Document:

INVESTMENT
      MANAGEMENT TRUST AGREEMENT

    

    This
      Agreement is made as of May ___, 2006 by and between AFFINITY MEDIA
      INTERNATIONAL CORP. (the “Company”)
      and AMERICAN STOCK TRANSFER & TRUST COMPANY (the “Trustee”).

    

    WHEREAS,
      the Company’s Registration Statement on Form S-1, File No. 333-128707 (the
“Registration
      Statement”),
      for its initial public offering of securities (the “IPO”)
      has been declared effective as of the date hereof by the Securities and Exchange
      Commission (the “Effective
      Date”);
      and

    

    WHEREAS,
      the Company has agreed to issue securities in a private placement immediately
      prior to the IPO (the “Placement”);
      and

    

    WHEREAS,
      Maxim Group LLC (“Maxim”)
      is acting as the representative of the underwriters (the “Underwriters”)
      in the IPO and as placement agent for the Placement; and

    

    WHEREAS,
      as described in the Company’s Registration Statement, and in accordance with the
      Company’s Amended and Restated Certificate of Incorporation, $14,415,000
      of the net proceeds of the IPO ($16,692,000 if the Underwriters’ over-allotment
      option is exercised in full), (ii) in accordance with the Placement Unit
      Agreement, dated as of April 5, 2006, among the Company, Maxim and certain
      purchasers, $1,365,000 of the net proceeds of the Placement (together with
      the
      IPO proceeds, the “Base
      Deposit”)
      and
      $60,000 of Maxim’s placement fees (the “Contingent
      Fee”),
      and
      (iii) in accordance with the Underwriting Agreement, dated as of May __, 2006,
      between the Company and Maxim, as representative of the Underwriters, an
      additional $660,000 ($783,750 if the Underwriters’ over-allotment option is
      exercised in full), representing a contingent discount (the “Contingent
      Discount”),
      will
      be delivered to the Trustee to be deposited and held in a trust account for
      the
      benefit of the Company, the public holders of the Common Stock, par value $.0001
      per share, of the Company (“Common Stock”) included in the units of the
      Company’s securities issued in the IPO (the “Units”) and Maxim and, in the event
      the Units are registered in Colorado, pursuant to Section 11-51-302(6) of the
      Colorado Revised Statutes, a copy of which statute is attached hereto and made
      a
      part hereof. The amount to be delivered to the Trustee will be referred to
      herein as the “Property,” the stockholders for whose benefit the Trustee shall
      hold the Property will be referred to as the “Public Stockholders,” and the
      Public Stockholders, the Company and Maxim will be referred to together as
      the
“Beneficiaries”).;
      and

    

    WHEREAS,
      the Company and the Trustee desire to enter into this Agreement to set forth
      the
      terms and conditions pursuant to which the Trustee shall hold the
      Property;

    

    NOW,
      THEREFORE,
      in
      consideration of the foregoing and the mutual covenants and agreements herein
      contained, the parties hereto agree as follows:

    

    1.           Agreements
      and Covenants of Trustee.
      The Trustee hereby agrees and covenants to:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    (a)           Hold
      the Property in trust for the Beneficiaries in accordance with the terms of
      this
      Agreement, including the terms of Section 11-51-302(6) of the Colorado Revised
      Statutes with respect to Public Stockholders resident in Colorado, in a
      segregated trust account (“Trust
      Account”)
      established by the Trustee at a branch of Lehman Brothers Inc. selected by
      the
      Trustee;

    

    (b)           Manage,
      supervise and administer the Trust Account subject to the terms and conditions
      set forth herein;

    

    (c)           In
      a
      timely manner, upon the instruction of the Company, to invest and reinvest
      the
      Property in “government securities” within the meaning of Section 2(a)(16) of
      the Investment Company Act of 1940 having a maturity of 180 days or less or
      in
      any open ended investment company registered under the Investment Company Act
      of
      1940 that holds itself out as a money market fund meeting the conditions of
      paragraphs (c)(2), (c)(3) and (c)(4) under Rule 2a-7 promulgated under the
      Investment Company Act of 1940;

    

    (d)           Collect
      and receive, when due, all principal and income arising from the Property,
      which
      shall become part of the “Property,”
      as such term is used herein;

    

    (e)           Promptly
      notify the Company and Maxim of all communications received by it with respect
      to any Property requiring action by the Company;

    

    (f)           Supply
      any necessary information or documents as may be requested by the Company in
      connection with the Company’s preparation of the tax returns for the Trust
      Account;

    

    (g)           Participate
      in any plan or proceeding for protecting or enforcing any right or interest
      arising from the Property if, as and when instructed by the Company and/or
      Maxim
      to do so;

    

    (h)           Render
      to the Company and to Maxim, and to such other person as the Company may
      instruct, monthly written statements of the activities of and amounts in the
      Trust Account reflecting all receipts and disbursements of the Trust Account;
      and

     

    (i)           Commence
      liquidation of the Trust Account upon receipt of the Officers’ Certificate of
      the Company signed by the Chief Executive Officer or President and Secretary
      in
      accordance with the terms of a letter (“Termination
      Letter”),
      in a
      form substantially similar to that attached hereto as Exhibit
      A
      or
Exhibit
      B,
      signed
      on behalf of the Company by its Chief Executive Officer or President and
      Secretary and affirmed by its entire Board of Directors, and complete the
      liquidation of the Trust Account and distribute the Property in the Trust
      Account only as directed in the Termination Letter and the other documents
      referred to therein as part of the Company’s plan of dissolution and
      distribution approved by the Company’s stockholders. The Trustee understands and
      agrees that, except as provided in Section 1(j) and Section 2, disbursements
      from the Trust Account shall be made only pursuant to a duly executed
      Termination Letter, together with the other documents referenced herein,
      including, without limitation, an independently certified oath and report of
      inspector of election in respect of the stockholder vote in favor of the
      Business Combination (as hereinafter defined). In all cases, the Trustee shall
      provide Maxim with a copy of any Termination Letters, Officers’ Certificates
      and/or any other correspondence that it receives with respect to any proposed
      withdrawal from the Trust Account promptly after it receives same. As used
      in
      this Agreement, the term “Business
      Combination”
means
      the acquisition by the Company, through merger, capital stock exchange, asset
      or
      stock acquisition of, or similar business combination with, one or more entities
      with agreements to acquire operating entities or assets in the publishing
      industry located in the United States as more fully described in the prospectus
      forming a part of the Registration Statement; and

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

    

    (j)           As
      of the date 18 months from the date of this Agreement (the “LOI
      Termination Date”)
      (or 24
      months from the date hereof in the event the Company has executed a Letter
      of
      Intent (defined below) prior to the LOI Termination Date but failed to
      consummate a Business Combination (“Second
      Termination Date”)),
      commence liquidation of the Trust Account as part of the Company’s plan of
      dissolution and distribution approved by the Company’s stockholders. The
      Trustee, upon consultation with the Company and Maxim, shall deliver a notice
      to
      Public Stockholders of record as of the LOI Termination Date or Second
      Termination Date, whichever the case may be, by U.S. mail or via the Depository
      Trust Company (“DTC”),
      within five days of the LOI Termination Date or Second Termination Date, to
      notify the Public Stockholders of such event and take such other actions as
      it
      may deem necessary to inform the Beneficiaries. The Trustee shall deliver to
      each Public Stockholder its ratable share of the Property against satisfactory
      evidence of delivery of the stock certificates by the Public Stockholders to
      the
      Company through DTC, its Deposit Withdraw Agent Commission (DWAC) system or
      as
      otherwise presented to the Trustee. Notwithstanding the foregoing, if the
      Trustee receives a bona fide, executed letter of intent, agreement in principle
      or engagement letter (a “Letter
      of Intent”)
      for a
      Business Combination prior to the LOI Termination Date accompanied by an
      Officers’ Certificate as described in Section 1(i), then the Trustee shall
      forego or suspend any liquidation of the Trust Account until the earlier of
      a
      Business Combination or the Second Termination Date.

    

    2.           Limited
      Distributions of Income.
      

    

    (a)           Upon
      receipt by the Trustee of an Officer’s Certificate signed by the Chief Executive
      Officer or the President and Secretary of the Company certifying as true,
      accurate and complete a copy of any tax return required to be filed on behalf
      of
      the Trust Account in respect of income earned on the Property held therein,
      the
      Trustee shall deliver to the Company for submission to the appropriate taxing
      authority a check made payable to the order of such taxing authority in the
      amount required to pay such taxes; provided, however,
      that in
      no event shall the aggregate amount of all checks issued to taxing authorities
      pursuant to this Section 2(a) exceed the income in respect of which such taxes
      are due and owing.

    

    (b)           Upon
      written request, which may be given not more than once in any calendar month,
      from the Company and, if required, only after the Income Threshold Amount (as
      hereinafter defined) has been achieved, the Trustee shall distribute to the
      Company an amount equal to the income earned on the Property in excess of the
      Income Threshold through the last day of the month immediately preceding the
      date of receipt of the Company’s request; provided, however,
      that
      any distribution pursuant to this Section 2(b) shall only be used to fund
      working capital requirements of the Company and the costs related to
      identifying, researching an acquiring prospective target businesses (including
      the payment of up to $4,500 of fees payable to Silverback Books for general
      and
      administrative services) as set forth in the Company’s request. For purposes of
      this Agreement, the “Income
      Threshold Amount”
shall
      mean an amount equal to $74,250 of aggregate income earned on the Property;
      provided,
      however,
      that
      the Income Threshold Amount shall only be necessary in the event the
      overallotment is exercised in full and the Property held in the Trust Account
      equates to less than $6.00 per Unit; provided,
      further,
      that
      the Income Threshold Amount shall remain in the Trust Account until dissolution
      of the Company and a liquidation of the Trust Account in accordance with Section
      1(j), at which time it will be ratably distributed to each Public Stockholder
      to
      satisfy such shortfall.

    
      
         

      

      
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    (c)           Upon
      receipt by the Trustee of an Officer’s Certificate signed by the Chief Executive
      Officer or the President and Secretary of the Company certifying as true,
      accurate and complete (i) the amount of actual expenses incurred by the Company
      in connection with its dissolution and distribution, including any fees and
      expenses incurred by the Company in connection with seeking stockholder approval
      of the Company’s plan of dissolution and distribution, and (ii) any amounts due
      to pay creditors or to reserve for payment to creditors, the Trustee shall
      distribute to the Company an amount equal to the income earned on the Property
      in excess of the Income Threshold through the last day of the month immediately
      preceding the date of receipt of the Company’s request; provided, however,
      that
      any distribution pursuant to this Section 2(c) shall only be used to fund the
      amount of actual expenses incurred by the Company in connection with its
      dissolution and distribution, including any fees and expenses incurred by the
      Company in connection with seeking stockholder approval of the Company’s plan of
      dissolution and distribution.

    

    (d)           Except
      as provided in Sections 2(a), 2(b) and 2(c) above, no other distributions from
      the Trust Account shall be permitted except in accordance with Sections 1(i)
      and
      1(j).

    

    3.           Agreements
      and Covenants of the Company.
      The Company hereby agrees and covenants to:

    

    (a)           Give
      all instructions to the Trustee hereunder in writing, signed by the Company’s
      Chief Executive Officer or President. In addition, except with respect to its
      duties under paragraph 1(i) above, the Trustee shall be entitled to rely on,
      and
      shall be protected in relying on, any verbal or telephonic advice or instruction
      which it in good faith believes to be given by any one of the persons authorized
      above to give written instructions, provided
      that the Company and/or Maxim shall promptly confirm such instructions in
      writing;

    

    (b)           Hold
      the Trustee harmless and indemnify the Trustee from and against, any and all
      expenses, including reasonable counsel fees and disbursements, or loss suffered
      by the Trustee in connection with any action, suit or other proceeding brought
      against the Trustee involving any claim, or in connection with any claim or
      demand which in any way arises out of or relates to this Agreement, the services
      of the Trustee hereunder, or the Property or any income earned from investment
      of the Property, except for expenses and losses resulting from the Trustee’s
      gross negligence or willful misconduct. Promptly after the receipt by the
      Trustee of notice of demand or claim or the commencement of any action, suit
      or
      proceeding, pursuant to which the Trustee intends to seek indemnification under
      this paragraph, it shall notify the Company in writing of such claim
      (hereinafter referred to as the “Indemnified
      Claim”).
      The Trustee shall have the right to conduct and manage the defense against
      such
      Indemnified Claim, provided,
      that the Trustee shall obtain the consent of the Company with respect to the
      selection of counsel, which consent shall not be unreasonably withheld. The
      Trustee may not agree to settle any Indemnified Claim without the prior written
      consent of the Company. The Company may participate in such action with its
      own
      counsel; and

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

    

    (c)           Pay
      the Trustee an initial acceptance fee of $1,000 and an annual fee of $3,000
      (it
      being expressly understood that the Property shall not be used to pay such
      fee).
      The Company shall pay the Trustee the initial acceptance fee and first year’s
      fee at the consummation of the IPO and thereafter on the anniversary of the
      Effective Date. The Trustee shall refund to the Company the fee (on a pro rata
      basis) with respect to any period after the liquidation of the Trust Fund.
      The
      Company shall not be responsible for any other fees or charges of the Trustee
      except as may be provided in Section 3(b) (it being expressly understood that
      the Property shall not be used to make any payments to the
      Trustee).

    

    4.           Limitations
      of Liability.
      The Trustee shall have no responsibility or liability to:

    

    (a)           Take
      any action with respect to the Property, other than as directed in Sections
      1
      and 2 and the Trustee shall have no liability to any party except for liability
      arising out of its own gross negligence or willful misconduct;

    

    (b)           Institute
      any proceeding for the collection of any principal and income arising from,
      or
      institute, appear in or defend any proceeding of any kind with respect to,
      any
      of the Property unless and until it shall have received written instructions
      from the Company and/or Maxim given as provided herein to do so and the Company
      shall have advanced or guaranteed to it funds sufficient to pay any expenses
      incident thereto;

    

    (c)           Change
      the investment of any Property, other than in compliance with Section
      1(c);

    

    (d)           Refund
      any depreciation in principal of any Property;

    

    (e)           Assume
      that the authority of any person designated by the Company and/or Maxim to
      give
      instructions hereunder shall not be continuing unless provided otherwise in
      such
      designation, or unless the Company and/or Maxim shall have delivered a written
      revocation of such authority to the Trustee;

    

    (f)           The
      other parties hereto or to anyone else for any action taken or omitted by it,
      or
      any action suffered by it to be taken or omitted, in good faith and in the
      exercise of its own best judgment, except for its gross negligence or willful
      misconduct. The Trustee may rely conclusively and shall be protected in acting
      upon any order, notice, demand, certificate, opinion or advice of counsel
      (including counsel chosen by the Trustee), statement, instrument, report or
      other paper or document (not only as to its due execution and the validity
      and
      effectiveness of its provisions, but also as to the truth and acceptability
      of
      any information therein contained) which is believed by the Trustee, in good
      faith, to be genuine and to be signed or presented by the proper person or
      persons. The Trustee need not investigate any fact or matter stated in the
      document. The Trustee shall not be bound by any notice or demand, or any waiver,
      modification, termination or rescission of this agreement or any of the terms
      hereof, unless evidenced by a written instrument delivered to the Trustee signed
      by the proper party or parties and, if the duties or rights of the Trustee
      are
      affected, unless it shall give its prior written consent thereto;

    
      
         

      

      
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    (g)           Verify
      the correctness of the information set forth in the Registration Statement
      or to
      confirm or assure that any acquisition made by the Company or any other action
      taken by it is as contemplated by the Registration Statement unless an officer
      of the Trustee has actual knowledge thereof, written notice of such event is
      sent to the Trustee or as otherwise required under Section 1(i);
      and

    

    (h)           Pay
      any taxes on behalf of the Trust Account (it being expressly understood that
      the
      Trustee’s sole obligation with respect to taxes shall be to issue the checks
      with respect thereto provided for by Section 2(a)).

    

    5.           Certain
      Rights Of Trustee.

     

    (a)           Before
      the Trustee acts or refrains from acting, it may require an Officers’
Certificate or opinion of counsel or both. The Trustee shall not be liable
      for
      any action it takes or omits to take in good faith in reliance on such Officers’
Certificate or opinion of counsel. The Trustee may consult with counsel and
      the
      advice of such counsel or any opinion of counsel shall be full and complete
      authorization and protection from liability in respect of any action taken,
      suffered or omitted by it hereunder in good faith and in reliance
      thereon.

     

    (b)           The
      Trustee shall not be liable for any action it takes or omits to take in good
      faith that it believes to be authorized or within the rights or powers conferred
      upon it by this Agreement.

     

    (c)           The
      Trustee shall not be responsible for and makes no representation as to the
      validity or adequacy of this Agreement; it shall not be accountable for the
      Company’s use of the proceeds from the Trust Account. Notwithstanding the
      effective date of this Agreement or anything to the contrary contained in this
      Agreement, the Trustee shall have no liability or responsibility for any act
      or
      event relating to this Agreement or the transactions related thereto which
      occurs prior to the date of this Agreement, and shall have no contractual
      obligations to the Beneficiaries until the date of this Agreement.

    

    6.           Termination.
      This Agreement shall terminate as follows:

    

    (a)           If
      the Trustee gives written notice to the Company that it desires to resign under
      this Agreement, the Company shall use its reasonable efforts to locate a
      successor trustee,
      during
      which time the Trustee shall continue to act in accordance with the terms of
      this Agreement.
      At such time that the Company notifies the Trustee that a successor trustee
      has
      been appointed by the Company and has agreed to become subject to the terms
      of
      this Agreement, the Trustee shall transfer the management of the Trust Account
      to the successor trustee, including but not limited to the transfer of copies
      of
      the reports and statements relating to the Trust Account, whereupon this
      Agreement shall terminate; provided,
      however,
      that, in the event that the Company does not locate a successor trustee within
      ninety days of receipt of the resignation notice from the Trustee, the Trustee
      may, but shall not be obligated to, submit an application to have the Property
      deposited with the United States District Court for the Southern District of
      New
      York and upon such deposit, the Trustee shall be immune from any liability
      whatsoever that arises due to any actions or omissions to act by any party
      after
      such deposit;

    
      
         

      

      
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    (b)           At
      such time that the Trustee has completed the liquidation of the Trust Account
      in
      accordance with the provisions of Section 1(i), and distributed the Property
      in
      accordance with the provisions of the Termination Letter, this Agreement shall
      terminate except with respect to Section 3(b); or

     

    (c)           At
      such time that the Trustee has completed the liquidation of the Trust Account
      in
      accordance with the provisions of Section 1(i) and distributed the Property
      in
      accordance with said Section 1(j), this Agreement shall terminate except with
      respect to Section 3(b).

    

    7.           Miscellaneous.

    

    (a)           The
      Company and the Trustee each acknowledge that the Trustee will follow the
      security procedures set forth below with respect to funds transferred from
      the
      Trust Account. Upon receipt of written instructions, the Trustee will confirm
      such instructions with an Authorized Individual at an Authorized Telephone
      Number listed on the attached Exhibit
      C.
      The Company and the Trustee will each restrict access to confidential
      information relating to such security procedures to authorized persons. Each
      party must notify the other party immediately if it has reason to believe
      unauthorized persons may have obtained access to such information, or of any
      change in its authorized personnel. In executing funds transfers, the Trustee
      will rely upon account numbers or other identifying numbers of a beneficiary,
      beneficiary’s bank or intermediary bank, rather than names. The Trustee shall
      not be liable for any loss, liability or expense resulting from any error in
      an
      account number or other identifying number, provided
      it has accurately transmitted the numbers provided.

    

    (b)           This
      Agreement shall be governed by and construed and enforced in accordance with
      the
      laws of the State of New York, without giving effect to conflict of laws. It
      may
      be executed in several counterparts, each one of which shall constitute an
      original, and together shall constitute but one instrument. Facsimile signatures
      shall constitute original signatures for all purposes of this
      Agreement.

     

    (c)           This
      Agreement contains the entire agreement and understanding of the parties hereto
      with respect to the subject matter hereof. This Agreement or any provision
      hereof may only be changed, amended or modified by a writing signed by each
      of
      the parties hereto; provided;
      however,
      that no
      such change, amendment or modification may be made without the prior written
      consent of Maxim, who, along with the other Underwriters, the parties
      specifically agree, are and shall be third-party beneficiaries for purposes
      of
      this Agreement; provided,
      further,
      that
      any amendment to Section 1(j) shall require the consent of all of the Public
      Stockholders. As to any claim, cross-claim or counterclaim in any way relating
      to this Agreement, each party waives the right to trial by jury.

    
      
         

      

      
        -7-

        
          

        

      

      
         

      

    

     

    (d)           The
      parties hereto consent to the jurisdiction and venue of any state or federal
      court located in the State and County of New York for purposes of resolving
      any
      disputes hereunder. The parties hereto irrevocably submit to such jurisdiction,
      which jurisdiction shall be exclusive and hereby waive any objection to such
      exclusive jurisdiction and that such courts represent an inconvenient
      forum.

    

    (e)           Any
      notice, consent or request to be given in connection with any of the terms
      or
      provisions of this Agreement shall be in writing and shall be sent by express
      mail or similar private courier service, by certified mail (return receipt
      requested), by hand delivery or by facsimile transmission: 

    

    if
      to the Trustee, to:

    

    American
      Stock Transfer & Trust Company

    59
      Maiden Lane

    New
      York, New York 10038

    Attn:
      Herbert J. Lemmer, Esq.

    Fax
      No.: (718) 331-1852

    

    if
      to the Company, to:

    

    Affinity
      Media International Corp.

    11601
      Wilshire Blvd., Suite 1500

    Los
      Angeles, CA 90025

    Attn:
      Howard Cohl, President

    Fax
      No.: 310.479.1561

    

    in
      either case with a copy to:

    

    Maxim
      Group LLC

    405
      Lexington Avenue

    New
      York, New York 10174

    Attn:
      Clifford Teller

    Fax
      No.: (212) 895-3783

    

    (f)           This
      Agreement may not be assigned by the Trustee without the prior written consent
      of the Company and Maxim.

    
      
         

      

      
        -8-

        
          

        

      

      
         

      

    

    

    (g)           Each
      of the Trustee and the Company hereby represents that it has the full right
      and
      power and has been duly authorized to enter into this Agreement and to perform
      its respective obligations as contemplated hereunder. The Trustee acknowledges
      and agrees that it shall not make any claims or proceed against the Trust
      Account, including by way of set-off, and shall not be entitled to any funds
      in
      the Trust Account under any circumstance.

    

    

    [Remainder
      of Page Intentionally Left Blank.]

    
      
         

      

      
        -9-

        
          

        

      

      
         

      

    

    

    IN
      WITNESS WHEREOF, the parties have duly executed this Investment Management
      Trust
      Agreement as of the date first written above.

    

    AMERICAN
      STOCK TRANSFER & TRUST 

    COMPANY,
      as Trustee

    

    

    

    By:
      

    __________________________

    Name:
      

    Title:

    

    

    

    AFFINITY
      MEDIA INTERNATIONAL CORP.

    

    

    By:
      

    ___________________________

    Name:
      Howard
      Cohl           

    Title:  President

    

    

    

    
      
         

      

      
        -10-

        
          

        

      

      
         

      

    

    

    EXHIBIT
      A

    

    [LETTERHEAD
      OF COMPANY]

    

    [INSERT
      DATE]

    

    American
      Stock Transfer & Trust Company

    59
      Maiden Lane

    New
      York, New York 10038

    Attn:
      Herbert J. Lemmer, Esq.

    

    Re:    Trust
      Account No. _______________ Termination Letter

    

    Gentlemen:

    

    Pursuant
      to paragraph 1(i) of the Investment Management Trust Agreement between Affinity
      Media International Corp. (“Company”)
      and American Stock Transfer & Trust Company (“Trustee”),
      dated as of ________, 2006 (“Trust
      Agreement”),
      this is to advise you that the Company has entered into an agreement
      (“Business
      Agreement”)
      with __________________ (“Target
      Business”)
      to consummate a business combination with Target Business (a “Business
      Combination”)
      on or about [INSERT DATE]. The Company shall notify you at
      least
      two business days in advance of the actual date of the consummation of the
      Business Combination (“Consummation
      Date”)
      and
      shall provide you with an Officers’ Certificate in accordance with Sections 1(i)
      and 3(a) of the Trust Agreement. Capitalized words used herein and not otherwise
      define shall have the meaning ascribed to them in the Trust
      Agreement.

    

    In
      accordance with the terms of the Trust Agreement, we hereby authorize you to
      commence liquidation of the Trust Account to the effect that, on the
      Consummation Date, all of funds held in the Trust Account will be immediately
      available for transfer to the account or accounts that the Company shall direct
      on the Consummation Date.

    

    On
      the
      Consummation Date (i) counsel for the Company shall deliver to you written
      notification that (a) the Business Combination has been consummated, and (b)
      the
      provisions of Section 11-51-302(6) and Rule 51-3.4 of the CRS have been met,
      to
      the extent applicable; (ii) the Company shall deliver along with the oath and
      report of inspector of election certified by an independent inspector which
      may
      be the Trustee or as otherwise appointed by the Company (collectively, the
      “Report”);
      and
      (iii) the Company and Maxim shall deliver to you joint written instructions
      with
      respect to the transfer of the funds, including the Contingent Fee and the
      Contingent Discount, held in the Trust Account (“Instructions”).
      You
      are hereby directed and authorized to transfer the funds held in the Trust
      Account immediately upon your receipt of the counsel’s letter, the Report,
      evidence of delivery of the Stock Certificates, the Officers’ Certificate and
      the Instructions in accordance with the terms of the Instructions. In the event
      that certain deposits held in the Trust Account may not be liquidated by the
      Consummation Date without penalty, you will notify the Company and Maxim of
      the
      same and the Company and Maxim shall issue joint written instructions directing
      you as to whether such funds should remain in the Trust Account and be
      distributed after the Consummation Date. Upon the distribution of all the funds
      in the Trust Account pursuant to the terms hereof, the Trust Agreement shall
      be
      terminated and the Trust Account closed.

    
      
         

      

      
        A-1

        
          

        

      

      
         

      

    

    

    In
      the event that the Business Combination is not consummated on the Consummation
      Date described in the notice thereof and we have not notified you on or before
      the original Consummation Date of a new Consummation Date, then the funds held
      in the Trust Account shall be reinvested as provided in the Trust Agreement
      on
      the business day immediately following the Consummation Date as set forth in
      the
      notice.

    

    

    Very
      truly yours,

    

    AFFINITY
      MEDIA INTERNATIONAL CORP.

    

    

    By:

    _________________________________

    Name:

    Title:

    

    By:

    _________________________________

    Name:

    Title:

    

    

    cc:       Maxim
      Group LLC

    

    
      
         

      

      
        A-2

        
          

        

      

      
         

      

    

    

    EXHIBIT
      B

    

    

    [LETTERHEAD
      OF COMPANY]

    

    [INSERT
      DATE]

    

    American
      Stock Transfer & Trust Company

    59
      Maiden Lane

    New
      York, New York 10038

    Attn:
      Herbert J. Lemmer, Esq.

    

    

    Re:       Trust
      Account No. _______________ Termination Letter

    

    Gentlemen:

    

    Pursuant
      to paragraph 1(i) of the Investment Management Trust Agreement between Affinity
      Media International Corp. (“Company”)
      and American Stock Transfer & Trust Company (“Trustee”),
      dated as of __________, 2006 (“Trust
      Agreement”),
      this is to advise you that the Board of Directors and the stockholders of the
      Company have voted to dissolve the Company and liquidate the Trust Account
      (as
      defined in the Trust Agreement). Attached hereto is a copy of the minutes of
      the
      meeting of the Board of Directors and the stockholders of the Company relating
      thereto, certified by the Secretary of the Company as true and correct and
      in
      full force and effect.

    

    In
      accordance with the terms of the Trust Agreement, we hereby (a) certify to
      you
      that the provisions of Section 11-51-302(6) and Rule 51-3.4 of the Colorado
      Revised Statute have been met and (b) authorize you, to commence liquidation
      of
      the Trust Account as part of the Company’s plan of dissolution and distribution.
      You will notify the Company and Lehman Brothers Inc. in writing as to when
      all
      of the funds in the Trust Account will be available for immediate transfer
      (‘Transfer Date’). Thereafter, you shall commence distribution of such funds in
      accordance with the terms of the Trust Agreement and the Company’s Amended and
      Restated Certificate of Incorporation. Upon the payment of all the funds in
      the
      Trust Account, the Trust Agreement shall be terminated and the Trust Account
      closed.

    

    

    

    [Remainder
      of Page Intentionally Left Blank]

    

    

    
      
         

      

      
        B-1

        
          

        

      

      
         

      

    

    

    Very
      truly yours,

    

    AFFINITY
      MEDIA INTERNATIONAL CORP.

    

    

    By:

    ________________________________

    Name:

    Title

    

    

    By:

    ________________________________

    Name:

    Title:

    

    

    

    cc:       Maxim
      Group LLC

    

    
      
         

      

      
        B-2

        
          

        

      

      
         

      

    

    

    EXHIBIT
      C

    

    

    

    

    
      	
              AUTHORIZED
                INDIVIDUAL(S)

            	
              AUTHORIZED

            
	
              FOR
                TELEPHONE CALL BACK

            	
              TELEPHONE
                NUMBER(S)

            

    

    

    

    COMPANY:

    

    
      	
              Affinity
                Media International Corp.

            	 
	
              11601
                Wilshire Blvd., Suite 1500

            	 
	
              Los
                Angeles, CA 90025

            	 
	
              Attn:
                Howard Cohl, President

            	
              (310)
                479-1555

            
	 	 
	 	 
	
              TRUSTEE:

            	 
	 	 
	
              American
                Stock Transfer & Trust Company

            	 
	
              59
                Maiden Lane

            	 
	
              New
                York, New York 10038

            	 
	
              Attn:
                Herbert J. Lemmer, Esq.

            	
              (718)
                921-8209

            

    

    

     

    
      
         

      

      
        C-1<PAGE>
                                                                    Exhibit 4.15

                SECURITIES INFORMATION OPERATION LICENSE CONTRACT

                                                         Contract No: XQB06II028

Party A: Shanghai Stock Exchange Information Network Co., Ltd.
Address: 528 Pudong South Road, Shanghai

Party B: China Finance Online (Beijing) Co., Ltd.
Address: 6/F, Ping'an Mansion, 23 Financial Street, Xicheng District, Beijing

Whereas:

Party A is an agency authorized by Shanghai Stock Exchange ("SSE") to
exclusively and solely operate securities information of SSE; Party B is an
information operator who desires to use/operate securities information of SSE
for a fee.

Upon friendly negotiation, Party A and Party B agree upon Party A's grant to
Party B a license to operate securities information of SSE and enter into this
Contract with respect thereto.

SECTION 1. DEFINITION OF RELEVANT TERMS USED IN THIS CONTRACT

<TABLE>

<S>    <C>                            <C>
1.1    "SSE"                          means Shanghai Stock Exchange.

1.2    "SSE Securities Information"   means all securities information generated from Shanghai
                                      Securities Exchange, including, but not limited to, quotes,
                                      index information, statistical information and other
                                      market-related information.

1.3    "Shanghai Stock Exchange       means a certificate issued by Party A to Party B, whereby
       Securities Information         Party B is permitted to use SSE Securities Information
       Operation License"             within a specific scope and term and in a specific manner.
       ("License")

1.4    "User Access Terminal"         means the terminal equipment used by Party B to access SSE
                                      Securities Information as set forth besides the word
                                      "Purpose" in Appendix 1.

1.5    "Royalty"                      means, a license fee charged to Party B by Party A for
                                      Party B's use of information as permitted by Party A within
                                      the scope authorized by SSE.

1.6    "User Information Fee"         means an information usage fee charged to Party B by Party
                                      A based on Party B's use of SSE Securities Information.
</TABLE>

                                       1
<PAGE>

<TABLE>

<S>    <C>                            <C>
1.7    "End Users"                    means end users who access and use SSE Securities
                                      Information operated and transmitted by Party B as
                                      permitted by Party A.
</TABLE>

SECTION 2. ACCESS TO INFORMATION

2.1  Party A shall access SSE Securities Information in such a manner as
     confirmed in writing by Party A (as set forth in the appendixes).

2.2  Party B shall promptly contact Party A in case of any technical
     difficulties it may encounter in the course of information access. Party A
     shall use its best endeavors to solve such difficulties to offer Party B
     normal access to SSE Securities Information.

2.3  Party A shall have the right to change the way of transmission, provided
     that a one-month prior written notice shall be given to Party B.

2.4  If any of the following circumstances occurs, Party A shall have the right
     to revoke the License and cease the provision of SSE Securities Information
     to Party B. Party B shall be responsible to its users for issues arising
     therefrom while Party A will not be liable to Party B or its users
     therefor:

     A.   Party B is bankrupt or is applied for bankruptcy;

     B.   Party B is in violation of Section 3.5A, 3.5B or 3.5C or Section 5
          hereof, which causes irretrievable consequences or which is not
          rectified within ten business days after Party B receives a written
          notice from Party A requiring rectification of the same.

2.5  If the transmission and access relationship between the parties is
     terminated for whatsoever reasons, either of the parties shall return
     relevant equipment provided to it by the other in a complete and good
     state.

SECTION 3. USE AND DISSEMINATION OF INFORMATION

3.1  SSE's information product used by Party B under Party A's permission is a
     non-exclusive right of operation and use. Party A agrees that Party B may
     transmit the SSE Securities Information to Party B's End Users in such a
     manner and within such a scope as set forth besides the word "Purpose" in
     Appendix 1 hereof (Shanghai Stock Exchange Securities Information Operation
     License).

3.2  Party A will issue the License to Party B upon its acknowledgement of the
     payment of relevant fees by Party B in accordance with Section 4 hereof.

3.3  The contents of information service provided by Party A to Party B and the
     valid term of the License are set forth in Exhibit B (Information Service
     Order) attached to Appendix 1 hereof.

3.4  During the valid term of the License, Party A shall provide Party B with
     services upon its receipt of a service fee from Party B and Party B's term
     of service is only limited to the period for which Party B has prepaid a
     service fee.

                                       2
<PAGE>

3.5  Party B shall be subject to the following provisions:

     A.   To ensure its use/operation of SSE Securities Information within such
          valid term as set forth in Appendix 1 (Shanghai Stock Exchange
          Securities Information Operation License) and within such scope, in
          such manner and by such access terminal as set forth besides the word
          "Purpose" in Appendix 1 hereof.

     B.   Not to transmit all or part of SSE Securities Information to any
          entity and individual, at any place or for any purpose other than that
          set forth in the License without Party A's consent.

     C.   Not to transmit all or part of SSE Securities Information for any
          illegal purpose or provide SSE Securities Information to a third party
          for illegal purpose.

     D.   To completely, accurately and promptly transmit SSE Securities
          Information and to take immediate remedial measures and promptly give
          Party A oral and written notices in case of any omission, error or
          delay.

     E.   To be responsible for issues arising from Party A's suspended
          transmission of SSE Securities Information to Party B for whatsoever
          reasons and make explanation to users.

3.6  During the valid term of the License, Party B shall at its own expense
     provide and install one set of user's terminal for Party A to regularly
     access its SSE Securities Information.

SECTION 4. FEES

Party B agrees to pay Party A relevant fees in accordance with Exhibit A
(Payment of Fees) attached to Appendix 1 hereof, including, but not limited to,
Royalty, User Information Fee, information transmission fee and software use
fee.

SECTION 5. INTELLECTUAL PROPERTY RIGHT OF SECURITIES INFORMATION AND ITS
           PROTECTION

5.1  All rights in and to SSE Securities Information defined in this Contract
     and the License shall be owned by SSE; subject to SSE's exclusive and sole
     permission, any institution or individual may not permanently store or use
     (including, but not limited to reproduce, disseminate, compile, transfer or
     permit others to use or develop derivative products from) SSE Securities
     Information without Party A's written consent.

5.2  Party B shall indicate in the displaying interface of its users' access
     terminal the name, number and valid term of the License issued to it.

5.3  Party B may declare its obtaining of the License, provided that, in its
     advertisement and publication, it shall:

     A.   indicate the number, valid term and permitted scope with respect to
          the SSE Securities Information Operation License issued to it.

                                       3
<PAGE>

     B.   not use the name or logo (character, pattern or symbol) of SSE or
          Party A without Party A's written consent.

     C.   not continue to allege SSE or Party A as its sources of information or
          continue to indicate its original information operation license number
          in its users' interface if the term of the License expires without
          renewal.

5.4  Party B agrees to accept Party A's supervision and management of relevant
     business and cooperate with Party A therefor:

     A.   Party B shall regularly submit to Party A a Self-examination Report on
          Use of SSE Securities Information in accordance with Appendix 2 hereof
          (Agreement on Supervision and Management of Information Use) and
          ensure the truthfulness, completeness and accuracy of data submitted.

     B.   Party B shall property keep its original information about users and
          fees charged for three years and ensure the completeness and accuracy
          of such information.

     C.   Party B shall accept regular or irregular examination from Party A or
          a third party appointed by Party A on its service revenue, users'
          management system and others with respect to the operation of SSE
          Securities Information business.

5.5  Party B shall set forth the following issues in its contract with end
     customers:

     A.   Customers shall access and use SSE Securities Information as End Users
          and ensure not to transmit all or part of SSE Securities Information
          to other institution or individual.

     B.   Party B shall transmit SSE Securities Information to customers only at
          such service time as within the term permitted by Party A.

5.6  Party B undertakes that:

     A.   all of its users are End Users, except as specifically permitted by
          Party A in writing.

     B.   it shall be responsible for supervising over its users that no SSE
          Securities Information is further disseminated without permission.

     C.   it shall promptly give Party A oral and written notices if it
          discovers any infringement of the rights and interests in and to SSE
          Securities Information by its users and is obligated to promptly
          provide address and other basic information about such user of which
          it is aware.

     D.   Party B shall be responsible for assisting Party A in dealing with any
          of its users' act which is an infringement of the rights and interests
          in and to SSE Securities Information, including, but not limited to,
          to cooperate with Party A in investigation such infringement upon
          receipt of a written notice from Party A, to cease to provide such
          user with SSE Securities Information, to issue to Party A a written
          report as to how the user is dealt with, to cooperate with

                                       4
<PAGE>

          Party A in claiming economic losses against such user arising from
          such infringement.

SECTION 6. DISCLAIMER

6.1  Party B agrees that neither SSE nor Party A will be liable for any
     consequences resulting from abnormal information or abnormal information
     transmission caused by whatsoever reasons.

6.2  Party B undertakes that it will at all times avoid and eliminate adverse
     effect which may bring to SSE and Party A as a result of any omission,
     inaccuracy, loss, delay or suspension of SSE Securities Information and
     hold SSE and Party A harmless from economic or reputation losses and it
     will not, by virtue of this Contract, claim against SSE or Party A due to
     the above reasons.

SECTION 7. LIABILITY FOR BREACH OF CONTRACT

7.1  Party A shall have the right to terminate this Contract and Party B shall
     be solely liable for all consequences arising therefrom if Party B is in
     breach of this Contract and has not rectified the same within a period set
     forth in a written rectification notice of Party A.

7.2  If Party B is in violation of Section 3.5(A), 3.5(B) or 3.5(C) hereof, it
     agrees to transfer all proceeds from such violation and pay liquidated
     damages (equal to twice the sum of Royalty and usage fee specified in
     Exhibit A attached to Appendix 1 hereof) to Party A, promptly take
     effective measures and cease the continuance of such violation.

7.3  If Party B is overdue in paying relevant fees to Party A, it shall pay
     liquidated damages to Party A at a rate of [******](1). If relevant fees
     are still unpaid after Party A's reminder or the grace period, Party A
     shall have the right to terminate this Contract and Party B shall pay
     liquidated damages equal to [******](1) and compensate Party A against
     economic losses arising therefrom.

7.4  If Party B is in violation of Section 5 hereof, it shall compensate Party A
     for economic losses and pay liquidated damages equal to [******](1).

SECTION 8. VALIDITY, AMENDMENT AND TERMINATION OF CONTRACT

8.1  This Contract shall take effect after it is signed and stamped seals by the
     legal representatives or their authorized representatives of the parties
     and continue to be valid until December 31, 2006.

8.2  Any provision of this Contract may be amended only if it is agreed in
     writing by each of the parties. Any written document acknowledging relevant
     amendment shall be an integral part of this Contract. In case of a material
     amendment, a new License shall be issued.

----------

1 Confidential treatment requested pursuant to Securities and Exchange
Commission Rule 406, 17 CFR ss. 230.406, and the Securities and Exchange
Commission's rules and regulations promulgated under the Freedom of Information
Act, with particular emphasis on 17 CFR ss. 200.80(b)(4)(2000).

                                       5
<PAGE>

8.3  Upon the expiration of the License attached hereto as Appendix 1, Exhibit
     A, B and C attached to Appendix 1 shall also be terminated. Party B may
     apply to Party A in writing for renewal or re-issuance of the License 30
     business days before the expiration of the valid term of the License. Upon
     Party A's approval of the application, the parties may renew Exhibit A, B
     and C attached to Appendix 1 of this Contract.

     Upon the renewal of the said exhibits and Party B's making payment as
     required thereunder, Party A will issue a new License to Party B. If Party
     B does not make payment in a timely manner, Party A may grant a three-month
     grace period to Party B and continue the provision of information service
     for three months. If Party B still fails to make payment during such grace
     period, Party A shall have the right to suspend the information service and
     terminate this Contract and Party B shall be liable for its breach of this
     Contract in accordance with Section 7.3 hereof.

8.4  If Party B has not applied for renewal or re-issuance of the License after
     the License expires, this Contract shall be terminated and Party B shall no
     longer use or operate SSE Securities Information.

8.5  Upon the expiration of this Contract and if none of the parties has any
     objection thereto, this Contract shall be automatically renewed from the
     date following the date of expiry upon same terms and for same time frame
     as herein and no contract shall be otherwise entered into between the
     parties.

8.6  Either of the parties shall give the other a written notice one month prior
     to the expiration of the valid term of this Contract or any renewal thereof
     if it does not intend to renew this Contract when it expires and this
     Contract shall be terminated upon the date of expiration.

8.7  Upon the termination of this Contract, all fees due hereunder shall be paid
     by Party B to Party A on the tenth business day before the due date. If
     such fees are not paid when due, Party B shall be liable for its breach of
     this Contract in accordance with Section 7.3 hereof.

8.8  Sections 5, 6 and 7 hereof shall survive the invalidity of other provisions
     of this Contract or the termination of this Contract.

SECTION 9. SETTLEMENT OF DISPUTE

Any dispute arising from the performance of this Contract or in connection with
this Contract shall be settled through friendly negotiation between the parties.
If no settlement could be reached, either of the parties may bring a lawsuit to
the People's Court at the domicile of Party A.

SECTION 10. APPENDIXES

Appendixes and exhibits attached hereto shall have the equal legal effect as
this Contract and include the following documents and others entered into during
the performance of this Contract.

Appendix 1 Shanghai Stock Exchange Securities Information Operation License;

                                       6
<PAGE>

           Exhibit A      Payment of Fees

           Exhibit B      Information Service Order

           Exhibit C      Information Transmission Service Order

Appendix 2 Agreement on Supervision and Management of Information Use

SECTION 11. MISCELLANEOUS

11.1 This Contract shall be governed by the laws and regulations of the People's
     Republic of China (excluding Hong Kong, Macao and Taiwan), department
     regulations of China Securities Regulatory Commission and operational rules
     of SSE. In case of any amendment to relevant regulations, relevant
     provisions of this Contract shall be amended accordingly and
     unconditionally.

11.2 Notices or documents given by the parties may be sent by personal delivery,
     mail or other method to such office address as set forth herein. In case of
     any change in address, the parties shall issue a prior written notice.

11.3 In case of the following circumstances, notices or documents will be deemed
     to be delivered to the other:

     A.   if given by personal delivery, the date of receipt as acknowledged in
          the return of service shall be deemed as the date of delivery;

     B.   if given by mail, the date indicated on the receipt of mail shall be
          deemed as the date of delivery.

11.4 Contact Method

     A.   Party A:

          Office Address:   12/F, South Tower, 528 Pudong South Road
                            Shanghai 200120

          Tel: 021-68800098 transfer to Market Department

          E-mail: infobiz@sse.com.cn         Fax: 021-68819726

     B.   Party B: China Finance Online (Beijing) Co., Ltd.

          Address:   6/F, Ping'an Mansion, 23 Jinrong Street, Xicheng District
                     Beijing 100032

          Contact Person: Ma Linghai         Tel: 010-66214728-160

          E-mail: mlh@email.jrj.com.cn       Fax: 010-66210640

11.5 After this Contract takes effect, it shall supersede all previous agreement
     between the parties, including, but not limited to any written or oral
     agreement, contract, negotiation, representation, plan or appendix.

                                       7
<PAGE>

11.6 This Contract shall be made in four copies with the equal validity and
     legal effect and each party shall hold two of them.

<TABLE>

<S>                                                 <C>
Party A: Shanghai Stock Exchange Information        Party B: China Finance Online (Beijing) Co., Ltd.
Network Co., Ltd.

(Seal)  /s/ [COMPANY SEAL]                          (Seal)  /s/ [COMPANY SEAL]

Signed by Authorized Representative:                Signed by Authorized Representative:

/s/ Wong Wei                                        /s/ Wang Linghai
-----------------------------                       ------------------------------
Date of Execution:                                  Date of Execution:
</TABLE>

                                       8
<PAGE>

Appendix 1:

        SHANGHAI STOCK EXCHANGE SECURITIES INFORMATION OPERATION LICENSE

                                Operation License No.: Shang Zheng Xin Xu 061028
                                                        Contract No.: XQB0611028

Entity:   China Finance Online (Beijing) Co., Ltd.
Address:  6/F, Ping'an Mansion, 23 Jinrong Street, Xicheng District, Beijing
Legal Representative:

Information Licensed to Operate:

1.   Shanghai Stock Exchange Real-Time Quotes
2.   Shanghai Stock Exchange Information Network Co., Ltd. Public Announcement
     Summary Information of Public Companies

Purpose: Transmit to terminal users via internet

Valid Term: April 1, 2006 to December 31, 2006

Date of Issuance: March 2006

                                          By:      Shanghai Stock Exchange
                                                   Information Network Co., Ltd.

Exhibits:
A. Payment of Fees
B. Information Service Order
C. Information Transmission Service Order

                                       9
<PAGE>

A.

                                 PAYMENT OF FEES

1.   Pursuant to Exhibit B and Exhibit C, fees payable by Party B are as
     follows:

1.1  Royalty: [******](1)

1.2  Usage fee: [******](1)

1.3  Information transmission fee: [******](1)

1.4  Software usage fee: [******](1)

Total (in words Renminbi): [******](1)

2.   Method of Payment:

2.1  Within five business days from the date hereof, Party B shall remit the
     above fees to the bank and account designated by Party A:

2.2  Bank and account designated by Party A:

     Bank: China Merchants Bank, Shanghai Branch
     Name: Shanghai Stock Exchange Information Network Co., Ltd.
     Account No.: 096945-65808018001

<TABLE>

<S>                                                 <C>
Party A: Shanghai Stock Exchange Information        Party B: China Finance Online (Beijing) Co., Ltd.
Network Co., Ltd.

(Signature or Seal)                                 (Signature or Seal)

/s/ [COMPANY SEAL]                                  /s/ [COMPANY SEAL]

Date of Execution:                                  Date of Execution:
</TABLE>

                                       10
<PAGE>

 Shanghai Stock Exchange Information Network Co., Ltd. Information Service Order

                                                        Contract No.: XQB0611028
                                                        Customer No.:

Valid Term: April 1, 2006 to December 31, 2006

<TABLE>
<CAPTION>

    Product/
Service Type                Product/Service Name             Valid Term of License      Quote      Final Price
----------------     -------------------------------------   ---------------------      -----      -----------

<S>                  <C>                                       <C>                      <C>        <C>
   Information       Shanghai Stock Exchange Real-Time         April 1, 2006 to                    [******](1)
     Product                  Quotes (Royalty)                 December 31, 2006

                     Shanghai Stock Exchange Information       April 1, 2006 to
                     Network Co., Ltd. Public Announcement     December 31, 2006                   [******](1)
                     Summary of Public Companies

Total: [******](1)

Notes:

</TABLE>

<TABLE>

<S>                                                 <C>
Party A: Shanghai Stock Exchange Information        Party B: China Finance Online (Beijing) Co., Ltd.
Network Co., Ltd.

(Signature or Seal)                                 (Signature or Seal)

/s/ [COMPANY SEAL]                                  /s/ [COMPANY SEAL]

Date of Execution:                                  Date of Execution:
</TABLE>

                                       11
<PAGE>

 Shanghai Stock Exchange Information Network Co., Ltd. Information Service Order

                                                        Contract No.: XQB051S028
                                                        Customer No.:

Valid Term: April 1, 2006 to December 31, 2006

<TABLE>
<CAPTION>

   Product/                                      Valid Term of
 Service Type       Product/Service Name            License          Quantity        Quote        Final Price
---------------- ---------------------------- --------------------- ------------ -------------- ---------------

<S>              <C>                           <C>                    <C>          <C>             <C>
   Satellite        Commercial Satellite        April 1, 2006 to      One Set      [******](1)    [******](1)
    System        Access System (charged on    December 31, 2006
                      behalf of others)

 Ground System       INTERNET Transmission      April 1, 2006 to      One Set      [******](1)    [******](1)
                           Service             December 31, 2006

   Relevant            Commercial Version       April 1, 2006 to      One Set      [******](1)    [******](1)
   Software        Securities Information      December 31, 2006
                      System Satellite
                        Transmission

                       Commercial Version
                   Securities Information
                       System Internet
                        Transmission

  Total (Renminbi): [******](1)

  Notes: None

</TABLE>

<TABLE>

<S>                                                 <C>
Party A: Shanghai Stock Exchange Information        Party B: China Finance Online (Beijing) Co., Ltd.
Network Co., Ltd.

(Signature or Seal)                                 (Signature or Seal)

/s/ [COMPANY SEAL]                                  /s/ [COMPANY SEAL]

Date of Execution:                                  Date of Execution:
</TABLE>

                                       12
<PAGE>

Appendix 2:

           AGREEMENT ON SUPERVISION AND MANAGEMENT OF INFORMATION USE

1.   Party B shall submit the Self-examination Report on Use of Securities
     Information on the 10th of the last month of every quarter or the
     immediately following business day if it is not a business day.

2.   The Self-examination Report on Use of Securities Information shall be
     submitted in writing and signed and affixed seal by Party B, together with
     the electronic data specified as below:

2.1  Written Form Sample and Requirements:

        Self-examination Report on Use of Securities Information (Sample)

<TABLE>
<CAPTION>
 Name of User   Type of User     Service       Service     Information    Method of      Contact     Contract Tel
                              Starting Date  Ending Date     Product     Information     Address
                                                                             Use
--------------- ------------- -------------- ------------- ------------- ------------- ------------- -------------
<S>             <C>           <C>            <C>           <C>           <C>           <C>           <C>

--------------- ------------- -------------- ------------- ------------- ------------- ------------- -------------

--------------- ------------- -------------- ------------- ------------- ------------- ------------- -------------

--------------- ------------- -------------- ------------- ------------- ------------- ------------- -------------

--------------- ------------- -------------- ------------- ------------- ------------- ------------- -------------
</TABLE>

y: ________    Date: ________    Seal: ________

Notes:

1.   Name of User: registered name submitted to Party B by users (in case of a
natural person, his/her real name and ID card no. as showed in his/her ID card;
in case of an entity, its registered name shown in its business license);

2.   Type of User: Individual or Institution

3.   Service Starting Date and Service Ending Date: the starting date and ending
date during which Party B provides service to users;

4.   Information Product: name of Party A's information product received by
users from Party B;

5.   Method of Information Use: Users may access Party B's information via
website, internet or cable TV network data transmission, pager, mobile phone
message, etc.

6.   Contract address: the physical address of users to receive services; if the
user is a natural person using pager or mobile phone message, his/her habitual
residence;

7.   Contact tel.: if the user is a natural person, his/her home (company) phone
or mobile phone no.; if the user is an entity, the home (company) phone or
mobile phone no. of the person in charge of the project.

2.2  Technical Requirements on Electronic Data:

                                       13
<PAGE>

o    Document Name: reportYYMMDDaaaaaa.txt ("YYMMDD" means the date of
     submission; "aaaaaa" means number of records, unit of number of users: hu);
     no blank left, "0" for absence of numerical value; "||" to separate data.

o    Field:

<TABLE>
<CAPTION>
Field Location                       Data Meaning                       Data Length
--------------                       ------------                       -----------
<S>                                  <C>                                <C>
1                                    Name of User                       10 digit
------------------------------------ ---------------------------------- ---------------------------------
2                                    Type of User                       8 digit
------------------------------------ ---------------------------------- ---------------------------------
3                                    Service Starting Date              8 digit
------------------------------------ ---------------------------------- ---------------------------------
4                                    Service Ending Date                8 digit
------------------------------------ ---------------------------------- ---------------------------------
5                                    Information Product                20 digit
------------------------------------ ---------------------------------- ---------------------------------
6                                    Method of Information Use          20 digit
------------------------------------ ---------------------------------- ---------------------------------
7                                    Contact Address                    50 digit
------------------------------------ ---------------------------------- ---------------------------------
8                                    Contract Telephone                 15 digit
------------------------------------ ---------------------------------- ---------------------------------
</TABLE>

Notes: Party A agrees that Party B is not required to regularly submit customer
information as aforesaid on an interim basis.

<TABLE>
<S>                                                 <C>
Party A: Shanghai Stock Exchange Information        Party B: China Finance Online (Beijing) Co., Ltd.
Network Co., Ltd.

(Signature or Seal)                                 (Signature or Seal)

/s/ [COMPANY SEAL]                                  /s/ [COMPANY SEAL]

Date of Execution:                                  Date of Execution:
</TABLE>

                                       14

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00104-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00104-of-00352.parquet"}]]