Document:

AGREEMENT
AND PLAN OF MERGER

    

    THIS AGREEMENT AND PLAN OF
MERGER (“Agreement”) is made
and entered into as of the 31st day of
December 2009, by and among Asia Special Situation Acquisition
Corp., a Cayman Islands corporation (“ASSAC”); Genova AB Fund Mergerco LP, a
Delaware limited partnership (“Mergerco”); Stillwater Asset Backed Fund,
LP, a Delaware limited partnership (“Stillwater AB Fund Delaware
I.”); Stillwater Asset
Backed Fund II, LP, a Delaware limited partnership (“Stillwater AB Fund Delaware
II.”); Stillwater
Capital Partners, LLC, a Delaware limited liability company (“SCP LLC”); and Stillwater Capital Partners,
Inc., a New York corporation (“Stillwater”).  The
Stillwater AB Fund Delaware I and the Stillwater AB Fund Delaware II are
hereinafter sometimes individually referred to as a “Fund” and
collectively as the “Funds”.  ASSAC
and Mergerco are hereinafter sometimes collectively referred to as the “ASSAC Parties” and
the Funds, the General Partner and Stillwater are hereinafter sometimes
collectively referred to as the “Stillwater
Parties”.  The ASSAC Parties and the Stillwater Parties are
hereinafter sometimes collectively referred to individually as a “Party” and
collectively as the “Parties”).

     

    RECITALS

     

    WHEREAS, ASSAC owns 100% of
the issued and outstanding partnership interests of Mergerco; and

     

    WHEREAS, SCP LLC is the
general partner of the Funds; and

     

    WHEREAS, SCP LLC desires to
exchange all of the assets and capital of the Funds, subject to their
liabilities and obligations, solely for ASSAC Series A Preferred Shares, and
ASSAC desires to acquire all of the assets and capital of the Funds, subject to
their liabilities and obligations, through (i) the merger of each of Stillwater
AB Fund Delaware II and Mergerco with and into Stillwater AB Fund Delaware I.
(the “Merger”),
all upon the terms and subject to the conditions set forth in this Agreement;
and

     

    WHEREAS, the Board of
Directors of ASSAC and Mergerco and SCP LLC, as the general partner of the
Funds, each believe that the Merger and related transactions contemplated hereby
are in the best interests of their respective Persons, and have each approved
and adopted the form, terms and provisions of this Agreement and the Merger;
and

     

    WHEREAS, ASSAC and SCP LLC, in
its capacity as general partner of the Funds, and have respectively agreed to
issue and to accept the “Merger Consideration”
(as hereinafter defined).

     

    NOW, THEREFORE, in
consideration of the mutual representations, warranties and agreements contained
in this Agreement, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties agree as
follows:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ARTICLE
I.     DEFINITIONS

     

    “Additional Acquisition
Agreements” means the various agreements and plan of merger, asset
purchase agreement and other agreements and instruments, all in form and content
satisfactory to Stillwater, ASSAC and the other Persons who are parties thereto,
pursuant to which, inter
alia, ASSAC or a Subsidiary of ASSAC shall acquire, in addition to its
Acquisition of the Funds pursuant to this Agreement, any or all of: (a) the
Amalphis Exchange Shares pursuant to the Amalphis Exchange Agreement, (b) all or
substantially all of the equity and assets (subject to assumption of
liabilities) of all or certain of the Additional Stillwater Funds, (c) all or
substantially all of the assets (subject to assumption of liabilities) of the
Wimbledon Funds, and (d) all or substantially all of the equity of
Northstar.

     

    “Additional Stillwater
Funds” means, in addition to the Funds contemplated by this Agreement,
those additional entities, consisting of asset backed lending funds, real estate
funds, hedge funds and fund of funds that are managed by Stillwater or an
Affiliate thereof and listed in Section 1.1 of the Stillwater
Agreement.

     

    “Adjusted Purchase
Value” means 100% of the Appraised NAV.

     

    “Affiliate” means any
one or more Person controlling, controlled by or under common control with any
other Person.

     

    “Agreement” has the
meaning set forth in the first paragraph of this Agreement.

     

    “Allied Provident”
shall mean Allied Provident Insurance Company, a Barbados exempted insurance
company, and a wholly-owned subsidiary of Amalphis.

     

    “Amalphis Exchange
Agreement” means the share exchange agreement, dated December 31, 2009
among Amalphis Group, Inc., a British Virgin Islands corporation (“Amalphis”), Rineon
Group, Inc., a Nevada corporation (“Rineon”), NatProv
Holdings, Inc., a British Virgin Islands corporation (“NatProv”), ASSAC, and
the other parties signatory thereto, pursuant to which, inter
alia, in exchange for additional ASSAC Series A Preferred Shares, ASSAC
shall acquire, through its receipt of the Amalphis Exchange Shares, a
controlling interest in Amalphis and its consolidated Subsidiaries, including
without limitation, Allied Provident and (if acquired) the Wimbledon
Funds.

     

    “Amalphis Exchange
Shares” shall mean all of the issued and outstanding shares of Amalphis
Series A preferred stock that are issued pursuant to the Amalphis Exchange
Agreement.

     

    “Ancillary Agreements”
means the Certificate of Merger, the ASSAC Series A Preferred Certificate of
Designations, the ASSAC Restated Articles, the Management Agreement, the
Registration Rights Agreement and the Stillwater Agreement.

     

    “Appraised NAV” means
the Net Asset Value of the Funds as at December 31, 2009, as audited or
appraised pursuant to NAV Appraisals which shall be based upon the NAV Valuation
Methods.

     

     “ASSAC Articles” means
the Memorandum and Articles of Association of ASSAC, as at the date of this
Agreement.

     

    “ASSAC Executive
Shares” shall mean the maximum of 10,746,667 restricted ASSAC Ordinary
Shares issued to Marshall Manley (“Manley”) and his
Affiliates and business associates (collectively, the “ASSAC Executive
Group”).

    
      
         

      

      
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    “ASSAC Ordinary
Shares” means the collective reference to (a) the 50,000,000 ordinary
shares of ASSAC, $0.0001 par value, authorized for issuance pursuant to the
ASSAC Articles, and (b) the 250,000,000 ordinary shares of ASSAC, $0.0001 par
value, to be authorized for issuance pursuant to the ASSAC Restated
Articles.

     

    “ASSAC Preferred
Shares” means the collective reference to (a) the 1,000,000 preferred
shares of ASSAC, $0.0001 par value, authorized for issuance pursuant to the
ASSAC Articles, and (b) the 10,000,000 preferred shares of ASSAC, $0.0001 par
value, to be authorized for issuance pursuant to the ASSAC Restated
Articles.

     

    “ASSAC Proxy
Statement” means the proxy statement that is prepared by the Parties and
mailed to the holders of ASSAC Ordinary Shares prior to the date of the ASSAC
Shareholders Meeting.

     

    “ASSAC Restated
Articles” means the Amended and Restated Memorandum and Articles of
Association of ASSAC in the form of Exhibit
A annexed hereto and made a part hereof.

     

    “ASSAC Series A Preferred
Shares” means up to a maximum of 1,000,000 ASSAC Preferred Shares, to be
designated as ASSAC Series A Preferred Shares pursuant to the ASSAC Series A
Preferred Certificate of Designations and issued to the respective holders
pursuant to this Agreement and the Additional Acquisition Agreements; which
ASSAC Series A Preferred Shares shall, among other things (but subject in all
cases to the terms of the ASSAC Series A Preferred Certificate of
Designations):

     

    (b)           have
a par value of $0.0001 per share;

     

    (c)           have
a liquidation value and stated value of $1,000.00 per share;

     

    (d)           commencing
on the Conversion Date pay per share dividend, semi-annually at the rate of 5%
per annum, accruing from the issuance date thereof, on the Adjusted Purchase
Value, in the form of additional Conversion Shares;

     

    (e)           vote
on an “as converted” basis, together with the ASSAC Ordinary Shares, on all
matters requiring the approval or ratification of shareholders of
ASSAC;

     

    (f)      
     on the Conversion Date, automatically
(and without any action on the part of the holder or ASSAC) commence to convert
into Conversion Shares at the Conversion Price then in effect, at the rate
(rounded off to the nearest full Conversion Shares) of one-sixth (or 16.66%) of
the total number of ASSAC Series A Preferred Shares held by each holder on the
last day of each month commencing July 31, 2010 so that all of the ASSAC Series
A Preferred Shares issued pursuant to the terms of this Agreement and the
Additional Acquisition Agreements will be fully converted into Conversion Shares
on December 31, 2010;

     

    (g)           provide
that each ASSAC Preferred Share issuable to the Partners of the Funds shall be
convertible at the Conversion Ratio applicable to such Fund; and

     

    (h)           contain
such other terms and conditions as shall be set forth in the ASSAC Series A
Preferred Certificate of Designations.

     

     “ASSAC Series A Preferred
Certificate of Designations” means the certificate of designation for the
issuance of the ASSAC Series A Preferred Shares, in the form of Exhibit
B annexed hereto and made a part hereof, or, if not permitted under
applicable Law, the ASSAC Restated Articles used for the same
purpose.

    
      
         

      

      
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    “ASSAC Shareholder
Approval” means the required affirmative consent, vote and ratification
at the ASSAC Shareholders Meeting by the holders of ASSAC Ordinary Shares (the
“ASSAC
Shareholders”) of (i) this Agreement, the Ancillary Agreements and the
transactions contemplated hereby and thereby, (ii) the increase in the
authorized share capital of ASSAC, (iii) adoption of the ASSAC Restated
Articles, (iv) the consummation of ASSAC’s acquisition of the Additional
Stillwater Funds, the Amalphis Exchange Shares and (if applicable) the Wimbledon
Funds, all pursuant to the terms and conditions of the Additional Acquisition
Agreements, (v) if applicable, the consummation of ASSAC’s acquisition of
Northstar, (vi) the change of the corporate name of ASSAC to Genova Financial Group, Inc.,
or such other name as shall be acceptable to ASSAC and the Stillwater Parties,
and (viii) the other proposals set forth in the ASSAC Proxy
Statement.

     

    “ASSAC Shareholders
Meeting” means the meeting of the ASSAC Shareholders held on or before
January 19, 2010 in accordance with the ASSAC Proxy Statement.

     

    “Auditors” means the
independent accountants engaged to audit the Funds as at December 31, 2009 and
for the fiscal year then ended.

     

    “Certificate of
Merger” means the certificate evidencing the Merger of (a) Stillwater AB
Fund Delaware II with and into the Surviving Entity, and (b) Mergerco with and
into the Surviving Entity, and in the form of Exhibit
C annexed hereto and made a part of hereof.

     

    “Consent” means any
authorization, consent, approval, filing, waiver, exemption or other action by
or notice to any Person.

     

    “Contract” means a
contract, agreement, lease, commitment or binding understanding, whether oral or
written, that is in effect as of the date of this Agreement or any time after
the date of this Agreement.

     

    “Conversion Date”
shall mean July 31, 2010.

     

    “Conversion Price”
shall mean $7.50, as the same may from time to time be adjusted prior to the
Conversion Date pursuant to the ASSAC Series A Preferred Certificate of
Designations.

     

    “Conversion Ratio”
shall mean, as to the Funds, that ratio (expressed as “___:1”) of that number of
Conversion Shares into which one (1) full ASSAC Series A Preferred Share issued
to the Partners of such Fund shall be converted; all as determined in accordance
with Section 2.9 of this Agreement.

     

     “Conversion Shares”
shall mean that number of Ordinary Shares of ASSAC issuable upon conversion of
the Series A Preferred Shares, as shall be calculated by dividing: (i) the
Purchase Value applicable to each of the Stillwater AB Fund Delaware I and
Stillwater AB Fund Delaware II, which Purchase Value shall be adjusted on or
prior to the Conversion Date to the Adjusted Purchase Value; by (ii) the
Conversion Price then in effect.

     

    “Effective Time” shall
mean the time on which the Merger shall be consummated through the filing of the
Certificate of Merger with the Secretary of State of the State of
Delaware.

     

    “Estimated NAV” means
the unaudited Net Asset Value of the Funds as at December 31, 2009, as estimated
in good faith by Stillwater, all in accordance with this Agreement.

     

    “Encumbrance” means
any charge, claim, community property interest, easement, covenant, condition,
equitable interest, lien, option, pledge, security interest, right of first
refusal or restriction of any kind, including any restriction on use, voting,
transfer, receipt of income or exercise of any other attribute of
ownership.

    
      
         

      

      
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    “General Partner”
shall mean (a) prior to the Effective Time of the Merger, SCP LLC, and (b) upon
and following the Effective Time of the Merger, a Person designated by
ASSAC.

     

    “General Partner’s
Interest” shall mean, as the context may require each of (a) the
percentage interests of SCP LLC (as a existing general partner of the Funds) in
the assets, liabilities and capital of the Funds, and (b) the percentage
interest of the general partner in the assets, liabilities and capital of
Mergerco.

     

    “Governmental
Authorization” means any approval, consent, license, permit, waiver,
registration or other authorization issued, granted, given, made available or
otherwise required by any Governmental Entity or pursuant to Law.

     

    “Governmental Entity”
means any federal, state, local, foreign, international or multinational entity
or authority exercising executive, legislative, judicial, regulatory,
administrative or taxing functions of or pertaining to government.

     

    “Governmental Order”
means any judgment, injunction, writ, order, ruling, award or decree by any
Governmental Entity or arbitrator.

     

    “Insolvency Event”
shall mean as to any Party or Parties, if any such Party or Parties: (a) shall
make an assignment for the benefit of creditors; (b) if a receiver, liquidator
or trustee shall be appointed for such Party or Parties), (c) shall be
adjudicated a bankrupt or insolvent, or if any petition for bankruptcy,
reorganization or arrangement pursuant to federal bankruptcy law, or any similar
federal or state law, shall be filed by or against, consented to, or acquiesced
in by, such Party or Parties, or (d) if any proceeding for the dissolution or
liquidation of such Party or Parties shall be instituted; provided, however, if
such appointment, adjudication, petition or proceeding was involuntary and not
consented to by such Party or Parties, upon the same not being discharged,
stayed or dismissed within sixty (60) days.

     

    “Knowledge” means,
with respect to the Stillwater Parties, any fact or circumstance actually known
to any of Richard Rudy, Jack Doueck or Brian Bytof, or which any of such Persons
should have known after reasonable inquiry, and, with respect to the ASSAC
Parties, any fact or circumstance actually known to any member of the Board of
Directors of ASSAC or the executive officers or management of ASSAC or which any
of such Persons should have known after reasonable inquiry.

     

    “Law” means any
constitution, law, ordinance, principle of common law, regulation, statute or
treaty of any Governmental Entity.

     

    “Limited Partners”
shall mean, as the context may require, each of the holders of the Limited
Partnership Interests in each of Stillwater AB Fund Delaware I, Stillwater AB
Fund Delaware II and Mergerco.

     

    “Limited Partnership
Interests” shall mean the context may require, (a) the pro-rata
percentage interests of each of the Limited Partners in the assets, liabilities
and capital of each of Stillwater AB Fund Delaware I and Stillwater AB Fund
Delaware II, all as calculated and determined in accordance with the
Organizational Documents of such Funds, and (b) the percentage interest of
ASSAC, as sole Limited Partner of Mergerco.

     

    “Litigation” means any
claim, action, arbitration, mediation, audit, hearing, investigation,
proceeding, litigation or suit (whether civil, criminal, administrative,
investigative or informal) commenced, brought, conducted or heard by or before,
or otherwise involving, any Governmental Entity or arbitrator or
mediator.

    
      
         

      

      
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    “Management Agreement”
shall mean the management agreement between Stillwater and ASSAC, in the form of
Exhibit
D annexed hereto and made a part hereof.

     

    “Material Adverse
Effect” shall mean (a) with respect to any of the Stillwater Parties, any
event or condition that could reasonably be expected to have a material adverse
effect on the business, assets, results of operations, financial condition or
prospects of any of such Stillwater Parties, and (b) with respect to ASSAC, any
event or condition that could reasonably be expected to prevent or cause ASSAC
to be unable to consummate the Merger, pay the Merger Consideration or otherwise
perform its obligations under this Agreement, the Ancillary Agreements or any of
the Additional Acquisition Agreements.

     

    “Merger Consideration”
means the aggregate of 42,000 ASSAC Series A
Preferred Shares that are to be issued to the Partners of the Funds on the
Closing Date pursuant to this Agreement, and allocated to the Partners of the
Funds in accordance with Section 2.7 hereof.

     

    “NAV Appraisals” shall
mean the appraisals of the Net Asset Values of the Funds, prepared or to be
prepared by Houlihan Smith Inc., or other business appraisal firm or auditing
firm (the “Appraiser”) as shall
be reasonably acceptable to Stillwater and ASSAC, in accordance with the NAV
Valuation Methods or such other recognized methods of valuing such assets and
liabilities that are reasonably acceptable to such Parties.

     

    “NAV Valuation
Methods” means the methods used in valuing the net asset values of
various types of assets that are set forth on Schedule
A annexed hereto and made a part hereof, or such other valuation methods
as shall be reasonably satisfactory to ASSAC.

     

    “Net Asset Value” or
“NAV” means, as
at any date in question, with respect to the Funds: (a) the net asset value of
each of the Funds as determined in accordance with the NAV Valuation Methods,
less
(b) all liabilities and obligations of such Fund, including without
limitation, all accounts payable, accrued expenses, notes payable, all
outstanding Affiliated Obligations and the aggregate amount of all outstanding
Redemption Claims.

     

    “Non-Performing Fund”
shall mean any one or more of the Funds that, for any reason or no reason, are
unable or unwilling to perform their individual obligations under this
Agreement, including, without limitation, the inability to timely deliver to
ASSAC and its representatives the requisite financial information required
hereby and pursuant to the Securities Act of 1933, as amended.

     

    “Northstar” means
Northstar Group Holdings, Ltd., a Bermuda corporation.

     

    “Northstar Merger
Agreement” means one of the Additional Acquisition Agreements pursuant to
which, inter alia, ASSAC shall acquire 100% of the share capital and capital
stock of Northstar.

     

    “Organizational
Documents” means (i) the articles or certificate of incorporation and the
bylaws of a corporation, (ii) the partnership agreement and any statement of
partnership of a general partnership, (iii) the limited partnership
agreement and the certificate of limited partnership of a limited partnership,
(iv) the limited liability company agreement and articles or certificate of
formation of a limited liability company, (v) any charter or similar document
adopted or filed in connection with the creation, formation or organization of a
Person and (vi) any amendment to any of the foregoing.

     

    “Partners” shall mean
the collective reference to, the General Partner and the Limited Partners of the
Funds.

    
      
         

      

      
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    “Permitted
Encumbrances” shall mean (a) any and all Encumbrances which result from
all statutory or other liens for Taxes or assessments and are not yet due and
payable or delinquent or the validity of which is being contested in good faith
by appropriate proceedings by a Party hereto; (b) all material cashiers’,
workers’, mechanics’, carriers’, repairers’ and other similar liens imposed by
law and incurred in the ordinary course of business; and (c) other Encumbrances
which individually or in the aggregate do not materially detract from the value
of or materially interfere with the present use of the property subject thereto
or affected thereby and would not otherwise reasonably be expected to have a
Material Adverse Effect.

     

    “Person” means any
individual, corporation (including any non-profit corporation), general or
limited partnership, limited liability company, joint venture, estate, trust,
association, organization, labor union, Governmental Entity or other
entity.

     

    “Process Agent” has
the meaning set forth in Section 9.8.

     

    “Purchase Value” means
One Hundred (100%) percent of the Estimated NAV of the Funds.

     

    “Redemption Claims”
means the outstanding amounts (whether payable in cash or in other property)
owed to any and all Limited Partners of any of the Funds who have notified
Stillwater or SCP LLC, or may prior to the Closing Date notify Stillwater or SCP
LLC that such Persons either (a) seek to withdraw their capital from one or more
of the Funds, or (b) are owed money in connection with the redemption of their
shares from such Fund(s).

     

    “Registration Rights
Agreement” means the agreement of ASSAC to register all of the Conversion
Shares issuable under this Agreement and the Additional Acquisition Agreements
for resale under the Securities Act, all in accordance with the terms and
conditions set forth in Exhibit
E annexed hereto and made a part hereof.

     

    “Remedies Exception,”
when used with respect to any Person, means except to the extent enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
or other laws affecting the enforcement of creditors' rights generally and by
general equitable principles.

     

    “Required Consents”
means all Consents required to consummate the transactions contemplated by this
Agreement, including without limitation:

     

    (a)           the
approvals and Consents of those Limited Partners of each of Stillwater AB Fund
Delaware I and Stillwater AB Delaware II who own of record not less than
fifty-one (51%) percent of all Limited Partnership Interests of such Fund (the
“Stillwater Partner
Consents”); and

     

    (b)           the
ASSAC Shareholder Approvals.

     

    “Stillwater Agreement”
means the letter agreement, dated December 18, 2009, between Stillwater, ASSAC
and certain other Persons, and attached memorandum, in the form of Exhibit
F annexed hereto and made a part hereof.

     

    “Subsidiary” means any
Person in which a majority or more of the outstanding shares of capital stock of
which, and/or the power to elect a majority of the members of the board of
directors or board of managers of which, is owned, directly or indirectly, by
another Person.

     

    “Taxes” means all
taxes, charges, fees, levies or other assessments, including all net income,
gross income, gross receipts, sales, use, ad valorem, transfer, franchise,
profits, license, withholding, payroll, employment, social security,
unemployment, excise, estimated, severance, stamp, occupation, property or other
taxes, customs duties, fees, assessments or charges of any kind whatsoever,
including all interest and penalties thereon, and additions to tax or additional
amounts imposed by any Governmental Entity.

    
      
         

      

      
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    “Wimbledon Acquisition
Agreement” means the collective reference to the asset purchase
agreements between the Wimbledon Funds, Allied Provident and a newly formed
Cayman Islands Subsidiary of Allied Provident (the “Wimbledon
Purchaser”), expected to be entered into between the Execution Date and
the Closing Date, pursuant to which, inter
alia, the Wimbledon Purchaser shall acquire all of the assets (subject to
assumption of all of the liabilities) of the Wimbledon Funds, in exchange for
that number of Amalphis Exchange Shares have a United States dollar stated value
equal to the estimated Net Asset Value of the Wimbledon Funds as at December 31,
2009.

     

    “Wimbledon Funds”
shall mean Wimbledon Financing Master Fund Ltd. and WREF Fund, both Cayman
Islands exempted companies.

     

    Certain
terms not defined above are defined in the sections below.

     

    ARTICLE
II.    THE MERGER

     

    SECTION
2.1.                The
Merger  Upon the terms and subject to the conditions set forth
in this Agreement, at the Effective Time and in accordance with the Delaware
Revised Uniform Limited Partnership Act (the “Delaware Limited Partnership
Act”):

     

    (a)           Stillwater
AB Fund Delaware II shall be merged with and into Stillwater AB Fund Delaware I,
and

     

    (b)           Mergerco
shall be merged with and into Stillwater AB Fund Delaware I.

     

    Following
the Effective Time, the separate limited partnership existence of Stillwater AB
Fund Delaware II and the separate limited partnership existence of Mergerco
shall cease and Stillwater AB Fund Delaware I shall continue as the surviving
limited partnership of the Merger (the “Surviving
Entity”).  The Surviving Entity shall succeed to all of the
rights, assets and properties and assume all of the liabilities and obligations
of each of Stillwater AB Fund Delaware II and Mergerco in accordance with the
Delaware Limited Partnership Act.  Stillwater AB Fund Delaware I,
Stillwater AB Fund Delaware II and Mergerco are hereinafter sometimes
collectively, referred to as the “Constituent Entities”
of the Merger.  As provided in the Certificate of Merger, as at the
Closing Date, the name of the Surviving Entity shall be changed to “Stillwater Asset Backed Holdings
L.P.”

     

    SECTION
2.2.                Effective
Time.  Subject to the provisions of this Agreement, as soon as
practicable on or after the Closing Date, the Parties shall file the Certificate
of Merger executed in accordance with the relevant provisions of the Delaware
Limited Partnership Act and shall make all other filings or recordings required
under the Delaware Limited Partnership Act.  The Merger shall become
effective at such time as the Certificates of Merger is duly filed with the
Delaware Secretary of State, or at such other time as ASSAC and Stillwater shall
agree should be specified in the Certificate of Merger.

     

    SECTION
2.3.                Effects of the
Merger  The Merger shall have the effects set forth in the
applicable provisions of the Delaware Limited Partnership Act.

    
      
         

      

      
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    SECTION
2.4.                Organizational Documents and
Management Agreement.

     

    (a)           The
Organizational Documents of Stillwater AB Fund Delaware I as in effect
immediately prior to the Effective Time shall be the Organizational Documents of
the Surviving Entity until thereafter changed or amended as provided therein or
by applicable law.

     

    (b)           The
management agreement as in effect immediately prior to the Effective Time shall
be terminated and shall be replaced by the Management Agreement with ASSAC on
and subsequent to the Effective Time until thereafter changed or amended as
provided pursuant to the Stillwater Letter or as otherwise mutually agreed
between Stillwater and ASSAC.

     

    SECTION
2.5.                Management of the Surviving
Entity.

     

    (a)           The General
Partner.  A Person appointed by ASSAC at the Effective Time of
the Merger shall be the General Partner of the Surviving Entity and such Person
shall continue to serve in such capacity until the earlier of its resignation or
removal or until its respective successors are duly elected and qualified, as
the case may be.

     

    (b)           Management.  The
management of the investments of the Surviving Entity shall continue to be
managed by Stillwater pursuant to the Management Agreement, as the same may be
amended or modified from time to time in accordance with the terms
thereof.

     

    SECTION
2.6.                Effect on Equity
Interests

     

    As of the
Effective Time, by virtue of the Merger and without any action on the part of
any of the Parties or other holders of any Ordinary Shares, ASSAC Preferred
Shares, capital stock of Stillwater, limited liability members interests of the
General Partner, General Partners Interests or Limited Partnership Interests
(collectively, the “Equity
Interests”):

     

    (a)           ASSAC Ordinary
Shares.  Each issued and outstanding ASSAC Ordinary Share shall
remain issued and outstanding following the Effective Time of the
Merger.

     

    (b)           Stillwater and General
Partner Owners Equity Interests.  All of the issued and
outstanding (i) shares of capital stock of Stillwater, and (ii) limited
liability company members interests of SCP LLC shall remain issued and
outstanding following the Effective Time of the Merger.

     

    (c)           General Partners
Interests.  Subject to the provisions of Section 2.11 below,
the General Partners Interests:

     

    (i)        
   as to each of Mergerco and Stillwater AB Fund Delaware II,
shall be cancelled and retired and shall cease to exist; and

     

    (ii)           as
to the Surviving Entity, shall remain with and be fully vested in, the General
Partner.

     

    (d)           Limited Partnership
Interests.  The Limited Partnership Interests:

     

    (i)     
      as to each of Stillwater AB Fund Delaware I
and Stillwater AB Fund Delaware II, shall automatically be canceled and retired
and shall cease to exist; and such Limited Partnership Interests shall be
automatically converted into the right to receive the applicable amount of
Merger Consideration payable with respect to each such Limited Partnership
Interest, as provided herein; and

    
      
         

      

      
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    (ii)           as
to Mergerco, shall be converted into and exchanged for one hundred percent
(100%) of all Limited Partnership Interests in the Surviving
Entity.

     

    (e)           Outstanding Affiliated
Obligations.  Except for the obligation to pay not in excess of
$800,000 of accrued management fees or incentive fees as at the Effective Time
of the Merger (which shall be repaid in accordance with Section 5.4 below, by
virtue of the Merger and without any action on the part of any Party, all
accounts payable, notes payable or other payment obligations of any of the
Constituent Entities to SCP LLC or Stillwater or any Affiliate of SCP LLC or
Stillwater (collectively, the “Affiliated
Obligations”), shall automatically be deemed to be canceled and retired
and shall cease to exist.  Notwithstanding the foregoing, if
Stillwater, in the exercise of its reasonable discretion and upon prior written
notice to ASSAC, shall make one or more loans or advances to the Funds, or any
of them, solely for the purpose of protecting assets and collateral in such
Fund(s), Stillwater shall be repaid such loans and advances by such Fund(s) in
accordance with the terms thereof and such loans or advances shall not be deemed
canceled or retired; provided,
that the terms and conditions (including repayment terms) of any of such
loans or advances shall have been approved in advance by ASSAC, which approvals
shall not be unreasonably withheld.

     

    (f)           Constituent Entities Rights
and Options.  As at the Effective Time, by virtue of the Merger
and without any action on the part of the holders thereof, each warrant, option
or other right to purchase Equity Interests of any of the Constituent Entities
of the Merger shall automatically be deemed to be canceled and retired and shall
cease to exist.

     

    (g)           Certificates.  At
the Effective Time and against receipt of the Merger Consideration set forth in
Section 2.7, to the extent that any of the Limited Partnership Interests are
certificated, the Limited Partners of the Funds shall deliver to ASSAC the
certificates of Limited Partnership Interests evidencing all, and not less than
all, of the Equity Interests of the Limited Partners of the Funds, which
certificates shall be duly endorsed in blank for transfer with the signatures of
the record owners appropriately guaranteed in a manner reasonably satisfactory
to ASSAC.  All Merger Consideration paid in accordance with the terms
of this Agreement shall be deemed to have been paid in full satisfaction of all
rights pertaining to 100% of such Equity Interests.

     

    SECTION
2.7.                Merger Consideration
At the Effective Time of the Merger, ASSAC shall deliver the Merger
Consideration based on the Purchase Value available to the Parties as at the
Effective Time of the Merger.

     

    (a)           Such
Merger Consideration shall be payable as follows:

     

    (i)           
all of the Partners of Stillwater AB Fund Delaware I shall receive 17,000 ASSAC
Series A Preferred Shares, representing 100% of the $17.0 million Purchase Value
attributable to the Stillwater AB Fund Delaware I as at December 31, 2009;
and

     

    (ii)           all
of the Partners of Stillwater AB Fund Delaware II shall receive 25,000 ASSAC
Series A Preferred Shares, representing 100% of the $25.0 million Purchase Value
attributable to the Stillwater AB Fund Delaware II as at December 31,
2009.

     

    (b)           To
the extent applicable, ASSAC Series A Preferred Shares shall be issued to the
Partners in fractions of a share.  No fractional Conversion Shares
shall be issued upon automatic conversion of such Series A Preferred Shares,
rather such Conversion Shares shall be rounded up or down to the nearest whole
Ordinary Share.

    
      
         

      

      
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    SECTION
2.8.                Adjusted Purchase Value; NAV
Appraisals and 2009 Audited Financial Statements.

     

    (a)           The
Stillwater Parties shall deliver the NAV Appraisals for the Funds to ASSAC and
the Auditors on or before February 28, 2010, and cause the Auditors or
Appraiser, as the case may be, to provide ASSAC with the Appraised NAV (together
with the audited financial statements of the Funds as at December 31, 2009 and
for the fiscal year then ended (the “2009 Audited Financial
Statements”) on or before March 31, 2010.  The calculations of
the NAV Appraisals by the Appraiser as audited by the Auditors in the 2009
Audited Financial Statements shall be final and binding upon all Parties
hereto.

     

    (b)           Upon
delivery of the NAV Appraisals and the 2009 Audited Financial Statements, the
Adjusted Purchase Value of the Funds shall be determined.  As provided
in the ASSAC Series A Preferred Certificate of Designations there shall be a
post-Closing adjustment to the Conversion Shares and the Conversion Ratio, as
provided in Section 2.9 below.

     

    SECTION
2.9.                Conversion of ASSAC Series A
Preferred Shares; Conversion Ratio.

     

    Upon
delivery of the NAV Appraisals and the 2009 Audited Financial Statements of the
Funds, the number of Conversion Shares and the Conversion Ratio shall be
recalculated, as follows:

     

    (a)           the
aggregate
number of Conversion Shares that are issuable to all of the
Partners of the Funds upon automatic conversion of all ASSAC Series A Preferred
Shares previously issued to the Partners of each Fund, respectively, shall
automatically, and without any further action, be adjusted and determined by
dividing (i) the Adjusted Purchase Value of each such Fund, by (ii) the
Conversion Price then in effect;

     

    (b)           the
Conversion Ratio applicable to each of Funds shall be automatically and without
any further action adjusted and determined by dividing the (i) aggregate number
of Conversion Shares applicable to such Fund, as determined in accordance with
Section 2.9(a) above, by (ii) the number of ASSAC Series A Preferred Shares
issued at Closing to all of the Partners of such Fund; and

     

    (c)           the
number of Conversion Shares issuable to each
individual Partner of the Funds, upon automatic conversion of all ASSAC Series A
Preferred Shares issued to each such Partner shall be automatically and without
any further action determined by multiplying (i) the aggregate number of ASSAC
Series A Preferred Shares issued to such Partner, by (ii) the Conversion Ratio,
as determined pursuant to Section 2.9(b) above.

     

    For the
avoidance of doubt,

     

    (i)
           if for
example:

     

    (A)           The
Estimated NAV of the Stillwater AB Fund Delaware I at December 31, 2009 is $17.0
million, then 100% of the Purchase Value of such Fund payable to the Partners of
Stillwater AB Fund Delaware I is $17.0 million.

     

    (B)           The
Partners of Stillwater AB Fund Delaware I shall, at the Closing, receive 17,000
ASSAC Series A Preferred Shares, having a total Stated Value of
$17,000,000.

     

    (C)           Based
on the initial $7.50 per shares Conversion Price, the assumed number of
Conversion Shares at the Effective Time of the Merger would be 2,266,667 ASSAC
Ordinary Shares ($17.0 million divided by $7.50) and the assumed Conversion
Ratio would be 133.333 ASSAC Ordinary Shares for each of the 17,000 ASSAC
Preferred Shares, or 133.333:1.

    
      
         

      

      
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    (D)           If
the Appraised  NAV based on the NAV Appraisal of Stillwater AB Fund
Delaware I reflects that the Adjusted Purchase Value of the Stillwater AB Fund
Delaware I as at December 31, 2009 was, in fact, only $15.0 Million, then the
Merger Consideration that should have been payable to the Partners of Stillwater
AB Fund Delaware I at the Closing is $15,000,000 and not
$17,000,000.

     

    (E)           The
actual number of Conversion Shares issuable to all Partners of Stillwater AB
Fund Delaware I is then automatically adjusted downwards to 2,000,000 ASSAC
Ordinary Shares ($15.0 million divided by $7.50), and the adjusted Conversion
Ratio applicable to each full ASSAC Series A Preferred Share would be 117.647
ASSAC Ordinary Shares for each of the 17,000 ASSAC Preferred Shares, or
117.647:1 (2,000,000 Conversion Shares divided by 17,000 ASSAC Series A
Preferred Shares).

     

    (ii)           if
for example:

     

    (A)           The
Estimated NAV of the Stillwater AB Fund Delaware I at December 31, 2009 is $17.0
million, then 100% of the Purchase Value of such Fund payable to the Partners of
Stillwater AB Fund Delaware I is $17.0 million.

     

    (B)           The
Partners of Stillwater AB Fund Delaware I shall, at the Closing, receive 17,000
ASSAC Series A Preferred Shares, having a total Stated Value of
$17,000,000.

     

    (C)           Based
on the initial $7.50 per shares Conversion Price, the assumed number of
Conversion Shares at the Effective Time of the Merger would be 2,266,667 ASSAC
Ordinary Shares ($17.0 million divided by $7.50) and the assumed Conversion
Ratio would be 133.333 ASSAC Ordinary Shares for each of the 17,000 ASSAC
Preferred Shares, or 133.333:1.

     

    (D)           If
the Appraised NAV based on the NAV Appraisal of Stillwater AB Fund Delaware I
reflects that the Adjusted Purchase Value of the Stillwater AB Fund Delaware I
as at December 31, 2009 was, in fact, $20.0 Million, then the Merger
Consideration that should have been payable to the Partners of Stillwater AB
Fund Delaware I at the Closing is $20,000,000 and not $17,000,000.

     

    (E)           The
actual number of Conversion Shares issuable to all Partners of Stillwater AB
Fund Delaware I is then automatically adjusted upwards to 2,666,667 ASSAC
Ordinary Shares ($20.0 million divided by $7.50), and the adjusted Conversion
Ratio applicable to each full ASSAC Series A Preferred Share would be 156.863
ASSAC Ordinary Shares for each of the 17,000 ASSAC Preferred Shares, or
156.863:1 (2,666,667 Conversion Shares divided by 17,000 ASSAC Series A
Preferred Shares).

     

    In either
example, the number of ASSAC Series A Preferred Shares always remains fixed but
the Conversion Shares and Conversion Ratio change based upon the Adjusted
Purchase Value of the Funds.  In addition, the 5% dividend on the
ASSAC Series A Preferred Shares will also be payable in additional ASSAC
Ordinary Shares at the Conversion Date and will reflect the Adjusted Purchase
Price Values based upon the NAV Appraisals.   To avoid the
issuance of fractional Ordinary Shares, all Conversion Shares issuable pursuant
to this Agreement shall be rounded up or down to the nearest whole Ordinary
Share.

    
      
         

      

      
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    SECTION
2.10.              Delivery of Merger
Consideration Certificates.

    

    (a)           On
the Closing Date, ASSAC shall deliver to the General Partner of the Funds, one
(1) share certificate evidencing the aggregate number of ASSAC Series A
Preferred Shares issuable to all Partners of the Funds; in each case registered
in the name of “The Partners of Stillwater AB Fund Delaware I” or The “Partners
of Stillwater AB Fund Delaware II”, as applicable. Following the Closing, the
General Partner may, at its option either (i) hold such share certificates for
the benefit of such Partners pending the automatic conversion of such Series A
Preferred Shares into Conversion Shares as contemplated pursuant to this Article
II, or (ii) return such share certificates to ASSAC together with the names and
mailing addresses of each of the individual Partners of the Funds and the number
of ASSAC Series A Preferred Shares allocated to each such Person (the “Partner
List”).  Within sixty (60) days of receipt of such certificates
and Partner List, ASSAC may, in the exercise of its sole discretion based upon
legal advice of counsel, distribute or direct the distribution of certificates
representing the applicable number of ASSAC Series A Preferred Shares to each
Partner.

    

    (b)           Following
the Conversion Date, ASSAC shall either deliver physical stock certificates
evidencing the Conversion Shares registered in the name of each individual
Partner, or deliver such certificates in electronic format by DTC or other
method, all as requested by the General Partner.

     

    

    SECTION
2.11               Stillwater
Payment.  ASSAC shall pay all consideration payable to
Stillwater under the Stillwater Agreement on the Closing Date of the
Merger.  In addition, all investments of Stillwater and/or SCP LLC in
each of the Funds shall not be extinguished by reason of the Merger and shall be
treated in the same manner as the investments of the Limited Partners of each of
the Funds.

    

    ARTICLE
III.     REPRESENTATIONS AND WARRANTIES OF THE ASSAC
PARTIES

     

    Each of
the ASSAC Parties, jointly and severally, represents and warrants to the
Stillwater Parties that as of the date of this Agreement and as of the Closing
Date (as though made then and as though the Closing Date were substituted for
the date of this Agreement):

     

    SECTION
3.1.                Incorporation; Power and
Authority.  ASSAC is duly organized, validly existing and in
good standing under the laws of the Cayman Islands.  Mergerco is duly
organized, validly existing and in good standing under the laws of the State of
Delaware.  Each of the ASSAC Parties has (a) the corporate or
partnership power and authority to own and operate its business as presently
conducted and (b) all necessary power and authority to execute, deliver and
perform this Agreement and the Ancillary Agreements to which it will become a
party.

    
      
         

      

      
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    SECTION
3.2.             Valid
and Binding Agreements.

     

    (a)                      The
execution, delivery and performance by each of the ASSAC Parties of this
Agreement and the Ancillary Agreements to which it will become a party have been
duly and validly authorized by all necessary corporate or equivalent
action.  This Agreement has been duly executed and delivered by each
of the ASSAC Parties and constitutes the valid and binding obligation of each of
the ASSAC Parties, enforceable against each of them in accordance with its
terms, subject to the Remedies Exception.  Each Ancillary Agreement to
which an ASSAC Party will become a party, when executed and delivered by or on
behalf of ASSAC, will constitute the valid and binding obligation of such ASSAC
Parties, enforceable against it in accordance with its terms, subject to the
Remedies Exception.

     

    (b)                      Mergerco
has been formed solely for the purpose of entering into this Agreement, the
Ancillary Agreements and consummating the Merger.  Except for the
foregoing, Mergerco has no assets or liabilities and has conducted no business
and will conduct no business prior to the Closing Date.

     

    SECTION
3.3.             SEC
Filings.

     

    (a)                      ASSAC
is a “foreign private issuer” (as such term is defined in Rule 3b-4 promulgated
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) and
has timely filed and is current in its filing of all periodic and other reports,
schedules, statements and other documents (collectively, the “SEC Reports”) it is
required to file with the Securities and Exchange Commission (“SEC”) under the
Exchange Act.   To its Knowledge, none of the SEC Reports filed
by ASSAC are currently being reviewed by the SEC and ASSAC has not received any
letter of comments from the SEC that it has not, as yet, fully responded
to.

     

    (b)                      Each
of the SEC Reports was prepared and complied in all material respects with the
applicable requirements of the Securities Act of 1933, as amended, the Exchange
Act, the Sarbanes-Oxley Act of 2002, as amended, and any other Law applicable to
the SEC Reports as in effect at the time it was filed or furnished (or, in the
case of any registration statement or proxy statement, on the date of
effectiveness or the date of mailing, respectively, and in the case of any SEC
Report amended or superseded by a filing prior to the date of this Agreement,
then on the date of such amending or superseding filings).  As of
their respective dated of filing, effectiveness or mailing, as applicable (or,
if amended or supplemented, as of the dates of such amendments or supplements)
the SEC Reports did not contain any untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the
statements made therein, in light of the circumstances in which they were made,
not misleading.

     

    (c)                      ASSAC
has been and is in compliance with the applicable listing, corporate governance
and other applicable rules and regulations of the American Stock Exchange,
Inc.

     

    (d)                      ASSAC
has established and maintains disclosure controls and procedures required by
Exchange Act Rules 13a-14 and 15d-14.  Such disclosure controls and
procedures are adequate and effective to ensure that information required to be
disclosed by ASSAC is recorded and reported on a timely basis to its chief
executive officer and chief financial officer by others within those
entities.

     

    (e)                      Each
of the consolidated financial statements of ASSAC contained in the SEC Reports
(the “ASSAC Financial
Statements”), together with the related schedules and notes thereto,
complied as to form in all material respects, as of the date of filing with the
SEC, with applicable accounting requirements and the published rules and
regulations of the SEC with respect thereto, and fairly presents, in all
material respects, the financial position of ASSAC as of the dates indicated and
the statement of operations and stockholders’ equity and cash flows of ASSAC for
the periods then ended.  The ASSAC Financial Statements have been
prepared in accordance with GAAP, applied on a consistent basis throughout the
periods involved (except, in the case of unaudited quarterly financial
statements, subject to normal year-end adjustments consistent with
GAAP).

    
      
         

      

      
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    (f)                  
      The ASSAC Ordinary Shares are registered
pursuant to Section 12(g) of the Exchange Act and no action has been taken or,
to the Knowledge of the ASSAC Parties, is contemplated, and no proceeding is
pending or has been threatened in writing that would result in the suspension,
cancellation or termination of such registration.

     

    SECTION
3.4.                No Breach;
Consents.  The execution, delivery and performance by the ASSAC
Parties of this Agreement and the Ancillary Agreements to which either or both
of the ASSAC Parties will become a party will not (a) contravene any provision
of the Organizational Documents, if any, of the ASSAC Parties or the
Registration Statement on Form S-1 (Registration No. 333-145163) declared
effective by the SEC on January 16, 2008 (the “Registration
Statement”) or the definitive prospectus included therein; (b) violate or
conflict with any Law, Governmental Order Governmental Authorization or the
rules and regulations of the American Stock Exchange; (c) conflict with, result
in any breach of any of the provisions of, constitute a default (or any event
that would, with the passage of time or the giving of notice or both, constitute
a default) under, result in a violation of, increase the burdens under, result
in the termination, amendment, suspension, modification, abandonment or
acceleration of payment (or any right to terminate) or require a Consent,
including any Consent under any Contract or Governmental Authorization that is
either binding upon or enforceable against the ASSAC Parties or any Governmental
Authorization that is held by the ASSAC Parties; (d) require any Governmental
Authorization; (e) give any Governmental Entity or other Person the right to
challenge any of the contemplated transactions or to exercise any remedy or
obtain any relief under any Law, Governmental Order or Governmental
Authorization; (f) cause the Stillwater Parties to become subject to, or to
become liable for the payment of, any Tax; or (g) result on the creation or
imposition of any Encumbrance.

     

    SECTION
3.5.                ASSAC Shareholder
Approvals.  ASSAC shall use commercially reasonable efforts to
obtain all Required Consents and the ASSAC Shareholder Approval required
pursuant to this Agreement.

     

    SECTION
3.6.                Brokerage.  Except
as set forth on Schedule 3.6 hereto,
none of the ASSAC Parties is required to pay any finders fee or other brokerage
commissions in connection with the transactions contemplated by this Agreement
and the Ancillary Agreements.

     

    SECTION
3.7.                Capitalization.  ASSAC
is duly authorized to issue the ASSAC Ordinary Shares and the ASSAC Preferred
Shares pursuant to its Organizational Documents.  As at September 30,
2009, (a) an aggregate of 14,000,000 Ordinary Shares were issued and
outstanding, (b) no Preferred Shares were issued and outstanding, and (c)
warrants to issue an aggregate of 18,000,000 Ordinary Shares, at exercise prices
of $7.50 per share (of which warrants to issue 5,725,000 Ordinary Shares have
“cashless exercise” provisions) were issued and
outstanding.   Since September 30, 2009, ASSAC sold and issued
the ASSAC Executive Shares and has not issued or sold any other
security.

     

    SECTION
3.8.                Board of Directors
Authorization.  The board of directors of ASSAC has duly
authorized the issuance of the ASSAC Series A Preferred Shares and Conversion
Shares pursuant to this Agreement and the Additional Acquisition Agreements,
subject at all times to ASSAC obtaining the ASSAC Shareholder Approval required
hereby.

     

    SECTION
3.9.                No Material Adverse
Changes.  Since September 30, 2009 there has not
been:

    
      
         

      

      
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    (a)           any
material adverse change in the financial position of ASSAC, except changes
arising in the ordinary course of business, which changes will in no event
materially and adversely affect the financial position of ASSAC;

     

    (b)           any
damage, destruction or loss materially affecting the assets, prospective
business, operations or condition (financial or otherwise) of ASSAC whether or
not covered by insurance;

     

    (c)           any
declaration, setting aside or payment of any dividend or distribution with
respect to any redemption or repurchase of the capital stock of
ASSAC;

     

    (d)           any
sale of an asset (other than in the ordinary course of business) or any mortgage
or pledge by ASSAC of any of its properties or assets; or

     

    (e)           any
adoption of a pension, profit sharing, retirement, stock bonus, stock option or
similar plan or arrangement.

     

    SECTION
3.10.              Taxes.  ASSAC
timely filed, or has caused to be timely filed on its behalf, all applicable tax
returns required to be filed by it, and all such tax returns are true, complete
and accurate, except to the extent any failure to file or any inaccuracies in
any filed tax returns, individually or in the aggregate, have not had and would
not reasonably be expected to have a Material Adverse Effect on
ASSAC.  All Taxes shown to be due on such tax returns, or otherwise
owed, has been timely paid, except to the extent that any failure to pay,
individually or in the aggregate, has not had and would not reasonably be
expected to have a Material Adverse Effect on ASSAC.

     

    SECTION
3.11.              Compliance with
Laws.  ASSAC has complied with all requirements of Law
applicable to it or its business which, if not complied with, would have a
Material Adverse Effect on ASSAC.

     

    SECTION
3.12.              No
Breach.  The execution, delivery and performance of this
Agreement and the Ancillary Agreements and the consummation of the transactions
contemplated hereby and thereby will not:

     

    (a)           violate
any provision of the Organizational Documents of ASSAC;

     

    (b)           violate,
conflict with or result in the breach of any of the terms of, result in a
material modification of, otherwise give any other contracting party the right
to terminate, or constitute (or with notice or lapse of time, or both
constitute) a default under any Contract to which ASSAC is a party or by or to
which it or any of its assets or properties may be bound or subject or result in
the creation of any Encumbrance (other than Permitted Encumbrances) on the
assets or properties of ASSAC; or

     

    (c)           violate
any requirements of Law against, or binding upon,  ASSAC or upon the
properties or business of  ASSAC or applicable to the transactions
contemplated herein.

     

    SECTION
3.13.              Actions and
Proceedings.   Except as set forth in the SEC Reports,
ASSAC is not a party to any pending litigation or, to its Knowledge, any
governmental investigation or proceeding not reflected in the ASSAC Financial
Statements, and to the Knowledge of ASSAC, no material litigation, claims,
assessments or non-governmental proceedings is threatened against
it.

    
      
         

      

      
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    SECTION
3.14.              Material
Contracts.  This Agreement, the Additional Acquisition
Agreements, the Ancillary Agreements, the exhibits filed with the Registration
Statement (the original filing and all amendments thereto) and with the SEC
Reports include all material Contracts to which ASSAC is currently a party
(collectively, the “ASSAC
Contracts”).  Each such ASSAC Contract: (a) is a valid and
binding agreement, (b) is in full force and effect, and (c) neither ASSAC nor,
to the Knowledge of ASSAC, any other party thereto is in breach or default
(whether with or without the passage of time or the giving of notice or both)
under the terms of any such Contract would have a Material Adverse Effect on
ASSAC or its assets and properties. ASSAC has not assigned, delegated, or
otherwise transferred any of their rights or obligations with respect to any
such ASSAC Contracts, or granted any power of attorney with respect thereto.
ASSAC has given or otherwise made available to Stillwater a true and correct
fully executed copy of each material ASSAC Contract.

     

    SECTION
3.15.              Affiliated
Transactions.  Except as set forth in the ASSAC Contracts or
disclosed in the Registration Statement or SEC Reports, there does not exist any
transaction between ASSAC or any officer, director, shareholder or other
Affiliate of ASSAC.

     

    SECTION
3.16.              Trust
Account.  ASSAC currently maintains the sum of $115.0 Million
in the Trust Account.

     

    ARTICLE
IV.     REPRESENTATIONS AND WARRANTIES OF THE STILLWATER
PARTIES

     

    Each of
the Stillwater Parties jointly and severally represents and warrants to the
ASSAC Parties that as of the date of this Agreement and as of the Closing Date
(as though made then and as though the Closing Date were substituted for the
date of this Agreement):

     

    SECTION
4.1.        Incorporation; Power and
Authority.  Each of Stillwater and the General Partner is a
corporation or limited liability company, as applicable, duly organized, validly
existing and in good standing under the Laws of the State of New York or
Delaware, respectively, with all necessary power and authority to execute,
deliver and perform this Agreement and the Ancillary Agreements to which it will
become a party.  The Funds are limited partnerships, duly organized,
validly existing and in good standing under the Laws of the State of Delaware,
with all necessary power and authority to execute, deliver and perform this
Agreement and the Ancillary Agreements to which it will become a
party.

     

    SECTION
4.2.        Valid and Binding
Agreement.

     

    (a)                    The
execution, delivery and performance by each of the Stillwater Parties of this
Agreement and the Ancillary Agreements to which it will become a party have been
duly and validly authorized by all necessary corporate or company action, as
applicable.

     

    (b)                    This
Agreement has been duly executed and delivered by each of the Stillwater Parties
and constitutes the valid and binding obligation of each of the Stillwater
Parties, enforceable against them in accordance with its terms, subject to the
Remedies Exception.  Each Ancillary Agreement to which any one or more
of the Stillwater Parties will become a party, when executed and delivered by
such entities, will constitute the valid and binding obligation of such
entities, enforceable against them in accordance with its terms, subject to the
Remedies Exception.

     

    SECTION
4.3.        No Breach;
Consents.  The execution, delivery and performance of this
Agreement and the Ancillary Agreements to which it will become a party by each
of the Stillwater Parties will not (a) to the extent applicable, contravene any
provision of the Organizational Documents of such entities; (b) violate or
conflict with any Law, Governmental Order or Governmental Authority;
(c) conflict with, result in any breach of any of the provisions of,
constitute a default (or any event that would, with the passage of time or the
giving of notice or both, constitute a default) under, result in a violation of,
increase the burdens under, result in the termination, amendment, suspension,
modification, abandonment or acceleration of payment (or any right to terminate)
or except for the Stillwater Partner Consents, require a Consent, including any
Consent under any Contract or Governmental Authorization that is either binding
upon or enforceable against any of the Stillwater Parties; or (e) require any
Governmental Authorization; or (e) result on the creation or imposition of any
Encumbrance.

     

    
      
         

      

      
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    SECTION
4.4.                Financial Statements, Books
and Records.

     

    (a)           Schedule 4.4 consists
of (i) the audited financial statements (balance sheet, income statement,
statements of cash flows and owners equity and notes thereto) of the Funds as of
December 31, 2006 and December 31, 2007 and for the fiscal year then ended (the
“2006 and 2007
Financial Statements”), (ii) the unaudited financial statements (balance
sheet, income statement, statements of cash flows and owners equity and notes
thereto) of the Funds as of December 31, 2008 and for the fiscal year then ended
(the “2008 Financial
Statements”), and (iii) the unaudited combined balance sheet and
statement of income of the Funds for the comparative fiscal quarters ended
September 30, 2009 and September 30, 2008 (the “Interim Financial
Statements” and with the 2006 and 2007 Financial Statements and the 2008
Financial Statements, collectively, the “Financial
Statements”); and in each case (other than the 2009 Financial Statements)
all underlying information has been submitted to an accounting firm (the “Stillwater
Accountants”) that is certified by the Public Company Accounting
Oversight Board (“PCAOB”).

     

    (b)           On
or before January 15, 2010, the Stillwater Parties will have delivered to ASSAC
the audit of the 2008 Financial Statements accompanied by the unqualified audit
opinion of the Stillwater Accountants.

     

    (c)           On
or before January 15, 2010, the Stillwater Parties will have delivered to ASSAC
a letter from the Stillwater Accountants (the “Accountants Letter”),
to the effect that the audited financial statements (balance sheet, income
statement, statements of cash flows and owners equity and notes thereto) of the
Funds as of December 31, 2009 and the fiscal year then ended (the “2009 Financial
Statements”) can be audited by such Stillwater Accountants, and (iii)
that, subject to timely receipt of the NAV Appraisals and other qualifications
contained therein, such audit can be completed by March 31, 2010.  In
addition, the Stillwater Parties have issued to the Stillwater Accountants a
direction to complete the audit of the aforesaid 2009 Financial
Statements.

     

    (d)           The
Financial Statements fairly represent the financial position of the Stillwater
Parties as at such dates and the results of their operations for the periods
then ended.  The Financial Statements were prepared in accordance with
generally accepted accounting principles (“GAAP”) applied on a
consistent basis with prior periods except as otherwise stated
therein.

     

    (e)           All
accounts, books and ledgers of the Funds have been properly and accurately kept
and completed in all material respects on a basis consistent with those of
preceding accounting periods, and there are no material inaccuracies or
discrepancies of any kind contained or reflected therein.  The books
and records fairly and correctly set out and disclose, in all material respects,
the current financial position and condition of the Funds. All financial
transactions involving the Funds have been accurately recorded in the books and
records and all such transactions represent actual, bona fide
transactions.

     

    (f)           As
at September 30, 2009, to the Knowledge of the Stillwater Parties, the Estimated
NAV of Stillwater AB Fund Delaware I was $17.0 million and the Estimated NAV of
Stillwater AB Fund Delaware II was $25.0 million.   The General
Partner and Stillwater anticipate that as at December 31, 2009, the Estimated
NAV of Stillwater AB Fund Delaware I will be not less than $17.0 million and the
Estimated NAV of Stillwater AB Fund Delaware II will be not less than $25.0
million.

    
      
         

      

      
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    SECTION
4.5.                Subsidiaries, Partnerships,
Joint Ventures.

     

    Except as
reflected on Schedule
4.5 hereto or with respect to holding companies wholly owned by the Funds
used to hold assets of the Funds and for no other business purpose, the Funds do
not have any Subsidiaries and do not own of record or beneficially, directly or
indirectly, (i) any shares of capital stock or securities convertible into
capital stock of any other corporation or (ii) any participating interest in any
partnership, joint venture, limited liability company or other non-corporate
business enterprise and does not control, directly or indirectly, any other
Person.

     

    SECTION
4.6.                No Material Adverse
Changes.  Except as otherwise described on Schedule 4.5 hereto,
since the date of the most recent Financial Statements there has not
been:

     

    (i)         
  any material adverse change in the financial position of the
Stillwater Parties, except changes arising in the ordinary course of business,
which changes will in no event materially and adversely affect the financial
position of the Stillwater Parties;

     

    (ii)           any
damage, destruction or loss materially affecting the assets, prospective
business, operations or condition (financial or otherwise) of the Stillwater
Parties whether or not covered by insurance;

     

    (iii)          any
declaration, setting aside or payment of any dividend or distribution with
respect to any redemption or repurchase of the equity interests of any of the
Stillwater Parties;

     

    (iv)          any
sale of an asset (other than in the ordinary course of business) or any mortgage
or pledge by any of the Stillwater Parties of any of their properties or assets;
or

     

    (v)           any
adoption of a pension, profit sharing, retirement, stock bonus, stock option or
similar plan or arrangement.

     

    SECTION
4.7.                Taxes.  Each
of the Stillwater Parties has timely filed, or has caused to be timely filed on
its behalf, all applicable tax returns required to be filed by it, and all such
tax returns are true, complete and accurate, except to the extent any failure to
file or any inaccuracies in any filed tax returns, individually or in the
aggregate, have not had and would not reasonably be expected to have a Material
Adverse Effect on such Stillwater Party.  All Taxes shown to be due on
such tax returns, or otherwise owed, has been timely paid, except to the extent
that any failure to pay, individually or in the aggregate, has not had and would
not reasonably be expected to have a Material Adverse Effect on any of the
Stillwater Parties.

     

    SECTION
4.8.                Compliance with
Laws.  Each of the Stillwater Parties has complied with all
requirements of Law applicable to it or its business which, if not complied
with, would have a Material Adverse Effect on the Stillwater
Parties.

     

    SECTION
4.9.                No
Breach.  The execution, delivery and performance of this
Agreement and the Ancillary Agreements and the consummation of the transactions
contemplated hereby and thereby will not:

     

    (a)           violate
any provision of the Organizational Documents of any of the Stillwater
Parties;

     

    (b)           violate,
conflict with or result in the breach of any of the terms of, result in a
material modification of, otherwise give any other contracting party the right
to terminate, or constitute (or with notice or lapse of time, or both
constitute) a default under any Contract to which the Stillwater Parties are a
party or by or to which they or any of their assets or properties may be bound
or subject or result in the creation of any Encumbrance (other than Permitted
Encumbrances) on the assets or properties of the Stillwater Parties;
or

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

    (c)           violate
any requirements of Law against, or binding upon,  the Stillwater Parties
or upon the properties or business of  the Stillwater Parties or applicable
to the transactions contemplated herein.

     

    SECTION
4.10.              Actions and
Proceedings.   Except as set forth on Schedule 4.10, none
of the Funds is a party to any material pending litigation or, to the Knowledge
of the Stillwater Parties, any governmental investigation or proceeding not
reflected in the Financial Statements, and to the Knowledge of the Stillwater
Parties, no material litigation, claims, assessments or non-governmental
proceedings is threatened against either of the Funds.

     

    SECTION
4.11.              Agreements.  Schedule 4.11 sets
forth each material Contract to which each of the Funds is a party or by or
to which it or its assets, properties or business are bound or subject. Each
such Contract: (a) is a valid and binding agreement, (b) is in full force and
effect, and (c) neither the Stillwater Parties nor, to the Knowledge of the
Stillwater Parties, any other party thereto is in breach or default (whether
with or without the passage of time or the giving of notice or both) under the
terms of any such Contract. The Stillwater Parties have not assigned, delegated,
or otherwise transferred any of their rights or obligations with respect to any
such contracts or arrangements, or granted any power of attorney with respect
thereto. The Stillwater Parties have given or otherwise made available a true
and correct fully executed copy of each material Contract to ASSAC.

     

    SECTION
4.12.              Redemption
Claims.  Schedule 4.12 sets
forth the names of each Limited Partner, of the Funds who is owed amounts under
outstanding Redemption Claims, (ii) the amount of each such Redemption Claim,
and (iii) whether such Redemption Claim can be satisfied by the payment of
consideration other than cash.  Except as set forth on Schedule 4.12, to the
Knowledge of the Stillwater Parties no other Redemption Claims are
pending.

     

    SECTION
4.13.              Intellectual
Property.  Each of the Stillwater Parties has or has rights to
use, all patents, patent applications, trademarks, trademark applications,
service marks, trade names, copyrights, licenses and other similar rights (the
“Intellectual Property
Rights”) that are necessary or material for use in connection with its
businesses and which the failure to so have could, individually or in the
aggregate, have or reasonably be expected to result in a Material Adverse Effect
on the Stillwater Parties.  To the Knowledge of the Stillwater
Parties, none of the Stillwater Parties have received a written notice that such
Intellectual Property Rights used by it violates or infringes upon the rights of
any Person. To the Knowledge of the Stillwater Parties, (a) all such
Intellectual Property Rights are enforceable and (b) there is no existing
infringement by another Person of any of such Intellectual Property
Rights.

     

    SECTION
4.14.              Tangible
Assets.  The Stillwater Parties have full title and interest in
all machinery, equipment, furniture, leasehold improvements, fixtures, projects,
owned or leased by  the Stillwater Parties, any related capitalized items
or other tangible property material to the business of the Stillwater Parties
(the “Tangible
Assets”).   Each of the Stillwater Parties holds all
right, title and interest in all the Tangible Assets owned by it as set forth on
the Financial Statements or acquired by it after the date of the Financial
Statements free and clear of all Encumbrances, except Permitted
Encumbrances.  All of the Tangible Assets are in good operating
condition and repair and are usable in the ordinary course of business of the
Stillwater Parties.

     

    SECTION
4.15.              Liabilities.   None
of the Funds has any material Liabilities which are not fully, fairly and
adequately reflected on the Financial Statements.

    
      
         

      

      
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    SECTION
4.16.              Operations of  the
Funds.  From September 30, 2009 through the Closing Date,
except as disclosed on Schedule 4.16 or the
Financial Statements, none of the Funds have or will have:

     

    (a)           declared
or paid any dividend or declared or made any distribution of any kind to any
shareholder, Limited Partner, or made any direct or indirect redemption,
retirement, purchase or other acquisition of any shares in its membership
interests;

     

    (b)           except
in the ordinary course of business, incurred or assumed any indebtedness or
liability (whether or not currently due and payable);

     

    (c)           disposed
of any assets except in the ordinary course of business;

     

    (d)           materially
increased the annual level of compensation of any executive
employee;

     

    (e)           adopted,
increased, terminated, amended or otherwise modified any plan for the benefit of
its employees; or

     

    (f)           issued
any equity securities or rights to acquire such equity securities.

     

    SECTION
4.17.              Permits.  Each
of the Stillwater Parties has all material permits, licenses, authorizations,
orders and approvals of, and has made all filings, applications and
registrations with, all Governmental Authorities that are required in order to
permit it to own or lease its properties and to conduct its business as
presently conducted (the “Permits”); all such
Permits are in full force and effect and, to the Knowledge of the Stillwater
Parties, no suspension or cancellation of any such Permit is threatened or will
result from the consummation of the transactions contemplated by this Agreement
and the other Ancillary Agreements or the transactions contemplated hereby and
thereby.

     

    SECTION
4.18.              Employment
Matters.  None of the Funds have had or currently have any
employees.  Each of the General Partner and Stillwater has complied in
all material respects with all applicable requirements of Law relating to
employment or labor.  To the Knowledge of the Stillwater Entities, no
present or former employee, officer or director of the Stillwater Parties has,
or shall have at the Closing Date, any claim against the Stillwater Parties for
any matter including, without limitation, for wages, salary, vacation,
severance, or sick pay except for the same incurred in the ordinary course of
business for the last payroll period prior to the Closing Date. There is no: (a)
charge or complaint against the Stillwater Parties alleging a violation of any
requirements of Law relating to employment or labor, including any charge or
complaint filed with the National Labor Relations Board or any comparable
Governmental Authority, (b) pending labor strike, slowdown, work stoppage or
other material labor trouble affecting the Stillwater Parties and there has not
been any of the forgoing during the past three years, (c) pending representation
question respecting the employees of the Stillwater Parties, or (d) pending
arbitration proceeding arising out of or under any collective bargaining
agreement to which the Stillwater Parties is a party.  In addition, to
the Knowledge of the Stillwater Parties: (i) none of the matters specified in
clauses (a) through (d) above is threatened against the Stillwater Parties; (ii)
no union organizing activities have taken place with respect to the Stillwater
Parties; and (iii) no basis exists for which a claim may be made under any
collective bargaining agreement to which the Stillwater Parties is a
party.  The General Partner and Stillwater maintain a health insurance
plan, but do not offer or participate in any other employment benefit
plans.

     

    SECTION
4.19.              Insurance.  Each
of the Stillwater Parties has in effect insurance of the type and amount
customary for the conduct of its business and has paid all insurance policy
premiums due and has otherwise performed all of its obligations under each
insurance policy to which it is a party.

    
      
         

      

      
        21

        
          

        

      

      
         

      

    

    SECTION
4.20.              Brokers or
Finders.  Other than as described in the Stillwater Agreement,
no broker’s or finder’s fee will be payable by the Stillwater Parties in
connection with the transactions contemplated by this Agreement.

     

    SECTION
4.21.              Securities Law
Matters.  The ASSAC Series A Preferred Shares and any
Conversion Shares (collectively, the “ASSAC Securities”) to
be acquired by any of the Stillwater Parties, or by the Partners of the Funds,
are being acquired for the account of such Persons with no intention of
distributing or reselling such securities or any part thereof in any transaction
that would be in violation of the registration requirements of the Securities
Act and applicable state securities laws.  Until registered for resale
under the Securities Act, if any recipient of the ASSAC Securities who is a
signatory to this Agreement should in the future decide to dispose of any of
such ASSAC Securities, such Person may do so only in compliance with the
registration requirements of the Securities Act and applicable state securities
laws, as then in effect.  Each of the Stillwater Parties agrees that
all certificates evidencing ASSAC Securities to be issued in connection with the
Merger and other transactions contemplated hereby shall contain the imprinting,
so long as required by law, of a legend on certificates representing such ASSAC
Securities to the following effect:

     

    “THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY
STATE.  THE SECURITIES MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES
LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF SUCH ACT AND SUCH LAWS.

    THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS AND
CONDITIONS OF A REGISTRATION RIGHTS AGREEMENT DATED JANUARY _____,
2010.  A COPY OF SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL EXECUTIVE
OFFICE OF ASIA SPECIAL SITUATION ACQUISITION CORP. AND ASIA SPECIAL SITUATION
ACQUISITION CORP. WILL FURNISH COPIES OF SUCH AGREEMENT TO THE HOLDER OF THIS
CERTIFICATE UPON REQUEST AND WITHOUT CHARGE.”

    

    ARTICLE
V.     POST-CLOSING COVENANTS

     

    SECTION
5.1.                Contribution to
Capital.  On the Closing Date, and immediately following
consummation of the Merger and its acquisition of Northstar or Allied Provident
pursuant to the applicable Additional Acquisition Agreement, ASSAC shall
contribute all, and not less than all, of the Limited Partnership Interests of
the Surviving Entity owned of record by ASSAC as a result of the Merger to the
capital of either or both of the following Persons, as determined by ASSAC in
the exercise of its sole discretion: (a) Northstar Re Bermuda and/or Northstar
Re Ireland (both Subsidiaries of Northstar), or (b) Allied Provident, all as
shall be determined by ASSAC.

     

    SECTION
5.2.                Boards of Directors of ASSAC
and Investment Committee.

     

    (a)           From
and after the Closing Date, ASSAC shall use its best efforts to cause to be
elected to the Board of Directors of ASSAC, and by their execution of this
Agreement, each of (i) the Stillwater Parties, (ii) Noble Investment Fund
Limited, and (iii) Allius Ltd. and their Affiliates agree to vote all of the
ASSAC Ordinary Shares and all ASSAC Series A Preferred Shares, as applicable,
owned of record by them at each general shareholders meeting of ASSAC in favor
of the election to the Board of Directors of ASSAC of one (1) Person designated
by Stillwater (the “Stillwater Designee”)
and not less than five (5) other Persons who shall be designated by the members
of the ASSAC Board of Directors (the “ASSAC
Designees”).  The ASSAC Designees to the Board of Directors of
ASSAC shall be set forth in the ASSAC Proxy Statement.  All of Richard
Rudy, Jack Doueck and the Stillwater Designee (if other than either of the
aforementioned Persons) shall be included under ASSAC’s officer/director
liability policy in effect from time to time, commencing on the Closing
Date.

    
      
         

      

      
        22

        
          

        

      

      
         

      

    

    (b)           From
and after the Closing Date and for a period through and including March 31,
2013, Stillwater shall establish a three (3) Person investment committee, in
accordance with the terms of the Management Agreement.

     

    SECTION
5.3.       Registration of Conversion
Shares.  Following the Closing Date, ASSAC shall use its
commercially reasonable efforts to cause the Registration Statement (as that
term is defined in the Registration Rights Agreement) to be declared effective
by the Securities and Exchange Commission and shall otherwise comply with all of
its covenants and agreements contained in the Registration Rights
Agreement.

     

    SECTION
5.4.                Payment of Affiliated
Obligations.  As at the Closing Date, the aggregate amount of
all Affiliated Obligations owed by Stillwater AB Fund Delaware I shall not
exceed $250,000, and the aggregate amount of all Affiliated Obligations owed by
Stillwater AB Fund Delaware II shall not exceed $430,000.  Following
the Closing Date, the Surviving Entity shall commence to repay such Affiliated
Obligations only after all Redemption Claims as at the Closing Date shall have
been paid in full or otherwise satisfied, and  then in accordance with
the applicable provisions of the Management Agreement.

     

    SECTION
5.5.                Rescission.  All
or certain of the transactions contemplated by this Agreement may be rescinded
prior to the Conversion Date, all as contemplated by the ASSAC Restated Articles
or the ASSAC Series A Preferred Certificate of Designations.

     

    ARTICLE
VI.     CONDITIONS TO CLOSING

     

    SECTION
6.1.                Conditions to Stillwater
Parties' Obligations.  The obligation of the Stillwater Parties
to take the actions required to be taken by them at the Closing is subject to
the satisfaction or waiver, in whole or in part, in their sole discretion, of
each of the following conditions at or prior to the Closing:

     

    (a)           The
representations and warranties of the ASSAC Parties set forth in Article III
will be true and correct as of the Closing Date as though then made and as
though the Closing Date had been substituted for the date of this Agreement in
such representations and warranties (without taking into account any
supplemental disclosures after the date of this Agreement by the ASSAC Parties
or the discovery of information by the Stillwater Parties.

     

    (b)           Each
of the ASSAC Parties will have performed and complied with each of their
agreements contained in this Agreement that can be performed and complied with
at or prior to the Closing;

     

    (c)           Each
Required Consent required to be obtained by the ASSAC Parties will have been
obtained and be in full force and effect and such actions as the Stillwater
Parties’ counsel may reasonably require will have been taken in connection
therewith;

     

    (d)           All
of the requisite ASSAC Shareholder Approvals shall have been obtained a the
ASSAC Shareholders Meeting;

    
      
         

      

      
        23

        
          

        

      

      
         

      

    

    (e)           Holders
of greater than 34.99% of the outstanding ASSAC publicly traded Ordinary Shares
have not voted against the Merger and other transactions contemplated by this
Agreement and advised ASSAC of their desire to redeem their
investment;

     

    (f)           Pursuant
to the terms and conditions of all or certain of the Additional Acquisition
Agreements, ASSAC shall have consummated the acquisition of such of the Funds
and/or the Additional Stillwater Funds that shall have an aggregate Net Asset
Value of not less than $100.0 million;

     

    (g)           ASSAC
shall have consummated the acquisition of either or both of the Amalphis
Exchange Shares and/or all of the equity of Northstar pursuant to the terms and
conditions of either or both of the Amalphis Purchase Agreement and/or the
Northstar Merger Agreement, respectively;

     

    (h)           The
Stillwater Parties will have received evidence reasonably satisfactory to them
that no Litigation is pending or threatened (i) challenging or seeking to
prevent or delay consummation of any of the transactions contemplated by this
Agreement, or (ii) asserting the illegality of or seeking to render
unenforceable any material provision of this Agreement, any of the Ancillary
Agreements or the relevant Additional Acquisition Agreements;

     

    (i)           The
ASSAC Parties shall have executed and delivered all of the Ancillary Agreements
to which it is a Party; and

     

    (j)           No
Law or Governmental Order will have been enacted, entered, enforced,
promulgated, issued or deemed applicable to the transactions contemplated by
this Agreement by any Governmental Entity that would reasonably be expected to
result, directly or indirectly, in any Material Adverse Effect with respect to
the ASSAC Parties.

     

    SECTION
6.2.              Conditions to ASSAC Parties'
Obligations.  The obligation of the ASSAC Parties to take the
actions required to be taken by them at the Closing is subject to the
satisfaction or waiver, in whole or in part, in the sole discretion of the ASSAC
Parties, of each of the following conditions at or prior to the
Closing:

     

    (a)                      The
representations and warranties of the Stillwater Parties set forth in Article IV
will be true and correct in all material respects as of the Closing Date as
though then made and as though the Closing Date had been substituted for the
date of this Agreement in such representations and warranties;

     

    (b)                      Each
of the Stillwater Parties will have performed and complied with each of their
agreements contained in this Agreement that can be performed and complied with
at or prior to the Closing;

     

    (c)                      Each
Required Consent required to be obtained by the Stillwater Parties will have
been obtained and be in full force and effect and such actions as the ASSAC
Parties’ counsel may reasonably require will have been taken in connection
therewith;

     

    (d)                      All
of the requisite ASSAC Shareholder Approvals shall have been obtained a the
ASSAC Shareholders Meeting;

     

    (e)                      Holders
of greater than 34.99% of the outstanding ASSAC publicly traded Ordinary Shares
have not voted against the Merger and other transactions contemplated by this
Agreement and advised ASSAC of their desire to redeem their
investment;

    
      
         

      

      
        24

        
          

        

      

      
         

      

    

    (f)           Pursuant
to the terms and conditions or all of certain of the Additional Acquisition
Agreements, ASSAC shall have consummated the acquisition of such of the Funds
and/or the Additional Stillwater Funds that shall have an aggregate Net Asset
Value of not less than $100.0 million;

     

    (g)           ASSAC
shall have consummated the acquisition of either or both of the Amalphis
Exchange Shares and/or all of the equity of Northstar pursuant to the terms and
conditions of either or both of the Amalphis Purchase Agreement and/or the
Northstar Merger Agreement, respectively;

     

    (h)           The
Stillwater Parties will have received evidence satisfactory to them that no
Litigation is pending or threatened (i) challenging or seeking to prevent or
delay consummation of any of the transactions contemplated by this Agreement, or
(ii) asserting the illegality of or seeking to render unenforceable any material
provision of this Agreement, any of the Ancillary Agreements or the relevant
Additional Acquisition Agreements;

     

    (i)           ASSAC
will have received evidence reasonably satisfactory to it that no Litigation is
pending or threatened (i) challenging or seeking to prevent or delay
consummation of any of the transactions contemplated by this Agreement, or (ii)
asserting the illegality of or seeking to render unenforceable any material
provision of this Agreement, any of the Ancillary Agreements or any Additional
Acquisition Agreements;

     

    (j)           The
applicable Stillwater Parties shall have executed and delivered all of the
Ancillary Agreements to which it or they is a Party; and

     

    (k)           No
Law or Governmental Order will have been enacted, entered, enforced,
promulgated, issued or deemed applicable to the transactions contemplated by
this Agreement by any Governmental Entity that would reasonably be expected to
result, directly or indirectly, in any Material Adverse Effect with respect to
the Stillwater Parties.

     

    SECTION
6.3.                Waiver of Certain Mergers and
Additional Acquisitions.

     

    Notwithstanding
anything to the contrary, express or implied, set forth above in this Article VI
or elsewhere in this Agreement, in the event and to the extent that any one or
more of the Funds or any Additional Stillwater Funds are Non-Performing Funds,
on the Closing Date ASSAC may nonetheless elect to (a) consummate the Merger
contemplated hereby with respect to Funds that are not Non-Performing Funds, and
(b) with respect to any of the Additional Acquisition Agreements, elect to
either (i) not acquire the equity or assets of any such Non-Performing Fund(s),
or (ii) defer the closing date of such acquisition(s) until such time (but not
later than December 31, 2010) as such Non-Performing Fund(s) shall comply with
the terms of this Agreement and of any of the Additional Acquisition
Agreements.

     

    ARTICLE
VII.     CLOSING AND CLOSING DATE

     

    SECTION
7.1.                Closing Date. 
On or before January 22, 2010 (the “Closing Date”),
following the satisfaction or waiver of the conditions set forth in Article VI
hereof, the closing of the transactions contemplated by this Agreement (the
“Closing”) will
take place at the offices of Hodgson Russ LLP, 1540 Broadway, 24th floor,
New York, New York, at 9:00 a.m. or at such other place and on such other date
as may be mutually agreed by the parties hereto, in which case Closing Date
means the date so agreed.  The Closing will be effective as of the
close of business on the Closing Date.  The Parties hereto acknowledge and
agree that time is of the essence.

     

    SECTION
7.2.                Deliveries.  Subject
to the conditions set forth in this Agreement, on the Closing
Date:

    
      
         

      

      
        25

        
          

        

      

      
         

      

    

    (a)           The
ASSAC Parties will deliver to the Stillwater Parties or as directed by the
Stillwater Parties:

     

    (i)       
    the Merger Consideration consisting of the ASSAC Series
A Preferred Shares, as evidenced by a copy of the Register of Members of ASSAC
recording the issuance of such ASSAC Series A Preferred Shares;

     

    
      (ii)           A
certificate of the ASSAC Parties dated the Closing Date stating that the
conditions set forth in Section 6.1.   have been
satisfied;

       

      (iii)          the
text of the resolutions adopted by the board of directors of ASSAC authorizing
the execution, delivery and performance of this Agreement and the Ancillary
Agreements, certified by an appropriate officer of ASSAC;

       

      (iv)          each
Ancillary Agreement to which ASSAC and/or Mergerco is a party, duly executed by
ASSAC and/or Mergerco, as the case may be;

       

      (v)           all
Required Consents, duly executed by all appropriate parties; and

       

      (vi)          evidence
of filing of the Certificate of Merger with the Secretary of State of the State
of Delaware; and

       

      (vii)         to
the extent legally required, evidence of filing of the ASSAC Series A Preferred
Certificate of Designations and Restated ASSAC Articles with the Registrar of
Companies in the Cayman Islands;

       

      (viii)        such
other certificates, documents and instruments that the Stillwater Parties
reasonably request for the purpose of (A) evidencing the accuracy of the ASSAC
Parties' representations and warranties, (B) evidencing the performance and
compliance by the ASSAC Parties with the agreements contained in this Agreement,
(C) evidencing the satisfaction of any condition referred to in Section
6.1.   or (D) otherwise facilitating the consummation of the
transactions contemplated by this Agreement.

       

      All
actions to be taken by the ASSAC Parties in connection with consummation of the
transactions contemplated by this Agreement and all certificates, opinions,
instruments and other documents required to effect the transactions contemplated
by this Agreement will be in form and substance reasonably satisfactory to the
Stillwater Parties and their counsel.

       

      (b)           The
Stillwater Parties will deliver to ASSAC:

       

      (i)
           a
certificate of the Stillwater Parties dated the Closing Date stating that the
conditions set forth in SECTION 6.2 have been satisfied;

       

      (ii)           the
text of the resolutions adopted by the board of directors (or similar body) of
each of the Stillwater Parties authorizing the execution, delivery and
performance of this Agreement and the Ancillary Agreements, certified by an
appropriate officer of Stillwater or the General Partner;

       

      (iii)          each
Ancillary Agreement to which any Stillwater Party is a party, duly executed by
such Stillwater Party;

      
        
           

        

        
          26

          
            

          

        

        
           

        

      

      (iv)          all
certificates, if any, evidencing Limited Partnership Interests, duly endorsed in
blank for transfer;

       

      (v)           all
Required Consents, duly executed by all appropriate parties; and

       

      (vi)          such
other certificates, documents and instruments that the ASSAC Parties reasonably
request for the purpose of (1) evidencing the accuracy of the Stillwater
Parties' representations and warranties, (2) evidencing the performance and
compliance by the Stillwater Parties with the agreements contained in this
Agreement, (3) evidencing the satisfaction of any condition referred to in
SECTION 6.2 or (4) otherwise facilitating the consummation of the transactions
contemplated by this Agreement.

       

      All
actions to be taken by each of the Stillwater Parties in connection with
consummation of the transactions contemplated by this Agreement and all
certificates, opinions, instruments and other documents required to effect the
transactions contemplated by this Agreement will be in form and substance
reasonably satisfactory to ASSAC and its counsel.

       

      (c)           Simultaneous
Deliveries.  All items delivered by the Parties at the Closing
will be deemed to have been delivered simultaneously, and no items will be
deemed delivered or waived until all have been delivered.

       

      (d)           Waiver of
Deliveries.  Notwithstanding anything to the contrary set forth
above in this Article VII, in the event and to the extent that any one or more
of the Funds are Non-Performing Funds, by mutual agreement of ASSAC and
Stillwater, the remaining Parties hereto may nonetheless consummate the
transaction contemplated hereby with respect to the Mergers of the other Funds,
and waive any deliveries otherwise required of the Non-Performing
Funds.

       

      ARTICLE
VIII.     TERMINATION

       

      
        SECTION
8.1         Termination.  This
Agreement may be terminated prior to the Closing:

      

       

      (a)           by
the mutual written consent of ASSAC and Stillwater on behalf of all
Parties;

       

      (b)           by
ASSAC, on behalf of all ASSAC Parties, if:

       

      (i)         
  any of the Stillwater Parties has or will have breached any
representation, warranty or agreement contained in this Agreement in any
material respect;

       

      (ii)           the
transactions contemplated by this Agreement will not have been consummated on or
before January 23, 2010 (the “Outside Date”);
or

       

      (iii)          any
of the conditions set forth in Section 6.2.   will have become
impossible to satisfy and not otherwise waived;

       

      (c)           by
Stillwater, on behalf of all Stillwater Parties, if:

       

      (i)         
  any of the ASSAC Parties has or will have breached any
representation, warranty or agreement contained in this Agreement in any
material respect;

       

      (ii)           the
transactions contemplated by this Agreement will not have been consummated on or
before the Outside Date; or

      
        
           

        

        
          27

          
            

          

        

        
           

        

      

      (iii)          any
of the conditions set forth in Section 6.1.   will have become
impossible to satisfy and not otherwise waived.

       

      SECTION
8.2         Effect of
Termination.  The right of termination under Section 8.1 is in
addition to any other rights the parties may have under this Agreement or
otherwise, and the exercise of a right of termination will not be an election of
remedies and will not preclude an action for breach of this
Agreement.  If this Agreement is terminated, all continuing
obligations of the Parties under this Agreement will terminate except that
Section 8.3 and Article IX will survive indefinitely unless sooner terminated or
modified by the parties in writing.

       

      SECTION
8.3         Trust Fund.
Notwithstanding anything to the contrary express or implied contained in this
Article VIII or elsewhere in this Agreement, none of the Stillwater Parties nor
any of their respective Affiliates shall have any lien, security interest, claim
against or any other right to (a) any of the maximum $115.0 million principal
amount of the proceeds held in that certain trust administered and maintained by
Continental Stock Transfer & Trust Company, as trustee (and any successor
trust or substitute arrangement) for the benefit of the public shareholders of
ASSAC (the “Trust”), or (b) any
interest earned on such maximum $115.0 million principal amount of proceeds held
in the Trust.  Each of the Stillwater Parties and their Affiliates, do
hereby expressly waive and relinquish any claim or other rights to the Trust,
its corpus or any interest earned thereon.

      

      ARTICLE
IX     GENERAL

       

      SECTION
9.1         Expenses.  Except
as may be set forth in the Stillwater Agreement, each Party shall pay all
expenses incurred by such party in connection with the transactions contemplated
by this Agreement, including legal, accounting, investment banking and
consulting fees and expenses incurred in negotiating, executing and delivering
this Agreement and the other agreements, exhibits, documents and instruments
contemplated by this Agreement (whether the transactions contemplated by this
Agreement are consummated or not); provided,
however, that upon consummation of the transactions contemplated by this
Agreement, ASSAC shall pay all transactions costs and expenses incurred by the
Stillwater Parties hereunder, or reimburse Stillwater (as the case may be) for
any such expenses previously paid.  

       

      SECTION
9.2         Amendment and
Waiver.  This Agreement may not be amended, a provision of this
Agreement or any default, misrepresentation or breach of warranty or agreement
under this Agreement may not be waived, and a consent may not be rendered,
except in a writing executed by the party against which such action is sought to
be enforced.  Neither the failure nor any delay by any Person in
exercising any right, power or privilege under this Agreement will operate as a
waiver of such right, power or privilege, and no single or partial exercise of
any such right, power or privilege will preclude any other or further exercise
of such right, power or privilege or the exercise of any other right, power or
privilege.  In addition, no course of dealing between or among any
Persons having any interest in this Agreement will be deemed effective to modify
or amend any part of this Agreement or any rights or obligations of any Person
under or by reason of this Agreement.  The rights and remedies of the
parties to this Agreement are cumulative and not alternative.

       

              SECTION
9.3         Notices.  All
notices, demands and other communications to be given or delivered under or by
reason of the provisions of this Agreement will be in writing and will be deemed
to have been given (i) when delivered if personally delivered by hand (with
written confirmation of receipt), (ii) when received if sent by a nationally
recognized overnight courier service (receipt requested), (iii) five business
days after being mailed, if sent by first class mail, return receipt requested,
or (iv) when receipt is acknowledged by an affirmative act of the party
receiving notice, if sent by facsimile, telecopy or other electronic
transmission device (provided that such an acknowledgement does not include an
acknowledgment generated automatically by a facsimile or telecopy machine or
other electronic transmission device).  Notices, demands and
communications to the parties will, unless another address is specified in
writing, be sent to the address indicated below:

      
        
           

        

        
          28

          
            

          

        

        
           

        

      

       

      
        	
                If
      to Stillwater Parties:

                 

                Stillwater
      Capital Partners, Inc.

                41
      Madison Avenue

                New
      York, New York 10010

                Attn:  Richard
      Rudy and Jack Doueck

                Facsimile
      No.(212) 244-9506

                Email:
      rrudy@stillwatercapital.com

              
	
                 

                With
      a copy to:

                 

                Herrick,
      Feinstein LLP

                2
      Park Avenue

                New
      York, NY 10016

                Attn:
      Irwin Latner, Esq.

                Fax:
      (212) 545-3356

                Email:
      ilatner@herrick.com

              
	
                 

                If
      to the ASSAC Parties:

                 

                Asia
      Special Situation Acquisition Corp.

                c/o
      M&C Corporate Services Limited

                P.O.
      Box 309GT, Ugland House

                South
      Church Street

                George
      Town, Grand Cayman

                Attn:
      Gary T. Hirst, President

                Email:  assac@domaincontact.net

              
	
                 

                With
      a copy to:

                 

                Hodgson
      Russ LLP

                1540
      Broadway,

                24th
      floor

                New
      York, New York 10036

                Attn:  Stephen
      A. Weiss, Esq.

                Facsimile
      No. (212) 751-0928

                Email:  sweiss@hodgsonruss.com

              

      

       

              SECTION
9.4         Assignment.  Neither
this Agreement nor any of the rights, interests or obligations under this
Agreement may be assigned by any party to this Agreement without the prior
written consent of the other parties to this Agreement.  Subject to
the foregoing, this Agreement and all of the provisions of this Agreement will
be binding upon and inure to the benefit of the parties to this Agreement and
their respective successors and permitted assigns.

       

              SECTION
9.5         Complete
Agreement.  This Agreement and, when executed and delivered,
the Ancillary Agreements contain the complete agreement between the parties and
supersede any prior understandings, agreements or representations by or between
the parties, written or oral.  

      
        
           

        

        
          29

          
            

          

        

        
           

        

      

            SECTION
9.6  Signatures;
Counterparts.  This Agreement may be executed in one or more
counterparts, any one of which need not contain the signatures of more than one
party, but all such counterparts taken together will constitute one and the same
instrument.  A facsimile signature will be considered an original
signature.

     

            SECTION
9.7  Governing
Law.  THE
DOMESTIC LAW, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES, OF THE STATE OF
NEW YORK WILL GOVERN ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND
INTERPRETATION OF THIS AGREEMENT AND THE PERFORMANCE OF THE OBLIGATIONS IMPOSED
BY THIS AGREEMENT.

     

            SECTION
9.8  Jurisdiction.  Each
of the parties submits to the exclusive jurisdiction of any state or federal
court sitting in New York, New York, in any action or proceeding arising out of
or relating to this Agreement and agrees that all claims in respect of the
action or proceeding may be heard and determined in any such
court.  Each party also agrees not to bring any action or proceeding
arising out of or relating to this Agreement in any other court.  Each
of the parties waives any defense of inconvenient forum to the maintenance of
any action or proceeding so brought and waives any bond, surety or other
security that might be required of any other party with respect to any such
action or proceeding.  Each party appoints CT Corporation System (the
“Process
Agent”) as its agent to receive on its behalf service of copies of the
summons and complaint and any other process that might be served in the action
or proceeding.  Any party may make service on any other party by
sending or delivering a copy of the process (i) to the party to be served or
(ii) to the party to be served in care of the Process Agent at an address to be
provided by it.  The parties agree that any of them may file a copy of
this paragraph with any court as written evidence of the knowing, voluntary and
bargained agreement between the parties irrevocably to waive any objections to
venue or to convenience of forum.  Nothing in this Section 9.8 will
affect the right of any party to serve legal process in any other manner
permitted by law or in equity.

     

            SECTION
9.9  Waiver of
Jury Trial.  EACH PARTY ACKNOWLEDGES AND AGREES
THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE
COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT IRREVOCABLY AND
UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF
ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.  EACH
PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY
OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER
PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING
WAIVER, (II) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER,
(III) IT MAKES SUCH WAIVER VOLUNTARILY AND (IV) IT HAS BEEN INDUCED TO ENTER
INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS
IN THIS SECTION 9.9.

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

     

            SECTION
9.10  Construction.  The
parties and their respective counsel have participated jointly in the
negotiation and drafting of this Agreement.  In addition, each of the
parties acknowledges that it is sophisticated and has been advised by
experienced counsel and, to the extent it deemed necessary, other advisors in
connection with the negotiation and drafting of this Agreement.  In
the event an ambiguity or question of intent or interpretation arises, this
Agreement will be construed as if drafted jointly by the parties and no
presumption or burden of proof will arise favoring or disfavoring any party by
virtue of the authorship of any of the provisions of this
Agreement.  The parties intend that each representation, warranty and
agreement contained in this Agreement will have independent
significance.  If any party has breached any representation, warranty
or agreement in any respect, the fact that there exists another representation,
warranty or agreement relating to the same subject matter (regardless of the
relative levels of specificity) that the party has not breached will not detract
from or mitigate the fact that the party is in breach of the first
representation, warranty or agreement.  Any reference to any Law will
be deemed to refer to all rules and regulations promulgated thereunder, unless
the context requires otherwise.  The headings preceding the text of
articles and sections included in this Agreement and the headings to the
schedules and exhibits are for convenience only and are not be deemed part of
this Agreement or given effect in interpreting this
Agreement.  References to sections, articles, schedules or exhibits
are to the sections, articles, schedules and exhibits contained in, referred to
or attached to this Agreement, unless otherwise specified.  The word
“including” means “including without limitation.”  A statement that an
action has not occurred in the past means that it is also not presently
occurring.  When any party may take any permissive action, including
the granting of a consent, the waiver of any provision of this Agreement or
otherwise, whether to take such action is in its sole and absolute
discretion.  The use of the masculine, feminine or neuter gender or
the singular or plural form of words will not limit any provisions of this
Agreement.  A statement that an item is listed, disclosed or described
means that it is correctly listed, disclosed or described, and a statement that
a copy of an item has been delivered means a true and correct copy of the item
has been delivered.

     

            SECTION
9.11  Time of
Essence.  With regard to all dates and time periods set forth
or referred to in this Agreement, time is of the essence.

     

    [The
balance of this page intentionally left blank – signature page
follows]

    
      
         

      

      
        31

        
          

        

      

      
         

      

    

    IN WITNESS
WHEREOF, the parties hereto have executed this Purchase and Sale
Agreement as of the date first above written.

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                	
                                                        ASSAC
      SPECIAL SITUATION

                                                      	 
      	
                                                        STILLWATER
      CAPITAL PARTNERS, INC.

                                                      
	
                                                        ACQUISITION
      CORP.

                                                      	 
      	 
      
	 
      	 
      	
                                                        By:

                                                      	 
      
	 
      	 
      	
                                                        Name:

                                                      	 
      
	
                                                        By:

                                                      	 
      	 
      	
                                                        Title:

                                                      	 
      
	
                                                        Name:
      Gary T. Hirst

                                                      	 
      	 
      
	
                                                        Title:    President

                                                      	 
      	
                                                        STILLWATER
      CAPITAL PARTNERS, LLC

                                                      
	 
      	 
      	 
      
	
                                                        GENOVA
      AB FUND MERGERCO LP

                                                      	 
      	
                                                        By:

                                                      	 
      
	
                                                        (a
      Delaware limited partnership)

                                                      	 
      	
                                                        Name:

                                                      	 
      
	
                                                        By:  Stephen A. Weiss,
      General Partner

                                                      	 
      	
                                                        Title:  General
      Partner

                                                      
	 
      	 
      	 
      
	 
      	 
      	
                                                        STILLWATER
      ASSET BACKED FUND, LP

                                                      
	 
      	 
      	
                                                        (a
      Delaware limited partnership)

                                                      
	
                                                        By:

                                                      	 
      	 
      	
                                                        By:
      Stillwater Capital
      Partners, LLC

                                                      
	
                                                        Name:  Stephen
      A. Weiss,

                                                      	 
      	
                                                        (general
      partner)

                                                      
	
                                                        Title:    Authorized
      Signatory

                                                      	 
      	 
      
	 
      	 
      	
                                                        By:

                                                      	 
      
	
                                                        ACCEPTED
      and Agreed to

                                                      	 	 	
                                                        Jack
      Doueck, Managing Member

                                                      
	
                                                        solely with respect to Section
      5.2(a) above:

                                                      	 
      	 
      
	 
      	 
      	
                                                        STILLWATER
      ASSET BACKED FUND II, LP

                                                      
	
                                                        NOBLE
      INVESTMENT FUND LIMITED

                                                      	 
      	
                                                        (a
      Delaware limited partnership)

                                                      
	
                                                        by:
      Pure Glow Investments
      LLC

                                                      	 
      	
                                                        By:
      Stillwater Capital
      Partners, LLC

                                                      
	 
      	 
      	
                                                        (general
      partner)

                                                      
	 
      	 
      	 
      
	
                                                        By:

                                                      	 
      	 
      	
                                                        By:

                                                      	 
      
	 	
                                                        Arie
      Jan van Roon, Manager

                                                      	 	 	
                                                        Jack
      Doueck, Managing Member

                                                      
	 
      	 
      	 
      
	
                                                        ALLIUS
    LTD.

                                                      	 
      	 
      
	 
      	 
      	 
      
	
                                                        By:

                                                      	 
      	 
      	 
      
	 	
                                                        Dr.
      Gary T. Hirst, Authorized Signatory

                                                      	 	 

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
        32

        
          

        

      

      
         

      

    

     

    SCHEDULE
A

     

    NAV
Valuation Methods

     

    Net Asset
Value is generally equal to the amount by which the value of the assets of the
applicable Person exceeds the amount of its liabilities.  Net Asset Value
determinations are made by the Appraiser or Auditor (the “Asset Appraiser”) in
accordance with U.S. generally accepted accounting principles and in accordance
with the following criteria: 

    

    (a)     
No value will be assigned to goodwill;

    

    (b)     
All accrued debts and liabilities will be treated as liabilities, including but
not limited to, estimated expenses for accounting, legal, administrative and
other operating expenses (including all fees payable under the Management
Agreement) and such reserves for contingent liabilities of the applicable
Person, including estimated expenses, if any, in connection therewith, as the
Asset Appraiser shall determine;

    

    (c)      
Loans, loan participations and other similar assets owned by an applicable
Person will generally be carried at the high range of fair market value as
determined by the Asset Appraiser, and will be subject to an independent
valuation review as frequently as determined by the Asset Appraiser.  These
independent valuation reviews will provide the applicable Person with opinions
on whether specific pieces of collateral are in need of re-valuation.  The
Asset Appraiser, on the basis of this information, will determine whether a
specific loan or other asset needs to be re-priced;

     

    (d)     
In the case of investments in private investment funds or other vehicles which
are not readily marketable, in the absence of an independent fair market value
appraisal or audit, the net asset value calculation provided by the
administrators or managers of those underlying funds or vehicles will be used in
determining an applicable Person’s Net Asset Value.

     

    (e)     
Securities or commodities (which for valuation purposes hereunder may include
weather derivatives and other financial instruments trading on or off, as the
case may be, commodities exchanges) that are listed on a national securities or
commodities exchange, as the case may be, shall be valued at their last sales
prices on the date of determination on the largest securities or commodities
exchange (by trading volume in such security or commodity) on which such
securities or commodities shall have traded on such date, or if trading in such
securities or commodities on the largest securities or commodities exchange (by
trading volume in such security or commodity) on which such securities or
commodities shall have traded on such date was reported on the consolidated
tape, their last sales price on the consolidated tape (or, in the event that the
date of determination is not a date upon which a securities or commodities
exchange was open for trading, on the last prior date on which such securities
or commodities exchange was so open not more than 10 days prior to the date of
determination). If no such sales of such securities or commodities occurred on
either of the foregoing dates, such securities or commodities shall be valued at
the “bid” price for long positions and “asked” price for short positions on the
largest securities or commodities exchange (by trading volume in such security)
on which such securities or commodities are traded, on the date of
determination, or, if the “bid” price for long positions and “asked” price for
short positions in such securities or commodities on the largest securities or
commodities exchange (by trading volume in such security or commodity) on which
such securities or commodities shall have traded on such date were reported on
the consolidated tape, the “bid” price for long positions and “asked” price for
short positions on the consolidated tape (or, if the date of determination is
not a date upon which such securities or commodities exchange was open for
trading, on the last prior date on which such a securities or commodities
exchange was so open not more than 10 days prior to the date of
determination);

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (f)      
Securities and commodities that are not listed on an exchange but are traded
over-the-counter shall be valued at representative “bid” quotations if held long
and representative “asked” quotations if held short;

    

    (g)     
For securities and commodities not listed on a securities or commodities
exchange or quoted on an over-the-counter market, but for which there are
available quotations, such valuation will be based upon quotations obtained from
market makers, dealers or pricing services;

    

    (h)    
Options that are listed on a securities or commodities exchange shall be valued
at their last sales prices on the date of determination on the largest
securities or commodities exchange (by trading volume) on which such options
shall have traded on such date; provided, that, if the last sales prices of such
options do not fall between the last “bid” and “asked” prices for such options
on such date, then the Asset Appraiser shall value such options at the mean
between the last “bid” and “asked” prices for such options on such
date;

    

    (i)      
Illiquid assets will be valued at their the high range of the fair market value
(which in most cases may be at cost if that is a fair approximation of value),
as determined by the Asset Appraiser (with appropriate input from the investment
manager or portfolio manager under the applicable management
agreement);

    

    (j)       Preferred
shares, preferred stock or other senior equity securities shall be valued at
100% of their per share stated or liquidation value, with such discounts from
such stated or liquidation value as the investment manager or portfolio manager
under the applicable management agreement and ASSAC shall, in good faith
determined from time to time;

    

    (k)           All
other assets shall be valued at such value as the Asset Appraiser may reasonably
determine (with appropriate input from the investment manager or portfolio
manager under the applicable management agreement); and

    

    (l)      
Securities and commodities not denominated in U.S. dollars shall be translated
into U.S. dollars at prevailing exchange rates as the Asset Appraiser may
reasonably determine.

    

               
If the Asset Appraiser determines, in its sole discretion, that the valuation of
any asset, security or other instrument pursuant to the foregoing does not
fairly represent its market value, the Asset Appraiser (with appropriate input
from the Investment Manager and ASSAC) shall value such security or other
instrument as it reasonably determines and shall set forth the basis of such
valuation in writing to the investment manager or portfolio manager under the
applicable management agreement and to ASSAC.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    AGREEMENT
AND PLAN OF MERGER

    

    THIS AGREEMENT AND PLAN OF
MERGER (“Agreement”) is made
and entered into as of the 31st day of
December 2009, by and among Asia Special Situation Acquisition
Corp., a Cayman Islands corporation (“ASSAC”); Stillwater Realty Partners Merger Co
LP, a Delaware limited partnership (“Mergerco”); Stillwater Real Estate Partners Fund,
LP, a Delaware limited partnership (“Stillwater Real Estate
Fund”); Stillwater
Capital Partners, LLC, a Delaware limited liability company (“SCP LLC”); and Stillwater Capital Partners,
Inc., a New York corporation (“Stillwater”).  The
Stillwater Real Estate Fund is hereinafter sometimes referred to as the “Fund”.  ASSAC
and Mergerco are hereinafter sometimes collectively referred to as the “ASSAC Parties” and
the Fund, the General Partner and Stillwater are hereinafter sometimes
collectively referred to as the “Stillwater
Parties”.  The ASSAC Parties and the Stillwater Parties are
hereinafter sometimes collectively referred to individually as a “Party” and
collectively as the “Parties”).

     

    RECITALS

     

    WHEREAS, ASSAC owns 100% of
the issued and outstanding partnership interests of Mergerco; and

     

    WHEREAS, SCP LLC is the
general partner of the Fund; and

     

    WHEREAS, SCP LLC desires to
exchange all of the assets and capital of the Fund, subject to its liabilities
and obligations, solely for ASSAC Series A Preferred Shares, and ASSAC desires
to acquire all of the assets and capital of the Fund, subject to its liabilities
and obligations, through (i) the merger of Mergerco with and into Stillwater
Real Estate Fund (the “Merger”), all upon
the terms and subject to the conditions set forth in this Agreement;
and

     

    WHEREAS, the Board of
Directors of ASSAC and Mergerco and SCP LLC, as the general partner of the Fund,
each believe that the Merger and related transactions contemplated hereby are in
the best interests of their respective Persons, and have each approved and
adopted the form, terms and provisions of this Agreement and the Merger;
and

     

    WHEREAS, ASSAC and SCP LLC, in
its capacity as general partner of the Fund, have respectively agreed to issue
and to accept the “Merger Consideration”
(as hereinafter defined).

     

    NOW, THEREFORE, in
consideration of the mutual representations, warranties and agreements contained
in this Agreement, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties agree as
follows:

     

    ARTICLE
I.     DEFINITIONS

     

    “Additional Acquisition
Agreements” means the various agreements and plan of merger, asset
purchase agreement and other agreements and instruments, all in form and content
satisfactory to Stillwater, ASSAC and the other Persons who are parties thereto,
pursuant to which, inter alia, ASSAC or a Subsidiary of ASSAC shall acquire, in
addition to its Acquisition of the Fund pursuant to this Agreement, any or all
of: (a) the Amalphis Exchange Shares pursuant to the Amalphis Exchange
Agreement, (b) all or substantially all of the equity and assets (subject to
assumption of liabilities) of all or certain of the Additional Stillwater Funds,
(c) all or substantially all of the assets (subject to assumption of
liabilities) of the Wimbledon Funds, and (d) all or substantially all of the
equity of Northstar.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    “Additional Stillwater
Funds” means, in addition to the Fund, those additional entities,
consisting of asset backed lending funds, real estate funds, hedge funds and
fund of funds that are managed by Stillwater or an Affiliate thereof and listed
in Section 1.1 of the Stillwater Agreement.

     

    “Adjusted Purchase
Value” means 100% of the Appraised NAV.

     

    “Affiliate” means any
one or more Person controlling, controlled by or under common control with any
other Person.

     

    “Agreement” has the
meaning set forth in the first paragraph of this Agreement.

     

    “Allied Provident”
shall mean Allied Provident Insurance Company, a Barbados exempted insurance
company, and a wholly-owned subsidiary of Amalphis.

     

    “Amalphis Exchange
Agreement” means the share exchange agreement, dated December 31, 2009
among Amalphis Group, Inc., a British Virgin Islands corporation (“Amalphis”),
Rineon Group, Inc., a Nevada corporation (“Rineon”), NatProv Holdings, Inc., a
British Virgin Islands corporation (“NatProv”), ASSAC, and the other parties
signatory thereto, pursuant to which, inter alia, in exchange for additional
ASSAC Series A Preferred Shares, ASSAC shall acquire, through its receipt of the
Amalphis Exchange Shares, a controlling interest in Amalphis and its
consolidated Subsidiaries, including without limitation, Allied Provident and
(if acquired) the Wimbledon Funds.

     

    “Amalphis Exchange
Shares” shall mean all of the issued and outstanding shares of Amalphis
Series A preferred stock that are issued pursuant to the Amalphis Exchange
Agreement.

     

    “Ancillary Agreements”
means the Certificate of Merger, the ASSAC Series A Preferred Certificate of
Designations, the ASSAC Restated Articles, the Management Agreement, the
Registration Rights Agreement and the Stillwater Agreement.

     

    “Appraised NAV” means
the Net Asset Value of the Fund as at December 31, 2009, as audited or appraised
pursuant to NAV Appraisals which shall be based upon the NAV Valuation
Methods.

     

    “ASSAC Articles” means
the Memorandum and Articles of Association of ASSAC, as at the date of this
Agreement.

     

    “ASSAC Executive
Shares” shall mean the maximum of 10,746,667 restricted ASSAC Ordinary
Shares issued to Marshall Manley (“Manley”) and his Affiliates and business
associates (collectively, the “ASSAC Executive Group”).

     

    “ASSAC Ordinary
Shares” means the collective reference to (a) the 50,000,000 ordinary
shares of ASSAC, $0.0001 par value, authorized for issuance pursuant to the
ASSAC Articles, and (b) the 250,000,000 ordinary shares of ASSAC, $0.0001 par
value, to be authorized for issuance pursuant to the ASSAC Restated
Articles.

     

    “ASSAC Preferred
Shares” means the collective reference to (a) the 1,000,000 preferred
shares of ASSAC, $0.0001 par value, authorized for issuance pursuant to the
ASSAC Articles, and (b) the 10,000,000 preferred shares of ASSAC, $0.0001 par
value, to be authorized for issuance pursuant to the ASSAC Restated
Articles.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    “ASSAC Proxy
Statement” means the proxy statement that is prepared by the Parties and
mailed to the holders of ASSAC Ordinary Shares prior to the date of the ASSAC
Shareholders Meeting.

     

    “ASSAC Restated
Articles” means the Amended and Restated Memorandum and Articles of
Association of ASSAC in the form of Exhibit
A annexed hereto and made a part hereof.

     

    “ASSAC Series A Preferred
Shares” means up to a maximum of 1,000,000 ASSAC Preferred Shares, to be
designated as ASSAC Series A Preferred Shares pursuant to the ASSAC Series A
Preferred Certificate of Designations and issued to the respective holders
pursuant to this Agreement and the Additional Acquisition Agreements; which
ASSAC Series A Preferred Shares shall, among other things (but subject in all
cases to the terms of the ASSAC Series A Preferred Certificate of
Designations):

     

    (a)           have
a par value of $0.0001 per share;

     

    (a)           have
a liquidation value and stated value of $1,000.00 per share;

     

    (b)           commencing
on the Conversion Date pay per share dividend, semi-annually at the rate of 5%
per annum, accruing from the issuance date thereof, on the Adjusted Purchase
Value, in the form of additional Conversion Shares;

     

    (c)           vote
on an “as converted” basis, together with the ASSAC Ordinary Shares, on all
matters requiring the approval or ratification of shareholders of
ASSAC;

     

    (d)           on
the Conversion Date, automatically
(and without any action on the part of the holder or ASSAC) commence to convert
into Conversion Shares at the Conversion Price then in effect, at the rate
(rounded off to the nearest full Conversion Shares) of one-sixth (or 16.66%) of
the total number of ASSAC Series A Preferred Shares held by each holder on the
last day of each month commencing July 31, 2010 so that all of the ASSAC Series
A Preferred Shares issued pursuant to the terms of this Agreement and the
Additional Acquisition Agreements will be fully converted into Conversion Shares
on December 31, 2010;

     

    (e)           provide
that each ASSAC Preferred Share issuable to the Partners of the Fund shall be
convertible at the Conversion Ratio applicable to the Fund; and

     

    (f)           contain
such other terms and conditions as shall be set forth in the ASSAC Series A
Preferred Certificate of Designations.

     

    “ASSAC Series A Preferred
Certificate of Designations” means the certificate of designation for the
issuance of the ASSAC Series A Preferred Shares, in the form of Exhibit
B annexed hereto and made a part hereof, or, if not permitted under
applicable Law, the ASSAC Restated Articles used for the same
purpose.

     

    “ASSAC Shareholder
Approval” means the required affirmative consent, vote and ratification
at the ASSAC Shareholders Meeting by the holders of ASSAC Ordinary Shares (the
“ASSAC Shareholders”) of (i) this Agreement, the Ancillary Agreements and the
transactions contemplated hereby and thereby, (ii) the increase in the
authorized share capital of ASSAC, (iii) adoption of the ASSAC Restated
Articles, (iv) the consummation of ASSAC’s acquisition of the Additional
Stillwater Funds, the Amalphis Exchange Shares and (if applicable) the Wimbledon
Funds, all pursuant to the terms and conditions of the Additional Acquisition
Agreements, (v) if applicable, the consummation of ASSAC’s acquisition of
Northstar, (vi) the change of the corporate name of ASSAC to Genova Financial Group, Inc.,
or such other name as shall be acceptable to ASSAC and the Stillwater Parties,
and (viii) the other proposals set forth in the ASSAC Proxy
Statement.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    “ASSAC Shareholders
Meeting” means the meeting of the ASSAC Shareholders held on or before
January 19, 2010 in accordance with the ASSAC Proxy Statement.

     

    “Auditors” means the
independent accountants engaged to audit the Fund as at December 31, 2009 and
for the fiscal year then ended.

     

    “Certificate of
Merger” means the certificate evidencing the Merger of Mergerco with and
into the Surviving Entity, and in the form of Exhibit
C annexed hereto and made a part of hereof.

     

    “Consent” means any
authorization, consent, approval, filing, waiver, exemption or other action by
or notice to any Person.

     

    “Contract” means a
contract, agreement, lease, commitment or binding understanding, whether oral or
written, that is in effect as of the date of this Agreement or any time after
the date of this Agreement.

     

    “Conversion Date”
shall mean July 31, 2010.

     

    “Conversion Price”
shall mean $7.50, as the same may from time to time be adjusted prior to the
Conversion Date pursuant to the ASSAC Series A Preferred Certificate of
Designations.

     

    “Conversion Ratio”
shall mean, as to the Fund, that ratio (expressed as “___:1”) of that number of
Conversion Shares into which one (1) full ASSAC Series A Preferred Share issued
to the Partners of the Fund shall be converted; all as determined in accordance
with Section 2.9 of this Agreement.

     

    “Conversion Shares”
shall mean that number of Ordinary Shares of ASSAC issuable upon conversion of
the Series A Preferred Shares, as shall be calculated by dividing: (i) the
Purchase Value applicable to the Stillwater Real Estate Fund, which Purchase
Value shall be adjusted on or prior to the Conversion Date to the Adjusted
Purchase Value; by (ii) the Conversion Price then in effect.

     

    “Effective Time” shall
mean the time on which the Merger shall be consummated through the filing of the
Certificate of Merger with the Secretary of State of the State of
Delaware.

     

    “Estimated NAV” means
the unaudited Net Asset Value of the Fund as at December 31, 2009, as estimated
in good faith by Stillwater, all in accordance with this Agreement.

     

    “Encumbrance” means
any charge, claim, community property interest, easement, covenant, condition,
equitable interest, lien, option, pledge, security interest, right of first
refusal or restriction of any kind, including any restriction on use, voting,
transfer, receipt of income or exercise of any other attribute of
ownership.

     

    “General Partner”
shall mean (a) prior to the Effective Time of the Merger, SCP LLC, and
(b) upon and following the Effective Time of the Merger, a Person
designated by ASSAC.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    “General Partner’s
Interest” shall mean, as the context may require each of (a) the
percentage interests of SCP LLC (as the existing General Partner of the Fund) in
the assets, liabilities and capital of the Fund, and (b) the percentage interest
of the general partner in the assets, liabilities and capital of
Mergerco.

     

    “Governmental
Authorization” means any approval, consent, license, permit, waiver,
registration or other authorization issued, granted, given, made available or
otherwise required by any Governmental Entity or pursuant to Law.

     

    “Governmental Entity”
means any federal, state, local, foreign, international or multinational entity
or authority exercising executive, legislative, judicial, regulatory,
administrative or taxing functions of or pertaining to government.

     

    “Governmental Order”
means any judgment, injunction, writ, order, ruling, award or decree by any
Governmental Entity or arbitrator.

     

    “Insolvency Event”
shall mean as to any Party or Parties, if any such Party or Parties:
(a) shall make an assignment for the benefit of creditors; (b) if a
receiver, liquidator or trustee shall be appointed for such Party or Parties),
(c) shall be adjudicated a bankrupt or insolvent, or if any petition for
bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or
any similar federal or state law, shall be filed by or against, consented to, or
acquiesced in by, such Party or Parties, or (d) if any proceeding for the
dissolution or liquidation of such Party or Parties shall be instituted;
provided, however, if such appointment, adjudication, petition or proceeding was
involuntary and not consented to by such Party or Parties, upon the same not
being discharged, stayed or dismissed within sixty (60) days.

     

    “Knowledge” means,
with respect to the Stillwater Parties, any fact or circumstance actually known
to any of Richard Rudy, Jack Doueck or Brian Bytof, or which any of such Persons
should have known after reasonable inquiry, and, with respect to the ASSAC
Parties, any fact or circumstance actually known to any member of the Board of
Directors of ASSAC or the executive officers or management of ASSAC or which any
of such Persons should have known after reasonable inquiry.

     

    “Law” means any
constitution, law, ordinance, principle of common law, regulation, statute or
treaty of any Governmental Entity.

     

    “Limited Partners”
shall mean, as the context may require, each of the holders of the Limited
Partnership Interests in each of Stillwater Real Estate Fund and
Mergerco.

     

    “Limited Partnership
Interests” shall mean the context may require, (a) the pro-rata
percentage interests of each of the Limited Partners in the assets, liabilities
and capital of the Stillwater Real Estate Fund, all as calculated and determined
in accordance with the Organizational Documents of such Fund, and (b) the
percentage interest of ASSAC, as sole Limited Partner of Mergerco.

     

    “Litigation” means any
claim, action, arbitration, mediation, audit, hearing, investigation,
proceeding, litigation or suit (whether civil, criminal, administrative,
investigative or informal) commenced, brought, conducted or heard by or before,
or otherwise involving, any Governmental Entity or arbitrator or
mediator.

     

    “Management Agreement”
shall mean the management agreement between Stillwater and ASSAC, in the form of
Exhibit
D annexed hereto and made a part hereof.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    “Material Adverse
Effect” shall mean (a) with respect to any of the Stillwater Parties, any
event or condition that could reasonably be expected to have a material adverse
effect on the business, assets, results of operations, financial condition or
prospects of any of such Stillwater Parties, and (b) with respect to ASSAC, any
event or condition that could reasonably be expected to prevent or cause ASSAC
to be unable to consummate the Merger, pay the Merger Consideration or otherwise
perform its obligations under this Agreement, the Ancillary Agreements or any of
the Additional Acquisition Agreements.

     

    “Merger Consideration”
means the aggregate of 20,800 ASSAC Series A
Preferred Shares that are to be issued to the Partners of the Fund on the
Closing Date pursuant to this Agreement, and allocated to the Partners of the
Fund in accordance with Section 2.7 hereof.

     

    “NAV Appraisals” shall
mean the appraisals of the Net Asset Values of the Fund, prepared or to be
prepared by Houlihan Smith Inc., or other business appraisal firm or auditing
firm (the “Appraiser”) as shall be reasonably acceptable to Stillwater and
ASSAC, in accordance with the NAV Valuation Methods or such other recognized
methods of valuing such assets and liabilities that are reasonably acceptable to
such Parties.

     

    “NAV Valuation
Methods” means the methods used in valuing the net asset values of
various types of assets that are set forth on Schedule
A annexed hereto and made a part hereof, or such other valuation methods
as shall be reasonably satisfactory to ASSAC.

     

    “Net Asset Value” or
“NAV” means, as
at any date in question, with respect to the Fund: (a) the net asset value of
the Fund as determined in accordance with the NAV Valuation Methods, less (b)
all liabilities and obligations of such Fund, including without limitation, all
accounts payable, accrued expenses, notes payable, all outstanding Affiliated
Obligations and the aggregate amount of all outstanding Redemption
Claims.

     

    “Northstar” means
Northstar Group Holdings, Ltd., a Bermuda corporation.

     

    “Northstar Merger
Agreement” means one of the Additional Acquisition Agreements pursuant to
which, inter alia, ASSAC shall acquire 100% of the share capital and capital
stock of Northstar.

     

    “Organizational
Documents” means (i) the articles or certificate of incorporation and the
bylaws of a corporation, (ii) the partnership agreement and any statement of
partnership of a general partnership, (iii) the limited partnership agreement
and the certificate of limited partnership of a limited partnership, (iv) the
limited liability company agreement and articles or certificate of formation of
a limited liability company, (v) any charter or similar document adopted or
filed in connection with the creation, formation or organization of a Person and
(vi) any amendment to any of the foregoing.

     

    “Partners” shall mean
the collective reference to, the General Partner and the Limited Partners of the
Fund.

     

    “Permitted
Encumbrances” shall mean (a) any and all Encumbrances which result from
all statutory or other liens for Taxes or assessments and are not yet due and
payable or delinquent or the validity of which is being contested in good faith
by appropriate proceedings by a Party hereto; (b) all material cashiers’,
workers’, mechanics’, carriers’, repairers’ and other similar liens imposed by
law and incurred in the ordinary course of business; and (c) other Encumbrances
which individually or in the aggregate do not materially detract from the value
of or materially interfere with the present use of the property subject thereto
or affected thereby and would not otherwise reasonably be expected to have a
Material Adverse Effect.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    “Person” means any
individual, corporation (including any non-profit corporation), general or
limited partnership, limited liability company, joint venture, estate, trust,
association, organization, labor union, Governmental Entity or other
entity.

     

    “Process Agent” has
the meaning set forth in Section 9.8.

     

    “Purchase Value” means
$20,800,000, representing sixty five (65%) percent of the $32,000,000 Estimated
NAV of the Fund.

     

    “Redemption Claims”
means the outstanding amounts (whether payable in cash or in other property)
owed to any and all Limited Partners of the Fund who have notified Stillwater or
SCP LLC, or may prior to the Closing Date notify Stillwater or SCP LLC that such
Persons either (a) seek to withdraw their capital from the Fund, or (b) are owed
money in connection with the redemption of their shares from such
Fund.

     

    “Registration Rights
Agreement” means the agreement of ASSAC to register all of the Conversion
Shares issuable under this Agreement and the Additional Acquisition Agreements
for resale under the Securities Act, all in accordance with the terms and
conditions set forth in Exhibit
E annexed hereto and made a part hereof.

     

    “Remedies Exception,”
when used with respect to any Person, means except to the extent enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
or other laws affecting the enforcement of creditors' rights generally and by
general equitable principles.

     

    “Required Consents”
means all Consents required to consummate the transactions contemplated by this
Agreement, including without limitation:

     

    (a)           the
approvals and Consents of those Limited Partners of Stillwater Real Estate Fund
who own of record not less than fifty-one (51%) percent of all Limited
Partnership Interests of such Fund (the “Stillwater Partner
Consents”); and

     

    (b)           the
ASSAC Shareholder Approvals.

     

    “Stillwater Agreement”
means the letter agreement, dated December 18, 2009, between Stillwater, ASSAC
and certain other Persons, and attached memorandum, in the form of Exhibit
F annexed hereto and made a part hereof.

     

    “Subsidiary” means any
Person in which a majority or more of the outstanding shares of capital stock of
which, and/or the power to elect a majority of the members of the board of
directors or board of managers of which, is owned, directly or indirectly, by
another Person.

     

    “Taxes” means all
taxes, charges, fees, levies or other assessments, including all net income,
gross income, gross receipts, sales, use, ad valorem, transfer, franchise,
profits, license, withholding, payroll, employment, social security,
unemployment, excise, estimated, severance, stamp, occupation, property or other
taxes, customs duties, fees, assessments or charges of any kind whatsoever,
including all interest and penalties thereon, and additions to tax or additional
amounts imposed by any Governmental Entity.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    “Wimbledon Acquisition
Agreement” means that certain asset purchase agreement between the
Wimbledon Funds, Allied Provident and a newly formed Cayman Islands Subsidiary
of Allied Provident (the “Wimbledon
Purchaser”), expected to be entered into between the Execution Date and
the Closing Date, pursuant to which, inter
alia, the Wimbledon Purchaser shall acquire all of the assets (subject to
assumption of all of the liabilities) of the Wimbledon Funds, in exchange for
that number of Amalphis Exchange Shares have a United States dollar stated value
equal to the estimated Net Asset Value of the Wimbledon Funds as at December 31,
2009.

     

    “Wimbledon Funds”
shall mean Wimbledon Financing Master Fund Ltd., a Cayman Islands exempted
company.

     

    Certain
terms not defined above are defined in the sections below.

     

    ARTICLE
II.     THE MERGER

     

    SECTION
2.1.          The
Merger.  Upon the terms and subject to the conditions set forth
in this Agreement, at the Effective Time and in accordance with the Delaware
Revised Uniform Limited Partnership Act (the “Delaware Limited Partnership
Act”), Mergerco shall be merged with and into Stillwater Real Estate
Fund.

     

    Following
the Effective Time, the separate limited partnership existence of Mergerco shall
cease and Stillwater Real Estate Fund shall continue as the surviving limited
partnership of the Merger (the “Surviving
Entity”).  The Surviving Entity shall succeed to all of the
rights, assets and properties and assume all of the liabilities and obligations
of each of Mergerco in accordance with the Delaware Limited Partnership
Act.  Stillwater Real Estate Fund and Mergerco are hereinafter
sometimes collectively, referred to as the “Constituent Entities”
of the Merger.  As provided in the Certificate of Merger, as at the
Closing Date, the name of the Surviving Entity shall be changed to “Stillwater Real Estate Holdings
L.P.”

     

    SECTION
2.2.          Effective
Time.  Subject to the provisions of this Agreement, as soon as
practicable on or after the Closing Date, the relevant Parties shall file the
Certificate of Merger executed in accordance with the relevant provisions of the
Delaware Limited Partnership Act and shall make all other filings or recordings
required under the Delaware Limited Partnership Act.  The Merger shall
become effective at such time as the Certificates of Merger is duly filed with
the Delaware Secretary of State, or at such other time as ASSAC and Stillwater
shall agree should be specified in the Certificate of Merger.

     

    SECTION
2.3.          Effects of the
Merger  The Merger shall have the effects set forth in the
applicable provisions of the Delaware Limited Partnership Act.

     

    SECTION
2.4.          Organizational Documents and
Management Agreement.

     

    (a)           The
Organizational Documents of Stillwater Real Estate Fund as in effect immediately
prior to the Effective Time shall be the Organizational Documents of the
Surviving Entity until thereafter changed or amended as provided therein or by
applicable law.

     

    (b)           The
management agreement of the Fund as in effect immediately prior to the Effective
Time shall be terminated and shall be replaced by the Management Agreement with
ASSAC on and subsequent to the Effective Time until thereafter changed or
amended as provided pursuant to the Stillwater Letter or as otherwise mutually
agreed between Stillwater and ASSAC.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    SECTION
2.5.                 Management of the Surviving
Entity.

     

    (a)           The General
Partner.  A Person appointed by ASSAC at the Effective Time of the
Merger shall be the General Partner of the Surviving Entity and such Person
shall continue to serve in such capacity until the earlier of its resignation or
removal or until its respective successors are duly elected and qualified, as
the case may be.

     

    (b)           Management.  The
management of the investments of the Surviving Entity shall continue to be
managed by Stillwater pursuant to the Management Agreement, as the same may be
amended or modified from time to time in accordance with the terms
thereof.

     

    SECTION
2.6.                 Effect on Equity
Interests

     

    As of the
Effective Time, by virtue of the Merger and without any action on the part of
any of the Parties or other holders of any Ordinary Shares, ASSAC Preferred
Shares, capital stock of Stillwater, limited liability members interests of the
General Partner, General Partners Interests or Limited Partnership Interests
(collectively, the “Equity
Interests”):

     

    (a)          ASSAC Ordinary
Shares.  Each issued and outstanding ASSAC Ordinary Share shall
remain issued and outstanding following the Effective Time of the
Merger.

     

    (b)          Stillwater and General
Partner Owners Equity Interests.All of the issued and outstanding (i)
shares of capital stock of Stillwater, and (ii) limited liability company
members interests of SCP LLC shall remain issued and outstanding following the
Effective Time of the Merger.

     

    (c)          General Partners
Interests.  Subject to the provisions of Section 2.11 below, the
General Partners Interests:

     

    (i)     
      as to Mergerco shall be cancelled and
retired and shall cease to exist; and

     

    (ii)      
    as to the Surviving Entity, shall remain with and be
fully vested in, the General Partner.

     

    (d)          Limited Partnership
Interests.  The Limited Partnership Interests:

     

    (i)       
    as to Stillwater Real Estate Fund, shall automatically
be canceled and retired and shall cease to exist; and such Limited Partnership
Interests shall be automatically converted into the right to receive the
applicable amount of Merger Consideration payable with respect to each such
Limited Partnership Interest, as provided herein; and

     

    (ii)       
   as to Mergerco, shall be converted into and exchanged for one
hundred percent (100%) of all Limited Partnership Interests in the Surviving
Entity.

     

    (e)          Outstanding Affiliated
Obligations.  Except for the obligation to pay not in excess of
$1,950,000 of accrued management fees or incentive fees as at the Effective Time
of the Merger (which shall be repaid in accordance with Section 5.4 below, by
virtue of the Merger and without any action on the part of any Party, all
accounts payable, notes payable or other payment obligations of any of the
Constituent Entities to SCP LLC or Stillwater or any Affiliate of SCP LLC or
Stillwater (collectively, the “Affiliated
Obligations”), shall automatically be deemed to be canceled and retired
and shall cease to exist.  Notwithstanding the foregoing, if
Stillwater, in the exercise of its reasonable discretion and upon prior written
notice to ASSAC, shall make one or more loans or advances to the Fund, solely
for the purpose of protecting assets and collateral in such Fund, Stillwater
shall be repaid such loans and advances by such Fund in accordance with the
terms thereof and such loans or advances shall not be deemed canceled or
retired;
provided, that the terms and conditions (including repayment terms) of
any of such loans or advances shall have been approved in advance by ASSAC,
which approvals shall not be unreasonably withheld.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    (f)           Constituent Entities Rights
and Options.  As at the Effective Time, by virtue of the Merger and
without any action on the part of the holders thereof, each warrant, option or
other right to purchase Equity Interests of any of the Constituent Entities of
the Merger shall automatically be deemed to be canceled and retired and shall
cease to exist.

     

    (g)           Certificates.  At
the Effective Time and against receipt of the Merger Consideration set forth in
Section 2.7, to the extent that any of the Limited Partnership Interests are
certificated, the Limited Partners of the Fund shall deliver to ASSAC the
certificates of Limited Partnership Interests evidencing all, and not less than
all, of the Equity Interests of the Limited Partners of the Fund, which
certificates shall be duly endorsed in blank for transfer with the signatures of
the record owners appropriately guaranteed in a manner reasonably satisfactory
to ASSAC.  All Merger Consideration paid in accordance with the terms
of this Agreement shall be deemed to have been paid in full satisfaction of all
rights pertaining to 100% of such Equity Interests.

     

    SECTION
2.7.                   Merger
Consideration  At the Effective Time of the Merger, ASSAC shall
deliver the Merger Consideration based on the Purchase Value available to the
Parties as at the Effective Time of the Merger.  Such Merger
Consideration shall be payable to all of the Partners of Stillwater Real Estate
Fund in the form of 20,800 ASSAC Series A Preferred Shares, representing 100% of
the $20.8 million Purchase Value attributable to the Fund as at December 31,
2009.  ASSAC Series A Preferred Shares may be issued to the Partners
in fractions of a share.  No fractional Conversion Shares shall be
issued upon automatic conversion of such Series A Preferred Shares, rather such
Conversion Shares shall be rounded up or down to the nearest whole Ordinary
Share.

     

    SECTION
2.8.                   Adjusted Purchase Value; NAV
Appraisals and 2009 Audited Financial Statements.

     

    (a)           The
Stillwater Parties shall deliver the NAV Appraisals for the Fund to ASSAC and
the Auditors on or before February 28, 2010, and cause the Auditors or
Appraiser, as the case may be, to provide ASSAC with the Appraised NAV (together
with the audited financial statements of the Fund as at December 31, 2009 and
for the fiscal year then ended (the “2009 Audited Financial
Statements”) on or before March 31, 2010.  The calculations of
the NAV Appraisals by the Appraiser as audited by the Auditors in the 2009
Audited Financial Statements shall be final and binding upon all Parties
hereto.

     

    (b)           Upon
delivery of the NAV Appraisals and the 2009 Audited Financial Statements, the
Adjusted Purchase Value of the Fund shall be determined.  As provided
in the ASSAC Series A Preferred Certificate of Designations there shall be a
post-Closing adjustment to the Conversion Shares and the Conversion Ratio, as
provided in Section 2.9 below.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    SECTION
2.9.                   Conversion of ASSAC Series A
Preferred Shares; Conversion Ratio.

     

    Upon
delivery of the NAV Appraisals and the 2009 Audited Financial Statements of the
Fund, the number of Conversion Shares and the Conversion Ratio shall be
recalculated, as follows:

     

    (a)           the
aggregate
number of Conversion Shares that are issuable to all of the
Partners of the Fund upon automatic conversion of all ASSAC Series A Preferred
Shares previously issued to the Partners of such Fund shall automatically, and
without any further action, be adjusted and determined by dividing (i) the
Adjusted Purchase Value of such Fund, by (ii) the Conversion Price then in
effect;

     

    (b)           the
Conversion Ratio applicable to the Fund shall be automatically and without any
further action adjusted and determined by dividing the (i) aggregate number of
Conversion Shares applicable to such Fund, as determined in accordance with
Section 2.9(a) above, by (ii) the number of ASSAC Series A Preferred Shares
issued at Closing to all of the Partners of such Fund; and

     

    (c)           the
number of Conversion Shares issuable to each
individual Partner of the Fund, upon automatic conversion of all ASSAC Series A
Preferred Shares issued to each such Partner shall be automatically and without
any further action determined by multiplying (i) the aggregate number of ASSAC
Series A Preferred Shares issued to such Partner, by (ii) the Conversion Ratio,
as determined pursuant to Section 2.9(b) above.

     

    For the avoidance of
doubt,

     

    (i)           if
for example:

     

    (A)           The
Estimated NAV of the Fund at December 31, 2009 is $32.0 million, then 100% of
the Purchase Value of the Fund payable to the Partners of the Fund is $20.8
million,

     

    (B)           The
Partners of Stillwater Real Estate Fund shall, at the Closing, receive 20,800
ASSAC Series A Preferred Shares, having a total Stated Value of
$20,800,000.

     

    (C)           Based
on the initial $7.50 per shares Conversion Price, the assumed number of
Conversion Shares at the Effective Time of the Merger would be 2,773,333 ASSAC
Ordinary Shares ($20.8 million divided by $7.50) and the assumed Conversion
Ratio would be 133.333 ASSAC Ordinary Shares for each of the 20,800 ASSAC
Preferred Shares, or 133.333:1.

     

    (D)           If
the Appraised NAV based on the NAV Appraisal of Stillwater Real Estate Fund
reflects that the Adjusted Purchase Value of the Fund as at December 31, 2009
was, in fact, only $17.5 Million, then the Merger Consideration that should have
been payable to the Partners of such Fund at the Closing is $17,500,000 and not
$20,800,000.

     

    (E)           The
actual number of Conversion Shares issuable to all Partners of Stillwater Real
Estate Fund is then automatically adjusted downwards to 2,333,333 ASSAC Ordinary
Shares ($17.5 million divided by $7.50), and the adjusted Conversion Ratio
applicable to each full ASSAC Series A Preferred Share would be 112.180 ASSAC
Ordinary Shares for each of the 20,800 ASSAC Preferred Shares, or 112.180:1
(2,333,333 Conversion Shares divided by 20,800 ASSAC Series A Preferred
Shares).

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    (ii)          if
for example:

     

    (A)           The
Estimated NAV of the Fund at December 31, 2009 is $32.0 million, then 100% of
the Purchase Value of the Fund payable to the Partners of the Fund is $20.8
million,

     

    (B)           The
Partners of Stillwater Real Estate Fund shall, at the Closing, receive 20,800
ASSAC Series A Preferred Shares, having a total Stated Value of
$20,800,000.

     

    (C)           Based
on the initial $7.50 per shares Conversion Price, the assumed number of
Conversion Shares at the Effective Time of the Merger would be 2,773,333 ASSAC
Ordinary Shares ($20.8 million divided by $7.50) and the assumed Conversion
Ratio would be 133.333 ASSAC Ordinary Shares for each of the 20,800 ASSAC
Preferred Shares, or 133.333:1.

     

    (D)           If
the Appraised NAV based on the NAV Appraisal of Stillwater Real Estate Fund
reflects that the Adjusted Purchase Value of the Fund as at December 31, 2009
was, in fact, $25.0 Million, then the Merger Consideration that should have been
payable to the Partners of such Fund at the Closing is $25,000,000 and not
$20,800,000.

     

    (E)           The
actual number of Conversion Shares issuable to all Partners of Stillwater Real
Estate Fund is then automatically adjusted upwards to 3,333,333 ASSAC Ordinary
Shares ($25.0 million divided by $7.50), and the adjusted Conversion Ratio
applicable to each full ASSAC Series A Preferred Share would be 160.256 ASSAC
Ordinary Shares for each of the 20,800 ASSAC Preferred Shares, or 160.256:1
(3,333,333 Conversion Shares divided by 20,800 ASSAC Series A Preferred
Shares).

     

    In either
example, the number of ASSAC Series A Preferred Shares always remains fixed but
the Conversion Shares and Conversion Ratio change based upon the Adjusted
Purchase Value of the Fund.  In addition, the 5% dividend on the ASSAC
Series A Preferred Shares will also be payable in additional ASSAC Ordinary
Shares at the Conversion Date and will reflect the Adjusted Purchase Price
Values based upon the NAV Appraisals.   To avoid the issuance of
fractional Ordinary Shares, all Conversion Shares issuable pursuant to this
Agreement shall be rounded up or down to the nearest whole Ordinary
Share.

     

    SECTION
2.10.                 Delivery of Merger
Consideration Certificates.

     

    (a)           On
the Closing Date, ASSAC shall deliver to the General Partner of the Fund, one
(1) share certificate evidencing the aggregate number of ASSAC Series A
Preferred Shares issuable to all Partners of the Fund; in each case registered
in the name of “The Partners of Stillwater Real Estate Fund”. Following the
Closing, the General Partner may, at its option either (i) hold such share
certificates for the benefit of such Partners pending the automatic conversion
of such Series A Preferred Shares into Conversion Shares as contemplated
pursuant to this Article II, or (ii) return such share certificates to ASSAC
together with the names and mailing addresses of each of the individual Partners
of the Fund and the number of ASSAC Series A Preferred Shares allocated to each
such Person (the “Partner
List”).  Within sixty (60) days of receipt of such certificates
and Partner List, ASSAC may, in the exercise of its sole discretion based upon
legal advice of counsel, distribute or direct the distribution of certificates
representing the applicable number of ASSAC Series A Preferred Shares to the
Persons on the Partner List.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    (b)           Following
the Conversion Date, ASSAC shall either deliver physical stock certificates
evidencing the Conversion Shares registered in the name of each individual
Partner, or deliver such certificates in electronic format by DTC or other
method, all as requested by the General Partner.

     

    SECTION
2.11.                 Stillwater
Payment.  ASSAC shall pay all consideration payable to
Stillwater under the Stillwater Agreement on the Closing Date of the
Merger.  In addition, all investments of Stillwater and/or SCP LLC in
the Fund shall not be extinguished by reason of the Merger and shall be treated
in the same manner as the investments of the Limited Partners of the
Fund.

     

    ARTICLE
III.     REPRESENTATIONS AND WARRANTIES OF THE ASSAC
PARTIES

     

    Each of
the ASSAC Parties, jointly and severally, represents and warrants to the
Stillwater Parties that as of the date of this Agreement and as of the Closing
Date (as though made then and as though the Closing Date were substituted for
the date of this Agreement):

     

    SECTION
3.1.                   Incorporation; Power and
Authority.  ASSAC is duly organized, validly existing and in
good standing under the laws of the Cayman Islands.  Mergerco is duly
organized, validly existing and in good standing under the laws of the State of
Delaware.  Each of the ASSAC Parties has (a) the corporate or
partnership power and authority to own and operate its business as presently
conducted and (b) all necessary power and authority to execute, deliver and
perform this Agreement and the Ancillary Agreements to which it will become a
party.

     

    SECTION
3.2.                   Valid and Binding
Agreements.

     

    (a)           The
execution, delivery and performance by each of the ASSAC Parties of this
Agreement and the Ancillary Agreements to which it will become a party have been
duly and validly authorized by all necessary corporate or equivalent
action.  This Agreement has been duly executed and delivered by each
of the ASSAC Parties and constitutes the valid and binding obligation of each of
the ASSAC Parties, enforceable against each of them in accordance with its
terms, subject to the Remedies Exception.  Each Ancillary Agreement to
which an ASSAC Party will become a party, when executed and delivered by or on
behalf of ASSAC, will constitute the valid and binding obligation of such ASSAC
Parties, enforceable against it in accordance with its terms, subject to the
Remedies Exception.

     

    (b)           Mergerco
has been formed solely for the purpose of entering into this Agreement, the
Ancillary Agreements and consummating the Merger.  Except for the
foregoing, Mergerco has no assets or liabilities and has conducted no business
and will conduct no business prior to the Closing Date.

     

    SECTION
3.3.           SEC
Filings.

     

    (a)           ASSAC
is a “foreign private issuer” (as such term is defined in Rule 3b-4 promulgated
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) and
has timely filed and is current in its filing of all periodic and other reports,
schedules, statements and other documents (collectively, the “SEC Reports”) it is
required to file with the Securities and Exchange Commission (“SEC”) under the
Exchange Act.   To its Knowledge, none of the SEC Reports filed
by ASSAC are currently being reviewed by the SEC and ASSAC has not received any
letter of comments from the SEC that it has not, as yet, fully responded
to.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    (b)           Each
of the SEC Reports was prepared and complied in all material respects with the
applicable requirements of the Securities Act of 1933, as amended, the Exchange
Act, the Sarbanes-Oxley Act of 2002, as amended, and any other Law applicable to
the SEC Reports as in effect at the time it was filed or furnished (or, in the
case of any registration statement or proxy statement, on the date of
effectiveness or the date of mailing, respectively, and in the case of any SEC
Report amended or superseded by a filing prior to the date of this Agreement,
then on the date of such amending or superseding filings).  As of
their respective dated of filing, effectiveness or mailing, as applicable (or,
if amended or supplemented, as of the dates of such amendments or supplements)
the SEC Reports did not contain any untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the
statements made therein, in light of the circumstances in which they were made,
not misleading.

     

    (c)           ASSAC
has been and is in compliance with the applicable listing, corporate governance
and other applicable rules and regulations of the American Stock Exchange,
Inc.

     

    (d)           ASSAC
has established and maintains disclosure controls and procedures required by
Exchange Act Rules 13a-14 and 15d-14.  Such disclosure controls and
procedures are adequate and effective to ensure that information required to be
disclosed by ASSAC is recorded and reported on a timely basis to its chief
executive officer and chief financial officer by others within those
entities.

     

    (e)           Each
of the consolidated financial statements of ASSAC contained in the SEC Reports
(the “ASSAC Financial
Statements”), together with the related schedules and notes thereto,
complied as to form in all material respects, as of the date of filing with the
SEC, with applicable accounting requirements and the published rules and
regulations of the SEC with respect thereto, and fairly presents, in all
material respects, the financial position of ASSAC as of the dates indicated and
the statement of operations and stockholders’ equity and cash flows of ASSAC for
the periods then ended.  The ASSAC Financial Statements have been
prepared in accordance with GAAP, applied on a consistent basis throughout the
periods involved (except, in the case of unaudited quarterly financial
statements, subject to normal year-end adjustments consistent with
GAAP).

     

    (f)           The
ASSAC Ordinary Shares are registered pursuant to Section 12(g) of the Exchange
Act and no action has been taken or, to the Knowledge of the ASSAC Parties, is
contemplated, and no proceeding is pending or has been threatened in writing
that would result in the suspension, cancellation or termination of such
registration.

     

    SECTION
3.4.           No Breach;
Consents.  The execution, delivery and performance by the ASSAC
Parties of this Agreement and the Ancillary Agreements to which either or both
of the ASSAC Parties will become a party will not (a) contravene any provision
of the Organizational Documents, if any, of the ASSAC Parties or the
Registration Statement on Form S-1 (Registration No. 333-145163) declared
effective by the SEC on January 16, 2008 (the “Registration
Statement”) or the definitive prospectus included therein; (b) violate or
conflict with any Law, Governmental Order Governmental Authorization or the
rules and regulations of the American Stock Exchange; (c) conflict with, result
in any breach of any of the provisions of, constitute a default (or any event
that would, with the passage of time or the giving of notice or both, constitute
a default) under, result in a violation of, increase the burdens under, result
in the termination, amendment, suspension, modification, abandonment or
acceleration of payment (or any right to terminate) or require a Consent,
including any Consent under any Contract or Governmental Authorization that is
either binding upon or enforceable against the ASSAC Parties or any Governmental
Authorization that is held by the ASSAC Parties; (d) require any Governmental
Authorization; (e) give any Governmental Entity or other Person the right to
challenge any of the contemplated transactions or to exercise any remedy or
obtain any relief under any Law, Governmental Order or Governmental
Authorization; (f) cause the Stillwater Parties to become subject to, or to
become liable for the payment of, any Tax; or (g) result on the creation or
imposition of any Encumbrance.

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    SECTION
3.5.          ASSAC Shareholder
Approvals.  ASSAC shall use commercially reasonable efforts to
obtain all Required Consents and the ASSAC Shareholder Approval required
pursuant to this Agreement.

     

    SECTION
3.6.          Brokerage.  Except
as set forth on Schedule 3.6 hereto,
none of the ASSAC Parties is required to pay any finders fee or other brokerage
commissions in connection with the transactions contemplated by this Agreement
and the Ancillary Agreements.

     

    SECTION
3.7.                   Capitalization.  ASSAC
is duly authorized to issue the ASSAC Ordinary Shares and the ASSAC Preferred
Shares pursuant to its Organizational Documents.  As at September 30,
2009, (a) an aggregate of 14,000,000 Ordinary Shares were issued and
outstanding, (b) no Preferred Shares were issued and outstanding, and (c)
warrants to issue an aggregate of 18,000,000 Ordinary Shares, at exercise prices
of $7.50 per share (of which warrants to issue 5,725,000 Ordinary Shares have
“cashless exercise” provisions) were issued and
outstanding.   Since September 30, 2009, ASSAC sold and issued
the ASSAC Executive Shares and has not issued or sold any other
security.

     

    SECTION
3.8.                   Board of Directors
Authorization.  The board of directors of ASSAC has duly
authorized the issuance of the ASSAC Series A Preferred Shares and Conversion
Shares pursuant to this Agreement and the Additional Acquisition Agreements,
subject at all times to ASSAC obtaining the ASSAC Shareholder Approval required
hereby.

     

    SECTION
3.9.                   No Material Adverse
Changes.  Since September 30, 2009 there has not
been:

     

    (a)           any
material adverse change in the financial position of ASSAC, except changes
arising in the ordinary course of business, which changes will in no event
materially and adversely affect the financial position of ASSAC;

     

    (b)           any
damage, destruction or loss materially affecting the assets, prospective
business, operations or condition (financial or otherwise) of ASSAC whether or
not covered by insurance;

     

    (c)           any
declaration, setting aside or payment of any dividend or distribution with
respect to any redemption or repurchase of the capital stock of
ASSAC;

     

    (d)           any
sale of an asset (other than in the ordinary course of business) or any mortgage
or pledge by ASSAC of any of its properties or assets; or

     

    (e)           any
adoption of a pension, profit sharing, retirement, stock bonus, stock option or
similar plan or arrangement.

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    SECTION
3.10.                 Taxes.  ASSAC
timely filed, or has caused to be timely filed on its behalf, all applicable tax
returns required to be filed by it, and all such tax returns are true, complete
and accurate, except to the extent any failure to file or any inaccuracies in
any filed tax returns, individually or in the aggregate, have not had and would
not reasonably be expected to have a Material Adverse Effect on
ASSAC.  All Taxes shown to be due on such tax returns, or otherwise
owed, has been timely paid, except to the extent that any failure to pay,
individually or in the aggregate, has not had and would not reasonably be
expected to have a Material Adverse Effect on ASSAC.

     

    SECTION
3.11.                 Compliance with
Laws.  ASSAC has complied with all requirements of Law
applicable to it or its business which, if not complied with, would have a
Material Adverse Effect on ASSAC.

     

    SECTION
3.12.                 No
Breach.  The execution, delivery and performance of this
Agreement and the Ancillary Agreements and the consummation of the transactions
contemplated hereby and thereby will not:

     

    (a)           violate
any provision of the Organizational Documents of ASSAC;

     

    (b)           violate,
conflict with or result in the breach of any of the terms of, result in a
material modification of, otherwise give any other contracting party the right
to terminate, or constitute (or with notice or lapse of time, or both
constitute) a default under any Contract to which ASSAC is a party or by or to
which it or any of its assets or properties may be bound or subject or result in
the creation of any Encumbrance (other than Permitted Encumbrances) on the
assets or properties of ASSAC; or

     

    (c)           violate
any requirements of Law against, or binding upon,  ASSAC or upon the
properties or business of  ASSAC or applicable to the transactions
contemplated herein.

     

    SECTION
3.13.                 Actions and
Proceedings.   Except as set forth in the SEC Reports,
ASSAC is not a party to any pending litigation or, to its Knowledge, any
governmental investigation or proceeding not reflected in the ASSAC Financial
Statements, and to the Knowledge of ASSAC, no material litigation, claims,
assessments or non-governmental proceedings is threatened against
it.

     

    SECTION
3.14.                 Material
Contracts.  This Agreement, the Additional Acquisition
Agreements, the Ancillary Agreements, the exhibits filed with the Registration
Statement (the original filing and all amendments thereto) and with the SEC
Reports include all material Contracts to which ASSAC is currently a party
(collectively, the “ASSAC
Contracts”).  Each such ASSAC Contract: (a) is a valid and
binding agreement, (b) is in full force and effect, and (c) neither ASSAC nor,
to the Knowledge of ASSAC, any other party thereto is in breach or default
(whether with or without the passage of time or the giving of notice or both)
under the terms of any such Contract would have a Material Adverse Effect on
ASSAC or its assets and properties. ASSAC has not assigned, delegated, or
otherwise transferred any of their rights or obligations with respect to any
such ASSAC Contracts, or granted any power of attorney with respect thereto.
ASSAC has given or otherwise made available to Stillwater a true and correct
fully executed copy of each material ASSAC Contract.

     

    SECTION
3.15.                 Affiliated
Transactions.  Except as set forth in the ASSAC Contracts or
disclosed in the Registration Statement or SEC Reports, there does not exist any
transaction between ASSAC or any officer, director, shareholder or other
Affiliate of ASSAC.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    SECTION
3.16.                 Trust
Account.  ASSAC currently maintains the sum of $115.0 Million
in the Trust Account.

     

    ARTICLE
IV.     REPRESENTATIONS AND WARRANTIES OF THE STILLWATER
PARTIES

     

    Each of
the Stillwater Parties jointly and severally represents and warrants to the
ASSAC Parties that as of the date of this Agreement and as of the Closing Date
(as though made then and as though the Closing Date were substituted for the
date of this Agreement):

     

    SECTION
4.1.           Incorporation; Power and
Authority.  Each of Stillwater and the General Partner is a
corporation or limited liability company, as applicable, duly organized, validly
existing and in good standing under the Laws of the State of New York or
Delaware, respectively, with all necessary power and authority to execute,
deliver and perform this Agreement and the Ancillary Agreements to which it will
become a party.  The Fund is a limited partnership, duly organized,
validly existing and in good standing under the Laws of the State of Delaware,
with all necessary power and authority to execute, deliver and perform this
Agreement and the Ancillary Agreements to which it will become a
party.

     

    SECTION
4.2.           Valid and Binding
Agreement.

     

    (a)           The
execution, delivery and performance by each of the Stillwater Parties of this
Agreement and the Ancillary Agreements to which it will become a party have been
duly and validly authorized by all necessary corporate or company action, as
applicable.

     

    (b)           This
Agreement has been duly executed and delivered by each of the Stillwater Parties
and constitutes the valid and binding obligation of each of the Stillwater
Parties, enforceable against them in accordance with its terms, subject to the
Remedies Exception.  Each Ancillary Agreement to which any one or more
of the Stillwater Parties will become a party, when executed and delivered by
such entities, will constitute the valid and binding obligation of such
entities, enforceable against them in accordance with its terms, subject to the
Remedies Exception.

     

    SECTION
4.3.           No Breach;
Consents.  The execution, delivery and performance of this
Agreement and the Ancillary Agreements to which it will become a party by each
of the Stillwater Parties will not (a) to the extent applicable, contravene any
provision of the Organizational Documents of such entities; (b) violate or
conflict with any Law, Governmental Order or Governmental Authority; (c)
conflict with, result in any breach of any of the provisions of, constitute a
default (or any event that would, with the passage of time or the giving of
notice or both, constitute a default) under, result in a violation of, increase
the burdens under, result in the termination, amendment, suspension,
modification, abandonment or acceleration of payment (or any right to terminate)
or except for the Stillwater Partner Consents, require a Consent, including any
Consent under any Contract or Governmental Authorization that is either binding
upon or enforceable against any of the Stillwater Parties; or (e) require any
Governmental Authorization; or (e) result on the creation or imposition of any
Encumbrance.

     

    SECTION
4.4.                   Financial Statements, Books
and Records.

     

    (a)           Schedule 4.4 consists
of (i) the audited financial statements (balance sheet, income statement,
statements of cash flows and owners equity and notes thereto) of the Fund as of
December 31, 2006 and December 31, 2007 and for the fiscal year then ended (the
“2006 and 2007
Financial Statements”), (ii) the unaudited financial statements (balance
sheet, income statement, statements of cash flows and owners equity and notes
thereto) of the Fund as of December 31, 2008 and for the fiscal year then ended
(the “2008 Financial
Statements”), and (iii) the unaudited combined balance sheet and
statement of income of the Fund for the comparative fiscal quarters ended
September 30, 2009 and September 30, 2008 (the “Interim Financial
Statements” and with the 2006 and 2007 Financial Statements and the 2008
Financial Statements, collectively, the “Financial
Statements”); and in each case (other than the 2009 Financial Statements)
all underlying information has been submitted to an accounting firm (the “Stillwater
Accountants”) that is certified by the Public Company Accounting
Oversight Board (“PCAOB”).

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    (b)           On
or before March 31, 2010, the Stillwater Parties will have delivered to ASSAC
the audit of the 2008 Financial Statements accompanied by the unqualified audit
opinion of the Stillwater Accountants.

     

    (c)           On
or before January 15, 2010, the Stillwater Parties will have delivered to ASSAC
a letter from the Stillwater Accountants (the “Accountants Letter”),
to the effect that the audited financial statements (balance sheet, income
statement, statements of cash flows and owners equity and notes thereto) of the
Fund as of December 31, 2009 and the fiscal year then ended (the “2009 Financial
Statements”) can be audited by such Stillwater Accountants, and (iii)
that, subject to timely receipt of the NAV Appraisals, and other qualifications
contained therein such audit can be completed by March 31, 2010.  In
addition, the Stillwater Parties have issued to the Stillwater Accountants a
direction to complete the audit of the aforesaid 2009 Financial
Statements.

     

    (d)           The
Financial Statements fairly represent the financial position of the Stillwater
Parties as at such dates and the results of their operations for the periods
then ended.  The Financial Statements were prepared in accordance with
generally accepted accounting principles (“GAAP”) applied on a
consistent basis with prior periods except as otherwise stated
therein.

     

    (e)           All
accounts, books and ledgers of the Fund have been properly and accurately kept
and completed in all material respects on a basis consistent with those of
preceding accounting periods, and there are no material inaccuracies or
discrepancies of any kind contained or reflected therein.  The books
and records fairly and correctly set out and disclose, in all material respects,
the current financial position and condition of the Fund. All financial
transactions involving the Fund have been accurately recorded in the books and
records and all such transactions represent actual, bona fide
transactions.

     

    (f)           As
at September 30, 2009, to the Knowledge of the Stillwater Parties, 65% of the
Estimated NAV of the Fund was approximately $20.8 million.   The
General Partner and Stillwater anticipate that as at December 31, 2009, the
Purchase Value of the Fund will be not less than $20.8 million.

     

    SECTION
4.5.                   Subsidiaries, Partnerships,
Joint Ventures.

     

    Except as
reflected on Schedule
4.5 hereto or with respect to holding companies wholly owned by the Fund
used to hold assets of the Fund and for no other business purpose, the Fund does
not have any Subsidiaries and does not own of record or beneficially, directly
or indirectly, (i) any shares of capital stock or securities convertible
into capital stock of any other corporation or (ii) any participating interest
in any partnership, joint venture, limited liability company or other
non-corporate business enterprise and does not control, directly or indirectly,
any other Person.

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    SECTION
4.6.                 No Material Adverse
Changes.  Except as otherwise described on Schedule 4.5 hereto,
since the date of the most recent Financial Statements there has not
been:

     

    (i)        
   any material adverse change in the financial position of the
Stillwater Parties, except changes arising in the ordinary course of business,
which changes will in no event materially and adversely affect the financial
position of the Stillwater Parties;

     

    (ii)           any
damage, destruction or loss materially affecting the assets, prospective
business, operations or condition (financial or otherwise) of the Stillwater
Parties whether or not covered by insurance;

     

    (iii)          any
declaration, setting aside or payment of any dividend or distribution with
respect to any redemption or repurchase of the equity interests of any of the
Stillwater Parties;

     

    (iv)          any
sale of an asset (other than in the ordinary course of business) or any mortgage
or pledge by any of the Stillwater Parties of any of their properties or assets;
or

     

    (v)           any
adoption of a pension, profit sharing, retirement, stock bonus, stock option or
similar plan or arrangement.

     

    SECTION
4.7.                 Taxes.  Each
of the Stillwater Parties has timely filed, or has caused to be timely filed on
its behalf, all applicable tax returns required to be filed by it, and all such
tax returns are true, complete and accurate, except to the extent any failure to
file or any inaccuracies in any filed tax returns, individually or in the
aggregate, have not had and would not reasonably be expected to have a Material
Adverse Effect on such Stillwater Party.  All Taxes shown to be due on
such tax returns, or otherwise owed, has been timely paid, except to the extent
that any failure to pay, individually or in the aggregate, has not had and would
not reasonably be expected to have a Material Adverse Effect on any of the
Stillwater Parties.

     

    SECTION
4.8.                 Compliance with
Laws.  Each of the Stillwater Parties has complied with all
requirements of Law applicable to it or its business which, if not complied
with, would have a Material Adverse Effect on the Stillwater
Parties.

     

    SECTION
4.9.                 No
Breach.  The execution, delivery and performance of this
Agreement and the Ancillary Agreements and the consummation of the transactions
contemplated hereby and thereby will not:

     

    (a)           violate
any provision of the Organizational Documents of any of the Stillwater
Parties;

     

    (b)           violate,
conflict with or result in the breach of any of the terms of, result in a
material modification of, otherwise give any other contracting party the right
to terminate, or constitute (or with notice or lapse of time, or both
constitute) a default under any Contract to which the Stillwater Parties are a
party or by or to which they or any of their assets or properties may be bound
or subject or result in the creation of any Encumbrance (other than Permitted
Encumbrances) on the assets or properties of the Stillwater Parties;
or

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

    (c)           violate
any requirements of Law against, or binding upon,  the Stillwater Parties
or upon the properties or business of  the Stillwater Parties or applicable
to the transactions contemplated herein.

     

    SECTION
4.10.                 Actions and
Proceedings.   Except as set forth on Schedule 4.10, the
Fund is not a party to any material pending litigation or, to the Knowledge of
the Stillwater Parties, any governmental investigation or proceeding not
reflected in the Financial Statements, and to the Knowledge of the Stillwater
Parties, no material litigation, claims, assessments or non-governmental
proceedings is threatened against the Fund.

     

    SECTION
4.11.                 Agreements.  Schedule 4.11 sets
forth each material Contract to which the Fund is a party or by or to which it
or its assets, properties or business are bound or subject. Each such Contract:
(a) is a valid and binding agreement, (b) is in full force and effect, and (c)
neither the Stillwater Parties nor, to the Knowledge of the Stillwater Parties,
any other party thereto is in breach or default (whether with or without the
passage of time or the giving of notice or both) under the terms of any such
Contract. The Stillwater Parties have not assigned, delegated, or otherwise
transferred any of their rights or obligations with respect to any such
contracts or arrangements, or granted any power of attorney with respect
thereto. The Stillwater Parties have given or otherwise made available a true
and correct fully executed copy of each material Contract to ASSAC.

     

    SECTION
4.12.                 Redemption
Claims.  Schedule 4.12 sets
forth the names of each Limited Partner of the Fund who is owed amounts under
outstanding Redemption Claims, (ii) the amount of each such Redemption Claim,
and (iii) whether such Redemption Claim can be satisfied by the payment of
consideration other than cash.  Except as set forth on Schedule 4.12, to the
Knowledge of the Stillwater Parties no other Redemption Claims are
pending.

     

    SECTION
4.13.                 Intellectual
Property.  Each of the Stillwater Parties has or has rights to
use, all patents, patent applications, trademarks, trademark applications,
service marks, trade names, copyrights, licenses and other similar rights (the
“Intellectual Property
Rights”) that are necessary or material for use in connection with its
businesses and which the failure to so have could, individually or in the
aggregate, have or reasonably be expected to result in a Material Adverse Effect
on the Stillwater Parties.  To the Knowledge of the Stillwater
Parties, none of the Stillwater Parties have received a written notice that such
Intellectual Property Rights used by it violates or infringes upon the rights of
any Person. To the Knowledge of the Stillwater Parties, (a) all such
Intellectual Property Rights are enforceable and (b) there is no existing
infringement by another Person of any of such Intellectual Property
Rights.

     

    SECTION
4.14.                 Tangible
Assets.  The Stillwater Parties have full title and interest in
all machinery, equipment, furniture, leasehold improvements, fixtures, projects,
owned or leased by  the Stillwater Parties, any related capitalized items
or other tangible property material to the business of the Stillwater Parties
(the “Tangible
Assets”).   Each of the Stillwater Parties holds all
right, title and interest in all the Tangible Assets owned by it as set forth on
the Financial Statements or acquired by it after the date of the Financial
Statements free and clear of all Encumbrances, except Permitted
Encumbrances.  All of the Tangible Assets are in good operating
condition and repair and are usable in the ordinary course of business of the
Stillwater Parties.

     

    SECTION
4.15.                 Liabilities.   The
Fund has no material Liabilities which are not fully, fairly and adequately
reflected on the Financial Statements.

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    SECTION
4.16.                 Operations of  the
Fund.  From September 30, 2009 through the Closing Date, except
as disclosed on Schedule 4.16 or the
Financial Statements, the Fund has not and will not have:

     

    (a)           declared
or paid any dividend or declared or made any distribution of any kind to any
shareholder, Limited Partner, or made any direct or indirect redemption,
retirement, purchase or other acquisition of any shares in its membership
interests;

     

    (b)           except
in the ordinary course of business, incurred or assumed any indebtedness or
liability (whether or not currently due and payable);

     

    (c)           disposed
of any assets except in the ordinary course of business;

     

    (d)           materially
increased the annual level of compensation of any executive
employee;

     

    (e)           adopted,
increased, terminated, amended or otherwise modified any plan for the benefit of
its employees; or

     

    (f)           issued
any equity securities or rights to acquire such equity securities.

     

    SECTION
4.17.                 Permits.  Each
of the Stillwater Parties has all material permits, licenses, authorizations,
orders and approvals of, and has made all filings, applications and
registrations with, all Governmental Authorities that are required in order to
permit it to own or lease its properties and to conduct its business as
presently conducted (the “Permits”); all such
Permits are in full force and effect and, to the Knowledge of the Stillwater
Parties, no suspension or cancellation of any such Permit is threatened or will
result from the consummation of the transactions contemplated by this Agreement
and the other Ancillary Agreements or the transactions contemplated hereby and
thereby.

     

    SECTION
4.18.                 Employment
Matters.  The Fund has not had or currently has any
employees.  Each of the General Partner and Stillwater has complied in
all material respects with all applicable requirements of Law relating to
employment or labor.  To the Knowledge of the Stillwater Entities, no
present or former employee, officer or director of the Stillwater Parties has,
or shall have at the Closing Date, any claim against the Stillwater Parties for
any matter including, without limitation, for wages, salary, vacation,
severance, or sick pay except for the same incurred in the ordinary course of
business for the last payroll period prior to the Closing Date. There is no: (a)
charge or complaint against the Stillwater Parties alleging a violation of any
requirements of Law relating to employment or labor, including any charge or
complaint filed with the National Labor Relations Board or any comparable
Governmental Authority, (b) pending labor strike, slowdown, work stoppage or
other material labor trouble affecting the Stillwater Parties and there has not
been any of the forgoing during the past three years, (c) pending representation
question respecting the employees of the Stillwater Parties, or (d) pending
arbitration proceeding arising out of or under any collective bargaining
agreement to which the Stillwater Parties is a party.  In addition, to
the Knowledge of the Stillwater Parties: (i) none of the matters specified in
clauses (a) through (d) above is threatened against the Stillwater Parties; (ii)
no union organizing activities have taken place with respect to the Stillwater
Parties; and (iii) no basis exists for which a claim may be made under any
collective bargaining agreement to which the Stillwater Parties is a
party.  The General Partner and Stillwater maintain a health insurance
plan, but do not offer or participate in any other employment benefit
plans.

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    SECTION
4.19.                 Insurance.  Each
of the Stillwater Parties has in effect insurance of the type and amount
customary for the conduct of its business and has paid all insurance policy
premiums due and has otherwise performed all of its obligations under each
insurance policy to which it is a party.

     

    SECTION
4.20.                 Brokers or
Finders.  Other than as described in the Stillwater Agreement,
no broker’s or finder’s fee will be payable by the Stillwater Parties in
connection with the transactions contemplated by this Agreement.

     

    SECTION
4.21.                 Securities Law
Matters.  The ASSAC Series A Preferred Shares and any
Conversion Shares (collectively, the “ASSAC Securities”) to
be acquired by any of the Partners of the Fund, are being acquired for the
account of such Persons with no intention of distributing or reselling such
securities or any part thereof in any transaction that would be in violation of
the registration requirements of the Securities Act and applicable state
securities laws.  Until registered for resale under the Securities
Act, if any recipient of the ASSAC Securities who is a signatory to this
Agreement should in the future decide to dispose of any of such ASSAC
Securities, such Person may do so only in compliance with the registration
requirements of the Securities Act and applicable state securities laws, as then
in effect.  Each of the Stillwater Parties agrees that all
certificates evidencing ASSAC Securities to be issued in connection with the
Merger and other transactions contemplated hereby shall contain the imprinting,
so long as required by law, of a legend on certificates representing such ASSAC
Securities to the following effect:

     

    “THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY
STATE.  THE SECURITIES MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES
LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF SUCH ACT AND SUCH LAWS.

    THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS AND
CONDITIONS OF A REGISTRATION RIGHTS AGREEMENT DATED JANUARY _____,
2010.  A COPY OF SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL EXECUTIVE
OFFICE OF ASIA SPECIAL SITUATION ACQUISITION CORP. AND ASIA SPECIAL SITUATION
ACQUISITION CORP. WILL FURNISH COPIES OF SUCH AGREEMENT TO THE HOLDER OF THIS
CERTIFICATE UPON REQUEST AND WITHOUT CHARGE.”

    

    ARTICLE
V.     POST-CLOSING COVENANTS

     

    SECTION
5.1.                   Contribution to
Capital.  On the Closing Date, and immediately following
consummation of the Merger and its acquisition of Northstar or Allied Provident
pursuant to the applicable Additional Acquisition Agreement, ASSAC shall
contribute all, and not less than all, of the Limited Partnership Interests of
the Surviving Entity owned of record by ASSAC as a result of the Merger to the
capital of either or both of the following Persons, as determined by ASSAC in
the exercise of its sole discretion: (a) Northstar Re Bermuda and/or Northstar
Re Ireland (both Subsidiaries of Northstar), or (b) Allied Provident, all as
shall be determined by ASSAC.

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

    SECTION
5.2.                   Boards of Directors of ASSAC
and Investment Committee.

     

    (a)           From
and after the Closing Date, ASSAC shall use its best efforts to cause to be
elected to the Board of Directors of ASSAC, and by their execution of this
Agreement, each of (i) the Stillwater Parties, (ii) Noble Investment Fund
Limited, and (iii) Allius Ltd. and their Affiliates agree to vote all of the
ASSAC Ordinary Shares and all ASSAC Series A Preferred Shares, as applicable,
owned of record by them at each general shareholders meeting of ASSAC in favor
of the election to the Board of Directors of ASSAC of one (1) Person designated
by Stillwater (the “Stillwater Designee”)
and not less than five (5) other Persons who shall be designated by the members
of the ASSAC Board of Directors (the “ASSAC
Designees”).  The ASSAC Designees to the Board of Directors of
ASSAC shall be set forth in the ASSAC Proxy Statement.  All of Richard
Rudy, Jack Doueck and the Stillwater Designee (if other than either of the
aforementioned Persons) shall be included under ASSAC’s officer/director
liability policy in effect from time to time, commencing on the Closing
Date.

     

    (b)           From
and after the Closing Date and for a period through and including March 31,
2013, the General Partner shall establish a three (3) Person investment
committee, in accordance with the terms of the Management
Agreement.

     

    SECTION
5.3.           Registration of Conversion
Shares.  Following the Closing Date, ASSAC shall use its
commercially reasonable efforts to cause the Registration Statement (as that
term is defined in the Registration Rights Agreement) to be declared effective
by the Securities and Exchange Commission and shall otherwise comply with all of
its covenants and agreements contained in the Registration Rights
Agreement.

     

    SECTION
5.4.                   Payment of Affiliated
Obligations.  As at the Closing Date, the aggregate amount of
all Affiliated Obligations owed by Stillwater Real Estate Fund shall not exceed
$1,950,000.  Following the Closing Date, the Surviving Entity shall
commence to repay such Affiliated Obligations only after all Redemption Claims
as at the Closing Date shall have been paid in full or otherwise satisfied, and
then in accordance with the applicable provisions of the Management
Agreement.

     

    SECTION
5.5.                    Rescission.  The
transactions contemplated by this Agreement may be rescinded prior to the
Conversion Date, all as contemplated by the ASSAC Restated Articles or the ASSAC
Series A Preferred Certificate of Designations.

     

    ARTICLE
VI.     CONDITIONS TO CLOSING

     

    SECTION
6.1.                   Conditions to Stillwater
Parties' Obligations.  The obligation of the Stillwater Parties
to take the actions required to be taken by them at the Closing is subject to
the satisfaction or waiver, in whole or in part, in their sole discretion, of
each of the following conditions at or prior to the Closing:

     

    (a)           The
representations and warranties of the ASSAC Parties set forth in Article III
will be true and correct as of the Closing Date as though then made and as
though the Closing Date had been substituted for the date of this Agreement in
such representations and warranties (without taking into account any
supplemental disclosures after the date of this Agreement by the ASSAC Parties
or the discovery of information by the Stillwater Parties.

     

    (b)           Each
of the ASSAC Parties will have performed and complied with each of their
agreements contained in this Agreement that can be performed and complied with
at or prior to the Closing;

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    

      (c)        Each
Required Consent required to be obtained by the ASSAC Parties will have been
obtained and be in full force and effect and such actions as the Stillwater
Parties’ counsel may reasonably require will have been taken in connection
therewith;

       

      (d)       All
of the requisite ASSAC Shareholder Approvals shall have been obtained a the
ASSAC Shareholders Meeting;

       

      (e)       Holders
of greater than 34.99% of the outstanding ASSAC publicly traded Ordinary Shares
have not voted against the Merger and other transactions contemplated by this
Agreement and advised ASSAC of their desire to redeem their
investment;

       

      (f)        Pursuant
to the terms and conditions of all or certain of the Additional Acquisition
Agreements, ASSAC shall have consummated the acquisition of the Fund and/or the
Additional Stillwater Funds that shall have an aggregate Net Asset Value of not
less than $100.0 million;

       

      (g)       ASSAC
shall have consummated the acquisition of either or both of the Amalphis
Exchange Shares and/or all of the equity of Northstar pursuant to the terms and
conditions of either or both of the Amalphis Purchase Agreement and/or the
Northstar Merger Agreement, respectively;

       

      (h)       The
Stillwater Parties will have received evidence reasonably satisfactory to them
that no Litigation is pending or threatened (i) challenging or seeking to
prevent or delay consummation of any of the transactions contemplated by this
Agreement, or (ii) asserting the illegality of or seeking to render
unenforceable any material provision of this Agreement, any of the Ancillary
Agreements or the relevant Additional Acquisition Agreements;

       

      (i)        The
ASSAC Parties shall have executed and delivered all of the Ancillary Agreements
to which it is a Party; and

       

      (j)        No
Law or Governmental Order will have been enacted, entered, enforced,
promulgated, issued or deemed applicable to the transactions contemplated by
this Agreement by any Governmental Entity that would reasonably be expected to
result, directly or indirectly, in any Material Adverse Effect with respect to
the ASSAC Parties.

       

      SECTION
6.2.          Conditions to ASSAC Parties'
Obligations.  The obligation of the ASSAC Parties to take the
actions required to be taken by them at the Closing is subject to the
satisfaction or waiver, in whole or in part, in the sole discretion of the ASSAC
Parties, of each of the following conditions at or prior to the
Closing:

       

      (a)        The
representations and warranties of the Stillwater Parties set forth in Article IV
will be true and correct in all material respects as of the Closing Date as
though then made and as though the Closing Date had been substituted for the
date of this Agreement in such representations and warranties;

       

      (b)       Each
of the Stillwater Parties will have performed and complied with each of their
agreements contained in this Agreement that can be performed and complied with
at or prior to the Closing;

       

      (c)       Each
Required Consent required to be obtained by the Stillwater Parties will have
been obtained and be in full force and effect and such actions as the ASSAC
Parties’ counsel may reasonably require will have been taken in connection
therewith;

      
        
           

        

        
          26

          
            

          

        

        
           

        

      

      (d)       All
of the requisite ASSAC Shareholder Approvals shall have been obtained a the
ASSAC Shareholders Meeting;

       

      (e)       Holders
of greater than 34.99% of the outstanding ASSAC publicly traded Ordinary Shares
have not voted against the Merger and other transactions contemplated by this
Agreement and advised ASSAC of their desire to redeem their
investment;

       

      (f)        Pursuant
to the terms and conditions or all of certain of the Additional Acquisition
Agreements, ASSAC shall have consummated the acquisition of the Fund and/or the
Additional Stillwater Funds that shall have an aggregate Net Asset Value of not
less than $100.0 million;

       

      (g)       ASSAC
shall have consummated the acquisition of either or both of the Amalphis
Exchange Shares and/or all of the equity of Northstar pursuant to the terms and
conditions of either or both of the Amalphis Purchase Agreement and/or the
Northstar Merger Agreement, respectively;

       

      (h)        The
Stillwater Parties will have received evidence satisfactory to them that no
Litigation is pending or threatened (i) challenging or seeking to prevent or
delay consummation of any of the transactions contemplated by this Agreement, or
(ii) asserting the illegality of or seeking to render unenforceable any material
provision of this Agreement, any of the Ancillary Agreements or the relevant
Additional Acquisition Agreements;

       

      (i)        ASSAC
will have received evidence reasonably satisfactory to it that no Litigation is
pending or threatened (i) challenging or seeking to prevent or delay
consummation of any of the transactions contemplated by this Agreement, or (ii)
asserting the illegality of or seeking to render unenforceable any material
provision of this Agreement, any of the Ancillary Agreements or any Additional
Acquisition Agreements;

       

      (j)        The
applicable Stillwater Parties shall have executed and delivered all of the
Ancillary Agreements to which it or they is a Party; and

       

      (k)        No
Law or Governmental Order will have been enacted, entered, enforced,
promulgated, issued or deemed applicable to the transactions contemplated by
this Agreement by any Governmental Entity that would reasonably be expected to
result, directly or indirectly, in any Material Adverse Effect with respect to
the Stillwater Parties.

       

      SECTION
6.3.          Deferral
of Merger and Consummation of Additional Acquisitions.

       

      Notwithstanding
anything to the contrary, express or implied, set forth above in this Article VI
or elsewhere in this Agreement, in the event and to the extent that the Fund is
unable to comply with its representations and covenants contained herein, on the
Closing Date ASSAC may nonetheless elect to (a) terminate this Agreement and the
transactions contemplated hereby and consummate the transactions contemplated by
any one or more of the Additional Acquisition Agreements, or (b) defer the
closing date of the Merger contemplated hereby until such time (but not later
than December 31, 2010) as the Fund shall be able to comply with the terms of
this Agreement.

      
        
           

        

        
          27

          
            

          

        

        
           

        

      

      ARTICLE
VII.          CLOSING AND
CLOSING DATE

       

      SECTION
7.1.          Closing
Date.  On or before January 22, 2010 (the “Closing Date”),
following the satisfaction or waiver of the conditions set forth in Article VI
hereof, the closing of the transactions contemplated by this Agreement (the
“Closing”) will
take place at the offices of Hodgson Russ LLP, 1540 Broadway, 24th floor,
New York, New York, at 9:00 a.m. or at such other place and on such other date
as may be mutually agreed by the parties hereto, in which case Closing Date
means the date so agreed.  The Closing will be effective as of the
close of business on the Closing Date.  The Parties hereto acknowledge and
agree that time is of the essence.

       

      SECTION
7.2.          Deliveries.  Subject
to the conditions set forth in this Agreement, on the Closing Date:

       

      (a)          The
ASSAC Parties will deliver to the Stillwater Parties or as directed by the
Stillwater Parties:

       

      (i)        the
Merger Consideration consisting of the ASSAC Series A Preferred Shares, as
evidenced by a copy of the Register of Members of ASSAC recording the issuance
of such ASSAC Series A Preferred Shares;

       

      (ii)       A
certificate of the ASSAC Parties dated the Closing Date stating that the
conditions set forth in Section 6.1 have been satisfied;

       

      (iii)      the
text of the resolutions adopted by the board of directors of ASSAC authorizing
the execution, delivery and performance of this Agreement and the Ancillary
Agreements, certified by an appropriate officer of ASSAC;

       

      (iv)     each
Ancillary Agreement to which ASSAC and/or Mergerco is a party, duly executed by
ASSAC and/or Mergerco, as the case may be;

       

      (v)      all
Required Consents, duly executed by all appropriate parties; and

       

      (vi)     evidence
of filing of the Certificate of Merger with the Secretary of State of the State
of Delaware; and

       

      (vii)    
to the extent legally required, evidence of filing of the ASSAC Series A
Preferred Certificate of Designations and Restated ASSAC Articles with the
Registrar of Companies in the Cayman Islands;

       

      (viii)   such
other certificates, documents and instruments that the Stillwater Parties
reasonably request for the purpose of (A) evidencing the accuracy of the ASSAC
Parties' representations and warranties, (B) evidencing the performance and
compliance by the ASSAC Parties with the agreements contained in this Agreement,
(C) evidencing the satisfaction of any condition referred to in Section 6.1 or
(D) otherwise facilitating the consummation of the transactions contemplated by
this Agreement.

       

      All
actions to be taken by the ASSAC Parties in connection with consummation of the
transactions contemplated by this Agreement and all certificates, opinions,
instruments and other documents required to effect the transactions contemplated
by this Agreement will be in form and substance reasonably satisfactory to the
Stillwater Parties and their counsel.

      
        
           

        

        
          28

          
            

          

        

        
           

        

      

      (b)    
    The Stillwater Parties will deliver to
ASSAC:

       

      (i)        a
certificate of the Stillwater Parties dated the Closing Date stating that the
conditions set forth in SECTION 6.2 have been satisfied;

       

      (ii)        the
text of the resolutions adopted by the board of directors (or similar body) of
each of the Stillwater Parties authorizing the execution, delivery and
performance of this Agreement and the Ancillary Agreements, certified by an
appropriate officer of Stillwater or the General Partner;

       

      (iii)     
each Ancillary Agreement to which any Stillwater Party is a party, duly
executed by such Stillwater Party;

       

      (iv)     all
certificates, if any, evidencing Limited Partnership Interests, duly endorsed in
blank for transfer;

       

      (v)      all
Required Consents, duly executed by all appropriate parties; and

       

      (vi)     such
other certificates, documents and instruments that the ASSAC Parties reasonably
request for the purpose of (1) evidencing the accuracy of the Stillwater
Parties' representations and warranties, (2) evidencing the performance and
compliance by the Stillwater Parties with the agreements contained in this
Agreement, (3) evidencing the satisfaction of any condition referred to in
SECTION 6.2 or (4) otherwise facilitating the consummation of the transactions
contemplated by this Agreement.

       

      All
actions to be taken by each of the Stillwater Parties in connection with
consummation of the transactions contemplated by this Agreement and all
certificates, opinions, instruments and other documents required to effect the
transactions contemplated by this Agreement will be in form and substance
reasonably satisfactory to ASSAC and its counsel.

       

      (c)     
    Simultaneous
Deliveries.        All items
delivered by the Parties at the Closing will be deemed to have been delivered
simultaneously, and no items will be deemed delivered or waived until all have
been delivered.

       

      (d)    
     Waiver of
Deliveries.        Notwithstanding
anything to the contrary set forth above in this Article VII, in the event and
to the extent that Fund is unable to consummate the transactions contemplated
hereby by the Closing Date, by mutual agreement of ASSAC and Stillwater, the
Closing Date hereunder may be extended to as late as December 31, 2010, or the
Parties may agree to waive any deliveries otherwise required by this
Agreement.

       

      ARTICLE
VIII.          TERMINATION

       

      SECTION
8.1.          Termination.  This
Agreement may be terminated prior to the Closing:

       

      (a)       by
the mutual written consent of ASSAC and Stillwater on behalf of all
Parties;

       

      (b)       by
ASSAC, on behalf of all ASSAC Parties, if:

      
        
           

        

        
          29

          
            

          

        

        
           

        

      

      (i)        any
of the Stillwater Parties has or will have breached any representation, warranty
or agreement contained in this Agreement in any material respect;

       

      (ii)       the
transactions contemplated by this Agreement will not have been consummated on or
before January 23, 2010 (the “Outside Date”);
or

       

      (iii)      any
of the conditions set forth in Section 6.2 will have become impossible to
satisfy and not otherwise waived;

       

      (c)  
      by Stillwater, on behalf of all Stillwater
Parties, if:

       

      (i)        any
of the ASSAC Parties has or will have breached any representation, warranty or
agreement contained in this Agreement in any material respect;

       

      (ii)       the
transactions contemplated by this Agreement will not have been consummated on or
before the Outside Date; or

       

      (iii)      any
of the conditions set forth in Section 6.1 will have become impossible to
satisfy and not otherwise waived.

       

      SECTION
8.2.          Effect of
Termination.  The right of termination under Section 8.1 is in
addition to any other rights the parties may have under this Agreement or
otherwise, and the exercise of a right of termination will not be an election of
remedies and will not preclude an action for breach of this
Agreement.  If this Agreement is terminated, all continuing
obligations of the Parties under this Agreement will terminate except that
Section 8.3 and Article IX will survive indefinitely unless sooner terminated or
modified by the parties in writing.

       

      SECTION
8.3.          Trust Fund.
Notwithstanding anything to the contrary express or implied contained in this
Article VIII or elsewhere in this Agreement, none of the Stillwater Parties nor
any of their respective Affiliates shall have any lien, security interest, claim
against or any other right to (a) any of the maximum $115.0 million principal
amount of the proceeds held in that certain trust administered and maintained by
Continental Stock Transfer & Trust Company, as trustee (and any successor
trust or substitute arrangement) for the benefit of the public shareholders of
ASSAC (the “Trust”), or (b) any
interest earned on such maximum $115.0 million principal amount of proceeds held
in the Trust.  Each of the Stillwater Parties and their Affiliates, do
hereby expressly waive and relinquish any claim or other rights to the Trust,
its corpus or any interest earned thereon.

       

      ARTICLE
IX.          GENERAL

       

      SECTION
9.1.          Expenses.  Except
as may be set forth in the Stillwater Agreement, each Party shall pay all
expenses incurred by such party in connection with the transactions contemplated
by this Agreement, including legal, accounting, investment banking and
consulting fees and expenses incurred in negotiating, executing and delivering
this Agreement and the other agreements, exhibits, documents and instruments
contemplated by this Agreement (whether the transactions contemplated by this
Agreement are consummated or not); provided,
however, that upon consummation of the transactions contemplated by this
Agreement, ASSAC shall pay all transactions costs and expenses incurred by the
Stillwater Parties hereunder, or reimburse Stillwater (as the case may be) for
any such expenses previously paid.

      
        
           

        

        
          30

          
            

          

        

        
           

        

      

      SECTION
9.2.          Amendment and
Waiver.  This Agreement may not be amended, a provision of this
Agreement or any default, misrepresentation or breach of warranty or agreement
under this Agreement may not be waived, and a consent may not be rendered,
except in a writing executed by the party against which such action is sought to
be enforced.  Neither the failure nor any delay by any Person in
exercising any right, power or privilege under this Agreement will operate as a
waiver of such right, power or privilege, and no single or partial exercise of
any such right, power or privilege will preclude any other or further exercise
of such right, power or privilege or the exercise of any other right, power or
privilege.  In addition, no course of dealing between or among any
Persons having any interest in this Agreement will be deemed effective to modify
or amend any part of this Agreement or any rights or obligations of any Person
under or by reason of this Agreement.  The rights and remedies of the
parties to this Agreement are cumulative and not alternative.

       

      SECTION
9.3.          Notices.  All
notices, demands and other communications to be given or delivered under or by
reason of the provisions of this Agreement will be in writing and will be deemed
to have been given (i) when delivered if personally delivered by hand (with
written confirmation of receipt), (ii) when received if sent by a nationally
recognized overnight courier service (receipt requested), (iii) five business
days after being mailed, if sent by first class mail, return receipt requested,
or (iv) when receipt is acknowledged by an affirmative act of the party
receiving notice, if sent by facsimile, telecopy or other electronic
transmission device (provided that such an acknowledgement does not include an
acknowledgment generated automatically by a facsimile or telecopy machine or
other electronic transmission device).  Notices, demands and
communications to the parties will, unless another address is specified in
writing, be sent to the address indicated below:

       

      If to
Stillwater Parties:

       

      Stillwater
Capital Partners, Inc.

      41
Madison Avenue

      New York,
New York 10010

      Attn:  Richard
Rudy and Jack Doueck

      Facsimile
No.(212) 244-9506

      Email:
rrudy@stillwatercapital.com

       

      With a
copy to:

       

      Herrick,
Feinstein LLP

      2 Park
Avenue

      New York,
NY 10016

      Attn:
Irwin Latner, Esq.

      Fax:
(212) 545-3356

      Email:
ilatner@herrick.com

       

      If to the
ASSAC Parties:

       

      Asia
Special Situation Acquisition Corp.

      c/o
M&C Corporate Services Limited

      P.O. Box
309GT, Ugland House

      South
Church Street

      George
Town, Grand Cayman

      Attn:
Gary T. Hirst, President

      Email:  assac@domaincontact.net

      
        
           

        

        
          31

          
            

          

        

        
           

        

      

       

      With a
copy to:

       

      Hodgson
Russ LLP

      1540
Broadway,

      24th
floor

      New York,
New York 10036

      Attn:  Stephen
A. Weiss, Esq.

      Facsimile
No. (212) 751-0928

      Email:  sweiss@hodgsonruss.com

       

              SECTION
9.4    Assignment.  Neither
this Agreement nor any of the rights, interests or obligations under this
Agreement may be assigned by any party to this Agreement without the prior
written consent of the other parties to this Agreement.  Subject to
the foregoing, this Agreement and all of the provisions of this Agreement will
be binding upon and inure to the benefit of the parties to this Agreement and
their respective successors and permitted assigns.

       

              SECTION
9.5    Complete
Agreement.  This Agreement and, when executed and delivered,
the Ancillary Agreements contain the complete agreement between the parties and
supersede any prior understandings, agreements or representations by or between
the parties, written or oral.

       

              SECTION
9.6    Signatures;
Counterparts.  This Agreement may be executed in one or more
counterparts, any one of which need not contain the signatures of more than one
party, but all such counterparts taken together will constitute one and the same
instrument.  A facsimile signature will be considered an original
signature.

       

              SECTION
9.7    Governing
Law.  THE
DOMESTIC LAW, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES, OF THE STATE OF
NEW YORK WILL GOVERN ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND
INTERPRETATION OF THIS AGREEMENT AND THE PERFORMANCE OF THE OBLIGATIONS IMPOSED
BY THIS AGREEMENT.

       

              SECTION
9.8    Jurisdiction.  Each
of the parties submits to the exclusive jurisdiction of any state or federal
court sitting in New York, New York, in any action or proceeding arising out of
or relating to this Agreement and agrees that all claims in respect of the
action or proceeding may be heard and determined in any such
court.  Each party also agrees not to bring any action or proceeding
arising out of or relating to this Agreement in any other court.  Each
of the parties waives any defense of inconvenient forum to the maintenance of
any action or proceeding so brought and waives any bond, surety or other
security that might be required of any other party with respect to any such
action or proceeding.  Each party appoints CT Corporation System (the
“Process
Agent”) as its agent to receive on its behalf service of copies of the
summons and complaint and any other process that might be served in the action
or proceeding.  Any party may make service on any other party by
sending or delivering a copy of the process (i) to the party to be served or
(ii) to the party to be served in care of the Process Agent at such address as
shall be furnished by it.  The parties agree that any of them may file
a copy of this paragraph with any court as written evidence of the knowing,
voluntary and bargained agreement between the parties irrevocably to waive any
objections to venue or to convenience of forum.  Nothing in this
Section 9.8 will affect the right of any party to serve legal process in any
other manner permitted by law or in equity.

      
        
           

        

        
          32

          
            

          

        

        
           

        

      

              SECTION
9.9    Waiver of Jury
Trial.  EACH
PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS
AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE
IT IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY
JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS
AGREEMENT.  EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK
TO ENFORCE THE FOREGOING WAIVER, (II) IT UNDERSTANDS AND HAS CONSIDERED THE
IMPLICATIONS OF SUCH WAIVER, (III) IT MAKES SUCH WAIVER VOLUNTARILY AND (IV) IT
HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL
WAIVER AND CERTIFICATIONS IN THIS SECTION 9.9.

       

              SECTION
9.10  Construction.  The
parties and their respective counsel have participated jointly in the
negotiation and drafting of this Agreement.  In addition, each of the
parties acknowledges that it is sophisticated and has been advised by
experienced counsel and, to the extent it deemed necessary, other advisors in
connection with the negotiation and drafting of this Agreement.  In
the event an ambiguity or question of intent or interpretation arises, this
Agreement will be construed as if drafted jointly by the parties and no
presumption or burden of proof will arise favoring or disfavoring any party by
virtue of the authorship of any of the provisions of this
Agreement.  The parties intend that each representation, warranty and
agreement contained in this Agreement will have independent
significance.  If any party has breached any representation, warranty
or agreement in any respect, the fact that there exists another representation,
warranty or agreement relating to the same subject matter (regardless of the
relative levels of specificity) that the party has not breached will not detract
from or mitigate the fact that the party is in breach of the first
representation, warranty or agreement.  Any reference to any Law will
be deemed to refer to all rules and regulations promulgated thereunder, unless
the context requires otherwise.  The headings preceding the text of
articles and sections included in this Agreement and the headings to the
schedules and exhibits are for convenience only and are not be deemed part of
this Agreement or given effect in interpreting this
Agreement.  References to sections, articles, schedules or exhibits
are to the sections, articles, schedules and exhibits contained in, referred to
or attached to this Agreement, unless otherwise specified.  The word
“including” means “including without limitation.”  A statement that an
action has not occurred in the past means that it is also not presently
occurring.  When any party may take any permissive action, including
the granting of a consent, the waiver of any provision of this Agreement or
otherwise, whether to take such action is in its sole and absolute
discretion.  The use of the masculine, feminine or neuter gender or
the singular or plural form of words will not limit any provisions of this
Agreement.  A statement that an item is listed, disclosed or described
means that it is correctly listed, disclosed or described, and a statement that
a copy of an item has been delivered means a true and correct copy of the item
has been delivered.

       

              SECTION
9.11  Time
of Essence.  With regard to all dates and time periods set
forth or referred to in this Agreement, time is of the essence.

      
        
           

        

        
          33

          
            

          

        

        
           

        

      

      IN WITNESS WHEREOF, the
parties hereto have executed this Purchase and Sale Agreement as of the date
first above written.

      

      
        
          	
                  ASSAC
      SPECIAL SITUATION

                	 
      	
                  STILLWATER
      CAPITAL PARTNERS, INC.

                
	
                  ACQUISITION
      CORP.

                	 
      	 
      	 
      
	 
      	 
      	 
      	
                  By:

                	
                     

                
	 
      	 
      	 
      	
                  Name:

                	
                     

                
	
                  By:

                	
                      

                	 
      	
                  Title:

                	
                     

                
	
                  Name:

                	
                  Gary
      T. Hirst

                	 
      	 
      	 
      
	
                  Title:

                	
                  President

                	 
      	
                  STILLWATER
      CAPITAL PARTNERS, LLC

                
	 
      	 
      	 
      	 
      	 
      
	
                  STILLWATER
      REAL ESTATE PARTNERS

                	 
      	
                  By:

                	
                     

                
	
                  MERGERCO
      LP 

                	 
      	
                  Name: 

                	
                     

                
	
                  (a
      Delaware limited partnership)

                	 
      	
                  Title:

                	
                  General
      Partner

                
	By:  Stephen A. Weiss,
      General Partner  	 
      	 
      	 
      
	 
      	 
      	 
      	
                  STILLWATER
      REAL ESTATE PARTNERS

                  LP

                
	 
      	 
      	 
      	
                  (a
      Delaware limited partnership)

                
	
                  By:

                	
                      

                	 
      	
                  By:
      Stillwater Capital
      Partners, LLC

                
	
                  Name: 

                	
                      

                	 
      	
                  (general
      partner)

                
	
                  Title:

                	
                  Authorized
      Signatory

                	 
      	 
      	 
      
	 
      	 
      	 
      	
                  By:

                	
                     

                
	
                  ACCEPTED
      and Agreed to

                	 
      	 
      	
                  Jack
      Doueck, Managing Member

                
	
                  solely with respect to Section
      5.2(a) above:

                	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                  NOBLE
      INVESTMENT FUND LIMITED

                	 
      	 
      	 
      
	
                  by:
      Pure Glow Investments
      LLC

                	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                  By:

                	
                     

                	 
      	 
      	 
      
	 
      	
                  Arie
      Jan van Roon, Manager

                	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                  ALLIUS
    LTD.

                	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                  By:

                	
                    

                	 
      	 
      	 
      
	 
      	
                  Dr.
      Gary T. Hirst, Authorized Signatory

                	 
      	 
      	 
      

        

      

      
        
           

        

        
          34

          
            

          

        

        
           

        

      

      SCHEDULE
A

       

      NAV
Valuation Methods

       

      Net Asset
Value is generally equal to the amount by which the value of the assets of the
applicable Person exceeds the amount of its liabilities.  Net Asset Value
determinations are made by the Appraiser or Auditor (the “Asset Appraiser”) in
accordance with U.S. generally accepted accounting principles and in accordance
with the following criteria: 

      

      (a)      
No value will be assigned to goodwill;

      

      (b)      
All accrued debts and liabilities will be treated as liabilities, including but
not limited to, estimated expenses for accounting, legal, administrative and
other operating expenses (including all fees payable under the Management
Agreement) and such reserves for contingent liabilities of the applicable
Person, including estimated expenses, if any, in connection therewith, as the
Asset Appraiser shall determine;

      

      (c)      
Loans, loan participations and other similar assets owned by an applicable
Person will generally be carried at the high range of fair market value as
determined by the Asset Appraiser, and will be subject to an independent
valuation review as frequently as determined by the Asset Appraiser.  These
independent valuation reviews will provide the applicable Person with opinions
on whether specific pieces of collateral are in need of re-valuation.  The
Asset Appraiser, on the basis of this information, will determine whether a
specific loan or other asset needs to be re-priced;

      

      (d)     
 In the case of investments in private investment funds or other vehicles
which are not readily marketable, in the absence of an independent fair market
value appraisal or audit, the net asset value calculation provided by the
administrators or managers of those underlying funds or vehicles will be used in
determining an applicable Person’s Net Asset Value.

      

      (e)       Securities
or commodities (which for valuation purposes hereunder may include weather
derivatives and other financial instruments trading on or off, as the case may
be, commodities exchanges) that are listed on a national securities or
commodities exchange, as the case may be, shall be valued at their last sales
prices on the date of determination on the largest securities or commodities
exchange (by trading volume in such security or commodity) on which such
securities or commodities shall have traded on such date, or if trading in such
securities or commodities on the largest securities or commodities exchange (by
trading volume in such security or commodity) on which such securities or
commodities shall have traded on such date was reported on the consolidated
tape, their last sales price on the consolidated tape (or, in the event that the
date of determination is not a date upon which a securities or commodities
exchange was open for trading, on the last prior date on which such securities
or commodities exchange was so open not more than 10 days prior to the date of
determination). If no such sales of such securities or commodities occurred on
either of the foregoing dates, such securities or commodities shall be valued at
the “bid” price for long positions and “asked” price for short positions on the
largest securities or commodities exchange (by trading volume in such security)
on which such securities or commodities are traded, on the date of
determination, or, if the “bid” price for long positions and “asked” price for
short positions in such securities or commodities on the largest securities or
commodities exchange (by trading volume in such security or commodity) on which
such securities or commodities shall have traded on such date were reported on
the consolidated tape, the “bid” price for long positions and “asked” price for
short positions on the consolidated tape (or, if the date of determination is
not a date upon which such securities or commodities exchange was open for
trading, on the last prior date on which such a securities or commodities
exchange was so open not more than 10 days prior to the date of
determination);

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      (f)      
Securities and commodities that are not listed on an exchange but are traded
over-the-counter shall be valued at representative “bid” quotations if held long
and representative “asked” quotations if held short;

      

      (g)     
For securities and commodities not listed on a securities or commodities
exchange or quoted on an over-the-counter market, but for which there are
available quotations, such valuation will be based upon quotations obtained from
market makers, dealers or pricing services;

      

      (h)   
  Options that are listed on a securities or commodities exchange shall be
valued at their last sales prices on the date of determination on the largest
securities or commodities exchange (by trading volume) on which such options
shall have traded on such date; provided, that, if the last sales prices of such
options do not fall between the last “bid” and “asked” prices for such options
on such date, then the Asset Appraiser shall value such options at the mean
between the last “bid” and “asked” prices for such options on such
date;

      

      (i)      
Illiquid assets will be valued at their the high range of the fair market value
(which in most cases may be at cost if that is a fair approximation of value),
as determined by the Asset Appraiser (with appropriate input from the investment
manager or portfolio manager under the Fund’s management
agreement);

      

      (j)     
  Preferred shares, preferred stock or other senior equity securities
shall be valued at 100% of their per share stated or liquidation value, with
such discounts from such stated or liquidation value as the investment manager
or portfolio manager under the Fund’s management agreement and ASSAC shall, in
good faith determined from time to time;

      

      (k)       All
other assets shall be valued at such value as the Asset Appraiser may reasonably
determine (with appropriate input from the investment manager or portfolio
manager under the Fund’s management agreement); and

      

      (l)   
    Securities and commodities not denominated in U.S. dollars
shall be translated into U.S. dollars at prevailing exchange rates as the Asset
Appraiser may reasonably determine.

      

      If the
Asset Appraiser determines, in its sole discretion, that the valuation of any
asset, security or other instrument pursuant to the foregoing does not fairly
represent its market value, the Asset Appraiser (with appropriate input from the
Investment Manager and ASSAC) shall value such security or other instrument as
it reasonably determines and shall set forth the basis of such valuation in
writing to the investment manager or portfolio manager under the Fund’s
management agreement and to ASSAC.

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

       

      AGREEMENT
AND PLAN OF MERGER

      

      THIS AGREEMENT AND PLAN OF
MERGER (“Agreement”) is made
and entered into as of the 31st day of
December 2009, by and among Asia Special Situation Acquisition
Corp., a Cayman Islands corporation (“ASSAC”); Stillwater WPB Fund Merger Co I
LP, a Delaware limited partnership (“Mergerco”); Stillwater WPB Venture Partners I
LP, a Delaware limited partnership (“Stillwater WPB I.”);
Stillwater WPB Venture Partners
II LP, a Delaware limited partnership (“Stillwater WPB II.”);
Stillwater Capital Partners,
LLC, a Delaware limited liability company (“SPC LLC”); and Stillwater Capital Partners,
Inc., a New York corporation (“Stillwater”).  The
Stillwater WPB I and the Stillwater WPB II are hereinafter sometimes
individually referred to as a “Fund” and
collectively as the “Funds”.  ASSAC
and Mergerco are hereinafter sometimes collectively referred to as the “ASSAC Parties” and
the Funds, the General Partner and Stillwater are hereinafter sometimes
collectively referred to as the “Stillwater
Parties”.  The ASSAC Parties and the Stillwater Parties are
hereinafter sometimes collectively referred to individually as a “Party” and
collectively as the “Parties”).

       

      RECITALS

       

      WHEREAS, ASSAC owns 100% of
the issued and outstanding partnership interests of Mergerco; and

       

      WHEREAS, SCP LLC is the
general partner of the Funds; and

       

      WHEREAS, SCP LLC desires to
exchange all of the assets and capital of the Funds, subject to their
liabilities and obligations, solely for ASSAC Series A Preferred Shares, and
ASSAC desires to acquire all of the assets and capital of the Funds, subject to
their liabilities and obligations, through (i) the merger of each of Stillwater
WPB II and Mergerco with and into Stillwater WPB I. (the “Merger”), all upon
the terms and subject to the conditions set forth in this Agreement;
and

       

      WHEREAS, the Board of
Directors of ASSAC and Mergerco and SCP LLC, as the general partner of the
Funds, each believe that the Merger and related transactions contemplated hereby
are in the best interests of their respective Persons, and have each approved
and adopted the form, terms and provisions of this Agreement and the Merger;
and

       

      WHEREAS, ASSAC and SCP LLC, in
its capacity as general partner of the Funds, and have respectively agreed to
issue and to accept the “Merger Consideration”
(as hereinafter defined).

       

      NOW, THEREFORE, in
consideration of the mutual representations, warranties and agreements contained
in this Agreement, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties agree as
follows:

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      ARTICLE
I.          DEFINITIONS

       

      “Additional Acquisition
Agreements” means the various agreements and plan of merger, asset
purchase agreement and other agreements and instruments, all in form and content
satisfactory to Stillwater, ASSAC and the other Persons who are parties thereto,
pursuant to which, inter
alia, ASSAC or a Subsidiary of ASSAC shall acquire, in addition to its
Acquisition of the Funds pursuant to this Agreement, any or all of: (a) the
Amalphis Exchange Shares pursuant to the Amalphis Exchange Agreement, (b) all or
substantially all of the equity and assets (subject to assumption of
liabilities) of all or certain of the Additional Stillwater Funds, (c) all or
substantially all of the assets (subject to assumption of liabilities) of the
Wimbledon Funds, and (d) all or substantially all of the equity of
Northstar.

       

      “Additional Stillwater
Funds” means, in addition to the Funds contemplated by this Agreement,
those additional entities, consisting of asset backed lending funds, real estate
funds, hedge funds and fund of funds that are managed by Stillwater or an
Affiliate thereof and listed in Section 1.1 of the Stillwater
Agreement.

       

      “Adjusted Purchase
Value” means 100% of the Appraised NAV.

       

      “Affiliate” means any
one or more Person controlling, controlled by or under common control with any
other Person.

       

      “Agreement” has the
meaning set forth in the first paragraph of this Agreement.

       

      “Allied Provident”
shall mean Allied Provident Insurance Company, a Barbados exempted insurance
company, and a wholly-owned subsidiary of Amalphis.

       

      “Amalphis Exchange
Agreement” means the share exchange agreement, dated as of December 31,
2009 among Amalphis Group, Inc., a British Virgin Islands corporation (“Amalphis”), Rineon
Group, Inc., a Nevada corporation (“Rineon”), NatProv
Holdings, Inc., a British Virgin Islands corporation (“NatProv”), ASSAC, and
the other parties signatory thereto, pursuant to which, inter
alia, in exchange for additional ASSAC Series A Preferred Shares, ASSAC
shall acquire, through its receipt of the Amalphis Exchange Shares, a
controlling interest in Amalphis and its consolidated Subsidiaries, including
without limitation, Allied Provident and (if acquired) the Wimbledon
Funds.

       

      “Amalphis Exchange
Shares” shall mean all of the issued and outstanding shares of Amalphis
Series A preferred stock that are issued pursuant to the Amalphis Exchange
Agreement.

       

      “Ancillary Agreements”
means the Certificate of Merger, the ASSAC Series A Preferred Certificate of
Designations, the ASSAC Restated Articles, the Management Agreement, the
Registration Rights Agreement and the Stillwater Agreement.

       

      “Appraised NAV” means
the Net Asset Value of the Funds as at December 31, 2009, as audited or
appraised pursuant to NAV Appraisals which shall be based upon the NAV Valuation
Methods.

       

      “ASSAC Articles” means
the Memorandum and Articles of Association of ASSAC, as at the date of this
Agreement.

       

      “ASSAC Executive
Shares” shall mean the maximum of 10,746,667 restricted ASSAC Ordinary
Shares issued to Marshall Manley (“Manley”) and his
Affiliates and business associates (collectively, the “ASSAC Executive
Group”).

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      “ASSAC Ordinary
Shares” means the collective reference to (a) the 50,000,000 ordinary
shares of ASSAC, $0.0001 par value, authorized for issuance pursuant to the
ASSAC Articles, and (b) the 250,000,000 ordinary shares of ASSAC, $0.0001 par
value, to be authorized for issuance pursuant to the ASSAC Restated
Articles.

       

      “ASSAC Preferred
Shares” means the collective reference to (a) the 1,000,000 preferred
shares of ASSAC, $0.0001 par value, authorized for issuance pursuant to the
ASSAC Articles, and (b) the 10,000,000 preferred shares of ASSAC, $0.0001 par
value, to be authorized for issuance pursuant to the ASSAC Restated
Articles.

       

      “ASSAC Proxy
Statement” means the proxy statement that is prepared by the Parties and
mailed to the holders of ASSAC Ordinary Shares prior to the date of the ASSAC
Shareholders Meeting.

       

      “ASSAC Restated
Articles” means the Amended and Restated Memorandum and Articles of
Association of ASSAC in the form of Exhibit
A annexed hereto and made a part hereof.

       

      “ASSAC Series A Preferred
Shares” means up to a maximum of 1,000,000 ASSAC Preferred Shares, to be
designated as ASSAC Series A Preferred Shares pursuant to the ASSAC Series A
Preferred Certificate of Designations and issued to the respective holders
pursuant to this Agreement and the Additional Acquisition Agreements; which
ASSAC Series A Preferred Shares shall, among other things (but subject in all
cases to the terms of the ASSAC Series A Preferred Certificate of
Designations):

       

              (a)     
   have a par value of $0.0001 per share;

       

      (b)       have
a liquidation value and stated value of $1,000.00 per share;

       

      (c)       commencing
on the Conversion Date pay per share dividend, semi-annually at the rate of 5%
per annum, accruing from the issuance date thereof, on the Adjusted Purchase
Value, in the form of additional Conversion Shares;

       

      (d)       vote
on an “as converted” basis, together with the ASSAC Ordinary Shares, on all
matters requiring the approval or ratification of shareholders of
ASSAC;

       

      (e)       on
the Conversion Date, automatically
(and without any action on the part of the holder or ASSAC) commence to convert
into Conversion Shares at the Conversion Price then in effect, at the rate
(rounded off to the nearest full Conversion Shares) of one-sixth (or 16.66%) of
the total number of ASSAC Series A Preferred Shares held by each holder on the
last day of each month commencing July 31, 2010 so that all of the ASSAC Series
A Preferred Shares issued pursuant to the terms of this Agreement and the
Additional Acquisition Agreements will be fully converted into Conversion Shares
on December 31, 2010;

       

      (f)        provide
that each ASSAC Preferred Share issuable to the Partners of the Funds shall be
convertible at the Conversion Ratio applicable to such Fund; and

       

      (g)      contain
such other terms and conditions as shall be set forth in the ASSAC Series A
Preferred Certificate of Designations.

       

       “ASSAC Series A Preferred
Certificate of Designations” means the certificate of designation for the
issuance of the ASSAC Series A Preferred Shares, in the form of Exhibit
B annexed hereto and made a part hereof, or, if not permitted under
applicable Law, the ASSAC Restated Articles used for the same
purpose.

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      “ASSAC Shareholder
Approval” means the required affirmative consent, vote and ratification
at the ASSAC Shareholders Meeting by the holders of ASSAC Ordinary Shares (the
“ASSAC
Shareholders”) of (i) this Agreement, the Ancillary Agreements and the
transactions contemplated hereby and thereby, (ii) the increase in the
authorized share capital of ASSAC, (iii) adoption of the ASSAC Restated
Articles, (iv) the consummation of ASSAC’s acquisition of the Additional
Stillwater Funds, the Amalphis Exchange Shares and (if applicable) the Wimbledon
Funds, all pursuant to the terms and conditions of the Additional Acquisition
Agreements, (v) if applicable, the consummation of ASSAC’s acquisition of
Northstar, (vi) the change of the corporate name of ASSAC to Genova Financial Group, Inc.,
or such other name as shall be acceptable to ASSAC and the Stillwater Parties,
and (viii) the other proposals set forth in the ASSAC Proxy
Statement.

       

      “ASSAC Shareholders
Meeting” means the meeting of the ASSAC Shareholders held on or before
January 19, 2010 in accordance with the ASSAC Proxy Statement.

       

      “Auditors” means the
independent auditors engaged to audit the Funds as at December 31, 2009 and for
the fiscal year then ended.

       

      “Certificate of
Merger” means the certificate evidencing the Merger of (a) Stillwater AB
Fund Delaware II with and into the Surviving Entity, and (b) Mergerco with and
into the Surviving Entity, and in the form of Exhibit
C annexed hereto and made a part of hereof.

       

      “Consent” means any
authorization, consent, approval, filing, waiver, exemption or other action by
or notice to any Person.

       

      “Contract” means a
contract, agreement, lease, commitment or binding understanding, whether oral or
written, that is in effect as of the date of this Agreement or any time after
the date of this Agreement.

       

      “Conversion Date”
shall mean July 31, 2010.

       

      “Conversion Price”
shall mean $7.50, as the same may from time to time be adjusted prior to the
Conversion Date pursuant to the ASSAC Series A Preferred Certificate of
Designations.

       

      “Conversion Ratio”
shall mean, as to the Funds, that ratio (expressed as “___:1”) of that number of
Conversion Shares into which one (1) full ASSAC Series A Preferred Share issued
to the Partners of such Fund shall be converted; all as determined in accordance
with Section 2.9 of this Agreement.

       

       “Conversion Shares”
shall mean that number of Ordinary Shares of ASSAC issuable upon conversion of
the Series A Preferred Shares, as shall be calculated by dividing: (i) the
Purchase Value applicable to each of the Stillwater WPB I and Stillwater WPB II,
which Purchase Value shall be adjusted on or prior to the Conversion Date to the
Adjusted Purchase Value; by (ii) the Conversion Price then in
effect.

       

      “Effective Time” shall
mean the time on which the Merger shall be consummated through the filing of the
Certificate of Merger with the Secretary of State of the State of
Delaware.

       

      “Estimated NAV” means
the unaudited Net Asset Value of the Funds as at December 31, 2009, as estimated
in good faith by Stillwater, all in accordance with this Agreement.

       

      “Encumbrance” means
any charge, claim, community property interest, easement, covenant, condition,
equitable interest, lien, option, pledge, security interest, right of first
refusal or restriction of any kind, including any restriction on use, voting,
transfer, receipt of income or exercise of any other attribute of
ownership.

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

      “General Partner”
shall mean (a) prior to the Effective Time of the Merger, SCP LLC, and (b) upon
and following the Effective Time of the Merger, a Person designated by
ASSAC.

       

       “General Partner’s
Interest” shall mean, as the context may require each of (a) the
percentage interests of SCP LLC (as the existing General Partner of the Funds)
in the assets, liabilities and capital of the Funds, and (b) the percentage
interest of the general partner in the assets, liabilities and capital of
Mergerco.

       

      “Governmental
Authorization” means any approval, consent, license, permit, waiver,
registration or other authorization issued, granted, given, made available or
otherwise required by any Governmental Entity or pursuant to Law.

       

      “Governmental Entity”
means any federal, state, local, foreign, international or multinational entity
or authority exercising executive, legislative, judicial, regulatory,
administrative or taxing functions of or pertaining to government.

       

      “Governmental Order”
means any judgment, injunction, writ, order, ruling, award or decree by any
Governmental Entity or arbitrator.

       

      “Insolvency Event”
shall mean as to any Party or Parties, if any such Party or Parties: (a) shall
make an assignment for the benefit of creditors; (b) if a receiver, liquidator
or trustee shall be appointed for such Party or Parties), (c) shall be
adjudicated a bankrupt or insolvent, or if any petition for bankruptcy,
reorganization or arrangement pursuant to federal bankruptcy law, or any similar
federal or state law, shall be filed by or against, consented to, or acquiesced
in by, such Party or Parties, or (d) if any proceeding for the dissolution or
liquidation of such Party or Parties shall be instituted; provided, however, if
such appointment, adjudication, petition or proceeding was involuntary and not
consented to by such Party or Parties, upon the same not being discharged,
stayed or dismissed within sixty (60) days.

       

      “Knowledge” means,
with respect to the Stillwater Parties, any fact or circumstance actually known
to any of Richard Rudy, Jack Doueck or Brian Bytof, or which any of such Persons
should have known after reasonable inquiry, and, with respect to the ASSAC
Parties, any fact or circumstance actually known to any member of the Board of
Directors of ASSAC or the executive officers or management of ASSAC or which any
of such Persons should have known after reasonable inquiry.

       

      “Law” means any
constitution, law, ordinance, principle of common law, regulation, statute or
treaty of any Governmental Entity.

       

      “Limited Partners”
shall mean, as the context may require, each of the holders of the Limited
Partnership Interests in each of Stillwater WPB I, Stillwater WPB II and
Mergerco.

       

      “Limited Partnership
Interests” shall mean the context may require, (a) the pro-rata
percentage interests of each of the Limited Partners in the assets, liabilities
and capital of each of Stillwater WPB I and Stillwater WPB II, all as calculated
and determined in accordance with the Organizational Documents of such Funds,
and (b) the percentage interest of ASSAC, as sole Limited Partner of
Mergerco.

       

      “Litigation” means any
claim, action, arbitration, mediation, audit, hearing, investigation,
proceeding, litigation or suit (whether civil, criminal, administrative,
investigative or informal) commenced, brought, conducted or heard by or before,
or otherwise involving, any Governmental Entity or arbitrator or
mediator.

       

      “Management Agreement”
shall mean the management agreement between Stillwater and ASSAC, in the form of
Exhibit
D annexed hereto and made a part hereof.

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

      “Material Adverse
Effect” shall mean (a) with respect to any of the Stillwater Parties, any
event or condition that could reasonably be expected to have a material adverse
effect on the business, assets, results of operations, financial condition or
prospects of any of such Stillwater Parties, and (b) with respect to ASSAC, any
event or condition that could reasonably be expected to prevent or cause ASSAC
to be unable to consummate the Merger, pay the Merger Consideration or otherwise
perform its obligations under this Agreement, the Ancillary Agreements or any of
the Additional Acquisition Agreements.

       

      “Merger Consideration”
means the aggregate of 23,075 ASSAC Series A Preferred Shares that are to be
issued to the Partners of the Funds on the Closing Date pursuant to this
Agreement, and allocated to the Partners of the Funds in accordance with Section
2.7 hereof.

       

      “NAV Appraisals” shall
mean the appraisals of the Net Asset Values of the Funds, prepared or to be
prepared by Houlihan Smith Inc., or other business appraisal firm or auditing
firm (the “Appraiser”) as shall
be reasonably acceptable to Stillwater and ASSAC, in accordance with the NAV
Valuation Methods or such other recognized methods of valuing such assets and
liabilities that are reasonably acceptable to such Parties.

       

      “NAV Valuation
Methods” means the methods used in valuing the net asset values of
various types of assets that are set forth on Schedule
A annexed hereto and made a part hereof, or such other valuation methods
as shall be reasonably satisfactory to ASSAC.

       

      “Net Asset Value” or
“NAV” means, as
at any date in question, with respect to the Funds: (a) the net asset value of
each of the Funds as determined in accordance with the NAV Valuation Methods,
less
(b) all liabilities and obligations of such Fund, including without limitation,
all accounts payable, accrued expenses, notes payable, all outstanding
Affiliated Obligations and the aggregate amount of all outstanding Redemption
Claims.

       

      “Non-Performing Fund”
shall mean any one or more of the Funds that, for any reason or no reason, are
unable or unwilling to perform their individual obligations under this
Agreement, including, without limitation, the inability to timely deliver to
ASSAC and its representatives the requisite financial information required
hereby and pursuant to the Securities Act of 1933, as amended.

       

      “Northstar” means
Northstar Group Holdings, Ltd., a Bermuda corporation.

       

      “Northstar Merger
Agreement” means one of the Additional Acquisition Agreements pursuant to
which, inter alia, ASSAC shall acquire 100% of the share capital and capital
stock of Northstar.

       

      “Organizational
Documents” means (i) the articles or certificate of incorporation and the
bylaws of a corporation, (ii) the partnership agreement and any statement of
partnership of a general partnership, (iii) the limited partnership
agreement and the certificate of limited partnership of a limited partnership,
(iv) the limited liability company agreement and articles or certificate of
formation of a limited liability company, (v) any charter or similar document
adopted or filed in connection with the creation, formation or organization of a
Person and (vi) any amendment to any of the foregoing.

       

      “Partners” shall mean
the collective reference to, the General Partner and the Limited Partners of the
Funds.

       

      “Permitted
Encumbrances” shall mean (a) any and all Encumbrances which result from
all statutory or other liens for Taxes or assessments and are not yet due and
payable or delinquent or the validity of which is being contested in good faith
by appropriate proceedings by a Party hereto; (b) all material cashiers’,
workers’, mechanics’, carriers’, repairers’ and other similar liens imposed by
law and incurred in the ordinary course of business; and (c) other Encumbrances
which individually or in the aggregate do not materially detract from the value
of or materially interfere with the present use of the property subject thereto
or affected thereby and would not otherwise reasonably be expected to have a
Material Adverse Effect.

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

      “Person” means any
individual, corporation (including any non-profit corporation), general or
limited partnership, limited liability company, joint venture, estate, trust,
association, organization, labor union, Governmental Entity or other
entity.

       

      “Process Agent” has
the meaning set forth in Section 9.8.

       

      “Purchase Value” means
$23,075,000, representing sixty-five (65%) Percent of the $35,500,000 aggregate
Estimated NAV of the Funds.

       

      “Redemption Claims”
means the outstanding amounts (whether payable in cash or in other property)
owed to any and all Limited Partners of any of the Funds who have notified
Stillwater or SCP LLC, or may prior to the Closing Date notify Stillwater or SCP
LLC that such Persons either (a) seek to withdraw their capital from one or more
of the Funds, or (b) are owed money in connection with the redemption of their
shares from such Fund(s).

       

      “Registration Rights
Agreement” means the agreement of ASSAC to register all of the Conversion
Shares issuable under this Agreement and the Additional Acquisition Agreements
for resale under the Securities Act, all in accordance with the terms and
conditions set forth in Exhibit
E annexed hereto and made a part hereof.

       

      “Remedies Exception,”
when used with respect to any Person, means except to the extent enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
or other laws affecting the enforcement of creditors' rights generally and by
general equitable principles.

       

      “Required Consents”
means all Consents required to consummate the transactions contemplated by this
Agreement, including without limitation:

       

      (a)        the
approvals and Consents of those Limited Partners of each of Stillwater WPB I and
Stillwater WPB II who own of record not less than fifty-one (51%) percent of all
Limited Partnership Interests of such Funds (the “Stillwater Partner
Consents”); and

       

              (b)        the
ASSAC Shareholder Approvals.

       

      “Stillwater Agreement”
means the letter agreement, dated December 18, 2009, between Stillwater, ASSAC
and certain other Persons, and attached memorandum, in the form of Exhibit
F annexed hereto and made a part hereof.

       

      “Subsidiary” means any
Person in which a majority or more of the outstanding shares of capital stock of
which, and/or the power to elect a majority of the members of the board of
directors or board of managers of which, is owned, directly or indirectly, by
another Person.

       

      “Taxes” means all
taxes, charges, fees, levies or other assessments, including all net income,
gross income, gross receipts, sales, use, ad valorem, transfer, franchise,
profits, license, withholding, payroll, employment, social security,
unemployment, excise, estimated, severance, stamp, occupation, property or other
taxes, customs duties, fees, assessments or charges of any kind whatsoever,
including all interest and penalties thereon, and additions to tax or additional
amounts imposed by any Governmental Entity.

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

      “Wimbledon Acquisition
Agreement” means the collective reference to the asset purchase
agreements between the Wimbledon Funds, Allied Provident and a newly formed
Cayman Islands Subsidiary of Allied Provident (the “Wimbledon
Purchaser”), expected to be entered into between the Execution Date and
the Closing Date, pursuant to which, inter
alia, the Wimbledon Purchaser shall acquire all of the assets (subject to
assumption of all of the liabilities) of the Wimbledon Funds, in exchange for
that number of Amalphis Exchange Shares have a United States dollar stated value
equal to the estimated Net Asset Value of the Wimbledon Funds as at December 31,
2009.

       

      “Wimbledon Funds”
shall mean Wimbledon Financing Master Fund Ltd. and WREF Fund, both Cayman
Islands exempted companies.

       

      Certain
terms not defined above are defined in the sections below.

       

      ARTICLE
II.   THE MERGER

       

      SECTION
2.1.          The
Merger.  Upon the terms and subject to the conditions set forth
in this Agreement, at the Effective Time and in accordance with the Delaware
Revised Uniform Limited Partnership Act (the “Delaware Limited Partnership
Act”):

       

      (a)        Stillwater
WPB II shall be merged with and into Stillwater WPB I, and

       

      (b)       Mergerco
shall be merged with and into Stillwater WPB I.

       

      Following
the Effective Time, the separate limited partnership existence of Stillwater WPB
II and the separate limited partnership existence of Mergerco shall cease and
Stillwater WPB I shall continue as the surviving limited partnership of the
Merger (the “Surviving
Entity”).  The Surviving Entity shall succeed to all of the
rights, assets and properties and assume all of the liabilities and obligations
of each of Stillwater WPB II and Mergerco in accordance with the Delaware
Limited Partnership Act.  Stillwater WPB I, Stillwater WPB II and
Mergerco are hereinafter sometimes collectively, referred to as the “Constituent Entities”
of the Merger.

       

      SECTION
2.2.          Effective
Time  Subject to the provisions of this Agreement, as soon as
practicable on or after the Closing Date, the Parties shall file the Certificate
of Merger executed in accordance with the relevant provisions of the Delaware
Limited Partnership Act and shall make all other filings or recordings required
under the Delaware Limited Partnership Act.  The Merger shall become
effective at such time as the Certificates of Merger is duly filed with the
Delaware Secretary of State, or at such other time as ASSAC and Stillwater shall
agree should be specified in the Certificate of Merger.

       

      SECTION
2.3.          Effects of the
Merger  The Merger shall have the effects set forth in the
applicable provisions of the Delaware Limited Partnership Act.

       

      SECTION
2.4.          Organizational Documents and
Management Agreement

       

      (a)        The
Organizational Documents of Stillwater AB Fund Delaware I as in effect
immediately prior to the Effective Time shall be the Organizational Documents of
the Surviving Entity until thereafter changed or amended as provided therein or
by applicable law.

       

      (b)        The
management agreements as in effect for each of the Funds immediately prior to
the Effective Time shall be terminated and shall be replaced by the Management
Agreement with ASSAC on and subsequent to the Effective Time until thereafter
changed or amended as provided pursuant to the Stillwater Letter or as otherwise
mutually agreed between Stillwater and ASSAC.

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

      SECTION
2.5.          Management of the Surviving
Entity.

       

      (a)     
    The General
Partner.    A Person appointed by ASSAC at the
Effective Time of the Merger shall be the General Partner of the Surviving
Entity and such Person shall continue to serve in such capacity until the
earlier of its resignation or removal or until its respective successors are
duly elected and qualified, as the case may be.

       

      (b)         Management.  The
management of the investments of the Surviving Entity shall continue to be
managed by Stillwater pursuant to the Management Agreement, as the same may be
amended or modified from time to time in accordance with the terms
hereof.

       

      SECTION
2.6.          Effect on Equity
Interests

       

      As of the
Effective Time, by virtue of the Merger and without any action on the part of
any of the Parties or other holders of any Ordinary Shares, ASSAC Preferred
Shares, capital stock of Stillwater, limited liability members interests of the
General Partner, General Partners Interests or Limited Partnership Interests
(collectively, the “Equity
Interests”):

       

      (a)   
      ASSAC Ordinary
Shares.        Each issued and
outstanding ASSAC Ordinary Share shall remain issued and outstanding following
the Effective Time of the Merger.

       

      (b)      
   Stillwater and General
Partner Owners Equity
Interests.        All of the
issued and outstanding (i) shares of capital stock of Stillwater, and (ii)
limited liability company members interests of SCP LLC shall remain issued and
outstanding following the Effective Time of the Merger.

       

      (c)     
    General Partners
Interests.    Subject to the provisions of Section
2.11 below, the General Partners Interests:

       

      (i)        as
to each of Mergerco and Stillwater WPB II, shall be cancelled and retired and
shall cease to exist; and

       

      (ii)        as
to the Surviving Entity, shall remain with and be fully vested in, the General
Partner.

       

      (d)         Limited Partnership
Interests.        The Limited
Partnership Interests:

       

      (i)        as
to each of Stillwater WPB I and Stillwater WPB II, shall automatically be
canceled and retired and shall cease to exist; and such Limited Partnership
Interests shall be automatically converted into the right to receive the
applicable amount of Merger Consideration payable with respect to each such
Limited Partnership Interest, as provided herein; and

       

      (ii)        as
to Mergerco, shall be converted into and exchanged for one hundred percent
(100%) of all Limited Partnership Interests in the Surviving
Entity.

       

      (e)     
   Outstanding Affiliated
Obligations.        Except for
the obligation to pay not in excess of $0.0 of accrued management fees or
incentive fees as at the Effective Time of the Merger (which shall be repaid in
accordance with Section 5.4 below, by virtue of the Merger and without any
action on the part of any Party, all accounts payable, notes payable or other
payment obligations of any of the Constituent Entities to SCP LLC or Stillwater
or any Affiliate of SCP LLC or Stillwater (collectively, the “Affiliated
Obligations”), shall automatically be deemed to be canceled and retired
and shall cease to exist.  Notwithstanding the foregoing, if
Stillwater, in the exercise of its reasonable discretion and upon prior written
notice to ASSAC, shall make one or more loans or advances to the Funds, or any
of them, solely for the purpose of protecting assets and collateral in such
Fund(s), Stillwater shall be repaid such loans and advances by such Fund(s) in
accordance with the terms thereof and such loans or advances shall not be deemed
canceled or retired; provided,
that the terms and conditions (including repayment terms) of any of such
loans or advances shall have been approved in advance by ASSAC, which approvals
shall not be unreasonably withheld.

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

      (f)        Constituent Entities Rights
and Options.        As at the
Effective Time, by virtue of the Merger and without any action on the part of
the holders thereof, each warrant, option or other right to purchase Equity
Interests of any of the Constituent Entities of the Merger shall automatically
be deemed to be canceled and retired and shall cease to exist.

       

      (g)        Certificates.        At
the Effective Time and against receipt of the Merger Consideration set forth in
Section 2.7, to the extent that any of the Limited Partnership Interests are
certificated, the Limited Partners of the Funds shall deliver to ASSAC the
certificates of Limited Partnership Interests evidencing all, and not less than
all, of the Equity Interests of the Limited Partners of the Funds, which
certificates shall be duly endorsed in blank for transfer with the signatures of
the record owners appropriately guaranteed in a manner reasonably satisfactory
to ASSAC.  All Merger Consideration paid in accordance with the terms
of this Agreement shall be deemed to have been paid in full satisfaction of all
rights pertaining to 100% of such Equity Interests.

       

      SECTION
2.7.          Merger
Consideration         At the
Effective Time of the Merger, ASSAC shall deliver the Merger Consideration based
on the Purchase Value available to the Parties as at the Effective Time of the
Merger.

       

      (a)        Such
Merger Consideration shall be payable as follows:

       

      (i)        all
of the Partners of Stillwater WPB I shall receive 9,750 ASSAC Series A Preferred
Shares, representing the $9.75 million Purchase Value attributable to the
Stillwater WPB I as at December 31, 2009; and

       

      (ii)        all
of the Partners of Stillwater WPB II shall receive 13,325 ASSAC Series A
Preferred Shares, representing the $13.325 million Purchase Value attributable
to the Stillwater WBP II as at December 31, 2009.

       

      (b)        To
the extent applicable, ASSAC Series A Preferred Shares shall be issued to the
Partners in fractions of a share.  No fractional Conversion Shares
shall be issued upon automatic conversion of such Series A Preferred Shares,
rather such Conversion Shares shall be rounded up or down to the nearest whole
Ordinary Share.

       

      SECTION
2.8.          Adjusted Purchase Value; NAV
Appraisals and 2009 Audited Financial Statements.

       

      (a)        The
Stillwater Parties shall deliver the NAV Appraisals for the Funds to ASSAC and
the Auditors on or before February 28, 2010, and cause the Auditors or
Appraiser, as the case may be, to provide ASSAC with the Appraised NAV (together
with the audited financial statements of the Funds as at December 31, 2009 and
for the fiscal year then ended (the “2009 Audited Financial
Statements”) on or before March 31, 2010.  The calculations of
the NAV Appraisals by the Appraiser as audited by the Auditors in the 2009
Audited Financial Statements shall be final and binding upon all Parties
hereto.

       

      (b)        Upon
delivery of the NAV Appraisals and the 2009 Audited Financial Statements, the
Adjusted Purchase Value of the Funds shall be determined.  As provided
in the ASSAC Series A Preferred Certificate of Designations there shall be a
post-Closing adjustment to the Conversion Shares and the Conversion Ratio, as
provided in Section 2.9 below.

      
        
           

        

        
          12

          
            

          

        

        
           

        

      

      SECTION
2.9.          Conversion of ASSAC Series A
Preferred Shares; Conversion Ratio.

       

      Upon
delivery of the NAV Appraisals and the 2009 Audited Financial Statements of the
Funds, the number of Conversion Shares and the Conversion Ratio shall be
recalculated, as follows:

       

      (a)        the
aggregate
number of Conversion Shares that are issuable to all of the
Partners of the Funds upon automatic conversion of all ASSAC Series A Preferred
Shares previously issued to the Partners of each Fund, respectively, shall
automatically, and without any further action, be adjusted and determined by
dividing (i) the Adjusted Purchase Value of each such Fund, by (ii) the
Conversion Price then in effect;

       

      (b)        the
Conversion Ratio applicable to each of Funds shall be automatically and without
any further action adjusted and determined by dividing the (i) aggregate number
of Conversion Shares applicable to such Fund, as determined in accordance with
Section 2.9(a) above, by (ii) the number of ASSAC Series A Preferred Shares
issued at Closing to all of the Partners of such Fund; and

       

      (c)        the
number of Conversion Shares issuable to each
individual Partner of the Funds, upon automatic conversion of all ASSAC Series A
Preferred Shares issued to each such Partner shall be automatically and without
any further action determined by multiplying (i) the aggregate number of ASSAC
Series A Preferred Shares issued to such Partner, by (ii) the Conversion Ratio,
as determined pursuant to Section 2.9(b) above.

       

      For the
avoidance of doubt,

       

      (i)        
  if for example:

       

      (A)        The
Estimated NAV of the Stillwater WPB I and Stillwater WPB II at December 31, 2009
is $35.5 million, then the Purchase Value of such Funds payable to the Partners
of such Funds is $23.075 million.

       

      (B)        The
Partners of the Funds shall, at the Closing, receive 23,075 ASSAC Series A
Preferred Shares, having a total Stated Value of $23,075,000.

       

      (C)        Based
on the initial $7.50 per shares Conversion Price, the assumed number of
Conversion Shares at the Effective Time of the Merger would be 3,076,667 ASSAC
Ordinary Shares ($23.075 million divided by $7.50) and the assumed Conversion
Ratio would be 133.333 ASSAC Ordinary Shares for each of the 23,075 ASSAC
Preferred Shares, or 133.333:1.

       

      (D)        If
the Appraised NAV based on the NAV Appraisal of the Funds reflects that the
Adjusted Purchase Value of the Funds as at December 31, 2009 was, in fact, only
$15.0 Million, then the Merger Consideration that should have been payable to
the Partners of the Funds at the Closing is $15,000,000 and not
$23,075,000.

       

      (E)        The
actual number of Conversion Shares issuable to all Partners of the Funds is then
automatically adjusted downwards to 2,000,000 ASSAC Ordinary Shares ($15.0
million divided by $7.50), and the adjusted Conversion Ratio applicable to each
full ASSAC Series A Preferred Share would be 86.673 ASSAC Ordinary Shares for
each of the 23,075 ASSAC Preferred Shares, or 86.673:1 (2,000,000 Conversion
Shares divided by 23,075 ASSAC Series A Preferred Shares).

      
        
           

        

        
          13

          
            

          

        

        
           

        

      

      (ii)    
      if for example:

       

      (A)        The
Estimated Initial Capital of the Funds at December 31, 2009 is $35.5 million,
then the Purchase Value of such Fund payable to the Partners of the Funds is
$23.075 million.

       

      (B)        The
Partners of the Funds shall, at the Closing, receive 23,075 ASSAC Series A
Preferred Shares, having a total Stated Value of $23,075,000.

       

      (C)        Based
on the initial $7.50 per shares Conversion Price, the assumed number of
Conversion Shares at the Effective Time of the Merger would be 3,076,667 ASSAC
Ordinary Shares ($23.075 million divided by $7.50) and the assumed Conversion
Ratio would be 133.333 ASSAC Ordinary Shares for each of the 23,075 ASSAC
Preferred Shares, or 133.333:1.

       

      (D)        If
the Appraised NAV based on the NAV Appraisal of the Funds reflects that the
Adjusted Purchase Value of the Funds as at December 31, 2009 was, in fact, $40.0
Million, then the Merger Consideration that should have been payable to the
Partners of the Funds at the Closing is $40,000,000 and not
$23,075,000.

       

      (E)        The
actual number of Conversion Shares issuable to all Partners of the Funds is then
automatically adjusted upwards to 5,333,333 ASSAC Ordinary Shares ($40.0 million
divided by $7.50), and the adjusted Conversion Ratio applicable to each full
ASSAC Series A Preferred Share would be 231.130 ASSAC Ordinary Shares for each
of the 23,075 ASSAC Preferred Shares, or 231.130:1 (5,333,333 Conversion Shares
divided by 23,075 ASSAC Series A Preferred Shares).

       

      In either
example, the number of ASSAC Series A Preferred Shares always remains fixed but
the Conversion Shares and Conversion Ratio change based upon the Adjusted
Purchase Value of the Funds.  In addition, the 5% dividend on the
ASSAC Series A Preferred Shares will also be payable in additional ASSAC
Ordinary Shares at the Conversion Date and will reflect the Adjusted Purchase
Price Values based upon the NAV Appraisals.   To avoid the
issuance of fractional Ordinary Shares, all Conversion Shares issuable pursuant
to this Agreement shall be rounded up or down to the nearest whole Ordinary
Share.

       

      SECTION
2.10.          Delivery of Merger
Consideration Certificates.

       

      (a)        On
the Closing Date, ASSAC shall deliver to the General Partner of the Funds, one
(1) share certificate evidencing the aggregate number of ASSAC Series A
Preferred Shares issuable to all Partners of the Funds; in each case registered
in the name of “The Partners of Stillwater WPB I” or The “Partners of Stillwater
WPB II”, as applicable. Following the Closing, the General Partner may, at its
option either (i) hold such share certificates for the benefit of such Partners
pending the automatic conversion of such Series A Preferred Shares into
Conversion Shares as contemplated pursuant to this Article II, or (ii) return
such share certificates to ASSAC together with the names and mailing addresses
of each of the individual Partners of the Funds and the number of ASSAC Series A
Preferred Shares allocated to each such Person (the “Partner
List”).  Within sixty (60) days of receipt of such certificates
and Partner List, ASSAC may, in the exercise of its sole discretion based upon
legal advice of counsel,  distribute or direct the distribution of
certificates representing the applicable number of ASSAC Series A Preferred
Shares to each Partner.

       

      (b)        Following
the Conversion Date, ASSAC shall either deliver physical stock certificates
evidencing the Conversion Shares registered in the name of each individual
Partner, or deliver such certificates in electronic format by DTC or other
method, all as requested by the General Partner.

      
        
           

        

        
          14

          
            

          

        

        
           

        

      

      SECTION
2.11.          Stillwater
Payment.        ASSAC shall pay
all consideration payable to Stillwater under the Stillwater Agreement on the
Closing Date of the Merger.  In addition, all investments of
Stillwater and /or SCP LLC in each of the Funds shall not be extinguished by
reason of the Merger and shall be treated in the same manner as the investments
of the Limited Partners of each of the Funds.

       

      ARTICLE
III.          REPRESENTATIONS
AND WARRANTIES OF THE ASSAC PARTIES

       

      Each of
the ASSAC Parties, jointly and severally, represents and warrants to the
Stillwater Parties that as of the date of this Agreement and as of the Closing
Date (as though made then and as though the Closing Date were substituted for
the date of this Agreement):

       

      SECTION
3.1.          Incorporation; Power and
Authority.  ASSAC is duly organized, validly existing and in
good standing under the laws of the Cayman Islands.  Mergerco is duly
organized, validly existing and in good standing under the laws of the State of
Delaware.  Each of the ASSAC Parties has (a) the corporate or
partnership power and authority to own and operate its business as presently
conducted and (b) all necessary power and authority to execute, deliver and
perform this Agreement and the Ancillary Agreements to which it will become a
party.

       

      SECTION
3.2.          Valid and Binding
Agreements.

       

      (a)        The
execution, delivery and performance by each of the ASSAC Parties of this
Agreement and the Ancillary Agreements to which it will become a party have been
duly and validly authorized by all necessary corporate or equivalent
action.  This Agreement has been duly executed and delivered by each
of the ASSAC Parties and constitutes the valid and binding obligation of each of
the ASSAC Parties, enforceable against each of them in accordance with its
terms, subject to the Remedies Exception.  Each Ancillary Agreement to
which an ASSAC Party will become a party, when executed and delivered by or on
behalf of ASSAC, will constitute the valid and binding obligation of such ASSAC
Parties, enforceable against it in accordance with its terms, subject to the
Remedies Exception.

       

      (b)        Mergerco
has been formed solely for the purpose of entering into this Agreement, the
Ancillary Agreements and consummating the Merger.  Except for the
foregoing, Mergerco has no assets or liabilities and has conducted no business
and will conduct no business prior to the Closing Date.

       

      SECTION
3.3.          SEC
Filings.

       

      (a)        ASSAC
is a “foreign private issuer” (as such term is defined in Rule 3b-4 promulgated
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) and
has timely filed and is current in its filing of all periodic and other reports,
schedules, statements and other documents (collectively, the “SEC Reports”) it is
required to file with the Securities and Exchange Commission (“SEC”) under the
Exchange Act.   To its Knowledge, none of the SEC Reports filed
by ASSAC are currently being reviewed by the SEC and ASSAC has not received any
letter of comments from the SEC that it has not, as yet, fully responded
to.

       

      (b)        Each
of the SEC Reports was prepared and complied in all material respects with the
applicable requirements of the Securities Act of 1933, as amended, the Exchange
Act, the Sarbanes-Oxley Act of 2002, as amended, and any other Law applicable to
the SEC Reports as in effect at the time it was filed or furnished (or, in the
case of any registration statement or proxy statement, on the date of
effectiveness or the date of mailing, respectively, and in the case of any SEC
Report amended or superseded by a filing prior to the date of this Agreement,
then on the date of such amending or superseding filings).  As of
their respective dated of filing, effectiveness or mailing, as applicable (or,
if amended or supplemented, as of the dates of such amendments or supplements)
the SEC Reports did not contain any untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the
statements made therein, in light of the circumstances in which they were made,
not misleading.

      
        
           

        

        
          15

          
            

          

        

        
           

        

      

      (c)        ASSAC
has been and is in compliance with the applicable listing, corporate governance
and other applicable rules and regulations of the American Stock Exchange,
Inc.

       

      (d)        ASSAC
has established and maintains disclosure controls and procedures required by
Exchange Act Rules 13a-14 and 15d-14.  Such disclosure controls and
procedures are adequate and effective to ensure that information required to be
disclosed by ASSAC is recorded and reported on a timely basis to its chief
executive officer and chief financial officer by others within those
entities.

       

      (e)        Each
of the consolidated financial statements of ASSAC contained in the SEC Reports
(the “ASSAC Financial
Statements”), together with the related schedules and notes thereto,
complied as to form in all material respects, as of the date of filing with the
SEC, with applicable accounting requirements and the published rules and
regulations of the SEC with respect thereto, and fairly presents, in all
material respects, the financial position of ASSAC as of the dates indicated and
the statement of operations and stockholders’ equity and cash flows of ASSAC for
the periods then ended.  The ASSAC Financial Statements have been
prepared in accordance with GAAP, applied on a consistent basis throughout the
periods involved (except, in the case of unaudited quarterly financial
statements, subject to normal year-end adjustments consistent with
GAAP).

       

      (f)        The
ASSAC Ordinary Shares are registered pursuant to Section 12(g) of the Exchange
Act and no action has been taken or, to the Knowledge of the ASSAC Parties, is
contemplated, and no proceeding is pending or has been threatened in writing
that would result in the suspension, cancellation or termination of such
registration.

       

      SECTION
3.4.          No Breach;
Consents.  The execution, delivery and performance by the ASSAC
Parties of this Agreement and the Ancillary Agreements to which either or both
of the ASSAC Parties will become a party will not (a) contravene any provision
of the Organizational Documents, if any, of the ASSAC Parties or the
Registration Statement on Form S-1 (Registration No. 333-145163) declared
effective by the SEC on January 16, 2008 (the “Registration
Statement”) or the definitive prospectus included therein; (b) violate or
conflict with any Law, Governmental Order Governmental Authorization or the
rules and regulations of the American Stock Exchange; (c) conflict with, result
in any breach of any of the provisions of, constitute a default (or any event
that would, with the passage of time or the giving of notice or both, constitute
a default) under, result in a violation of, increase the burdens under, result
in the termination, amendment, suspension, modification, abandonment or
acceleration of payment (or any right to terminate) or require a Consent,
including any Consent under any Contract or Governmental Authorization that is
either binding upon or enforceable against the ASSAC Parties or any Governmental
Authorization that is held by the ASSAC Parties; (d) require any Governmental
Authorization; (e) give any Governmental Entity or other Person the right to
challenge any of the contemplated transactions or to exercise any remedy or
obtain any relief under any Law, Governmental Order or Governmental
Authorization; (f) cause the Stillwater Parties to become subject to, or to
become liable for the payment of, any Tax; or (g) result on the creation or
imposition of any Encumbrance.

       

      SECTION
3.5.          ASSAC Shareholder
Approvals.         ASSAC
shall use commercially reasonable efforts to obtain all Required Consents and
the ASSAC Shareholder Approval required pursuant to this
Agreement.

      
        
           

        

        
          16

          
            

          

        

        
           

        

      

      SECTION
3.6.          Brokerage.  Except
as set forth on Schedule 3.6 hereto,
none of the ASSAC Parties is required to pay any finders fee or other brokerage
commissions in connection with the transactions contemplated by this Agreement
and the Ancillary Agreements.

       

      SECTION
3.7.          Capitalization.        ASSAC
is duly authorized to issue the ASSAC Ordinary Shares and the ASSAC Preferred
Shares pursuant to its Organizational Documents.  As at September 30,
2009, (a) an aggregate of 14,000,000 Ordinary Shares were issued and
outstanding, (b) no Preferred Shares were issued and outstanding, and (c)
warrants to issue an aggregate of 18,000,000 Ordinary Shares, at exercise prices
of $7.50 per share (of which warrants to issue 5,725,000 Ordinary Shares have
“cashless exercise” provisions) were issued and
outstanding.   Since September 30, 2009, ASSAC sold and issued
the ASSAC Executive Shares and has not issued or sold any other
security.

       

      SECTION
3.8.          Board of Directors
Authorization.        The board
of directors of ASSAC has duly authorized the issuance of the ASSAC Series A
Preferred Shares and Conversion Shares pursuant to this Agreement and the
Additional Acquisition Agreements, subject at all times to ASSAC obtaining the
ASSAC Shareholder Approval required hereby.

       

      SECTION
3.9.          No Material Adverse
Changes.  Since September 30, 2009 there has not
been:

       

      (a)        any
material adverse change in the financial position of ASSAC, except changes
arising in the ordinary course of business, which changes will in no event
materially and adversely affect the financial position of ASSAC;

       

      (b)        damage,
destruction or loss materially affecting the assets, prospective business,
operations or condition (financial or otherwise) of ASSAC whether or not covered
by insurance;

       

      (c)        any
declaration, setting aside or payment of any dividend or distribution with
respect to any redemption or repurchase of the capital stock of
ASSAC;

       

      (d)        any
sale of an asset (other than in the ordinary course of business) or any mortgage
or pledge by ASSAC of any of its properties or assets; or

       

      (e)        any
adoption of a pension, profit sharing, retirement, stock bonus, stock option or
similar plan or arrangement.

       

      SECTION
3.10.          Taxes.  ASSAC
timely filed, or has caused to be timely filed on its behalf, all applicable tax
returns required to be filed by it, and all such tax returns are true, complete
and accurate, except to the extent any failure to file or any inaccuracies in
any filed tax returns, individually or in the aggregate, have not had and would
not reasonably be expected to have a Material Adverse Effect on
ASSAC.  All Taxes shown to be due on such tax returns, or otherwise
owed, has been timely paid, except to the extent that any failure to pay,
individually or in the aggregate, has not had and would not reasonably be
expected to have a Material Adverse Effect on ASSAC.

       

      SECTION
3.11.          Compliance with
Laws.  ASSAC has complied with all requirements of Law
applicable to it or its business which, if not complied with, would have a
Material Adverse Effect on ASSAC.

       

      SECTION
3.12.          No
Breach.  The execution, delivery and performance of this
Agreement and the Ancillary Agreements and the consummation of the transactions
contemplated hereby and thereby will not:

      
        
           

        

        
          17

          
            

          

        

        
           

        

      

      (a)        violate
any provision of the Organizational Documents of ASSAC;

       

      (b)        violate,
conflict with or result in the breach of any of the terms of, result in a
material modification of, otherwise give any other contracting party the right
to terminate, or constitute (or with notice or lapse of time, or both
constitute) a default under any Contract to which ASSAC is a party or by or to
which it or any of its assets or properties may be bound or subject or result in
the creation of any Encumbrance (other than Permitted Encumbrances) on the
assets or properties of ASSAC; or

       

      (c)        violate
any requirements of Law against, or binding upon,  ASSAC or upon the
properties or business of  ASSAC or applicable to the transactions
contemplated herein.

       

      SECTION
3.13.          Actions and
Proceedings.   Except as set forth in the SEC Reports,
ASSAC is not a party to any pending litigation or, to its Knowledge, any
governmental investigation or proceeding not reflected in the ASSAC Financial
Statements, and to the Knowledge of ASSAC, no material litigation, claims,
assessments or non-governmental proceedings is threatened against
it.

       

      SECTION
3.14.          Material
Contracts.        This Agreement,
the Additional Acquisition Agreements, the Ancillary Agreements, the exhibits
filed with the Registration Statement (the original filing and all amendments
thereto) and with the SEC Reports include all material Contracts to which ASSAC
is currently a party (collectively, the “ASSAC
Contracts”).  Each such ASSAC Contract: (a) is a valid and
binding agreement, (b) is in full force and effect, and (c) neither ASSAC nor,
to the Knowledge of ASSAC, any other party thereto is in breach or default
(whether with or without the passage of time or the giving of notice or both)
under the terms of any such Contract would have a Material Adverse Effect on
ASSAC or its assets and properties. ASSAC has not assigned, delegated, or
otherwise transferred any of their rights or obligations with respect to any
such ASSAC Contracts, or granted any power of attorney with respect thereto.
ASSAC has given or otherwise made available to Stillwater a true and correct
fully executed copy of each material ASSAC Contract.

       

      SECTION
3.15.          Affiliated
Transactions.                Except
as set forth in the ASSAC Contracts or disclosed in the Registration Statement
or SEC Reports, there does not exist any transaction between ASSAC or any
officer, director, shareholder or other Affiliate of ASSAC.

       

      SECTION
3.16.          Trust
Account.        ASSAC currently
maintains the sum of $115.0 Million in the Trust Account.

       

      ARTICLE
IV.          REPRESENTATIONS
AND WARRANTIES OF THE STILLWATER PARTIES

       

      Each of
the Stillwater Parties jointly and severally represents and warrants to the
ASSAC Parties that as of the date of this Agreement and as of the Closing Date
(as though made then and as though the Closing Date were substituted for the
date of this Agreement):

       

      SECTION
4.1.          Incorporation; Power and
Authority.  Each of Stillwater and the General Partner is a
corporation or limited liability company, as applicable, duly organized, validly
existing and in good standing under the Laws of the State of New York or
Delaware, respectively, with all necessary power and authority to execute,
deliver and perform this Agreement and the Ancillary Agreements to which it will
become a party.  The Funds are limited partnerships, duly organized,
validly existing and in good standing under the Laws of the State of Delaware,
with all necessary power and authority to execute, deliver and perform this
Agreement and the Ancillary Agreements to which it will become a
party.

      
        
           

        

        
          18

          
            

          

        

        
           

        

      

      SECTION
4.2.          Valid and Binding
Agreement.

       

      (a)        The
execution, delivery and performance by each of the Stillwater Parties of this
Agreement and the Ancillary Agreements to which it will become a party have been
duly and validly authorized by all necessary corporate or company action, as
applicable.

       

      (b)        This
Agreement has been duly executed and delivered by each of the Stillwater Parties
and constitutes the valid and binding obligation of each of the Stillwater
Parties, enforceable against them in accordance with its terms, subject to the
Remedies Exception.  Each Ancillary Agreement to which any one or more
of the Stillwater Parties will become a party, when executed and delivered by
such entities, will constitute the valid and binding obligation of such
entities, enforceable against them in accordance with its terms, subject to the
Remedies Exception.

       

      SECTION
4.3.          No Breach;
Consents.  The execution, delivery and performance of this
Agreement and the Ancillary Agreements to which it will become a party by each
of the Stillwater Parties will not (a) to the extent applicable, contravene any
provision of the Organizational Documents of such entities; (b) violate or
conflict with any Law, Governmental Order or Governmental Authority; (c)
conflict with, result in any breach of any of the provisions of, constitute a
default (or any event that would, with the passage of time or the giving of
notice or both, constitute a default) under, result in a violation of, increase
the burdens under, result in the termination, amendment, suspension,
modification, abandonment or acceleration of payment (or any right to terminate)
or except for the Stillwater Partner Consents, require a Consent, including any
Consent under any Contract or Governmental Authorization that is either binding
upon or enforceable against any of the Stillwater Parties; or (e) require any
Governmental Authorization; or (e) result on the creation or imposition of any
Encumbrance.

       

      SECTION
4.4.          Financial Statements, Books
and Records.

       

      (a)        Schedule 4.4 consists
of (i) the audited financial statements (balance sheet, income statement,
statements of cash flows and owners equity and notes thereto) of the Funds as of
December 31, 2006 and December 31, 2007 and for the fiscal year then ended (the
“2006 and 2007
Financial Statements”), (ii) the unaudited financial statements (balance
sheet, income statement, statements of cash flows and owners equity and notes
thereto) of the Funds as of December 31, 2008 and for the fiscal year then ended
(the “2008 Financial
Statements”), and (iii) the unaudited combined balance sheet and
statement of income of the Funds for the comparative fiscal quarters ended
September 30, 2009 and September 30, 2008 (the “Interim Financial
Statements” and with the 2006 and 2007 Financial Statements and the 2008
Financial Statements, collectively, the “Financial
Statements”); and in each case (other than the 2009 Financial Statements)
all underlying information has been submitted to an accounting firm (the “Stillwater
Accountants”) that is certified by the Public Company Accounting
Oversight Board (“PCAOB”).

       

      (b)        On
or before March 31, 2010, the Stillwater Parties will have delivered to ASSAC
the audit of the 2008 Financial Statements accompanied by the unqualified audit
opinion of the Stillwater Accountants.

       

      (c)        On
or before January 15, 2010, the Stillwater Parties will have delivered to ASSAC
a letter from the Stillwater Accountants (the “Accountants Letter”),
to the effect that the audited financial statements (balance sheet, income
statement, statements of cash flows and owners equity and notes thereto) of the
Funds as of December 31, 2009 and the fiscal year then ended (the “2009 Financial
Statements”) can be audited by such Stillwater Accountants, and (iii)
that, subject to timely receipt of the NAV Appraisals and other qualifications
contained therein, such audit can be completed by March 31, 2010.  In
addition, the Stillwater Parties have issued to the Stillwater Accountants a
direction to complete the audit of the aforesaid 2009 Financial
Statements.

      
        
           

        

        
          19

          
            

          

        

        
           

        

      

      (d)        The
Financial Statements fairly represent the financial position of the Stillwater
Parties as at such dates and the results of their operations for the periods
then ended.  The Financial Statements were prepared in accordance with
generally accepted accounting principles (“GAAP”) applied on a
consistent basis with prior periods except as otherwise stated
therein.

       

      (e)        All
accounts, books and ledgers of the Funds have been properly and accurately kept
and completed in all material respects on a basis consistent with those of
preceding accounting periods, and there are no material inaccuracies or
discrepancies of any kind contained or reflected therein.  The books
and records fairly and correctly set out and disclose, in all material respects,
the current financial position and condition of the Funds. All financial
transactions involving the Funds have been accurately recorded in the books and
records and all such transactions represent actual, bona fide
transactions.

       

      (f)        As
at September 30, 2009, to the Knowledge of the Stillwater Parties, the Estimated
NAV of Stillwater WPB was $15.0 million and the Estimated NAV of Stillwater WPB
II was $20.5 million.  The General Partner and Stillwater anticipate
that as at December 31, 2009, the Estimated NAV of Stillwater WPB will be not
less than $15.0 million and the Estimated NAV of Stillwater WPB II will be not
less than $20.5 million.

       

      SECTION
4.5.          Subsidiaries, Partnerships,
Joint Ventures.

       

      Except as
reflected on Schedule
4.5 hereto or with respect to holding companies wholly owned by the Funds
used to hold assets of the Funds and for no other business purpose, the Funds do
not have any Subsidiaries and do not own of record or beneficially, directly or
indirectly, (i) any shares of capital stock or securities convertible into
capital stock of any other corporation or (ii) any participating interest in any
partnership, joint venture, limited liability company or other non-corporate
business enterprise and does not control, directly or indirectly, any other
Person.

       

      SECTION
4.6.          No Material Adverse
Changes.  Except as otherwise described on Schedule 4.5 hereto,
since the date of the most recent Financial Statements there has not
been:

       

      (i)        any
material adverse change in the financial position of the Stillwater Parties,
except changes arising in the ordinary course of business, which changes will in
no event materially and adversely affect the financial position of the
Stillwater Parties;

       

      (ii)        any
damage, destruction or loss materially affecting the assets, prospective
business, operations or condition (financial or otherwise) of the Stillwater
Parties whether or not covered by insurance;

       

      (iii)        any
declaration, setting aside or payment of any dividend or distribution with
respect to any redemption or repurchase of the equity interests of any of the
Stillwater Parties;

       

      (iv)        any
sale of an asset (other than in the ordinary course of business) or any mortgage
or pledge by any of the Stillwater Parties of any of their properties or assets;
or

       

      (v)        any
adoption of a pension, profit sharing, retirement, stock bonus, stock option or
similar plan or arrangement.

       

      SECTION
4.7.          Taxes.  Each
of the Stillwater Parties has timely filed, or has caused to be timely filed on
its behalf, all applicable tax returns required to be filed by it, and all such
tax returns are true, complete and accurate, except to the extent any failure to
file or any inaccuracies in any filed tax returns, individually or in the
aggregate, have not had and would not reasonably be expected to have a Material
Adverse Effect on such Stillwater Party.  All Taxes shown to be due on
such tax returns, or otherwise owed, has been timely paid, except to the extent
that any failure to pay, individually or in the aggregate, has not had and would
not reasonably be expected to have a Material Adverse Effect on any of the
Stillwater Parties.

      
        
           

        

        
          20

          
            

          

        

        
           

        

      

      SECTION
4.8.          Compliance with
Laws.  Each of the Stillwater Parties has complied with all
requirements of Law applicable to it or its business which, if not complied
with, would have a Material Adverse Effect on the Stillwater
Parties.

       

      SECTION
4.9.          No
Breach.  The execution, delivery and performance of this
Agreement and the Ancillary Agreements and the consummation of the transactions
contemplated hereby and thereby will not:

       

      (a)        violate
any provision of the Organizational Documents of any of the Stillwater
Parties;

       

      (b)        violate,
conflict with or result in the breach of any of the terms of, result in a
material modification of, otherwise give any other contracting party the right
to terminate, or constitute (or with notice or lapse of time, or both
constitute) a default under any Contract to which the Stillwater Parties are a
party or by or to which they or any of their assets or properties may be bound
or subject or result in the creation of any Encumbrance (other than Permitted
Encumbrances) on the assets or properties of the Stillwater Parties;
or

       

      (c)        violate
any requirements of Law against, or binding upon,  the Stillwater Parties
or upon the properties or business of  the Stillwater Parties or applicable
to the transactions contemplated herein.

       

      SECTION
4.10.          Actions and
Proceedings.   Except as set forth on Schedule 4.10, none
of the Funds is a party to any material pending litigation or, to the Knowledge
of the Stillwater Parties, any governmental investigation or proceeding not
reflected in the Financial Statements, and to the Knowledge of the Stillwater
Parties, no material litigation, claims, assessments or non-governmental
proceedings is threatened against either of the Funds.

       

      SECTION
4.11.          Agreements.  Schedule 4.11 sets
forth each material Contract to which each of the Funds is a party or by or to
which it or its assets, properties or business are bound or subject. Each such
Contract: (a) is a valid and binding agreement, (b) is in full force and effect,
and (c) neither the Stillwater Parties nor, to the Knowledge of the Stillwater
Parties, any other party thereto is in breach or default (whether with or
without the passage of time or the giving of notice or both) under the terms of
any such Contract. The Stillwater Parties have not assigned, delegated, or
otherwise transferred any of their rights or obligations with respect to any
such contracts or arrangements, or granted any power of attorney with respect
thereto. The Stillwater Parties have given or otherwise made available a true
and correct fully executed copy of each material Contract to ASSAC.

       

      SECTION
4.12.          Redemption
Claims.          Schedule 4.12 sets
forth the names of each Limited Partner of the Funds who is owed amounts under
outstanding Redemption Claims, (ii) the amount of each such Redemption Claim,
and (iii) whether such Redemption Claim can be satisfied by the payment of
consideration other than cash.  Except as set forth on Schedule 4.12, to the
Knowledge of the Stillwater Parties no other Redemption Claims are
pending.

      
        
           

        

        
          21

          
            

          

        

        
           

        

      

      SECTION
4.13.          Intellectual
Property.  Each of the Stillwater Parties has or has rights to
use, all patents, patent applications, trademarks, trademark applications,
service marks, trade names, copyrights, licenses and other similar rights (the
“Intellectual Property
Rights”) that are necessary or material for use in connection with its
businesses and which the failure to so have could, individually or in the
aggregate, have or reasonably be expected to result in a Material Adverse Effect
on the Stillwater Parties.  To the Knowledge of the Stillwater
Parties, none of the Stillwater Parties have received a written notice that such
Intellectual Property Rights used by it violates or infringes upon the rights of
any Person. To the Knowledge of the Stillwater Parties, (a) all such
Intellectual Property Rights are enforceable and (b) there is no existing
infringement by another Person of any of such Intellectual Property
Rights.

       

      SECTION
4.14.          Tangible
Assets.  The Stillwater Parties have full title and interest in
all machinery, equipment, furniture, leasehold improvements, fixtures, projects,
owned or leased by  the Stillwater Parties, any related capitalized items
or other tangible property material to the business of the Stillwater Parties
(the “Tangible
Assets”).   Each of the Stillwater Parties holds all
right, title and interest in all the Tangible Assets owned by it as set forth on
the Financial Statements or acquired by it after the date of the Financial
Statements free and clear of all Encumbrances, except Permitted
Encumbrances.  All of the Tangible Assets are in good operating
condition and repair and are usable in the ordinary course of business of the
Stillwater Parties.

       

      SECTION
4.15.          Liabilities.   None
of the Funds has any material Liabilities which are not fully, fairly and
adequately reflected on the Financial Statements.

       

      SECTION
4.16.          Operations of  the
Funds.  From September 30, 2009 through the Closing Date,
except as disclosed on Schedule 4.16 or the
Financial Statements, none of the Funds have or will have:

       

      (a)        declared
or paid any dividend or declared or made any distribution of any kind to any
shareholder, Limited Partner, or made any direct or indirect redemption,
retirement, purchase or other acquisition of any shares in its membership
interests;

       

      (b)        except
in the ordinary course of business, incurred or assumed any indebtedness or
liability (whether or not currently due and payable);

       

      (c)        disposed
of any assets except in the ordinary course of business;

       

      (d)        materially
increased the annual level of compensation of any executive
employee;

       

      (e)        adopted,
increased, terminated, amended or otherwise modified any plan for the benefit of
its employees; or

       

      (f)        issued
any equity securities or rights to acquire such equity securities.

       

      SECTION
4.17.          Permits.  Each
of the Stillwater Parties has all material permits, licenses, authorizations,
orders and approvals of, and has made all filings, applications and
registrations with, all Governmental Authorities that are required in order to
permit it to own or lease its properties and to conduct its business as
presently conducted (the “Permits”); all such
Permits are in full force and effect and, to the Knowledge of the Stillwater
Parties, no suspension or cancellation of any such Permit is threatened or will
result from the consummation of the transactions contemplated by this Agreement
and the other Ancillary Agreements or the transactions contemplated hereby and
thereby.

      
        
           

        

        
          22

          
            

          

        

        
           

        

      

      SECTION
4.18.          Employment
Matters.  None of the Funds have had or currently have any
employees.  Each of the General Partner and Stillwater has complied in
all material respects with all applicable requirements of Law relating to
employment or labor.  To the Knowledge of the Stillwater Entities, no
present or former employee, officer or director of the Stillwater Parties has,
or shall have at the Closing Date, any claim against the Stillwater Parties for
any matter including, without limitation, for wages, salary, vacation,
severance, or sick pay except for the same incurred in the ordinary course of
business for the last payroll period prior to the Closing Date. There is no: (a)
charge or complaint against the Stillwater Parties alleging a violation of any
requirements of Law relating to employment or labor, including any charge or
complaint filed with the National Labor Relations Board or any comparable
Governmental Authority, (b) pending labor strike, slowdown, work stoppage or
other material labor trouble affecting the Stillwater Parties and there has not
been any of the forgoing during the past three years, (c) pending representation
question respecting the employees of the Stillwater Parties, or (d) pending
arbitration proceeding arising out of or under any collective bargaining
agreement to which the Stillwater Parties is a party.  In addition, to
the Knowledge of the Stillwater Parties: (i) none of the matters specified in
clauses (a) through (d) above is threatened against the Stillwater Parties; (ii)
no union organizing activities have taken place with respect to the Stillwater
Parties; and (iii) no basis exists for which a claim may be made under any
collective bargaining agreement to which the Stillwater Parties is a
party.  The General Partner and Stillwater maintain a health insurance
plan, but do not offer or participate in any other employment benefit
plans.

       

      SECTION
4.19.          Insurance.  Each
of the Stillwater Parties has in effect insurance of the type and amount
customary for the conduct of its business and has paid all insurance policy
premiums due and has otherwise performed all of its obligations under each
insurance policy to which it is a party.

       

      SECTION
4.20.          Brokers or
Finders.  Other than as described in the Stillwater Agreement,
no broker’s or finder’s fee will be payable by the Stillwater Parties in
connection with the transactions contemplated by this Agreement.

       

      SECTION
4.21.          Securities Law
Matters.  The ASSAC Series A Preferred Shares and any
Conversion Shares (collectively, the “ASSAC Securities”) to
be acquired by any of the Stillwater Parties, or by the Partners of the Funds,
are being acquired for the account of such Persons with no intention of
distributing or reselling such securities or any part thereof in any transaction
that would be in violation of the registration requirements of the Securities
Act and applicable state securities laws.  Until registered for resale
under the Securities Act, if any recipient of the ASSAC Securities who is a
signatory to this Agreement should in the future decide to dispose of any of
such ASSAC Securities, such Person may do so only in compliance with the
registration requirements of the Securities Act and applicable state securities
laws, as then in effect.  Each of the Stillwater Parties agrees that
all certificates evidencing ASSAC Securities to be issued in connection with the
Merger and other transactions contemplated hereby shall contain the imprinting,
so long as required by law, of a legend on certificates representing such ASSAC
Securities to the following effect:

       

      “THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY
STATE.  THE SECURITIES MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES
LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF SUCH ACT AND SUCH LAWS.

      THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS AND
CONDITIONS OF A REGISTRATION RIGHTS AGREEMENT DATED JANUARY _____,
2010.  A COPY OF SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL EXECUTIVE
OFFICE OF ASIA SPECIAL SITUATION ACQUISITION CORP. AND ASIA SPECIAL SITUATION
ACQUISITION CORP. WILL FURNISH COPIES OF SUCH AGREEMENT TO THE HOLDER OF THIS
CERTIFICATE UPON REQUEST AND WITHOUT CHARGE.”

      
        
           

        

        
          23

          
            

          

        

        
           

        

      

      ARTICLE
V.    POST-CLOSING COVENANTS

       

      SECTION
5.1.          Contribution to
Capital.        On the Closing
Date, and immediately following consummation of the Merger and its acquisition
of Northstar or Allied Provident pursuant to the applicable Additional
Acquisition Agreement, ASSAC shall contribute all, and not less than all, of the
Limited Partnership Interests of the Surviving Entity owned of record by ASSAC
as a result of the Merger to the capital of either or both of the following
Persons, as determined by ASSAC in the exercise of its sole discretion: (a)
Northstar Re Bermuda and/or Northstar Re Ireland (both Subsidiaries of
Northstar), or (b) Allied Provident, all as shall be determined by
ASSAC.

       

      SECTION
5.2.          Boards of Directors of ASSAC
and Investment Committee.

       

      (a)       From
and after the Closing Date, ASSAC shall use its best efforts to cause to be
elected to the Board of Directors of ASSAC, and by their execution of this
Agreement, each of (i) the Stillwater Parties, (ii) Noble Investment Fund
Limited, and (iii) Allius Ltd. and their Affiliates agree to vote all of the
ASSAC Ordinary Shares and all ASSAC Series A Preferred Shares, as applicable,
owned of record by them at each general shareholders meeting of ASSAC in favor
of the election to the Board of Directors of ASSAC of one (1) Person designated
by Stillwater (the “Stillwater Designee”)
and not less than five (5) other Persons who shall be designated by the members
of the ASSAC Board of Directors (the “ASSAC
Designees”).  The ASSAC Designees to the Board of Directors of
ASSAC shall be set forth in the ASSAC Proxy Statement.  All of Richard
Rudy, Jack Doueck and the Stillwater Designee (if other than either of the
aforementioned Persons) shall be included under ASSAC’s officer/director
liability policy in effect from time to time, commencing on the Closing
Date.

       

      (b)        From
and after the Closing Date and for a period through and including March 31,
2013, the General Partner shall establish a three (3) Person investment
committee, in accordance with the terms of the Management
Agreement.

       

      SECTION
5.3.          Registration of Conversion
Shares.        Following the
Closing Date, ASSAC shall use its commercially reasonable efforts to cause the
Registration Statement (as that term is defined in the Registration Rights
Agreement) to be declared effective by the Securities and Exchange Commission
and shall otherwise comply with all of its covenants and agreements contained in
the Registration Rights Agreement.

       

      SECTION
5.4.          Payment of Affiliated
Obligations.        As at the
Closing Date, the aggregate amount of all Affiliated Obligations owed by
Stillwater WPB I shall not exceed $0.00 and the aggregate amount of all
Affiliated Obligations owed by Stillwater WPB II shall not exceed
$0.00.  Following the Closing Date, the Surviving Entity shall
commence to repay such Affiliated Obligations only after all Redemption Claims
as at the Closing Date shall have been paid in full or otherwise satisfied, and
then in accordance with the applicable provisions of the Management
Agreement.

       

      SECTION
5.5.          Rescission.        All
or certain of the transactions contemplated by this Agreement may be rescinded
prior to the Conversion Date, all as contemplated by the ASSAC Restated Articles
or the ASSAC Series A Preferred Certificate of Designations.

       

      ARTICLE
VI.          CONDITIONS TO
CLOSING

       

      SECTION
6.1.          Conditions to Stillwater
Parties' Obligations.  The obligation of the Stillwater Parties
to take the actions required to be taken by them at the Closing is subject to
the satisfaction or waiver, in whole or in part, in their sole discretion, of
each of the following conditions at or prior to the Closing:

      
        
           

        

        
          24

          
            

          

        

        
           

        

      

      (a)        The
representations and warranties of the ASSAC Parties set forth in Article III
will be true and correct as of the Closing Date as though then made and as
though the Closing Date had been substituted for the date of this Agreement in
such representations and warranties (without taking into account any
supplemental disclosures after the date of this Agreement by the ASSAC Parties
or the discovery of information by the Stillwater Parties.

       

      (b)        Each
of the ASSAC Parties will have performed and complied with each of their
agreements contained in this Agreement that can be performed and complied with
at or prior to the Closing;

       

      (c)        Each
Required Consent required to be obtained by the ASSAC Parties will have been
obtained and be in full force and effect and such actions as the Stillwater
Parties’ counsel may reasonably require will have been taken in connection
therewith;

       

      (d)        All
of the requisite ASSAC Shareholder Approvals shall have been obtained a the
ASSAC Shareholders Meeting;

       

      (e)        Holders
of greater than 34.99% of the outstanding ASSAC publicly traded Ordinary Shares
have not voted against the Merger and other transactions contemplated by this
Agreement and advised ASSAC of their desire to redeem their
investment;

       

      (f)        Pursuant
to the terms and conditions of all or certain of the Additional Acquisition
Agreements, ASSAC shall have consummated the acquisition of such of the Funds
and/or the Additional Stillwater Funds that shall have an aggregate Net Asset
Value of not less than $100.0 million;

       

      (g)        ASSAC
shall have consummated the acquisition of either or both of the Amalphis
Exchange Shares and/or all of the equity of Northstar pursuant to the terms and
conditions of either or both of the Amalphis Purchase Agreement and/or the
Northstar Merger Agreement, respectively;

       

      (h)        The
Stillwater Parties will have received evidence reasonably satisfactory to them
that no Litigation is pending or threatened (i) challenging or seeking to
prevent or delay consummation of any of the transactions contemplated by this
Agreement, or (ii) asserting the illegality of or seeking to render
unenforceable any material provision of this Agreement, any of the Ancillary
Agreements or the relevant Additional Acquisition Agreements;

       

      (i)        The
ASSAC Parties shall have executed and delivered all of the Ancillary Agreements
to which it is a Party; and

       

      (j)        No
Law or Governmental Order will have been enacted, entered, enforced,
promulgated, issued or deemed applicable to the transactions contemplated by
this Agreement by any Governmental Entity that would reasonably be expected to
result, directly or indirectly, in any Material Adverse Effect with respect to
the ASSAC Parties.

       

      SECTION
6.2.          Conditions to ASSAC Parties'
Obligations.  The obligation of the ASSAC Parties to take the
actions required to be taken by them at the Closing is subject to the
satisfaction or waiver, in whole or in part, in the sole discretion of the ASSAC
Parties, of each of the following conditions at or prior to the
Closing:

       

      (a)        The
representations and warranties of the Stillwater Parties set forth in Article IV
will be true and correct in all material respects as of the Closing Date as
though then made and as though the Closing Date had been substituted for the
date of this Agreement in such representations and warranties;

      
        
           

        

        
          25

          
            

          

        

        
           

        

      

      (b)        Each
of the Stillwater Parties will have performed and complied with each of their
agreements contained in this Agreement that can be performed and complied with
at or prior to the Closing;

       

      (c)        Each
Required Consent required to be obtained by the Stillwater Parties will have
been obtained and be in full force and effect and such actions as the ASSAC
Parties’ counsel may reasonably require will have been taken in connection
therewith;

       

      (d)        All
of the requisite ASSAC Shareholder Approvals shall have been obtained a the
ASSAC Shareholders Meeting;

       

      (e)        Holders
of greater than 34.99% of the outstanding ASSAC publicly traded Ordinary Shares
have not voted against the Merger and other transactions contemplated by this
Agreement and advised ASSAC of their desire to redeem their
investment;

       

      (f)        Pursuant
to the terms and conditions or all of certain of the Additional Acquisition
Agreements, ASSAC shall have consummated the acquisition of such of the Funds
and/or the Additional Stillwater Funds that shall have an aggregate Net Asset
Value of not less than $100.0 million;

       

      (g)        ASSAC
shall have consummated the acquisition of either or both of the Amalphis
Exchange Shares and/or all of the equity of Northstar pursuant to the terms and
conditions of either or both of the Amalphis Purchase Agreement and/or the
Northstar Merger Agreement, respectively;

       

      (h)        The
Stillwater Parties will have received evidence satisfactory to them that no
Litigation is pending or threatened (i) challenging or seeking to prevent or
delay consummation of any of the transactions contemplated by this Agreement, or
(ii) asserting the illegality of or seeking to render unenforceable any material
provision of this Agreement, any of the Ancillary Agreements or the relevant
Additional Acquisition Agreements;

       

      (i)        ASSAC
will have received evidence reasonably satisfactory to it that no Litigation is
pending or threatened (i) challenging or seeking to prevent or delay
consummation of any of the transactions contemplated by this Agreement, or (ii)
asserting the illegality of or seeking to render unenforceable any material
provision of this Agreement, any of the Ancillary Agreements or any Additional
Acquisition Agreements;

       

      (j)        The
applicable Stillwater Parties shall have executed and delivered all of the
Ancillary Agreements to which it or they is a Party; and

       

      (k)        No
Law or Governmental Order will have been enacted, entered, enforced,
promulgated, issued or deemed applicable to the transactions contemplated by
this Agreement by any Governmental Entity that would reasonably be expected to
result, directly or indirectly, in any Material Adverse Effect with respect to
the Stillwater Parties.

      
        
           

        

        
          26

          
            

          

        

        
           

        

      

      SECTION
6.3.          Waiver of
Certain Mergers and Additional Acquisitions.

       

      Notwithstanding
anything to the contrary, express or implied, set forth above in this Article VI
or elsewhere in this Agreement, in the event and to the extent that any one or
more of the Funds or any Additional Stillwater Funds are Non-Performing Funds,
on the Closing Date ASSAC may nonetheless elect to (a) consummate the Merger
contemplated hereby with respect to Funds that are not Non-Performing Funds, and
(b) with respect to any of the Additional Acquisition Agreements, elect to
either (i) not acquire the equity or assets of any such Non-Performing Fund(s),
or (ii) defer the closing date of such acquisition(s) until such time (but not
later than December 31, 2010) as such Non-Performing Fund(s) shall comply with
the terms of this Agreement and of any of the Additional Acquisition
Agreements.

       

      ARTICLE
VII.          CLOSING AND
CLOSING DATE

       

      SECTION
7.1.          Closing
Date.        On or before January
22, 2010 (the “Closing
Date”), following the satisfaction or waiver of the conditions set forth
in Article VI hereof, the closing of the transactions contemplated by this
Agreement (the “Closing”) will take
place at the offices of Hodgson Russ LLP, 1540 Broadway, 24th floor,
New York, New York, at 9:00 a.m. or at such other place and on such other date
as may be mutually agreed by the parties hereto, in which case Closing Date
means the date so agreed.  The Closing will be effective as of the
close of business on the Closing Date.  The Parties hereto acknowledge and
agree that time is of the essence.

       

      SECTION
7.2.          Deliveries.        Subject
to the conditions set forth in this Agreement, on the Closing Date:

       

      (a)   
     The ASSAC Parties will deliver to the Stillwater
Parties or as directed by the Stillwater Parties:

       

      (i)        the
Merger Consideration consisting of the ASSAC Series A Preferred Shares, as
evidenced by a copy of the Register of Members of ASSAC recording the issuance
of such ASSAC Series A Preferred Shares;

       

      (ii)        A
certificate of the ASSAC Parties dated the Closing Date stating that the
conditions set forth in Section 6.1 have been satisfied;

       

      (iii)        the
text of the resolutions adopted by the board of directors of ASSAC authorizing
the execution, delivery and performance of this Agreement and the Ancillary
Agreements, certified by an appropriate officer of ASSAC;

       

      (iv)        each
Ancillary Agreement to which ASSAC and/or Mergerco is a party, duly executed by
ASSAC and/or Mergerco, as the case may be;

       

      (v)        all
Required Consents, duly executed by all appropriate parties; and

       

      (vi)        evidence
of filing of the Certificate of Merger with the Secretary of State of the State
of Delaware; and

       

      (vii)        to
the extent legally required, evidence of filing of the ASSAC Series A Preferred
Certificate of Designations and Restated ASSAC Articles with the Registrar of
Companies in the Cayman Islands;

      
        
           

        

        
          27

          
            

          

        

        
           

        

      

      (viii)        such
other certificates, documents and instruments that the Stillwater Parties
reasonably request for the purpose of (A) evidencing the accuracy of the ASSAC
Parties' representations and warranties, (B) evidencing the performance and
compliance by the ASSAC Parties with the agreements contained in this Agreement,
(C) evidencing the satisfaction of any condition referred to in Section 6.1 or
(D) otherwise facilitating the consummation of the transactions contemplated by
this Agreement.

       

      All
actions to be taken by the ASSAC Parties in connection with consummation of the
transactions contemplated by this Agreement and all certificates, opinions,
instruments and other documents required to effect the transactions contemplated
by this Agreement will be in form and substance reasonably satisfactory to the
Stillwater Parties and their counsel.

       

      (b)        The
Stillwater Parties will deliver to ASSAC:

       

      (i)        a
certificate of the Stillwater Parties dated the Closing Date stating that the
conditions set forth in SECTION 6.2 have been satisfied;

       

      (ii)        the
text of the resolutions adopted by the board of directors (or similar body) of
each of the Stillwater Parties authorizing the execution, delivery and
performance of this Agreement and the Ancillary Agreements, certified by an
appropriate officer of Stillwater or the General Partner;

       

      (iii)        each
Ancillary Agreement to which any Stillwater Party is a party, duly executed by
such Stillwater Party;

       

      (iv)        all
certificates, if any, evidencing Limited Partnership Interests, duly endorsed in
blank for transfer;

       

      (v)        all
Required Consents, duly executed by all appropriate parties; and

       

      (vi)        such
other certificates, documents and instruments that the ASSAC Parties reasonably
request for the purpose of (1) evidencing the accuracy of the Stillwater
Parties' representations and warranties, (2) evidencing the performance and
compliance by the Stillwater Parties with the agreements contained in this
Agreement, (3) evidencing the satisfaction of any condition referred to in
SECTION 6.2 or (4) otherwise facilitating the consummation of the transactions
contemplated by this Agreement.

       

      All
actions to be taken by each of the Stillwater Parties in connection with
consummation of the transactions contemplated by this Agreement and all
certificates, opinions, instruments and other documents required to effect the
transactions contemplated by this Agreement will be in form and substance
reasonably satisfactory to ASSAC and its counsel.

       

      (c)        Simultaneous
Deliveries.        All items
delivered by the Parties at the Closing will be deemed to have been delivered
simultaneously, and no items will be deemed delivered or waived until all have
been delivered.

       

      (d)        Waiver of
Deliveries.        Notwithstanding
anything to the contrary set forth above in this Article VII, in the event and
to the extent that any one or more of the Funds are Non-Performing Funds, by
mutual agreement of ASSAC and Stillwater, the remaining Parties hereto may
nonetheless consummate the transaction contemplated hereby with respect to the
Mergers of the other Funds, and waive any deliveries otherwise required of the
Non-Performing Funds.

       

      
        
           

        

        
          28

          
            

          

        

        
           

        

      

      ARTICLE
VIII.          TERMINATION

       

      SECTION
8.1.          Termination.  This
Agreement may be terminated prior to the Closing:

       

      (a)     
    by the mutual written consent of ASSAC and Stillwater on
behalf of all Parties;

       

      (b)       
  by ASSAC, on behalf of all ASSAC Parties, if:

       

      (i)        any
of the Stillwater Parties has or will have breached any representation, warranty
or agreement contained in this Agreement in any material respect;

       

      (ii)       the
transactions contemplated by this Agreement will not have been consummated on or
before January 23, 2010 (the “Outside Date”);
or

       

      (iii)      any
of the conditions set forth in Section 6.2 will have become impossible to
satisfy and not otherwise waived;

       

      (c)  
       by Stillwater, on behalf of all
Stillwater Parties, if:

       

      (i)        any
of the ASSAC Parties has or will have breached any representation, warranty or
agreement contained in this Agreement in any material respect;

       

      (ii)       the
transactions contemplated by this Agreement will not have been consummated on or
before the Outside Date; or

       

      (iii)      any
of the conditions set forth in Section 6.1 will have become impossible to
satisfy and not otherwise waived.

       

      SECTION
8.2.          Effect of
Termination.  The right of termination under Section 8.1 is in
addition to any other rights the parties may have under this Agreement or
otherwise, and the exercise of a right of termination will not be an election of
remedies and will not preclude an action for breach of this
Agreement.  If this Agreement is terminated, all continuing
obligations of the Parties under this Agreement will terminate except that
Section 8.3 and Article IX will survive indefinitely unless sooner terminated or
modified by the parties in writing.

       

      SECTION
8.3.          Trust
Fund.  Notwithstanding anything to the contrary express or
implied contained in this Article VIII or elsewhere in this Agreement, none of
the Stillwater Parties nor any of their respective Affiliates shall have any
lien, security interest, claim against or any other right to (a) any of the
maximum $115.0 million principal amount of the proceeds held in that certain
trust administered and maintained by Continental Stock Transfer & Trust
Company, as trustee (and any successor trust or substitute arrangement) for the
benefit of the public shareholders of ASSAC (the “Trust”), or (b) any
interest earned on such maximum $115.0 million principal amount of proceeds held
in the Trust.  Each of the Stillwater Parties and their Affiliates, do
hereby expressly waive and relinquish any claim or other rights to the Trust,
its corpus or any interest earned thereon.

       

      

      ARTICLE
IX.          GENERAL

       

      SECTION
9.1.          Expenses.  Except
as may be set forth in the Stillwater Agreement, each Party shall pay all
expenses incurred by such party in connection with the transactions contemplated
by this Agreement, including legal, accounting, investment banking and
consulting fees and expenses incurred in negotiating, executing and delivering
this Agreement and the other agreements, exhibits, documents and instruments
contemplated by this Agreement (whether the transactions contemplated by this
Agreement are consummated or not); provided,
however, that upon consummation of the transactions contemplated by this
Agreement, ASSAC shall pay all transactions costs and expenses incurred by the
Stillwater Parties hereunder, or reimburse Stillwater (as the case may be) for
any such expenses previously paid.

       

      
        
           

        

        
          29

          
            

          

        

        
           

        

      

      SECTION
9.2.          Amendment and
Waiver.  This Agreement may not be amended, a provision of this
Agreement or any default, misrepresentation or breach of warranty or agreement
under this Agreement may not be waived, and a consent may not be rendered,
except in a writing executed by the party against which such action is sought to
be enforced.  Neither the failure nor any delay by any Person in
exercising any right, power or privilege under this Agreement will operate as a
waiver of such right, power or privilege, and no single or partial exercise of
any such right, power or privilege will preclude any other or further exercise
of such right, power or privilege or the exercise of any other right, power or
privilege.  In addition, no course of dealing between or among any
Persons having any interest in this Agreement will be deemed effective to modify
or amend any part of this Agreement or any rights or obligations of any Person
under or by reason of this Agreement.  The rights and remedies of the
parties to this Agreement are cumulative and not alternative.

       

      SECTION
9.3.          Notices.  All
notices, demands and other communications to be given or delivered under or by
reason of the provisions of this Agreement will be in writing and will be deemed
to have been given (i) when delivered if personally delivered by hand (with
written confirmation of receipt), (ii) when received if sent by a nationally
recognized overnight courier service (receipt requested), (iii) five business
days after being mailed, if sent by first class mail, return receipt requested,
or (iv) when receipt is acknowledged by an affirmative act of the party
receiving notice, if sent by facsimile, telecopy or other electronic
transmission device (provided that such an acknowledgement does not include an
acknowledgment generated automatically by a facsimile or telecopy machine or
other electronic transmission device).  Notices, demands and
communications to the parties will, unless another address is specified in
writing, be sent to the address indicated below:

       

      If to
Stillwater Parties:

       

      Stillwater
Capital Partners, Inc.

      41
Madison Avenue

      New York,
New York 10010

      Attn:  Richard
Rudy and Jack Doueck

      Facsimile
No.(212) 244-9506

      Email:
rrudy@stillwatercapital.com

       

      With a
copy to:

       

      Herrick,
Feinstein LLP

      2 Park
Avenue

      New York,
NY 10016

      Attn:
Irwin Latner, Esq.

      Fax:
(212) 545-3356

      Email:
ilatner@herrick.com

      
        
           

        

        
          30

          
            

          

        

        
           

        

      

       

    

     

    
      	
              If
      to the ASSAC Parties:

                

              Asia
      Special Situation Acquisition Corp.

              c/o
      M&C Corporate Services Limited

              P.O.
      Box 309GT, Ugland House

              South
      Church Street

              George
      Town, Grand Cayman

              Attn:
      Gary T. Hirst, President

              Email:  assac@domaincontact.net

            
	
               
      

              With
      a copy to:

                

              Hodgson
      Russ LLP

              1540
      Broadway,

              24th
      floor

              New
      York, New York 10036

              Attn:  Stephen
      A. Weiss, Esq.

              Facsimile
      No. (212) 751-0928

              Email:  sweiss@hodgsonruss.com

            

    

     

    SECTION
9.4    Assignment.  Neither
this Agreement nor any of the rights, interests or obligations under this
Agreement may be assigned by any party to this Agreement without the prior
written consent of the other parties to this Agreement.  Subject to
the foregoing, this Agreement and all of the provisions of this Agreement will
be binding upon and inure to the benefit of the parties to this Agreement and
their respective successors and permitted assigns.

     

    SECTION
9.5    Complete
Agreement.  This Agreement and, when executed and delivered,
the Ancillary Agreements contain the complete agreement between the parties and
supersede any prior understandings, agreements or representations by or between
the parties, written or oral.

     

    SECTION
9.6    Signatures;
Counterparts.  This Agreement may be executed in one or more
counterparts, any one of which need not contain the signatures of more than one
party, but all such counterparts taken together will constitute one and the same
instrument.  A facsimile signature will be considered an original
signature.

     

    SECTION
9.7    Governing
Law.  THE
DOMESTIC LAW, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES, OF THE STATE OF
NEW YORK WILL GOVERN ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND
INTERPRETATION OF THIS AGREEMENT AND THE PERFORMANCE OF THE OBLIGATIONS IMPOSED
BY THIS AGREEMENT.

     

    SECTION
9.8    Jurisdiction.  Each
of the parties submits to the exclusive jurisdiction of any state or federal
court sitting in New York, New York, in any action or proceeding arising out of
or relating to this Agreement and agrees that all claims in respect of the
action or proceeding may be heard and determined in any such
court.  Each party also agrees not to bring any action or proceeding
arising out of or relating to this Agreement in any other court.  Each
of the parties waives any defense of inconvenient forum to the maintenance of
any action or proceeding so brought and waives any bond, surety or other
security that might be required of any other party with respect to any such
action or proceeding.  Each party appoints CT Corporation System (the
“Process
Agent”) as its agent to receive on its behalf service of copies of the
summons and complaint and any other process that might be served in the action
or proceeding.  Any party may make service on any other party by
sending or delivering a copy of the process (i) to the party to be served or
(ii) to the party to be served in care of the Process Agent at such address as
shall be provided by it.  The parties agree that any of them may file
a copy of this paragraph with any court as written evidence of the knowing,
voluntary and bargained agreement between the parties irrevocably to waive any
objections to venue or to convenience of forum.  Nothing in this
Section 9.8 will affect the right of any party to serve legal process in any
other manner permitted by law or in equity.

    
      
         

      

      
        31

        
          

        

      

      
         

      

    

    SECTION
9.9    Waiver of Jury
Trial.  EACH
PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS
AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE
IT IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY
JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS
AGREEMENT.  EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK
TO ENFORCE THE FOREGOING WAIVER, (II) IT UNDERSTANDS AND HAS CONSIDERED THE
IMPLICATIONS OF SUCH WAIVER, (III) IT MAKES SUCH WAIVER VOLUNTARILY AND (IV) IT
HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL
WAIVER AND CERTIFICATIONS IN THIS SECTION 9.9.

     

    SECTION 9.10  Construction.  The
parties and their respective counsel have participated jointly in the
negotiation and drafting of this Agreement.  In addition, each of the
parties acknowledges that it is sophisticated and has been advised by
experienced counsel and, to the extent it deemed necessary, other advisors in
connection with the negotiation and drafting of this Agreement.  In
the event an ambiguity or question of intent or interpretation arises, this
Agreement will be construed as if drafted jointly by the parties and no
presumption or burden of proof will arise favoring or disfavoring any party by
virtue of the authorship of any of the provisions of this
Agreement.  The parties intend that each representation, warranty and
agreement contained in this Agreement will have independent
significance.  If any party has breached any representation, warranty
or agreement in any respect, the fact that there exists another representation,
warranty or agreement relating to the same subject matter (regardless of the
relative levels of specificity) that the party has not breached will not detract
from or mitigate the fact that the party is in breach of the first
representation, warranty or agreement.  Any reference to any Law will
be deemed to refer to all rules and regulations promulgated thereunder, unless
the context requires otherwise.  The headings preceding the text of
articles and sections included in this Agreement and the headings to the
schedules and exhibits are for convenience only and are not be deemed part of
this Agreement or given effect in interpreting this
Agreement.  References to sections, articles, schedules or exhibits
are to the sections, articles, schedules and exhibits contained in, referred to
or attached to this Agreement, unless otherwise specified.  The word
“including” means “including without limitation.”  A statement that an
action has not occurred in the past means that it is also not presently
occurring.  When any party may take any permissive action, including
the granting of a consent, the waiver of any provision of this Agreement or
otherwise, whether to take such action is in its sole and absolute
discretion.  The use of the masculine, feminine or neuter gender or
the singular or plural form of words will not limit any provisions of this
Agreement.  A statement that an item is listed, disclosed or described
means that it is correctly listed, disclosed or described, and a statement that
a copy of an item has been delivered means a true and correct copy of the item
has been delivered.

     

    SECTION 9.11  Time of
Essence.  With regard to all dates and time periods set forth
or referred to in this Agreement, time is of the essence.

     

    [The
balance of this page intentionally left blank – signature page
follows]

    
      
         

      

      
        32

        
          

        

      

      
         

      

    

    

    IN WITNESS WHEREOF, the
parties hereto have executed this Purchase and Sale Agreement as of the date
first above written.

       

    
      
        
          
            
              
                
                  
                    
                      
                        
                          	
                                  ASSAC
      SPECIAL SITUATION

                                	 	
                                  STILLWATER
      CAPITAL PARTNERS, INC.

                                
	
                                  ACQUISITION
      CORP.

                                	 	 
      
	 
      	 	
                                  By:

                                	
                                    

                                
	 
      	 	
                                  Name:

                                	
                                    

                                
	
                                  By:

                                	
                                    

                                	 	
                                  Title:

                                	
                                    

                                
	
                                  Name:
      Gary T. Hirst

                                	 	 
      
	
                                  Title:    President

                                	 	
                                  STILLWATER
      CAPITAL PARTNERS, LLC

                                
	 
      	 	 
      
	
                                  STILLWATER
      WBP MERGER CO I LP

                                	 	
                                  By:

                                	
                                    

                                
	
                                  (a
      Delaware limited partnership)

                                	 	
                                  Name:

                                	
                                    

                                
	
                                  By:  Stephen
      A. Weiss., General Partner

                                	 	
                                  Title:  General
      Partner

                                
	 
      	 	 
      
	 
      	 	
                                  STILLWATER
      WPB VENTURES

                                
	 
      	 	
                                  PARTNERS
      I, LP

                                
	
                                  By:

                                	
                                    

                                	 	
                                  (a
      Delaware limited partnership)

                                
	
                                  Name:  Stephen
      A. Weiss

                                	 	
                                  By:
      Stillwater Capital
      Partners, LLC

                                
	
                                  Title:    Authorized
      Signatory

                                	 	
                                  (general
      partner)

                                
	 
      	 	 
      
	
                                  ACCEPTED
      and Agreed to

                                	 	
                                  By:

                                	
                                    

                                
	
                                  solely with respect to Section
      5.2(a) above:

                                	 	
                                  Jack
      Doueck, Managing Member

                                
	 
      	 	 
      
	
                                  NOBLE
      INVESTMENT FUND LIMITED

                                	 	
                                  STILLWATER
      WPB VENTURES

                                
	
                                  by:
      Pure Glow Investments
      LLC

                                	 	
                                  PARTNERS
      I, LP

                                
	 
      	 	
                                  (a
      Delaware limited partnership)

                                
	 
      	 	
                                  By:
      Stillwater Capital
      Partners, LLC

                                
	
                                  By:

                                	
                                    

                                	 	
                                  (general
      partner)

                                
	 	Arie
      Jan van Roon, Manager	 	 
	 
      	 	
                                  By:

                                	
                                    

                                
	 
      	 	
                                  Jack
      Doueck, Managing Member

                                
	
                                  ALLIUS
    LTD.

                                	 	 
      
	 
      	 	 
      
	
                                  By:

                                	
                                    

                                	 	 
      
	 	Dr.
      Gary T. Hirst, Authorized Signatory	 	 

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
        33

        
          

        

      

      
         

      

    

     

    SCHEDULE
A

     

    NAV
Valuation Methods

     

    Net Asset
Value is generally equal to the amount by which the value of the assets of the
applicable Person exceeds the amount of its liabilities.  Net Asset Value
determinations are made by the Appraiser or Auditor (the “Asset Appraiser”) in
accordance with U.S. generally accepted accounting principles and in accordance
with the following criteria: 

    

                           
(a)         No value will be assigned to
goodwill;

    

                           
(b)       All accrued debts and liabilities will
be treated as liabilities, including but not limited to, estimated expenses for
accounting, legal, administrative and other operating expenses (including all
fees payable under the Management Agreement) and such reserves for contingent
liabilities of the applicable Person, including estimated expenses, if any, in
connection therewith, as the Asset Appraiser shall determine;

    

                           
(c)       Loans, loan participations and other
similar assets owned by an applicable Person will generally be carried at the
high range of fair market value as determined by the Asset Appraiser, and will
be subject to an independent valuation review as frequently as determined by the
Asset Appraiser.  These independent valuation reviews will provide the
applicable Person with opinions on whether specific pieces of collateral are in
need of re-valuation.  The Asset Appraiser, on the basis of this
information, will determine whether a specific loan or other asset needs to be
re-priced;

     

                           
(d)      In the case of investments in private
investment funds or other vehicles which are not readily marketable, in the
absence of an independent fair market value appraisal or audit, the net asset
value calculation provided by the administrators or managers of those underlying
funds or vehicles will be used in determining an applicable Person’s Net Asset
Value.

     

    (e)       
Securities or commodities (which for valuation purposes hereunder may include
weather derivatives and other financial instruments trading on or off, as the
case may be, commodities exchanges) that are listed on a national securities or
commodities exchange, as the case may be, shall be valued at their last sales
prices on the date of determination on the largest securities or commodities
exchange (by trading volume in such security or commodity) on which such
securities or commodities shall have traded on such date, or if trading in such
securities or commodities on the largest securities or commodities exchange (by
trading volume in such security or commodity) on which such securities or
commodities shall have traded on such date was reported on the consolidated
tape, their last sales price on the consolidated tape (or, in the event that the
date of determination is not a date upon which a securities or commodities
exchange was open for trading, on the last prior date on which such securities
or commodities exchange was so open not more than 10 days prior to the date of
determination). If no such sales of such securities or commodities occurred on
either of the foregoing dates, such securities or commodities shall be valued at
the “bid” price for long positions and “asked” price for short positions on the
largest securities or commodities exchange (by trading volume in such security)
on which such securities or commodities are traded, on the date of
determination, or, if the “bid” price for long positions and “asked” price for
short positions in such securities or commodities on the largest securities or
commodities exchange (by trading volume in such security or commodity) on which
such securities or commodities shall have traded on such date were reported on
the consolidated tape, the “bid” price for long positions and “asked” price for
short positions on the consolidated tape (or, if the date of determination is
not a date upon which such securities or commodities exchange was open for
trading, on the last prior date on which such a securities or commodities
exchange was so open not more than 10 days prior to the date of
determination);

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    (f)      
Securities and commodities that are not listed on an exchange but are traded
over-the-counter shall be valued at representative “bid” quotations if held long
and representative “asked” quotations if held short;

    

    (g)     
For securities and commodities not listed on a securities or commodities
exchange or quoted on an over-the-counter market, but for which there are
available quotations, such valuation will be based upon quotations obtained from
market makers, dealers or pricing services;

    

    (h)    
Options that are listed on a securities or commodities exchange shall be valued
at their last sales prices on the date of determination on the largest
securities or commodities exchange (by trading volume) on which such options
shall have traded on such date; provided, that, if the last sales prices of such
options do not fall between the last “bid” and “asked” prices for such options
on such date, then the Asset Appraiser shall value such options at the mean
between the last “bid” and “asked” prices for such options on such
date;

    

    (i)      
Illiquid assets will be valued at their the high range of the fair market value
(which in most cases may be at cost if that is a fair approximation of value),
as determined by the Asset Appraiser (with appropriate input from the investment
manager or portfolio manager under the applicable management
agreement);

    

    (j)       Preferred
shares, preferred stock or other senior equity securities shall be valued at
100% of their per share stated or liquidation value, with such discounts from
such stated or liquidation value as the investment manager or portfolio manager
under the applicable management agreement and ASSAC shall, in good faith
determined from time to time;

    

    (k)      All
other assets shall be valued at such value as the Asset Appraiser may reasonably
determine (with appropriate input from the investment manager or portfolio
manager under the applicable management agreement); and

    

    (l)      
Securities and commodities not denominated in U.S. dollars shall be translated
into U.S. dollars at prevailing exchange rates as the Asset Appraiser may
reasonably determine.

    

               
If the Asset Appraiser determines, in its sole discretion, that the valuation of
any asset, security or other instrument pursuant to the foregoing does not
fairly represent its market value, the Asset Appraiser (with appropriate input
from the Investment Manager and ASSAC) shall value such security or other
instrument as it reasonably determines and shall set forth the basis of such
valuation in writing to the investment manager or portfolio manager under the
applicable management agreement and to ASSAC.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    AGREEMENT
AND PLAN OF MERGER

    

    THIS AGREEMENT AND PLAN OF
MERGER (“Agreement”) is made
and entered into as of the 31st day of
December 2009, by and among Asia Special Situation Acquisition
Corp., a Cayman Islands corporation (“ASSAC”); Stillwater MNF Merger Co LP, a
Delaware limited partnership (“Mergerco”); Stillwater Market Neutral Fund,
LP, a Delaware limited partnership (“Stillwater MNF I.”);
Stillwater Market Neutral Fund
II, LP, a Delaware limited partnership (“Stillwater MNF II.”);
Stillwater Matrix Fund
LP, a Delaware limited partnership (“Stillwater Matrix”);
Stillwater Capital Partners,
LLC, a Delaware limited liability company (“SCP LLC”); and Stillwater Capital Partners,
Inc., a New York corporation (“Stillwater”).  Stillwater
MNF I, Stillwater MNF II and Stillwater Matrix are hereinafter sometimes
individually referred to as a “Fund” and
collectively as the “Funds”.  ASSAC
and Mergerco are hereinafter sometimes collectively referred to as the “ASSAC Parties” and
the Funds, the General Partner and Stillwater are hereinafter sometimes
collectively referred to as the “Stillwater
Parties”.  The ASSAC Parties and the Stillwater Parties are
hereinafter sometimes collectively referred to individually as a “Party” and
collectively as the “Parties”).

     

    RECITALS

     

    WHEREAS, ASSAC owns 100% of
the issued and outstanding partnership interests of Mergerco; and

     

    WHEREAS, SCP LLC is the
general partner of the Funds; and

     

    WHEREAS, SCP LLC desires to
exchange all of the assets and capital of the Funds, subject to their
liabilities and obligations, solely for ASSAC Series A Preferred Shares, and
ASSAC desires to acquire all of the assets and capital of the Funds, subject to
their liabilities and obligations, through (i) the merger of each of Stillwater
MNF II, Stillwater Maxtrix and Mergerco with and into Stillwater MNF I. (the
“Merger”), all
upon the terms and subject to the conditions set forth in this Agreement;
and

     

    WHEREAS, the Board of
Directors of ASSAC and Mergerco and SCP LLC, as the general partner of the
Funds, each believe that the Merger and related transactions contemplated hereby
are in the best interests of their respective Persons, and have each approved
and adopted the form, terms and provisions of this Agreement and the Merger;
and

     

    WHEREAS, ASSAC and SCP LLC, in
its capacity as general partner of the Funds, and have respectively agreed to
issue and to accept the “Merger Consideration”
(as hereinafter defined).

     

    NOW, THEREFORE, in
consideration of the mutual representations, warranties and agreements contained
in this Agreement, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties agree as
follows:

     

    ARTICLE
I.      DEFINITIONS

     

    “Additional Acquisition
Agreements” means the various agreements and plan of merger, asset
purchase agreement and other agreements and instruments, all in form and content
satisfactory to Stillwater, ASSAC and the other Persons who are parties thereto,
pursuant to which, inter
alia, ASSAC or a Subsidiary of ASSAC shall acquire, in addition to its
Acquisition of the Funds pursuant to this Agreement, any or all of: (a) the
Amalphis Exchange Shares pursuant to the Amalphis Exchange Agreement, (b) all or
substantially all of the equity and assets (subject to assumption of
liabilities) of all or certain of the Additional Stillwater Funds, (c) all or
substantially all of the assets (subject to assumption of liabilities) of the
Wimbledon Funds, and (d) all or substantially all of the equity of
Northstar.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    “Additional Stillwater
Funds” means, in addition to the Funds contemplated by this Agreement,
those additional entities, consisting of asset backed lending funds, real estate
funds, hedge funds and fund of funds that are managed by Stillwater or an
Affiliate thereof and listed in Section 1.1 of the Stillwater
Agreement.

     

    “Adjusted Purchase
Value” means 100% of the Appraised NAV; provided,
however, that, irrespective of the Appraised NAV, the Adjusted Purchase
Value shall be not less than 75% of the Estimated NAV for Stillwater MNF I and
Stillwater MNF II and 87.5% of the Estimated NAV for the Stillwater Matrix or an
aggregate of approximately $36,400,000, allocated to each of the Funds, as
follows: (a) Stillwater MNF I - $2,400,000; (b) Stillwater MNF II - $23,250,000;
and Stillwater Matrix - $10,750,000.

     

    “Affiliate” means any
one or more Person controlling, controlled by or under common control with any
other Person.

     

    “Agreement” has the
meaning set forth in the first paragraph of this Agreement.

     

    “Allied Provident”
shall mean Allied Provident Insurance Company, a Barbados exempted insurance
company, and a wholly-owned subsidiary of Amalphis.

     

    “Amalphis Exchange
Agreement” means the share exchange agreement, dated as of December 31,
2009 among Amalphis Group, Inc., a British Virgin Islands corporation (“Amalphis”), Rineon
Group, Inc., a Nevada corporation (“Rineon”), NatProv
Holdings, Inc., a British Virgin Islands corporation (“NatProv”), ASSAC, and
the other parties signatory thereto, pursuant to which, inter
alia, in exchange for additional ASSAC Series A Preferred Shares, ASSAC
shall acquire, through its receipt of the Amalphis Exchange Shares, a
controlling interest in Amalphis and its consolidated Subsidiaries, including
without limitation, Allied Provident and (if acquired) the Wimbledon
Funds.

     

    “Amalphis Exchange
Shares” shall mean all of the issued and outstanding shares of Amalphis
Series A preferred stock that are issued pursuant to the Amalphis Exchange
Agreement.

     

    “Ancillary Agreements”
means the Certificate of Merger, the ASSAC Series A Preferred Certificate of
Designations, the ASSAC Restated Articles, the Management Agreement, the
Registration Rights Agreement and the Stillwater Agreement.

     

    “Appraised NAV” means
the Net Asset Value of the Funds as at December 31, 2009, as audited or
appraised pursuant to NAV Appraisals which shall be based upon the NAV Valuation
Methods.

     

     “ASSAC Articles” means
the Memorandum and Articles of Association of ASSAC, as at the date of this
Agreement.

     

    “ASSAC Executive
Shares” shall mean the maximum of 10,746,667 restricted ASSAC Ordinary
Shares issued to Marshall Manley (“Manley”) and his
Affiliates and business associates (collectively, the “ASSAC Executive
Group”).

     

    “ASSAC Ordinary
Shares” means the collective reference to (a) the 50,000,000 ordinary
shares of ASSAC, $0.0001 par value, authorized for issuance pursuant to the
ASSAC Articles, and (b) the 250,000,000 ordinary shares of ASSAC, $0.0001 par
value, to be authorized for issuance pursuant to the ASSAC Restated
Articles.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    “ASSAC Preferred
Shares” means the collective reference to (a) the 1,000,000 preferred
shares of ASSAC, $0.0001 par value, authorized for issuance pursuant to the
ASSAC Articles, and (b) the 10,000,000 preferred shares of ASSAC, $0.0001 par
value, to be authorized for issuance pursuant to the ASSAC Restated
Articles.

     

    “ASSAC Proxy
Statement” means the proxy statement that is prepared by the Parties and
mailed to the holders of ASSAC Ordinary Shares prior to the date of the ASSAC
Shareholders Meeting.

     

    “ASSAC Restated
Articles” means the Amended and Restated Memorandum and Articles of
Association of ASSAC in the form of Exhibit
A annexed hereto and made a part hereof.

     

    “ASSAC Series A Preferred
Shares” means up to a maximum of 1,000,000 ASSAC Preferred Shares, to be
designated as ASSAC Series A Preferred Shares pursuant to the ASSAC Series A
Preferred Certificate of Designations and issued to the respective holders
pursuant to this Agreement and the Additional Acquisition Agreements; which
ASSAC Series A Preferred Shares shall, among other things (but subject in all
cases to the terms of the ASSAC Series A Preferred Certificate of
Designations):

     

    (a)           have
a par value of $0.0001 per share;

     

    (b)           have
a liquidation value and stated value of $1,000.00 per share;

     

    (c)           commencing
on the Conversion Date pay per share dividend, semi-annually at the rate of 5%
per annum, accruing from the issuance date thereof, on the Adjusted Purchase
Value, in the form of additional Conversion Shares;

     

    (d)           vote
on an “as converted” basis, together with the ASSAC Ordinary Shares, on all
matters requiring the approval or ratification of shareholders of
ASSAC;

     

    (e)           on
the Conversion Date, automatically
(and without any action on the part of the holder or ASSAC) commence to convert
into Conversion Shares at the Conversion Price then in effect, at the rate
(rounded off to the nearest full Conversion Shares) of one-sixth (or 16.66%) of
the total number of ASSAC Series A Preferred Shares held by each holder on the
last day of each month commencing July 31, 2010 so that all of the ASSAC Series
A Preferred Shares issued pursuant to the terms of this Agreement and the
Additional Acquisition Agreements will be fully converted into Conversion Shares
on December 31, 2010;

     

    (f)           provide
that each ASSAC Preferred Share issuable to the Partners of the Funds shall be
convertible at the Conversion Ratio applicable to such Fund; and

     

    (g)           contain
such other terms and conditions as shall be set forth in the ASSAC Series A
Preferred Certificate of Designations.

     

     “ASSAC Series A Preferred
Certificate of Designations” means the certificate of designation for the
issuance of the ASSAC Series A Preferred Shares, in the form of Exhibit
B annexed hereto and made a part hereof, or, if not permitted under
applicable Law, the ASSAC Restated Articles used for the same
purpose.

     

    “ASSAC Shareholder
Approval” means the required affirmative consent, vote and ratification
at the ASSAC Shareholders Meeting by the holders of ASSAC Ordinary Shares (the
“ASSAC
Shareholders”) of (i) this Agreement, the Ancillary Agreements and the
transactions contemplated hereby and thereby, (ii) the increase in the
authorized share capital of ASSAC, (iii) adoption of the ASSAC Restated
Articles, (iv) the consummation of ASSAC’s acquisition of the Additional
Stillwater Funds, the Amalphis Exchange Shares and (if applicable) the Wimbledon
Funds, all pursuant to the terms and conditions of the Additional Acquisition
Agreements, (v) if applicable, the consummation of ASSAC’s acquisition of
Northstar, (vi) the change of the corporate name of ASSAC to Genova Financial Group, Inc.,
or such other name as shall be acceptable to ASSAC and the Stillwater Parties,
and (viii) the other proposals set forth in the ASSAC Proxy
Statement.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    “ASSAC Shareholders
Meeting” means the meeting of the ASSAC Shareholders held on or before
January 19, 2010 in accordance with the ASSAC Proxy Statement.

     

    “Auditors” means the
independent accountants engaged to audit the funds as at December 31, 2009 and
for the fiscal year then ended.

     

    “Certificate of
Merger” means the certificate evidencing the Merger of (a) Stillwater MNF
II with and into the Surviving Entity, and (b) Stillwater Matrix with and into
the Surviving Entity, and (c) Mergerco with and into the Surviving Entity,
all in the form of Exhibit
C annexed hereto and made a part of hereof.

     

     “Consent” means any
authorization, consent, approval, filing, waiver, exemption or other action by
or notice to any Person.

     

    “Contract” means a
contract, agreement, lease, commitment or binding understanding, whether oral or
written, that is in effect as of the date of this Agreement or any time after
the date of this Agreement.

     

    “Conversion Date”
shall mean July 31, 2010.

     

    “Conversion Price”
shall mean $7.50, as the same may from time to time be adjusted prior to the
Conversion Date pursuant to the ASSAC Series A Preferred Certificate of
Designations.

     

    “Conversion Ratio”
shall mean, as to the Funds, that ratio (expressed as “___:1”) of that number of
Conversion Shares into which one (1) full ASSAC Series A Preferred Share issued
to the Partners of such Fund shall be converted; all as determined in accordance
with Section 2.9 of this Agreement.

     

     “Conversion Shares”
shall mean that number of Ordinary Shares of ASSAC issuable upon conversion of
the Series A Preferred Shares, as shall be calculated by dividing: (i) the
Purchase Value applicable to each of the Stillwater MNF I, Stillwater MNF II and
Stillwater Matrix, which Purchase Value shall be adjusted on or prior to the
Conversion Date to the Adjusted Purchase Value; by (ii) the Conversion
Price then in effect.

     

    “Effective Time” shall
mean the time on which the Merger shall be consummated through the filing of the
Certificate of Merger with the Secretary of State of the State of
Delaware.

     

    “Estimated NAV” means
the unaudited Net Asset Value of the Funds as at December 31, 2009, as estimated
in good faith by Stillwater, all in accordance with this Agreement.

     

    “Encumbrance” means
any charge, claim, community property interest, easement, covenant, condition,
equitable interest, lien, option, pledge, security interest, right of first
refusal or restriction of any kind, including any restriction on use, voting,
transfer, receipt of income or exercise of any other attribute of
ownership.

     

    “General Partner”
shall mean (a) prior to the Effective Time of the Merger, SCP LLC, and (b) upon
and following the Effective Time of the Merger, a Person designated by
ASSAC.

     

     “General Partner’s
Interest” shall mean, as the context may require each of (a) the
percentage interests of SCP LLC (as the existing General Partner of the Funds)
in the assets, liabilities and capital of the Funds, and (b) the percentage
interest of the general partner in the assets, liabilities and capital of
Mergerco.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    “Governmental
Authorization” means any approval, consent, license, permit, waiver,
registration or other authorization issued, granted, given, made available or
otherwise required by any Governmental Entity or pursuant to Law.

     

    “Governmental Entity”
means any federal, state, local, foreign, international or multinational entity
or authority exercising executive, legislative, judicial, regulatory,
administrative or taxing functions of or pertaining to government.

     

    “Governmental Order”
means any judgment, injunction, writ, order, ruling, award or decree by any
Governmental Entity or arbitrator.

     

    “Insolvency Event”
shall mean as to any Party or Parties, if any such Party or Parties: (a) shall
make an assignment for the benefit of creditors; (b) if a receiver, liquidator
or trustee shall be appointed for such Party or Parties), (c) shall be
adjudicated a bankrupt or insolvent, or if any petition for bankruptcy,
reorganization or arrangement pursuant to federal bankruptcy law, or any similar
federal or state law, shall be filed by or against, consented to, or acquiesced
in by, such Party or Parties, or (d) if any proceeding for the dissolution or
liquidation of such Party or Parties shall be instituted; provided, however, if
such appointment, adjudication, petition or proceeding was involuntary and not
consented to by such Party or Parties, upon the same not being discharged,
stayed or dismissed within sixty (60) days.

     

    “Knowledge” means,
with respect to the Stillwater Parties, any fact or circumstance actually known
to any of Richard Rudy, Jack Doueck or Brian Bytof, or which any of such Persons
should have known after reasonable inquiry, and, with respect to the ASSAC
Parties, any fact or circumstance actually known to any member of the Board of
Directors of ASSAC or the executive officers or management of ASSAC or which any
of such Persons should have known after reasonable inquiry.

     

    “Law” means any
constitution, law, ordinance, principle of common law, regulation, statute or
treaty of any Governmental Entity.

     

    “Limited Partners”
shall mean, as the context may require, each of the holders of the Limited
Partnership Interests in each of Stillwater MNF I, Stillwater MNF II, Stillwater
Matrix and Mergerco.

     

    “Limited Partnership
Interests” shall mean the context may require, (a) the pro-rata
percentage interests of each of the Limited Partners in the assets, liabilities
and capital of each of Stillwater MNF I, Stillwater MNF II and Stillwater
Matrix, all as calculated and determined in accordance with the Organizational
Documents of such Funds, and (b) the percentage interest of ASSAC, as sole
Limited Partner of Mergerco.

     

    “Litigation” means any
claim, action, arbitration, mediation, audit, hearing, investigation,
proceeding, litigation or suit (whether civil, criminal, administrative,
investigative or informal) commenced, brought, conducted or heard by or before,
or otherwise involving, any Governmental Entity or arbitrator or
mediator.

     

    “Management Agreement”
shall mean the management agreement between Stillwater and ASSAC, in the form of
Exhibit
D annexed hereto and made a part hereof.

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    “Material Adverse
Effect” shall mean (a) with respect to any of the Stillwater Parties, any
event or condition that could reasonably be expected to have a material adverse
effect on the business, assets, results of operations, financial condition or
prospects of any of such Stillwater Parties, and (b) with respect to ASSAC, any
event or condition that could reasonably be expected to prevent or cause ASSAC
to be unable to consummate the Merger, pay the Merger Consideration or otherwise
perform its obligations under this Agreement, the Ancillary Agreements or any of
the Additional Acquisition Agreements.

     

    “Merger Consideration”
means the aggregate of 36,400 ASSAC Series A Preferred Shares that are to be
issued to the Partners of the Funds on the Closing Date pursuant to this
Agreement, and allocated to the Partners of the Funds in accordance with Section
2.7 hereof.

     

    “NAV Appraisals” shall
mean the appraisals of the Net Asset Values of the Funds, prepared or to be
prepared by Houlihan Smith Inc., or other business appraisal firm or auditing
firm (the “Appraiser”) as shall
be reasonably acceptable to Stillwater and ASSAC, in accordance with the NAV
Valuation Methods or such other recognized methods of valuing such assets and
liabilities that are reasonably acceptable to such Parties.

     

    “NAV Valuation
Methods” means the methods used in valuing the net asset values of
various types of assets that are set forth on Schedule
A annexed hereto and made a part hereof, or such other valuation methods
as shall be reasonably satisfactory to ASSAC.

     

    “Net Asset Value” or
“NAV” means, as
at any date in question, with respect to the Funds: (a) the net asset value of
each of the Funds as determined in accordance with the NAV Valuation Methods,
less
(b) all liabilities and obligations of such Fund, including without
limitation, all accounts payable, accrued expenses, notes payable, all
outstanding Affiliated Obligations and the aggregate amount of all outstanding
Redemption Claims.

     

    “Non-Performing Fund”
shall mean any one or more of the Funds that, for any reason or no reason, are
unable or unwilling to perform their individual obligations under this
Agreement, including, without limitation, the inability to timely deliver to
ASSAC and its representatives the requisite financial information required
hereby and pursuant to the Securities Act of 1933, as amended.

     

    “Northstar” means
Northstar Group Holdings, Ltd., a Bermuda corporation.

     

    “Northstar Merger
Agreement” means one of the Additional Acquisition Agreements pursuant to
which, inter alia, ASSAC shall acquire 100% of the share capital and capital
stock of Northstar.

     

    “Organizational
Documents” means (i) the articles or certificate of incorporation and the
bylaws of a corporation, (ii) the partnership agreement and any statement of
partnership of a general partnership, (iii) the limited partnership
agreement and the certificate of limited partnership of a limited partnership,
(iv) the limited liability company agreement and articles or certificate of
formation of a limited liability company, (v) any charter or similar document
adopted or filed in connection with the creation, formation or organization of a
Person and (vi) any amendment to any of the foregoing.

     

    “Partners” shall mean
the collective reference to, the General Partner and the Limited Partners of the
Funds.

     

    “Permitted
Encumbrances” shall mean (a) any and all Encumbrances which result from
all statutory or other liens for Taxes or assessments and are not yet due and
payable or delinquent or the validity of which is being contested in good faith
by appropriate proceedings by a Party hereto; (b) all material cashiers’,
workers’, mechanics’, carriers’, repairers’ and other similar liens imposed by
law and incurred in the ordinary course of business; and (c) other Encumbrances
which individually or in the aggregate do not materially detract from the value
of or materially interfere with the present use of the property subject thereto
or affected thereby and would not otherwise reasonably be expected to have a
Material Adverse Effect.

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    “Person” means any
individual, corporation (including any non-profit corporation), general or
limited partnership, limited liability company, joint venture, estate, trust,
association, organization, labor union, Governmental Entity or other
entity.

     

    “Process Agent” has
the meaning set forth in Section 9.8.

     

    “Purchase Value” means
an aggregate of $36,400,000, allocated as to each of the Funds, as follows: (a)
as to Stillwater MNF I, $2,400,000 representing seventy-five (75%) percent of
the $3,200,000 Estimated NAV of Stillwater MNF I, (b) as to Stillwater MNF II,
$23,250,000, representing seventy-five (75%) percent of the $31,000,000
Estimated NAV of Stillwater MNF II, and (c) as to Stillwater Matrix,
$10,750,000, representing eighty-seven and one-half (87.5%) percent of the
$12,300,000 Estimated NAV of Stillwater Matrix.

     

    “Redemption Claims”
means the outstanding amounts (whether payable in cash or in other property)
owed to any and all Limited Partners of any of the Funds who have notified
Stillwater or SCP LLC, or may prior to the Closing Date notify Stillwater or SCP
LLC that such Persons either (a) seek to withdraw their capital from one or more
of the Funds, or (b) are owed money in connection with the redemption of their
shares from such Fund(s).

     

    “Registration Rights
Agreement” means the agreement of ASSAC to register all of the Conversion
Shares issuable under this Agreement and the Additional Acquisition Agreements
for resale under the Securities Act, all in accordance with the terms and
conditions set forth in Exhibit
E annexed hereto and made a part hereof.

     

    “Remedies Exception,”
when used with respect to any Person, means except to the extent enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
or other laws affecting the enforcement of creditors' rights generally and by
general equitable principles.

     

    “Required Consents”
means all Consents required to consummate the transactions contemplated by this
Agreement, including without limitation:

     

    (a)           the
approvals and Consents of those Limited Partners of each of Stillwater MNF I,
Stillwater MNF II and Stillwater Matrix who own of record not less than
fifty-one (51%) percent of all Limited Partnership Interests of such Funds (the
“Stillwater Partner
Consents”); and

     

    (b)           the
ASSAC Shareholder Approvals.

     

    “Stillwater Agreement”
means the letter agreement, dated December 18, 2009, between Stillwater, ASSAC
and certain other Persons, and attached memorandum, in the form of Exhibit
F annexed hereto and made a part hereof.

     

    “Subsidiary” means any
Person in which a majority or more of the outstanding shares of capital stock of
which, and/or the power to elect a majority of the members of the board of
directors or board of managers of which, is owned, directly or indirectly, by
another Person.

    
      
         

      

      
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    “Taxes” means all
taxes, charges, fees, levies or other assessments, including all net income,
gross income, gross receipts, sales, use, ad valorem, transfer, franchise,
profits, license, withholding, payroll, employment, social security,
unemployment, excise, estimated, severance, stamp, occupation, property or other
taxes, customs duties, fees, assessments or charges of any kind whatsoever,
including all interest and penalties thereon, and additions to tax or additional
amounts imposed by any Governmental Entity.

     

    “Wimbledon Acquisition
Agreement” means the collective reference to the asset purchase
agreements between the Wimbledon Funds, Allied Provident and a newly formed
Cayman Islands Subsidiary of Allied Provident (the “Wimbledon
Purchaser”), expected to be entered into between the Execution Date and
the Closing Date, pursuant to which, inter
alia, the Wimbledon Purchaser shall acquire all of the assets (subject to
assumption of all of the liabilities) of the Wimbledon Funds, in exchange for
that number of Amalphis Exchange Shares have a United States dollar stated value
equal to the estimated Net Asset Value of the Wimbledon Funds as at December 31,
2009.

     

    “Wimbledon Funds”
shall mean Wimbledon Financing Master Fund Ltd. and WREF Fund, both Cayman
Islands exempted companies.

     

    Certain
terms not defined above are defined in the sections below.

     

    ARTICLE
II.     THE MERGER

     

    SECTION 2.1.  
        The
Merger  Upon the terms and subject to the conditions set forth
in this Agreement, at the Effective Time and in accordance with the Delaware
Revised Uniform Limited Partnership Act (the “Delaware Limited Partnership
Act”):

     

    (a)           Stillwater
MNF II shall be merged with and into Stillwater MNF I,

     

    (b)           Stillwater
Maxtrix shall be merged with and into Stillwater MNF I, and

     

    (c)           Mergerco
shall be merged with and into Stillwater MNF I.

     

    Following
the Effective Time, the separate limited partnership existence of each of
Stillwater MNF II, Stillwater Matrix and Mergerco shall cease and Stillwater MNF
I shall continue as the surviving limited partnership of the Merger (the “Surviving
Entity”).  The Surviving Entity shall succeed to all of the
rights, assets and properties and assume all of the liabilities and obligations
of each of Stillwater MNF II, Stillwater Matrix and Mergerco in accordance with
the Delaware Limited Partnership Act.  Stillwater MNF I, Stillwater
MNF II, Stillwater Matrix and Mergerco are hereinafter sometimes collectively,
referred to as the “Constituent Entities”
of the Merger.  As provided in the Certificate of Merger, as at the
Closing Date, the name of the Surviving Entity shall be changed to “Stillwater Market Neutral Holdings
L.P.”

     

    SECTION
2.2.           Effective
Time.  Subject to the provisions of this Agreement, as soon as
practicable on or after the Closing Date, the Parties shall file the Certificate
of Merger executed in accordance with the relevant provisions of the Delaware
Limited Partnership Act and shall make all other filings or recordings required
under the Delaware Limited Partnership Act.  The Merger shall become
effective at such time as the Certificates of Merger is duly filed with the
Delaware Secretary of State, or at such other time as ASSAC and Stillwater shall
agree should be specified in the Certificate of Merger.

     

    SECTION
2.3.           Effects of the
Merger.  The Merger shall have the effects set forth in the
applicable provisions of the Delaware Limited Partnership Act.

     

    
      
         

      

      
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    SECTION
2.4.           Organizational Documents and
Management Agreement

     

    (a)           The
Organizational Documents of Stillwater MNF I as in effect immediately prior to
the Effective Time shall be the Organizational Documents of the Surviving Entity
until thereafter changed or amended as provided therein or by applicable
law.

     

    (b)           The
management agreement with each of the Funds as in effect immediately prior to
the Effective Time shall be terminated and shall be replaced by the Management
Agreement with the Surviving Entity on and subsequent to the Effective Time
until thereafter changed or amended as provided pursuant to the Stillwater
Letter or as otherwise mutually agreed between Stillwater and
ASSAC.

     

    SECTION
2.5.           Management of the Surviving
Entity.

     

    (a)           The General
Partner.        A Person
appointed by ASSAC at the Effective Time of the Merger shall be the General
Partner of the Surviving Entity and such Person shall continue to serve in such
capacity until the earlier of its resignation or removal or until its respective
successors are duly elected and qualified, as the case may be.

     

    (b)           Management.  The
management of the investments of the Surviving Entity shall continue to be
managed by Stillwater pursuant to the Management Agreement, as the same may be
amended or modified from time to time in accordance with the terms
hereof.

     

    SECTION
2.6.           Effect on Equity
Interests

     

    As of the
Effective Time, by virtue of the Merger and without any action on the part of
any of the Parties or other holders of any Ordinary Shares, ASSAC Preferred
Shares, capital stock of Stillwater, limited liability members interests of the
General Partner, General Partners Interests or Limited Partnership Interests
(collectively, the “Equity
Interests”):

     

    (a)           ASSAC Ordinary
Shares.         Each issued and
outstanding ASSAC Ordinary Share shall remain issued and outstanding following
the Effective Time of the Merger.

     

    (b)           Stillwater and General
Partner Owners Equity Interests.All of the issued and outstanding (i)
shares of capital stock of Stillwater, and (ii) limited liability company
members interests of SCP LLC shall remain issued and outstanding following the
Effective Time of the Merger.

     

    (c)           General Partners
Interests.    Subject to the provisions of Section
2.11 below, the General Partners Interests:

     

    (i)           as
to each of Mergerco, Stillwater MNF II and Stillwater Matrix, shall be cancelled
and retired and shall cease to exist; and

     

    (ii)           as
to the Surviving Entity, shall remain with and be fully vested in, the General
Partner.

     

    (d)           Limited Partnership
Interests.      The Limited Partnership
Interests:

     

    (i)           as
to each of Stillwater MNF I, Stillwater MNF II and Stillwater Matrix, shall
automatically be canceled and retired and shall cease to exist; and such Limited
Partnership Interests shall be automatically converted into the right to receive
the applicable amount of Merger Consideration payable with respect to each such
Limited Partnership Interest, as provided herein; and

    
      
         

      

      
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    (ii)           as
to Mergerco, shall be converted into and exchanged for one hundred percent
(100%) of all Limited Partnership Interests in the Surviving
Entity.

     

    (e)           Outstanding Affiliated
Obligations.         Except
for the obligation to pay not in excess of $20,000 of accrued management fees or
incentive fees as at the Effective Time of the Merger (which shall be repaid in
accordance with Section 5.4 below, by virtue of the Merger and without any
action on the part of any Party, all accounts payable, notes payable or other
payment obligations of any of the Constituent Entities to SCP LLC or Stillwater
or any Affiliate of SCP LLC or Stillwater (collectively, the “Affiliated
Obligations”), shall automatically be deemed to be canceled and retired
and shall cease to exist.  Notwithstanding the foregoing, if
Stillwater, in the exercise of its reasonable discretion and upon prior written
notice to ASSAC, shall make one or more loans or advances to the Funds, or any
of them, solely for the purpose of protecting assets and collateral in such
Fund(s), Stillwater shall be repaid such loans and advances by such Fund(s) in
accordance with the terms thereof and such loans or advances shall not be deemed
canceled or retired; provided,
that the terms and conditions (including repayment terms) of any of such
loans or advances shall have been approved in advance by ASSAC, which approvals
shall not be unreasonably withheld.

     

    (f)           Constituent Entities Rights
and Options.      As at the Effective Time,
by virtue of the Merger and without any action on the part of the holders
thereof, each warrant, option or other right to purchase Equity Interests of any
of the Constituent Entities of the Merger shall automatically be deemed to be
canceled and retired and shall cease to exist.

     

    (g)           Certificates.          At
the Effective Time and against receipt of the Merger Consideration set forth in
Section 2.7, to the extent that any of the Limited Partnership Interests are
certificated, the Limited Partners of the Funds shall deliver to ASSAC the
certificates of Limited Partnership Interests evidencing all, and not less than
all, of the Equity Interests of the Limited Partners of the Funds, which
certificates shall be duly endorsed in blank for transfer with the signatures of
the record owners appropriately guaranteed in a manner reasonably satisfactory
to ASSAC.  All Merger Consideration paid in accordance with the terms
of this Agreement shall be deemed to have been paid in full satisfaction of all
rights pertaining to 100% of such Equity Interests.

     

    SECTION
2.7.           Merger
Consideration      At the Effective Time of the
Merger, ASSAC shall deliver the Merger Consideration based on the Purchase Value
available to the Parties as at the Effective Time of the Merger.

     

    (a)           Such
Merger Consideration shall be payable as follows:

     

    (i)           all
of the Partners of Stillwater MNF I shall receive 2,400 ASSAC Series A Preferred
Shares, representing the $2.40 million Purchase Value attributable to the
Stillwater MNF I as at December 31, 2009;

     

    (ii)           all
of the Partners of Stillwater MNF II shall receive 23,250 ASSAC Series A
Preferred Shares, representing the $23.250 million Purchase Value attributable
to the Stillwater MNF II as at December 31, 2009; and

     

    (iii)           all
of the Partners of Stillwater Matrix shall receive 10,750 ASSAC Series A
Preferred Shares, representing the $10.75 million Purchase Value attributable to
the Stillwater Matrix as at December 31, 2009.

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    (b)           To
the extent applicable, ASSAC Series A Preferred Shares shall be issued to the
Partners in fractions of a share.  No fractional Conversion Shares
shall be issued upon automatic conversion of such Series A Preferred Shares,
rather such Conversion Shares shall be rounded up or down to the nearest whole
Ordinary Share.

     

    SECTION
2.8.           Adjusted Purchase Value; NAV
Appraisals and 2009 Audited Financial Statements.

     

    (a)           The
Stillwater Parties shall deliver the NAV Appraisals for the Funds to the
Auditors on or before February 29, 2010, and cause the Auditors or Appraiser, as
the case may be, to provide ASSAC with the Appraised NAV (together with the
audited financial statements of the Funds as at December 31, 2009 and for the
fiscal year then ended (the “2009 Audited Financial
Statements”) on or before June 30, 2010.  The calculations of
the NAV Appraisals by the Appraiser as audited by the Auditors in the 2009
Audited Financial Statements shall be final and binding upon all Parties
hereto.

     

    (b)           Upon
delivery of the NAV Appraisals and the 2009 Audited Financial Statements, the
Adjusted Purchase Value of the Funds shall be determined.  As provided
in the ASSAC Series A Preferred Certificate of Designations there shall be a
post-Closing adjustment to the Conversion Shares and the Conversion Ratio, as
provided in Section 2.9 below.

     

    SECTION
2.9.           Conversion of ASSAC Series A
Preferred Shares; Conversion Ratio.

     

    Upon
delivery of the NAV Appraisals and the 2009 Audited Financial Statements of the
Funds, the number of Conversion Shares and the Conversion Ratio shall be
recalculated, as follows:

     

    (a)           the
aggregate
number of Conversion Shares that are issuable to all of the
Partners of the Funds upon automatic conversion of all ASSAC Series A Preferred
Shares previously issued to the Partners of each Fund, respectively, shall
automatically, and without any further action, be adjusted and determined by
dividing (i) the Adjusted Purchase Value of each such Fund, by (ii) the
Conversion Price then in effect;

     

    (b)           the
Conversion Ratio applicable to each of Funds shall be automatically and without
any further action adjusted and determined by dividing the (i) aggregate number
of Conversion Shares applicable to such Fund, as determined in accordance with
Section 2.9(a) above, by (ii) the number of ASSAC Series A Preferred Shares
issued at Closing to all of the Partners of such Fund; and

     

    (c)           the
number of Conversion Shares issuable to each
individual Partner of the Funds, upon automatic conversion of all ASSAC Series A
Preferred Shares issued to each such Partner shall be automatically and without
any further action determined by multiplying (i) the aggregate number of ASSAC
Series A Preferred Shares issued to such Partner, by (ii) the Conversion Ratio,
as determined pursuant to Section 2.9(b) above.

     

    For the avoidance of
doubt,

     

    (i)           if
for example (it being understood that the numbers listed in clauses (i) and
(ii) below do not necessarily bear any relationship to the Estimated NAV of
Stillwater MNF II):

     

    (A)           The
Estimated NAV of the Stillwater MNF II at December 31, 2009 is $31.0 million,
then 100% of the Purchase Value of such Fund payable to the Partners of
Stillwater MNF II is $23.25 million.

     

    (B)           The
Partners of Stillwater MNF II shall, at the Closing, receive 23,250 ASSAC Series
A Preferred Shares, having a total Stated Value of $23,250,000.

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    (C)           Based
on the initial $7.50 per shares Conversion Price, the assumed number of
Conversion Shares at the Effective Time of the Merger would be 3,100,000 ASSAC
Ordinary Shares ($23.25 million divided by $7.50) and the assumed Conversion
Ratio would be 133.333 ASSAC Ordinary Shares for each of the 23,250 ASSAC
Preferred Shares, or 133.333:1.

     

    (D)           If
the Appraised NAV based on the NAV Appraisal of Stillwater MNF II reflects that
the Adjusted Purchase Value of Stillwater MNF II as at December 31, 2009 was, in
fact, only $20.0 Million, then the Merger consideration that should have been
payable to the Partners of Stillwater MNF II at the Closing is $20,000,000 and
not $23,250,000.  However, because of the minimum Adjusted Purchase
Value set forth in this Agreement, there would be no change in the Conversion
Shares issuable to the Partners of the Funds commencing on the Conversion
Date.

     

    (ii)           if
for example:

     

    (A)           The
Estimated NAV of the Stillwater MNF II at December 31, 2009 is $31.0 million,
than 100% of the Purchase Value of such Fund payable to the Partners of
Stillwater MNF II is $23.25 million.

     

    (B)           The
Partners of Stillwater MNF II shall, at the Closing, receive 23,250 ASSAC Series
A Preferred Shares, having a total Stated Value of $23,250,000.

     

    (C)           Based
on the initial $7.50 per shares Conversion Price, the assumed number of
Conversion Shares at the Effective Time of the Merger would be 3,100,000 ASSAC
Ordinary Shares ($23.25 million divided by $7.50) and the assumed Conversion
Ratio would be 133.333 ASSAC Ordinary Shares for each of the 23,250 ASSAC
Preferred Shares, or 133.333:1.

     

    (D)           If
the Appraised NAV based on the NAV Appraisal of Stillwater MNF II reflects that
the Adjusted Purchase Value of Stillwater MNF II as at December 31, 2009 was, in
fact, $31.0 Million, then the Merger Consideration that should have been payable
to the Partners of Stillwater MNF II at the Closing is $31,000,000 and not
$23,250,000.

     

    (E)           The
actual number of Conversion Shares issuable to all Partners of Stillwater MNF II
is then automatically adjusted upwards to 4,133,333 ASSAC Ordinary Shares ($31.0
million divided by $7.50), and the adjusted Conversion Ratio applicable to each
full ASSAC Series A Preferred Share would be 177.778 ASSAC Ordinary Shares for
each of the 23,250 ASSAC Preferred Shares, or 177.778:1 (4,133,333 Conversion
Shares divided by 23,250 ASSAC Series A Preferred Shares).

     

    In either
example, the number of ASSAC Series A Preferred Shares always remains fixed but
the Conversion Shares and Conversion Ratio change based upon the Adjusted
Purchase Value of the Funds.  In addition, the 5% dividend on the
ASSAC Series A Preferred Shares will also be payable in additional ASSAC
Ordinary Shares at the Conversion Date and will reflect the Adjusted Purchase
Price Values based upon the NAV Appraisals.   To avoid the
issuance of fractional Ordinary Shares, all Conversion Shares issuable pursuant
to this Agreement shall be rounded up or down to the nearest whole Ordinary
Share.

     

    
      
         

      

      
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    SECTION
2.10.           Delivery of Merger
Consideration Certificates.

     

    (a)           On
the Closing Date, ASSAC shall deliver to the General Partner of the Funds, one
(1) share certificate evidencing the aggregate number of ASSAC Series A
Preferred Shares issuable to all Partners of the Funds; in each case registered
in the name of “Stillwater Capital Partners, LLC, as General Partner of
[Stillwater MNF I][Stillwater MNF II][Stillwater Matrix]”, as applicable.
Following the Closing, the General Partner may, at its option either (i) hold
such share certificates for the benefit of such Partners pending the automatic
conversion of such Series A Preferred Shares into Conversion Shares as
contemplated pursuant to this Article II, or (ii) return such share certificates
to ASSAC together with the names and mailing addresses of each of the individual
Partners of the Funds and the number of ASSAC Series A Preferred Shares
allocated to each such Person (the “Partner
List”).  Within sixty (60) days of receipt of such certificates
and Partner List, ASSAC may, in the exercise of its sole discretion based upon
legal advice of counsel, distribute or direct the distribution of certificates
representing the applicable number of ASSAC Series A Preferred Shares to each
Partner.

     

    (b)           Following
the Conversion Date, ASSAC shall either deliver physical stock certificates
evidencing the Conversion Shares registered in the name of each individual
Partner, or deliver such certificates in electronic format by DTC or other
method, all as requested by the General Partner.

     

    SECTION
2.11.           Stillwater
Payment.      ASSAC shall pay all
consideration payable to Stillwater under the Stillwater Agreement on the
Closing Date of the Merger.  In addition, all investments of
Stillwater and/or SCP LLC in each of the Funds shall not be extinguished by
reason of the Merger and shall be treated in the same manner as the investments
of the Limited Partners of each of the Funds.

     

    ARTICLE
III.        REPRESENTATIONS AND
WARRANTIES OF THE ASSAC PARTIES

     

    Each of
the ASSAC Parties, jointly and severally, represents and warrants to the
Stillwater Parties that as of the date of this Agreement and as of the Closing
Date (as though made then and as though the Closing Date were substituted for
the date of this Agreement):

     

    SECTION
3.1.           Incorporation; Power and
Authority.  ASSAC is duly organized, validly existing and in
good standing under the laws of the Cayman Islands.  Mergerco is duly
organized, validly existing and in good standing under the laws of the State of
Delaware.  Each of the ASSAC Parties has (a) the corporate or
partnership power and authority to own and operate its business as presently
conducted and (b) all necessary power and authority to execute, deliver and
perform this Agreement and the Ancillary Agreements to which it will become a
party.

     

    SECTION
3.2.           Valid and Binding
Agreements.

     

    (a)           The
execution, delivery and performance by each of the ASSAC Parties of this
Agreement and the Ancillary Agreements to which it will become a party have been
duly and validly authorized by all necessary corporate or equivalent
action.  This Agreement has been duly executed and delivered by each
of the ASSAC Parties and constitutes the valid and binding obligation of each of
the ASSAC Parties, enforceable against each of them in accordance with its
terms, subject to the Remedies Exception.  Each Ancillary Agreement to
which an ASSAC Party will become a party, when executed and delivered by or on
behalf of ASSAC, will constitute the valid and binding obligation of such ASSAC
Parties, enforceable against it in accordance with its terms, subject to the
Remedies Exception.

     

    (b)           Mergerco
has been formed solely for the purpose of entering into this Agreement, the
Ancillary Agreements and consummating the Merger.  Except for the
foregoing, Mergerco has no assets or liabilities and has conducted no business
and will conduct no business prior to the Closing Date.

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    SECTION
3.3.           SEC
Filings.

     

    (a)           ASSAC
is a “foreign private issuer” (as such term is defined in Rule 3b-4 promulgated
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) and
has timely filed and is current in its filing of all periodic and other reports,
schedules, statements and other documents (collectively, the “SEC Reports”) it is
required to file with the Securities and Exchange Commission (“SEC”) under the
Exchange Act.   To its Knowledge, none of the SEC Reports filed
by ASSAC are currently being reviewed by the SEC and ASSAC has not received any
letter of comments from the SEC that it has not, as yet, fully responded
to.

     

    (b)           Each
of the SEC Reports was prepared and complied in all material respects with the
applicable requirements of the Securities Act of 1933, as amended, the Exchange
Act, the Sarbanes-Oxley Act of 2002, as amended, and any other Law applicable to
the SEC Reports as in effect at the time it was filed or furnished (or, in the
case of any registration statement or proxy statement, on the date of
effectiveness or the date of mailing, respectively, and in the case of any SEC
Report amended or superseded by a filing prior to the date of this Agreement,
then on the date of such amending or superseding filings).  As of
their respective dated of filing, effectiveness or mailing, as applicable (or,
if amended or supplemented, as of the dates of such amendments or supplements)
the SEC Reports did not contain any untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the
statements made therein, in light of the circumstances in which they were made,
not misleading.

     

    (c)           ASSAC
has been and is in compliance with the applicable listing, corporate governance
and other applicable rules and regulations of the American Stock Exchange,
Inc.

     

    (d)           ASSAC
has established and maintains disclosure controls and procedures required by
Exchange Act Rules 13a-14 and 15d-14.  Such disclosure controls and
procedures are adequate and effective to ensure that information required to be
disclosed by ASSAC is recorded and reported on a timely basis to its chief
executive officer and chief financial officer by others within those
entities.

     

    (e)           Each
of the consolidated financial statements of ASSAC contained in the SEC Reports
(the “ASSAC Financial
Statements”), together with the related schedules and notes thereto,
complied as to form in all material respects, as of the date of filing with the
SEC, with applicable accounting requirements and the published rules and
regulations of the SEC with respect thereto, and fairly presents, in all
material respects, the financial position of ASSAC as of the dates indicated and
the statement of operations and stockholders’ equity and cash flows of ASSAC for
the periods then ended.  The ASSAC Financial Statements have been
prepared in accordance with GAAP, applied on a consistent basis throughout the
periods involved (except, in the case of unaudited quarterly financial
statements, subject to normal year-end adjustments consistent with
GAAP).

     

    (f)           The
ASSAC Ordinary Shares are registered pursuant to Section 12(g) of the Exchange
Act and no action has been taken or, to the Knowledge of the ASSAC Parties, is
contemplated, and no proceeding is pending or has been threatened in writing
that would result in the suspension, cancellation or termination of such
registration.

     

    SECTION
3.4.           No Breach;
Consents.  The execution, delivery and performance by the ASSAC
Parties of this Agreement and the Ancillary Agreements to which either or both
of the ASSAC Parties will become a party will not (a) contravene any provision
of the Organizational Documents, if any, of the ASSAC Parties or the
Registration Statement on Form S-1 (Registration No. 333-145163) declared
effective by the SEC on January 16, 2008 (the “Registration
Statement”) or the definitive prospectus included therein; (b) violate or
conflict with any Law, Governmental Order Governmental Authorization or the
rules and regulations of the American Stock Exchange; (c) conflict with, result
in any breach of any of the provisions of, constitute a default (or any event
that would, with the passage of time or the giving of notice or both, constitute
a default) under, result in a violation of, increase the burdens under, result
in the termination, amendment, suspension, modification, abandonment or
acceleration of payment (or any right to terminate) or require a Consent,
including any Consent under any Contract or Governmental Authorization that is
either binding upon or enforceable against the ASSAC Parties or any Governmental
Authorization that is held by the ASSAC Parties; (d) require any Governmental
Authorization; (e) give any Governmental Entity or other Person the right to
challenge any of the contemplated transactions or to exercise any remedy or
obtain any relief under any Law, Governmental Order or Governmental
Authorization; (f) cause the Stillwater Parties to become subject to, or to
become liable for the payment of, any Tax; or (g) result on the creation or
imposition of any Encumbrance.

    
      
         

      

      
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    SECTION
3.5.           ASSAC Shareholder
Approvals.       ASSAC shall use
commercially reasonable efforts to obtain all Required Consents and the ASSAC
Shareholder Approval required pursuant to this Agreement.

     

    SECTION
3.6.           Brokerage.  Except
as set forth on Schedule 3.6 hereto,
none of the ASSAC Parties is required to pay any finders fee or other brokerage
commissions in connection with the transactions contemplated by this Agreement
and the Ancillary Agreements.

     

    SECTION
3.7.           Capitalization.     ASSAC
is duly authorized to issue the ASSAC Ordinary Shares and the ASSAC Preferred
Shares pursuant to its Organizational Documents.  As at September 30,
2009, (a) an aggregate of 14,000,000 Ordinary Shares were issued and
outstanding, (b) no Preferred Shares were issued and outstanding, and (c)
warrants to issue an aggregate of 18,000,000 Ordinary Shares, at exercise prices
of $7.50 per share (of which warrants to issue 5,725,000 Ordinary Shares have
“cashless exercise” provisions) were issued and
outstanding.   Since September 30, 2009, ASSAC sold and issued
the ASSAC Executive Shares and has not issued or sold any other
security.

     

    SECTION
3.8.           Board of Directors
Authorization.   The board of directors of ASSAC has duly
authorized the issuance of the ASSAC Series A Preferred Shares and Conversion
Shares pursuant to this Agreement and the Additional Acquisition Agreements,
subject at all times to ASSAC obtaining the ASSAC Shareholder Approval required
hereby.

     

    SECTION
3.9.           No Material Adverse
Changes.  Since September 30, 2009 there has not
been:

     

    (a)           any
material adverse change in the financial position of ASSAC, except changes
arising in the ordinary course of business, which changes will in no event
materially and adversely affect the financial position of ASSAC;

     

    (b)           any
damage, destruction or loss materially affecting the assets, prospective
business, operations or condition (financial or otherwise) of ASSAC whether or
not covered by insurance;

     

    (c)           any
declaration, setting aside or payment of any dividend or distribution with
respect to any redemption or repurchase of the capital stock of
ASSAC;

     

    (d)           any
sale of an asset (other than in the ordinary course of business) or any mortgage
or pledge by ASSAC of any of its properties or assets; or

     

    (e)           any
adoption of a pension, profit sharing, retirement, stock bonus, stock option or
similar plan or arrangement.

    
      
         

      

      
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    SECTION
3.10.           Taxes.  ASSAC
timely filed, or has caused to be timely filed on its behalf, all applicable tax
returns required to be filed by it, and all such tax returns are true, complete
and accurate, except to the extent any failure to file or any inaccuracies in
any filed tax returns, individually or in the aggregate, have not had and would
not reasonably be expected to have a Material Adverse Effect on
ASSAC.  All Taxes shown to be due on such tax returns, or otherwise
owed, has been timely paid, except to the extent that any failure to pay,
individually or in the aggregate, has not had and would not reasonably be
expected to have a Material Adverse Effect on ASSAC.

     

    SECTION
3.11.           Compliance with
Laws.  ASSAC has complied with all requirements of Law
applicable to it or its business which, if not complied with, would have a
Material Adverse Effect on ASSAC.

     

    SECTION
3.12.           No
Breach.  The execution, delivery and performance of this
Agreement and the Ancillary Agreements and the consummation of the transactions
contemplated hereby and thereby will not:

     

    (a)           violate
any provision of the Organizational Documents of ASSAC;

     

    (b)           violate,
conflict with or result in the breach of any of the terms of, result in a
material modification of, otherwise give any other contracting party the right
to terminate, or constitute (or with notice or lapse of time, or both
constitute) a default under any Contract to which ASSAC is a party or by or to
which it or any of its assets or properties may be bound or subject or result in
the creation of any Encumbrance (other than Permitted Encumbrances) on the
assets or properties of ASSAC; or

     

    (c)           violate
any requirements of Law against, or binding upon,  ASSAC or upon the
properties or business of  ASSAC or applicable to the transactions
contemplated herein.

     

    SECTION
3.13.           Actions and
Proceedings.   Except as set forth in the SEC Reports,
ASSAC is not a party to any pending litigation or, to its Knowledge, any
governmental investigation or proceeding not reflected in the ASSAC Financial
Statements, and to the Knowledge of ASSAC, no material litigation, claims,
assessments or non-governmental proceedings is threatened against
it.

     

    SECTION
3.14.           Material
Contracts.       This Agreement, the
Additional Acquisition Agreements, the Ancillary Agreements, the exhibits filed
with the Registration Statement (the original filing and all amendments thereto)
and with the SEC Reports include all material Contracts to which ASSAC is
currently a party (collectively, the “ASSAC
Contracts”).  Each such ASSAC Contract: (a) is a valid and
binding agreement, (b) is in full force and effect, and (c) neither ASSAC nor,
to the Knowledge of ASSAC, any other party thereto is in breach or default
(whether with or without the passage of time or the giving of notice or both)
under the terms of any such Contract would have a Material Adverse Effect on
ASSAC or its assets and properties. ASSAC has not assigned, delegated, or
otherwise transferred any of their rights or obligations with respect to any
such ASSAC Contracts, or granted any power of attorney with respect thereto.
ASSAC has given or otherwise made available to Stillwater a true and correct
fully executed copy of each material ASSAC Contract.

     

    SECTION
3.15.           Affiliated
Transactions.     Except as set forth in the
ASSAC Contracts or disclosed in the Registration Statement or SEC Reports, there
does not exist any transaction between ASSAC or any officer, director,
shareholder or other Affiliate of ASSAC.

     

    SECTION
3.16.           Trust
Account.    ASSAC currently maintains the sum of
$115.0 Million in the Trust Account.

    
      
         

      

      
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    ARTICLE
IV.      REPRESENTATIONS AND WARRANTIES OF THE
STILLWATER PARTIES

     

    Each of
the Stillwater Parties jointly and severally represents and warrants to the
ASSAC Parties that as of the date of this Agreement and as of the Closing Date
(as though made then and as though the Closing Date were substituted for the
date of this Agreement):

     

    SECTION
4.1.       Incorporation; Power and
Authority.  Each of Stillwater and the General Partner is a
corporation or limited liability company, as applicable, duly organized, validly
existing and in good standing under the Laws of the State of New York or
Delaware, respectively, with all necessary power and authority to execute,
deliver and perform this Agreement and the Ancillary Agreements to which it will
become a party.  The Funds is a limited partnership or limited
liability company, duly organized, validly existing and in good standing under
the Laws of the State of Delaware, with all necessary power and authority to
execute, deliver and perform this Agreement and the Ancillary Agreements to
which it will become a party.

     

    SECTION
4.2.      Valid and Binding
Agreement.

     

    (a)           The
execution, delivery and performance by each of the Stillwater Parties of this
Agreement and the Ancillary Agreements to which it will become a party have been
duly and validly authorized by all necessary corporate or company action, as
applicable.

     

    (b)           This
Agreement has been duly executed and delivered by each of the Stillwater Parties
and constitutes the valid and binding obligation of each of the Stillwater
Parties, enforceable against them in accordance with its terms, subject to the
Remedies Exception.  Each Ancillary Agreement to which any one or more
of the Stillwater Parties will become a party, when executed and delivered by
such entities, will constitute the valid and binding obligation of such
entities, enforceable against them in accordance with its terms, subject to the
Remedies Exception.

     

    SECTION
4.3.       No Breach;
Consents.  The execution, delivery and performance of this
Agreement and the Ancillary Agreements to which it will become a party by each
of the Stillwater Parties will not (a) to the extent applicable, contravene any
provision of the Organizational Documents of such entities; (b) violate or
conflict with any Law, Governmental Order or Governmental Authority; (c)
conflict with, result in any breach of any of the provisions of, constitute a
default (or any event that would, with the passage of time or the giving of
notice or both, constitute a default) under, result in a violation of, increase
the burdens under, result in the termination, amendment, suspension,
modification, abandonment or acceleration of payment (or any right to terminate)
or except for the Stillwater Partner Consents, require a Consent, including any
Consent under any Contract or Governmental Authorization that is either binding
upon or enforceable against any of the Stillwater Parties; or (e) require any
Governmental Authorization; or (e) result on the creation or imposition of any
Encumbrance.

     

    SECTION
4.4.    Financial Statements, Books
and Records.

     

    (a)           Schedule 4.4 consists
of (i) the audited financial statements (balance sheet, income statement,
statements of cash flows and owners equity and notes thereto) of the Funds as of
December 31, 2006 and December 31, 2007 and for the fiscal year then ended (the
“2006 and 2007
Financial Statements”), (ii) the unaudited financial statements (balance
sheet, income statement, statements of cash flows and owners equity and notes
thereto) of the Funds as of December 31, 2008 and for the fiscal year then ended
(the “2008 Financial
Statements”), and (iii) the unaudited combined balance sheet and
statement of income of the Funds for the comparative fiscal quarters ended
September 30, 2009 and September 30, 2008 (the “Interim Financial
Statements” and with the 2006 and 2007 Financial Statements and the 2008
Financial Statements, collectively, the “Financial
Statements”); and in each case (other than the 2009 Financial Statements)
all underlying information has been submitted to an accounting firm (the “Stillwater
Accountants”) that is certified by the Public Company Accounting
Oversight Board (“PCAOB”).

    
      
         

      

      
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    (b)           On
or before June 30, 2010, the Stillwater Parties will have delivered to ASSAC the
audit of the 2008 Financial Statements accompanied by the unqualified audit
opinion of the Stillwater Accountants.

     

    (c)           On
or before January 15, 2010, the Stillwater Parties will have delivered to ASSAC
a letter from the Stillwater Accountants (the “Accountants Letter”),
to the effect that the audited financial statements (balance sheet, income
statement, statements of cash flows and owners equity and notes thereto) of the
Funds as of December 31, 2009 and the fiscal year then ended (the “2009 Financial
Statements”) can be audited by such Stillwater Accountants, and (iii)
that, subject to timely receipt of the NAV Appraisals and other qualifications
contained therein, such audit can be completed by June 30, 2010.  In
addition, the Stillwater Parties have issued to the Stillwater Accountants a
direction to complete the audit of the aforesaid 2009 Financial
Statements.

     

    (d)           The
Financial Statements fairly represent the financial position of the Stillwater
Parties as at such dates and the results of their operations for the periods
then ended.  The Financial Statements were prepared in accordance with
generally accepted accounting principles (“GAAP”) applied on a
consistent basis with prior periods except as otherwise stated
therein.

     

    (e)           All
accounts, books and ledgers of the Funds have been properly and accurately kept
and completed in all material respects on a basis consistent with those of
preceding accounting periods, and there are no material inaccuracies or
discrepancies of any kind contained or reflected therein.  The books
and records fairly and correctly set out and disclose, in all material respects,
the current financial position and condition of the Funds. All financial
transactions involving the Funds have been accurately recorded in the books and
records and all such transactions represent actual, bona fide
transactions.

     

    (f)           As
at September 30, 2009, to the Knowledge of the Stillwater Parties, the Estimated
NAV of Stillwater MNF I was $3.2 million, the Estimated NAV of Stillwater MNF II
was $31.0 million and the Estimated NAV of Stillwater Matrix was $12.3
million.  The General Partner and Stillwater anticipate that as at
December 31, 2009, the Estimated NAV of Stillwater MNF I will be not less than
$3.2 million, the Estimated NAV of Stillwater MNF II will be not less than $31.0
million and the Estimated NAV of Stillwater Matrix will be not less than $12.3
million.

     

    SECTION
4.5.           Subsidiaries, Partnerships,
Joint Ventures.

     

    Except as
reflected on Schedule
4.5 hereto or with respect to holding companies wholly owned by the Funds
used to hold assets of the Funds and for no other business purpose, the Funds do
not have any Subsidiaries and do not own of record or beneficially, directly or
indirectly, (i) any shares of capital stock or securities convertible into
capital stock of any other corporation or (ii) any participating interest in any
partnership, joint venture, limited liability company or other non-corporate
business enterprise and does not control, directly or indirectly, any other
Person.

     

    SECTION
4.6.           No Material Adverse
Changes.  Except as otherwise described on Schedule 4.5 hereto,
since the date of the most recent Financial Statements there has not
been:

     

    (i)           any
material adverse change in the financial position of the Stillwater Parties,
except changes arising in the ordinary course of business, which changes will in
no event materially and adversely affect the financial position of the
Stillwater Parties;

    
      
         

      

      
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    (ii)           any
damage, destruction or loss materially affecting the assets, prospective
business, operations or condition (financial or otherwise) of the Stillwater
Parties whether or not covered by insurance;

     

    (iii)           any
declaration, setting aside or payment of any dividend or distribution with
respect to any redemption or repurchase of the equity interests of any of the
Stillwater Parties;

     

    (iv)           any
sale of an asset (other than in the ordinary course of business) or any mortgage
or pledge by any of the Stillwater Parties of any of their properties or assets;
or

     

    (v)           any
adoption of a pension, profit sharing, retirement, stock bonus, stock option or
similar plan or arrangement.

     

    SECTION
4.7.           Taxes.  Each
of the Stillwater Parties has timely filed, or has caused to be timely filed on
its behalf, all applicable tax returns required to be filed by it, and all such
tax returns are true, complete and accurate, except to the extent any failure to
file or any inaccuracies in any filed tax returns, individually or in the
aggregate, have not had and would not reasonably be expected to have a Material
Adverse Effect on such Stillwater Party.  All Taxes shown to be due on
such tax returns, or otherwise owed, has been timely paid, except to the extent
that any failure to pay, individually or in the aggregate, has not had and would
not reasonably be expected to have a Material Adverse Effect on any of the
Stillwater Parties.

     

    SECTION
4.8.           Compliance with
Laws.  Each of the Stillwater Parties has complied with all
requirements of Law applicable to it or its business which, if not complied
with, would have a Material Adverse Effect on the Stillwater
Parties.

     

    SECTION
4.9.           No
Breach.  The execution, delivery and performance of this
Agreement and the Ancillary Agreements and the consummation of the transactions
contemplated hereby and thereby will not:

     

    (a)           violate
any provision of the Organizational Documents of any of the Stillwater
Parties;

     

    (b)           violate,
conflict with or result in the breach of any of the terms of, result in a
material modification of, otherwise give any other contracting party the right
to terminate, or constitute (or with notice or lapse of time, or both
constitute) a default under any Contract to which the Stillwater Parties are a
party or by or to which they or any of their assets or properties may be bound
or subject or result in the creation of any Encumbrance (other than Permitted
Encumbrances) on the assets or properties of the Stillwater Parties;
or

     

    (c)           violate
any requirements of Law against, or binding upon,  the Stillwater Parties
or upon the properties or business of  the Stillwater Parties or applicable
to the transactions contemplated herein.

     

    SECTION
4.10.           Actions and
Proceedings.   Except as set forth on Schedule 4.10, none
of the Funds is a party to any material pending litigation or, to the Knowledge
of the Stillwater Parties, any governmental investigation or proceeding not
reflected in the Financial Statements, and to the Knowledge of the Stillwater
Parties, no material litigation, claims, assessments or non-governmental
proceedings is threatened against either of the Funds.

    
      
         

      

      
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    SECTION
4.11.           Agreements.  Schedule 4.11 sets
forth each material Contract to which each of the Funds is a party or by or to
which it or its assets, properties or business are bound or subject. Each such
Contract: (a) is a valid and binding agreement, (b) is in full force and effect,
and (c) neither the Stillwater Parties nor, to the Knowledge of the
Stillwater Parties, any other party thereto is in breach or default (whether
with or without the passage of time or the giving of notice or both) under the
terms of any such Contract. The Stillwater Parties have not assigned, delegated,
or otherwise transferred any of their rights or obligations with respect to any
such contracts or arrangements, or granted any power of attorney with respect
thereto. The Stillwater Parties have given or otherwise made available a true
and correct fully executed copy of each material Contract to ASSAC.

     

    SECTION
4.12.           Redemption
Claims.      Schedule 4.12 sets
forth the names of each Limited Partner, of the Funds who is owed amounts under
outstanding Redemption Claims, (ii) the amount of each such Redemption Claim,
and (iii) whether such Redemption Claim can be satisfied by the payment of
consideration other than cash.  Except as set forth on Schedule 4.12, to the
Knowledge of the Stillwater Parties no other Redemption Claims are
pending.

     

    SECTION
4.13.           Intellectual
Property.  Each of the Stillwater Parties has or has rights to
use, all patents, patent applications, trademarks, trademark applications,
service marks, trade names, copyrights, licenses and other similar rights (the
“Intellectual Property
Rights”) that are necessary or material for use in connection with its
businesses and which the failure to so have could, individually or in the
aggregate, have or reasonably be expected to result in a Material Adverse Effect
on the Stillwater Parties.  To the Knowledge of the Stillwater
Parties, none of the Stillwater Parties have received a written notice that such
Intellectual Property Rights used by it violates or infringes upon the rights of
any Person. To the Knowledge of the Stillwater Parties, (a) all such
Intellectual Property Rights are enforceable and (b) there is no existing
infringement by another Person of any of such Intellectual Property
Rights.

     

    SECTION
4.14.           Tangible
Assets.  The Stillwater Parties have full title and interest in
all machinery, equipment, furniture, leasehold improvements, fixtures, projects,
owned or leased by  the Stillwater Parties, any related capitalized items
or other tangible property material to the business of the Stillwater Parties
(the “Tangible
Assets”).   Each of the Stillwater Parties holds all
right, title and interest in all the Tangible Assets owned by it as set forth on
the Financial Statements or acquired by it after the date of the Financial
Statements free and clear of all Encumbrances, except Permitted
Encumbrances.  All of the Tangible Assets are in good operating
condition and repair and are usable in the ordinary course of business of the
Stillwater Parties.

     

    SECTION
4.15.           Liabilities.   None
of the Funds has any material Liabilities which are not fully, fairly and
adequately reflected on the Financial Statements.

     

    SECTION
4.16.           Operations of  the
Funds.  From September 30, 2009 through the Closing Date,
except as disclosed on Schedule 4.16 or the
Financial Statements, none of the Funds have or will have:

     

    (a)           declared
or paid any dividend or declared or made any distribution of any kind to any
shareholder, Limited Partner, or made any direct or indirect redemption,
retirement, purchase or other acquisition of any shares in its membership
interests;

     

    (b)           except
in the ordinary course of business, incurred or assumed any indebtedness or
liability (whether or not currently due and payable);

     

    (c)           disposed
of any assets except in the ordinary course of business;

     

    (d)           materially
increased the annual level of compensation of any executive
employee;

     

    
      
         

      

      
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    (e)           adopted,
increased, terminated, amended or otherwise modified any plan for the benefit of
its employees; or

     

    (f)           issued
any equity securities or rights to acquire such equity securities.

     

    SECTION
4.17.           Permits.  Each
of the Stillwater Parties has all material permits, licenses, authorizations,
orders and approvals of, and has made all filings, applications and
registrations with, all Governmental Authorities that are required in order to
permit it to own or lease its properties and to conduct its business as
presently conducted (the “Permits”); all such
Permits are in full force and effect and, to the Knowledge of the Stillwater
Parties, no suspension or cancellation of any such Permit is threatened or will
result from the consummation of the transactions contemplated by this Agreement
and the other Ancillary Agreements or the transactions contemplated hereby and
thereby.

     

    SECTION
4.18.           Employment
Matters.  None of the Funds have had or currently have any
employees.  Each of the General Partner and Stillwater has complied in
all material respects with all applicable requirements of Law relating to
employment or labor.  To the Knowledge of the Stillwater Entities, no
present or former employee, officer or director of the Stillwater Parties has,
or shall have at the Closing Date, any claim against the Stillwater Parties for
any matter including, without limitation, for wages, salary, vacation,
severance, or sick pay except for the same incurred in the ordinary course of
business for the last payroll period prior to the Closing Date. There is no: (a)
charge or complaint against the Stillwater Parties alleging a violation of any
requirements of Law relating to employment or labor, including any charge or
complaint filed with the National Labor Relations Board or any comparable
Governmental Authority, (b) pending labor strike, slowdown, work stoppage or
other material labor trouble affecting the Stillwater Parties and there has not
been any of the forgoing during the past three years, (c) pending representation
question respecting the employees of the Stillwater Parties, or (d) pending
arbitration proceeding arising out of or under any collective bargaining
agreement to which the Stillwater Parties is a party.  In addition, to
the Knowledge of the Stillwater Parties: (i) none of the matters specified in
clauses (a) through (d) above is threatened against the Stillwater Parties; (ii)
no union organizing activities have taken place with respect to the Stillwater
Parties; and (iii) no basis exists for which a claim may be made under any
collective bargaining agreement to which the Stillwater Parties is a
party.  The General Partner and Stillwater maintain a health insurance
plan, but do not offer or participate in any other employment benefit
plans.

     

    SECTION
4.19.           Insurance.  Each
of the Stillwater Parties has in effect insurance of the type and amount
customary for the conduct of its business and has paid all insurance policy
premiums due and has otherwise performed all of its obligations under each
insurance policy to which it is a party.

     

    SECTION
4.20.           Brokers or
Finders.  Other than as described in the Stillwater Agreement,
no broker’s or finder’s fee will be payable by the Stillwater Parties in
connection with the transactions contemplated by this Agreement.

     

    SECTION
4.21.           Securities Law
Matters.  The ASSAC Series A Preferred Shares and any
Conversion Shares (collectively, the “ASSAC Securities”) to
be acquired by any of the Stillwater Parties, or by the Partners of the Funds,
are being acquired for the account of such Persons with no intention of
distributing or reselling such securities or any part thereof in any transaction
that would be in violation of the registration requirements of the Securities
Act and applicable state securities laws.  Until registered for resale
under the Securities Act, if any recipient of the ASSAC Securities who is a
signatory to this Agreement should in the future decide to dispose of any of
such ASSAC Securities, such Person may do so only in compliance with the
registration requirements of the Securities Act and applicable state securities
laws, as then in effect.  Each of the Stillwater Parties agrees that
all certificates evidencing ASSAC Securities to be issued in connection with the
Merger and other transactions contemplated hereby shall contain the imprinting,
so long as required by law, of a legend on certificates representing such ASSAC
Securities to the following effect:

     

    
      
         

      

      
        23

        
          

        

      

      
         

      

    

    “THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY
STATE.  THE SECURITIES MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES
LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF SUCH ACT AND SUCH LAWS.

    THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS AND
CONDITIONS OF A REGISTRATION RIGHTS AGREEMENT DATED JANUARY _____,
2010.  A COPY OF SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL EXECUTIVE
OFFICE OF ASIA SPECIAL SITUATION ACQUISITION CORP. AND ASIA SPECIAL SITUATION
ACQUISITION CORP. WILL FURNISH COPIES OF SUCH AGREEMENT TO THE HOLDER OF THIS
CERTIFICATE UPON REQUEST AND WITHOUT CHARGE.”

    

    ARTICLE
V.   POST-CLOSING COVENANTS

     

    SECTION
5.1.           Contribution to
Capital. On the Closing Date, and immediately following consummation of
the Merger and its acquisition of Northstar or Allied Provident pursuant to the
applicable Additional Acquisition Agreement, ASSAC shall contribute all, and not
less than all, of the Limited Partnership Interests of the Surviving Entity
owned of record by ASSAC as a result of the Merger to the capital of either or
both of the following Persons, as determined by ASSAC in the exercise of its
sole discretion: (a) Northstar Re Bermuda and/or Northstar Re Ireland (both
Subsidiaries of Northstar), or (b) Allied Provident, all as shall be determined
by ASSAC.

     

    SECTION
5.2.           Boards of Directors of ASSAC
and Investment Committee.

     

    (a)           From
and after the Closing Date, ASSAC shall use its best efforts to cause to be
elected to the Board of Directors of ASSAC, and by their execution of this
Agreement, each of (i) the Stillwater Parties, (ii) Noble Investment Fund
Limited, and (iii) Allius Ltd. and their Affiliates agree to vote all of the
ASSAC Ordinary Shares and all ASSAC Series A Preferred Shares, as applicable,
owned of record by them at each general shareholders meeting of ASSAC in favor
of the election to the Board of Directors of ASSAC of one (1) Person designated
by Stillwater (the “Stillwater Designee”)
and not less than five (5) other Persons who shall be designated by the members
of the ASSAC Board of Directors (the “ASSAC
Designees”).  The ASSAC Designees to the Board of Directors of
ASSAC shall be set forth in the ASSAC Proxy Statement.  All of Richard
Rudy, Jack Doueck and the Stillwater Designee (if other than either of the
aforementioned Persons) shall be included under ASSAC’s officer/director
liability policy in effect from time to time, commencing on the Closing
Date.

     

    (b)           From
and after the Closing Date and for a period through and including March 31,
2013, the General Partner shall establish a three (3) Person investment
committee, in accordance with the terms of the Management
Agreement.

     

    SECTION
5.3.           Registration of Conversion
Shares.       Following the Closing
Date, ASSAC shall use its commercially reasonable efforts to cause the
Registration Statement (as that term is defined in the Registration Rights
Agreement) to be declared effective by the Securities and Exchange Commission
and shall otherwise comply with all of its covenants and agreements contained in
the Registration Rights Agreement.

    
      
         

      

      
        24

        
          

        

      

      
         

      

    

    SECTION
5.4.           Payment of Affiliated
Obligations.       As at the Closing
Date, the aggregate amount of all Affiliated Obligations owed by Stillwater MNF
I shall not exceed $20,000, the aggregate amount of all Affiliated Obligations
owed by Stillwater MNF II shall not exceed $0.00, and the aggregate amount of
all Affiliated Obligations owed by Stillwater Matrix shall not exceed
$0.00.  Following the Closing Date, the Surviving Entity shall
commence to repay such Affiliated Obligations only after all Redemption Claims
as at the Closing Date shall have been paid in full, and  then in
accordance with the applicable provisions of the Management
Agreement.

     

    SECTION
5.5.           Rescission.        All
or certain of the transactions contemplated by this Agreement may be subject to
rescission prior to the Conversion Date, all as contemplated by the ASSAC
Restated Articles or ASSAC Series A Preferred Certificate of
Designations.

     

    ARTICLE
VI.            CONDITIONS
TO CLOSING

     

    SECTION
6.1.           Conditions to Stillwater
Parties' Obligations.  The obligation of the Stillwater Parties
to take the actions required to be taken by them at the Closing is subject to
the satisfaction or waiver, in whole or in part, in their sole discretion, of
each of the following conditions at or prior to the Closing:

     

    (a)           The
representations and warranties of the ASSAC Parties set forth in Article III
will be true and correct as of the Closing Date as though then made and as
though the Closing Date had been substituted for the date of this Agreement in
such representations and warranties (without taking into account any
supplemental disclosures after the date of this Agreement by the ASSAC Parties
or the discovery of information by the Stillwater Parties.

     

    (b)           Each
of the ASSAC Parties will have performed and complied with each of their
agreements contained in this Agreement that can be performed and complied with
at or prior to the Closing;

     

    (c)           Each
Required Consent required to be obtained by the ASSAC Parties will have been
obtained and be in full force and effect and such actions as the Stillwater
Parties’ counsel may reasonably require will have been taken in connection
therewith;

     

    (d)           All
of the requisite ASSAC Shareholder Approvals shall have been obtained a the
ASSAC Shareholders Meeting;

     

    (e)           Holders
of greater than 34.99% of the outstanding ASSAC publicly traded Ordinary Shares
have not voted against the Merger and other transactions contemplated by this
Agreement and advised ASSAC of their desire to redeem their
investment;

     

    (f)           Pursuant
to the terms and conditions of all or certain of the Additional Acquisition
Agreements, ASSAC shall have consummated the acquisition of such of the Funds
and/or the Additional Stillwater Funds that shall have an aggregate Net Asset
Value of not less than $100.0 million;

     

    (g)           ASSAC
shall have consummated the acquisition of either or both of the Amalphis
Exchange Shares and/or all of the equity of Northstar pursuant to the terms and
conditions of either or both of the Amalphis Purchase Agreement and/or the
Northstar Merger Agreement, respectively;

     

    (h)           The
Stillwater Parties will have received evidence reasonably satisfactory to them
that no Litigation is pending or threatened (i) challenging or seeking to
prevent or delay consummation of any of the transactions contemplated by this
Agreement, or (ii) asserting the illegality of or seeking to render
unenforceable any material provision of this Agreement, any of the Ancillary
Agreements or the relevant Additional Acquisition Agreements;

    
      
         

      

      
        25

        
          

        

      

      
         

      

    

    (i)           The
ASSAC Parties shall have executed and delivered all of the Ancillary Agreements
to which it is a Party; and

     

    (j)           No
Law or Governmental Order will have been enacted, entered, enforced,
promulgated, issued or deemed applicable to the transactions contemplated by
this Agreement by any Governmental Entity that would reasonably be expected to
result, directly or indirectly, in any Material Adverse Effect with respect to
the ASSAC Parties.

     

    SECTION
6.2.           Conditions to ASSAC Parties'
Obligations.  The obligation of the ASSAC Parties to take the
actions required to be taken by them at the Closing is subject to the
satisfaction or waiver, in whole or in part, in the sole discretion of the ASSAC
Parties, of each of the following conditions at or prior to the
Closing:

     

    (a)           The
representations and warranties of the Stillwater Parties set forth in Article IV
will be true and correct in all material respects as of the Closing Date as
though then made and as though the Closing Date had been substituted for the
date of this Agreement in such representations and warranties;

     

    (b)           Each
of the Stillwater Parties will have performed and complied with each of their
agreements contained in this Agreement that can be performed and complied with
at or prior to the Closing;

     

    (c)           Each
Required Consent required to be obtained by the Stillwater Parties will have
been obtained and be in full force and effect and such actions as the ASSAC
Parties’ counsel may reasonably require will have been taken in connection
therewith;

     

    (d)           All
of the requisite ASSAC Shareholder Approvals shall have been obtained a the
ASSAC Shareholders Meeting;

     

    (e)           Holders
of greater than 34.99% of the outstanding ASSAC publicly traded Ordinary Shares
have not voted against the Merger and other transactions contemplated by this
Agreement and advised ASSAC of their desire to redeem their
investment;

     

    (f)           Pursuant
to the terms and conditions or all of certain of the Additional Acquisition
Agreements, ASSAC shall have consummated the acquisition of such of the Funds
and/or the Additional Funds that shall have an aggregate Net Asset Value of not
less than $100.0 million;

     

    (g)           ASSAC
shall have consummated the acquisition of either or both of the Amalphis
Exchange Shares and/or all of the equity of Northstar pursuant to the terms and
conditions of either or both of the Amalphis Purchase Agreement and/or the
Northstar Merger Agreement, respectively;

     

    (h)           The
Stillwater Parties will have received evidence satisfactory to them that no
Litigation is pending or threatened (i) challenging or seeking to prevent or
delay consummation of any of the transactions contemplated by this Agreement, or
(ii) asserting the illegality of or seeking to render unenforceable any material
provision of this Agreement, any of the Ancillary Agreements or the relevant
Additional Acquisition Agreements;

    
      
         

      

      
        26

        
          

        

      

      
         

      

    

    (i)           ASSAC
will have received evidence reasonably satisfactory to it that no Litigation is
pending or threatened (i) challenging or seeking to prevent or delay
consummation of any of the transactions contemplated by this Agreement, or (ii)
asserting the illegality of or seeking to render unenforceable any material
provision of this Agreement, any of the Ancillary Agreements or any Additional
Acquisition Agreements;

     

    (j)           The
applicable Stillwater Parties shall have executed and delivered all of the
Ancillary Agreements to which it or they is a Party; and

     

    (k)           No
Law or Governmental Order will have been enacted, entered, enforced,
promulgated, issued or deemed applicable to the transactions contemplated by
this Agreement by any Governmental Entity that would reasonably be expected to
result, directly or indirectly, in any Material Adverse Effect with respect to
the Stillwater Parties.

     

    SECTION
6.3.           Waiver of
Certain Mergers and Additional Acquisitions.

     

    Notwithstanding
anything to the contrary, express or implied, set forth above in this Article VI
or elsewhere in this Agreement, in the event and to the extent that any one or
more of the Funds or any Additional Stillwater Funds are Non-Performing Funds,
on the Closing Date ASSAC may nonetheless elect to (a) consummate the Merger
contemplated hereby with respect to Funds that are not Non-Performing Funds, and
(b) with respect to any of the Additional Acquisition Agreements, elect to
either (i) not acquire the equity or assets of any such Non-Performing Fund(s),
or (ii) defer the closing date of such acquisition(s) until such time (but not
later than December 31, 2010) as such Non-Performing Fund(s) shall comply with
the terms of this Agreement and of any of the Additional Acquisition
Agreements.

     

    ARTICLE
VII.       CLOSING AND CLOSING
DATE

     

    SECTION
7.1.           Closing
Date.       On or before January 22,
2010 (the “Closing
Date”), following the satisfaction or waiver of the conditions set forth
in Article VI hereof, the closing of the transactions contemplated by this
Agreement (the “Closing”) will take
place at the offices of Hodgson Russ LLP, 1540 Broadway, 24th floor,
New York, New York, at 9:00 a.m. or at such other place and on such other date
as may be mutually agreed by the parties hereto, in which case Closing Date
means the date so agreed.  The Closing will be effective as of the
close of business on the Closing Date.  The Parties hereto acknowledge and
agree that time is of the essence.

     

    SECTION
7.2.           Deliveries.     Subject
to the conditions set forth in this Agreement, on the Closing Date:

     

    (a)           The
ASSAC Parties will deliver to the Stillwater Parties or as directed by the
Stillwater Parties:

     

    (i)           the
Merger Consideration consisting of the ASSAC Series A Preferred Shares, as
evidenced by a copy of the Register of Members of ASSAC recording the issuance
of such ASSAC Series A Preferred Shares;

     

    (ii)           A
certificate of the ASSAC Parties dated the Closing Date stating that the
conditions set forth in Section 6.1 have been satisfied;

     

    (iv)           the
text of the resolutions adopted by the board of directors of ASSAC authorizing
the execution, delivery and performance of this Agreement and the Ancillary
Agreements, certified by an appropriate officer of ASSAC;

    
      
         

      

      
        27

        
          

        

      

      
         

      

    

    (v)           each
Ancillary Agreement to which ASSAC and/or Mergerco is a party, duly executed by
ASSAC and/or Mergerco, as the case may be;

     

    (vi)         all
Required Consents, duly executed by all appropriate parties; and

     

    (vii)        evidence
of filing of the Certificate of Merger with the Secretary of State of the State
of Delaware; and

     

    (viii)       to
the extent legally required, evidence of filing of the ASSAC Series A Preferred
Certificate of Designations and Restated ASSAC Articles with the Registrar of
Companies in the Cayman Islands;

     

    (ix)           such
other certificates, documents and instruments that the Stillwater Parties
reasonably request for the purpose of (A) evidencing the accuracy of the ASSAC
Parties' representations and warranties, (B) evidencing the performance and
compliance by the ASSAC Parties with the agreements contained in this Agreement,
(C) evidencing the satisfaction of any condition referred to in Section 6.1 or
(D) otherwise facilitating the consummation of the transactions contemplated by
this Agreement.

     

    All
actions to be taken by the ASSAC Parties in connection with consummation of the
transactions contemplated by this Agreement and all certificates, opinions,
instruments and other documents required to effect the transactions contemplated
by this Agreement will be in form and substance reasonably satisfactory to the
Stillwater Parties and their counsel.

     

    (b)           The
Stillwater Parties will deliver to ASSAC:

     

    (i)           a
certificate of the Stillwater Parties dated the Closing Date stating that the
conditions set forth in SECTION 6.2 have been satisfied;

     

    (ii)           the
text of the resolutions adopted by the board of directors (or similar body) of
each of the Stillwater Parties authorizing the execution, delivery and
performance of this Agreement and the Ancillary Agreements, certified by an
appropriate officer of Stillwater or the General Partner;

     

    (iii)          each
Ancillary Agreement to which any Stillwater Party is a party, duly executed by
such Stillwater Party;

     

    (iv)          all
certificates, if any, evidencing Limited Partnership Interests, duly endorsed in
blank for transfer;

     

    (v)       
   all Required Consents, duly executed by all appropriate
parties; and

    
      
         

      

      
        28

        
          

        

      

      
         

      

    

    (vi)           such
other certificates, documents and instruments that the ASSAC Parties reasonably
request for the purpose of (1) evidencing the accuracy of the Stillwater
Parties' representations and warranties, (2) evidencing the performance and
compliance by the Stillwater Parties with the agreements contained in this
Agreement, (3) evidencing the satisfaction of any condition referred to in
SECTION 6.2 or (4) otherwise facilitating the consummation of the transactions
contemplated by this Agreement.

     

    All
actions to be taken by each of the Stillwater Parties in connection with
consummation of the transactions contemplated by this Agreement and all
certificates, opinions, instruments and other documents required to effect the
transactions contemplated by this Agreement will be in form and substance
reasonably satisfactory to ASSAC and its counsel.

     

    (c)           Simultaneous
Deliveries.    All items delivered by the Parties at
the Closing will be deemed to have been delivered simultaneously, and no items
will be deemed delivered or waived until all have been delivered.

     

    (d)           Waiver of
Deliveries.    Notwithstanding anything to the
contrary set forth above in this Article VII, in the event and to the extent
that any one or more of the Funds are Non-Performing Funds, by mutual agreement
of ASSAC and Stillwater, the remaining Parties hereto may nonetheless consummate
the transaction contemplated hereby with respect to the Mergers of the other
Funds, and waive any deliveries otherwise required of the Non-Performing
Funds.

     

    ARTICLE
VIII.         TERMINATION

     

    SECTION
8.1.           Termination.  This
Agreement may be terminated prior to the Closing:

     

    (a)           by
the mutual written consent of ASSAC and Stillwater on behalf of all
Parties;

     

    (b)           by
ASSAC, on behalf of all ASSAC Parties, if:

     

    (i)           any
of the Stillwater Parties has or will have breached any representation, warranty
or agreement contained in this Agreement in any material respect;

     

    (ii)           the
transactions contemplated by this Agreement will not have been consummated on or
before January 23, 2010 (the “Outside Date”);
or

     

    (iii)          any
of the conditions set forth in Section 6.2 will have become impossible to
satisfy and not otherwise waived;

     

    (c)           by
Stillwater, on behalf of all Stillwater Parties, if:

     

    (i)           any
of the ASSAC Parties has or will have breached any representation, warranty or
agreement contained in this Agreement in any material respect;

     

    (ii)           the
transactions contemplated by this Agreement will not have been consummated on or
before the Outside Date; or

     

    (iii)          any
of the conditions set forth in Section 6.1 will have become impossible to
satisfy and not otherwise waived.

     

    SECTION
8.2.           Effect of
Termination.  The right of termination under Section 8.1 is in
addition to any other rights the parties may have under this Agreement or
otherwise, and the exercise of a right of termination will not be an election of
remedies and will not preclude an action for breach of this
Agreement.  If this Agreement is terminated, all continuing
obligations of the Parties under this Agreement will terminate except that
Section 8.3 and Article IX will survive indefinitely unless sooner terminated or
modified by the parties in writing.

    
      
         

      

      
        29

        
          

        

      

      
         

      

    

    SECTION
8.3.           Trust
Fund.  Notwithstanding anything to the contrary express or
implied contained in this Article VIII or elsewhere in this Agreement, none of
the Stillwater Parties nor any of their respective Affiliates shall have any
lien, security interest, claim against or any other right to (a) any of the
maximum $115.0 million principal amount of the proceeds held in that certain
trust administered and maintained by Continental Stock Transfer & Trust
Company, as trustee (and any successor trust or substitute arrangement) for the
benefit of the public shareholders of ASSAC (the “Trust”), or (b) any
interest earned on such maximum $115.0 million principal amount of proceeds held
in the Trust.  Each of the Stillwater Parties and their Affiliates, do
hereby expressly waive and relinquish any claim or other rights to the Trust,
its corpus or any interest earned thereon.

    

    ARTICLE
IX.         GENERAL

     

    SECTION 9.1  Expenses.  Except
as may be set forth in the Stillwater Agreement, each Party shall pay all
expenses incurred by such party in connection with the transactions contemplated
by this Agreement, including legal, accounting, investment banking and
consulting fees and expenses incurred in negotiating, executing and delivering
this Agreement and the other agreements, exhibits, documents and instruments
contemplated by this Agreement (whether the transactions contemplated by this
Agreement are consummated or not); provided,
however, that upon consummation of the transactions contemplated by this
Agreement, ASSAC shall pay all transactions costs and expenses incurred by the
Stillwater Parties hereunder, or reimburse Stillwater (as the case may be) for
any such expenses previously paid.

     

    SECTION 9.2  Amendment and
Waiver.  This Agreement may not be amended, a provision of this
Agreement or any default, misrepresentation or breach of warranty or agreement
under this Agreement may not be waived, and a consent may not be rendered,
except in a writing executed by the party against which such action is sought to
be enforced.  Neither the failure nor any delay by any Person in
exercising any right, power or privilege under this Agreement will operate as a
waiver of such right, power or privilege, and no single or partial exercise of
any such right, power or privilege will preclude any other or further exercise
of such right, power or privilege or the exercise of any other right, power or
privilege.  In addition, no course of dealing between or among any
Persons having any interest in this Agreement will be deemed effective to modify
or amend any part of this Agreement or any rights or obligations of any Person
under or by reason of this Agreement.  The rights and remedies of the
parties to this Agreement are cumulative and not alternative.

     

    SECTION 9.3  Notices.  All
notices, demands and other communications to be given or delivered under or by
reason of the provisions of this Agreement will be in writing and will be deemed
to have been given (i) when delivered if personally delivered by hand (with
written confirmation of receipt), (ii) when received if sent by a nationally
recognized overnight courier service (receipt requested), (iii) five business
days after being mailed, if sent by first class mail, return receipt requested,
or (iv) when receipt is acknowledged by an affirmative act of the party
receiving notice, if sent by facsimile, telecopy or other electronic
transmission device (provided that such an acknowledgement does not include an
acknowledgment generated automatically by a facsimile or telecopy machine or
other electronic transmission device).  Notices, demands and
communications to the parties will, unless another address is specified in
writing, be sent to the address indicated below:

    
      
         

      

      
        30

        
          

        

      

      
         

      

    

     

    
      	
              If
      to Stillwater Parties:

               

              Stillwater
      Capital Partners, Inc.

              41
      Madison Avenue

              New
      York, New York 10010

              Attn:  Richard
      Rudy and Jack Doueck

              Facsimile
      No.(212) 244-9506

              Email:
      rrudy@stillwatercapital.com

            
	
               
      

              With
      a copy to:

               

              Herrick,
      Feinstein LLP

              2
      Park Avenue

              New
      York, NY 10016

              Attn:
      Irwin Latner, Esq.

              Fax:
      (212) 545-3356

              Email:
      ilatner@herrick.com

            
	
              
              

              If
      to the ASSAC Parties:

               
       

              Asia
      Special Situation Acquisition Corp.

              c/o
      M&C Corporate Services Limited

              P.O.
      Box 309GT, Ugland House

              South
      Church Street

              George
      Town, Grand Cayman

              Attn:
      Gary T. Hirst, President

              Email:  assac@domaincontact.net

            
	
               
      

              With
      a copy to:

               
      

              Hodgson
      Russ LLP

              1540
      Broadway,

              24th
      floor

              New
      York, New York 10036

              Attn:  Stephen
      A. Weiss, Esq.

              Facsimile
      No. (212) 751-0928

              Email:  sweiss@hodgsonruss.com

            

    

     

    SECTION 9.4  Assignment.  Neither
this Agreement nor any of the rights, interests or obligations under this
Agreement may be assigned by any party to this Agreement without the prior
written consent of the other parties to this Agreement.  Subject to
the foregoing, this Agreement and all of the provisions of this Agreement will
be binding upon and inure to the benefit of the parties to this Agreement and
their respective successors and permitted assigns.

     

    SECTION 9.5  Complete
Agreement.  This Agreement and, when executed and delivered,
the Ancillary Agreements contain the complete agreement between the parties and
supersede any prior understandings, agreements or representations by or between
the parties, written or oral.

     

    SECTION 9.6  Signatures;
Counterparts.  This Agreement may be executed in one or more
counterparts, any one of which need not contain the signatures of more than one
party, but all such counterparts taken together will constitute one and the same
instrument.  A facsimile signature will be considered an original
signature.

    

      
        
           

        

        
          31

          
            

          

        

        
           

        

      

      SECTION 9.7  Governing
Law.  THE
DOMESTIC LAW, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES, OF THE STATE OF
NEW YORK WILL GOVERN ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND
INTERPRETATION OF THIS AGREEMENT AND THE PERFORMANCE OF THE OBLIGATIONS IMPOSED
BY THIS AGREEMENT.

       

      SECTION 9.8  Jurisdiction.  Each
of the parties submits to the exclusive jurisdiction of any state or federal
court sitting in New York, New York, in any action or proceeding arising out of
or relating to this Agreement and agrees that all claims in respect of the
action or proceeding may be heard and determined in any such
court.  Each party also agrees not to bring any action or proceeding
arising out of or relating to this Agreement in any other court.  Each
of the parties waives any defense of inconvenient forum to the maintenance of
any action or proceeding so brought and waives any bond, surety or other
security that might be required of any other party with respect to any such
action or proceeding.  Each party appoints CT Corporation System (the
“Process
Agent”) as its agent to receive on its behalf service of copies of the
summons and complaint and any other process that might be served in the action
or proceeding.  Any party may make service on any other party by
sending or delivering a copy of the process (i) to the party to be served or
(ii) to the party to be served in care of the Process Agent at such address as
shall be provided by it.  The parties agree that any of them may file
a copy of this paragraph with any court as written evidence of the knowing,
voluntary and bargained agreement between the parties irrevocably to waive any
objections to venue or to convenience of forum.  Nothing in this
Section 9.8 will affect the right of any party to serve legal process in any
other manner permitted by law or in equity.

       

      SECTION 9.9  Waiver of Jury
Trial.  EACH
PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS
AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE
IT IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY
JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS
AGREEMENT.  EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK
TO ENFORCE THE FOREGOING WAIVER, (II) IT UNDERSTANDS AND HAS CONSIDERED THE
IMPLICATIONS OF SUCH WAIVER, (III) IT MAKES SUCH WAIVER VOLUNTARILY AND (IV) IT
HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL
WAIVER AND CERTIFICATIONS IN THIS SECTION 9.9.

       

      SECTION 9.10  Construction.  The
parties and their respective counsel have participated jointly in the
negotiation and drafting of this Agreement.  In addition, each of the
parties acknowledges that it is sophisticated and has been advised by
experienced counsel and, to the extent it deemed necessary, other advisors in
connection with the negotiation and drafting of this Agreement.  In
the event an ambiguity or question of intent or interpretation arises, this
Agreement will be construed as if drafted jointly by the parties and no
presumption or burden of proof will arise favoring or disfavoring any party by
virtue of the authorship of any of the provisions of this
Agreement.  The parties intend that each representation, warranty and
agreement contained in this Agreement will have independent
significance.  If any party has breached any representation, warranty
or agreement in any respect, the fact that there exists another representation,
warranty or agreement relating to the same subject matter (regardless of the
relative levels of specificity) that the party has not breached will not detract
from or mitigate the fact that the party is in breach of the first
representation, warranty or agreement.  Any reference to any Law will
be deemed to refer to all rules and regulations promulgated thereunder, unless
the context requires otherwise.  The headings preceding the text of
articles and sections included in this Agreement and the headings to the
schedules and exhibits are for convenience only and are not be deemed part of
this Agreement or given effect in interpreting this
Agreement.  References to sections, articles, schedules or exhibits
are to the sections, articles, schedules and exhibits contained in, referred to
or attached to this Agreement, unless otherwise specified.  The word
“including” means “including without limitation.”  A statement that an
action has not occurred in the past means that it is also not presently
occurring.  When any party may take any permissive action, including
the granting of a consent, the waiver of any provision of this Agreement or
otherwise, whether to take such action is in its sole and absolute
discretion.  The use of the masculine, feminine or neuter gender or
the singular or plural form of words will not limit any provisions of this
Agreement.  A statement that an item is listed, disclosed or described
means that it is correctly listed, disclosed or described, and a statement that
a copy of an item has been delivered means a true and correct copy of the item
has been delivered.

      
        
           

        

        
          32

          
            

          

        

        
           

        

      

      SECTION
9.11     Time of
Essence.  With regard to all dates and time periods set forth
or referred to in this Agreement, time is of the essence.

       

      [the
balance of this page intentionally left blank – signature page
follows]

      
        
           

        

        
          33

          
            

          

        

        
           

        

      

      IN WITNESS WHEREOF, the
parties hereto have executed this Purchase and Sale Agreement as of the date
first above written.

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  	 
      	 	 
      
	
                                          ASSAC
      SPECIAL SITUATION

                                        	 	
                                          STILLWATER
      CAPITAL PARTNERS, INC.

                                        
	
                                          ACQUISITION
      CORP.

                                        	 	 
      
	 
      	 	
                                          By:

                                        	
                                            

                                        
	 
      	 	
                                          Name:

                                        	
                                            

                                        
	
                                          By:

                                        	 
      	 	
                                          Title:

                                        	
                                            

                                        
	
                                          Name:
      Gary T. Hirst

                                        	 	 
      
	
                                          Title:    President

                                        	 	
                                          STILLWATER
      CAPITAL PARTNERS, LLC

                                        
	 
      	 	 
      
	
                                          STILLWATER
      MNF MERGERCO LP

                                        	 	
                                          By:

                                        	
                                            

                                        
	
                                          (a
      Delaware limited partnership)

                                        	 	
                                          Name:

                                        	
                                              

                                        
	
                                          By:  Stephen
      A. Weiss, General Partner

                                        	 	
                                          Title:  General
      Partner

                                        
	 
      	 	 
      
	 
      	 	
                                          STILLWATER
      MARKET NEUTRAL

                                        
	 
      	 	
                                          FUND
      I, LP

                                        
	
                                          By:

                                        	
                                            

                                        	 	
                                          (a
      Delaware limited partnership)

                                        
	
                                          Name:  Stephen
      A. Weiss,

                                        	 	
                                          By:
      Stillwater Capital
      Partners, LLC

                                        
	
                                          Title:    Authorized
      Signatory

                                        	 	
                                          (general
      partner)

                                        
	 
      	 	 
      
	
                                          ACCEPTED
      and Agreed to

                                        	 	
                                          By:

                                        	
                                             

                                        
	
                                          solely with respect to Section
      5.2(a) above:

                                        	 	
                                          Jack
      Doueck, Managing Member

                                        
	 
      	 	 
      
	
                                          NOBLE
      INVESTMENT FUND LIMITED

                                        	 	
                                          STILLWATER
      MARKET NEUTRAL

                                        
	
                                          by:
      Pure Glow Investments
      LLC

                                        	 	
                                          FUND
      II, LP

                                        
	 
      	 	
                                          (a
      Delaware limited partnership)

                                        
	 
      	 	
                                          By:
      Stillwater Capital
      Partners, LLC

                                        
	
                                          By:

                                        	
                                            

                                        	 	
                                          (general
      partner)

                                        
	 	Arie
      Jan van Roon, Manager	 	 
	 
      	 	
                                          By:

                                        	
                                            

                                        
	 
      	 	
                                          Jack
      Doueck, Managing Member

                                        
	
                                          ALLIUS
    LTD.

                                        	 	 
      
	 
      	 	
                                          STILLWATER
      MATRIX FUND LP

                                        
	 
      	 	
                                          (a
      Delaware limited partnership)

                                        
	
                                          By:

                                        	
                                            

                                        	 	
                                          By:
      Stillwater Capital
      Partners, LLC

                                        
	 	Dr.
      Gary T. Hirst, Authorized Signatory	 	
                                          (general
      partner)

                                        
	 
      	 	 
      
	 
      	 	
                                          By:

                                        	
                                            

                                        
	 
      	 	
                                          Jack
      Doueck, Managing
Member

                                        

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

      
        
           

        

        
          34

          
            

          

        

        
           

        

      

       

      SCHEDULE
A

       

      NAV
Valuation Methods

       

      Net Asset
Value is generally equal to the amount by which the value of the assets of the
applicable Person exceeds the amount of its liabilities.  Net Asset Value
determinations are made by the Appraiser or Auditor (the “Asset Appraiser”) in
accordance with U.S. generally accepted accounting principles and in accordance
with the following criteria: 

      

                             
(a)         No value will be assigned to
goodwill;

      

                             
(b)       All accrued debts and liabilities will
be treated as liabilities, including but not limited to, estimated expenses for
accounting, legal, administrative and other operating expenses (including all
fees payable under the Management Agreement) and such reserves for contingent
liabilities of the applicable Person, including estimated expenses, if any, in
connection therewith, as the Asset Appraiser shall determine;

      

                             
(c)       Loans, loan participations and other
similar assets owned by an applicable Person will generally be carried at the
high range of fair market value as determined by the Asset Appraiser, and will
be subject to an independent valuation review as frequently as determined by the
Asset Appraiser.  These independent valuation reviews will provide the
applicable Person with opinions on whether specific pieces of collateral are in
need of re-valuation.  The Asset Appraiser, on the basis of this
information, will determine whether a specific loan or other asset needs to be
re-priced;

       

                             
(d)      In the case of investments in private
investment funds or other vehicles which are not readily marketable, in the
absence of an independent fair market value appraisal or audit, the net asset
value calculation provided by the administrators or managers of those underlying
funds or vehicles will be used in determining an applicable Person’s Net Asset
Value.

       

      (e)       
Securities or commodities (which for valuation purposes hereunder may include
weather derivatives and other financial instruments trading on or off, as the
case may be, commodities exchanges) that are listed on a national securities or
commodities exchange, as the case may be, shall be valued at their last sales
prices on the date of determination on the largest securities or commodities
exchange (by trading volume in such security or commodity) on which such
securities or commodities shall have traded on such date, or if trading in such
securities or commodities on the largest securities or commodities exchange (by
trading volume in such security or commodity) on which such securities or
commodities shall have traded on such date was reported on the consolidated
tape, their last sales price on the consolidated tape (or, in the event that the
date of determination is not a date upon which a securities or commodities
exchange was open for trading, on the last prior date on which such securities
or commodities exchange was so open not more than 10 days prior to the date of
determination). If no such sales of such securities or commodities occurred on
either of the foregoing dates, such securities or commodities shall be valued at
the “bid” price for long positions and “asked” price for short positions on the
largest securities or commodities exchange (by trading volume in such security)
on which such securities or commodities are traded, on the date of
determination, or, if the “bid” price for long positions and “asked” price for
short positions in such securities or commodities on the largest securities or
commodities exchange (by trading volume in such security or commodity) on which
such securities or commodities shall have traded on such date were reported on
the consolidated tape, the “bid” price for long positions and “asked” price for
short positions on the consolidated tape (or, if the date of determination is
not a date upon which such securities or commodities exchange was open for
trading, on the last prior date on which such a securities or commodities
exchange was so open not more than 10 days prior to the date of
determination);

      
        
           

        

        
          35

          
            

          

        

        
           

        

      

      

      (f)      
Securities and commodities that are not listed on an exchange but are traded
over-the-counter shall be valued at representative “bid” quotations if held long
and representative “asked” quotations if held short;

      

      (g)     
For securities and commodities not listed on a securities or commodities
exchange or quoted on an over-the-counter market, but for which there are
available quotations, such valuation will be based upon quotations obtained from
market makers, dealers or pricing services;

      

      (h)    
Options that are listed on a securities or commodities exchange shall be valued
at their last sales prices on the date of determination on the largest
securities or commodities exchange (by trading volume) on which such options
shall have traded on such date; provided, that, if the last sales prices of such
options do not fall between the last “bid” and “asked” prices for such options
on such date, then the Asset Appraiser shall value such options at the mean
between the last “bid” and “asked” prices for such options on such
date;

      

      (i)      
Illiquid assets will be valued at their the high range of the fair market value
(which in most cases may be at cost if that is a fair approximation of value),
as determined by the Asset Appraiser (with appropriate input from the investment
manager or portfolio manager under the applicable management
agreement);

      

      (j)       Preferred
shares, preferred stock or other senior equity securities shall be valued at
100% of their per share stated or liquidation value, with such discounts from
such stated or liquidation value as the investment manager or portfolio manager
under the applicable management agreement and ASSAC shall, in good faith
determined from time to time;

      

      (k)      All
other assets shall be valued at such value as the Asset Appraiser may reasonably
determine (with appropriate input from the investment manager or portfolio
manager under the applicable management agreement); and

      

      (l)      
Securities and commodities not denominated in U.S. dollars shall be translated
into U.S. dollars at prevailing exchange rates as the Asset Appraiser may
reasonably determine.

       

                 
If the Asset Appraiser determines, in its sole discretion, that the valuation of
any asset, security or other instrument pursuant to the foregoing does not
fairly represent its market value, the Asset Appraiser (with appropriate input
from the Investment Manager and ASSAC) shall value such security or other
instrument as it reasonably determines and shall set forth the basis of such
valuation in writing to the investment manager or portfolio manager under the
applicable management agreement and to ASSAC.

      
        
           

        

        
          36ASSET
PURCHASE AGREEMENT

     

    THIS ASSET PURCHASE AGREEMENT
(“Agreement”)
is made and entered into as of the 31st day of
December 2009, by and among Asia Special Situation Acquisition
Corp., a Cayman Islands corporation (“ASSAC”); Gerova AB Holdings Ltd., a
Cayman Islands exempted company (the “Buyer”); Stillwater Asset Backed Offshore
Fund, Ltd., a Cayman Islands exempted company (“Stillwater ABOF
Cayman”); Stillwater
Asset Backed Fund SPV, a Cayman Islands exempted company (“Stillwater ABF SPV”);
SABF II Onshore SPV, a
Cayman Islands exempted company (“Stillwater ABF II
SPV”); and Stillwater
Capital Partners, Inc., a New York corporation (“Stillwater” or the
“Investment
Manager”). Stillwater ABOF Cayman, Stillwater ABF SPV and Stillwater ABF
II SPV are hereinafter sometimes individually referred to as a “Fund” and
collectively as the “Funds”.  ASSAC
and the Buyer are hereinafter sometimes collectively referred to as the “ASSAC Parties” and
the Funds and Stillwater are hereinafter sometimes collectively referred to as
the “Stillwater
Parties”.  The ASSAC Parties and the Stillwater Parties are
hereinafter sometimes collectively referred to individually as a “Party” and
collectively as the “Parties”).

     

    RECITALS

     

    WHEREAS, ASSAC owns 100% of
the issued and outstanding share capital of the Buyer; and

     

    WHEREAS, Stillwater is the
investment manager of each of the Funds; and

     

    WHEREAS, Investment Manager of
the Funds and the boards of directors of each of the Funds who have executed
this Agreement desire to sell, transfer, convey and assign (collectively “Transfer”) all of the
Acquired Assets (as hereinafter defined) of the Funds, subject to the Buyer’s
assumption of all of the Liabilities (as hereinafter defined) of the Funds,
solely in exchange for ASSAC Series A Preferred Shares, and

     

    WHEREAS, ASSAC desires that
the Buyer acquire all of the Acquired Assets of the Funds, subject to their
Liabilities, all upon the terms and subject to the conditions set forth in this
Agreement; and

     

    WHEREAS, the Board of
Directors of ASSAC and the Buyer and the Investment Manager of the Funds, in its
capacity as investment manager of the Funds, each believe that this Agreement
and related transactions contemplated hereby are in the best interests of the
respective Parties and the Fund Shareholders, and have each approved and adopted
the form, terms and provisions of this Agreement; and

     

    WHEREAS, simultaneous with the
Closing of the transactions contemplated by this Agreement, ASSAC and its
Subsidiaries are acquiring certain other securities and assets of Affiliates of
Stillwater, the Wimbledon Funds, and other Persons, all in accordance with the
Additional Acquisition Agreements.

     

    NOW, THEREFORE, in
consideration of the mutual representations, warranties and agreements contained
in this Agreement, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Parties agree as
follows:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    ARTICLE
I.  DEFINITIONS

     

    “Acquired Assets”
shall mean and include (a) all and not less than all of (i) the securities and
other investments, (ii) any and all participating interests in such securities
or investments, and (iii) any and all other assets and properties, real and
personal, both tangible and intangible, of every kind and description, that is
owned, leased or otherwise used by the applicable Fund as the same shall exist
as at the Closing Date; a general description of which Acquired Assets are set
forth on Exhibit
C-1 annexed hereto and made a part hereof (the “Acquired
Asset Schedule”); less (b)
the Distributed Assets.

     

    “Additional Acquisition
Agreements” means the various agreements and plan of merger, asset
purchase agreement and other agreements and instruments, all in form and content
satisfactory to Stillwater, ASSAC and the other Persons who are parties thereto,
pursuant to which, inter
alia, ASSAC or a Subsidiary of ASSAC shall acquire, in addition to its
Acquisition of the Funds pursuant to this Agreement, any or all of: (a) the
Amalphis Exchange Shares pursuant to the Amalphis Exchange Agreement, (b) all or
substantially all of the equity and assets (subject to assumption of
liabilities) of all or certain of the Additional Stillwater Funds, (c) all or
substantially all of the assets (subject to assumption of liabilities) of the
Wimbledon Funds, and (d) all or substantially all of the equity of
Northstar.

     

    “Additional Stillwater
Funds” means, in addition to the Funds, those additional entities,
consisting of asset backed lending funds, real estate funds, hedge funds and
fund of funds that are managed by Stillwater or an Affiliate thereof and listed
in Section 1.1 of the Stillwater Agreement.

     

    “Adjusted Purchase
Value” means 100% of the Appraised NAV.

     

    “Affiliate” means any
one or more Person controlling, controlled by or under common control with any
other Person.

     

    “Agreement” has the
meaning set forth in the first paragraph of this Agreement.

     

    “Allied Provident”
shall mean Allied Provident Insurance Company, a Barbados exempted insurance
company, and a wholly-owned subsidiary of Amalphis.

     

    “Amalphis Exchange
Agreement” means the share exchange agreement, dated as of December 31,
2009 among Amalphis Group, Inc., a British Virgin Islands corporation (“Amalphis”), Rineon
Group, Inc., a Nevada corporation (“Rineon”), NatProv
Holdings, Inc., a British Virgin Islands corporation (“NatProv”), ASSAC, and
the other parties signatory thereto, pursuant to which, inter
alia, in exchange for additional ASSAC Series A Preferred Shares, ASSAC
shall acquire, through its receipt of the Amalphis Exchange Shares, a
controlling interest in Amalphis and its consolidated Subsidiaries, including
without limitation, Allied Provident and (if acquired) the Wimbledon
Funds.

     

    “Amalphis Exchange
Shares” shall mean all of the issued and outstanding shares of Amalphis
Series A preferred stock that are issued pursuant to the Amalphis Exchange
Agreement.

     

    “Ancillary Agreements”
means the ASSAC Series A Preferred Certificate of Designations, the ASSAC
Restated Articles, the Acquired Asset Schedule, the Asset Asset Transfer
Instruments, the Liabilities Schedule, the Management Agreement, the
Registration Rights Agreement and the Stillwater Agreement.

     

    “Appraised NAV” means
the Net Asset Value of the Funds as at December 31, 2009, as audited or
appraised pursuant to NAV Appraisals which shall be based upon the NAV Valuation
Methods.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    “ASSAC Articles” means
the Memorandum and Articles of Association of ASSAC, as at the date of this
Agreement.

     

    “ASSAC Executive
Shares” shall mean the maximum of 10,746,667 restricted ASSAC Ordinary
Shares issued to Marshall Manley (“Manley”) and his
Affiliates and business associates (collectively, the “ASSAC Executive
Group”).

     

    “ASSAC Ordinary
Shares” means the collective reference to (a) the 50,000,000 ordinary
shares of ASSAC, $0.0001 par value, authorized for issuance pursuant to the
ASSAC Articles, and (b) the 250,000,000 ordinary shares of ASSAC, $0.0001 par
value, to be authorized for issuance pursuant to the ASSAC Restated
Articles.

     

    “ASSAC Preferred
Shares” means the collective reference to (a) the 1,000,000 preferred
shares of ASSAC, $0.0001 par value, authorized for issuance pursuant to the
ASSAC Articles, and (b) the 10,000,000 preferred shares of ASSAC, $0.0001 par
value, to be authorized for issuance pursuant to the ASSAC Restated
Articles.

     

    “ASSAC Proxy
Statement” means the proxy statement that is prepared by the Parties and
mailed to the holders of ASSAC Ordinary Shares prior to the date of the ASSAC
Shareholders Meeting.

     

    “ASSAC Restated
Articles” means the Amended and Restated Memorandum and Articles of
Association of ASSAC in the form of Exhibit
A annexed hereto and made a part hereof.

     

    “ASSAC Series A Preferred
Shares” means up to a maximum of 1,000,000 ASSAC Preferred Shares, to be
designated as ASSAC Series A Preferred Shares pursuant to the ASSAC Series A
Preferred Certificate of Designations and issued to the respective holders
pursuant to this Agreement and the Additional Acquisition Agreements; which
ASSAC Series A Preferred Shares shall, among other things (but subject in all
cases to the terms of the ASSAC Series A Preferred Certificate of
Designations):

     

    (a)         have
a par value of $0.0001 per share;

     

    (b)         have
a liquidation value and stated value of $1,000.00 per share;

     

    (c)         commencing
on the Conversion Date pay per share dividend, semi-annually at the rate of 5%
per annum, accruing from the issuance date thereof, on the Adjusted Purchase
Value, in the form of additional Conversion Shares;

     

    (d)         subject
to Section 6,6 hereof, vote on an “as converted” basis, together with the ASSAC
Ordinary Shares, on all matters requiring the approval or ratification of
shareholders of ASSAC;

     

    (e)         on
the Conversion Date, automatically
(and without any action on the part of the holder or ASSAC) commence to convert
into Conversion Shares at the Conversion Price then in effect, at the rate
(rounded off to the nearest full Conversion Shares) of one-sixth (or 16.66%) of
the total number of ASSAC Series A Preferred Shares held by each holder on the
last day of each month commencing July 31, 2010 so that all of the ASSAC Series
A Preferred Shares issued pursuant to the terms of this Agreement and the
Additional Acquisition Agreements will be fully converted into Conversion Shares
on December 31, 2010;

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    (f)          provide
that each ASSAC Preferred Share issuable to the applicable Fund (or its Fund
Shareholders upon distributions thereof) shall be convertible at the Conversion
Ratio applicable to such Fund; and

     

    (g)         contain
such other terms and conditions as shall be set forth in the ASSAC Series A
Preferred Certificate of Designations.

     

     “ASSAC Series A Preferred
Certificate of Designations” means the certificate of designation for the
issuance of the ASSAC Series A Preferred Shares, in the form of Exhibit
B annexed hereto and made a part hereof, or, if not permitted under
applicable Law, the ASSAC Restated Articles used for the same
purpose.

     

    “ASSAC Shareholder
Approval” means the required affirmative consent, vote and ratification
at the ASSAC Shareholders Meeting by the holders of ASSAC Ordinary Shares (the
“ASSAC
Shareholders”) of (i) this Agreement, the Ancillary Agreements and the
transactions contemplated hereby and thereby, (ii) the increase in the
authorized share capital of ASSAC, (iii) adoption of the ASSAC Restated
Articles, (iv) the consummation of ASSAC’s acquisition of the Additional
Stillwater Funds, the Amalphis Exchange Shares and (if applicable) the Wimbledon
Funds, all pursuant to the terms and conditions of the Additional Acquisition
Agreements, (v) if applicable, the consummation of ASSAC’s acquisition of
Northstar, (vi) the change of the corporate name of ASSAC to Gerova Financial Group, Inc.,
or such other name as shall be acceptable to ASSAC and the Stillwater Parties,
and (viii) the other proposals set forth in the ASSAC Proxy
Statement.

     

    “ASSAC Shareholders
Meeting” means the meeting of the ASSAC Shareholders held on or before
January 19, 2010 in accordance with the ASSAC Proxy Statement.

     

    “Auditors” means the
independent accountants engaged to audit the funds as at December 31, 2009 and
for the fiscal year then ended.

     

     “Consent” means any
authorization, consent, approval, filing, waiver, exemption or other action by
or notice to any Person.

     

    “Consideration” means,
based on the Estimated NAV of all of the Funds of $385.0 million as at December
31, 2009, the aggregate of 385,000 ASSAC Series A
Preferred Shares that are to be issued to the Funds on the Closing Date pursuant
to this Agreement, and allocated to each of the Funds in accordance with Section 2.8 of this
agreement; less any
reduction in such Consideration resulting from any reduction in the Estimated
NAV, as a result of any Distributed Assets (based on a reduction of one Series A
Preferred Share for each $1,000 in value of Distributed Assets).

     

    “Contract” means a
contract, agreement, lease, commitment or binding understanding, whether oral or
written, that is in effect as of the date of this Agreement or any time after
the date of this Agreement.

     

    “Conversion Date”
shall mean July 31, 2010.

     

    “Conversion Price”
shall mean $7.50, as the same may from time to time be adjusted prior to the
Conversion Date pursuant to the ASSAC Series A Preferred Certificate of
Designations.

     

    “Conversion Ratio”
shall mean, as to the Funds, that ratio (expressed as “___:1”) of that number of
Conversion Shares into which one (1) full ASSAC Series A Preferred Share issued
to the Fund Shareholders shall be converted; all as determined in accordance
with Section 2.9 of this Agreement.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

     “Conversion Shares”
shall mean that number of Ordinary Shares of ASSAC issuable upon conversion of
the ASSAC Series A Preferred Shares, as shall be calculated by dividing: (i) the
Purchase Value applicable to each of the Funds, which Purchase Value shall be
adjusted on or prior to the Conversion Date to the Adjusted Purchase Value; by
(ii) the Conversion Price then in effect.

     

    “Distributed Assets”
shall mean those specific securities, investments and participating interests
that the Investment Manager of the Funds agrees to distribute to any one or more
Fund Shareholders who request in writing prior to the Conversion Date the right
to receive such distribution(s) in lieu of receiving the Consideration
contemplated hereby; provided,
however, that for all purposes of this Agreement (including, without
limitation, for the purposes of calculating the Estimated NAV, the Purchase
Value, the Appraised NAV, the Adjusted Purchase Value and the Conversion Shares)
the distribution of all of such Distributed Assets shall be deemed to have taken
place effective as of a date which shall be on or before December 31,
2009.

    

     “Estimated NAV” means
the unaudited Net Asset Value of the Funds as at December 31, 2009, as estimated
in good faith by the Investment Manager of the applicable Fund or Funds, all in
accordance with this Agreement.

     

    “Encumbrance” means
any charge, claim, community property interest, easement, covenant, condition,
equitable interest, lien, option, pledge, security interest, right of first
refusal or restriction of any kind, including any restriction on use, voting,
transfer, receipt of income or exercise of any other attribute of
ownership.

     

    “Fund Shareholders”
shall mean the holders of record of the share capital of the Funds.

    

    “Governmental
Authorization” means any approval, consent, license, permit, waiver,
registration or other authorization issued, granted, given, made available or
otherwise required by any Governmental Entity or pursuant to Law.

     

    “Governmental Entity”
means any federal, state, local, foreign, international or multinational entity
or authority exercising executive, legislative, judicial, regulatory,
administrative or taxing functions of or pertaining to government.

     

    “Governmental Order”
means any judgment, injunction, writ, order, ruling, award or decree by any
Governmental Entity or arbitrator.

     

    “Insolvency Event”
shall mean as to any Party or Parties, if any such Party or Parties: (a) shall
make an assignment for the benefit of creditors; (b) if a receiver, liquidator
or trustee shall be appointed for such Party or Parties), (c) shall be
adjudicated a bankrupt or insolvent, or if any petition for bankruptcy,
reorganization or arrangement pursuant to federal bankruptcy law, or any similar
federal or state law, shall be filed by or against, consented to, or acquiesced
in by, such Party or Parties, or (d) if any proceeding for the dissolution or
liquidation of such Party or Parties shall be instituted; provided, however, if
such appointment, adjudication, petition or proceeding was involuntary and not
consented to by such Party or Parties, upon the same not being discharged,
stayed or dismissed within sixty (60) days.

     

    “Knowledge” means,
with respect to the Stillwater Parties, any fact or circumstance actually known
to any of Richard Rudy, Jack Doueck or Brian Bytof, or which any of such Persons
should have known after reasonable inquiry, and, with respect to the ASSAC
Parties, any fact or circumstance actually known to any member of the Board of
Directors of ASSAC or the executive officers or management of ASSAC or which any
of such Persons should have known after reasonable inquiry.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    “Law” means any
constitution, law, ordinance, principle of common law, regulation, statute or
treaty of any Governmental Entity.

     

     “Liabilities” shall,
as to the Funds, mean and include all accounts payable, notes payable,
Redemption Claims, accrued expenses and other liabilities and obligations of the
Funds that would be required to be set forth on or reflected in a balance sheet
of a Person prepared in accordance with GAAP, including any causes of action and
contingencies, whether know or unknown, as the same shall exist as at the
Closing Date; a general description of which Liabilities are set forth on Exhibit
C-2 annexed hereto and made a part hereof (the “Liabilities
Schedule”).

     

     “Litigation” means any
claim, action, arbitration, mediation, audit, hearing, investigation,
proceeding, litigation or suit (whether civil, criminal, administrative,
investigative or informal) commenced, brought, conducted or heard by or before,
or otherwise involving, any Governmental Entity or arbitrator or
mediator.

     

    “Management Agreement”
shall mean the management agreement between Stillwater and ASSAC, in the form of
Exhibit
D annexed hereto and made a part hereof.

     

    “Material Adverse
Effect” shall mean (a) with respect to any of the Stillwater Parties, any
event or condition that could reasonably be expected to have a material adverse
effect on the business, assets, results of operations, financial condition or
prospects of any of such Stillwater Parties, and (b) with respect to ASSAC, any
event or condition that could reasonably be expected to prevent or cause ASSAC
to be unable to consummate the Transfers, pay the Consideration or otherwise
perform its obligations under this Agreement, the Ancillary Agreements or any of
the Additional Acquisition Agreements.

     

     “NAV Appraisals” shall
mean the appraisals of the Net Asset Values of the Funds, prepared or to be
prepared by Houlihan Smith Inc., or other business appraisal firm or auditing
firm (the “Appraiser”) as shall
be reasonably acceptable to the Investment Manager and ASSAC, in accordance with
the NAV Valuation Methods or such other recognized methods of valuing such
assets and liabilities that are reasonably acceptable to such
Parties.

     

    “NAV Valuation
Methods” means the methods used in valuing the net asset values of
various types of assets that are set forth on Schedule
A annexed hereto and made a part hereof, or such other valuation methods
as shall be reasonably satisfactory to ASSAC.

     

    “Net Asset Value” or
“NAV” means, as
at any date in question, with respect to the Funds: (a) the value of the
Acquired Assets of the Funds as determined in accordance with the NAV Valuation
Methods, less (b)
all Liabilities of each of the Funds, including without limitation, all accounts
payable, accrued expenses, notes payable, all outstanding Affiliated Obligations
and the aggregate amount of all outstanding Redemption Claims.

     

    “Non-Performing Fund”
shall mean any one or more of the Funds that, for any reason or no reason, are
unable or unwilling to perform their individual obligations under this
Agreement, including, without limitation, the inability to timely deliver to
ASSAC and its representatives the requisite financial information required
hereby and pursuant to the Securities Act of 1933, as amended.

     

    “Northstar” means
Northstar Group Holdings, Ltd., a Bermuda corporation.

     

    “Northstar Merger
Agreement” means one of the Additional Acquisition Agreements pursuant to
which, inter alia, ASSAC shall acquire 100% of the share capital and capital
stock of Northstar.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    “Organizational
Documents” means (i) the articles or certificate of incorporation and the
bylaws of a corporation, (ii) the partnership agreement and any statement of
partnership of a general partnership, (iii) the limited partnership
agreement and the certificate of limited partnership of a limited partnership,
(iv) the limited liability company agreement and articles or certificate of
formation of a limited liability company, (v) any charter or similar document
adopted or filed in connection with the creation, formation or organization of a
Person and (vi) any amendment to any of the foregoing.

     

     “Permitted
Encumbrances” shall mean (a) any and all Encumbrances which result from
all statutory or other liens for Taxes or assessments and are not yet due and
payable or delinquent or the validity of which is being contested in good faith
by appropriate proceedings by a Party hereto; (b) all material cashiers’,
workers’, mechanics’, carriers’, repairers’ and other similar liens imposed by
law and incurred in the ordinary course of business; and (c) other Encumbrances
which individually or in the aggregate do not materially detract from the value
of or materially interfere with the present use of the property subject thereto
or affected thereby and would not otherwise reasonably be expected to have a
Material Adverse Effect.

     

    “Person” means any
individual, corporation (including any non-profit corporation), general or
limited partnership, limited liability company, joint venture, estate, trust,
association, organization, labor union, Governmental Entity or other
entity.

     

    “Process Agent” has
the meaning set forth in Section 9.8.

     

    “Purchase Value” means
One Hundred (100%) percent of the Estimated NAV of the Funds.

     

    “Redemption Claims”
means, irrespective of whether or not redemptions from the Funds have been
suspended, the outstanding amounts (whether payable in cash or in other
property) that are owed or may in the future be owed to any one or more Fund
Shareholders who have notified or may notify the applicable Fund or Stillwater
in writing prior to the Closing Date, that such Persons either (a) desire
to withdraw their capital from such Fund, or (b) are owed money in
connection with the redemption of their shares from such Fund.

     

     “Registration Rights
Agreement” means the agreement of ASSAC to register all of the Conversion
Shares issuable under this Agreement and the Additional Acquisition Agreements
for resale under the Securities Act, all in accordance with the terms and
conditions set forth in Exhibit
E annexed hereto and made a part hereof.

     

    “Remedies Exception,”
when used with respect to any Person, means except to the extent enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
or other laws affecting the enforcement of creditors' rights generally and by
general equitable principles.

     

    “Required Consents”
means all Consents that are required in order to consummate the transactions
contemplated by this Agreement, including without limitation, the ASSAC
Shareholder Approvals and requisite approval of the board of directors of each
Fund.

     

    “Stillwater Agreement”
means the letter agreement, dated December 18, 2009, between Stillwater, ASSAC
and certain other Persons, and attached memorandum, in the form of Exhibit
F annexed hereto and made a part hereof.

     

    “Subsidiary” means any
Person in which a majority or more of the outstanding shares of capital stock of
which, and/or the power to elect a majority of the members of the board of
directors or board of managers of which, is owned, directly or indirectly, by
another Person.

    
      
         

      

      
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    “Taxes” means all
taxes, charges, fees, levies or other assessments, including all net income,
gross income, gross receipts, sales, use, ad valorem, transfer, franchise,
profits, license, withholding, payroll, employment, social security,
unemployment, excise, estimated, severance, stamp, occupation, property or other
taxes, customs duties, fees, assessments or charges of any kind whatsoever,
including all interest and penalties thereon, and additions to tax or additional
amounts imposed by any Governmental Entity.

     

    “Wimbledon Acquisition
Agreement” means the collective reference to the asset purchase
agreements between the Wimbledon Funds, Allied Provident and a newly formed
Cayman Islands Subsidiary of Allied Provident (the “Wimbledon
Purchaser”), expected to be entered into between the Execution Date and
the Closing Date, pursuant to which, inter
alia, the Wimbledon Purchaser shall acquire all of the assets (subject to
assumption of all of the liabilities) of the Wimbledon Funds, in exchange for
that number of Amalphis Exchange Shares have a United States dollar stated value
equal to the estimated Net Asset Value of the Wimbledon Funds as at December 31,
2009.

     

    “Wimbledon Funds”
shall mean Wimbledon Financing Master Fund Ltd. and WREF Fund, both Cayman
Islands exempted companies.

     

    Certain terms not defined above are
defined in the sections below.

     

    ARTICLE
II.  PURCHASE AND SALE OF THE ASSETS; ASSUMPTION OF
LIABILITIES

     

    SECTION
2.1       The Acquired
Assets.

     

    (a)       Upon
the terms and subject to the conditions set forth in this Agreement, on the
Closing Date, each of the Funds shall Transfer to the Buyer good and marketable
title in and to all, and not less than all, of the Acquired Assets of each of
the Funds, as the same shall exist as at the Closing Date.

     

    (b)       On
the Closing Date, Stillwater shall cause each of the Funds to execute and
deliver to the Buyer one or more bills of sale, assignments, stock powers and
other documents and instruments as shall be legally required, necessary or
advisable to effect the Transfer of all of the Acquired Assets (collectively,
the “Asset Transfer
Instruments”).

     

    SECTION
2.2       Registration of Acquired
Assets.       Subject to the
provisions of this Agreement, as soon as practicable on or after the Closing
Date, the Parties shall cause to be filed with any Governmental Authority in any
jurisdiction, all necessary Transfer instruments and other documents as shall be
legally required, necessary or advisable to register good and marketable title
in and to the Acquired Assets to and in the name of the Buyer.

     

    SECTION
2.3       Assumption of
Liabilities.

     

    (a)       Upon
the terms and subject to the conditions set forth in this Agreement, on the
Closing Date, the Buyer shall assume all, and not less than all, of the
Liabilities of each of the Funds, as the same shall exist as at the Closing
Date.

     

    (b)       On
the Closing Date, ASSAC shall cause the Buyer to execute and deliver to the
applicable Funds one or more assumption agreements or other undertakings,
documents and instruments as shall be legally required, necessary or advisable
to effect the Transfer of all of the Liabilities to the Buyer (collectively, the
“Liability Assumption
Instruments”).

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    SECTION
2.4       Management
Agreement.

     

    On the
Closing Date, the Buyer shall execute and deliver the Management Agreement to
the Investment Manager.

     

    SECTION
2.5       Consideration  In
consideration for the Transfer of the Acquired Assets, and in addition to the
assumption of the Liabilities by the Buyer, on the Closing Date, ASSAC shall
deliver to each of Stillwater ABOF Cayman, Stillwater ABF SPV and Stillwater ABF
II SPV the Consideration based on the Purchase Value of each of such Funds as at
December 31, 2009.  Assuming that such aggregate Consideration and the
aggregate number of Series A Preferred Shares are not reduced as a result of any
Distributed Assets, such Consideration shall aggregate $385.0 million and shall
be payable as follows:

     

    (a)       Stillwater
ABOF Cayman shall receive 102,000 ASSAC Series A Preferred Shares, representing
the $102.0 million Purchase Value attributable to such Fund as at December 31,
2009;

     

    (b)       Stillwater
ABF SPV shall receive 205,000 ASSAC Series A Preferred Shares, representing the
$205.0 million Purchase Value attributable to such Fund as at December 31, 2009;
and

     

    (c)       Stillwater
ABF II SPV shall receive 78,000 ASSAC Series A Preferred Shares, representing
the $78.0 million Purchase Value attributable to such Fund as at December 31,
2009.

     

    To the
extent applicable, Series A Preferred Shares shall be issued to the Funds in
fractions of a share.  No fractional Conversion Shares shall be issued
upon automatic conversion of such Series A Preferred Shares, rather such
Conversion Shares shall be rounded up or down to the nearest whole Ordinary
Share.

     

    SECTION
2.6       Adjusted Purchase Value; NAV
Appraisals and 2009 Audited Financial Statements.

     

    (a)       The
Stillwater Parties hereby covenant and agree to use their commercially
reasonable efforts to cause the Appraiser to deliver the NAV Appraisals for each
of the Funds to the Auditors on or before February 28, 2010, and cause the
Auditors or Appraiser, as the case may be, to provide ASSAC with the Appraised
NAV (together with the audited financial statements of each of the Funds as at
December 31, 2009 and for the fiscal year then ended (the “2009 Audited Financial
Statements”) on or before March 31, 2010.  The calculations of
the NAV Appraisals by the Appraiser as audited by the Auditors in the 2009
Audited Financial Statements shall be final and binding upon all Parties
hereto.

     

    (b)       Upon
delivery of the NAV Appraisals and the 2009 Audited Financial Statements, the
Adjusted Purchase Value of each of the Funds shall be determined.  As
provided in the ASSAC Series A Preferred Certificate of Designations, there
shall be a post-Closing adjustment to the Conversion Shares and the Conversion
Ratio, as provided in Section 2.7 below.

     

    SECTION
2.7       Conversion of ASSAC Series A
Preferred Shares.

     

    Upon
delivery of the NAV Appraisals and the 2009 Audited Financial Statements of each
of the Funds, the number of Conversion Shares and the Conversion Ratio shall be
recalculated, as follows:

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    (a)       the
aggregate
number of Conversion Shares that are issuable to all of the
Funds or the Fund Shareholders of such Fund(s), as the case may be, upon
automatic conversion of all ASSAC Series A Preferred Shares previously issued to
each of the Funds or the Fund Shareholders of such Fund(s), respectively, shall,
automatically and without any further action, be adjusted and determined by
dividing (i) the Adjusted Purchase Value of each such Fund, by (ii) the
Conversion Price then in effect;

     

    (b)       the
Conversion Ratio applicable to each of the Funds or the Fund Shareholders of
such Fund shall, automatically and without any further action, be adjusted and
determined by dividing the (i) aggregate number of Conversion Shares applicable
to such Fund, as determined in accordance with Section 2.6(a) above, by (ii) the
number of ASSAC Series A Preferred Shares issued at Closing to the Funds or all
of the Fund Shareholders; and

     

    (c)       the
number of Conversion Shares issuable to each
individual Fund or to each
individual Shareholder thereof upon automatic conversion of all ASSAC Series A
Preferred Shares issued to each such Fund or Fund Shareholder, shall be
automatically and without any further action determined by multiplying (i) the
aggregate number of ASSAC Series A Preferred Shares issued to such Fund or Fund
Shareholder, by (ii) the Conversion Ratio, as determined pursuant to Section
2.6(b) above.

     

    For the
avoidance of doubt,

     

    (i)         if
for example:

     

    (A)      The
Estimated NAV of the Stillwater ABOF Cayman at December 31, 2009 was $102.0
million, then 100% of the Purchase Value of such Fund payable to Stillwater ABOF
Cayman would be $102.0 million.

     

    (B)       Stillwater
ABOF Cayman shall receive at Closing 102,000 ASSAC Series A Preferred Shares,
having a total Stated Value of $102,000,000.

     

    (C)       Based
on the initial $7.50 per share Conversion Price, the assumed number of
Conversion Shares at the Closing Date would be 13,600,000 ASSAC Ordinary Shares
($102.0 million divided by $7.50) and the assumed Conversion Ratio would be
133.333 ASSAC Ordinary Shares for each of the 102,000 ASSAC Preferred Shares, or
133.333:1.

     

    (D)       If
the Appraised NAV based on the NAV Appraisal of Stillwater ABOF Cayman reflects
that the Adjusted Purchase Value of the Stillwater ABOF Cayman as at December
31, 2009 was, in fact, only $100.0 Million, then the Consideration that should
have been payable to the Partners of Stillwater ABOF Cayman at the Closing is
$100,000,000 and not $102,000,000.

     

    (E)       The
actual number of Conversion Shares issuable to Stillwater ABOF Cayman or the
Fund Shareholders of such Fund is then automatically adjusted downwards to
13,333,333 ASSAC Ordinary Shares ($100.0 million divided by $7.50), and the
adjusted Conversion Ratio applicable to each full ASSAC Series A Preferred Share
would be 130.719 ASSAC Ordinary Shares for each of the 102,000 ASSAC Preferred
Shares, or 130.719:1 (13,333,333 Conversion Shares divided by 102,000 ASSAC
Series A Preferred Shares).

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    (ii)         if
for example:

     

    (A)      The
Estimated NAV of the Stillwater ABOF Cayman at December 31, 2009 is $102.0
million, then the Purchase Value of such Fund payable to Stillwater ABOF Cayman
is $102.0 million.

     

    (B)       Stillwater
ABOF Cayman shall, at the Closing, receive 102,000 ASSAC Series A Preferred
Shares, having a total Stated Value of $102,000,000.

     

    (C)       Based
on the initial $7.50 per shares Conversion Price, the assumed number of
Conversion Shares at the Closing Date would be 13,600,000 ASSAC Ordinary Shares
($102.0 million divided by $7.50) and the assumed Conversion Ratio would be
133.333 ASSAC Ordinary Shares for each of the 102,000 ASSAC Preferred Shares, or
133.333:1.

     

    (D)       If
the Appraised NAV based on the NAV Appraisal of Stillwater ABOF Cayman reflects
that the Adjusted Purchase Value of Stillwater ABOF Cayman as at December 31,
2009 was, in fact, $105.0 Million, then the Consideration that should have been
payable to Stillwater ABOF Cayman at the Closing is $105,000,000 and not
$102,000,000.

     

    (E)       The
actual number of Conversion Shares issuable to Stillwater ABOF Cayman or the
Fund Shareholders of such Fund is then automatically adjusted upwards to
14,000,000 ASSAC Ordinary Shares ($105.0 million divided by $7.50), and the
adjusted Conversion Ratio applicable to each full ASSAC Series A Preferred Share
would be 137.255 ASSAC Ordinary Shares for each of the 102,000 ASSAC Preferred
Shares, or 137.255:1 (14,000,000 Conversion Shares divided by 102,000 ASSAC
Series A Preferred Shares).

     

    In either
example, the number of ASSAC Series A Preferred Shares always remains fixed but
the Conversion Shares and Conversion Ratio change based upon the Adjusted
Purchase Value of each of the Funds.  In addition, the 5% dividend on
the ASSAC Series A Preferred Shares will also be payable in additional ASSAC
Ordinary Shares at the Conversion Date and will reflect the Adjusted Purchase
Price Values based upon the NAV Appraisals. To avoid the issuance of fractional
Ordinary Shares, all Conversion Shares issuable pursuant to this Agreement shall
be rounded up or down to the nearest whole Ordinary Share.

     

    SECTION
2.8       Delivery of Consideration
Certificates.

     

    (a)       On
the Closing Date, ASSAC shall deliver to the Investment Manager of the Fund, one
(1) share certificate evidencing the aggregate number of ASSAC Series A
Preferred Shares issuable to each of the Funds, in each case registered in the
name of such Funds. Following the Closing, the Investment Manager may, at its
option either (i) hold such share certificates for the benefit of such
Shareholders of the Fund pending the automatic conversion of such Series A
Preferred Shares into Conversion Shares as contemplated pursuant to this Article
II, or (ii) return such share certificates to ASSAC together with the names and
mailing addresses of each of the individual Shareholders of the Fund and the
number of ASSAC Series A Preferred Shares allocated to each such Shareholder
(the “Shareholder
List”) upon distribution thererof.  The Board of Directors of
ASSAC may (but shall not be obligated to) distribute or direct the distribution
of certificates representing the applicable number of ASSAC Series A Preferred
Shares to each Shareholder following its receipt of such certificates and
Shareholder List.

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    (b)       Following
the Conversion Date, ASSAC shall either deliver physical stock certificates
evidencing the Conversion Shares registered in the name of each individual Fund
or Fund Shareholder (as determined by the Investment Manager), or deliver such
certificates in electronic format by DTC or other method, all as requested by
the Investment Manager of the Funds.

     

    SECTION
2.9       Stillwater
Payment.  ASSAC shall pay all consideration payable to
Stillwater under the Stillwater Agreement on the Closing Date.

     

    SECTION
2.10    Outstanding Affiliated
Obligations.  Except for the obligation to pay not in excess of
$16.0 million of accrued management fees or incentive fees as at the Closing
Date (which shall be repaid in accordance with Section 5.4 below, by virtue of
the Transfer and without any action on the part of any Party, all accounts
payable, notes payable or other payment obligations of the Fund to Stillwater or
any Affiliate of such Person (collectively, the “Affiliated
Obligations”), shall automatically be deemed to be canceled and retired
and shall cease to exist. Notwithstanding the foregoing, if Stillwater, in the
exercise of its reasonable discretion and upon prior written notice to ASSAC,
shall make one or more loans or advances to the Funds, or any of them, solely
for the purpose of protecting assets and collateral in such Fund(s), Stillwater
shall be repaid such loans and advances by such Fund(s) in accordance with the
terms thereof and such loans or advances shall not be deemed canceled or
retired; provided,
that the terms and conditions (including repayment terms) of any of such
loans or advances shall have been approved in advance by ASSAC, which approvals
shall not be unreasonably withheld.

     

    ARTICLE
III.  CLOSING AND CLOSING DATE

     

    SECTION
3.1       Closing
Date.  On or before January 22, 2010 (the “Closing Date”),
following the satisfaction or waiver of the conditions set forth in Article VII
hereof, the closing of the transactions contemplated by this Agreement (the
“Closing”) will
take place at the offices of Hodgson Russ LLP, 1540 Broadway, 24th floor,
New York, New York, at 9:00 a.m. or at such other place and on such other date
as may be mutually agreed by the parties hereto, in which case Closing Date
means the date so agreed.  The Closing will be effective as of the
close of business on the Closing Date.  The Parties hereto acknowledge and
agree that time is of the essence.

     

    SECTION
3.2       Deliveries.  Subject
to the conditions set forth in this Agreement, on the Closing Date:

     

    (a)         The
ASSAC Parties will deliver to the Stillwater Parties:

     

    (i)       evidence
of payment of the Consideration, consisting of the ASSAC Series A Preferred
Shares, as evidenced by a copy of the Register of Members of ASSAC recording the
issuance of such ASSAC Series A Preferred Shares issued to the Funds or the
Shareholders of the Funds;

     

    (ii)      a
certificate of the ASSAC Parties dated the Closing Date stating that the
conditions set forth in SECTION 7.1 have been satisfied;

     

    (iii)     the
text of the resolutions adopted by the board of directors of ASSAC authorizing
the execution, delivery and performance of this Agreement and the Ancillary
Agreements, certified by an appropriate officer of ASSAC;

     

    (iv)     each
Ancillary Agreement to which ASSAC is a party, duly executed by
ASSAC;

     

    (v)      all
Required Consents, duly executed by all appropriate parties;
and

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

    (vi)     all
Asset Transfer Instruments under and pursuant to Section 2.1(b) of this
Agreement and all Liability Assumption Instruments under and pursuant to Section
2.3(b); and

     

    (vii)    evidence
of filing of the ASSAC Series A Preferred Certificate of Designations and
Restated ASSAC Articles with the Registrar of Companies in the Cayman
Islands;

     

    (viii)   such
other certificates, documents and instruments that the Stillwater Parties
reasonably request for the purpose of (A) evidencing the accuracy of the ASSAC
Parties’ representations and warranties, (B) evidencing the performance and
compliance by the ASSAC Parties with the agreements contained in this Agreement,
(C) evidencing the satisfaction of any condition referred to in SECTION 7.1 or
(D) otherwise facilitating the consummation of the transactions contemplated by
this Agreement.

     

    All
actions to be taken by the ASSAC Parties in connection with consummation of the
transactions contemplated by this Agreement and all certificates, opinions,
instruments and other documents required to effect the transactions contemplated
by this Agreement will be in form and substance reasonably satisfactory to the
Stillwater Parties and their counsel.

     

    (b)         The
Stillwater Parties will deliver to ASSAC:

     

    (i)       
a certificate of the Stillwater Parties dated the Closing Date stating that the
conditions set forth in SECTION 6.2 have been satisfied;

     

    (ii)       the
text of the resolutions adopted by the board of directors of each of the
Stillwater Parties authorizing the execution, delivery and performance of this
Agreement and the Ancillary Agreements, certified by an appropriate officer of
Stillwater;

     

    (iii)      each
Ancillary Agreement to which any Stillwater Party is a party, duly executed by
such Stillwater Party;

     

    (iv)      all
Required Consents, duly executed by all appropriate parties;

     

    (v)       all
Asset Transfer Instruments under and pursuant to Section 2.1(b) of this
Agreement and all Liability Assumption Instruments under and pursuant to Section
2.3(b); and

     

    (vi)      such
other certificates, documents and instruments that the ASSAC Parties reasonably
request for the purpose of (1) evidencing the accuracy of the Stillwater
Parties’ representations and warranties, (2) evidencing the performance and
compliance by the Stillwater Parties with the agreements contained in this
Agreement, (3) evidencing the satisfaction of any condition referred to in
SECTION 6.2 or (4) otherwise facilitating the consummation of the transactions
contemplated by this Agreement.

     

    All
actions to be taken by each of the Stillwater Parties in connection with
consummation of the transactions contemplated by this Agreement and all
certificates, opinions, instruments and other documents required to effect the
transactions contemplated by this Agreement will be in form and substance
reasonably satisfactory to ASSAC and its counsel.

     

    (c)         Simultaneous
Deliveries.  All items delivered by the Parties at the Closing
will be deemed to have been delivered simultaneously, and no items will be
deemed delivered or waived until all have been delivered.

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

     

    (d)         Waiver of
Deliveries.  Notwithstanding anything to the contrary set forth
above in this Article III, in the event and to the extent that any one or more
of the Funds are Non-Performing Funds, ASSAC may nonetheless consummate the
transaction contemplated hereby with respect to the Acquired Assets and
Liabilities of the other Funds, and waive any deliveries otherwise required of
the Non-Performing Funds.

     

    ARTICLE
IV.  REPRESENTATIONS AND WARRANTIES OF THE ASSAC PARTIES

     

    Each of
the ASSAC Parties, jointly and severally, represents and warrants to the
Stillwater Parties that as of the date of this Agreement and as of the Closing
Date (as though made then and as though the Closing Date were substituted for
the date of this Agreement):

     

    SECTION
4.1       Incorporation; Power and
Authority.  ASSAC is duly incorporated, validly existing and in
good standing under the laws of the Cayman Islands.  The Buyer is duly
incorporated, validly existing and in good standing under the laws of the Cayman
Islands.  Each of the ASSAC Parties has (a) the corporate power and
authority to own and operate its business as presently conducted and (b) all
necessary power and authority to execute, deliver and perform this Agreement and
the Ancillary Agreements to which it will become a party.

     

    SECTION
4.2       Valid and Binding
Agreements.

     

    (a)         The
execution, delivery and performance by each of the ASSAC Parties of this
Agreement and the Ancillary Agreements to which it will become a party have been
duly and validly authorized by all necessary corporate or equivalent
action.  This Agreement has been duly executed and delivered by each
of the ASSAC Parties and constitutes the valid and binding obligation of each of
the ASSAC Parties, enforceable against each of them in accordance with its
terms, subject to the Remedies Exception.  Each Ancillary Agreement to
which an ASSAC Party will become a party, when executed and delivered by or on
behalf of ASSAC, will constitute the valid and binding obligation of such ASSAC
Parties, enforceable against ASSAC in accordance with its terms, subject to the
Remedies Exception.

     

    (b)         The
Buyer has been formed solely for the purpose of entering into this Agreement,
the Ancillary Agreements to which it will become a party and consummating the
transactions contemplated by this Agreement, including the
Transfer.  Except for the foregoing, the Buyer has no assets or
liabilities and has conducted no business and will conduct no business prior to
the Closing Date.

     

    SECTION
4.3       SEC
Filings.

     

    (a)         ASSAC
is a “foreign private issuer” (as such term is defined in Rule 3b-4 promulgated
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) and
has timely filed and is current in its filing of all periodic and other reports,
schedules, statements and other documents (collectively, the “SEC Reports”) it is
required to file with the Securities and Exchange Commission (“SEC”) under the
Exchange Act.   To its Knowledge, none of the SEC Reports filed
by ASSAC are currently being reviewed by the SEC and ASSAC has not received any
letter of comments from the SEC that it has not, as yet, fully responded
to.

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    (b)         Each
of the SEC Reports was prepared and complied in all material respects with the
applicable requirements of the Securities Act of 1933, as amended, the Exchange
Act, the Sarbanes-Oxley Act of 2002, as amended, and any other Law applicable to
the SEC Reports as in effect at the time it was filed or furnished (or, in the
case of any registration statement or proxy statement, on the date of
effectiveness or the date of mailing, respectively, and in the case of any SEC
Report amended or superseded by a filing prior to the date of this Agreement,
then on the date of such amending or superseding filings).  As of
their respective dated of filing, effectiveness or mailing, as applicable (or,
if amended or supplemented, as of the dates of such amendments or supplements)
the SEC Reports did not contain any untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the
statements made therein, in light of the circumstances in which they were made,
not misleading.

     

    (c)         ASSAC
has been and is in compliance with the applicable listing, corporate governance
and other applicable rules and regulations of the American Stock Exchange,
Inc.

     

    (d)         ASSAC
has established and maintains disclosure controls and procedures required by
Exchange Act Rules 13a-14 and 15d-14.  Such disclosure controls and
procedures are adequate and effective to ensure that information required to be
disclosed by ASSAC is recorded and reported on a timely basis to its chief
executive officer and chief financial officer by others within those
entities.

     

    (e)         Each
of the consolidated financial statements of ASSAC contained in the SEC Reports
(the “ASSAC Financial
Statements”), together with the related schedules and notes thereto,
complied as to form in all material respects, as of the date of filing with the
SEC, with applicable accounting requirements and the published rules and
regulations of the SEC with respect thereto, and fairly presents, in all
material respects, the financial position of ASSAC as of the dates indicated and
the statement of operations and stockholders’ equity and cash flows of ASSAC for
the periods then ended.  The ASSAC Financial Statements have been
prepared in accordance with GAAP, applied on a consistent basis throughout the
periods involved (except, in the case of unaudited quarterly financial
statements, subject to normal year-end adjustments consistent with
GAAP).

     

    (f)         The
ASSAC Ordinary Shares are registered pursuant to Section 12(g) of the Exchange
Act and no action has been taken or, to the Knowledge of the ASSAC Parties, is
contemplated, and no proceeding is pending or has been threatened in writing
that would result in the suspension, cancellation or termination of such
registration.

     

    SECTION
4.4       No Breach;
Consents.  The execution, delivery and performance by the ASSAC
Parties of this Agreement and the Ancillary Agreements to which either or both
of the ASSAC Parties will become a party will not (a) contravene any provision
of the Organizational Documents, if any, of the ASSAC Parties or the
Registration Statement on Form S-1 (Registration No. 333-145163) declared
effective by the SEC on January 16, 2008 (the “Registration
Statement”) or the definitive prospectus included therein; (b) violate or
conflict with any Law, Governmental Order Governmental Authorization or the
rules and regulations of the American Stock Exchange; (c) conflict with, result
in any breach of any of the provisions of, constitute a default (or any event
that would, with the passage of time or the giving of notice or both, constitute
a default) under, result in a violation of, increase the burdens under, result
in the termination, amendment, suspension, modification, abandonment or
acceleration of payment (or any right to terminate) or require a Consent,
including any Consent under any Contract or Governmental Authorization that is
either binding upon or enforceable against the ASSAC Parties or any Governmental
Authorization that is held by the ASSAC Parties; (d) require any Governmental
Authorization; (e) give any Governmental Entity or other Person the right to
challenge any of the contemplated transactions or to exercise any remedy or
obtain any relief under any Law, Governmental Order or Governmental
Authorization; (f) cause the Stillwater Parties to become subject to, or to
become liable for the payment of, any Tax; or (g) result on the creation or
imposition of any Encumbrance.

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

     

    SECTION
4.5       ASSAC Shareholder
Approvals.  ASSAC shall use commercially reasonable efforts to
obtain all Required Consents and the ASSAC Shareholder Approval required
pursuant to this Agreement.

     

    SECTION
4.6       Brokerage.  Except
as set forth on Schedule 4.6 hereto,
none of the ASSAC Parties is required to pay any finders fee or other brokerage
commissions in connection with the transactions contemplated by this Agreement
and the Ancillary Agreements.

     

    SECTION
4.7       Capitalization.  ASSAC
is duly authorized to issue the ASSAC Ordinary Shares and the ASSAC Preferred
Shares pursuant to its Organizational Documents.  As at September 30,
2009, (a) an aggregate of 14,000,000 Ordinary Shares were issued and
outstanding, (b) no Preferred Shares were issued and outstanding, and (c)
warrants to issue an aggregate of 18,000,000 Ordinary Shares, at exercise prices
of $7.50 per share (of which warrants to issue 5,725,000 Ordinary Shares have
“cashless exercise” provisions) were issued and
outstanding.   Since September 30, 2009, ASSAC sold and issued
the ASSAC Executive Shares and has not issued or sold any other
security.

     

    SECTION
4.8       Board of Directors
Authorization.  The board of directors of ASSAC has duly
authorized the issuance of the ASSAC Series A Preferred Shares and Conversion
Shares pursuant to this Agreement and the Additional Acquisition Agreements,
subject at all times to ASSAC obtaining the ASSAC Shareholder Approval required
hereby.

     

    SECTION
4.9       No Material Adverse
Changes.  Since September 30, 2009 there has not
been:

     

    (a)         any
material adverse change in the financial position of ASSAC, except changes
arising in the ordinary course of business, which changes will in no event
materially and adversely affect the financial position of ASSAC;

     

    (b)         any
damage, destruction or loss materially affecting the assets, prospective
business, operations or condition (financial or otherwise) of ASSAC whether or
not covered by insurance;

     

    (c)         any
declaration, setting aside or payment of any dividend or distribution with
respect to any redemption or repurchase of the capital stock of
ASSAC;

     

    (d)         any
sale of an asset (other than in the ordinary course of business) or any mortgage
or pledge by ASSAC of any of its properties or assets; or

     

    (e)         any
adoption of a pension, profit sharing, retirement, stock bonus, stock option or
similar plan or arrangement.

     

    SECTION
4.10       Taxes.  ASSAC
timely filed, or has caused to be timely filed on its behalf, all applicable tax
returns required to be filed by it, and all such tax returns are true, complete
and accurate, except to the extent any failure to file or any inaccuracies in
any filed tax returns, individually or in the aggregate, have not had and would
not reasonably be expected to have a Material Adverse Effect on
ASSAC.  All Taxes shown to be due on such tax returns, or otherwise
owed, has been timely paid, except to the extent that any failure to pay,
individually or in the aggregate, has not had and would not reasonably be
expected to have a Material Adverse Effect on ASSAC.

     

    SECTION
4.11       Compliance with
Laws.  ASSAC has complied with all requirements of Law
applicable to it or its business which, if not complied with, would have a
Material Adverse Effect on ASSAC.

    
      
         

      

      
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    SECTION
4.12       No
Breach.  The execution, delivery and performance of this
Agreement and the Ancillary Agreements and the consummation of the transactions
contemplated hereby and thereby will not:

     

    (a)         violate
any provision of the Organizational Documents of ASSAC;

     

    (b)         violate,
conflict with or result in the breach of any of the terms of, result in a
material modification of, otherwise give any other contracting party the right
to terminate, or constitute (or with notice or lapse of time, or both
constitute) a default under any Contract to which ASSAC is a party or by or to
which it or any of its assets or properties may be bound or subject or result in
the creation of any Encumbrance (other than Permitted Encumbrances) on the
assets or properties of ASSAC; or

     

    (c)         violate
any requirements of Law against, or binding upon,  ASSAC or upon the
properties or business of  ASSAC or applicable to the transactions
contemplated herein.

     

    SECTION
4.13       Actions and
Proceedings.   Except as set forth in the SEC Reports,
ASSAC is not a party to any pending litigation or, to its Knowledge, any
governmental investigation or proceeding not reflected in the ASSAC Financial
Statements, and to the Knowledge of ASSAC, no material litigation, claims,
assessments or non-governmental proceedings is threatened against
it.

     

    SECTION
4.14       Material
Contracts.  This Agreement, the Additional Acquisition
Agreements, the Ancillary Agreements, the exhibits filed with the Registration
Statement (the original filing and all amendments thereto) and with the SEC
Reports include all material Contracts to which ASSAC is currently a party
(collectively, the “ASSAC
Contracts”).  Each such ASSAC Contract: (a) is a valid and
binding agreement, (b) is in full force and effect, and (c) neither ASSAC nor,
to the Knowledge of ASSAC, any other party thereto is in breach or default
(whether with or without the passage of time or the giving of notice or both)
under the terms of any such Contract would have a Material Adverse Effect on
ASSAC or its assets and properties. ASSAC has not assigned, delegated, or
otherwise transferred any of their rights or obligations with respect to any
such ASSAC Contracts, or granted any power of attorney with respect thereto.
ASSAC has given or otherwise made available to Stillwater a true and correct
fully executed copy of each material ASSAC Contract.

     

    SECTION
4.15       Affiliated
Transactions.  Except as set forth in the ASSAC Contracts or
disclosed in the Registration Statement or SEC Reports, there does not exist any
transaction between ASSAC or any officer, director, shareholder or other
Affiliate of ASSAC.

     

    SECTION
4.16       Trust
Account.  ASSAC currently maintains the sum of $115.0 Million
in the Trust Account.

     

    ARTICLE
V.  REPRESENTATIONS AND WARRANTIES OF THE STILLWATER
PARTIES

     

    Each of
the Stillwater Parties jointly and severally represents and warrants to the
ASSAC Parties that as of the date of this Agreement and as of the Closing Date
(as though made then and as though the Closing Date were substituted for the
date of this Agreement):

     

    SECTION
5.1       Incorporation; Power and
Authority.  Stillwater is a corporation duly organized, validly
existing and in good standing under the Laws of the State of New York, with all
necessary power and authority to execute, deliver and perform this Agreement and
the Ancillary Agreements to which it will become a party.  Each Fund
is an exempted company duly incorporated, validly existing and in good standing
under the Laws of the Cayman Islands, with all necessary power and authority to
execute, deliver and perform this Agreement and the Ancillary Agreements to
which it will become a party.

    
      
         

      

      
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    SECTION
5.2       Valid and Binding
Agreement.

     

    (a)         The
execution, delivery and performance by each of the Stillwater Parties of this
Agreement and the Ancillary Agreements to which it will become a party have been
duly and validly authorized by all necessary corporate or company action, as
applicable.

     

    (b)         This
Agreement has been duly executed and delivered by each of the Stillwater Parties
and constitutes the valid and binding obligation of each of the Stillwater
Parties, enforceable against them in accordance with its terms, subject to the
Remedies Exception.  Each Ancillary Agreement to which any one or more
of the Stillwater Parties will become a party, when executed and delivered by
such entities, will constitute the valid and binding obligation of such
entities, enforceable against them in accordance with its terms, subject to the
Remedies Exception.

     

    SECTION
5.3       No Breach;
Consents.  The execution, delivery and performance of this
Agreement and the Ancillary Agreements to which it will become a party by each
of the Stillwater Parties will not (a) to the extent applicable, contravene any
provision of the Organizational Documents of such entities; (b) violate or
conflict with any Law, Governmental Order or Governmental Authority; (c)
conflict with, result in any breach of any of the provisions of, constitute a
default (or any event that would, with the passage of time or the giving of
notice or both, constitute a default) under, result in a violation of, increase
the burdens under, result in the termination, amendment, suspension,
modification, abandonment or acceleration of payment (or any right to
terminate); (d), except for the Stillwater Partner Consents, require a Consent,
including any Consent under any Contract or Governmental Authorization that is
either binding upon or enforceable against any of the Stillwater Parties; or (e)
require any Governmental Authorization.

     

    SECTION
5.4       Financial Statements, Books
and Records.

     

    (a)         Schedule 5.4 consists
of (i) the audited financial statements (balance sheet, income statement,
statements of cash flows and owners equity and notes thereto) of each of the
Funds as of December 31, 2006 and December 31, 2007 and for the fiscal year then
ended (the “2006 and
2007 Financial Statements”), (ii) the unaudited financial statements
(balance sheet, income statement, statements of cash flows and owners equity and
notes thereto) of each of the Funds as of December 31, 2008 and for the fiscal
year then ended (the “2008 Financial
Statements”), and (iii) the unaudited combined balance sheet and
statement of income of the Funds for the comparative fiscal quarters ended
September 30, 2009 and September 30, 2008 (the “Interim Financial
Statements” and with the 2006 and 2007 Financial Statements and the 2008
Financial Statements, collectively, the “Financial
Statements”); and in each case (other than the 2009 Financial Statements)
all underlying information has been submitted to an accounting firm (the “Stillwater
Accountants”) that is certified by the Public Company Accounting
Oversight Board (“PCAOB”).

     

    (b)         On
or before January 15, 2010, the Stillwater Parties will have delivered to ASSAC
the audit of the 2008 Financial Statements accompanied by the unqualified audit
opinion of the Stillwater Accountants.

    
      
         

      

      
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    (c)         On
or before January 15, 2010, the Stillwater Parties will have delivered to ASSAC
a letter from the Stillwater Accountants (the “Accountants Letter”),
to the effect that the audited financial statements (balance sheet, income
statement, statements of cash flows and owners equity and notes thereto) of each
of the Funds as of December 31, 2009 and the fiscal year then ended (the “2009 Financial
Statements”) can be audited by such Stillwater Accountants, and that,
subject to the qualifications contained in the Accountants Letter and the timely
receipt of the NAV Appraisals, such audit can be completed by March 31,
2010.  In addition, the Stillwater Parties have issued to the
Stillwater Accountants a direction to complete the audit of the aforesaid 2009
Financial Statements.

     

    (d)        The
Financial Statements fairly represent the financial position of the Funds as at
such dates and the results of their operations for the periods then
ended.  The Financial Statements were prepared in accordance with
generally accepted accounting principles (“GAAP”) applied on a
consistent basis with prior periods except as otherwise stated
therein.

     

    (e)         All
accounts, books and ledgers of the Funds have been properly and accurately kept
and completed in all material respects on a basis consistent with those of
preceding accounting periods, and there are no material inaccuracies or
discrepancies of any kind contained or reflected therein.  The books
and records fairly and correctly set out and disclose, in all material respects,
the current financial position and condition of the Funds. All financial
transactions involving the Funds have been accurately recorded in the books and
records and all such transactions represent actual, bona fide
transactions.

     

    (f)         As
at September 30, 2009, to the Knowledge of the Stillwater Parties, the Estimated
NAV of the Funds was approximately $385.0 million. The Investment Manager
anticipates that as at December 31, 2009, the Estimated NAV of the Funds will be
not less than approximately $385.0 million.

     

    SECTION
5.5       The Acquired Assets;
Subsidiaries.

     

    (a)         The
Acquired Assets being Transferred to the Buyer by each of the Funds represent
all, and not less than all, of the Acquired Assets owned, leased or otherwise by
such Fund.

     

    (b)         Except
as reflected on Schedule 5.5 hereto or with respect to holding companies wholly
owned by the Funds used to hold assets of the Funds and for no other business
purposes, the Funds do not have any Subsidiaries and, except for the Acquired
Assets, do not own of record or beneficially, directly or indirectly, (i) any
shares of capital stock or securities convertible into capital stock of any
other corporation or (ii) any participating interest in any partnership, joint
venture, limited liability company or other non-corporate business enterprise
and does not control, directly or indirectly, any other Person.

     

    SECTION
5.6       No Material Adverse
Changes.  Except as otherwise described on Schedule 5.5 hereto,
since the date of the most recent Financial Statements, there has not
been:

     

    (i)        
any material adverse change in the financial position of the Funds, except
changes arising in the ordinary course of business, which changes will in no
event materially and adversely affect the financial position of the
Funds;

     

    (ii)       any
damage, destruction or loss materially affecting the assets, prospective
business, operations or condition (financial or otherwise) of the Funds whether
or not covered by insurance;

     

    (iii)       any
declaration, setting aside or payment of any dividend or distribution with
respect to any redemption or repurchase of the equity of any of the
Funds;

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

     

    (iv)       any
sale of an asset (other than in the ordinary course of business) or any mortgage
or pledge by any of the Funds or any of their properties or assets;
or

     

    (v)       
any adoption of a pension, profit sharing, retirement, stock bonus, stock option
or similar plan or arrangement.

     

    SECTION
5.7       Taxes.  Each
of the Stillwater Parties has timely filed, or has caused to be timely filed on
its behalf, all applicable Tax returns required to be filed by it, and all such
Tax returns are true, complete and accurate, except to the extent any failure to
file or any inaccuracies in any filed Tax returns, individually or in the
aggregate, have not had and would not reasonably be expected to have a Material
Adverse Effect on such Stillwater Party.  All Taxes shown to be due on
such Tax returns, or otherwise owed, has been timely paid, except to the extent
that any failure to pay, individually or in the aggregate, has not had and would
not reasonably be expected to have a Material Adverse Effect on any of the
Stillwater Parties.

     

    SECTION
5.8       Compliance with
Laws.  Each of the Stillwater Parties has complied with all
requirements of Law applicable to it or its business which, if not complied
with, would have a Material Adverse Effect on the Stillwater
Parties.

     

    SECTION
5.9       No
Breach.  The execution, delivery and performance of this
Agreement and the Ancillary Agreements and the consummation of the transactions
contemplated hereby and thereby will not:

     

    (a)        violate
any provision of the Organizational Documents of any of the Stillwater
Parties;

     

    (b)        violate,
conflict with or result in the breach of any of the terms of, result in a
material modification of, otherwise give any other contracting party the right
to terminate, or constitute (or with notice or lapse of time, or both
constitute) a default under any Contract to which the Stillwater Parties are a
party or by or to which they or any of their assets or properties may be bound
or subject or result in the creation of any Encumbrance (other than Permitted
Encumbrances) on the assets or properties of the Stillwater Parties;
or

     

    (c)        violate
any requirements of Law against, or binding upon,  the Stillwater Parties
or upon the properties or business of  the Stillwater Parties or applicable
to the transactions contemplated herein.

     

    SECTION
5.10     Actions and
Proceedings.  Except as set forth on Schedule 5.10, none
of the Funds is a party to any material pending litigation or, to the knowledge
of the Stillwater Parties, any governmental investigation or proceeding not
reflected in the Financial Statements, and to the Knowledge of the Stillwater
Parties, no material litigation, claims, assessments or non-governmental
proceedings is threatened against any of the Funds.

     

    SECTION
5.11     Agreements.  Schedule 5.11 sets
forth each material Contract to which each of the Funds is a party or by or
to which it or its assets, properties or business are bound or subject. Each
such Contract: (a) is a valid and binding agreement, (b) is in full force and
effect, and (c) neither the Stillwater Parties nor, to the Knowledge of the
Stillwater Parties, any other party thereto is in breach or default (whether
with or without the passage of time or the giving of notice or both) under the
terms of any such Contract. The Stillwater Parties have not assigned, delegated,
or otherwise transferred any of their rights or obligations with respect to any
such Contracts, or granted any power of attorney with respect thereto. The
Stillwater Parties have given or otherwise made available a true and correct
fully executed copy of each material Contract to ASSAC.

    
      
         

      

      
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    SECTION
5.12     Redemption
Claims.  Schedule 5.12 sets
forth the names of each Fund Shareholder or former Fund Shareholder (as the case
may be) who is owed amounts under outstanding Redemption Claims, (ii) the amount
of each such Redemption Claim, and (iii) whether such Redemption Claim can be
satisfied by the payment of consideration other than cash.  Except as
set forth on Schedule
5.12, to the Knowledge of the Stillwater Parties no other Redemption
Claims are pending.

     

    SECTION
5.13     Intellectual
Property.  Each of the Stillwater Parties has or has rights to
use, all patents, patent applications, trademarks, trademark applications,
service marks, trade names, copyrights, licenses and other similar rights (the
“Intellectual Property Rights”) that are necessary or material for use in
connection with its businesses and which the failure to so have could,
individually or in the aggregate, have or reasonably be expected to result in a
Material Adverse Effect on the Stillwater Parties.  To the Knowledge
of the Stillwater Parties, none of the Stillwater Parties have received a
written notice that such Intellectual Property Rights used by it violates or
infringes upon the rights of any Person. To the Knowledge of the Stillwater
Parties, (a) all such Intellectual Property Rights are enforceable and (b) there
is no existing infringement by another Person of any of such Intellectual
Property Rights.

     

    SECTION
5.14     Tangible Acquired
Assets.  Each of the Stillwater Parties has full title and
interest in all machinery, equipment, furniture, leasehold improvements,
fixtures, projects, owned or leased by  the Stillwater Parties, any related
capitalized items or other tangible property material to the business of the
Stillwater Parties (the “Tangible Acquired
Assets”).   Each of the Stillwater Parties holds all
right, title and interest in all the Tangible Acquired Assets owned by it as set
forth on the Financial Statements or acquired by it after the date of the
Financial Statements free and clear of all Encumbrances, except Permitted
Encumbrances.  All of the Tangible Acquired Assets are in good
operating condition and repair and are usable in the ordinary course of business
of the Stillwater Parties.

     

    SECTION
5.15      Liabilities.  None
of the Funds have any material Liabilities which are not fully, fairly and
adequately reflected on the Financial Statements or in the Liability Assumption
Instruments.

     

    SECTION
5.16      Operations of  the
Funds.  From September 30, 2009 through the Closing Date,
except as disclosed on Schedule 5.16 or the
Financial Statements, none of the Funds have or will have:

     

    (a)         except
for Redemption Claims, declared or paid any dividend or declared or made any
distribution of any kind to any shareholder, or made any direct or indirect
redemption, retirement, purchase or other acquisition of any shares in its
membership interests;

     

    (b)         except
in the ordinary course of business, incurred or assumed any indebtedness or
liability (whether or not currently due and payable);

     

    (c)         disposed
of any assets except in the ordinary course of business;

     

    (d)         materially
increased the annual level of compensation of any executive or other employee;
or

     

    (e)         issued
any equity securities or rights to acquire such equity
securities.

    
      
         

      

      
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    SECTION
5.17      Permits.  Each
of the Funds has all material permits, licenses, authorizations, orders and
approvals of, and has made all filings, applications and registrations with, all
Governmental Authorities that are required in order to permit it to own or lease
its properties and to conduct its business as presently conducted (the “Permits”); all such
Permits are in full force and effect and, to the Knowledge of the Stillwater
Parties, no suspension or cancellation of any such Permit is threatened or will
result from the consummation of the transactions contemplated by this Agreement
and the other Ancillary Agreements or the transactions contemplated hereby and
thereby.

     

    SECTION
5.18      Brokers or
Finders.  Other than as described in the Stillwater Agreement,
broker’s or finder’s fee will be payable by the Stillwater Parties in
connection with the transactions contemplated by this Agreement.

     

    SECTION
5.19      Securities Law
Matters.  The ASSAC Series A Preferred Shares and any
Conversion Shares (collectively, the “ASSAC Securities”) to
be acquired by any of the Stillwater Parties, or by the Fund Shareholders, are
being acquired for the account of such Persons with no intention of distributing
or reselling such securities or any part thereof in any transaction that would
be in violation of the registration requirements of the Securities Act and
applicable state securities laws.  Until registered for resale under
the Securities Act, if any recipient of the ASSAC Securities who is a signatory
to this Agreement should in the future decide to dispose of any of such ASSAC
Securities, such Person may do so only in compliance with the registration
requirements of the Securities Act and applicable state securities laws, as then
in effect.  Each of the Stillwater Parties agrees that all
certificates evidencing ASSAC Securities to be issued in connection with this
Agreement and other transactions contemplated hereby shall contain the
imprinting, so long as required by law, of a legend on certificates representing
such ASSAC Securities to the following effect:

     

    “THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY
STATE.  THE SECURITIES MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES
LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF SUCH ACT AND SUCH LAWS.”

     

    “THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS AND
CONDITIONS OF A REGISTRATION RIGHTS AGREEMENT DATED JANUARY _____,
2010.  A COPY OF SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL EXECUTIVE
OFFICE OF ASIA SPECIAL SITUATION ACQUISITION CORP. AND ASIA SPECIAL SITUATION
ACQUISITION CORP. WILL FURNISH COPIES OF SUCH AGREEMENT TO THE HOLDER OF THIS
CERTIFICATE UPON REQUEST AND WITHOUT CHARGE.”

     

    ARTICLE
VI.  POST-CLOSING COVENANTS

     

    SECTION
6.1       Contribution to
Capital.  On the Closing Date, and immediately following
consummation of the Transfers of the Acquired Assets and Liabilities
contemplated by this Agreement and its acquisition of Northstar pursuant to the
Northstar Merger Agreement, ASSAC shall contribute all, and not less than all,
of the capital stock of the Buyer owned of record by ASSAC to the capital of
either or both of the following Persons, as determined by ASSAC in the exercise
of its sole discretion: (a) Northstar Re Bermuda and/or Northstar Re Ireland
(both Subsidiaries of Northstar), or (b) Allied Provident.

     

    
      
        
        

      

      
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    SECTION
6.2       Boards of Directors of
ASSAC.

     

    (a)         From
and after the Closing Date, ASSAC shall use its best efforts to cause to be
elected to the Board of Directors of ASSAC, and by their execution of this
Agreement, each of (i) the Stillwater Parties, (ii) Noble Investment Fund
Limited, and (iii) Allius Ltd. and their Affiliates agree to vote all of the
ASSAC Ordinary Shares and all ASSAC Series A Preferred Shares, as applicable,
owned of record by them at each general shareholders meeting of ASSAC in favor
of the election to the Board of Directors of ASSAC of one (1) Person designated
by Stillwater (the “Stillwater Designee”)
and not less than five (5) other Persons who shall be designated by the members
of the ASSAC Board of Directors (the “ASSAC
Designees”).  The ASSAC Designees to the Board of Directors of
ASSAC shall be set forth in the ASSAC Proxy Statement.  All of Richard
Rudy, Jack Doueck and the Stillwater Designee (if other than either of the
aforementioned Persons) shall be included under ASSAC’s officer/director
liability policy in effect from time to time, commencing on the Closing
Date.

     

    (b)         ASSAC
and Stillwater each covenant and agree to cause the Buyer to be managed by the
Investment Manager.  From and after the Closing Date and for a period
through and including March 31, 2013, Stillwater shall establish a three (3)
Person investment committee, in accordance with the terms of the Management
Agreement.

     

    SECTION
6.3      Registration of Conversion
Shares.  Following the Closing Date, ASSAC shall use its
commercially reasonable efforts to cause the Registration Statement (as that
term is defined in the Registration Rights Agreement) to be declared effective
by the Securities and Exchange Commission and shall otherwise comply with all of
its covenants and agreements contained in the Registration Rights
Agreement.

     

    SECTION
6.4       Payment of Affiliated
Obligations.  As at the Closing Date, the aggregate amount of
all Affiliated Obligations owed by all of the Funds and assumed by the Buyer
shall not exceed $16.0 million.  Following the Closing Date, the Buyer
shall commence to repay such Affiliated Obligations only after all Redemption
Claims as at the Closing Date shall have been paid in full or otherwise
satisfied, and then in accordance with the applicable provisions of the
Management Agreement.

     

    SECTION
6.5       Change of
Name.  As soon as practicable following the Closing Date, the
Buyer shall change its corporate name to “Stillwater Asset Backed Holdings
Ltd.” or such other name as shall be acceptable to ASSAC and
Stillwater.

    

    SECTION
6.6       Voting of ASSAC Exchange
Shares.

    

    (a)       From
and after the Closing Date and until the ASSAC Series A Preferred Shares are
converted into Ordinary Shares in accordance with the ASSAC Restated Articles,
subject to the provisions of Section 6.6(b) below, each of the Stillwater
Parties, with respect to the ASSAC Series A Preferred Shares owned by them, do
hereby jointly and severally covenant and agree as a voting shareholder of ASSAC
to:

    
      
         

      

      
        23

        
          

        

      

      
         

      

    

    (i)          vote
all such ASSAC Series A Preferred Shares then owned of record by each such
Person(s) at each ordinary and extraordinary meeting of shareholders of ASSAC
held prior to December 31, 2010, in connection with any transaction or proposal
requiring approval of ASSAC shareholders, in favor
of any such transaction or proposal recommended to the ASSAC shareholders of a
majority of the members of the board of directors of ASSAC; and/or

    

    (ii)         on
or prior to December 31, 2010, execute written consents requested by the board
of directors of ASSAC, in connection with any transaction or proposal that
requires approval of ASSAC shareholders holding a majority or greater than a
majority of the ASSAC shares entitled to vote, that have the effect of casting
all votes then available with respect to such ASSAC Series A Preferred Shares
in
favor of any such transaction or proposal recommended to the ASSAC
shareholders of a majority of the members of the board of directors of
ASSAC.

    

    (b)       Notwithstanding
the foregoing, in no event shall the Stillwater Parties be required to vote in
accordance with the provisions of Section 6.6(a) above, if and to the extent
that any such proposal relates to (i) the issuance of any “Senior Security,” or
to the amendment to or modification of any “Junior Security” or “Pari Passu
Security” (as such terms are defined in the ASSAC Restated Articles, and in all
such cases, a “New
Equity Security”), if any such issuance, amendment or modification of
such New Equity Security would result in the same being a Senior Security to the
Series A Preferred Shares, or (ii) any other proposal that has the effect or
could reasonably be expected to have the effect of adversely affecting the
rights, privileges or designations of the ASSAC Series A Preferred
Shares.

    

    SECTION
6.7       Rescission.  All
or certain of the transactions contemplated by this Agreement may be rescinded
prior to the Conversion Date, all as contemplated by the ASSAC Restated Articles
or the ASSAC Series Preferred Certificate of Designations.

     

    ARTICLE
VII.  CONDITIONS TO CLOSING

     

    SECTION
7.1       Conditions to Stillwater
Parties’ Obligations.  The obligation of the Stillwater Parties
to take the actions required to be taken by them at the Closing is subject to
the satisfaction or waiver, in whole or in part, in their sole discretion, of
each of the following conditions at or prior to the Closing:

     

    (a)         The
representations and warranties of the ASSAC Parties set forth in Article IV will
be true and correct as of the Closing Date as though then made and as though the
Closing Date had been substituted for the date of this Agreement in such
representations and warranties (without taking into account any supplemental
disclosures after the date of this Agreement by the ASSAC Parties or the
discovery of information by the Stillwater Parties;

     

    (b)         Each
of the ASSAC Parties will have performed and complied with each of their
agreements contained in this Agreement that can be performed and complied with
at or prior to the Closing;

     

    (c)         Each
Required Consent required to be obtained by ASSAC will have been obtained and be
in full force and effect and such actions as the Stillwater Parties’ counsel may
reasonably require will have been taken in connection therewith;

     

    (d)         All
of the requisite ASSAC Shareholder Approvals shall have been obtained a the
ASSAC Shareholders Meeting;

    
      
         

      

      
        24

        
          

        

      

      
         

      

    

     

    (e)         Holders
of greater than 34.99% of the outstanding ASSAC publicly traded Ordinary Shares
have not voted against the Transfers and other transactions contemplated by this
Agreement and advised ASSAC of their desire to redeem their
investment;

     

    (f)         Pursuant
to the terms and conditions of all or certain of the Additional Acquisition
Agreements, ASSAC shall have consummated the acquisition of such of the Funds
and/or the Additional Stillwater Funds that shall have an aggregate Net Asset
Value of not less than $100.0 million;

     

    (g)         ASSAC
shall have consummated the acquisition of either or both of the Amalphis
Exchange Shares and/or all of the equity of Northstar pursuant to the terms and
conditions of either or both of the Amalphis Purchase Agreement and/or the
Northstar Merger Agreement, respectively;

     

    (h)         The
Stillwater Parties will have received evidence reasonably satisfactory to them
that no Litigation is pending or threatened (i) challenging or seeking to
prevent or delay consummation of any of the transactions contemplated by this
Agreement, or (ii) asserting the illegality of or seeking to render
unenforceable any material provision of this Agreement, any of the Ancillary
Agreements or the relevant Additional Acquisition Agreements;

     

    (i)          The
ASSAC Parties shall have executed and delivered all of the Ancillary Agreements
to which it is a Party; and

     

    (j)          No
Law or Governmental Order will have been enacted, entered, enforced,
promulgated, issued or deemed applicable to the transactions contemplated by
this Agreement by any Governmental Entity that would reasonably be expected to
result, directly or indirectly, in any Material Adverse Effect with respect to
the ASSAC Parties.

     

    SECTION
7.2       Conditions to ASSAC Parties’
Obligations.  The obligation of the ASSAC Parties to take the
actions required to be taken by them at the Closing is subject to the
satisfaction or waiver, in whole or in part, in the sole discretion of the ASSAC
Parties, of each of the following conditions at or prior to the
Closing:

     

    (a)         The
representations and warranties of the Stillwater Parties set forth in Article V
will be true and correct in all material respects as of the Closing Date as
though then made and as though the Closing Date had been substituted for the
date of this Agreement in such representations and warranties;

     

    (b)         Each
of the Stillwater Parties will have performed and complied with each of their
agreements contained in this Agreement;

     

    (c)         Each
Required Consent required to be obtained by the Stillwater Parties will have
been obtained and be in full force and effect and such actions as the ASSAC
Parties’ counsel may reasonably require will have been taken in connection
therewith;

     

    (d)         The
aggregate Estimated NAV of all Distributed Assets that the Investment Manager
shall agree to distribute to Fund Shareholders in lieu of the ASSAC Series A
Preferred Shares payable hereunder, shall not exceed $70.0 million in the
aggregate;

     

    (e)         All
of the requisite ASSAC Shareholder Approvals shall have been obtained a the
ASSAC Shareholders Meeting;

    
      
         

      

      
        25

        
          

        

      

      
         

      

    

     

    (f)         
Holders of greater than 34.99% of the outstanding ASSAC publicly traded Ordinary
Shares have not voted against the Transfers and other transactions contemplated
by this Agreement and advised ASSAC of their desire to redeem their
investment;

     

    (g)         Pursuant
to the terms and conditions of all or certain of the Additional Acquisition
Agreements, ASSAC shall have consummated the acquisition of such of the Funds
and/or the Additional Stillwater Funds that shall have an aggregate Net Asset
Value of not less than $100.0 million;

     

    (h)         ASSAC
shall have consummated the acquisition of either or both of the Amalphis
Exchange Shares and/or all of the equity of Northstar pursuant to the terms and
conditions of either or both of the Amalphis Purchase Agreement and/or the
Northstar Merger Agreement, respectively;

     

    (i)        
 ASSAC will have received evidence reasonably satisfactory to it that no
Litigation is pending or threatened (i) challenging or seeking to prevent or
delay consummation of any of the transactions contemplated by this Agreement, or
(ii) asserting the illegality of or seeking to render unenforceable any material
provision of this Agreement, any of the Ancillary Agreements or any Additional
Acquisition Agreements;

     

    (j)          The
applicable Stillwater Parties shall have executed and delivered all of the
Ancillary Agreements to which it or they is a Party; and

     

    (k)         No
Law or Governmental Order will have been enacted, entered, enforced,
promulgated, issued or deemed applicable to the transactions contemplated by
this Agreement by any Governmental Entity that would reasonably be expected to
result, directly or indirectly, in any Material Adverse Effect with respect to
the Stillwater Parties.

     

    SECTION
7.3       Waiver of
Fund Acquisition(s).  Notwithstanding anything
to the contrary, express or implied, set forth above in this Article VII or
elsewhere in this Agreement, in the event and to the extent that any one or more
of the Funds are Non-Performing Funds, ASSAC may nonetheless consummate the
transaction contemplated hereby with respect to the acquisition of the Acquired
Assets and Liabilities of the other Funds, in which event ASSAC shall not
acquire the Acquired Assets or Liabilities of any such Non-Performing
Fund(s).

     

    ARTICLE
VIII.  TERMINATION

     

    SECTION
8.1       Termination.  This
Agreement may be terminated prior to the Closing:

     

    (a)         by
the mutual written consent of ASSAC and Stillwater on behalf of all
Parties;

     

    (b)         by
ASSAC, on behalf of all ASSAC Parties, if:

     

    (i)        
any of the Stillwater Parties has or will have breached any representation,
warranty or agreement contained in this Agreement in any material
respect;

     

    (ii)       
the transactions contemplated by this Agreement will not have been consummated
on or before January 23, 2010 (the “Outside Date”);
or

     

    (iii)       any
of the conditions set forth in SECTION 7.2 will have become impossible to
satisfy and not otherwise waived;

    
      
         

      

      
        26

        
          

        

      

      
         

      

    

     

    (c)         by
Stillwater, on behalf of all Stillwater Parties, if:

     

    (i)      
  any of the ASSAC Parties has or will have breached any
representation, warranty or agreement contained in this Agreement in any
material respect;

     

    (ii)      
 the transactions contemplated by this Agreement will not have been
consummated on or before the Outside Date; or

     

    (iii)       any
of the conditions set forth in SECTION 7.1 will have become impossible to
satisfy and not otherwise waived.

     

    SECTION
8.2       Effect of
Termination.  The right of termination under Section 8.1 is in
addition to any other rights the parties may have under this Agreement or
otherwise, and the exercise of a right of termination will not be an election of
remedies and will not preclude an action for breach of this
Agreement.  If this Agreement is terminated, all continuing
obligations of the Parties under this Agreement will terminate except that
Section 8.3 and Article IX will survive indefinitely unless sooner terminated or
modified by the parties in writing.

     

    SECTION
8.3       Trust
Fund.  Notwithstanding anything to the contrary express or
implied contained in this Article VIII or elsewhere in this Agreement, none of
the Stillwater Parties nor any of their respective Affiliates shall have any
lien, security interest, claim against or any other right to (a) any of the
maximum $115.0 million principal amount of the proceeds held in that certain
trust administered and maintained by Continental Stock Transfer & Trust
Company, as trustee (and any successor trust or substitute arrangement) for the
benefit of the public shareholders of ASSAC (the “Trust”), or (b) any
interest earned on such maximum $115.0 million principal amount of proceeds held
in the Trust.  Each of the Stillwater Parties and their Affiliates, do
hereby expressly waive and relinquish any claim or other rights to the Trust,
its corpus or any interest earned thereon.

     

    ARTICLE
IX.  GENERAL

     

    SECTION
9.1       Expenses.  Except
as may be set forth in the Stillwater Agreement, each Party shall pay all
expenses incurred by such party in connection with the transactions contemplated
by this Agreement, including legal, accounting, investment banking and
consulting fees and expenses incurred in negotiating, executing and delivering
this Agreement and the other agreements, exhibits, documents and instruments
contemplated by this Agreement (whether the transactions contemplated by this
Agreement are consummated or not); provided,
however, that upon consummation of the transactions contemplated by this
Agreement, ASSAC shall pay all transactions costs and expenses incurred by the
Stillwater Parties hereunder, or reimburse Stillwater (as the case may be) for
any such expenses previously paid.

     

    SECTION
9.2       Amendment and
Waiver.  This Agreement may not be amended, a provision of this
Agreement or any default, misrepresentation or breach of warranty or agreement
under this Agreement may not be waived, and a consent may not be rendered,
except in a writing executed by the party against which such action is sought to
be enforced.  Neither the failure nor any delay by any Person in
exercising any right, power or privilege under this Agreement will operate as a
waiver of such right, power or privilege, and no single or partial exercise of
any such right, power or privilege will preclude any other or further exercise
of such right, power or privilege or the exercise of any other right, power or
privilege.  In addition, no course of dealing between or among any
Persons having any interest in this Agreement will be deemed effective to modify
or amend any part of this Agreement or any rights or obligations of any Person
under or by reason of this Agreement.  The rights and remedies of the
parties to this Agreement are cumulative and not alternative.

    
      
         

      

      
        27

        
          

        

      

      
         

      

    

     

    SECTION
9.3       Notices.  All
notices, demands and other communications to be given or delivered under or by
reason of the provisions of this Agreement will be in writing and will be deemed
to have been given (i) when delivered if personally delivered by hand (with
written confirmation of receipt), (ii) when received if sent by a nationally
recognized overnight courier service (receipt requested), (iii) five business
days after being mailed, if sent by first class mail, return receipt requested,
or (iv) when receipt is acknowledged by an affirmative act of the party
receiving notice, if sent by facsimile, telecopy or other electronic
transmission device (provided that such an acknowledgement does not include an
acknowledgment generated automatically by a facsimile or telecopy machine or
other electronic transmission device).  Notices, demands and
communications to the parties will, unless another address is specified in
writing, be sent to the address indicated below:

     

    
      
        
          
            
              
                
                  
                    
                      	
                              If
      to Stillwater Parties:

                               

                              Stillwater
      Capital Partners, Inc.

                              41
      Madison Avenue

                              New
      York, New York 10010

                              Attn:  Richard
      Rudy and Jack Doueck

                              Facsimile
      No.(212) 244-9506

                              Email:
      rrudy@stillwatercapital.com

                            
	 
	
                              With
      a copy to:

                               

                              Herrick,
      Feinstein LLP

                              2
      Park Avenue

                              New
      York, NY 10016

                              Attn:
      Irwin Latner, Esq.

                              Fax:
      (212) 545-3356

                              Email:ilatner@herrick.com

                               

                            
	
                              If
      to the ASSAC Parties:

                               

                              Asia
      Special Situation Acquisition Corp.

                              c/o
      M&C Corporate Services Limited

                              P.O.
      Box 309GT, Ugland House

                              South
      Church Street

                              George
      Town, Grand Cayman

                              Attn:
      Gary T. Hirst, President

                              Email:  assac@domaincontact.net

                               

                            
	
                              With
      a copy to:

                               

                              Hodgson
      Russ LLP

                              1540
      Broadway,

                              24th
      floor

                              New
      York, New York 10036

                              Attn:  Stephen
      A. Weiss, Esq.

                              Facsimile
      No. (212) 751-0928

                              Email:  sweiss@hodgsonruss.com

                            

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
        28

        
          

        

      

      
         

      

    

    
       

      SECTION
9.4       Assignment.  Neither
this Agreement nor any of the rights, interests or obligations under this
Agreement may be assigned by any party to this Agreement without the prior
written consent of the other parties to this Agreement.  Subject to
the foregoing, this Agreement and all of the provisions of this Agreement will
be binding upon and inure to the benefit of the parties to this Agreement and
their respective successors and permitted assigns.

       

      SECTION
9.5       Complete
Agreement.  This Agreement and, when executed and delivered,
the Ancillary Agreements contain the complete agreement between the parties and
supersede any prior understandings, agreements or representations by or between
the parties, written or oral.

       

      SECTION
9.6       Signatures;
Counterparts.  This Agreement may be executed in one or more
counterparts, any one of which need not contain the signatures of more than one
party, but all such counterparts taken together will constitute one and the same
instrument.  A facsimile signature will be considered an original
signature.

       

      SECTION
9.7       Governing
Law.  THE DOMESTIC LAW, WITHOUT REGARD TO CONFLICTS OF LAWS
PRINCIPLES, OF THE STATE OF NEW YORK, UNITED STATES OF AMERICA, WILL GOVERN ALL
QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS
AGREEMENT AND THE PERFORMANCE OF THE OBLIGATIONS IMPOSED BY THIS
AGREEMENT.

       

      SECTION
9.8       Jurisdiction.  Each
of the parties submits to the exclusive jurisdiction of any state or federal
court sitting in New York, New York, in any action or proceeding arising out of
or relating to this Agreement and agrees that all claims in respect of the
action or proceeding may be heard and determined in any such
court.  Each party also agrees not to bring any action or proceeding
arising out of or relating to this Agreement in any other court.  Each
of the parties waives any defense of inconvenient forum to the maintenance of
any action or proceeding so brought and waives any bond, surety or other
security that might be required of any other party with respect to any such
action or proceeding.  Each party appoints CT Corporation System (the
“Process
Agent”) as its agent to receive on its behalf service of copies of the
summons and complaint and any other process that might be served in the action
or proceeding.  Any party may make service on any other party by
sending or delivering a copy of the process (i) to the party to be served or
(ii) to the party to be served in care of the Process Agent at an address to be
supplied by it.  The parties agree that any of them may file a copy of
this paragraph with any court as written evidence of the knowing, voluntary and
bargained agreement between the parties irrevocably to waive any objections to
venue or to convenience of forum.  Nothing in this Section 9.8 will
affect the right of any party to serve legal process in any other manner
permitted by law or in equity.

       

      SECTION
9.9       Waiver of Jury
Trial.  EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY
THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND
DIFFICULT ISSUES, AND THEREFORE IT IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR
INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED BY THIS AGREEMENT.  EACH PARTY CERTIFIES AND ACKNOWLEDGES
THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) IT UNDERSTANDS
AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (III) IT MAKES SUCH WAIVER
VOLUNTARILY AND (IV) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG
OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION
9.9.

      
        
           

        

        
          29

          
            

          

        

        
           

        

      

       

      SECTION
9.10      Construction.  The
parties and their respective counsel have participated jointly in the
negotiation and drafting of this Agreement.  In addition, each of the
parties acknowledges that it is sophisticated and has been advised by
experienced counsel and, to the extent it deemed necessary, other advisors in
connection with the negotiation and drafting of this Agreement.  In
the event an ambiguity or question of intent or interpretation arises, this
Agreement will be construed as if drafted jointly by the parties and no
presumption or burden of proof will arise favoring or disfavoring any party by
virtue of the authorship of any of the provisions of this
Agreement.  The parties intend that each representation, warranty and
agreement contained in this Agreement will have independent
significance.  If any party has breached any representation, warranty
or agreement in any respect, the fact that there exists another representation,
warranty or agreement relating to the same subject matter (regardless of the
relative levels of specificity) that the party has not breached will not detract
from or mitigate the fact that the party is in breach of the first
representation, warranty or agreement.  Any reference to any Law will
be deemed to refer to all rules and regulations promulgated thereunder, unless
the context requires otherwise.  The headings preceding the text of
articles and sections included in this Agreement and the headings to the
schedules and exhibits are for convenience only and are not be deemed part of
this Agreement or given effect in interpreting this
Agreement.  References to sections, articles, schedules or exhibits
are to the sections, articles, schedules and exhibits contained in, referred to
or attached to this Agreement, unless otherwise specified.  The word
“including” means “including without limitation.”  A statement that an
action has not occurred in the past means that it is also not presently
occurring.  When any party may take any permissive action, including
the granting of a consent, the waiver of any provision of this Agreement or
otherwise, whether to take such action is in its sole and absolute
discretion.  The use of the masculine, feminine or neuter gender or
the singular or plural form of words will not limit any provisions of this
Agreement.  A statement that an item is listed, disclosed or described
means that it is correctly listed, disclosed or described, and a statement that
a copy of an item has been delivered means a true and correct copy of the item
has been delivered.

       

      SECTION
9.11      Time of
Essence.  With regard to all dates and time periods set forth
or referred to in this Agreement, time is of the essence.

       

      [The
balance of this page intentionally left blank – signature page
follows]

      
        
           

        

        
          30

          
            

          

        

        
           

        

      

      IN WITNESS WHEREOF, the
parties hereto have executed this Purchase and Sale Agreement as of the date
first above written.

      

      
        
          
            	
                    ASSAC
      SPECIAL SITUATION

                  
	
                    ACQUISITION
      CORP.

                  
	 
      	 
      
	
                    By:

                  	
                          

                  
	
                    Name:

                  	
                    Gary
      T. Hirst

                  
	
                    Title:

                  	
                    President

                  
	 
      	 
      
	
                    GEROVA
      AB HOLDINGS LTD.

                  
	
                    (a
      Cayman Islands exempted company)

                  
	 
      	 
      
	
                    By:

                  	
                          

                  
	
                    Name:

                  	
                    Gary
      T. Hirst,

                  
	
                    Title:

                  	
                    Authorized
      Signatory

                  
	 
      	 
      
	
                    STILLWATER
      CAPITAL PARTNERS, INC.

                  
	 
      	 
      
	
                    By:

                  	
                          

                  
	
                    Name:

                  	
                    Jack
      Doueck

                  
	
                    Title:

                  	
                    Principal

                  
	 
      	 
      
	
                    ACCEPTED
      and Agreed to

                  
	
                    solely with respect to Section
      6.2(a) above:

                  
	 
      	 
      
	
                    NOBLE
      INVESTMENT FUND LIMITED

                  
	
                    by:
      Pure Glow Investments
      LLC

                  
	 
      	 
      
	
                    By:

                  	
                          

                  
	 
      	
                    Arie
      Jan van Roon, Manager

                  
	 
      	 
      
	ALLIUS LTD.
	 
      	 
      
	
                    By:

                  	
                          

                  
	 
      	
                    Dr.
      Gary T. Hirst,
Manager

                  

          

        

      

      
        
           

        

        
          31

          
            

          

        

        
           

        

      

      

      
        
          	
                  STILLWATER
      ASSET BACKED

                
	
                  OFFSHORE
      FUND, LTD.

                
	 
      	 
      
	
                  By:

                	
                      

                
	
                  Name:

                	
                  ________________________,

                
	
                  Title:

                	
                  Director

                
	 
      	 
      
	
                  By:

                	
                      

                
	
                  Name:

                	
                  ________________________,

                
	
                  Title:

                	
                  Director

                
	 
      	 
      
	
                  By:

                	
                      

                
	
                  Name:

                	
                  ________________________,

                
	
                  Title:

                	
                  Director

                
	 
      	 
      
	
                  STILLWATER
      ASSET BACKED FUND SPV

                
	 
      	 
      
	
                  By:

                	
                      

                
	
                  Name:

                	
                  ________________________,

                
	
                  Title:

                	
                  Director

                
	 
      	 
      
	
                  By:

                	
                      

                
	
                  Name:

                	
                  ________________________,

                
	
                  Title:

                	
                  Director

                
	 
      	 
      
	
                  By:

                	
                      

                
	
                  Name:

                	
                  ________________________,

                
	
                  Title:

                	
                  Director

                
	 
      	 
      
	
                  SABF
      II ONSHORE SPV  

                
	 
      	 
      
	
                  By:

                	
                      

                
	
                  Name:

                	
                  ________________________,

                
	
                  Title:

                	
                  Director

                
	 
      	 
      
	
                  By:

                	
                      

                
	
                  Name:

                	
                  ________________________,

                
	
                  Title:

                	
                  Director

                
	 
      	 
      
	
                  By:

                	
                      

                
	
                  Name:

                	
                  ________________________,

                
	
                  Title:

                	
                  Director

                

        

      

      
        
           

        

        
          32

          
            

          

        

        
           

        

      

      SCHEDULE
A

       

      NAV
Valuation Methods

       

      Net Asset
Value is generally equal to the amount by which the value of the assets of the
applicable Person exceeds the amount of its liabilities.  Net Asset Value
determinations are made by the Appraiser or Auditor (the “Asset
Appraiser”) in accordance with U.S. generally accepted accounting
principles and in accordance with the following criteria: 

      

      (a)    
     No value will be assigned to goodwill;

      

      (b)      
  All accrued debts and liabilities will be treated as liabilities,
including but not limited to, estimated expenses for accounting, legal,
administrative and other operating expenses (including all fees payable under
the Management Agreement) and such reserves for contingent liabilities of the
applicable Person, including estimated expenses, if any, in connection
therewith, as the Asset Appraiser shall determine;

      

      (c)        
 Loans, loan participations and other similar assets owned by an applicable
Person will generally be carried at the high range of fair market value as
determined by the Asset Appraiser, and will be subject to an independent
valuation review as frequently as determined by the Asset Appraiser.  These
independent valuation reviews will provide the applicable Person with opinions
on whether specific pieces of collateral are in need of re-valuation.  The
Asset Appraiser, on the basis of this information, will determine whether a
specific loan or other asset needs to be re-priced;

       

      (d)        
 In the case of investments in private investment funds or other vehicles
which are not readily marketable, in the absence of an independent fair market
value appraisal or audit, the net asset value calculation provided by the
administrators or managers of those underlying funds or vehicles will be used in
determining an applicable Person’s Net Asset Value.

       

      (e)       
  Securities or commodities (which for valuation purposes hereunder may
include weather derivatives and other financial instruments trading on or off,
as the case may be, commodities exchanges) that are listed on a national
securities or commodities exchange, as the case may be, shall be valued at their
last sales prices on the date of determination on the largest securities or
commodities exchange (by trading volume in such security or commodity) on which
such securities or commodities shall have traded on such date, or if trading in
such securities or commodities on the largest securities or commodities exchange
(by trading volume in such security or commodity) on which such securities or
commodities shall have traded on such date was reported on the consolidated
tape, their last sales price on the consolidated tape (or, in the event that the
date of determination is not a date upon which a securities or commodities
exchange was open for trading, on the last prior date on which such securities
or commodities exchange was so open not more than 10 days prior to the date of
determination). If no such sales of such securities or commodities occurred on
either of the foregoing dates, such securities or commodities shall be valued at
the “bid” price for long positions and “asked” price for short positions on the
largest securities or commodities exchange (by trading volume in such security)
on which such securities or commodities are traded, on the date of
determination, or, if the “bid” price for long positions and “asked” price for
short positions in such securities or commodities on the largest securities or
commodities exchange (by trading volume in such security or commodity) on which
such securities or commodities shall have traded on such date were reported on
the consolidated tape, the “bid” price for long positions and “asked” price for
short positions on the consolidated tape (or, if the date of determination is
not a date upon which such securities or commodities exchange was open for
trading, on the last prior date on which such a securities or commodities
exchange was so open not more than 10 days prior to the date of
determination);

      
        
           

        

        
          33

          
            

          

        

        
           

        

      

       

      (f)     
    Securities and commodities that are not listed on an exchange
but are traded over-the-counter shall be valued at representative “bid”
quotations if held long and representative “asked” quotations if held
short;

      

      (g)        
For securities and commodities not listed on a securities or commodities
exchange or quoted on an over-the-counter market, but for which there are
available quotations, such valuation will be based upon quotations obtained from
market makers, dealers or pricing services;

      

      (h)   
     Options that are listed on a securities or commodities
exchange shall be valued at their last sales prices on the date of determination
on the largest securities or commodities exchange (by trading volume) on which
such options shall have traded on such date; provided, that, if the last sales
prices of such options do not fall between the last “bid” and “asked” prices for
such options on such date, then the Asset Appraiser shall value such options at
the mean between the last “bid” and “asked” prices for such options on such
date;

      

      (i)         
Illiquid assets will be valued at their the high range of the fair market value
(which in most cases may be at cost if that is a fair approximation of value),
as determined by the Asset Appraiser (with appropriate input from the investment
manager or portfolio manager under the applicable management
agreement);

      

      (j)          Preferred
shares, preferred stock or other senior equity securities shall be valued at
100% of their per share stated or liquidation value, with such discounts from
such stated or liquidation value as the investment manager or portfolio manager
under the applicable management agreement and ASSAC shall, in good faith
determined from time to time;

      

      (k)         All
other assets shall be valued at such value as the Asset Appraiser may reasonably
determine (with appropriate input from the investment manager or portfolio
manager under the applicable management agreement); and

      

      (l)         
Securities and commodities not denominated in U.S. dollars shall be translated
into U.S. dollars at prevailing exchange rates as the Asset Appraiser may
reasonably determine.

      

                 
If the Asset Appraiser determines, in its sole discretion, that the valuation of
any asset, security or other instrument pursuant to the foregoing does not
fairly represent its market value, the Asset Appraiser (with appropriate input
from the Investment Manager and ASSAC) shall value such security or other
instrument as it reasonably determines and shall set forth the basis of such
valuation in writing to the investment manager or portfolio manager under the
applicable management agreement and to ASSAC.

      
        
           

        

        
          34

          
            

          

        

        
           

        

      

       

      ASSET
PURCHASE AGREEMENT

       

      THIS ASSET PURCHASE AGREEMENT
(“Agreement”)
is made and entered into as of the 31st day of December 2009, by and among Asia Special Situation Acquisition
Corp., a Cayman Islands corporation (“ASSAC”); Stillwater MN Holdings Ltd., a
Cayman Islands exempted company (the “Buyer”); Stillwater Market Neutral Fund
Ltd., a Cayman Islands exempted company (“SMNF I– Cayman”); and
Stillwater Capital Partners,
Inc., a New York corporation (“Stillwater” or the
“Investment
Manager”). SMNF I– Cayman is hereinafter sometimes referred to as the
“Fund.”  ASSAC
and the Buyer are hereinafter sometimes collectively referred to as the “ASSAC Parties” and
the Fund and Stillwater are hereinafter sometimes collectively referred to as
the “Stillwater
Parties”.  The ASSAC Parties and the Stillwater Parties are
hereinafter sometimes collectively referred to individually as a “Party” and
collectively as the “Parties”).

       

      RECITALS

       

      WHEREAS, ASSAC owns 100% of
the issued and outstanding share capital of the Buyer; and

       

      WHEREAS, Stillwater is the
investment manager of the Fund; and

       

      WHEREAS, Investment Manager of
the Fund and the board of directors of the Fund who have executed this Agreement
desire to sell, transfer, convey and assign (collectively “Transfer”) all of the
Acquired Assets (as hereinafter defined) of the Fund, subject to the Buyer’s
assumption of all of the Liabilities (as hereinafter defined) of the Fund,
solely in exchange for ASSAC Series A Preferred Shares, and

       

      WHEREAS, ASSAC desires that
the Buyer acquire all of the Acquired Assets of the Fund, subject to its
Liabilities, all upon the terms and subject to the conditions set forth in this
Agreement; and

       

      WHEREAS, the Board of
Directors of ASSAC and the Buyer and the Investment Manager of the Fund, in its
capacity as investment manager of the Fund, each believe that this Agreement and
related transactions contemplated hereby are in the best interests of the Fund
and the Fund Shareholders, and have each approved and adopted the form, terms
and provisions of this Agreement; and

       

      WHEREAS, simultaneous with the
Closing of the transactions contemplated by this Agreement, ASSAC and its
Subsidiaries are acquiring certain other securities and assets of Affiliates of
Stillwater, the Wimbledon Funds and other Persons, all in accordance with the
Additional Acquisition Agreements.

       

      NOW, THEREFORE, in
consideration of the mutual representations, warranties and agreements contained
in this Agreement, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Parties agree as
follows:

       

      ARTICLE
I. DEFINITIONS

       

      “Acquired Assets”
shall mean and include (a) all and not less than all of (i) the securities and
other investments, (ii) any and all participating interests in such securities
or investments, and (iii) any and all other assets and properties, real and
personal, both tangible and intangible, of every kind and description, that is
owned, leased or otherwise used by the Fund, as the same shall exist as at the
Closing Date; a general description of which Acquired Assets are set forth on
Exhibit
C-1 annexed hereto and made a part hereof (the “Acquired
Asset Schedule”); less (b)
the Distributed Assets.

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

       

      “Additional Acquisition
Agreements” means the various agreements and plan of merger, asset
purchase agreement and other agreements and instruments, all in form and content
satisfactory to Stillwater, ASSAC and the other Persons who are parties thereto,
pursuant to which, inter
alia, ASSAC or a Subsidiary of ASSAC shall acquire, in addition to its
Acquisition of the Fund pursuant to this Agreement, any or all of: (a) the
Amalphis Exchange Shares pursuant to the Amalphis Exchange Agreement, (b) all or
substantially all of the equity and assets (subject to assumption of
liabilities) of all or certain of the Additional Stillwater Funds, (c) all or
substantially all of the assets (subject to assumption of liabilities) of the
Wimbledon Funds, and (d) all or substantially all of the equity of
Northstar.

       

      “Additional Stillwater
Funds” means, in addition to the Funds, those additional entities,
consisting of asset backed lending funds, real estate funds, hedge funds and
fund of funds that are managed by Stillwater or an Affiliate thereof and listed
in Section 1.1 of the Stillwater Agreement.

       

      “Adjusted Purchase
Value” means 100% of the Appraised NAV; provided,
however, that, irrespective of the Appraised NAV, the Adjusted Purchase
Value shall be not less than 75% of the Estimated NAV of the Fund, or
approximately $34,000,000.

       

      “Affiliate” means any
one or more Person controlling, controlled by or under common control with any
other Person.

       

      “Agreement” has the
meaning set forth in the first paragraph of this Agreement.

       

      “Allied Provident”
shall mean Allied Provident Insurance Company, a Barbados exempted insurance
company, and a wholly-owned subsidiary of Amalphis.

       

      “Amalphis Exchange
Agreement” means the share exchange agreement, dated as of December 31,
2009 among Amalphis Group, Inc., a British Virgin Islands corporation (“Amalphis”), Rineon
Group, Inc., a Nevada corporation (“Rineon”), NatProv
Holdings, Inc., a British Virgin Islands corporation (“NatProv”), ASSAC, and
the other parties signatory thereto, pursuant to which, inter
alia, in exchange for additional ASSAC Series A Preferred Shares, ASSAC
shall acquire, through its receipt of the Amalphis Exchange Shares, a
controlling interest in Amalphis and its consolidated Subsidiaries, including
without limitation, Allied Provident and (if acquired) the Wimbledon
Funds.

       

      “Amalphis Exchange
Shares” shall mean all of the issued and outstanding shares of Amalphis
Series A preferred stock that are issued pursuant to the Amalphis Exchange
Agreement.

       

      “Ancillary Agreements”
means the ASSAC Series A Preferred Certificate of Designations, the ASSAC
Restated Articles, the Acquired Asset Schedule, the Asset Asset Transfer
Instruments, the Liabilities Schedule, the Management Agreement, the
Registration Rights Agreement and the Stillwater Agreement.

       

      “Appraised NAV” means
the Net Asset Value of the Fund as at December 31, 2009, as audited or appraised
pursuant to NAV Appraisals which shall be based upon the NAV Valuation
Methods.

       

      “ASSAC Articles” means
the Memorandum and Articles of Association of ASSAC, as at the date of this
Agreement.

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

       

      “ASSAC Executive
Shares” shall mean the maximum of 10,746,667 restricted ASSAC Ordinary
Shares issued to Marshall Manley (“Manley”) and his
Affiliates and business associates (collectively, the “ASSAC Executive
Group”).

       

      “ASSAC Ordinary
Shares” means the collective reference to (a) the 50,000,000 ordinary
shares of ASSAC, $0.0001 par value, authorized for issuance pursuant to the
ASSAC Articles, and (b) the 250,000,000 ordinary shares of ASSAC, $0.0001 par
value, to be authorized for issuance pursuant to the ASSAC Restated
Articles.

       

      “ASSAC Preferred
Shares” means the collective reference to (a) the 1,000,000 preferred
shares of ASSAC, $0.0001 par value, authorized for issuance pursuant to the
ASSAC Articles, and (b) the 10,000,000 preferred shares of ASSAC, $0.0001 par
value, to be authorized for issuance pursuant to the ASSAC Restated
Articles.

       

      “ASSAC Proxy
Statement” means the proxy statement that is prepared by the Parties and
mailed to the holders of ASSAC Ordinary Shares prior to the date of the ASSAC
Shareholders Meeting.

       

      “ASSAC Restated
Articles” means the Amended and Restated Memorandum and Articles of
Association of ASSAC in the form of Exhibit
A annexed hereto and made a part hereof.

       

      “ASSAC Series A Preferred
Shares” means up to a maximum of 1,000,000 ASSAC Preferred Shares, to be
designated as ASSAC Series A Preferred Shares pursuant to the ASSAC Series A
Preferred Certificate of Designations and issued to the respective holders
pursuant to this Agreement and the Additional Acquisition Agreements; which
ASSAC Series A Preferred Shares shall, among other things (but subject in all
cases to the terms of the ASSAC Series A Preferred Certificate of
Designations):

       

      (a)       have
a par value of $0.0001 per share;

       

      (b)       have
a liquidation value and stated value of $1,000.00 per share;

       

      (c)       commencing
on the Conversion Date pay per share dividend, semi-annually at the rate of 5%
per annum, accruing from the issuance date thereof, on the Adjusted Purchase
Value, in the form of additional Conversion Shares;

       

      (d)       subject
to Section 6.6, vote on an “as converted” basis, together with the ASSAC
Ordinary Shares, on all matters requiring the approval or ratification of
shareholders of ASSAC;

       

      (e)       on
the Conversion Date, automatically
(and without any action on the part of the holder or ASSAC) commence to convert
into Conversion Shares at the Conversion Price then in effect, at the rate
(rounded off to the nearest full Conversion Shares) of one-sixth (or 16.66%) of
the total number of ASSAC Series A Preferred Shares held by each holder on the
last day of each month commencing July 31, 2010 so that all of the ASSAC Series
A Preferred Shares issued pursuant to the terms of this Agreement and the
Additional Acquisition Agreements will be fully converted into Conversion Shares
on December 31, 2010;

       

      (f)       provide
that each ASSAC Preferred Share issuable to the Fund (or its Fund Shareholders
upon distribution thereof) shall be convertible at the Conversion Ratio
applicable to the Fund; and

       

      (g)       contain
such other terms and conditions as shall be set forth in the ASSAC Series A
Preferred Certificate of Designations.

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      

       

      “ASSAC Series A Preferred
Certificate of Designations” means the certificate of designation for the
issuance of the ASSAC Series A Preferred Shares, in the form of Exhibit
B annexed hereto and made a part hereof, or, if not permitted under
applicable Law, the ASSAC Restated Articles used for the same
purpose.

       

      “ASSAC Shareholder
Approval” means the required affirmative consent, vote and ratification
at the ASSAC Shareholders Meeting by the holders of ASSAC Ordinary Shares (the
“ASSAC
Shareholders”) of (i) this Agreement, the Ancillary Agreements and the
transactions contemplated hereby and thereby, (ii) the increase in the
authorized share capital of ASSAC, (iii) adoption of the ASSAC Restated
Articles, (iv) the consummation of ASSAC’s acquisition of the Additional
Stillwater Funds, the Amalphis Exchange Shares and (if applicable) the Wimbledon
Funds, all pursuant to the terms and conditions of the Additional Acquisition
Agreements, (v) if applicable, the consummation of ASSAC’s acquisition of
Northstar, (vi) the change of the corporate name of ASSAC to Gerova Financial Group, Inc.,
or such other name as shall be acceptable to ASSAC and the Stillwater Parties,
and (viii) the other proposals set forth in the ASSAC Proxy
Statement.

       

      “ASSAC Shareholders
Meeting” means the meeting of the ASSAC Shareholders held on or before
January 19, 2010 in accordance with the ASSAC Proxy Statement.

       

      “Auditors” means the
independent accountants engaged to audit the Fund as at December 31, 2009 and
for the fiscal year then ended.

       

      “Consent” means any
authorization, consent, approval, filing, waiver, exemption or other action by
or notice to any Person.

       

      “Consideration” means,
based on 75% of the $45,300,000 Estimated NAV of the Fund, $33,975,000 as at
December 31, 2009, to be evidenced by an aggregate of: 33,975 ASSAC Series A
Preferred Shares that are to be issued to the Fund on the Closing Date pursuant
to this Agreement; less  any
reduction in such Consideration resulting from any reduction in the Estimated
NAV, as a result of any Distributed Assets (based on a reduction of one Series A
Preferred Shares of each $1,000 in value of Distributed Assets).

       

      “Contract” means a
contract, agreement, lease, commitment or binding understanding, whether oral or
written, that is in effect as of the date of this Agreement or any time after
the date of this Agreement.

       

      “Conversion Date”
shall mean July 31, 2010.

       

      “Conversion Price”
shall mean $7.50, as the same may from time to time be adjusted prior to the
Conversion Date pursuant to the ASSAC Series A Preferred Certificate of
Designations.

       

      “Conversion Ratio”
shall mean, as to the Fund, that ratio (expressed as “___:1”) of that number of
Conversion Shares into which one (1) full ASSAC Series A Preferred Share issued
to the Fund Shareholders shall be converted; all as determined in accordance
with Section 2.9 of this Agreement.

       

      “Conversion Shares”
shall mean that number of Ordinary Shares of ASSAC issuable upon conversion of
the ASSAC Series A Preferred Shares, as shall be calculated by dividing: (i) the
Purchase Value applicable to the Fund, which Purchase Value shall be adjusted on
or prior to the Conversion Date to the Adjusted Purchase Value; by (ii) the
Conversion Price then in effect.

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

       

      “Distributed Assets”
shall mean those specific securities, investments and participating interests
that the Investment Manager of the Fund agrees to distribute to any one or more
Fund Shareholders who request in writing prior to the Conversion Date the right
to receive such distribution(s) in lieu of receiving the Consideration
contemplated hereby; provided,
however, that for all purposes of this Agreement (including, without
limitation, for the purposes of calculating the Estimated NAV, the Purchase
Value, the Appraised NAV, the Adjusted Purchase Value and the Conversion Shares)
the distribution of all of such Distributed Assets shall be deemed to have taken
place effective as of a date which shall be on or before December 31,
2009.

      

      “Estimated NAV” means
unaudited Net Asset Value of the Fund as at December 31, 2009, as estimated in
good faith by the Investment Manager of the Fund to be approximately
$45,300,000, all in accordance with this Agreement.

       

      “Encumbrance” means
any charge, claim, community property interest, easement, covenant, condition,
equitable interest, lien, option, pledge, security interest, right of first
refusal or restriction of any kind, including any restriction on use, voting,
transfer, receipt of income or exercise of any other attribute of
ownership.

       

      “Fund Shareholders”
shall mean the holders of record of the share capital of the Fund.

      

      “Governmental
Authorization” means any approval, consent, license, permit, waiver,
registration or other authorization issued, granted, given, made available or
otherwise required by any Governmental Entity or pursuant to Law.

       

      “Governmental Entity”
means any federal, state, local, foreign, international or multinational entity
or authority exercising executive, legislative, judicial, regulatory,
administrative or taxing functions of or pertaining to government.

       

      “Governmental Order”
means any judgment, injunction, writ, order, ruling, award or decree by any
Governmental Entity or arbitrator.

       

      “Insolvency Event”
shall mean as to any Party or Parties, if any such Party or Parties: (a) shall
make an assignment for the benefit of creditors; (b) if a receiver, liquidator
or trustee shall be appointed for such Party or Parties), (c) shall be
adjudicated a bankrupt or insolvent, or if any petition for bankruptcy,
reorganization or arrangement pursuant to federal bankruptcy law, or any similar
federal or state law, shall be filed by or against, consented to, or acquiesced
in by, such Party or Parties, or (d) if any proceeding for the dissolution or
liquidation of such Party or Parties shall be instituted; provided, however, if
such appointment, adjudication, petition or proceeding was involuntary and not
consented to by such Party or Parties, upon the same not being discharged,
stayed or dismissed within sixty (60) days.

       

      “Knowledge” means,
with respect to the Stillwater Parties, any fact or circumstance actually known
to any of Richard Rudy, Jack Doueck or Brian Bytof, or which any of such Persons
should have known after reasonable inquiry, and, with respect to the ASSAC
Parties, any fact or circumstance actually known to any member of the Board of
Directors of ASSAC or the executive officers or management of ASSAC or which any
of such Persons should have known after reasonable inquiry.

       

      “Law” means any
constitution, law, ordinance, principle of common law, regulation, statute or
treaty of any Governmental Entity.

       

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      “Liabilities” shall,
as to the Fund, mean and include all accounts payable, notes payable, Redemption
Claims, accrued expenses and other liabilities and obligations of the Fund that
would be required to be set forth on or reflected in a balance sheet of a Person
prepared in accordance with GAAP, including any causes of action and
contingencies, whether know or unknown, as the same shall exist as at the
Closing Date; a general description of which Liabilities are set forth on Exhibit
C-2 annexed hereto and made a part hereof (the “Liabilities
Schedule”).

       

      “Litigation” means any
claim, action, arbitration, mediation, audit, hearing, investigation,
proceeding, litigation or suit (whether civil, criminal, administrative,
investigative or informal) commenced, brought, conducted or heard by or before,
or otherwise involving, any Governmental Entity or arbitrator or
mediator.

       

      “Management Agreement”
shall mean the management agreement between Stillwater and ASSAC, in the form of
Exhibit
D annexed hereto and made a part hereof.

       

      “Material Adverse
Effect” shall mean (a) with respect to any of the Stillwater Parties, any
event or condition that could reasonably be expected to have a material adverse
effect on the business, assets, results of operations, financial condition or
prospects of any of such Stillwater Parties, and (b) with respect to ASSAC, any
event or condition that could reasonably be expected to prevent or cause ASSAC
to be unable to consummate the Transfers, pay the Consideration or otherwise
perform its obligations under this Agreement, the Ancillary Agreements or any of
the Additional Acquisition Agreements.

       

      “NAV Appraisals” shall
mean the appraisals of the Net Asset Values of the Fund, prepared or to be
prepared by Houlihan Smith Inc., or other business appraisal firm or auditing
firm (the “Appraiser”) as shall
be reasonably acceptable to the Investment Manager and ASSAC, in accordance with
the NAV Valuation Methods or such other recognized methods of valuing such
assets and liabilities that are reasonably acceptable to such
Parties.

       

      “NAV Valuation
Methods” means the methods used in valuing the net asset values of
various types of assets that are set forth on Schedule
A annexed hereto and made a part hereof, or such other valuation methods
as shall be reasonably satisfactory to ASSAC.

       

      “Net Asset Value” or
“NAV” means, as
at any date in question, with respect to the Fund: (a) the value of the Acquired
Assets of the Fund as determined in accordance with the NAV Valuation Methods,
less
(b) all Liabilities of the Fund, including without limitation, all accounts
payable, accrued expenses, notes payable, all outstanding Affiliated Obligations
and the aggregate amount of all outstanding Redemption Claims.

       

      “Non-Performing Funds”
shall mean any one or more of the Stillwater Funds that, for any reason or no
reason, are unable or unwilling to perform their individual obligations under
this Agreement, including, without limitation, the inability to timely deliver
to ASSAC and its representatives the requisite financial information required
hereby and pursuant to the Securities Act of 1933, as amended.

       

      “Northstar” means
Northstar Group Holdings, Ltd., a Bermuda corporation.

       

      “Northstar Merger
Agreement” means one of the Additional Acquisition Agreements pursuant to
which, inter alia, ASSAC shall acquire 100% of the share capital and capital
stock of Northstar.

       

      “Organizational
Documents” means (i) the articles or certificate of incorporation and the
bylaws of a corporation, (ii) the partnership agreement and any statement of
partnership of a general partnership, (iii) the limited partnership
agreement and the certificate of limited partnership of a limited partnership,
(iv) the limited liability company agreement and articles or certificate of
formation of a limited liability company, (v) any charter or similar document
adopted or filed in connection with the creation, formation or organization of a
Person and (vi) any amendment to any of the foregoing.

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

       

      “Permitted
Encumbrances” shall mean (a) any and all Encumbrances which result from
all statutory or other liens for Taxes or assessments and are not yet due and
payable or delinquent or the validity of which is being contested in good faith
by appropriate proceedings by a Party hereto; (b) all material cashiers’,
workers’, mechanics’, carriers’, repairers’ and other similar liens imposed by
law and incurred in the ordinary course of business; and (c) other Encumbrances
which individually or in the aggregate do not materially detract from the value
of or materially interfere with the present use of the property subject thereto
or affected thereby and would not otherwise reasonably be expected to have a
Material Adverse Effect.

       

      “Person” means any
individual, corporation (including any non-profit corporation), general or
limited partnership, limited liability company, joint venture, estate, trust,
association, organization, labor union, Governmental Entity or other
entity.

       

      “Process Agent” has
the meaning set forth in Section 9.8.

       

      “Purchase Value” means
approximately $33,975,000 or seventy-five (75%) percent of the approximate
$45,300,000 Estimated NAV of the Fund.

       

      “Redemption Claims”
means, irrespective of whether or not redemptions from the Fund have been
suspended, the outstanding amounts (whether payable in cash or in other
property) that are owned or may in the future be owed to any one or more Fund
Shareholders who have notified or may notify the applicable Fund or Stillwater
in writing prior to the Closing Date, that such Persons either (a) desire
to withdraw their capital from such Fund, or (b) are owed money in connection
with the redemption of their shares from such Fund.

       

      “Registration Rights
Agreement” means the agreement of ASSAC to register all of the Conversion
Shares issuable under this Agreement and the Additional Acquisition Agreements
for resale under the Securities Act, all in accordance with the terms and
conditions set forth in Exhibit
E annexed hereto and made a part hereof.

       

      “Remedies Exception,”
when used with respect to any Person, means except to the extent enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
or other laws affecting the enforcement of creditors' rights generally and by
general equitable principles.

       

      “Required Consents”
means all Consents that are required in order to consummate the transactions
contemplated by this Agreement, including without limitation, the ASSAC
Shareholder Approvals and requisite approval of the board of directors of each
Fund.

       

      “Stillwater Agreement”
means the letter agreement, dated December 18, 2009, between Stillwater, ASSAC
and certain other Persons, and attached memorandum, in the form of Exhibit
F annexed hereto and made a part hereof.

       

      “Subsidiary” means any
Person in which a majority or more of the outstanding shares of capital stock of
which, and/or the power to elect a majority of the members of the board of
directors or board of managers of which, is owned, directly or indirectly, by
another Person.

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

      “Taxes” means all
taxes, charges, fees, levies or other assessments, including all net income,
gross income, gross receipts, sales, use, ad valorem, transfer, franchise,
profits, license, withholding, payroll, employment, social security,
unemployment, excise, estimated, severance, stamp, occupation, property or other
taxes, customs duties, fees, assessments or charges of any kind whatsoever,
including all interest and penalties thereon, and additions to tax or additional
amounts imposed by any Governmental Entity.

       

      “Wimbledon Acquisition
Agreement” means the collective reference to the asset purchase
agreements between the Wimbledon Funds, Allied Provident and a newly formed
Cayman Islands Subsidiary of Allied Provident (the “Wimbledon
Purchaser”), expected to be entered into between the Execution Date and
the Closing Date, pursuant to which, inter
alia, the Wimbledon Purchaser shall acquire all of the assets (subject to
assumption of all of the liabilities) of the Wimbledon Funds, in exchange for
that number of Amalphis Exchange Shares have a United States dollar stated value
equal to the estimated Net Asset Value of the Wimbledon Funds as at December 31,
2009.

       

      “Wimbledon Funds”
shall mean Wimbledon Financing Master Fund Ltd. and WREF Fund, both Cayman
Islands exempted companies.

       

      Certain
terms not defined above are defined in the sections below.

       

      ARTICLE
II.   PURCHASE AND SALE OF THE ASSETS; ASSUMPTION OF
LIABILITIES

       

      SECTION
2.1        The Acquired
Assets.

       

      (a)       Upon
the terms and subject to the conditions set forth in this Agreement, on the
Closing Date, the Fund shall Transfer to the Buyer good and marketable title in
and to all, and not less than all, of the Acquired Assets of Fund, as the same
shall exist as at the Closing Date.

       

      (b)       On
the Closing Date, Stillwater shall cause the Fund to execute and deliver to the
Buyer one or more bills of sale, assignments, stock powers and other documents
and instruments as shall be legally required, necessary or advisable to effect
the Transfer of all of the Acquired Assets (collectively, the “Asset Transfer
Instruments”).

       

      SECTION
2.2       Registration of Acquired
Assets.              Subject
to the provisions of this Agreement, as soon as practicable on or after the
Closing Date, the Parties shall cause to be filed with any Governmental
Authority in any jurisdiction, all necessary Transfer instruments and other
documents as shall be legally required, necessary or advisable to register good
and marketable title in and to the Acquired Assets to and in the name of the
Buyer.

       

      SECTION
2.3        Assumption of
Liabilities.

       

      (a)       Upon
the terms and subject to the conditions set forth in this Agreement, on the
Closing Date, the Buyer shall assume all, and not less than all, of the
Liabilities of the Fund, as the same shall exist as at the Closing
Date.

       

      (b)       On
the Closing Date, ASSAC shall cause the Buyer to execute and deliver to the Fund
one or more assumption agreements or other undertakings, documents and
instruments as shall be legally required, necessary or advisable to effect the
Transfer of all of the Liabilities to the Buyer (collectively, the “Liability Assumption
Instruments”).

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

       

      SECTION
2.4       Management
Agreement.

       

      On the
Closing Date, the Buyer shall execute and deliver the Management Agreement to
the Investment Manager.

       

      SECTION
2.5       Consideration.  In
consideration for the Transfer of the Acquired Assets, and in addition to the
assumption of the Liabilities by the Buyer, on the Closing Date, ASSAC shall
deliver to the Fund, the Consideration based on the Purchase Value of the Fund
as at December 31, 2009.  Assuming that such aggregate Consideration
and the aggregate number of Series A Preferred Shares are not reduced as a
result of any Distributed Assets, such Consideration shall be paid to the Fund,
as follows: an aggregate of $33,975,000 which shall be payable to the Fund
in the form of 33,975 ASSAC Series A Preferred Shares, representing the
$33,975,000 Purchase Value attributable to such Fund as at December 31,
2009.

       

       To
the extent applicable, Series A Preferred Shares shall be issued to the Fund in
fractions of a share.  No fractional Conversion Shares shall be issued
upon automatic conversion of such Series A Preferred Shares, rather such
Conversion Shares shall be rounded up or down to the nearest whole Ordinary
Share.

       

      SECTION
2.6       Adjusted Purchase Value; NAV
Appraisals and 2009 Audited Financial Statements.

       

      (a)       The
Stillwater Parties hereby covenant and agree to use their commercially
reasonable efforts to cause the Appraiser to deliver the NAV Appraisals for the
Fund to the Auditors on or before February 28, 2010, and cause the Auditors or
Appraiser, as the case may be, to provide ASSAC with the Appraised NAV (together
with the audited financial statements of the Fund as at December 31, 2009 and
for the fiscal year then ended (the “2009 Audited Financial
Statements”) on or before March 31, 2010.  The calculations of
the NAV Appraisals by the Appraiser as audited by the Auditors in the 2009
Audited Financial Statements shall be final and binding upon all Parties
hereto.

       

      (c)       Upon
delivery of the NAV Appraisals and the 2009 Audited Financial Statements, the
Adjusted Purchase Value of the Fund shall be determined.  As provided
in the ASSAC Series A Preferred Certificate of Designations, there shall be a
post-Closing adjustment to the Conversion Shares and the Conversion Ratio, as
provided in Section 2.7 below.

       

      SECTION
2.7       Conversion of ASSAC Series A
Preferred Shares.

       

      Upon
delivery of the NAV Appraisals and the 2009 Audited Financial Statements of the
Fund, the number of Conversion Shares and the Conversion Ratio shall be
recalculated, as follows:

       

      (a)       the
aggregate
number of Conversion Shares that are issuable to the Fund or the Fund
Shareholders of the Fund, as the case may be, upon automatic conversion of all
ASSAC Series A Preferred Shares previously issued to the Fund or the Fund
Shareholders of the Fund, respectively, shall, automatically and without any
further action, be adjusted and determined by dividing (i) the Adjusted Purchase
Value of each such Fund, by (ii) the Conversion Price then in
effect;

       

      (b)       the
Conversion Ratio applicable to the Fund or the Fund Shareholders of such Fund
shall, automatically and without any further action, be adjusted and determined
by dividing the (i) aggregate number of Conversion Shares applicable to
such Fund, as determined in accordance with Section 2.6(a) above, by (ii) the
number of ASSAC Series A Preferred Shares issued at Closing to the Fund or all
of the Fund Shareholders;

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

       

      (c)       the
number of Conversion Shares issuable to the Fund or to each Fund Shareholder
thereof, upon automatic conversion of all ASSAC Series A Preferred Shares issued
to the Fund or Fund Shareholder, shall be automatically and without any further
action determined by multiplying (i) the aggregate number of ASSAC Series A
Preferred Shares issued to such Fund or Fund Shareholders, by (ii) the
Conversion Ratio, as determined pursuant to Section 2.6(b) above.

       

      For the
avoidance of doubt,

       

      (i)       if
for example (it being understood by the Parties that the numbers set forth in
clauses (i) and (ii) below do not necessarily bear any relationship to
the Estimated NAV of the Fund):

       

      (A)       The
Estimated NAV of the Fund at December 31, 2009 was $45.3 million, than the
Purchase Value of the Fund would be $33.975 million.

       

      (B)       The
Fund shall receive at Closing 33,975 ASSAC Series A Preferred Shares, having a
total Stated Value of $33,975,000.

       

      (C)       Based
on the initial $7.50 per shares Conversion Price, the assumed number of
Conversion Shares at the Closing Date would be 4,530,000 ASSAC Ordinary Shares
($33.975 million divided by $7.50) and the assumed Conversion Ratio would be
133.333 ASSAC Ordinary Shares for each of the 33,975 ASSAC Preferred Shares, or
133.333:1.

       

      (D)       If
the Appraised NAV based on the NAV Appraisal of the Fund reflects that the
Adjusted Purchase Value of the Fund as at December 31, 2009 was, in fact, $35.0
Million, then the Consideration that should have been payable to the Fund or the
Fund Shareholders at the Closing is $35,000,000 and not
$33,975,000.

       

      (E)       The
actual number of Conversion Shares issuable to the Fund or the Fund Shareholders
is then automatically adjusted upwards to 4,666,667 ASSAC Ordinary Shares ($35.0
million divided by $7.50), and the adjusted Conversion Ratio applicable to each
full ASSAC Series A Preferred Share would be 137.356 ASSAC Ordinary Shares for
each of the 33,975 ASSAC Preferred Shares, or 137.356:1 (4,666,667 Conversion
Shares divided by 33,975 ASSAC Series A Preferred Shares).

       

      (ii)       if
for example:

       

      (A)       The
Estimated NAV of the Fund as at December 31, 2009 is $45.3 million, than the
Purchase Value of such Fund is $33.975 million.

       

      (B)       The
Fund shall, at the Closing, receive 33,975 ASSAC Series A Preferred Shares,
having a total Stated Value of $33,975,000.

       

      (C)       Based
on the initial $7.50 per shares Conversion Price, the assumed number of
Conversion Shares at the Closing Date would be 4,530,000 ASSAC Ordinary Shares
($33.975 million divided by $7.50) and the assumed Conversion Ratio would be
133.333 ASSAC Ordinary Shares for each of the 33,975 ASSAC Preferred Shares, or
133.333:1.

       

      (D)       If
the Appraised NAV based on the NAV Appraisal of the Fund reflects that the
Adjusted Purchase Value of such Fund as at December 31, 2009 was, in fact, $30.0
Million, then the Consideration that should have been payable to such Fund at
the Closing is $30,000,000 and not $33,975,000.  However, because of
the minimum Adjusted Purchase Value set forth in this Agreement, there would be
no change in the Conversion Shares issuable to the Partners of the Fund
commencing on the Conversion Date.

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

       

      In either
example, the number of ASSAC Series A Preferred Shares always remains fixed but
the Conversion Shares and Conversion Ratio change based upon the Adjusted
Purchase Value of the Fund.  In addition, the 5% dividend on the ASSAC
Series A Preferred Shares will also be payable in additional ASSAC Ordinary
Shares at the Conversion Date and will reflect the Adjusted Purchase Price
Values based upon the NAV Appraisals. To avoid the issuance of fractional
Ordinary Shares, all Conversion Shares issuable pursuant to this Agreement shall
be rounded up or down to the nearest whole Ordinary Share.

       

      SECTION
2.8       Delivery of Consideration
Certificates.

       

      (a)       On
the Closing Date, ASSAC shall deliver to the Investment Manager of the Fund, one
(1) share certificate evidencing the aggregate number of ASSAC Series A
Preferred Shares issuable to the Fund, registered in the name of the
Fund.  Following the Closing, the Investment Manager may either (i)
hold such share certificates for the benefit of the Fund Shareholders of the
Fund pending the automatic conversion of such Series A Preferred Shares into
Conversion Shares as contemplated pursuant to this Article II, or (ii) return
such share certificates to ASSAC together with the names and mailing addresses
of each of the individual Shareholders of the Fund and the number of ASSAC
Series A Preferred Shares allocated to each such Shareholder upon distribution
thereof (the “Shareholder
List”).  The Board of Directors of ASSAC may (but shall not be
obligated to) distribute or direct the distribution of certificates representing
the applicable number of ASSAC Series A Preferred Shares to each Shareholder
following its receipt of such certificates and Shareholder List.

       

      (b)       Following
the Conversion Date, ASSAC shall either deliver physical stock certificates
evidencing the Conversion Shares registered in the name of the Fund or Fund
Shareholder (as determined by the Investment Manager), or deliver such
certificates in electronic format by DTC or other method, all as requested by
the Investment Manager of the Fund.

       

      SECTION
2.9       Stillwater
Payment.  ASSAC shall pay all consideration payable to
Stillwater under the Stillwater Agreement on the Closing Date.

       

      SECTION
2.10    Outstanding Affiliated
Obligations.  Except for the obligation to pay not in excess of
$1.4 million of accrued management fees or incentive fees as at the Closing Date
(which shall be repaid in accordance with Section 5.4 below, by virtue of the
Transfer and without any action on the part of any Party, all accounts payable,
notes payable or other payment obligations of the Fund to Stillwater or any
Affiliate of such Person (collectively, the “Affiliated
Obligations”), shall automatically be deemed to be canceled and retired
and shall cease to exist. Notwithstanding the foregoing, if Stillwater, in the
exercise of its reasonable discretion and upon prior written notice to ASSAC,
shall make one or more loans or advances to the Fund, solely for the purpose of
protecting assets and collateral in such Fund), Stillwater shall be repaid such
loans and advances by such Fund(s) in accordance with the terms thereof and such
loans or advances shall not be deemed canceled or retired; provided,
that the terms and conditions (including repayment terms) of any of such
loans or advances shall have been approved in advance by ASSAC, which approvals
shall not be unreasonably withheld.

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

       

      ARTICLE
III.   CLOSING AND CLOSING DATE

       

      SECTION
3.1       Closing
Date.  On or before January 22, 2010 (the “Closing Date”),
following the satisfaction or waiver of the conditions set forth in Article VII
hereof, the closing of the transactions contemplated by this Agreement (the
“Closing”) will
take place at the offices of Hodgson Russ LLP, 1540 Broadway, 24th floor,
New York, New York, at 9:00 a.m. or at such other place and on such other date
as may be mutually agreed by the parties hereto, in which case Closing Date
means the date so agreed.  The Closing will be effective as of the
close of business on the Closing Date.  The Parties hereto acknowledge and
agree that time is of the essence.

       

      SECTION
3.2        Deliveries.  Subject
to the conditions set forth in this Agreement, on the Closing Date:

       

      (a)       The
ASSAC Parties will deliver to the Stillwater Parties:

       

      (i)        
evidence of payment of the Consideration, consisting of the ASSAC Series A
Preferred Shares, as evidenced by a copy of the Register of Members of ASSAC
recording the issuance of such ASSAC Series A Preferred Shares issued to the
Fund or the Fund Shareholders;

       

      (ii)        a
certificate of the ASSAC Parties dated the Closing Date stating that the
conditions set forth in SECTION 7.1 have been satisfied;

       

      (iii)       the
text of the resolutions adopted by the board of directors of ASSAC authorizing
the execution, delivery and performance of this Agreement and the Ancillary
Agreements, certified by an appropriate officer of ASSAC;

       

      (iv)       each
Ancillary Agreement to which ASSAC is a party, duly executed by
ASSAC;

       

      
      

      (v)        all
Required Consents, duly executed by all appropriate parties; and

       

      (vi)       all
Asset Transfer Instruments under and pursuant to Section 2.1(b) of this
Agreement and all Liability Assumption Instruments under and pursuant to Section
2.3(b); and

       

      (vii)     
evidence of filing of the ASSAC Series A Preferred Certificate of Designations
and Restated ASSAC Articles with the Registrar of Companies in the Cayman
Islands;

       

      (viii)     such
other certificates, documents and instruments that the Stillwater Parties
reasonably request for the purpose of (A) evidencing the accuracy of the ASSAC
Parties’ representations and warranties, (B) evidencing the performance and
compliance by the ASSAC Parties with the agreements contained in this Agreement,
(C) evidencing the satisfaction of any condition referred to in SECTION 7.1 or
(D) otherwise facilitating the consummation of the transactions contemplated by
this Agreement.

       

      All
actions to be taken by the ASSAC Parties in connection with consummation of the
transactions contemplated by this Agreement and all certificates, opinions,
instruments and other documents required to effect the transactions contemplated
by this Agreement will be in form and substance reasonably satisfactory to the
Stillwater Parties and their counsel.

      
        
           

        

        
          12

          
            

          

        

        
           

        

      

       

      (b)       The
Stillwater Parties will deliver to ASSAC:

       

      (i)     
   a certificate of the Stillwater Parties dated the Closing Date
stating that the conditions set forth in SECTION 6.2 have been
satisfied;

       

      (ii)    
   the text of the resolutions adopted by the board of directors
of each of the Stillwater Parties authorizing the execution, delivery and
performance of this Agreement and the Ancillary Agreements, certified by an
appropriate officer of Stillwater;

       

      (iii)       each
Ancillary Agreement to which any Stillwater Party is a party, duly executed by
such Stillwater Party;

       

      (iv)       all
Required Consents, duly executed by all appropriate parties;

       

      (v)      
 all Asset Transfer Instruments under and pursuant to Section 2.1(b) of
this Agreement and all Liability Assumption Instruments under and pursuant to
Section 2.3(b); and

       

      (vi)       such
other certificates, documents and instruments that the ASSAC Parties reasonably
request for the purpose of (1) evidencing the accuracy of the Stillwater
Parties’ representations and warranties, (2) evidencing the performance and
compliance by the Stillwater Parties with the agreements contained in this
Agreement, (3) evidencing the satisfaction of any condition referred to in
SECTION 6.2 or (4) otherwise facilitating the consummation of the transactions
contemplated by this Agreement.

       

      All
actions to be taken by each of the Stillwater Parties in connection with
consummation of the transactions contemplated by this Agreement and all
certificates, opinions, instruments and other documents required to effect the
transactions contemplated by this Agreement will be in form and substance
reasonably satisfactory to ASSAC and its counsel.

       

      (c)       Simultaneous
Deliveries.  All items delivered by the Parties at the Closing
will be deemed to have been delivered simultaneously, and no items will be
deemed delivered or waived until all have been delivered.

       

      (d)       Non-Consenting Fund
Assets.       The Parties hereto
acknowledge and understand that the Stillwater Parties will be unable to
Transfer the Non-Consenting Fund Assets (as defined below) without first
obtaining consent from the Persons having issued such Non-Consenting Fund Assets
(the "Issuers"). Accordingly, notwithstanding anything to the contrary
herein, in the event the Stillwater Parties are prior to the Closing unable,
after using commercially reasonable efforts, to so obtain the
requisite consents from the Issuers, the Buyer shall instead purchase from
the Fund, and the Fund shall issue, participation interests in such
Non-Consenting Assets so that upon Closing, the transactions shall as closely as
possible approximate the Transfer of the Acquired Assets in accordance with the
remainder of this Agreement. "Non-Consenting Fund
Assets" means those shares of capital stock, limited partnership
interests, limited liability company interests or other equity interests
owned by the Fund, which may not be Transferred without prior approval of the
Issuer(s) in accordance with the formation or organizational documents thereof
or pursuant to agreement by the Stillwater Parties and such
Person(s).

      
        
           

        

        
          13

          
            

          

        

        
           

        

      

       

      ARTICLE
IV.     REPRESENTATIONS AND WARRANTIES OF THE ASSAC
PARTIES

       

      Each of
the ASSAC Parties, jointly and severally, represents and warrants to the
Stillwater Parties that as of the date of this Agreement and as of the Closing
Date (as though made then and as though the Closing Date were substituted for
the date of this Agreement):

       

      SECTION
4.1       Incorporation; Power and
Authority.  ASSAC is duly incorporated, validly existing and in
good standing under the laws of the Cayman Islands.  The Buyer is duly
incorporated, validly existing and in good standing under the laws of the Cayman
Islands.  Each of the ASSAC Parties has (a) the corporate power and
authority to own and operate its business as presently conducted and (b) all
necessary power and authority to execute, deliver and perform this Agreement and
the Ancillary Agreements to which it will become a party.

       

      SECTION
4.2       Valid and Binding
Agreements.

       

      (a)       The
execution, delivery and performance by each of the ASSAC Parties of this
Agreement and the Ancillary Agreements to which it will become a party have been
duly and validly authorized by all necessary corporate or equivalent
action.  This Agreement has been duly executed and delivered by each
of the ASSAC Parties and constitutes the valid and binding obligation of each of
the ASSAC Parties, enforceable against each of them in accordance with its
terms, subject to the Remedies Exception.  Each Ancillary Agreement to
which an ASSAC Party will become a party, when executed and delivered by or on
behalf of ASSAC, will constitute the valid and binding obligation of such ASSAC
Parties, enforceable against ASSAC in accordance with its terms, subject to the
Remedies Exception.

       

      (b)       The
Buyer has been formed solely for the purpose of entering into this Agreement,
the Ancillary Agreements to which it will become a party and consummating the
transactions contemplated by this Agreement, including the
Transfer.  Except for the foregoing, the Buyer has no assets or
liabilities and has conducted no business and will conduct no business prior to
the Closing Date.

       

      SECTION
4.3       SEC
Filings.

       

      (a)       ASSAC
is a “foreign private issuer” (as such term is defined in Rule 3b-4 promulgated
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) and
has timely filed and is current in its filing of all periodic and other reports,
schedules, statements and other documents (collectively, the “SEC Reports”) it is
required to file with the Securities and Exchange Commission (“SEC”) under the
Exchange Act.   To its Knowledge, none of the SEC Reports filed
by ASSAC are currently being reviewed by the SEC and ASSAC has not received any
letter of comments from the SEC that it has not, as yet, fully responded
to.

       

      (b)       Each
of the SEC Reports was prepared and complied in all material respects with the
applicable requirements of the Securities Act of 1933, as amended, the Exchange
Act, the Sarbanes-Oxley Act of 2002, as amended, and any other Law applicable to
the SEC Reports as in effect at the time it was filed or furnished (or, in the
case of any registration statement or proxy statement, on the date of
effectiveness or the date of mailing, respectively, and in the case of any SEC
Report amended or superseded by a filing prior to the date of this Agreement,
then on the date of such amending or superseding filings).  As of
their respective dated of filing, effectiveness or mailing, as applicable (or,
if amended or supplemented, as of the dates of such amendments or supplements)
the SEC Reports did not contain any untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the
statements made therein, in light of the circumstances in which they were made,
not misleading.

      
        
           

        

        
          14

          
            

          

        

        
           

        

      

    

     

    (c)       
    ASSAC has been and is in compliance with the applicable
listing, corporate governance and other applicable rules and regulations of the
American Stock Exchange, Inc.

     

    (d)        
   ASSAC has established and maintains disclosure controls and
procedures required by Exchange Act Rules 13a-14 and 15d-14.  Such
disclosure controls and procedures are adequate and effective to ensure that
information required to be disclosed by ASSAC is recorded and reported on a
timely basis to its chief executive officer and chief financial officer by
others within those entities.

     

    (d) 
          Each of the
consolidated financial statements of ASSAC contained in the SEC Reports (the
“ASSAC Financial
Statements”), together with the related schedules and notes thereto,
complied as to form in all material respects, as of the date of filing with the
SEC, with applicable accounting requirements and the published rules and
regulations of the SEC with respect thereto, and fairly presents, in all
material respects, the financial position of ASSAC as of the dates indicated and
the statement of operations and stockholders’ equity and cash flows of ASSAC for
the periods then ended.  The ASSAC Financial Statements have been
prepared in accordance with GAAP, applied on a consistent basis throughout the
periods involved (except, in the case of unaudited quarterly financial
statements, subject to normal year-end adjustments consistent with
GAAP).

     

    (e)   
        The ASSAC Ordinary Shares are
registered pursuant to Section 12(g) of the Exchange Act and no action has been
taken or, to the Knowledge of the ASSAC Parties, is contemplated, and no
proceeding is pending or has been threatened in writing that would result in the
suspension, cancellation or termination of such registration.

     

    SECTION
4.4       No Breach;
Consents.  The execution, delivery and performance by the ASSAC
Parties of this Agreement and the Ancillary Agreements to which either or both
of the ASSAC Parties will become a party will not (a) contravene any provision
of the Organizational Documents, if any, of the ASSAC Parties or the
Registration Statement on Form S-1 (Registration No. 333-145163) declared
effective by the SEC on January 16, 2008 (the “Registration
Statement”) or the definitive prospectus included therein; (b) violate or
conflict with any Law, Governmental Order Governmental Authorization or the
rules and regulations of the American Stock Exchange; (c) conflict with, result
in any breach of any of the provisions of, constitute a default (or any event
that would, with the passage of time or the giving of notice or both, constitute
a default) under, result in a violation of, increase the burdens under, result
in the termination, amendment, suspension, modification, abandonment or
acceleration of payment (or any right to terminate) or require a Consent,
including any Consent under any Contract or Governmental Authorization that is
either binding upon or enforceable against the ASSAC Parties or any Governmental
Authorization that is held by the ASSAC Parties; (d) require any Governmental
Authorization; (e) give any Governmental Entity or other Person the right to
challenge any of the contemplated transactions or to exercise any remedy or
obtain any relief under any Law, Governmental Order or Governmental
Authorization; (f) cause the Stillwater Parties to become subject to, or to
become liable for the payment of, any Tax; or (g) result on the creation or
imposition of any Encumbrance.

     

    SECTION
4.5       ASSAC Shareholder
Approvals.  ASSAC shall use commercially reasonable efforts to
obtain all Required Consents and the ASSAC Shareholder Approval required
pursuant to this Agreement.

     

    SECTION
4.6       Brokerage.  Except
as set forth on Schedule 4.6 hereto,
none of the ASSAC Parties is required to pay any finders fee or other brokerage
commissions in connection with the transactions contemplated by this Agreement
and the Ancillary Agreements.

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

     

    SECTION
4.7       Capitalization.  ASSAC
is duly authorized to issue the ASSAC Ordinary Shares and the ASSAC Preferred
Shares pursuant to its Organizational Documents.  As at September 30,
2009, (a) an aggregate of 14,000,000 Ordinary Shares were issued and
outstanding, (b) no Preferred Shares were issued and outstanding, and (c)
warrants to issue an aggregate of 18,000,000 Ordinary Shares, at exercise prices
of $7.50 per share (of which warrants to issue 5,725,000 Ordinary Shares have
“cashless exercise” provisions) were issued and
outstanding.   Since September 30, 2009, ASSAC sold and issued
the ASSAC Executive Shares and has not issued or sold any other
security.

     

    SECTION
4.8       Board of Directors
Authorization.  The board of directors of ASSAC has duly
authorized the issuance of the ASSAC Series A Preferred Shares and Conversion
Shares pursuant to this Agreement and the Additional Acquisition Agreements,
subject at all times to ASSAC obtaining the ASSAC Shareholder Approval required
hereby.

     

    SECTION
4.9       No Material Adverse
Changes.  Since September 30, 2009 there has not
been:

     

    (a)         
 any material adverse change in the financial position of ASSAC, except
changes arising in the ordinary course of business, which changes will in no
event materially and adversely affect the financial position of
ASSAC;

     

    (b)        
   any damage, destruction or loss materially affecting the assets,
prospective business, operations or condition (financial or otherwise) of ASSAC
whether or not covered by insurance;

     

    (c)           
any declaration, setting aside or payment of any dividend or distribution with
respect to any redemption or repurchase of the capital stock of
ASSAC;

     

    (d)         
  any sale of an asset (other than in the ordinary course of business) or
any mortgage or pledge by ASSAC of any of its properties or assets;
or

     

    (e)         
  any adoption of a pension, profit sharing, retirement, stock bonus, stock
option or similar plan or arrangement.

     

    SECTION
4.10     Taxes.  ASSAC
timely filed, or has caused to be timely filed on its behalf, all applicable tax
returns required to be filed by it, and all such tax returns are true, complete
and accurate, except to the extent any failure to file or any inaccuracies in
any filed tax returns, individually or in the aggregate, have not had and would
not reasonably be expected to have a Material Adverse Effect on
ASSAC.  All Taxes shown to be due on such tax returns, or otherwise
owed, has been timely paid, except to the extent that any failure to pay,
individually or in the aggregate, has not had and would not reasonably be
expected to have a Material Adverse Effect on ASSAC.

     

    SECTION
4.11      Compliance with
Laws.  ASSAC has complied with all requirements of Law
applicable to it or its business which, if not complied with, would have a
Material Adverse Effect on ASSAC.

     

    SECTION
4.12      No
Breach.  The execution, delivery and performance of this
Agreement and the Ancillary Agreements and the consummation of the transactions
contemplated hereby and thereby will not:

     

    (a)         
   violate any provision of the Organizational Documents of
ASSAC;

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

     

    (b)        
   violate, conflict with or result in the breach of any of the
terms of, result in a material modification of, otherwise give any other
contracting party the right to terminate, or constitute (or with notice or lapse
of time, or both constitute) a default under any Contract to which ASSAC is a
party or by or to which it or any of its assets or properties may be bound or
subject or result in the creation of any Encumbrance (other than Permitted
Encumbrances) on the assets or properties of ASSAC; or

     

    (c)            violate
any requirements of Law against, or binding upon,  ASSAC or upon the
properties or business of  ASSAC or applicable to the transactions
contemplated herein.

     

    SECTION
4.13     Actions and
Proceedings.   Except as set forth in the SEC Reports,
ASSAC is not a party to any pending litigation or, to its Knowledge, any
governmental investigation or proceeding not reflected in the ASSAC Financial
Statements, and to the Knowledge of ASSAC, no material litigation, claims,
assessments or non-governmental proceedings is threatened against
it.

     

    SECTION
4.14     Material
Contracts.  This Agreement, the Additional Acquisition
Agreements, the Ancillary Agreements, the exhibits filed with the Registration
Statement (the original filing and all amendments thereto) and with the SEC
Reports include all material Contracts to which ASSAC is currently a party
(collectively, the “ASSAC
Contracts”).  Each such ASSAC Contract: (a) is a valid and
binding agreement, (b) is in full force and effect, and (c) neither ASSAC nor,
to the Knowledge of ASSAC, any other party thereto is in breach or default
(whether with or without the passage of time or the giving of notice or both)
under the terms of any such Contract would have a Material Adverse Effect on
ASSAC or its assets and properties. ASSAC has not assigned, delegated, or
otherwise transferred any of their rights or obligations with respect to any
such ASSAC Contracts, or granted any power of attorney with respect thereto.
ASSAC has given or otherwise made available to Stillwater a true and correct
fully executed copy of each material ASSAC Contract.

     

    SECTION
4.15     Affiliated
Transactions.  Except as set forth in the ASSAC Contracts or
disclosed in the Registration Statement or SEC Reports, there does not exist any
transaction between ASSAC or any officer, director, shareholder or other
Affiliate of ASSAC.

     

    SECTION
4.16      Trust
Account.  ASSAC currently maintains the sum of $115.0 Million
in the Trust Account.

     

    ARTICLE
V.  REPRESENTATIONS AND WARRANTIES OF THE STILLWATER
PARTIES

     

    Each of
the Stillwater Parties jointly and severally represents and warrants to the
ASSAC Parties that as of the date of this Agreement and as of the Closing Date
(as though made then and as though the Closing Date were substituted for the
date of this Agreement):

     

    SECTION
5.1       Incorporation; Power and
Authority.  Stillwater is a corporation duly organized, validly
existing and in good standing under the Laws of the State of New York, with all
necessary power and authority to execute, deliver and perform this Agreement and
the Ancillary Agreements to which it will become a party.  Each Fund
is an exempted company duly incorporated, validly existing and in good standing
under the Laws of the Cayman Islands, with all necessary power and authority to
execute, deliver and perform this Agreement and the Ancillary Agreements to
which it will become a party.

     

    SECTION
5.2        Valid and Binding
Agreement.

     

    (a)          
 The execution, delivery and performance by each of the Stillwater Parties
of this Agreement and the Ancillary Agreements to which it will become a party
have been duly and validly authorized by all necessary corporate or company
action, as applicable.

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    (b)        
  This Agreement has been duly executed and delivered by each of the
Stillwater Parties and constitutes the valid and binding obligation of each of
the Stillwater Parties, enforceable against them in accordance with its terms,
subject to the Remedies Exception.  Each Ancillary Agreement to which
any one or more of the Stillwater Parties will become a party, when executed and
delivered by such entities, will constitute the valid and binding obligation of
such entities, enforceable against them in accordance with its terms, subject to
the Remedies Exception.

     

    SECTION
5.3       No Breach;
Consents.  The execution, delivery and performance of this
Agreement and the Ancillary Agreements to which it will become a party by each
of the Stillwater Parties will not (a) to the extent applicable, contravene any
provision of the Organizational Documents of such entities; (b) violate or
conflict with any Law, Governmental Order or Governmental Authority; (c)
conflict with, result in any breach of any of the provisions of, constitute a
default (or any event that would, with the passage of time or the giving of
notice or both, constitute a default) under, result in a violation of, increase
the burdens under, result in the termination, amendment, suspension,
modification, abandonment or acceleration of payment (or any right to
terminate); (d), except for the Stillwater Partner Consents, require a Consent,
including any Consent under any Contract or Governmental Authorization that is
either binding upon or enforceable against any of the Stillwater Parties; or (e)
require any Governmental Authorization.

     

    SECTION
5.4        Financial Statements, Books
and Records.

    

      (a)           Schedule 5.4 consists
of (i) the audited financial statements (balance sheet, income statement,
statements of cash flows and owners equity and notes thereto) of the Fund as of
December 31, 2006 and December 31, 2007 and for the fiscal year then ended (the
“2006 and 2007
Financial Statements”), (ii) the unaudited financial statements (balance
sheet, income statement, statements of cash flows and owners equity and notes
thereto) of the Fund as of December 31, 2008 and for the fiscal year then ended
(the “2008 Financial
Statements”), and (iii) the unaudited combined balance sheet and
statement of income of the Fund for the comparative fiscal quarters ended
September 30, 2009 and September 30, 2008 (the “Interim Financial
Statements” and with the 2006 and 2007 Financial Statements and the 2008
Financial Statements, collectively, the “Financial
Statements”); and in each case (other than the 2009 Financial Statements)
all underlying information has been submitted to an accounting firm (the “Stillwater
Accountants”) that is certified by the Public Company Accounting
Oversight Board (“PCAOB”).

       

      (b)           On
or before June 30, 2010, the Stillwater Parties will have delivered to ASSAC the
audit of the 2008 Financial Statements accompanied by the unqualified audit
opinion of the Stillwater Accountants.

       

      (c)           On
or before January 15, 2010, the Stillwater Parties will have delivered to ASSAC
a letter from the Stillwater Accountants (the “Accountants Letter”),
to the effect that the audited financial statements (balance sheet, income
statement, statements of cash flows and owners equity and notes thereto) of the
Fund as of December 31, 2009 and the fiscal year then ended (the “2009 Financial
Statements”) can be audited by such Stillwater Accountants, and that,
subject to the qualifications contained in the Accountants Letter and the timely
receipt of the NAV Appraisals, such audit can be completed by March 31,
2010.  In addition, the Stillwater Parties have issued to the
Stillwater Accountants a direction to complete the audit of the aforesaid 2009
Financial Statements.

       

      (d)           The
Financial Statements fairly represent the financial position of the Fund as at
such dates and the results of their operations for the periods then
ended.  The Financial Statements were prepared in accordance with
generally accepted accounting principles (“GAAP”) applied on a
consistent basis with prior periods except as otherwise stated
therein.

    

    

      
        
           

        

        
          18

          
            

          

        

        
           

        

      

    

    

      (e)           All
accounts, books and ledgers of the Fund have been properly and accurately kept
and completed in all material respects on a basis consistent with those of
preceding accounting periods, and there are no material inaccuracies or
discrepancies of any kind contained or reflected therein.  The books
and records fairly and correctly set out and disclose, in all material respects,
the current financial position and condition of the Fund. All financial
transactions involving the Fund have been accurately recorded in the books and
records and all such transactions represent actual, bona fide
transactions.

       

      (f)           As
at September 30, 2009, to the Knowledge of the Stillwater Parties, the Estimated
NAV of the Fund was approximately $45.3 million. The Investment Manager
anticipates that as at December 31, 2009, the Estimated NAV of the Fund will be
approximately $45.3 million.

       

      SECTION
5.5        The Acquired Assets;
Subsidiaries.

       

      (a)           The
Acquired Assets being Transferred to the Buyer by the Fund represent all, and
not less than all, of the Acquired Assets owned, leased or otherwise by such
Fund.

       

      (b)           Except
as reflected in Schedule 5.5 hereto or with respect to holding companies
wholly-owned by the Fund used to hold assets of the Fund and for no other
business purpose, the Fund  does not have any Subsidiaries and, except
for the Acquired Assets, does not own of record or beneficially, directly or
indirectly, (i) any shares of capital stock or securities convertible into
capital stock of any other corporation or (ii) any participating interest in any
partnership, joint venture, limited liability company or other non-corporate
business enterprise and does not control, directly or indirectly, any other
Person.

       

      SECTION
5.6        No Material Adverse
Changes.  Except as otherwise described on Schedule 5.5 hereto,
since the date of the most recent Financial Statements, there has not
been:

       

      (a)           any
material adverse change in the financial position of the Fund, except changes
arising in the ordinary course of business, which changes will in no event
materially and adversely affect the financial position of the Fund;

       

      (b)           any
damage, destruction or loss materially affecting the assets, prospective
business, operations or condition (financial or otherwise) of the Fund whether
or not covered by insurance;

       

      (c)           any
declaration, setting aside or payment of any dividend or distribution with
respect to any redemption or repurchase of the equity of any of the
Fund;

       

      (d)           any
sale of an asset (other than in the ordinary course of business) or any mortgage
or pledge by any of the Fund or any of its properties or assets;
or

    

     

    (e)           any
adoption of a pension, profit sharing, retirement, stock bonus, stock option or
similar plan or arrangement.

     

    SECTION
5.7       Taxes.  Each
of the Stillwater Parties has timely filed, or has caused to be timely filed on
its behalf, all applicable Tax returns required to be filed by it, and all such
Tax returns are true, complete and accurate, except to the extent any failure to
file or any inaccuracies in any filed Tax returns, individually or in the
aggregate, have not had and would not reasonably be expected to have a Material
Adverse Effect on such Stillwater Party.  All Taxes shown to be due on
such Tax returns, or otherwise owed, has been timely paid, except to the extent
that any failure to pay, individually or in the aggregate, has not had and would
not reasonably be expected to have a Material Adverse Effect on any of the
Stillwater Parties.

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    SECTION
5.8     Compliance with
Laws.  Each of the Stillwater Parties has complied with all
requirements of Law applicable to it or its business which, if not complied
with, would have a Material Adverse Effect on the Stillwater
Parties.

     

    SECTION
5.9        No
Breach.  The execution, delivery and performance of this
Agreement and the Ancillary Agreements and the consummation of the transactions
contemplated hereby and thereby will not:

     

    (a)        
   violate any provision of the Organizational Documents of any
of the Stillwater Parties;

     

    (b)       
    violate, conflict with or result in the breach of any of
the terms of, result in a material modification of, otherwise give any other
contracting party the right to terminate, or constitute (or with notice or lapse
of time, or both constitute) a default under any Contract to which the
Stillwater Parties are a party or by or to which they or any of their assets or
properties may be bound or subject or result in the creation of any Encumbrance
(other than Permitted Encumbrances) on the assets or properties of the
Stillwater Parties; or

     

    (c)       
    violate any requirements of Law against, or binding
upon,  the Stillwater Parties or upon the properties or business of
 the Stillwater Parties or applicable to the transactions contemplated
herein.

     

    
      SECTION
5.10     Actions and
Proceedings.  Except as set forth on Schedule 5.10, the
Fund is not a party to any material pending litigation or, to the Knowledge of
the Stillwater Parties, any governmental investigation or proceeding not
reflected in the Financial Statements, and to the Knowledge of the Stillwater
Parties, no material litigation, claims, assessments or non-governmental
proceedings is threatened against the Fund.

       

      SECTION
5.11     Agreements.  Schedule 5.11 sets
forth each material Contract to which the Fund is a party or by or to which
it or its assets, properties or business are bound or subject. Each such
Contract: (a) is a valid and binding agreement, (b) is in full force and effect,
and (c) neither the Stillwater Parties nor, to the Knowledge of the Stillwater
Parties, any other party thereto is in breach or default (whether with or
without the passage of time or the giving of notice or both) under the terms of
any such Contract. The Stillwater Parties have not assigned, delegated, or
otherwise transferred any of their rights or obligations with respect to any
such Contracts, or granted any power of attorney with respect thereto. The
Stillwater Parties have given or otherwise made available a true and correct
fully executed copy of each material Contract to ASSAC.

    

     

    SECTION
5.12     Redemption
Claims.  Schedule 5.12 sets
forth the names of each Fund Shareholder or former Fund Shareholder (as the case
may be) who is owed amounts under outstanding Redemption Claims, (ii) the amount
of each such Redemption Claim, and (iii) whether such Redemption Claim can be
satisfied by the payment of consideration other than cash.  Except as
set forth on Schedule
5.12, to the Knowledge of the Stillwater Parties no other Redemption
Claims are pending.

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

     

    SECTION
5.13     Intellectual
Property.  Each of the Stillwater Parties has or has rights to
use, all patents, patent applications, trademarks, trademark applications,
service marks, trade names, copyrights, licenses and other similar rights (the
“Intellectual Property Rights”) that are necessary or material for use in
connection with its businesses and which the failure to so have could,
individually or in the aggregate, have or reasonably be expected to result in a
Material Adverse Effect on the Stillwater Parties.  To the Knowledge
of the Stillwater Parties, none of the Stillwater Parties have received a
written notice that such Intellectual Property Rights used by it violates or
infringes upon the rights of any Person. To the Knowledge of the Stillwater
Parties, (a) all such Intellectual Property Rights are enforceable and (b) there
is no existing infringement by another Person of any of such Intellectual
Property Rights.

     

    SECTION
5.14     Tangible Acquired
Assets.  Each of the Stillwater Parties has full title and
interest in all machinery, equipment, furniture, leasehold improvements,
fixtures, projects, owned or leased by  the Stillwater Parties, any related
capitalized items or other tangible property material to the business of the
Stillwater Parties (the “Tangible Acquired
Assets”).   Each of the Stillwater Parties holds all
right, title and interest in all the Tangible Acquired Assets owned by it as set
forth on the Financial Statements or acquired by it after the date of the
Financial Statements free and clear of all Encumbrances, except Permitted
Encumbrances.  All of the Tangible Acquired Assets are in good
operating condition and repair and are usable in the ordinary course of business
of the Stillwater Parties.

     

    
      SECTION
5.15      Liabilities.  The
Fund does not have any material Liabilities which are not fully, fairly and
adequately reflected on the Financial Statements or in the Liability Assumption
Instruments.

       

      SECTION
5.16      Operations of  the
Fund.  From September 30, 2009 through the Closing Date, except
as disclosed on Schedule 5.16 or the
Financial Statements, the Fund does not and will not have:

       

    

    (a)      
     except for Redemption Claims, declared or paid any
dividend or declared or made any distribution of any kind to any shareholder, or
made any direct or indirect redemption, retirement, purchase or other
acquisition of any shares in its membership interests;

     

    (b)      
     except in the ordinary course of business,
incurred or assumed any indebtedness or liability (whether or not currently due
and payable);

     

    (c)     
      disposed of any assets except in the ordinary
course of business;

     

    (d)     
      materially increased the annual level of
compensation of any executive or other employee; or

     

    (e)     
      issued any equity securities or rights to acquire
such equity securities.

     

    
      SECTION
5.17     Permits.  The
Fund has all material permits, licenses, authorizations, orders and approvals
of, and has made all filings, applications and registrations with, all
Governmental Authorities that are required in order to permit it to own or lease
its properties and to conduct its business as presently conducted (the “Permits”); all such
Permits are in full force and effect and, to the Knowledge of the Stillwater
Parties, no suspension or cancellation of any such Permit is threatened or will
result from the consummation of the transactions contemplated by this Agreement
and the other Ancillary Agreements or the transactions contemplated hereby and
thereby.

    

     

    SECTION
5.18      Brokers or
Finders.  Other than as described in the Stillwater Agreement,
broker’s or finder’s fee will be payable by the Stillwater Parties in
connection with the transactions contemplated by this Agreement.

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    
       

      SECTION
5.19     Securities Law
Matters.  The ASSAC Series A Preferred Shares and any
Conversion Shares (collectively, the “ASSAC Securities”) to
be acquired by any of the Stillwater Parties, or by the Fund Shareholders, are
being acquired for the account of such Persons with no intention of distributing
or reselling such securities or any part thereof in any transaction that would
be in violation of the registration requirements of the Securities Act and
applicable state securities laws.  Until registered for resale under
the Securities Act, if any recipient of the ASSAC Securities who is a signatory
to this Agreement should in the future decide to dispose of any of such ASSAC
Securities, such Person may do so only in compliance with the registration
requirements of the Securities Act and applicable state securities laws, as then
in effect.  Each of the Stillwater Parties agrees that all
certificates evidencing ASSAC Securities to be issued in connection with this
Agreement and other transactions contemplated hereby shall contain the
imprinting, so long as required by law, of a legend on certificates representing
such ASSAC Securities to the following effect:

       

    

    “THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY
STATE.  THE SECURITIES MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES
LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF SUCH ACT AND SUCH LAWS.”

     

    “THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS AND
CONDITIONS OF A REGISTRATION RIGHTS AGREEMENT DATED JANUARY _____,
2010.  A COPY OF SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL EXECUTIVE
OFFICE OF ASIA SPECIAL SITUATION ACQUISITION CORP. AND ASIA SPECIAL SITUATION
ACQUISITION CORP. WILL FURNISH COPIES OF SUCH AGREEMENT TO THE HOLDER OF THIS
CERTIFICATE UPON REQUEST AND WITHOUT CHARGE.”

     

    ARTICLE
VI.  POST-CLOSING COVENANTS

     

    SECTION
6.1       Contribution to
Capital.  On the Closing Date, and immediately following
consummation of the Transfers of the Acquired Assets and Liabilities
contemplated by this Agreement and its acquisition of Northstar pursuant to the
Northstar Merger Agreement, ASSAC shall contribute all, and not less than all,
of the capital stock of the Buyer owned of record by ASSAC to the capital of
either or both of the following Persons, as determined by ASSAC in the exercise
of its sole discretion: (a) Northstar Re Bermuda and/or Northstar Re Ireland
(both Subsidiaries of Northstar), or (b) Allied Provident.

    
       

      SECTION
6.2        Boards of Directors of
ASSAC.

      (a)       
    From and after the Closing Date, ASSAC shall use its
best efforts to cause to be elected to the Board of Directors of ASSAC, and by
their execution of this Agreement, each of (i) the Stillwater Parties, (ii)
Noble Investment Fund Limited, and (iii) Allius Ltd. and their Affiliates agree
to vote all of the ASSAC Ordinary Shares and all ASSAC Series A Preferred
Shares, as applicable, owned of record by them at each general shareholders
meeting of ASSAC in favor
of the election to the Board of Directors of ASSAC of one (1) Person designated
by Stillwater (the “Stillwater Designee”)
and not less than five (5) other Persons who shall be designated by the members
of the ASSAC Board of Directors (the “ASSAC
Designees”).  The ASSAC Designees to the Board of Directors of
ASSAC shall be set forth in the ASSAC Proxy Statement.  All of Richard
Rudy, Jack Doueck and the Stillwater Designee (if other than either of the
aforementioned Persons) shall be included under ASSAC’s officer/director
liability policy in effect from time to time, commencing on the Closing
Date.

       

    

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    (b)       
   ASSAC and Stillwater each covenant and agree to cause the
Buyer to be managed by the Investment Manager.  From and after the
Closing Date and for a period through and including March 31, 2013, Stillwater
shall establish a three (3) Person investment committee, in accordance with the
terms of the Management Agreement.

     

    SECTION
6.3      Registration of Conversion
Shares.  Following the Closing Date, ASSAC shall use its
commercially reasonable efforts to cause the Registration Statement (as that
term is defined in the Registration Rights Agreement) to be declared effective
by the Securities and Exchange Commission and shall otherwise comply with all of
its covenants and agreements contained in the Registration Rights
Agreement.

     

    
      SECTION
6.4      Payment of Affiliated
Obligations.  As at the Closing Date, the aggregate amount of
all Affiliated Obligations owed by the Fund and assumed by the Buyer shall not
exceed $1.4 million.  Following the Closing Date, the Buyer shall
commence to repay such Affiliated Obligations only after all Redemption Claims
as at the Closing Date shall have been paid in full or otherwise satisfied, and
then in accordance with the applicable provisions of the Management
Agreement.

       

      SECTION
6.5       Change of
Name.    As soon as practicable following the Closing
Date, the Buyer shall change its corporate name to “Stillwater Market Neutral Holdings
Ltd.” or such other name as shall be acceptable to ASSAC and
Stillwater.

      

      SECTION
6.6        Voting of ASSAC Exchange
Shares.

      

      (a)           From
and after the Closing Date and until such the ASSAC Series A Preferred Shares
are converted into Ordinary Shares in accordance with the ASSAC Restated
Articles, each of the Stillwater Parties, with respect to the ASSAC Series A
Preferred Shares owned by them, do hereby jointly and severally covenant and
agree as a voting shareholder of ASSAC to:

    

     

    (i)     
      vote all such ASSAC Series A Preferred
Shares then owned of record by each such Person(s) at each ordinary and
extraordinary meeting of shareholders of ASSAC held prior to December 31, 2010,
in connection with any transaction or proposal requiring approval of ASSAC
shareholders, in favor
of any such transaction or proposal recommended to the ASSAC shareholders of a
majority of the members of the board of directors of ASSAC; and/or

    

    (ii)           on
or prior to December 31, 2010, execute written consents requested by the board
of directors of ASSAC, in connection with any transaction or proposal that
requires approval of ASSAC shareholders holding a majority or greater than a
majority of the ASSAC shares entitled to vote, that have the effect of casting
all votes then available with respect to such ASSAC Series A Preferred Shares
in
favor of any such transaction or proposal recommended to the ASSAC
shareholders of a majority of the members of the board of directors of
ASSAC.

    

    (b)           Notwithstanding
the foregoing, in no event shall the Stillwater Parties be required to vote in
accordance with the provisions of Section 6.6(a) above, if and to the extent
that any such proposal relates to (i) the issuance of any “Senior Security,” or
to the amendment to or modification of any “Junior Security” or “Pari Passu
Security” (as such terms are defined in the ASSAC Restated Articles, and in all
such cases, a “New
Equity Security”), if any such issuance, amendment or modification of
such New Equity Security would result in the same being a Senior Security to the
Series A Preferred Shares, or (ii) any other proposal that has the effect or
could reasonably be expected to have the effect of adversely affecting the
rights, privileges or designations of the ASSAC Series A Preferred
Shares.

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    SECTION 6.7    
   Rescission.    All
or certain of the transactions contemplated by this Agreement may be rescinded
prior to the Conversion Date, all as contemplated by the ASSAC Restated Articles
or the ASSAC Series Preferred Certificate of Designations.

     

    ARTICLE
VII.  CONDITIONS TO CLOSING

     

    SECTION
7.1       Conditions to Stillwater
Parties’ Obligations.  The obligation of the Stillwater Parties
to take the actions required to be taken by them at the Closing is subject to
the satisfaction or waiver, in whole or in part, in their sole discretion, of
each of the following conditions at or prior to the Closing:

     

    (a)             The
representations and warranties of the ASSAC Parties set forth in Article IV will
be true and correct as of the Closing Date as though then made and as though the
Closing Date had been substituted for the date of this Agreement in such
representations and warranties (without taking into account any supplemental
disclosures after the date of this Agreement by the ASSAC Parties or the
discovery of information by the Stillwater Parties;

     

    (b)             Each
of the ASSAC Parties will have performed and complied with each of their
agreements contained in this Agreement that can be performed and complied with
at or prior to the Closing;

     

    (c)             Each
Required Consent required to be obtained by ASSAC will have been obtained and be
in full force and effect and such actions as the Stillwater Parties’ counsel may
reasonably require will have been taken in connection therewith;

     

    (d)             All
of the requisite ASSAC Shareholder Approvals shall have been obtained a the
ASSAC Shareholders Meeting;

     

    (e)       
     Holders of greater than 34.99% of the outstanding
ASSAC publicly traded Ordinary Shares have not voted against the Transfers and
other transactions contemplated by this Agreement and advised ASSAC of their
desire to redeem their investment;

     

    
      (f)      
       Pursuant to the terms and conditions
of all or certain of the Additional Acquisition Agreements, ASSAC shall have
consummated the acquisition of the Fund and/or the Additional Stillwater Funds
that shall have an aggregate Net Asset Value of not less than $100.0
million;

       

    

    (g)            
ASSAC shall have consummated the acquisition of either or both of the Amalphis
Exchange Shares and/or all of the equity of Northstar pursuant to the terms and
conditions of either or both of the Amalphis Purchase Agreement and/or the
Northstar Merger Agreement, respectively;

     

    (h)         
   The Stillwater Parties will have received evidence reasonably
satisfactory to them that no Litigation is pending or threatened (i) challenging
or seeking to prevent or delay consummation of any of the transactions
contemplated by this Agreement, or (ii) asserting the illegality of or seeking
to render unenforceable any material provision of this Agreement, any of the
Ancillary Agreements or the relevant Additional Acquisition
Agreements;

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

    (i)        
      The ASSAC Parties shall have executed and
delivered all of the Ancillary Agreements to which it is a Party;
and

     

    (j)        
     No Law or Governmental Order will have been enacted,
entered, enforced, promulgated, issued or deemed applicable to the transactions
contemplated by this Agreement by any Governmental Entity that would reasonably
be expected to result, directly or indirectly, in any Material Adverse Effect
with respect to the ASSAC Parties.

     

    SECTION
7.2     Conditions to ASSAC Parties’
Obligations.  The obligation of the ASSAC Parties to take the
actions required to be taken by them at the Closing is subject to the
satisfaction or waiver, in whole or in part, in the sole discretion of the ASSAC
Parties, of each of the following conditions at or prior to the
Closing:

     

    (a)           The
representations and warranties of the Stillwater Parties set forth in Article V
will be true and correct in all material respects as of the Closing Date as
though then made and as though the Closing Date had been substituted for the
date of this Agreement in such representations and warranties;

     

    (b)           Each
of the Stillwater Parties will have performed and complied with each of their
agreements contained in this Agreement;

     

    (c)           Each
Required Consent required to be obtained by the Stillwater Parties will have
been obtained and be in full force and effect and such actions as the ASSAC
Parties’ counsel may reasonably require will have been taken in connection
therewith;

     

    (d)           The
aggregate Estimated NAV of all Distributed Assets that the Investment Manager
shall agree to distribute to Fund Shareholders in lieu of the ASSAC Series A
Preferred Shares payable hereunder, shall not exceed $10.0 million in the
aggregate;

     

    (e)           All
of the requisite ASSAC Shareholder Approvals shall have been obtained a the
ASSAC Shareholders Meeting;

     

    (f)           Holders
of greater than 34.99% of the outstanding ASSAC publicly traded Ordinary Shares
have not voted against the Transfers and other transactions contemplated by this
Agreement and advised ASSAC of their desire to redeem their
investment;

     

    (g)           Pursuant
to the terms and conditions of all or certain of the Additional Acquisition
Agreements, ASSAC shall have consummated the acquisition of such of the Fund
and/or the Additional Stillwater Fund that shall have an aggregate Net Asset
Value of not less than $100.0 million;

     

    (h)           ASSAC
shall have consummated the acquisition of either or both of the Amalphis
Exchange Shares and/or all of the equity of Northstar pursuant to the terms and
conditions of either or both of the Amalphis Purchase Agreement and/or the
Northstar Merger Agreement, respectively;

     

    (i)       
    ASSAC will have received evidence reasonably
satisfactory to it that no Litigation is pending or threatened (i) challenging
or seeking to prevent or delay consummation of any of the transactions
contemplated by this Agreement, or (ii) asserting the illegality of or seeking
to render unenforceable any material provision of this Agreement, any of the
Ancillary Agreements or any Additional Acquisition Agreements;

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    (j)     
      The applicable Stillwater Parties shall have
executed and delivered all of the Ancillary Agreements to which it or they is a
Party; and

     

    (i)           No
Law or Governmental Order will have been enacted, entered, enforced,
promulgated, issued or deemed applicable to the transactions contemplated by
this Agreement by any Governmental Entity that would reasonably be expected to
result, directly or indirectly, in any Material Adverse Effect with respect to
the Stillwater Parties.

     

    
      SECTION
7.3       Waiver of
Fund Acquisition(s).  Notwithstanding anything
to the contrary, express or implied, set forth above in this Article VII or
elsewhere in this Agreement, in the event and to the extent that the Fund is a
Non-Performing Fund, ASSAC may nonetheless consummate the transaction
contemplated hereby with respect to the acquisition of the Acquired Assets and
Liabilities of the other Additional Stillwater Funds, in which event ASSAC shall
not acquire the Acquired Assets or Liabilities of the Non-Performing
Fund.

    

     

    ARTICLE
VIII.  TERMINATION

     

    SECTION
8.1          Termination.  This
Agreement may be terminated prior to the Closing:

     

    (a)        
   by the mutual written consent of ASSAC and Stillwater on
behalf of all Parties;

     

    (b)           by
ASSAC, on behalf of all ASSAC Parties, if:

     

     
(i)           any of the
Stillwater Parties has or will have breached any representation, warranty or
agreement contained in this Agreement in any material respect;

     

     
(ii)          the transactions
contemplated by this Agreement will not have been consummated on or before
January 23, 2010 (the “Outside Date”);
or

     

     
(iii)         any of the conditions
set forth in SECTION 7.2 will have become impossible to satisfy and not
otherwise waived;

     

    (c)           by
Stillwater, on behalf of all Stillwater Parties, if:

     

     
(i)           any of the
ASSAC Parties has or will have breached any representation, warranty or
agreement contained in this Agreement in any material respect;

     

     
(ii)          the transactions
contemplated by this Agreement will not have been consummated on or before the
Outside Date; or

     

     
(iii)         any of the conditions
set forth in SECTION 7.1 will have become impossible to satisfy and not
otherwise waived.

    SECTION
8.2       Effect of
Termination.  The right of termination under Section 8.1 is in
addition to any other rights the parties may have under this Agreement or
otherwise, and the exercise of a right of termination will not be an election of
remedies and will not preclude an action for breach of this
Agreement.  If this Agreement is terminated, all continuing
obligations of the Parties under this Agreement will terminate except that
Section 8.3 and Article IX will survive indefinitely unless sooner terminated or
modified by the parties in writing.

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

    SECTION
8.3       Trust
Fund.  Notwithstanding anything to the contrary express or
implied contained in this Article VIII or elsewhere in this Agreement, none of
the Stillwater Parties nor any of their respective Affiliates shall have any
lien, security interest, claim against or any other right to (a) any of the
maximum $115.0 million principal amount of the proceeds held in that certain
trust administered and maintained by Continental Stock Transfer & Trust
Company, as trustee (and any successor trust or substitute arrangement) for the
benefit of the public shareholders of ASSAC (the “Trust”), or (b) any
interest earned on such maximum $115.0 million principal amount of proceeds held
in the Trust.  Each of the Stillwater Parties and their Affiliates, do
hereby expressly waive and relinquish any claim or other rights to the Trust,
its corpus or any interest earned thereon.

     

    ARTICLE
IX.  GENERAL

     

    SECTION
9.1       Expenses.  Except
as may be set forth in the Stillwater Agreement, each Party shall pay all
expenses incurred by such party in connection with the transactions contemplated
by this Agreement, including legal, accounting, investment banking and
consulting fees and expenses incurred in negotiating, executing and delivering
this Agreement and the other agreements, exhibits, documents and instruments
contemplated by this Agreement (whether the transactions contemplated by this
Agreement are consummated or not); provided,
however, that upon consummation of the transactions contemplated by this
Agreement, ASSAC shall pay all transactions costs and expenses incurred by the
Stillwater Parties hereunder, or reimburse Stillwater (as the case may be) for
any such expenses previously paid.

     

    SECTION
9.2       Amendment and
Waiver.  This Agreement may not be amended, a provision of this
Agreement or any default, misrepresentation or breach of warranty or agreement
under this Agreement may not be waived, and a consent may not be rendered,
except in a writing executed by the party against which such action is sought to
be enforced.  Neither the failure nor any delay by any Person in
exercising any right, power or privilege under this Agreement will operate as a
waiver of such right, power or privilege, and no single or partial exercise of
any such right, power or privilege will preclude any other or further exercise
of such right, power or privilege or the exercise of any other right, power or
privilege.  In addition, no course of dealing between or among any
Persons having any interest in this Agreement will be deemed effective to modify
or amend any part of this Agreement or any rights or obligations of any Person
under or by reason of this Agreement.  The rights and remedies of the
parties to this Agreement are cumulative and not alternative.

     

    SECTION
9.3       Notices.  All
notices, demands and other communications to be given or delivered under or by
reason of the provisions of this Agreement will be in writing and will be deemed
to have been given (i) when delivered if personally delivered by hand (with
written confirmation of receipt), (ii) when received if sent by a nationally
recognized overnight courier service (receipt requested), (iii) five business
days after being mailed, if sent by first class mail, return receipt requested,
or (iv) when receipt is acknowledged by an affirmative act of the party
receiving notice, if sent by facsimile, telecopy or other electronic
transmission device (provided that such an acknowledgement does not include an
acknowledgment generated automatically by a facsimile or telecopy machine or
other electronic transmission device).  Notices, demands and
communications to the parties will, unless another address is specified in
writing, be sent to the address indicated below:

    
      
         

      

      
        27

        
          

        

      

      
         

      

    

     

    
      
        
          
            
              
                
                  	
                          If
      to Stillwater Parties:

                        
	 
	
                          Stillwater
      Capital Partners, Inc.

                        
	
                          41
      Madison Avenue

                        
	
                          New
      York, New York 10010

                        
	
                          Attn:  Richard
      Rudy and Jack Doueck

                        
	
                          Facsimile
      No.(212) 244-9506

                        
	
                          Email:
      rrudy@stillwatercapital.com

                        
	 
      
	
                          With
      a copy to:

                        
	 
	
                          Herrick,
      Feinstein LLP

                        
	
                          2
      Park Avenue

                        
	
                          New
      York, NY 10016

                        
	
                          Attn:
      Irwin Latner, Esq.

                        
	
                          Fax:
      (212) 545-3356

                        
	
                          Email:ilatner@herrick.com

                        
	 
      
	
                          If
      to the ASSAC Parties:

                        
	 
	
                          Asia
      Special Situation Acquisition Corp.

                        
	
                          c/o
      M&C Corporate Services Limited

                        
	
                          P.O.
      Box 309GT, Ugland House

                        
	
                          South
      Church Street

                        
	
                          George
      Town, Grand Cayman

                        
	
                          Attn:
      Gary T. Hirst, President

                        
	
                          Email:  assac@domaincontact.net

                        
	 
	
                          With
      a copy to:

                        
	 
	
                          Hodgson
      Russ LLP

                        
	
                          1540
      Broadway,

                        
	
                          24th
      floor

                        
	
                          New
      York, New York 10036

                        
	
                          Attn:  Stephen
      A. Weiss, Esq.

                        
	
                          Facsimile
      No. (212) 751-0928

                        
	
                          Email:  sweiss@hodgsonruss.com

                        

                

              

            

          

        

      

    

    

    SECTION
9.4       Assignment.  Neither
this Agreement nor any of the rights, interests or obligations under this
Agreement may be assigned by any party to this Agreement without the prior
written consent of the other parties to this Agreement.  Subject to
the foregoing, this Agreement and all of the provisions of this Agreement will
be binding upon and inure to the benefit of the parties to this Agreement and
their respective successors and permitted assigns.

     

    SECTION
9.5       Complete
Agreement.  This Agreement and, when executed and delivered,
the Ancillary Agreements contain the complete agreement between the parties and
supersede any prior understandings, agreements or representations by or between
the parties, written or oral.

     

    SECTION
9.6       Signatures;
Counterparts.  This Agreement may be executed in one or more
counterparts, any one of which need not contain the signatures of more than one
party, but all such counterparts taken together will constitute one and the same
instrument.  A facsimile signature will be considered an original
signature.

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

     

    SECTION
9.7      Governing
Law.  THE DOMESTIC LAW, WITHOUT REGARD TO CONFLICTS OF LAWS
PRINCIPLES, OF THE STATE OF NEW YORK, UNITED STATES OF AMERICA, WILL GOVERN ALL
QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS
AGREEMENT AND THE PERFORMANCE OF THE OBLIGATIONS IMPOSED BY THIS
AGREEMENT.

     

    SECTION
9.8       Jurisdiction.  Each
of the parties submits to the exclusive jurisdiction of any state or federal
court sitting in New York, New York, in any action or proceeding arising out of
or relating to this Agreement and agrees that all claims in respect of the
action or proceeding may be heard and determined in any such
court.  Each party also agrees not to bring any action or proceeding
arising out of or relating to this Agreement in any other court.  Each
of the parties waives any defense of inconvenient forum to the maintenance of
any action or proceeding so brought and waives any bond, surety or other
security that might be required of any other party with respect to any such
action or proceeding.  Each party appoints CT Corporation System (the
“Process
Agent”) as its agent to receive on its behalf service of copies of the
summons and complaint and any other process that might be served in the action
or proceeding.  Any party may make service on any other party by
sending or delivering a copy of the process (i) to the party to be served or
(ii) to the party to be served in care of the Process Agent at an address to be
supplied by it.  The parties agree that any of them may file a copy of
this paragraph with any court as written evidence of the knowing, voluntary and
bargained agreement between the parties irrevocably to waive any objections to
venue or to convenience of forum.  Nothing in this Section 9.8 will
affect the right of any party to serve legal process in any other manner
permitted by law or in equity

     

    SECTION
9.9      Waiver of Jury
Trial.  EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY
THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND
DIFFICULT ISSUES, AND THEREFORE IT IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR
INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED BY THIS AGREEMENT.  EACH PARTY CERTIFIES AND ACKNOWLEDGES
THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) IT UNDERSTANDS
AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (III) IT MAKES SUCH WAIVER
VOLUNTARILY AND (IV) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG
OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION
9.9

    
      
         

      

      
        29

        
          

        

      

      
         

      

    

    SECTION
9.10     Construction.  The
parties and their respective counsel have participated jointly in the
negotiation and drafting of this Agreement.  In addition, each of the
parties acknowledges that it is sophisticated and has been advised by
experienced counsel and, to the extent it deemed necessary, other advisors in
connection with the negotiation and drafting of this Agreement.  In
the event an ambiguity or question of intent or interpretation arises, this
Agreement will be construed as if drafted jointly by the parties and no
presumption or burden of proof will arise favoring or disfavoring any party by
virtue of the authorship of any of the provisions of this
Agreement.  The parties intend that each representation, warranty and
agreement contained in this Agreement will have independent
significance.  If any party has breached any representation, warranty
or agreement in any respect, the fact that there exists another representation,
warranty or agreement relating to the same subject matter (regardless of the
relative levels of specificity) that the party has not breached will not detract
from or mitigate the fact that the party is in breach of the first
representation, warranty or agreement.  Any reference to any Law will
be deemed to refer to all rules and regulations promulgated thereunder, unless
the context requires otherwise.  The headings preceding the text of
articles and sections included in this Agreement and the headings to the
schedules and exhibits are for convenience only and are not be deemed part of
this Agreement or given effect in interpreting this
Agreement.  References to sections, articles, schedules or exhibits
are to the sections, articles, schedules and exhibits contained in, referred to
or attached to this Agreement, unless otherwise specified.  The word
“including” means “including without limitation.”  A statement that an
action has not occurred in the past means that it is also not presently
occurring.  When any party may take any permissive action, including
the granting of a consent, the waiver of any provision of this Agreement or
otherwise, whether to take such action is in its sole and absolute
discretion.  The use of the masculine, feminine or neuter gender or
the singular or plural form of words will not limit any provisions of this
Agreement.  A statement that an item is listed, disclosed or described
means that it is correctly listed, disclosed or described, and a statement that
a copy of an item has been delivered means a true and correct copy of the item
has been delivered

     

    SECTION
9.11    Time of
Essence.  With regard to all dates and time periods set forth
or referred to in this Agreement, time is of the essence.

     

    [The
balance of this page intentionally left blank – signature page
follows]

    
      
         

      

      
        30

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF, the
parties hereto have executed this Purchase and Sale Agreement as of the date
first above written.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            	
                                                                                    ASSAC
      SPECIAL SITUATION

                                                                                    ACQUISITION
      CORP.

                                                                                  	 	
                                                                                    STILLWATER
      MARKET NEUTRAL FUND LTD.

                                                                                  
	 
      	 
      	 	 
      	 
      
	
                                                                                    By:

                                                                                  	 
      	 	
                                                                                    By:

                                                                                  	 
      
	
                                                                                    Name:
      Gary T. Hirst

                                                                                  	 	
                                                                                    Name:
      _________________,

                                                                                  
	
                                                                                    Title:    President

                                                                                  	 	
                                                                                    Title:  President

                                                                                  
	 
      	 
      	 	 
      	 
      
	
                                                                                    STILLWATER
      MN HOLDINGS LTD.

                                                                                    
                                                                                      (a
      Cayman Islands exempted company)

                                                                                    

                                                                                  	 	
                                                                                    STILLWATER
      MARKET NEUTRAL

                                                                                    FUND
      LTD. II

                                                                                  
	 
      	 
      	 	 
      	 
      
	
                                                                                    By:

                                                                                  	 
      	 	
                                                                                    By:

                                                                                  	 
      
	
                                                                                    Name:  Gary.
      T. Hirst

                                                                                  	 	
                                                                                    Name:  _________________,

                                                                                  
	
                                                                                    Title:   Authorized
      Signatory 

                                                                                  	 	
                                                                                    Title:  President

                                                                                  
	 	 	 	 	 
	
                                                                                    STILLWATER
      CAPITAL PARTNERS, INC.

                                                                                  	 	 
      	 
      
	 
      	 
      	 	 
      	 
      
	
                                                                                    By:

                                                                                  	 
      	 	 
      	 
      
	
                                                                                    Name:  Jack
      Doueck

                                                                                  	 	 
      	 
      
	
                                                                                    Title:     Principal

                                                                                  
	 
      	 
      	 	 
      	 
      
	
                                                                                    ACCEPTED and Agreed
      to

                                                                                    solely with respect to Section
      6.2(a) above:

                                                                                  	 	 
      	 
      
	 
      	 
      	 	 
      	 
      
	
                                                                                    NOBLE INVESTMENT FUND
      LIMITED

                                                                                    by:
      Pure Glow Investments
      LLC

                                                                                  	 	 
      	 
      
	 	 	 	 	 
	
                                                                                    By:

                                                                                  	 
      	 	 
      	 
      
	
                                                                                         Arie
      Jan van Roon, Manager

                                                                                  	 	 
      	 
      
	 
      	 
      	 	 
      	 
      
	
                                                                                    ALLIUS
    LTD.

                                                                                  	 	 
      	 
      
	 	 	 	 	 
	
                                                                                    By:

                                                                                  	 
      	 	 
      	 
      
	
                                                                                    Dr.
      Gary T. Hirst, Manager 

                                                                                  	 	 
      	 
      

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                	
                                        Directors
      of Stillwater Market Neutral Fund Ltd.

                                      	 
      	
                                        Directors
      of Stillwater Market

                                      
	 
      	 
      	
                                        Neutral
      Fund Ltd. II

                                      
	
                                        
                                        

                                      	 
      	
                                        
                                        

                                      
	
                                        Name:____________________

                                      	 
      	
                                        Name:____________________

                                      
	
                                        Title:  Director

                                      	 
      	
                                        Title:  Director

                                      
	
                                         

                                      	 
      	
                                         

                                      
	
                                        Name:_______________________

                                      	 
      	
                                        Name:_______________________

                                      
	
                                        Title:  Director

                                      	 
      	
                                        Title:  Director

                                      
	
                                         

                                      	 
      	
                                         

                                      
	
                                        Name:_______________________

                                      	 
      	
                                        Name:_______________________

                                      
	
                                        Title:  Director

                                      	 
      	
                                        Title:  Director

                                      

                              

                               

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
A

     

    NAV
Valuation Methods

     

    Net Asset
Value is generally equal to the amount by which the value of the assets of the
applicable Person exceeds the amount of its liabilities.  Net Asset Value
determinations are made by the Appraiser or Auditor (the “Asset
Appraiser”) in accordance with U.S. generally accepted accounting
principles and in accordance with the following criteria: 

    

                           
(a)         No value will be assigned to
goodwill;

    

                           
(b)       All accrued debts and liabilities will
be treated as liabilities, including but not limited to, estimated expenses for
accounting, legal, administrative and other operating expenses (including all
fees payable under the Management Agreement) and such reserves for contingent
liabilities of the applicable Person, including estimated expenses, if any, in
connection therewith, as the Asset Appraiser shall determine;

    

                           
(c)       Loans, loan participations and other
similar assets owned by an applicable Person will generally be carried at the
high range of fair market value as determined by the Asset Appraiser, and will
be subject to an independent valuation review as frequently as determined by the
Asset Appraiser.  These independent valuation reviews will provide the
applicable Person with opinions on whether specific pieces of collateral are in
need of re-valuation.  The Asset Appraiser, on the basis of this
information, will determine whether a specific loan or other asset needs to be
re-priced;

     

                           
(d)      In the case of investments in private
investment fund or other vehicles which are not readily marketable, in the
absence of an independent fair market value appraisal or audit, the net asset
value calculation provided by the administrators or managers of those underlying
funds or vehicles will be used in determining an applicable Person’s Net Asset
Value.

     

     (e)       
Securities or commodities (which for valuation purposes hereunder may include
weather derivatives and other financial instruments trading on or off, as the
case may be, commodities exchanges) that are listed on a national securities or
commodities exchange, as the case may be, shall be valued at their last sales
prices on the date of determination on the largest securities or commodities
exchange (by trading volume in such security or commodity) on which such
securities or commodities shall have traded on such date, or if trading in such
securities or commodities on the largest securities or commodities exchange (by
trading volume in such security or commodity) on which such securities or
commodities shall have traded on such date was reported on the consolidated
tape, their last sales price on the consolidated tape (or, in the event that the
date of determination is not a date upon which a securities or commodities
exchange was open for trading, on the last prior date on which such securities
or commodities exchange was so open not more than 10 days prior to the date of
determination). If no such sales of such securities or commodities occurred on
either of the foregoing dates, such securities or commodities shall be valued at
the “bid” price for long positions and “asked” price for short positions on the
largest securities or commodities exchange (by trading volume in such security)
on which such securities or commodities are traded, on the date of
determination, or, if the “bid” price for long positions and “asked” price for
short positions in such securities or commodities on the largest securities or
commodities exchange (by trading volume in such security or commodity) on which
such securities or commodities shall have traded on such date were reported on
the consolidated tape, the “bid” price for long positions and “asked” price for
short positions on the consolidated tape (or, if the date of determination is
not a date upon which such securities or commodities exchange was open for
trading, on the last prior date on which such a securities or commodities
exchange was so open not more than 10 days prior to the date of
determination);

    
      
         

      

      
        32

        
          

        

      

      
         

      

    

    

    (f)      
Securities and commodities that are not listed on an exchange but are traded
over-the-counter shall be valued at representative “bid” quotations if held long
and representative “asked” quotations if held short;

    

    (g)    
For securities and commodities not listed on a securities or commodities
exchange or quoted on an over-the-counter market, but for which there are
available quotations, such valuation will be based upon quotations obtained from
market makers, dealers or pricing services;

    

    (h)    
Options that are listed on a securities or commodities exchange shall be valued
at their last sales prices on the date of determination on the largest
securities or commodities exchange (by trading volume) on which such options
shall have traded on such date; provided, that, if the last sales prices of such
options do not fall between the last “bid” and “asked” prices for such options
on such date, then the Asset Appraiser shall value such options at the mean
between the last “bid” and “asked” prices for such options on such
date;

    

    (i)      
Illiquid assets will be valued at their the high range of the fair market value
(which in most cases may be at cost if that is a fair approximation of value),
as determined by the Asset Appraiser (with appropriate input from the investment
manager or portfolio manager under the applicable management
agreement);

    

    (j)       Preferred
shares, preferred stock or other senior equity securities shall be valued at
100% of their per share stated or liquidation value, with such discounts from
such stated or liquidation value as the investment manager or portfolio manager
under the applicable management agreement and ASSAC shall, in good faith
determined from time to time;

    

    (k)      All
other assets shall be valued at such value as the Asset Appraiser may reasonably
determine (with appropriate input from the investment manager or portfolio
manager under the applicable management agreement); and

    

    (l)      
Securities and commodities not denominated in U.S. dollars shall be translated
into U.S. dollars at prevailing exchange rates as the Asset Appraiser may
reasonably determine.

    

               
If the Asset Appraiser determines, in its sole discretion, that the valuation of
any asset, security or other instrument pursuant to the foregoing does not
fairly represent its market value, the Asset Appraiser (with appropriate input
from the Investment Manager and ASSAC) shall value such security or other
instrument as it reasonably determines and shall set forth the basis of such
valuation in writing to the investment manager or portfolio manager under the
applicable management agreement and to ASSAC.

    
      
         

      

      
        33

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