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Windrace International Company completes its business combination with 2020 Chinacap Acquirco, Inc.

October 2009

Clients Windrace International Company Limited

Jones Day represented Windrace International Company Limited, a manufacturer and wholesaler of footwear and apparel in China, in connection with its business combination with 2020 Chinacap Acquirco, Inc., a special purpose acquisition company, pursuant to which 2020 merged with and into Exceed Company Limited and Windrace became a wholly-owned subsidiary of Exceed. In exchange for their interests in Windrace, the ordinary shareholders of Windrace received ordinary shares of Exceed with an aggregate market value of US$133.5 million (subject to post-closing adjustment based on Windrace's future performance) and the preferred shareholder received a promissory note in the principal amount of $40.5 million. The Ordinary Shares of Exceed are traded on Nasdaq.

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