Warrants

CGSQF was a blank check company organized under the laws of the Cayman Islands on May 3, 2006. We were formed for the purpose of effecting a share capital exchange, asset acquisition or other similar business combination with an operating business in a specified industry. Our objective is to acquire an operating business that has its primary operating facilities located in the People’s Republic of China in any city or province south of the Yangtze River, including but not limited to the Jiangsu and Hubei provinces and Chongqing. However, in the event ChinaGrowth North Acquisition Corporation executes a definitive acquisition agreement, then we will have no geographic restrictions in identifying and selecting a prospective target business or industry in the PRC, and we may therefore also pursue acquisition opportunities north of the Yangtze River. Our efforts in identifying a prospective target business will not be limited to a particular industry.

Update:

On January 27, 2009 CGSAC’s shareholders approved its previously announced proposed acquisition of Olympia Media Holdings Limited.

Olympia Media Holdings (“OMH”) is the leading privately owned aggregator and operator of print media businesses in China. OMH has established a print media network consisting of 13 newspapers with a circulation of approximately 3 million across China, reaching 17 cities with an aggregate population of 76 million. OMH usually enters into exclusive contracts for full or partial co-operations with newspapers. Under a fully cooperative contract, OMH manages advertising operation and printing of the newspapers, and provides select contents and distribution consultative service to the newspapers. Under a partially cooperative contract, OMH manages part of advertising operations of the newspapers. OMH is well positioned to take advantage of the growth in China’s print media sector due primarily to the continued growth of Chinese economy and rapid speed of urbanization.

Upon the consummation of the Acquisition, OMH will be a directly wholly-owned subsidiary of CGSAC and CGSAC will change its corporate name to China TopReach Inc. Pursuant to our Amended