| 1 | DEFINITIONS AND      INTERPRETATION |
|---|-------------------------------------|

| 1.1 | In      this Scheme, save where the context otherwise requires, the following      expressions have the respective meanings set opposite them    : |
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| Expression                           |   | Meanings                                                                                                                                                                                                                                  |
|--------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                 |   |                                                                                                                                                                                                                                      |
| “%”                      |   | per      cent                                                                                                                                                                                                                             |
|                                 |   |                                                                                                                                                                                                                                      |
| “Adoption      Date”     |   | the      date on which this Scheme becomes unconditional upon fulfillment of the      conditions set out in paragraph 2.1                                                                                                                 |
|                                 |   |                                                                                                                                                                                                                                      |
| “Applicable      Shares” |   | has      the meaning given to that term in paragraph 9.2                                                                                                                                                                                  |
|                                 |   |                                                                                                                                                                                                                                      |
| “associate(s)”           |   | has      the meaning ascribed to it under the Listing Rules                                                                                                                                                                               |
|                                 |   |                                                                                                                                                                                                                                      |
| “Auditors”               |   | the      auditors for the time being of the Company                                                                                                                                                                                       |
|                                 |   |                                                                                                                                                                                                                                      |
| “Board”                  |   | the      board of directors of the Company or a duly authorised committee      thereof                                                                                                                                                    |
|                                 |   |                                                                                                                                                                                                                                      |
| “business      day”      |   | any      day (excluding Saturday) on which banks in Hong Kong are open generally      for business                                                                                                                                        |
|                                 |   |                                                                                                                                                                                                                                      |
| “Company”                |   | China Mass Media Corp.,      a company incorporated in the Cayman Islands with limited      liability                                                                                                                                     |
|                                 |   |                                                                                                                                                                                                                                      |
| “Date      of Grant”     |   | the      date on which the Board resolves to make an offer to grant an Option under      this Scheme to an Participant                                                                                                                    |
|                                 |   |                                                                                                                                                                                                                                      |
| “Director(s)”            |   | the      director(s) of the Company from time to time                                                                                                                                                                                     |
|                                 |   |                                                                                                                                                                                                                                      |
| “Grantee”                |   | any      Participant who accepts an Offer in accordance with the terms of this      Scheme, or (where the context so permits) any person who is entitled to      any such Option in consequence of the death of the original      Grantee |
|                                 |   |                                                                                                                                                                                                                                      |
| “Group”                  |   | the      Company and its Subsidiaries                                                                                                                                                                                                     |
|                                 |   |                                                                                                                                                                                                                                      |
| “HK$”                    |   | Hong      Kong dollars, the lawful currency of Hong Kong                                                                                                                                                                                  |
|                                 |   |                                                                                                                                                                                                                                      |
| “Hong      Kong”         |   | the      Hong Kong Special Administrative Region of the People’s Republic of      China                                                                                                                                             |

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| “Individual      Limit”     |   | has      the meaning given to that term in paragraph 8.5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|-----------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| “Listing      Rules”        |   | the      Rules Governing the Listing of Securities on the Stock      Exchange                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| “Offer”                     |   | the      offer of the grant of an Option made in accordance with paragraph [ 4      ]                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| “Option”                    |   | a      right granted to subscribe for Shares pursuant to this    Scheme                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| “Option      Period”        |   | a      period to be notified by the Board to each Grantee at the time of making      an Offer which shall not expire later than ten years from the Date of      Grant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| “Participants”              |   | (a)  any      full-time employee, director (including any non-executive director or      independent non-executive director) and part time employee with weekly      working hours of 15 hours or above of the Company or of any of its      Subsidiaries;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                    |   | (b)  any      adviser or consultant (in the areas of financial or corporate managerial)      to the Company or to any of its Subsidiaries;and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                    |   | (c)  any      adviser, consultant, agent, business affiliate or any person or entity who      provides research or other support directly or indirectly to the Group,      and any employee, adviser or consultant to the investment management      company for the Company, who, at the sole determination of the Board, has      contributed to the Group (the assessment criteria of which are (i) such      person’s contribution to the development and performance of the Group;      (ii) the quality of work performed by such person for the Group directly      or indirectly; (iii) the initiative and commitment of such person in      performing his or her duties; and (iv) the length of service or      contribution of such person to the Group) |
|                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| “Scheme      Limit”         |   | has      the meaning given to that term in paragraph 8.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| “Scheme      Mandate Limit” |   | has      the meaning given to that term in paragraph 8.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| “Scheme”                    |   | the      share option scheme in its present form or as amended from time to time in      accordance with the provisionshereof                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |

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| “Share      Registrar”    |   | the      Hong Kong branch share registrar of the Company from time to      time                                                                                                                                                                   |
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|                                  |   |                                                                                                                                                                                                                                              |
| “Shareholders”            |   | holders      of Shares                                                                                                                                                                                                                            |
|                                  |   |                                                                                                                                                                                                                                              |
| “Shares”                  |   | the      ordinary share(s) in the share capital of the Company with a par value of      US$0.001 each                                                                                                                                             |
|                                  |   |                                                                                                                                                                                                                                              |
| “Stock      Exchange”     |   | the      Stock Exchange of Hong Kong Limited                                                                                                                                                                                                      |
|                                  |   |                                                                                                                                                                                                                                              |
| “Subscription      Price” |   | the      price per Share at which a Grantee may subscribe for Shares on the      exercise of an Option as described in paragraph 5                                                                                                                |
|                                  |   |                                                                                                                                                                                                                                              |
| “Subsidiary”              |   | a      company which is for the time being and from time to time a subsidiary      (within the meaning of the Companies Ordinance (Chapter 32 of the Laws of      Hong Kong)) of the Company, whether incorporated in Hong Kong or      elsewhere |

| 1.2 | In      this Scheme, save where the context otherwise requires  :- |
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|  | (i) | the      headings are inserted for convenience only and shall not limit, vary,      extend or otherwise affect the construction of any provision of this      Scheme; |
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|  | (ii) | references      to paragraphs are references to paragraphs of this  Scheme; |
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|  | (iii) | references      to any statute or statutory provision shall be construed as references to      such statute or statutory provision as respectively amended, consolidated      or re-enacted, or as its operation is modified by any other statute or      statutory provision (whether with or without modification), and shall      include any subsidiary legislation enacted under the relevant      statute; |
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|  | (iv) | expressions      in the singular shall include the plural and vice  versa; |
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|  | (v) | expressions      in any gender shall include other genders;and |
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|  | (vi) | references      to persons shall include bodies corporate, corporations, partnerships,      sole proprietorships, organizations, associations, enterprises and      branches. |
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| 2 | APPROVAL      CONDITIONS |
|---|--------------------------|

| 2.1 | This      Scheme shall take effect subject to and be conditional upon    : |
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|  | (i) | the      passing of the necessary resolution(s) by Shareholders at general meeting      to approve and adopt this Scheme, and to authorise the Directors to grant      Options and to allot, issue and deal with Shares pursuant to the exercise      of any Options granted under this Scheme;and |
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|  | (ii) | the      Listing Committee of the Stock Exchange granting approval to the listing      of, and permission to deal in, any Shares to be issued pursuant to the      exercise of Options granted under thisScheme. |
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| 2.2 | If      any of the above conditions are not satisfied, this Scheme shall forthwith      determine, any Option granted or agreed to be granted pursuant to this      Scheme and any offer of such grant shall be of no effect and no person      shall be entitled to any rights or benefits or be under any obligations      under or in respect of this Scheme. |
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| 3 | PURPOSE, DURATION AND      ADMINISTRATION |
|---|-------------------------------------------|

| 3.1 | The      purpose of this Scheme is to provide Participants with the opportunity to      acquire proprietary interests in the Company and to encourage Participants      to work towards enhancing the value of the Company and its Shares for the      benefit of the Company and its Shareholders as a  whole. |
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| 3.2 | Subject      to paragraphs 2 and 13, this Scheme shall be valid and effective for a      period of ten years commencing on the Adoption Date. After the expiry of      the ten-year period, no further Options will be offered or granted but in      all other respects the provisions of this Scheme shall remain in force and      effect in respect of Options granted under this Scheme but not yet      exercised at the time of its termination. Options complying with the      provisions of Chapter 17 of the Listing Rules which are granted during the      life of this Scheme shall continue to be exercisable in accordance with      their terms of issue after the end of the ten-year  period. |
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| 3.3 | This      Scheme shall be subject to the administration of the Board, and the      decision of the Board shall be final and binding on all parties. The Board      shall have the right to (i) interpret and construe the provisions of this      Scheme, (ii) determine the persons who will be offered Options under this      Scheme, and the number of Shares and Subscription Price of the Options,      (iii) subject to paragraph 12, make such appropriate and equitable      adjustments to the terms of Options granted under this Scheme as it deems      necessary, and (iv) make such other decisions or determinations as it      shall deem appropriate in relation to the grant of Options and/or the      administration of this Scheme. The interpretation of this Scheme by the      Board must be in accordance with Chapter 17 of the Listing Rules and any      interpretation of this Scheme if it amounts to alteration of this Scheme      referred to in paragraph 12 must comply with the provisions in paragraph      12. |
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| 3.4 | No      member of the Board shall be personally liable by reason of any contract      or other instrument executed by such member or on his behalf in his      capacity as a member of the Board nor for any mistake of judgment made in      good faith, and the Company shall indemnify and hold harmless each      employee, officer or Director of the Company to whom any duty or power      relating to the administration or interpretation of this Scheme may be      allocated or delegated, against any cost or expense (including legal fees)      or liability (including any sum paid in settlement of a claim with the      approval of the Board) arising out of any act or omission to act in      connection with this Scheme unless arising out of such person’s own fraud      or bad faith. |
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| 3.5 | A      Participant shall ensure that any exercise of Option under paragraph 6 is      valid and complies with all laws, legislation and regulations to which he      is subject. The Directors may, as a condition precedent of allotting      Shares upon the exercise of an Option, require the relevant Participant to      produce such evidence as it may reasonably require for such      purpose. |
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| 4 | GRANT OF      OPTION |
|---|----------------------|

| 4.1 | On      and subject to the terms of this Scheme, the Board shall be entitled but      shall not be bound at any time within a period of ten (10) years after the      Adoption Date to make an Offer to any Participant, as the Board may in its      absolute discretion select, to take up an Option pursuant to which such      Participant may, during the Option Period, subscribe for such number of      Shares as the Board may determine at the Subscription Price. The Offer      shall specify the terms on which the Option is to be granted. Such terms      may at the discretion of the Board, be imposed (or not imposed) either on      a case by case basis or generally. There are no minimum periods for which      an Option granted must be held and/or minimum performance targets that      must be reached before the Option can be exercised in whole or in part,      unless otherwise determined by the Board. A Date of Grant shall be a      business day. |
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| 4.2 | The      Directors shall not make an Offer to any Participant after a price      sensitive event has occurred or a price sensitive matter has been the      subject of a decision until such price sensitive information has been      published in accordance with the Listing Rules. In particular, during the      period commencing one month immediately preceding the earlier of (i) the      date of the meeting of the Board (as such date is first notified to the      Stock Exchange in accordance with the Listing Rules) for the approval of      the Company’s interim or annual results (whether or not required under the      Listing Rules); (ii) the last date on which the Company mush publish its      interim or annual results announcement under the Listing Rules, and ending      on the date of the announcement of the results, no Option may be      granted. |
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| 4.3 | The      grant of Options to any Director, chief executive or substantial      shareholder (as that term is defined in the Listing Rules) of the Company      or their respective associates shall be approved by the independent      non-executive Directors (excluding any independent non-executive director      who is the proposed grantee of the Option). Where any grant of Options to      a an independent non-executive Director or substantial shareholder of the      Company (as that term is defined in the Listing Rules), or any of their      respective associates, would result in the Shares issued and to be issued      upon exercise of all Options already granted and to be granted (including      options exercised, cancelled and outstanding) to such person in the      12-month period up to and including the date of such grant    :- |
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|  | (i) | representing      in aggregate over 0.1% of the Shares in issue for the time being;      and |
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|  | (ii) | having      an aggregate value, based on the closing price of the Shares as stated in      the daily quotations sheets issued by the Stock Exchange on the Date of      Grant, in excess of HK$5million, |
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| 4.4 | No      Offer shall be made and no Option shall be granted to any Participant at a      time when the Participant would or might be prohibited from dealing in the      Shares by the Listing Rules or by any applicable rules, regulations or      law. |
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| 4.5 | An      Offer shall be made to a Participant by letter in such form as the Board      may from time to time determine requiring the Participant to undertake to      hold the Option on the terms on which it is to be granted and to be bound      by the provisions of this Scheme and shall remain open for acceptance by      the Participant to whom an Offer is made for a period of 7 days or such      other period as the Board may decide from the date on which the letter      containing the Offer is delivered to that Participant, provided that no      such Offer shall be open for acceptance after the tenth anniversary of the      Adoption Date or after this Scheme has been terminated in accordance with      the provisions hereof. |
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| 4.6 | An      Offer shall be deemed to have been accepted and the Option to which the      Offer relates shall be deemed to have been granted and to have taken      effect when the duplicate of the offer letter comprising acceptance of the      Offer duly signed by the Grantee with the number of Shares in respect of      which the Offer is accepted clearly stated therein, together with a      remittance in favour of the Company of HK$1.00 or such other amount as      decided by the Board by way of consideration for the grant thereof, is      received by the Company. Such remittance shall in no circumstances be      refundable. |
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| 4.7 | Any      Offer may be accepted in respect of less than the number of Shares for      which it is offered provided that it is accepted in respect of such number      of shares as represents a board lot for dealing in Shares on the Stock      Exchange or an integral multiple thereof. To the extent that the Offer is      not accepted within 7 days (or such other period referred to in paragraph      4.5) in the manner indicated in paragraph 4.6, it will be deemed to have      been irrevocable declined. |
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| 5 | SUBSCRIPTION      PRICE |
|---|-------------------------|

| 5.1 | The      subscription price shall be such price determined by the Board at its      absolute discretion and notified to the Participant in the Offer but shall      be no less than the highest of : |
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|  | (i) | the      closing price of the Shares as stated in the daily quotations sheets      issued by the Stock Exchange on the Date of  Grant; |
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|  | (ii) | the      average closing price of the Shares as stated in the daily quotations      sheets issued by the Stock Exchange for the 5 business days immediately      preceding the Date of Grant;and |
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|  | (iii) | the      nominal value of a Share on the Date ofGrant. |
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| 6 | EXERCISE OF      OPTIONS |
|---|--------------------------|

| 6.1 | An      Option shall be personal to the Grantee and shall not be assignable and no      Grantee shall in any way sell, transfer, charge, mortgage, encumber or      create any interest in favour of any other person over or in relation to      any Option. Any breach of the foregoing shall entitle the Company to      cancel any outstanding Option or part thereof granted to such Grantee      without incurring any liability on the part of the  Company. |
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| 6.2 | An      Option may, subject to the provisions in paragraph 9, be exercised in      whole or in part in the manner as set out in paragraph 6.3 by the Grantee      giving notice in writing to the Company stating that the Option is thereby      exercised and the number of Shares in respect of which it is exercised.      Each such notice must be accompanied by a remittance of the amount of the      Subscription Price multiplied by the number of Shares in respect of which      the notice is given. Within 10 business days after receipt of the notice      and, where appropriate, receipt of the Auditors’ certificate pursuant to      paragraph 10, the Company shall allot, and shall instruct the Share      Registrar to issue, the relevant Shares to the Grantee credited as fully      paid and issue to the Grantee a share certificate in respect of the Shares      so allotted. |
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| 6.3 | Subject      to the provisions in paragraph 9 and subject to the terms and conditions      upon which such Option was granted, the Option may be exercised by the      Grantee at any time during the Option Period, provided that    : |
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|   | (a) | in the event      the Grantee, if an employee, cease to be an employee of the Group      for any reason other than on his/her death or the termination of his/her      employment on one or more of the grounds specified in paragraph 7.1(g),      the Option shall lapse on the date of cessation of such employment and not      be exercisable unless the Board otherwise determines in which event the      Option shall be exercisable to the extent and within such period as the      Board may determine. The date of cessation of employment shall be the last      actual working day on which the Grantee was physically at work with the      Company or the relevant Subsidiary, whether salary is paid in lieu of      notice or not; |
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|   | (b) | in      the event the Grantee, if an employee of the Group, dies before exercising      the Option in full and none of the events which would be a ground for      termination of his or her employment under paragraph 7.1(g) then exists,      the personal representative(s) of the Grantee shall be entitled within a      period of 12 months from the date of death to exercise the Option up to      the entitlement of such Grantee as at the date of death, failing which the      Option will lapse; |
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|   | (c) | if      a general offer by way of takeover (other than by way of scheme of      arrangement pursuant to paragraph 6.3(d) below) is made to all the      Shareholders (or all such holders other than the offeror, any person      controlled by the offeror and any person acting in association or concert      with the offeror) and such offer becomes or is declared unconditional      prior to the expiry date of the relevant Option, the Company shall      forthwith give notice thereof to the Grantee and the Grantee shall be      entitled to exercise the Option either to its full extent or to the extent      notified by the Company pursuant to paragraph 6.4(b) at any time within      such period as shall be notified by theCompany; |
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|   | (d) | if      a general offer by way of scheme of arrangement is made to all the      Shareholders and has been approved by the necessary number of Shareholders      at the requisite meetings, the Company shall give notice thereof to the      Grantee and the Grantee may at any time thereafter (but before such time      as shall be notified by the Company) exercise the Option either to its      full extent or to the extent notified by the Company pursuant to paragraph      6.4(b); |
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|   | (e) | in      the event a notice is given by the Company to its Shareholders to convene      a Shareholders’ meeting for the purpose of considering and, if thought      fit, approving a resolution to voluntarily wind up the Company, the      Company shall give notice thereof to the Grantee and the Grantee may at      any time thereafter (but before such time as shall be notified by the      Company) exercise the Option either to its full extent or to the extent      notified by the Company pursuant to paragraph 6.4(b), and the Company      shall as soon as possible and in any event no later than three days prior      to the date of the proposed Shareholders’ meeting, allot, issue and      register in the name of the Grantee such number of fully paid Shares which      fall to be issued on any exercise of such Option;  and |
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|   | (f) | in      the event of a compromise or arrangement, other than a scheme of      arrangement contemplated in paragraph 6.3(d) above, between the Company      and its members or creditors being proposed in connection with a scheme      for the reconstruction or amalgamation of the Company, the Company shall      give notice to all Grantees on the same day as it gives notice of the      meeting to its members or creditors to consider such a scheme or      arrangement and the Grantee may at any time thereafter but before such      time as shall be notified by the Company exercise the Option either to its      full extent or to the extent notified by the Company pursuant to paragraph      6.4(b), and the Company shall as soon as possible and in any event no      later than three days prior to the date of the proposed meeting, allot,      issue and register in the name of the Grantee such number of fully paid      Shares which fall to be issued on any exercise of such    Option. |
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| 6.4 | For      the purpose of paragraphs 6 and 7 : |
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|   | (a) | any      references to exercising an Option shall refer to exercising that Option      to the extent not already exercised, notwithstanding that the Option      Period has not come into effect; |
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|   | (b) | pursuant      to paragraph 6.3(c), (d), (e) and (f), the Company may, at the same time      as giving the notice provided for under each of these paragraphs, also      give notice to a Grantee that an Option may be exercised in part only,      provided that the extent to which an Option may be exercised in part only      shall not be less than the extent to which the Grantee could otherwise      exercise the Option at the relevant time if no such notice is      given; |
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|   | (c) | if      the Company gives notice under paragraph 6.4(b) that an Option can be      exercised in part only, the balance of the Option shall be deemed to have      lapsed; and |
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|   | (d) | any      reference to “employee” in paragraph 6 and paragraph 7.1(g) and (h) shall      include any executive Director (but exclude any non-executive Director) of      the Company and of its Subsidiaries, and the term “employment” shall be      construed accordingly. |
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| 6.5 | The      Shares to be allotted and issued upon the exercised of an Option will be      subject to all the provisions of the memorandum and articles of      association of the Company for the time being in force and will rank pari      passu with the fully paid Shares in issue on the date of the name of the      Grantee is registered on the register of members of the Company. Prior to      the Grantee being registered on the register of members of the Company,      the Grantee shall not have any voting rights, or rights to participate in      any dividends or distributions or any rights arising on a liquidation of      the Company, in respect of the Shares to be issued upon the exercise of      the Option. |
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| 6.6 | Any      Options granted but not exercised may be cancelled if the Grantee so      agrees and new options may be granted to the Grantee provided such new      options are granted under a share option scheme with available unissued      options (excluding the cancelled Options) within the limit prescribed by      paragraph 8 and otherwise comply with the terms of the relevant scheme      pursuant to which such new options aregranted. |
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| 7 | LAPSE OF      OPTION |
|---|----------------------|

| 7.1 | An      option shall lapse automatically and not be exercisable, to the extent not      already exercised, on the earliest of: |
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|   | (a) | the      expiry of the Option Period (subject to the provisions of paragraph 3.2      and 13.1); |
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|   | (b) | the      expiry of the periods for exercising the Option as referred to in      paragraphs 6.3(a), (b) or (e); |
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|   | (c) | subject      to any court of competent jurisdiction not making an order the effect of      which is to prohibit the offeror from acquiring the remaining Shares in      the offer, the expiry of the period referred to in paragraph      6.3(c); |
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|   | (d) | subject      to the scheme of arrangement or compromise (referred to in paragraph      6.3(d) or (f)) becoming effective, the expiry of the period for exercising      an Option as referred to in paragraph 6.3(d) or  (f); |
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|   | (e) | subject      to paragraph 6.3(e), the date of the commencement of the winding-up of the      Company; |
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|   | (f) | the      date on which the Grantee commits a breach of paragraph    6.1; |
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|   | (g) | the      date on which the Grantee, if an employee, ceases to be an employee of the      Group by reason of the termination of his or her employment on the grounds      that he or she has been guilty of serious misconduct, or appears either to      be unable to pay or to have no reasonable prospect of being able to pay      his or her debts or has become bankrupt or has made any arrangement or      composition with his or her creditors generally, or has been convicted of      any criminal offence involving his or her integrity or honesty or on any      other ground on which an employer would be entitled to terminate his or      her employment summarily; and |
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|   | (h) | subject      to paragraph 6.3(a), the date the Grantee, if an employee, ceases to be an      employee of the Group by any otherreason. |
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| 8 | MAXIMUM NUMBER OF      SHARES SUBJECT TO OPTIONS |
|---|--------------------------------------------------|

| 8.1 | The      overall limit on the number of Shares which may be issued upon exercise of      all outstanding options granted and yet to be exercised under this Scheme      and other share option schemes of the Company must not exceed 30% of the      Shares in issue from time to time (“Scheme  Limit”). |
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| 8.2 | Subject      to paragraphs 8.1, 8.3, 8.4, 8.5 and 8.6, the Shares which are the subject      of Options that may be granted immediately after the Adoption Date and      options to be granted under any other option schemes of the Company must      not in aggregate exceed 10% of the Shares in issue as at the Adoption Date      (the “Scheme Mandate Limit”). Options lapsed in accordance with the terms      of the relevant scheme shall not be counted for the purpose of calculating      the Scheme Mandate Limit. |
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| 8.3 | The      Company may renew the Scheme Mandate Limit at any time subject to prior      Shareholders’ approval. However, the Scheme Mandate Limit as renewed shall      not exceed 10% of the Shares in issue as at the date of the aforesaid      Shareholders’ approval. Options previously granted under this Scheme, and      other share option schemes (including those outstanding, cancelled, lapsed      in accordance with the schemes or exercised options) shall not be counted      for the purpose of calculating the limit as renewed. A circular must be      sent to Shareholders in connection with the meeting at which their      approval will be sought. |
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| 8.4 | The      Company may also seek separate Shareholders’ approval for granting Options      beyond the Scheme Mandate Limit to Participants specifically identified by      the Company before the aforesaid Shareholders’ meeting where such approval      is sought. A circular must be sent to Shareholders containing a generic      description of the identified Participants, the number and terms of the      Options to be granted, the purpose of granting Options to the identified      Participants, and how these Options serve such  purpose. |
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| 8.5 | The      total number of Shares issued and to be issued upon exercise of the      Options granted and to be granted to each Participant or Grantee (as the      case may be) (including both exercised, cancelled and outstanding options)      in any 12-month period must not exceed 1% of the Shares in issue (the      “Individual Limit”). Any further grant of Options in excess of the      Individual Limit shall be subject to Shareholders’ approval with such      Participant or Grantee (as the case may be) and his associates (as such      term is defined in the Listing Rules) abstaining from voting. A circular      must be sent to the Shareholders disclosing the identity of the      Participant or Grantee (as the case may be) and the number and terms of      the Options granted and to be granted. The number and terms of Options to      be granted to such Participants or Grantee, as the case may be, shall be      fixed before Shareholders’ approval is sought and the date of the Board      meeting for proposing such further grant shall be taken as the Date of      Grant of an Option for the purpose of calculating the Subscription      Price. |
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| 8.6 | The      maximum number of Shares referred to in paragraph 8.1 to 8.5 shall be      adjusted, in such manner as the Auditors shall certify to be appropriate,      fair and reasonable in the event of any alteration in the capital      structure of the Company in accordance with paragraph 10 whether by way of      capitalization of profits or reserves, rights issue, consolidation,      reclassification, reconstruction, subdivision or reduction of the share      capital of the Company. |
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| 9 | REDEMPTION OF OPTIONS      AFTER EXERCISE |
|---|-------------------------------------------|

| 9.1 | Notwithstanding      any other provision of this Scheme, the Board shall be entitled at its      discretion at any time and from time to time to cancel any Option, either      in whole or in part, which has been validly exercised by a Grantee, by      giving notice in writing to the Grantee stating that such Option is      thereby cancelled. |
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| 9.2 | If      any Option shall be cancelled pursuant to paragraph 9.1, the Grantee      shall, subject as hereinafter provided, be entitled to receive a refund of      the Subscription Price paid on exercise of such Option together with a      payment in cash to compensate him for such cancellation, such refund and      payment to be made within 14 business days of the Company giving notice of      such cancellation. Once such refund and payment has been made by the      Company, the Grantee shall have no other claim against the Company and      shall waive any such claims in connection with any Option so cancelled.      The amount of payment shall be calculated by reference to the following      formula : |
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|   | A | is      the number of Shares that would have been issued on exercise of the Option      (the “Applicable Shares”); |
|--------|---|--------------------------------------------------------------------------------------------------------------------------------|

|   | B | is      the average closing price of the Shares as stated in the daily quotations      sheets issued by the Stock Exchange for the five business days immediately      preceding the date of the Company receives notice of exercise of the      Option; and |
|--------|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | C | is      the aggregate Subscription Price for the Applicable  Shares, |
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| 10 | REORGANISATION OF      CAPITAL STRUCTURE |
|----|------------------------------------------|

| 10.1 | In      the event of any alteration in the capital structure of the Company whilst      any Option remains exercisable or this Scheme remains in effect, and such      event arises from a capitalization of profits or reserves, rights issue,      consolidation, sub-division or reduction of the share capital of the      Company or otherwise howsoever, then, in any such case the Company shall      instruct the Auditors or independent financial adviser to the Company to      certify in writing the adjustment, if any, that ought in their opinion      fairly and reasonably to be made either generally or as regards any      particular Grantee, to : |
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|   | (a) | the      number or nominal amount of Shares subject to Option(s) already granted      and to this Scheme (insofar as it is/they are unexercised);      and/or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      Subscription Price of anyOption(s), |
|--------|-----|----------------------------------------------|

|   | (i) | the      Auditor or independent financial adviser shall confirm to the Directors in      writing that the adjustment (other than any made on a capitalization      issue) satisfy the requirements set out in the note to Rule 17.03(13) of      the Listing Rules; |
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|   | (ii) | no      such adjustment shall be made the effect of which would be to enable a      Share to be issued at less than its nominal  value; |
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|  | (iii) | such      adjustment must give a Participant the same proportion of the equity      capital of the Company as that to which that person was previously      entitled; and |
|--|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iv) | the      issue of securities of the Company as consideration in a transaction shall      not be regarded as a circumstance requiring any such      adjustment. |
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| 10.2 | If      there has been any alteration in the capital structure of the Company as      referred to in paragraph 10.1 above, the Company shall, upon receipt of a      notice from a Grantee in accordance with paragraph 6.2, inform the Grantee      of such alteration and shall either inform the Grantee of the adjustment      to be made in accordance with the certificate of the Auditors or the      independent financial adviser to the Company obtained by the Company for      such purpose or, if no such certificate has yet been obtained, inform the      Grantee of such fact and instruct the Auditors or the independent      financial adviser to the Company as soon as practicable thereafter to      issue a certificate in that regard in accordance with paragraph 10.1      above. |
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| 10.3 | In      giving any certificate under this paragraph 10, the Auditors or      independent financial adviser to the Company shall be deemed to be acting      as experts and not as arbitrators and their certificate shall, in the      absence of manifest error, be final and binding on the Company and all      persons who may be affectedthereby. |
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| 11 | SHARE      CAPITAL |
|----|--------------------|

| 11.1 | The      exercise of any Option shall be subject to the members of the Company in      general meeting approving any necessary increase in the authorized share      capital of the Company. Subject thereto, the Board shall make available      sufficient authorized but unissued share capital of the Company to meet      subsisting requirements on the exercise of  Options. |
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| 12 | ALTERATION OF THIS      SCHEME |
|----|--------------------------------|

| 12.1 | The      alteration of this Scheme are governed by Chapter 17 of the Listing Rules      and this Scheme cannot be altered to the advantage of Grantees or      prospective Grantees of Options except with the prior sanction of an      ordinary resolution of the Company in general meeting with Participants      and their associates abstaining fromvoting. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.2 | Furthermore,      the provisions in this Scheme relating to the matters set out in Rule      17.03 of the Listing Rules must not be altered except with the prior      approval of the Shareholders in generalmeeting. |
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| 12.3 | Any      alteration to the terms and conditions of this Scheme which are of a      material nature or any change in the terms of Options granted or any      change to the authority of the Board must be approved by the Shareholders,      except where the alterations take effect automatically under the existing      terms of this Scheme.  Any amended terms of this Scheme or the      Options under such scheme must still comply with the relevant requirements      of Chapter 17 of the Listing Rules. |
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| 13 | TERMINATION |
|----|-------------|

| 13.1 | The      Company by ordinary resolution in general meeting or the Board may at any      time terminate the operation of this Scheme and in such event no further      Options will be offered or granted but in all other respects the      provisions of this Scheme shall remain in full force and effect in respect      of Options granted under this Scheme but not yet exercised at the time of      its termination. Options complying with the provisions of Chapter 17 of      the Listing Rules which are granted during the life of this Scheme and      which remain unexpired immediately prior to the termination of the      operation of this Scheme shall continue to be exercisable      thereafter. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.2 | Upon      such termination, details of the Options granted (including Options      exercised or outstanding) under this Scheme are required under the Listing      Rules to be disclosed in the circular to Shareholders seeking approval of      the first new scheme establishedthereafter. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14 | MISCELLANEOUS |
|----|---------------|

| 14.1 | This      Scheme shall not form part of any contract of employment between the      Company or any Subsidiary and any Participant, and the rights and      obligations of any Participant under the terms of his or her office or      employment shall not be affected by his or her participation in this      Scheme or any right which he may have to participate in it and this Scheme      shall afford such Participant no additional rights to compensation or      damages in consequence of the termination of such office or employment for      any reason. |
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| 14.2 | This      Scheme shall not confer on any person any legal or equitable right (other      than those rights constituting the Options themselves) against the Company      directly or indirectly or give rise to any cause of action at law or in      equity against the Company. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.3 | The      Company shall bear the costs of establishing and administering this      Scheme. |
|------|-------------------------------------------------------------------------------------------|

| 14.4 | A      Grantee shall be entitled to receive copies of all notices and other      documents sent by the Company to holders of Shares    generally. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------|

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| 14.5 | Any      notice or other communication between the Company and a Grantee may be      given by sending the same by prepaid post or by personal delivery to, in      the case of the Company, its principal place of business in Hong Kong or      at such other address as notified to the Grantee from time to time and, in      the case of the Grantee, his or her address in Hong Kong as notified to      the Company from time to time. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.6 | Any      notice or other communication served by post: |
|------|--------------------------------------------------------|

|   | (a) | by      the Company shall be deemed to have been served 24 hours after the same      was put in the post; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------|

|   | (b) | by      the Grantee shall not be deemed to have been received until the same shall      have been received by the Company. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------|

| 14.7 | All      allotments and issue of Shares will be subject to all necessary consents      under any relevant legislation for the time being in force in Hong Kong,      People’s Republic of China, the place where the Company is incorporated      and any other relevant jurisdictions, and a Grantee shall be responsible      for obtaining any governmental or other official consent that may be      required by any country or jurisdiction in order to permit the grant or      exercise of the Option. The Company shall not be responsible for any      failure by a Grantee to obtain any such consent or for any tax or other      liability to which a Grantee may become subject as a result of his or her      participation in this Scheme. |
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| 14.8 | The      Board shall have the power from time to time to make or vary regulations      for the administration and operation of this Scheme, provided that the      same are not inconsistent with the provisions of this Scheme. The Board      shall also have the power to delegate its powers to grant Options to      Participants and to determine the Subscription Price, to the Company’s      chairman from time to time. |
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| 14.9 | This      Scheme and all Options granted hereunder shall be governed by and      construed in accordance with the laws of Hong  Kong. |
|------|---------------------------------------------------------------------------------------------------------------------------------------|

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