EQUITY PURCHASE AGREEMENT
 Agreement Schedule I Sellers Buyer  Company
 WITNESSETH:
     Definitions
 . Definitions.
 ADSs
 Applicable Law




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Business Day
 Buyer Shares
 Closing Date
 Government Official
 Governmental Authority
 Intellectual Property
 IT Assets
  2




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Lien
 Lock-Up Agreement Exhibit A
 Mr. Wu
 Mr. Yang
 NASDAQ
 1933 Act
 Person
 PRC
 PRC GAAP
 PRC IP Laws
 SAIC
  3




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Shanda Media
 Shanda Networking
 Software
 Subsidiary
 U.S.
  Term
    
    SectionAgreement
    
    PreambleBuyers
    
    PreambleBuyer Designee
    
    2.01Closing
    
    2.02Company
    
    PreambleConsideration Shares
    
    2.01Employment Agreements
    
    6.07Initial Company Designee
    
    6.17Material Contracts
    
    4.09Permits
    
    4.14Seller
    
    PreambleSocial Insurance
    
    4.18Sold Interest
    
    2.01
 . Other Definitional and Interpretative Provisions.
  4




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provided
 Purchase and Sale
 . Purchase and Sale. Buyer Designee Schedule I Sold
Interest Schedule II Consideration Shares
 Closing Closing
   5




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Representations and Warranties of Sellers
  Legal Status; Power
  Authority
 . Governmental Authorization
 Noncontravention
  6




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. Enforceability.
 . Ownership of the Sold Interest
 . Litigation
 . Regulation S
 Investment Purpose.
 . Exempt from Registration; Restricted Securities
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Finders Fees
 Representations and Warranties about the Company
  Corporate Existence and Power
 Corporate Authorization
 Governmental Authorization
 Noncontravention
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Capitalization
     Financial Statements
 . No Material Liabilities.
 Related Party Transactions
  9




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Material Contracts Material Contracts
  Litigation
 . Compliance with Laws and Court Orders
     10




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Properties
 Intellectual Property.
        11




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12




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Licenses and Permits Permits
 Selling Documents
 Finders Fees
 Taxes
      13




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Tax Taxing
Authority Tax Return
 Employees; Labor Relations
    14




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Social
Insurance
   Representations and Warranties of Buyer
  Corporate Existence and Power
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Corporate Authorization
 Governmental Authorization
 Noncontravention
 Litigation
 . Issuance of Buyer Shares.
 Covenants
 . Best Efforts; Further Assurances
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Certain Filings
 Public Announcements
 . Conduct of the Company
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. Lock-up Agreements.
  . Noncompetition.
    19




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. Employment Agreement. Employment Agreements
 Resignation provided
 . Domain Name Transfer www.pipi.com
 . ADS Facility.
  . Waiver of Existing Rights.
 . SAFE Registration
 . Conduct of Buyer.
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. Buyer Shareholder Meeting.
 . NASDAQ Listing.
 . Confidentiality.
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Board Seat Initial Company Designee
 Conditions to Closing
 Conditions to Obligations of Buyer and Sellers
    . Conditions to Obligations of Buyer.
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. Conditions to Obligations of Sellers.
  Termination
 . Grounds for Termination
  Drop Dead Date
    23




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Effect of Termination provided
 Miscellaneous
 . Notices
 Schedule I
  
  
   24




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Amendments; No Waivers
  . Expenses
 Successors and Assigns; Assignment provided
 Governing Law
 Counterparts; Effectiveness; Third-Party Beneficiaries
  25




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Entire Agreement
 Jurisdiction
 . Termination
 Severability
 Captions
  26




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Specific Performance
 Remainder of page intentionally left blank
  27




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KU6 MEDIA CO., LTD.By:Name:Title:




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SHANGHAI SHANDA NETWORKING CO., LTD.By:Name:Title:




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LIANGHAI YANGBIN WUCHANGZHUANG YANGZHONGXUE HUANGYONG CHENKUN ZHANG




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SCHEDULE I
 List of Sellers
 PERCENTAGEOF EQUITYCITIZENSHIP/
    
    INTEREST INNAME
    
    JURISIDCTION
    
    COMPANY
    
    
    ADDRESSShanghai Shanda
Networking Co.,
Ltd.
    
    PRC
    
    
    32
    %
    
    Room 5B, Building B, Paradise
Software Park,
No. 3 Xidoumen Road, Hangzhou
310012,
the Peoples Republic of ChinaLianghai Yang
    
    PRC, ID Number:
350322197601131556
    
    
    37.4
    %
    
    Room 5B, Building B, Paradise
Software Park,
No. 3 Xidoumen Road, Hangzhou
310012,
the Peoples Republic of ChinaBin Wu
    
    PRC, ID Number:
330724197310070053
    
    
    21.76
    %
    
    Room 5B, Building B, Paradise
Software Park,
No. 3 Xidoumen Road, Hangzhou
310012,
the Peoples Republic of ChinaChangzhuang Yang
    
    PRC, ID Number:
452421197511151013
    
    
    3.54
    %
    
    Room 5B, Building B, Paradise
Software Park,
No. 3 Xidoumen Road, Hangzhou
310012,
the Peoples Republic of ChinaZhongxue Huang
    
    PRC, ID Number:
42212319750826291X
    
    
    2.72
    %
    
    Room 5B, Building B, Paradise
Software Park,
No. 3 Xidoumen Road, Hangzhou
310012,
the Peoples Republic of ChinaYong Chen
    
    PRC, ID Number:
332621197411070156
    
    
    1.90
    %
    
    Room 5B, Building B, Paradise
Software Park,
No. 3 Xidoumen Road, Hangzhou
310012,
the Peoples Republic of ChinaKun Zhang
    
    PRC, ID Number:
340321197810010816
    
    
    0.68
    %
    
    Room 5B, Building B, Paradise
Software Park,
No. 3 Xidoumen Road, Hangzhou
310012,
the Peoples Republic of ChinaTotal
    
    
    
    
    100
    %




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SCHEDULE II
 Consideration Shares
 NAME OF SELLERS
    
    NUMBER OF CONSIDERATION SHARESShanghai Shanda Networking Co., Ltd.
    
    
    707,876,562Lianghai Yang
    
    
    827,330,732Bin Wu
    
    
    481,356,062Changzhuang Yang
    
    
    78,308,845Zhongxue Huang
    
    
    60,169,508Yong Chen
    
    
    42,030,171Kun Zhang
    
    
    15,042,377Total
    
    
    2,212,114,257




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EXHIBIT A
 FORM OF LOCK-UP AGREEMENT
 
 
 Re: Ku6 Media Co., Ltd.  Lock-up Agreement
  Buyer EPA  Subject Shares 
 1 nd 2 Lock-up Period
 
 1
    
    Include for each Seller other than Shanda Networking2
    
    Include for Shanda Media only




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3 4
   KU6 MEDIA CO., LTD.By:Name:Title:[Name of Seller] 
 3
    
    Include for each Seller other than Shanda Networking4
    
    Include for Shanda Media only