JWSMF · Jaws Mustang Acquisition Corp

As described in the issuer's registration statement on Form S-1 (File No. 333-252165) under the heading "Description of Securities--Founder Shares", the Class B ordinary shares, par value $0.0001 per share, will automatically convert into Class A ordinary shares, par value $0.0001 per share, of the issuer at the time of the issuer's initial business combination, or earlier at the option of the holder, on a one-for-one basis, subject to adjustment for share splits, share capitalizations, reorganizations, recapitalizations and the like, and certain anti-dilution rights and have no expiration date.

Barry S. Sternlicht controls the reporting person, and as such has voting and investment discretion with respect to the securities held by the reporting person and may be deemed to have beneficial ownership of the securities held directly by the reporting person.

As described in the issuer's registration statement on Form S-1 (File No. 333-252165) under the heading "Description of Securities--Founder Shares", the Class B ordinary shares, par value $0.0001 per share, will automatically convert into Class A ordinary shares, par value $0.0001 per share, of the issuer at the time of the issuer's initial business combination, or earlier at the option of the holder, on a one-for-one basis, subject to adjustment for share splits, share capitalizations, reorganizations, recapitalizations and the like, and certain anti-dilution rights and have no expiration date.

Barry S. Sternlicht controls the reporting person, and as such has voting and investment discretion with respect to the securities held by the reporting person and may be deemed to have beneficial ownership of the securities held directly by the reporting person.

The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

The immediate family member of the reporting person purchased 100,000 units of Jaws Mustang Acquisition Corporation (the "Issuer") for $10.00. Each unit consists of one Class A ordinary share, par value $0.0001, and one-fourth of one redeemable warrant.

Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at an exercise price of $11.50 per share. The warrants will become exercisable on the later of 30 days after the completion of the Issuer's initial business combination and 12 months from the closing of the Issuer's initial public offering. The warrants will expire five years after the completion of the Issuer's initial business combination or earlier upon redemption or liquidation, as described under the heading "Description of Securities-Warrants-Public Shareholders' Warrants" in the Issuer's registration statement on Form S-1 (File No. 333-252165).

Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at an exercise price of $11.50 per share. The warrants will become exercisable on the later of 30 days after the completion of the Issuer's initial business combination and 12 months from the closing of the Issuer's initial public offering. The warrants will expire five years after the completion of the Issuer's initial business combination or earlier upon redemption or liquidation, as described under the heading "Description of Securities-Warrants-Public Shareholders' Warrants" in the Issuer's registration statement on Form S-1 (File No. 333-252165).

The Reporting Person purchased 100,000 units of Jaws Mustang Acquisition Corporation (the "Issuer") for $10.00. Each unit consists of one Class A ordinary share, par value $0.0001, and one-fourth of one redeemable warrant.

The Reporting Person purchased 100,000 units of Jaws Mustang Acquisition Corporation (the "Issuer") for $10.00. Each unit consists of one Class A ordinary share, par value $0.0001, and one-fourth of one redeemable warrant.

The immediate family member of the reporting person purchased 100,000 units of Jaws Mustang Acquisition Corporation (the "Issuer") for $10.00. Each unit consists of one Class A ordinary share, par value $0.0001, and one-fourth of one redeemable warrant.

The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.