EarlyBirdCapital, Inc. 600 Third Avenue 33rd Floor New York, New York 10016 May 25, 2004 Arpeggio Acquisition Corporation 10 East 53rd Street 36th Floor New York, New York 10022 Eric S. Rosenfeld The Rosenfeld 1991 Children's Trust Leonard B. Schlemm...

                             EarlyBirdCapital, Inc.
                                000 Xxxxx Xxxxxx
                                   00xx Xxxxx
                            Xxx Xxxx, Xxx Xxxx 00000


                                                    May 25, 2004



Arpeggio Acquisition Corporation
00 Xxxx 00xx Xxxxxx
00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000

Xxxx X. Xxxxxxxxx
The Xxxxxxxxx 1991 Children's Trust
Xxxxxxx X. Xxxxxxx
Xxxxx X. Xxxxxx
Xxxxx X. Xxxxx
Xxx Xxxxx
Xxxxxx Xxxxxx


Gentlemen:

         Reference is made to each of your respective letter agreements with
EarlyBirdCapital, Inc. and Arpeggio Acquisition Corporation, dated April 14,
2004. The undersigned hereby waives its rights under Section 7 or Section 8 (as
the case may be) of each of your letter agreements relating to your restrictions
on being involved with future "Acquisition Funds." Except as indicated above,
each of the letter agreements shall remain in full force and effect.



                                                        EARLYBIRDCAPITAL, INC.



                                                    By: /s/ Xxxxxx Xxxxxx
                                                        ------------------------
                                                        Name:  Xxxxxx Xxxxxx
                                                        Title: Managing Director