EX-99.2 3 dex992.htm INVESTOR PRESENTATION Investor Presentation
1
Ascend Acquisition Corp.
Merger with
e.PAK
Resources (S) Pte. Ltd.
February 2008
Exhibit 99.2

2
Cautionary Statements
THE ATTACHED SLIDESHOW WAS FILED ON FEBRUARY 15, 2008 ON FORM 8-K.  ASCEND IS HOLDING
FROM
TIME
TO
TIME
PRESENTATIONS
FOR
CERTAIN
OF
ITS
STOCKHOLDERS,
AS
WELL
AS
OTHER
PERSONS WHO MIGHT BE INTERESTED IN PURCHASING ASCEND’S SECURITIES, REGARDING ITS
ACQUISITION OF E.PAK RESOURCES (S) PTE. LTD., AS DESCRIBED IN THE REGISTRATION STATEMENT
ON
FORM
S-4
BY
ePAK
INTERNATIONAL
LIMITED,
THE
PUBLIC
COMPANY
FOLLOWING
THE
TRANSACTION
FILED ON FEBRUARY 1, 2008.  THE ATTACHED SLIDESHOW, AS WELL AS THE 8-K AND S-4, MAY BE
DISTRIBUTED TO ATTENDEES OF THESE PRESENTATIONS. ASCEND AND ITS DIRECTORS AND
EXECUTIVE OFFICERS MAY BE DEEMED TO BE PARTICIPANTS IN THE SOLICITATION OF PROXIES FOR
THE SPECIAL MEETING OF STOCKHOLDERS TO BE HELD TO APPROVE THE ACQUISITION, AS WELL AS
THE RELATED REDOMESTICATION OF THE PUBLIC COMPANY TO BERMUDA (“BERMUDA PUBCO”). 
STOCKHOLDERS OF ASCEND AND OTHER INTERESTED PERSONS ARE ADVISED TO READ, WHEN
AVAILABLE, ASCEND’S FINAL PROSPECTUS AND PROXY STATEMENT IN CONNECTION WITH THE
EXCHANGE OF BERMUDA PUBCO’S SHARES AND WARRANTS FOR THE OUTSTANDING SHARES AND
WARRANTS OF ASCEND AND ASCEND’S SOLICITATION OF PROXIES FOR THE SPECIAL MEETING
BECAUSE THIS DOCUMENT WILL CONTAIN IMPORTANT INFORMATION.  SUCH PERSONS CAN ALSO READ
ASCEND’S FINAL PROSPECTUS FROM THE IPO, DATED MAY 11, 2006, FOR A DESCRIPTION OF THE
SECURITY HOLDINGS OF ASCEND’S OFFICERS AND DIRECTORS AND OF OTHER INTERESTED PERSONS
AND
THEIR
RESPECTIVE
INTERESTS
IN
THE
SUCCESSFUL
CONSUMMATION
OF
THIS
BUSINESS
COMBINATION.  THE FINAL PROSPECTUS AND PROXY STATEMENT WILL BE MAILED TO STOCKHOLDERS
AS OF A RECORD DATE TO BE ESTABLISHED FOR VOTING ON THE ACQUISITION.  STOCKHOLDERS WILL
ALSO BE ABLE TO OBTAIN A COPY OF THE FINAL PROSPECTUS AND PROXY STATEMENT, WITHOUT
CHARGE, BY DIRECTING A REQUEST TO: ASCEND ACQUISITION CORP, 435 DEVON PARK DRIVE,
BUILDING 400, WAYNE, PENNSYLVANIA 19087.  THE PRELIMINARY AND FINAL PROSPECTUSES AND
PRELIMINARY
AND
DEFINITIVE
PROXY
STATEMENTS,
ONCE
AVAILABLE,
CAN
ALSO
BE
OBTAINED,
WITHOUT
CHARGE,
AT
THE
SECURITIES
AND
EXCHANGE
COMMISSION’S
INTERNET
SITE
(HTTP://WWW.SEC.GOV). CURRENT FILINGS AND FUTURE FILINGS WILL BE UNDER THE ISSUER NAME
ePAK
INTERNATIONAL LIMITED.

3
Forward Looking Statements
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995:
THIS PRESENTATION AND ACCOMPANYING ORAL REMARKS MAY CONTAIN FORWARD-LOOKING
STATEMENTS
THAT
INVOLVE
RISKS
AND
UNCERTAINTIES
THAT
COULD
CAUSE
ACTUAL
RESULTS
TO DIFFER MATERIALLY FROM THOSE DESCRIBED.  SUCH FACTORS INCLUDE, BUT ARE NOT
LIMITED TO, THE COMPANY’S ABILITY TO EFFECT A BUSINESS COMBINATION, EPAK’S ABILITY TO
GROW FUTURE REVENUES AND EARNINGS, CHANGES IN DEMAND FOR EPAK’S PRODUCTS,
MARKET ACCEPTANCE OF THE COMPANY’S PRODUCTS, CHANGES IN THE LAWS OF THE PEOPLE’S
REPUBLIC OF CHINA THAT AFFECT THE COMPANY’S OPERATIONS, RISKS OF BEING DOMICILED
OUTSIDE OF THE UNITED STATES AND OTHER FACTORS DETAILED FROM TIME TO TIME IN THE
COMPANY'S
FILINGS
WITH
THE
UNITED
STATES
SECURITIES
AND
EXCHANGE
COMMISSION
AND
OTHER REGULATORY AUTHORITIES INCLUDING THE PROSPECTUS AND PROXY STATEMENT TO BE
FILED IN CONNECTION WITH THE PROPOSED ACQUISITION. THE COMPANY UNDERTAKES NO
OBLIGATION TO PUBLICLY UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENTS, WHETHER
AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE. AS USED HEREIN, THE
"COMPANY" MEANS THE COMBINED ENTITIES ASCEND ACQUISITION CORPORATION, THE BERMUDA
PUBLIC COMPANY AND EPAK RESOURCES (S) PTE LTD, FOLLOWING THE INTENDED ACQUISITION
OF EPAK BY ASCEND. THIS PRESENTATION SUPERSEDES ANY PRIOR INVESTOR PRESENTATION
FILED UNDER A CURRENT REPORT ON FORM 8-K REGARDING THE TRANSACTIONS DESCRIBED
HEREIN. EPAK’S FINANCIAL INFORMATION AND DATA CONTAINED HEREIN FOR 2002 AND 2003 IN
THE EXHIBITS HERETO HAS BEEN PREPARED BY EPAK AS A PRIVATE COMPANY, AND WAS
PREPARED IN ACCORDANCE WITH THE PUBLISHED RULES AND REGULATIONS OF THE SINGAPORE
FINANCIAL REPORTING STANDARD AND HAS NOT BEEN AUDITED UNDER UNITED STATES
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES AND MAY NOT CONFORM TO SEC REGULATION
S-X. FINANCIAL INFORMATION AND DATA CONTAINED HEREIN FOR PERIODS OTHER THAN 2002 AND
2003 HAVE BEEN PREPARED IN ACCORDANCE WITH UNITED STATES GENERALLY ACCEPTED
ACCOUNTED
PRINCIPLES.
ALL
FINANCIAL
AMOUNTS
PRESENTED
HEREIN
AND
IN
THE
EXHIBITS
HERETO ARE IN US DOLLARS UNLESS SPECIFICALLY NOTED OTHERWISE.

4
ePAK
Investment Merits
Leading full service supplier of semiconductor transfer and handling products
Over 500 customers worldwide including Toshiba, Texas Instruments and Seagate
No single customer accounts for more than 10% of sales
PRC-based operations led by veteran semiconductor industry team
Accelerating revenue and earnings growth
Revenues have a CAGR of 30%
Capital infusion provides further acceleration
Sustainable high margins
Mission critical for customer manufacturing yields
High barriers to entry
Advanced low cost manufacturing
Consistent market growth, low volatility
Single-use consumable products, recurring revenue stream
Demand driven by consistent semiconductor unit-volume growth
Multiple opportunities for large scale growth in $40 billion market

5
Post Transaction Capitalization
Investment
Primary Shares
Fully Diluted
Fully Diluted +
Incentive Shares
  Ownership Percent
Initial
Final
ePak Shareholders
8,601,002
           
8,601,002
           
8,866,577
                 
50.10%
28.09%
SPAC Investors
Common
$38,502,000
8,566,667
           
8,566,667
           
8,566,667
                 
49.90%
27.14%
Warrants
$70,666,670
14,133,334
         
14,133,334
               
44.77%
TOTALS
$109,168,670
17,167,669
         
31,301,003
         
31,566,578
               
100.00%
100.00%
Approximate cash at closing
$35,000,000
Approximate cash from Warrants exercised
$70,666,670
Total Cash
$105,666,670
Includes incentive shares

Incentive Based Compensation
Owners of ePAK, on an all-or-none-basis each year, will be issued
88,525 shares
of common stock if they achieve EBITDA in the
following amounts for 2008, 2009, and 2010:
Year
EBITDA (USD)
Enterprise Value/EBITDA
2008
$  14,727,000
4.4x
2009
$  24,268,000
2.6x
2010
$  37,935,000
1.7x
6

7
ePAK
Overview
Dedicated to servicing the Semiconductor and
Electronics Industry
Founded in 1999
600,000 sq foot central manufacturing: Shenzhen, PRC
Executive Offices:  Austin, TX
9 sales offices, 40 warehouses worldwide
Over 500 customers
1,500 employees
100+ English-speaking engineering and technical staff
ePak
provides its customers with a combination of highly engineered customized
products, value added services, delivery logistics and customer service

8
Core management team 15 years in partnership
Semiconductor industry veterans
75 top sales and senior manufacturing executives together since 1992
23 patents granted, 31 patents pending
Officer
Position
Years in
Industry
Previous Experience
Steve Dezso
CEO
20
Peak, E-Systems
MS Khoo
COO
25
Peak, AMD, Thomson
Jim Thomas
CTO
23
Peak, Compaq, TI
Richard Brook
EVP Business Development
25
Peak, TI
Jason Lee
Senior VP Finance
5
Ernst & Young
Chun Chok
Senior VP South Asia Sales
16
Peak
Jeff Blaine
Senior VP North Asia Sales
23
Peak, TI
Executive Team

9
Systems
Automated Handling
Back End
Assembly & Test
Front End
Wafer Fabrication
ePAK
Provides Solutions from “Start to Finish”
ePAK
Value Chain

10
Favorable Market Environment
Highly fragmented global
semiconductor market
ePAK’s
products represent
<2% of customers’
total cost
Customer demand driven by
semiconductor unit volumes
Consistent YOY growth
Not
subject to cyclical
semiconductor capital equipment
volatility
11% CAGR
Silicon Wafer Demand
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
11% CAGR
Total Integrated Circuits
0
50,000
100,000
150,000
200,000
250,000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Source: VLSI Research

11
Value Proposition
Design & Engineering
Unit volume driven and single use products
Engineering expertise
Proprietary products
Precision design and specifications
Highly customized
Service & Logistics
Customized vendor-managed inventory
Minimize expensive customer downtime
On-time delivery
Maximize customer efficiency
Manufacturing
Precision cleanroom
manufacturing
Low-cost, world-class facilities
Proprietary methods
Customers’
problems are ePAK’s
Opportunities

12
9 sales offices, 40 warehouses worldwide
Low cost, large scale manufacturing center
Central to semiconductor manufacturing
Short supply lines drive service advantage
Central Manufacturing, Global Supply
75%
15%
10%

13
ePAK
Diversified
(ENTG, 3M, ITW)
Niche
(Advantek, Peak,
CPAK)
Regional
(Dou Yee, Shinon)
Global
Service
Large
Capacity
Broad
Offering
Same Day
Delivery
Vertical
Integration
ePAK
Competitive Advantage
Engineering
Partnership

$40 B TAM
2008
$500 M TAM
2005
2001
Tape & Reel
20% of Sales
$150 M TAM
14
Industry focused, rapid adoption, brand equity
Driven by new product introductions
Capitalizing on underlying business model strengths
Business Strategy Builds on Strengths
1999
IC Handling Trays
40%  of Sales
$250 M TAM

15
Organic Growth
Every $1.00 of capital expenditure generates $2.00 of sustainable annual revenue and $0.80
of gross profits
Acquisition Growth
Highly fragmented industry open for consolidation
Active dialogue with 20 targets
•
$20mn-$60mn in revenue per target
•
10% EBITDA margin
•
Immediate accretion to earnings
Capacity Growth
Recent expansion has tripled manufacturing space and doubled clean room space
Existing excess customer demand
Increased capacity and enhanced operational efficiency
Research & Development
Increase by 200% -
300%
Products currently in development:
High purity silicon handling
High density disk drive products
Other customer driven solutions
ePAKs’
Growth Strategy

16
Latest Growth Driver, Wafer Handling
Entered in 2005
~5% of TAM
Largest ePAK
performance driver
Sales: 2005 = 12%, 2006 = 22%, 2007
= 35%
50% -
60% gross margin range
Historically dominated by Entegris
(80%
of TAM)

Growth within Sales, CF from Ops, and CapEX
Audited results for 2004-2006 prepared in accordance with US GAAP; Audited 2002 and 2003 results prepared in accordance with  Singapore
GAAP; Unaudited
2007 estimates.
17
CF from Ops ($ in millions)
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
$16.0
$18.0
CF from Ops
$0.7
$1.2
$5.2
$6.5
$12.4
$14.9
2002
2003
2004
2005
2006
2007
84% CAGR
Sales ($ in millions)
$0
$10
$20
$30
$40
$50
Sales
$12.5
$15.4
$21.7
$27.0
$36.1
$46.7
2002
2003
2004
2005
2006
2007
30% CAGR
Capital Expenditures ($ in millions)
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
Cap Ex
$2.2
$2.6
$3.3
$3.3
$5.1
$5.6
2002
2003
2004
2005
2006
2007

18
Use of Proceeds
Investment in equipment and cleanrooms, rapid returns
Increase capacity to accelerate growth
Acquisition Growth
Highly fragmented industry open for opportunities
Active dialogue with 20 targets
•
$20mn-$60mn in revenue per target
•
10% EBITDA margin
•
Immediate accretion to earnings
•
Existing product line expansion
•
New product lines
New product development
High purity silicon handling
High density disk drive
Customer driven
18

19
Investment Summary
Leading full service supplier of semiconductor transfer and handling products
Central, PRC-based operations led by veteran semiconductor industry team
Accelerating revenue and earnings growth
Advanced low cost manufacturing
Consistent market growth, low volatility, consumable product
Multiple opportunities for large scale growth in a $40 billion market

Appendix

21
Summary Income Statement
Notes:
Higher raw material costs, large scale facilities expansion and high cost subcontract manufacturing due to demand
outpacing internal capacity contributed to the decrease in FY07 margins versus FY06.
Meanwhile, 4Q07 margins showed a
marked improvement as selling prices were adjusted to compensate
for raw material costs.
Further improvements are
anticipated as our manufacturing capacity is expanded to fill available space and high cost subcontracting can be pulled
back in-house.
* To be provided with 2007 audit by E & Y
Prepared in accordance with US GAAP. EBITDA excludes certain non-cash expenses items as shown on the U.S. GAAP
statement of cash flows
US$ in '000s
2004
2005
2006
2007
Target
( Preliminary
unaudited subject
to change )
Revenues
$21,732
$27,013
$36,146
$46,675
Growth
41.4%
24.3%
33.8%
29.1%
45.0%
Gross Profit
$7,175
$9,052
$13,063
$16,352
Margins
33.0%
33.5%
36.1%
35.0%
42.0%
EBITDA
$2,032
$3,430
$5,744
*
Margins
9.4%
12.7%
15.9%
24.0%
Net Income
-$88
$103
$2,179
*
Margins
-0.4%
0.4%
6.0%
18.0%

22
Comparative Valuation
Company Name
TEV/LTM
EBITDA
Forward
TEV/LTM LTM P/E
EBITDA
Market
Cap
Stock
Price
LTM
Revenue
LTM
EBITDA
LTM Net EBITDA
Income
Margin
Net
Income
Margin
Asyst
Technologies, Inc. (ASYT)
5.4x
3.4x
50.8x
130
2.63
490
35
3
7.2%
0.5%
ATMI Inc. (ATMI)
9.8x
8.7x
25.5x
921
27.34
350
69
38
19.8%
10.9%
Cabot Microelectronics Corp. (CCMP)
8.1x
8.0x
21.8x
806
33.77
350
74
37
21.1%
10.6%
Cree Inc. (CREE)
16.8x
11.9x
56.7x
2,720
31.66
434
101
40
23.2%
9.2%
Entegris
Inc. (ENTG)
8.6x
8.1x
19.9x
881
7.63
638
95
50
14.9%
7.8%
FormFactor, Inc. (FORM)
3.9x
5.8x
12.8x
1,010
20.76
440
121
80
27.5%
18.1%
Illinois Tool Works (ITW)
9.2x
8.5x
14.5x
26,300
48.84
16,170
3,130
1,830
19.4%
11.3%
MEMC Electronic Materials (WFR)
14.9x
12.5x
21.5x
17,460
76.56
1,920
930
826
48.4%
43.0%
Mean
9.6x
8.4x
27.9x
6,279
31.15
2,599
569
363
22.7%
13.9%
ePak(Based
$50.6M transaction consideration)
7.7x
20.2x
($ in millions, except per share data)

23
Don K. Rice –
Chairman and CEO
Co-founder of Ascend Acquisition Corporation
Responsible for overseeing investment and management of ~$1billion in ~80 private companies
1989 to current, Managing Partner of RSTW Partners and Capital Point Partners
Invests primarily in the subordinated debt/minority equity of micro cap companies
1984 to 1988
President and CEO of First Texas Merchant Banking Group
Specialized in providing subordinated debt financing
Vice President of PruCapital
(Prudential Insurance Company)
B.B.A and M.B.A from University of Texas
Steve Dezso –
CEO
1999 to current, ePAK’s
President, CEO, and director
Vice President of Peak International Limited
Responsible for North American operations
Vice
President
Business
Development
PC
Markets
for
NonVolatile
Electronics
and
Design
engineer for E-Systems
Bachelor
of
Science
degree
in
Electrical
Engineering
and
Masters
of
Business
Administration
degree from University of Texas
Strong Management Team

24
Amalgamation/Redomicile
in Bermuda
Surviving company ePAK
International Limited
Bermuda registered corporation
All common stock and warrants outstanding exchanged 1:1
Tax efficient corporate structure
Preserves capital and retained earnings where they are most efficiently
deployed
NASDAQ listed, prospective ticker EPAK

25
Semiconductor & Electronics
ePAK
Focus

26
Ascend Acquisition Corporation
Don K. Rice, Chairman and CEO
435 Devon Park Drive, Bldg. 400
Wayne, PA 19087
Phone: 610-519-1336
don@ascendgrowth.com
www.ascendgrowth.com
ePAK
International Inc.
Steve Dezso, CEO
4926 Spicewood Springs, #200
Austin, TX 78759
Phone: 512-231-8083
steve.dezso@epak.com
www.epak.com
Investor Relations
Crocker Coulson, President
CCG Elite
1325 Avenue of the Americas, Suite 2800
New York, NY 10019
Phone:  646-213-1915
crocker.coulson@ccgir.com
www.ccgir.com
Contact Information