Freedom Acquisition Holdings, Inc. in $528 Million IPO

January 19, 2007

Cleary Gottlieb represented the underwriters, led by Citigroup Global Markets Inc., in Freedom Acquisition Holdings, Inc.’s initial public offering of 52,800,000 units (after giving effect to the exercise of the underwriters’ overallotment option), each consisting of one share of common stock and one warrant. The offering priced on December 21, 2006 and closed on December 28, 2006, with the underwriters’ overallotment option exercised on January 19, 2007. The initial public offering price for the units was $10, and the units began trading on the American Stock Exchange on December 22, 2006.

Freedom Acquisition Holdings, Inc. is a blank check company (also called a special purpose acquisition company, or a “SPAC”) recently formed to acquire one or more operating businesses through a merger, stock exchange, asset acquisition, reorganization or similar business combination. Freedom’s President and Chief Executive Officer, Nicolas Berggruen, is the founder of Berggruen Holdings North America Ltd., a private equity investment company.