Explanation of Responses
------------------------
Name: Citadel Equity Fund Ltd.
Address: c/o Citadel Investment Group, L.L.C.
000 X. Xxxxxxxx Xxxxxx, 00xx Xxxxx
Xxxxxxx, Xxxxxxxx 00000
Issuer and Ticker Symbol: Fushi International, Inc. FSIN
Date of Event 1/25/2007
Requiring Statement:
Explanation of Responses:
Citadel Equity Fund Ltd. entered into a notes purchase agreement, dated January
24, 2007 (the "Purchase Agreement") with the Issuer, Fushi Holdings, Inc.
(formerly, Diversified Product Inspections, Inc.), a wholly-owned subsidiary of
the Issuer ("FHI"), Fushi International (Dalian) Bimetallic Cable Co., Ltd.
(formerly, Dalian Diversified Product Inspections Bimetallic Cable Co., Ltd.), a
wholly-owned subsidiary of FHI and Dalian Fushi Bimetallic Manufacturing Co.,
Ltd., to purchase $20,000,000 of the principal amount of the Issuer's 3.0%
Guaranteed Senior Secured Convertible Notes due 2012 (the "Notes"). The Notes
are convertible into shares of common stock of the Issuer at a conversion price
equal to the conversion rate in effect at such time of conversion. The initial
conversion price of the Notes was $7.00 per share.
Citadel Limited Partnership is the trading manager of Citadel Equity Fund Ltd.
and consequently has voting control and investment discretion over securities
held by Citadel Equity Fund Ltd., and may be deemed to indirectly control
Citadel Equity Fund Ltd. Citadel Investment Group (Hong Kong) Limited provides
investment advisory services to Citadel Limited Partnership with respect to Hong
Kong-based investment activities. Citadel Investment Group, L.L.C. is the
general partner of Citadel Limited Partnership. Xxxxxxx Xxxxxxx is the President
and Chief Executive Officer of, and the owner of a controlling interest in,
Citadel Investment Group, L.L.C.
JOINT FILER INFORMATION
-----------------------
Name: Citadel Investment Group, L.L.C.
Address: 000 X. Xxxxxxxx Xxxxxx, 00xx Xxxxx
Xxxxxxx, Xxxxxxxx 00000
Designated Filer: Citadel Equity Fund Ltd.
Issuer and Ticker Symbol: Fushi International, Inc. FSIN
Date of Event 1/25/2007
Requiring Statement:
CITADEL INVESTMENT GROUP, L.L.C.
By: /s/ Xxxxxxx X. Xxxxxxxxx
-----------------------------------------
Xxxxxxx X. Xxxxxxxxx,
Managing Director and Deputy General Counsel
JOINT FILER INFORMATION
-----------------------
Name: Citadel Limited Partnership
Address: c/o Citadel Investment Group, L.L.C.
000 X. Xxxxxxxx Xxxxxx, 00xx Xxxxx
Xxxxxxx, Xxxxxxxx 00000
Designated Filer: Citadel Equity Fund Ltd.
Issuer and Ticker Symbol: Fushi International, Inc. FSIN
Date of Event 1/25/2007
Requiring Statement:
CITADEL LIMITED PARTNERSHIP
By: Citadel Investment Group, L.L.C.,
its General Partner
By: /s/ Xxxxxxx X. Xxxxxxxxx
-----------------------------------------
Xxxxxxx X. Xxxxxxxxx,
Managing Director and Deputy General Counsel
JOINT FILER INFORMATION
-----------------------
Name: Citadel Investment Group (Hong Kong) Limited
Address: c/o Citadel Investment Group, L.L.C.
000 X. Xxxxxxxx Xxxxxx, 00xx Xxxxx
Xxxxxxx, Xxxxxxxx 00000
Designated Filer: Citadel Equity Fund Ltd.
Issuer and Ticker Symbol: Fushi International, Inc. FSIN
Date of Event 1/25/2007
Requiring Statement:
CITADEL INVESTMENT GROUP (HONG KONG) LIMITED
By: Citadel Investment Group, L.L.C.,
its Sole Shareholder
By: /s/ Xxxxxxx X. Xxxxxxxxx
-----------------------------------------
Xxxxxxx X. Xxxxxxxxx,
Managing Director and Deputy General Counsel
JOINT FILER INFORMATION
-----------------------
Name: Xxxxxxx Xxxxxxx
Address: c/o Citadel Investment Group, L.L.C.
000 X. Xxxxxxxx Xxxxxx, 00xx Xxxxx
Xxxxxxx, Xxxxxxxx 00000
Designated Filer: Citadel Equity Fund Ltd.
Issuer and Ticker Symbol: Fushi International, Inc. FSIN
Date of Event 1/25/2007
Requiring Statement:
By: /s/ Xxxxxxx X. Xxxxxxxxx
-----------------------------------------
Xxxxxxx X. Xxxxxxxxx, attorney-in-fact**
** Xxxxxxx X. Xxxxxxxxx is signing on behalf of Xxxxxxx Xxxxxxx as
attorney-in-fact pursuant to a power of attorney previously filed with the
Securities and Exchange Commission on February 4, 2005, and attached hereto. The
power of attorney was filed as an attachment to a filing by Citadel Limited
Partnership on Schedule 13G/A for Komag, Incorporated.
POWER OF ATTORNEY
-----------------
The undersigned hereby constitutes and appoints Xxxxxxx X. Xxxxxxxxx as
the undersigned's true and lawful authorized representative and attorney-in-fact
to execute for and on behalf of the undersigned and to file with the United
States Securities and Exchange Commission and any other authority: (a) any Forms
3, 4 and 5 in accordance with Section 16(a) of the Securities Exchange Act of
1934, as amended (the "1934 Act"), and the rules promulgated thereunder; and (b)
any Schedule 13D or Schedule 13G, and any amendments thereto, on behalf of the
undersigned in accordance with Section 13 of the 1934 Act and the rules
promulgated thereunder.
The undersigned hereby grants to such attorney-in-fact full power and
authority to do and perform all and every act and thing whatsoever requisite,
necessary and proper to be done in the exercise of any of the rights and powers
herein granted, hereby ratifying and confirming all that such attorney-in-fact
shall lawfully do or cause to be done by virtue of this power of attorney and
the rights and powers herein granted. The undersigned acknowledges that the
foregoing attorney-in-fact, in serving in such capacity at the request of the
undersigned, is not assuming any of the undersigned's responsibilities to comply
with Section 16 or Section 13 or any other provision of the 1934 Act.
This Power of Attorney shall remain in full force and effect until the
undersigned is no longer required to file any Forms 3, 4 and 5 or Schedule 13D
or 13G, unless earlier revoked by the undersigned in a signed writing delivered
to the foregoing attorney-in-fact.
IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be
executed as of January 10, 2005.
/s/ Xxxxxxx Xxxxxxx
-------------------
Xxxxxxx Xxxxxxx
