No securities are beneficially owned.
The reporting person indirectly holds approximately 41.11% equity interest in Carbon Neutral Holdings, Inc., the sponsor of the Issuer (the "Sponsor"), which holds 2,075,000 ordinary shares of the Issuer (up to 225,000 shares are subject to forfeiture) and is expected to hold up to 350,000 private placement units at the consummation of the initial public offering of the Issuer (assuming that the over-allotment option issued to the underwriter is exercised in full). According to the governing document of the Sponsor, the Sponsor is managed by its board of directors and the sole director of the Sponsor is Mr. Zhizhuang Miao. Accordingly, Mr. Miao is deemed to beneficially own the securities of the Issuer held by the Sponsor.