amendment or modification may be made without the prior written
      consent of the Representative. As to any claim, cross-claim or counterclaim
      in
      any way relating to this Agreement, each party waives the right to trial by
      jury.

    

    (e) It
      may be
      executed in several original or facsimile counterparts, each one of which shall
      constitute an original, and together shall constitute but one
      instrument.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    (f) Any
      notice, consent or request to be given in con-nection with any of the terms
      or
      provisions of this Agree-ment shall be in writing and shall be sent by express
      mail or similar private courier service, by certified mail (return receipt
      requested), by hand delivery or by facsimile transmission:

    

    if
      to the
      Trustee, to:

    

    Continental
      Stock Transfer 

    &
      Trust Company

    17
      Battery Place 

    New
      York,
      New York 10004

    Attn: Steven
      G.
      Nelson and Frank DiPaolo

    Fax
      No.:
      (212) 509-5150

    

    if
      to the
      Company, to:

     

    Korea
      Milestone Acquisition Corporation

    SoftForum
      Building

    8th
      Floor

    545-7
      Dogokdong

    Gangnam,
      Seoul, Korea 135-170

    Attn:
      Sang-Chul Kim, Chairman and Chief Executive Officer

    Fax
      No.:
      (82) (2) 2177-9696

    

    in
      either
      case with copies to:

    

    Broadband
      Capital Management LLC

    712
      Fifth
      Avenue, 49th Floor

    New
      York,
      NY 10019

    Fax
      No.:
      (212) 702-9830

    Attention:
      Corby Hocker

    

    and

    

    Ellenoff
      Grossman & Schole LLP

    150
      East
      42nd Street, 11th floor

    New
      York,
      NY 10017

    Attn:
      Douglas S. Ellenoff, Esq.

    Fax
      No.:
      (212) 370-7889

     

    (g) This
      Agreement may not be assigned by the Trustee without the prior consent of the
      Company.

    

    (h) Each
      of
      the Trustee and the Company hereby represents that it has the full right and
      power and has been duly authorized to enter into this Agreement and to perform
      its respective obligations as contemplated hereunder. The Trustee acknowledges
      and agrees that it shall not make any claims or proceed against the Trust
      Account, including by way of set-off, and shall not be entitled to any funds
      in
      the Trust Account under any circumstance.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    (i) Each
      of
      the Company and the Trustee hereby acknowledge that the
      Representative, on behalf of itself and the other underwriters of the IPO,
      shall
      be deemed to be intended third party beneficiaries of this Agreement.

    

    (j) It
      is the
      intention of the parties hereto that, for all relevant U.S. tax purposes, the
      Trust Account shall be treated as a mere security device, and the Company shall
      be treated as the beneficial owner of the Property and, accordingly, the Company
      agrees it will include all income from the Property in its income for all
      relevant U.S. tax purposes and each party hereto agrees to take no position
      inconsistent with such tax treatments.

    

    

    (Remainder
      of page intentionally left blank. Signature page to follow.)

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the parties have duly executed this Investment Management
      Trust
      Agreement as of the date first written above.

    

    

    CONTINENTAL
      STOCK TRANSFER & TRUST COMPANY, 
as Trustee

    

    

    By:
      ____________________________________         

    Name:
      Steven G. Nelson

    Title:
      President and Chairman of the Board

    

    

    

    KOREA
      MILESTONE ACQUISITION CORPORATION

    

    

    By:
      ____________________________________

    Name:
      Sang-Chul Kim

    Title:
       Chairman
      and Chief Executive Officer

    

    

    
      
        
          [Signature
            Page to Investment Management Trust Agreement]

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    SCHEDULE
      A

    

    

    
      	
              Fee
                Item

            	
              Time
                and method of payment 

            	
              Amount

            
	
              Initial
                acceptance fee

            	
              Initial
                closing of IPO by wire transfer 

            	
              $1,000

            
	
              Annual
                fee

            	
              First
                year, initial closing of IPO by wire transfer; thereafter on the
                anniversary of the effective date of the IPO by wire transfer or
                check

            	
              $3,000

            
	
              Transaction
                processing fee for disbursements to the Company under Section
                2

            	
              Deduction
                by Trustee from accumulated income following disbursement made to
                the
                Company under Section 2

            	
              $250

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

    

    Korea
      Milestone Acquisition Corporation

    SoftForum
      Building

    8th
      Floor

    545-7
      Dogokdong

    Gangnam,
      Seoul, Korea 135-170

    

    [Insert
      date]

    

    Continental
      Stock Transfer 

    &
      Trust Company

    17
      Battery Place

    New
      York,
      New York 10004

    Attn:
      Steven G. Nelson, Chairman

    

    Re: Trust
      Account No. [●] 

    

    Gentlemen:

    

    Pursuant
      to paragraph 1(j) of the Investment Management Trust Agreement between Korea
      Milestone Acquisition Corporation (the “Company”)
      and
      Continental Stock Transfer & Trust Company (the “Trustee”),
      dated
      as of [●],
      2008
      (the “Trust
      Agreement”),
      this
      is to advise you that the Company has entered into an agreement (the
“Business
      Agreement”)
      with
[●]
      (the
“Target
      Business”)
      to
      consummate a business combination with Target Business (the “Business
      Combination”)
      on or
      about [insert
      date].
      The
      Company shall notify you at least 48 hours in advance of the actual date of
      the
      consummation of the Business Combination (the “Consummation
      Date”).
      Capitalized terms used herein without definitions shall have the respective
      meanings assigned to such terms in the Trust Agreement.

    

    In
      accordance with the terms of the Trust Agreement, we hereby authorize you to
      commence liquidation of the Trust Account to the effect that, on the
      Consummation Date, all of the funds held in the Trust Account will be
      immediately available for transfer to the account or accounts that the Company
      shall direct on the Consummation Date.

    

    On
      the
      Consummation Date, (a) the Company shall deliver to you written notification
      that the Business Combination has been consummated, and (b) the Company shall
      deliver to you a certificate which verifies the vote of the Company’s
      shareholders in connection with the Business Combination and (c) the Company
      and
      the Representative shall deliver to you joint written instructions with respect
      to the trans-fer of the funds, including the Deferred Discount, held in the
      Trust Account (the “Instruction
      Letter”).
      You
      are hereby directed and authorized to transfer the funds held in the Trust
      Account immediately upon your receipt of the certificate referenced above and
      the Instruction Letter, (1) to the Representative in an amount equal to the
      Deferred Discount as so directed by them and (2) the remainder in accordance
      with the terms of the Instruction Letter. In the event that certain deposits
      held in the Trust Account may not be liquidated by the Consummation Date without
      penalty, you will promptly notify the Company of the same and the Company shall
      direct you as to whether such funds should remain in the Trust Account and
      be
      distributed after the Consummation Date to the Company. Upon the distribution
      of
      all the funds in the Trust Account pursuant to the terms hereof, the Trust
      Agreement shall be terminated.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    In
      the
      event that the Business Combination is not consummated on the Consummation
      Date
      described in the notice thereof and we have not notified you on or before the
      original Consummation Date of a new Consummation Date, then, upon receipt by
      the
      Trustee of written instructions from the Company, the funds held in the Trust
      Account shall be reinvested as provided in the Trust Agreement on the business
      day immediately following the Consummation Date as set forth in the
      notice.

    

    Very
      truly yours,

    

    KOREA
      MILESTONE ACQUISITION CORPORATION

    

    

    By:
      ________________________________

    Sang-Chul
      Kim

    Chairman
      and Chief Executive Officer

    

    

     

    

    

    

    

    

    cc:
      Broadband Capital Management LLC

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

    

    Korea
      Milestone Acquisition Corporation

    SoftForum
      Building

    8th
      Floor

    545-7
      Dogokdong

    Gangnam,
      Seoul, Korea 135-170

    

    [Insert
      date]

    Continental
      Stock Transfer 

    &
      Trust Company

    17
      Battery Place

    New
      York,
      New York 10004

    Attn:
      Steven G. Nelson, Chairman

    

    Re: Trust
      Account No. [●] 

    

    Gentlemen:

    

    Pursuant
      to paragraph 1(j) of the Investment Management Trust Agreement between Korea
      Milestone Acquisition Corporation (the “Company”)
      and
      Continental Stock Transfer & Trust Company (“Trustee”),
      dated
      as of [●], 2008 (the “Trust
      Agreement”),
      this
      is
      to advise you that the Company has been unable to effect a Business Combination
      with a Target Company within the time frame specified in the Company’s
      Memorandum and Articles of Association, as described in the Company’s prospectus
      relating to its IPO. Capitalized terms used herein without definitions shall
      have the respective meanings assigned to such terms in the Trust
      Agreement.

    

    In
      accordance with the terms of the Trust Agreement, we hereby authorize you,
      to
      commence liquidation of the Trust Account as promptly as practicable to
      shareholders of record on the Last Date (as defined in the Trust Agreement).
      You
      will notify the Company in writing as to when all of the funds in the Trust
      Account will be available for immediate transfer (“Transfer Date”) in accordance
      with the terms of the Trust Agreement and the Memorandum and Articles of
      Association of the Company. You shall commence distribution of such funds in
      accordance with the terms of the Trust Agreement and the Memorandum and Articles
      of Association of the Company and you shall oversee the distribution of the
      funds. Upon the distribution of all the funds in the Trust Account, your
      obligations under the Trust Agreement shall be terminated. 

    

    

    Very
      truly yours,

    

    KOREA
      MILESTONE ACQUISITION CORPORATION

    

    

    By:
      ________________________________

    Sang-Chul
      Kim

    Chairman
      and Chief Executive Officer

    

    cc:
      Broadband Capital Management LLC 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

    

    Korea
      Milestone Acquisition Corporation

    SoftForum
      Building

    8th
      Floor

    545-7
      Dogokdong

    Gangnam,
      Seoul, Korea 135-170

    

    [Insert
      date]

    

    Continental
      Stock Transfer 

    &
      Trust Company

    17
      Battery Place

    New
      York,
      New York 10004

    Attn:
      Frank Di Paolo and Cynthia Jordan

    

    Re: Trust
      Account No. [●] 

    

    Gentlemen:

    

    Pursuant
      to paragraph 2(a) of the Investment Management Trust Agreement between Korea
      Milestone Acquisition Corporation (the “Company”)
      and
      Continental Stock Transfer & Trust Company (the “Trustee”),
      dated
      as of [●], 2008 (the “Trust
      Agreement”),
      this
      is
      to advise you that the Company hereby requests that you deliver to the Company
      $[●]
      of the
      income earned on the Property (as defined in the Trust Agreement) as of the
      date
      hereof. The Company needs such funds to pay for the income tax obligations
      as
      set forth on the attached tax return or tax statement. In accordance with the
      terms of the Trust Agreement, you are hereby directed and authorized to transfer
      (via wire transfer) such funds promptly upon your receipt of this letter to
      the
      Company’s operating account at:

    

    [WIRE
      INSTRUCTION INFORMATION]

    

    

    Very
      truly yours,

    

    KOREA
      MILESTONE ACQUISITION CORPORATION

    

    

    By:
      ________________________________

    Sang-Chul
      Kim

    Chairman
      and Chief Executive Officer

    

    

    

    

    cc:
      Broadband Capital Management LLC 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      D

    

    

    Korea
      Milestone Acquisition Corporation

    SoftForum
      Building

    8th
      Floor

    545-7
      Dogokdong

    Gangnam,
      Seoul, Korea 135-170

    

    [Insert
      date]

    

    Continental
      Stock Transfer 

    &
      Trust Company

    17
      Battery Place

    New
      York,
      New York 10004

    Attn:
      Frank Di Paolo and Cynthia Jordan

    

    Re: Trust
      Account No. [●] 

    

    Gentlemen:

    

    Pursuant
      to Section 2(b) of the Investment Management Trust Agreement between Korea
      Milestone Acquisition Corporation (the “Company”)
      and
      Continental Stock Transfer & Trust Company (the “Trustee”),
      dated
      as of [●], 2008 (the “Trust
      Agreement”),
      the
      Company hereby requests that you deliver to the Company $[●]
      of
      the
      income earned as of the date hereof, which does not exceed, in the aggregate,
      with all such prior disbursements pursuant to Section 2(b), if any, the maximum
      amount set forth in Section 2(b). The Company needs such funds to pay its
      expenses relating to investigating and selecting a target business and other
      working capital requirements. In accordance with the terms of the Trust
      Agreement, you are hereby directed and authorized to transfer (via wire
      transfer) such funds promptly upon your receipt of this letter to the Company’s
      operating account at:

    

    [WIRE
      INSTRUCTION INFORMATION]

    

    Very
      truly yours,

    

    KOREA
      MILESTONE ACQUISITION CORPORATION

    

    

    By:
      ________________________________

    Sang-Chul
      Kim

    Chairman
      and Chief Executive Officer

    

    

    

    cc:
      Broadband Capital Management LLC.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      E

    

    
      	AUTHORIZED
              INDIVIDUAL(S)	AUTHORIZED 
TELEPHONE
              NUMBER(S)	 	 
	 	 	 	 
	
              Company:

              

              Korea
                Milestone Acquisition Corporation

              SoftForum
                Building

              8th
                Floor

              545-7
                Dogokdong

              Gangnam,
                Seoul, Korea 135-170

              Attn:
                Sang-Chul Kim 

            	
               

               

               

              (82) (2) 575-0466

            	 	 
	 	 	 	 
	
              Trustee:

              

              Continental
                Stock Transfer 

              &
                Trust Company

              17
                Battery Place

              New
                York, New York 10004

              Attn:
                Frank Di Paolo, CFO   

            	
               

               

              (212) 845-3270

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