Document:

<PAGE>
                                                                   Exhibit 10.97

                            SHARE PURCHASE AGREEMENT

                                      AMONG

                          FOCUS MEDIA HOLDING LIMITED,

                         TARGET MEDIA HOLDINGS LIMITED,

                          AND THE SELLING SHAREHOLDERS

                                   DATED AS OF

                                 JANUARY 7, 2006

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                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                   PAGE
                                                                                                   ----
<S>                                                                                                <C>
Schedules ......................................................................................     v
Exhibits .......................................................................................     v
ARTICLE I DEFINITIONS...........................................................................     1
   SECTION 1.1.   Certain Defined Terms.........................................................     1
   SECTION 1.2.   Other Defined Terms...........................................................    10
   SECTION 1.3.   Other Interpretive Provisions.................................................    11

ARTICLE II PURCHASE AND SALE OF OFFERED SHARES..................................................    12
   SECTION 2.1.   Purchase and Sale.............................................................    12
   SECTION 2.2.   The Closing...................................................................    14
   SECTION 2.3.   Closing Deliveries............................................................    14
   SECTION 2.4.   Cash Distribution.............................................................    15
   SECTION 2.5.   Post-Closing Adjustment of Final Installment..................................    15
   SECTION 2.6.   Sellers' Representative.......................................................    16

ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE SELLER PARTIES................................    17
   SECTION 3.1.   Due Organization, Good Standing and Power.....................................    17
   SECTION 3.2.   Capitalization; Valid Issuance................................................    17
   SECTION 3.3.   Group Companies...............................................................    17
   SECTION 3.4.   Corporate Records.............................................................    18
   SECTION 3.5.   Financial Statements..........................................................    19
   SECTION 3.6.   Authorization, Enforceability, No Approvals or Conflicts......................    20
   SECTION 3.7.   Compliance with Law; Governmental Authorizations..............................    21
   SECTION 3.8.   Licenses......................................................................    21
   SECTION 3.9.   Litigation....................................................................    21
   SECTION 3.10.  Absence of Certain Changes....................................................    21
   SECTION 3.11.  Tax Matters...................................................................    23
   SECTION 3.12.  Officers, Employees and Labor.................................................    24
   SECTION 3.13.  Loans.........................................................................    25
   SECTION 3.14.  Share Option and Other Plans..................................................    25
   SECTION 3.15.  Intellectual Property.........................................................    26
   SECTION 3.16.  Contracts.....................................................................    26
   SECTION 3.17.  Certain Transactions..........................................................    28
   SECTION 3.18.  Structure Agreements..........................................................    28
   SECTION 3.19.  Non-Disclosed Contracts.......................................................    29
   SECTION 3.20.  Compliance with Laws..........................................................    30
   SECTION 3.21.  Environmental Matters.........................................................    31
   SECTION 3.22.  Insurance.....................................................................    31
   SECTION 3.23.  Personal Property Assets......................................................    32
</TABLE>

                                        i

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<TABLE>
<S>                                                                                                <C>
   SECTION 3.24.  Real Property.................................................................    32
   SECTION 3.25.  No State Assets...............................................................    32
   SECTION 3.26.  Brokers.......................................................................    32
   SECTION 3.27.  No Other Representations and Warranties.......................................    33

ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE SELLING SHAREHOLDERS...........................    33
   SECTION 4.1.   Authorization, Enforceability.................................................    33
   SECTION 4.2.   Ownership and Transfer of Offered Shares......................................    33
   SECTION 4.3.   No Approvals or Conflicts.....................................................    34
   SECTION 4.4.   No Competition................................................................    34
   SECTION 4.5.   Brokerage.....................................................................    34
   SECTION 4.6.   Investment....................................................................    35
   SECTION 4.7.   No Public Market..............................................................    35
   SECTION 4.8.   Accredited Investor; Foreign Investor.........................................    35
   SECTION 4.9.   No Other Representations and Warranties.......................................    35

ARTICLE V REPRESENTATIONS AND WARRANTIES OF BUYER...............................................    35
   SECTION 5.1.   Organization..................................................................    35
   SECTION 5.2.   Authorization, Enforceability.................................................    36
   SECTION 5.3.   No Approvals or Conflicts.....................................................    36
   SECTION 5.4.   Litigation....................................................................    36
   SECTION 5.5.   Outstanding Share Capital.....................................................    36
   SECTION 5.6.   Validity of Share Consideration...............................................    37
   SECTION 5.7.   SEC Filings...................................................................    37
   SECTION 5.8.   Absence of Certain Changes....................................................    37
   SECTION 5.9.   Amendment to Shareholders Agreement...........................................    38
   SECTION 5.10.  No Other Representations or Warranties........................................    38

ARTICLE VI COVENANTS AND AGREEMENTS.............................................................    38
   SECTION 6.1.   Conduct of Business Prior to the Closing......................................    38
   SECTION 6.2.   Filings and Consents..........................................................    40
   SECTION 6.3.   Tax Matters; Cooperation; Preparation of Returns; Tax Elections...............    40
   SECTION 6.4.   Employees; Benefit Plans......................................................    41
   SECTION 6.5.   Related Party Accounts........................................................    41
   SECTION 6.6.   Non-Violation.................................................................    41
   SECTION 6.7.   Confidentiality...............................................................    42
   SECTION 6.8.   Buyer's Board of Directors....................................................    42
   SECTION 6.9.   Employment Agreements.........................................................    43
   SECTION 6.10.  Exclusivity Period............................................................    44
   SECTION 6.11.  Buyer's Deposit...............................................................    44
   SECTION 6.12.  Financial Statements; Comfort Letter..........................................    44
   SECTION 6.13.  No Transfer by Selling Shareholders...........................................    45
   SECTION 6.14.  Cancellation of Company Options...............................................    45
   SECTION 6.15.  Change of Owners; SII Transfer................................................    45
   SECTION 6.16.  Dian Yang Undertaking.........................................................    45
</TABLE>

                                       ii

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<TABLE>
<S>                                                                                                <C>
   SECTION 6.17.  Non-Disclosed Contracts.......................................................    45
   SECTION 6.18.  Mitigation of Losses..........................................................    46
   SECTION 6.19.  Further Actions...............................................................    46
   SECTION 6.20.  Delivery of Allocation Schedule...............................................    46
   SECTION 6.21.  Termination of Certain Contracts..............................................    46

ARTICLE VII CONDITIONS TO THE SELLER PARTIES' AND THE OTHER SELLING SHAREHOLDERS' OBLIGATIONS...    47
   SECTION 7.1.   Representations and Warranties................................................    47
   SECTION 7.2.   Performance...................................................................    47
   SECTION 7.3.   Qualifications................................................................    47
   SECTION 7.4.   No Material Adverse Change....................................................    47
   SECTION 7.5.   Officer's Certificates........................................................    47
   SECTION 7.6.   Shareholders Agreement Amendment..............................................    47
   SECTION 7.7.   Injunctions...................................................................    47
   SECTION 7.8.   Adverse Market Change.........................................................    47
   SECTION 7.9.   FM Ordinary Shares............................................................    48
   SECTION 7.10.  Opinions of Counsel...........................................................    48

ARTICLE VIII CONDITIONS TO BUYER'S OBLIGATIONS..................................................    48
   SECTION 8.1.   Representations and Warranties................................................    48
   SECTION 8.2.   Performance...................................................................    48
   SECTION 8.3.   No Indebtedness...............................................................    49
   SECTION 8.4.   Officer's Certificate.........................................................    49
   SECTION 8.5.   Outstanding Obligations.......................................................    49
   SECTION 8.6.   Employment Agreements.........................................................    49
   SECTION 8.7.   Lock-up Agreements............................................................    49
   SECTION 8.8.   Non-Compete Agreements........................................................    49
   SECTION 8.9.   Corporate Matters.............................................................    49
   SECTION 8.10.  Opinions of Counsel...........................................................    49
   SECTION 8.11.  SAFE Registrations............................................................    50
   SECTION 8.12.  Acquisitions..................................................................    50
   SECTION 8.13.  SII Valuation Report..........................................................    50
   SECTION 8.14.  Proxy Arrangements............................................................    50
   SECTION 8.15.  Injunctions...................................................................    50
   SECTION 8.16.  Minimum Condition.............................................................    50

ARTICLE IX TERMINATION..........................................................................    50
   SECTION 9.1.   Termination...................................................................    50
   SECTION 9.2.   Procedure and Effect of Termination...........................................    51

ARTICLE X INDEMNIFICATION.......................................................................    51
   SECTION 10.1.  Indemnification by the Affiliate Shareholders.................................    51
   SECTION 10.2.  Indemnification by the Carlyle Funds..........................................    53
</TABLE>

                                       iii

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<TABLE>
<S>                                                                                                <C>
   SECTION 10.3.  Indemnification by the Selling Shareholders Other Than the Carlyle Funds......    54
   SECTION 10.4.  Indemnification by Buyer......................................................    55
   SECTION 10.5.  Indemnification as Exclusive Remedy; Mitigation...............................    56
   SECTION 10.6.  Limitation on Indemnification.................................................    56
   SECTION 10.7.  Indemnification Calculations..................................................    56
   SECTION 10.8.  No Duplication................................................................    56
   SECTION 10.9.  Notice and Opportunity to Defend..............................................    56
   SECTION 10.10. Contribution..................................................................    57
   SECTION 10.11. Payment in Kind...............................................................    57

ARTICLE XI MISCELLANEOUS........................................................................    57
   SECTION 11.1.  Fees and Expenses.............................................................    57
   SECTION 11.2.  Governing Law.................................................................    58
   SECTION 11.3.  Amendment.....................................................................    58
   SECTION 11.4.  No Assignment.................................................................    58
   SECTION 11.5.  Waiver........................................................................    58
   SECTION 11.6.  Notices.......................................................................    59
   SECTION 11.7.  Complete Agreement............................................................    61
   SECTION 11.8.  Counterparts..................................................................    61
   SECTION 11.9.  Publicity.....................................................................    61
   SECTION 11.10. Headings......................................................................    61
   SECTION 11.11. Severability..................................................................    61
   SECTION 11.12. Third Parties.................................................................    61
   SECTION 11.13. Dispute Resolution............................................................    61
</TABLE>

                                       iv

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<TABLE>
<CAPTION>
                                         Schedules
                                         ---------
<S>             <C>
Schedule 1.1A   List of Affiliate Shareholders
Schedule 1.1B   List of Other Selling Shareholders
Schedule 1.2    Ancillary Documents
Schedule 1.3A   List of Relevant Persons for Purposes of Knowledge of
                Buyer
Schedule 1.3B   List of Relevant Persons for Purposes of Knowledge of
                Seller Parties
</TABLE>

<TABLE>
<CAPTION>
Disclosure Schedule
-------------------
<S>                   <C>
Section 3.1           Company Contracts
Section 3.2           Share Capital of the Company
Section 3.3           Group Companies
Section 3.5(a)        Financial Information
Section 3.5(b)        Changes Since Balance Sheet Date
Section 3.5(d)        Other Liabilities
Section 3.5(e)        Outstanding Obligations
Section 3.10          Changes
Section 3.11(a)       Payment of Taxes
Section 3.12(c)       Employee Severance Plans
Section 3.14          Share Option Plan Information
Section 3.15          Intellectual Property
Section 3.16          Material Contracts
Section 3.17          Related Party Transactions
Section 3.18          Structure Agreements
Section 3.22          Insurance Policies
Section 3.24(a)       Leased Properties
Section 3.24(b)       Number of Display Placement Agreements
Section 3.26          Brokers
Schedule 7.3          Buyer Consents, Waivers and Approvals
Schedule 8.2          Consents, Waivers and Approvals
</TABLE>

<TABLE>
<CAPTION>
                                       Exhibits
                                       --------
<S>           <C>
Exhibit A     Form of Lock-up Agreement
Exhibit B     Form of Shareholders Agreement Amendment
Exhibit C-1   Form of Carlyle Non-Compete Agreement
Exhibit C-2   Form of Seller Non-Compete Agreement
Exhibit D     Form of Cayman Islands Opinion of Buyer
Exhibit E-1   Form of Cayman Islands Opinion of the Company
Exhibit E-2   Form of PRC Opinion of the Company and the Group Companies
</TABLE>

                                        v

<PAGE>

                            SHARE PURCHASE AGREEMENT

          This SHARE PURCHASE AGREEMENT (this "Agreement"), dated as of January
7, 2006, among TARGET MEDIA HOLDINGS LIMITED, a company with limited liability
organized under the laws of the Cayman Islands ("Target Media" or the
"Company"), the several shareholders of the Company set forth on Schedule 1.1A
(the "Affiliate Shareholders", and together with the Company, the "Seller
Parties"), the other selling shareholders of the Company set forth on Schedule
1.1B (the "Other Selling Shareholders", and together with the Affiliate
Shareholders, the "Selling Shareholders") and FOCUS MEDIA HOLDING LIMITED, a
company with limited liability organized under the laws of the Cayman Islands
("Focus Media" or "Buyer").

          WHEREAS, as of the date hereof, the Selling Shareholders collectively
own all of the outstanding Shares (as defined below) of the Company (excluding
stock options of the Company issued to its employees pursuant to the Option
Plans (as defined below) which shall be cancelled on or prior to the Closing);

          WHEREAS, the Selling Shareholders have duly approved the sale of the
Offered Shares (as defined below) to Buyer;

          WHEREAS, the Selling Shareholders desire to sell to Buyer, and Buyer
desires to purchase from the Selling Shareholders, the Shares, on a fully
converted and diluted basis, upon the terms and subject to the conditions set
forth in this Agreement.

          NOW, THEREFORE, in consideration of the premises and the
representations, warranties, covenants and agreements herein contained and
intending to be legally bound hereby, the parties hereto hereby agree as
follows:

                                    ARTICLE I
                                   DEFINITIONS

          SECTION 1.1. Certain Defined Terms. As used in this Agreement, the
following terms shall have the following meanings:

          "Acquired Entities" means the entities and any variable interest
entity controlled by and consolidated with such entities that the Group
Companies acquired or are in the process of acquiring in connection with the
Acquisitions.

          "Acquisitions" means the several acquisitions that the Company has
completed or is in the process of completing and each of which is disclosed in
the Target Registration Statement.

          "ADSs" means the American depositary shares of Buyer, each
representing ten (10) FM Ordinary Shares, quoted for trading on the NASDAQ.

          "Affiliate" means, with respect to any specified Person, any other
Person that directly, or indirectly through one or more intermediaries,
controls, is controlled by, or is under common control with, such specified
Person.

<PAGE>

          "Aggregate Received Consideration" means, with respect to each Carlyle
Fund, the sum of (i) any Cash Consideration actually received by such Carlyle
Fund and (ii) the product of (A) the number of FM Ordinary Shares actually
received by such Carlyle Fund and (B) the lesser of (x) US$3 and (y) the per
share value of an FM Ordinary Share at the time at which such Carlyle Fund shall
pay any indemnification pursuant to Section 10.2.

          "Agreement" means this Share Purchase Agreement among the parties
hereto, as amended, modified or supplemented from time to time.

          "Allocation Schedule" means a schedule setting forth the allocation of
the Cash Consideration and the Share Consideration to be signed and delivered by
all of the Selling Shareholders no later than five (5) Business Days prior to
the Closing Date.

          "Ancillary Documents" means those agreements, documents and
instruments as set forth in Schedule 1.2.

          "Auditors" means KPMG, the independent auditors to the Company.

          "Business" means (i) the sale or placement of advertising, as
currently operated, on (A) flat-panel television displays deployed in elevators,
elevator lobbies, any retail stores including convenience stores, super-markets
or hyper-markets and (B) light emitting diode displays deployed in out-of-home
markets and (ii) any other business as currently conducted by the Group
Companies.

          "Business Day" means any day that is not a Saturday, a Sunday or other
day on which banks are required or authorized by law to be closed in Beijing,
PRC; Hong Kong Special Administrative Region; or The City of New York.

          "Buyer Material Adverse Effect" or "Buyer Material Adverse Change"
means any effect or change that would be materially adverse to the business,
assets, financial condition, operating results or operations of Buyer, taken as
a whole; provided that none of the following, either alone or in combination,
shall be considered in determining whether there has been a breach of a
representation, warranty, covenant or agreement that is qualified by the term
"Buyer Material Adverse Effect" or, as the case may be, whether a "Buyer
Material Adverse Change" has occurred: (a) events, circumstances, changes or
effects that do not have a materially disproportionate effect (relative to other
industry participants) on Buyer, taken as a whole, and generally affect the
industry in which Buyer operates; (b) general economic or political conditions
or events, circumstances, changes or effects (i) that do not have a materially
disproportionate effect (relative to other industry participants) on Buyer,
taken as a whole, or (ii) affecting the securities markets generally; and (c)
any change or effect that results from any action taken pursuant to or in
accordance with this Agreement and the Ancillary Documents or at request of any
of the Seller Parties.

          "Carlyle Funds" means, collectively, Carlyle Asia Venture Partners II,
L.P. and CAVP II Co-Investment, L.P.

          "Closing Date Balance Sheet" means the Company's balance sheet dated
the Closing Date prepared in accordance with U.S. GAAP.

                                        2

<PAGE>

          "Closing Statement of Net Working Capital" means the statement of net
working capital setting forth the calculation of the Net Working Capital Amount
of the Company to be (i) prepared by the Seller Parties pursuant to Section
2.5(a) based on the Closing Date Balance Sheet and (ii) dated as of the Closing
Date, taking into account all current assets and liabilities that are
attributable to the transactions engaged in by the Company prior to the Closing
Date.

          "Company Common Shares" means the common shares, US$0.0001 par value
per share, of the Company.

          "Company Preferred Shares" means the Series A and Series B redeemable
convertible preferred shares of the Company.

          "Competing Business" means any business or activity which is involved
in the sale or placement of advertising on (i) flat-panel television displays
deployed in elevators, elevator lobbies, any retail stores including convenience
stores, super markets or hyper markets, (ii) frames deployed in elevators,
elevator lobbies, super markets or hyper markets, (iii) mobile phones and other
streaming media devices or (iv) light emitting diode displays deployed in
out-of-home markets.

          "Confidentiality Agreements" means the Confidentiality Agreements each
entered into by the Company and Buyer in favor of the other party, dated
December 12, 2005 and December 28, 2005, respectively.

          "Consideration" means either (a) the Cash Consideration or (b) the
Share Consideration.

          "Contract" means any contract, agreement, arrangement or
understanding, whether written or oral.

          "Control" (including the terms "controlled by" and "under common
control with"), with respect to the relationship between or among two or more
Persons, means the possession, directly or indirectly, of the power to direct or
cause the direction of the affairs or management of a Person, whether through
the ownership of voting securities, by Contract or otherwise, including the
ownership, directly or indirectly, of securities having the power to elect a
majority of the board of directors or similar body governing the affairs of such
Person.

          "Deposit" means US$10,000,000 deposited by Buyer on the first Business
Day following the date of the execution of this Agreement in an account
specified by the Company. For the avoidance of doubt, any references to current
assets of the Company in this Agreement and the Ancillary Documents shall
exclude the amount of the Deposit.

          "Dian Yang" means Shanghai Dian Yang Digital Media Technology Co.,
Ltd., a PRC company controlled by David Feng Yu.

          "Dian Yang Management Agreement" means the Asset and Business Transfer
Agreement, dated December 19, 2003, between Dian Yang and Shanghai Target Media,
as amended, supplemented or modified from time to time.

                                        3

<PAGE>

          "Disclosure Schedule" means the Disclosure Schedule attached hereto,
dated as of the date hereof, delivered by the Company to Buyer in connection
with this Agreement. Notwithstanding anything to the contrary contained in the
Disclosure Schedule or in this Agreement, the information and disclosures
contained in any section of the Disclosure Schedule shall be deemed to be
disclosed and incorporated by reference in any other section of the Disclosure
Schedule as though fully set forth in such other section for which the
applicability of such information and disclosure is reasonably apparent on the
face of such information or disclosure.

          "Employment Agreements" means, collectively, the Key Company Employee
Employment Agreements and the General Employment Agreements.

          "Encumbrance" means any security interest, pledge, mortgage, lien,
charge, limitation, condition, equitable interest, option, easement,
encroachment, right of first refusal, or similar adverse claim or restriction,
including any restriction on transfer or other assignment, as security or
otherwise, of or relating to use, quiet enjoyment, voting, receipt of income or
exercise of any other attribute of ownership.

          "Environmental Claim" means any written notice, claim or demand or any
action, suit, complaint, or proceeding by any person alleging liability or
potential liability (including liability or potential liability for
investigatory costs, cleanup costs, governmental response costs, natural
resource damages, fines or penalties) under any Environmental Laws.

          "Environmental Laws" means all Laws in effect in the PRC at the date
of this Agreement relating to protection of the environment.

          "Exchange Act" means the United States Securities Exchange Act of
1934, as amended, and the rules and regulations promulgated thereunder.

          "Exclusivity Period" means the period from the date hereof to the
Closing Date or the date of the termination of this Agreement pursuant to
Article IX, whichever is the earlier.

          "Financing Lease" means (i) any lease of property, real or personal,
the obligations under which are capitalized on the balance sheet of the Company
and (ii) any other such lease to the extent that the then present value of the
minimum rental commitment thereunder should, in accordance with U.S. GAAP, be
capitalized on a balance sheet of the Company.

          "FM Ordinary Shares" means the ordinary shares, US$0.00005 par value
per share, of Buyer.

          "Follow-On Offering" means an underwritten follow-on offering of ADSs
to be offered and sold by Buyer and/or certain of its shareholders.

          "Government Official" means any official, director, politician,
employee or other similar Persons with a position at a Governmental Authority.

                                        4

<PAGE>

          "Governmental Authority" means any government or governmental or
regulatory body thereof, or political subdivision thereof, whether federal,
state, municipal, local or foreign, or any agency, instrumentality or authority
thereof, or any court or arbitrator (public or private).

          "Governmental Authorization" means any consent or approval of or from
any United States of America, PRC or Cayman Islands Governmental Authority.

          "Governmental Order" means any order, writ, injunction, decree,
stipulation, determination or award entered by or with any Governmental
Authority.

          "Group Companies" means the Company, the Subsidiaries, any variable
interest entity controlled by and consolidated with the Company and any Person
that is not a natural person and that is controlled by a Group Company, a list
of which companies is set forth in Section 3.3 of the Disclosure Schedule.

          "Hazardous Materials" means all materials defined as "hazardous
substances" or "hazardous wastes," toxic, pollutant, contaminant or words of
similar meaning or effect, or any other term of similar import under any
Environmental Law.

          "Indebtedness" of a Person, at a particular date, means the sum
(without duplication) at such date of (i) indebtedness for borrowed money or for
the deferred purchase price of property or services in respect of which such
Person is liable as obligor, (ii) indebtedness secured by any lien on any
property or asset owned or held by such Person regardless of whether the
indebtedness secured thereby shall have been assumed by or is a primary
liability of such Person, (iii) obligations of such Person under Financing
Leases, (iv) the face amount of all letters of credit issued for the account of
such person and, without duplication, the unreimbursed amount of all drafts
drawn thereunder and (v) obligations (in the nature of principal or interest) of
such Person in respect of acceptances or similar obligations issued or created
for the account of such Person.

          "Installment" means each of the First Installment, the Second
Installment and the Final Installment.

          "Intellectual Property" means all rights under patent, copyright,
trademark or trade secret Law or any other statutory provision or common law
doctrine, including design rights.

          "Key Company Employees" means Mr. David Feng Yu and the other key
employees of the Company mutually agreed to by the Company and Buyer prior to
the Closing.

          "Knowledge of the Carlyle Funds" means the actual knowledge of Messrs.
Wayne Tsou or Sean He, the representatives of the Carlyle Funds on the board of
directors of the Company.

          "Knowledge of Buyer" means the actual knowledge after due inquiry of
the individuals set forth on Schedule 1.3A hereto.

          "Knowledge of Seller Parties" means the actual knowledge after due
inquiry of the individuals set forth on Schedule 1.3B hereto.

                                        5

<PAGE>

          "Law" means any statute, code, law, ordinance, regulation or rule or
other legally binding requirement of any Governmental Authority.

          "Lock-up Agreements" means, collectively, the Lock-up Agreements in
the form and substance set forth in Exhibit A hereto, to be executed by the
Selling Shareholders, setting forth the terms and conditions concerning the
restriction of any sale, transfer or Encumbrance of FM Ordinary Shares issued to
the Selling Shareholders as the Share Consideration.

          "Material Adverse Effect" or "Material Adverse Change" means any
effect or change that would be materially adverse to the business, assets,
financial condition, property, operating results or operations of the Group
Companies, taken as a whole; provided that none of the following, either alone
or in combination, shall be considered in determining whether there has been a
breach of a representation, warranty, covenant or agreement that is qualified by
the term "Material Adverse Effect" or, as the case may be, whether a "Material
Adverse Change" has occurred: (a) events, circumstances, changes or effects that
do not have a materially disproportionate effect (relative to other industry
participants) on the Group Companies, taken as a whole, and generally affect the
industry in which the Group Companies operate; (b) general economic or political
conditions or events, circumstances, changes or effects (i) that do not have a
materially disproportionate effect (relative to other industry participants) on
the Group Companies, taken as a whole, or (ii) affecting the securities markets
generally; (c) any changes arising from (i) losses of employees or (ii) any
delays or cancellations of orders for the Group Companies' advertising services
in each case that result primarily from or are caused primarily by the
announcement of this Agreement or the Ancillary Documents or any of the
transactions contemplated hereby or thereby; provided that any of the events
under clauses (i) or (ii) above shall not result from the initiation, assistance
or facilitation of the Company or any of the Selling Shareholders; and (d) any
change or effect that results from any action taken pursuant to or in accordance
with this Agreement and the Ancillary Documents or at request of Buyer.

          "Material Group Companies" means Group Companies, other than the
Recently Acquired Group Companies.

          "NASDAQ" means the Nasdaq National Market Inc.

          "Net Working Capital Amount" means, after taking into effect of the
Cash Distribution, if any, based on the Closing Statement of Net Working
Capital, the amount of the current assets of the Company as of the Closing Date,
minus the current liabilities of the Company as of the Closing Date (which shall
include (i) all accrued Taxes payable in respect of periods ending prior to the
Closing, (ii) all Indebtedness of any Group Company as of the Closing Date and
(iii) all amounts payable to SII pursuant to the SII Loan Agreement, and shall
exclude US$2,000,000 for expenses reimbursable by Buyer pursuant to Section
11.1(a) but not yet paid by Buyer pursuant thereto), minus the amount of any
incremental bad debt provision and inventory write-offs as such provision and
write-offs relate to the accounts receivable and inventory balances,
respectively, as of the Closing Date, which may arise between the Closing Date
and the date of the Final Installment and as are mutually agreed by Buyer and
the Selling Shareholders, as applicable; provided that the amount of the second
reduction above, if any, shall not exceed 20% of the total amount of any such
accounts receivable outstanding as of the Closing Date.

                                        6

<PAGE>

          "Non-Disclosed Contract" means any customer Contract, supply Contract,
display placement contract or other Contracts the terms of which have not been
provided to Buyer prior to the date hereof.

          "Offered Shares" means the total number of Shares offered to be sold
by the Selling Shareholders pursuant to the provisions of this Agreement.

          "Option Plans" means the employee stock option plans and other
employee incentive plans maintained by the Company as of the date hereof.

          "Outstanding Indebtedness" means the amount of the Indebtedness of the
Company outstanding as of the Closing Date.

          "Permitted Encumbrances" means (i) Encumbrances for Taxes not yet
payable or being contested in good faith, (ii) Encumbrances in respect of
property or assets imposed by Law that were incurred in the ordinary course of
business, such as carriers', warehousemen's, materialmen's and mechanics' liens
and other similar liens, (iii) pledges or deposits made in the ordinary course
of business to secure obligations under workers' compensation laws or similar
legislation or to secure public or statutory obligations, (iv) survey
exceptions, reciprocal easement agreements and other customary encumbrances on
title to real property and (v) such other encumbrances as would not,
individually or in the aggregate, materially and adversely affect the value of
or the use of the encumbered property for its current and anticipated purposes.

          "Person" means any individual, partnership, firm, company,
corporation, association, trust, unincorporated organization, joint venture or
other entity.

          "PRC" means the People's Republic of China, but solely for the
purposes of this Agreement excluding the Hong Kong Special Administrative
Region, Macau Special Administrative Region and the island of Taiwan.

          "Purchase Price" means US$325,000,000.

          "Recently Acquired Group Company" means any of the companies
identified as such on Section 3.3 of the Disclosure Schedule.

          "Related Party" means, in respect of any Person, any other Person
specified in Item 7.B of Form 20-F under the Securities Act.

          "Relevant Category" means, with respect to any Non-Disclosed Contract:
(i) customer contracts, (ii) supply agreements, (iii) building leasing
contracts/display placement contracts, (iv) agreements in connection with any
Acquisition or any other acquisition and (v) any other category of Contracts to
which one or more material Non-Disclosed Contracts more appropriately belongs.

          "RMB" means Renminbi, the legal currency of the PRC.

          "Securities Act" means the United States Securities Act of 1933, as
amended, and the rules and regulations promulgated thereunder.

                                        7

<PAGE>

          "Sellers' Fraction" means a fraction, the numerator of which is the
total number of Offered Shares on a fully converted and diluted basis as of the
Closing Date, and the denominator of which is the total number of outstanding
Shares (excluding stock options of the Company issued to its employees pursuant
to the Option Plans) on a fully converted and diluted basis as of the Closing
Date.

          "Shanghai Target Media" means Shanghai Target Media Co., Ltd., a
company organized under the Laws of the PRC.

          "Shareholder Adjustment Amount" means, with respect to any Selling
Shareholder, the absolute value of an amount equal to the product of (i) the Net
Working Capital Amount as determined in accordance with Section 2.5 and (ii) a
fraction, (x) the numerator of which shall be the Value of the Consideration
received by such Selling Shareholder and (y) the denominator of which shall be
US$325,000,000.

          "Shareholders Agreement" means the Amended and Restated Shareholders
Agreement of Buyer dated December 2, 2004.

          "Shareholders Agreement Amendment" means the Second Amended and
Restated Shareholders Agreement to be entered into on or before the Closing Date
by Buyer, certain shareholders of Buyer and the Selling Shareholders, in
substantially the form and substance attached hereto as Exhibit B, which
agreement may be amended, modified or supplemented from time to time.

          "Shares" means all of the equity interests of the Company, including
Company Common Shares, Company Preferred Shares, options, warrants and other
equity interests.

          "Share Value Amount" means the product of (i) US$231,000,000 and (ii)
100%, or if the Offered Shares represent less than 100% of the outstanding
Shares as of the Closing Date, the Sellers' Fraction.

          "SII" means Shanghai Information Investment Inc.

          "SII International" means SII International Holding Limited, a Selling
Shareholder.

          "SII Loan Agreement" means the loan agreement, dated December 13,
2005, between Shanghai Target Media and SII, pursuant to which a short-term loan
of RMB30,000,000 was made by SII to Shanghai Target Media.

          "SII Transfer" means (i) the transfer by SII of all of its equity
interest in Shanghai Target Media to Buyer or any Person designated by Buyer or
(ii) the transfer by SII of all of its equity interest in the Shanghai Target
Media to the other current equity holders of Shanghai Target Media, and such
other equity holders transfer such equity interest in Shanghai Target Media to
Buyer or any Person designated by Buyer.

          "SII Transfer Fees" means the higher of US$5,000,000 and 150% of the
value of the equity interest of SII in Shanghai Target Media set forth in the
SII Valuation Report.

                                        8

<PAGE>

          "SII Valuation Report" means a valuation report, issued by an
accredited PRC valuation firm pursuant to the requirements of the Laws of the
PRC and duly submitted to the State-owned Assets Supervision Administration
Commission of the Shanghai Municipal Government, with respect to the value of
the equity interest of SII in Shanghai Target Media.

          "Structure Agreements" means, collectively, the Contracts and
instruments, a list of which is attached hereto as Section 3.18 of the
Disclosure Schedule, which were entered into by each of the Company, Target
Media Multi-Media Technology (Shanghai) Co., Ltd., Shanghai Target Media Co.,
Ltd., Shanghai Dian Yang Digital Media Technology Co., Ltd., Shanghai
Information Investment Inc., Shanghai Zhuoyue Manager Information Co., Ltd.,
Yongqing Lu and David Feng Yu to enable the Company to effectively control and
consolidate the financial results of Shanghai Target Media (and its
subsidiaries) with its financial statements.

          "Subsidiaries" means any and all corporations, partnerships, companies
and other entities with respect to which the Company, directly or indirectly,
owns more than 50% of the securities having the power to elect members of the
board of directors or similar body governing the affairs of such entity.

          "subsidiaries" means, with respect to any Person, any other Person
with respect to which the first Person, directly or indirectly, owns 50% or more
of the securities of the second Person having the power to elect members of the
board of directors or similar body governing the affairs of such entity.

          "Target Multi-Media" means Target Media Multi-Media Technology
(Shanghai) Co., Ltd., a company organized under the Laws of the PRC.

          "Target Registration Statement" means the registration statement on
Form F-1 of the Company, dated November 15, 2005, as confidentially submitted to
the U.S. Securities and Exchange Commission.

          "Tax" or "Taxes" means any taxes of any kind, including but not
limited to those on or measured by or referred to as income, gross receipts,
capital, sales, use, ad valorem, franchise, profits, license, withholding,
payroll, employment, excise, severance, stamp, occupation, premium, value-added,
property or windfall profits taxes, customs, duties or similar fees, assessments
or charges of any kind whatsoever, together with any interest and any penalties,
additions to tax or additional amounts imposed by any Governmental Authority.

          "Tax Return" means any return, report or statement required to be
filed with any Governmental Authority with respect to Taxes, including any
schedule or attachment thereto, amendment thereof, claim for refund or
declaration of estimated Tax.

          "Taxing Authority" means, with respect to any Tax, the government
entity or political subdivision thereof that imposes such Tax and the agency (if
any) charged with the collection of such Tax for such entity or subdivision.

          "Term Sheet" means the Term Sheet, dated December 18, 2005, among the
Company, Buyer and the several Selling Shareholders thereto relating to the
transactions contemplated under this Agreement and the Ancillary Documents.

                                        9

<PAGE>

          "TMIL" means Target Media International Limited.

          "Tulip Entities" means, collectively, Tulip Media (International)
Limited, a company organized and existing under the laws of Hong Kong Special
Administrative Region, Shanghai Tulip Advertising Co., Ltd., a PRC limited
liability company, Mega Media Advertising Co., Ltd., a PRC limited liability
company, and their respective subsidiaries or Affiliates.

          "U.S. GAAP" means United States generally accepted accounting
principles and practices as in effect from time to time.

          "Value" in respect of a Consideration, means the cash value in the
case of the Cash Consideration, and the Share Value Amount in the case of the
Share Consideration.

          SECTION 1.2. Other Defined Terms. The following terms shall have the
meanings defined for such terms in the Sections set forth below:

<TABLE>
<CAPTION>
                   Term                       Section
                   ----                      --------
<S>                                          <C>
2005 Financial Statements                    6.12(a)
Acquisition Proposal                         6.10
Affiliate Shareholders                       Preamble
Audited Financial Statements                 3.5(a)
Balance Sheet                                3.5(a)
Balance Sheet Date                           3.5(a)
Buyer                                        Preamble
Buyer Options                                2.1(d)
Buyer Indemnified Persons                    10.1(a)
Buyer SEC Documents                          5.7
Carlyle Non-Compete Agreement                8.8
Cash Consideration                           2.1(a)
Cash Distribution                            2.4
Closing                                      2.2
Closing Date                                 2.2
Company                                      Preamble
Company Share Documents                      2.3(b)
Contributing Shareholder                     10.10
Confidential Information                     6.7
Deposit Account                              6.11
Display Unit                                 3.19
Financial Statements                         3.5(a)
First Installment                            2.1(a)
Final Installment                            2.1(a)
Focus Media                                  Preamble
General Employment Agreements                6.9(b)
HKIAC                                        11.13(b)
Identified Contracts                         6.21
Indemnifying Affiliate Shareholder           10.1(a)
</TABLE>

                                       10

<PAGE>

<TABLE>
<CAPTION>
                   Term                       Section
                   ----                      --------
<S>                                          <C>
Indemnifying Carlyle Fund                    10.2(a)
Indemnifying Party                           10.9
Indemnifying Selling Shareholder             10.3(a)
Indemnity Claim                              10.6(a)
Independent Accounting Firm                  2.5(b)
Key Company Employee Employment Agreements   6.9(a)
Losses                                       10.1(a)
Management Accounts                          6.12(a)
Material Contract                            3.16(a)
Other Selling Shareholders                   Preamble
Other Company Employees                      6.9(b)
Pre-Closing Taxes                            10.1(a)
Proxy                                        8.14
Related Party Accounts                       6.5
SAFE                                         6.2
SAFE Registrations                           6.2
Schedule of Outstanding Obligations          3.5(e)
SEC                                          5.7
Second Installment                           2.1(a)
Seller Indemnified Persons                   10.4(a)
Seller Non-Compete Agreement                 8.8
Seller Parties                               Preamble
Sellers' Representative                      2.6
Selling Shareholders                         Preamble
Share Consideration                          2.1(b)
Target Media                                 Preamble
Tulip Acquisition Proposal                   6.10(b)
Tulip Exclusivity                            6.10(b)
Unaudited Financial Statements               3.5(a)
US$                                          2.1(a)
</TABLE>

          SECTION 1.3. Other Interpretive Provisions. The words "hereof,"
"herein" and "hereunder" and words of similar import when used in this Agreement
shall refer to this Agreement as a whole and not to any particular provision of
this Agreement, and Section, Schedule and Exhibit references are to this
Agreement unless otherwise specified. The words "include," "includes" and
"including" shall be deemed to be followed by the phrase "without limitation."
The meanings given to terms defined herein shall be equally applicable to both
the singular and plural forms of such terms.

                                       11

<PAGE>

                                   ARTICLE II
                       PURCHASE AND SALE OF OFFERED SHARES

          SECTION 2.1. Purchase and Sale. Subject to the terms and conditions
set forth in this Agreement, each Selling Shareholder shall sell to Buyer the
Offered Shares owned by it, free and clear of all Encumbrances at the Closing
Date, and Buyer shall purchase from the Selling Shareholders the Offered Shares
at the Closing Date, on a fully converted and diluted basis, for total
consideration consisting of the Cash Consideration and the Share Consideration,
as set forth below.

          (a) Cash Consideration. Buyer shall pay the Selling Shareholders an
amount in cash equal to U.S. dollars ("US$") of US$94,000,000 (or if the Offered
Shares represent less than 100% of the outstanding Shares as of the Closing
Date, with all Company Preferred Shares counted on an as converted basis,
US$94,000,000 multiplied by the Sellers' Fraction) (the "Cash Consideration"),
based on the allocation thereof set forth in the Allocation Schedule in three
installments as follows:

          (i) US$45,000,000 (or if the Offered Shares represent less than 100%
     of the outstanding Shares as of the Closing Date, with all Company
     Preferred Shares are counted on an as-converted basis, US$45,000,000
     multiplied by the Sellers' Fraction), minus the amount of any Outstanding
     Indebtedness, minus the amount of the Deposit, shall be payable on the
     Closing Date (the "First Installment"); provided that if the SII Transfer
     has not been completed on or prior to the Closing Date, the amount of the
     SII Transfer Fees that exceeds SII International's cash allocation for the
     Second Installment and the Final Installment shall be withheld without
     interest from the portion of the First Installment to be allocated to SII
     International as set forth on the Allocation Schedule until SII
     International has provided evidence of the completion of the SII Transfer;

          (ii) US$25,000,000 (or if the Offered Shares represent less than 100%
     of the outstanding Shares as of the Closing Date, with all Company
     Preferred Shares counted on an as-converted basis, US$25,000,000 multiplied
     by the Sellers' Fraction), minus any deficiency amount arising out of the
     calculation provided in paragraph (i) above, shall be payable on April 28,
     2006 (the "Second Installment"); provided that if the SII Transfer has not
     been completed on or prior to April 28, 2006, the amount of the SII
     Transfer Fees that exceed SII International's cash allocation for the Final
     Installment (less any amount withheld from the First Installment) shall be
     withheld without interest from the portion of the Second Installment to be
     allocated to SII International as set forth on the Allocation Schedule
     until SII International has provided evidence of the completion of the SII
     Transfer; and

          (iii) US$24,000,000 (or if the Offered Shares represent less than 100%
     of the outstanding Shares as of the Closing Date, with all Company
     Preferred Shares counted on an as-converted basis, US$24,000,000 multiplied
     by the Sellers' Fraction), minus any deficiency amount arising out of the
     calculation provided in paragraph (ii) above, plus the Net Working Capital
     Amount determined in accordance with Section 2.5 if such amount is more
     than US$0.00, or minus the absolute value of the Net Working Capital Amount

                                       12

<PAGE>

     determined in accordance with Section 2.5 if the Net Working Capital Amount
     is less than US$0.00, shall be payable on July 31, 2006 (the "Final
     Installment"); provided that if the SII Transfer has not been completed on
     or prior to July 31, 2006, the amount of the SII Transfer Fees not withheld
     from SII International's cash allocation for the First Installment and the
     Second Installment shall be withheld without interest from the portion of
     the Final Installment to be allocated to SII International as set forth in
     the Allocation Schedule until SII International has provided evidence of
     the completion of the SII Transfer.

          (b) Share Consideration. Buyer shall issue the number of FM Ordinary
Shares equal to the product of (i) 77,000,000 and (ii) 100%, or if the Offered
Shares represent less than 100% of the outstanding Shares as of the Closing
Date, the Sellers' Fraction (the "Share Consideration") at the Closing Date to
the Selling Shareholders, based on the allocation thereof set forth on the
Allocation Schedule.

          (c) Allocation of Net Working Capital Amount. If the Net Working
Capital Amount determined in accordance with Section 2.5 exceeds US$0.00, such
excess shall be allocated among the Selling Shareholders and holders of stock
options on a pro rata basis based on the total Value of the Cash Consideration
and the Share Consideration received by each such Selling Shareholder in
accordance with the Allocation Schedule. If the Net Working Capital Amount
determined in accordance with Section 2.5 is less than US$0.00, (i) the amount
of Cash Consideration allocated to each Selling Shareholder (other than TMIL)
and stock option holder to receive Cash Consideration on the date of the Final
Installment shall be reduced by such Selling Shareholder's or stock option
holder's Shareholder Adjustment Amount; (ii) each Selling Shareholder (other
than the Carlyle Funds) that is not allocated cash in connection with the Final
Installment shall pay to TMIL an amount in cash equal to such Selling
Shareholder's Shareholder Adjustment Amount; (iii) each Carlyle Fund shall
transfer to TMIL a number of FM Ordinary Shares equal to the quotient of (A)
such Carlyle Fund's Shareholder Adjustment Amount and (B) the market value of
one FM Ordinary Share on the date on which the Final Installment is paid; and
(iv) the amount of Cash Consideration allocated to TMIL in connection with the
Final Installment shall be reduced by an amount equal to the sum of the
respective Shareholder Adjustment Amounts for (X) TMIL, (Y) each Carlyle Fund,
and (Z) each Selling Shareholder that is not allocated cash in connection with
the Final Installment.

          (d) Buyer Options. Buyer agrees to grant options to purchase an
aggregate of 3,000,000 FM Ordinary Shares (the "Buyer Options") subject to
applicable law (i) on the Closing Date to the employees of the Company who have
entered into either the Key Company Employee Employment Agreements or the
General Employment Agreements, as the case may be, on or prior to the Closing
Date and (ii) on the effective date of the respective Key Company Employee
Employment Agreements or General Employment Agreements, as the case may be, to
employees of the Group Companies who enter into either the Key Company Employee
Employment Agreements or the General Employment Agreements subsequent to the
Closing Date. The Company may determine, in its sole discretion, to allocate the
number of the Buyer Options among such employees in clauses (i) and (ii) above.
The Buyer Options will be exercisable at a price per FM Ordinary Share equal to
one-tenth of the closing price per ADS as reported on the NASDAQ on the date the
Buyer Options are granted.

                                       13

<PAGE>

          SECTION 2.2. The Closing. Unless this Agreement shall have been
terminated pursuant to Article IX, subject to the terms and conditions set forth
in this Agreement, including Articles VII and VIII, the closing of the purchase
and sale of the Offered Shares (the "Closing") shall take place on the third
Business Day after satisfaction or waiver of all of the conditions set forth in
Articles VII and VIII hereof at the offices of Simpson Thacher & Bartlett LLP,
7/F, ICBC Tower, 3 Garden Road, Central, Hong Kong, which the parties shall use
all reasonable best efforts to achieve as soon as possible on or before February
28, 2006 or on such other date and place as the parties may agree in writing.
The date of the Closing is hereinafter referred to as the "Closing Date".

          SECTION 2.3. Closing Deliveries. At the Closing, the parties hereto
shall deliver or shall cause to be delivered such items as are required to be
delivered by them in accordance with the terms of this Agreement, including the
following:

          (a) Buyer shall deliver or cause to be delivered to each Selling
Shareholder:

          (i) the First Installment of the Cash Consideration, in an amount
     determined in accordance with Section 2.1(a) in immediately available funds
     by wire transfer to an account designated prior to the Closing Date in
     writing by the Selling Shareholders for such purpose;

          (ii) the Share Consideration as determined in accordance with Section
     2.1(b), including true copies of the register of members of Buyer
     evidencing the transfer to the Selling Shareholders and registration in the
     name of the Selling Shareholders in respect of the Share Consideration; and

          (iii) all other documents, instruments and writings required to have
     been delivered at or prior to the Closing Date by Buyer pursuant to this
     Agreement.

          (b) Each Selling Shareholder shall deliver or cause to be delivered to
Buyer:

          (i) updated share registries or share certificates (or local legal
     equivalent) evidencing the Offered Shares it owns, duly endorsed in blank,
     or accompanied by share transfer forms duly executed in blank and with any
     required stock transfer tax stamps affixed (the cost of which stamps, if
     any, shall be borne by the Selling Shareholders) and all necessary
     documents, duly executed where so required (collectively, the "Company
     Share Documents"), to enable title in such Offered Shares to pass fully and
     effectively into the name of Buyer;

          (ii) all other documents, instruments and writings required to have
     been delivered at or prior to the Closing Date by such Selling Shareholder
     pursuant to this Agreement; and

          (c) The Company shall deliver or cause to be delivered to Buyer:

          (i) in respect of each Group Company, the certificates of
     incorporation, common seal (if it exists), share register and share
     certificate book (with any unissued share certificates) and all minute
     books and other statutory books or such equivalent items

                                       14

<PAGE>

     in the relevant jurisdiction as are kept by the relevant Group Company or
     are required by the Law of the jurisdiction where such Group Company is
     incorporated to be kept by such Group Company; and

          (ii) all other documents, instruments and writings required to have
     been delivered at or prior to the Closing Date by the Company pursuant to
     this Agreement.

          SECTION 2.4. Cash Distribution. Notwithstanding anything contained
herein to the contrary, the Company may distribute cash to its shareholders on
the Closing Date in the amount not to exceed the amount of the current assets
less the current liabilities of the Company as of the Closing Date (the "Cash
Distribution"); provided that such Cash Distribution shall not be made by the
Company unless and until (a) the payment obligations for all purchase prices in
relation to the Acquisitions and (b) the repayment obligations under the SII
Loan Agreement, have been made or reserved in full.

          SECTION 2.5. Post-Closing Adjustment of Final Installment.

          (a) Closing Statement of Net Working Capital. As promptly as
practicable, but in any event within fifteen (15) Business Days following the
Closing Date, the Seller Parties shall deliver to Buyer the Closing Statement of
Net Working Capital. The amount of current assets, the amount of current
liabilities and the calculation of the Net Working Capital Amount in the Closing
Statement Net Working Capital shall be prepared based on the Closing Date
Balance Sheet on a basis consistent with past practices.

          (b) Disputes.

          (i) Subject to clause (ii) of this Section 2.5(b), the Closing
     Statement of Net Working Capital delivered by the Seller Parties to Buyer
     shall be final, binding and conclusive on the parties hereto.

          (ii) Buyer may dispute (A) any amounts reflected in the Closing
     Statement of Net Working Capital or (B) on any basis that the amounts
     reflected in the Closing Statement of Net Working Capital were not prepared
     based on the Closing Date Balance Sheet on a basis consistent with past
     practices or were arrived at based on mathematical or clerical error;
     provided, however, that Buyer shall have notified the Seller Parties in
     writing of each disputed item, specifying the estimated amount thereof in
     dispute and setting forth, in reasonable detail, the basis for such
     dispute, within fifteen (15) Business Days of the Seller Parties' delivery
     of the Closing Statement of Net Working Capital to Buyer. In the event of
     such a dispute, the Seller Parties and Buyer shall attempt to reconcile
     their differences, and any resolution by them as to any disputed amounts
     shall be final, binding and conclusive on the parties hereto. If the Seller
     Parties and Buyer are unable to reach a resolution with such effect within
     fifteen (15) Business Days after the receipt by the Seller Parties of
     Buyer's written notice of dispute, the Seller Parties and Buyer shall
     submit the items remaining in dispute for resolution to (A) the Auditors,
     (B) Deloitte Touche Tohmatsu, if the Auditors shall decline or are unable
     to act or (C) if Deloitte Touche Tohmatsu shall decline or is unable to
     act, another independent accounting firm mutually acceptable to the Seller
     Parties and Buyer (any of the accounting firms set forth in (A), (B)

                                       15

<PAGE>

     and (C) above being referred to herein as the "Independent Accounting
     Firm"), which shall, within fifteen (15) Business Days after such
     submission, determine and report in writing to the Seller Parties and Buyer
     upon such remaining disputed items, and such written report shall be final,
     binding and conclusive on the Seller Parties and Buyer. The fees and
     disbursements of the Independent Accounting Firm acting under this Section
     2.5 shall be shared equally by Buyer and the Seller Parties.

          (iii) To facilitate the Seller Parties' preparation of the Closing Net
     Working Capital Statement, Buyer shall use its reasonable efforts to make
     available to the Seller Parties at the Company's offices the books and
     records (with respect to the period up to and including the Closing Date),
     officers and employees of the Company.

          (iv) In acting under this Agreement, the Independent Accounting Firm
     shall be entitled to the privileges and immunities of arbitrators.

          (c) Final Installment Adjustment. The Closing Statement of Net Working
Capital shall be deemed final for the purposes of this Section 2.5 upon the
earliest of (i) the failure of Buyer to notify the Seller Parties of a dispute
within fifteen (15) Business Days of the Seller Parties' delivery of the Closing
Statement of Net Working Capital to Buyer, (ii) the resolution of all disputes,
pursuant to Section 2.5(b)(ii), by the Seller Parties and Buyer and (iii) the
resolution of all disputes, pursuant to Section 2.5(b)(ii), by the Independent
Accounting Firm. Within three (3) Business Days of the Closing Statement of Net
Working Capital being deemed final, an adjustment shall be made such that the
Net Working Capital Amount is reflected in the Final Installment in accordance
with Section 2.1(a).

          SECTION 2.6. Sellers' Representative. Each Selling Shareholder (other
than the Carlyle Funds) hereby appoints David Feng Yu (the "Sellers'
Representative") as such Selling Shareholders' attorney-in-fact and
representative, (i) to do any and all things and to execute any and all
documents or other papers, in each such Selling Shareholder's name, place and
stead, in any way in which each such Selling Shareholder could do if personally
present, in connection with this Agreement and the applicable Ancillary
Documents and the transactions contemplated hereby and thereby, (ii) to amend,
cancel or extend, or waive the terms of, this Agreement and any of the Ancillary
Documents in a manner that would not disproportionately affect such Selling
Shareholder as compared to the other Selling Shareholders, (iii) to act on
behalf of such Selling Shareholder with respect to any claims (including the
settlement thereof) made by Buyer or such Selling Shareholders for
indemnification pursuant to Article X or any dispute arising under Section 2.5
in a manner that would not disproportionately affect such Selling Shareholder as
compared to the other Selling Shareholders. The power of attorney granted hereby
is coupled with an interest. In the event that the Sellers' Representative
becomes unable or unwilling to continue in his or her capacity as the Sellers'
Representative under this Agreement, the Selling Shareholders (other than the
Carlyle Funds) shall promptly appoint a successor Sellers' Representative by
written notice to Buyer, and the appointment of such successor Sellers'
Representative shall become effective only upon Buyer's receipt of such written
notice. Each Selling Shareholder (other than the Carlyle Funds) hereby agrees
that any successor Sellers' Representative so selected by such Selling
Shareholders shall be entitled to act as such under this Agreement on behalf of
such Selling Shareholders. All references herein to the Sellers' Representative
shall include any such successor Sellers' Representative. Except as otherwise
expressly set forth herein, the Selling

                                       16

<PAGE>

Shareholders (other than the Carlyle Funds) hereby consent to the taking by the
Sellers' Representative of any and all actions and the making of any decisions
required or permitted to be taken by such Selling Shareholders under this
Agreement. The Selling Shareholders (other than the Carlyle Funds) shall be
bound by all actions taken by the Sellers' Representative in his or her capacity
as the Sellers' Representative.

                                   ARTICLE III
              REPRESENTATIONS AND WARRANTIES OF THE SELLER PARTIES

          The Seller Parties, jointly and severally, represent and warrant to
Buyer as follows:

          SECTION 3.1. Due Organization, Good Standing and Power.

          (a) The Company is a company duly organized, validly existing and in
good standing under the laws of the Cayman Islands. The Company has the
requisite power and authority to own, lease and operate its assets and to
conduct the business now being conducted by it and, if applicable, is duly
qualified as a foreign corporation for the transaction of business and is in
good standing under the laws of each other jurisdiction in which it owns or
leases properties or conducts any business so as to require such qualification.
The Company has all requisite power and authority to enter into this Agreement
and the Ancillary Documents to which it is a party and to perform its
obligations hereunder and thereunder.

          (b) The Company is a holding company. The Company has no material
liabilities or obligations and is not a party to any Contract, other than (i)
this Agreement, the Ancillary Documents to which it is a party and such other
Contracts as are described in Section 3.1 of the Disclosure Schedule, and (ii)
any liabilities or obligations relating solely to the transactions contemplated
by this Agreement, the Ancillary Documents to which the Company is a party or
the Contracts described in Section 3.1 of the Disclosure Schedule.

          SECTION 3.2. Capitalization; Valid Issuance. The Shares set forth in
Section 3.2 of the Disclosure Schedule constitute the only issued and
outstanding equity capital of the Company. All of the Shares were duly
authorized for issuance without violation of any preemptive or similar rights
and are validly issued and, except for the stock options, fully paid and
nonassessable.

          SECTION 3.3. Group Companies.

          (a) Section 3.3 of the Disclosure Schedule sets forth for each of the
Group Companies (i) its jurisdiction of incorporation, formation or
organization, as applicable, and (ii) the number of authorized, issued and
outstanding shares of each class of its capital stock or other authorized,
issued and outstanding equity interests, as applicable, the names of the holders
thereof, and the number of shares or percentage interests, as applicable, held
by each such holder. Each of the Group Companies is duly incorporated or formed,
as applicable, validly existing and, in good standing under the Laws of its
jurisdiction of incorporation or formation, as applicable, has the requisite
corporate or other applicable organizational power and authority to own, lease
and operate its assets and to carry on its business now being conducted by it
and, if applicable, is duly qualified as a foreign corporation for the
transaction of business and is in good standing under the

                                       17

<PAGE>

laws of each other jurisdiction in which it owns or leases properties or
conducts any business so as to require such qualification, except for such
failure to have such power or authority or to be so qualified or licensed or in
good standing, as the case may be, as would not, individually or in the
aggregate, (i) adversely affect the ability of such Group Company to conduct the
Business or (ii) otherwise be reasonably expected to have a Material Adverse
Effect. All the issued and outstanding shares of capital stock or other equity
interests of the Group Companies indicated as being owned by the Company in
Section 3.3 of the Disclosure Schedule are owned of record, free and clear of
any Encumbrances, except as disclosed in Section 3.3 of the Disclosure Schedule.
All of such issued and outstanding shares or other equity interests of the Group
Companies have been validly issued, are fully paid and, if applicable,
nonassessable and have not been issued in violation of any preemptive or similar
rights, if any. There is no existing option, warrant, call, right, commitment or
other agreement of any character to which any Seller Party, Material Group
Company or, to the Knowledge of the Seller Parties, Recently Acquired Group
Company is a party requiring, and there are no securities of any Group Company
outstanding which upon conversion or exchange would require, the issuance, sale
or transfer or repurchase or redemption or otherwise acquisition of any
additional shares of capital stock, issued or unissued, or other equity
securities of any Material Group Company and, to the Knowledge of the Seller
Parties, any Recently Acquired Group Company or other securities convertible
into, exchangeable for or evidencing the right to subscribe for or purchase
shares of capital stock or other equity securities of such Material Group
Company or, to the Knowledge of the Seller Parties, such Recently Acquired Group
Company or relating to dividends or voting rights. Except as contemplated by the
Structure Agreements, none of the Group Companies is a party to any voting
trust, other voting agreement or Contract with respect to any of the Shares or
to any agreement relating to the issuance, sale, redemption, transfer or other
disposition of the capital stock of any Material Group Company and, to the
Knowledge of the Seller Parties, any Recently Acquired Group Company.

          (b) No shares of capital stock or other equity or ownership interests
of any Material Group Company or, to the Knowledge of the Seller Parties, any
Recently Acquired Group Company have been issued in violation of any rights,
agreements, arrangements or commitments under any provision of applicable Law,
the certificate of incorporation or bylaws or comparable organizational
documents of any Material Group Company or, to the Knowledge of the Seller
Parties, any Recently Acquired Group Company or any Contract to which any
Material Group Company or, to the Knowledge of the Seller Parties, any Recently
Acquired Group Company is a party or by which such Material Group Company or
such Recently Acquired Group Company is bound.

          SECTION 3.4. Corporate Records. The Company has made available to
Buyer true, correct and complete copies of the certificates of incorporation,
by-laws or comparable organizational documents and business licenses of each
Material Group Company or, to the Knowledge of the Seller Parties, each Recently
Acquired Group Company. Such certificates of incorporation, by-laws, or
comparable organizational documents and business licenses are in full force and
effect. None of the Material Group Companies and, to the Knowledge of the Seller
Parties, the Recently Acquired Group Companies is in violation of any of the
provisions of its certificate of incorporation, bylaws or comparable
organizational documents. The transfer books and minute books of each Material
Group Company and, to the Knowledge of the Seller Parties, each Recently
Acquired Group Company that have been made available for inspection by Buyer
prior to the date hereof are true and complete in all material respects.

                                       18

<PAGE>

          SECTION 3.5. Financial Statements.

          (a) The Company has delivered to Buyer (i) complete copies of the
Company's audited consolidated balance sheets as of December 31, 2003 and 2004,
and the related statements of operations, stockholders' equity and cash flows
for the years ended December 31, 2003 and 2004, together with the notes to such
financial statements (the "Audited Financial Statements") and (ii) complete
copies of the Company's reviewed consolidated balance sheets as of September 30,
2005, the related statements of operation for the nine months ended September
30, 2004 and 2005 and the related statements of stockholders' equity and cash
flows for the nine months ended September 30, 2005, together with the notes to
such financial statements (the "Unaudited Financial Statements"). Pursuant to
Section 6.12 hereof, the Company has agreed to deliver to Buyer prior to the
Closing Date the 2005 Financial Statements (as defined below) and the Management
Accounts. The Audited Financial Statements, the 2005 Financial Statements, the
Unaudited Financial Statements, the Management Accounts and the Closing
Statement of Net Working Capital are collectively referred to herein as the
"Financial Statements". The Financial Statements, if available, (i) are true,
correct and complete in all material respects and have been prepared in
accordance with the books and records of the Company and its Subsidiaries, (ii)
have been prepared in accordance with U.S. GAAP on a consistent basis throughout
the periods indicated therein, provided that the Management Accounts will be
prepared on a basis consistent with the Company's past practices and the Closing
Statement of Net Working Capital will be prepared based on the Closing Date
Balance Sheet, and (iii) except in the case of the Closing Statement of Net
Working Capital which fairly presents, in all material respects, the working
capital condition of the Company for the periods to which it relates, fairly
present, in all material respects, the financial condition and results of
operations and, except in the case of the Management Accounts, cash flows of the
business of the Company and its Subsidiaries, as of and for the periods to which
they relate, subject, in the case of the Unaudited Financial Statements, to
normal year-end audit adjustments (which are not, in the aggregate, material to
the Group Companies, taken as a whole) and the absence of footnote disclosure.
For the purposes hereof, the consolidated balance sheet of the Company and its
Subsidiaries as of September 30, 2005, is referred to as the "Balance Sheet" and
September 30, 2005, is referred to as the "Balance Sheet Date". The books of
account and financial records of each Material Group Company and, to the
Knowledge of the Seller Parties, each Recently Acquired Group Company are true
and correct in all material respects. Except as set forth in Section 3.5(a) of
the Disclosure Schedule, none of the Material Group Companies and, to the
Knowledge of the Seller Parties, none of the Recently Acquired Group Companies
has made any changes in its accounting methods or principles since the Balance
Sheet Date.

          (b) Since the Balance Sheet Date, none of the Group Companies has
sustained any material loss or interference with its business from fire,
explosion, flood or other calamity, whether or not covered by insurance, or from
any labor dispute or court or governmental action, order or decree; and, since
the Balance Sheet Date, there has not been any material change in the share
capital, short-term debt or long-term debt of any of the Group Companies or any
Material Adverse Change, except as set forth in Section 3.5(b) of the Disclosure
Schedule.

          (c) The Company maintains a system of internal accounting controls
that provide reasonable assurance that (i) transactions are executed in
accordance with management's general or specific authorizations, (ii)
transactions are recorded in reasonable detail, accurately and

                                       19

<PAGE>

fairly reflect in all material respects the transactions and dispositions of
assets of such entity as necessary to permit preparation of financial statements
in conformity U.S. GAAP, (iii) access to material assets is permitted only in
accordance with management's general or specific authorization, (iv) the
recorded accountability for assets is compared with existing assets at
reasonable intervals and appropriate actions are taken with respect to any
differences and (v) each of the Material Group Companies and, to the Knowledge
of the Seller Parties, each Recently Acquired Group Company has made and kept
books, records and accounts which, in reasonable detail, accurately and fairly
reflect in all material respects the transactions and dispositions of assets of
such entity and provide a sufficient basis for the preparation of financial
statements in accordance with U.S. GAAP.

          (d) There are no liabilities of the Group Companies that would be
required to be disclosed pursuant to U.S. GAAP on a balance sheet or the notes
thereto, other than liabilities and obligations reflected or reserved against
the Balance Sheet or disclosed in the notes thereto or arising in the ordinary
course of the business of the Group Companies since the Balance Sheet Date that
would not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect, except as set forth in Section 3.5(d) of the Disclosure
Schedule.

          (e) Section 3.5(e) of the Disclosure Schedule sets forth the Company's
estimated future outstanding obligations on an annual basis until 2008 and on an
aggregate basis after September 30, 2005 in relation to (i) operating leases
based on contracts entered into prior to September 30, 2005 and (ii) all other
potential obligations from the Non-Disclosed Contracts (collectively, the
"Schedule of Outstanding Obligations"), is true, accurate and complete in all
material respects and is presented in terms consistent with the Company's
internal accounts and records.

          (f) None of the Group Companies is engaged in any trading activities
involving commodity contracts or other trading contracts which are not currently
traded on a securities or commodities exchange and for which the market value
cannot be determined.

          SECTION 3.6. Authorization, Enforceability, No Approvals or Conflicts.

          (a) The execution, delivery of this Agreement and the Ancillary
Documents to which it is a party by the Company and the performance by the
Company of its obligations hereunder and thereunder have been duly authorized by
all necessary corporate or other applicable organizational action of the
Company. Each of this Agreement and the Ancillary Documents to which it is a
party has been duly executed and delivered by the Company and, assuming due
authorization, execution and delivery by the other party/parties thereto,
constitutes a valid and binding agreement of the Company, enforceable against
each of them in accordance with its terms, subject to the effects of bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium and other similar
Laws relating to or affecting creditors' rights generally and general equitable
principles (whether considered in a proceeding in equity or at Law).

          (b) The execution, delivery and performance by the Company of this
Agreement and the Ancillary Documents to which it is a party, and the
consummation by the Company of the transactions contemplated hereby and thereby
do not and will not (i) violate, conflict with or result in a breach of the
organizational documents of any of the Group Companies,

                                       20

<PAGE>

(ii) violate, conflict with or result in a breach of, or constitute a default by
any of the Group Companies (or create an event which, with notice or lapse of
time or both, would constitute a default) or give rise to any right of
termination, cancellation or acceleration under, or result in the loss of any
benefit under or result in the creation of any Encumbrance upon any of the
properties of any of the Group Companies or on the Shares under, any note, bond,
mortgage, indenture, deed of trust, license, franchise, permit, lease, contract,
agreement or other instrument to which any of the Group Companies or any of
their respective properties may be bound, (iii) violate or result in a breach of
any Governmental Order or Law applicable to any of the Group Companies or any of
their respective properties or (iv) require any order, consent, approval or
authorization of, or notice to, or declaration, filing, application,
qualification or registration by the Seller Parties or the Group Companies with,
any Governmental Authority, except, with respect to the foregoing clauses (ii),
(iii) and (iv) above, as would not reasonably be expected to have a Material
Adverse Effect, or as would not, individually or in the aggregate, reasonably be
likely to have a material adverse effect on the ability of the Company to
consummate the transactions contemplated by this Agreement or the Ancillary
Documents to which it is a party.

          SECTION 3.7. Compliance with Law; Governmental Authorizations. Except
as would not reasonably be expected to have a Material Adverse Effect, none of
the Group Companies is in violation of any Governmental Order or Law applicable
to them or any of their respective properties.

          SECTION 3.8. Licenses. Each of the Group Companies has obtained all
material licenses, franchises, concessions, consents, authorizations, approvals,
orders, certificates and permits of and from, and has made all material
declarations and filings with, all Governmental Authorities necessary for the
conduct of the Business. None of the Group Companies has received any written
notice that (i) any regulatory body is considering modifying, suspending or
revoking any such licenses, consents, authorizations, approvals, orders,
certificates or permits or (ii) any of the Group Companies is not in material
compliance with the provisions of all such licenses, consents, authorizations,
approvals, orders, certificates or permits.

          SECTION 3.9. Litigation. There are no material suits, actions,
arbitrations, proceedings or investigations pending or, to the Knowledge of the
Seller Parties, threatened against any of the Company and the Group Companies.

          SECTION 3.10. Absence of Certain Changes. Since the Balance Sheet
Date, the Business has been conducted in all material respects only in the
ordinary course consistent with past practice. Without limiting the generality
of the foregoing and except as set forth in Section 3.10 of the Disclosure
Schedule, since the Balance Sheet Date and (other than paragraph (a) below)
until the date hereof, there has not been:

          (a) any material damage, destruction or loss (whether or not covered
by insurance) affecting the business or assets of the Material Group Companies
and, to the Knowledge of the Seller Parties, the Recently Acquired Group
Companies individually or taken as a whole;

          (b) any sale, purchase, option, subscription, warrant, call,
commitment or agreement of any character granted or made by any of the Material
Group Companies or, to the

                                       21

<PAGE>

Knowledge of the Seller Parties, any of the Recently Acquired Group Companies in
respect of its capital stock or other equity interests, other than the granting
of employee stock options in the ordinary course of business;

          (c) any declaration, setting aside or payment of any dividend or other
distribution in respect of any shares of capital stock of any Material Group
Company or, to the Knowledge of the Seller Parties, any Recently Acquired Group
Company or any repurchase, redemption or other acquisition by any Material Group
Company or, to the Knowledge of the Seller Parties, any Recently Acquired Group
Company of any outstanding shares of capital stock or other securities of, or
other ownership interest in, any Material Group Company or, to the Knowledge of
the Seller Parties, any Recently Acquired Group Company;

          (d) any material loans, advances or capital contributions to, or
investments in, any Person or payment of any fees or expenses to any Seller
Party or any Affiliate of any Seller Party other than salaries and normal
business expenses paid to employees in the ordinary course of business;

          (e) any acquisition of assets or disposition of assets by any of the
Group Companies, excluding (i) any single acquisition or disposition of assets,
which does not exceed RMB2,000,000 and (ii) one or more acquisitions or
dispositions of assets, the aggregate value of which does not exceed
RMB2,000,000;

          (f) any merger or consolidation by any of the Group Companies with any
Person;

          (g) other than in the ordinary course of business, capital
expenditures by any of the Group Companies, which in the aggregate exceed
RMB1,000,000;

          (h) any incurrence, assumption or guarantee of any Indebtedness for
borrowed money by any of the Material Group Companies or, to the Knowledge of
the Seller Parties, any Recently Acquired Group Company, which in aggregate
exceed RMB1,000,000;

          (i) any Encumbrance of assets of any of the Group Companies, other
than Permitted Encumbrances;

          (j) any material increase in the compensation of employees of any of
the Group Companies;

          (k) any loan made by any of the Group Companies to any director,
officer or other member of senior management of any of the Group Companies other
than reasonable travel and business expense advances incurred in the ordinary
course of business;

          (l) any material change in the accounting methods or practices
followed by any of the Group Companies (other than such changes that have been
required by Law or U.S. GAAP); or

          (m) any agreement or commitment by any of the Group Companies to do
any of the foregoing, including any such agreement or commitment with any of the
Tulip Entities.

                                       22

<PAGE>

          SECTION 3.11. Tax Matters.

          (a) Except as set forth in Section 3.11(a) of the Disclosure Schedule,
(i) all Tax Returns required to be filed by or on behalf of any Material Group
Company and, to the Knowledge of the Seller Parties, any Recently Acquired Group
Company have been accurately prepared in all material respects and filed in a
timely manner (within any applicable extension periods) and are true, correct
and complete in all material respects, (ii) all Taxes due and payable, whether
or not shown on any Tax Returns have been timely paid in full or will be timely
paid in full by the due date thereof, and the Group Companies have adequately
provided for all Taxes for which they are required to provide, (iii) none of the
Group Companies had liability for Taxes in excess of the accruals for Taxes
reflected on the Financial Statements and will not have liability for Taxes in
excess of such accruals as such accruals for Taxes reflected on the Closing Date
Balance Sheet, (iv) no material claims are being asserted in writing with
respect to any Taxes of any of the Group Companies and (v) no extension of time
with respect to the filing of any Tax Return by any Group Company is in force.

          (b) No power of attorney (or similar documentation) granted by or with
respect to any Group Company relating to Taxes is currently in force. Except as
would not reasonably be expected to have a Material Adverse Effect, each of the
Group Companies is and has been in compliance with all applicable Laws relating
to the payment, withholding and exemptions of Taxes and has duly and timely
withheld from employee salaries, wages and other compensation and has paid over
to the appropriate taxing authorities all amounts required to be so withheld and
paid over for all periods under all applicable Laws.

          (c) The Company has made available to Buyer complete copies of (i) all
material income Tax Returns of the Group Companies relating to the taxable
periods ending after January 1, 2003, (ii) the portions of any audit report
issued within the last three (3) years relating to any adjustments of any Group
Company and (iii) all applications by the Material Group Companies and, to the
Knowledge of the Seller Parties, the Recently Acquired Group Companies to
qualify for Tax exemptions.

          (d) No submissions made to any Governmental Authority in connection
with obtaining its Tax exemptions contained any material misstatement or
omission that would have affected the granting of its Tax exemptions.

          (e) No claim has been made by any taxing authority in any jurisdiction
where each Group Company does not file Returns that it is or may be subject to
Tax by that jurisdiction. No extensions or waivers of statutes of limitations
with respect to any Tax have been given by or requested from any Group Company.
There are no audits or investigations by any taxing authority of any of the
Group Companies in progress nor, to the Knowledge of the Seller Parties, is
there any pending or threatened audit or investigation by any Governmental
Authority.

          (f) All deficiencies asserted or assessments made against any Group
Company as a result of any examinations by any taxing authority have been fully
paid and to the Knowledge of the Seller Parties, no rationale underlying a claim
for Taxes has been asserted previously by any taxing authority that reasonably
could be expected to be asserted in any other period.

                                       23

<PAGE>

          (g) No Material Group Company or Recently Acquired Group Company is a
party to any tax indemnity, tax allocation or tax sharing or similar agreement
or arrangement (whether or not written) pursuant to which it will have any
obligation to make any payments after the Closing or has any liability for the
Taxes of any Person (other than the Company or any other Group Company) under
any Law as a transferee or successor, by contract, or otherwise.

          (h) Other than Encumbrances for Taxes not yet payable or being
contested in good faith and for which adequate accruals and reserves have been
established on the Financial Statements, the effectiveness of which does not
require notification or registration by any third party, there are no
Encumbrances for Taxes upon the assets of any Group Company.

          (i) Each Material Group Company and, to the Knowledge of the Seller
Parties, each Recently Acquired Group Company has collected all material sales
and use Taxes required to be collected, and has remitted, or will remit on a
timely basis, such amounts to the appropriate Governmental Authorities, or has
been furnished properly completed exemption certificates and has maintained all
such records and supporting documents in the manner required by all applicable
sales and use Tax statutes and regulations.

          SECTION 3.12. Officers, Employees and Labor.

          (a) Each of the Material Group Companies and, to the Knowledge of the
Seller Parties, each Recently Acquired Group Company has complied with all
applicable Laws relating to the employment of labor, including provisions
thereof relating to wages, hours, social welfare, equal opportunity and
collective bargaining. Except as would not reasonably be expected to have a
Material Adverse Effect, there is no organized labor dispute or claim pending,
or to the Knowledge of the Seller Parties, threatened, against or affecting any
of the Group Companies. There is no organized labor strike or slowdown pending,
or to the Knowledge of the Seller Parties, threatened, against or affecting any
of the Group Companies. None of the Group Companies has any Contract with any
labor union.

          (b) To the Knowledge of the Seller Parties, none of the employees of
the Group Companies is obligated under any Contract, or subject to any
Governmental Order that would prevent such officers and employees from assigning
to a Group Company inventions conceived or reduced to practice or copyrights for
materials developed in connection with services rendered to the Group Company.
The following will not conflict with or result in a breach of the terms,
conditions or provisions of, or constitute a default under, any Contract between
any Group Company and such employee: (i) the execution, delivery and performance
of any of this Agreement and the Ancillary Documents to which any of the Seller
Parties is a party; (ii) the carrying on of any Group Company's Business by the
employees thereof; and (iii) the conduct of the Business of any Group Company as
currently conducted.

          (c) Other than (i) the acceleration of the stock options as disclosed
to Buyer and (ii) any dismissal, severance or other termination of the employees
of the Group Companies set forth in Section 3.12(c) of the Disclosure Schedule
as a result of the transactions contemplated by this Agreement or the Ancillary
Documents to which the Company is a party, none of the execution, delivery and
performance of any of this Agreement and the Ancillary Documents to which any of
the Seller Parties is a party will (either alone or upon the occurrence of any
additional

                                       24

<PAGE>

or subsequent event) constitute an event under any benefit plan or individual
agreement that will or may result in any payment (whether of severance pay or
otherwise), acceleration, vesting or increase in material benefits with respect
to any employee, former employee, consultant, agent or director of the Group
Companies.

          (d) Except as required by applicable laws, rules and regulations, none
of the Group Companies has any obligation to provide retirement, death or
disability benefits to any of the present or past employees of the Group
Companies, or to any other person.

          (e) (i) There is no unfair labor practice complaint pending or, to the
Knowledge of the Seller Parties, threatened against any of the Group Companies
before any competent Governmental Agency, and no grievance or arbitration
proceeding arising out of or under collective bargaining agreements is pending
or threatened; and (ii) except as would not reasonably be expected to have a
Material Adverse Effect, there has been no violation of any laws, regulations,
rules, orders, decrees, guidelines, judicial interpretations, notices or other
legislation of the Cayman Islands, the PRC, the United States or any other
jurisdiction applicable to any of the Group Companies relating to discrimination
in the hiring of employees, social welfare benefits, equal opportunity,
collective bargaining, promotion or pay of employees, applicable wage or hour
laws, the payment or withholding of payroll or similar taxes for employees, or
any other applicable law or regulation concerning the employees of the Group
Companies.

          SECTION 3.13. Loans. Except as described in the Structure Agreements,
none of the Group Companies has, directly or indirectly: (i) extended credit,
arranged to extend credit, or renewed any extension of credit, in the form of a
personal loan, to or for any director or executive officer of the Seller Parties
and the Group Companies, or to or for any family member or Affiliate of any
director or executive officer of the Seller Parties and the Group Companies; or
(ii) made any material modification, including any renewal thereof, to any term
of any personal loan to any director or executive officer of the Seller Parties
and the Group Companies, or any family member or Affiliate of any director or
executive officer, which loan or credit was outstanding as of the date hereof.

          SECTION 3.14. Share Option and Other Plans. None of the Group
Companies has any pension, profit sharing, stock option, employee stock purchase
or other plan providing for incentives or other compensation to employees (aside
from any salary, commission or bonus payable in thereto in the ordinary course),
or any other employee benefit plan. The Company has delivered to Buyer true,
correct and complete copies of the Company's stock option plan and a copy of the
form stock option agreement and all other summary plan descriptions, insurance
Contracts, third-party administration Contracts and all other documentation of
the Group Companies created to embody all material benefit plans. Except for
required contributions or benefit accruals for the current plan year, no
material liability has been or is expected to be incurred by any of the Group
Companies under or pursuant to any applicable Law relating to benefit plans and,
to the Knowledge of Seller Parties, no event, transaction or condition has
occurred or exists that is reasonably likely to result in any such liability to
any of the Group Companies. Each of the benefit plans listed in Section 3.14 of
the Disclosure Schedule is and has since January 1, 2004 been in compliance in
all material respects with all applicable Law.

                                       25

<PAGE>

          SECTION 3.15. Intellectual Property.

          (a) The Group Companies own or have the rights to use all Intellectual
Property material to the Business, including any Intellectual Property held by
any senior management of the Group Companies, as set forth in Section 3.15 of
the Disclosure Schedule.

          (b) None of the Group Companies has taken any action or failed to take
any action that could reasonably be expected to result in the abandonment,
cancellation, forfeiture, relinquishment, invalidation or unenforceability of
any of the registered Intellectual Property material to the Business (including
the failure to pay any filing, examination, issuance, post-registration and
maintenance fees, annuities and the like and the failure to disclose any known
material prior art in connection with the prosecution of patent applications).
Each Group Company has taken reasonable steps in accordance with standard
industry practices to protect its rights in its Intellectual Property.

          (c) The material licenses licensed to any Group Company by a
third-party licensor are in full force and effect, and none of the Group
Companies is in material default under any of such licenses, and no Person who
is a party to any of such licenses has exercised any termination rights with
respect thereto.

          (d) (i) No Group Company is a party to any pending legal proceedings
which involve a claim of infringement, unauthorized use, or violation of any
intellectual property right by any Person against such Group Company or
challenging the ownership, use, validity or enforceability of, any material
Intellectual Property owned by or exclusively licensed to such Group Company,
and (ii) no Group Company has received any notice or claim challenging a Group
Company ownership of any of the Intellectual Property owned (in whole or in
part), nor to the Knowledge of Seller Parties is there a reasonable basis for
any claim that a Group Company does not so own any of such Intellectual
Property. All of each Group Company's rights in and to Intellectual Property
owned by such Group Company are valid and enforceable in all material respects.
No Intellectual Property owned by or licensed to the Group Companies is subject
to any outstanding order, judgment or decree restricting the use or licensing
thereof by the Group Companies.

          (e) To the Knowledge of Seller Parties, no Person is infringing,
violating, misusing or misappropriating any Intellectual Property owned by any
Group Company, except for such infringement, violation, misuse or
misappropriation as would not reasonably be expected to have a Material Adverse
Effect, and no written claims to such effect have been made against any Person
by any Group Company.

          (f) The consummation of the transactions contemplated hereby and by
the Ancillary Documents to which any Seller Party is a party will not result in
the loss or impairment of any Group Company's right to own or use any of the
material Intellectual Property owned by any Group Company.

          SECTION 3.16. Contracts.

          (a) Except as set forth in Section 3.16 of the Disclosure Schedule,
none of the Group Companies is bound by (i) any Contract which contains
restrictions with respect to payment

                                       26

<PAGE>

of dividends or any other distribution in respect of its capital stock,
partnership interests or membership interests; (ii) any Contract requiring the
applicable Group Company to make future capital contributions to any entity;
(iii) any Contract relating to Indebtedness of the applicable Group Company;
(iv) any loan or advance by a Group Company to, or investment by a Group Company
in, any Related Party, or any agreement, contract or commitment relating to the
making of any such loan, advance or investment; (v) any loan or advance made in
the ordinary course of business in an amount in excess of RMB100,000 or any loan
or advance made outside the ordinary course of business by a Group Company to,
or investment by a Group Company in, any Person other than a Related Party, or
any agreement, contract or commitment relating to the making of any such loan,
advance or investment; (vi) any management, service, consulting or any other
similar type of Contract requiring payment of fees in excess of RMB500,000 per
annum; (vii) any material warranty, guaranty or similar undertaking with respect
to contractual performance extended by any Group Company other than in the
ordinary course of business; (viii) any Contract involving payment in excess of
RMB500,000 per annum that cannot be terminated by a Group Company that is a
party to such Contract without liability upon less than ninety (90) days'
notice; (ix) any collective bargaining agreement with any labor union or other
representative of employees; (x) any Contract that governs any joint venture,
partnership or other cooperative arrangement or any other relationship involving
a sharing of profits; (xi) any Contract that would result in the merger with or
into or consolidation into another Person; (xii) any Contract for the sale of
any of the assets of any Group Company with a sale price in excess of
RMB250,000, or for the grant to any Person of any preferential rights to
purchase any of its assets; (xiii) any Contract that requires a consent to or
otherwise contains a provision relating to a "change in control", or any
Contract that would prohibit or delay the consummation of the transactions
contemplated by this Agreement or the Ancillary Documents to which the Company
is a Party or that would trigger, give rise to, accelerate or augment any
liabilities or terminate or modify any rights of any Group Company as a result
of the consummation of the transactions contemplated hereby and thereby; (xiv)
any Contract with any Governmental Authority that may obligate any Group Company
to make any social payment or political contribution or to perform any
obligation not in the ordinary course of business; (xv) any Contract that
restricts the Group Companies from engaging in any line of business in any
geographic area or competing with any Person that materially impairs the
operation of the Material Group Companies and, to the Knowledge of the Seller
Parties, the Recently Acquired Group Companies, individually or taken as whole;
or (xvi) any material amendment, modification or supplement in respect of any of
the foregoing made other than in the ordinary course of business consistent with
past practice (each of (i) to (xvi) above, a "Material Contract").

          (b) True and correct copies of each of the Material Contracts, other
than Non-Disclosed Contracts, have been made available to Buyer.

          (c) Each Material Contract is in full force and effect, and is a valid
and binding agreement of the relevant Group Company and, to the Knowledge of the
Seller Parties, each of the other parties thereto, enforceable against the Group
Company in accordance with its terms, subject to the effects of bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium and other similar
Laws relating to or affecting creditors' rights generally, general equitable
principles (whether considered in a proceeding in equity or at Law) and an
implied covenant of good faith and fair dealing. Except as set forth on Section
3.16 of the Disclosure Schedule, no condition exists or event has occurred that
(whether with or without notice or lapse of time or both) would

                                       27

<PAGE>

constitute a material default by (A) any of the Group Companies under any
Material Contract or (B) to the Knowledge of the Seller Parties, any other party
to any Material Contract.

          SECTION 3.17. Certain Transactions. Except as set forth in Section
3.17 of the Disclosure Schedule, (i) none of the Group Companies is indebted,
either directly or indirectly, to any Related Party in an aggregate amount in
excess of RMB10,000 other than for payment of salary for services rendered and
reasonable expenses, (ii) no Related Party is indebted to any of the Group
Companies or has any direct or indirect ownership interest (other than as a
result of any ownership interest held in the Company) in any of the Group
Companies, (iii) no Related Party other than the Carlyle Funds and SII
International nor, to the Knowledge of the Seller Parties, the Carlyle Funds or
SII International has any direct or indirect ownership interest (other than an
equity interest of 5% or less in a publicly traded company), or contractual
relationship, with any Person with which any of Group Companies has a business
relationship or any Person which, directly or indirectly, competes with any of
the Group Companies, and (iv) no Related Party is, directly or indirectly, a
party to any Contract (or, to the Knowledge of any Seller Party, any oral
material Contract) with any Group Company.

          SECTION 3.18. Structure Agreements. Section 3.18 of the Disclosure
Schedule sets forth all of the Structure Agreements, which constitute all of the
agreements, contracts and instruments enabling the Company to effect control
over and consolidate with its financial statements each Group Company. Each of
the Group Companies which is a party to the Structure Agreements has full power,
authority and legal right to execute, deliver and perform their respective
obligations under each of the Structure Agreements to which it is a party, and
has authorized, executed and delivered each of the Structure Agreements to which
it is a party, and such obligations constitute valid, legal and binding
obligations enforceable against it in accordance with the terms of each of the
Structure Agreements. The execution, delivery and performance of each Structure
Agreement by the parties thereto did not and is not reasonably expected to (i)
result in any violation of the business license, articles of association, other
constitutional documents (if any) or permits of the Group Companies; (ii) result
in any violation of or penalty under any laws, regulations, rules, orders,
decrees, guidelines, judicial interpretations, notices or other legislation of
the PRC as in effect as of the date hereof, including any applicable building or
zoning ordinances, covenants, or restrictions; or (iii) conflict with or result
in a breach or violation of any of the terms or provisions of, or constitute a
default under, any other Contract, license, indenture, mortgage, deed of trust,
loan agreement, note, lease or other agreement or instrument in effect as of the
date hereof to which any of them is a party or by which any of them is bound or
to which any of their property or assets is subject; except, in the case of
clause (ii) and (iii), as would not reasonably be expected to have a Material
Adverse Effect. Each Structure Agreement is in full force and effect and none of
the Group Companies which is a party to any Structure Agreement is in breach or
default in the performance or observance of any of the terms or provisions
thereof. To the Knowledge of the Seller Parties, none of the parties to any
Structure Agreement has sent or received any communication regarding termination
of, or intention not to renew, any of the Structure Agreements, and no such
termination or non-renewal has been threatened by any of the parties thereto. No
breach or default, alleged breach or default, or event which would (with the
passage of time, notice or both) constitute a breach or default under any of the
Structure Agreements by any Group Company, or any other party or obligor with
respect thereto, has occurred or as a result of this Agreement or any Ancillary
Document to which the Company is a party, or the performance hereof or thereof,
will occur. Consummation of the

                                       28

<PAGE>

transactions contemplated by this Agreement and the Ancillary Documents to which
the Company is a party will not (and will not give any Person a right to)
terminate or modify any rights of, or accelerate or augment any obligation of,
any Group Company under any Structure Agreement.

          SECTION 3.19. Non-Disclosed Contracts.

          (a) Each Non-Disclosed Contract is substantially in the form and
substance of the Company's standard form in relation to such Contract that has
been provided by the Company to Buyer prior to the date hereof except for the
Non-Disclosed Contracts containing such deviations from such form as shall not
represent 10% or more of the amount of the payment obligations under the
Relevant Category of Non-Disclosed Contracts. For each location where any Group
Company maintains a flat-panel display (a "Display Unit") with respect to which
the Group Company has the right to sell advertising time to third parties, the
Group Company has entered into a Non-Disclosed Contract with the owner or
manager of the building in which the Display Unit is located or with a third
party who has secured the rights to such location from the owner or manager of
the building where the Display Unit is located, securing the location of the
Display Unit for such purposes except for the Non-Disclosed Contracts with such
failure to secure such rights as shall not represent 10% or more of the amount
of the payment obligations under the Relevant Category of Non-Disclosed
Contracts.

          (b) Each of the Group Companies which is a party to and, to the
Knowledge of the Seller Parties, each of the other parties to, the Non-Disclosed
Contracts has full power, authority and legal right to execute, deliver and
perform their respective obligations under each of the Non-Disclosed Contracts
to which they are a party, and has authorized, executed and delivered each of
the Non-Disclosed Contracts to which they are a party, and such obligations
constitute valid, legal and binding obligations enforceable against each of them
in accordance with the terms of each of the Non-Disclosed Contracts, except for
the Non-Disclosed Contracts with such lack of power, authority or legal right,
such failure to authorize, execute and deliver, or such failure to constitute
valid, legal and binding obligations as shall not represent 10% or more of the
amount of the payment obligations under the Relevant Category of Non-Disclosed
Contract. Except such non-conforming Contracts shall not represent 10% or more
of the amount of the payment obligations under the Relevant Category of
Non-Disclosed Contracts, the execution, delivery and performance of each
Non-Disclosed Contract by the relevant Group Companies did not and is not
reasonably expected to (i) result in any violation of the business license,
articles of association, other constitutional documents (if any) or permits of
the Group Companies or, to the Knowledge of the Seller Parties, any of the other
parties thereto; (ii) result in any violation of or penalty under any laws,
regulations, rules, orders, decrees, guidelines, judicial interpretations,
notices or other legislation of the PRC as in effect as of the date hereof,
including any applicable building or zoning ordinances, covenants, or
restrictions; or (iii) conflict with or result in a breach or violation of any
of the terms or provisions of, or constitute a default under, any other
Contract, license, indenture, mortgage, deed of trust, loan agreement, note,
lease or other agreement or instrument in effect as of the date hereof to which
any of them is a party or by which any of them is bound or to which any of their
property or assets is subject.

          (c) Each Non-Disclosed Contract is in full force and effect and none
of the Group Companies which is a party to, or, to the Knowledge of the Seller
Parties, the other parties to, any Non-Disclosed Contract is in breach or
default as in the performance or observance of any

                                       29

<PAGE>

of the terms or provisions thereof, except for the Non-Disclosed Contracts with
such breach or default as shall not represent 10% or more of the amount of the
payment obligations under the Relevant Category of the Non-Disclosed Contracts.
To the Knowledge of the Seller Parties, none of the parties to any Non-Disclosed
Contract has sent or received any communication regarding termination of, or
intention not to renew, any of the Non-Disclosed Contracts, except as such
communication was not made in relation to the Non-Disclosed Contracts
representing 10% or more of the payment obligations under the Relevant Category
of Non-Disclosed Contracts, and no such termination or non-renewal has been
threatened by any of the parties thereto. No breach or default, alleged breach
or default, or event which would (with the passage of time, notice or both)
constitute a breach, default or acceleration of liabilities or obligations under
any of the Non-Disclosed Contracts by any Group Company, as the case may be, or,
to the Knowledge of the Seller Parties, any other party or obligor with respect
thereto, has occurred or as a result of this Agreement, or any Ancillary
Document to which the Company is a party, or the performance hereof or thereof,
will occur, except as would not constitute a breach, default or acceleration of
liabilities or obligations under the Non-Disclosed Contracts not representing
10% or more of the amount of the payment obligations under the Relevant Category
of Non-Disclosed Contracts.

          (d) Consummation of the transactions contemplated by this Agreement
and the Ancillary Documents to which the Company is a party will not (and will
not give any Person a right to) terminate or modify any rights of, or accelerate
or augment any obligation of, any Group Company under any Non-Disclosed
Contract, except the Non-Disclosed Contracts with termination, modification or
acceleration shall not represent 10% or more of the amount of the payment
obligations under the Relevant Category of Non-Disclosed Contracts.

          SECTION 3.20. Compliance with Laws.

          (a) Each of the Group Companies is, and at all times since April 1,
2003 has been, in compliance with all material aspects of applicable Laws.

          (b) No event has occurred or circumstance exists that (with or without
notice or lapse of time) (i) constitutes a violation by any of the Group
Companies of, or a failure on the part thereof to comply with, any material
aspect of applicable Law, or (ii) gives rise to any material obligation on the
part of any of the Group Companies to undertake, or to bear all or any portion
of the cost of, any remedial action of any nature. None of the Group Companies
has received any notice or other communication (whether oral or written) from
any Governmental Authority since April 1, 2003 regarding (A) any actual,
alleged, or potential violation of, or failure to comply with, any applicable
Law, or (B) any actual, alleged, or potential obligation on the part of any
Group Company to undertake, or to bear all or any portion of the cost of, any
remedial action of any nature.

          (c) None of the Group Companies or any director, officer, agent,
employee, or any other Person associated with or acting for or on behalf of the
foregoing, has offered, paid, promised to pay, or authorized the payment of any
money or corporate fraud, or offered, given a promise to give, or authorized the
giving of anything of value, to any Government Official, to any political party
or official thereof or to any candidate for political office (or to any Person
where such Group Company, director, officer, agent, employee or other Person
knew or was aware of a high probability that all or a portion of such money or
thing of value would be offered, given or

                                       30

<PAGE>

promised, directly or indirectly, to any Government Official, political party,
party official, or candidate for political office) for any unlawful
contribution, gift, entertainment or other unlawful expenses relating to a
political activity, or for the purpose of:

                    (i) (x) influencing any act or decision of such Government
          Official, political party, party official, or candidate in his or its
          official capacity, (y) inducing such Government Official, political
          party, party official or candidate to do or omit to do any act in
          violation of the lawful duty of such Government Official, political
          party, party official or candidate, or (z) securing any improper
          advantage, or

                    (ii) inducing such Government Official, political party,
          party official, or candidate to use his or its influence with any
          Governmental Authority to affect or influence any act or decision of
          such Governmental Authority, in order to assist such Group Company in
          obtaining or retaining business for or with, or directing business to
          any Group Company.

          (d) To the Knowledge of the Seller Parties, other than SII, none of
the beneficial owners of any interest in any Group Company is controlled by a
Governmental Authority.

          SECTION 3.21. Environmental Matters.

          Except as would not reasonably be expected to have a Material Adverse
Effect:

          (a) Each of the Group Companies is in compliance with all applicable
Environmental Laws.

          (b) Since April 1, 2003, none of the Group Companies has received any
Environmental Claim or written notice of any threatened Environmental Claim.

          (c) None of the Group Companies has entered into, has agreed to, or is
subject to, any decree or order or other similar requirement of any Governmental
Authority under any Environmental Laws.

          (d) None of the Group Companies has released Hazardous Materials into
the environment in violation of Environmental Laws or in a manner that would
reasonably be expected to result in material liability under Environmental Laws,
and to the Knowledge of the Seller Parties, no other Person has released
Hazardous Materials into the environment at any property currently owned or
operated by any of the Group Companies in violation of Environmental Laws or in
a manner that would reasonably be expected to result in material liability to
any of the Group Companies under Environmental Laws.

          SECTION 3.22. Insurance. Set forth in Section 3.22 of the Disclosure
Schedule is a list of the insurance policies of each of the Group Companies as
of the date hereof. All such insurance policies are in full force and effect.
There are no material claims by the Group Companies under any such insurance
policy as to which any insurance policy is denying liability or defending under
a reservation of rights clause.

                                       31

<PAGE>

          SECTION 3.23. Personal Property Assets.

          (a) Each of the Group Companies has good title to, or holds by valid
and existing lease or license, all the material tangible personal property
assets reflected as assets of the Group Companies on or assets acquired after
the Balance Sheet Date, free and clear of all Encumbrances except for Permitted
Encumbrances.

          (b) The Group Companies own, or have valid leasehold interests in, all
material tangible personal property assets necessary for the conduct of the
Business as currently conducted and all such assets are in reasonably good
maintenance, operating condition and repair, normal wear and tear excepted,
other than machinery and equipment under repair or out of service in the
ordinary course of business.

          SECTION 3.24. Real Property.

          (a) Leased Properties. Section 3.24(a) of the Disclosure Schedule
lists all real property leased or subleased by any of the Group Companies as
office space. The Seller Parties have made available to Buyer correct and
complete copies of such leases and subleases covering the properties listed in
Section 3.24(a) of the Disclosure Schedule. Except as would not reasonably be
expected to have a Material Adverse Effect, with respect to each such lease and
sublease:

          (i)  such lease or sublease is in full force and effect, in all
               material respects, assuming the respective lessor (other than
               David Feng Yu) holds valid title certificate to such properties;

          (ii) (A) no party to the lease or sublease is in material default
               beyond any applicable notice, grace or cure period and (B) none
               of the Group Companies has received a notice of default with
               respect to such lease or sublease; and

          (iii) no such lease or sublease has been mortgaged, deeded in trust or
               encumbered by the Group Companies.

          (b) Section 3.24(b) of the Disclosure Schedule sets forth the
aggregate number of display placement agreements as of December 31, 2005.

          (c) Land Use Rights. None of the Group Companies owns or has legal or
equitable title in any real property.

          SECTION 3.25. No State Assets. Other than the equity interest of SII
in Shanghai Target Media, none of the assets of the Group Companies constitute
state-owned assets and, accordingly, are not required to undergo any form of
valuation under applicable Law in the PRC governing the transfer of state-owned
assets prior to the consummation of the transactions contemplated herein or in
any of the Ancillary Documents to which the Company is a party, other than for
the SII Transfer.

          SECTION 3.26. Brokers. Except as set forth in Section 3.26 of the
Disclosure Schedule, no finder, broker, agent, financial advisor or other
intermediary has acted on behalf of

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<PAGE>

the Seller Parties, the Group Companies or any of their respective Affiliates in
connection with the negotiation or consummation of this Agreement or the
Ancillary Documents to which the Company is a party, or any of the transactions
contemplated hereby or thereby. All such negotiations or the consummation of
this Agreement or the Ancillary Documents to which the Company is a party or any
of the transactions contemplated hereby or thereby will not give rise to any
valid claim against any Group Company or Buyer for any brokerage or finder's
commission, fee or similar compensation.

          SECTION 3.27. No Other Representations and Warranties.

          (a) Except for the representations and warranties contained in this
Article III, the Company makes no other express or implied representation or
warranty to Buyer.

          (b) Except for the representations and warranties contained in this
Article III and in Article IV, the Affiliate Shareholders make no other express
or implied representation or warranty to Buyer.

                                   ARTICLE IV
           REPRESENTATIONS AND WARRANTIES OF THE SELLING SHAREHOLDERS

          Each of the Selling Shareholders, severally and not jointly,
represents and warrants to Buyer as follows:

          SECTION 4.1. Authorization, Enforceability. Such Selling Shareholder
that is not an individual has been duly organized, is validly existing, and is
in good standing in its jurisdiction of organization, has the corporate power
and authority to execute and deliver this Agreement and the Ancillary Documents
to which it is a party and perform its obligations hereunder and thereunder. The
execution and delivery of this Agreement and the Ancillary Documents to which it
is a party by such Selling Shareholder and the performance by such Selling
Shareholder of its respective obligations hereunder and thereunder have been
duly authorized by all necessary corporate or other applicable organizational
action on the part of each such party. Each of this Agreement and the Ancillary
Documents to which it is a party has been duly executed and delivered by such
Selling Shareholder and, assuming due authorization, execution and delivery by
the other party/parties thereto, constitutes a valid and binding agreement of
such Selling Shareholder, enforceable against each of them in accordance with
its terms, subject to the effects of bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium and other similar Laws relating to or
affecting creditors' rights generally and general equitable principles (whether
considered in a proceeding in equity or at Law).

          SECTION 4.2. Ownership and Transfer of Offered Shares.

          (a) Such Selling Shareholder is the only record and beneficial owner
of the Offered Shares held by such Selling Shareholder and has valid title to
such Offered Shares, free and clear of any and all Encumbrances other than
restrictions set forth in the Company's Amended and Restated Shareholders
Agreement dated July 29, 2005, which restrictions will terminate as of the
Closing. Such Selling Shareholder has the corporate or other applicable
organizational power and authority to sell, transfer, assign and deliver such
Offered Shares as provided in this

                                       33

<PAGE>

Agreement, and such delivery will convey to Buyer valid title to such Offered
Shares, free and clear of any and all Encumbrances.

          (b) If such Selling Shareholder is a PRC State-owned or
State-controlled company, such Selling Shareholder's direct and indirect
shareholders have duly obtained all the consents, approvals, permits,
certificates and authorizations, and have duly completed all the filing and
registration procedures, required by any and all Governmental Authorization and
Law applicable to them or any of their respective properties, and no additional
consent, approval, permit, certificate, authorization from, or filing or
registration with any Governmental Authority are needed, in order for such
Selling Shareholder to own the Offered Shares in the Company, and such consent,
approval, permit, certificate, authorization, filing and registration remain
valid and effective and none of them has been partially or wholly amended,
supplemented, cancelled or nullified.

          SECTION 4.3. No Approvals or Conflicts. The execution, delivery and
performance by such Selling Shareholder of this Agreement and the Ancillary
Documents to which it is a party, and the consummation by such Selling
Shareholder of the transactions contemplated hereby and thereby do not and will
not (i) violate, conflict with or result in a breach by such Selling Shareholder
of the organizational documents of such Selling Shareholder, (ii) violate,
conflict with or result in a breach of, or constitute a default by such Selling
Shareholder (or create an event which, with notice or lapse of time or both,
would constitute a default) or give rise to any right of termination,
cancellation or acceleration under, or result in the creation of any Encumbrance
upon such properties of such Selling Shareholder or on the Shares held by such
Selling Shareholder under any note, bond, mortgage, indenture, deed of trust,
license, franchise, permit, lease, Contract, agreement or other instrument to
which such Selling Shareholder or any of its respective properties may be bound,
(iii) violate or result in a breach of any Governmental Order or Law applicable
to such Selling Shareholder or any of its properties or (iv) except for the SII
Transfer, require any order, consent, approval or authorization of, or notice
to, or declaration, filing, application, qualification or registration by such
Selling Shareholder with, any Governmental Authority, except, with respect to
the foregoing clauses (ii), (iii) and (iv) above, as would not, individually or
in the aggregate, reasonably be likely to have a material adverse effect on the
ability of such Selling Shareholder to consummate the transactions contemplated
by this Agreement or the Ancillary Documents to which it is a party.

          SECTION 4.4. No Competition. If such Selling Shareholder is an
Affiliate Shareholder, except as set forth in Section 3.17 of the Disclosure
Schedule, (i) such Selling Shareholder does not, nor does any Related Party of
such Selling Shareholder, have any direct or indirect ownership interest (other
than an equity interest of 5% or less in a publicly traded company), or
contractual relationship, with any Person which, directly or indirectly,
competes with any of the Group Companies, and (ii) neither such Selling
Shareholder nor any of its Related Parties is, directly or indirectly, a party
to any Contract (or, to the Knowledge of any Seller Party, any oral material
Contract) with any Group Company.

          SECTION 4.5. Brokerage. Other than this Agreement, there are no
contracts, agreements or understandings between such Selling Shareholder and any
person that would give rise to a valid claim against such Selling Shareholder or
Buyer for a brokerage commission, finder's fee or other like payment in
connection with the offer and sale of the Offered Shares.

                                       34

<PAGE>

          SECTION 4.6. Investment. Such Selling Shareholder confirms that the FM
Ordinary Shares to be received by such Selling Shareholder will be acquired for
investment for the account of such Selling Shareholder, not as a nominee or
agent, and not with a view to the sale or distribution of any part thereof, and
that such Selling Shareholder has no present intention of selling, granting any
participation in, or otherwise distributing any of the FM Ordinary Shares. By
executing this Agreement, such Selling Shareholder further represents that it
has no contract, undertaking, agreement, or arrangement with any person to sell,
transfer, or warrant participation to that person or to any third person, with
respect to any of the FM Ordinary Shares.

          SECTION 4.7. No Public Market. Such Selling Shareholder understands
and acknowledges that the issuance of the FM Ordinary Shares pursuant to this
Agreement will not be registered under the Securities Act on the grounds that
the issuance of the FM Ordinary Shares contemplated by this Agreement is exempt
from registration pursuant to Section 4(2) or Regulation S of the Securities
Act, and that Buyer's reliance upon these exemptions is predicated upon such
Selling Shareholder's representations in this Agreement.

          SECTION 4.8. Accredited Investor; Foreign Investor. Such Selling
Shareholder represents that such Selling Shareholder is not involved in a plan
or scheme designed to evade the registration provisions of the Securities Act
and either (a) presently qualifies, and will as of the Closing Date, qualify, as
an "accredited investor" within the meaning of Regulation D of the rules and
regulations promulgated under the Securities Act or (b) is not presently, and
will not be as of the Closing Date, a "U.S. person" within the meaning of
Regulation S of the rules and regulations promulgated under the Securities Act.

          SECTION 4.9. No Other Representations and Warranties.

          (a) Except for the representations and warranties contained in this
Article IV, the Selling Shareholders (other than the Affiliate Shareholders)
make no other express or implied representation or warranty to Buyer.

          (b) Except for the representations and warranties contained in this
Article IV and in Article III, the Affiliate Shareholders make no other express
or implied representation or warranty to Buyer.

                                    ARTICLE V
                     REPRESENTATIONS AND WARRANTIES OF BUYER

          Buyer hereby represents and warrants to the Seller Parties as follows:

          SECTION 5.1. Organization. Buyer is a corporation duly incorporated,
validly existing and in good standing under the Laws of the Cayman Islands.
Buyer has all requisite corporate power and authority to own its assets and to
carry on its business as now being conducted by it and is duly qualified or
licensed to do business and is in good standing in the jurisdictions in which
the ownership of its property or the conduct of its business requires such
qualification or license, except where the failure to be so qualified or
licensed would not reasonably be expected, in the aggregate, to have a material
adverse effect on the ability of Buyer to consummate the transactions
contemplated by this Agreement and by the Ancillary Documents

                                       35

<PAGE>

to which it is a party, and would not reasonably be expected, in the aggregate,
to have a Buyer Material Adverse Effect.

          SECTION 5.2. Authorization, Enforceability. Buyer has the corporate
power and authority to execute and deliver this Agreement and the Ancillary
Documents to which it is a party and perform its obligations hereunder and
thereunder. The execution and delivery of this Agreement and the Ancillary
Documents to which it is a party by Buyer and the performance by it of its
obligations hereunder and thereunder have been duly authorized by all necessary
corporate action on the part of Buyer and no other corporate or stockholder
proceedings or actions are required to consummate the transactions contemplated
hereby. This Agreement has been duly executed and delivered by Buyer and,
assuming due authorization, execution and delivery by the other parties thereto,
constitutes a valid and binding agreement of Buyer, enforceable against it in
accordance with its terms, subject to the effects of bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium and other similar Laws
relating to or affecting creditors' rights generally and general equitable
principles (whether considered in a proceeding in equity or at Law).

          SECTION 5.3. No Approvals or Conflicts. The execution, delivery and
performance by Buyer of this Agreement and the Ancillary Documents to which it
is a party and the consummation by Buyer of the transactions contemplated hereby
and thereby do not and will not (i) violate, conflict with or result in a breach
by Buyer of the certificates of incorporation, by-laws or equivalent documents
of Buyer, (ii) violate, conflict with or result in a breach of, or constitute a
default by Buyer (or create an event which, with notice or lapse of time or
both, would constitute a default) or give rise to any right of termination,
cancellation or acceleration under, or result in the creation of any Encumbrance
upon any of the properties of Buyer under, any note, bond, mortgage, indenture,
deed of trust, license, franchise, permit, lease, contract, agreement or other
instrument to which Buyer or any of its properties may be bound, (iii) violate
or result in a breach of any Governmental Order or Law applicable to Buyer or
any of its properties or (iv) require any order, consent, approval or
authorization of, or notice to, or declaration, filing, application,
qualification or registration with, any Governmental Authority, except, with
respect to the foregoing clauses (ii), (iii) and (iv) above, as would not
reasonably be expected, in the aggregate, to have a Buyer Material Adverse
Effect, or as would not, individually or in the aggregate, reasonably be likely
to have a material adverse effect on the ability of Buyer to consummate the
transactions contemplated by this Agreement or the Ancillary Documents to which
it is a party.

          SECTION 5.4. Litigation. There are no suits, legal actions,
arbitrations, proceedings or investigations pending or, to the Knowledge of
Buyer, threatened against Buyer that, if adversely determined against Buyer,
would have a Buyer Material Adverse Effect.

          SECTION 5.5. Outstanding Share Capital. As of the date hereof, Buyer
has 400,463,003 FM Ordinary Shares issued and outstanding. As of the Closing
Date, immediately prior to the issuance of the Share Consideration, Buyer shall
have no more than 425,463,003 FM Ordinary Shares issued and outstanding on a
fully diluted and converted basis, excluding (i) any FM Ordinary shares that may
be issued in the Follow-On Offering, (ii) any issuance of stock options pursuant
to the employee stock option plans disclosed in the Buyer SEC Documents, (iii)
any FM Ordinary Shares to be issued upon the vesting of any options issued by
Buyer and (iv) up

                                       36

<PAGE>

to 400,000 FM Ordinary Shares to be issued to Infoachieve Limited pursuant to
the Share Purchase Agreement entered into between Buyer and Infoachieve Limited
on October 15, 2005.

          SECTION 5.6. Validity of Share Consideration. The FM Ordinary Shares
issuable as the Share Consideration will be duly authorized for issuance prior
to Closing and, when issued and delivered in accordance with the provisions of
this Agreement, will be validly issued and fully paid and nonassessable and free
from any Encumbrance; and the issuance of such FM Ordinary Shares will not be
subject to preemptive or other similar rights and such delivery will convey to
the Selling Shareholders good and valid title to such FM Ordinary Shares, free
and clear of any and all Encumbrances (other than any lock-up arrangements
contemplated in any Lock-up Agreement and applicable securities laws).

          SECTION 5.7. SEC Filings.

          (a) Buyer has timely filed or furnished all documents required to be
filed or furnished by it with the U.S. Securities and Exchange Commission (the
"SEC") since January 1, 2005 (the "Buyer SEC Documents"). As of their respective
dates, the Buyer SEC Documents complied in all material respects with the
requirements of the Securities Act or the Exchange Act, as the case may be, and
the rules and regulations thereunder, and none of the Buyer SEC Documents
contained any untrue statement of a material fact or omitted to state any
material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not
misleading. The consolidated financial statements of Buyer included in the Buyer
SEC Documents (a) have been prepared from the books and records of Buyer and its
subsidiaries, (b) complied as to form in all material respects with the
applicable accounting requirements and the published rules and regulations of
the SEC with respect thereto, have been, and will be, prepared in accordance
with U.S. GAAP consistently applied throughout the periods involved (except as
may be indicated therein or in the notes thereto) and (c) present fairly in all
material respects the consolidated financial position, results of operations and
cash flows of Buyer and its consolidated subsidiaries as of the dates or for the
periods indicated therein, subject, in the case of the unaudited financial
statements, to normal year-end audit adjustments (which are not, in the
aggregate, material to Buyer) and the absence of footnote disclosure.

          (b) Except as and to the extent set forth on the Buyer's consolidated
balance sheet as of September 30, 2005, including the notes thereto, and as
disclosed in the Buyer SEC Documents, none of Buyer or any of its consolidated
subsidiaries has any liabilities or obligations that are required to be
disclosed pursuant to U.S. GAAP, except for liabilities or obligations incurred
since September 30, 2005 that would not, in the aggregate, reasonably be
expected to have a Buyer Material Adverse Effect.

          SECTION 5.8. Absence of Certain Changes. Since November 7, 2005, there
has not been any stock split or similar change to the capital structure of Buyer
or any declaration, setting aside or payment of any dividend or other
distribution in respect of any shares of capital stock of Buyer (other than the
grant of stock options to directors and employees pursuant to employee benefit
plans disclosed in the Buyer SEC Documents), any material amendment to any
organizational document of Buyer or any agreement or commitment by Buyer to do
any of the foregoing.

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<PAGE>

          SECTION 5.9. Amendment to Shareholders Agreement. Shareholders of
Buyer that are parties to the Shareholders Agreement and that, collectively, are
sufficient to pass an amendment to the Shareholders Agreement have, on or before
the date hereof, executed and delivered to Buyer and the Selling Shareholders
the Shareholders Agreement Amendment, which shall automatically become effective
upon the Closing.

          SECTION 5.10. No Other Representations or Warranties. Except for the
representations and warranties contained in this Article V, Buyer makes no other
express or implied representation or warranty to the Seller Parties.

                                   ARTICLE VI
                            COVENANTS AND AGREEMENTS

          SECTION 6.1. Conduct of Business Prior to the Closing.

          (a) Without the consent of Buyer, from and after the date of this
Agreement and until the Closing Date, the Company shall, and shall cause the
Group Companies to (i) conduct the Business in the ordinary course of business
consistent with commercially reasonable practice, (ii) not enter into a new line
of business and (iii) use their commercially reasonable efforts to maintain
their current relationships with suppliers, customers and others having material
business relationships with them. Except as contemplated by this Agreement, the
Company shall not, and shall cause the Group Companies to not do any of the
following without the prior written consent of Buyer:

          (i)  except for purchases and sales by a Group Company to or from
               another Group Company, purchase, sell or issue (other than
               issuance pursuant to the Option Plans) any of their capital stock
               or other equity interests (such prohibition to include the
               Company's proceeding with its initial public offering) or grant
               or make any option (other than issuance pursuant to the Company's
               Option Plans), subscription, warrant, call, commitment or
               agreement of any character in respect of their capital stock or
               other equity interests;

          (ii) subject to the provisions of Section 2.4, issue or pay any
               dividends;

          (iii) conduct any split, recombination or reclassification or issuance
               of capital stock;

          (iv) other than in the ordinary course of business, sell or otherwise
               dispose of assets with value in the aggregate in excess of
               RMB300,000;

          (v)  acquire assets having an aggregate value exceeding RMB2,000,000,
               excluding capital expenditures permitted by clause (vii) below;

          (vi) merge or consolidate with any Person;

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<PAGE>

          (vii) other than in the ordinary course of business, make capital
               expenditures in excess of RMB2,000,000 in aggregate;

          (viii) incur, assume or guarantee any indebtedness for borrowed money
               or make any payments or disbursements to creditors other than in
               each case in the ordinary course of business, other than the
               payment of fees and expenses of financial advisors, legal
               advisors, accountants and other service providers incurred in
               connection with the Company's proposed initial public offering,
               other financing activities or acquisitions (which amounts shall
               be paid prior to Closing) and prior to the Cash Distribution;

          (ix) incur any Encumbrance of material assets, other than Permitted
               Encumbrances;

          (x)  other than in the ordinary course of business, grant any waiver
               or release under any confidentiality or similar Contract;

          (xi) increase the compensation of employees of the Group Companies
               other than in the ordinary course of business;

          (xii) make any material change in the accounting methods or principles
               followed by any of the Group Companies (other than such changes
               that have been required by Law or U.S. GAAP);

          (xiii) enter into any contract that would be a Material Contract;

          (xiv) enter into any partnership, limited liability company or joint
               venture agreement other than in the ordinary course of business;

          (xv) terminate or make any material amendment to a Material Contract
               other than in the ordinary course of business;

          (xvi) make any material employee decisions other than in the ordinary
               course of business or as required by applicable Law;

          (xvii) purchase, cancel or terminate any insurance policy naming any
               of the Group Companies as a beneficiary or a loss payee other
               than in the ordinary course of business;

          (xviii) not to enter into new display placement contracts having
               aggregate rental payment obligations per month in excess of
               RMB500,000;

          (xix) make a change any Tax election, adopt or change any accounting
               method with respect to Taxes, file any amended Tax Return, enter
               into any closing agreement, settle or compromise any proceeding
               with respect to any Tax claim or assessment relating to any Group
               Company, surrender any right to claim a refund of Taxes, consent
               to any extension or waiver of the limitation

                                       39

<PAGE>

               period applicable to any Tax claim or assessment relating to any
               Group Company;

          (xx) amend any of its organizational documents; or

          (xxi) agree or commit to do any of the foregoing.

          (b) Except as contemplated by this Agreement, Buyer shall not, without
the prior written consent of the Seller Parties:

          (i)  make any material amendment to the organizational documents of
               Buyer except as required to effect any of the transactions
               contemplated in this Agreement or the Ancillary Documents;

          (ii) issue or pay any dividends; or

          (iii) conduct any split, recombination or reclassification or issuance
               of capital stock.

          SECTION 6.2. Filings and Consents. Each of the Seller Parties and the
Group Companies, on the one hand, and Buyer, on the other hand, shall use all
reasonable best efforts to do all things necessary, proper and desirable to
obtain and to cooperate in obtaining any consent, approval, authorization or
order of, and in making any registration or filing with, any Governmental
Authority or other Person required in connection with the execution, delivery or
performance of this Agreement, including any applicable filings pursuant to (i)
any antitrust regulation, (ii) the Securities Act and Exchange Act, and (iii)
any other applicable filings or consents. Each Selling Shareholder which is
subject to any registration or approval requirements by the State Administration
for Foreign Exchange ("SAFE") shall complete all necessary filings or
registrations, or obtain all necessary approvals, required to comply with any
rules or regulations of SAFE (collectively, "SAFE Registrations") on or prior to
the Closing Date. The Company, each of the Selling Shareholders and Buyer shall
pay all filing fees required to be paid in connection with their respective
filings to be made under each such foreign law or regulation.

          SECTION 6.3. Tax Matters; Cooperation; Preparation of Returns; Tax
Elections.

          (a) The Buyer agrees to (i) consult with the Seller Parties as is
reasonably necessary for the filing of all Tax Returns and the making of any
election related to Taxes for the periods prior to the Closing and (ii) furnish
or cause to be furnished to the Seller Parties, upon request, as promptly as
practicable, such information and assistance relating to any of the Group
Companies (including access to books and records, employees, contractors and
representatives) as is reasonably necessary for the periods prior to the Closing
for the preparation for any audit by any Taxing Authority, and the prosecution
or defense of any claim, suit or proceeding relating to any Tax Return for the
periods prior to the Closing. The Company shall retain all books and records
with respect to Taxes pertaining to the Group Companies until the expiration of
all relevant statutes of limitations (and, to the extent notified by Buyer, any
extensions thereof). At the end of such period, Buyer shall provide the Seller
Parties with at least ten days prior written notice before destroying any such
books and records, during which period the party receiving such notice can elect
to take possession, at its own expense, of such books and records.

                                       40

<PAGE>

          (b) The Company shall prepare, or cause to be prepared, all Tax
Returns in respect of any of the Group Companies for any taxable year ending on
or before the Closing Date. The Company shall, or shall cause the Group
Companies to, timely pay to the relevant Taxing Authority all Taxes due in
connection with any such Tax Returns.

          (c) The Seller Parties, shall, or shall cause relevant equity holders
of the Group Companies to, pay all transfer, documentary, sales, use,
registration and other such Taxes (including all applicable real estate transfer
Taxes, but excluding any Taxes based on or attributable to income or gains) and
related fees (including any penalties, interest and additions to Tax) incurred
in connection with the transfer of the Offered Shares by the Selling
Shareholders to Buyer and the transfer of all equity interests in the Group
Companies (including the Acquired Entities) held by their equity holders to
Buyer (or Persons designated by Buyer) pursuant to the terms of this Agreement
and the Ancillary Documents and the transactions contemplated hereby and
thereby.

          SECTION 6.4. Employees; Benefit Plans. Nothing herein expressed or
implied shall confer upon any of the employees of the Seller Parties, Buyer, the
Group Companies, or any of their Affiliates, any additional rights or remedies,
including any additional right to employment, or continued employment for any
specified period, of any nature or kind whatsoever under or by reason of this
Agreement and the Ancillary Documents.

          SECTION 6.5. Related Party Accounts. Prior to the Closing Date, all
Related Party Accounts shall be cash-settled or extinguished, such that upon the
Closing there will be no Related Party Accounts outstanding; provided that the
Company's office leases in Shanghai and Chengdu with David Feng Yu will not be
terminated. As used herein, "Related Party Accounts" means with respect to each
Group Company (i) all related party receivables due to such Group Company from
the Seller Parties and their Affiliates (other than the Group Companies), other
than receivables for goods and services incurred in the ordinary course of
business less (ii) all related party payables of such Group Company to the
Seller Parties and their Affiliates (other than the Group Companies), other than
payables for goods and services incurred in the ordinary course of business.

          SECTION 6.6. Non-Violation.

          (a) Prior to the Closing Date, the Seller Parties shall not, and shall
cause any Group Company not to, without the prior written consent of Buyer,
knowingly take any action which (i) would render any of the representations or
warranties made by the Seller Parties or the Group Companies in this Agreement
and in the Ancillary Documents untrue in any material respect if given with
reference to the facts and circumstances then existing, or (ii) would result in
any of the covenants contained in this Agreement and in the Ancillary Documents
becoming incapable of performance. The Seller Parties shall promptly advise
Buyer of any action or event of which the Seller Parties become aware which
would have the effect of making incorrect in any material respect any such
representations or warranties if given with reference to facts and circumstances
then existing or which has the effect of rendering any such covenants incapable
of performance.

                                       41

<PAGE>

          (b) Prior to the Closing Date, Buyer shall not, without the prior
written consent of the Company, knowingly take any action which (i) would render
any of the representations or warranties made by Buyer in this Agreement and in
the Ancillary Documents to which Buyer is a party untrue in any material respect
if given with reference to the facts and circumstances then existing, or (ii)
would result in any of the covenants contained in this Agreement and in the
Ancillary Documents becoming incapable of performance. Buyer shall promptly
advise the Sellers' Representative and the Carlyle Funds of any action or event
of which Buyer becomes aware which would have the effect of making incorrect in
any material respect any such representations or warranties if given with
reference to facts and circumstances then existing or which has the effect of
rendering any such covenants incapable of performance.

          SECTION 6.7. Confidentiality. Each party hereto shall keep
confidential, and shall cause its officers, directors, employees, counsel,
investment bankers, consultants and other representatives to keep confidential,
the terms and conditions of this Agreement and of any Ancillary Document
(collectively, the "Confidential Information"), and shall not use, and shall
cause its officers, directors, employees, counsel, investment bankers,
consultants and other representatives not to use, the Confidential Information
in any way detrimental to any other party hereto, except as the parties hereto
mutually agree in writing otherwise; provided that any party may disclose
Confidential Information (i) to its officers, directors, employees, counsel,
investment bankers, consultants and other representatives who need to know such
information for the purpose of the performance of its obligations in connection
herewith and with the Ancillary Documents (it being understood that such party
will cause each Person to whom it has disclosed such Confidential Information to
treat such information in a confidential manner), (ii) in the event that such
party or its officers, directors, employees, counsel, investment bankers,
consultants and other representatives or affiliates are required to disclose
such information in connection with any judicial or administrative proceeding
subject to such party provide each other party hereto in advance of such
disclosure notice of such requirements, (iii) to the extent advised by competent
legal advisors that such disclosure is required by applicable Law and so long
as, where such disclosure is to a Governmental Authority, such party shall use
all reasonable efforts to obtain confidential treatment of the Confidential
Information so disclosed, (iv) to the extent required by the rules of the SEC
and any stock exchange, and (v) to its investors and any Person otherwise
providing substantial debt or equity financing to such party so long as the
party advises each Person to whom the Confidential Information is so disclosed
as to the confidential nature thereof.

          SECTION 6.8. Buyer's Board of Directors.

          (a) Buyer agrees that it shall take all actions necessary and
appropriate to increase its board of directors from five (5) to seven (7)
members immediately prior to the Closing Date. The two (2) additional members
shall include (i) Mr. David Feng Yu, who shall become co-chairman of the board
of directors of Buyer and (ii) a director who will be nominated by Mr. David
Feng Yu, subject to the approval of Buyer's board of directors and the terms of
Buyer's Memorandum and Articles of Association, and will qualify as an
independent director for the purposes of complying with NASDAQ listing standards
and Sarbanes-Oxley Act requirements, so that a majority of the members of
Buyer's board of directors continues to be independent. Subsequent to the
Closing Date, Mr. David Feng Yu shall have the right to nominate a director to
replace him as a director of Buyer as long as he owns not less than 2% of
Buyer's outstanding ordinary shares during his first term prior to the first
annual general shareholders' meeting of

                                       42

<PAGE>

Buyer subsequent to the Closing Date and during the first three-year term
subsequent to such annual general shareholders' meeting. Mr. David Feng Yu shall
also have the right to nominate a director to replace the director nominated by
him under clause (ii) above as a director of Buyer as long as the Selling
Shareholders collectively own not less than 5% of Buyer's outstanding ordinary
shares during Mr. David Feng Yu's first term prior to the first annual general
shareholders' meeting of Buyer subsequent to the Closing Date and during the
first three-year term subsequent to such annual general shareholders' meeting.
At the first annual general shareholders' meeting of Buyer subsequent to the
Closing Date, Buyer and the board of directors of Buyer shall include David Feng
Yu and the director candidate nominated by David Feng Yu in the slate of
directors proposed, recommended or nominated for election by Buyer for such
meeting, will recommend and use all reasonable efforts to solicit proxies for
such nominees for director from all holders of voting stock entitled to vote
thereon, and will include David Feng Yu and such other director candidate in
Buyer's directors' and officers' insurance policy.

          (b) The Carlyle Funds shall have the right to jointly appoint one
observer to Buyer's board of directors, provided that such appointee shall have
no voting rights with respect to matters subject to board approval, and provided
further that such observer jointly appointed by the Carlyle Funds shall be
removed as an observer upon expiration of the Lock-up Agreements entered into by
the Carlyle Funds.

          SECTION 6.9. Employment Agreements.

          (a) The Company shall provide to the Key Company Employees new
employment agreements to be entered into by such Key Company Employees and Buyer
prior to the Closing Date (the "Key Company Employee Employment Agreements"),
with terms to be agreed upon by Buyer and the Company within five (5) Business
Days after the date hereof. Each Key Company Employee Employment Agreement shall
contain terms that are not less favorable than the terms applicable to the
related Key Company Employee contained in the employment agreements entered into
between such Key Company Employee and the Company prior to the signing of the
Term Sheet, provided that such terms are reasonable and consistent with the
Company's past practice. The terms of the Key Company Employee Employment
Agreements shall also include provisions (i) requiring adherence by such
employees to all of Buyer's internal compliance and ethical policies, guidelines
and codes and (ii) prohibiting such Key Company Employees from engaging in a
Competing Business, directly or indirectly, in the PRC, for a period of one year
following the termination of any such Key Company Employee Employment Agreement.
Any Key Company Employee who has not signed a Key Company Employee Employment
Agreement within ten (10) Business Days following the Closing Date shall not
receive any Buyer Option.

          (b) The Company shall use its reasonable efforts to cause employees of
the Company other than Key Company Employees ("Other Company Employees") to
enter into new employment agreements and non-compete agreements (collectively,
"General Employment Agreements") with Buyer prior to the Closing, which General
Employment Agreements shall have terms to be agreed upon between the Company and
Buyer within five (5) Business Days after the date hereof. Any Other Company
Employee who has not signed a General Employment Agreement within ten (10)
Business Days following the Closing Date shall not receive any Buyer Option.

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<PAGE>

          SECTION 6.10. Exclusivity Period.

          (a) During the Exclusivity Period, the Company and the Selling
Shareholders agree that, without the prior written consent of Buyer, neither
they nor any of their subsidiaries and Affiliates or any of their respective
officers, directors, employees, advisors, agents or representatives shall,
directly or indirectly, (i) solicit, initiate, knowingly facilitate or knowingly
encourage the making by any Person (other than Buyer and its Affiliates) of any
proposal concerning the purchase or sale, merger, tender offer, joint venture or
other disposal or investment of equity interest or debt securities of the
Company (an "Acquisition Proposal"), (ii) enter into, participate or engage in
discussions or negotiations concerning an Acquisition Proposal, or furnish or
disclose to any Person any information concerning an Acquisition Proposal, (iii)
execute or enter into any contract or any non-binding arrangement (including any
term sheet, letter of intent or similar document) with respect to an Acquisition
Proposal, or (iv) engage in any activities of similar nature prohibited in items
(i) to (iii) above.

          (b) During the Exclusivity Period and during the one year period
following the date on which this Agreement is terminated pursuant to the
provision of Section 9.1 hereof, Buyer agrees that neither Buyer nor any of its
subsidiaries and Affiliates or any of their respective officers, directors,
employees, advisors, agents or representatives shall, directly or indirectly,
(i) solicit, initiate, knowingly facilitate or knowingly encourage the making by
any Person of any proposal concerning the purchase or sale, merger, tender
offer, joint venture or other disposal or investment of equity interest or debt
securities of the Tulip Entities (a "Tulip Acquisition Proposal"), (ii) enter
into, participate or engage in discussions or negotiations concerning a Tulip
Acquisition Proposal, or furnish or disclose to any person any information
concerning a Tulip Acquisition Proposal, (iii) execute or enter into any
contract or any non-binding arrangement (including any term sheet, letter of
intent or similar document) with respect to any Tulip Acquisition Proposal, or
(iv) engage in any activities of a similar nature prohibited in items (i) to
(iii) above (the "Tulip Exclusivity").

          SECTION 6.11. Buyer's Deposit. Buyer shall make the Deposit in an
account specified by the Company (the "Deposit Account") on the first Business
Day following the date of the execution of this Agreement. The Company agrees
that the Deposit shall remain in the Deposit Account and shall not be used or
withdrawn from such account except as provided in Sections 11.1(b) and (c).
Simultaneously with the Closing (and following the satisfaction or waiver of the
conditions set forth in Article VII and Article VIII), the Company shall
transfer the Deposit to the account designated by the Selling Shareholders
pursuant to Section 2.3(a)(i).

          SECTION 6.12. Financial Statements; Comfort Letter.

          (a) The Company shall (i) prepare and make available to Buyer for its
review (A) audited financial statements of the Company as of and for the year
ending December 31, 2005 (the "2005 Financial Statements") and (B) the
management accounts of the Company prepared on a basis consistent with past
practice as of and for the period beginning January 1, 2006 and ending at the
last day of the latest full month prior to the Closing Date (the "Management
Accounts"), and (ii) for the purposes of facilitating the post-Closing
integration of the businesses of Buyer and the Company and the Follow-On
Offering, provide Buyer with the opportunity to conduct a due diligence session
with the Company's chief financial officer and the Auditors with regard to the

                                       44

<PAGE>

Management Accounts and any interim period following the ending date of the
Management Accounts and ending the date prior to the Closing Date.

          (b) If the underwriters to the Follow-On Offering require a comfort
letter from KPMG with regard to the Company, the Company shall cause a comfort
letter to be provided by KPMG in the form mutually agreed upon by KPMG and the
underwriters in connection with such Follow-On Offering.

          SECTION 6.13. No Transfer by Selling Shareholders. From the date
hereof through the Closing, no Selling Shareholder shall transfer or encumber,
directly or indirectly, any interest in the Company or the entity through which
it holds its interest in the Company without the approval of Buyer; provided
that (i) any Selling Shareholder who is a natural person, to his or her
guardian, conservator, executor, administrator, spouse, children, grandchildren
or parents, or to a trust of which the beneficiaries of the corpus and the
income shall be such a person upon such Selling Shareholder's death or permanent
incapacity, (ii) any Selling Shareholder that is not a natural person, to its
limited partners, its Affiliates (including to any person to whom such Affiliate
would be allowed to transfer such Affiliate's shares pursuant to this Section
6.13), or to any successor to such Selling Shareholder as the result of any
merger, consolidation or other reorganization; provided further that any
transferee in relation to any transfer pursuant to any of the foregoing
exceptions shall enter into an agreement or instrument prior to the transfer
thereof and prior to the Closing Date pursuant to which such transferee shall
agree to be bound by the terms and conditions of this Agreement and the
Ancillary Documents to which the transferor is a party.

          SECTION 6.14. Cancellation of Company Options. The Company shall cause
all outstanding share options and warrants of the Company to have been cancelled
on or prior to the Closing Date.

          SECTION 6.15. Change of Owners; SII Transfer. The Company and Target
Multi-Media shall cause all holders of outstanding equity interests in Shanghai
Target Media and in the Acquired Entities to transfer prior to the Closing their
respective equity interests in such entities to Persons designated in writing by
Buyer; provided that SII and SII International shall use their reasonable best
efforts to complete the SII Transfer on or prior to the Closing Date or as soon
as practicable thereafter. SII and SII International understand and agree that a
portion of the Cash Consideration and Share Consideration payable to SII
International shall be withheld without interest pursuant to Section 2.1(a)
prior to the completion of the SII Transfer.

          SECTION 6.16. Dian Yang Undertaking. The Company shall cause Dian Yang
to provide an undertaking in favor of Buyer prior to the Closing that Dian Yang
will use its best efforts to transfer the assets and business subject to the
Dian Yang Management Agreement to Buyer, and if such transfer is not permissible
under Laws or the Contracts in relation to such assets and business, not to
renew any Contract in relation to such assets and business without written
consent of Buyer.

          SECTION 6.17. Non-Disclosed Contracts. The Seller Parties shall
prepare a file containing all Non-Disclosed Contracts and shall, on the Closing
Date and immediately after the Closing, provide such file to Buyer at the
location reasonably specified by Buyer.

                                       45

<PAGE>

          SECTION 6.18. Mitigation of Losses. Notwithstanding the operation of
the definitions of Material Adverse Effect and Material Adverse Change herein,
the Seller Parties shall use their reasonable best efforts to prevent any
further losses resulting from the losses of employees or delays or cancellations
of orders for the Company's advertising services as a result of the announcement
of this Agreement, including bringing legal action against any of such employee,
customer or third parties to enforce any legal rights afforded to the Group
Companies under Contracts or otherwise.

          SECTION 6.19. Further Actions.

          (a) Each of the parties hereto shall use commercially reasonable
efforts to take, or cause to be taken, all appropriate action, do or cause to be
done all things necessary, proper or advisable under applicable Law, and execute
and deliver such documents and other papers, as may be required to consummate
the transactions contemplated by this Agreement and by the Ancillary Documents.

          (b) Without limiting the generality of the parties' undertaking
pursuant to Section 6.19(a), each of Buyer and the Seller Parties agrees to use
its best efforts and to take any and all steps necessary, to the extent that
such efforts or steps would not reasonably be expected to have a Buyer Material
Adverse Effect, to avoid or eliminate each and every impediment under any Law
that may be asserted by any PRC Governmental Authority or any other party so as
to enable the parties hereto to expeditiously close the transactions
contemplated hereby. In addition, each of Buyer and the Seller Parties shall use
its best efforts, to the extent that such efforts or steps would not reasonably
be expected to have a Buyer Material Adverse Effect, to defend through
litigation on the merits any claim asserted in court by any party in order to
avoid entry of, or to have vacated or terminated, any decree, order or judgment
(whether temporary, preliminary or permanent) that would prevent the Closing.

          (c) The Seller Parties may determine at their sole discretion not to
continue such efforts or steps as provided in Section 6.19(b) and to terminate
this Agreement on or subsequent to April 30, 2006, and if this Agreement is not
so terminated, Buyer may determine at its sole discretion not to continue such
efforts or steps as provided in Section 6.19(b) and to terminate this Agreement
on or subsequent to August 31, 2006.

          SECTION 6.20. Delivery of Allocation Schedule. The Seller Parties
shall cause the Allocation Schedule to be delivered to Buyer no later than five
(5) Business Days prior to the Closing Date.

          SECTION 6.21. Termination of Certain Contracts. From time to time
prior to the Closing, the Company may submit a list of Contracts, including
Non-Disclosed Contracts (the "Identified Contracts"), to Buyer that the Company
believes would be in the best interests of the Company and Buyer to terminate or
amend, and represents and warrants that such termination or amendment shall not
violate or be in breach of the terms of such Identified Contracts. Buyer shall
provide written instructions to the Company specifying which of the Identified
Contracts Buyer desires to be terminated or amended. Any actions taken by the
Company to terminate or amend such Identified Contracts shall not constitute a
breach of this Agreement, nor shall any Buyer Indemnified Party have any right
to recover any Losses resulting from such actions.

                                       46

<PAGE>

                                   ARTICLE VII
             CONDITIONS TO THE SELLER PARTIES' AND THE OTHER SELLING
                            SHAREHOLDERS' OBLIGATIONS

          The obligation of the Seller Parties and the other Selling
Shareholders to effect the Closing under this Agreement as specified below is
subject to the satisfaction, at or prior to the Closing Date, of each of the
following conditions, unless validly waived in writing by the Company and the
Carlyle Funds.

          SECTION 7.1. Representations and Warranties. The representations and
warranties made by Buyer in this Agreement disregarding all qualifications and
exceptions as to knowledge, materiality and Buyer Material Adverse Effect, shall
be true and correct as of the Closing Date as though such representations and
warranties were made at such date (except that any representations and
warranties that are made as of a specified date shall be true and correct as of
such specified date), with only such exceptions as would not in the aggregate
reasonably be expected to have a Buyer Material Adverse Effect; provided,
however, that the effect of such exceptions shall not be applicable to any of
the representations and warranties contained in Sections 6.1, 6.2 and 6.6, which
shall be true and correct as of the Closing Date.

          SECTION 7.2. Performance. Buyer shall have performed and complied in
all material respects with all agreements and obligations required by this
Agreement and the Ancillary Documents to be so performed or complied with by it
prior to the Closing Date.

          SECTION 7.3. Qualifications. The consents, waivers, approvals or other
authorizations listed on Schedule 7.3 shall have been obtained or otherwise
satisfied and shall continue to be in effect.

          SECTION 7.4. No Material Adverse Change. Since September 30, 2005
until the Closing Date, there shall not have been any Buyer Material Adverse
Effect.

          SECTION 7.5. Officer's Certificates. Buyer shall have delivered to
each of the Selling Shareholders a certificate, dated as of the Closing Date and
executed by an executive officer of Buyer, certifying to the fulfillment of the
conditions specified in Sections 7.1, 7.2 and 7.3 hereof.

          SECTION 7.6. Shareholders Agreement Amendment. As of the Closing, the
Shareholders Agreement Amendment shall be in full force and effect.

          SECTION 7.7. Injunctions. At the Closing Date, there shall not be in
effect any Law or Governmental Order directing that the transactions provided
for herein and in the Ancillary Documents not be consummated as provided herein
or which has the effect of rendering it impossible to consummate such
transactions.

          SECTION 7.8. Adverse Market Change. After the date hereof and prior to
the Closing Date, there shall not have occurred a suspension or material
limitation in trading in Buyer's securities on NASDAQ which occurrence is still
outstanding as of the Closing Date, if the effect of any such event in the
reasonable judgment of the Company makes it impracticable or

                                       47

<PAGE>

inadvisable to proceed with the transactions contemplated in this Agreement and
the Ancillary Documents.

          SECTION 7.9. FM Ordinary Shares. Buyer shall deliver to Seller the
First Installment and register of members or other documents evidencing the
Share Consideration on the Closing Date.

          SECTION 7.10. Opinions of Counsel. As of the Closing Date, the Selling
Shareholders shall have received from Cayman Islands counsel to Buyer a written
opinion dated and delivered as of the Closing Date in substantially the form
attached hereto as Exhibit D.

                                  ARTICLE VIII
                        CONDITIONS TO BUYER'S OBLIGATIONS

          The obligation of Buyer to effect the Closing under this Agreement as
specified below is subject to the satisfaction, at or prior to the Closing Date,
as applicable, of each of the following conditions, unless waived in writing by
Buyer.

          SECTION 8.1. Representations and Warranties. The representations and
warranties made by the Company and the Selling Shareholders in this Agreement,
disregarding all qualifications and exceptions as to knowledge, materiality and
Material Adverse Effect, shall be true and correct as of the Closing Date as
though such representations and warranties were made at such date (except that
any representations and warranties that are made as of a specified date shall be
true and correct as of such specified date), with only such exceptions as would
not in the aggregate reasonably be expected to have a Material Adverse Effect;
provided, that the effect of such exceptions shall not be applicable to any of
the representations and warranties contained in Sections 3.1, 3.2, 3.6(a) and
4.2, which shall be true and correct as of the Closing Date.

          SECTION 8.2. Performance.

          (a) Performance. The Company and the Selling Shareholders shall have
performed and complied in all material respects with all agreements and
obligations required by this Agreement and the Ancillary Documents to be
performed or complied with by them prior to the Closing Date.

          (b) Proceedings and Documents. All corporate and other proceedings
that are required to be performed by the Company in connection with the
transactions contemplated by this Agreement and the Ancillary Documents at the
Closing, and all documents incident thereto, shall be in form and substance
reasonably satisfactory to Buyer, and Buyer shall have received the Company's
board resolutions approving the transactions contemplated hereunder.

          (c) Qualifications. The consents, waivers, approvals or other
authorizations listed on Schedule 8.2 shall have been obtained or otherwise
satisfied and shall continue to be in effect.

          (d) No Material Adverse Change. Since the Balance Sheet Date until the
Closing Date, there shall not have been any Material Adverse Change.

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<PAGE>

          SECTION 8.3. No Indebtedness. As of the Closing Date, none of the
Group Companies shall have any Outstanding Indebtedness of any kind, in excess
of the amount of the Cash Consideration.

          SECTION 8.4. Officer's Certificate. Each of the Seller Parties and the
other Selling Shareholders shall have delivered to Buyer a certificate, dated as
of the Closing Date and executed by an executive officer of each such Seller
Party (and with respect to the Company, the Chief Executive Officer and Chief
Financial Officer) and such Selling Shareholder, certifying to the fulfillment
of the conditions specified in Sections 8.1, 8.2, 8.3, 8.9 and 8.12 hereof to
the extent such conditions relate to the representations and warranties made by,
or the covenants to be performed by, such Seller Party or such Selling
Shareholder, as the case may be.

          SECTION 8.5. Outstanding Obligations. As of the Closing Date, the
Company shall have provided to Buyer an updated Schedule of Outstanding
Obligations setting forth the Company's operating lease obligations and other
obligations going forward as of December 31, 2005.

          SECTION 8.6. Employment Agreements. As of the Closing Date, Mr. David
Feng Yu shall have entered into a Key Company Employee Employment Agreement and
such agreement shall be in full force and effect.

          SECTION 8.7. Lock-up Agreements. As of the Closing Date, each of the
Selling Shareholders shall have entered into a Lock-up Agreement, and each such
agreement shall be in full force and effect.

          SECTION 8.8. Non-Compete Agreements. As of the Closing Date, (i) each
of the Carlyle Funds shall have entered into a Carlyle Non-Compete Agreement, in
substantially the form and substance attached hereto as Exhibit C-1 (the
"Carlyle Non-Compete Agreement") and (ii) the Company shall have used its
reasonable best efforts to have caused each employee of the Group Companies who
is also receiving any portion of the Cash and the Share Consideration but is not
entering into a Key Company Employee Employment Agreement to enter into, and
provide to Buyer, a Seller Non-Compete Agreement, in substantially the form and
substance attached hereto as Exhibit C-2 (the "Seller Non-Compete Agreement"),
and such agreements shall be in full force and effect.

          SECTION 8.9. Corporate Matters.

          (a) On or prior to the Closing Date, all outstanding options and
warrants of the Company shall have been accelerated, cancelled or fully vested.

          (b) On or prior to the Closing Date, the Company shall have provided
to Buyer waiver letters from all holders of options issued by the Company
waiving any rights that such option holders may have had to such options.

          SECTION 8.10. Opinions of Counsel. As of the Closing Date, Buyer shall
have received from Cayman Islands counsel and PRC counsel to the Company and the
Group Companies, as the case may be, written opinions dated and delivered as of
the Closing Date, in substantially the form and substance attached hereto in
Exhibit E-1 and Exhibit E-2, respectively.

                                       49

<PAGE>

          SECTION 8.11. SAFE Registrations. As of the Closing Date, the Selling
Shareholders shall have, if applicable, provided documentation to Buyer's
satisfaction evidencing that all SAFE Registrations have been received by the
Selling Shareholders, and such SAFE Registrations shall be in full force and
effect.

          SECTION 8.12. Acquisitions. As of the Closing Date, the payment of the
relevant purchase price for all pending or consummated Acquisitions (other than
the proposed acquisition of the Tulip Entities) shall have been paid in full by
the relevant Group Company or reserved in full in the financial statements of
the Company and such Acquisitions shall have been consummated pursuant to the
terms thereof.

          SECTION 8.13. SII Valuation Report. If the SII Transfer has not been
completed by the Closing Date, as of the Closing Date (i) SII International
shall have caused SII to cause an accredited PRC valuation firm to have provided
to Buyer the SII Valuation Report, (ii) SII International shall have caused SII
to submit the SII Valuation Report to the State-owned Assets Supervision
Administration Commission of the Shanghai Municipal Government, and (iii) the
valuation of SII's equity interests in Shanghai Target Media reported in the SII
Valuation Report shall not exceed the amount of SII International's pro rata
portion of the Purchase Price.

          SECTION 8.14. Proxy Arrangements. If the SII Transfer has not been
completed by the Closing Date, on or prior to the Closing Date, SII
International shall have caused SII to enter into a proxy agreement with Buyer
or a Person designated by Buyer (the "Proxy") giving the Proxy all rights and
powers over SII's equity interest in Shanghai Target Media, including voting
power and any other right conferred by SII's beneficial ownership interest in
Shanghai Target Media.

          SECTION 8.15. Injunctions. At the Closing Date, there shall not be in
effect any Law or Governmental Order directing that the transactions provided
for herein not be consummated as provided herein or which has the effect of
rendering it impossible to consummate such transactions.

          SECTION 8.16. Minimum Condition. At the Closing Date, the Offered
Shares shall constitute no less than 95% of the outstanding Shares.

                                   ARTICLE IX
                                   TERMINATION

          SECTION 9.1. Termination. This Agreement may be terminated at any time
prior to the Closing Date:

          (a) by the mutual written consent of the Seller Parties and Buyer;

          (b) by either the Seller Parties or Buyer if any Governmental
Authority of competent jurisdiction shall have issued an order, decree or ruling
or taken any other action restraining, enjoining or otherwise prohibiting the
transactions contemplated hereby and such order, decree or ruling or other
action shall have become final and nonappealable;

                                       50

<PAGE>

          (c) by Buyer, if any Seller Party breaches or fails to perform in any
respect any of its representations, warranties or covenants contained in this
Agreement or any Ancillary Document and such breach or failure to perform (A)
would give rise to the failure of a condition set forth in Article VIII, (B)
cannot be or has not been cured within 15 days following written notice of such
breach or failure to perform and (C) has not been waived by Buyer;

          (d) by the Seller Parties, if Buyer breaches or fails to perform in
any respect any of its representations, warranties or covenants contained in
this Agreement or any Ancillary Document and such breach or failure to perform
(A) would give rise to the failure of a condition set forth in Article VII, (B)
cannot be or has not been cured within 15 days following written notice of such
breach or failure to perform and (C) has not been waived by the Seller Parties;
or

          (e) by either Seller Parties or Buyer, if the Closing Date shall not
have occurred (other than through the failure of any party seeking to terminate
this Agreement to comply fully with its obligations under this Agreement) on or
before February 28, 2006; provided that (i) if the Closing Date shall not have
occurred prior to February 28, 2006 due only to the failure of the Company to
satisfy the condition of providing the 2005 Financial Statements by such date,
the parties hereto agree that the deadline of February 28, 2006 shall be
extended to March 31, 2006; and (ii) if the Closing Date shall not have occurred
prior to February 28, 2006 due to the conditions in Section 7.7 or 8.15 having
not been fulfilled, this Agreement may be terminated pursuant to Section
6.19(c).

          SECTION 9.2. Procedure and Effect of Termination. In the event of the
termination of this Agreement and the abandonment of the transactions
contemplated hereby pursuant to Section 9.1 hereof, written notice thereof shall
forthwith be given to all other parties. If this Agreement is terminated and the
transactions contemplated by this Agreement are abandoned as provided herein:

          (a) Buyer will redeliver to the Company all documents, work papers and
other material of any of the Seller Parties relating to the transactions
contemplated hereby, whether so obtained before or after the execution hereof;

          (b) The provisions of the Confidentiality Agreements shall continue in
full force and effect; and

          (c) Subject to Section 11.1 and Section 6.10(b), no party to this
Agreement will have any liability under this Agreement to any other except (i)
that nothing herein shall relieve any party from any liability for any willful
breach of any of the representations, warranties, covenants and agreements set
forth in this Agreement, and (ii) as contemplated by paragraph (b) above.

                                    ARTICLE X
                                 INDEMNIFICATION

          SECTION 10.1. Indemnification by the Affiliate Shareholders.

          (a) Subject to the limits set forth in this Article X, from and after
the Closing Date, each of the Affiliate Shareholders, jointly and severally
(each an "Indemnifying Affiliate

                                       51

<PAGE>

Shareholder"), agrees to indemnify, defend and hold Buyer, its Affiliates
(including the Company and its Affiliates) and their respective officers,
directors, stockholders, employees, agents and representatives (the "Buyer
Indemnified Persons") harmless from and in respect of any and all losses,
damages, costs, obligations, penalties, assessments, fines and expenses
(including fees and expenses of counsel and other advisers) (collectively,
"Losses"), that they may incur arising out of or due to (i) any breach or
inaccuracy of any representation or warranty of the Seller Parties contained in
Article III of this Agreement, (ii) any breach of any covenant by the Seller
Parties contained in this Agreement, (iii) any Loss arising out of Indebtedness
of the Company that is incurred by the Company prior to the Closing but not
recorded as Indebtedness of the Company in the Financial Statements, (iv) any
Loss arising out of any expenses in excess of US$2,000,000 that are incurred by
the Company prior to the Closing but not recorded as expenses of the Company in
the Financial Statements, (v) any Loss arising out of or pursuant to the
Non-Disclosed Contracts (including any Loss that is triggered, accelerated or
caused by any transaction contemplated by this Agreement or any Ancillary
Document) but not recorded as a liability or obligation of the Company in the
Financial Statements, (vi) any Taxes or Loss relating to such Taxes with respect
to any taxable period of any Group Company (or any predecessors) for all taxable
periods ending on or before the Closing Date and with respect to any taxable
period that begins on or before and ends after the Closing Date, for the portion
thereof ending on the Closing Date except to the extent such Taxes are reflected
as an accrued Tax liability on the Financial Statements and have been taken into
account in determining the Closing Statement of Net Working Capital
("Pre-Closing Taxes"), and (vii) any Loss arising out of one or more
transactions engaged in by Buyer after the Closing for the purpose of acquiring
100% of the equity interests of the Company in accordance with Section 88 of
Cayman Companies Law 2004 in excess of the Purchase Price that would have been
paid at the Closing to the holders of equity interests who are not party to this
Agreement if such holders were Selling Shareholders hereunder.

          (b) The representations and warranties contained in Article III of
this Agreement shall survive the Closing for a period of six (6) months after
the Closing Date; provided that (i) the representations and warranties set forth
in Section 3.1(a), 3.2 and 3.6(a) shall survive indefinitely and (ii) the
representations and warranties set forth in Section 3.11 (Tax Matters) shall
survive the Closing until ninety (90) days after the expiration of the
applicable statute of limitations; provided, further, that any claim made with
reasonable specificity by the party seeking to be indemnified within the
applicable survival periods set forth in Section 10.1(a) shall survive until
such time as such claim is finally and fully resolved so long as a formal
proceeding is brought within nine (9) months following notice of the claim being
provided to the applicable Indemnifying Affiliate Shareholder. All covenants and
agreements contained herein shall remain in full force and effect for a period
of one (1) year after the Closing Date, except for those covenants and
agreements that by their terms are to be performed in whole or in part after the
Closing, which shall remain in full force and effect for a period of one (1)
year following the date by which such covenant or agreement is required to be
performed; provided that any claim made with reasonable specificity by the party
seeking to be indemnified within the applicable survival periods set forth in
this Section 10.1 shall survive until such time as such claim is finally and
fully resolved so long as a formal proceeding is brought within nine (9) months
following notice of the claim being provided to the applicable Indemnifying
Affiliate Shareholder.

          (c) Notwithstanding anything to the contrary contained in this
Agreement: (i) with respect to the provisions of Section 10.1(a)(i) (other than
in relation to the representations and

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<PAGE>

warranties set forth in Section 3.1(a), 3.2 or 3.6(a)), (A) an Indemnifying
Affiliate Shareholder shall not be liable for any claim for indemnification
pursuant thereto, unless and until the aggregate amount of indemnifiable Losses
which may be recovered from the Selling Shareholders equals or exceeds
US$1,000,000, after which the Indemnifying Affiliate Shareholders shall be
liable only for those Losses in excess of US$1,000,000, (B) no Losses may be
claimed thereunder by any Buyer Indemnified Party or shall be reimbursable by or
shall be included in calculating the aggregate Losses set forth in clause (A)
above other than Losses in excess of US$500,000 resulting from any single claim
or aggregated claims arising out of the same facts, events or circumstances and
(C) the maximum amount of indemnifiable Losses which may be recovered from the
Selling Shareholders arising out of or resulting from the cause set forth
therein shall be an amount equal to US$80,000,000; provided the maximum amount
of indemnifiable Losses which may be recovered from the Indemnifying Affiliate
Shareholders arising out of or resulting from the causes set forth in (x)
Section 10.1(a)(i) in respect of Sections 3.1(a), 3.2 or 3.6(a), (y) Section
10.1(a)(ii), (iii), (iv), (v), (vi) and (vii) and (z) Section 10.3 shall be an
amount equal to 100% of the Value of the Cash Consideration and the Value of the
Share Consideration actually received by the Indemnifying Affiliate
Shareholders.

          SECTION 10.2. Indemnification by the Carlyle Funds.

          (a) Subject to the limits set forth in this Article X, from and after
the Closing Date, each of the Carlyle Funds (each an "Indemnifying Carlyle
Fund"), severally and not jointly, agree to indemnify, defend and hold the Buyer
Indemnified Persons harmless from and in respect of any and all Losses that may
incur arising out of or due to any breach or inaccuracy of any representation or
warranty of such Indemnifying Carlyle Fund contained in Article IV of this
Agreement or in any Ancillary Document and (ii) any breach of any covenant by
such Indemnifying Carlyle Fund contained in this Agreement or in any Ancillary
Document.

          (b) The representations and warranties contained in Article IV of this
Agreement shall survive for a period of six (6) months; provided that any claim
made with reasonable specificity by the party seeking to be indemnified within
the applicable survival periods set forth in this Section 10.2(b) shall survive
until such time as such claim in finally and fully resolved so long as a formal
proceeding is brought within nine (9) months following notice of the claim being
provided to the applicable Indemnifying Carlyle Fund. All covenants and
agreements of an Indemnifying Carlyle Fund contained herein shall remain in full
force and effect for a period of one (1) year after the Closing Date, except for
those covenants and agreements that by their terms are to be performed in whole
or in part after the Closing, which shall remaining full force and effect for a
period of one (1) year following the date by which such covenant or agreement is
first required to be performed; provided that any claim made with reasonable
specificity by the party seeking to be indemnified within the applicable
survival periods set forth in this Section 10.2(b) shall survive until such time
as such claim is finally and fully resolved so long as a formal proceeding is
brought within nine (9) months following notice of the claim being provided to
the applicable Indemnifying Carlyle Fund.

          (c) Notwithstanding anything to the contrary contained in this
Agreement, other than the representations and warranties set forth in Section
4.2, (i) an Indemnifying Carlyle Fund shall not be liable for any claim for
indemnification, unless and until the aggregate amount of indemnifiable Losses
which may be recovered from such Indemnifying Carlyle Fund equals or

                                       53

<PAGE>

exceeds US$500,000, after which the Indemnifying Selling Shareholders shall be
liable only for those Losses in excess of US$500,000, and (ii) the maximum
amount of indemnifiable Losses which may be recovered by such Indemnifying
Carlyle Fund arising out of or resulting from the causes set forth therein shall
be an amount equal to 5% of the Aggregate Received Consideration; provided that
with respect to the representations and warranties set forth in Section 4.2, the
Buyer Indemnified Persons shall be entitled to any and all Losses up to 100% of
the Aggregate Received Consideration.

          SECTION 10.3. Indemnification by the Selling Shareholders Other Than
the Carlyle Funds.

          (a) Subject to the limits set forth in this Article X, from and after
the Closing Date, each Selling Shareholder (other than the Carlyle Funds) (an
"Indemnifying Selling Shareholder") agrees, severally and not jointly, to
indemnify, defend and hold the Buyer Indemnified Persons harmless from and in
respect of any and all Losses that they may incur arising out of or due to (i)
any breach and inaccuracy of any representation or warranty of such Indemnifying
Selling Shareholder contained in Article IV of this Agreement or in any
Ancillary Document, (ii) with respect to any Indemnifying Selling Shareholder,
other than the Affiliate Shareholders, any breach or inaccuracy of any
representation or warranty of the Seller Parties in Article III of this
Agreement and (iii) any breach of any covenant by such Indemnifying Selling
Shareholder contained in this Agreement or in any Ancillary Document.

          (b) The representations and warranties contained in Article IV of this
Agreement shall survive the Closing for a period of six (6) months after the
Closing Date; provided that the representations and warranties set forth in
Section 4.2 shall survive indefinitely; provided. further, that any claim made
with reasonable specificity by the party seeking to be indemnified within the
applicable survival periods set forth in Section 10.3(a) shall survive until
such time as such claim is finally and fully resolved so long as a formal
proceeding is brought within nine (9) months following notice of the claim being
provided to the applicable Indemnifying Selling Shareholder. All covenants and
agreements of the Indemnifying Selling Shareholders contained herein shall
remain in full force and effect for a period of one (1) year after the Closing
Date, except for those covenants and agreements that by their terms are to be
performed in whole or in part after the Closing, which shall remaining full
force and effect for a period of one (1) year following the date by which such
covenant or agreement is required to be performed; provided that any claim made
with reasonable specificity by the party seeking to be indemnified within the
applicable survival periods set forth in this Section 10.3 shall survive until
such time as such claim is finally and fully resolved so long as a formal
proceeding is brought within nine (9) months following notice of the claim being
provided to the applicable Indemnifying Selling Shareholder.

          (c) Notwithstanding anything to the contrary contained in this
Agreement: (i) other than with respect to the representations and warranties set
forth in Section 4.2, an Indemnifying Selling Shareholder shall not be liable
for any claim for indemnification pursuant to Section 10.3(a), unless and until
the aggregate amount of indemnifiable Losses which may be recovered from the
Indemnifying Selling Shareholder equals or exceeds US$1,000,000, after which the
Indemnifying Selling Shareholders shall be liable only for those Losses in
excess of US$1,000,000, (B) no Losses may be claimed thereunder by any Buyer
Indemnified Party or shall be reimbursable by or shall be included in
calculating the aggregate Losses set forth in clause (A)

                                       54

<PAGE>

above other than Losses in excess of US$500,000 resulting from any single claim
or aggregated claims arising out of the same facts, events or circumstances (C)
the maximum amount of indemnifiable Losses which may be recovered from any
Indemnifying Selling Shareholder arising out of or resulting from the causes set
forth in Section 10.3(a)(i) or (iii) shall be an amount equal to 100% of the
Value of the Cash Consideration and the Value of the Share Consideration
actually received by such Indemnifying Selling Shareholder and (D) the maximum
amount of indemnifiable Losses which may be recovered from any Indemnifying
Selling Shareholder arising out of or resulting from the causes set forth in
Section 10.3(a)(ii) shall be an amount equal to 20% of the Value of the Cash
Consideration and the Value of the Share Consideration actually received by such
Indemnifying Selling Shareholder.

          SECTION 10.4. Indemnification by Buyer.

          (a) Subject to the limits set forth in this Article X, from and after
the Closing Date, Buyer agrees to indemnify, defend and hold the Selling
Shareholders and their Affiliates and their respective officers, directors,
stockholders, employees, agents and representatives (the "Seller Indemnified
Persons") harmless from and in respect of any and all Losses that they may incur
arising out of or due to any breach of any representation, warranty, covenant or
other agreement of Buyer contained in this Agreement and the Ancillary Documents
to which Buyer is a party.

          (b) The representations and warranties of Buyer contained in this
Agreement shall survive the Closing for a period of six (6) months after the
Closing; provided that the representations and warranties set forth in Sections
5.1, 5.2 and 5.6 shall survive indefinitely; provided, further, that any claim
made with reasonable specificity by the party seeking to be indemnified within
the survival period set forth in Section 10.4(a) shall survive until such time
as such claim is finally and fully resolved so long as a formal proceeding is
brought within nine (9) months following notice of the claim being provided to
Buyer. All covenants and agreements contained herein shall remain in full force
and effect for a period of one (1) year after the Closing Date, except for those
covenants and agreements that by their terms are to be performed in whole or in
part after the Closing, which shall remain in full force and effect for a period
of one (1) year following the date by which such covenant or agreement is
required to be performed; provided that any claim made with reasonable
specificity by the party seeking to be indemnified within the applicable
survival periods set forth in this Section 10.4 shall survive until such time as
such claim is finally and fully resolved so long as a formal proceeding is
brought within nine (9) months following notice of the claim being provided to
Buyer.

          (c) Notwithstanding anything to the contrary contained in this
Agreement, Buyer shall not be liable for any claim for indemnification pursuant
thereto, unless and until the aggregate amount of indemnifiable Losses which may
be recovered from Buyer equals or exceeds US$500,000 and the maximum amount of
indemnifiable Losses which may be recovered from Buyer arising out of or
resulting from the causes set forth therein shall be an amount equal to
US$39,000,000; provided that with respect to the representations and warranties
in Section 5.1, 5.2 and 5.6, the maximum amount of indemnifiable Losses which
may be recovered from Buyer shall be equal to the Value of the Share
Consideration received by the Seller Indemnified Persons.

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<PAGE>

          SECTION 10.5. Indemnification as Exclusive Remedy; Mitigation. The
indemnification provided in this Article X, subject to the limitations set forth
herein, shall be the exclusive, post-Closing remedy available to any party in
connection with any and all Losses arising out of or resulting from this
Agreement, the transactions contemplated hereby, any property owned, based or
subleased by any of the Group Companies or otherwise regarding any of the Group
Companies. Each party hereto shall take all reasonable steps to mitigate its
Losses after becoming aware of any event which could reasonably be expected to
give rise to any Losses. None of the parties hereto shall be liable under any
provision of Sections 10.1, 10.2, 10.3 and 10.4 of this Agreement for any
consequential or punitive damages (other than consequential or punitive damages
payable to a third party).

          SECTION 10.6. Limitation on Indemnification. No claim may be asserted
against either party for breach of any representation, warranty, covenant or
agreement contained herein, unless written notice of such claim or action is
received by such party describing in reasonable detail the facts and
circumstances with respect to the subject matter of such claim on or prior to
the date on which the representation, warranty, covenant or agreement on which
such claim is based ceases to survive as set forth in Section 10.1, 10.2, 10.3
and 10.4 irrespective of whether the subject matter of such claim shall have
occurred before or after such date.

          SECTION 10.7. Indemnification Calculations. The amount of any and all
Losses for which indemnification is provided under this Article X shall be
computed net of any insurance proceeds received by the indemnified party in
connection with such Losses. If an indemnified party receives insurance proceeds
in connection with Losses for which it has received indemnification, such party
shall refund to the indemnifying party the amount of such insurance proceeds
when received, up to the amount of indemnification received. An indemnified
party shall use its commercially reasonable efforts to pursue insurance claims
with respect to any Losses. The parties agree that any indemnification payments
made pursuant to this Agreement shall be treated for tax purposes as an
adjustment to the Purchase Price, unless otherwise required by applicable Law.

          SECTION 10.8. No Duplication. Notwithstanding anything in this Article
X, no Buyer Indemnified Person shall be deemed to have incurred any Losses with
respect to any liability to the extent such liability was included in the
calculation of the Net Working Capital Amount pursuant to the Closing Statement
of Net Working Capital and deducted from the Cash Consideration pursuant to
Section 2.1(a).

          SECTION 10.9. Notice and Opportunity to Defend. If there occurs an
event which a party asserts is an indemnifiable event pursuant to Section 10.1,
10.2, 10.3 or 10.4, the party or parties seeking indemnification shall notify
the other party or parties obligated to provide indemnification (the
"Indemnifying Party") promptly. If such event involves any claim or the
commencement of any action or proceeding by a third person, the party seeking
indemnification will give such Indemnifying Party prompt written notice of such
claim or the commencement of such action or proceeding; provided that the
failure to provide prompt notice as provided herein will relieve the
Indemnifying Party of its obligations hereunder only to the extent that such
failure prejudices the Indemnifying Party hereunder. In case any such action
shall be brought against any party seeking indemnification and it shall notify
the Indemnifying Party of the commencement thereof, the Indemnifying Party shall
be entitled to assume the defense thereof, with counsel

                                       56

<PAGE>

selected by the Indemnifying Party and, after notice from the Indemnifying Party
to such party or parties seeking indemnification of such election so to assume
the defense thereof, the Indemnifying Party shall not be liable to the party or
parties seeking indemnification hereunder for any legal expenses of other
counsel or any other expenses subsequently incurred by such party or parties in
connection with the defense thereof. The Indemnifying Party and the party
seeking indemnification agree to cooperate fully with each other and their
respective counsel in connection with the defense, negotiation or settlement of
any such action or asserted liability. The party or parties seeking
indemnification shall have the right to participate at its or their own expense
in the defense of such action or asserted liability. If the Indemnifying Party
assumes the defense of an action no settlement or compromise thereof may be
effected (i) by the Indemnifying Party without the written consent of the
indemnified party (which consent shall not be unreasonably withheld or delayed)
unless all relief provided is paid or satisfied in full by the Indemnifying
Party or (ii) by the indemnified party without the consent of the Indemnifying
Party. In no event shall an Indemnifying Party be liable for any settlement
effected without its written consent.

          SECTION 10.10. Contribution. Each of the Selling Shareholders (other
than the Carlyle Funds) (the "Contributing Shareholder") acknowledges and agrees
that, to the extent any other Selling Shareholder (other than the Carlyle Funds)
pays any amount as an indemnity to the Buyer Indemnified Parties under this
Article X in respect of which such Contributing Shareholder is also liable
hereunder, such Contributing Shareholder shall, promptly upon demand, pay to
such other Selling Shareholder its pro rata portion (based on the aggregate
portion of the Cash Consideration and Share Consideration received by such other
Selling Shareholder) of such indemnity in cash.

          SECTION 10.11. Payment in Kind. For so long as any Selling Shareholder
remains subject to the restrictions on the sale of FM Ordinary Shares set forth
in the Lock-up Agreement in relation to such Selling Shareholder, or any FM
Ordinary Shares received by any Selling Shareholder remain restricted securities
for purposes of the Securities Act, whichever is later, any indemnity payable by
such Selling Shareholder may, at such Selling Shareholder's option, be paid with
FM Ordinary Shares. For the purposes of calculating the number of FM Ordinary
Shares to be paid to satisfy any such indemnity, each FM Ordinary Share shall be
valued at an amount equal to one-tenth of the closing price per ADS on the date
one (1) Business Day prior to the payment of any such indemnity or, if payment
of such indemnity in FM Ordinary Shares would be allowed pursuant to this
Section 10.11, in FM Ordinary Shares.

                                   ARTICLE XI
                                  MISCELLANEOUS

          SECTION 11.1. Fees and Expenses.

          (a) Except as otherwise provided in this Agreement, each of Buyer and
the Selling Shareholders shall pay all of its respective out-of-pocket fees and
expenses in connection with the preparation and negotiation of this Agreement
and the Ancillary Documents and the consummation of the transactions
contemplated hereby and thereby; provided, however, that subsequent to the
Closing, Buyer shall reimburse not more than US$2,000,000 of the Company's
out-of-pocket fees and expenses relating or leading to the consummation of the
transactions

                                       57

<PAGE>

contemplated in this Agreement and the Ancillary Documents determined in the
sole discretion of the Company, including the fees and expenses of the Company's
counsel, accounting and financial and other advisors.

          (b) If this Agreement is terminated pursuant to the provisions of
Section 9.1(c) or 9.1(d), a break-up fee in the amount of (x) US$10,000,000
shall be paid by the Company to the account of Buyer in the event that this
Agreement is terminated pursuant to the provisions of Section 9.1(c), or (y)
US$20,000,000 shall be paid by Buyer to the account of the Company in the event
this Agreement is terminated pursuant to the provisions of Section 9.1(d). The
Company (in the case of a breach by the Company or the Selling Shareholders) or
Buyer (in the case of a breach by Buyer) shall be liable for all costs, fees,
expenses and liabilities incurred by the non-breaching party in connection with
the preparation and negotiation of this Agreement and the Ancillary Documents
and the consummation of the transactions contemplated hereby and thereby
(including fees and expenses of legal counsel, outside accountants and other
professional advisors). Notwithstanding the foregoing, in the event that Buyer
has breached the provisions of the Tulip Exclusivity, Buyer shall pay to the
Company a compensation fee in the amount of US$50,000,000.

          (c) Any amounts that become payable by Buyer under paragraph (b) above
shall first be offset by the amount of the Deposit, with any remaining amounts
to be paid by Buyer within two (2) Business Days of Buyer's receipt of the
Company's notice of termination (in the case of the break-up fee) or within two
(2) Business Days of the final judgment of the arbitral tribunal pursuant to
Section 11.13 that Buyer breached the provisions of the Tulip Exclusivity. The
total amount of the Deposit shall be returned by the Company to Buyer within two
(2) Business Days following the date of the termination of this Agreement
pursuant to Section 9.1(c), or deducted from the Cash Consideration payable by
Buyer on the Closing Date as set forth in Section 2.1(b).

          SECTION 11.2. Governing Law. This Agreement shall be construed under
and governed by the Laws of the State of New York.

          SECTION 11.3. Amendment. This Agreement may not be amended, modified
or supplemented except upon the execution and delivery of a written agreement
executed by the parties hereto and except for the joinder of any additional
Selling Shareholder between the date hereof and the Closing Date (which
additional Selling Shareholders shall be deemed to make the representations and
warranties set forth in Article IV as of the date of their joinder).

          SECTION 11.4. No Assignment. Neither this Agreement nor any of the
rights, interests or obligations hereunder shall be assigned by any party hereto
without the prior written consent of Buyer, in the case of assignment by any of
the Seller Parties, and the Seller Parties, in the case of any assignment by
Buyer.

          SECTION 11.5. Waiver. Any of the terms or conditions of this Agreement
which may be lawfully waived may be waived in writing at any time by each party
which is entitled to the benefits thereof. Any waiver of any of the provisions
of this Agreement by any party hereto shall be binding only if set forth in an
instrument in writing signed on behalf of such party. No failure to enforce any
provision of this Agreement shall be deemed to or shall constitute a waiver of
such provision and no waiver of any of the provisions of this Agreement shall be

                                       58

<PAGE>

deemed to or shall constitute a waiver of any other provision hereof (whether or
not similar) nor shall such waiver constitute a continuing waiver.

          SECTION 11.6. Notices.

          (a) Any notice, demand, or communication required or permitted to be
given by any provision of this Agreement shall be deemed to have been
sufficiently given or served for all purposes if (i) personally delivered, (ii)
sent by a nationally recognized overnight courier service to the recipient at
the address below indicated or (iii) delivered by facsimile which is confirmed
in writing by sending a copy of such facsimile to the recipient thereof pursuant
to clause (i) or (ii) above:

          If to Buyer:

               Focus Media Holding Limited
               28-30/F, Zhao Feng World Trade Building
               369 Jiangsu Road
               Shanghai 200050 PRC
               Attn: Daniel Wu, Chief Financial Officer
               +86 21 3212 4661 ex. 6339 (tel)
               +86 215240 0228 (fax)

          With a copy to:

               Simpson Thacher & Bartlett LLP
               7/F, ICBC Tower
               3 Garden Road
               Central, Hong Kong
               Attn: Chris Lin, Esq.
               +852 2514 7650 (tel)
               +852 2869 7694 (fax)

          If to any of the Selling Shareholders, to the Sellers' Representative:

               Mr. David Feng Yu
               c/o Target Media Holdings Limited
               38F, K. Wah Centre
               No.1010 Huaihai Road (M.)
               Shanghai 200031 PRC
               +86-21-6115 5088 (tel)
               +86-21-5405 1665 (fax)

          With copies to:

               Target Media Holdings Limited
               38F, K. Wah Centre
               No.1010 Huaihai Road (M.)
               Shanghai 200031 PRC

                                       59

<PAGE>

               Attn: Richard Xue, Chief Financial Officer
               +86-21-6115 5088 (tel)
               +86-21-5405 1665 (fax)

          and

               Shearman & Sterling LLP
               12/F, Gloucester Tower
               The Landmark
               11 Pedder Street
               Central, Hong Kong
               Attn: Leiming Chen, Esq.
               +852 2978 8000 (tel)
               +852 2978 8099 (fax)

          and

               Carlyle Asia Venture Partners II, L.P.
               CAVP II Co-Investment, L.P.
               c/o The Carlyle Group
               Suite 2801, Two Pacific Place
               88 Queensway, Central
               Hong Kong
               Attn: Wayne Tsou
               +852 2878 5073 (tel)
               +852 2878 7808 (fax)

          and

               Sullivan & Cromwell LLP
               28/F, Nine Queen's Road Central
               Central, Hong Kong
               Attn: Michael G. DeSombre, Esq.
               +852 2826 8688 (tel)
               +852 2522 2280 (fax)

or to such other address as any party hereto may, from time to time, designate
in a written notice given in like manner.

          (b) Except as otherwise provided herein, any notice under this
Agreement will be deemed to have been given (x) on the date such notice is
personally delivered or delivered by facsimile or (y) the next succeeding
Business Day after the date such notice is delivered to the overnight courier
service if sent by overnight courier; provided that in each case notices
received after 4:00 p.m. (local time of the recipient) shall be deemed to have
been duly given on the next Business Day.

          (c) For convenience only, the parties agree that all notices,
consents, directions or other actions that may be given or taken hereunder by
the Seller Parties may be given by the

                                       60

<PAGE>

Sellers' Representative on behalf of the Seller Parties pursuant to a written
instruction or document duly executed by Seller and that Buyer shall treat any
such instrument or document as the action of the Seller Parties hereunder.

          SECTION 11.7. Complete Agreement. This Agreement, the Confidentiality
Agreements, the Ancillary Documents and the other documents and writings
referred to herein or delivered pursuant hereto contain the entire understanding
of the parties with respect to the subject matter hereof and thereof and
supersede all prior agreements and understandings, both written and oral,
between the parties with respect to the subject matter hereof and thereof. This
Agreement shall be binding upon and shall inure to the benefit of the parties
hereto and their respective successors and permitted assigns.

          SECTION 11.8. Counterparts. This Agreement may be executed in one or
more counterparts, all of which shall be considered one and the same agreement
and each of which shall be deemed an original.

          SECTION 11.9. Publicity. The Seller Parties and Buyer will consult
with each other and will mutually agree upon any publication or press release of
any nature with respect to this Agreement or the transactions contemplated
hereby and shall not issue any such publication or press release prior to such
consultation and agreement except as may be required by applicable Law or by
obligations pursuant to any listing agreement with any securities exchange or
any securities exchange regulation, in which case the party proposing to issue
such publication or press release shall make all reasonable efforts to consult
in good faith with the other party or parties before issuing any such
publication or press release and shall provide a copy thereof to the other party
or parties prior to such issuance.

          SECTION 11.10. Headings. The headings contained in this Agreement are
for reference only and shall not affect in any way the meaning or interpretation
of this Agreement.

          SECTION 11.11. Severability. Any provision of this Agreement which is
invalid, illegal or unenforceable in any jurisdiction shall, as to that
jurisdiction, be ineffective to the extent of such invalidity, illegality or
unenforceability, without affecting in any way the remaining provisions hereof
in such jurisdiction or rendering that or any other provision of this Agreement
invalid, illegal or unenforceable in any other jurisdiction.

          SECTION 11.12. Third Parties. Nothing herein expressed or implied is
intended or shall be construed to confer upon or give to any Person or
corporation, other than the parties hereto and their permitted successors or
assigns, any rights or remedies under or by reason of this Agreement.

          SECTION 11.13. Dispute Resolution.

          (a) Any dispute, controversy or claim arising out of or relating to
this Agreement, or the interpretation, breach, termination or validity hereof,
shall be resolved through consultation. Such consultation shall begin
immediately after one party hereto has delivered to any other party hereto a
written request for such consultation. If within thirty (30) days following the
date on which such notice is given the dispute cannot be resolved, the dispute
shall be submitted to arbitration upon the request of any party to such dispute
with notice to the others.

                                       61

<PAGE>

          (b) The arbitration shall be conducted in Hong Kong under the auspices
of the Hong Kong International Arbitration Centre (the "HKIAC"). There shall be
three (3) arbitrators. Each opposing party to a dispute shall be entitled to
appoint one arbitrator, and the third arbitrator shall be jointly appointed by
the disputing parties or, failing such agreement by thirty (30) days after the
appointment by each party of its arbitrator, the HKIAC shall appoint the third
arbitrator.

          (c) The arbitration proceedings shall be conducted in English. The
arbitration tribunal shall apply the UNCITRAL Arbitration Rules as administered
by the HKIAC at the time of the arbitration.

          (d) The arbitrators shall decide any dispute submitted by the parties
to the arbitration strictly in accordance with the substantive laws of New York
and shall not apply any other substantive law.

          (e) Each party hereto shall cooperate with the other in making full
disclosure of and providing complete access to all information and documents
requested by the others in connection with such arbitration proceedings, subject
only to any confidentiality obligations binding on such party.

          (f) The award of the arbitration tribunal shall be final and binding
upon the disputing parties, and the prevailing party or parties may apply to a
court of competent jurisdiction for enforcement of such award.

          (g) Any party shall be entitled to seek preliminary injunctive relief
from any court of competent jurisdiction pending the constitution of the
arbitral tribunal.

                  [remainder of page intentionally left blank]

                                       62

<PAGE>

          IN WITNESS WHEREOF, each of the parties hereto has caused this
Agreement to be executed by its duly authorized officer, in each case as of the
date first above written.

                                        TARGET MEDIA HOLDINGS LIMITED

                                        By: /s/ David Feng Yu
                                            ------------------------------------
                                        Name: David Feng Yu
                                        Title: Chief Executive Officer

<PAGE>

                                        FOCUS MEDIA HOLDING LIMITED

                                        By: /s/ Jason Jiang
                                            ------------------------------------
                                        Name: Jason Jiang
                                        Title: Chairman and
                                               Chief Executive Officer

<PAGE>

                                        TARGET MEDIA INTERNATIONAL LIMITED

                                        By: /s/ David Feng Yu
                                            ------------------------------------
                                        Name: David Feng Yu
                                        Title: Authorized Representative

                                        HARVEST ENERGY LIMITED

                                        By: /s/ David Feng Yu
                                            ------------------------------------
                                        Name: David Feng Yu
                                        Title: Authorized Representative

                                        CARLYLE ASIA VENTURE PARTNERS II, L.P.

                                        By: CIPA GENERAL PARTNER, L.P.

                                        By: CIPA, LTD.

                                        By: /s/ Wayne Tsou
                                            ------------------------------------
                                        Name: Wayne Tsou
                                        Title: Authorized Representative

                                        CAVP II CO-INVESTMENT, L.P.

                                        By: CIPA GENERAL PARTNER, L.P.

                                        By: CIPA, LTD.

                                        By: /s/ Wayne Tsou
                                            ------------------------------------
                                        Name: Wayne Tsou
                                        Title: Authorized Representative

<PAGE>

                                        SII INTERNATIONAL HOLDING LIMITED

                                        By: /s/ David Feng Yu
                                            ------------------------------------
                                        Name: David Feng Yu
                                        Title: Attorney-in-fact

                                        GENTLE BRIGHT DEVELOPMENT LIMITED

                                        By: /s/ David Feng Yu
                                            ------------------------------------
                                        Name: David Feng Yu
                                        Title: Attorney-in-fact

                                        MELLON FAMILY INVESTMENT COMPANY V

                                        By: /s/ David Feng Yu
                                            ------------------------------------
                                        Name: David Feng Yu
                                        Title: Attorney-in-fact

                                        RICHARD KING MELLON FOUNDATION

                                        By: /s/ David Feng Yu
                                            ------------------------------------
                                        Name: David Feng Yu
                                        Title: Attorney-in-fact

                                        MEGASTAR INVESTMENT MANAGEMENT LIMITED

                                        By: /s/ David Feng Yu
                                            ------------------------------------
                                        Name: David Feng Yu
                                        Title: Attorney-in-fact

                                        COUGAR INVESTMENT LIMITED

                                        By: /s/ David Feng Yu
                                            ------------------------------------
                                        Name: David Feng Yu
                                        Title: Attorney-in-fact

<PAGE>

                                        PARTNER MEDIA INVESTMENTS LIMITED

                                        By: /s/ David Feng Yu
                                            ------------------------------------
                                        Name: David Feng Yu
                                        Title: Attorney-in-fact

                                        MORNINGSIDE TECHNOLOGY INVESTMENTS
                                        LIMITED

                                        By: /s/ David Feng Yu
                                            ------------------------------------
                                        Name: David Feng Yu
                                        Title: Attorney-in-fact

                                        UPPER DEVELOPMENT LIMITED

                                        By: /s/ David Feng Yu
                                            ------------------------------------
                                        Name: David Feng Yu
                                        Title: Attorney-in-fact

<PAGE>

                                                                    SCHEDULE 1.1

Schedule 1.1A:

                         LIST OF AFFILIATE SHAREHOLDERS

Target Media International Limited

SII International Holding Limited

Schedule 1.1B:

                       LIST OF OTHER SELLING SHAREHOLDERS

Carlyle Asia Venture Partners II, L.P.

CAVP II Co-Investment, L.P.

Gentle Bright Development Limited

Mellon Family Investment Company V

Richard King Mellon Foundation

Megastar Investment Management Limited

Cougar Investment Limited

Partner Media Investments Limited

Morningside Technology Investments Limited

Upper Development Limited

Harvest Energy Limited

<PAGE>

                                                                    SCHEDULE 1.2

ANCILLARY DOCUMENTS

Key Company Employee Employment Agreements

General Employment Agreements

Lock-up Agreements

Shareholders Employment Agreements

Carlyle Non-Compete Agreements

Seller Non-Compete Agreements

<PAGE>

                                                                   SCHEDULE 1.3A

RELEVANT PERSONS FOR PURPOSES OF KNOWLEDGE OF BUYER

Jason Nanchun Jiang

Daniel Mingdong Wu

                                                                   SCHEDULE 1.3B

RELEVANT PERSONS FOR PURPOSES OF KNOWLEDGE OF SELLER PARTIES

David Feng Yu

Richard Zheng Xue

<PAGE>

                                                                    SCHEDULE 7.3

                      BUYER CONSENTS, WAIVERS AND APPROVALS

NONE

<PAGE>

                                                                    SCHEDULE 8.2

                         CONSENTS, WAIVERS AND APPROVALS

NONE

<PAGE>

                               DISCLOSURE SCHEDULE

                                     TO THE

                            SHARE PURCHASE AGREEMENT

                                      AMONG

                           FOCUS MEDIA HOLDING LIMITED

                          TARGET MEDIA HOLDINGS LIMITED

                                       AND

                     THE SELLING SHAREHOLDERS NAMED THEREIN

                           DATED AS OF JANUARY 7, 2006

<PAGE>

     The numbers of this Disclosure Schedule (this "Disclosure Schedule")
correspond to section and subsection numbers in Article III of the Share
Purchase Agreement (the "Agreement") among Focus Media Holding Limited, Target
Media Holdings Limited (the "Company" or "Target Media") and the Selling
Shareholders named therein. Capitalized terms used in this Schedule but not
otherwise defined herein shall have the same meanings ascribed to them in the
Agreement.

     This Disclosure Schedule and the information and disclosures contained
herein are intended only to qualify and limit the representations, warranties
and covenants of Target Media contained in the Agreement and shall not be deemed
to expand in any way the scope or effect of any of such representations,
warranties or covenants.

     Notwithstanding anything to the contrary contained in this Disclosure
Schedule or in the Agreement, the information and disclosures contained in any
section of this Disclosure Schedule shall be deemed to be disclosed and
incorporated by reference in any other section of this Disclosure Schedule as
though fully set forth in such other section for which the applicability of such
information and disclosure is reasonably apparent on the face of such
information or disclosure.

     The inclusion of any information in any section of this Disclosure Schedule
or other document delivered by Target Media pursuant to the Agreement shall not
be deemed to be an admission or evidence of the materiality of such item, nor
shall it establish a standard of materiality for any purpose whatsoever.

     The underlined headings contained in this Disclosure Schedule are included
for convenience only, and are not intended to limit the effect of the
disclosures contained in this Disclosure Schedule or to expand the scope of the
information required to be disclosed in this Disclosure Schedule.

          SECTION 3.1(B) Company Contracts

1.   Share Subscription Agreement dated August 20, 2004 among the Company,
     Target Media Multi-Media Technology (Shanghai) Co., Ltd. ("Target
     Multi-Media"), Shanghai Target Media Co., Ltd. ("Shanghai Target Media"),
     shareholders of the Company's common shares and purchasers of Series A
     preferred shares

2.   Share Subscription Agreement dated July 19, 2005 among the Company, Target
     Multi-Media, Shanghai Target Media, shareholders of the Company's common
     shares and purchasers of Series B preferred shares

3.   Amended and Restated Shareholders Agreement dated July 29, 2005 among the
     Company, Target Multi-Media, Shanghai Target Media and each shareholder of
     the Company

4.   Future Equity Transfer Agreement dated August 2004 between the Company and
     each shareholder of Shanghai Target Media, as amended

5.   The Company occasionally seeks advice from various third party consultants
     on an ad hoc basis with respect to location development, financing, display
     placement, legal matters,

<PAGE>

     etc. and pays consulting fees to such third parties; no written contracts
     exist for such transactions.

6.   The Company pays a Cayman Islands agent for its services in handling the
     Company's share register and other corporate matters related to Cayman
     Islands.

7.   In July 2005, the Company entered into service agreements with Morgan
     Stanley, Shearman & Sterling LLP, KPMG and Haiwen & Partners, respectively,
     with regard to the initial public offering and listing of its common shares
     on NASDAQ.

8.   In August 2005, the Company entered into an employment agreement with
     Richard Xue

9.   The Company has entered into various option grant agreements with certain
     of its employees since August 2004.

          SECTION 3.2 Share Capital of the Company

     The Company's authorized share capital consists of 210,000,000 common
shares, of which 111,100,000 shares are issued and outstanding, and 66,000,000
preferred shares, of which 41,641,679 Series A preferred shares and 21,820,243
Series B preferred shares are issued and outstanding. As of December 31, 2005,
the Company had granted to certain of its directors, officers and other
employees options to purchase an aggregate of 19,395,769 common shares of the
Company. Certain of these options will be fully vested and cashed out in
connection with the transactions contemplated by the Agreement.

     The following table sets forth the outstanding capitalization of the
Company as of December 31, 2005:

<TABLE>
<CAPTION>
                               NUMBER OF SHARES
     CLASS OF SHARES        ISSUED AND OUTSTANDING   PAR VALUE
-------------------------   ----------------------   ---------
<S>                         <C>                      <C>
Common Shares                    111,100,000         US$0.0001
Series A Preferred Shares         41,641,679         US$0.0001
Series B Preferred Shares         21,820,243         US$0.0001
</TABLE>

          SECTION 3.3 Group Companies

(i)  Jurisdiction of incorporation

<TABLE>
<CAPTION>
                   GROUP COMPANY                     JURISDICTION OF INCORPORATION
--------------------------------------------------   -----------------------------
<S>                                                  <C>
Target Media Holdings Limited                               Cayman Islands

Target Multi-Media                                          P.R. China
(Chinese Character)
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                   GROUP COMPANY                     JURISDICTION OF INCORPORATION
--------------------------------------------------   -----------------------------
<S>                                                  <C>
Shanghai Target Media                                       P.R. China
(Chinese Character)

Shenyang Target Media Co., Ltd.                             P.R. China
(Chinese Character)

Fuzhou Heng Ding United Media Co., Ltd.                     P.R. China
(Chinese Character)

Tianjin Metro Operating Information Consulting
Service Co., Ltd.                                           P.R. China
(Chinese Character)

Shanghai Ju Wang Cheng Cheng Advertising Co., Ltd.          P.R. China
(Chinese Character)

Xiamen Target Media Advertising Co., Ltd.                   P.R. China
(Chinese Character)
</TABLE>

Material Group Companies include (i) Target Media Holdings Limited, (ii) Target
Multi-Media and (iii) Shanghai Target Media.

Recently Acquired Companies include (i) Shenyang Target Media Co., Ltd. (Chinese
Character), (ii) Fuzhou Heng Ding United Media Co., Ltd. (Chinese Character),
(iii) Tianjin Metro Operating Information Consulting Service Co., Ltd. (Chinese
Character), (iv) Shanghai Ju Wang Cheng Cheng Advertising Co., Ltd. (Chinese
Character) and (v) Xiamen Target Media Advertising Co., Ltd. (Chinese
Character).

The following table sets forth the subsidiaries, branches or representative
offices Shanghai Target Media maintains in China:

<TABLE>
<CAPTION>
                 CITIES                NATURE OF PRESENCE    REGISTRATION WITH LOCAL AICS
     -----------------------------   ---------------------   ----------------------------
<S>  <C>                             <C>                     <C>
 1    Beijing (Chinese Character)    Representative Office                Yes
 2    Tianjin (Chinese Character)    Representative Office                 No
 3   Chongqing (Chinese Character)   Representative Office                Yes
 4   Guanghzou (Chinese Character)          Branch                        Yes
 5   Shenzhen (Chinese Character)           Branch                        Yes
 6   Dongguan (Chinese Character)           Branch                         No
 7    Zhuhai (Chinese Character)            Branch                         No
 8   Hangzhou (Chinese Character)    Representative Office                Yes
 9    Wenzhou (Chinese Character)    Representative Office                 No
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                 CITIES                NATURE OF PRESENCE    REGISTRATION WITH LOCAL AICS
     -----------------------------   ---------------------   ----------------------------
<S>  <C>                             <C>                     <C>
10    Ningbo (Chinese Character)     Representative Office                Yes
11   Shaoxing (Chinese Character)    Representative Office                 No
12    Taizhou (Chinese Character)    Representative Office                 No
13    Huzhou (Chinese Character)     Representative Office                 No
14    Jiaxing (Chinese Character)    Representative Office                 No
15     Yiwu (Chinese Character)      Representative Office                 No
16    Nanjing (Chinese Character)    Representative Office                Yes
17    Suzhou (Chinese Character)     Representative Office                 No
18     Wuxi (Chinese Character)      Representative Office                 No
19   Changshu (Chinese Character)    Representative Office                 No
20   Jiangyin (Chinese Character)    Representative Office                 No
21           Zhangjiagang            Representative Office                 No
          (Chinese Character)
22    Kunshan (Chinese Character)    Representative Office                 No
23    Fuzhou (Chinese Character)          Subsidiary                      Yes
24    Xiamen (Chinese Character)          Subsidiary                      Yes
25   Quanzhou (Chinese Character)    Representative Office                 No
26   Jinjiang (Chinese Character)    Representative Office                 No
27    Shishi (Chinese Character)     Representative Office                 No
28     Wuhan (Chinese Character)     Representative Office                Yes
29    Yichang (Chinese Character)    Representative Office                 No
30   Changsha (Chinese Character)    Representative Office                 No
31    Chengdu (Chinese Character)    Representative Office                 No
32     Jinan (Chinese Character)     Representative Office                 No
33    Qingdao (Chinese Character)    Representative Office                Yes
34    Yantai (Chinese Character)     Representative Office                 No
35    Weihai (Chinese Character)     Representative Office                 No
36    Tai'an (Chinese Character)     Representative Office                 No
37    Jining (Chinese Character)     Representative Office                 No
38   Shenyang (Chinese Character)         Subsidiary                      Yes
39    Dalian (Chinese Character)            Branch                        Yes
40   Changchun (Chinese Character)   Representative Office                Yes
41     Xi'an (Chinese Character)     Representative Office                 No
42    Lanzhou (Chinese Character)    Representative Office                 No
43    Kunming (Chinese Character)    Representative Office                 No
44     Dali (Chinese Character)      Representative Office                 No
45    Lijiang (Chinese Character)    Representative Office                 No
46     Sanya (Chinese Character)     Representative Office                 No
47     Lhasa (Chinese Character)     Representative Office                 No
</TABLE>

(ii) Equity ownership

     (A)  Target Media Holdings Limited

          The Company's authorized share capital consists of 210,000,000 common
          shares, of which 111,100,000 shares are issued and outstanding, and
          66,000,000 preferred shares, of which 41,641,679 Series A preferred
          shares and 21,820,243 Series B preferred shares are issued and
          outstanding.

<PAGE>

     The conversion ratios of the Series A and Series B preferred shares were
     1.05767 common shares per Series A preferred share and 1.01572 common
     shares per Series B preferred share, respectively. As a result, upon
     conversion, all of the Company's Series A preferred shares would be
     converted to 44,043,155 common shares and all of the Company's Series B
     preferred shares would be converted to 22,163,258 common shares,
     respectively.

     The following table sets forth the percentage interests held by each
     shareholder of the Company on an as-converted basis as of December 31,
     2005:

<TABLE>
<CAPTION>
                                               NUMBER OF
                                             COMMON SHARES   PERCENTAGE
                SHAREHOLDER                   AS-CONVERTED    INTERESTS
                -----------                  -------------   ----------
<S>                                          <C>             <C>
Target Media International Limited             77,000,000       43.4%
Harvest Energy Limited                         10,000,000        5.6%
SII International Holding Limited              11,100,000        6.3%
Gentle Bright Development Limited              10,000,000        5.6%
Upper Development Limited                       6,693,876        3.8%
Carlyle Funds                                  49,962,803       28.1%
Partner Media Investments Limited               2,206,880        1.2%
Richard King Mellon Foundation                    738,775        0.4%
Mellon Family Investment Company V                738,775        0.4%
Megastar Investment Management Limited          4,432,652        2.5%
Cougar Investment Limited                       1,477,551        0.8%
Morningside Technology Investments Limited      2,955,101        1.7%
                                              -----------        ---
   TOTAL:                                     177,306,413        100%
                                              ===========        ===
</TABLE>

     As of December 31, 2005, the Company had granted to certain of its
     directors, officers and other employees options to purchase an aggregate of
     19,395,769 common shares of the Company. Certain of these options will be
     fully vested and cashed out in connection with the transactions
     contemplated by the Agreement.

(B)  Target Multi-Media

     The registered capital of Target Multi-Media is US$24 million. All of the
     equity interest of Target Media Multi-Media is owned by Target Media
     Holdings Limited.

(C)  Shanghai Target Media

     The registered capital of Shanghai Target Media is RMB11.11 million. The
     following table sets forth the percentage interests of each equity holder
     of Shanghai Target Media Co., Ltd.:

<TABLE>
<CAPTION>
                    EQUITY HOLDER                       PERCENTAGE INTEREST
                    -------------                       -------------------
<S>                                                     <C>
David Feng Yu (Chinese Character)                              69.3%
Shanghai Information Investment Inc.                           10.0%
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                    EQUITY HOLDER                       PERCENTAGE INTEREST
                    -------------                       -------------------
<S>                                                     <C>
(Chinese Character)
Shanghai Dian Yang Digital Media Technology Co., Ltd.           9.0%
(Chinese Character)
Yongqing Lu (Chinese Character)                                 9.0%
Shanghai Zhuoyue Manager Information Co., Ltd.                  2.7%
(Chinese Character)
</TABLE>

(D)  Shenyang Target Media Co., Ltd.

     The registered capital of Shenyang Target Media Co., Ltd. is RMB600,000.
     The following table sets forth the percentage interests of each equity
     holder of Shenyang Target Media Co., Ltd.:

<TABLE>
<CAPTION>
                    EQUITY HOLDER                       PERCENTAGE INTEREST
                    -------------                       -------------------
<S>                                                     <C>
Shanghai Target Media                                          70%
Liaoning Huaqiao Advertising Design Co., Ltd.                  30%
(Chinese Character)
</TABLE>

(E)  Fuzhou Heng Ding United Media Co., Ltd.

     The registered capital of Fuzhou Heng Ding United Media Co., Ltd. is RMB1
     million. All of the equity interest of Fuzhou Heng Ding United Media Co.,
     Ltd. is owned by Shanghai Target Media.

(F)  Tianjin Metro Operating Information Consulting Service Co., Ltd.

     The registered capital of Tianjin Metro Operating Information Consulting
     Service Co., Ltd. is RMB1 million. The following table sets forth the
     percentage interests of each equity holder of Tianjin Metro Operating
     Information Consulting Service Co., Ltd.:

<TABLE>
<CAPTION>
                    EQUITY HOLDER                       PERCENTAGE INTEREST
                    -------------                       -------------------
<S>                                                     <C>
Shanghai Target Media                                          50%
Beijing Dongfang Ying Long Advertising Co., Ltd.               50%
(Chinese Character)
</TABLE>

(G)  Shanghai Ju Wang Cheng Cheng Advertising Co., Ltd.

     The registered capital of Shanghai Ju Wang Cheng Cheng Advertising Co.,
     Ltd. is RMB1 million. The following table sets forth the percentage
     interests of each equity holder of Shanghai Ju Wang Cheng Cheng Advertising
     Co., Ltd.:

<PAGE>

<TABLE>
<CAPTION>
                    EQUITY HOLDER                       PERCENTAGE INTEREST
                    -------------                       -------------------
<S>                                                     <C>
Shanghai Target Media                                          50%
Wang Yong (Chinese Character)                                  40%
Wu Hongbin (Chinese Character)                                 10%
</TABLE>

(H)  Xiamen Target Media Advertising Co., Ltd.

     The registered capital of Xiamen Target Media Advertising Co., Ltd. is RMB1
     million. The following table sets forth the percentage interests of each
     equity holder of Xiamen Target Media Advertising Co., Ltd.:

<TABLE>
<CAPTION>
                    EQUITY HOLDER                       PERCENTAGE INTEREST
                    -------------                       -------------------
<S>                                                     <C>
Shanghai Target Media                                          80%
Wu Nanbin (Chinese Character)                                  10%
Wang Xilan (Chinese Character)                                 10%
</TABLE>

(iii) Second Amended and Restated Articles of Association of the Company and the
     Amended and Restated Shareholders Agreement dated July 29, 2005 among the
     Company, Target Multi-Media, Shanghai Target Media and each shareholder of
     the Company contain voting arrangement and other restrictions relating to
     the issuance, sale, transfer or disposition of the Company's common shares.

          SECTION 3.5 Financial Information

          (a) Change of accounting principles

               Since the Balance Sheet Date, Target Multi-Media has received a
               tax preferential treatment and become subject to approximately
               2.3% value added tax instead of the normal 17%.

          (b) Changes since the Balance Sheet Date

               (A)  Changes in share capital

                    Since the Balance Sheet Date, the Company has granted to
                    certain employees options to purchase an aggregate of
                    19,395,769 common shares of the Company.

               (B)  Changes in short term or long term debt

                    1.   In December 2005, Shanghai Information Investment Inc.
                         extended a short-term loan of RMB30 million to Shanghai
                         Target Media at a monthly interest rate of 0.3915%.

<PAGE>

                    2.   Shanghai Target Media's notes payable decreased from
                         approximately RMB56 million as of September 30, 2005 to
                         approximately RMB44 million as of December 31, 2005.

          (d) Liabilities (other than arising in the ordinary course of
business) required to be disclosed

               In December 2005, Shanghai Information Investment Inc. extended a
          short-term loan of RMB30 million to Shanghai Target Media at a monthly
          interest rate of 0.3915%.

          (e) Estimated outstanding obligations under non-disclosed contracts

          (i) The following table sets forth the outstanding display placement
agreement obligations as of September 30, 2005.

                     DISPLAY PLACEMENT AGREEMENT OBLIGATIONS
                  PAYMENTS DUE BY PERIOD (IN THOUSANDS OF RMB)

<TABLE>
<CAPTION>
 2006     2007     2008
------   ------   ------
<S>      <C>      <C>
93,789   73,009   44,606
</TABLE>

          (ii) As of September 30, 2005, the future outstanding obligation under
the existing supply agreements is approximately RMB34 million.

          (iii) As of December 31, 2005, Shanghai Target Media's outstanding
obligations under various acquisition agreements are as follows:

                    1.   Shanghai Target Media agreed to purchase the remaining
                         30% equity interests of Shenyang Target Media Co., Ltd.
                         held by Liaoning Huaqiao Advertising Design Co., Ltd.
                         after August 30, 2006 and the purchase price will be
                         determined based on the performance of Shenyang Target
                         Media Co., Ltd. for the period from September 1, 2005
                         to August 30, 2006.

                    2.   In connection with the acquisition of the equity
                         interests in Shenyang Target Media, Shanghai Target
                         Media is obligated to pay RMB500,000 to Liaoning
                         Huaqiao Advertising Design Co., Ltd. as deposit.

                    3.   Shanghai Target Media's outstanding obligation in
                         connection with the acquisition of the assets of
                         Shangdong Fu Er Media Co., Ltd. (Chinese Character) is
                         approximately RMB4.51 million.

                    4.   Shanghai Target Media's outstanding obligation in
                         connection with the acquisition of the assets of Wuhan
                         Hai Ming Broadcasting Advertising Co., Ltd. (Chinese
                         Character) is approximately RMB217,000.

                    5.   Shanghai Target Media's outstanding obligation under an
                         acquisition of certain display placement agreements
                         from Shanghai Cheng Nuo Advertising Co., Ltd. (Chinese
                         Character) entered into in August 2005, is
                         approximately RMB1.35 million.

<PAGE>

          SECTION 3.10 Changes

          (d) Loan, advances or capital contributions to, or investments in, any
Person or payment of any fees to any Seller Party

               1.   See disclosure in Section 3.10(e) of this Disclosure
                    Schedule.

               2.   See disclosure in Section 3.10(m) of this Disclosure
                    Schedule.

               3.   See disclosure in Section 3.16(a)(ii) of this Disclosure
                    Schedule.

          (e) Since the Balance Sheet Date, Shanghai Target Media entered into
the following major asset transactions:

               1.   On October 21, 2005, Shanghai Target Media closed its
                    acquisition of 70% equity interest of Shenyang Target Media
                    Co., Ltd.

               2.   On October 25, 2005, Shanghai Target Media closed its
                    acquisition of 100% equity interest of Fuzhou Heng Ding
                    United Media Co., Ltd.

               3.   On October 24, 2005, Shanghai Target Media signed an
                    agreement to acquire all of the assets of Shandong Fu Er
                    Media Co., Ltd., including all of its display placement
                    contracts.

               4.   Shanghai Target Media is in the process of closing its
                    acquisition of all of the assets of Wuhan Hai Ming
                    Broadcasting Advertising Co, Ltd., including all of its
                    display placement contracts.

               5.   Target Multi-Media or Shanghai Target Media entered into
                    supply agreements with its suppliers to purchase compact
                    flash cards, flat panel displays or information technology
                    equipment in the ordinary course of its business and the
                    aggregate value of such acquisitions exceed RMB2 million.

          (h) Indebtedness by any Group Companies exceeding RMB1 million

               1.   In December 2005, Shanghai Target Media received a
                    short-term loan of RMB30 million from Shanghai Information
                    Investment Inc. at a monthly interest rate of 0.3915%.

               2.   As of December 31, 2005, Shanghai Target Media's notes
                    payable is approximately RMB44 million.

          (m) Commitment to do the foregoing

               The Company entered into a non-binding memorandum of
          understanding with certain shareholders of Tulip Media Holding Limited
          on September 30, 2005 and made a deposit of US$2

<PAGE>

          million to Tulip Media Holding Limited; the Company will forgo such
          deposit if the transaction contemplated therein does not consummate
          due to any intentional misconduct of the Company.

          SECTION 3.11(A) Tax Matters

          (ii) Payment of taxes

               1.   Shanghai Target Media does not pay tax for any recognized
                    income until such amount is actually billed to its
                    customers. Accounts receivable consist of both billed and
                    unbilled receivables. The unbilled receivables comprise
                    unbilled amounts that have been recognized as revenue in
                    accordance with an advertising contract. Advertising service
                    revenues are recognized over the performance period of an
                    advertising contract. However, certain large customers are
                    usually not billed for unpaid amounts until after the
                    completion of the contractual service period. As to such
                    recognized but unbilled revenue amounts, no tax is paid.

               2.   As of December 31, 2005, Material Group Companies have not
                    paid stamp duty tax in an amount of RMB150,000.

          (iii) Shanghai Target Media received an extra income tax refund of
          RMB176,101 due to government error.

          SECTION 3.12(C) Severance Plans

               Discharged employees of the Group Companies are entitled to
          standard severance payments as required by PRC labor laws.

          SECTION 3.14 Share Option Plan Information

               The Company's board of directors has adopted a 2005 equity
          incentive plan.

          SECTION 3.15 Intellectual Property

               1.   Shanghai Target Media is applying for the registration of
                    several trademarks including "(Chinese Characters)",
                    "(Chinese Characters)", "(Chinese Characters)", "Target",
                    "Target Media" and "Target Media (Chinese Characters)"

               2.   Shanghai Target Media has registered the internet domain
                    name www.targetmedia.com.cn

               3.   Shanghai Target Media is in the process of applying for two
                    patents for a flat panel display mounting frame design and a
                    display outer shape design.

               4.   Target Multi-Media owns a copyright in a software
                    DigiCasting v1.0 which was registered with the State
                    Copyright Bureau on September 23, 2005.

          SECTION 3.16 Material Contracts

          (a) Material contracts excluding Non-Disclosed Contracts

<PAGE>

          (i) Contracts that contains restrictions with respect to distribution
          on capital stock

               1.   Share Subscription Agreement dated August 20, 2004 among the
                    Group Companies and purchasers of Series A preferred shares

               2.   Share Subscription Agreement dated July 19, 2005 among the
                    Group Companies and purchasers of Series B preferred shares

               3.   Amended and Restated Shareholders Agreement dated July 29,
                    2005 among the Group Companies and each shareholder of the
                    Company

          (ii) Future capital contribution commitment

               1.   In January 2006, Shanghai Target Media entered into an
                    agreement with Shanghai Xin Na Advertising Media Co., Ltd.
                    (Chinese Character) and its shareholders to contribute
                    capital of approximately RMB7.5 million in exchange for
                    approximately 25% of equity interest of Shanghai Xin Na
                    Advertising Media Co., Ltd.

               2.   Although no definitive agreement is reached yet, Shanghai
                    Target Media is under discussion to enter into the following
                    joint venture projects:

                    a.   To contribute capital in exchange for 50% equity
                         interest in a to-be-established joint venture with five
                         individuals, Shanghai Target Media Culture
                         Communication Co., Ltd. (Chinese Character), with a
                         registered capital of RMB3 million.

                    b.   To acquire 100% equity interest in a local flat panel
                         display network operator in Zhengzhou for a purchase
                         price of approximately RMB1.8 million.

          (iii) Indebtedness of any Group Companies

               1.   Bank of Shanghai agrees to issue promissory notes to the
                    order of Shanghai Target Media, the amount of which cannot
                    exceed an amount equal to 2.5 times the deposit that
                    Shanghai Target Media maintains with the bank and is no more
                    than RMB60 million. As of December 31, 2005, the outstanding
                    amount under the notes is approximately RMB44 million.

               2.   Shanghai Information Investment Inc. provided a short-term
                    loan of RMB30 million to Shanghai Target Media at a monthly
                    interest rate of 0.3915%.

          (iv) Loan, advance or investment by a Group Company to a Related Party

               Other than reasonable travel and business expense advances
          incurred in the ordinary course of business, the Group Companies enter
          into the following related party transactions on regular basis: (a)
          performance of obligations under the Structure Agreements; (b)
          inter-company loans between Target Multi-Media and Shanghai Target
          Media and (c) Shanghai Target Media

<PAGE>

          extended a loan of approximately RMB600,000 to Shenyang Target Media
          Co., Ltd. as working capital.

          (v) Loan, advance or investment exceeding RMB100,000 by a Group
          Company to a non-Related Party

               1.   See disclosure in Section 3.10(e) of this Disclosure
                    Schedule.

               2.   See disclosure in Section 3.10(m) of this Disclosure
                    Schedule.

               3.   See disclosure in Section 3.16(a)(ii) of this Disclosure
                    Schedule.

          (vi) Management, service or consulting contract in excess of
          RMB500,000 per annum

               1.   A consulting agreement dated October 26, 2004 between
                    Shanghai Target Media and CTR Market Research Co., Ltd.
                    (Chinese Character)

               2.   Consulting agreements dated December 13, 2004, June 10, 2005
                    and June 20, 2005 between Shanghai Target Media and Nielsen
                    Media Research (Chinese Character) with an aggregate
                    contract price of approximately RMB788,000.

               3.   A service agreement dated June 16, 2005 between Shanghai
                    Target Media and Beijing Hua Sheng Shi Dai Advertising Co.,
                    Ltd. (Chinese Character) with a contract price of
                    approximately RMB500,000.

               4.   A consulting and service agreement dated July 11, 2005
                    between Shanghai Target Media and Shanghai Jin Die Software
                    Technology Co., Ltd. (Chinese Character) with a contract
                    price of approximately RMB760,000.

               5.   Material Group Companies entered into employment agreements
                    with (i) David Feng Yu, the chief executive officer; (ii)
                    Richard Zheng Xue, the chief financial officer; (iii) Huang
                    Xin, the vice president of finance; (iv) Tao Qin, the vice
                    president of location development; and (v) Lai Gerong, the
                    sales director, respectively, each of whom receives an
                    annual compensation exceeding RMB500,000.

               6.   In July 2005, the Company entered into service agreements
                    with Morgan Stanley, Shearman & Sterling LLP, KPMG and
                    Haiwen & Partners, respectively, with regard to the initial
                    public offering and listing of its common shares on NASDAQ.

          (viii) Contracts in excess of RMB500,000 that cannot be terminated
          without liability upon less than 90 days' notice

               1.   Certain supply, advertising and display placement agreements
                    of the Non-Disclosed Contracts.

<PAGE>

               2.   See disclosure in Section 3.5(e)(iii) of this Disclosure
                    Schedule.

               3.   See disclosure in Section 3.16(a)(vi) of this Disclosure
                    Schedule.

               4.   A purchase agreement dated June 10, 2005 between Shanghai
                    Target Media and Shanghai Telecommunication Equipment Plant
                    (Chinese Character) with a contract price of approximately
                    RMB868,500.

               5.   A purchase agreement dated December 2005 between Shanghai
                    Target Media and Tianjin Subway Shen Yuan Advertising
                    Consultancy Co., Ltd. (Chinese Character) with a contract
                    price of approximately RMB34.5 million.

               6.   An installment agreement dated August 5, 2005 between
                    Shanghai Target Media and Tianjin Subway Communication
                    Signal (Shanghai) Engineering Co., Ltd. (Chinese Character)
                    with a contract price of approximately RMB520,000.

               7.   An advertising agency agreement dated December 8, 2004
                    between Shanghai Target Media and Tianjin Sheng Cun
                    Advertising Co., Ltd. (Chinese Character) with a contract
                    price of approximately RMB10.8 million.

               8.   An installment agreement dated April 6, 2005 between
                    Shanghai Target Media and Shenzhen Hua Sui Technology Co.,
                    Ltd. (Chinese Character) with a contract price of
                    approximately RMB868,000.

               9.   A purchase agreement dated July 11, 2005 between Shanghai
                    Target Media and Shanghai Jin Die Software Technology Co.,
                    Ltd. (Chinese Character) with a contract price of
                    approximately RMB765,000.

               10.  A purchase agreement dated December 28, 2005 between
                    Shanghai Target Media and Shanghai Xin Na Advertising Media
                    Co., Ltd. (Chinese Character) with a contract price of
                    approximately RMB1.5 million.

          (x) Joint venture, partnership or other cooperative arrangements

               1.   Shanghai Target Media and Beijing Dongfang Ying Long
                    Advertising Co., Ltd. formed a joint venture in September
                    2005 and each party contributed 50% of the registered
                    capital of RMB1 million to engage in flat panel display
                    advertising business for the Subway Line #1 in the City of
                    Tianjin.

               2.   Shanghai Target Media, Wang Yong and Wu Hongbin formed a
                    joint venture in November 2005, in which Shanghai Target
                    Media holds 50% of the registered capital of RMB1 million,
                    to engage in flat panel display advertising or other
                    advertising business in Internet cafe.

<PAGE>

               3.   Shanghai Target Media, Wu Nanbin and Wang Xilan formed a
                    joint venture in 2005, in which Shanghai Target Media holds
                    80% of the registered capital of RMB1 million, to engage in
                    flat panel display advertising business in Xiamen.

               4.   See disclosure in Section 3.16(a)(ii) of this Disclosure
                    Schedule.

          (xiii) Contracts that contains a "change of control" provision

               The Company's standard option grant agreement contains a "change
          in control" provision.

          SECTION 3.17 Certain Transactions with Related Parties

          (i) Indebtedness to Related Parties

               1.   Shanghai Target Media entered into an agreement with David
                    Feng Yu to lease offices located at Hero Mansion #2701-2703,
                    2669 Xietu Road, Shanghai, China from Mr. Yu at a monthly
                    rental of RMB30,000.

               2.   Shanghai Target Media entered into an agreement with David
                    Feng Yu to lease an office located at 2 Zongfu Road, Times
                    Square #TJ-711, Chengdu, Sichuan, China from Mr. Yu at a
                    monthly rental of RMB30,000.

               3.   In December 2005, Shanghai Target Media received a
                    short-term loan of RMB30 million from Shanghai Information
                    Investment Inc. at a monthly interest rate of 0.3915%.

          (iii) Ownership interest in related entities or competing business

               (a)  Ownership interest in related entities

               1.   David Feng Yu owns controlling equity interests in Shanghai
                    Dian Yang Digital Media Technology Co., Ltd. ("Dian Yang"),
                    which conducted the following transactions with Shanghai
                    Target Media:

                    (a)  In December 2003 Dian Yang transferred to Shanghai
                         Target Media its entire flat panel display advertising
                         business, employees and all related tangible and
                         intangible assets.

                    (b)  Subsequent to the business transfer, certain parties to
                         the display placement agreements and the advertising
                         contracts made with Dian Yang continue to perform under
                         the original agreements. Under an arrangement between
                         Dian Yang and Shanghai Target Media, Dian Yang
                         continues to make lease payments under the unassignable
                         display placement agreements and collect advertising
                         fees under the unassignable advertising contracts on
                         behalf of Shanghai Target Media, until these agreements
                         expire.

<PAGE>

               2.   David Feng Yu owns equity interests in Huashan Dianyang
                    Hospital Management Co., Ltd. which received advertising
                    services from Shanghai Target Media in the ordinary course
                    of Shanghai Target Media's business.

          (iv) Contract with any Group Company

               1.   See disclosure in (i) through (iii) of Section 3.17 of this
                    Disclosure Schedule.

               2.   See disclosure in 1 through 3 of Section 3.1(b) of this
                    Disclosure Schedule.

          SECTION 3.18 Structure Agreements

               1.   Asset Purchase Agreement dated August 2004 between Target
                    Multi-Media and Shanghai Target Media, as amended

               2.   Lease and Service Agreement dated August 2004 between Target
                    Multi-Media and Shanghai Target Media, as amended

               3.   Software License and Exclusive Technical Service Agreement
                    dated August 2004 between Target Multi-Media and Shanghai
                    Target Media, as amended

               4.   Guarantee Agreement dated August 2004 between Target
                    Multi-Media and each of Shanghai Target Media's
                    shareholders, i.e., David Feng Yu, Shanghai Information
                    Investment Inc., Shanghai Dian Yang Digital Media Technology
                    Co., Ltd., Yongqing Lu and Shanghai Zhuoyue Manager
                    Information Co., Ltd., as amended

               5.   Future Equity Transfer Agreement dated August 2004 between
                    the Company and each of Shanghai Target Media's
                    shareholders, i.e., David Feng Yu, Shanghai Information
                    Investment Inc., Shanghai Dian Yang Digital Media Technology
                    Co., Ltd., Yongqing Lu and Shanghai Zhuoyue Manager
                    Information Co., Ltd., as amended

          SECTION 3.22 Insurance policies of the Group Companies

               The Company buys accident insurance policies from American
          International Assurance for certain of its employees; the Company also
          maintains car insurance and shipment insurance for the flat panel
          displays.

          SECTION 3.24 Leased real properties

                    (a)  The following table sets forth the office and warehouse
                         leases currently entered into by the Group Companies:

<TABLE>
<CAPTION>
              CITY                       LOCATION        PERIOD FROM    PERIOD TO    RENTAL RMB /MTH
              ----                       --------        -----------    ---------    ---------------
<S>                                <C>                   <C>           <C>          <C>
Shanghai (Chinese Character)       (Chinese Character)      6/1/2005    8/31/2006              200.00
Beijing (Chinese Character)        (Chinese Character)      6/1/2005    5/31/2007           70,207.67
Beijing (Chinese Character)        (Chinese Character)     11/1/2005   10/31/2006            1,000.00
Changchun (Chinese Character)      (Chinese Character)      9/7/2005    9/15/2008            2,500.00
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
              CITY                       LOCATION        PERIOD FROM    PERIOD TO    RENTAL RMB /MTH
              ----                       --------        -----------    ---------    ---------------
<S>                                <C>                   <C>           <C>          <C>
Changshu (Chinese Character)       (Chinese Character)     12/1/2005   11/30/2006            1,000.00
Chengdu (Chinese Character)        (Chinese Character)     5/15/2005    5/14/2007            3,000.00
Chengdu (Chinese Character)        (Chinese Character)     8/27/2005    8/26/2006      10000 per year
Dalian (Chinese Character)         (Chinese Character)      6/1/2005    5/31/2006            7,328.11
Dongguan (Chinese Character)       (Chinese Character)     4/20/2005    4/19/2006            1,500.00
Fuzhou (Chinese Character)         (Chinese Character)      8/6/2005     8/5/2006            5,000.00
Guangzhou (Chinese Character)      (Chinese Character)      5/8/2005     4/7/2007           15,400.00
Guangzhou (Chinese Character)      (Chinese Character)                                       1,530.53
Guangzhou (Chinese Character)      (Chinese Character)     7/18/2005    7/17/2007           26,725.00
Hangzhou (Chinese Character)       (Chinese Character)     3/15/2005    3/14/2006            8,883.33
Huzhou (Chinese Character)         (Chinese Character)     12/1/2005    12/1/2006            1,400.00
Jinan (Chinese Character)          (Chinese Character)     8/27/2005    8/26/2006            5,657.50
Jiaxing (Chinese Character)        (Chinese Character)     12/1/2004   11/30/2005              983.33
Jiangyin (Chinese Character)       (Chinese Character)     12/1/2005   11/30/2006            1,250.00
Jiuzhaigou (Chinese Character)     (Chinese Character)     12/5/2004    12/5/2005              250.00
Kunming (Chinese Character)        (Chinese Character)      1/8/2005     1/7/2006              900.00
Kunshan (Chinese Character)        (Chinese Character)     1/17/2005    1/16/2006            1,800.00
Lanzhou (Chinese Character)        (Chinese Character)     11/1/2005   10/31/2006            1,300.00
Nanjing (Chinese Character)        (Chinese Character)      3/1/2005    2/28/2007            7,000.00
Nanjing (Chinese Character)        (Chinese Character)      9/5/2005     9/5/2006            1,600.00
Ningbo (Chinese Character)         (Chinese Character)     8/23/2005    8/22/2006            3,500.00
Qingdao (Chinese Character)        (Chinese Character)     6/20/2005    6/20/2006            6,084.00
Qingdao (Chinese Character)        (Chinese Character)    11/25/2005    5/24/2006            1,200.00
Quanzhou (Chinese Character)       (Chinese Character)      7/1/2005    2006-2-30            2,150.72
Shanghai (Chinese Character)       (Chinese Character)     5/28/2001    5/27/2011              200.00
Shanghai (Chinese Character)       (Chinese Character)     6/28/2004   12/15/2013              200.00
Shanghai (Chinese Character)       (Chinese Character)    10/31/2005    9/30/2008          238,868.00
Shanghai (Chinese Character)       (Chinese Character)      1/1/2005   12/31/2006            2,500.00
Shaoxing (Chinese Character)       (Chinese Character)     12/1/2005    5/31/2006            1,000.00
Shenzhen (Chinese Character)       (Chinese Character)    11/10/2005   11/10/2006            3,262.00
Shenzhen (Chinese Character)       (Chinese Character)     4/15/2005    4/15/2006          193,740.00
Shenyang (Chinese Character)       (Chinese Character)     4/10/2005     4/9/2006           10,000.00
Suzhou (Chinese Character)         (Chinese Character)     1/24/2005    1/23/2006            3,065.00
Taizhou (Chinese Character)        (Chinese Character)      2/1/2005    1/31/2007            1,666.67
Tianjin (Chinese Character)        (Chinese Character)     4/11/2005    4/10/2006            8,100.00
Wenzhou (Chinese Character)        (Chinese Character)      4/1/2005     4/1/2008            2,000.00
Wuxi (Chinese Character)           (Chinese Character)      6/1/2005    5/31/2006            3,125.00
Wuhan (Chinese Character)          (Chinese Character)     5/16/2005    5/15/2007           12,414.60
Wuhan (Chinese Character)          (Chinese Character)      8/1/2005     8/1/2006              650.00
Xi'an (Chinese Character)          (Chinese Character)     11/1/2005   10/31/2006            1,300.00
Xiamen (Chinese Character)         (Chinese Character)      9/1/2005    8/31/2006   20584.8 per 3 mth
Yichang (Chinese Character)        (Chinese Character)    10/20/2005   10/19/2006           20,000.00
Yiwu (Chinese Character)           (Chinese Character)      3/1/2005    2/28/2006              833.33
Zhangjiagang (Chinese Character)   (Chinese Character)      9/1/2005    8/31/2006       9000 per year
Chongqing (Chinese Character)      (Chinese Character)     6/20/2005    6/19/2007           14,083.00
Zhuhai (Chinese Character)         (Chinese Character)    10/13/2005   10/12/2006            1,200.00
Changsha (Chinese Character)       (Chinese Character)     9/15/2005   12/15/2005            1,300.00
</TABLE>

<PAGE>

                    (b)  As of December 31, 2005, the Group Companies have
                         entered into approximately 10,000 display placement
                         agreements that are currently effective.

          SECTION 3.26 Brokers

               Morgan Stanley has acted as the financial advisor to the Seller
          Parties.

<PAGE>

                                                                       EXHIBIT A

                            FORM OF LOCK-UP AGREEMENT

                                                                January __, 2006

Focus Media Holding Limited
28-30/F, Zhao Feng World Trade Building
369 Jiangsu Road
Shanghai 100032 China

Ladies and Gentlemen:

     The undersigned, a shareholder of Target Media (as defined below), has
entered into a Share Purchase Agreement (the "Share Purchase Agreement"), dated
as of January 7, 2006, with FOCUS MEDIA HOLDING LIMITED, a company with limited
liability organized under the laws of the Cayman Islands (the "Company"), TARGET
MEDIA HOLDINGS LIMITED ("Target Media"), a company with limited liability
organized under the laws of the Cayman Islands and those SHAREHOLDERS of Target
Media (collectively, the "Selling Shareholders") set forth in Schedule 1.1A and
1.1B thereto, for the purchase by the Company of all of the Shares. The
undersigned further understands and acknowledges that the consideration paid to
the Selling Shareholders consists of the Share Consideration, and that as a
shareholder or beneficiary of Target Media, the undersigned will receive
ordinary shares of the Company ("Ordinary Shares").

     Unless otherwise defined herein, all capitalized terms used herein but not
otherwise defined herein shall have the meanings set forth in the Share Purchase
Agreement.

     In consideration of the agreement by the Company to purchase the Shares,
the undersigned's receipt of the Ordinary Shares at the Closing in accordance
with the allocation set forth on the Allocation Schedule (such Ordinary Shares,
the "Received Shares") and of other good and valuable consideration the receipt
and sufficiency of which is hereby acknowledged, the undersigned agrees that
with regard to any Received Shares, without the Company's prior permission, (I)
during the period beginning from the Closing Date and continuing to and
including the date that is 180 calendar days after the Closing Date (the
"Initial Lock-up Period"), not to, directly or indirectly, offer, sell, contract
to sell, pledge, grant any option to purchase, make any short sale or otherwise
dispose of: (A) the Received Shares or (B) any American depositary shares
("ADS"), any global depositary shares or global depositary receipts ("GDSs"), or
any securities of the Company substantially similar to the ADSs, Ordinary Shares
or the GDSs, including but not limited to any securities that are convertible
into or exchangeable for, or that represent the right to receive, ADSs, Ordinary
Shares, GDSs or any such substantially similar securities now owned (of record,
beneficially or otherwise, including as a custodian), in each case, representing
the Received Shares (the securities covered by the foregoing clauses (A) and
(B), collectively, are referred to as the "Lock-up Securities") and (II) during
the period beginning from and after the expiration or termination of the initial
Lock-up Period and continuing to and including the date that is 360 calendar
days after the Closing Date (the "Second Lock-up Period", and together with the

<PAGE>

Initial Lock-up Period, the "Lock-up Period"), not to, directly or indirectly,
offer, sell, contract to sell, pledge, grant any option to purchase, make any
short sale or otherwise dispose of, Lock-up Securities in an amount equal to
more than fifty percent (50%) of the Lock-up Securities held by the undersigned
as of the Closing Date, as adjusted for any split, reverse split, subdivision,
combination, reclassification or other similar action affecting outstanding
Ordinary Shares; except that the foregoing restrictions in clauses (I) and (II)
above shall not apply to (u) a bona fide gift by an individual to a donee, (v)
any transfer by a Selling Shareholder to an Affiliate that does not involve a
disposition for value, (w) any transfer by a Selling Shareholder to its limited
partners, its Affiliates (including to any person to whom such Affiliate would
be allowed to transfer such Affiliate's shares pursuant to Section 6.12 of the
Share Purchase Agreement), or to any successor to such Selling Shareholder as
the result of any merger, consolidation or other reorganization, (x) any payment
of Lock-up Securities to any Buyer Indemnified Party in satisfaction of any
indemnity payable by the undersigned under the Share Purchase Agreement, (y) any
contribution of Lock-up Securities pursuant to the Contribution Agreement, dated
as of January [__], 2006, by and among David Feng Yu and the Carlyle Funds or
(z) any transfer of the Lock-up Securities by a Selling Shareholder to another
Selling Shareholder as contemplated by Sections 2.1(c) and 10.10 of the Share
Purchase Agrement; provided, that any transferee in relation to any transfer
pursuant to any of the foregoing exceptions shall enter into an agreement or
instrument prior to such transfer pursuant to which such transferee shall agree
to be bound by the terms and conditions of the Share Purchase Agreement and the
Ancillary Documents to which the transferor is a party, including, until the
expiration of the Lock-up Period, the restrictions set forth herein, except in
the case where such transferee is already bound by such terms and conditions.
For the avoidance of doubt, the Lock-up Securities do not include (i) any ADSs
of the Company purchased by the undersigned at any time in open market
transactions or (ii) any Ordinary Shares acquired by the undersigned in any
transactions that are not related to the transactions contemplated by the Share
Purchase Agreement.

     The undersigned understands that the Company, Target Media and the Selling
Shareholders are relying upon this Lock-up Agreement in proceeding toward
consummation of the transaction contemplated in the Share Purchase Agreement.
The undersigned further understands that this Lock-up Agreement is irrevocable
and shall be binding upon the undersigned's heirs, successors, and assigns.

     This Lock-up Agreement shall be governed by, and construed in accordance
with, the laws of the State of New York.

     This Lock-up Agreement may be executed in one or more counterparts, each of
which shall be deemed to be an original but all of which together will
constitute one and the same instrument.

                                        Very truly yours,

                                        ----------------------------------------
                                        [Exact Name of Lock-up Party]

<PAGE>

Agreed and Accepted by:

-------------------------------------
FOCUS MEDIA HOLDING LIMITED

<PAGE>

                                    AGREEMENT

          NOW, THEREFORE, in consideration of the foregoing recitals, the mutual
promises hereinafter set forth, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
further agree as follows:

ARTICLE XII INTERPRETATION

          SECTION 12.1. Definitions. Unless otherwise defined in this Agreement,
capitalized terms used in the English version of this Agreement shall have the
following meanings:

     "ACCOUNTING PRINCIPLES" means generally accepted accounting principles as
applied in the United States of America.

     "AFFILIATE" means, with respect to any given Person, a Person that
Controls, is Controlled by, or is under common Control with the given Person.

     "AGREEMENT" has the meaning ascribed thereto in the preamble hereto.

     "APPLICABLE SECURITIES LAW" means (i) with respect to any offering of
securities in the United States of America, or any other act or omission within
that jurisdiction, the securities law of the United States, including the
Exchange Act and the Securities Act, and any applicable law of any State of the
United States, and (ii) with respect to any offering of securities in any
jurisdiction other than the United States of America, or any related act or
omission in that jurisdiction, the applicable laws of that jurisdiction.

     "BUSINESS DAY" means any weekday that the banks in the PRC, Hong Kong and
the United States of America are generally open for business.

     "CENTRE" has the meaning ascribed thereto in Section SECTION 21.3. (c).

     "COMMISSION" means (i) with respect to any offering of securities in the
United States of America, the Securities and Exchange Commission of the United
States or any other federal agency at the time administering the Securities Act,
and (ii) with respect to any offering of securities in a jurisdiction other than
the United States of America, the regulatory body of the jurisdiction with
authority to supervise and regulate the sale of securities in that jurisdiction.

     "COMPANY" has the meaning ascribed thereto in the preamble hereto.

     "CONTROL" means, when used with respect to any Person, the power to direct
the management and policies of such Person, directly or indirectly, whether
through the ownership of voting securities, by contract or otherwise, and the
terms "Controlling" and "Controlled" have meanings correlative to the foregoing.

     "DISCLOSING PARTY" has the meaning ascribed thereto in Section SECTION
20.4. .

<PAGE>

     "DISPUTE" has the meaning ascribed thereto in Section SECTION 21.3. (a).

     "EQUITY SECURITIES" means any Ordinary Shares, Ordinary Share Equivalents
or other voting securities of the Company.

     "EXCHANGE ACT" means the United States Securities Exchange Act of 1934, as
amended.

     "FINANCING DOCUMENTS" has the meaning ascribed thereto in Section SECTION
20.1..

     "FINANCING TERMS" has the meaning ascribed thereto in Section SECTION 20.1.
..

     "FORM F-3" means Registration Statement on Form F-3 promulgated by the
Commission under the Securities Act or any substantially similar form then in
effect.

     "FORM S-3" means Registration Statement on Form S-3 promulgated by the
Commission under the Securities Act or any substantially similar form then in
effect.

     "FORMER PREFERRED HOLDERS" has the meaning ascribed thereto in the preamble
hereto.

     "FORMER SERIES A PREFERRED HOLDERS" has the meaning ascribed thereto in the
preamble hereof.

     "FORMER SERIES B PREFERRED HOLDERS" has the meaning ascribed thereto in the
preamble hereof.

     "FORMER SERIES C PREFERRED HOLDERS" has the meaning ascribed thereto in the
preamble hereof.

     "FOUNDING SHAREHOLDERS" has the meaning ascribed thereto in the preamble
hereto.

     "HOLDERS" means the Target Holders and the Former Preferred Holders,
together with the permitted transferees and assigns of any Holder.

     "HONG KONG" means the Hong Kong Special Administrative Region.

     "INITIATING HOLDERS" means, with respect to a request duly made to Register
any Registrable Securities under Section SECTION 16.1. (a) or Section SECTION
16.1. (b), the Holders initiating such request.

     "JJ MEDIA" means JJ Media Investment Holding Limited, an international
business company organized and existing under the laws of the British Virgin
Islands.

     "ORDINARY SHARES" means the ordinary shares, par value US$0.01 per share,
of the Company.

<PAGE>

     "ORDINARY SHARE EQUIVALENTS" means warrants, options and rights exercisable
for Ordinary Shares and instruments convertible or exchangeable for Ordinary
Shares.

     "PERSON" means any natural person, corporation limited liability company,
joint stock company, joint venture, partnership, enterprise, trust,
unincorporated organization or any other entity or organization.

     "PREFERRED SHARE" means any of the Series A Preferred Shares, Series B
Preferred Shares or Series C Preferred Shares.

     "PRIOR SHAREHOLDERS AGREEMENT" has the meaning ascribed thereto in the
recitals hereof.

     "REGISTRATION" means a registration effected by preparing and filing a
Registration Statement and the declaration or ordering of the effectiveness of
that Registration Statement, and the terms "Register" and "Registered" have
meanings correlative with the foregoing.

     "REGISTRABLE SECURITIES" means (i) the Series A Registrable Securities,
(ii) the Series B Registrable Securities, (iii) the Series C Registrable
Securities, (iv) all Equity Securities which may be from time to time acquired
by a Former Preferred Holder after the date of the Prior Shareholders Agreement
and (v) the Target Registrable Securities, excluding in all cases, however, any
Equity Securities sold by a Person in a transaction other than an assignment
pursuant to Section SECTION 21.1. (b).

     "REGISTRATION STATEMENT" means a registration statement prepared on Forms
S-1, S-2, S-3, F-1, F-2 or F-3 under the Securities Act, or on any comparable
form in connection with registration in a jurisdiction other than the United
States.

     "SECURITIES ACT" means the United States Securities Act of 1933, as
amended.

     "SELLING EXPENSES" means, with respect to the issue or sale of any
securities by the Company, any underwriting, brokerage or similar commissions,
compensation, discounts or concessions paid or allowed by the Company in
connection with such issue or sale.

     "SERIES A PREFERRED SHARES" means the Series A preferred shares, par value
US$0.01 per share, of the Company.

     "SERIES A REGISTRABLE SECURITIES" means (i) the Ordinary Shares issued upon
conversion of any Series A Preferred Shares and (ii) any Equity Securities of
the Company issued as (or issuable upon the conversion or exercise of any
Ordinary Share Equivalent) a dividend or other distribution with respect to, or
in exchange for, or in replacement of, the shares referenced in (i), excluding
in all cases, however, any Equity Securities sold by a Person in a transaction
other than an assignment pursuant to Section SECTION 21.1. (b).

     "SERIES B PREFERRED SHARES" means the Series B preferred shares, par value
US$0.01 per share, of the Company.

<PAGE>

     "SERIES B REGISTRABLE SECURITIES" means (i) the Ordinary Shares issued upon
conversion of any Series B Preferred Shares and (ii) any Equity Securities of
the Company issued as (or issuable upon the conversion or exercise of any
Ordinary Share Equivalent) a dividend or other distribution with respect to, or
in exchange for, or in replacement of, the shares referenced in (i), excluding
in all cases, however, any Equity Securities sold by a Person in a transaction
other than an assignment pursuant to Section SECTION 21.1. (b).

     "SERIES C PREFERRED SHARES" means the Series C-1 Shares and the Series C-2
Shares.

     "SERIES C REGISTRABLE SECURITIES" means (i) the Ordinary Shares issued upon
conversion of any Series C Preferred Shares and (ii) any Equity Securities of
the Company issued as (or issuable upon the conversion or exercise of any
Ordinary Share Equivalent) a dividend or other distribution with respect to, or
in exchange for, or in replacement of, the shares referenced in (i), excluding
in all cases, however, any Equity Securities sold by a Person in a transaction
other than an assignment pursuant to Section SECTION 21.1. (b).

     "TARGET ANCILLARY DOCUMENTS" means this Agreement and the Target Lock-Up
Agreements.

     "TARGET HOLDERS" has the meaning ascribed thereto in the preamble hereof.

     "TARGET LOCK-UP AGREEMENTS" means those certain Lock-Up Agreements, dated
the date of the closing of the transactions contemplated by the Target Purchase
Agreement, by and among the Company and each of the Target Holders.

     "TARGET PURCHASE AGREEMENT" has the meaning ascribed thereto in the
recitals hereof.

     "TARGET REGISTRABLE SECURITIES" means (i) the Ordinary Shares received by
the Target Holders pursuant to the Target Purchase Agreement and (ii) any Equity
Securities of the Company issued as (or issuable upon the conversion or exercise
of any Ordinary Share Equivalent) a dividend or other distribution with respect
to, or in exchange for, or in replacement of, the shares referenced in (i),
excluding in all cases, however, any Equity Securities sold by a Person in a
transaction other than an assignment pursuant to Section SECTION 21.1. (b).

     "VIOLATION" has the meaning ascribed thereto in Section SECTION 16.6. (a).

          SECTION 12.2. Interpretation. For all purposes of this Agreement,
except as otherwise expressly herein provided, (i) the terms defined in ARTICLE
XII shall have the meanings assigned to them in ARTICLE XII and include the
plural as well as the singular, (ii) all accounting terms not otherwise defined
herein have the meanings assigned under the Accounting Principles, (iii) all
references in this Agreement to designated "Sections" and other subdivisions are
to the designated Sections and other subdivisions of the body of this Agreement,
(iv) pronouns of either gender or neuter shall include, as appropriate, the
other pronoun forms, (v) the words "herein," "hereof" and "hereunder" and other
words of similar import refer to this Agreement as a whole and not to any
particular Section or other subdivision, and (vi) all references in this
Agreement to designated

<PAGE>

Schedules, Exhibits and Annexes are to the Schedules, Exhibits and Annexes
attached to this Agreement.

          SECTION 12.3. Nominees. The parties hereto acknowledge that any Equity
Securities acquired in the Company by 3i Asia Pacific Technology LP and 3i Asia
Pacific 2004-06 LP shall be held by 3i AP Tech Nominees Limited and 3i Nominee
Limited as nominees, respectively. Notwithstanding, 3i Asia Pacific Technology
LP and 3i Asia Pacific 2004-06 LP shall continue to exercise any rights and
undertake any obligations under this Agreement as if such Equity Securities were
directly held by such investors.

ARTICLE XIII [REMOVED AND RESERVED]

ARTICLE XIV [REMOVED AND RESERVED]

ARTICLE XV [REMOVED AND RESERVED]

ARTICLE XVI REGISTRATION RIGHTS.

          SECTION 16.1. Demand Registration Rights.

          (a) Registration Other Than on Form F-3.

          (i) Subject to the terms of this Agreement, at any time after January
13, 2006, Holders representing a majority in voting power of the then
outstanding Series A Registrable Securities may request the Company in writing
to effect the Registration of any Registrable Securities held thereby. Upon
receipt of such a request, the Company shall (i) promptly, and in any event
within ten (10) Business Days after receipt of such written request, give
written notice of the proposed Registration to all other Holders and (ii) use
best efforts to cause, as soon as practicable, the Registrable Securities
specified in the request, together with any Registrable Securities of any Holder
who requests in writing to join such Registration within twenty (20) days after
the Company's delivery of written notice, to be Registered and/or qualified for
sale and distribution to the public in such jurisdictions as the Initiating
Holders may reasonably request. The Company shall be obligated to effect no more
than two (2) Registrations pursuant to this Section SECTION 16.1. (a)(i).

          (ii) Subject to the terms of this Agreement, at any time after January
13, 2006, Holders representing a majority in voting power of the then
outstanding Series B Registrable Securities may request the Company in writing
to effect the Registration of any Registrable Securities held thereby. Upon
receipt of such a request, the Company shall (i) promptly, and in any event
within ten (10) Business Days after receipt of such written request, give
written notice of the proposed Registration to all other Holders and (ii) use
best efforts to cause, as soon as practicable, the Registrable Securities
specified in the request, together with any Registrable Securities of any Holder
who requests in writing to join such Registration within twenty (20) days after
the Company's delivery of written notice, to be Registered and/or qualified for
sale and

<PAGE>

distribution to the public in such jurisdictions as the Initiating Holders may
reasonably request. The Company shall be obligated to effect no more than two
(2) Registrations pursuant to this Section SECTION 16.1. (a)(ii).

          (iii) Subject to the terms of this Agreement, at any time after
January 13, 2006, Holders representing 20% or more in voting power of the then
outstanding Series C Registrable Securities may request the Company in writing
to effect the Registration of Registrable Securities for which the reasonably
anticipated aggregate price to the public, net of Selling Expenses, would not be
less than US$20,000,000. Upon receipt of such a request, the Company shall (i)
promptly, and in any event within ten (10) Business Days after receipt of such
written request, give written notice of the proposed Registration to all other
Holders and (ii) as soon as practicable, and in any event within sixty (60) days
of the receipt of such request, cause the Registrable Securities specified in
the request, together with any Registrable Securities of any Holder who requests
in writing to join such Registration within twenty (20) days after the Company's
delivery of written notice, to be Registered and/or qualified for sale and
distribution to the public in such jurisdictions as the Initiating Holders may
reasonably request. The Company shall be obligated to effect no more than two
(2) Registrations pursuant to this Section SECTION 16.1. (a)(iii).

          (iv) (A) Subject to the terms of this Agreement and the Target Lock-up
Agreements, at any time after January 13, 2006, Holders representing 25% or more
in voting power of the then outstanding Target Registrable Securities may
request the Company in writing to effect the Registration of any Registrable
Securities held thereby. Upon receipt of such a request, the Company shall (i)
promptly, and in any event within ten (10) Business Days after receipt of such
written request, give written notice of the proposed Registration to all other
Holders and (ii) use best efforts to cause, as soon as practicable, the
Registrable Securities specified in the request, together with any Registrable
Securities of any Holder who requests in writing to join such Registration
within twenty (20) days after the Company's delivery of written notice, to be
Registered and/or qualified for sale and distribution to the public in such
jurisdictions as the Initiating Holders may reasonably request. The Company
shall be obligated to effect no more than two (2) Registrations pursuant to this
Section SECTION 16.1. (a)(iv).

          (B) Upon the written request of any Holder of Target Registrable
Securities, the Company shall promptly, and in any event within three (3)
Business Days after receipt of such written request, inform such Holder, based
on the Company's records, as to the percentage of voting power represented by
the Target Registrable Securities held by such Holder with respect to the then
outstanding Target Registrable Securities.

          (b) Registration on Form F-3.

          (i) Subject to the terms of this Agreement, from time to time and at
any time, Holders holding any Series A Registrable Securities may request the
Company in writing to file a Registration Statement on Form F-3 or Form S-3 (or
any successor form to Form F-3 or Form S-3, or any comparable form for
Registration in a jurisdiction other than the United States) for a public
offering of Registrable Securities for which the reasonably anticipated
aggregate price to the public would not be less than US$1,000,000 and for which
the Company is entitled to use Form F-3, Form S-3 or a comparable form to
register the requested Registrable Securities. Upon receipt of such a request,
the Company shall (i) promptly, and in any event within ten (10) Business Days

<PAGE>

after receipt of such written request, give written notice of the proposed
Registration to all other Holders and (ii) use best efforts to cause, as soon as
practicable, the Registrable Securities specified in the request, together with
any Registrable Securities of any Holder who requests in writing to join such
Registration within twenty (20) days after the Company's delivery of written
notice, to be Registered and/or qualified for sale and distribution to the
public in such jurisdictions as the Initiating Holders may reasonably request.

          (ii) Subject to the terms of this Agreement, from time to time and at
any time, Holders holding any Series B Registrable Securities may request the
Company in writing to file a Registration Statement on Form F-3 or Form S-3 (or
any successor form to Form F-3 or Form S-3, or any comparable form for
Registration in a jurisdiction other than the United States) for a public
offering of Registrable Securities for which the reasonably anticipated
aggregate price to the public would not be less than US$1,000,000 and for which
the Company is entitled to use Form F-3, Form S-3 or a comparable form to
register the requested Registrable Securities. Upon receipt of such a request,
the Company shall (i) promptly, and in any event within ten (10) Business Days
after receipt of such written request, give written notice of the proposed
Registration to all other Holders and (ii) use best efforts to cause, as soon as
practicable, the Registrable Securities specified in the request, together with
any Registrable Securities of any Holder who requests in writing to join such
Registration within twenty (20) days after the Company's delivery of written
notice, to be Registered and/or qualified for sale and distribution to the
public in such jurisdictions as the Initiating Holders may reasonably request.

          (iii) Subject to the terms of this Agreement, from time to time and at
any time, Holders holding any Series C Registrable Securities may request the
Company in writing to file a Registration Statement on Form F-3 or Form S-3 (or
any successor form to Form F-3 or Form S-3, or any comparable form for
Registration in a jurisdiction other than the United States) for a public
offering of Registrable Securities for which the reasonably anticipated
aggregate price to the public would exceed US$1,000,000 and for which the
Company is entitled to use Form F-3, Form S-3 or a comparable form to register
the requested Registrable Securities. Upon receipt of such a request the Company
shall (i) promptly, and in any event within ten (10) Business Days after receipt
of such written request, give written notice of the proposed Registration to all
other Holders and (ii) as soon as practicable, and in any event within sixty
(60) days of the receipt of such request, cause the Registrable Securities
specified in the request, together with any Registrable Securities of any Holder
who requests in writing to join such Registration within twenty (20) days after
the Company's delivery of written notice, to be Registered and qualified for
sale and distribution in such jurisdictions as the Initiating Holders may
reasonably request.

          (iv) Subject to the terms of this Agreement and the Target Lock-up
Agreements, from time to time and at any time, Holders holding any Target
Registrable Securities may request the Company in writing to file a Registration
Statement on Form F-3 or Form S-3 (or any successor form to Form F-3 or Form
S-3, or any comparable form for Registration in a jurisdiction other than the
United States) for a public offering of Registrable Securities for which the
reasonably anticipated aggregate price to the public would not be less than
US$1,000,000 and for which the Company is entitled to use Form F-3, Form S-3 or
a comparable form to register the requested Registrable Securities. Upon receipt
of such a request, the Company shall (i) promptly, and in any event within ten
(10) Business Days after receipt of such written request, give written notice of
the proposed Registration to all other Holders and (ii) use best efforts to
cause, as soon as

<PAGE>

practicable, the Registrable Securities specified in the request, together with
any Registrable Securities of any Holder who requests in writing to join such
Registration within twenty (20) days after the Company's delivery of written
notice, to be Registered and/or qualified for sale and distribution to the
public in such jurisdictions as the Initiating Holders may reasonably request.

          (c) Right of Deferral. Notwithstanding anything to the contrary in
this Section SECTION 16.1. :

          (i) The Company shall not be obligated to Register or qualify
Registrable Securities pursuant to any of the provisions of Section SECTION
16.1. (a) if, within the six (6) month period preceding the date of such
request, the Company has either (i) already effected a Registration under any of
the provisions of Section SECTION 16.1. (a) or Section SECTION 16.1. (b) or (ii)
already affected a Registration (other than a registration of securities in a
transaction under Rule 145 of the Securities Act or with respect to an employee
benefit plan) in which the Holders had an opportunity to participate pursuant to
the provisions of Section SECTION 16.2. and no Registrable Securities of the
Holders were excluded from such Registration pursuant to the provisions of
Section SECTION 16.2. (c).

          (ii) The Company shall not be obligated to Register or qualify
Registrable Securities pursuant to Section SECTION 16.1. (b) if, within the six
(6) month period preceding the date of such request, the Company has already
effected a Registration (other than a registration of securities in a
transaction under Rule 145 of the Securities Act or with respect to an employee
benefit plan) in which the Holders had an opportunity to participate pursuant to
the provisions of Section SECTION 16.2. and no Registrable Securities of the
Holders were excluded from such Registration pursuant to the provisions of
Section SECTION 16.2. (c).

          (iii) The Company shall not be obligated to Register or qualify
Registrable Securities pursuant to Section SECTION 16.1. (a) or Section SECTION
16.1. (b) if the Company shall furnish to the Holders a certificate signed by
the Chief Executive Officer of the Company stating that, in the good faith
judgment of the Board of Directors of the Company, it would be materially
detrimental to the Company and its shareholders for a Registration Statement to
be filed in the near future. Following delivery of such certificate, the Company
shall have the right to defer such filing for a period not to exceed ninety (90)
days from the receipt of any request duly submitted by Holders under Section
SECTION 16.1. (a) or Section SECTION 16.1. (b) to Register Registrable
Securities; provided, however, that the Company shall not utilize this right
more than once in any twelve (12) month period.

          (d) Underwritten Offerings. If, in connection with a request to
Register Registrable Securities under any of the provisions of Section SECTION
16.1. (a) or Section SECTION 16.1. (b), the Initiating Holders seek to
distribute such Registrable Securities in an underwriting, they shall so advise
the Company as a part of the request, and the Company shall include such
information in the written notice to the other Holders described in to Section
SECTION 16.1. (a) or Section SECTION 16.1. (b). In such event, the right of any
Holder to include its Registrable Securities in such Registration shall be
conditioned upon such Holder's participation in such underwriting and the
inclusion of such Holder's Registrable Securities in the underwriting (unless
otherwise mutually agreed by Initiating Holders representing a majority in
voting power of the Registrable Securities held by the Initiating Holders) to
the extent provided

<PAGE>

herein. All Holders proposing to distribute their securities through such
underwriting shall enter into an underwriting agreement in customary form with
the underwriter or underwriters selected for such underwriting by the Company
(which underwriter or underwriters shall be reasonably acceptable to Initiating
Holders representing a majority in voting power of the Registrable Securities
held by the Initiating Holders). Notwithstanding any other provision of this
Agreement, if the managing underwriter advises the Company that marketing
factors (including the aggregate number of securities requested to be
Registered, the general condition of the market, and the status of the Persons
proposing to sell securities pursuant to the Registration) require a limitation
of the number of Equity Securities to be underwritten, the underwriters may
exclude such number of Registrable Securities from the underwriting as required
(i) after excluding any other Equity Securities from the underwriting
(including, without limitation, any Equity Securities which the Company may seek
to include in the underwriting for its own account) and (ii) so long as at least
thirty percent (30%) in voting power of any Registrable Securities requested by
the Holders to be included in such underwriting and Registration shall be
included. If a limitation of the number of Registrable Securities is required
pursuant to this Section SECTION 16.1. (d), the number of Registrable Securities
that may be included in the underwriting by selling Holders shall be allocated
among such Holders, in proportion, as nearly as practicable, to the respective
amounts of Registrable Securities which the Holders would otherwise be entitled
to include in the Registration. If any Holder disapproves of the terms of any
underwriting, the Holder may elect to withdraw therefrom by written notice to
the Company and the underwriters delivered at least ten (10) Business Days prior
to the effective date of the Registration Statement. Any Registrable Securities
excluded or withdrawn from such underwriting shall be withdrawn from the
Registration.

          SECTION 16.2. Piggyback Registrations.

          (a) Registration of the Company's Securities. Subject to Section
SECTION 16.2. (c) and the terms of the Target Lock-up Agreements, if the Company
proposes to Register for its own account any of its Equity Securities in
connection with the public offering of such securities, the Company shall
promptly give each Holder written notice of such Registration and, upon the
written request of any Holder given within twenty (20) days after delivery of
such notice, the Company shall use best efforts to include in such Registration
any Registrable Securities thereby requested by such Holder. If a Holder decides
not to include all or any of its Registrable Securities in such Registration by
the Company, such Holder shall nevertheless continue to have the right to
include any Registrable Securities in any subsequent Registration Statement or
Registration Statements as may be filed by the Company with respect to offerings
of its securities, all upon the terms and conditions set forth herein.

          (b) Right to Terminate Registration. The Company shall have the right
to terminate or withdraw any Registration initiated by it under Section SECTION
16.2. (a) prior to the effectiveness of such Registration, whether or not any
Holder has elected to participate therein. The expenses of such withdrawn
Registration shall be borne by the Company in accordance with Section SECTION
16.3. .

          (c) Underwriting Requirements.

<PAGE>

          (i) In connection with any offering involving an underwriting of the
Company's Equity Securities, the Company shall not be required to Register the
Registrable Securities of a Holder under this Section SECTION 16.2. unless such
Holder shall include such Registrable Securities in the underwriting and such
Holder enters into an underwriting agreement in customary form with the
underwriters selected by the Company and setting forth such terms for the
underwriting as have been agreed upon between the Company and the underwriters.
Subject to clause (ii) below, in the event the underwriters advise Holders
seeking Registration of Registrable Securities pursuant to this Section SECTION
16.2. in writing that market factors (including the aggregate number of
Registrable Securities requested to be Registered, the general condition of the
market, and the status of the Persons proposing to sell securities pursuant to
the Registration) require a limitation of the number of Equity Securities to be
underwritten, the underwriters may exclude some or all Registrable Securities
from the Registration and underwriting after excluding any other Equity
Securities from the underwriting (other than any Equity Securities which the
Company may seek to include in the underwriting for its own account), and the
number of Equity Securities and Registrable Securities that may be included in
the Registration and the underwriting shall be allocated (i) first, to the
Company and (ii) thereafter, among the Holders requesting inclusion of their
Registrable Securities in such Registration Statement in proportion, as nearly
as practicable, to the respective amounts of Registrable Securities which the
Holders would otherwise be entitled to include in the Registration.

          (ii) Notwithstanding anything to the contrary in this clause (c), in
connection with any offering involving an underwriting of the Company's Equity
Securities, in no event shall the underwriters exclude any Registrable
Securities which Holders may seek to include in such Registration and
underwriting under this Section SECTION 16.2. unless at least thirty percent
(30%) in voting power of any Registrable Securities requested by the Holders to
be included in such underwriting and Registration shall be included.

          (iii) If any Holder disapproves of the terms of any underwriting, the
Holder may elect to withdraw therefrom by written notice to the Company and the
underwriters delivered at least seven (7) days prior to the effective date of
the Registration Statement. Any Registrable Securities excluded or withdrawn
from the underwriting shall be withdrawn from the Registration.

          (d) Exempt Transactions. The Company shall have no obligation to
Register any Registrable Securities under this Section SECTION 16.2. in
connection with a Registration by the Company (i) relating solely to the sale of
securities to participants in a Company share plan, (ii) relating to a corporate
reorganization or other transaction under Rule 145 of the Securities Act (or
comparable provision under the laws of another jurisdiction, as applicable), or
(iii) on any form that does not include substantially the same information as
would be required to be included in a Registration Statement covering the sale
of the Registrable securities.

          SECTION 16.3. Expenses. All expenses, other than Selling Expenses,
incurred in connection with Registrations, filings or qualifications pursuant to
this Agreement, including, without limitation, all U.S. federal, "blue sky" and
all foreign registration, filing and qualification fees, printer's and
accounting fees, and fees and disbursements of counsel for the Company and of
counsel for the Holders (but excluding underwriters' discounts and commissions
relating to shares sold by the Holders), shall be borne by the Company.
Notwithstanding the foregoing, the Company shall not be required to pay for any
expenses of any Registration proceeding begun

<PAGE>

pursuant to Section SECTION 16.1. (a) or Section SECTION 16.1. (b) if the
Registration request is subsequently withdrawn at the request of the Holders of
a majority of the Registrable Securities to be registered unless (i) in
connection with a Registration proceeding begun pursuant to Section SECTION
16.1. (a) and withdrawn, Holders representing a majority in voting power of
Registrable Securities then held by the Initiating Holders for such Registration
request agree that such Registration request constitutes the use by such Holders
of one (1) registration request under Section SECTION 16.1. (a) or (ii) if at
the time of such withdrawal, the Holders have learned of a material adverse
change in the condition, business, or prospects of the Company not known to the
Holders at the time of their request for such Registration and have withdrawn
their request for Registration with reasonable promptness after learning of such
material adverse change.

          SECTION 16.4. Obligations of the Company. Whenever required to effect
the Registration of any Registrable Securities under this Agreement the Company
shall, as expeditiously as reasonably possible:

          (a) Registration Statement. Prepare and file with the Commission a
Registration Statement with respect to such Registrable Securities and use its
best efforts to cause such Registration Statement to become effective, and upon
the request of any Holder, keep the Registration Statement Effective; provided,
that the Company shall not be required to keep any such Registration Statement
effective for more than ninety (90) days.

          (b) Amendments and Supplements. Prepare and file with the Commission
such amendments and supplements to such Registration Statement and the
prospectus used in connection with such Registration Statement as may be
necessary to comply with the provisions of Applicable Securities Law with
respect to the disposition of all securities covered by such Registration
Statement.

          (c) Prospectuses. Furnish to the Holders such number of copies of a
prospectus, including a preliminary prospectus, in conformity with the
requirements of the Applicable Securities Law, and such other documents as such
Holders may reasonably request in order to facilitate the disposition of the
Registrable Securities owned by them that are included in such Registration.

          (d) Blue Sky. Use its best efforts to register and qualify the
securities covered by such Registration Statement under such other securities or
Blue Sky laws of such jurisdictions as shall be reasonably requested by the
Holders, provided that the Company shall not be required in connection therewith
or as a condition thereto to qualify to do business or to file a general consent
to service of process in any such states or jurisdictions.

          (e) Underwriting. In the event of any underwritten public offering,
enter into and perform its obligations under an underwriting agreement in usual
and customary form, with the managing underwriter(s) of such offering. Each
Holder participating in such underwriting shall also enter into and perform its
obligations under such an agreement.

          (f) Notification. Notify each Holder of Registrable Securities covered
by such registration statement at any time when a prospectus relating thereto is
required to be delivered under Applicable Securities Law of the happening of any
event as a result of which the prospectus

<PAGE>

included in such registration statement, as then in effect, includes an untrue
statement of a material fact or omits to state a material fact required to be
stated therein or necessary to make the statements therein not misleading in the
light of the circumstances then existing.

          (g) Opinion and Comfort Letter. Furnish, at the request of any Holder
requesting Registration of Registrable Securities, on the date that such
Registrable Securities are delivered to the underwriter(s) for sale, if such
securities are being sold through underwriters, or, if such securities are not
being sold through underwriters, on the date that the Registration Statement
with respect to such securities becomes effective, (i) an opinion, dated as of
such date, of the counsel representing the Company for the purposes of such
registration, in form and substance as is customarily given to underwriters in
an underwritten public offering and reasonably satisfactory to a majority in
interest of the Holders requesting Registration, addressed to the underwriters,
if any, and to the Holders requesting registration of Registrable Securities and
(ii) a "comfort" letter dated as of such date, from the independent certified
public accountants of the Company, in form and substance as is customarily given
by independent certified public accountants to underwriters in an underwritten
public offering and reasonably satisfactory to a majority in interest of the
Holders requesting registration, addressed to the underwriters, if any, and to
the Holders requesting registration of Registrable Securities.

          (h) Transfer Agent and CUSIP. Provide a transfer agent and registrar
for all Registrable Securities Registered pursuant to the Registration Statement
and, where applicable, a CUSIP number for all those Registrable Securities, in
each case not later than the effective date of the Registration.

          (i) Further Actions. Take all reasonable action necessary to list the
Registrable Securities on the primary exchange upon which the Company's
securities are traded.

          SECTION 16.5. Obligations of Holders. It shall be a condition
precedent to the obligations of the Company to Register the Registrable
Securities of any Holder pursuant to this ARTICLE XVI that the selling Holder
shall furnish to the Company such information regarding itself, the Registrable
Securities held thereby and the intended method of disposition of such
securities as shall be required to timely effect the Registration of such
Holder's Registrable Securities.

          SECTION 16.6. Indemnification. In the event any Registrable Securities
are included in a registration statement under this ARTICLE XVI:

          (a) Company Indemnity. To the extent permitted by law, the Company
will indemnify and hold harmless each Holder, its partners, officers, directors,
legal counsel, accountants, any underwriter (as defined in the Securities Act)
for such Holder and each Person, if any, who controls (as defined in the
Securities Act) such Holder or underwriter against any losses, claims, damages,
or liabilities (joint or several) to which they may become subject under laws
which are applicable in connection with any Registration, qualification, or
compliance, of the Company's securities insofar as such losses, claims, damages,
or liabilities (or actions in respect thereof) arise out of or are based upon
any of the following statements, omissions or violations (collectively a
"VIOLATION"):

<PAGE>

          (i) any untrue statement or alleged untrue statement of a material
fact contained in such Registration Statement, including any preliminary
prospectus or final prospectus contained therein or any amendments or
supplements thereto;

          (ii) the omission or alleged omission to state in the Registration
Statement, including any preliminary prospectus or final prospectus contained
therein or any amendments or supplements thereto, a material fact required to be
stated therein, or necessary to make the statements therein not misleading; or

          (iii) any violation or alleged violation by the Company of Applicable
Securities Laws, or any rule or regulation promulgated under Applicable
Securities Laws;

and the Company will reimburse each such Holder, its partner, officer, director,
legal counsel, accountants, underwriter or controlling Person for any legal or
other expenses reasonably incurred by them, as incurred, in connection with
investigating or defending any such loss, claim, damage, liability or action;
provided, however, that the indemnity agreement contained in this Section
SECTION 16.6. (a) shall not apply to amounts paid in settlement of any such
loss, claim, damage, liability or action if such settlement is effected without
the consent of the Company (which consent shall not be unreasonably withheld),
nor shall the Company be liable in any such case for any such loss, claim,
damage, liability or action to the extent that it arises out of or is based upon
a Violation which occurs in reliance upon and in conformity with written
information furnished expressly for use in connection with such Registration by
such Holder, underwriter or controlling Person of such Holder.

          (b) Notice. Promptly after receipt by an indemnified party under this
Section SECTION 16.6. of notice of the commencement of any action (including any
governmental action), such indemnified party will, if a claim in respect thereof
is to be made against any indemnifying party under this Section SECTION 16.6.,
deliver to the indemnifying party a written notice of the commencement thereof
and the indemnifying party shall have the right to participate in, and, to the
extent the indemnifying party so desires, jointly with any other indemnifying
party similarly noticed, to assume the defense thereof with counsel mutually
satisfactory to the parties; provided, however, that an indemnified party shall
have the right to retain its own counsel, with the fees and expenses to be paid
by the indemnifying party, if representation of such indemnified party by the
counsel retained by the indemnifying party would be inappropriate due to actual
or potential conflict of interests between such indemnified party and any other
party represented by such counsel in such proceeding. The failure to deliver
written notice to the indemnifying party within a reasonable time of the
commencement of any such action shall relieve such indemnifying party of
liability to the indemnified party under this Section SECTION 16.6. to the
extent the indemnifying party is prejudiced as a result thereof, but the
omission to so deliver written notice to the indemnifying party will not relieve
it of any liability that it may have to any indemnified party otherwise than
under this Section SECTION 16.6. .

          (c) Contribution. If any indemnification provided for in this Section
SECTION 16.6. is held by a court of competent jurisdiction to be unavailable to
an indemnified party with respect to any loss, liability, claim, damage or
expense referred to herein, the indemnifying party, in lieu of indemnifying such
indemnified party hereunder, shall contribute to the amount paid or payable by
such indemnified party as a result of such loss, liability, claim, damage or
expense in

<PAGE>

such proportion as is appropriate to reflect the relative fault of the
indemnifying party, on the one hand, and of the indemnified party, on the other,
in connection with the statements or omissions that resulted in such loss,
liability, claim, damage or expense, as well as any other relevant equitable
considerations. The relative fault of the indemnifying party and of the
indemnified party shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the
omission to state a material fact relates to information supplied by the
indemnifying party or by the indemnified party and the parties' relative intent,
knowledge, access to information, and opportunity to correct or prevent such
statement or omission.

          (d) Survival. The obligations of the Company and Holders under this
Section SECTION 16.6. shall survive the completion of any offering of
Registrable Securities in a Registration Statement, regardless of the expiration
of any statutes of limitation or extensions of such statutes.

          SECTION 16.7. Termination of the Company's Obligations. The Company
shall not be obligated under this ARTICLE XVI to Register any Registrable
Securities which a Holder proposes to sell after November 29, 2011, or, if, in
the reasonable opinion of counsel to the Company, all such Registrable
Securities proposed to be sold may then be sold without registration in any
ninety (90) day period pursuant to Rule 144 under the Securities Act.

          SECTION 16.8. No Registration Rights to Third Parties. Without the
prior written consent of the Holders of a majority in voting power of the Series
A Registrable Securities, the Series B Registrable Securities, the Series C
Registrable Securities and the Target Registrable Securities, respectively, then
outstanding, the Company covenants and agrees that it shall not grant, or cause
or permit to be created, for the benefit of any Person or entity any
registration rights of any kind (whether similar to the demand, "piggyback" or
Form S-3 or Form F-3 registration rights described in this ARTICLE XVI, or
otherwise).

          SECTION 16.9. Rule 144 Reporting. With a view to making available the
benefits of Rule 144 promulgated under the Securities Act and any comparable
provision of Applicable Securities Law which may at any time permit the sale of
the Registrable Securities to the public without registration or pursuant to a
registration on Form S-3 or F-3 (or any comparable form in a jurisdiction other
than the United States), the Company agrees to:

          (a) Make and keep public information available, as those terms are
understood and defined in Rule 144 under the Securities Act (or comparable
provision under Applicable Securities Laws in any jurisdiction where the
Company's securities are listed), at all times;

          (b) Use reasonable, diligent efforts to file with the Commission in a
timely manner all reports and other documents required of the Company under
Applicable Securities Law; and

          (c) So long as a Holder owns any Registrable Securities, to furnish to
such Holder forthwith upon request (i) a written statement by the Company as to
its compliance with the reporting requirements of all Applicable Securities Laws
at any time after it has become subject to such reporting requirements or, at
any time after so qualified, that it qualifies as a registrant whose securities
may be resold pursuant to Form S-3 or F-3 (or any form comparable thereto under

<PAGE>

Applicable Securities Laws of any jurisdiction where the Company's securities
are listed), (ii) a copy of the most recent annual or quarterly report of the
Company and such other reports and documents as may be filed by the Company with
the Commission, and (iii) such other reports and documents of the Company as a
Holder may reasonably request in availing itself of any rule or regulation of
the Commission that permits the selling of any such securities without
registration or pursuant to Form S-3 or F-3 (or any form comparable thereto
under Applicable Securities Laws of any jurisdiction where the Company's
securities are listed).

ARTICLE XVII [REMOVED AND RESERVED]

ARTICLE XVIII TRANSFER RESTRICTIONS

          Notwithstanding anything to the contrary contained herein, JJ Media
shall not, without the prior written consent of Former Preferred Holders
representing not less than a majority in voting power of the Series A Preferred
Shares, the Series B Preferred Shares and the Series C Preferred Shares,
respectively, sell, assign, transfer, pledge, hypothecate, mortgage, encumber or
otherwise dispose of any Equity Securities held by JJ Media to any Person until
January [15], 2006.

ARTICLE XIX ADDITIONAL COVENANTS

          Everease. In the event that Shanghai Everease Advertising Co., Ltd.
(Chinese Character) ("EVEREASE") or any of its Affiliates (other than the
Company or Group Companies) shall issue to any Person (an "EVEREASE INVESTOR")
any equity securities of Everease or such Affiliate or any options or warrants
for, or any other securities exchangeable for or convertible into, such equity
securities of Everease or such Affiliate (collectively, the "EVEREASE
SECURITIES"), Nanchun Jiang shall cause Everease to notify each of the Former
Preferred Holders by written notice (the "EVEREASE ISSUANCE NOTICE") describing
such issuance and the terms and conditions thereof, and each of the Former
Preferred Holders shall have the right to subscribe for, at the same price and
subject to the same terms and conditions as offered to such Everease Investor,
up to the number of Everease Securities obtained by multiplying (x) the
aggregate number of Everease Securities offered by (y) a fraction, the numerator
of which is the number of Ordinary Shares (on an as-converted basis) owned by
such Former Preferred Holder, and the denominator of which is the combined
number of Ordinary Shares (on an as-converted basis) owned by all the Former
Preferred Holders and JJ Media, which right shall be exercised by written notice
to Nanchun Jiang within thirty (30) days following the receipt of the Everease
Issuance Notice indicating such Former Preferred Holder's election to
participate and the number of Everease securities it intends to subscribe.

ARTICLE XX CONFIDENTIALITY AND NON-DISCLOSURE.

          SECTION 20.1. Disclosure of Terms. The terms and conditions (the
"FINANCING TERMS") of this Agreement, any agreement pursuant to which the Former
Preferred Holders subscribed to the Company's Equity Securities, together with
any annexes, exhibits and schedules thereto, and

<PAGE>

any agreement pursuant to which the Target Holders received the Company's Equity
Securities, together with any annexes, exhibits and schedules thereto (including
any Target Ancillary Document) (collectively, the "FINANCING DOCUMENTS"),
including their existence, shall be considered confidential information and
shall not be disclosed by any party hereto to any third party except in
accordance with the provisions set forth below.

          SECTION 20.2. Press Releases. None of the parties hereto shall issue
any press release or otherwise make any announcement in an advertisement,
conference or otherwise disclosing any of the Financing Terms without the prior
approval in writing of the Company, the holders of a majority in voting power of
the Series A Preferred Shares, a majority in voting power of the Series B
Preferred Shares and 80% in voting power of the Series C Preferred Shares,
respectively.

          SECTION 20.3. Permitted Disclosures. Notwithstanding the foregoing,
(i) any party may disclose the existence of the financing (but not the Financing
Terms) to any third party, and (ii) any party may disclose any of the Financing
Terms to its current or bona fide prospective investors, employees, investment
bankers, lenders, partners, accountants and attorneys, in the case of either (i)
or (ii), only where such Person is under appropriate non-disclosure obligations.

          SECTION 20.4. Legally Compelled Disclosure. In the event that any
party is requested or becomes legally compelled (including without limitation,
pursuant to securities laws and regulations) to disclose the existence of any
Financing Document or any of the Financing Terms hereof in contravention of the
provisions of this ARTICLE XX, such party (the "DISCLOSING PARTY") shall provide
the other parties hereto with prompt written notice of that fact and use all
reasonable efforts to seek (with the cooperation and reasonable efforts of the
other parties hereto) a protective order, confidential treatment or other
appropriate remedy. In any event, the Disclosing Party shall furnish only that
portion of the information which is legally required and shall exercise
reasonable efforts to keep confidential such information to the extent
reasonably requested by any other party hereto.

          SECTION 20.5. Other Information. The provisions of this ARTICLE XX
shall be in addition to, and not in substitution for, the provisions of any
separate nondisclosure agreement executed by any of the parties hereto with
respect to the transactions contemplated hereby.

ARTICLE XXI MISCELLANEOUS

          SECTION 21.1. Binding Effect; Assignment.

          (a) Notwithstanding anything herein to the contrary, the rights of (x)
any Former Preferred Holder under ARTICLE XVIII, ARTICLE XIX and ARTICLE XX and
(y) any Target Holder under ARTICLE XX may be assigned, and (i) the Company is,
within reasonable time after such transfer, furnished with written notice of the
name and address of such transferee or assignee and the securities with respect
to which such rights are being assigned and (ii) such transferee or assignee
agrees in writing to be bound by and subject to the terms and conditions of this
ARTICLE XXI and the terms and conditions of each Section of this Agreement with
respect to which any rights are being assigned thereto under this clause. From
the time of such transfer or assignment, for all purposes of each Section of
this agreement with respect to which rights are

<PAGE>

assigned thereto under this clause, such transferee or assignee shall be treated
as a "Former Preferred Holder" or "Target Holder", as the case may be.

          (b) Notwithstanding anything herein to the contrary, the rights of any
Holder under ARTICLE XVI may be assigned to the extent such Holder transfers any
Registrable Securities held thereby to another Person in compliance with ARTICLE
XVIII and (i) the Company is, within a reasonable time after such transfer,
furnished with written notice of the name and address of such transferee or
assignee and the securities with respect to which such rights are being
assigned; (ii) such transferee or assignee agrees in writing to be bound by and
subject to the terms and conditions of ARTICLE XVI and this ARTICLE XXI; and
(iii) immediately following such transfer or assignment the further disposition
of such securities by the transferee or assignee is restricted under Applicable
Securities Law. From the time of such transfer or assignment, for all purposes
of ARTICLE XVI, such transferee or assignee shall be treated as a "Holder".

          (c) This Agreement shall be binding upon and shall be enforceable by
each party, its successors and permitted assigns. Except as provided in Section
SECTION 21.1. (a) and Section SECTION 21.1. (b), no party may assign any of its
rights or obligations hereunder without the prior written approval of the other
parties.

          SECTION 21.2. Governing Law. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of New York.

          SECTION 21.3. Dispute Resolution.

          (a) Any dispute, controversy or claim (each, a "DISPUTE") arising out
of or relating to this Agreement, or the interpretation, breach, termination or
validity hereof, shall be resolved at the first instance through consultation
between the representatives appointed by the highest ranking corporate officer
of each Party. Such consultation shall begin immediately after either Party has
delivered to the other Party a written notice for such consultation.

          (b) If the Dispute is not resolved within sixty (60) days following
the date on which such notice is given, the Dispute shall be submitted to
arbitration upon the request of either Party with notice to the other Party (the
"ARBITRATION NOTICE").

          (c) The arbitration shall be conducted in Hong Kong under the auspices
of the Hong Kong International Arbitration Centre (the "CENTRE"). There shall be
three (3) arbitrators. The claimants in the Dispute shall collectively choose
one arbitrator, and the respondents shall collectively choose one arbitrator.
The Secretary General of the Centre shall select the third arbitrator, who shall
be qualified to practice law in the State of New York. If any of the members of
the arbitral tribunal have not been appointed within thirty (30) days after the
Arbitration Notice is given, the relevant appointment shall be made by the
Secretary General of the Centre.

          (d) The arbitration proceedings shall be conducted in English. The
arbitration tribunal shall apply the Arbitration Rules of the United Nations
Commission on International Trade Law, as in effect at the time of the
arbitration. However, if such rules are in conflict with the provisions of this
Section SECTION 21.3., including the provisions concerning the appointment of
arbitrator, the provisions of this Section SECTION 21.3. shall prevail.

<PAGE>

          (e) Each Party shall cooperate with the other in making full
disclosure of and providing complete access to all information and documents
requested by the other in connection with such arbitration proceedings, subject
only to any confidentiality obligations binding on such Party.

          (f) The arbitrator shall decide any dispute submitted by the parties
to the arbitration strictly in accordance with the substantive law of the State
of New York and shall not apply any other substantive law.

          (g) The award of the arbitration tribunal shall be final and binding
upon the Parties, and the prevailing Party may apply to a court of competent
jurisdiction for enforcement of such award.

          (h) Either Party shall be entitled to seek preliminary injunctive
relief, if possible, from any court of competent jurisdiction pending the
constitution of the arbitral tribunal.

          (i) During the course of the arbitration tribunal's adjudication of
the dispute, this Agreement shall continue to be performed except with respect
to the part in dispute and under adjudication.

          (j) The cost of arbitration (including legal, accounting and other
professional fees and expenses reasonably incurred, by any prevailing party with
respect to the investigation, collection, prosecution and/or defense of any
claim in the Dispute) shall be borne pro rata by each losing party.

          SECTION 21.4. Amendments. This Agreement and its provisions may be
amended, changed, waived, discharged or terminated only by a writing signed by
each of (i) the Company, (ii) the Former Series A Preferred Holders representing
a majority in voting power of the aggregate Ordinary Shares held by the Former
Series A Preferred Holders (which Ordinary Shares were received upon conversion
of the Series A Preferred Shares), (iii) the Former Series B Preferred Holders
representing a majority in voting power of the aggregate Ordinary Shares held by
the Former Series B Preferred Holders (which Ordinary Shares were received upon
conversion of the Series B Preferred Shares), (iv) the Former Series C Preferred
Holders representing 80% in voting power of the aggregate Ordinary Shares held
by the Former Series C Preferred Holders (which Ordinary Shares were received
upon conversion of the Series C Preferred Shares), (v) the Target Holders
representing a majority in voting power of the aggregate Ordinary Shares held by
the Target Holders (which Ordinary Shares were received pursuant to the Target
Purchase Agreement), except, in the case of Section SECTION 16.1. (a)(iv) and
Section SECTION 16.1. (b)(iv), the Target Holders representing 85% in voting
power of the aggregate Ordinary Shares held by the Target Holders (which
Ordinary Shares were received pursuant to the Target Purchase Agreement) and
(vi) the Founding Shareholders representing a majority in voting power of the
aggregate Ordinary Shares held by the Founding Shareholders. Any amendment,
change, waiver, discharge or termination effected in accordance with the
preceding sentence shall be binding upon each of the parties hereto and their
successors and permitted assigns. Without limiting the foregoing, any party
hereto may in writing waive any right that it individually holds hereunder
without seeking the prior consent of any other party hereto.

<PAGE>

          SECTION 21.5. Notices. All notices, claims, certificates, requests,
demands and other communications under this Agreement shall be made in writing
and shall be delivered to any party hereto by hand or sent by facsimile, or
sent, postage prepaid, by reputable overnight courier services at the address
given for such party on the signature pages hereof (or at such other address for
such party as shall be specified by like notice), and shall be deemed given when
so delivered by hand, or if sent by facsimile, upon receipt of a confirmed
transmittal receipt, or if sent by overnight courier, five (5) calendar days
after delivery to or pickup by the overnight courier service.

          SECTION 21.6. Further Assurances. Each Party shall do and perform, or
cause to be done and performed, all such further acts and things and shall
execute and deliver all such other agreements, certificates, instruments and
documents as the other Party may reasonably request to give effect to the terms
and intent of this Agreement.

          SECTION 21.7. Entire Agreement. This Agreement constitutes the entire
agreement between the Parties with respect to the subject matter hereof and
supersedes all prior written or oral understandings or agreements. Without
limiting the generality of the foregoing, this Agreement amends and restates in
its entirety the Prior Shareholders Agreement.

          SECTION 21.8. Severability. If any provision of this Agreement shall
be held invalid or unenforceable to any extent, the remainder of this Agreement
shall not be affected thereby and shall be enforced to the greatest extent
permitted by law.

          SECTION 21.9. Remedies Cumulative. The rights and remedies available
under this Agreement or otherwise available shall be cumulative of all other
rights and remedies and may be exercised successively.

          SECTION 21.10. Counterpart Execution. This Agreement may be executed
in one or more counterparts, each of which shall be deemed an original but all
of which together shall constitute one and the same instrument.

          SECTION 21.11. No Third Party Beneficiary. Except as contemplated in
Section SECTION 16.6., nothing in this Agreement is intended to confer upon any
Person other than the Parties hereto and their respective successors and
permitted assigns any rights, benefits, or obligations hereunder.

                            [Signature pages follow.]

<PAGE>

     IN WITNESS WHEREOF the Parties hereto have caused their duly authorized
representatives to execute this Agreement as of the first date written above.

                                        FOCUS MEDIA HOLDING LIMITED

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Capacity:
                                                  ------------------------------

                                        Address for notice:

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

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

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

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

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

                                        Attn:
                                              ----------------------------------
                                        Tel:
                                             -----------------------------------
                                        Fax:
                                             -----------------------------------

<PAGE>

                                        ----------------------------------------
                                        [Print Name of Founding Shareholders]

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Capacity:
                                                  ------------------------------

                                        Address for notice:

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

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

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

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

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

                                        Attn:
                                              ----------------------------------
                                        Tel:
                                             -----------------------------------
                                        Fax:
                                             -----------------------------------

<PAGE>

                                        ----------------------------------------
                                        [Print Name of Target Holders]

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Capacity:
                                                  ------------------------------

                                        Address for notice:

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

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

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

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

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

                                        Attn:
                                              ----------------------------------
                                        Tel:
                                             -----------------------------------
                                        Fax:
                                             -----------------------------------

<PAGE>

                                        ----------------------------------------
                                        [Print Name of Former Preferred Holders]

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Capacity:
                                                  ------------------------------

                                        Address for notice:

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

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

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

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

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

                                        Attn:
                                              ----------------------------------
                                        Tel:
                                             -----------------------------------
                                        Fax:
                                             -----------------------------------

<PAGE>

                       SCHEDULE A - FOUNDING SHAREHOLDERS

1.   JJ Media Investment Holding Limited, an international business company
     organized and existing under the laws of the British Virgin Islands

2.   Victory Venture Capital Limited, an international business company
     organized and existing under the laws of the British Virgin Islands

<PAGE>

                 SCHEDULE B - FORMER SERIES A PREFERRED HOLDERS

1.   SB CHINA HOLDINGS PTE LTD

2.   China Alliance Investment Limited

3.   Shanghai Venture Capital (Hong Kong) Company Limited

4.   United China Investment Limited

5.   Multimedia Park Venture Capital Limted

6.   Draper Fisher Jurvetson ePlanet Ventures L.P.

7.   CMF Technology Fund I Ltd.

8.   Draper Fisher Jurvetson ePlanet Ventures GmbH & Co. KG

9.   Draper Fisher Jurveston ePlanet Partners Fund, LLC

10.  Snow Hill Developments Limited

<PAGE>

                 SCHEDULE C - FORMER SERIES B PREFERRED HOLDERS

1.   CDH FM Limited

2.   International Network Capital Global Fund

3.   International Network Capital Global Investment Limited (BVI)

4.   Hannibal International Limited

5.   Springboard-Harper Technology Fund Ptd Ltd.

6.   Springboard-Harper Technology Fund (Cayman) Ltd.

7.   Venture TDF Technology Fund III L.P.

8.   Milestone Digital Media Holding Ltd.

9.   Draper Fisher Jurvetson ePlanet Ventures L.P.

10.  Draper Fisher Jurvetson ePlanet Ventures GmbH & Co. KG

11.  Draper Fisher Jurveston ePlanet Partners Fund, LLC

12.  Elite Select Group Limited

13.  Farmac Holdings Limited

14.  Powerful Team Energy Investments Limited

<PAGE>

                 SCHEDULE D - FORMER SERIES C PREFERRED HOLDERS

1.   GS Focus Holding Limited

2.   3i Group plc

3.   3i APTech Nominees Limited

4.   3i Nominees Limited

5.   KTB/UCI China Ventures I Limited

6.   Max Wealth Enterprises Limited

7.   Capital International Private Equity IV, L.P.

8.   CGPE IV, L.P.

<PAGE>

                           SCHEDULE E - TARGET HOLDERS

1.   Target Media International Limited

2.   Harvest Energy Limited

3.   Carlyle Asia Venture Partners II, L.P.

4.   CAVP II Co-Investment, L.P.

5.   SII International Holding Limited

6.   Gentle Bright Development Limited

7.   Mellon Family Investment Company V

8.   Richard King Mellon Foundation

9.   Megastar Investment Management Limited

10.  Cougar Investment Limited

11.  Partner Media Investments Limited

12.  Morningside Technology Investments Limited

13.  Upper Development Limited

<PAGE>

                                                                     EXHIBIT C-1

                          CARLYLE NON-COMPETE AGREEMENT

          This NON-COMPETE AGREEMENT (this "Agreement"), dated as of _________,
2006, by and among FOCUS MEDIA HOLDING LIMITED, a company organized under the
laws of the Cayman Islands ("Focus Media"), TARGET MEDIA HOLDINGS LIMITED, a
company organized under the laws of the Cayman Islands (the "Company"), and
CARLYLE ASIA VENTURE PARTNERS II, L.P. ("Carlyle Asia") and CAVP II
CO-INVESTMENT, L.P. ("CAVP"), two shareholders of the Company (Carlyle Asia and
CAVP are referred to collectively as the "Carlyle Funds").

                                    RECITALS

          WHEREAS, the Company, all shareholders of the Company and Focus Media
are parties to a Share Purchase Agreement, dated January 7, 2006 (the "Share
Purchase Agreement"; capitalized terms used but not otherwise defined herein
shall have the meaning ascribed to such term in the Share Purchase Agreement);

          WHEREAS, Focus Media, certain existing shareholders of Focus Media and
certain shareholders of the Company, including each of the Carlyle Funds, are
parties to the Second Amended and Restated Shareholders Agreement, dated January
__, 2006 (the "Shareholders Agreement Amendment");

          WHEREAS, it is a condition precedent under the Share Purchase
Agreement that each of the Carlyle Funds, the Company and Focus Media enter into
this Agreement; and

          WHEREAS, each of the Carlyle Funds seeks to induce Focus Media to
consummate its acquisition of the Group Companies as contemplated in the Share
Purchase Agreement, and to such ends, seeks to satisfy the conditions precedent
to such investment by entering into this Agreement.

          NOW, THEREFORE, in consideration of the premises set forth above, the
mutual covenants and agreements set forth herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged by
the parties hereto, the parties agree as follows:

                                   AGREEMENTS

          Section 1. Non-Compete. For a period of 360 calendar days following
the Closing Date (the "Lock-up Period"), each of the Carlyle Funds shall, and
shall cause its Affiliates, without the prior written permission of Focus Media,
directly or indirectly, not to be engaged in a Competing Business in the PRC;
provided, that nothing in this Section 1 shall restrict the activities of
entities invested in prior to the date hereof by any of the Carlyle Funds and
their Affiliates; provided, further, that the non-compete obligations set forth
in this Section 1 shall continue after the Lock-up Period for as long as the
right of the Carlyle Funds, or any of their Affiliates, to appoint an observer
to the board of directors, or any of the committees thereunder, of Focus Media

<PAGE>

pursuant to, and in accordance with, Section 6.8(b) of the Share Purchase
Agreement, has not been terminated or waived.

          Section 2. Enforcement. If either of the Carlyle Funds breaches, or
enters into an agreement that would cause or result in a breach, of any of the
provisions of this Agreement, either the Company or Focus Media shall have the
right and remedy to have the provisions specifically enforced by any court
having jurisdiction, it being acknowledged and agreed by each of the Carlyle
Funds that any such breach or anticipated breach in light of the special, unique
and extraordinary character of its pre-existing relationship with the Company
will cause irreparable injury to the Group Companies and that money damages will
not provide an adequate remedy to the Group Companies. Such right and remedy
shall be in addition to, and not in lieu of, any other rights and remedies
available to the Group Companies at law or in equity. Accordingly, each of the
Carlyle Funds, the Company and Focus Media consents to the issuance of an
injunction, whether preliminary or permanent, consistent with the terms of this
Agreement.

          Section 3. Severability. The invalidity or unenforceability of any
provision or provisions of this Agreement shall not affect the validity or
enforceability of any other provision of this Agreement, which shall remain in
full force and effect. If, at any time, the provisions of this Agreement shall
be determined to be invalid or unenforceable under any applicable law, by reason
of being vague or unreasonable as to area, duration or scope of activity, this
Agreement shall be considered divisible and shall become and be immediately
amended to only such area, duration and scope of activity as shall be determined
to be reasonable and enforceable by the court or other body having jurisdiction
over the matter, and each of the Carlyle Funds, Focus Media and the Company
agrees that this Agreement as so amended shall be valid and binding as though
any invalid or unenforceable provision had not been included herein.

          Section 4. Governing Law, etc. This Agreement shall be governed by and
construed and enforced in accordance with the laws of the State of New York. Any
action brought by any party to this Agreement shall be brought and maintained in
a court of competent jurisdiction in the State of New York.

          Section 5. Miscellaneous. a. Upon its execution, this Agreement shall
have binding and contractual effect upon each of the Carlyle Funds and their
respective successors and assigns, and shall inure to the benefit of, and be
enforceable by, each of Focus Media, the Company and their respective successors
and assigns. This Agreement shall survive the sale of the interest in the
Company by either of the Carlyle Funds and shall continue to be fully binding on
each of the Carlyle Funds and enforceable by Focus Media and the Company after
any such sale, in accordance with its terms, until expiration or termination of
Section 1 hereof.

          SECTION 21.12. This Agreement, the Share Purchase Agreement, the
Shareholders Agreement Amendment, the Lock-up Agreement, dated as of January
[__], 2006, by and between Carlyle Asia and Focus Media, and the Lock-up
Agreement, dated as of January [__], 2006, by and between CAVP and Focus Media,
set forth the entire agreement of the parties hereto in respect of the subject
matter contained herein and supersedes all prior agreements, promises,
covenants, arrangements, communications, representations or warranties, whether
oral or written, by any officer, shareholder or representative of any party
hereto in respect of such subject matter. Any prior agreement of the parties
hereto in respect of the subject matter contained herein is

<PAGE>

hereby terminated and cancelled. No provisions of this Agreement may be amended,
modified, or waived unless such amendment or modification is agreed to in
writing signed by a duly authorized officer of each of the Carlyle Funds on the
one hand, and by a duly authorized officer of each of Focus Media and the
Company on the other, and such waiver is set forth in writing and signed by the
party to be charged. No waiver by either party hereto at any time of any breach
by the other party hereto of any condition or provision of this Agreement to be
performed by such other party shall be deemed a waiver of similar or dissimilar
provisions or conditions at the same or at any prior or subsequent time.

          SECTION 21.13. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original but all of which
together will constitute one and the same instrument.

          SECTION 21.14. For the purposes of this Agreement, notices, demands
and all other communications provided for in this Agreement shall be in writing
and shall be deemed to have been duly given when delivered either personally or
by certified or registered mail, return receipt requested, postage prepaid,
addressed as set forth in the Share Purchase Agreement or to such other address
as any party may have furnished to the others in writing in accordance herewith,
except that notices of change of address shall be effective only upon receipt.

          SECTION 21.15. EACH OF THE CARLYLE FUNDS ACKNOWLEDGES THAT IT HAS
CAREFULLY READ THIS AGREEMENT AND HAS HAD THE OPPORTUNITY TO REVIEW ITS
PROVISIONS WITH ANY ADVISORS AS IT CONSIDERED NECESSARY AND THAT IT UNDERSTANDS
THIS AGREEMENT'S CONTENTS AND SIGNIFIES SUCH UNDERSTANDING AND AGREEMENT BY
SIGNING ON THE FOLLOWING PAGE.

                            [Signature pages follow.]

<PAGE>

          IN WITNESS WHEREOF, the parties hereto have executed this Agreement
all as of the day and year first above written and this Agreement shall become
effective as of such date.

CARLYLE ASIA VENTURE PARTNERS II, L.P.

By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------

CAVP II CO-INVESTMENT, L.P.

By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------

TARGET MEDIA HOLDINGS LIMITED

By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------

<PAGE>

Agreed to and acknowledged by:

FOCUS MEDIA HOLDING LIMITED

By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------

<PAGE>

                                                                     EXHIBIT C-2

                          SELLER NON-COMPETE AGREEMENT

          This NON-COMPETE AGREEMENT (this "Agreement"), dated as of
____________, 2006, by and among Focus Media Holding Limited, a company
organized under the laws of the Cayman Islands ("Focus Media"), target media
holdings limited, a company organized under the laws of the Cayman Islands (the
"Company") and __________ (the "Selling Shareholder").

                                    RECITALS

          WHEREAS, the Company, all shareholders of the Company and Focus Media
are parties to a Share Purchase Agreement, dated January 7, 2006 (the "Share
Purchase Agreement"; capitalized terms used but not otherwise defined herein
shall have the meaning ascribed to such term in the Share Purchase Agreement);

          WHEREAS, it is a condition precedent under the Share Purchase
Agreement that the Selling Shareholders, the Company and Focus Media enter into
this Agreement;

          WHEREAS, the Selling Shareholder seeks to induce Focus Media to
consummate its acquisition of the Group Companies as contemplated in the Share
Purchase Agreement, and to such ends, seeks to satisfy the conditions precedent
to such investment by entering into this Agreement.

          NOW, THEREFORE, in consideration of the premises set forth above, the
mutual covenants and agreements set forth herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged by
the parties hereto, the parties agree as follows:

                                   AGREEMENTS

          Section 1. Non-Solicitation. By executing this Agreement, the Selling
Shareholder acknowledges that it understands that the Group Companies' ability
to operate the Business depends upon their ability to attract and retain skilled
people and that the Group Companies have and will continue to invest substantial
resources in training such shareholder. Therefore, for a period of two (2) years
following the Closing Date, the Selling Shareholder shall not, and shall cause
its Affiliates, without the prior written permission of Focus Media, directly or
indirectly solicit, employ or retain, or have or cause any other person or
entity to solicit, employ or retain, any person who is either employed with any
of the Group Companies or any of their equipment providers as of the date hereof
or hereafter employed by any of the Group Companies; provided that the foregoing
provisions shall not prohibit the solicitation or employment of any such person
(i) resulting from general advertisements for employment conducted by the
Selling Shareholder or (ii) following cessation of such person's employment with
the Group Companies without any solicitation or encouragement by the Selling
Shareholder.

          Section 2. Non-Solicitation of Material Investors, Clients and
Customers. By executing this Agreement, the Selling Shareholder acknowledges
that it understands that the

<PAGE>

                                                                               2

Group Companies' ability to operate the Business depends upon their ability to
attract and retain investors, clients and customers. Therefore, for a period of
two (2) years following the Closing Date, the Selling Shareholder shall not
solicit, contact, interfere with, or endeavor to entice away from any of the
Group Companies any of its material investors, customers or clients or any such
persons or entities that were strategic investors, customers or clients of the
Group Company within the twelve (12) month period immediately prior to the
Closing Date. For purposes of this Agreement, a "material investor" shall mean
any investor in Focus Media who holds no less than 1.0% of Focus Media's
outstanding ordinary shares.

          Section 3. Non-Compete. For a period of two (2) years from Closing
Date, without the prior written permission of Focus Media, the Selling
Shareholder shall not in the PRC, directly or indirectly, (A) enter into the
employ of or render any services to any person, engaged in a Competing Business;
or (B) become associated with or interested in any Competing Business as an
individual, partner, shareholder, creditor, director, officer, principal, agent,
shareholder, trustee, consultant, advisor or in any other relationship or
capacity. This Section 3 shall not be deemed to prohibit (i) the continued
ownership of any equity or other interests in any company or other entity owned
by such Selling Shareholder prior to the date hereof; (ii) the ownership of
securities having no more than five percent of the outstanding voting power of
any company that is listed on any securities exchange; or (iii) the acquisition
after the date hereof of an equity interest in, or the rendering of services
unrelated to a Competing Business to, any entity that derives 10% or less of its
consolidated revenues from a Competing Business in the PRC; provided, in the
case of each of (i), (ii) and (iii), that such Selling Shareholder does not have
a seat on the board of directors, or any committee thereof, on any such company,
entity or Competing Business through any ownership or acquisition of an equity
interest or securities described in (i), (ii) and (iii) above.

          Section 4. Company Property. In the scope of the Selling Shareholder's
investment in the Company and involvement with the Group Companies, it may have,
alone or with others, created, invented, enhanced, or modified items which are
or could be deemed to be confidential information of the Group Companies
("Confidential Information"). The Selling Shareholder acknowledges and agrees
that any Confidential Information is intended to be, and will remain, the sole
and exclusive property of the Group Companies. In addition, the Selling
Shareholder agrees that any and all intellectual property that the Selling
Shareholder invented, discovered, originated, made, conceived, created or
authored either solely or jointly with others and that is the result of or is
substantially derived from Confidential Information shall be the sole and
exclusive property of the Group Companies unless in the public domain.

          Section 5. Non-Disparagement. The Selling Shareholder acknowledges and
agrees that it will not defame or publicly criticize the services, business,
integrity, veracity or personal or professional reputation of the Group
Companies or any of their officers, directors, partners, shareholders,
affiliates, or agents thereof in either a professional or personal manner at any
time. For the avoidance of doubt, it is understood that the provisions of this
Section 5 shall not (i) limit the Selling Shareholder's rights with respect to
claims against the Group Companies or any of their officers, directors,
partners, shareholders, affiliates or agents or (ii) prohibit any truthful
disclosure the Selling Shareholder is obliged to make pursuant to any legal or
regulatory process or proceedings.

<PAGE>

                                                                               3

          Section 6. Representation. The Selling Shareholder represents and
warrants to Focus Media, and the Selling Shareholder acknowledges that the
Company has relied on such representations and warranties in connection with the
Share Purchase Agreement, that the Selling Shareholder's performance of this
Agreement will not breach any other agreement to which the Selling Shareholder
is a party, including without limitation, any agreement limiting the use or
disclosure of any information acquired by the Selling Shareholder prior to its
investment in the Company. In addition, the Selling Shareholder represents and
warrants to Focus Media, and the Selling Shareholder further acknowledges that
the Group Companies have relied on such representations and warranties in
connection with the Share Purchase Agreement, that the Selling Shareholder has
not entered into, and will not enter into, any agreement, either oral or
written, in conflict herewith.

          Section 8. Enforcement. If the Selling Shareholder commits a breach,
or threatens to commit a breach, of any of the provisions of this Agreement,
either the Company or Focus Media shall have the right and remedy to have the
provisions specifically enforced by any court having jurisdiction, it being
acknowledged and agreed by the Selling Shareholder that any such breach or
threatened breach in light of its special, unique and extraordinary character of
the Selling Shareholder's prior relationship with the Company will cause
irreparable injury to the Group Companies and that money damages will not
provide an adequate remedy to the Group Companies. Such right and remedy shall
be in addition to, and not in lieu of, any other rights and remedies available
to the Group Companies at law or in equity. Accordingly, each of the Selling
Shareholder, the Company and Focus Media consents to the issuance of an
injunction, whether preliminary or permanent, consistent with the terms of this
Agreement.

          Section 9. Severability. The invalidity or unenforceability of any
provision or provisions of this Agreement shall not affect the validity or
enforceability of any other provision of this Agreement, which shall remain in
full force and effect. If, at any time, the provisions of this Agreement shall
be determined to be invalid or unenforceable under any applicable law, by reason
of being vague or unreasonable as to area, duration or scope of activity, this
Agreement shall be considered divisible and shall become and be immediately
amended to only such area, duration and scope of activity as shall be determined
to be reasonable and enforceable by the court or other body having jurisdiction
over the matter and each of the Selling Shareholder, Focus Media, and the
Company agrees that this Agreement as so amended shall be valid and binding as
though any invalid or unenforceable provision had not been included herein.

          Section 10. Governing Law, etc. This Agreement shall be governed by
and construed and enforced in accordance with the laws of the State of New York.
Any action brought by any party to this Agreement shall be brought and
maintained in a court of competent jurisdiction in the State of New York.

          Section 11. Miscellaneous. b. Upon its execution, this Agreement shall
have binding and contractual effect upon the Selling Shareholder and it
successors and assigns, and shall inure to the benefit of, and be enforceable
by, Focus Media, the Company and their respective successors and assigns. This
Agreement shall survive the sale of the Selling Shareholder's interest in the
Company and shall continue to be fully binding on the Selling Shareholder and
enforceable by Focus Media and the Company after such sale, in accordance with
its terms. For the avoidance of doubt, the parties hereto agree that this
Agreement will be superseded by any employment

<PAGE>

                                                                               4

agreement entered into between i. the Selling Shareholder and ii. Focus Media or
any Group Company at any future date when this Agreement is still in effect.

          SECTION 21.16. This Agreement, the Share Purchase Agreement, and the
Ancillary Documents set forth the entire agreement of the parties hereto in
respect of the subject matter contained herein and supersedes all prior
agreements, promises, covenants, arrangements, communications, representations
or warranties, whether oral or written, by any officer, shareholder or
representative of any party hereto in respect of such subject matter. Any prior
agreement of the parties hereto in respect of the subject matter contained
herein is hereby terminated and cancelled. No provisions of this Agreement may
be amended, modified, or waived unless such amendment or modification is agreed
to in writing signed by a duly authorized officer of the Selling Shareholder on
the one hand, and by a duly authorized officer of each of Focus Media and the
Company on the other, and such waiver is set forth in writing and signed by the
party to be charged. No waiver by either party hereto at any time of any breach
by the other party hereto of any condition or provision of this Agreement to be
performed by such other party shall be deemed a waiver of similar or dissimilar
provisions or conditions at the same or at any prior or subsequent time.

          SECTION 21.17. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original but all of which
together will constitute one and the same instrument.

          SECTION 21.18. For the purposes of this Agreement, notices, demands
and all other communications provided for in this Agreement shall be in writing
and shall be deemed to have been duly given when delivered either personally or
by certified or registered mail, return receipt requested, postage prepaid,
addressed as set forth above or to such other address as any party may have
furnished to the others in writing in accordance herewith, except that notices
of change of address shall be effective only upon receipt.

          SECTION 21.19. THE SELLING SHAREHOLDER ACKNOWLEDGES THAT IT HAS
CAREFULLY READ THIS AGREEMENT AND HAS HAD THE OPPORTUNITY TO REVIEW ITS
PROVISIONS WITH ANY ADVISORS AS IT CONSIDERED NECESSARY AND THAT THE SELLING
SHAREHOLDER UNDERSTANDS THIS AGREEMENT'S CONTENTS AND SIGNIFIES SUCH
UNDERSTANDING AND AGREEMENT BY SIGNING ON THE FOLLOWING PAGE.

                            [Signature pages follow.]

<PAGE>

          IN WITNESS WHEREOF, the parties hereto have executed this Agreement
all as of the day and year first above written and this Agreement shall become
effective as of such date.

[SELLING SHAREHOLDER].

By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------

TARGET MEDIA HOLDINGS LIMITED

By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------

<PAGE>

Agreed to and acknowledged by:

FOCUS MEDIA HOLDING LIMITED

By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------

<PAGE>

                                                                       EXHIBIT D

                     FORM OF CAYMAN ISLANDS OPINION OF BUYER

DRAFT

[Click HERE and enter date]

Focus Media Holding Limited               DIRECT LINE: 852 2842 9511
28-30/F, Zhao Feng World Trade Building   E-MAIL: dmlamb@cdp.bm
369 Jiangsu Road                          OUR REF: DML/206023
Shanghai 200050                           YOUR REF:
People's Republic of China

Target Media Holdings Limited
1010 Huaihai Zhong Road
K. Wah Center, Suite 3801
Shanghai 200031
People's Republic of China

Dear Sirs

FOCUS MEDIA HOLDING LIMITED (THE "COMPANY")

We have acted as special legal counsel in the Cayman Islands to the Company in
connection with the acquisition of the [entire] issued share capital of Target
Media Holdings Limited ("Target Media") pursuant to a Share Purchase Agreement
dated January 7, 2006 between Target Media, certain Selling Shareholders (as
defined therein) and the Company (the "Share Purchase Agreement").

For the purposes of giving this opinion, we have examined the Share Purchase
Agreement and a second amended and restated shareholders agreement dated
_______________ and made between the Company, the Former Preferred Holders and
the Target Holders (as defined therein) (the "Second Shareholders Agreement").

The Share Purchase Agreement and the Second Shareholders Agreement are
collectively referred to as the "Documents" (which term does not include any
other instrument or agreement whether or not specifically referred to therein or
attached as an exhibit or schedule thereto).

<PAGE>

We have also reviewed the Memorandum and Articles of Association of the Company,
each certified by the [Secretary] of the Company on [DATE], minutes of a meeting
of its directors [and minutes of a meeting of its shareholders, each] held on
[DATE] (the "Minutes"), a Certificate of Good Standing issued by the Registrar
of Companies in relation to the Company on [DATE] (the "Certificate Date") and
such other documents and made such enquiries as to questions of law as we have
deemed necessary in order to render the opinion set forth below.

We have assumed (a) the genuineness and authenticity of all signatures and the
conformity to the originals of all copies (whether or not certified) examined by
us and the authenticity and completeness of the originals from which such copies
were taken; (b) that where a document has been examined by us in draft form, it
will be or has been executed in the form of that draft, and where a number of
drafts of a document have been examined by us all changes thereto have been
marked or otherwise drawn to our attention; (c) the capacity, power and
authority of each of the parties to the Documents, other than the Company, to
enter into and perform their respective obligations under the Documents; (d) the
due execution and delivery of the Documents by each of the parties thereto,
other than the Company, and the physical delivery thereof by the Company with an
intention to be bound thereby; (e) the accuracy and completeness of all factual
representations made in the Documents and other documents reviewed by us; (f)
that the resolutions contained in the Minutes were passed at one or more duly
convened, constituted and quorate meetings or by unanimous written resolutions,
remain in full force and effect and have not been rescinded or amended; (g) that
there is no provision of the law of any jurisdiction, other than the Cayman
Islands, which would have any implication in relation to the opinions expressed
herein; and (h) the validity and binding effect under the laws of the State of
New York (the "Foreign Laws") of the [/Documents] in accordance with [their]
terms.

The term "enforceable" as used in this opinion means than an obligation is of a
type which the courts of the Cayman Islands enforce. It does not mean that those
obligations will be enforced in all circumstances in accordance with the terms
of the Documents. In particular the obligations of the Company under the
Documents (a) will be subject to the laws from time to time in effect relating
to bankruptcy, insolvency, liquidation, possessory liens, rights of set off,
reorganisation, amalgamation, moratorium or any other laws or legal procedures,
whether of a similar nature or otherwise, generally affecting the rights of
creditors; (b) will be subject to statutory limitation of the time within which
proceedings may be brought; (c) will be subject to general principles of equity
and, as such, specific performance and injunctive relief, being equitable
remedies, may not be available; (d) may not be given effect to by a Cayman
Islands court, whether or not it was applying the Foreign Laws, if and to the
extent they constitute the payment of an amount which is in the nature of a
penalty and not in the nature of liquidated damages; (e) may not be given effect
by a Cayman Islands court to the extent that they are to be performed in a
jurisdiction outside the Cayman Islands and such performance would be illegal
under the laws of that jurisdiction; (f) may be subject to the common law rule
(in accordance with the principles laid down in Houldsworth v City of Glasgow
Bank and Liquidators (1880) 5 App. Cas. 317) that damages against the Company
may only be available where the Selling Shareholders are able to rescind the
Share Purchase Agreement. Notwithstanding any contractual submission to the
jurisdiction of specific courts, a Cayman Islands court has inherent discretion
to stay or allow proceedings in the Cayman Islands against the Company

<PAGE>

under the Documents if there are other proceedings in respect of the Documents
simultaneously underway against the Company in another jurisdiction.

We express no opinion as to validity or the binding effect of obligations to
make any payment at an increased rate on overdue amounts or on the happening of
an event or default or to pay a specified rate or interest on the amount of a
judgment after the date of judgement. In addition, any provision expressly or
impliedly providing that certain statements, calculations and/or certificates
are incorrect on their face or fraudulent will not necessarily prevent judicial
enquiry into the merits of a claim of an aggrieved party. We express no opinion
in respect of the enforceability of any provision in the Documents which
purports to fetter the statutory powers of the Company.

We have made no investigation of and express no opinion in relation to the laws
of any jurisdiction other than the Cayman Islands. This opinion is to be
governed by and construed in accordance with the laws of the Cayman Islands and
is limited to and is given on the basis of the current law and practice in the
Cayman Islands. This opinion is issued solely for your benefit and is not to be
relied upon by any other person, firm or entity or in respect of any other
matter.

On the basis of and subject to the foregoing, we are of the opinion that:

1.   As at the Certificate Date, the Company is duly incorporated and existing
     under the laws of the Cayman Islands in good standing (meaning solely that
     it has not failed to make any filing with any Cayman Islands government
     authority or to pay any Cayman Islands government fee which would make it
     liable to be struck off by the Registrar of Companies and thereby cease to
     exist under the laws of the Cayman Islands).

2.   The Company has the necessary corporate power and authority to enter into
     and perform its obligations under the Documents. The execution and delivery
     of the Documents by the Company and the performance by the Company of its
     obligations thereunder will not violate the Memorandum or Articles of
     Association of the Company nor any applicable law, regulation, order or
     decree in the Cayman Islands.

3.   The Company has taken all corporate action required to authorise its
     execution, delivery and performance of the Documents. [When duly executed
     and delivered by or on behalf of the Company, the Documents will
     constitute]/[The Documents have been duly executed by or on behalf of the
     Company, and constitute] the valid and binding obligations of the Company
     in accordance with the terms thereof.

4.   No order, consent, approval, licence, authorisation or validation of or
     exemption by any government or public body or authority of the Cayman
     Islands or any sub-division thereof is required to authorise or is required
     in connection with the execution, delivery, performance and enforcement of
     the Documents or the issue of the Share Consideration (as defined in clause
     2.1(b) of the Share Purchase Agreement [,except such as have been duly
     obtained in accordance with Cayman Islands law]. It is not necessary or
     desirable to ensure the enforceability in the Cayman Islands of the

<PAGE>

     Documents that any of them be registered in any register kept by, or filed
     with, any governmental authority or regulatory body in the Cayman Islands.

5.   The Documents will be subject to nominal stamp duty if they are executed in
     or brought into the Cayman Islands but will otherwise not be subject to
     stamp duty. Neither the issue nor transfer of shares in the Company will be
     subject to ad valorem stamp duty in the Cayman Islands.

6.   There are currently no taxes or other charges or deductions payable by
     withholding or otherwise to the government of the Cayman Islands or any
     taxing authority or subdivision thereof in respect of the execution,
     delivery, performance or enforcement of the Documents or on the payment of
     any dividends or other distributions on the shares issued or to be issued
     pursuant to the Share Purchase Agreement.

7.   There is no exchange control legislation in the Cayman Islands and
     accordingly there are no exchange control regulations imposed under Cayman
     Islands law.

8.   The choice of the Foreign Laws as the governing law of the [/Documents] is
     a valid choice of law and would be recognised and given effect to in any
     action brought before a court of competent jurisdiction in the Cayman
     Islands, except for those laws (i) which such court considers to be
     procedural in nature, (ii) which are revenue or penal laws or (iii) the
     application of which would be inconsistent with public policy, as such term
     is interpreted under the laws of the Cayman Islands.

9.   A monetary judgment awarded by the courts of the Cayman Islands may be
     expressed in the currency of the United States, if so requested. In the
     event that enforcement of such a judgment is sought in the Cayman Islands,
     the applicable rate of exchange will be the rate prevailing as at the date
     of one of: (i) payment, (ii) enforcement, (iii) commencement of the
     proceedings; or (iv) judgment, at the discretion of the court. In the event
     of a winding up of the Company, claims or debts may be required to be
     converted into either Cayman Island dollars or the Company's functional
     currency of account at the exchange rate prevailing on the date of the
     commencement of the winding up.

10.  Foreign arbitration awards may be enforced in the Cayman Islands under the
     Foreign Arbitral Awards Enforcement Law, which applies where the
     arbitration award to be enforced (the "Award") was made in pursuance of an
     arbitration agreement in a state which is a party to the New York
     Convention on the Recognition of Enforcement of Foreign Arbitral Awards
     adopted by the 1958 United Nations Conference on International Commercial
     Arbitration (the "Convention"). In general, the courts of the Cayman
     Islands will enforce an Award made under the Convention unless it is proved
     by the party against whom the Award was made that:

     (i)  a party to the arbitration agreement was under some incapacity;

<PAGE>

     (ii) the arbitration agreement was not valid under the law to which the
          parties subjected it or, in default, under the law of the jurisdiction
          where the Award was made;

     (iii) the Award was made in circumstances contrary to natural justice;

     (iv) the Award dealt with a matter or matters not contemplated by or
          falling within the terms of the submission to arbitration or contained
          decisions on matters beyond the scope of such submission; or

     (v)  the composition of the arbitral authority or the arbitral procedure
          was not in accordance with the agreement of the parties or, in default
          of such agreement, with the laws of the jurisdiction where the
          arbitration took place.

     Enforcement of an Award made under the Convention may also be refused by
     the courts of the Cayman Islands where the Award is in respect of a matter
     which is not capable of settlement by arbitration or where it would be
     contrary to the public policy of the Cayman Islands to enforce such an
     Award. A foreign arbitration award may also be enforced in the Cayman
     Islands pursuant to common law principles by action on the Award or
     pursuant to the Arbitration Law by leave of the Cayman Islands court.

11.  Based solely upon a search of the Register of Writs and other Originating
     Process of the Grand Court of the Cayman Islands conducted at [TIME] on
     [DATE], (which would not reveal details of proceedings which have been
     filed but not actually entered in the Register of Writs and other
     Originating Process of the Grand Court of the Cayman Islands at the time of
     our search), there are no judgments against the Company, nor any legal or
     governmental proceedings, nor any petitions to wind up the Company pending
     in the Grand Court of the Cayman Islands to which the Company is subject.

12.  The authorised share capital of the Company is [______________] divided
     into [_________] [shares] of nominal or par value [___] each.

13.  [Based solely upon a review of the register of members of the Company
     certified by the [Secretary] of the Company on [___] 200[__], the Share
     Consideration is]/[When issued and paid for in accordance with the Share
     Purchase Agreement, the Share Consideration to be issued by the Company
     pursuant thereto will be] validly issued, fully paid and non-assessable
     (which term when used herein means that no further sums are required to be
     paid by the holders thereof in connection with the issue thereof).

14.  Upon entry in the register of members of the Company the Selling
     Shareholders will be the registered holders of the number of shares in the
     Company noted against their respective names in the register of members.
     Under the Companies Law (2004 Revision) the register of members is prima
     facie evidence of any matters directed or authorised by the Companies Law
     (2004 Revision) to be inserted therein.

<PAGE>

15.  Target Media and the Selling Shareholders will not be deemed to be
     resident, domiciled or carrying on business in the Cayman Islands by reason
     only of the execution, performance and/or enforcement of the Documents by
     Target Media and the Selling Shareholders.

16.  It is not necessary or advisable in order for Target Media or the Selling
     Shareholders to enforce their respective rights under the Documents,
     including the exercise of remedies thereunder, that they be licensed,
     qualified or otherwise entitled to carry on business in the Cayman Islands.

17.  The Documents are in an acceptable legal form under the laws of the Cayman
     Islands for enforcement thereof in the Cayman Islands.

18.  The Company is not entitled to any immunity under the laws of the Cayman
     Islands, whether characterised as sovereign immunity or otherwise, from any
     legal proceedings to enforce the Documents in respect of itself or its
     property.

                                        Yours faithfully

                                        ----------------------------------------
                                        Conyers Dill & Pearman

<PAGE>

                                                                     EXHIBIT E-1

                  FORM OF CAYMAN ISLANDS OPINION OF THE COMPANY

Focus Media Holding Limited               Direct: +852 2971 3007
28-30/F, Zhao Feng World Trade Building   Mobile: +852 9020 8007
369 Jiangsu Road                          E-mail: richard.thorp@maplesandcalder.
Shanghai 200050                           com
People's Republic of China

Target Media Holdings Limited
1010 Huaihai Zhong Road
K. Wah Center, Suite 3801
Shanghai 200031
People's Republic of China

                                                            [_____] January 2006
Dear Sirs,

TARGET MEDIA HOLDINGS LIMITED

We have acted as Cayman Islands legal advisers to Target Media Holdings Limited
(the "COMPANY") in connection with the sale by the existing shareholders of the
entire issued share capital of the Company to Focus Media Holding Limited (the
"BUYER") pursuant to a Share Purchase Agreement among the Company, the Buyer and
the Selling Shareholders (as defined therein) (the "SHARE PURCHASE AGREEMENT").

1    DOCUMENTS REVIEWED

For the purposes of this opinion, we have reviewed only originals, copies or
final drafts of the following documents:

1.1  the Certificate of Incorporation dated 28 July 2004 and the Memorandum and
     Articles of Association of the Company as adopted on 19 July 2005 (together
     the "MEMORANDUM AND ARTICLES OF ASSOCIATION");

1.2  a certificate of good standing issued by the Registrar of Companies in the
     Cayman Islands dated [____] in respect of the Company (the "COMPANY'S
     CERTIFICATE OF GOOD STANDING");

1.3  the register of members of the Company as maintained at the registered
     office of the Company in the Cayman Islands;

1.4  the written resolutions of the board of Directors dated [_______________];

1.5  the minutes of the meeting of the shareholders of the Company dated
     [________________];

<PAGE>

1.6  a certificate from a Director of the Company addressed to this firm dated
     [__] January 2006, a copy of which is attached hereto (the "DIRECTOR'S
     CERTIFICATE");

1.7  the Share Purchase Agreement;

1.8  the non-compete agreement by and among the Buyer, the Company, Carlyle Asia
     Venture Partners II, L.P. and CAPV II Co-Investment, L.P. (the "CARLYLE
     NON-COMPETE AGREEMENT");

1.9  the non-compete agreements by and among the Buyer, the Company and each of
     the other shareholders of the Company (the "SELLER NON-COMPETE
     AGREEMENT");.

The documents referred to in paragraphs 1.7 to 1.9 above are collectively
referred to as the "AGREEMENTS". Terms used herein have the same meanings given
in the Share Purchase Agreement unless otherwise defined herein.

2.   ASSUMPTIONS

The following opinion is given only as to, and based on, circumstances and
matters of fact existing and known to us on the date of this opinion. This
opinion only relates to the laws of the Cayman Islands which are in force on the
date of this opinion. In giving this opinion we have relied (without further
verification) upon the completeness and accuracy of the Directors' Certificates
and the Certificates of Good Standing. We have also relied upon the following
assumptions, which we have not independently verified:

2.1  the Agreements have been or will be authorised and duly executed and
     delivered by or on behalf of all relevant parties (other than the Company
     as a matter of Cayman Islands law) in accordance with all relevant laws
     (other than the laws of the Cayman Islands);

2.2  the Agreements are, or will be, legal, valid, binding and enforceable
     against all relevant parties in accordance with their terms under the laws
     of the State of New York and all other relevant laws (other than the laws
     of the Cayman Islands);

2.3  the choice of the laws of the State of New York as the governing law of the
     Agreements has been made in good faith and would be regarded as a valid and
     binding selection which will be upheld by the courts of the State of New
     York as a matter of the laws of the State of New York and all other
     relevant laws (other than the laws of the Cayman Islands);

2.4  copy documents, conformed copies or drafts of documents provided to us are
     true and complete copies of, or in the final forms of, the originals;

2.5  all signatures, initials and seals are genuine;

2.6  the register of members of the Company maintained at the registered office
     of the Company in the Cayman Islands is complete and accurate in all
     respects;

<PAGE>

2.7  the power, authority and legal right of all parties under all relevant laws
     and regulations (other than, with respect to the Company, the laws of the
     Cayman Islands) to enter into, execute, deliver and perform their
     respective obligations under the Agreements;

2.8  all conditions precedent contained in the Agreements have been satisfied or
     duly waived and there has been no breach of the terms of the Agreements at
     the date hereof;

2.9  there is no contractual or other prohibition (other than as may arise by
     virtue of the laws of the Cayman Islands) binding on the Company or on any
     other party prohibiting it from entering into and performing its
     obligations under the Agreements;

2.10 there is nothing under any law (other than the law of the Cayman Islands)
     which would or might affect the opinions hereinafter appearing.
     Specifically, we have made no independent investigation of the laws of the
     State of New York; and

2.11 the issued shares in the capital of the Company have been fully paid up and
     there are no contractual or other obligations (other than as may arise by
     virtue of the laws of the Cayman Islands) binding on the Company or any of
     the persons to whom such shares have been issued to make any further
     payment or give further consideration in relation thereto.

3    OPINIONS

The following opinions are given only as to matters of Cayman Islands law and we
have assumed that there is nothing under any other law that would affect or vary
the following opinions. Specifically we have made no investigation of the laws
of New York and we offer no opinion in relation thereto.

Based upon the foregoing and subject to the qualifications set out below and
having regard to such legal considerations as we deem relevant, we are of the
opinion that:

3.1  The Company has been duly incorporated as an exempted company with limited
     liability for an unlimited duration and is validly existing under the laws
     of the Cayman Islands. The Company is in good standing (meaning that so far
     as the Registrar of Companies in the Cayman Islands (the "REGISTRAR") is
     aware it has not failed to make any filing with the Registrar nor to pay
     any fee to the Registrar which might make it liable to be struck off the
     register of companies by the Registrar).

3.2  The Company has full corporate power and authority to enter into and
     execute and perform its obligations under the Agreements. The execution and
     delivery of the Agreements by the Company and the performance of its
     obligations thereunder do not violate, conflict with or result in a breach
     of any of the terms or provisions of the Company's Memorandum and Articles
     of Association or any law, public rule or regulation applicable to the
     Company in the Cayman Islands.

3.3  The execution, delivery and performance of the Agreements has been
     authorised by and on behalf of the Company and, when executed and delivered
     by any Director of the Company, will constitute the legal, valid and
     binding obligations of the Company

<PAGE>

     enforceable in accordance with their terms except and in so far as such
     enforcement may be limited as hereinafter set forth.

3.4  The authorized capital share capital of the Company is US$27,600.00 divided
     into 210,000,000 Common Shares of a nominal or par value of US$0.0001 each,
     44,000,000 Series A Preferred Shares of a nominal or par value of US$0.0001
     each, and 22,000,000 Series B Preferred Shares of a nominal or par value of
     US$0.0001 each.

3.5  Based on our review of the Register of Members of the Company as maintained
     at the Company's registered office in the Cayman Islands, the registered
     holders ("SELLING SHAREHOLDERS") of all the issued shares of the Company
     ("SALE SHARES") are as set out in Schedule 1 hereto, all of which issued
     shares are validly issued as fully paid and non-assessable (meaning that no
     further sums are required to be paid by the holders thereof in connection
     with the issue thereof).

3.6  [The pre-emption rights set out in the Memorandum and Articles of
     Association have been specifically and validly waived by the Selling
     Shareholders to allow the transfer of the Sale Shares in accordance with
     the terms set out in the Agreements.] The board of directors of the Company
     has approved the transfer of the Sale Shares by the Selling Shareholders to
     the Buyer. Upon entry on the register of members of the Company, the Buyer
     will be the registered holder of such number of shares as will be noted
     against its name on such register. Under the Companies Law (2004 Revision)
     of the Cayman Islands, the register of members of a Cayman Islands company
     is by statute regarded as prima facie evidence of any matters which the
     Companies Law (2004 Revision) directs or authorises to be inserted therein.
     A third party interest including a security interest in the shares of the
     Company in question would not appear. An entry in the register of members
     may be subject to a court order for rectification (for example, in the
     event of fraud or manifest error).

3.7  No authorizations, consents, orders, permissions or approvals are required
     from any governmental authorities or agencies or other official bodies in
     the Cayman Islands and no notice to or other filing with or action by any
     Cayman Islands governmental authority or regulatory body is required in
     connection with:

     3.7.1 the execution and delivery of the Agreements;

     3.7.2 the performance of any obligation under the Agreements; and

     3.7.3 the transfer of the Sale Shares.

3.8  It is not necessary to ensure the legality, validity, enforceability or
     admissibility in evidence of the Agreements that any document be filed,
     recorded or enrolled with any governmental department, agency or other
     authority in the Cayman Islands.

3.9  No stamp duties or other similar taxes or charges are payable under the
     laws of the Cayman Islands in respect of the execution or delivery of the
     Agreements or the

<PAGE>

     performance by any of the parties of their respective obligations or
     enforcement of the Agreements unless they are executed in or thereafter
     brought within the jurisdiction of the Cayman Islands (e.g. for the
     purposes of enforcement) in which case stamp duty of CI$2.00 (US$2.44) for
     each of the Agreements will be payable.

3.10 There are currently no taxes or other charges or deductions payable (by
     withholding or otherwise) to the Cayman Islands government or any taxing
     authority thereof on or by virtue of:

     3.10.1 the execution, delivery, performance or enforcement of the
          Agreements;

     3.10.2 any payment of any nature to be made by the Buyer under the
          Agreements;

     3.10.3 the transfer of the Sale Shares to the Buyer or the entry of the
          Buyer in the register of members of the Company; or

     3.10.4 the payment of dividends and other distributions declared and
          payable on the Sale Shares.

     The Cayman Islands currently have no income, corporate or capital gains tax
     and no estate duty, inheritance tax or gift tax.

3.11 No approvals are currently required from any governmental department,
     agency or other authority in the Cayman Islands in order for the Company to
     pay dividends declared by the Company to the Buyer as registered holder of
     the Sale Shares. There is no exchange control legislation under Cayman
     Islands law and accordingly there are no exchange control regulations
     imposed under Cayman Islands law. There are no restrictions under Cayman
     Islands law which would prevent the Company from paying dividends to
     shareholders in U.S. Dollars or any other currency.

3.12 The choice of the laws of the State of New York to govern the Agreements
     will be upheld as a valid choice of law under the laws of the Cayman
     Islands and the courts of the Cayman Islands would uphold such choice of
     law in a suit on any of the Agreements brought in the courts of the Cayman
     Islands, assuming it is so pleaded.

3.13 In the event of any proceedings being brought in the Cayman Islands courts
     in respect of a monetary obligation expressed to be payable in a currency
     other than Cayman Islands dollars, a Cayman Islands court would give
     judgment expressed as an order to pay such currency or its Cayman Islands
     dollar equivalent at the time of payment or enforcement of the judgment.

3.14 Although there is no statutory enforcement in the Cayman Islands of
     judgments obtained in the State of New York, the courts of the Cayman
     Islands will recognise a foreign judgment as the basis for a claim at
     common law in the Cayman Islands provided such judgment:

     3.14.1 is given by a competent foreign court;

<PAGE>

     3.14.2 imposes on the judgment debtor a liability to pay a liquidated sum
          for which the judgment has been given;

     3.14.3 is final;

     3.14.4 is not in respect of taxes, a fine or a penalty; and

     3.14.5 was not obtained in a manner and is not of a kind the enforcement of
          which is contrary to the public policy of the Cayman Islands.

3.15 [The courts of the Cayman Islands will recognise and enforce arbitral
     awards made pursuant to an arbitration agreement in a jurisdiction which is
     a party to the United Nations Convention on the Recognition of Foreign
     Arbitral Awards (the "NEW YORK CONVENTION"). Hong Kong and the Cayman
     Islands are parties to the New York Convention with the result that an
     arbitral award made in Hong Kong pursuant to the Shareholders Agreement
     will be recognised and enforced in the Cayman Islands unless the party
     against whom enforcement is sought can establish one or other of the
     following defences:

     3.15.1 that the party to the arbitration agreement was (under the law
          applicable to him) under some incapacity; or

     3.15.2 that the arbitration agreement was not valid under the law to which
          the parties subjected it (i.e. the proper law of the agreement) or,
          failing any indication thereon, under the law of the country where the
          award was made (i.e. under the law of the arbitration); or

     3.15.3 that he was not given proper notice of the appointment of the
          arbitrator or of the arbitration proceedings or otherwise unable to
          present his case; or

     3.15.4 that the award deals with a difference not contemplated by or not
          falling within the terms of the submission to arbitration or contains
          decisions on matters beyond the scope of the submission to
          arbitration; or

     3.15.5 that the composition of the arbitral authority or the arbitral
          procedure was not in accordance with the agreement of the parties, or
          failing such agreement, with the law of the country where the
          arbitration took place; or

     3.15.6 that the award has not yet become binding on the parties, or has
          been set aside or suspended by a competent authority of the country in
          which, or under the law of which, it was made. In the Imbar Maritima
          S.A. v. Republic of Gabon, the Cayman court held that the words
          "suspended by a competent authority" meant suspended by a decision of
          a court, tribunal or other body having jurisdiction to make such
          decisions in the country where the arbitration took place. It held
          that a French award was not to be treated as having been suspended for
          these purposes merely

<PAGE>

          because Article 1506 of the French New Code of Civil Procedures
          imposed an automatic stay by operation of law pending an appeal.](1)

3.16 Based solely on our inspection of the Register of Writs and Other
     Originating process in the Grand Court of the Cayman Islands from the date
     of incorporation of the Company, there were no actions or petitions pending
     against the Company in the courts of the Cayman Islands as at close of
     business in the Cayman Islands on [___] January 2006. A search at the
     Companies Registry in the Cayman Islands would not reveal any order or
     resolution for the winding up of the Company because under Cayman Islands
     law the records kept by the Registrar of Companies are not documents of
     public record. The enquiries referred to above which we have made at the
     Grand Court of the Cayman Islands have revealed no record of the
     presentation of any winding up petition in respect of the Company. We
     assume that there has been no change in this position since the date on
     which the enquiries were made.

3.17 The Buyer will not be treated as resident, domiciled or carrying on or
     transacting business in the Cayman Islands solely by reason of the holding
     of the Sale Shares.

3.18 It is not necessary or advisable that the Buyer be licensed, qualified or
     otherwise entitled to carry on business in the Cayman Islands in order to
     enforce its rights under, or as a consequence of the execution, delivery
     and performance of the Agreements.

3.19 So far as the law of the Cayman Islands is concerned, the Agreements are
     each in proper form under the laws of the Cayman Islands for the
     enforcement thereof against the Company, subject in so far as such
     enforcement may be limited as more particularly set forth below.

3.20 The Company is not entitled to any immunity under the laws of the Cayman
     Islands whether characterized as sovereign immunity or otherwise for any
     legal proceedings in the Cayman Islands to enforce or to collect upon the
     Agreements.

3.21 The form of certificate used to evidence the Sale Shares complies in all
     material respects with applicable statutory requirements of the Cayman
     Islands and the Company's Memorandum and Articles of Association.

4    QUALIFICATIONS

The opinions expressed above are subject to the following qualifications:

4.1  The term "ENFORCEABLE" as used above means that the obligations assumed by
     the Company under the Agreements are of a type which the courts of the
     Cayman Islands will enforce. It does not mean that those obligations will
     necessarily be enforced in all circumstances in accordance with their
     terms. In particular:

----------
(1)  I have not seen any documents the Company is entering into that have
     arbitration provisions. Are these limited to the Buyer's own Shareholder
     Agreement?

<PAGE>

     4.1.1 enforcement may be limited by bankruptcy, insolvency, liquidation,
          reorganisation, readjustment of debts or moratorium or other laws of
          general application relating to or affecting the rights of creditors;

     4.1.2 enforcement may be limited by general principles of equity. For
          example, equitable remedies such as specific performance may not be
          available, inter alia, where damages are considered to be an adequate
          remedy;

     4.1.3 some claims may become barred under the statutes of limitation or may
          be or become subject to defenses of set-off, counterclaim, estoppel
          and similar defenses;

     4.1.4 where obligations are to be performed in a jurisdiction outside the
          Cayman Islands, they may not be enforceable in the Cayman Islands to
          the extent that performance would be illegal under the laws of that
          jurisdiction;

     4.1.5 the Cayman Islands court has jurisdiction to give judgment in the
          currency of the relevant obligation and statutory rates of interest
          payable upon judgments will vary according to the currency of the
          judgment. If the Company becomes insolvent and is made subject to a
          liquidation proceeding, the Cayman Islands court will require all
          debts to be proved in a common currency, which is likely to be the
          "functional currency" of the Company determined in accordance with
          applicable accounting principles. Currency indemnity provisions have
          not been tested, so far as we are aware, in the courts of the Cayman
          Islands;

     4.1.6 obligations to make payments that may be regarded as penalties will
          not be enforceable;

     4.1.7 the courts of the Cayman Islands may decline to exercise jurisdiction
          in relation to substantive proceedings brought under or in relation to
          the Agreements in matters where they determine that such proceedings
          may be tried in a more appropriate forum;

     4.1.8 Any provision in the Agreements whereby the Company agrees to
          irrevocably waive any right to invoke the jurisdiction of the Grand
          Court is subject to the equitable jurisdiction of the Grand Court and
          accordingly may not be enforceable.

     4.1.9 Based on principles of privity of contract, any indemnity or other
          provision of the Agreements (not being in the form of a deed) which is
          expressed to be in favour of persons who are not parties to the
          Agreements may not be enforceable by such persons in the absence of a
          trust in their favour;

     4.1.10 Whilst parties to an agreement may agree inter se that respective
          rights and obligations take effect "as of" a date prior to the date of
          execution and delivery, the rights of third parties, to the extent
          that the same may be available thereunder, only take effect from the
          date of actual execution and delivery; and

<PAGE>

     4.1.11 a company cannot, by agreement or in its articles of association,
          restrict the exercise of a statutory power and there exists doubt as
          to enforceability of any provision in the Agreements whereby the
          Company covenants not to exercise powers specifically given to its
          shareholders by The Companies Law (2004 Revision) of the Cayman
          Islands, including, without limitation, the power to increase its
          authorised share capital, amend its memorandum and articles of
          association, or present a petition to a Cayman Islands court for an
          order to wind up the Company.

4.2  As discussed above, Cayman Islands stamp duty may be payable if the
     original Agreements are brought to or executed in the Cayman Islands.

4.3  To maintain the Company in good standing under the laws of the Cayman
     Islands, annual filing fees must be paid and returns made to the Registrar
     of Companies.

4.4  The obligations of the Company may be subject to restrictions pursuant to
     United Nations sanctions as implemented under the laws of the Cayman
     Islands.

4.5  A certificate, determination, calculation or designation of any party to
     the Agreements as to any matter provided therein might be held by a Cayman
     Islands court not to be conclusive final and binding if, for example, it
     could be shown to have an unreasonable or arbitrary basis, or in the event
     of manifest error.

4.6  In principle a Cayman Islands court will award costs and disbursements in
     litigation in accordance with the relevant contractual provisions but there
     remains some uncertainty as to the way in which the rules of the Grand
     Court will be applied in practice. Whilst it is clear that costs incurred
     prior to judgment can be recovered in accordance with the contract, it is
     likely that post-judgment costs (to the extent recoverable at all) will be
     subject to taxation in accordance with Grand Court Rules Order 62.

4.7  We reserve our opinion as to the extent to which a Cayman Islands court
     would, in the event of any relevant illegality, sever the offending
     provisions and enforce the remainder of the transaction of which such
     provisions form a part, notwithstanding any express provisions in this
     regard.

4.8  We make no comment with regard to the references to foreign statutes in the
     Agreements.

We express no view as to the commercial terms of the Agreements or whether such
terms represent the intentions of the parties and make no comment with regard to
the representations which may be made by the Company.

<PAGE>

This opinion may be relied upon by the addressees only. It may not be relied
upon by any other person except with our prior written consent.

                                        Yours faithfully

                                        ----------------------------------------
                                        MAPLES AND CALDER

<PAGE>

                                   Schedule 1

<TABLE>
<CAPTION>
NAME OF MEMBER                                   NUMBER OF SHARES HELD
--------------                               -----------------------------
<S>                                          <C>
Target Media International Limited                       77,000,000 Common
Gentle Bright Development Ltd.                           10,000,000 Common
Harvest Energy Ltd.                                      10,000,000 Common
Upper Development Limited                                 3,000,000 Common
                                              3,636,707 Series B Preferred
SII International Holding Limited                        11,100,000 Common
Carlyle Asia Venture Partners II, L.P.       33,088,478 Series A Preferred
                                              5,978,747 Series B Preferred
CAVP II Co-Investment, L.P.                   7,165,145 Series A Preferred
                                              1,294,668 Series B Preferred
Partner Media Investments Limited             1,388,056 Series A Preferred
                                                727,341 Series B Preferred
Richard King Mellon Foundation                  727,341 Series B Preferred
Mellon Family Investment Company V              727,341 Series B Preferred
Megastar Investment Management Limited        4,364,049 Series B Preferred
Cougar Investment Limited                     1,454,683 Series B Preferred
Morningside Technology Investments Limited    2,909,366 Series B Preferred
</TABLE>

<PAGE>

                                                                     EXHIBIT E-2

           FORM OF PRC OPINION OF THE COMPANY AND THE GROUP COMPANIES

RE: ACQUISITION OF ALL OF THE OUTSTANDING SHARES IN TARGET MEDIA HOLDINGS
    LIMITED ("TARGET MEDIA") BY FOCUS MEDIA HOLDING LIMITED ("FOCUS MEDIA")

We are qualified lawyers of the People's Republic of China ("PRC") and are
qualified to issue an opinion on the laws and regulations of the PRC.

We are acting as the PRC legal counsel to Target Media, in connection with the
acquisition by Focus Media of all or substantially all of the outstanding equity
interests of Target Media, including the ordinary shares, preferred shares and
other equity interests of Target Media pursuant to the Share Purchase Agreement
dated as of January 7, 2006 ("Share Purchase Agreement") among Focus Media,
Target Media and the Selling Shareholders (as defined in the Share Purchase
Agreement).

We have been requested, pursuant to Section 8.10 of the Share Purchase
Agreement, to give this opinion on, inter alia, (A) the legality of the
ownership structure of ----------------- (for identification purpose, Target
Media Multi-Media Technology (Shanghai) Co., Ltd., "Target Multi Media"); (B)
the legality of the ownership structure of ---------- (for identification
purpose, Shanghai Target Media Co., Ltd., "Shanghai Target Media"); (C) the
legality, validity and enforceability of the agreements reviewed by us listed in
Schedule I hereto (collectively, the "Agreements"), (D) the legality of the
business operations of Target Multi Media and Shanghai Target Media as described
in their respective business licenses and in the registration statement on Form
F-1 of Target Media, dated November 15, 2005, as confidentially submitted to the
U.S. Securities and Exchange Commission (the "Target Registration Statement"),
and (E) certain matters relating to the Share Purchase Agreement and the
Ancillary Documents (as defined in the Share Purchase Agreement).

As used herein, (A) "PRC Law" means all applicable laws, administrative
regulations, regional regulations and governmental rules of the PRC publicly
promulgated prior to and in force as of the date hereof, which, for the purpose
of this opinion, do not include the laws of Hong Kong Special Administrative
Region, Macau Special Administrative Region and Taiwan; (B) "PRC Authorities"
means any national, provincial or local governmental, regulatory or
administrative authority, agency or commission of the PRC having jurisdiction
over applicable parties; and (C) "Approvals" means all approvals, consents,
certificates, authorizations, filings, registrations, exemptions, permissions,
annual inspections, qualifications, permits and licenses issued by any PRC
Authorities pursuant to the PRC Law.

For the purpose of giving this opinion, we have examined the originals or
copies, certified or otherwise identified to our satisfaction, of documents
provided to us and such other documents, corporate records, certificates issued
by governmental authorities in the PRC and other instruments as we have deemed
necessary or advisable for the purpose of rendering this opinion, including but
not limited to copies of the Agreements.

<PAGE>

In such examination, we have assumed: (i) the genuineness of all signatures and
the authenticity of all documents submitted to us as originals; (ii) the
conformity to originals of all documents submitted to us as certified or
reproduced copies; (iii) that all factual statements made in all documents are
true and correct in all material respects; and (iv) that all parties to the
documents (other than Target Multi Media and Shanghai Target Media) have full
power and authority to enter into, and have duly executed and delivered, such
documents. Where important facts were not independently established to us, we
have relied upon certificates issued by governmental authorities and appropriate
representatives of Target Media and/or other relevant entities and/or upon
representations made in, or pursuant to, the Agreements.

          We have not made any investigation of, and do not express any opinion
on, the laws of any jurisdiction other than the PRC.

Based on the foregoing and subject to any matter not disclosed to us, we are of
the opinion that:

1.   Target Multi Media has been duly incorporated and is validly existing as a
     wholly foreign owned enterprise with legal person status and limited
     liability under PRC Law and its business license and articles of
     association are in full force and effect under, and in compliance with, PRC
     Law. Target Multi Media has been duly qualified as a foreign invested
     enterprise. All of the registered capital of Target Multi Media has been
     fully paid and all the equity interest of the Target Multi Media is owned
     by Target Media and, to the best of our knowledge after due inquiry, such
     equity interest is owned by Target Media free and clear of any security
     interest, mortgage, pledge, lien, encumbrance, claim or other third party
     right (collectively, "Encumbrances").

2.   Shanghai Target Media has been duly incorporated and is validly existing as
     a limited liability company under PRC Law and its business license and
     articles of association are in full force and effect under, and in
     compliance with, PRC Law. All of the registered capital of Shanghai Target
     Media has been fully paid and, with respect to the equity interest of
     Shanghai Target Media, 69.3% is owned by David Feng Yu, 10.0% is owned by
     ----------- (for identification purpose, Shanghai Information Investment
     Inc., "SII"), 9.0% is owned by -------------- (for identification purpose,
     Shanghai Dianyang Digital Media Technology Co., Ltd., "Dianyang"), 9.0% is
     owned by Yongqing Lu and 2.7% is owned by ------------- (for identification
     purpose, Shanghai Zhuoyue Manager Information Co., Ltd., "Zhuoyue Manager
     Information") respectively and, to the best of our knowledge after due
     inquiry, the equity interest of Shanghai Target Media is owned by its
     shareholders as listed above free and clear of any Encumbrances, except as
     provided in the applicable Agreements.

3.   Shanghai Target Media has established its branch companies in Dalian,
     Shenzhen, and Guangzhou, respectively (collectively "Shanghai Target
     Branches"). Each of the Shanghai Target Branches has been duly established
     and is validly existing with its business license in full force and effect
     under PRC Law.

4.   Each of Target Multi Media and Shanghai Target Media has full authority,
     power and,

<PAGE>

     except as disclosed in the Target Registration Statement, all necessary
     Approvals to own, use, sell, lease, license and operate its assets and to
     conduct its business as provided in their respective business licenses and
     in the Target Registration Statement (which is attached hereto as Annex A),
     and they are in compliance with the provisions of the Approvals applicable
     to each of them in all material respects.

5.   To the best of our knowledge after due inquiry, none of Target Multi Media
     and Shanghai Target Media is (A) in violation of any PRC Law or Approvals;
     (B) in violation of its business license, articles of association, other
     constitutional documents (if any); (C) in breach or default in the
     performance or observance of any of the terms or provisions of the
     Agreements, or (D) apart from the Agreements, in breach or default in the
     performance or observance of any of the terms or provisions of any
     contract, license, indenture, mortgage, deed of trust, loan agreement,
     note, lease or other agreement or instrument governed by PRC Law to which
     it is a party or by which it or any of its properties may be bound, except
     for such violation, breach or default under clause (A) and (D) which would
     not, individually or in the aggregate, have a material adverse effect on
     the general affairs, management, shareholders' equity, results of
     operations or position, financial or otherwise, ("Material Adverse Effect")
     of Target Multi Media and Shanghai Target Media.

6.   Each of Target Multi Media and Shanghai Target Media has full power,
     authority and legal right to enter into, execute, adopt, assume, issue,
     deliver and perform their respective obligations under each of the
     Agreements to which it is a party, and has authorized, executed and
     delivered each of the Agreements to which it is a party, and such
     obligations constitute valid, legal and binding obligations enforceable
     against each of them in accordance with the terms of each of the Agreements
     (subject to the effects of bankruptcy, insolvency, fraudulent conveyance,
     reorganization, moratorium and other similar PRC Law relating to or
     affecting creditors' rights generally and general equitable principles).
     Each of the Agreements is in proper legal form under PRC Law for the
     enforcement thereof against each of Target Multi Media, Shanghai Target
     Media, SII, Dian Yang, David Feng Yu, Yongqing Lu and Zhuoyue Manager
     Information, as the case may be, in the PRC without further action by any
     of them.

7.   All Approvals, required for effecting the Agreements and all transactions
     contemplated thereunder, if any, have been issued, obtained and made and
     all such Approvals are in full force and effect, and none has been amended
     or revoked or is liable to be set aside under any existing PRC Law, except
     for the Approvals in connection with the transfer of equity interest in
     Shanghai Target Media as contemplated under the Amended and Restated Future
     Equity Transfer Agreement, which are not yet required to be obtained as of
     the date hereof.

8.   The execution, delivery and performance of each of the Agreements by Target
     Multi Media and Shanghai Target Media, and the consummation of the
     transactions contemplated thereunder, did not and will not (A) result in
     any violation of the business license, articles of association, other
     constitutional documents (if any) or Approvals of Target Multi Media or
     Shanghai Target Media; (B) result in any violation of or penalty under any
     PRC Law; or (C) to the best of our knowledge after due inquiry, conflict
     with or

<PAGE>

     result in a breach or violation of any of the terms or provisions of, or
     constitute a default under or result in a creation or imposition of any
     Encumbrance pursuant to, any other contract, license, indenture, mortgage,
     deed of trust, loan agreement, note, lease or other agreement or instrument
     governed by PRC Law to which Target Multi Media or Shanghai Target Media is
     a party or by which any of them is bound or to which any of their property
     or assets is subject, except for such violation, breach or default under
     clauses (B) and (C) which would not, individually or in the aggregate, have
     a Material Adverse Effect on Target Multi Media or Shanghai Target Media.

9.   Each of the Agreements is, and all the Agreements taken as a whole is
     legal, valid, enforceable and admissible as evidence under PRC Law and is
     binding on the persons expressed to be parties thereto, subject, as to
     enforceability, to bankruptcy, insolvency, fraudulent conveyance,
     reorganization, moratorium and other similar PRC Law relating to or
     affecting creditors' rights generally and general equitable principles

10.  None of Target Multi Media or Shanghai Target Media is in breach of the
     terms and conditions of any Approvals and none thereof is subject to
     suspension, revocation or withdrawal and to the best of our knowledge after
     due inquiry, there are no circumstances, existing which might lead to
     suspension, revocation or withdrawal of any such Approvals or any
     conditions attached thereto being adversely altered.

11.  None of Target Multi Media or Shanghai Target Media is entitled to any
     immunity from any legal proceedings or process or from enforcement,
     execution or attachment in respect of their obligations in the transactions
     contemplated under any of the Agreements.

12.  To the best of our knowledge after due inquiry with Target Media, Target
     Multi Media and Shanghai Target Media, there are no legal, arbitration or
     governmental proceedings pending threatened or contemplated, in the PRC by
     or against Target Multi Media or Shanghai Target Media, or to which the
     property of any of them may be subject, which, if determined adversely
     against Target Multi Media or Shanghai Target Media, would individually or
     in the aggregate have a Material Adverse Effect on Target Multi Media or
     Shanghai Target Media.

13.  The choice of PRC Law as the governing law in any of the Agreements that by
     their terms are governed by PRC Law is a valid choice of governing law and
     will be binding on the parties to the relevant Agreement.

14.  Except for the restriction under PRC Law that Target Multi Media is
     permitted to pay dividends solely out of its retained earnings determined
     in accordance with PRC accounting standards and PRC Law and only after a
     portion of its net income each year is allocated to certain reserve funds,
     all dividends declared and payable upon the equity interests in Target
     Multi Media may under PRC Law be paid to Target Media in Renminbi that may
     be converted into U.S. dollars and freely transferred out of the PRC,
     provided that the remittance of such dividends out of the PRC complies with
     the procedures required by PRC Law on foreign exchange (including the SAFE
     Registrations as defined in the Share Purchase Agreement) and all such
     dividends are not and will not be subject to withholding

<PAGE>

     or other taxes under PRC Law and are otherwise free and clean of any other
     tax, withholding or deduction in the PRC.

              ARTICLE XXII RELATING TO THE SHARE PURCHASE AGREEMENT

15.  Except as described in next paragraph, under PRC Law, there are no
     Approvals which are required or necessary for Target Media to execute,
     deliver and perform under the Share Purchase Agreement or the Ancillary
     Documents. All of the Approvals which are necessary under PRC Law for the
     Selling Shareholders (to the extent their ultimate beneficiary owners are
     PRC residents) to execute, deliver and perform under the Share Purchase
     Agreement or any Ancillary Document to which they are parties have been
     obtained, and remain fully valid and effective. .

16.  Based on Target Media's confirmation regarding the segmentation of
     advertising market in the PRC and the respective market shares of Target
     Media and Focus Media therein, and according to our understanding of
     relevant PRC Law, we are of the view that no anti-trust filing with PRC
     Authorities will be required in connection with the transaction
     contemplated under the Share Purchase Agreement.

17.  The (A) execution, delivery and performance of the Share Purchase
     Agreement, (B) compliance by each of Target Media, Focus Media, Target
     Multi Media and Shanghai Target Media with all of the provision of the
     Share Purchase Agreement, (C) compliance by each of the Selling
     Shareholders with all of the provision of the Share Purchase Agreement, (D)
     execution, delivery and performance of the Ancillary Documents, (E)
     compliance by each of the parties thereto with all of the provision of the
     Ancillary Documents and (F) consummation of the transactions completed
     under the Ancillary Documents, will not (i) result in any violation of or
     penalty on Target Multi Media or Shanghai Target Media under PRC Law, (ii)
     result in any violation or breach of the business license, articles of
     association or other constitutional or organizational documents (if any) of
     Target Multi Media or Shanghai Target Media, or (iii) to the best of our
     knowledge after due inquiry, conflict with or result in a breach or
     violation of any of the terms or provisions of, or constitute a default
     under or result in a creation or imposition of any Encumbrance pursuant to,
     any contract, license, indenture, mortgage, deed of trust, loan agreement,
     note, lease or other agreement or instrument governed by PRC Law to which
     Target Multi Media or Shanghai Target Media is a party or by which any of
     them is bound or to which any of their property or assets is subject,
     except for such violation, breach or default under clause (i) and (iii)
     which would not, individually or in the aggregate, have a Material Adverse
     Effect on Target Multi Media or Shanghai Target Media and which would not
     prevent the transactions in clauses (A), (B), (C), (D), (E) and (F) of this
     paragraph from occurring.

18.  No stamp duty or other taxes, duties or fees and no capital gains, income,
     withholding or other taxes are payable by Target Media to any PRC
     Authorities in connection with the execution, delivery and performance of
     the Share Purchase Agreement.

<PAGE>

     This opinion is intended to be used in the context which is specifically
referred to herein and each section should be looked at as a whole and no part
should be extracted and referred to independently.

     The laws referred to herein are to the laws of the PRC currently in force
and there is no guarantee that any of such laws will not be changed, amended or
replaced in the immediate future or in the longer term with or without
retrospective effect.

This opinion is solely for the benefit of the persons to whom it is addressed.
It may not, except with our prior written permission, be relied upon by anyone
else or used for any other purpose.

                                        Yours faithfully,

                                        ----------------------------------------
                                        Haiwen & Partners

<PAGE>

                                                                      SCHEDULE I

                                   AGREEMENTS

1.   Amended and Restated Guarantee Agreement dated September 6, 2005 by and
     among Target Multi Media and each of the shareholders of Shanghai Target
     Media.

2.   Amended and Restated Asset Purchase Agreement dated September 6, 2005 by
     and between Target Multi Media and Shanghai Target Media.

3.   Amended and Restated Lease and Service Agreement dated September 6, 2005 by
     and between Target Multi Media and Shanghai Target Media.

4.   Software License and Exclusive Technical Service Agreement dated September
     6, 2005 by and between Target Multi Media and Shanghai Target Media.

5.   Amended and Restated Future Equity Transfer Agreement dated September 6,
     2005 by and between Target Media, Shanghai Target Media and each of the
     shareholders of Shanghai Target Media.<PAGE>
                                                                   Exhibit 10.98

                                                               EXECUTION VERSION

                            SHARE PURCHASE AGREEMENT

                                      AMONG

                          FOCUS MEDIA HOLDING LIMITED,

                         TOTAL TEAM INVESTMENTS LIMITED,

                AND THE OTHER INFOACHIEVE LIMITED PARTIES HERETO

                                   DATED AS OF

                                OCTOBER 15, 2005

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                   PAGE
                                                                                   ----
<S>                                                                                <C>
Schedules.......................................................................     v

Exhibits........................................................................    vi

ARTICLE I DEFINITIONS...........................................................     1
   SECTION 1.1. Certain Defined Terms...........................................     1
   SECTION 1.2. Other Defined Terms.............................................     9
   SECTION 1.3. Other Interpretive Provisions...................................    10

ARTICLE II PURCHASE AND SALE OF SHARES..........................................    11
   SECTION 2.1. Transfer by Seller and Buyer....................................    11
   SECTION 2.2. First Closing...................................................    11
   SECTION 2.3. Earnout Closing.................................................    12
   SECTION 2.4. Residual Earnout Closing........................................    13
   SECTION 2.5. Change in Control Earnout Closing...............................    14
   SECTION 2.6. Management Dismissal Earnout Closing............................    15
   SECTION 2.7. Share Splits and Other Similar Events...........................    15

ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE SELLER PARTIES................    16
   SECTION 3.1. Due Organization, Good Standing and Power.......................    16
   SECTION 3.2. Authorization, Enforceability...................................    16
   SECTION 3.3. Capitalization; Ownership and Transfer of Shares;
                   Valid Issuance...............................................    16
   SECTION 3.4. Group Companies.................................................    17
   SECTION 3.5. Corporate Records...............................................    17
   SECTION 3.6. Financial Statements............................................    18
   SECTION 3.7. No Approvals or Conflicts.......................................    19
   SECTION 3.8. Compliance with Law; Governmental Authorizations................    19
   SECTION 3.9. Licenses........................................................    19
   SECTION 3.10. Litigation.....................................................    19
   SECTION 3.11. Absence of Certain Changes.....................................    20
   SECTION 3.12. Tax Matters....................................................    21
   SECTION 3.13. Officers, Employees and Labor..................................    22
   SECTION 3.14. Loans..........................................................    23
   SECTION 3.15. Prohibited Payments............................................    23
   SECTION 3.16. Share Option and Other Plans...................................    23
   SECTION 3.17. Intellectual Property..........................................    24
   SECTION 3.18. Contracts......................................................    25
   SECTION 3.19. Frame Placement Contracts......................................    25
   SECTION 3.20. Certain Transactions...........................................    27
   SECTION 3.21. Structure Agreements...........................................    27
   SECTION 3.22. Acquisitions...................................................    27
   SECTION 3.23. Compliance with Laws...........................................    28
   SECTION 3.24. Environmental Matters..........................................    29
   SECTION 3.25. Insurance......................................................    29
   SECTION 3.26. Personal Property Assets.......................................    29
   SECTION 3.27. Real Property..................................................    30
   SECTION 3.28. No State Assets................................................    30
</TABLE>

                                       ii

<PAGE>

<TABLE>
<S>                                                                                <C>
   SECTION 3.29. Brokers........................................................    30
   SECTION 3.30. Seller Corporate Documents.....................................    30
   SECTION 3.31. Disclosure.....................................................    31

ARTICLE III.A...................................................................    32
REPRESENTATIONS AND WARRANTIES OF THE NON-MANAGEMENT SHAREHOLDERS...............    32
   SECTION 3A.1. Due Organization, Good Standing and Power......................    32
   SECTION 3A.2. Authorization, Enforceability..................................    32
   SECTION 3A.3. No Approvals or Conflicts......................................    32

ARTICLE IV REPRESENTATIONS AND WARRANTIES OF BUYER..............................    33
   SECTION 4.1. Organization....................................................    33
   SECTION 4.2. Authorization, Enforceability...................................    33
   SECTION 4.3. No Approvals or Conflicts.......................................    33
   SECTION 4.4. Validity of Share Consideration.................................    34
   SECTION 4.5. SEC Filings.....................................................    34
   SECTION 4.6. No Other Representations or Warranties..........................    34

ARTICLE V COVENANTS AND AGREEMENTS..............................................    34
   SECTION 5.1. Conduct of Business Prior to a Closing..........................    34
   SECTION 5.2. Filings and Consents............................................    37
   SECTION 5.3. Tax Matters; Cooperation; Preparation of Returns; Tax
                   Elections....................................................    37
   SECTION 5.4. [Intentionally Omitted].........................................    38
   SECTION 5.5. Employees; Benefit Plans........................................    38
   SECTION 5.6. Non-Competition.................................................    38
   SECTION 5.7. Related Party Accounts..........................................    39
   SECTION 5.8. Financial Accounts..............................................    40
   SECTION 5.9. Appointment of Management.......................................    40
   SECTION 5.10. Forgiveness of Certain Loans...................................    40
   SECTION 5.11. Non-Violation..................................................    40
   SECTION 5.12. Confidentiality................................................    41
   SECTION 5.13. Further Actions................................................    41
   SECTION 5.14. Management Independence........................................    41
   SECTION 5.15. Retention of Senior Management.................................    42
   SECTION 5.16. Overhead Expenses..............................................    42
   SECTION 5.17. Sellers' Representative........................................    42
   SECTION 5.18. Voting of FM Ordinary Shares Held by Seller....................    42
   SECTION 5.19. Tax Exempt Status..............................................    43
   SECTION 5.20. SAFE Registration..............................................    43

ARTICLE VI CONDITIONS TO THE SELLER PARTIES' AND THE NON-MANAGEMENT
   SHAREHOLDERS' OBLIGATIONS....................................................    43
   SECTION 6.1. Representations and Warranties..................................    44
   SECTION 6.2. Performance.....................................................    44
   SECTION 6.3. No Material Adverse Change......................................    44
   SECTION 6.4. Officer's Certificates..........................................    44
   SECTION 6.5. Injunctions.....................................................    44
   SECTION 6.6. FM Ordinary Shares..............................................    44

ARTICLE VII.....................................................................    45
</TABLE>

                                       iii

<PAGE>

<TABLE>
<S>                                                                                <C>
CONDITIONS TO BUYER'S OBLIGATIONS...............................................    45
   SECTION 7.1. Representations and Warranties..................................    45
   SECTION 7.2. Performance.....................................................    45
   SECTION 7.3. No Indebtedness.................................................    45
   SECTION 7.4. Officer's Certificate...........................................    46
   SECTION 7.5. Tax Indemnity Agreement.........................................    46
   SECTION 7.6. Non-Compete Agreements..........................................    46
   SECTION 7.7. Control Agreements..............................................    46
   SECTION 7.8. Lock-up Agreements..............................................    46
   SECTION 7.9. Financial Statements............................................    46
   SECTION 7.10. Seller Corporate Documents.....................................    46
   SECTION 7.11. Service Agreements.............................................    47
   SECTION 7.12. Residual Transfers.............................................    47
   SECTION 7.13. Certificate of Acquired Business Shareholders..................    47
   SECTION 7.14. [Intentionally Omitted]........................................    47
   SECTION 7.15. Management Appointment.........................................    47
   SECTION 7.16. Intellectual Property Transfer.................................    47
   SECTION 7.17. Corporate Matters; Memorandum and Articles of Association......    47
   SECTION 7.18. [Intentionally Omitted]........................................    47
   SECTION 7.19. Opinions of Counsel............................................    47
   SECTION 7.20. Acquired Business Shareholders as Seller Parties to this
                    Agreement...................................................    48
   SECTION 7.21. Adverse Market Change..........................................    48
   SECTION 7.22. Injunctions....................................................    48

ARTICLE VIII TERMINATION........................................................    48
   SECTION 8.1. Termination.....................................................    48
   SECTION 8.2. Procedure and Effect of Termination.............................    49

ARTICLE IX INDEMNIFICATION......................................................    49
   SECTION 9.1. Indemnification.................................................    49

ARTICLE X MISCELLANEOUS.........................................................    53
   SECTION 10.1. Fees and Expenses..............................................    53
   SECTION 10.2. Governing Law..................................................    53
   SECTION 10.3. Materiality....................................................    54
   SECTION 10.4. Guaranty of Performance........................................    54
   SECTION 10.5. Amendment......................................................    54
   SECTION 10.6. No Assignment..................................................    54
   SECTION 10.7. Waiver.........................................................    54
   SECTION 10.8. Notices........................................................    54
   SECTION 10.9. Complete Agreement.............................................    56
   SECTION 10.10. Counterparts..................................................    56
   SECTION 10.11. Publicity.....................................................    56
   SECTION 10.12. Headings......................................................    56
   SECTION 10.13. Severability..................................................    56
   SECTION 10.14. Third Parties.................................................    56
   SECTION 10.15. Dispute Resolution............................................    56
</TABLE>

                                       iv

<PAGE>

                                    Schedules

Schedule 1.1A    Management Shareholders of NewCo
Schedule 1.1B    Non-Management Shareholders of NewCo
Schedule 1.1C    Acquired Business Shareholders
Schedule 1.3     Ancillary Documents
Schedule 3.1     Company Liabilities
Schedule 3.3     Share Capital of InfoAchieve
Schedule 3.4     Group Companies Information
Schedule 3.5     Corporate Records
Schedule 3.6     Financial Information
Schedule 3.7A    Conflicts and necessary approvals
Schedule 3.11    Disclosure against representations and warranties regarding
                 absence of certain changes with respect to the Business
Schedule 3.12    Tax matters of the Group Companies and the Subsidiaries
Schedule 3.13    Labor Relations and Employee Benefits
Schedule 3.14    Loans
Schedule 3.16    Seller and Group Company Share Option Plans and Information
Schedule 3.17    Intellectual Property
Schedule 3.18    Material Contracts
Schedule 3.20    Related Party Transactions
Schedule 3.21    Structure Agreements
Schedule 3.22    Acquired Business
Schedule 3.22A   Acquisition Agreements
Schedule 3.22B   Transferred Frame Placement Contracts from Acquired Businesses
Schedule 3.22C   Residual Payments
Schedule 3.24    Compliance with Laws
Schedule 3.24    Environmental matters
Schedule 3.26    Personal property assets
Schedule 3.27    Real property and Land Use Rights
Schedule 3.29    Broker Arrangements
Schedule 3A.3    Conflicts and necessary approvals of Non-Management
                 Shareholders
Schedule 5.1     2006 Business Plan
Schedule 5.7     2006 Quarterly Net Income Target
Schedule 5.7A    Financial and Operating Criteria and Standards
Schedule 7.2     Consents, waivers and approvals
Schedule 7.7     Control Agreements

                                        v

<PAGE>

Schedule 7.10    Seller Corporate Documents

                                    Exhibits

Exhibit A             Form of Confidentiality Agreement
Exhibit B-1 and B-2   Forms of Initial Lock-up Agreement and Earnout Lock-Up
                      Agreement
Exhibit C             Form of Tax Indemnity Agreement
Exhibit D             Form of Manager Non-Compete Agreement
Exhibit E             Form of Employee Non-Compete Agreement
Exhibit F             Form of Service Agreement
Exhibit G             Form of Escrow Agreement

                                       vi

<PAGE>

                            SHARE PURCHASE AGREEMENT

          This SHARE PURCHASE AGREEMENT, dated as of October 15, 2005, among
TOTAL TEAM INVESTMENTS LIMITED, an international business company incorporated
in the British Virgin Islands ("NewCo" or "Seller"), INFOACHIEVE LIMITED, an
international business company incorporated in the British Virgin Islands
("InfoAchieve" or the "Company"), several shareholders of NewCo set forth on
Schedule 1.1A hereto (the "Management Shareholders"), the other shareholders of
NewCo set forth on Schedule 1.1B hereto (the "Non-Management Shareholders", and
together with the Management Shareholders, the "NewCo Shareholders"; and the
Management Shareholders and NewCo are hereinafter referred to as the "Seller
Parties") and FOCUS MEDIA HOLDING LIMITED, a company organized under the laws of
the Cayman Islands ("Focus Media" or "Buyer").

          WHEREAS, Seller owns all issued and outstanding shares of InfoAchieve
(the "Shares"), which conducts the Business (as defined below) through the Group
Companies (as defined below);

          WHEREAS, the shareholders and the board of directors of Seller,
through resolutions duly passed in each case on October 14, 2005, respectively,
have approved the sale of the Shares to Buyer;

          WHEREAS, Seller desires to sell, and Buyer desires to purchase, the
Shares, upon the terms and subject to the conditions set forth in this
Agreement.

          NOW, THEREFORE, in consideration of the premises and the
representations, warranties, covenants and agreements herein contained and
intending to be legally bound hereby, the parties hereto hereby agree as
follows:

                                    ARTICLE I
                                   DEFINITIONS

          SECTION 1.1. Certain Defined Terms. As used in this Agreement, the
following terms shall have the following meanings:

          "2006 Audited Annual Net Income" means InfoAchieve's audited net
income as defined under U.S. GAAP for the twelve-month period starting from
January 1, 2006 and ending December 31, 2006 as set forth in the 2006 Audited
Financial Statements plus the sum of all amounts deducted in arriving at such
audited net income to make provision for goodwill impairment and/or equity
compensation expenses.

          "2006 Business Plan" means InfoAchieve's 2006 business plan as set
forth in Schedule 5.10 hereto and approved by Buyer.

          "Acquired Business Shareholders" means the owners of the Acquired
Businesses immediately prior to the consummation of the Acquisitions or any
company established by such owners for the purpose of holding FM Ordinary
Shares, which owners represent, in each case, 50%

<PAGE>

or more of the direct and indirect equity interest in any Acquired Business, and
whose names are set forth in Schedule 1.1C hereto.

          "Acquired Businesses" means (i) the companies, and (ii) the businesses
and assets of certain others companies, in each case, the names of which
companies are set forth in Schedule 3.23, that have been acquired by the Company
and Framedia Advertising.

          "Acquisition Agreements" means the agreements listed on Schedule 3.23A
that are entered into in connection with the Acquisitions.

          "Acquisitions" means one or a series of the transactions and transfers
of assets and businesses, including without limitation, lease agreements,
advertising agreements, other Contracts and accounts receivable in connection
with the Acquired Businesses pursuant to the Acquisition Agreements.

          "ADSs" means the American depositary shares of Buyer as listed on the
Nasdaq National Market, Inc.

          "Affiliate" means, with respect to any specified Person, any other
Person that directly, or indirectly through one or more intermediaries,
controls, is controlled by, or is under common control with, such specified
Person.

          "Aggregate Consideration" means the sum of (a) the Cash Consideration,
(b) the Initial Share Consideration, (c) the Share Option Buy-Out Consideration,
(d) the Remaining Share Consideration (if any), (e) the Residual Earnout Share
Consideration (if any), (f) the Change in Control Share Consideration (if any)
and (g) the Dismissal Earnout Share Consideration (if any); it being understood
that (i) the Remaining Share Consideration in respect of the Earnout Closing,
(ii) the Remaining Share Consideration in repsect of the Dismissal Earnout
Closing and (iii) the Change in Control Earnout Share Consideration are mutually
exclusive payments and in no event will more than one of them be delivered.

          "Agreement" means this Share Purchase Agreement among the parties
hereto, as amended, modified or supplemented from time to time.

          "Ancillary Documents" means those agreements, documents and
instruments as set forth in Schedule 1.3.

          "Average FMCN Share Price" means US$2.456.

          "Business" means the out-of-home frame advertising business of the
Group Companies, as currently operated.

          "Business Day" means any day that is not a Saturday, a Sunday or other
day on which banks are required or authorized by law to be closed in Beijing,
PRC; Hong Kong Special Administrative Region; or The City of New York.

          "Change in Control" means an event where any Person or Persons other
than Buyer or its Affiliates is or becomes the beneficial owner, directly or
indirectly, of more than 50% of the

<PAGE>

total voting power of all FM Ordinary Shares then outstanding and normally
entitled to vote in the election of directors without regard to the occurrence
of any contingency (the "Voting Shares"). For the purposes of this definition, a
Person shall be deemed to beneficially own any Voting Shares of an entity held
by any other entity (the "Parent Entity"), if such Person is the beneficial
owner, directly or indirectly, of more than 50% of the voting power of the
Voting Shares of the Parent Entity.

          "Change in Control Share Consideration Amount" means either the Agreed
Change in Control Share Consideration Amount or the Maximum Earnout Amount.

          "Change in Control Share Consideration" means either the Agreed Change
in Control Share Consideration or the Maximum Earnout Share Consideration.

          "Cause" means:

          (i)  an employee's gross negligence in the performance of his duties
               to the Group Companies;

          (ii) an employee's misappropriation of assets of, or embezzlement
               from, the Group Companies;

          (iii) wilful breach by an employee of such employee's material
               obligations under the relevant Service Agreement entered into by
               the employee;;

          (iv) a material breach by the employee of this Agreement, the
               Confidentiality Agreement, the Manager Non-Compete Agreement and
               the Employee Non-Compete Agreemententered into by such employee
               which breach is not cured within ten (10) days after delivery of
               written notice thereof to the employee; and

          (v)  as a result of material fraud, malfeasance, willful violation of
               Buyer's Code of Ethics or other written policy or as a result of
               a failure to comply with the agreements set forth in Section
               5.7(d) hereto.

          "Closing" means any of the First Closing, the Earnout Closing the
Residual Earnout Closing, the Change in Control Earnout Closing and the
Dismissal Earnout Closing.

          "Closing Date" means any of the First Closing Date, the Earnout
Closing Date, the Residual Earnout Closing Date, the Change in Control Earnout
Closing Date and the Dismissal Earnout Closing Date.

          "Competitive Business" means any Person, company or business which, as
a principal line of business, is involved in the sale or placement of
advertising on frames deployed in elevators or elevator lobbies, or flat-panel
television displays deployed in elevators or elevator lobbies, or digital
audio-visual displays in retail stores and other outdoor digital audiovisual
displays.

<PAGE>

          "Confidentiality Agreements" means, collectively, the confidentiality
agreements between Buyer and each of the NewCo Shareholders and the Acquired
Business Shareholders, the form of which is set forth in Exhibit A hereto.

          "Consideration" means any of (a) the Cash Consideration, (b) the
Initial Share Consideration, (c) the Share Option Buy-Out Consideration, (d) the
Remaining Share Consideration, (e) the Residual Earnout Share Consideration (if
any), (f) the Change in Control Earnout Share Consideration (if any) and (g) the
Dismissal Earnout Share Consideration (if any).

          "Contract" means any contract, agreement, arrangement or
understanding, whether written or oral and whether express or implied.

          "control" (including the terms "controlled by" and "under common
control with"), with respect to the relationship between or among two or more
Persons, means the possession, directly or indirectly, of the power to direct or
cause the direction of the affairs or management of a Person, whether through
the ownership of voting securities, by Contract or otherwise, including the
ownership, directly or indirectly, of securities having the power to elect a
majority of the board of directors or similar body governing the affairs of such
Person.

          "Control Agreements" means, collectively, the agreements, contracts
and instruments, a list of which is attached hereto as Schedule 7.7, which
enable Focus Media to control and consolidate with its financial statements each
Group Company and the Acquired Businesses.

          "Deduction Category" means any of Category I, Category II, Category
III and Category IV referred to in the definition of Earnout Adjustment Amount.

          "Discounted Rate" means any of the rates of 20%, 50% or 100% as used
in the calculation of the Earnout Adjustment Amount and the Residual Earnout
Amount.

          "Earnout Adjustment Amount" means the sum of (i) for accounts
receivable outstanding more than 90 days and fewer than 180 days as of March 31,
2007, 20% of the value of such accounts receivable which in the aggregate are
more than RMB 10,000,000 and less than RMB 20,000,000 ("Category I") plus 50% of
the value of such accounts receivable which in the aggregate exceed RMB
20,000,000 ("Category II"); (ii) for accounts receivable outstanding more than
180 days and fewer than 360 days as of March 31, 2007, 50% of the value of all
such accounts receivable ("Category III"); and (iii) 100% of the value of all
accounts receivable that are outstanding more than 360 days as of March 31, 2007
("Category IV").

          "Earnout Lock-up Agreement" means a lock-up agreement substantially in
the form set forth in Exhibit B-2 hereto.

          "Encumbrance" means any security interest, pledge, mortgage, lien,
charge, limitation, condition, equitable interest, option, easement,
encroachment, right of first refusal, adverse claim or restriction of any kind,
including any restriction on transfer or other assignment, as security or
otherwise, of or relating to use, quiet enjoyment, voting, receipt of income or
exercise of any other attribute of ownership.

<PAGE>

          "Environmental Claim" means any written notice, claim or demand or any
action, suit, complaint, or proceeding by any person alleging liability or
potential liability (including liability or potential liability for
investigatory costs, cleanup costs, governmental response costs, natural
resource damages, fines or penalties) under any Environmental Laws.

          "Environmental Laws" means all Laws in effect in the PRC at the date
of this Agreement relating to protection of the environment.

          "Escrow Agent" means the escrow agent appointed by Buyer and Seller
pursuant to the Escrow Agreement for the purpose of holding the Company Share
Documents pending the First Closing.

          "Escrow Agreement" means the escrow agreement, in substantially the
form set forth in Exhibit G hereto, among Buyer, Seller and the escrow agent
named therein for the purpose of holding the Company Share Documents pending the
First Closing.

          "Exchange Act" means the United States Securities Exchange Act of
1934, as amended, and the rules and regulations promulgated thereunder.

          "FM Ordinary Shares" means the ordinary shares, $0.00005 par value per
share, of Buyer.

          "Framedia Advertising" means Shanghai Framedia Advertising Development
Co., Ltd., a company organized under the laws of the PRC.

          "Government Official" means any official, director, politician,
employee or other similar Persons with a position at a Governmental Authority.

          "Governmental Authority" means any government or governmental or
regulatory body thereof, or political subdivision thereof, whether federal,
state, municipal, local or foreign, or any agency, instrumentality or authority
thereof, or any court or arbitrator (public or private).

          "Governmental Order" means any order, writ, injunction, decree,
stipulation, determination or award entered by or with any Governmental
Authority.

          "Group Companies" means the Company, the Subsidiaries, any variable
interest entity controlled by and consolidated with the Company, the Acquired
Businesses, and any Person that is not a natural person and that is controlled
by a Group Company, a list of which companies is set forth in Schedule 3.4
hereto.

          "Guangdong Shiji Shenghuo" means Guangdong Shiji Shenghuo Advertising
Co., Ltd., a company organized under the laws of the PRC.

          "Hazardous Materials" means all materials defined as "hazardous
substances" or "hazardous wastes," toxic, pollutant, contaminant or words of
similar meaning or effect, or any other term of similar import under any
Environmental Law, including petroleum, asbestos, and polychlorinated biphenyls.

<PAGE>

          "HSR Act" means the Hart-Scott-Rodino Antitrust Improvements Act of
1976, as amended.

          "Initial Lock-up Agreement" means a lock-up agreement in substantially
the form set forth in Exhibit B-1 hereto.

          "Intellectual Property" means all rights under patent, copyright,
trademark or trade secret Law or any other statutory provision or common law
doctrine, including design rights.

          "Judgments" means any and all judgments, orders, writs, directives,
rulings, decisions, injunctions (preliminary or permanent), decrees,
assessments, settlement agreements or awards of any Governmental Authority or
arbitrator.

          "Knowledge of Buyer" means the actual knowledge of the senior officers
of Buyer actively involved in the transactions contemplated hereby.

          "Knowledge of Seller Parties" means the actual knowledge of (i) any of
the Seller Parties who are natural persons and (ii) in the case of Seller
Parties that are legal persons, the senior officers or directors of the Seller
Parties or other employees of the Seller Parties actively involved in the
transactions contemplated hereby.

          "Law" means any statute, code, law, ordinance, regulation or rule or
other legally binding requirement of any Governmental Authority.

          "Legal Requirements" means any and all applicable (i) federal,
territorial, state, municipal, local and foreign laws, ordinances and
regulations, (ii) codes, standards, rules, regulations, requirements, orders,
interpretations and criteria issued under any federal, territorial, state, local
or foreign laws, ordinances or regulations, or by any Self-Regulatory
Organization and (iii) Judgments.

          "Lock-up Agreement" means either an Initial Lock-up Agreement or an
Earnout Lock-up Agreement, each in the form set forth in Exhibits B-1 and B-2
hereto, respectively, to be executed by Seller, each NewCo Shareholder and each
Acquisition Business Shareholder, setting forth the terms and conditions
concerning the restriction of any sale, transfer or encumbrance of FM Ordinary
Shares issued as part of the Initial Share Consideration, the Share Option
Buy-out Consideration, the Remaining Share Consideration, the Change in Control
Share Consideration and the Dismissal Earnout Consideration, as applicable.

          "Material Adverse Effect" or "Material Adverse Change" means any
effect or change that would be materially adverse (i) to the business, assets,
condition (financial or otherwise), operating results, or operations of (A) any
of the Company, Framedia Advertising, its branches in Shanghai, Beijing,
Guangzhou or Shenzhen or Guangzhou Shiji Shenghuo Advertising, individually or
taken as a whole, or (B) the Group Companies, taken as a whole, or (ii) to the
ability of any of the NewCo Shareholders to timely consummate the transactions
contemplated by this Agreement or by any of the Ancillary Documents.

          "Permitted Encumbrances" means (i) Encumbrances for Taxes not yet
payable or being contested in good faith, (ii) Encumbrances in respect of
property or assets imposed by Law

<PAGE>

that were incurred in the ordinary course of business, such as carriers',
warehousemen's, materialmen's and mechanics' liens and other similar liens,
(iii) pledges or deposits made in the ordinary course of business to secure
obligations under workers' compensation laws or similar legislation or to secure
public or statutory obligations and (iv) survey exceptions, reciprocal easement
agreements and other customary encumbrances on title to real property.

          "Person" means any individual, partnership, firm, corporation,
association, trust, unincorporated organization, joint venture, limited
liability company or other entity.

          "PRC" means the People's Republic of China, but solely for the
purposes of this Agreement excluding the Hong Kong Special Administrative
Region, Macau Special Administrative Region and the island of Taiwan.

          "Prospective Event of Change in Control" means any potential event,
including any transaction of which Buyer is aware, and which Buyer considers
reasonably likely to result in a Change in Control in thirty (30) days or less.

          "Related Party" means any Seller Party and any Person that is an
Affiliate or subsidiary of any Seller Party.

          "Release" has the meaning provided in 42 U.S.C. Section 9601(22).

          "Residual Earnout Amount" means the aggregate amount of cash received
by Buyer in the three months ending June 30, 2007 in respect of each account
receivable included in the recordation and calculation of the Earnout Adjustment
Amount, discounted by multiplying the cash amount corresponding to such account
receivable in the relevant Deduction Category by the relevant Discount Rate.

          "Securities Act" means the United States Securities Act of 1933, as
amended, and the rules and regulations promulgated thereunder.

          "Self-Regulatory Organization" means any U.S. or foreign securities or
commodities exchange, association, clearing agency or similar organization of
which the relevant party is a member or that otherwise has jurisdiction over the
activities of such party.

          "Seller Corporate Documents" means the agreements, Contracts,
instruments and certificates entered into or given by Seller and/or the Seller
Designated Entity or any shareholder of Seller or its Affiliates in respect of
the transfer and disposition of the equity interest in Seller, on or prior to
the Determination Date, the shareholder structure and intended ongoing
shareholder structure of Seller, a list of which documents is set forth on
Schedule 7.10 hereto.

          "Seller Designated Entity" means a Person, organized under the laws of
the British Virgin Islands or other jurisdiction, and whose beneficial owners
consist of some or all of the current holders of options to purchase shares of
Seller as of the date of this Agreement to be identified by Seller and approved
by Buyer on or prior to the Determination Date.

          "Service Agreements" means, collectively, all service agreements, in
substantially the form attached hereto as Exhibit F, entered into between each
of the employees of the Group

<PAGE>

Companies and Buyer (or a Person designated by Buyer) relating to ongoing
services to be provided to any of the Group Companies following the First
Closing Date.

          "Structure Agreements" means, collectively, the agreements, contracts
and instruments, a list of which is attached hereto as Schedule 3.22, which were
entered into by each of the Company, Framedia Advertising and Guangdong Shiji
Shenghuo and their respective local branches to enable InfoAchieve to control
and consolidate these entities with its financial statements.

          "Subsidiaries" means any and all corporations, partnerships, limited
liability companies and other entities with respect to which the Company,
directly or indirectly, owns more than 50% of the securities having the power to
elect members of the board of directors or similar body governing the affairs of
such entity.

          "subsidiaries" means, with respect to any Person, any other Person 50%
or more of the voting equity of which is owned, directly or indirectly, by such
first Person.

          "Tax" or "Taxes" means any taxes of any kind, including but not
limited to those on or measured by or referred to as income, gross receipts,
capital, sales, use, ad valorem, franchise, profits, license, withholding,
payroll, employment, excise, severance, stamp, occupation, premium, value added,
property or windfall profits taxes, customs, duties or similar fees, assessments
or charges of any kind whatsoever, together with any interest and any penalties,
additions to tax or additional amounts imposed by any Governmental Authority.

          "Tax Return" means any return, report or statement required to be
filed with any Governmental Authority with respect to Taxes, including any
schedule or attachment thereto or amendment thereof.

          "Taxing Authority" means, with respect to any Tax, the government
entity or political subdivision thereof that imposes such Tax and the agency (if
any) charged with the collection of such Tax for such entity or subdivision.

          "U.S. GAAP" means United States generally accepted accounting
principles and practices as in effect from time to time.

          "Value" in respect of a Consideration, means cash value in the case of
the Cash Consideration, the Initial Share Value Amount in the case of the
Initial Share Consideration, the Share Option Buy-out Value Amount in the case
of the Share Option Buy-out Consideration, the Remaining Share Value Amount in
the case of the Remaining Share Consideration, the Residual Earnout Value Amount
in the case of the Residual Earnout Share Consideration, the Change in Control
Share Consideration Amount in the case of the Change in Control Share
Consideration and the Maximum Earnout Amount in the case of the Dismissal
Earnout Share Consideration. For the avoidance of doubt, the Initial Share Value
Amount, the Share Option Buy-out Value Amount, the Remaining Share Value Amount,
the Residual Earnout Value Amount, the Change in Control Share Consideration
Amount (if any) and the Maximum Earnout Amount (if any) shall be calculated
based on the Average FMCN Share Price.

<PAGE>

          SECTION 1.2. Other Defined Terms. The following terms shall have the
meanings defined for such terms in the Sections set forth below:

<TABLE>
<CAPTION>
                        Term                           Section
                        ----                          ---------
<S>                                                   <C>
2006 Audited Financial Statements                     2.3(a)
Additional Seller Parties                             7.20
Agreed Change in Control Share Consideration          2.5(a)
Agreed Change in Control Share Consideration Amount   2.5(a)
Alleged Dismissal Earnout Event                       2.6(b)
Financial Statements                                  3.6(a)
Balance Sheet                                         3.6(a)
Balance Sheet Date                                    3.6(a)
Buyer                                                 Preamble
Buyer Indemnified Persons                             9.1(a)
Cash Consideration                                    2.2(b)
Cash Payment Date                                     2.2(b)
Change in Control Earnout Closing                     2.5(b)
Change in Control Earnout Closing Date                2.5(b)
Change in Control Earnout Closing Notice              2.5(b)
Closing Notice                                        2.2(d)
Confidential Information                              5.12
Currently Realizable                                  9.1(e)
Determination Date                                    2.2(a)
Dismissal Earnout Closing                             2.6(c)
Dismissal Earnout Closing Date                        2.6(c)
Dismissal Earnout Closing Notice                      2.6(c)
Dismissal Earnout Event                               2.6(a)
Dismissal Earnout Share Consideration                 2.6(a)
Earnout Closing                                       2.3(b)
Earnout Closing Date                                  2.3(b)
Earnout Closing Notice                                2.3(b)
Employee Non-Compete Agreement                        7.6(b)
Financial Statements                                  3.6
First Closing                                         2.2(d)
First Closing Date                                    2.2(d)
Frame Placement Contract                              3.20
HKIAC                                                 10.15
Income Taxes                                          5.4
Indemnifying Party                                    9.1(e)
Indemnity Claim                                       9.1(d)
Indemnity Period                                      9.1(a)
Initial Share Consideration                           2.2(d)(i)
Initial Share Value Amount                            2.2(d)(i)
Intellectual Property                                 3.14
Losses                                                9.1(a)
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                        Term                           Section
                        ----                          ---------
<S>                                                   <C>
Material                                              10.3
Material Contracts                                    3.19(a)
Management Shareholders                               Preamble
Manager Non-Compete Agreement                         7.6(a)
Maximum Earnout Amount                                2.5(a)
Maximum Earnout Share Consideration                   2.5(a)
NewCo Shareholders                                    Preamble
Non-Compliant SAFE Shareholder                        5.20
Non-Management Shareholders                           Preamble
Other Taxes                                           5.4
Protected Management                                  2.6(a)
Record Date                                           5.18
Related Party Accounts                                5.8
Remaining Share Consideration                         2.3(c)
Remaining Share Value Amount                          2.3(c)
Representative                                        5.18
Residual Earnout Closing                              2.4(a)
Residual Earnout Closing Date                         2.4(a)
Residual Earnout Closing Notice                       2.4(a)
Residual Earnout Share Consideration                  2.2(c)
Residual Earnout Share Value Amount                   2.2(c)
Residual Transfer                                     3.23(b)
Restriction Period                                    5.14
SAFE                                                  5.2
SAFE Compliant Shareholder                            5.20
SAFE Registrant                                       5.2
SEC                                                   4.5
Seller                                                Preamble
Seller Indemnified Persons                            9.1(b)
Seller Parties                                        Preamble
Seller Share Documents                                2.2(c)(ii)
Sellers' Representative                               5.14
Share Option Buy-out Consideration                    2.2(d)(ii)
Share Option Buy-out Value Amount                     2.2(d)(ii)
Shares                                                Recitals
Straddle Period                                       5.3(b)
Tax Benefit                                           9.1(d)
Working Capital Credits                               5.8(b)
</TABLE>

          SECTION 1.3. Other Interpretive Provisions. The words "hereof,"
"herein" and "hereunder" and words of similar import when used in this Agreement
shall refer to this Agreement as a whole and not to any particular provision of
this Agreement, and Section, Schedule and Exhibit references are to this
Agreement unless otherwise specified. The words "include," "includes" and
"including" shall be deemed to be followed by the phrase "without

<PAGE>

limitation." The meanings given to terms defined herein shall be equally
applicable to both the singular and plural forms of such terms.

                                   ARTICLE II
                           PURCHASE AND SALE OF SHARES

          SECTION 2.1. Transfer by Seller and Buyer. Subject to the terms and
conditions set forth in this Agreement, (i) Seller shall sell, assign and
transfer to Buyer, all of Sellers' right, title and interest in and to the
Shares free and clear of all Encumbrances and (ii) Buyer shall pay, issue and
transfer to Seller all of Buyer's right, title and interest in and to the
Consideration, free and clear of all Encumbrances (other than pursuant to the
terms of the Lock-up Agreements).

          SECTION 2.2. First Closing.

          (a) Unless this Agreement shall have been terminated pursuant to
Article VIII, subject to the terms and conditions set forth in this Agreement,
including without limitation, Articles VI and VII, in reliance on the
representations, warranties, covenants and agreements of the parties hereto
contained herein and in the Ancillary Documents and in consideration of the
sale, assignment and transfer of the Shares within three days (the "Cash Payment
Date") of the day (the "Determination Date") on which all of the conditions set
forth in Articles VI and VII hereof are satisfied or waived,

          (i)  Buyer shall pay to Seller in cash in the amount of US$39,600,000
               (the "Cash Consideration") in immediately available funds; and

          (ii) Seller shall

               (A)  deliver or cause to be delivered the following:

               (x) all previously undelivered documents required under Article
               VII hereto and the Ancillary Documents; and (y) in respect of
               each Group Company, the certificates of incorporation, common
               seal (if it exists), share register and share certificate book
               (with any unissued share certificates) and all minute books and
               other statutory books or such equivalent items in the relevant
               jurisdiction as are kept by the relevant Group Company or are
               required by the Law of the jurisdiction where such Group Company
               is incorporated to be kept by such Group Company.

               (B)  transfer to the Escrow Agent pursuant to the terms of the
                    Escrow Agreement share certificates (or local legal
                    equivalent) evidencing the Shares to be sold by Seller duly
                    endorsed in blank, or accompanied by stock powers duly
                    executed in blank and with any required stock transfer tax
                    stamps affixed and all necessary documents, duly executed
                    where so required (collectively, the

<PAGE>

                    "Company Share Documents"), to enable title in all the
                    Shares to pass fully and effectively into the name of the
                    Escrow Agent.

          (b) The closing (the "First Closing") of the transactions contemplated
by this Section 2.2 shall take place at the place and on the day (the "First
Closing Date") as specified by Buyer in a notice to Seller duly signed and
delivered by Buyer immediately following the Determination Date (the "Closing
Notice").

          (c) Buyer shall within fifteen (15) days following the issuance of the
Closing Notice:

               (i) issue to Seller 19,706,840 shares of FM Ordinary Shares equal
          to the quotient of (x) US$48,400,000 (the "Initial Share Value
          Amount") divided by (y) the Average FMCN Share Price (such aggregate
          number of FM Ordinary Shares issued, the "Initial Share
          Consideration");

               (ii) issue to Seller or a Seller Designated Entity an aggregate
          2,850,163 shares of FM Ordinary Shares equal to the quotient of (x)
          US$7,000,000 (the "Share Option Buy-out Value Amount") divided by (y)
          the Average FMCN Share Price (such aggregate number of FM Ordinary
          Shares issued, the "Share Option Buy-out Consideration") in
          consideration of Seller canceling all outstanding options to purchase
          shares of Seller or any of the Group Companies; and

               (iii) in connection with sub-paragraphs (i) and (ii) above,
          deliver or cause to be delivered to Seller true copies of the register
          of members of Buyer indicating the transfer to Seller and registration
          in the name of Seller in respect of the Initial Share Consideration
          and the transfer to Seller or a Seller Designated Entity and
          registration in the name of Seller or a Seller Designated Entity in
          respect of the Share Option Buy-out Consideration.

          SECTION 2.3. Earnout Closing.

          (a) On or prior to February 28, 2007 (or any later day as may be
mutually agreed by Buyer and Seller if the Company shall demonstrate to Buyer
that the February 28, 2007 deadline is not attainable upon reasonable efforts of
the Company due to unforeseen difficulties or obstacles), the Company shall
deliver audited financial statements of InfoAchieve and its consolidated
entities for the year ending December 31, 2006, prepared in accordance with U.S.
GAAP, including a statement setting forth the 2006 Audited Annual Net Income
(the "2006 Audited Financial Statements").

          (b) Unless either the Change in Control Earnout Closing or Dismissal
Earnout Closing shall have occurred, subject to the terms and conditions set
forth in this Agreement and in consideration of the sale, assignment and
transfer of the Shares, the closing (the "Earnout Closing") of the transactions
contemplated by Section 2.3 of this Agreement shall take place at the place and
on the date (the "Earnout Closing Date") as specified by Buyer in a notice to
Seller duly

<PAGE>

signed and delivered by Buyer immediately following the issuance of the 2006
Audited Annual Net Income (the "Earnout Closing Notice").

          (c) Buyer shall within fifteen days following delivery of the Earnout
Closing Notice to Seller shares of FM Ordinary Shares equal to the quotient of
(x) eleven times ((A) the 2006 Audited Annual Net Income less (B) the Earnout
Adjustment Amount) less the Cash Consideration less the Initial Share Value
Amount (the "Remaining Share Value Amount") divided by (y) the Average FMCN
Share Price (such aggregate number of FM Ordinary Shares issued, the "Remaining
Share Consideration"); provided, however, that the aggregate Value of the
Aggregate Consideration on the date of the issuance of the Remaining Share
Consideration shall in no event exceed US$183,000,000. For the avoidance of
doubt, the calculation of the Remaining Share Consideration shall be made
according the following formula:

           11 x (AANI - EAA) - CC - ISVA
     RSC = -----------------------------
              Average FMCN Share Price

          Where:

          RSC = Remaining Share Consideration;

          AANI = 2006 Audited Annual Net Income;

          EAA = Earnout Adjustment Amount;

          CC = Cash Consideration; and

          ISVA = Initial Share Value Amount.

          (d) Buyer shall at the Earnout Closing deliver to Seller true copies
of the register of members of Buyer indicating the transfer to Seller and
registration in the name of Seller of in respect of the Remaining Share
Consideration, if any.

          (e) Buyer is hereby authorized to record the Discounted Rate and
amount related to each Deduction Category with respect to the Earnout Adjustment
Amount, and any such recordation shall constitute prima facie evidence of the
accuracy of such information.

          SECTION 2.4. Residual Earnout Closing.

          (a) Subject to the terms and conditions set forth in this Agreement
and in consideration of the sale, assignment and transfer of the Shares, the
closing (the "Residual Earnout Closing") shall take place at the place and on
the day (the "Residual Earnout Closing Date") as specified by Buyer in a notice
to Seller duly signed and delivered by Buyer no later than July 15, 2007 (the
"Residual Earnout Closing Notice).

<PAGE>

          (b) Prior to the Residual Earnout Closing, Seller shall deliver or
cause to be delivered evidence satisfactory to Seller with respect to the
accuracy and calculation of the Residual Earnout Amount.

          (c) Within fifteen (15) days following delivery of the Residual
Earnout Closing Notice, Buyer shall deliver or cause to be delivered to Seller
an aggregate number of FM Ordinary Shares the value of which is equal to eleven
times the Residual Earnout Amount, if any (the "Residual Earnout Value Amount")
(such aggregate number of FM Ordinary Shares issued, the "Residual Earnout Share
Consideration"); provided that the aggregate Value of the Aggregate
Consideration shall in no event exceed US$183,000,000).

          (d) On the Residual Earnout Closing Date, Buyer shall deliver to
Seller true copies of the register of members of Buyer indicating the transfer
to Seller of FM Ordinary Shares in respect of the Residual Earnout Share
Consideration.

          (e) Buyer is hereby authorized to record the Discounted Rate and cash
amount received related to each Deduction Category with respect to the Residual
Earnout Amount, and any such recordation shall constitute prima facie evidence
of the accuracy of such information.

          SECTION 2.5. Change in Control Earnout Closing.

          (a) Upon the occurrence of a Prospective Event of Change in Control
after the First Closing Date and before and excluding the Residual Earnout
Closing Date, Buyer shall notify Seller within three (3) Business Days of the
occurrence of such Prospective Event of Change in Control. Following receipt of
such notification by Seller, Buyer and Seller shall negotiate an amount (the
"Agreed Change in Control Share Consideration Amount") to be paid by Buyer to
Seller in the form of FM Ordinary Shares (the "Agreed Change in Control Share
Consideration") provided however, that such amount shall in no event be greater
than the amount obtained by subtracting from US$183,000,000 the sum of (1) the
Value of the Cash Value Amount, (2) the Initial Share Consideration, (3) the
Share Option Buy-out Value Amount and (4) to the extent that the Remaining Share
Value Amount shall have been paid prior to the date of the Change in Control,
the Remaining Share Value Amount (such maximum amount, the "Maximum Earnout
Amount"). In the event that Buyer and Seller are unable to reach agreement on
the Change in Control Share Consideration Amount prior to the occurrence of a
Change in Control, the Change in Control Share Consideration Amount shall be
equal to the Maximum Earnout Amount and be made in the form of FM Ordinary
Shares (the "Maximum Earnout Share Consideration").

          (b) Within fifteen (15) Business Days of the occurrence of a Change in
Control, Buyer shall notify Seller of the closing (the "Change in Control
Earnout Closing") of the transactions contemplated by this Section 2.5,
including the location and date (the "Change in Control Earnout Closing Date")
in a notice to Seller duly signed and delivered by Buyer (the "Change in Control
Earnout Closing Notice").

          (c) Within fifteen (15) days following the issuance of the Change in
Control Closing Notice, Buyer shall:

               (i) issue to Seller the Change in Control Share Consideration;
          and

<PAGE>

               (ii) deliver to Seller true copies of the register of members of
          Buyer indicating the transfer to Seller and registration in the name
          of Seller of FM Ordinary Shares in respect of the Change in Control
          Share Consideration.

          SECTION 2.6. Management Dismissal Earnout Closing. (a) If at any time
prior to and excluding the Residual Earnout Closing Date, Buyer dismisses
without Cause (a "Dismissal Earnout Event") Mr. TAN Zhi ("Protected
Management"), Seller shall be entitled to receive the Maximum Earnout Amount in
the form of FM Ordinary Shares (the "Dismissal Earnout Share Consideration") on
an accelerated basis in accordance with the provisions of this Section 2.6.

          (b) If Seller believes that a Dismissal Earnout Event has occurred,
Seller shall notify Buyer in writing of such event within seven (7) of the
receipt by the Protected Management of the notice of the dismissal by Buyer (the
"Alleged Dismissal Earnout Event").

          (c) If Buyer agrees that a Dismissal Earnout Event has occurred,
within seven (7) days of receipt of Seller's notification of the Alleged
Dismissal Earnout Event, Buyer shall notify Seller of the closing (the
"Dismissal Earnout Closing") of the transactions contemplated by this Section
2.6, including the location and date (the "Dismissal Earnout Closing Date") in a
notice to Seller duly signed and delivered by Buyer (the "Dismissal Earnout
Closing Notice"),

          (d) If Buyer disagrees that a Dismissal Earnout Event has occurred,
Buyer shall notify Seller of its disagreement within seven (7) days of receipt
of Seller's notification of the Alleged Dismissal Earnout Event. Buyer and
Seller shall resolve such dispute in accordance with the provisions of Section
10.15 of this Agreement. If, pursuant to the dispute resolution mechanism set
forth in Section 10.15 of this Agreement, it is determined that the Alleged
Dismissal Earnout Event did not constitute a Dismissal Earnout Event, such
determination shall be definitive and no Dismissal Earnout Share Consideration
will be payable by Buyer to Seller. If, pursuant to the dispute resolution
mechanism set forth in Section 10.15 of this Agreement, it is determined that
the Alleged Dismissal Earnout Event constituted a Dismissal Earnout Event,
within fifteen (15) Business Days of such determination, Buyer shall dispatch a
Dismissal Earnout Closing Notice to Seller.

          (e) Within fifteen (15) days following the issuance of the Dismissal
Earnout Closing Notice, Buyer shall:

               (i) issue to Seller the Dismissal Earnout Share Consideration;
          and

               (ii) deliver to Seller true copies of the register of members of
          Buyer indicating the transfer to Seller and registration in the name
          of Seller of FM Ordinary Shares in respect of the Dismissal Earnout
          Share Consideration.

          SECTION 2.7. Share Splits and Other Similar Events. Any number of
shares to be delivered pursuant to this Article II shall be equitably adjusted
in the event of any stock split, stock dividend, recapitalization,
reorganization, share issuance, or other transaction similarly affecting such
shares after the date hereof.

<PAGE>

                                   ARTICLE III
              REPRESENTATIONS AND WARRANTIES OF THE SELLER PARTIES

          The Seller Parties, jointly and severally, represent and warrant to
Buyer as follows as of the date hereof:

          SECTION 3.1. Due Organization, Good Standing and Power. (a) Seller is
a company duly organized, validly existing and in good standing under the laws
of the British Virgin Islands. Seller has the requisite power and authority
(corporate and other) to own, lease and operate its assets and to conduct the
business now being conducted by it and is duly qualified as a foreign
corporation for the transaction of business and is in good standing under the
laws of each other jurisdiction in which it owns or leases properties or
conducts any business so as to require such qualification. Seller has all
requisite power and authority to enter into this Agreement and the Ancillary
Documents to which it is a party and to perform its obligations hereunder and
thereunder.

          (b) The Company is a holding company and has no business activities.
The Company has no Liabilities or obligations and is not party to any Contract,
other than (i) this Agreement, the Ancillary Documents to which it is a party
and such Contracts as are described in Schedule 3.1, and (ii) any Liabilities or
obligations relating solely to the transactions contemplated by this Agreement,
the Ancillary Documents or the Contracts described in Schedule 3.1.

          SECTION 3.2. Authorization, Enforceability. Each of the Seller Parties
that is not an individual has been duly organized, is validly existing, and is
in good standing in its jurisdiction of organization. Each of the Seller Parties
that is not an individual is in good standing in its jurisdiction of
incorporation and has the corporate power and authority to execute and deliver
this Agreement and the Ancillary Documents to which it is a party and perform
its obligations hereunder and thereunder. The execution and delivery of this
Agreement and the Ancillary Documents to which it is a party by each of the
Seller Parties and the performance by each of them of their respective
obligations hereunder and thereunder have been duly authorized by all necessary
corporate action on the part of each such party. Each of this Agreement and the
Ancillary Documents to which it is a party has been duly executed and delivered
by each of the Seller Parties and, assuming due authorization, execution and
delivery by the other party/parties thereto, constitutes a valid and binding
agreement of each of the Seller Parties, enforceable against each of them in
accordance with its terms, subject to the effects of bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium and other similar Laws
relating to or affecting creditors' rights generally and general equitable
principles (whether considered in a proceeding in equity or at Law).

          SECTION 3.3. Capitalization; Ownership and Transfer of Shares; Valid
Issuance.

          (a) The Shares set forth in Schedule 3.3 hereto constitute the only
equity capital of the Company. All of the Shares were duly authorized for
issuance and are validly issued, fully paid and non-assessable.

<PAGE>

          (b) Seller is the only record and beneficial owner of the Shares and
has good and marketable title to the Shares, free and clear of any and all
Encumbrances. Seller has the corporate or other applicable organizational power
and authority to sell, transfer, assign and deliver the Shares as provided in
this Agreement, and such delivery will convey to Buyer good and valid title to
the Shares, free and clear of any and all Encumbrances.

          SECTION 3.4. Group Companies. (a) Schedule 3.4 sets forth for each of
the Group Companies (i) its jurisdiction of incorporation, formation or
organization, as applicable, and (ii) the number of authorized, issued and
outstanding shares of each class of its capital stock or other authorized,
issued and outstanding equity interests, as applicable, the names of the holders
thereof, and the number of shares or percentage interests, as applicable, held
by each such holder. Except as set forth in Schedule 3.4, each of the Group
Companies is duly incorporated or formed, as applicable, validly existing and,
in good standing under the Laws of its jurisdiction of incorporation or
formation, as applicable, has the requisite corporate or similar power and
authority (corporate and other) to own, lease and operate its assets and to
carry on its business now being conducted by it, and is duly qualified as a
foreign corporation for the transaction of business and is in good standing
under the laws of each other jurisdiction in which it owns or leases properties
or conducts any business so as to require such qualification, except for such
failure as would not reasonably be expected to have a Material Adverse Effect.
All the issued and outstanding shares of capital stock or other equity interests
of the Group Companies are owned of record, free and clear of any Encumbrances
except as set forth in Schedule 3.4. All of such issued and outstanding shares
of the Group Companies have been validly issued, are fully paid and
nonassessable and have not been issued in violation of any preemptive or similar
rights. Except as set forth on Schedule 3.4, there is no existing option,
warrant, call, right, commitment or other agreement of any character to which
any Seller Party or Group Company is a party requiring, and there are no
securities of any Group Company outstanding which upon conversion or exchange
would require, the issuance, sale or transfer or repurchase or redemption or
otherwise acquisition of any additional shares of capital stock, issued or
unissued, or other equity securities of such Group Company or other securities
convertible into, exchangeable for or evidencing the right to subscribe for or
purchase shares of capital stock or other equity securities of such Group
Company or relating to dividends or voting rights. Except as set forth on
Schedule 3.4 and as contemplated by the Structure Agreements, the Control
Agreements and Section 5.18 of this Agreement, neither any Seller Party nor any
Group Company is a party to any voting trust, other voting agreement or Contract
with respect to any of the Shares or to any agreement relating to the issuance,
sale, redemption, transfer or other disposition of the capital stock of any
Group Companies.

          (b) No shares of capital stock or other equity or ownership interests
of any Group Company have been issued in violation of any rights, agreements,
arrangements or commitments under any provision of applicable Law, the
certificate of incorporation or bylaws or comparable organizational documents of
any Group Company or any Contract to which the Group Company is a party or by
which the Group Company is bound.

          SECTION 3.5. Corporate Records. Seller has made available to Buyer
true, correct and complete copies of the certificates of incorporation, by-laws
or comparable organizational documents and business licenses of each Group
Company. Such certificates of incorporation, by-laws, or comparable
organizational documents and business licenses are in full force and effect.
None of the Group Companies is in violation of any of the provisions of its

<PAGE>

certificate of incorporation, bylaws or comparable organizational documents. The
transfer books and minute books of each Group Company that have been made
available for inspection by Buyer prior to the date hereof are true and
complete. All information set forth in Schedule 3.5, including without
limitation the parties, transactions and dates described therein, is true,
accurate and complete.

          SECTION 3.6. Financial Statements. (a) Attached hereto as Schedule 3.6
is a copy of the unaudited management accounts of InfoAchieve and its
Subsidiaries as of September 30, 2005 and for the two one-month periods ended
August 31, 2005 and September 30, 2005. Such management accounts are
collectively referred to herein as the "Financial Statements." The Financial
Statements (i) are true, correct and complete and have been prepared in
accordance with the books and records of InfoAchieve and its subsidiaries, (ii)
have been prepared in accordance with the accounting standards which the Company
has historically applied, which were applied on a consistent basis throughout
the periods indicated therein, and (iii) fairly present, in all material
respects, the financial condition and results of operations and cash flows of
the business of InfoAchieve and its subsidiaries, as of and for the periods to
which they relate. For the purposes hereof, the consolidated balance sheet of
InfoAchieve and its subsidiaries as of September 30, 2005, which is included in
the Financial Statements, is referred to as the "Balance Sheet" and September
30, 2005 is referred to as the "Balance Sheet Date". The books of account and
financial records of each Group Company are true and correct and have been
prepared and are maintained in accordance with sound accounting practice. None
of the Group Companies has made any changes in its accounting methods or
practices since the Balance Sheet Date.

          (b) Since the Balance Sheet Date, none of the Group Companies has
sustained any material loss or interference with its business from fire,
explosion, flood or other calamity, whether or not covered by insurance, or from
any labor dispute or court or governmental action, order or decree; and, since
the latest Balance Sheet Date, there has not been any material change in the
share capital, short term debt or long term debt of any of the Group Companies
or any Material Adverse Change or any development involving a prospective
Material Adverse Change.

          (c) The Company maintains a system of internal accounting controls
intended to provide reasonable assurance that: (i) transactions are executed in
accordance with management's general or specific authorizations; (ii)
transactions are recorded in reasonable detail, accurately and fairly reflect
the transactions and dispositions of assets of such entity as necessary to
permit preparation of financial statements in conformity the accounting
principles purported to be use by the Company in its preparation of the
Financial Statements; (iii) access to assets is permitted only in accordance
with management's general or specific authorization; and (iv) the recorded
accountability for assets is compared with existing assets at reasonable
intervals and appropriate actions are taken with respect to any differences

          (d) There are no liabilities of any kind whatsoever (whether absolute,
accrued, contingent or otherwise, and whether due or to become due) that are
required to be reflected in the Financial Statements, other than liabilities and
obligations reflected or reserved against the Balance Sheet or disclosed in the
notes thereto.

<PAGE>

          (e) None of the Group Companies is engaged in any trading activities
involving commodity contracts or other trading contracts which are not currently
traded on a securities or commodities exchange and for which the market value
cannot be determined.

          SECTION 3.7. No Approvals or Conflicts. Except as set forth in
Schedule 3.7A, the execution, delivery and performance by each of the Seller
Parties of this Agreement and the Ancillary Documents to which it is a party,
and the consummation by each of the Seller Parties of the transactions
contemplated hereby and thereby do not and will not (i) violate, conflict with
or result in a breach by any of the Seller Parties of the organizational
documents of any of the Seller Parties or the Group Companies, (ii) violate,
conflict with or result in a breach of, or constitute a default by any of the
Seller Parties or the Group companies (or create an event which, with notice or
lapse of time or both, would constitute a default) or give rise to any right of
termination, cancellation or acceleration under, or result in the creation of
any Encumbrance upon any of the properties of any of the Seller Parties or the
Group Companies or on the Shares under, any note, bond, mortgage, indenture,
deed of trust, license, franchise, permit, lease, contract, agreement or other
instrument to which any of the Seller Parties or the Group Companies or any of
their respective properties may be bound, (iii) violate or result in a breach of
any Governmental Order or Law applicable to any of the Seller Parties or the
Group Companies or any of their respective properties or (iv) require any order,
consent, approval or authorization of, or notice to, or declaration, filing,
application, qualification or registration by the Seller Parties and the Group
Companies with, any Governmental Authority, except in the cases of (ii), (iii)
and (iv) above, where such violation, conflict, breach, default, termination,
acceleration, cancellation or failure to give notice, register or obtain
approval would not reasonably be expected to have a Material Adverse Effect.
Except as set forth in Schedule 3.7A, no Governmental Authorizations are
required for the execution, delivery and performance by the Seller Parties and
the Group Companies of this Agreement and the Ancillary Documents and the
consummation by the Seller Parties of the transactions contemplated hereby and
thereby.

          SECTION 3.8. Compliance with Law; Governmental Authorizations. None of
the Group Companies is in violation of any Governmental Order or Law applicable
to them or any of their respective properties, except where any such violation
would not reasonably be expected to have a Material Adverse Effect.

          SECTION 3.9. Licenses. Each of the Group Companies has obtained all
material licenses, franchises, concessions, consents, authorizations, approvals,
orders, certificates and permits of and from, and has made all declarations and
filings with, all Governmental Authorities necessary for the conduct of the
Business and such licenses, consents, authorizations, approvals, orders,
certificates or permits contain no materially burdensome restrictions or
conditions. To the Knowledge of the Seller Parties, no regulatory body is
considering modifying, suspending or revoking any such licenses, consents,
authorizations, approvals, orders, certificates or permits and each of the Group
Companies is in compliance with the provisions of all such licenses, consents,
authorizations, approvals, orders, certificates or permits.

          SECTION 3.10. Litigation. There are no suits, actions, arbitrations,
proceedings or investigations pending or, to the Knowledge of the Seller
Parties, threatened against any of the Seller and the Group Companies.

<PAGE>

          SECTION 3.11. Absence of Certain Changes. Except as set forth in
Schedule 3.11 or as contemplated by this Agreement, the Business has been
conducted only in the ordinary course consistent with past practice in all
material respects. Without limiting the generality of the foregoing, except as
set forth in Schedule 3.11, and as otherwise contemplated by this Agreement,
since the Balance Sheet Date there has not been:

          (a) any material damage, destruction or loss (whether or not covered
by insurance) affecting the business or assets of the Group Companies,
individually or taken as a whole;

          (b) any sale, purchase, option, subscription, warrant, call,
commitment or agreement of any character granted or made by any of the Group
Companies in respect of its capital stock or other equity interests;

          (c) any declaration, setting aside or payment of any dividend or other
distribution in respect of any shares of capital stock of any Group Company or
any repurchase, redemption or other acquisition by any Group Company of any
outstanding shares of capital stock or other securities of, or other ownership
interest in, any Group Company;

          (d) any material loans, advances or capital contributions to, or
investments in, any Person or payment of any fees or expenses to any Seller
Party or any Affiliate of any Seller Party;

          (e) any acquisition of assets or other disposition of assets by any of
the Group Companies, excluding (i) any single acquisition or disposition of
assets which does not exceed RMB 1,000,000, (ii) one or more acquisitions or
dispositions of assets the aggregate value of which does not exceed RMB
2,000,000 and (iii) acquisitions of assets in the ordinary course of business
and capital expenditures;

          (f) other than the Acquisitions, any merger or consolidation by any of
the Group Companies with any Person;

          (g) capital expenditures by any of the Group Companies, which in the
aggregate exceed RMB1,000,000;

          (h) any incurrence, assumption or guarantee of any indebtedness for
borrowed money by any of the Group Companies other than intercompany loans from
any of the Seller Parties or their subsidiaries in the ordinary course of
business;

          (i) any Encumbrance of material assets of any of the Group Companies,
other than Permitted Encumbrances;

          (j) any increase in the compensation of employees of any of the Group
Companies other than in the ordinary course of business;

          (k) any loan made by any of the Group Companies to any director,
officer or other member of senior management of any of the Group Companies other
than travel and business expense advances which in the aggregate exceed RMB
500,000;

<PAGE>

          (l) any material change in the accounting methods or practices
followed by any of the Group Companies (other than such changes that have been
required by Law or U.S. GAAP); or

          (m) any agreement or commitment by any of the Group Companies to do
any of the foregoing.

          SECTION 3.12. Tax Matters. Except as set forth on Schedule 3.12:

          (a) (i) All income Tax Returns required to be filed by or on behalf of
any Group Company have been accurately prepared in all material respects and
filed in a timely manner (within any applicable extension periods) and are true,
correct and complete in all material respects, (ii) all Taxes shown to be due on
such Tax Returns have been timely paid in full or will be timely paid in full by
the due date thereof, and the Group Companies have adequately provided for all
Taxes for which they are required to provide, except where any failure to pay or
underpayment would not reasonably be expected to have a Material Adverse Effect,
(iii) none of the Group Companies had liability for Taxes in excess of the
accruals for Taxes reflected on the Financial Statements and (iv) no material
claims are being asserted in writing with respect to any Taxes of any of the
Group Companies;

          (b) Each of the Group Companies is and has been in compliance with all
applicable Laws relating to the payment, withholding and exemptions of Taxes and
has duly and timely withheld from employee salaries, wages and other
compensation and has paid over to the appropriate taxing authorities all amounts
required to be so withheld and paid over for all periods under all applicable
Laws, except where any such noncompliance would not reasonably be expected to
have a Material Adverse Effect;

          (c) Seller Parties have made available to Buyer complete copies of (i)
all material income Tax Returns of the Group Companies relating to the taxable
periods ending after January 1, 2000, (ii) the portions of any audit report
issued within the last five (5) years relating to any adjustments of any Group
Company and (iii) all applications to qualify for Tax exemptions;

          (d) No submissions made to any Government Authority in connection with
obtaining its Tax exemptions contained any misstatement or omission that would
have affected the granting of its Tax exemptions.

          (e) No claim has been made by any taxing authority in any jurisdiction
where each Group Company does not file Returns that it is or may be subject to
Tax by that jurisdiction. No extensions or waivers of statutes of limitations
with respect to any Tax Returns have been given by or requested from any Group
Company. There are no audits or investigations by any taxing authority of any of
the Group Companies in progress nor, to the Knowledge of the Seller Parties is
there any pending or threatened audit or investigation by any Government
Authority;

          (f) All deficiencies asserted or assessments made against any Group
Company as a result of any examinations by any taxing authority have been fully
paid and no rationale underlying a claim for Taxes has been asserted previously
by any taxing authority that reasonably could be expected to be asserted in any
other period;

<PAGE>

          (g) No Group Company is a party to any tax indemnity, tax allocation
or tax sharing or similar agreement or arrangement (whether or not written)
pursuant to which it will have any obligation to make any payments after the
First Closing; and

          (h) Other than Encumbrances, the effectiveness of which does not
require notification or registration by any third party, there are no
Encumbrances for Taxes upon the assets of any Group Company.

          SECTION 3.13. Officers, Employees and Labor.

          (a) Each of the Group Companies has complied in all material aspects
with all applicable Laws relating to the employment of labor, including
provisions thereof relating to wages, hours, social welfare, equal opportunity
and collective bargaining. There is no organized labor strike, dispute, slowdown
or claim pending, or to the Knowledge of the Seller Parties, threatened, against
or affecting any of the Group Companies. None of the Group Companies has any
Contract with any labor union.

          (b) None of the employees of the Group Companies is obligated under
any Contract, or subject to any Governmental Order, that would interfere with
the use of his or her best efforts to promote the interests of the Group
Companies, that would conflict with the Business as proposed to be conducted or
that would prevent such officers, employees or consultants from assigning to a
Group Company inventions conceived or reduced to practice or copyrights for
materials developed in connection with services rendered to the Group Company.
The following will not conflict with or result in a breach of the terms,
conditions or provisions of, or constitute a default under, any Contract under
which any of such employees is now obligated: (i) the execution, delivery and
performance of any of this Agreement and the Ancillary Documents; (ii) the
carrying on of any Group Company's business by the employees thereof; and (iii)
the conduct of the Business of any Group Company as currently conducted or as
proposed to be conducted. To the Knowledge of the Seller Parties, it is not nor
will it be necessary to utilize any inventions of any employees of the Group
Companies (or people or the Group Companies currently intend to hire) made prior
to or outside the scope of their employment by the Group Companies.

          (c) None of the execution, delivery and performance of any of this
Agreement and the Ancillary Documents will (either alone or upon the occurrence
of any additional or subsequent event) constitute an event under any benefit
plan or individual agreement that will or may result in any payment (whether of
severance pay or otherwise), acceleration, vesting or increase in material
benefits with respect to any employee, former employee, consultant, agent or
director of the Group Companies.

          (d) Except as required by applicable laws and regulations, none of the
Group Companies has any obligation to provide retirement, death or disability
benefits to any of the present or past employees of the Group Companies, or to
any other person.

          (e) None of the Seller Parties and the businesses or entities operated
or owned by the Seller Parties, nor, to the Knowledge of the Seller Parties, any
of their respective officers, directors, supervisors, managers or employees
have, directly or indirectly, owned any interest, in

<PAGE>

any entity, or have entered into any transactions, that may compete with the
Group Companies, or are otherwise involved in the Business.

          (f) Except as disclosed in Schedule 3.13, (i) no material labor
dispute, work stoppage, slow down, strike or other conflict with the employees
of any of the Group Companies exists or, to the Knowledge of the Seller Parties,
is threatened or contemplated against the Group Companies; (ii) none of the
Group Companies is engaged in any unfair labor practice (iii) there is no unfair
labor practice complaint pending or, to the Knowledge of the Seller Parties,
threatened against any of the Group Companies before any competent Governmental
Agency, and no grievance or arbitration proceeding arising out of or under
collective bargaining agreements is pending or threatened; and (iv) there has
been no violation of any laws, regulations, rules, orders, decrees, guidelines,
judicial interpretations, notices or other legislation of the British Virgin
Islands, the PRC, Hong Kong, the United States or any other jurisdiction
applicable to any of the Group Companies relating to discrimination in the
hiring of employees, social welfare benefits, equal opportunity, collective
bargaining, promotion or pay of employees, applicable wage or hour laws, the
payment or withholding of payroll or similar taxes for employees, or any other
applicable law or regulation concerning the employees of the Group Companies,
except, in the case of (iv) above, where any such violation would not reasonably
be expected to have a Material Adverse Effect.

          SECTION 3.14. Loans. Except as described in the Structure Agreements
and Schedule 3.14, none of the Group Companies has, directly or indirectly: (A)
extended credit, arranged to extend credit, or renewed any extension of credit,
in the form of a personal loan, to or for any director or executive officer of
the Seller Parties and the Group Companies, or to or for any family member or
Affiliate of any director or executive officer of the Seller Parties and the
Group Companies; or (B) made any material modification, including any renewal
thereof, to any term of any personal loan to any director or executive officer
of the Seller Parties and the Group Companies, or any family member or Affiliate
of any director or executive officer, which loan was outstanding as of the date
hereof.

          SECTION 3.15. Prohibited Payments. None of the Group Companies, nor
any director, officer, agent, employee or other person associated with or acting
on behalf of the Group Companies, has used any corporate funds for any unlawful
contribution, gift, entertainment or other unlawful expenses relating to a
political activity, made any direct or indirect unlawful payment to any foreign
or domestic government official or employee from corporate funds; violated or is
in violation of any provision of the Foreign Corrupt Practices Act of 1977; or
made any bribe, rebate, payoff, influence payment, kickback or other unlawful
payment.

          SECTION 3.16. Share Option and Other Plans.

          (a) Except as set forth on Schedule 3.16, none of the Group Companies
has any pension, profit sharing, stock option, employee stock purchase or other
plan providing for incentives or other compensation to employees (aside from any
salary payable in thereto in the ordinary course), or any other employee benefit
plan. Seller has delivered to Buyer true, correct and complete copies of all
documents, summary plan descriptions, insurance Contracts, third party
administration Contracts and all other documentation of the Group Companies
created to embody all benefit plans, plus descriptions of any benefit plans that
have not been reduced to writing.

<PAGE>

Except for required contributions or benefit accruals for the current plan year,
no material liability has been or is expected to be incurred by any of the Group
Companies under or pursuant to any applicable Law relating to benefit plans and,
to the Knowledge of Seller Parties, no event, transaction or condition has
occurred or exists that could result in any such liability to any of the Group
Companies. Each of the benefit plans listed in Schedule 3.16 is and has at all
times been in compliance in all material respects with all applicable provisions
of applicable Law.

          (b) Schedule 3.16 sets for all outstanding share options of Seller.
All outstanding share options of InfoAchieve have been cancelled.

          SECTION 3.17. Intellectual Property.

          (a) The Group Companies have rights or rights to acquire on
commercially reasonable terms all Intellectual Property material to the
Business, including any Intellectual Property held by any senior management of
the Group Companies, as set forth in Schedule 3.17.

          (b) None of the Group Companies has taken any action or failed to take
any action that could reasonably be expected to result in the abandonment,
cancellation, forfeiture, relinquishment, invalidation or unenforceability of
any of the registered Intellectual Property material to the Business (including
the failure to pay any filing, examination, issuance, post registration and
maintenance fees, annuities and the like and the failure to disclose any known
material prior art in connection with the prosecution of patent applications).
Each Group Company has taken all reasonable steps in accordance with standard
industry practices to protect its rights in its Intellectual Property and at all
times has maintained the confidentiality of all information that constitutes or
constituted a trade secret of each Group Company.

          (c) The material licenses licensed to any Group Company by a third
party licensor are in full force and effect, and none of the Group Companies is
in default under any of such licenses, and no Person who is a party to any of
such licenses has exercised any termination rights with respect thereto.

          (d) (i) No Group Company is a party to any pending legal proceedings
which involve a claim of infringement, unauthorized use, or violation of any
intellectual property right by any Person against such Group Company or
challenging the ownership, use, validity or enforceability of, any material
Intellectual Property owned by or exclusively licensed to such Group Company,
and (ii) no Group Company has received any notice or claim challenging a Group
Company ownership of any of the Intellectual Property owned (in whole or in
part), nor to the Knowledge of Seller Parties is there a reasonable basis for
any claim that a Group Company does not so own any of such Intellectual
Property. All of each Group Company's rights in and to material Intellectual
Property owned by such Group Company are valid and enforceable. No Intellectual
Property owned by or licensed to the Group Companies is subject to any
outstanding order, judgment or decree restricting the use or licensing thereof
by the Group Companies.

          (e) To the Knowledge of Seller Parties, no Person is infringing,
violating, misusing or misappropriating any material Intellectual Property owned
by any Group Company, and no written claims have been made against any Person by
any Group Company.

<PAGE>

          (f) The consummation of the transactions contemplated hereby and
thereby will not result in the loss or impairment of Buyer's right to own or use
any of the material Intellectual Property owned by any Group Company.

          SECTION 3.18. Contracts.

          (a) Except as set forth on Schedule 3.18, none of the Group Companies
is bound by (i) any Contract which contains restrictions with respect to payment
of dividends or any other distribution in respect of its capital stock,
partnership interests or membership interests, (ii) any Contract requiring the
applicable Group Company to make future capital expenditures in excess of RMB
500,000 (either individually or in the aggregate), (iii) any Contract relating
to indebtedness of the applicable Group Company, (iv) any loan or advance by a
Group Company to, or investment by a Group Company in, any Person, in each case,
which involves an amount in excess of RMB500,000, or any agreement, contract or
commitment relating to the making of any such loan, advance or investment, (v)
any Contract with a Group Company, or any management, service, consulting or any
other similar type of Contract requiring payment of fees in excess of RMB500,000
per year, (vi) any material warranty, guaranty or similar undertaking with
respect to contractual performance extended by any Group Company other than in
the ordinary course of business, (vii) any material Contract that cannot be
terminated by a Group Company that is a party to such Contract without liability
upon less than ninety (90) days' notice, (viii) any collective bargaining
agreement with any labor union or other representative of employees, (ix) any
Contract that governs any joint venture, partnership or other cooperative
arrangement or any other relationship involving a sharing of profits, (x) any
Contract that would result in the merger with or into or consolidation into
another Person, (xi) any Contract for the sale of any of the assets of any Group
Company or for the grant to any Person of any preferential rights to purchase
any of its assets, (xii) any Contract that requires a consent to or otherwise
contains a provision relating to a "change in control", or that would prohibit
or delay the consummation of the transactions contemplated by this Agreement or
the Ancillary Documents, (xiv) any Contract with any Governmental Authority, or
(xv) any material amendment, modification or supplement in respect of any of the
foregoing made other than in the ordinary course of business consistent with
past practice (each of (i)-(xv), a "Material Contract").

          (b) True and correct copies (or, if oral, written summaries) of each
of the Material Contracts have been made available to the Buyer.

          (c) Except as set forth in Schedule 3.18, each Material Contract is in
full force and effect, and is a valid and binding agreement of the relevant
Group Company and each of the other parties thereto, enforceable against the
Group Company in accordance with its terms, subject to the effects of
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and
other similar Laws relating to or affecting creditors' rights generally, general
equitable principles (whether considered in a proceeding in equity or at Law)
and an implied covenant of good faith and fair dealing. Except as set forth on
Schedule 3.18, no condition exists or event has occurred that (whether with or
without notice or lapse of time or both) would constitute a default by (x) any
of the Group Companies under any Material Contract or (y) to the Knowledge of
the Seller Parties, any other party to any Material Contract.

          SECTION 3.19. Frame Placement Contracts.

<PAGE>

          (a) For each location where any Group Company maintains a frame
display (a "Frame Unit") with respect to which the Group Company has the right
to sell advertising time to third-parties, the Group Company has entered into a
Contract (a "Frame Placement Contract") with the owner or manager of the
building in which the Frame Unit is located or with a third-party who has
secured the rights to such location from the owner or manager of the building
where the Frame Unit is located, securing the location of the Frame Unit for
such purposes. Except for the Acquired Business, each Frame Placement Contract
is substantially in the form of Framedia Advertising's standard frame placement
contract, a copy of which has been provided to Buyer.

          (b) Each of the Group Companies which is a party to and, to the
knowledge of the Seller Parties, each of the other parties to, the Frame
Placement Contracts has full power, authority and legal right to enter into,
execute, adopt, assume, issue, deliver and perform their respective obligations
under each of the Frame Placement Contracts to which they are a party, and has
authorized, executed and delivered each of the Frame Placement Contracts to
which they are a party, and such obligations constitute valid, legal and binding
obligations enforceable against each of them in accordance with the terms of
each of the Frame Placement Contracts. Each Frame Placement Contract is in
proper legal form under PRC laws and regulations for the enforcement thereof
against each of the parties thereto in the PRC without further action by any of
them. The execution, delivery and performance of each Frame Placement Contract
by the parties thereto did not and is not reasonably expected to (A) result in
any violation of the business license, articles of association, other
constitutional documents (if any) or permits of the Group Companies or, to the
Knowledge of the Seller Parties, any of the other parties thereto; (B) result in
any violation of or penalty under any laws, regulations, rules, orders, decrees,
guidelines, judicial interpretations, notices or other legislation of the PRC as
in effect as of the date hereof, including without limitation, any applicable
building or zoning ordinances, covenants, or restrictions; or (C) conflict with
or result in a breach or violation of any of the terms or provisions of, or
constitute a default under, any other Contract, license, indenture, mortgage,
deed of trust, loan agreement, note, lease or other agreement or instrument in
effect as of the date hereof to which any of them is a party or by which any of
them is bound or to which any of their property or assets is subject, except
with regard to (B) and (C) above, any such violation, penalty, conflict, breach
or default as would not reasonably be expected to result in a Material Adverse
Effect.

          (c) Each Frame Placement Contract is in full force and effect and none
of the Group Companies which is a party to or, to the Knowledge of the Seller
Parties, the other parties to, any Frame Placement Contract is in breach or
default in the performance or observance of any of the terms or provisions
thereof. None of the parties to any Frame Placement Contract has sent or
received any communication regarding termination of, or intention not to renew,
any of the display placement agreements, and no such termination or non-renewal
has been threatened by any of the parties thereto, except where any such
termination or non-renewal would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. No breach or default,
alleged breach or default, or event which would (with the passage of time,
notice or both) constitute a breach or default under any of the Frame Placement
Contracts by any Group Company, as the case may be, or any other party or
obligor with respect thereto, has occurred or as a result of this Agreement or
any Ancillary Document, or the performance hereof or thereof, will occur, except
where such breach, default or event would not reasonably be expected to have a
Material Adverse Effect.

<PAGE>

          (d) Each Group Company has rights of access sufficient to install,
replace, upgrade, inspect, maintain, monitor and repair the frame displays that
are intended to be placed in the locations contemplated by each Frame Placement
Contract to which it is a party. Other than Framedia Advertising and Guangdong
Shiji Shenghuo Advertising Co., Ltd., none of Seller and the other Group
Companies is a party to any Frame Placement Contracts.

          (e) Consummation of the transactions contemplated by this Agreement
and the Ancillary Documents will not (and will not give any Person a right to)
terminate or modify any rights of, or accelerate or augment any obligation of,
any Group Company under any Frame Placement Contract.

          SECTION 3.20. Certain Transactions. Except as set forth in Schedule
3.20, (i) none of the Group Companies is indebted, either directly or
indirectly, to any Related Party in any amount whatsoever, other than for
payment of salary for services rendered and reasonable expenses, (ii) no Related
Party is indebted to any of the Group Companies or has any direct or indirect
ownership interest (other than as a result of any ownership interest held in the
Company) in any of the Group Companies, (iii) no Related Party has any direct or
indirect ownership interest, or contractual relationship, with any Person with
which any of Group Companies has a business relationship or any Person which,
directly or indirectly, competes with any of the Group Companies, and (iv) no
Related Party is, directly or indirectly, a party to or otherwise an interested
party with respect to any Contract (or, to the Knowledge of any Seller Party,
any oral Contract) with any Group Company.

          SECTION 3.21. Structure Agreements. Schedule 3.21 sets forth all of
the Structure Agreements, which constitute all of the agreements, contracts and
instruments enabling InfoAchieve to control and consolidate with its financial
statements each Group Company.

          SECTION 3.22. Acquisitions. (a) Schedule 3.22A sets forth all of the
companies, entities, businesses, assets, liabilities and obligations acquired by
the Group Companies in connection with the Acquisitions. Schedule 3.22A sets
forth all of the agreements, Contracts and instruments entered into by the Group
Companies in connection with the Acquisitions.

          (b) Except for the transfer ("Residual Transfer") from an Acquired
Business to any of the Group Companies of any agreements relating to the
placement of frames in elevators and elevator bank areas, each of the
Acquisitions has been consummated and completed pursuant to the applicable
Acquisition Agreements. Schedule 3.22B hereto includes all of the agreements
relating to the placement of frames in elevator and elevator bank areas that
have been transferred from the Acquired Businesses to the Group Companies as of
the date of such schedule.

          (c) Each of the Group Companies which is a party to and, to the
Knowledge of the Seller Parties, each of the other parties to, any of the
Acquisition Agreements has full power, authority and legal right to enter into,
execute, adopt, assume, issue, deliver and perform its respective obligations
under each of the Acquisition Agreements to which it is a party, and has
authorized, executed and delivered each of the Acquisition Agreements to which
they are a party, and such obligations constitute valid, legal and binding
obligations enforceable against such party in accordance with the terms of each
of the Acquisition Agreements. Each of the Acquisition

<PAGE>

Agreements is in proper legal form under relevant laws and regulations for the
enforcement thereof against each of the parties thereto without further action
by any of them. The execution, delivery and performance of each of the
Acquisition Agreements by the parties thereto, and the consummation of the
transactions contemplated thereunder (taken individually or together as a
whole), did not and are not reasonably expected to (A) result in any violation
of the business license, articles of association, other constitutional documents
(if any) or permits of the Group Companies or, to the Knowledge of the Seller
Parties, any of the other parties thereto each as in effect as of the date
hereof; (B) result in any violation of or penalty under any laws, regulations,
rules, orders, decrees, guidelines, judicial interpretations, notices or other
legislation of the PRC each as in effect as of the date hereof; or (C) conflict
with or result in a breach or violation of any of the terms or provisions of, or
constitute a default under, any other contract, license, indenture, mortgage,
deed of trust, loan agreement, note, lease or other agreement or instrument each
as in effect as of the date hereof to which any of them is a party or by which
any of them is bound or to which any of their property or assets is subject,
except with regard to (B) and (C) above, any such violation, penalty, conflict,
breach or default as would not reasonably be expected to result in a Material
Adverse Effect. Except for any of the payments (a "Residual Payment") set forth
in Schedule 3.22C and the Residual Transfers, all of the parties to the
Acquisition Agreements have fully performed all of their obligations under each
of the Acquisition Agreements to which they are a party and all the transactions
contemplated under each of the Acquisition Agreements have been consummated in
accordance with the terms thereof, including without limitation registration
with the relevant PRC governmental authorities necessary to make the
Acquisitions effective under PRC laws and regulations.

          SECTION 3.23. Compliance with Laws.

          (a) Except as set forth in Schedule 3.23, each of the Group Companies
is, and at all times has been, in full compliance with all applicable Laws
except where any such noncompliance would not reasonably be expected to have a
Material Adverse Effect.

          (b) No event has occurred or circumstance exists that (with or without
notice or lapse of time) (i) may constitute or result in a violation by any of
the Group Companies of, or a failure on the part thereof to comply with, any
applicable Law where any such violation or failure would reasonably expected to
have a Material Adverse Effect, or (ii) may give rise to any obligation on the
part of any of the Group Companies to undertake, or to bear all or any portion
of the cost of, any remedial action of any nature and any such obligation would
reasonably be expected to have a Material Adverse Effect. None of the Group
Companies has received any notice or other communication (whether oral or
written) from any Governmental Authority regarding (x) any actual, alleged, or
potential violation of, or failure to comply with, any applicable Law, or (y)
any actual, alleged, or potential obligation on the part of any Group Company to
undertake, or to bear all or any portion of the cost of, any remedial action of
any nature.

          (c) None of the Group Companies or any director, officer, agent,
employee, or any other Person associated with or acting for or on behalf of the
foregoing, has offered, paid, promised to pay, or authorized the payment of any
money, or offered, given a promise to give, or authorized the giving of anything
of value, to any Government Official, to any political party or official thereof
or to any candidate for political office (or to any Person where such Group
Company, director, officer, agent, employee or other Person knew or was aware of
a high

<PAGE>

probability that all or a portion of such money or thing of value would be
offered, given or promised, directly or indirectly, to any Government Official,
political party, party official, or candidate for political office) for the
purposes of:

               (i) (x) influencing any act or decision of such Government
          Official, political party, party official, or candidate in his or its
          official capacity, (y) inducing such Government Official, political
          party, party official or candidate to do or omit to do any act in
          violation of the lawful duty of such Government Official, political
          party, party official or candidate, or (z) securing any improper
          advantage, or

               (ii) inducing such Government Official, political party, party
          official, or candidate to use his or its influence with any Government
          Authority to affect or influence any act or decision of such
          Government Authority, in order to assist such Group Company in
          obtaining or retaining business for or with, or directing business to
          any Group Company.

          (d) To the Knowledge of Seller Parties, none of the beneficial owners
of any interest in any Group Company is a Government Official.

          SECTION 3.24. Environmental Matters.

          (a) Except as set forth in Schedule 3.24, each of the Group Companies
is in compliance with all Environmental Laws, except where any such
noncompliance would not reasonably be expected to have a Material Adverse
Effect;

          (b) None of the Group Companies has received any Environmental Claim
or notice of any threatened Environmental Claim;

          (c) None of the Group Companies has entered into, has agreed to, or is
subject to, any decree or order or other similar requirement of any Governmental
Authority under any Environmental Laws; and

          (d) None of the Group Companies has Released Hazardous Materials into
the environment in violation of Environmental Laws or in a manner that would
reasonably be expected to result in material liability under Environmental Laws,
and to the Knowledge of the Seller Parties, no other Person has Released
Hazardous Materials into the environment at any property currently owned or
operated by any of the Group Companies in violation of Environmental Laws or in
a manner that would reasonably be expected to result in material liability to
any of the Group Companies under Environmental Laws.

          SECTION 3.25. Insurance. None of the Group Companies maintains any
insurance policies under its respective name.

          SECTION 3.26. Personal Property Assets.

          (a) Except as set forth in Schedule 3.26, each of the Group Companies
has good title to, or holds by valid and existing lease or license, all the
material tangible personal property

<PAGE>

assets reflected as assets of the Group Companies on or assets acquired after
the Balance Sheet Date, free and clear of all Encumbrances except for Permitted
Encumbrances.

          (b) The Group Companies own, or have valid leasehold interests in, all
material tangible personal property assets necessary for the conduct of the
Business as currently conducted and all such assets are in reasonably good
maintenance, operating condition and repair, normal wear and tear excepted,
other than machinery and equipment under repair or out of service in the
ordinary course of business.

          SECTION 3.27. Real Property.

          (a) Leased Properties. Schedule 3.27 lists all real property leased or
subleased by any of the Group Companies. The Seller Parties have made available
to Buyer correct and complete copies of the leases and subleases covering the
properties listed in Schedule 3.27. With respect to each lease and sublease and
except as otherwise specified in Schedule 3.27:

               (i)  such lease or sublease is in full force and effect, in all
                    material respects;

               (ii) (A) no party to the lease or sublease is in material default
                    beyond any applicable notice, grace or cure period and (B)
                    none of the Group Companies has received a notice of default
                    with respect to such lease or sublease; and

               (iii) no such lease or sublease has been mortgaged, deeded in
                    trust or encumbered by the Group Companies.

          (b) Land Use Rights. None of the Group Companies owns or has legal or
equitable title or other right or interest in any real property.

          SECTION 3.28. No State Assets. None of the assets of the Group
Companies constitute state-owned assets and, inasmuch, are not required to
undergo any form of valuation under applicable Law in the PRC governing the
transfer of state-owned assets prior to the consummation of the transactions
contemplated herein or in any of the Ancillary Documents.

          SECTION 3.29. Brokers. Except as set forth in Schedule 3.29, no
finder, broker, agent, financial advisor or other intermediary has acted on
behalf of the Seller Parties, the Group Companies or any of their respective
Affiliates in connection with the negotiation or consummation of this Agreement
or the Ancillary Documents, or any of the transactions contemplated hereby or
thereby. All such negotiations or the consummation of this Agreement or the
Ancillary Documents or any of the transactions contemplated hereby or thereby
will not give rise to any valid claim against any Group Company or Buyer for any
brokerage or finder's commission, fee or similar compensation.

          SECTION 3.30. Seller Corporate Documents.

          (a) Each of the parties to the Seller Corporate Documents has full
power, authority and legal right to enter into, execute, adopt, assume, issue,
deliver and perform their

<PAGE>

respective obligations thereunder to which they are a party, and has authorized,
executed and delivered each of the Seller Corporate Documents to which they are
a party, and such obligations constitute valid, legal and binding obligations
enforceable against each of them in accordance with the terms thereof. The
execution, delivery and performance of each Seller Corporate Documents by the
parties thereto did not and will not (A) result in any violation of the business
license, articles of association, other constitutional documents (if any) or
permits of any of the parties thereto; (B) result in any violation of or penalty
under any laws, regulations, rules, orders, decrees, guidelines, judicial
interpretations, notices or other legislation of the PRC and the British Virgin
Islands, including without limitation, any applicable building or zoning
ordinances, covenants, or restrictions; or (C) conflict with or result in a
breach or violation of any of the terms or provisions of, or constitute a
default under, any other Contract, license, indenture, mortgage, deed of trust,
loan agreement, note, lease or other agreement or instrument to which any of
them is a party or by which any of them is bound or to which any of their
property or assets is subject, except with regard to (B) and (C) above, any such
violation, penalty, conflict, breach or default as would not reasonably be
expected to result in a Material Adverse Effect.

          (b) Each Seller Corporate Document is in full force and effect and
none of the parties thereto is in breach or default in the performance or
observance of any of the terms or provisions thereof. None of the parties to any
Seller Corporate Document has sent or received any communication regarding
termination of, or intention not to renew, any of the Seller Corporagte
Agreements, and no such termination or non-renewal has been threatened by any of
the parties thereto. No breach or default, alleged breach or default, or event
which would (with the passage of time, notice or both) constitute a breach or
default under any of the Seller Corporate Documents by any of the parties
thereto, or any other party or obligor with respect thereto, has occurred or as
a result of this Agreement or any Ancillary Document, or the performance hereof
or thereof, will occur.

          (c) Consummation of the transactions contemplated by this Agreement
and the Ancillary Documents will not (and will not give any Person a right to)
terminate or modify any rights of, or accelerate or augment any obligation of,
any of the parties under the Seller Corporate Documents.

          SECTION 3.31. Disclosure. The Seller Parties and the Group Companies
have fully provided Buyer with all the information that Buyer has requested.
None of this Agreement, the Ancillary Documents or any other statements or
certificates or other materials made or delivered, or to be made or delivered to
Buyer in connection herewith or therewith, contains any untrue statement of a
material fact or omits to state a material fact necessary to make the statements
herein or therein not misleading. No representation or warranty by the Seller
Parties in this Agreement or in any Ancillary Document and no information or
materials provided by the Group Companies or the Seller Parties to the Buyer in
connection with its due diligence investigation of the Group Companies or the
negotiation and execution of this Agreement or in any Ancillary Documents
contains or will contain any untrue statement of a material fact or omits or
will omit to state any material fact required to be stated therein or necessary
in order to make the statement therein, in light of the circumstances in which
they are made, not misleading.

<PAGE>

                                  ARTICLE III.A
        REPRESENTATIONS AND WARRANTIES OF THE NON-MANAGEMENT SHAREHOLDERS

          Each of the Non-Management Shareholders, severally and not jointly,
represents and warrant to Buyer as follows:

          SECTION 3A.1. Due Organization, Good Standing and Power. (a) Seller is
a company duly organized, validly existing and in good standing under the laws
of the British Virgin Islands.

          SECTION 3A.2. Authorization, Enforceability. Such Non-Management
Shareholder that is not an individual has been duly organized, is validly
existing, and is in good standing in its jurisdiction of organization, has the
corporate power and authority to execute and deliver this Agreement and the
Ancillary Documents to which it is a party and perform its obligations hereunder
and thereunder. The execution and delivery of this Agreement and the Ancillary
Documents to which it is a party by such Non-Management Shareholder and the
performance by each of them of their respective obligations hereunder and
thereunder have been duly authorized by all necessary corporate action on the
part of each such party. Each of this Agreement and the Ancillary Documents to
which it is a party has been duly executed and delivered by such Non-Management
Shareholder and, assuming due authorization, execution and delivery by the other
party/parties thereto, constitutes a valid and binding agreement of such
Non-Management Shareholder, enforceable against each of them in accordance with
its terms, subject to the effects of bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium and other similar Laws relating to or
affecting creditors' rights generally and general equitable principles (whether
considered in a proceeding in equity or at Law).

          SECTION 3A.3. No Approvals or Conflicts. Except as set forth in
Schedule 3A.3, the execution, delivery and performance by such Non-Management
Shareholder of this Agreement and the Ancillary Documents to which it is a
party, and the consummation by such Non-Management Shareholder of the
transactions contemplated hereby and thereby do not and will not (i) violate,
conflict with or result in a breach by such Non-Management Shareholder of the
organizational documents of such Non-Management Shareholder, (ii) violate,
conflict with or result in a breach of, or constitute a default by such
Non-Management Shareholder (or create an event which, with notice or lapse of
time or both, would constitute a default) or give rise to any right of
termination, cancellation or acceleration under, or result in the creation of
any Encumbrance upon such properties of such Non-Management Shareholder or on
the Shares under, any note, bond, mortgage, indenture, deed of trust, license,
franchise, permit, lease, contract, agreement or other instrument to which such
Non-Management Shareholder or any of their respective properties may be bound,
(iii) violate or result in a breach of any Governmental Order or Law applicable
to such Non-Management Shareholder or any of their respective properties or (iv)
require any order, consent, approval or authorization of, or notice to, or
declaration, filing, application, qualification or registration by the
Non-Management Shareholder with, any Governmental Authority, except in the cases
of (ii), (iii) and (iv) above, where such violation, conflict, breach, default,
termination, acceleration, cancellation or failure to give notice, register or
obtain approval would not reasonably be expected to have a Material Adverse
Effect. Except as set forth in Schedule 3A.3, no Governmental Authorizations are
required for the execution,

<PAGE>

delivery and performance by such Non-Management Shareholder of this Agreement
and the Ancillary Documents and the consummation by such Non-Management
Shareholder of the transactions contemplated hereby and thereby.

                                   ARTICLE IV
                     REPRESENTATIONS AND WARRANTIES OF BUYER

          Buyer hereby represents and warrants to the Seller Parties as follows:

          SECTION 4.1. Organization. Buyer is a corporation duly incorporated,
validly existing and in good standing under the Laws of the Cayman Islands.
Buyer has all requisite corporate power and authority to own its assets and to
carry on its business as now being conducted by it and is duly qualified or
licensed to do business and is in good standing in the jurisdictions in which
the ownership of its property or the conduct of its business requires such
qualification or license, except where the failure to be so qualified or
licensed would not reasonably be expected, individually or in the aggregate, to
have a material adverse effect on the ability of the Buyer to consummate the
transactions contemplated by this Agreement and by the Ancillary Documents to
which it is a party.

          SECTION 4.2. Authorization, Enforceability. Buyer has the corporate
power and authority to execute and deliver this Agreement and the Ancillary
Documents to which it is a party and perform its obligations hereunder and
thereunder. The execution and delivery of this Agreement and the Ancillary
Documents to which it is a party by the Buyer and the performance by it of its
obligations hereunder and thereunder have been duly authorized by all necessary
corporate action on the part of Buyer and no other corporate or stockholder
proceedings or actions are required to consummate the transactions contemplated
hereby. This Agreement has been duly executed and delivered by the Buyer and,
assuming due authorization, execution and delivery by the other parties thereto,
constitutes a valid and binding agreement of the Buyer, enforceable against it
in accordance with its terms, subject to the effects of bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium and other similar Laws
relating to or affecting creditors' rights generally and general equitable
principles (whether considered in a proceeding in equity or at Law).

          SECTION 4.3. No Approvals or Conflicts. The execution, delivery and
performance by the Buyer of this Agreement and the Ancillary Documents to which
it is a party and the consummation by the Buyer of the transactions contemplated
hereby and thereby do not and will not (i) violate, conflict with or result in a
breach by the Buyer of the certificates of incorporation, by-laws or equivalent
documents of the Buyer, (ii) violate, conflict with or result in a breach of, or
constitute a default by the Buyer (or create an event which, with notice or
lapse of time or both, would constitute a default) or give rise to any right of
termination, cancellation or acceleration under, or result in the creation of
any Encumbrance upon any of the properties of the Buyer under, any note, bond,
mortgage, indenture, deed of trust, license, franchise, permit, lease, contract,
agreement or other instrument to which the Buyer or any of its properties may be
bound, (iii) violate or result in a breach of any Governmental Order or Law
applicable to the Buyer or any of its properties or (iv) require any order,
consent, approval or authorization of, or notice to, or

<PAGE>

declaration, filing, application, qualification or registration with, any
Governmental Authority, except, with respect to the foregoing clauses (ii),
(iii) and (iv) above, as would not, individually or in the aggregate, reasonably
be likely to have a material adverse effect on the ability of the Buyer to
consummate the transactions contemplated by this Agreement and by the Ancillary
Documents to which it is a party.

          SECTION 4.4. Validity of Share Consideration. The FM Ordinary Shares
issuable as the Initial Share Consideration, the Share Option Buy-out
Consideration, the Remaining Share Consideration, the Residual Share
Consideration, the Change in Control Share Consideration and the Dismissal Share
Consideration will be duly authorized for issuance and, when issued and
delivered in accordance with the provisions of this Agreement, will be validly
issued and fully paid and nonassessable and free from any Encumbrance; and the
issuance of such shares will not be subject to preemptive or other similar
rights and such delivery will convey to Seller good and valid title to such FM
Ordinary Shares, free and clear of any and all Encumbrances (other than any
lock-up arrangements contemplated in any Lock-up Agreement).

          SECTION 4.5. SEC Filings. Buyer has filed all documents required to be
filed by it with the U.S. Securities and Exchange Commission (the "SEC") since
January 1, 2005 (the "Buyer SEC Documents"). As of their respective dates, the
Buyer SEC Documents complied in all material respects with the requirements of
the Securities Act, or the Exchange Act, as the case may be, and the rules and
regulations thereunder, and none of the Buyer SEC Documents contained any untrue
statement of a material fact or omitted to state any material fact required to
be stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading. As of their respective
dates, the certifications of the chief executive officer and chief financial
officer of Buyer required under the Exchange Act, and the rules and regulations
thereunder, with respect to the Buyer SEC Documents complied in all material
respects with the requirements thereof. The consolidated financial statements of
Buyer included in the Buyer SEC Documents (a) have been prepared from the books
and records of Buyer and its subsidiaries, (b) complied as to form in all
material respects with the applicable accounting requirements and the published
rules and regulations of the SEC with respect thereto, have been, and will be,
prepared in accordance with GAAP consistently applied throughout the periods
involved (except as may be indicated therein or in the notes thereto) and (c)
present fairly in all material respects the consolidated financial position,
results of operations and cash flows of Buyer and its consolidated subsidiaries
as of the dates or for the periods indicated therein, subject, in the case of
the unaudited statements, to normal year-end audit adjustments (which are not,
individually or in the aggregate, material to Buyer) and the absence of footnote
disclosure.

          SECTION 4.6. No Other Representations or Warranties. Except for the
representations and warranties contained in this Article IV, neither the Buyer
nor any other Person makes any other express or implied representation or
warranty to the Seller Parties.

                                    ARTICLE V
                            COVENANTS AND AGREEMENTS

          SECTION 5.1. Conduct of Business Prior to a Closing.

<PAGE>

          (a) Without the consent of the Buyer, except as contemplated by the
2006 Business Plan attached hereto as Schedule 5.1, from and after the date of
this Agreement and until the Earnout Closing, the Company shall cause the Group
Companies to (i) conduct the Business in all material respects in the ordinary
course of business consistent with past practice, (ii) not expand or change the
scope of the Business and (iii) use their commercially reasonable efforts to
maintain satisfactory relationships with suppliers, customers and others having
material business relationships with them. Except as contemplated by this
Agreement and except as set forth on Schedule 5.1, the Company shall cause the
Group Companies to not do any of the following without the prior written consent
of the Buyer:

          (i)  except for purchases and sales by a Group Company to or from
               another Group Company, purchase, sell or issue any of their
               capital stock or other equity interests or grant or make any
               option, subscription, warrant, call, commitment or agreement of
               any character in respect of their capital stock or other equity
               interests;

          (ii) issue or pay any dividends other than to any of the Group
               Companies;

          (iii) conduct any split, recombination or reclassification or issuance
               of capital stock;

          (iv) sell or otherwise dispose of assets with value in the aggregate
               in excess of RMB 100,000, excluding sales of assets in the
               ordinary course of business;

          (v)  acquire assets having an aggregate value exceeding RMB 100,000,
               excluding (A) acquisitions in the ordinary course of business and
               (B) capital expenditures permitted by clause (vii) below;

          (vi) other than the Acquisitions, merge or consolidate with any
               Person;

          (vii) prior to the First Closing Date, make capital expenditures in
               excess of RMB10,000,000 in aggregate;

          (viii) incur, assume or guarantee any indebtedness for borrowed money
               other than intercompany loans from any of the Seller Parties or
               their subsidiaries in the ordinary course of business;

          (ix) incur any Encumbrance of material assets, other than Permitted
               Encumbrances;

          (x)  increase the compensation of employees of the Group Companies
               other than (A) in the ordinary course of business or (B) as
               required by any agreement in effect as of the date hereof or as
               required by Law;

          (xi) make any material change in the accounting methods or practices
               followed by any of the Group Companies (other than such changes
               that have been required by Law or U.S. GAAP);

<PAGE>

          (xii) enter into any contract that restricts the Group Companies from
               engaging in any line of business in any geographic area or
               competing with any Person that materially impairs the operation
               of the business of the Group Companies, individually or taken as
               a whole;

          (xiii) enter into any partnership, limited liability company or joint
               venture agreement;

          (xiv) terminate or make any material amendment to a Material Contract;

          (xv) other than (A) in the ordinary course of business, (B) as
               required by any agreement in effect as of the date hereof or (C)
               as required by Law, enter into, adopt or amend any employment
               agreement or employee benefit plan with or for the benefit of any
               of its employees;

          (xvi) enter into any collective bargaining agreements except for
               renewals for expired agreements;

          (xvii) purchase, cancel or terminate any insurance policy naming any
               of the Group Companies as a beneficiary or a loss payee;

          (xviii) subject to the provision of Section 7.17 hereof, amend any of
               its organizational documents; or

          (xix) agree or commit to do any of the foregoing.

          (b) For purposes of this Agreement, the term "commercially reasonable
efforts" shall not be deemed to require any Person to give any guarantee or
other consideration of any nature, including in connection with obtaining any
consent or waiver or to consent to any change in the terms of any agreement or
arrangement.

          (c) During the period commencing on the date hereof and ending on the
First Closing Date, the Seller Parties will cause the Group Companies to afford
Buyer and its counsel, accountants and other authorized representatives, during
normal business hours, upon reasonable advance notice to the officers,
directors, employees, accountants and other advisors and agents, properties,
books, records and contracts of the Group Companies, provided that such access
does not interfere with normal business operations. The parties hereto agree
that the provisions of the Confidentiality Agreement shall continue in full
force and effect following the execution and delivery of this Agreement. All
information obtained by the Buyer and its counsel, accountants and
representatives pursuant to this Section 5.1(c) shall be kept confidential in
accordance with the Confidentiality Agreements. Unless otherwise required by
applicable Law, each of the NewCo Shareholders hereby agrees and the Seller
Parties shall cause the Acquired Business Shareholders that each of the NewCo
Shareholders and the Acquired Business Shareholders shall, and shall cause its
and the Acquired Business Shareholders' respective officers, directors,
employees, auditors and agents to, hold in confidence all non-public information
acquired from Buyer pursuant to this Section 5.1 to the same extent as Buyer is
required to do so with respect to information received by Buyer pursuant to the
Confidentiality Agreement.

<PAGE>

          (d) Within sixty (60) days immediately following the Determination
Date, the Seller Parties shall cause Shenzhen Frame Advertising Co., Ltd. and
Beijing Frame Advertising Co., Ltd. to cease their business operations, cancel
their respective business licenses and registrations, and \ dissolve these legal
entities.

          SECTION 5.2. Filings and Consents. Each of the Seller Parties and the
Group Companies, on the one hand, and the Buyer, on the other hand, shall use
all commercially reasonable efforts to obtain and to cooperate in obtaining any
consent, approval, authorization or order of, and in making any registration or
filing with, any Governmental Authority or other Person required in connection
with the execution, delivery or performance of this Agreement, including any
filings pursuant to (i) the HSR Act or any other antitrust regulation, (ii) the
Securities Act and Exchange Act, and (iii) any other applicable filings or
consents. To the extent feasible under applicable PRC laws and regulations, each
NewCo Shareholder which is subject to any registration or approval requirements
by the State Administration for Foreign Exchange ("SAFE") shall complete all
necessary filings or registrations, or obtain all necessary approvals, required
to comply with any rules or regulations of SAFE on or prior to the Determination
Date. Each of the Seller Parties and the Non-Management Shareholders agrees
that, with respect to any NewCo Shareholder and Acquired Business Shareholder
that is a PRC resident (each a "SAFE Registrant"), unless and until Buyer has
received sufficient documentation to its satisfaction from each such SAFE
Registrant that such SAFE Registrant has completed all necessary filings or
registrations required to comply with the rules and regulations of SAFE, Seller
shall not release any FM Shares to any such SAFE Registrant, provided that,
subject to the applicable Lock-up Agreement and U.S. securities laws and
regulations, Seller shall be allowed to dispose of any FM Shares on the open
market or otherwise and to deliver any resulting cash proceeds to any NewCo
Shareholder who has failed to make the necessary SAFE filings or registrations
prior to the Earnout Closing Date. Each of the Seller Parties and Buyer shall
pay all filing fees required to be paid in connection with their respective
filings to be made under each such foreign law or regulation.

          SECTION 5.3. Tax Matters; Cooperation; Preparation of Returns; Tax
Elections.

          (a) The Seller Parties agree to furnish or cause to be furnished to
each other, upon request, as promptly as practicable, such information and
assistance relating to any of the Group Companies (including access to books and
records, employees, contractors and representatives) as is reasonably necessary
for the filing of all Tax Returns, the making of any election related to Taxes,
the preparation for any audit by any Taxing Authority, and the prosecution or
defense of any claim, suit or proceeding relating to any Tax Return. The Seller
Parties shall retain all books and records with respect to Taxes pertaining to
the Group Companies until the expiration of all relevant statutes of limitations
(and, to the extent notified by Buyer, any extensions thereof). At the end of
such period, each party shall provide the other with at least ten days prior
written notice before destroying any such books and records, during which period
the party receiving such notice can elect to take possession, at its own
expense, of such books and records.

<PAGE>

          (b) The Company shall prepare, or cause to be prepared, all Tax
Returns in respect of any of the Group Companies for any taxable year ending on
or before the First Closing Date. The Seller Parties shall timely pay to the
relevant Taxing Authority all Taxes due in connection with any such Tax Returns.
The Buyer shall prepare, or cause to be prepared, all other Tax Returns in
respect of the Group Companies, including for any taxable year ending on or
after the First Closing Date which begins before the First Closing Date (a
"Straddle Period").

          (c) The Seller Parties shall pay all transfer, documentary, sales,
use, registration and other such Taxes (including all applicable real estate
transfer Taxes, but excluding any Taxes based on or attributable to income or
gains) and related fees (including any penalties, interest and additions to Tax)
incurred in connection with this Agreement and the Ancillary Documents and the
transactions contemplated hereby and thereby.

          SECTION 5.4. [Intentionally Omitted]

          SECTION 5.5. Employees; Benefit Plans. Nothing herein expressed or
implied shall confer upon any of the employees of the Seller Parties, the Buyer,
the Group Companies, or any of their Affiliates, any additional rights or
remedies, including any additional right to employment, or continued employment
for any specified period, of any nature or kind whatsoever under or by reason of
this Agreement and the Ancillary Documents.

          SECTION 5.6. Non-Competition.

          (a) Other than IDG, each of the Seller Parties and the Non-Management
Shareholders agrees that for a period of (i) three (3) years following the First
Closing Date and (ii) one (1) year following the termination or expiration of
the Service Agreement entered into between any of the Seller Parties and Buyer
(or a Person designated by Buyer), whichever is later, it will not directly or
indirectly engage or, other than CHEN Hong, WANG Gongquan and each of the
shareholders (excluding Tan Zhi) of First Choice Investment Group Ltd., invest
(other than investments of less than 1% of the equity securities of any company
listed on a domestic or foreign securities exchange) in any Competitive
Business; provided that the Liao Ning Branch of Beijing Yangguang Jiaxin
Advertising Co., Ltd. (Chinese Character) shall be entitled to continue to
conduct its business as currently operated and such operations shall not be
deemed to constitute a Competitive Business.

          (b) Other than IDG, each of the Seller Parties and the Non-Management
Shareholders agrees that for a period of (i) three (3) years following the First
Closing Date and (ii) one (1) year following the termination or expiration of
the Service Agreement entered into between the Seller Party and Buyer (or a
Person designated by Buyer), whichever is later, it shall not, and shall cause
its Affiliates not to, solicit, recruit or hire any person who at any time on or
after the date of this Agreement is an employee of the Group Companies.

          (c) Each of the parties hereto acknowledges and agrees that the remedy
at Law for any breach of the requirements of this Section 5.6 would be
inadequate, and agrees and consents that without intending to limit any
additional remedies that may be available, temporary and permanent injunctive
and other equitable relief may be granted without proof of actual damage

<PAGE>

or inadequacy of legal remedy in any proceeding which may be brought to enforce
any of the provisions of this Section 5.6.

          (d) In the event that the covenants contained in Sections 5.6(a) and
(b) are more restrictive than permitted by Law, the parties hereto agree that
the covenants contained in Sections 5.6(a) and (b) shall be enforceable and
enforced to the extent permitted by Law.

          SECTION 5.7. Related Party Accounts. (a) Other than as set forth in
paragraph (b) below, prior to the December 31, 2005, all Related Party Accounts
shall be cash-settled or extinguished, such that upon the First Closing there
will be no Related Party Accounts outstanding. As used herein, "Related Party
Accounts" means with respect to each Group Company (i) all related party
receivables due to such Group Company from the Seller Parties and their
Affiliates (other than the Group Companies), other than receivables for goods
and services incurred in the ordinary course of business less (ii) all related
party payables of such Group Company to the Seller Parties and their Affiliates
(other than the Group Companies), other than payables for goods and services
incurred in the ordinary course of Business.

          (b) The Seller Parties shall cause the Company to provide evidence
satisfactory to Buyer that the Group Companies have paid down the Group
Companies' debts and liabilities incurred in the course of operating the
Business so that the Group Companies' total liabilities, including without
limitation any debt, loan, shareholder loans and other payables (excluding
expenses incurred pursuant to Section 10.1(a) hereof) as of December 31, 2005
shall not exceed the Group Companies' accounts receivable, cash, inventory and
pre-payments as of the same date. The Seller Parties shall cause the Company to
have sufficient cash to operate the Business as an ongoing concern in 2006;
provided that Buyer agrees to provide cash ("Working Capital Credits") not to
exceed the aggregate outstanding amount of US$3,000,000, which amount is in
addition to the capital expenditure amount set forth on Schedule 5.8A hereto,
for reasonable working capital needs of InfoAchieve in its normal business
operations in 2006; provided further that the purpose and amount of the Working
Capital Credits shall comply with the 2006 Business Plan. Seller or the Company
shall submit written requests to receive Working Capital Credits for approval by
Buyer, which approval shall not be unreasonably withheld. Buyer shall remit such
Working Capital Credits to the Company as soon as practicable following Buyer's
approval of each such request. Seller agrees that, if any shareholder loans
remain outstanding immediately prior to the Earnout Closing Date, Seller will
cause the relevant NewCo Shareholder to enter into an agreement with the
relevant Group Companies in which such NewCo Shareholder shall agree to forgive
such loans as have not been repaid prior to the Earnout Closing Date.

          (c) The Seller Parties shall cause InfoAchieve to provide operation
revenue and net income data of InfoAchieve with respect to each calendar quarter
of 2006 no later than fifteen days from the close of the previous calendar
quarter.

          (d) If InfoAchieve fails to recognize 75% or more of the targeted
quarterly net income under U.S. GAAP as set forth in Schedule 5.7 for two or
more quarters of 2006, in lieu of such event constituting a breach of this
Agreement by the Seller Parties, Buyer may use its discretion to discharge any
member of the management of any of the Group Companies without any prior notice
or other action of any Seller Party.

<PAGE>

          (e) The Seller Parties agree that the Company shall meet each of the
financial and operating criteria and targets and for each of the periods set
forth in Schedule 5.7A; it being agreed by the parties hereto that failure to
attain any such criteria or target shall not be deemed a breach of this
Agreement.

          (f) To the extent any Seller Party is involved in the operation of the
Business, such Seller Party agrees to comply with Buyer's Code of Ethics and
other corporate governance documents customary of Nasdaq-listed companies.

          SECTION 5.8. Financial Accounts. (a) The Seller Parties agree to cause
the Company to provide to Buyer the monthly management accounts of the Company,
prepared using the same accounting standards and on the same bases as the
Company's historical monthly accounts. The Seller Parties shall provide such
monthly management accounts on a monthly basis until the Earnout Closing Date no
later than ten (10) calendar days following the end of each month.

          (b) The Seller Parties agree to cause the Company to provide to Buyer
quarterly management accounts of the Company. The Seller Parties shall provide
such quarterly management accounts on a quarterly basis until the Earnout
Closing Date no later than fifteen (15) calendar days following the end of each
quarter.

          (c) Seller shall appoint Deloitte Touche Tohmatsu to review the
quarterly management accounts described in paragraph (b) above.

          SECTION 5.9. Appointment of Management.

          (a) The Seller Parties agree to authorize Buyer to appoint a deputy
financial controller for the Company on or following the First Closing Date.

          (b) The Seller Parties agree to authorize Buyer to appoint a deputy
sales director and a deputy manager for media development on or subsequent to
the First Closing Date.

          (c) For each of the appointment described in clauses (a) and (b)
above, Seller shall have the right to dismiss any such deputies for Cause,
provided that such dismissal shall not prejudice Buyer's right to appoint any
replacement deputies.

          SECTION 5.10. Forgiveness of Certain Loans. Prior to the Earnout
Closing Date, Seller shall cause any NewCo Shareholder with outstanding loans to
any of the Group Companies to irrevocably forgive such loans and shall provide
satisfactory evidence to Buyer that such loans have been repaid, cancelled or
forgiven, including any agreements evidencing such cancellation or forgiveness.

          SECTION 5.11. Non-Violation. Prior to the First Closing, the Seller
Parties shall not, and shall cause any Group Company to not, without the prior
written consent of Buyer, take any action which (i) would render any of the
representations or warranties made by the Seller Parties or the Group Companies
in this Agreement and in the Ancillary Documents untrue in any

<PAGE>

material respect if given with reference to the facts and circumstances then
existing, or (ii) would result in any of the covenants contained in this
Agreement and in the Ancillary Documents becoming incapable of performance. The
Seller Parties will promptly advise Buyer of any action or event (a) of which
the Seller Parties become aware which would have the effect of making incorrect
in any material respect any such representations or warranties if given with
reference to facts and circumstances then existing or which has the effect of
rendering any such covenants incapable of performance or (b) which would be
reasonably expected to affect the willingness of a prudent investor to purchase
the Shares or the amount of consideration which such investors would be prepared
to pay for the Shares.

          SECTION 5.12. Confidentiality. Each party hereto shall keep
confidential, and shall cause its officers, directors, and employees to keep
confidential, the terms and conditions hereof, of any predecessor agreement and
of any Ancillary Document (collectively, the "Confidential Information") except
as Buyer and Seller mutually agree otherwise; provided that any party may
disclose Confidential Information (i) to the extent advised by competent legal
advisors that such disclosure is required by applicable Law and so long as,
where such disclosure is to a Governmental Authority, such party shall use all
reasonable efforts to obtain confidential treatment of the Confidential
Information so disclosed, (ii) to the extent required by the rules of any stock
exchange, (iii) to its officers, directors, employees and professional advisors
as necessary to the performance of its obligations in connection herewith and
with the Ancillary Documents so long as such party advises each Person to whom
the Confidential Information is so disclosed as to the confidential nature
thereof, and (iv) to its investors and any Person otherwise providing
substantial debt or equity financing to such party so long as the party advises
each Person to whom the Confidential Information is so disclosed as to the
confidential nature thereof.

          SECTION 5.13. Further Actions. Each of the parties hereto shall use
commercially reasonable efforts to take, or cause to be taken, all appropriate
action, do or cause to be done all things necessary, proper or advisable under
applicable Law, and execute and deliver such documents and other papers, as may
be required to consummate the transactions contemplated by this Agreement and by
the Ancillary Documents.

          SECTION 5.14. Management Independence. (a) Buyer agrees that it shall,
during the period commencing from the First Closing Date and ending on December
31, 2006, take all actions necessary and appropriate to enable the Management
Shareholders to continue to run the Group Companies as an independent business
unit of the Buyer, provided that the Management Shareholders' ability to operate
the Group Companies as an independent business unit shall be subject to the
terms of the 2006 Business Plan, compliance with Buyer's code of ethics, any
relevant requirements of the Sarbanes-Oxley Act and other U.S. securities laws
and regulations, the provisions of Sections 5.1 and 5.11 hereof and to any
action that would allow dismissal for Cause. (b) Buyer agrees that, from and
including January 1, 2007 to and including June 30, 2007 (the "Restriction
Period"), Buyer shall not interfere with the Company's and the Management
Shareholders' ability to collect any Accounts Receivable outstanding as of
December 31, 2006 in respect of the Residual Earnout Adjustment Amount during
the Restriction Period so that the ability of the Company and the Management
Shareholders to collect such Accounts Receivable is not affected in any material
respect.

<PAGE>

          SECTION 5.15. Retention of Senior Management. Buyer agrees that it
shall not, prior to the Earnout Closing Date, dismiss Protected Management
without Cause and that any such dismissal will trigger the procedures set forth
in Section 2.6 hereof.

          SECTION 5.16. Overhead Expenses. Buyer agrees that it shall not, prior
to the Earnout Closing Date, allocate unreasonable overhead expenses to any of
the Group Companies. For purposes of this Section 5.16, "unreasonable overhead
expenses" means any overhead expenses that are outside the scope of the 2006
Business Plan.

          SECTION 5.17. Sellers' Representative. Concurrent with the execution
and delivery of this Agreement, each party to this agreement other than Buyer
shall be deemed to appoint Seller as their agent, representative and
attorney-in-fact (the "Sellers' Representative") and Seller agrees to act as the
Sellers' Representative. Sellers' Representative shall, on behalf of Seller
Parties (i) give and receive notices and communications, (ii) review, negotiate,
agree to and settle claims and disputes relating to the adjustment to the
Aggregate Consideration and indemnified amounts, (iii) object to such
deliveries, agree to, negotiate, enter into settlements and compromises of, and
demand arbitration and comply with orders of Governmental Authorities and awards
of arbitrators with respect to such claims, and (iv) take all actions necessary
or appropriate in the judgment of Sellers' Representative for the accomplishment
of the foregoing. Any notices delivered to Sellers' Representative pursuant to
this Agreement shall be deemed delivered Seller Parties. A decision, act,
consent, or instruction of the Sellers' Representative shall constitute a
decision of the Seller Parties and shall be final, binding and conclusive upon
each Seller Party. Buyer may rely upon any such decision, act, consent or
instruction of the Sellers' Representative as being the decision, act, consent
or instruction of Seller Parties, and Buyer is hereby relieved from any
liability to any Person for any acts done in accordance with such decision, act,
consent or instruction of the Sellers' Representative.

          SECTION 5.18. Voting of FM Ordinary Shares Held by Seller.

          (a) Seller and each of the NewCo Shareholders agrees that a duly
appointed representative of Seller (the "Representative") shall distribute as
soon as practicable after receipt thereof to each of the NewCo Shareholders: (a)
such notice of meeting or solicitation of consent or proxy related to any Focus
Media shareholder matters, (b) a statement that the NewCo Shareholders at the
close of business on a date stipulated by Buyer (the "Record Date") will be
entitled, subject to any applicable law, the provisions of the Amended and
Restated Memorandum and Articles of Association of Buyer, to instruct the
Representative as to the exercise of the voting rights in respect of the FM
Ordinary Shares and (c) a brief statement provided by Buyer as to the manner in
which such voting instructions may be given (it being understood that an
affirmative or negative vote shall be made in writing), including an indication
that NewCo Shareholders for which the Representative has not timely received
voting instructions will be deemed, and the Representative shall deem such NewCo
Shareholders, not to have cast any vote with respect to the FM Ordinary Shares
of each such NewCo Shareholder.

          (b) Each NewCo Shareholder agrees that, upon the timely receipt from a
NewCo Shareholder of FM Ordinary Shares as of the Record Date of voting
instructions in the manner specified by Buyer, the Representative shall, insofar
as practicable and permitted under the

<PAGE>

Amended and Restated Memorandum and Articles of Association of the Company, vote
the FM Ordinary Shares (in person or by proxy) held by such NewCo Shareholder in
accordance with such voting instructions.

          (c) Seller and each of the NewCo Shareholders agree that the
Representative shall not under any circumstances exercise any discretion as to
voting and the Representative shall not vote, attempt to exercise the right to
vote, or in any way make use of, for purposes of establishing a quorum,
proposing a special resolution or otherwise, the FM Ordinary Shares, except
pursuant to and in accordance with the voting instructions timely received from
NewCo Shareholders or as otherwise contemplated herein. If the Representative
timely receives voting instructions from a NewCo Shareholder which fail to
specify the manner in which the Representative is to vote the FM Ordinary Shares
of such NewCo Shareholder, the Representative will deem such NewCo Shareholder
not to have voted its FM Ordinary Shares and the Representative shall in no
event cast votes for such FM Ordinary Shares. If no voting instructions are
received by the Representative from a NewCo Shareholder with respect to the FM
Ordinary Shares held by such NewCo Shareholder as of the Record Date, such NewCo
Shareholder shall be deemed, and the Representative shall deem such NewCo
Shareholder, to have withheld its proxy and not voted the FM Ordinary Shares
held by such NewCo Shareholder.

          SECTION 5.19. Tax Exempt Status. Seller shall make its best efforts to
provide to Buyer documents or certificates satisfactory to Buyer evidencing that
the Group Companies have been approved for exemption from enterprise income tax
or other preferential tax treatment for 2006 by relevant PRC tax authority
pursuant to relevant PRC laws and regulations; provided that should Seller be
unable to secure tax exempt status for the year ending December 31, 2006 for the
Group Companies on or prior to December 31, 2006, the Seller Parties agree that
in connection with the calculation of the 2006 Audited Net Income the rate of
tax used in such calculation shall be 33% or the then-effective rate under
relevant PRC tax laws and regulations.

          SECTION 5.20. SAFE Registration. Each of the NewCo Shareholders who is
an individual resident in the PRC shall make their best efforts to complete all
necessary filings or registrations, or obtaine all necessary approvals, required
to comply with any applicable rules or regulations of the SAFE and provide
evidence satisfactory to Buyer of the completion of such filings or
registrations on or prior to the Determination Date. Each such NewCo Shareholder
that has completed SAFE registration as of the Determination Date shall be
referred to as a "SAFE Compliant Registrant" and each such NewCo Shareholder
that has not completed all necessary filings or registrations on or prior to the
Determination Date shall be referred to as a "Non-Compliant SAFE Registrant".

                                   ARTICLE VI
            CONDITIONS TO THE SELLER PARTIES' AND THE NON-MANAGEMENT
                            SHAREHOLDERS' OBLIGATIONS

          The obligation of the Seller Parties and the Non-Management
Shareholders to effect a Closing under this Agreement as specified below is
subject to the satisfaction, at or prior to

<PAGE>

the Determination Date, of each of the following conditions, unless validly
waived in writing by Sellers' Representative. For the avoidance of doubt, any
reference to the date hereof in Articles III and III.A shall be replaced and
substituted with the Determination Date for purposes of this Section VI.

          SECTION 6.1. Representations and Warranties. The representations and
warranties made by Buyer in this Agreement shall be true and correct (in all
material respects, in the case of those representations and warranties which are
not by their express terms qualified by reference to materiality) as of the
Determination Date as though such representations and warranties were made at
such date, except that any representations and warranties that are made as of a
specified date shall be true and correct (in all material respects, in the case
of those representations and warranties which are not by their express terms
qualified by reference to materiality) as of such specified date, and in each
case except for changes permitted or contemplated by this Agreement.

          SECTION 6.2. Performance. Buyer shall have performed and complied in
all material respects with all agreements and obligations required by this
Agreement and the Ancillary Documents to be so performed or complied with by it
prior to the Determination Date and a Closing.

          SECTION 6.3. No Material Adverse Change. Since the date hereof until
the Determination Date, there shall not have been any effect or change that
would be materially adverse to the business, assets, condition (financial or
otherwise), operating results, or operations of Buyer and its subsidiaries,
taken as a whole, or to the ability of Buyer to timely consummate the
transaction contemplated by this Agreement or by any of the Ancillary Documents.

          SECTION 6.4. Officer's Certificates. Buyer shall have delivered to the
Seller Parties a certificate, dated as of the Determination Date and executed by
an executive officer of the Buyer, certifying to the fulfillment of the
conditions specified in Sections 6.1 and 6.2 hereof.

          SECTION 6.5. Injunctions. At the Determination Date, there shall not
be in effect any Law or Governmental Order directing that the transactions
provided for herein not be consummated as provided herein or which has the
effect of rendering it impossible to consummate such transactions.

          SECTION 6.6. FM Ordinary Shares. Buyer shall deliver to Seller the
Cash Consideration and register of members or other documents evidencing the
Initial Share Consideration and the Share Option Buy-out Consideration in case
of the First Closing, the Remaining Share Consideration in the case of the
Earnout Closing, the Residual Earnout Share Consideration in the case of the
Residual Earnout Closing, the Change in Control Share Consideration in the case
of the Change in Control Earnout Closing and the Dismissal Earnout Share
Consideration in the case of the Dismissal Earnout Closing.

<PAGE>

                                   ARTICLE VII
                        CONDITIONS TO BUYER'S OBLIGATIONS

          The obligation of Buyer to effect a Closing under this Agreement as
specified below is subject to the satisfaction, at or prior to the Determination
Date or each Closing Date, as applicable, of each of the following conditions,
unless waived in writing by Buyer.

          SECTION 7.1. Representations and Warranties. The representations and
warranties made by the Seller Parties and the Non-Management Shareholders in
this Agreement shall be true and correct (in all material respects, in the case
of those representations and warranties which are not by their express terms
qualified by reference to materiality) as of the Determination Date as though
such representations and warranties were made at such date, except that any
representations and warranties that are made as of a specified date shall be
true and correct (in all material respects, in the case of those representations
and warranties which are not by their express terms qualified by reference to
materiality) as of such specified date, and in each case except for changes
permitted or contemplated by this Agreement. For the avoidance of doubt, any
reference to the date hereof in Section III shall be replaced and substituted
with the Determination Date for purposes of this Section VII.

          SECTION 7.2. Performance.

          (a) The Seller Parties and the Non-Management Shareholders shall have
performed and complied with all agreements and obligations required by this
Agreement and the Ancillary Documents to be performed or complied with by them
prior to each Closing.

          (b) Proceedings and Documents. All corporate and other proceedings in
connection with the transactions contemplated at the First Closing, and all
documents incident thereto, shall be in form and substance reasonably
satisfactory to Buyer, and Buyer shall have received all such counterpart
original and certified or other copies of such documents as Buyer may reasonably
request.

          (c) Qualifications. The consents, waivers, approvals or other
authorizations listed on Schedule 7.2 shall have been obtained or otherwise
satisfied and shall continue to be in effect, including all consents of any
competent Governmental Authority or, under any of the Ancillary Documents or
under other agreements to be entered into in connection herewith.

          (d) No Material Adverse Change. As of the Determination Date, there
shall not have been any Material Adverse Change since the Balance Sheet Date.

          SECTION 7.3. No Indebtedness. As of the Determination Date, the Seller
Parties will have taken such action, or caused the Group Companies to take such
action, and provided to Buyer documentation satisfactory to Buyer, evidencing
that, other than as described in Section 5.7(b) hereof, none of the Group
Companies has any outstanding indebtedness of any kind, including without
limitation, any loan to any Seller Party or shareholder of a Seller Party, bank
loan or credits or unpaid liability relating to the Acquisitions.

<PAGE>

          SECTION 7.4. Officer's Certificate. Each of the Seller Parties shall
have delivered to the Buyer a certificate, dated as of the Determination Date
and executed by an executive officer of each such Seller Party, certifying to
the fulfillment of the conditions specified in Sections 7.1 and 7.2 and 7.3
hereof.

          SECTION 7.5. Tax Indemnity Agreement. As of the Determination Date,
the Seller Parties shall have entered into an Tax Indemnity Agreement, in
substantially the form attached hereto as Exhibit C (the "Tax Indemnity
Agreement"), and such agreement shall be in full force and effect.

          SECTION 7.6. Non-Compete Agreements.

          (a) As of the Determination Date, each of the Management Shareholders
and the Company shall have entered into a Manager Non-Compete Agreement, in
substantially the form attached hereto as Exhibit D (the "Manager Non-Compete
Agreement"), and such agreement shall be in full force and effect.

          (b) As of the Determination Date, each of the employees of the Group
Companies (other than the Management Shareholders) shall have entered into a
non-competition agreement, in substantially the form attached hereto as Exhibit
E (the "Employee Non-Compete Agreement").

          SECTION 7.7. Control Agreements. As of the Determination Date, the
Seller Parties shall have caused the Group Companies to enter into the Control
Agreements with the companies and Persons stipulated by Buyer, including
transferring the equity interests of Framedia Advertising and Guangdong Shiji
Shenghuo Advertising Co., Ltd. to Persons identified by Buyer, and the Seller
Parties shall have provided executed copies of each of the Control Agreements
set forth in Schedule 7.7 to Buyer.

          SECTION 7.8. Lock-up Agreements. As of the Determination Date, each of
the NewCo Shareholders and the Acquired Business Shareholders shall have entered
into an Initial Lock-up Agreement and an Earnout Lock-up Agreement in
substantially the form attached hereto as Exhibits B-1 and B-2, and each such
agreement shall be in full force and effect.

          SECTION 7.9. Financial Statements.

          (a) On or prior to the Determination Date, Buyer shall have received
drafts of the audited consolidated financial statements of InfoAchieve as of and
for the year ended December 31, 2004 and as of and for the nine months ended
September 30, 2005, which draft shall be substantially complete in all material
respects and contain key financial data reasonably acceptable to Buyer; it being
understood that the specific figures and data contained therein will not form
the basis for calculating any of the Consideration.

          (b) On or prior to the Earnout Closing Date, Buyer shall have received
the 2006 Audited Financial Statements.

          SECTION 7.10. Seller Corporate Documents. On or prior to the
Determination Date, each of the Seller Corporate Documents, a list of which is
attached hereto as

<PAGE>

Schedule 7.10, shall have been entered into and consummated by each of the
parties thereto and are in full force and effect; provided that any amendments
to such documents or other arrangements by and among the NewCo Shareholders with
respect to their respective equity interests in NewCo entered into on or prior
to the Determination Date shall have been put in writing and provided to Buyer
on or prior to the Determination Date.

          SECTION 7.11. Service Agreements. On or prior to the Determination
Date, each of the Management Shareholders shall have executed a Manager
Non-Compete Agreement, which agreement is in full force and effect, and each of
the employees of the Group Companies shall have provided a Service Agreement to
Buyer, which agreement is in full force and effect.

          SECTION 7.12. Residual Transfers. All Residual Transfers and Residual
Payments, a description of which is attached hereto as Schedules 3.22B and
3.22C, shall have been consummated and completed no later than December 31,
2005; provided that the waiver or amendment by any of the Group Companies of any
closing condition or obligation to complete a Residual Transfer or a Residual
Payment under any of the Acquisition Agreements shall require the written
consent of Buyer.

          SECTION 7.13. Certificate of Acquired Business Shareholders. On or
prior to the Determination Date, Buyer shall have received from Seller
certificates signed by the Acquired Business Shareholders containing
representations and warranties and other the matters specified therein.

          SECTION 7.14. [Intentionally Omitted]

          SECTION 7.15. Management Appointment. Seller shall have authorized
Buyer to appoint the deputy financial controller for the Company.

          SECTION 7.16. Intellectual Property Transfer. All the intellectual
property of Seller set forth in Schedule 3.17 hereto, which is held in the name
or for the benefit of Liu Lei or any other Seller Party shall, subject only to
any relevant approvals by a Government Authority, have been transferred to Buyer
or its designated entity without any cost to Buyer.

          SECTION 7.17. Corporate Matters; Memorandum and Articles of
Association. On or prior to the Determination Date, Seller shall have provided
documentation to Buyer's reasonable satisfaction evidencing that (i) all shares
of InfoAchieve are ordinary shares, (ii) all outstanding options of InfoAchieve
have been cancelled, (iii) the memorandum and articles of association of
InfoAchieve has been converted to a standard British Virgin Islands form (using
the standard form of Offshore Incorporations Limited or Conyers Dill & Pearman)
which has no preferred shares or protective provisions for investors provided
therein and filed and registered with the British Virgin Islands Companies
Registry.

          SECTION 7.18. [Intentionally Omitted]

          SECTION 7.19. Opinions of Counsel. As of the Determination Date, Buyer
shall have received from British Virgin Islands counsel and PRC counsel to the
Seller and the

<PAGE>

Group Companies, as the case may be, written opinions dated and delivered as of
the Determination Date, in form and substance satisfactory to Buyer.

          SECTION 7.20. Acquired Business Shareholders as Seller Parties to this
Agreement. Notwithstanding the provisions of Section 10.5 of this Agreement, on
or prior to the Determination Date this Agreement shall have been supplemented
so that those Persons in Schedule 1.1C (the "Additional Seller Parties") shall
have duly executed this Agreement as Management Shareholders or Non-Management
Shareholders as indicated on Schedule 1.1C hereto. The parties hereto agree that
(i) the supplement contemplated by this Section 7.20 shall not amend, waive,
modify or release any party hereto from any representation, covenant, condition,
obligation or other agreement or undertaking set forth herein, all of which will
be deemed ratified and confirmed. When the Additional Seller Parties sign the
supplement to this Agreement, they will be deemed to be Seller Parties as if
they were signatories to this Agreement as of the date hereof.

          SECTION 7.21. Adverse Market Change. On or after the date hereof and
prior to the Determination Date, there shall not have occurred any of the
following: (A) a suspension or material limitation in trading in securities
generally on the Nasdaq National Market, the New York Stock Exchange or the
London Stock Exchange, (B) a suspension or material limitation in trading in
Buyer's securities on the Nasdaq National Market, (C) a general moratorium on
commercial banking activities in New York, London, the PRC or the Cayman Islands
declared by the relevant authorities, or a material disruption in commercial
banking or securities settlement or clearance services in the United States, the
United Kingdom, the PRC or the Cayman Islands, (D) the outbreak or escalation of
hostilities involving the United States, the United Kingdom the PRC or the
Cayman Islands or the declaration by the United States, the United Kingdom, the
PRC or the Cayman Islands of a national emergency or war or (E) the occurrence
of any other calamity or crisis or any change in financial, political or
economic conditions or currency exchange rates or controls in the United States,
the United Kingdom, the PRC, the Cayman Islands or elsewhere, if the effect of
any such event specified in clause (D) or (E) in the judgment of Buyer makes it
impracticable or inadvisable to proceed with the transaction contemplated in
this Agreement and the Ancillary Documents.

          SECTION 7.22. Injunctions. At the Closing Date, there shall not be in
effect any Law or Governmental Order directing that the transactions provided
for herein not be consummated as provided herein or which has the effect of
rendering it impossible to consummate such transactions.

                                  ARTICLE VIII
                                   TERMINATION

          SECTION 8.1. Termination. This Agreement may be terminated at any time
prior to the Determination Date:

          (a) by the mutual written consent of the Seller Parties and the Buyer;

<PAGE>

          (b) by either the Seller Parties or the Buyer if any Governmental
Authority of competent jurisdiction shall have issued an order, decree or ruling
or taken any other action restraining, enjoining or otherwise prohibiting the
transactions contemplated hereby and such order, decree or ruling or other
action shall have become final and nonappealable; or

          (c) by Buyer, if Seller Parties breach or fail to perform in any
respect any of their representations, warranties or covenants contained in this
Agreement or any Ancillary Document and such breach or failure to perform (A)
would give rise to the failure of a condition set forth in Article VII, (B)
cannot be or has not been cured within 15 days following written notice of such
breach or failure to perform and (C) has not been waived by Buyer.

          (d) by Seller, if Buyer breaches or fails to perform in any respect
any of its representation, warranties or covenants contained in this Agreement
or any Ancillary Document and such breach or failure to perform (A) would give
rise to the failure of a condition set forth in Article VI, (B) cannot be or has
not been cured within 15 days following written notice of such breach or failure
to perform and (C) has not been waived by Seller.

          (e) by either Seller Parties or Buyer, if the Determination Date shall
not have occurred (other than through the failure of any party seeking to
terminate this Agreement to comply fully with its obligations under this
Agreement) on or before December 15, 2005.

          SECTION 8.2. Procedure and Effect of Termination. In the event of the
termination of this Agreement and the abandonment of the transactions
contemplated hereby pursuant to Section 8.1 hereof, written notice thereof shall
forthwith be given to all other parties. If this Agreement is terminated and the
transactions contemplated by this Agreement are abandoned as provided herein:

          (a) The Buyer will redeliver to the Seller Parties all documents, work
papers and other material of any the Seller Parties relating to the transactions
contemplated hereby, whether so obtained before or after the execution hereof;

          (b) The provisions of the Confidentiality Agreements shall continue in
full force and effect; and

          (c) Subject to Section 10.1, no party to this Agreement will have any
liability under this Agreement to any other except (i) that nothing herein shall
relieve any party from any liability for any willful breach of any of the
representations, warranties, covenants and agreements set forth in this
Agreement, and (ii) as contemplated by paragraph (b) above.

                                   ARTICLE IX
                                 INDEMNIFICATION

          SECTION 9.1. Indemnification.

          (a) Indemnification by the Seller Parties and the Non-Management
Shareholders.

<PAGE>

          (i)  Subject to the limits set forth in this Section 9.1, from and
               after the First Closing, the Seller Parties, jointly and
               severally, agree to indemnify, defend and hold the Buyer, its
               Affiliates (including, after the First Closing, the Group
               Companies) and their respective officers, directors,
               stockholders, employees, agents and representatives (the "Buyer
               Indemnified Persons") harmless from and in respect of any and all
               losses, damages, costs and reasonable expenses (including
               reasonable fees and expenses of counsel) (collectively,
               "Losses"), that they may incur arising out of or due to any
               breach of any representation or warranty, covenant or other
               agreement of the Seller Parties contained in this Agreement and
               in the Ancillary Documents, provided, however that the Seller
               Parties' aggregate liability for such Losses shall not exceed the
               product of (x) the aggregate percentage of shares held by the
               Management Shareholders in NewCo and (y) the Value of the
               Aggregate Consideration, provided, however, that where such
               Losses are the result of the gross negligence or willful
               misconduct of any of the Management Shareholders, the aggregate
               liability of the Management Shareholders shall not exceed the
               Value of the Aggregate Consideration. The representations and
               warranties of the Seller Parties set forth in Article III of this
               Agreement shall survive for a period of two (2) years immediately
               following the Determination Date (the "Indemnity Period").
               Anything to the contrary notwithstanding, none of the Buyer
               Indemnified Parties shall be entitled to recover from the Seller
               Parties for any Losses unless and until the total of all Losses
               indemnifiable pursuant to this Section 9.1(a)(i) exceeds
               US$50,000, provided that when such amount is exceeded, the Seller
               Parties shall be liable for all amounts including the first
               US$50,000. If indemnification for Losses is paid in FM Ordinary
               Shares held by Seller on behalf of the Seller Parties subject to
               the applicable Lock-up Agreements, for purposes of calculating
               the amount paid to the Buyer Indemnified Parties, the value of
               any FM Ordinary Shares shall be the value of such shares when any
               Losses become payable. To the extent Lock-up Agreements are still
               in effect, Seller Parties will only be able to dispose of an
               aggregate number of Shares the value of which (calculated using
               the Average FMCN Share Price) does not exceed the amount of the
               Losses indemnified.

          (ii) Subject to the limits set forth in this Section 9.1, from and
               after the First Closing, the Non-Management Shareholders,
               severally and not jointly, agree to indemnify, defend and hold
               the Buyer Indemnified Persons harmless from and in respect of any
               and all Losses that they may incur arising out of or due to any
               breach any of the representations or warranties of Article III.A
               or of any other applicable representation or warranty, covenant
               or other agreement in the Ancillary Documents to which they are a
               party, provided, however that each Non-Management Shareholder's
               liability for such Losses shall in no event exceed the product of
               (x) the aggregate percentage of shares in NewCo held by such
               Non-Management Shareholder and (y) the Value of the Cash
               Consideration. The representations and warranties of the
               Non-Management Shareholders set

<PAGE>

               forth in Article III.A of this Agreement shall survive for the
               Indemnity Period. Anything to the contrary notwithstanding, none
               of the Buyer Indemnified Parties shall be entitled to recover
               from any Non-Management Shareholder for any Losses unless and
               until the total of all Losses indemnifiable pursuant to this
               Section 9.1(a)(ii) exceeds US$50,000, provided that when such
               amount is exceeded, such Non-Management Shareholder shall be
               liable for all amounts including the first US$50,000.

          (b) Indemnification by the Buyer. Subject to the limits set forth in
this Section 9.1, from and after the First Closing, Buyer agrees to indemnify,
defend and hold the Seller Parties and their Affiliates and their respective
officers, directors, stockholders, employees, agents and representatives (the
"Seller Indemnified Persons") harmless from and in respect of any and all Losses
that they may incur arising out of or due to any breach of any representation or
warranty, covenant or other agreement of the Buyer contained in this Agreement;
provided that, with respect to all Losses indemnifiable pursuant to this
paragraph (b), the Seller Indemnified Persons shall not be entitled to recover
more that the Value of the Cash Consideration, Initial Share Consideration and
Share Option Buy-out Consideration already received as of the First Closing
Date. The representations and warranties of Buyer set forth in Article IV of
this Agreement shall survive for a period of six (6) months immediately
following the Determination Date.

          (c) Indemnification as Exclusive Remedy. The indemnification provided
in this Article IX, subject to the limitations set forth herein, shall be the
exclusive post-Closing remedy available to any party in connection with any
Losses arising out of or resulting from this Agreement, the transactions
contemplated hereby, any property owned, based or subleased by any of the Group
Companies or otherwise regarding any of the Group Companies.

          (d) Indemnification Calculations. The amount of any Losses for which
indemnification is provided under this Article IX shall be computed net of any
insurance proceeds received by the indemnified party in connection with such
Losses. If an indemnified party receives insurance proceeds in connection with
Losses for which it has received indemnification, such party shall refund to the
indemnifying party the amount of such insurance proceeds when received, up to
the amount of indemnification received. An indemnified party shall use its
commercially reasonable efforts to pursue insurance claims with respect to any
Losses. If the amount with respect to which any claim is made under this Article
IX or under Section 5.4 (an "Indemnity Claim") gives rise to a currently
realizable Tax Benefit (as defined below) to the party making the claim, the
indemnity payment shall be reduced by the amount of such Tax Benefit available
to the party making the claim. To the extent such Indemnity Claim does not give
rise to a currently realizable Tax Benefit, if the amount with respect to which
such Indemnity Claim is made gives rise to a subsequently realized Tax Benefit
to the party that made the claim, such party shall refund to the indemnifying
party the amount of such Tax Benefit when, as and if realized. Refunds relating
to subsequent Tax Benefits shall be made on the last Business Day of the month
following the year in which the Tax Benefit is realized. For the purposes of
this Agreement, any subsequently realized Tax Benefit shall be treated as though
it were a reduction in the amount of the initial Indemnity Claim, and the
liabilities of the parties shall be redetermined as though both occurred at or
prior to the time of payment of the initial Indemnity Claim. For purposes of
this Section 9.1(d), a "Tax Benefit" to a party means an amount by which the tax
liability of such party (or group of Affiliates including such party) is reduced
as a result of its receipt of payment for such

<PAGE>

Indemnity Claim, such amount to be determined at an assumed marginal tax rate
equal to the highest marginal tax rate then in effect for corporate taxpayers in
the relevant jurisdiction. Where a party has other losses, deductions, credits
or items available to it, the Tax Benefit from any Losses, deductions, credits
or items relating to the Indemnity Claim shall be deemed to be realized before
any other losses, deductions, credits or items. For purposes of this Section
9.1(d, a Tax Benefit is "currently realizable" to the extent that such Tax
Benefit can be realized in the current taxable period or year or in any Tax
Return with respect thereto (including through a carryback to a prior taxable
period) or in any taxable period or year prior to the date of the Indemnity
Claim. In the event that there should be a determination disallowing the Tax
Benefit, the indemnifying party shall be liable to refund to the indemnified
party the amount of any related reduction previously allowed or payments
previously made to the indemnifying party pursuant to this Section. The amount
of the refunded reduction or payment shall be deemed a payment under this
Section and thus shall be paid subject to any applicable reductions under this
Section. The parties agree that any indemnification payments made pursuant to
this Agreement shall be treated for tax purposes as an adjustment to the
Purchase Price, unless otherwise required by applicable Law.

          (e) Notice and Opportunity to Defend. If there occurs an event which a
party asserts is an indemnifiable event pursuant to Section 9.1(a) or 9.1(b),
the party or parties seeking indemnification shall notify the other party or
parties obligated to provide indemnification (the "Indemnifying Party")
promptly. If such event involves any claim or the commencement of any action or
proceeding by a third person, the party seeking indemnification will give such
Indemnifying Party prompt written notice of such claim or the commencement of
such action or proceeding; provided, however, that the failure to provide prompt
notice as provided herein will relieve the Indemnifying Party of its obligations
hereunder only to the extent that such failure prejudices the Indemnifying Party
hereunder. In case any such action shall be brought against any party seeking
indemnification and it shall notify the Indemnifying Party of the commencement
thereof, the Indemnifying Party shall be entitled to assume the defense thereof,
with counsel selected by the Indemnifying Party and, after notice from the
Indemnifying Party to such party or parties seeking indemnification of such
election so to assume the defense thereof, the Indemnifying Party shall not be
liable to the party or parties seeking indemnification hereunder for any legal
expenses of other counsel or any other expenses subsequently incurred by such
party or parties in connection with the defense thereof. The Indemnifying Party
and the party seeking indemnification agree to cooperate fully with each other
and their respective counsel in connection with the defense, negotiation or
settlement of any such action or asserted liability. The party or parties
seeking indemnification shall have the right to participate at their own expense
in the defense of such action or asserted liability. If the Indemnifying Party
assumes the defense of an action no settlement or compromise thereof may be
effected (i) by the Indemnifying Party without the written consent of the
indemnified party (which consent shall not be unreasonably withheld or delayed)
unless all relief provided is paid or satisfied in full by the Indemnifying
Party or (ii) by the indemnified party without the consent of the Indemnifying
Party. In no event shall an Indemnifying Party be liable for any settlement
effected without its written consent.

<PAGE>

                                    ARTICLE X
                                  MISCELLANEOUS

          SECTION 10.1. Fees and Expenses. (a) Except as otherwise provided in
this Agreement, the Company shall bear all expenses of the Seller Parties and of
Buyer in connection with the preparation and negotiation of this Agreement and
the Ancillary Documents and the consummation of the transactions contemplated
hereby and thereby, including without limitation, legal and other professional
fees and expenses incurred by Buyer; provided that:

          (i)  subject to (iii) below, all fees and expenses incurred in
               connection with the audit (including appraisals for purposes of
               the Acquisitions) of InfoAchieve for 2004, 2005 and 2006 shall be
               borne in equal parts by Buyer and Seller;

          (ii) in the event that this Agreement is terminated in accordance with
               Article VIII hereof due to the acts or omissions of Seller or any
               of the Seller Parties, the the Company shall reimburse Buyer
               within ten Business Days immediately following the notice of
               Buyer thereof for all reasonable costs and expenses, including,
               without limitation, legal fees, auditing fees and other expenses,
               incurred by Buyer in connection with the transaction contemplated
               hereunder and for any additional fees and expenses incurred by
               Buyer to enforce its rights under this provision up to an
               aggregate amount of US$1,000,000, plus a break-up fee of
               US$1,500,000; and

          (iii) in the event that this Agreement is terminated in accordance
               with Article VIII hereof due to the acts or omissions of Buyer,
               Buyer shall reimburse the Company within ten Business Days
               immediately following the notice of Seller thereof for all
               reasonable costs and expenses, including, without limitation,
               legal fees, auditing fees and other expenses, incurred by the
               Seller Parties in connection with the transaction contemplated
               hereunder and for any additional fees and expenses incurred by
               the Seller Parties to enforce their rights under this provision
               up to an aggregate amount of US$1,000,000; provided that (i)
               Buyer shall pay a break-up fee of US$1,500,000 within ten
               Business Days immediately following the notice of Seller thereof
               and (ii) to the extent Seller makes use of the audit reports of
               InfoAchieve in connection with any public offering, merger or
               acquisition or financing transaction, Seller will reimburse Buyer
               for the portion of fees and expenses previously paid in
               connection with the audit of InfoAchieve.

          (b) The Company shall bear all expenses incurred in connection with
the negotiation and consummation of the Acquisitions.

          SECTION 10.2. Governing Law. This Agreement shall be construed under
and governed by the Laws of the State of New York.

<PAGE>

          SECTION 10.3. Materiality. As used in this Agreement, unless the
context would require otherwise, the terms "material" and the concept of the
"Material" nature of an effect upon the Group Companies and the Subsidiaries
shall be measured relative to the entire business of the Group Companies and the
Subsidiaries, taken as a whole, as such business is currently being conducted.
There have been, however, included in the Schedules and may be included
elsewhere in this Agreement items which are not "Material" within the meaning of
the immediately preceding sentence in order to avoid any misunderstanding, and
such inclusion shall not be deemed to be an agreement by the Seller Parties that
such items are "material" or to further define the meaning of such term for
purposes of this Agreement.

          SECTION 10.4. Guaranty of Performance. Seller hereby guarantees the
performance by the Seller Parties (other than Seller) of their obligations under
this Agreement.

          SECTION 10.5. Amendment. This Agreement may not be amended, modified
or supplemented except upon the execution and delivery of a written agreement
executed by the parties hereto.

          SECTION 10.6. No Assignment. Neither this Agreement nor any of the
rights, interests or obligations hereunder shall be assigned by any party hereto
without the prior written consent of the Buyer, in the case of assignment by any
of the Seller Parties, and the Seller Parties, in the case of any assignment by
the Buyer.

          SECTION 10.7. Waiver. Any of the terms or conditions of this Agreement
which may be lawfully waived may be waived in writing at any time by each party
which is entitled to the benefits thereof. Any waiver of any of the provisions
of this Agreement by any party hereto shall be binding only if set forth in an
instrument in writing signed on behalf of such party. No failure to enforce any
provision of this Agreement shall be deemed to or shall constitute a waiver of
such provision and no waiver of any of the provisions of this Agreement shall be
deemed to or shall constitute a waiver of any other provision hereof (whether or
not similar) nor shall such waiver constitute a continuing waiver.

          SECTION 10.8. Notices.

          (a) Any notice, demand, or communication required or permitted to be
given by any provision of this Agreement shall be deemed to have been
sufficiently given or served for all purposes if (i) personally delivered, (ii)
sent by a nationally recognized overnight courier service to the recipient at
the address below indicated or (iii) delivered by facsimile which is confirmed
in writing by sending a copy of such facsimile to the recipient thereof pursuant
to clause (i) or (ii) above:

<PAGE>

          If to the Buyer:

               Focus Media Holding Limited
               28-30/F, Zhao Feng World Trade Building
               369 Jiangsu Road
               Shanghai 100032 PRC
               Attn: Daniel Wu, Chief Financial Officer
               +86 21 3212 4661 ex. 6339 (tel)
               +86 215240 0228 (fax)

          With a copy to:

               Simpson Thacher & Bartlett LLP
               7/F, ICBC Tower
               3 Garden Road
               Central, Hong Kong
               Attn: Chris Lin, Esq.
               +852 2514 7650 (tel)
               +852 2869 7694 (fax)

          If to any of the Seller Parties:

               Framedia Advertising Development Co., Ltd.
               SCITECH Plaza
               22 JianGuoMenWai DaJie
               Beijing, 10004 PRC
               Attn: Tan Zhi, Chairman and CEO
               +86 10 65157956 (tel)
               +86 10 65141556 (fax)

          With a copy to:

               O'Melveny & Myers LLP
               31st Floor, China World Tower
               No. 1 Jianguomenwai Avenue
               Beijing 100004 PRC
               Attn: Howard Zhang, Esq.
               +86 10 6505 2612 (tel)
               +86 10 65050921 (fax)

or to such other address as any party hereto may, from time to time, designate
in a written notice given in like manner.

          Except as otherwise provided herein, any notice under this Agreement
will be deemed to have been given (x) on the date such notice is personally
delivered or delivered by facsimile or (y) the next succeeding Business Day
after the date such notice is delivered to the overnight courier service if sent
by overnight courier; provided that in each case notices received

<PAGE>

after 4:00 p.m. (local time of the recipient) shall be deemed to have been duly
given on the next Business Day.

          (b) For convenience only, the parties agree that all notices,
consents, directions or other actions that may be given or taken hereunder by
the Seller Parties may be given by Seller on behalf of the Seller Parties
pursuant to a written instruction or document duly executed by Seller and that
Buyer shall treat any such instrument or document as the action of the Seller
Parties hereunder.

          SECTION 10.9. Complete Agreement. This Agreement, the Confidentiality
Agreements, the Ancillary Documents and the other documents and writings
referred to herein or delivered pursuant hereto contain the entire understanding
of the parties with respect to the subject matter hereof and thereof and
supersede all prior agreements and understandings, both written and oral,
between the parties with respect to the subject matter hereof and thereof. This
Agreement shall be binding upon and shall inure to the benefit of the parties
hereto and their respective successors and permitted assigns.

          SECTION 10.10. Counterparts. This Agreement may be executed in one or
more counterparts, all of which shall be considered one and the same agreement
and each of which shall be deemed an original.

          SECTION 10.11. Publicity. The Seller Parties and the Buyer will
consult with each other and will mutually agree upon any publication or press
release of any nature with respect to this Agreement or the transactions
contemplated hereby and shall not issue any such publication or press release
prior to such consultation and agreement except as may be required by applicable
Law or by obligations pursuant to any listing agreement with any securities
exchange or any securities exchange regulation, in which case the party
proposing to issue such publication or press release shall make all reasonable
efforts to consult in good faith with the other party or parties before issuing
any such publication or press release and shall provide a copy thereof to the
other party or parties prior to such issuance.

          SECTION 10.12. Headings. The headings contained in this Agreement are
for reference only and shall not affect in any way the meaning or interpretation
of this Agreement.

          SECTION 10.13. Severability. Any provision of this Agreement which is
invalid, illegal or unenforceable in any jurisdiction shall, as to that
jurisdiction, be ineffective to the extent of such invalidity, illegality or
unenforceability, without affecting in any way the remaining provisions hereof
in such jurisdiction or rendering that or any other provision of this Agreement
invalid, illegal or unenforceable in any other jurisdiction.

          SECTION 10.14. Third Parties. Nothing herein expressed or implied is
intended or shall be construed to confer upon or give to any Person or
corporation, other than the parties hereto and their permitted successors or
assigns, any rights or remedies under or by reason of this Agreement.

          SECTION 10.15. Dispute Resolution (a) Any dispute, controversy or
claim arising out of or relating to this Agreement, or the interpretation,
breach, termination or validity hereof, shall be resolved through consultation.
Such consultation shall begin immediately after

<PAGE>

one party hereto has delivered to any other party hereto a written request for
such consultation. If within 30 days following the date on which such notice is
given the dispute cannot be resolved, the dispute shall be submitted to
arbitration upon the request of either party with notice to the other.

          (b) The arbitration shall be conducted in Hong Kong under the auspices
of the Hong Kong International Arbitration Centre (the " HKIAC"). There shall be
three arbitrators. Each opposing party to a dispute shall be entitled to appoint
one arbitrator, and the third arbitrator shall be jointly appointed by the
disputing parties or, failing which the HKIAC shall appoint the third
arbitrator.

          (c) The arbitration proceedings shall be conducted in English. The
arbitration tribunal shall apply the UNCITRAL Arbitration Rules as administered
by the HKIAC at the time of the arbitration.

          (d) The arbitrators shall decide any dispute submitted by the parties
to the arbitration strictly in accordance with the substantive laws of New York
and shall not apply any other substantive law.

          (e) Each party hereto shall cooperate with the other in making full
disclosure of and providing complete access to all information and documents
requested by the other in connection with such arbitration proceedings, subject
only to any confidentiality obligations binding on such party.

          (f) The award of the arbitration tribunal shall be final and binding
upon the disputing parties, and the prevailing party may apply to a court of
competent jurisdiction for enforcement of such award.

          (g) Either party shall be entitled to seek preliminary injunctive
relief from any court of competent jurisdiction pending the constitution of the
arbitral tribunal.

<PAGE>

          IN WITNESS WHEREOF, each of the parties hereto has caused this
Agreement to be executed by its duly authorized officer, in each case as of the
date first above written.

                                        TOTAL TEAM INVESTMENTS LIMITED

                                        By: /s/ Zhi Tan
                                            ------------------------------------
                                        Name: Zhi Tan (Chinese Character)
                                        Title: Authorized Signatory

<PAGE>

                                        INFOACHIEVE LIMITED

                                        By: /s/ Zhi Tan
                                            ------------------------------------
                                        Name: Zhi Tan (Chinese Character)
                                        Title: Authorized Signatory

<PAGE>

                                        DUKELAND INVESTMENTS LIMITED

                                        By: /s/ Zhi Tan
                                            ------------------------------------
                                        Name: Zhi Tan (Chinese Character)
                                        Title: Authorized Signatory

<PAGE>

                                        ALL IN ONE INTERNATIONAL LIMITED

                                        By: /s/ Lei Liu
                                            ------------------------------------
                                        Name: Lei Liu (Chinese Character)
                                        Title: Authorized Signatory

<PAGE>

                                        IDG TECHNOLOGY VENTURE INVESTMENTS
                                        FUND II, LP

                                        By: /s/ Gongquan Wang
                                            ------------------------------------
                                        Name: Gongquan Wang
                                        Title: Authorized Signatory

<PAGE>

                                        FIRST CHOICE INVESTMENT GROUP LIMITED

                                        By: /s/ Zhi Tan
                                            ------------------------------------
                                        Name: Zhi Tan (Chinese Character)
                                        Title: Authorized Signatory

<PAGE>

                                        YEE ON INVESTMENTS LIMITED

                                        By: /s/ Shisheng Liu
                                            ------------------------------------
                                        Name: Shisheng Liu (Chinese Character)
                                        Title: Authorized Signatory

<PAGE>

                                        TIMELEADER PROFITS LIMITED

                                        By: /s/ Haiqi Zhao
                                            ------------------------------------
                                        Name: Haiqi Zhao (Chinese Character)
                                        Title: Authorized Signatory

<PAGE>

                                        YUFAI INVESTMENTS LIMITED

                                        By: /s/ Yong Shi
                                            ------------------------------------
                                        Name: Yong Shi (Chinese Character)
                                        Title: Authorized Signatory

<PAGE>

                                        FOCUS MEDIA HOLDING LIMITED

                                        By: /s/ Nanchun Jiang
                                            ------------------------------------
                                        Name: Nanchun Jiang (Chinese Character)
                                        Title: Authorized Signatory

<PAGE>

                                                                    Schedule 1.1

Schedule 1.1A:

1.   Dukeland Investments Limited (Tan Zhi)

2.   All In One International Limited (Liu Lei)

Schedule 1.1B:

1.   IDG Technology Venture Investments Fund II, LP

2.   First Choice Investment Group Limited

3.   Yee On Investments Limited (Liu Shisheng)

4.   Timeleader Profits Limited (Zhao Haiqi)

5.   Yufai Investments Limited (Shi Yong)

Schedule 1.1C:

1.   Be First Investments Limited (Yin Yue) (Management Shareholder)

2.   Nice Excel Investments Limited (Ding Zhixue) (Management Shareholder)

3.   Sparkle Media Limited (Li Songqiao) (Management Shareholder)

4.   Excellent China (Group) Limited (Xu Chunlong) (Non-Management Shareholder)

5.   Red Focus Inc. (Yang Xuxia) (Non-Management Shareholder)

6.   Best Star Profits Limited (Wu Zefei) (Non-Management Shareholder)

<PAGE>

                                                                    Schedule 1.3

ANCILLARY DOCUMENTS

Confidentiality Agreements

Employee Non-Compete Agreements

Manager Non-Compete Agreements

Service Agreements

Initial Lock-up Agreements

Earnout Lock-up Agreements

Tax Indemnity Agreement

Escrow Agreement

<PAGE>

                                                                    Schedule 5.1

                           FRAMEDIA 2006 BUSINESS PLAN

<PAGE>

                                                                    Schedule 5.7

                          QUARTERLY NET INCOME TARGETS

<PAGE>

                                                                    Schedule 7.2

                         CONSENTS, WAIVERS AND APPROVALS

None.

<PAGE>

                                                                    Schedule 7.7

                               CONTROL AGREEMENTS

1.   Loan Contract(s) by and between the Buyer or its wholly owned subsidiary
     and the nominees designated by the Buyer, by which the Buyer or its wholly
     owned subsidiary will extend a certain amount of loans to the nominees;

2.   Equity Pledge Agreement(s) by and between the Buyer (or its wholly owned
     subsidiary) and the nominees designated by the Buyer, by which the nominees
     will pledge the equity interests they hold in Framedia Advertising to the
     Buyer (or its wholly owned subsidiary) for the obligations of the nominees
     and/or Framedia Advertising and/or Guangdong Shiji Shenghuo and/or Shanghai
     New Framedia Advertising Co., Ltd. under any and all Control Documents to
     which it is a party;

3.   Shareholders Voting Rights Proxy Agreement(s) by and between the Buyer (or
     its wholly owned subsidiary) and the nominees designated by the Buyer, by
     which such nominees will irrevocably authorize any Person or Persons
     designated by the Buyer (or its wholly owned subsidiary) to exercise on
     their behalf the voting rights as shareholders of Framedia Advertising
     and/or Guangdong Shiji Shenghuo and/or Shanghai New Framedia Advertising
     Co., Ltd.;

4.   Option Agreement(s) by and between the Buyer (or its wholly owned
     subsidiary) and the nominees designated by the Buyer, by which such nomiees
     will grant the Buyer (or its wholly owned subsidiary) an irrevocable
     option, according to which, to the extent permitted under PRC laws, such
     nominees shall, at the request of the Buyer (or its wholly owned
     subsidiary), transfer all or part of the equity interest they hold in
     Framedia Advertising and/or Guangdong Shiji Shenghuo and/or Shanghai New
     Framedia Advertising Co., Ltd. to the Buyer (or its wholly owned
     subsidiary) or any other entity or person designated by the Buyer (or its
     wholly owned subsidiary) at the agreed price under the Option Agreement(s);
     and

5.   Exclusive Technical Service and Cooperation Agreement (s) by and between
     the Buyer (or its wholly owned subsidiary) and Framedia Advertising and/or
     Guangdong Shiji Shenghuo and/or Shanghai New Framedia Advertising Co.,
     Ltd., by which the Buyer (or its wholly owned subsidiary) will exclusively
     provide the technical services and other relevant consultancy services for
     Framedia Advertising and/or Guangdong Shiji Shenghuo and/or Shanghai New
     Framedia Advertising Co., Ltd.

<PAGE>

                                                                   Schedule 7.10

                           SELLER CORPORATE DOCUMENTS

Schedule 3.30 is incorporated by reference

<PAGE>

                               DISCLOSURE SCHEDULE

      This Disclosure Schedule is made and given pursuant to Article 3 of the
Share Purchase Agreement dated as of October 15, 2005 (the "Share Purchase
Agreement") by and among TOTAL TEAM INVESTMENTS LIMITED, an international
business company incorporated in the British Virgin Islands ("NewCo" or
"Seller"), INFOACHIEVE LIMITED, an international business company organized
under the laws of the British Virgin Islands ("InfoAchieve" or the "Company"),
several shareholders of NewCo set forth on Schedule 1.1A of the Share Purchase
Agreement (the "Management Shareholders"), the other shareholders of NewCo set
forth on Schedule 1.1B of the Share Purchase Agreement, and FOCUS MEDIA HOLDING
LIMITED, a company organized under the laws of the Cayman Islands ("Focus Media"
or "Buyer") , and should be considered an integral part of the Share Purchase
Agreement.

      Unless the context otherwise requires, all capitalized terms are used
herein as defined in the Share Purchase Agreement.

      The section numbers in this Disclosure Schedule correspond to the section
numbers in the Share Purchase Agreement; provided, however, that any information
disclosed herein under any section number shall be deemed disclosed and
incorporated into any other sections hereof where it is reasonably apparent on
its face that such disclosure is applicable, whether or not a specific cross
reference is included.

      No disclosure in this Disclosure Schedule relating to any possible breach,
conflict, default or violation of any Contract or Law or otherwise shall be
construed as an admission or indication of any liability or that any breach,
conflict, default or violation exists or has actually occurred.

      References to all other agreements in this Disclosure Schedule are only
summaries and are qualified in their entirety by reference to those agreements.

      The headings contained in this Disclosure Schedule are included for
convenience only and are not intended to limit the effect of the disclosures
contained in this Disclosure Schedule or to expand the scope of the information
required to be disclosed in this Disclosure Schedule.

<PAGE>

SCHEDULE 3.1

1.    Share Purchase Agreement dated October 14, 2005 among IDG Technology
      Venture Investment III, L.P. ("IDG"), First Choice Investment Group
      Limited ("FCIG"), All In One International Limited, Timeleader Profits
      Limited, Yee On Investments Limited, Yufai Investments Limited, Dukeland
      Investments Limited, the Company and Seller;

2.    Termination Agreement dated October 14, 2005 among the Company, IDG, FCIG,
      Liu Lei, Zhao Haiqi, Liu Shisheng, Shi Yong, Tan Zhi, Shanghai Framedia
      Advertising Development Co., Ltd. and Shanghai Framedia Investment
      Consultancy Co., Ltd.;

3.    Loan Agreement dated July 13, 2005 among the Company, IDG, FCIG, Liu Lei,
      Shi Yong and Tan Zhi;

4.    Amendment Agreement to the Loan Agreement dated July 15, 2005 among the
      Company, IDG, FCIG, Liu Lei, Shi Yong and Tan Zhi;

5.    Second Amendment Agreement to the Loan Agreement dated July 15, 2005 among
      the Company, IDG, FCIG, Liu Lei, Shi Yong and Tan Zhi;

6.    Loan Agreement dated June 1, 2005 between the Company and Chen Hong;

7.    Loan Agreement dated May 10, 2005 between the Company and Tan Zhi;

8.    Loan Agreement dated July 13, 2005 between the Company and Zhao Haiqi

9.    Loan Agreement dated July 13, 2005 between the Company and Shi Yong;

10.   Loan Agreement dated July 13, 2005 between the Company and Liu Lei;

11.   Loan Agreement dated July 13, 2005 between the Company and Liu Shisheng;

12.   Supplemental Agreement to the Framework Purchase Agreement dated October
      14, 2005 among the Company, Seller, Li Songqiao and Guangdong Shiji
      Shenghuo Advertising Co., Ltd.;

13.   Supplemental Agreement to the Framework Asset Purchase Agreement dated
      October 14, 2005 among the Company, Seller, Yin Yue, Li Peng and Beijing
      Langmen Shenghuo Advertising Co., Ltd.;

14.   Supplemental Agreement to the Framework Asset Purchase Agreement dated
      October 14, 2005 among the Company, Seller, Beijing Yangguang Jiaxin
      Investment Co., Ltd., Beijing Ruizhi Communications Technology Consultancy
      Co., Ltd. and Shanghai Yangguang Jiaxin Advertising Marketing Co., Ltd.;

15.   Supplemental Agreement to the Framework Asset Purchase Agreement dated
      October 14, 2005 among the Company, Seller, Ding Zhixhue and Beijing
      Tuojia Shenghuo Advertising Co., Ltd.;

16.   Supplemental Agreement to the Framework Asset Purchase Agreement dated
      October 14, 2005 among the Company, Seller, Xu Chunlong, Liu Huangfeng and
      Guangzhou Liju Advertising Co., Ltd.;

<PAGE>

17.   Supplemental Agreement to the Framework Asset Purchase Agreement dated
      October 14, 2005 among the Company, Seller, Shenzhen Jintan Advertising
      Co., Ltd., Wu Zefei, Hu Feng, Shenzhen Xinghuo Advertising Co., Ltd. and
      Dongguan Xinghuo Advertising Co., Ltd.;

18.   Third Amendment Agreement dated October 14, 2005 among IDG, the Company,
      FCIG, Liu Lei, Shi Yong and Tan Zhi and Seller, to the Loan Agreement
      dated July 13, 2005 among IDG and the Company and related parties;

19.   Amendment Agreement dated October 14, 2005 among Chen Hong, the Company,
      and Seller, to the Loan Agreement dated June 1, 2005 among Chen Hong and
      the Company and related parties;

20.   Amendment Agreement dated October 14, 2005 among Tan Zhi, the Company, and
      Seller, to the Loan Agreement dated May 10, 2005 among Tan Zhi and the
      Company and related parties;

21.   Amendment Agreement dated October 14, 2005 among Zhao Haiqi, the Company,
      and Seller, to the Loan Agreement dated July 13, 2005 among Zhao Haiqi and
      the Company and related parties;

22.   Amendment Agreement dated October 14, 2005 among Shi Yong, the Company,
      and Seller, to the Loan Agreement dated July 13, 2005 among Shi Yong and
      the Company and related parties;

23.   Amendment Agreement dated October 14, 2005 among Liu Lei, the Company, and
      Seller, to the Loan Agreement dated July 13, 2005 among Liu Lei and the
      Company and related parties;

24.   Amendment Agreement dated October 14, 2005 among Liu Shisheng, the
      Company, and Seller, to the Loan Agreement dated July 13, 2005 among Liu
      Shisheng and the Company and related parties;

25.   Schedule 3.22 is hereby incorporated by reference.

26.   Schedule 3.23 is hereby incorporated by reference.

SCHEDULE 3.3

<TABLE>
<CAPTION>
SHAREHOLDER     TYPE & NO. OF SHARES OF THE COMPANY
<S>             <C>
Seller          1,000,000 Common Stock each of US$0.01.
</TABLE>

<PAGE>

SCHEDULE 3.4

<TABLE>
<CAPTION>
                         JURISDICTION OF     REGISTERED CAPITAL/AUTHORIZED
   COMPANY NAME           INCORPORATION                 CAPITAL             SHAREHOLDER   PERCENTAGE              NOTES
--------------------  ---------------------  -----------------------------  ------------- ----------  -----------------------------
<S>                   <C>                    <C>                            <C>           <C>         <C>
Company               British Virgin         Authorized share capital is    Seller           100%
                      Islands                US$50,000 divided into
                                             5,000,000 Common Stock of
                                             US$0.01 each, of which
                                             1,000,000 Common Stock has
                                             been issued and outstanding.

Framedia Advertising  PRC                    RMB1,000,000                   Wang Gongquan     43%     The registered capital of
                                                                            Zhao Haiqi      16.9%     Framedia Advertising was paid
                                                                            Liu Shisheng   15.72%     up through a loan agreement
                                                                            Liu Lei        17.72%     between the Company and each
                                                                            Shi Yong        6.66%     of Wang Gongquan, Zhao Haiqi,
                                                                                                      Liu Shisheng, Liu Lei and
                                                                                                      Shi Yong, respectively.

                                                                                                      Pursuant to the Structure
                                                                                                      Agreements, Framedia
                                                                                                      Advertising covenants to the
                                                                                                      Company that it will not
                                                                                                      conduct certain behaviors
                                                                                                      (without the prior consent
                                                                                                      from the Company).

                                                                                                      Each of the shareholders of
                                                                                                      Framedia Advertising has
                                                                                                      pledged its respective
                                                                                                      interest in Framedia
                                                                                                      Advertising to the Company.

                                                                                                      Each of the shareholders of
                                                                                                      Framedia Advertising has
                                                                                                      granted the Company an option
                                                                                                      to purchase all or part of
                                                                                                      its interest in Framedia
                                                                                                      Advertising.
</TABLE>

<PAGE>

<TABLE>
<S>                   <C>       <C>            <C>             <C>       <C>
Guangdong Shiji       PRC       RMB5,000,000   Liu Lei          90%      The registered capital of Guangdong Shiji Shenghuo
Shenghuo                                       Shi Yong         10%      should have been paid up through a loan agreement
                                                                         between the Company and each of Liu Lei and Shi
                                                                         Yong, respectively.   But at present the Company
                                                                         hasn't performed its obligation to wire the loan to
                                                                         Liu Lei and Shi Yong, and RMB5,000,000 is not in the
                                                                         bank account of Guangdong Shiji Shenghuo.

                                                                         Pursuant to the Structure Agreements, Guangdong
                                                                         Shiji Shenghuo covenants to the Company that it will
                                                                         not conduct certain behaviors (without the prior
                                                                         consent from the Company).

                                                                         Each of the shareholders of Guangdong Shiji Shenghuo
                                                                         has pledged its respective interest in Guangdong
                                                                         Shiji Shenghuo to the Company.

                                                                         Each of the shareholders of Guangdong Shiji Shenghuo
                                                                         has granted the Company an option to purchase all or
                                                                         part of its interest in the Company.

Framedia Advertising  PRC       N/A            Framedia        100%
Beijing Branch                                 Advertising

Framedia Advertising  PRC       N/A            Framedia        100%
Guangzhou Branch                               Advertising

Framedia Advertising  PRC       N/A            Framedia        100%
Nanjing Branch                                 Advertising

Framedia Advertising  PRC       N/A            Framedia        100%      The annual inspection of Shenzhen Branch for the
Shenzhen Branch                                Advertising               year 2004 is in process.
</TABLE>

<PAGE>

<TABLE>
<S>                   <C>       <C>            <C>             <C>
Framedia Advertising  PRC       N/A            Framedia        100%
Wuhan Branch                                   Advertising

Framedia Advertising  PRC       N/A            Framedia        100%
Donguan Branch (to                             Advertising
be established in
later 2005)

Shanghai New Frame    PRC       RMB1,000,000   Liu Lei          40%
Advertising Co.,
Ltd. (to be
established by the
end of 2005)                                    Yin Yue          60%
</TABLE>

Pursuant to the Share Purchase Agreement dated October 14, 2005 among IDG, FCIG,
All In One International Limited, Timeleader Profits Limited, Yee On Investments
Limited, Yufai Investments Limited, Dukeland Investments Limited, the Company
and Seller, Seller has assumed all of the employee stock options, the warrants
and the contractual obligations to issue stock for Acquired Business of the
Company.

<PAGE>

SCHEDULE 3.5

                        CORPORATE RECORDS OF INFOACHIEVE

                               INFOACHIEVE LIMITED
                                  JULY 28, 2004

1.    Liu Lei subscribed for 100 Common Shares in a consideration of US$100.

2.    Liu Shi Sheng subscribed for 100 Common Shares in a consideration of
      US$100.

3.    Zhao Hai Qi subscribed for 100 Common Shares in a consideration of US$100.

4.    Shi Yong subscribed for 100 Common Shares in a consideration of US$100.

Liu Lei: owned 100 Common Shares.

Liu Shi Sheng: owned 100 Common Shares.

Zhao Hai Qi: owned 100 Common Shares.

Shi Yong: owned 100 Common Shares.

InforAchive splitted its common shares shares by 1 into 100 on March 18,2005.

                               INFOACHIEVE LIMITED
                                  MARCH 21, 2005

1.    Liu Lei subscribed for 280,000 Common Shares in a consideration of
      US$280,000.

2.    Liu Shi Sheng subscribed for 280,000 Common Shares in a consideration of
      US$280,000.

3.    Zhao Hai Qi subscribed for 290,000 Common Shares in a consideration of
      US$290,000.

4.    Shi Yong subscribed for 110,000 Common Shares in a consideration of
      US$110,000.

Liu Lei: owned 290,000 Common Shares

Liu Shi Sheng: owned 290,000 Common Shares

Zhao Hai Qi: owned 300,000 Common Shares

Shi Yong: owned 120,000 Common Shares

(1) On May 12, 2005, Liu Lei, Liu Shi Sheng, Zhao Hai Qi and Shi Yong("the
Transferor") entered into a Share Transfer Agreement with Tan Zhi("the
Transferee") whereby the Transferor transferred 50,000 Common Shares to the
Transferee for a consideration of RMB500.

(2) On May 12, 2005, Liu Lei, Liu Shi Sheng, Zhao Hai Qi and Shi Yong ("the
Transferor") entered into a Share Purchase Agreement with First Choice
Investment Group Limited ("FCIG") and under the Share Purchase Agreement, FCIG
purchased from the Transferor 270,000shares as the Preference Shares A-1, for a
consideration of RMB9, 440,000.

<PAGE>

(3) On May 12, 2005, FCIG and IDG entered into a Share Transfer Agreement
whereby FCIG transferred to IDG 40,000 shares which were treated as the
Preference Shares A-1, for a consideration of RMB1,398,519.

                               INFOACHIEVE LIMITED
                                  MAY 12, 2005

Liu Lei: owned 197,200 Common Shares

Liu Shi Sheng: owned Common Shares

Zhao Hai Qi: owned Common Shares

Shi Yong: owned 81,600 Common Shares

Tan Zhi : owned 50,000 Common Shares

FCIG: owned 270,000 Series A-1 Shares

IDG: owned 40,000 Series A-1 Shares

On May 18, 2005, Liu Lei, Liu Shi Sheng, Zhao Hai Qi and Shi Yong ("the
Transferor") entered into a Share Purchase Agreement with IDG Technology Venture
Investment III L.P. ("IDG") and under the Share Purchase Agreement, IDG
purchased from the Transferor 110, 000 shares as the Preference Shares A-2, for
a consideration of RMB5,170,000.

                               INFOACHIEVE LIMITED
                                 18 MAY, 2005

Liu Lei: owned 177,200 Common Shares

Liu Shi Sheng: owned 157,200 Common Shares

Zhao Hai Qi: owned 169,000 Common Shares

Shi Yong: owned 66,600 Common Shares

Tan Zhi: owned 50,000 Common Shares

FCIG: owned 230,000 Series A-1 Shares

IDG: owned 110,000 Series A-2 Shares

                           40,000 Series A-1 Shares

ACQUISITIONS OF INFOACHIEVE

1.    On 12 May, 2005, InfoAchieve("THE COMPANY")acquired the assets
      related to the elevator advertisement network from Guangdong Shiji
      Shenghuo Advertisment Co., Ltd ("GUANGDONG SHIJI SHENGHUO") in a
      consideration of RMB 5,800,000 and 90,000 common shares of the Company in
      favor of Li Song Qiao, a shareholder of Guangdong Shiji Shenghuoi.

<PAGE>

2.    On 1 June, 2005, InfoAchieve("THE COMPANY")acquired the assets
      related to the elevator advertisement network from Beijing Langmei
      Advertisement Co., Ltd ("BEIJING LANGMEI") in a consideration of RMB6,
      850,000 and 160,000 common shares of the Company in favor of Yin Yue and
      Li Ping, shareholders of Beijing Langmei.

3.    On 12 June, 2005, InfoAchieve("THE COMPANY")acquired the assets
      related to the elevator advertisement network from Shanghai Yangguang Jia
      Xin Advertisement & Marketing Co., Ltd ("SHANGHAI YANGGUANG") in a
      consideration of RMB2, 000,000 and 99,000 common shares of the Company in
      favor of Beijing Yangguang Jiaxin Investment Co., Ltd and Beijing Ruizhi
      Telcom Technology and Consulting Co., Ltd, shareholders of Shanghai
      Yangguang.

4.    On 12 June, 2005, InfoAchiece("THE COMPANY")acquired the assets
      related to the elevator advertisement network from Beijing Tuojia
      Advertisement Co., Ltd ("BEIJING TUOJIA") in a consideration of
      RMB7,200,000 and 95,200 common shares of the Company in favor of Ding Xue
      Zhi, a shareholder of Beijing Tuojia.

5.    On 20 June, 2005, InfoAchieve("THE COMPANY")acquired the assets
      related to the elevator advertisement network from Guangzhou Liju
      Advertisement Co., Ltd ("Guangzhou Liju") in a consideration of
      RMB4,000,000 and 140,000 common shares of the Company in favor of Xu Chun
      Long and Liu Huang Feng, shareholders of Guangzhou Liju.

6.    On 20 June, 2005, InfoAchieve("THE COMPANY")acquired the assets
      related to the elevator advertisement network from Beijing Chengxin Sihai
      Advertisement Co., Ltd("Beijing Chengxin Sihai") in a consideration of
      RMB10,000,000 in favor of Cui Jianxin, Li Haibin and Li Cheng,
      shareholders of Beijing Chengxin Sihai.

7.    On 22 Aug, 2005, InfoAchieve("THE COMPANY")acquired the assets
      related to the elevator advertisement network from Beijing Lingxian Media
      Co., Ltd(Beijing Lingxian") in a consideration of RMB8,200,000 in favor of
      Liang Jingmin, Song Gang and Guo Lianying, equityholders of Beijing
      Lingxian.

8.    On 31 Aug, 2005, InfoAchieve("THE COMPANY")acquired the assets
      related to the elevator advertisement network from Shenzhen Xinghuo
      Advertisement Co., Ltd("Shenzhen Xinghuo") in a consideration of
      RMB7,000,000 and 30,000 common shares of the Company in favor of Wu Zefei,
      Hu Feng and Shen Jintan Advertisement Co., Ltd, equityholders of Shenzhen
      Xinghuo.

<PAGE>

Due Diligence reflects that till Oct 15, in terms of the above-mentioned
acquisitions, InfoAchieve has yet paid off its full consideration and there is
an outstanding amount of RMB39,970,00 in its cash consideration and none of the
share consideration has issued and allotted.

LOANS FROM SHAREHOLDERS OF INFOACHIEVE AS OF 13 JULY, 2005

1.    InfoAchieve got a loan from IDG in an amount of US$1,811,594 and granted
      IDG a warrant to purchase from the Company up to 35,550 shares at a
      subsription price of US$15,287 per share.

2.    InfoAchieve got a loan from Mr. Chen Hong in an amount of RMB4, 000,000
      and granted Mr. Chen Hong a warrant to purchase from the Company up to
      10,000 shares at a subsription price of US$15,287 per share.

3.    InfoAchieve got a loan from Mr. Tan Zhi in an amount of RMB2,700,000 and
      granted Mr. Chen Hong a warrant to purchase from the Company up to 10,000
      shares at a subsription price of US$15,287 per share.

4.    InfoAchieve got a loan amounting to RMB3,027,560 from Messrs. Liu Lei, Liu
      Shi Sheng, Zhao Hai Qi and Shi Yong and granted the above four individual
      equityholders a warrant to purchase from the Company up to 10,000 shares
      at a subsription price of US$15,287 per share. Till now, InfoAchieve has
      repaid the four individuals an amount of RMB284,575.22 and the balance is
      RMB2,742,984.78.

STOCK OPTION SCHEME OF INFOACHIEVE

A shareholders Resolution has been passed on July 12, 2005 in which the Board is
authorized to grant to the employees an option to purchase up to 300,000 common
shares of the Company, among which 258,900 option shares shall be granted for
the first time at an exercise price of RMB47 and 17,600 option shares shall be
granted for the second time at an exercise of RMB150.

A board resolution that passed on September 1, 2005 resloved to over allot Mr.
Tanzhi 400,000 common shares of the Company as the incentive.

SEPTEMBER 26, 2005

Mr. Tanzhi transferred 50,000 common shares of the Company to Duke land
Investments Limited.

<PAGE>

                               INFOACHIEVE LIMITED
                                OCTOBER 14, 2005

1.    Liu Lei transferred 177,200 common shares of the Company to All In One
      International Limited.

2.    Liu Shi Sheng transferred 157,200 common shares of the Company to Yee On
      Investments Limited,

3.    Zhao Hai Qi transferred 169,000 common shares of the Company to Timeleader
      Profits Investments Limited.

4.    Shi Yong transferred 66,600 common shares of the Company to Yufai
      Investments Limited.

IMMEDIATELY FOLLOWING THE ABOVE TRANSFER, THE SHAREHOLDING STRUCTURE OF
INFOACHIEVE BEING AS FOLLOWS:

<TABLE>
<CAPTION>
                        SHAREHOLDER                             SHARE NUMBERS
<S>           <C>                                               <C>
              Yee On Investments Limited                            157,200

              All In One International Limited                      177,200

Common        Timeleader Profits Investments Limited                169,000
Shares

              Yufai Investments Limited                              66,600

              Dukeland Investments Limited                           50,000

Preference    IDG
Shares                                                              150,000

              FCIG                                                  230,000

              IDG                                                    35,550

              Tan Zhi                                                10,000

Warrant       Liulei and others                                      10,000

              Chen Hong                                              10,000

Option                                                              276,500
</TABLE>

5.    On Oct 14, 2005, FCIG, a share transfer agreement was made and entered
      into by and amongst IDG, All In One International Limited, Yee
      On Investments Limited, Timeleader Profits Investments Limited, Yufai
      Investments Limited, Dukeland Investments Limited, Infoachieve and Total
      Team Investments Limited and under the share transfer agreement, FCIG,
      IDG, All In One International Limited, Yee On Investments Limited,
      Timeleader Profits Investments Limited, Yufai Investments Limited,
      Dukeland Investments Limited transferred all the shares they owned of
      record to Total Team Investments Limited and at the same time all the
      preference shares were converted into common shares , and Total Team
      Investments Limited would be liable for all the outstanding warrants and
      options that Infoachieve had granted.

IMMEDIATELY FOLLOWING THE ABOVE TRANSFER, THE SHAREHOLDING STRUCTURE OF
INFOACHIEVE BEING AS FOLLOWS:
<PAGE>

<TABLE>
<CAPTION>
                        SHAREHOLDER                       SHARE NUMBER
<S>                <C>                                    <C>
Common shares      Total Team Investments Limited           1,000,000
</TABLE>

SCHEDULE 3.6

BALANCE SHEET

NAME OF COMPANY: INFOACHIEVE LIMITED CONSOLIDATED SHEET

<TABLE>
<CAPTION>
                ITEM                               AUGUST 31               ITEM                   AUGUST 31
------------------------------------             -------------      ---------------------       --------------
<S>                                              <C>                <C>                         <C>
Cash                                              9,533,426.41      Liquidated Debt:
Short Loan                                                          Short Loan
Receipt Receivable                                                  Receipt Receivable
Equity Interest Receivable                                          Accounting Payable           4,422,640.68
Interest Receivable                                                 Accounting Collected
                                                                     in Advance
accounting receivale                             19,442,485.78      Payroll Payable                738,197.45
Other accounting receivale                       20,200,925.61      Welfare Payable                200,456.89
Accounting Prepaid                                  370,116.00      Equity Interest
                                                                    Payable
Subsidy Receivable                                                  Tax Payable                  1,889,316.04
Storage                                           3,760,165.80      Other Accouting
                                                                     Payable
Amortization                                        465,859.37      Other Accounting           70,380,706.47
                                                                     Prepaid
Long Investment due within one year                                 Accured Expense              2,990,567.00
Current Assets                                                      Current Liabilites
                                                                    Long-term
                                                                    Liabilities due
                                                                    within one year
Director Accounting Receiable                                       Other Current
                                                                    Liabilities
Accouting Receivable from subsidiary
  and company
   Business                                         234,898.00      Director Accounting
                                                                     Payable
                                                                    Accouting Payable
                                                                     from subsidiary and
                                                                     company
</TABLE>

<PAGE>

<TABLE>
<S>                                              <C>                <C>                         <C>
Current Assets in Total                          54,007,876.97      Current Liability in         80,621,884.53
                                                --------------      Total                        -------------
Long-term Investment                                                Long-term Liability
Long-term Equity Investment                                         Long-term Loan
Long-term Credit Investment                                         Securities Payable
Long-term Investment in Total                                       Long-term Accounting
                                                                     Payable
Consolidated Difference                                             Exclusive Accounting
                                                                     Payable
                                                                    Other Long-term
                                                                     Liability
Fixed Assets
Original Price of Fixed Assets                    2,632,964.28      Long-term Liability
                                                                     in Total
Minus: Accumulated Depreciation                    -514,562.60
Net Worth of Fixed Assets                         1,372,513.20      Deferred Assets
Minus: Impairment of Fixed Assets                                   Loan for  Deferred
                                                                     Assets
    Net Worth of Fixed Assets                     1,372,513.20
Project Material                                                    Liability in Total           80,621,884.53
Current Construction
Disposal of Fixed Assets

Fixed Assets in Total                             1,802,159.52      Minority Shareholder
                                                                     Interest
                                                                    Shareholder Interest
Intangible Assets and Other Assets                                   Equity                       6,000,000.00
Intangible Assets                                    38,362.00      Capital Surplus
Long-term Prepaid Expense                            68,951.55       Surplus Reverse
Other Long-term Assts                                               Non-distributed             -30,704,534.49
                                                                     Interest
                                                                     foreign currency
                                                                     translation
Intangible Assets and Other Assets in               107,313.55
Total

Deferred Assets:
Deffered Assets Debit                                               Shareholder Interest        -24,704,534.49
                                                                    in Total
</TABLE>

<PAGE>

<TABLE>
<S>                                              <C>                <C>                         <C>
                                                                    Liability and
Assets in Total                                  55,917,350.04      Shareholder Interest         55,917,350.04
                                                 -------------      in Total                    --------------
</TABLE>

INFOACHIEVE LIMITED CONSOLIDATED SHEET
JANUARY TO AUGUST 2005

<TABLE>
<CAPTION>
                 ITEM                                                          JANUARY TO AUGUST
-------------------------------------------------                              -----------------
<S>                                                                            <C>
SALES                                                                              51,166,420.33
Minus: Cost of sales                                                               24,199,988.23
            Sales tax                                                               4,860,809.93
PROFIT                                                                             22,105,622.17
  Add: Profit                                                                           -2,699.37
  Minus:                                                                                       -
          Operating expenses                                                        6,912,485.94
          General and administrative expenses                                       3,042,642.56
          Financial expenses                                                        1,203,481.88
OPERATING PROFIT                                                                   10,944,312.42
   Add: Investment income
            Subsidy income                                                            821,221.05
            Non-operating income                                                        1,000.00
  Minus: Non-operating expenses                                                    51,052,145.82
PROFIT IN TOTAL                                                                   -39,285,612.35
  Minus: Income tax                                                                     3,386.04
NET PROFIT                                                                        -39,288,998.39
</TABLE>
<PAGE>

BALANCE SHEET

COMPANY NAME: INFOACHIEVE LIMITED CONSOLIDATED SHEET

<TABLE>
<CAPTION>
                  ITEM                            END OF YEAR                ITEM                 END OF YEAR
------------------------------------             -------------      ---------------------       --------------
<S>                                              <C>                <C>                         <C>
Cash                                             11,233,421.21      Liquidated Debt:
Short Loan                                                   -      Short Loan                               -
Receipt Receivable                                           -      Receipt Receivable                      -
Equity Interest Receivable                                   -      Accounting Payable           3,216,018.72
Interest Receivable                                          -      Accounting                              -
                                                                    Collected in Advance
accounting receivale                             25,581,587.68      Payroll Payable                 995,436.24
Other accounting receivale                       15,348,185.43      Welfare Payable                 235,835.28
Accounting Prepaid                                    2,100.00      Equity Interest                       0.00
                                                                    Payable
Subsidy Receivable                                           -      Tax Payable                   2,494,845.84
Storage                                           7,270,060.38      Other Accouting                 -50,560.36
                                                                    Payable
Amortization                                      1,129,499.13      Other Accounting             69,730,948.13
                                                                    Prepaid
Long Investment due within one year                          -      Accured Expense                 570,766.34
Current Assets                                               -      Current Liabilites                       -
                                                                    Long-term
                                                             -        Liabilities due                        -
                                                                       within one year
Director Accounting Receiable                                -      Other Current                            -
                                                                    Liabilities
Accouting Receivable from subsidiary
  and company                                                -                                               -
   Business                                         233,978.00      Director Accounting                      -
                                                                    Payable
                                                             -      Accouting Payable                        -
                                                                     from subsidiary and
                                                                     company

                                                             -                                               -
Current Assets in Total                          60,798,831.83      Current Liability in         77,193,290.19
                                                 -------------          Total                   --------------
Long-term Investment                                         -      Long-term Liability
Long-term Equity Investment                                  -      Long-term Loan                           -
Long-term Credit Investment                                  -      Securities Payable                       -
Long-term Investment in Total                                -      Long-term Accounting                     -
                                                                    Payable
Consolidated Difference                                      -      Exclusive Accounting                     -
                                                                    Payable
</TABLE>

<PAGE>

<TABLE>
<S>                                              <C>                <C>                         <C>
                                                             -      Other Long-term                          -
                                                                    Liability
Fixed Assets                                                 -                                               -
Original Price of Fixed Assets                    1,838,193.28      Long-term Liability                      -
                                                                    in Total
Minus: Accumulated Depreciation                     188,724.60                                               -
Net Worth of Fixed Assets                         1,649,468.68      Deferred Assets                          -
Minus: Impairment of Fixed Assets                            -      Loan for  Deferred                       -
                                                                    Assets
    Net Worth of Fixed Assets                     1,649,468.68
Project Material                                             -
Current Construction                                         -
Disposal of Fixed Assets                                     -

Fixed Assets in Total                             1,649,468.68      Liability in Total           77,193,290.19
                                                                                                --------------

Intangible Assets and Other Assets                           -      Minority Shareholder
                                                                    Interest
Intangible Assets                                    53,044.00      Shareholder Interest
Long-term Prepaid Expense                            67,741.87           Equity                   6,000,000.00
Other Long-term Assets                                        -      Capital Surplus                          -
                                                             -      Surplus Reverse                          -
                                                             -      Non-distributed             -20,624,203.81
                                                                    Interest
                                                             -      foreign currency                         -
                                                                    translation

Intangible Assets and Other Assets in               120,785.87      Shareholder Interest        -14,624,203.81
Total                                            -------------      in Total                    --------------

Assets in Total                                  62,569,086.38      Liability and                62,569,086.38
                                                 -------------      Shareholder Interest        --------------
                                                                    in Total
</TABLE>
<PAGE>

PROFIT TABLE JANURYA TO SEPTEMBER 2005
COMPANY NAME : INFOACHIEVE LIMITED
               CONSOLIDATED SHEET

<TABLE>
<CAPTION>
                 ITEM                                                                    JANUARY TO SEPTEMBER
---------------------------------------------                                            ---------------------
<S>                                                                                      <C>
SALES                                                                                            66,216,019.35
Minus: Cost of sales                                                                             26,256,250.32
       Sales tax                                                                                  6,290,521.84
PROFIT                                                                                           33,669,247.19
  Add: Profit                                                                                       550,231.63
  Minus:
          Operating expenses                                                                     10,505,357.61
          General and administrative expenses                                                     4,169,336.59
          Financial expenses                                                                        984,307.03
OPERATING PROFIT                                                                                 18,560,477.59
   Add: Investment income
            Subsidy income                                                                        1,062,767.11
            Non-operating income                                                                      1,000.00
  Minus: Non-operating expenses                                                                  51,527,957.04
PROFIT IN TOTAL                                                                                 -31,903,712.34
  Minus: Income tax                                                                                   3,686.04
NET PROFIT                                                                                      -31,907,398.38
</TABLE>

SCHEDULE 3.7A

Framedia Advertising has entered into an Advertisement Release Agreement with
Baolin Advertising (Shanghai) Co., Ltd. ("Baolin Advertising") on September 4,
2005, pursuant to which Framedia Advertising should, at the time of two months
prior to the change of ownership interest or change of control in relation to
Framedia Advertising, give a written notice to Baolin Advertising of such
change, and Baolin Advertising has the right determine whether to terminate this
Advertisement Release Agreement or not. The term of this Advertisement Release
Agreement is three months and the total amount payable by Baolin upon complete
performance by Framedia Advertising of its obligations under this Advertisement
Release Agreement is RMB821,000.

Certain Seller Parties may be subject to certain registration and approval
requirements under PRC regulation with respect to their overseas investments.

SCHEDULE 3.11

The Company has entered into a Share Purchase Agreement on October 14, 2005 with
IDG, FCIG, All In One International Limited, Timeleader Profits Limited, Yee On
Investments Limited, Yufai Investments Limited, Dukeland Investments Limited and
Seller, pursuant to which Seller purchased the entire issued share capital of
the Company from IDG, FCIG, All In One International Limited, Timeleader Profits
Limited, Yee On Investments Limited, Yufai Investments Limited and Dukeland
Investments Limited, and assumed all of the employee stock options, the warrants
and the options issued to the acquired entities of the Company.
<PAGE>

SCHEDULE 3.12

Framedia Advertising Shenzhen Branch and Beijing Branch have paid the following
overdue amount to the relevant tax authorities: (1) Shenzhen Branch - RMB171.22
in respect of withholding income tax for the months April and May of 2005; (2)
Beijing Branch - RMB2,774.76 in respect of withholding income tax for the months
from March to August of 2005, RMB138.52 in respect of business tax, city
construction fees and culture and education related fees.

With respect to withholding income tax from employee salaries, Framedia
Advertising currently allows the few employees to deduct certain expenses as
reimbursement, sales commissions or rebates from their respective pre-tax
salaries no more than RMB100,000 per month in average.

Some of stamp duty taxes in an total amount no more than RMB60,000 has not been
paid by Framedia Advertising.

SCHEDULE 3.13

Details of the social insurance status of Framedia Advertising and its branches
are listed as below:

INSTRUCTION TO THE NATIONAL HUMAN RECOURSES

1. COMAPANY WITH THE FOLLOWING NAMES EXECUTES THE LABOUR CONTRACT WITH
   EMPLOYEES:

1. Company: Shanghai Framdia Advertisement Development Co., Ltd

2. Northern Region: Beijing Subsidiary of Shanghai Framdia Advertisement
   Development Co., Ltd,

3. Eastern Region:(1) Shanghai Framedia Culture Advertisement Co., Ltd

                 (2) Shanghai Framdia Advertisement Development Co., Ltd

4. Southern Region: Guanzhou Subsidiary of Shanghai Framdia Advertisement
   Development Co., Ltd.

   Shenzhen Subsidiary of Shanghai Framdia Advertisement Development Co., Ltd.

5. Wuhan Company: Wuhan Subsidiary of Shanghai Framdia Advertisement Development
   Co., Ltd.

6. Nanjing Company: Nanjing Subsidiary of Shanghai Framdia Advertisement
   Development Co., Ltd.

2. AS DATE OF SEPTEMBER 30, THE NUMBER OF THE PEOPLE IN THE COMPANIES
   NATIONALWIDE

1. Company Headquater: 25

2. Northern Region: 150

3. Eastern Region: 77

4. Southern Region: 120

5. Wuhan Company: 16

6. Nanjing Company: 6

Total: 394

3. SOCIAL WELFARE PAID BY THE COMPANY FOR THE EMPLOYEES (PAID BY THE COMPANY
   SINCE ITS ESTABLISHMENT)

1. Company Headquater: April 2005

2. Northern Region: April 2005

3. Eastern Region: July 2005

4. Southern Region: Guanzhou: October 2004

                            Shenzhen: September 2004 - Feburary 2005, Employee
                            insurace is under the name of the former companyh,
                            it alters to be under the name of the new company
                            since March 2005

5. Wuhan Company: April 2005

6. Nanjing Company: August 2005

<PAGE>

4. FROM JANURARY 1, 2005, THE SPECIFIC TYPE AND BASIC AMOUNT OF THE SOCIAL
     WELFARE PAID BY THE COMPANY FOR THE EMPLOYEES

1. Company Headquater: retirement, work injury, unemployment,medical, maternity
                      (from July 2005), Housing (from October 2005)

2. Northern Region: retirement, work injury, unemployment,medical, maternity
                   (from July 2005), Housing (from October 2005)

3. Eastern Region: retirement, work injury, unemployment, medical, maternity,
                  Housing

4. Southern Region: Guangzhou: retirement, work injury, unemployment, medical,
                   maternity Shenzhou: retirement, work injury, unemployment,
                   medical

5. Wuhan Company: retirement, work injury, unemployment, medical

6. Nanjing Company: retirement, work injury, unemployment, maternity

NOTE: PLEASE SEE THE TABLE FOR THE BASIC AMOUNT OF EACH INSURANCE

5. EXPECT FOR SOCIAL INSURANCE, THE COMPANY IS PLANNING TO TAKE THE COMMERCIAL
     INSURANCE FOR THE EMPLOYEES AS FOLLOWING:

1. Company Headquater: No

2. Northern Region:Incidental commercial insurance for the employees in the
                  engineering group of client service department is under
                  procedure

3. Eastern Region:(1) Incidental commercial insurance for the employees in the
                     engineering group of client service department is under
                     procedure

                 (2) Non-local employee pay the comprehensive insurance:
                     retirement, work injury is under Ping An Insurance; the two
                     part is managed by the social insurance deparatment

4. Southern Region: Incidental commercial insurance for the employees in the
                   engineering group of client service department is under
                   procedure

5. Wuhan Company:   Incidental commercial insurance for the employees in the
                   engineering group of client service department is under
                   procedure

6. Nanjing Company: Incidental commercial insurance for the employees in the
                   engineering group of client service department is under
                   procedure

6. PUBLIC ACCUMULATION FUND FOR HOUSING PAID BY COMPANY

1. Company Headquater, Northern Region, Easter Region:housing fund is all base
on the real salary as the basic amount, among which the amount paid by Nothern
Region is no more than RMB1417/month(undertaken by company plus by individual)

2. Southern Region, Wuhan Company and Nanjing Company: October 2005 under
   procedure

7. NO. OF PEOPLE WITH INSURANCE PAID AND UNPAID

Beijing:  paid: 52;  unpaid: 123

Shanghai: paid: 44;  unpaid: 33

Shenzhen: paid: 18;  unpaid: 36

Guanzhou: paid: 43;  unpaid: 23

Wuhan:    paid: 14;  unpaid: 2

Nanjing:  paid: 6;   unpaid: 0

<PAGE>

CURRENT SITUATION FOR PAYMENT OF INSURANCE THE COMPANY NATIONALWIDE(TAKEN
SEPTEMBER 30 AS EXAMPLE)

<TABLE>
<CAPTION>
                                                                   WORK
                               RETIREMENT        UNEMPLOYMENT     INJURY        MEDICICAL                         HOUSING
                           -----------------  -----------------  -------  -------------------               -------------------
  REGION     BASIC AMOUNT   CO.     EMPLOYEE   CO.     EMPLOYEE    CO.       CO.     EMPLOYEE   MATERNITY    CO      EMPLOY- EE
-----------  ------------  -----    --------  -----    --------  -----    -------    --------   ---------   ------   ----------
<S>          <C>           <C>      <C>       <C>      <C>       <C>      <C>        <C>        <C>         <C>      <C>
             1000/1500/
             2000/Famer
Headquater/  worker
Beijing      545/            20%       8%     1.50%     0.50%      0.50%      10%      2%+3       0.80%        10%      10%

             Refer to
             salary, no
             more than
Shanghai     RMB 6099        22%       8%        2%        1%      0.50%      12%         2%      0.50%         7%       7%

Shenzhen     1597/2661     9%/8%       5%      0.4%                0.50%  6.5%/1%         2%      0.50%     13.00%

Guangzhou    1422/2585       12%       8%        2%        1%      0.50%    8%+5          1%      0.70%

Wuhan        1000            20%       7%        2%        1%                  8%         2%      0.50%        10%      10%

             941(min.
Nanjing      amount)         21%       8%        2%        1%       0.2%       9%     2%+10       0.80%         8%       8%
</TABLE>

Explantion

1. Beijing

 (1) The minimus for medical insurance is RMB1417,maximum RMB7086/month,less
     than this will increase automatically(e.g. Famer's retirement, work injury,
     unemployment basic amount is RMB545,medical basic amount is RMB1417);

 (2) Maternity insurance is compulsory for the people with Beijing Hukou;

 (3) Basic amount for the employee is set as salary of RMB1000, RMB1500,
     RMB2000, more than RMB 2000 will be paid according to RMB 2000;

 (4) Public accumulation fund of housing is carried out from September this
     year.

2. Shanghai

 (1) Paid according to the salary of the employee, min. RMB1220/month, max.
     6099/month;

 (2) non-local employee paid for a fixed amount as for RMB172.5/month, and is
     the comprehensive insurance for the non-locals

3. Shenzhen

 (1) Paid according to the salary of the employee, min. RMB 1597/mon, managers
     and above paid based on RMB2000;

 (2) non-local employee only pay for the insurance for living in hospital,
     company undertake1%, individual undertakes none

 (3) the proportion for the non-local employee paying for retirement insurance
     against company is 8%, individual and shenzhelocal employee samely
     undertakes 5%;

 (4) Housing and maternity insurance only required amoung the one with shenzhen
     Hukou; Housing insurance can only be carried out for the one with no
     premise and living in shenzhen for a long time

4. Guangzhou

 (1) Paid according to the salary of the employee, min. RMB 1422/month,managers
     and above paid based on RMB 2585/month;

 (2) maternity and medical only carried out for the one with Guangzhou Hukou

 (3) no requirement from the government for the housing insurance

5. Wuhan

 (1) Minimus amount for the payment of insurance is RMB586/month,company sets as
     RMB100/month;

 (2) no maternity carrys out;

 (3) no compulsory requirement for housing insurance

6. Nanjing

 (1) Minimus amount for the payment of insurance is RMB 941/month;

 (2) no compulsory requirement for housing insurance

Schedule 3.20 is hereby incorporated by reference.

SCHEDULE 3.14

IDG has extended a loan to the Company for an amount of US$1,811,594.

<PAGE>

Chen Hong has extended a loan to the Company for an amount of RMB4,000,000.

Tan Zhi has extended a loan to the Company for an amount of RMB2,700,000.

Liu Lei, Liu Shisheng, Zhao Haiqi and Shi Yong (collectively, the "Individual
Lenders") have extended a loan to the Company for an amount of RMB3,027,560.
Currently the Company has repaid RMB284,575.22 to the Individual Lenders and the
balance of the loan is RMB2,742,984.78.

SCHEDULE 3.16

Pursuant to the Share Purchase Agreement dated October 14, 2005 among IDG, FCIG,
All In One International Limited, Timeleader Profits Limited, Yee On Investments
Limited, Yufai Investments Limited, Dukeland Investments Limited, the Company
and Seller, Seller has assumed all of the employee stock options of the Company.

Below is a table of the list of employees that has been granted options, which
describes the name of the employee, the position, the grant date, the number of
option shares and the exercise price:

<TABLE>
<CAPTION>
                                                                                               CALL OPTION
REGION       NAME           POSITION                           DATE OF GRANT     AMOUNT        PRICE(RMB)
------       -------        ------------------------           -------------     ------        -----------
<S>          <C>            <C>                                <C>               <C>          <C>
             Zhi Tan        Chairman/CEO                       2005/7/1          30,000            47
             Lei Liu        President                          2005/7/1          30,000            47
             Yue Ying       Executive Vice-President           2005/7/1          30,000            47
             XXX            Vice-President                     2005/7/1          25,000            47
             XXX            Supervior of Sale                  2005/7/1           7,000            47
             Qihai Zhao     Vice General Manager               2005/7/1           4,000            47
             Yong Shi       Assistant to Chairman              2005/7/1           2,000            47
             Yueyong Zhang  Vice General Manager               2005/7/1           3,000            47
             Gangxiao Zhou  Vice General Manager               2005/7/1           3,000            47
Headquater   Shujuan Gao    Chief Legal Consultant             2005/7/1           5,000            47
             Ziming Yao     Supervior                          2005/7/1           1,500            47
             Kailei Xu      Supervior of Finance               2005/7/1           4,000            47
             Yongqing Wang  Supervior                          2005/7/1           1,500            47
             Yong Sun       Vice-Supervior of Real Property    2005/7/1           1,000            47
             Yue Liu        Market Supervior                   2005/7/1           1,000            47
             Yanping Qi     Manager of Client Service          2005/7/1             500            47
             Ziqian Cao     Supervior of Real Property         2005/7/1           1,200            47
             Dayong Sun     Manager of Real Property           2005/7/1             500            47
                                                                                -------
                                                               Total            150,200
                                                                                -------
</TABLE>

<PAGE>

<TABLE>
<S>          <C>            <C>                                <C>               <C>          <C>
             Songqiao Li    Assistant to Southern              2005/7/1          20,000            47
                              Region General Manager
             Haiqiang Lu    Southern Region Vice               2005/7/1           3,000            47
                              General Manager
             Yong Chen      Southern Region Vice               2005/7/1           3,000            47
                              General Manager
             Naigong Zhang  Assistant to Southern              2005/7/1           3,000            47
                              Region General Manager
             Weidong Shen   Guanzhou Real Propty               2005/7/1           1,000            47
                              Department Manager
             Jiuyi Zhu      Guanzhou Sales Manager             2005/7/1             800            47
             Min Wang       Guanzhou Client Manager            2005/7/1             800            47
             Tao Xu         Shenzhen Real Propty               2005/7/1           1,000            47
                              Department Manager
             Xuezhen Fang   Shenzhen Client Supervior          2005/7/1           1,200            47
             Yanzhen Tang   Guanzhou Finance Manager           2005/7/1             500            47
South        Mei Ou         Guanzhou Real Propty               2005/7/1             500            47
                              Department Vice Manager
             Anna Ma        Guanzhou Manager of                2005/7/1             800            47
                              Client Service
             Yongyan Yang   Guanzhou Vice Manager of           2005/7/1             500            47
                              Client Service
             Chunbo Miao    Shenzhen Sales Manager             2005/7/1             500            47
             Jianfang Shen  Shenzhen Manager of                2005/7/1             500            47
                              Client Service
             Zefei Wu       Shenzhen General Manager           2005/10/1         10,000           150
             Xiao Xiao      Manager of Finace HR               2005/10/1          1,500           150
                              Real Property
             Feng Wang      Dongguan Manager                   2005/10/1          1,500           150
             Zhigang Li     Supervior of Client Dpt.1          2005/10/1          1,500           150
             Hui Qiao       Supervior of Client Dpt.2          2005/10/1          1,500           150
             Xiufan Yu      Real Property Manager              2005/10/1            800           150
             Fang Wang      Dongguan Real Property             2005/10/1            800           150
                              Manager
                                                                                 ------
                                                               Total             54,700
                                                                                 ------
East         Bingwen Ding   Eastern Region General             2005/7/1          20,000            47
                              Manager
             Xin Wang       Eastern Region Vice                2005/7/1           3,000            47
                              General Manager
</TABLE>

<PAGE>

<TABLE>
<S>          <C>            <C>                                <C>                <C>         <C>
             Jingquan Ge    Eastern Region Vice                2005/7/1           3,000            47
                              General Manager
             Xiaohui Mao    Eastern Region Sales               2005/7/1           1,500            47
                              Supervior
             Xiao Xiao      Eastern Region Sales               2005/7/1           1,500            47
                              Supervior
             Hongqiang Mei  Eastern Region                     2005/7/1           1,500            47
                              Development Supervior
             Mei Huang      Eastern Region Service             2005/7/1           1,500            47
                              Supervior
             Zhiying Sheng  Assistant of Eastern               2005/7/1           1,500            47
                              Region General Manager
             Lina Ma        Eastern Region Vice                2005/7/1           1,500            47
                              Sales Supervior
             Sen Xiao       Eastern Region Sales               2005/7/1             800            47
                              Manager
             Feng Zhang     Wuhan Region Manager               2005/7/1             800            47
             Gang Wang      Nanjing Region Manager             2005/7/1             800            47
             Shaolin Yang   Eastern Region                     2005/7/1             500            47
                              Engneering Dpt. Manager
             Xiaolei Chen   Eastern Region Real                2005/7/1             800            47
                              Property Manager
             Bingqing Zhen  Eastern Region Media               2005/7/1             800            47
                              Manager
             Jin Li         Eastern Region                     2005/7/1             500            47
                              Engneering Dpt. Manager
                                                                                 ------
                                                               Total             40,000
                                                                                 ------
North        Yan Zhen       Northern Region General            2005/7/1          10,000            47
                              Manager
             Yu Zhang       Eastern Region Vice                2005/7/1           3,000            47
                              General Manager
             Ying Wang      Northern Region Sales              2005/7/1           1,500            47
                              Supervior
             Xueheng Zhang  Northern Region Sales              2005/7/1           1,500            47
                              Supervior
             Ying Xue       Northern Region Sales              2005/7/1           1,500            47
                              Supervior
             Jing Sun       Northern Region Sales              2005/7/1           1,500            47
                              Supervior
             Jinfeng Chen   Northern Region Sales              2005/7/1           1,500            47
                              Supervior
             Gang Wang      Sales Manager                      2005/7/1             500            47
             Xiujuan Tian   Sales Manager                      2005/7/1             500            47
             Yuhua Gao      Northern Region Vice               2005/7/1           1,200            47
                              Supervior
</TABLE>

<PAGE>

<TABLE>
<S>          <C>            <C>                                <C>               <C>              <C>
             Mingliang Dai  Northern Region Vice               2005/7/1           1,200            47
                              Supervior
             Ruikuan Shi    Northern Region Vice               2005/7/1           1,200            47
                              Supervior
             Fangwu Li      Northern Region Vice               2005/7/1           1,200            47
                              Supervior
             Huabin Hu      Northern Region Vice               2005/7/1           1,200            47
                              Supervior
             Xudong Shen    Northern Region Vice               2005/7/1           1,200            47
                              Supervior
             Xiaoqi Xia     Northern Region Manager            2005/7/1             800            47
             Li Liu         Northern Region Manager            2005/7/1             800            47
             Xiaolin Yao    Northern Region Manager            2005/7/1             800            47
             Fang Wang      Northern Region Vice               2005/7/1             500            47
                              Manager of Client Service
                                                                                -------
                                                               Total             31,600
                                                                                -------
                                                               TOTAL            276,500
                                                                                -------
</TABLE>

SCHEDULE 3.17

Some computer software currently used by employees of Framedia Advertising and
its branches does not obtain adequate licenses from the licensors.

<TABLE>
<CAPTION>
PATENT/SOFTWARE           PATENT/ APPLICATION     APPLICANT/PERSON TO      REMARKS
                                  NO.             THE PATENT RIGHT
<S>                       <C>                     <C>                      <C>
Equipment for the
information exchange            Patent
applied in elevator       No.:ZL03261862.X            Lei Liu              Authorization Announcement on July 21 2004

Information exchange
system applied in         Application No.             Lei Liu              Appliction on May 20 2003,Application
elevator                      03131393.0                                   accepted, still not authorized effective

Method and display
equipment for the
displaying of
different content in      Application No.:                                 Appliction on August 19 2003,Application
different regionin the        03153741.3              Lei Liu              accepted, still not authorized effective
screen

Programing system of      Software copyright
the information net in       registration
elevator                   No.:2004SR02363            Lei Liu              Registered on March 17 2004

Information management
system V1.0of high-end    Software copyright
residence elevator           registration
advertisement             No.:2004SR02362             Lei Liu              Registered on March 17 2004
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
                     APPLICATION   DATE OF    CERTIFICATE   DATE OF         PERSON TO THE
   TRADEMARK             NO.     APPLICATION       NO      ISSURANCE             TITLE                        CONDITION
-------------------  ----------- -----------  -----------  ---------  -------------------------  ----------------------------------
<S>                  <C>         <C>          <C>          <C>        <C>                        <C>
framedia                                        3431684    8/14/2004  Shanghai Framedia Culture  Under the procedure of alteration
                                                                      Advertisement Co., Ltd     of name as Shanghai Framedia
                                                                                                 Advertisement Development Co., Ltd

Logo                                            3431685    8/14/2004  Shanghai Framedia Culture  Under the procedure of alteration
                                                                      Advertisement Co., Ltd     of name as Shanghai Framedia
                                                                                                 Advertisement Development Co., Ltd

(CHINESE CHARACTERS)                            3431667    8/14/2004  Shanghai Framedia Culture  Under the procedure of alteration
                                                                      Advertisement Co., Ltd     of name as Shanghai Framedia
                                                                                                 Advertisement Development Co., Ltd

Framedia
(CHINESE CHARACTERS)   4351039    1/25/2005                           Shanghai Framedia Culture  Under the procedure of alteration
                                                                      Advertisement Co., Ltd     of name as Shanghai Advertisement
                                                                                                 Development Co., Ltd

framemedia
(CHINESE CHARACTERS)   4007117     6/2/2004                           Beijing Framedia           No alteratrion carried out
                                                                      Advertisement Co., Ltd

Enn                    3797256   12/17/2003                           Beijing Framedia           No alteratrion carried out
                                                                      Advertisement Co., Ltd

Enn                    3797257   12/17/2003                           Beijing Framedia           No alteratrion carried out
</TABLE>

<PAGE>
<TABLE>
<S>                  <C>         <C>          <C>          <C>        <C>                        <C>
                                                                      Advertisement Co., Ltd

(CHINESE CHARACTERS)   3970436    4/14/2004                           Beijing Framedia           No alteratrion carried out
                                                                      Advertisement Co., Ltd
</TABLE>

<PAGE>

SCHEDULE 3.18

Below is a list of the Material Contracts of the Group Companies by October 10,
2005:

<TABLE>
<CAPTION>
                                                                                 DATE
                                                                                   OF     BEGINNING EXPIRATION CONTRACT PRICE
    TYPE OF CONTRACT          COUNTERPARTY               SIGNING PARTY         EXECUTION    DATE       DATE         (RMB)     REMARK
------------------------ ---------------------- ------------------------------ ---------- --------- ---------- -------------- ------
<S>                      <C>                    <C>                            <C>        <C>       <C>        <C>            <C>
Advertisement Programing Ping An Life Insurance        Shanghai Framedia       12/23/2004  1/5/2005   1/5/2006     500,000.00
        Contract           Company, Shenzhen    Advertisement Development Co.,
                               Subsidury                      Ltd

Advertisement Programing     Beijing Mobile            Shanghai Framedia         1/6/2005  1/4/2005   1/3/2006   1,985,880.00
        Contract                                Advertisement Development Co.,
                                                              Ltd

Advertisement Programing      Haina Mazida             Shanghai Framedia        3/11/2005  2/4/2005   2/3/2006     668,928.00
        Contract                                Advertisement Development Co.,
                                                              Ltd

                                                       Shanghai Framedia
Advertisement Programing      Shanghai GM       Advertisement Development Co.,  2/21/2005  1/4/2005   1/3/2006  16,392,000.00
        Contract                                              Ltd

                                                       Shanghai Framedia
Advertisement Programing     Mingshen Bank      Advertisement Development Co.,  3/20/2005 3/18/2005  3/18/2006   1,809,000.00
        Contract                                              Ltd

                                                       Shanghai Framedia
Advertisement Programing      Haoya Watch       Advertisement Development Co.,  3/24/2005  4/4/2005   1/3/2006   1,605,240.00
        Contract                                              Ltd

                                                       Shanghai Framedia
Advertisement Programing     Nanfang Paper      Advertisement Development Co.,  3/23/2005  4/1/2004 12/31/2005     794,200.00
        Contract                                              Ltd

                                                       Shanghai Framedia
Advertisement Programing      Nanhu Traval      Advertisement Development Co.,  6/16/2005 6/15/2005 12/31/2005     560,000.00
        Contract                                              Ltd

                                                       Shanghai Framedia
Advertisement Programing    Haiwang Medicine    Advertisement Development Co.,  6/30/2005  7/3/2005   7/2/2008   3,600,000.00
        Contract                                              Ltd

                                                       Shanghai Framedia
Advertisement Programing   Guangdong Telecom    Advertisement Development Co.,  8/17/2005  8/1/2005  7/31/2006   1,160,000.00
</TABLE>

<PAGE>

<TABLE>
<S>                      <C>                    <C>                            <C>        <C>       <C>        <C>            <C>
Programing Contract                                    Advertisement
                                                    Development Co., Ltd

                                                       Shanghai Framedia
Advertisement Programing       Gujingong        Advertisement Development Co.,  8/12/2005 10/4/2005   4/3/2006   1,555,344.00
        Contract                                              Ltd

                                                       Shanghai Framedia
Advertisement Programing    Shuijinfang Wine    Advertisement Development Co.,  8/10/2005  8/4/2005   2/2/2006   1,050,000.00
        Contract                                              Ltd

                                                       Shanghai Framedia
Advertisement Programing      Yibao Water       Advertisement Development Co.,   8/1/2005  8/3/2005   8/2/2006     560,000.00
        Contract                                              Ltd

                                                       Shanghai Framedia
Advertisement Programing           BP           Advertisement Development Co.,  8/18/2005  9/4/2005  12/3/2005     821,000.00
        Contract                                              Ltd

                                                       Shanghai Framedia
Advertisement Programing      Jiade Tender      Advertisement Development Co.,  8/10/2005  9/3/2005   1/3/2006     715,000.00
        Contract                                              Ltd

                                                       Shanghai Framedia
Advertisement Programing   Yinzhan Apartment    Advertisement Development Co.,  8/10/2005  9/3/2005   1/2/2006     800,000.00
        Contract                                              Ltd

                                                       Shanghai Framedia
Advertisement Programing      Weiyou Food       Advertisement Development Co.,  8/16/2005  9/4/2005   3/3/2006     600,000.00
        Contract                                              Ltd

                                                       Shanghai Framedia
Advertisement Programing       Yili Milk        Advertisement Development Co.,  8/25/2005  9/4/2005  11/3/2005   1,303,000.00
        Contract                                              Ltd

                                                       Shanghai Framedia
Advertisement Programing    Shuijinfang Wine    Advertisement Development Co.,  8/31/2005 8/20/2005 10/20/2005     557,800.00
        Contract                                              Ltd

                                                       Shanghai Framedia

Advertisement Programing     Beijing Netcom     Advertisement Development Co.,  8/26/2005  9/4/2005 12/17/2005     584,853.75
        Contract                                              Ltd

                                                      Shanghai Framedia
Advertisement Programing Century Parki(cent)Ri  Advertisement Development Co., Non back   9/18/2005  3/18/2006   1,326,000.00
        Contract              Yue An Kang                     Ltd
</TABLE>

<PAGE>

<TABLE>
<S>                      <C>                    <C>                            <C>        <C>       <C>        <C>            <C>
                                                     Shanghai Framedia
Advertisement Programing           Sina         Advertisement Development Co., Non back    9/4/2005 11/17/2005     883,800.00
        Contract                                              Ltd

                                                       Shanghai Framedia
Advertisement Programing       Yiqi Mazida      Advertisement Development Co., Non back   9/22/2005 10/17/2005     914,550.00
        Contract                                              Ltd

                                                       Shanghai Framedia
Advertisement Programing    Modern Automobile   Advertisement Development Co.,    9/23/05 9/18/2005  11/3/2005     900,000.00
        Contract                                              Ltd

                                                       Shanghai Framedia
Advertisement Programing      Woman Hospital    Advertisement Development Co.,    9/30/05 9/18/2005  3/17/2006     540,000.00
        Contract                                              Ltd

                                                       Shanghai Framedia
Advertisement Programing      Finance Paper     Advertisement Development Co.,    9/30/05 10/1/2005 10/31/2005     800,000.00
        Contract                                              Ltd

                                                       Shanghai Framedia
Advertisement Programing     Singapore Travel   Advertisement Development Co.,    9/30/05 11/3/2005  12/3/2005   3,278,000.00
        Contract                                              Ltd

                                                       Shanghai Framedia
 Frame Purchase Contract     Beijign Zhongdi    Advertisement Development Co.,     9/1/05    9/1/05 12/10/2005   5,750,000.00
                          Changying Trade Co.,                Ltd
                                 Ltd

 Assets Purchas Contract    Guangdong Century             InfoAchieve           5/12/2005                      5800000cash
                                Saintfire                                                                      plus 90000
                         Advertisement Co., Ltd                                                                shares

 Assets Purchas Contract     Beijng Langmei               InfoAchieve            6/1/2005                      6850000cash
                         Advertisement Co., Ltd                                                                plus160000
                                                                                                               shares

                           Shanghai Sun Jiaxin
 Assets Purchas Contract   Advertisement Sales            InfoAchieve           6/12/2005                      2000000cash
                                Co., Ltd                                                                       plus
                                                                                                               99000shares

 Assets Purchas Contract     Beijing Tuojia               InfoAchieve           6/12/2005                      7200000cash
                         Advertisement Co. Ltd.                                                                plus95200
                                                                                                               shares

 Assets Purchas Contract     Guangzhou Liju               InfoAchieve           6/20/2005                      4000000cash
                         Advertisement Co., Ltd                                                                plus140000
                                                                                                               shares

Assets Purchas Contract  Beijign Xincheng Sihai           InfoAchieve           6/20/2005                            10000000
                         Advertisement Co. Ltd

Assets Purchas Contract      Beijing Linxian              InfoAchieve           8/22/2005                             8200000
                         Advertisement Co. Ltd
</TABLE>

<PAGE>

<TABLE>
<S>                      <C>                    <C>                            <C>        <C>       <C>        <C>         <C>

 Assets Purchas Contract    Shenzhen/Dongguan              InfoAchieve          8/31/2005                      7000000cash
                          Xinghuo Advertisement                                                                plus30000
                               Co., Ltd                                                                        shares

  Lease Agreement for        Beijng Langmei            Shanghai Framedia         7/1/2005  7/1/2005  2/28/2006     2000000  Division
     Elevator Media      Advertisement Co., Ltd Advertisement Development Co.,                                              of sales
                                                                 Ltd                                                             and
                                                                                                                            delivery

                                                                                                                            Division
   Lease Agreement for       Guangzhou Liju               Shanghai Framedia                                                 of sales
     Elevator Media      Advertisement Co., Ltd Advertisement Development Co.,   7/1/2005  7/1/2005  7/15/2007     763,629       and
                                                                   Ltd                                                      delivery

                                                                                                                            Division
   Lease Agreement for       Beijing Tuojia               Shanghai Framedia                                                 of sales
     Elevator Media      Advertisement Co. Ltd. Advertisement Development Co.,   7/1/2005  7/1/2005  1/15/2006   1,266,427       and
                                                                   Ltd                                                      delivery

     Loan Agreement              Hong Chen                     InfoAchieve      7/13/2005                        400 0000

     Loan Agreement               Tan Zhi                      InfoAchieve      7/13/2005                         270 0000

     Loan Agreement                 IDG                        InfoAchieve      7/13/2005                        1500 0000

     Loan Agreement               Lei Liu                      InfoAchieve      7/13/2005                          83194 0

     Loan Agreement              Haiqi Zhao                    InfoAchieve      7/13/2005                           865800
                                                                                                                (PROPERTY
                                                                                                                 NAME IN
                                                                                                                 CHINESE)

     Loan Agreement             Shisheng Liu                   InfoAchieve      7/13/2005                           473500

     Loan Agreement               Yong Shi                     InfoAchieve      7/13/2005                           856320

     Loan Agreement               Lei Liu                      InfoAchieve      8/17/2005                          4500000

     Loan Agreement               Yong Shi                     InfoAchieve      8/17/2005                           500000

   Placement Contract      Guangdong Kangjing          Shanghai Framedia       12/22/2004  1/1/2005 12/31/2007     3909600
                         Real Property Service  Advertisement Development Co.,
                              Co., Ltd                        Ltd

   Placement Contract       Guangzhou Feisha          Shanghai Framedia                    5/1/2004  4/30/2006     5368800  Increase
                         Advertisement Co., Ltd Advertisement Development Co.,                                                 every
                                                              Ltd                                                              month

     Lease Contract        Yulang Tengfei Real       Shanghai Framedia          7/12/2004 7/12/2004  7/12/2006   1,055,479
                              (Shanghai) Co.,          Development Co.,
                            Advertisement Ltd               Ltd
</TABLE>

<PAGE>

<TABLE>
<S>                      <C>                    <C>                            <C>        <C>       <C>        <C>         <C>
     Lease Contract       Yulang Tengfei Real        Shanghai Framedia           6/1/2005  6/2/2005  5/31/2007   1,354,785
                          Property (Shanghai)        Development Co.,
                          Co.,Advertisement Ltd            Ltd

     Lease Contract       Saite Group Co., Ltd  Beijing Subsidiary of Shanghai  3/29/2005 3/30/2005    206-7-7     722,925
                                                    Framedia Advertisement
                                                     Development Co., Ltd

  Auditor Hire Contract     Deloitti & Touche         Shanghai Framedia         9/19/2005 9/19/2005 Aboutearly   RMB972000
                                                Advertisement Development Co.,                        November
                                                            Ltd                                           2005

                                                     Shanghai Framedia
  Legal Consultant Hire                         Advertisement Development Co.,   9/2/2005  9/2/2005  11/9/2005
        Contract          O'Melveny & Myers LLP             Ltd                                                  USD150000
                                                                                                                  to250000

                                                     Shanghai Framedia
 Evaluator Hire Contract   American Appraisal   Advertisement Development Co.,  9/21/2005 9/21/2005 About late
                             China Limited                  Ltd                                       Octomber  USD 410000
                                                                                                          2005
</TABLE>

Schedule 3.1 and Schedule 3.7 are hereby incorporated by reference.
<PAGE>

SCHEDULE 3.20

The table below lists the receivables among the Group Companies and the Related
Parties by September 30, 2005:

<TABLE>
<CAPTION>
                                                      OTHER            OTHER
                 NAME OF COMPANY                    RECEIVABLE        PAYMENT            COUNTERPARTY
------------------------------------------------    ------------    -------------     --------------------
<S>                                                 <C>             <C>               <C>
                                                                                       Beijing Framedia
Beijing Subsidiary of Shanghai Framedia                                                  Advertisement
Advertisement Development Co., Ltd                  4,438,843.00                      Development Co., Ltd

                                                                                       Beijing Framedia
Shanghai Framedia Advertisement Development Co.,     (952,043.68)                      Advertisement
Ltd                                                                                   Development Co., Ltd

                                                                                       Beijing Framedia
Guangzhou Subsidiary of Shanghai Framedia            (436,652.14)                        Advertisement
Advertisement Development Co., Ltd                                                    Development Co., Ltd

                                                                                       Beijing Framedia
Shenzhen Subsidiary of Shanghai Framedia                              (120,000.00)      Advertisement
Advertisement Development Co., Ltd                                                    Development Co., Ltd

Guangdong Century Saintfire Advertisement Co.,      4,500,000.00                          Lei Liu
Ltd
                                                      500,000.00                         Yong Shi
                                                                                        Beijing Framedia
Infoachieve Limited                                 2,742,984.78                        Advertisement
                                                                                      Development Co., Ltd
Infoachieve Limited                                                    459,421.58       Shisheng Liu
Infoachieve Limited                                                    798,883.15         Lei Liu
Infoachieve Limited                                                    795,547.97        Haiqi Zhao
Infoachieve Limited                                                    781,475.73          Yong Shi
Infoachieve Limited                                                 15,038,700.70            IDG
Infoachieve Limited                                                  4,135,205.48        Hong Chen
Infoachieve Limited                                                  2,802,655.48          Zhi Tan
</TABLE>

Below is the latest capitalization table of Seller:

<TABLE>
<CAPTION>
                         SHAREHOLER                          SHARES      %
              --------------------------------              --------   -----
<S>           <C>                                           <C>        <C>
ORDINARY      YEE ON INVESTMENTS LIMITED                     157,200     9.1%
 SHARES
              ALL IN ONE INTERNATIONAL LIMITED               177,200    10.3%
              TIMELEADER PROFITS LIMITED                     169,000     9.8%
              YUFAI INVESTMENTS LIMITED                       66,600     3.9%
              BE FIRST INVESTMENTS LIMITED *                 160,000     9.3%
              NICE EXCEL INVESTMENTS LIMITED *                95,200     5.5%
              SPARKLE MEDIA LIMITED *                         90,000     5.2%
</TABLE>

<PAGE>

<TABLE>
<S>           <C>                                            <C>        <C>
              EXCELLENT CHINA (GROUP) LIMITED *              140,000     8.1%
              RED FOCUS INC. *                                99,000     5.8%
              BEST STAR PROFITS LIMITED *                     30,000     1.7%
              DUKELAND INVESTMENTS LIMITED **                 90,000     5.2%
PREFERENCE    IDG                                            150,000     8.7%
 SHARES
              FCIG                                           230,000    13.4%
CALL OPTION   IDG                                             35,550     2.1%
  RIGHT
              Zhi Tan                                         10,000     0.6%
              Lei Liu, Shisheng Liu, Haiqi Zhao, Yong Shi     10,000     0.6%
              Hong Chen                                       10,000     0.6%
</TABLE>

* Shares to be issued upon completion of the Acquisition

** 40,000 Shares to be issued upon completion of the Acquisition

The Liaoning Branch of Beijing Yangguang Jiaxin Advertising Co., Ltd. is engaged
in the frame display advertising business in Shenyang and Dalian. Beijing
Lingxian Media Advertising Co., Ltd. still conducts certain outdoor advertising
business and advertising agency business. Beijing Dipu Weiye Advertising Co.,
Ltd., of which one shareholder of Beijng Langmei Advertising Co., Ltd. holds 50%
equity interest, also conducts certain outdoor advertising business. Wuhan
Tuojia Advertising Co., Ltd., of which Ding Zhixue holds a majority interest,
conducts certain outdoor advertising and advertising agency business. Guangzhou
Liju Advertising Co., Ltd., Guangzhou Shenghuo Advertising Co., Ltd., of which
Li Songqiao is a shareholder, and Shenzhen Jintan Advertising Co., Ltd. conduct
advertising agency business.

Schedule 3.1, Schedule 3.4 and Schedule 3.30 are hereby incorporated by
reference.

SCHEDULE 3.21

1.    Exclusive Consultancy and Service Agreement among the Company, Liu Lei,
      Zhao Haiqi, Liu Shisheng, Shi Yong, Wang Gongquan and Framedia Advertising
      dated May 12, 2005;

2.    Business Operation Agreement among the Company, Liu Lei, Zhao Haiqi, Liu
      Shisheng, Shi Yong, Wang Gongquan and Framedia Advertising dated May 12,
      2005;

3.    Declaration of Attorney dated May 11, 2005 between Wang Gongquan and the
      Company on Framedia Advertising;

4.    Declaration of Attorney dated May 11, 2005 between Liu Shisheng and the
      Company on Framedia Advertising;

5.    Declaration of Attorney dated May 11, 2005 between Liu Lei and the Company
      on Framedia Advertising;

6.    Declaration of Attorney dated May 11, 2005 between Shi Yong and the
      Company on Framedia Advertising;

<PAGE>

7.    Declaration of Attorney dated May 11, 2005 between Zhao Haiqi and the
      Company on Framedia Advertising;

8.    Share Pledge Agreement dated May 12, 2005 between the Company and Wang
      Gongquan;

9.    Exclusive Purchase Option Agreement dated May 12, 2005 among the Company,
      Wang Gongquan and Framedia Advertising;

10.   Loan Agreement dated May 11, 2005 between the Company and Wang Gongquan;

11.   Share Pledge Agreement dated May 12, 2005 between the Company and Liu Lei;

12.   Exclusive Purchase Option Agreement dated May 12, 2005 among the Company,
      Liu Lei and Framedia Advertising;

13.   Loan Agreement dated May 11, 2005 between the Company and Liu Lei;

14.   Share Pledge Agreement dated May 12, 2005 between the Company and Liu
      Shisheng;

15.   Exclusive Purchase Option Agreement dated May 12, 2005 among the Company,
      Liu Shisheng and Framedia Advertising;

16.   Loan Agreement dated May 11, 2005 between the Company and Liu Shisheng;

17.   Share Pledge Agreement dated May 12, 2005 between the Company and Shi
      Yong;

18.   Exclusive Purchase Option Agreement dated May 12, 2005 among the Company,
      Shi Yong and Framedia Advertising;

19.   Loan Agreement dated May 11, 2005 between the Company and Shi Yong;

20.   Share Pledge Agreement dated May 12, 2005 between the Company and Zhao
      Haiqi;

21.   Exclusive Purchase Option Agreement dated May 12, 2005 among the Company,
      Zhao Haiqi and Framedia Advertising;

22.   Loan Agreement dated May 11, 2005 between the Company and Zhao Haiqi;

23.   Exclusive Consultancy and Service Agreement among the Company, Liu Lei ,
      Shi Yong and Guangdong Shiji Shenghuo dated August 18, 2005;

24.   Business Operation Agreement among the Company, Liu Lei, Shi Yong and
      Guangdong Shiji Shenghuo dated August 18, 2005;

25.   Declaration of Attorney dated August 17, 2005 between Liu Lei and the
      Company on Guangdong Shiji Shenghuo;

26.   Declaration of Attorney dated August 17, 2005 between Shi Yong and the
      Company on Guangdong Shiji Shenghuo;

27.   Share Pledge Agreement dated August 18, 2005 between the Company and Liu
      Lei;

28.   Exclusive Purchase Option Agreement dated August 18, 2005 among the
      Company, Liu Lei and Guangdong Shiji Shenghuo;

<PAGE>

29.   Loan Agreement dated August 17, 2005 between the Company and Liu Lei;

30.   Share Pledge Agreement dated August 18, 2005 between the Company and Shi
      Yong;

31.   Exclusive Purchase Option Agreement dated August 18, 2005 among the
      Company, Shi Yong and Guangdong Shiji Shenghuo;

32.   Loan Agreement dated August 17, 2005 between the Company and Shi Yong.
<PAGE>

SCHEDULE 3.22A

<TABLE>
<CAPTION>

                                                                                             COMPLETION
                                                                                 NO OF        TIME OF          ACQUISITION PRICE
               ACQUISITION TARGET                   DATE OF       DATE OF   THESECTION TO   THE PLACEMENT   -----------------------
                                                   EXECUTION   ACQUISITION  BE TRANSFERED     CONTRACT      CASH(RMB)       SHARES
-------------------------------------------------  ----------  -----------  --------------  --------------  -----------------------
<S>                                                <C>          <C>         <C>             <C>             <C>              <C>
Guangzhou Subsidiary of Shanghai Framedia           5/12/2005   6/1/2005         6000         11/30/2005     5800000          90000
Advertisement Development Co., Ltd
Beijign Langming Advertisement Development Co.,      6/1/2005   7/1/2005         4000         12/31/2005     6850000         160000
Ltd
Shanghai Sun Jiaxin Advertisement Development       6/12/2005   7/1/2005         5300         10/31/2005     2000000          99000
Co., Ltd
Beijing Tuojia Advertisement Development Co., Ltd   6/12/2005   7/5/2005         7000         12/31/2005     7200000          95200
Guangzhou Juli Advertisement Development Co., Ltd   6/20/2005   7/1/2005         7000         12/31/2005     4000000         140000
Beijing Xincheng Sihai Advertisement Development    6/20/2005   7/1/2005         5500         10/31/2005    10000000           0.00
Co., Ltd
Beijign Linxian Advertisement Development Co.,      8/22/2005   9/1/2005         5000         12/31/2005     8200000           0.00
Ltd
Shenzhen/Dongguan Xinghuo Advertisement             8/31/2005  10/1/2005         5000         12/31/2005     7000000          30000
Development Co., Ltd
Total                                                                           44800                       51050000         614200
</TABLE>

The following two tables set forth the outstanding transfer that hasn't been
completed by October 10, 2005 from Shenzhen Frame Advertising Co., Ltd. and
Beijing Frame Advertising Co., Ltd. to Framedia Advertising, respectively:

<PAGE>

<TABLE>
<CAPTION>
                                              NO.    FRAME          FRAME          ANNUAL                                  REASON
   CONTRACT   NAME OF   NAME OF PROPERTY      OF     No. OF  LOBBY  NO IN  TOTAL  CONTRACT  DATE OF                        OF NON-
    PARTY     PROJECT       COMPANY        ELEVATOR ELEVATOR   NO   LOBBY  FRAME   PRICE   BEGINNING  EXPIRATION PAYMENT  TRANSFER
------------- -------- ------------------- -------- -------- ----- ------- ------ -------- ---------- ---------- -------  --------
<S>           <C>      <C>                 <C>      <C>      <C>   <C>     <C>    <C>      <C>        <C>        <C>      <C>

   Shenzhen                                                                                                                Owener
   Framedia            Shenzhen Ruizheng                                                                                   not
Advertisement  Meijia  Property Management   10        20      0       0     20     10000  8/1/2003   7/31/2006  Quaterly  willing
   Co., Ltd    Square  Co., Ltd                                                                                            to
                                                                                                                           alter

   Shenzhen            Shenzhen Hengl                                                                                      Owener
   Framedia    Hengyun Property Management    4         8      0       0      8      2400  8/1/2003   7/31/2006  Quaterly  not
Advertisement  Haoting Co., Ltd                                                                                            willing
   Co., Ltd                                                                                                                to
                                                                                                                           alter

   Shenzhen            Shenzhen Fuchang                                                                                    Owener
   Framedia    Forturn Property Management   10        30      0       0     30     24000  7/18/2003  7/17/2006  Quaterly  not
Advertisement  Square  Co., Ltd                                                                                            willing
   Co., Ltd                                                                                                                to
                                                                                                                           alter

   Shenzhen            Shenzhen World                                                                                      Owener
   Framedia     World  Garden Property        0         0      5      10     10      4800  7/1/2003   6/30/2006  Quaterly  not
Advertisement  Garden  Management Co., Ltd                                                                                 willing
   Co., Ltd                                                                                                                to
                                                                                                                           alter

   Shenzhen                                                                                                                Owener
   Framedia    Guodu   Shenzhen Guodu                                                                                      not
Advertisement   Golf   Guangju Property       0         0      3       6      6      3600  9/1/2003   8/31/2006  Quaterly  willing
   Co., Ltd    Garden  Management Co., Ltd                                                                                 to
                                                                                                                           alter

   Shenzhen            Shenzhen Shengfu                                                                                    Owener
   Framedia     Dalu   Property Management    0         0      2       4      4      2400  11/28/2003 11/27/2006 Quaterly  not
Advertisement   Garden  Co., Ltd                                                                                           willing
   Co., Ltd                                                                                                                to alter

   Shenzhen                                                                                                                Altered
   Framedia    Dongyue Shenzhen First                                                                                      but
Advertisement Mingxuan SallivisProperty       9        18      0       0     18     10800  2/20/2004  2/19/2006  Quaterly  proving
   Co., Ltd            Consultancy                                                                                         document
                       Co., Ltd
                                                                                                                           lost

   Shenzhen            Shenzhen Wansha                                                                                     Owener
   Framedia    Guanwan Property Management   18        36      0       0     36     19800  12/1/2004  11/30/2007 Quaterly  not
Advertisement   Lidu   Co., Ltd                                                                                            willing
   Co., Ltd                                                                                                                to
                                                                                                                           alter
</TABLE>

<PAGE>

<TABLE>
<S>           <C>      <C>                 <C>      <C>       <C>   <C>      <C>    <C>      <C>        <C>        <C>      <C>
   Shenzhen                                                                                                                 Altered
   Framedia    Shuixie Shenzhen Luohu 718                                                                                   but
Advertisement   Huadu  Xiangmei Rd.          24         48      0        0      48   43200   1/6/2004  1/5/2006   Quaterly  proving
   Co., Ltd                                                                                                                 document
                                                                                                                            lost

                                                                                                                            Altered
   Shenzhen            Shenzhen Wanze                                                                                       but
   Framedia    Yunding Property Management   22         44      0        0      44   26400   7/1/2004  6/30/2006  Quaterly  proving
Advertisement  Cuifeng Co., Ltd                                                                                             document
   Co., Ltd                                                                                                                 lost

   Shenzhen                                                                                                                 Altered
   Framedia   Yungding Shenzhen Wanze                                                                                       but
Advertisement  Cuifeng Property Management    0          0     10       10      10    8000   12/1/2004 11/30/2005 Quaterly  proving
   Co., Ltd    (Lobby) Co., Ltd                                                                                             document
                                                                                                                            lost

   Shenzhen            Shenzhen Yunfeng                                                                                     Owener
   Framedia    Yunfeng Property Management    6          6      0        0       6    7200   5/10/2004 5/9/2007   Quaterly  not
Advertisement  Garden  Co., Ltd                                                                                             willing
   Co., Ltd                                                                                                                 to alter

   Shenzhen                                                                                                                 Owener
   Framedia    Haiyan  Property Dept. of      2          4      0        0       4    2400     4/1/2004 3/30/2006  Quaterly not
Advertisement   Hotel  Shenzhen Haiyan                                                                                      willing
   Co., Ltd               Hotel                                                                                             to alter

   Shenzhen            Shenzhen Robert                                                                                      Owener
   Framedia   Tianjiao Property Management   28         56      0        0      56   42000   6/16/2004  6/15/2007  Quaterly not
Advertisement Huating  Co., Ltd                                                                                             willing
   Co., Ltd                                                                                                                 to alter

   Shenzhen                                                                                                                 Altered
   Framedia            Shenzhen Xingfujia                                                                                   but
Advertisement FuyiYaju Property Management   13         26      0        0      26   28080   12/1/2004  11/30/2007 Quaterly proving
   Co., Ltd            Co., Ltd                                                                                             document
                                                                                                                            lost

                       Spring Square
   Shenzhen            Management                                                                                           Altered
   Framedia    Spring  Department of                                                                                        but
Advertisement  Square  Shenzhen Zhaoshang     4          8      0        0       8    4800   9/8/2004   9/7/2007   Quaterly proving
   Co., Ltd            Property Management                                                                                  document
                       Co., Ltd                                                                                             lost

   Shenzhen     Yang                                                                                                        Altered
   Framedia   Guangdai Shenzhen Commercial                                                                                  but
Advertisement  Haibing Merchant              24         72      0        0      72   43200   7/23/2004 7/22/2007   Quaterly proving
   Co., Ltd     City                                                                                                        document
                                                                                                                            lost

   Shenzhen                                                                                                                 Owener
   Framedia    Nongke  Shenzhen Nongke                                                                                      not
Advertisement Xingyuan Property Management    6         12      2        4      16    9200   9/23/2004 9/22/2007   Quaterly willing
   Co., Ltd       |    Co., Ltd                                                                                             to alter
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

                                                                 NON-                                                       REASON
                          PROPERTY           FRAME NO.           INSTALL                         DATE OF   ANNUAL           FOR
CONTRACT      NAME OF     COMPANY   ELEVATOR    OF     INSTALL-  OF         DATE OF               PRICE    CONTRACT         NON-
PARTY         PROJECT       NAME       NO    ELEVATOR  MENT NO  PLATED TERM  START  EXPIRATION CACULATING  PRICE   PAYMENT  TRANSFER
--------      -------    ---------  -------- --------- -------  ------ ---- ------- ---------- ---------- -------- -------  --------
<S>           <C>        <C>        <C>      <C>       <C>      <C>    <C>  <C>     <C>        <C>        <C>      <C>      <C>
                         Beijing
   Beijing               Yuanyang
   Framedia              Jiye                                                                                               Owener
Advertisement Dushi      Property                                           1/1/                                            not
   Co., Ltd   Wangjing   Management     6       18      18        0      3  2003    12/31/2005  1/1/2003   6,000   Quaterly willing
                         Co.,Ltd                                                                                          to alter

   Beijing    Haobo      Beijing                                                                                            Owener
   Framedia   Internat-  Gelanhao                                           9/1/                                            not
Advertisement ional      Property       8       24      12        0      3  2003    8/31/2006   9/1/2003   8,000   Quaterly willing
   Co., Ltd   Apartment  Management                                                                                         to alter
                         Co.,Ltd

                         Beijing
   Beijing               Financial                                                                                          Owener
   Framedia   Tongtai    Street                          5        0      3  10/18/  10/17/2005 10/18/2002  4,000   Quaterly not
Advertisement Building   Property                                           2002                                            willing
   Co., Ltd              Management                                                                                         to alter
                         Co.,Ltd

                         6th
                         subsidiary
                         of
   Beijing               Beijnng
   Framedia   European   Zhong-                                                                                             Owener
Advertisement  Classic   shijie                                                                                             not
   Co., Ltd              Kendaofu
                         Property      34      102      94        0      2  8/1/    7/31/2006   8/1/2004   108,800 Quaterly willing
                         Management                                         2004                                            to alter
                         Co.,Ltd
                                                                                                                            Original
                                                                                                                            contract
                                                                                                                            expires,
                                                                                                                            New
   Beijing                                                                                                                  Frame in
   Framedia                                                                                                                 actual
Advertisement            Beijing                                                                                            using,
   Co., Ltd   Li City    Boan                                                                                               new
                         Property                                           7/1/                                            contract
                         Management    10       20       20       0      1  2004    6/30/2005   7/1/2004   20,000  Quaterly is about
                         Co., Ltd                                                                                           to
                                                                                                                            execute
</TABLE>

<PAGE>

<TABLE>
<S>           <C>        <C>        <C>      <C>       <C>      <C>    <C>  <C>     <C>        <C>        <C>      <C>      <C>
                                                                                                                            Original
                                                                                                                            contract
                                                                                                                            expires,
                                                                                                                            New
                                                                                                                            Frame
                                                                                                                            in
                         Beijng                                                                                             actual
   Beijing               Huamin                                                                                             using,
   Framedia   Huahui     Property                                           9/1/                                            new
Advertisement New        Management    4        12       4        0      2  2003    8/30/2005   9/1/2003  2,400    Quaterly contract
   Co., Ltd   Village     Center                                                                                            is about
                                                                                                                            to
                                                                                                                            execute
</TABLE>
<PAGE>

SCHEDULE 3.22B

THE CURRENT STATUS OF FRAME DISPLAYMENT AGREEMENTS OF 8 ACQUIRED BUSINESS (AS OF
DATE OCT 10, 2005)

<TABLE>
<CAPTION>
(CHINESE        (CHINESE                                    (CHINESE        (CHINESE        (CHINESE        (CHINESE
CHARACTERS)      CHARACTERS)    (CHINESE CHARACTERS)         CHARACTERS)     CHARACTERS)     CHARACTERS)     CHARACTERS)
-------------   --------------  --------------------------  --------------  --------------  --------------  --------------
<S>             <C>             <C>                         <C>             <C>             <C>             <C>         <C>
(CHINESE
CHARACTERS)     Beijing         (PROPERTY NAME IN CHINESE)  AAA             Langmei         completed                    7
                Beijing         (PROPERTY NAME IN CHINESE)  A               Langmei         completed                    2
                Beijing         (PROPERTY NAME IN CHINESE)  A               Langmei         completed                   27
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Xincheng        completed                   16
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Langmei         completed                   20
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Xincheng        completed                   18
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Langmei         completed                    6
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Langmei         completed                    4
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Langmei         completed                   20
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Langmei         completed                   11
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Xincheng        completed                   16
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Xincheng        follow up                    4
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Langmei         completed                    9
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Langmei         completed                    6
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Langmei         completed                    4
</TABLE>

<PAGE>

<TABLE>
<S>             <C>             <C>                         <C>             <C>             <C>            <C>    <C>
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Xincheng        completed              6
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Xincheng        completed              6
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Langmei         completed              4
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Xincheng        completed              6
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Xincheng        completed             10
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Xincheng        completed              8
                Beijing         (PROPERTY NAME IN CHINESE)  A               Langmei         completed              3
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Xincheng        completed              4
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Langmei         completed              5
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Langmei         completed             43
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Langmei         completed              5
                Beijing         (PROPERTY NAME IN CHINESE)  A               Langmei         follow up              8
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Xincheng        completed             12
                Beijing         (PROPERTY NAME IN CHINESE)  A               Langmei         completed             27
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Langmei         completed              7
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Xincheng        follow up              4
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Xincheng        follow up              2
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Xincheng        completed             39
                Beijing         (PROPERTY NAME IN CHINESE)  A               Xincheng        completed             14
</TABLE>

<PAGE>

<TABLE>
<S>             <C>             <C>                         <C>             <C>             <C>        <C>  <C>
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Langmei         completed        27
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Xincheng        completed        24
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Xincheng        follow up        12
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Xincheng        follow up        72
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Xincheng        follow up        38
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Langmei         completed         3
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Langmei         waiver           12
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Langmei         lost              5
                Beijing         (PROPERTY NAME IN CHINESE)  A               Xincheng        completed        36
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Xincheng        follow up        24
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Langmei         completed        16
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Langmei         completed       147
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Xincheng        completed        12
                Beijing         (PROPERTY NAME IN CHINESE)  A               Langmei         waiver            4
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Langmei         completed         4
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Langmei         completed         4
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Xincheng        completed        84
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Langmei         completed        14
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Langmei         completed        36
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Xincheng        follow up        36
</TABLE>

<PAGE>

<TABLE>
<S>             <C>             <C>                         <C>             <C>             <C>             <C>   <C>
                Beijing         (PROPERTY NAME IN CHINESE)  A               Xincheng        completed             72
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Xincheng        completed              9
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Xincheng        completed              6
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Langmei         completed             36
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Langmei         completed              7
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Xincheng        completed             12
                Beijing         (PROPERTY NAME IN CHINESE)  A               Xincheng        follow up              8
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Langmei         completed             30
                Beijing         (PROPERTY NAME IN CHINESE)  A               Xincheng        completed             45
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Langmei         completed             25
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Xincheng        completed             14
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Xincheng        follow up              9
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Xincheng        follow up             16
                Beijing         (PROPERTY NAME IN CHINESE)  A               Xincheng        completed             16
                Beijing         (PROPERTY NAME IN CHINESE)  A               Langmei         completed             18
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Xincheng        completed             32
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Langmei         lost                  21
                Beijing         (PROPERTY NAME IN CHINESE)  A               Xincheng        waiver                18
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Xincheng        completed              4
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Langmei         follow up              3
</TABLE>

<PAGE>

<TABLE>
<S>             <C>             <C>                         <C>             <C>             <C>             <C>     <C>
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Xincheng        completed                3
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Xincheng        completed                2
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Xincheng        completed                6
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Xincheng        completed               10
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Langmei         completed               12
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Langmei         completed                8
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Langmei         completed                4
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Langmei         completed               51
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Xincheng        completed               12
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Xincheng        completed               30
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Langmei         follow up               15
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Xincheng        completed               18
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Langmei         completed               24
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Xincheng        completed               94
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Xincheng        follow up               24
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Xincheng        follow up               72
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Langmei         completed               20
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Langmei         completed                6
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Langmei         completed                7
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Langmei         follow up                4
</TABLE>

<PAGE>

<TABLE>
<S>             <C>             <C>                         <C>             <C>             <C>             <C>     <C>
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Langmei         completed               125
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Xincheng        completed                32
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Langmei         follow up                 9
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Langmei         completed                10
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Langmei         completed                76
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Langmei         completed                72
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Langmei         completed               115
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Langmei         completed                16
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Langmei         completed                 9
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Xincheng        completed                18
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Langmei         completed                10
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Xincheng        completed                12
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Langmei         completed                 8
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Xincheng        follow up                12
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Langmei         completed                 8
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Langmei         lost                     12
                Beijing         (PROPERTY NAME IN CHINESE)  AA              Xincheng        follow up                16
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Langmei         lost                      5
                Beijing         (PROPERTY NAME IN CHINESE)  AAA             Langmei         completed                34
</TABLE>

<PAGE>

<TABLE>
<S>             <C>             <C>                         <C>             <C>             <C>             <C>         <C>
                Beijing         [PROPERTY NAME IN CHINESE]  AA              Xincheng        completed                   154
                Beijing         [PROPERTY NAME IN CHINESE]  AA              Langmei         follow up                    36
                Beijing         [PROPERTY NAME IN CHINESE]  AA              Langmei         follow up                    16
                Beijing         [PROPERTY NAME IN CHINESE]  A               Langmei         follow up                     6
                Beijing         [PROPERTY NAME IN CHINESE]  A               Langmei         follow up                     6
                Beijing         [PROPERTY NAME IN CHINESE]  AAA             Langmei         completed                   146
                Beijing         [PROPERTY NAME IN CHINESE]  AA              Xincheng        follow up                     4
                Beijing         [PROPERTY NAME IN CHINESE]  AA              Langmei         waiver                       33
                Beijing         [PROPERTY NAME IN CHINESE]  AA              Langmei         completed                     2
                Beijing         [PROPERTY NAME IN CHINESE]  AA              Langmei         completed                    76
                Beijing         [PROPERTY NAME IN CHINESE]  AA              Langmei         completed                    18
                Beijing         [PROPERTY NAME IN CHINESE]  AAA             Xincheng        completed                     4
                Beijing         [PROPERTY NAME IN CHINESE]  AAA             Xincheng        completed                    27
                Beijing         [PROPERTY NAME IN CHINESE]  AA              Langmei         follow up                    15
                Beijing         [PROPERTY NAME IN CHINESE]  AAA             Xincheng        completed                    18
                Beijing         [PROPERTY NAME IN CHINESE]  AA              Langmei         completed                    12
                Beijing         [PROPERTY NAME IN CHINESE]  AA              Langmei         completed                    10
                Beijing         [PROPERTY NAME IN CHINESE]  AAA             Xincheng        follow up                    15
                Beijing         [PROPERTY NAME IN CHINESE]  AA              Langmei         follow up                     9
                Beijing         [PROPERTY NAME IN CHINESE]  AA              Langmei         follow up                     6
</TABLE>

<PAGE>

<TABLE>
<S>             <C>             <C>                           <C>             <C>             <C>             <C>         <C>
                Beijing         (PROPERTY NAME IN CHINESE)    AAA             Langmei         lost                         9
                Beijing         (PROPERTY NAME IN CHINESE)    A               Xincheng        follow up                    8
                Beijing         (PROPERTY NAME IN CHINESE)    AA              Langmei         completed                   17
                Beijing         (PROPERTY NAME IN CHINESE)    AAA             Langmei         completed                   75
                Beijing         (PROPERTY NAME IN CHINESE)    AAA             Xincheng        lost                        72
                Beijing         (PROPERTY NAME IN CHINESE)    AAA             Langmei         completed                   45
                Beijing         (PROPERTY NAME IN CHINESE)    AA              Langmei         completed                   31
                Beijing         (PROPERTY NAME IN CHINESE)    AAA             Xincheng        lost                        93
                Beijing         (PROPERTY NAME IN CHINESE)    AA              Xincheng        completed                   33
                Beijing         (PROPERTY NAME IN CHINESE)    AA              Xincheng        follow up                   26
                Beijing         (PROPERTY NAME IN CHINESE)    AAA             Xincheng        completed                    9
                Beijing         (PROPERTY NAME IN CHINESE)    AA              Langmei         completed                   10
                Beijing         (PROPERTY NAME IN CHINESE)    AAA             Xincheng        completed                   12
                Beijing         (PROPERTY NAME IN CHINESE)    AA              Langmei         completed                    6
                Beijing         (PROPERTY NAME IN CHINESE)    AA              Langmei         completed                   12
                Beijing         (PROPERTY NAME IN CHINESE)    AA              Xincheng        completed                    8
                Beijing         (PROPERTY NAME IN CHINESE)    AA              Langmei         waiver                      42
                Beijing         (PROPERTY NAME IN CHINESE)    AAA             Xincheng        completed                   24
                Beijing         (PROPERTY NAME IN CHINESE)    AAA             Xincheng        lost                        30
                Beijing         (PROPERTY NAME IN CHINESE)    AA              Langmei         lost                        56
</TABLE>

<PAGE>

<TABLE>
<S>             <C>             <C>                           <C>             <C>             <C>           <C>          <C>
                Beijing         (PROPERTY NAME IN CHINESE)    AA              Langmei         completed                   24
                Beijing         (PROPERTY NAME IN CHINESE)    A               Xincheng        follow up                   24
                Beijing         (PROPERTY NAME IN CHINESE)    A               Xincheng        completed                   24
                Beijing         (PROPERTY NAME IN CHINESE)    AAA             Langmei         completed                   15
                Beijing         (PROPERTY NAME IN CHINESE)    AA              Xincheng        completed                   18
                Beijing         (PROPERTY NAME IN CHINESE)    A               Langmei         follow up                    3
                Beijing         (PROPERTY NAME IN CHINESE)    AA              Xincheng        completed                   28
                Beijing         (PROPERTY NAME IN CHINESE)    AA              Langmei         completed                    7
                Beijing         (PROPERTY NAME IN CHINESE)    AA              Langmei         follow up                    8
                Beijing         (PROPERTY NAME IN CHINESE)    AA              Xincheng        follow up                   14
                Beijing         (PROPERTY NAME IN CHINESE)    AAA             Xincheng        completed                   20
                Beijing         (PROPERTY NAME IN CHINESE)    AAA             Langmei         completed                    6
                Beijing         (PROPERTY NAME IN CHINESE)    AA              Langmei         completed                    4
                Beijing         (PROPERTY NAME IN CHINESE)    AAA             Langmei         completed                   12
                Beijing         (PROPERTY NAME IN CHINESE)    AA              Xincheng        completed                   12
                Beijing         (PROPERTY NAME IN CHINESE)    AA              Langmei         completed                   25
                Beijing         (PROPERTY NAME IN CHINESE)    AA              Xincheng        completed                   30
                Beijing         (PROPERTY NAME IN CHINESE)    A               Xincheng        follow up                    6
                Beijing         (PROPERTY NAME IN CHINESE)    AAA             Langmei         completed                   16
                Beijing         (PROPERTY NAME IN CHINESE)    AA              Langmei         completed                   18
                Beijing         (PROPERTY NAME IN CHINESE)    AAA             Xincheng        completed                  222
                Beijing         (PROPERTY NAME IN CHINESE)    A               Xincheng        completed                    6
                Beijing         (PROPERTY NAME IN CHINESE)    AAA             Xincheng        completed                   12
</TABLE>
<PAGE>

<TABLE>
<S>          <C>          <C>                              <C>         <C>           <C>            <C>
             Beijing     (PROPERTY NAME IN CHINESE)        AAA         Langmei       completed      50
             Beijing     (PROPERTY NAME IN CHINESE)        AAA         Xincheng      completed       8
             Beijing     (PROPERTY NAME IN CHINESE)        AA          Langmei       completed      35
             Beijing     (PROPERTY NAME IN CHINESE)        AA          Langmei       waiver         16
             Beijing     (PROPERTY NAME IN CHINESE)(9)     A           Langmei       waiver          4
             Beijing     (PROPERTY NAME IN CHINESE)(8)     A           Langmei       waiver          4
             Beijing     (PROPERTY NAME IN CHINESE)(7)     A           Langmei       waiver          8
             Beijing     (PROPERTY NAME IN CHINESE)(6)     A           Langmei       waiver          2
             Beijing     (PROPERTY NAME IN CHINESE)(5)     A           Langmei       waiver          6
             Beijing     (PROPERTY NAME IN CHINESE)(4)     A           Langmei       waiver          4
             Beijing     (PROPERTY NAME IN CHINESE)(3)     A           Langmei       waiver          4
             Beijing     (PROPERTY NAME IN CHINESE)(2)     A           Langmei       waiver          4
             Beijing     (PROPERTY NAME IN CHINESE)(1)     A           Langmei       waiver          4
             Beijing     (PROPERTY NAME IN CHINESE)        AA          Xincheng      waiver          6
             Beijing     (PROPERTY NAME IN CHINESE)        AA          Xincheng      waiver          4
</TABLE>

<PAGE>

<TABLE>
<S>          <C>          <C>                              <C>         <C>           <C>           <C>
             Beijing     (PROPERTY NAME IN CHINESE)        AA          Xincheng      waiver         12
             Beijing     (PROPERTY NAME IN CHINESE)        AA          Langmei       completed      10
             Beijing     (PROPERTY NAME IN CHINESE)        AA          Xincheng      completed      12
             Beijing     (PROPERTY NAME IN CHINESE)        AA          Xincheng      follow up      12
             Beijing     (PROPERTY NAME IN CHINESE)        AAA         Langmei       follow up      24
             Beijing     (PROPERTY NAME IN CHINESE)        AAA         Langmei       follow up      16
             Beijing     (PROPERTY NAME IN CHINESE)        AAA         Xincheng      completed      16
             Beijing     (PROPERTY NAME IN CHINESE)        AAA         Xincheng      follow up     106
             Beijing     (PROPERTY NAME IN CHINESE)        AAA         Xincheng      completed      12
             Beijing     (PROPERTY NAME IN CHINESE)        AAA         Xincheng      completed       4
             Beijing     (PROPERTY NAME IN CHINESE)        AA          Langmei       completed       3
             Beijing     (PROPERTY NAME IN CHINESE)        AA          Xincheng      completed       8
             Beijing     (PROPERTY NAME IN CHINESE)        AA          Xincheng      completed      38
             Beijing     (PROPERTY NAME IN CHINESE)        AA          Xincheng      completed      16
             Beijing     (PROPERTY NAME IN CHINESE)        AAA         Xincheng      completed       6
</TABLE>

<PAGE>

<TABLE>
<S>          <C>          <C>                              <C>         <C>           <C>            <C>
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Langmei       waiver          4
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Langmei       completed      27
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Langmei       completed      15
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Langmei       completed       8
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Xincheng      follow up       9
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Langmei       follow up       3
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Langmei       completed      34
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Langmei       completed      12
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Xincheng      completed       4
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Langmei       completed       3
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Xincheng      completed       8
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Langmei       completed       8
             Beijing      (PROPERTY NAME IN CHINESE)       A           Langmei       follow up       4
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Langmei       follow up      42
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Langmei       follow up       9
</TABLE>
<PAGE>

<TABLE>
<S>          <C>          <C>                              <C>         <C>           <C>            <C>
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Xincheng      completed       9
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Langmei       waiver         20
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Langmei       waiver         60
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Xincheng      completed      52
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Xincheng      completed       5
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Langmei       completed       6
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Xincheng      completed      48
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Xincheng      completed      36
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Langmei       completed      28
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Langmei       completed      26
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Langmei       completed      23
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Xincheng      completed       8
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Langmei       completed       8
             Beijing      (PROPERTY NAME IN CHINESE)       A           Xincheng      completed       4
             Beijing      (PROPERTY NAME IN CHINESE)       A           Xincheng      completed       4
</TABLE>
<PAGE>

<TABLE>
<S>          <C>          <C>                              <C>         <C>           <C>            <C>
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Langmei       completed      12
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Langmei       completed      36
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Xincheng      completed      12
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Langmei       completed      10
             Beijing      (PROPERTY NAME IN CHINESE)       A           Langmei       follow up      10
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Langmei       completed      28
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Xincheng      follow up       6
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Langmei       completed      10
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Xincheng      follow up       6
             Beijing      (PROPERTY NAME IN CHINESE)       A           Xincheng      completed       9
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Langmei       completed      18
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Xincheng      completed       8
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Langmei       completed       6
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Xincheng      follow up       6
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Langmei       completed       9
</TABLE>

<PAGE>

<TABLE>
<S>          <C>          <C>                              <C>         <C>           <C>            <C>
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Langmei       completed       3
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Langmei       completed       6
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Xincheng      waiver          4
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Langmei       completed      14
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Xincheng      completed      42
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Langmei       completed       6
             Beijing      (PROPERTY NAME IN CHINESE)       A           Xincheng      completed      12
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Xincheng      completed      16
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Langmei       completed      66
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Xincheng      completed      42
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Xincheng      follow up      11
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Langmei       completed       7
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Xincheng      completed      18
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Langmei       completed       5
             Beijing      (PROPERTY NAME IN CHINESE)       A           Xincheng      completed      16
</TABLE>

<PAGE>

<TABLE>
<S>          <C>          <C>                              <C>         <C>           <C>           <C>
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Xincheng      completed      24
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Xincheng      follow up      12
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Xincheng      completed      18
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Langmei       lost           54
             Beijing      (PROPERTY NAME IN CHINESE)       A           Xincheng      completed     148
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Xincheng      completed      28
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Xincheng      follow up       6
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Xincheng      follow up      12
             Beijing      (PROPERTY NAME IN CHINESE)       A           Langmei       completed      27
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Xincheng      follow up      64
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Langmei       follow up     222
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Xincheng      completed      24
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Langmei       completed      12
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Langmei       completed       4
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Langmei       completed      20
</TABLE>

<PAGE>

<TABLE>
<S>          <C>          <C>                              <C>         <C>           <C>           <C>
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Xincheng      follow up      27
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Xincheng      completed       6
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Langmei       completed      60
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Xincheng      completed       6
             Beijing      (PROPERTY NAME IN CHINESE)       A           Xincheng      completed       8
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Langmei       follow up      14
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Langmei       follow up      39
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Xincheng      completed       8
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Langmei       completed       8
             Beijing      (PROPERTY NAME IN CHINESE)       A           Langmei       completed       8
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Langmei       completed      12
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Xincheng      completed      14
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Langmei       completed      33
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Xincheng      completed      28
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Langmei       follow up     118
</TABLE>

<PAGE>

<TABLE>
<S>          <C>          <C>                              <C>         <C>           <C>            <C>
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Xincheng      completed       8
             Beijing      (PROPERTY NAME IN CHINESE)       A           Xincheng      waiver         45
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Langmei       completed      16
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Langmei       completed      12
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Xincheng      completed       3
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Xincheng      completed       8
             Beijing      (PROPERTY NAME IN CHINESE)       A           Langmei       completed       9
             Beijing      (PROPERTY NAME IN CHINESE)       A           Langmei       completed       3
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Langmei       completed      30
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Langmei       completed       9
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Langmei       completed       5
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Xincheng      completed      30
             Beijing      (PROPERTY NAME IN CHINESE)       A           Langmei       waiver         43
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Xincheng      follow up       6
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Langmei       completed       8
</TABLE>

<PAGE>

<TABLE>
<S>          <C>          <C>                              <C>         <C>           <C>            <C>
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Xincheng      completed      12
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Xincheng      completed       0
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Langmei       follow up      16
             Beijing      (PROPERTY NAME IN CHINESE)       A           Langmei       follow up       6
             Beijing      (PROPERTY NAME IN CHINESE)       A           Langmei       completed       8
             Beijing      (PROPERTY NAME IN CHINESE)       A           Langmei       completed       9
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Langmei       lost            3
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Xincheng      completed      12
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Langmei       completed       4
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Langmei       follow up       6
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Xincheng      completed      30
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Langmei       completed       8
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Langmei       completed       8
             Beijing      (PROPERTY NAME IN CHINESE)       AA          Langmei       completed      11
             Beijing      (PROPERTY NAME IN CHINESE)       AAA         Xincheng      completed      44
</TABLE>
<PAGE>

<TABLE>
<S>       <C>             <C>                                       <C>      <C>            <C>                    <C>
          Beijing         (PROPERTY NAME IN CHINESE)                A        Xincheng       completed              24
          Beijing         (PROPERTY NAME IN CHINESE)                A        Xincheng       completed               8
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Langmei        completed              30
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Langmei        follow up              34
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       completed              30
          Beijing         (PROPERTY NAME IN CHINESE)                A        Xincheng       completed              30
          Beijing         (PROPERTY NAME IN CHINESE)                A        Xincheng       completed              16
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       completed              24
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       completed              30
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Langmei        completed              24
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       completed              12
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Langmei        completed              23
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Langmei        follow up              28
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Langmei        follow up              23
          Beijing         (PROPERTY NAME IN CHINESE)                A        Langmei        follow up               8
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        follow up              18
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        follow up              12
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Langmei        follow up              78
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Langmei        follow up              52
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        completed              30
</TABLE>

<PAGE>

<TABLE>
<S>       <C>             <C>                                       <C>      <C>            <C>                   <C>
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       completed              12
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       completed               8
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       completed               6
          Beijing         (PROPERTY NAME IN CHINESE)                A        Langmei        waiver                  7
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       completed               8
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       completed              24
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        lost                    8
          Beijing         (PROPERTY NAME IN CHINESE)                A        Xincheng       completed               9
          Beijing         (PROPERTY NAME IN CHINESE)                A        Xincheng       completed               6
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       completed               9
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       completed              18
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       completed               6
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       completed               4
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        completed               4
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       completed              12
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       follow up              34
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Langmei        follow up              34
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       lost                  117
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        completed               8
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       completed              12
</TABLE>

<PAGE>

<TABLE>
<S>       <C>             <C>                                       <C>      <C>            <C>                   <C>
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        completed              16
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       completed             117
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Langmei        completed               8
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       follow up               4
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       completed               6
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       completed               4
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       follow up               2
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Langmei        completed              16
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Langmei        lost                   13
          Beijing         (PROPERTY NAME IN CHINESE)                A        Langmei        completed              24
          Beijing         (PROPERTY NAME IN CHINESE)                A        Xincheng       completed               6
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       completed               6
          Beijing         (PROPERTY NAME IN CHINESE)                A        Xincheng       completed              18
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       completed              12
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       completed              12
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        completed               6
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        lost                    4
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       completed               6
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        completed               9
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       completed              16
</TABLE>

<PAGE>

<TABLE>
<S>       <C>             <C>                                       <C>      <C>            <C>                    <C>
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       follow up              18
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        completed              23
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        completed               4
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       completed               6
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Langmei        completed              24
          Beijing         (PROPERTY NAME IN CHINESE)                A        Xincheng       completed              12
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       completed               6
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       follow up              18
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        follow up               9
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        completed               5
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       completed              12
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Langmei        lost                   12
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       follow up               4
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       completed               6
          Beijing         (PROPERTY NAME IN CHINESE)                A        Langmei        follow up               4
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       completed               8
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        completed              10
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        completed              16
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        completed               5
          Beijing         (PROPERTY NAME IN CHINESE)                A        Xincheng       completed              16
</TABLE>

<PAGE>

<TABLE>
<S>       <C>             <C>                                       <C>      <C>            <C>                    <C>
          Beijing         (PROPERTY NAME IN CHINESE)                A        Xincheng       completed              42
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        completed              14
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       completed              27
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       completed              12
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       lost                   18
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       completed               8
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        follow up               5
          Beijing         (PROPERTY NAME IN CHINESE)                A        Xincheng       completed              12
          Beijing         (PROPERTY NAME IN CHINESE)                A        Xincheng       completed               6
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       follow up              15
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        completed               3
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       completed               3
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       waiver                 12
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       waiver                 10
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       waiver                  4
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       waiver                  4
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Langmei        completed              16
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Langmei        completed              18
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       completed               8
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Langmei        follow up              12
</TABLE>

<PAGE>

<TABLE>
<S>       <C>             <C>                                       <C>      <C>            <C>                   <C>
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        follow up              10
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        completed               3
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       completed              24
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        completed              13
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        completed              23
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       completed              20
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       completed              18
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       completed              15
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Langmei        completed             125
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Langmei        completed              40
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Langmei        follow up              96
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Langmei        completed              15
          Beijing         (PROPERTY NAME IN CHINESE)                A        Xincheng       completed               6
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Langmei        completed              32
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Langmei        completed              81
          Beijing         (PROPERTY NAME IN CHINESE)                A        Langmei        follow up               4
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       completed              14
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       completed               8
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       completed              12
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       completed               6
</TABLE>

<PAGE>

<TABLE>
<S>       <C>             <C>                                       <C>      <C>            <C>                    <C>
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       completed              18
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        completed               8
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Langmei        completed              34
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Langmei        completed               3
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Langmei        completed              18
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       completed               6
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Langmei        completed              12
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       completed               4
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        completed               4
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Langmei        follow up              16
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       completed               8
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        completed               5
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        completed              10
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       completed              12
          Beijing         (PROPERTY NAME IN CHINESE)                A        Xincheng       completed              32
          Beijing         (PROPERTY NAME IN CHINESE)                A        Langmei        completed               2
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       completed              18
          Beijing         (PROPERTY NAME IN CHINESE)                A        Langmei        completed               4
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        completed              10
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       follow up               9
</TABLE>

<PAGE>

<TABLE>
<S>       <C>             <C>                                       <C>      <C>            <C>                    <C>
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       completed              10
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       completed               9
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        completed               6
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       completed              30
          Beijing         (PROPERTY NAME IN CHINESE)                A        Langmei        follow up               4
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        completed               6
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        follow up              14
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        completed              22
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        waiver                 33
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Langmei        completed              17
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        completed              20
          Beijing         (PROPERTY NAME IN CHINESE)                A        Xincheng       follow up               6
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       completed              42
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Langmei        follow up              28
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       follow up              30
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       follow up              18
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Langmei        completed              16
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       waiver                 50
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        completed               8
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        completed               4
</TABLE>

<PAGE>

<TABLE>
<S>       <C>             <C>                                       <C>      <C>            <C>                   <C>
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       completed              15
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        follow up               3
          Beijing         (PROPERTY NAME IN CHINESE)                A        Xincheng       follow up              24
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       follow up              18
          Beijing         (PROPERTY NAME IN CHINESE)                A        Xincheng       waiver                 12
          Beijing         (PROPERTY NAME IN CHINESE)                A        Langmei        follow up               4
          Beijing         (PROPERTY NAME IN CHINESE)                A        Xincheng       waiver                 14
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       lost                    8
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        completed               9
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        completed             206
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       completed              36
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       completed              24
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Langmei        completed              12
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       waiver                  9
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Langmei        completed              10
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Langmei        completed               7
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        completed               8
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       follow up              78
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       follow up              12
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       lost                   12
</TABLE>

<PAGE>

<TABLE>
<S>       <C>             <C>                                       <C>      <C>            <C>                   <C>
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       lost                   15
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       lost                   12
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       completed              18
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Langmei        completed              25
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       completed              76
          Beijing         (PROPERTY NAME IN CHINESE)                A        Xincheng       completed               6
          Beijing         (PROPERTY NAME IN CHINESE)                A        Xincheng       completed               8
          Beijing         (PROPERTY NAME IN CHINESE)                A        Langmei        follow up               5
          Beijing         (PROPERTY NAME IN CHINESE)                A        Langmei        lost                    5
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        completed              30
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Langmei        completed              18
          Beijing         (PROPERTY NAME IN CHINESE)                A        Xincheng       follow up              60
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       follow up              10
          Beijing         (PROPERTY NAME IN CHINESE)                A        Langmei        follow up               6
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       completed             110
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       completed             120
          Beijing         (PROPERTY NAME IN CHINESE)                A        Langmei        completed               8
          Beijing         (PROPERTY NAME IN CHINESE)                AA       Xincheng       completed              24
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Xincheng       completed             148
          Beijing         (PROPERTY NAME IN CHINESE)                AAA      Langmei        follow up              43
</TABLE>

<PAGE>

<TABLE>
<S>             <C>            <C>                               <C>      <C>            <C>            <C>
                Beijing        (PROPERTY NAME IN CHINESE)        A        Xincheng       completed       12
                Beijing        (PROPERTY NAME IN CHINESE)        A        Xincheng       completed       12
                Beijing        (PROPERTY NAME IN CHINESE)        A        Xincheng       completed       24
                Beijing        (PROPERTY NAME IN CHINESE)        A        Xincheng       completed        6
                Beijing        (PROPERTY NAME IN CHINESE)        AA       Langmei        completed        7
                Beijing        (PROPERTY NAME IN CHINESE)        AA       Langmei        completed        6
                Beijing        (PROPERTY NAME IN CHINESE)        AAA      Xincheng       completed       21
                Beijing        (PROPERTY NAME IN CHINESE)        AA       Langmei        completed        9
                Beijing        (PROPERTY NAME IN CHINESE)        AAA      Langmei        lost            27
                Beijing        (PROPERTY NAME IN CHINESE)        A        Langmei        waiver          12
                Beijing        (PROPERTY NAME IN CHINESE)        AA       Langmei        follow up       10
                Beijing        (PROPERTY NAME IN CHINESE)        A        Langmei        completed       14
                Beijing        (PROPERTY NAME IN CHINESE)        AA       Xincheng       waiver          30
                Beijing        (PROPERTY NAME IN CHINESE)        AA       Xincheng       completed       24
                Beijing        (PROPERTY NAME IN CHINESE)        AA       Xincheng       completed        4
                Beijing        (PROPERTY NAME IN CHINESE)        AA       Xincheng       completed       20
                Beijing        (PROPERTY NAME IN CHINESE)        AA       Xincheng       completed       30
                Beijing        (PROPERTY NAME IN CHINESE)        AA       Langmei        completed       26
                Beijing        (PROPERTY NAME IN CHINESE)        A        Xincheng       follow up        4
                Beijing        (PROPERTY NAME IN CHINESE)        AA       Langmei        completed      183
</TABLE>

<PAGE>

<TABLE>
<S>             <C>            <C>                               <C>      <C>            <C>            <C>
                Beijing        (PROPERTY NAME IN CHINESE)        AAA      Langmei        completed      11
                Beijing        (PROPERTY NAME IN CHINESE)        A        Langmei        waiver         27
                Beijing        (PROPERTY NAME IN CHINESE)        AA       Langmei        completed       5
                Beijing        (PROPERTY NAME IN CHINESE)        AA       Xincheng       completed       3
                Beijing        (PROPERTY NAME IN CHINESE)        AAA      Langmei        completed       5
                Beijing        (PROPERTY NAME IN CHINESE)        A        Xincheng       completed      16
                Beijing        (PROPERTY NAME IN CHINESE)        AA       Langmei        completed      97
                Beijing        (PROPERTY NAME IN CHINESE)        A        Xincheng       completed      14
                Beijing        (PROPERTY NAME IN CHINESE)        AA       Xincheng       completed       6
                Beijing        (PROPERTY NAME IN CHINESE)        AA       Xincheng       completed      48
                Beijing        (PROPERTY NAME IN CHINESE)        AA       Langmei        completed       8
                Beijing        (PROPERTY NAME IN CHINESE)        AA       Langmei        completed       6
                Beijing        (PROPERTY NAME IN CHINESE)        AAA      Langmei        follow up      63
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      13
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      92
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      17
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up       7
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up       9
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed       7
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed       3
</TABLE>

<PAGE>

<TABLE>
<S>             <C>            <C>                            <C>         <C>            <C>            <C>
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      68
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      50
                Beijing        (PROPERTY NAME IN CHINESE)3                Leading        follow up       4
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      22
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up       6
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      56
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      18
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up       2
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      12
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed       3
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      60
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up       8
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed       4
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed       4
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      16
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up       4
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      16
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      14
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      14
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      18
</TABLE>

<PAGE>

<TABLE>
<S>             <C>            <C>                            <C>         <C>            <C>            <C>
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up       6
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed       5
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up       2
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up       6
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up       6
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      16
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      30
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      11
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      15
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed       2
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      82
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      18
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up       8
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up       2
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed       2
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up       6
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      14
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      60
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up       6
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      10
</TABLE>

<PAGE>

<TABLE>
<S>             <C>            <C>                            <C>         <C>            <C>            <C>
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up       6
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed       8
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      32
                Beijing        (PROPERTY NAME IN CHINESE)1                Leading        completed       6
                Beijing        (PROPERTY NAME IN CHINESE)2                Leading        completed       6
                Beijing        (PROPERTY NAME IN CHINESE)3                Leading        completed      12
                Beijing        (PROPERTY NAME IN CHINESE)4                Leading        completed      12
                Beijing        (PROPERTY NAME IN CHINESE)5                Leading        completed      24
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      16
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      20
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      31
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      52
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      21
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed       9
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      66
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed       4
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up       6
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      21
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      72
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      10
</TABLE>

<PAGE>

<TABLE>
<S>             <C>            <C>                             <C>        <C>            <C>          <C>
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      9
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed     12
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      6
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      5
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed     73
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      6
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed     20
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      5
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      8
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed     42
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up     72
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      4
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed     18
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      2
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed     40
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up     52
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      4
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      3
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed     24
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up    114
</TABLE>

<PAGE>

<TABLE>
<S>             <C>            <C>                            <C>         <C>            <C>            <C>
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up       6
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      44
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed       4
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up       7
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      26
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      31
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed       6
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      73
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      12
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed       6
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      20
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      12
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed       8
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up       8
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      10
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed       6
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      45
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed       9
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      10
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      12
</TABLE>

<PAGE>

<TABLE>
<S>             <C>            <C>                            <C>         <C>            <C>            <C>
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      73
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      24
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up       6
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      16
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      14
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      40
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      12
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      39
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up       9
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed       4
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      11
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      28
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed       4
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      16
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      62
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      12
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up       8
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      16
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up       6
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed       8
</TABLE>

<PAGE>

<TABLE>
<S>             <C>            <C>                            <C>         <C>            <C>            <C>
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up       4
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up       3
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      12
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up       8
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up       7
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up       6
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up       8
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up       6
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed       8
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      10
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed       4
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      12
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      12
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      88
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      41
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      74
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed       8
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up       8
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed       8
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      74
</TABLE>

<PAGE>

<TABLE>
<S>             <C>            <C>                            <C>         <C>            <C>            <C>
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      16
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed       4
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up       9
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up       8
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      18
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed       7
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up       8
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up       2
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      18
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up       6
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      98
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      27
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up       6
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      27
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up       5
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up      24
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      24
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        completed      17
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up       8
                Beijing        (PROPERTY NAME IN CHINESE)                 Leading        follow up       8
</TABLE>
<PAGE>
<TABLE>
<S>                          <C>         <C>                           <C>    <C>       <C>          <C>
                             Beijing     (PROPERTY NAME IN CHINESE)           Leading   completed    16
                             Beijing     (PROPERTY NAME IN CHINESE)           Leading   follow up     9
                             Beijing     (PROPERTY NAME IN CHINESE)           Leading   completed    30
                             Beijing     (PROPERTY NAME IN CHINESE)           Leading   completed     4
                             Beijing     (PROPERTY NAME IN CHINESE)           Leading   follow up     8
                             Beijing     (PROPERTY NAME IN CHINESE)           Leading   follow up    11
                             Beijing     (PROPERTY NAME IN CHINESE)           Leading   follow up     4
                             Beijing     (PROPERTY NAME IN CHINESE)           Leading   follow up    39
                             Beijing     (PROPERTY NAME IN CHINESE)           Leading   completed     8
                             Beijing     (PROPERTY NAME IN CHINESE)           Leading   completed     7
                             Beijing     (PROPERTY NAME IN CHINESE)           Leading   completed    64
                             Beijing     (PROPERTY NAME IN CHINESE)           Leading   completed     8
                             Beijing     (PROPERTY NAME IN CHINESE)           Leading   follow up    88
                             Beijing     (PROPERTY NAME IN CHINESE)           Leading   completed     6
                             Beijing     (PROPERTY NAME IN CHINESE)           Leading   completed    48
                             Beijing     (PROPERTY NAME IN CHINESE)           Leading   follow up    32
                             Beijing     (PROPERTY NAME IN CHINESE)           Leading   follow up    12
                             Beijing     (PROPERTY NAME IN CHINESE)           Leading   follow up    84
                             Beijing     (PROPERTY NAME IN CHINESE)           Leading   completed    12
                             Beijing     (PROPERTY NAME IN CHINESE)           Leading   follow up     4
</TABLE>

<PAGE>

<TABLE>
<S>                          <C>         <C>                          <C>    <C>       <C>          <C>
                             Beijing     (PROPERTY NAME IN CHINESE)          Leading   follow up    156
                             Beijing     (PROPERTY NAME IN CHINESE)          Leading   completed      3
                             Beijing     (PROPERTY NAME IN CHINESE)          Leading   follow up      8
                             Beijing     (PROPERTY NAME IN CHINESE)          Leading   completed     18
                             Beijing     (PROPERTY NAME IN CHINESE)          Leading   follow up      9
                             Beijing     (PROPERTY NAME IN CHINESE)          Leading   follow up      8
                             Beijing     (PROPERTY NAME IN CHINESE)          Leading   completed      8
                             Beijing     (PROPERTY NAME IN CHINESE)          Leading   follow up     36
                             Beijing     (PROPERTY NAME IN CHINESE)          Leading   follow up      8
                             Beijing     (PROPERTY NAME IN CHINESE)          Leading   follow up      9
                             Beijing     (PROPERTY NAME IN CHINESE)          Leading   completed      9
                             Beijing     (PROPERTY NAME IN CHINESE)          Leading   completed     24
                             Beijing     (PROPERTY NAME IN CHINESE)          Leading   completed      5
                             Beijing     (PROPERTY NAME IN CHINESE)          Leading   completed     16
                             Beijing     (PROPERTY NAME IN CHINESE)          Leading   follow up     99
                             Beijing     (PROPERTY NAME IN CHINESE)          Leading   completed      6
                             Beijing     (PROPERTY NAME IN CHINESE)          Leading   follow up     56
                             Beijing     (PROPERTY NAME IN CHINESE)          Leading   completed     28
                             Beijing     (PROPERTY NAME IN CHINESE)          Leading   follow up     24
                             Beijing     (PROPERTY NAME IN CHINESE)          Leading   follow up      4
</TABLE>
<PAGE>

<TABLE>
<S>                          <C>         <C>                           <C>     <C>       <C>           <C>

                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up      8
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up     12
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   completed      3
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up     12
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   completed      4
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   completed     57
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up      4
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up      6
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   completed     15
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   completed      2
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up     18
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up     11
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   completed     16
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   completed     24
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up     27
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up     48
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   completed      6
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   completed     16
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up     12
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up     22
</TABLE>

<PAGE>

<TABLE>
<S>                          <C>         <C>                           <C>     <C>       <C>           <C>
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   completed     12
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up     51
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up     66
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up     18
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up      6
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   completed     75
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   completed      2
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up     21
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   completed      6
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   completed      9
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   completed     21
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up     44
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up     86
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up     62
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up      6
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up     12
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up      9
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up      3
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   completed     21
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up     20
</TABLE>

<PAGE>

<TABLE>
<S>                          <C>         <C>                           <C>     <C>       <C>           <C>
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up     10
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   completed     36
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up      6
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up     20
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up      4
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up     12
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   completed      6
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   completed     15
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up     18
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   completed      6
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up      9
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up     39
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up      6
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up      9
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up     12
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   completed      6
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up      9
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   completed     33
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   completed      9
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up     15
</TABLE>

<PAGE>

<TABLE>
<S>                          <C>         <C>                           <C>     <C>       <C>          <C>
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up      6
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   completed     56
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   completed     56
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up      6
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   completed      4
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up      6
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up      8
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up      9
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up     23
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   completed     12
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up      6
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up      4
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up     28
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   completed      8
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up    105
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up     15
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   completed     63
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   completed     72
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up     12
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   completed     40
</TABLE>

<PAGE>

<TABLE>
<S>                          <C>         <C>                           <C>     <C>       <C>          <C>
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up     45
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   completed     24
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   completed     18
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   completed     24
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   completed
                             Beijing     (PROPERTY NAME IN CHINESE)            Leading   follow up
(PROPERTY NAME IN CHINESE)   Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed    273
                             Shanghai    (PROPERTY NAME IN CHINESE)    A       Tuojia    waiver        18
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed     33
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    waiver        18
                             Shanghai    (PROPERTY NAME IN CHINESE)    AAA     Tuojia    completed     46
                             Shanghai    (PROPERTY NAME IN CHINESE)    AAA     Tuojia    waiver       105
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed      4
                             Shanghai    (PROPERTY NAME IN CHINESE)    AAA     Tuojia    completed     16
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed     21
                             Shanghai    (PROPERTY NAME IN CHINESE)    A       Tuojia    completed      6
                             Shanghai    (PROPERTY NAME IN CHINESE)    AAA     Tuojia    completed     12
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed     32
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed      8
                             Shanghai    (PROPERTY NAME IN CHINESE)    A       Tuojia    waiver        32
                             Shanghai    (PROPERTY NAME IN CHINESE)    A       Tuojia    completed      6
                             Shanghai    (PROPERTY NAME IN CHINESE)    A       Tuojia    completed     10
                             Shanghai    (PROPERTY NAME IN CHINESE)    A       Tuojia    completed     12
                             Shanghai    (PROPERTY NAME IN CHINESE)    A       Tuojia    completed      4
                             Shanghai    (PROPERTY NAME IN CHINESE)    A       Tuojia    completed     45
                             Shanghai    (PROPERTY NAME IN CHINESE)    A       Tuojia    completed     12
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    waiver         9
</TABLE>

<PAGE>

<TABLE>
<S>                          <C>         <C>                           <C>     <C>       <C>          <C>
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed     32
                             Shanghai    (PROPERTY NAME IN CHINESE)    AAA     Tuojia    completed    159
                             Shanghai    (PROPERTY NAME IN CHINESE)    A       Tuojia    completed     28
                             Shanghai    (PROPERTY NAME IN CHINESE)    AAA     Tuojia    completed     28
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    waiver        32
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed     18
                             Shanghai    (PROPERTY NAME IN CHINESE)    AAA     Tuojia    waiver       110
                             Shanghai    (PROPERTY NAME IN CHINESE)    AAA     Tuojia    completed     36
                             Shanghai    (PROPERTY NAME IN CHINESE)    A       Tuojia    waiver         6
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed     24
                             Shanghai    (PROPERTY NAME IN CHINESE)    AAA     Tuojia    completed      9
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    waiver        30
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed     24
                             Shanghai    (PROPERTY NAME IN CHINESE)    A       Tuojia    completed     21
                             Shanghai    (PROPERTY NAME IN CHINESE)    A       Tuojia    completed     45
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed     12
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed     54
                             Shanghai    (PROPERTY NAME IN CHINESE)    AAA     Tuojia    completed     72
                             Shanghai    (PROPERTY NAME IN CHINESE)    AAA     Tuojia    completed     60
                             Shanghai    (PROPERTY NAME IN CHINESE)    AAA     Tuojia    completed    110
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed     33
                             Shanghai    (PROPERTY NAME IN CHINESE)    AAA     Tuojia    waiver        10
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed     30
                             Shanghai    (PROPERTY NAME IN CHINESE)    AAA     Tuojia    waiver        60
                             Shanghai    (PROPERTY NAME IN CHINESE)    A       Tuojia    waiver         4
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    waiver        30
                             Shanghai    (PROPERTY NAME IN CHINESE)    AAA     Tuojia    follow up      9
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed     16
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed     12
                             Shanghai    (PROPERTY NAME IN CHINESE)    A       Tuojia    waiver         8
</TABLE>

<PAGE>

<TABLE>
<S>                          <C>         <C>                           <C>     <C>       <C>          <C>
                             Shanghai    (PROPERTY NAME IN CHINESE)    A       Tuojia    waiver        8
                             Shanghai    (PROPERTY NAME IN CHINESE)    AAA     Tuojia    completed    30
                             Shanghai    (PROPERTY NAME IN CHINESE)    A       Tuojia    completed     4
                             Shanghai    (PROPERTY NAME IN CHINESE)    A       Tuojia    completed     6
                             Shanghai    (PROPERTY NAME IN CHINESE)    AAA     Tuojia    completed     6
                             Shanghai    (PROPERTY NAME IN CHINESE)    AAA     Tuojia    completed    31
                             Shanghai    (PROPERTY NAME IN CHINESE)    AAA     Tuojia    completed    20
                             Shanghai    (PROPERTY NAME IN CHINESE)    A       Tuojia    waiver       51
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    waiver        8
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed    12
                             Shanghai    (PROPERTY NAME IN CHINESE)    AAA     Tuojia    completed    68
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed    18
                             Shanghai    (PROPERTY NAME IN CHINESE)    A       Tuojia    completed     6
                             Shanghai    (PROPERTY NAME IN CHINESE)    A       Tuojia    completed    12
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed    12
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed     8
                             Shanghai    (PROPERTY NAME IN CHINESE)    AAA     Tuojia    completed    93
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed    12
                             Shanghai    (PROPERTY NAME IN CHINESE)    AAA     Tuojia    completed     9
                             Shanghai    (PROPERTY NAME IN CHINESE)    AAA     Tuojia    completed    12
                             Shanghai    (PROPERTY NAME IN CHINESE)    AAA     Tuojia    completed    18
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed    18
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed    16
                             Shanghai    (PROPERTY NAME IN CHINESE)    A       Tuojia    completed     6
                             Shanghai    (PROPERTY NAME IN CHINESE)    AAA     Tuojia    completed    24
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed     6
                             Shanghai    (PROPERTY NAME IN CHINESE)    A       Tuojia    completed    24
                             Shanghai    (PROPERTY NAME IN CHINESE)    A       Tuojia    completed    24
                             Shanghai    (PROPERTY NAME IN CHINESE)    AAA     Tuojia    completed     8
</TABLE>
<PAGE>

<TABLE>
<S>                          <C>         <C>                           <C>     <C>       <C>         <C>
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed     6
                             Shanghai    (PROPERTY NAME IN CHINESE)    A       Tuojia    completed    24
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed    24
                             Shanghai    (PROPERTY NAME IN CHINESE)    A       Tuojia    completed     6
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed    18
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed    28
                             Shanghai    (PROPERTY NAME IN CHINESE)    A       Tuojia    completed     8
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed    42
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed    17
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed    32
                             Shanghai    (PROPERTY NAME IN CHINESE)    AAA     Tuojia    waiver       30
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed    54
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed     8
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed    16
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed    18
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed    51
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed   193
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed    32
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed    32
                             Shanghai    (PROPERTY NAME IN CHINESE)    A       Tuojia    completed     6
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed    16
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed    30
                             Shanghai    (PROPERTY NAME IN CHINESE)    A       Tuojia    waiver        6
                             Shanghai    (PROPERTY NAME IN CHINESE)    A       Tuojia    completed     4
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed    12
                             Shanghai    (PROPERTY NAME IN CHINESE)    AAA     Tuojia    waiver       12
                             Shanghai    (PROPERTY NAME IN CHINESE)    A       Tuojia    completed     8
                             Shanghai    (PROPERTY NAME IN CHINESE)    AA      Tuojia    completed    69
                             Shanghai    (PROPERTY NAME IN CHINESE)    A       Tuojia    waiver        2
                             Shanghai    (PROPERTY NAME IN CHINESE)    AAA     Tuojia    completed    16
</TABLE>
<PAGE>

<TABLE>
<S>         <C>       <C>                           <C>    <C>          <C>           <C>
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed       6
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed      38
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed      56
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed       7
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed     192
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed       8
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      28
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed      30
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed     137
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      62
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       waiver         15
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed       6
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       waiver          4
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Tuojia       waiver          6
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Tuojia       waiver          6
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed      12
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Tuojia       completed       4
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed      18
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed       9
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed       8
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      16
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed      26
</TABLE>

<PAGE>

<TABLE>
<S>         <C>       <C>                           <C>    <C>          <C>           <C>
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed      15
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Tuojia       completed       6
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed      81
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Tuojia       completed       4
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed       4
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed       6
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Tuojia       waiver         27
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed      10
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed      16
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed      18
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       waiver         16
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       waiver          0
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed       6
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed       6
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      26
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Tuojia       completed      24
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed      48
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed       6
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      64
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Tuojia       follow up      12
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       waiver          4
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed      18
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      33
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       waiver         12
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed       6
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      48
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       waiver         20
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       waiver         40
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      24
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed       8
</TABLE>

<PAGE>

<TABLE>
<S>         <C>       <C>                           <C>    <C>          <C>           <C>
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       waiver         20
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed       8
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Tuojia       waiver         10
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Tuojia       completed      12
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      44
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      90
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed       8
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed      12
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed      20
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      18
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed      26
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed     147
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed      45
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed      12
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      12
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed      14
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      93
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed       6
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed       8
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       waiver         36
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed       4
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      12
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed       6
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed     174
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed      12
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed       7
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed       4
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed       6
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed      66
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      40
</TABLE>

<PAGE>

<TABLE>
<S>         <C>       <C>                           <C>    <C>          <C>           <C>
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      56
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      27
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed       3
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed       2
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed       2
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed       3
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      36
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      93
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed      80
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Tuojia       completed      58
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Tuojia       completed      44
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Tuojia       completed     108
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      56
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      57
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed       8
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed      36
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed       4
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed       2
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed      20
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      18
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed      40
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      18
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed       6
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      18
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      60
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed      12
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed       7
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Tuojia       completed       4
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      18
</TABLE>

<PAGE>

<TABLE>
<S>         <C>       <C>                           <C>    <C>          <C>           <C>
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed       4
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      12
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      30
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed      12
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      14
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed      14
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed      30
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed       2
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed     141
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed     108
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Tuojia       completed       8
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       waiver          6
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed       8
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       waiver         10
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed       8
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       follow up       3
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed       8
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      12
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed       6
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Tuojia       completed       9
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      60
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed       4
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       waiver          9
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed       4
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Tuojia       completed       4
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Tuojia       completed       4
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Tuojia       completed      12
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Tuojia       completed      12
</TABLE>

<PAGE>

<TABLE>
<S>         <C>       <C>                           <C>    <C>          <C>           <C>
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Tuojia       completed       4
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed       8
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Tuojia       completed       4
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Tuojia       completed       8
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      60
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Tuojia       waiver          2
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed       4
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed      32
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed      12
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      16
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      12
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed       8
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed      24
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed       4
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      22
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      48
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed       6
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      40
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      12
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed       6
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      78
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      12
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed       6
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed       6
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed       3
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed      24
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      42
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Tuojia       waiver          8
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      30
</TABLE>

<PAGE>

<TABLE>
<S>         <C>       <C>                           <C>    <C>          <C>           <C>
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed      27
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       follow up       9
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      20
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      16
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Tuojia       completed      12
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Tuojia       completed      52
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed       6
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Tuojia       completed      12
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Tuojia       completed     105
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Tuojia       completed     132
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed      99
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed      87
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed     286
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Yangguang    completed       6
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Yangguang    waiver          6
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Yangguang    completed      22
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed      84
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Yangguang    completed      36
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Yangguang    completed      34
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Yangguang    completed      68
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Yangguang    completed       8
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Yangguang    follow up      28
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Yangguang    completed      24
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Yangguang    completed       6
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed       5
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed      24
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed       8
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Yangguang    completed       8
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed      18
</TABLE>

<PAGE>

<TABLE>
<S>         <C>       <C>                           <C>    <C>          <C>           <C>
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Yangguang    completed      19
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Yangguang    completed      15
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Yangguang    completed       4
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed       4
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed      15
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed      16
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed      24
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Yangguang    completed      12
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Yangguang    completed      12
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Yangguang    completed      12
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Yangguang    completed       6
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed       6
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed       6
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Yangguang    completed      12
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Yangguang    completed       8
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Yangguang    completed      22
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Yangguang    completed       6
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Yangguang    completed       8
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed      21
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed      12
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed       4
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed       8
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Yangguang    completed       4
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Yangguang    completed      36
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Yangguang    completed       4
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed       8
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Yangguang    completed       4
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed      24
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Yangguang    completed      15
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Yangguang    completed       4
</TABLE>

<PAGE>

<TABLE>
<S>         <C>       <C>                           <C>    <C>          <C>           <C>
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed      18
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed      27
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed       6
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed      24
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed       8
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Yangguang    completed       4
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed       8
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Yangguang    completed       5
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Yangguang    completed       4
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Yangguang    completed       4
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed      10
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Yangguang    completed       8
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed       6
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed      16
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed       4
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed       8
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed       8
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed       6
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Yangguang    completed       4
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Yangguang    completed       6
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Yangguang    completed      24
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Yangguang    completed       4
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed       8
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed       4
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed       8
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed       8
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Yangguang    completed       8
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Yangguang    completed      24
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Yangguang    completed       4
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed      12
</TABLE>

<PAGE>

<TABLE>
<S>         <C>       <C>                           <C>    <C>          <C>           <C>
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Yangguang    completed       9
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed      15
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Yangguang    completed       6
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Yangguang    completed      24
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Yangguang    completed     129
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Yangguang    completed       8
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Yangguang    completed      12
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Yangguang    completed       8
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Yangguang    completed      14
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed      12
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Yangguang    completed      12
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed       6
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Yangguang    completed      12
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Yangguang    completed       4
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed      22
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Yangguang    completed       9
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed       6
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Yangguang    completed      10
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed      52
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed      56
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed       8
            Shanghai  (PROPERTY NAME IN CHINESE)    AA     Yangguang    completed      22
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed       8
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Yangguang    completed       6
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Yangguang    completed      15
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed      54
            Shanghai  (PROPERTY NAME IN CHINESE)    AAA    Yangguang    completed       6
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed      24
            Shanghai  (PROPERTY NAME IN CHINESE)    A      Yangguang    completed      12
</TABLE>
<PAGE>

<TABLE>
<S>         <C>                             <C>      <C>            <C>            <C>
Shanghai    (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed       3
Shanghai    (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       4
Shanghai    (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed      20
Shanghai    (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       6
Shanghai    (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       4
Shanghai    (PROPERTY NAME IN CHINESE)      A        Yangguang      completed      24
Shanghai    (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed      24
Shanghai    (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed      36
Shanghai    (PROPERTY NAME IN CHINESE)      A        Yangguang      completed      68
Shanghai    (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       4
Shanghai    (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed       8
Shanghai    (PROPERTY NAME IN CHINESE)      A        Yangguang      follow up       2
Shanghai    (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed       4
Shanghai    (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed       9
Shanghai    (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed      18
Shanghai    (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed       4
Shanghai    (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed      57
Shanghai    (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed      12
Shanghai    (PROPERTY NAME IN CHINESE)      A        Yangguang      completed      26
Shanghai    (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed       6
Shanghai    (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed      21
Shanghai    (PROPERTY NAME IN CHINESE)      A        Yangguang      waiver         24
Shanghai    (PROPERTY NAME IN CHINESE)      A        Yangguang      completed      10
Shanghai    (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed       8
Shanghai    (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed      69
Shanghai    (PROPERTY NAME IN CHINESE)      A        Yangguang      completed      16
Shanghai    (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed      12
Shanghai    (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed      12
Shanghai    (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       2
</TABLE>

<PAGE>

<TABLE>
<S>         <C>                             <C>      <C>            <C>            <C>
Shanghai    (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed       4
Shanghai    (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed       4
Shanghai    (PROPERTY NAME IN CHINESE)      A        Yangguang      completed      24
Shanghai    (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed      78
Shanghai    (PROPERTY NAME IN CHINESE)      A        Yangguang      completed      18
Shanghai    (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       6
Shanghai    (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed      12
Shanghai    (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed      26
Shanghai    (PROPERTY NAME IN CHINESE)      A        Yangguang      completed      30
Shanghai    (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed       6
Shanghai    (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed       8
Shanghai    (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed       8
Shanghai    (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       8
Shanghai    (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       6
Shanghai    (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed      33
Shanghai    (PROPERTY NAME IN CHINESE)B     A        Yangguang      completed      14
Shanghai    (PROPERTY NAME IN CHINESE)      AA       Yangguang      lost           16
Shanghai    (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       4
Shanghai    (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       4
Shanghai    (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       6
Shanghai    (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       2
Shanghai    (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       2
Shanghai    (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed       4
Shanghai    (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed       6
Shanghai    (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed      24
Shanghai    (PROPERTY NAME IN CHINESE)      A        Yangguang      completed      18
Shanghai    (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       8
Shanghai    (PROPERTY NAME IN CHINESE)B     A        Yangguang      completed       6
Shanghai    (PROPERTY NAME IN CHINESE)B     A        Yangguang      completed       9
</TABLE>

<PAGE>

<TABLE>
<S>         <C>                            <C>      <C>            <C>            <C>
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed      24
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed      15
Shanghai   (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed      36
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       2
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed      18
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed      20
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed      37
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed       4
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed      10
Shanghai   (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed       8
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      waiver          6
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       4
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       6
Shanghai   (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed      34
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       6
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed      18
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      waiver         36
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       4
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       6
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed      12
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      waiver         33
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed       4
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed      48
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed      12
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       6
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       6
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed      16
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      waiver          6
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      waiver         21
</TABLE>

<PAGE>

<TABLE>
<S>         <C>                            <C>      <C>            <C>            <C>
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      waiver           4
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed        2
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed        4
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed        9
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       12
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      waiver           3
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       24
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed        6
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed      129
Shanghai   (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed        4
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed      147
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       18
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       15
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed        9
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed        6
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed        2
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed        8
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed        4
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed        2
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed       12
Shanghai   (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed       24
Shanghai   (PROPERTY NAME IN CHINESE)      AAA      Yangguang      follow up        3
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed       10
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed        3
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed       20
Shanghai   (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed       33
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       52
Shanghai   (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed        6
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed        4
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed       42
</TABLE>

<PAGE>

<TABLE>
<S>         <C>                            <C>      <C>            <C>            <C>
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed       96
Shanghai   (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed       16
Shanghai   (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed       52
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       12
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       54
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       12
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed        6
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed        6
Shanghai   (PROPERTY NAME IN CHINESE)C     AAA      Yangguang      completed       20
Shanghai   (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed        8
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed      171
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed       30
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed        8
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed       16
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed        4
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed        8
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed        4
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed       69
Shanghai   (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed       12
Shanghai   (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed       18
Shanghai   (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed       12
Shanghai   (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed       42
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed       20
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed        4
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed        6
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed       12
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed       24
Shanghai   (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed       12
Shanghai   (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed       12
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       18
</TABLE>

<PAGE>

<TABLE>
<S>         <C>                            <C>      <C>            <C>            <C>
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed      18
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed      12
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed      16
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed       4
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       6
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       5
Shanghai   (PROPERTY NAME IN CHINESE)      AAA      Yangguang      lost            6
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed       4
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       4
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed      75
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       6
Shanghai   (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed       8
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed       4
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed      24
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      waiver          4
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed      15
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed       6
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       3
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed      15
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed      12
Shanghai   (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed       3
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       8
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed      39
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed      24
Shanghai   (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed       8
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed       3
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       4
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed      12
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed      12
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       4
</TABLE>

<PAGE>

<TABLE>
<S>         <C>                            <C>      <C>            <C>            <C>
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       2
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed      10
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       2
Shanghai   (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed      14
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       6
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       4
Shanghai   (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed       4
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed      12
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       3
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       6
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       6
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       6
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       6
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       6
Shanghai   (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed       5
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       6
Shanghai   (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed       6
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       4
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       6
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       4
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       2
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed       4
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       4
Shanghai   (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed      18
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed      15
Shanghai   (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed       4
Shanghai   (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed       8
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       4
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed      16
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       6
</TABLE>

<PAGE>

<TABLE>
<S>         <C>                            <C>      <C>            <C>            <C>
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed        2
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed        6
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed        2
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed        6
Shanghai   (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed       15
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed        4
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed        6
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed        2
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed        4
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed        4
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed        8
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed        8
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed        4
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed        6
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed        3
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed        4
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed        4
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed        6
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed        4
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      waiver           4
Shanghai   (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed        4
Shanghai   (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed        8
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed        4
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       60
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       48
Shanghai   (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed       12
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed      102
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed        6
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed       18
Shanghai   (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed        6
</TABLE>

<PAGE>

<TABLE>
<S>         <C>                            <C>      <C>            <C>            <C>
Shanghai   (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed       2
Shanghai   (PROPERTY NAME IN CHINESE)      AAA      Yangguang      waiver          8
Shanghai   (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed       8
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed      14
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       2
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed      10
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed      12
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed      33
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed       6
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed       6
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       4
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       4
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed      12
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      follow up       6
Shanghai   (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed       2
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed      34
Shanghai   (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed      48
Shanghai   (PROPERTY NAME IN CHINESE)      AAA      Yangguang      completed      18
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       8
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed      16
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed       8
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed       4
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed       8
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed       2
Shanghai   (PROPERTY NAME IN CHINESE)      A        Yangguang      completed       4
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed      10
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed      34
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed       4
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed       4
Shanghai   (PROPERTY NAME IN CHINESE)      AA       Yangguang      completed      12
</TABLE>

<PAGE>

<TABLE>
<S>         <C>                            <C>      <C>            <C>            <C>
Guangzhou  (PROPERTY NAME IN CHINESE)      AA       Fire           completed       67
Guangzhou  (PROPERTY NAME IN CHINESE)      AA       Fire           completed       73
Guangzhou  (PROPERTY NAME IN CHINESE)      AA       Fire           completed       24
Guangzhou  (PROPERTY NAME IN CHINESE)      AA       Fire            waiver          8
Guangzhou  (PROPERTY NAME IN CHINESE)      AA       Fire           completed       12
Guangzhou  (PROPERTY NAME IN CHINESE)      AA       Fire           completed       26
Guangzhou  (PROPERTY NAME IN CHINESE)      AA       Fire           completed       16
Guangzhou  (PROPERTY NAME IN CHINESE)      AA       Fire           completed       12
Guangzhou  (PROPERTY NAME IN CHINESE)      AA       Fire           completed        7
Guangzhou  (PROPERTY NAME IN CHINESE)      AA       Fire           completed      136
Guangzhou  (PROPERTY NAME IN CHINESE)      AAA      Fire           completed       39
Guangzhou  (PROPERTY NAME IN CHINESE)      AA       Fire           completed       47
Guangzhou  (PROPERTY NAME IN CHINESE)      AA       Fire           completed       12
Guangzhou  (PROPERTY NAME IN CHINESE)      AA       Fire           completed        4
Guangzhou  (PROPERTY NAME IN CHINESE)      AA       Fire           completed        4
Guangzhou  (PROPERTY NAME IN CHINESE)      AA       Fire           completed       54
Guangzhou  (PROPERTY NAME IN CHINESE)      AA       Fire           completed        4
Guangzhou  (PROPERTY NAME IN CHINESE)      AA       Fire           completed        8
Guangzhou  (PROPERTY NAME IN CHINESE)      AA       Fire           completed       13
Guangzhou  (PROPERTY NAME IN CHINESE)      AA       Fire           completed       82
Guangzhou  (PROPERTY NAME IN CHINESE)      AA       Fire           completed        8
Guangzhou  (PROPERTY NAME IN CHINESE)      AA       Fire           completed        9
Guangzhou  (PROPERTY NAME IN CHINESE)      AA       Fire           completed       14
Guangzhou  (PROPERTY NAME IN CHINESE)      AA       Fire           completed       26
Guangzhou  (PROPERTY NAME IN CHINESE)      AA       Fire           completed       15
Guangzhou  (PROPERTY NAME IN CHINESE)      AA       Fire            waiver          5
Guangzhou  (PROPERTY NAME IN CHINESE)      AA       Fire           completed       21
Guangzhou  (PROPERTY NAME IN CHINESE)      AA       Fire           completed       46
Guangzhou  (PROPERTY NAME IN CHINESE)      AA       Fire           completed       28
Guangzhou  (PROPERTY NAME IN CHINESE)      AA       Fire           completed        5
Guangzhou  (PROPERTY NAME IN CHINESE)      AA       Fire           completed       18
</TABLE>
<PAGE>

<TABLE>
<S>          <C>                           <C>    <C>     <C>          <C>
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    10
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     6
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     6
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     6
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     3
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    16
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    26
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    12
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    11
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     8
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed    28
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     8
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     8
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed    39
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed    36
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     8
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    36
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    32
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    32
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     8
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed    12
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed    12
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed    17
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    11
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed    32
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    14
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    26
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     7
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    26
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed    26
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    27
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    22
</TABLE>

<PAGE>

<TABLE>
<S>          <C>                           <C>    <C>     <C>          <C>
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    60
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    10
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    12
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed    12
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     6
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    18
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed     8
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed    32
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    25
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     8
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed    12
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    24
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    14
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     8
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     7
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     7
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    10
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed    60
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     6
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    10
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     6
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     4
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     4
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     4
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    10
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     8
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    16
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed    33
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed    18
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    33
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed    16
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     2
</TABLE>

<PAGE>

<TABLE>
<S>          <C>                           <C>    <C>     <C>          <C>
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     2
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     1
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     8
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     8
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     9
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     7
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     9
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     8
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    11
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    follow up     4
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     6
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed    16
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     6
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    12
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     8
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    12
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     7
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     5
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    24
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    13
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     6
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     9
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed     8
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    10
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    34
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     8
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     6
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     8
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    17
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     3
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     5
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    14
</TABLE>

<PAGE>

<TABLE>
<S>          <C>                            <C>   <C>     <C>          <C>
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    follow up      3
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed      8
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     22
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     40
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     43
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed      3
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed      3
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed      3
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed      6
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed      9
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed      6
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed      6
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed      3
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed      3
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     12
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed      3
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     15
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed      9
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     16
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     11
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     12
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed      2
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed      8
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed      6
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed      3
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     72
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     24
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     36
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     12
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     30
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    120
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     24
</TABLE>

<PAGE>

<TABLE>
<S>          <C>                           <C>    <C>     <C>          <C>
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     36
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     54
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     12
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     10
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     16
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed      8
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     36
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     59
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed     74
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     24
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed     98
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     11
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed      1
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed    227
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed      8
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed      8
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     21
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     18
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     17
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed      3
Guangzhou    (PROPERTY NAME IN CHINESE)      A    Fire     waiver       10
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed      4
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     16
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     36
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed     70
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     36
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     12
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed      8
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     18
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     20
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     96
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed      7
</TABLE>

<PAGE>

<TABLE>
<S>          <C>                           <C>    <C>     <C>          <C>
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    30
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     8
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    21
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     6
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     6
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    12
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    21
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    10
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed    34
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     5
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed    24
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     8
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     8
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    12
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    follow up     3
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    follow up    12
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    10
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed    12
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed     6
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    21
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     8
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     8
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    21
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed    12
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     4
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed     4
Guangzhou    (PROPERTY NAME IN CHINESE)      A    Fire    completed     4
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     2
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     7
Guangzhou    (PROPERTY NAME IN CHINESE)      A    Fire    completed    10
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     2
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     4
</TABLE>

<PAGE>

<TABLE>
<S>          <C>                          <C>     <C>     <C>          <C>
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     4
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     6
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed     7
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed     3
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed    22
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     7
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed     6
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     4
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     9
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     6
Guangzhou    (PROPERTY NAME IN CHINESE)      A    Fire    completed     4
Guangzhou    (PROPERTY NAME IN CHINESE)      A    Fire    completed    11
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    21
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed    26
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed    16
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     8
Guangzhou    (PROPERTY NAME IN CHINESE)      A    Fire    follow up     4
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed     5
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     8
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed    54
Guangzhou    (PROPERTY NAME IN CHINESE)      A    Fire    completed    15
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    20
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     5
Guangzhou    (PROPERTY NAME IN CHINESE)      A    Fire    completed    24
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed     8
Guangzhou    (PROPERTY NAME IN CHINESE)      A    Fire    completed     4
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed    20
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     2
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     3
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    54
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    follow up    22
</TABLE>

<PAGE>

<TABLE>
<S>          <C>                           <C>    <C>     <C>          <C>
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    follow up    10
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    follow up    10
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    follow up     8
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed    14
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed    15
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     2
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     2
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    14
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     6
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed     8
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    16
Guangzhou    (PROPERTY NAME IN CHINESE)      A    Fire    completed    15
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed    11
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    follow up     6
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed    16
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    20
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     8
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     8
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    14
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed    48
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     6
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    35
Guangzhou    (PROPERTY NAME IN CHINESE)      A    Fire    completed    20
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed    16
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed    24
Guangzhou    (PROPERTY NAME IN CHINESE)      A    Fire    completed     9
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     6
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed     8
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed    16
Guangzhou    (PROPERTY NAME IN CHINESE)      A    Fire    completed     8
Guangzhou    (PROPERTY NAME IN CHINESE)      A    Fire    completed     4
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    follow up    60
</TABLE>

<PAGE>

<TABLE>
<S>          <C>                           <C>    <C>     <C>          <C>
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     22
Guangzhou    (PROPERTY NAME IN CHINESE)      A    Fire    completed      5
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed      4
Guangzhou    (PROPERTY NAME IN CHINESE)      A    Fire    completed      2
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed      4
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed      6
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed     36
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed      9
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     16
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     51
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed     24
Guangzhou    (PROPERTY NAME IN CHINESE)      A    Fire    completed     10
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     20
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed     24
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed      6
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     12
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    follow up     82
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed     22
Guangzhou    (PROPERTY NAME IN CHINESE)      A    Fire    completed      3
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed     18
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Fire    completed     26
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed      4
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Fire    completed      4
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Liju    completed    150
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Liju    completed     42
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Liju    completed     12
Guangzhou    (PROPERTY NAME IN CHINESE)      A    Liju    completed      9
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Liju    completed      6
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Liju    completed     18
Guangzhou    (PROPERTY NAME IN CHINESE)      A    Liju    completed      6
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Liju    completed     96
</TABLE>

<PAGE>

<TABLE>
<S>          <C>                           <C>    <C>     <C>          <C>
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Liju    completed     9
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Liju    completed    18
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Liju    completed    24
Guangzhou    (PROPERTY NAME IN CHINESE)      A    Liju    completed    18
Guangzhou    (PROPERTY NAME IN CHINESE)      A    Liju    completed    27
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Liju    completed    20
Guangzhou    (PROPERTY NAME IN CHINESE)      A    Liju    completed     6
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Liju    follow up     9
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Liju    completed    48
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Liju    completed     6
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Liju    completed     2
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Liju    completed     4
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Liju    completed     4
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Liju    completed     4
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Liju    completed     9
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Liju    completed     6
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Liju    completed     6
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Liju    completed     2
Guangzhou    (PROPERTY NAME IN CHINESE)      A    Liju    completed     6
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Liju    completed    66
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Liju    completed     4
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Liju    completed    27
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Liju    completed    40
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Liju    completed    12
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Liju    completed    10
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Liju    completed     4
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Liju    completed     6
Guangzhou    (PROPERTY NAME IN CHINESE)     AA    Liju    completed     2
Guangzhou    (PROPERTY NAME IN CHINESE)    AAA    Liju    follow up    87
Guangzhou    (PROPERTY NAME IN CHINESE)      A    Liju    completed    21
Guangzhou    (PROPERTY NAME IN CHINESE)      A    Liju    completed    78
</TABLE>
<PAGE>

<TABLE>
<S>        <C>         <C>                          <C>   <C>    <C>         <C>
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   15
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   follow up    3
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   follow up    9
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   follow up    3
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   follow up    6
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   follow up    3
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju     lost       6
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed    3
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   30
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    3
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed    9
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   27
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   84
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    9
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed   36
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   12
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   13
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   36
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed   12
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   36
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   18
</TABLE>

<PAGE>

<TABLE>
<S>        <C>         <C>                          <C>   <C>    <C>         <C>
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   24
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed    9
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   15
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   30
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed   18
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   follow up   12
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed    3
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   54
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   18
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   30
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   23
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   12
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   24
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed    9
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   39
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed    2
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   30
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   20
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   40
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   46
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   18
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   70
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   40
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   16
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   28
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed   15
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   10
</TABLE>

<PAGE>

<TABLE>
<S>        <C>         <C>                          <C>   <C>    <C>        <C>
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed   21
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   18
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   12
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    9
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   69
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   follow up  243
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    2
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed    3
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    8
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed   21
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed    9
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   18
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed  140
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    9
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed    3
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed    9
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed    9
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   30
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   18
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed   15
</TABLE>

<PAGE>

<TABLE>
<S>        <C>         <C>                          <C>   <C>    <C>        <C>
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed    9
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   follow up  336
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed   13
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed    4
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   follow up    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed    9
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   48
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed   14
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   18
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   15
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   33
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   27
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed  133
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   follow up   12
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed    8
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   27
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed    3
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   10
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   12
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju    waiver      9
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   follow up   51
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed  204
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   follow up   54
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   follow up   10
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   follow up   10
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   follow up   12
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    3
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed   12
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed    6
</TABLE>

<PAGE>

<TABLE>
<S>        <C>         <C>                          <C>   <C>    <C>         <C>
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   12
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed    4
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju     lost      12
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   81
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed    3
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   42
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   12
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed  108
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   60
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    3
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   11
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed   15
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   18
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed    3
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   39
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   12
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   18
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   18
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    4
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed    4
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    9
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed    9
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed    6
</TABLE>

<PAGE>

<TABLE>
<S>        <C>         <C>                          <C>   <C>    <C>         <C>
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   30
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   12
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   59
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   42
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   42
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed    3
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   60
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed  111
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   21
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed    4
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed    4
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed  221
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   24
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   78
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   16
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed  547
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed    3
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed   15
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   14
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed   42
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed   30
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   11
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   24
</TABLE>

<PAGE>

<TABLE>
<S>        <C>         <C>                          <C>   <C>    <C>         <C>
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   24
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   15
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   12
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    9
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    3
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   12
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed   18
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed    9
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   12
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   17
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   28
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   21
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   15
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed    4
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    4
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   12
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed    9
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   12
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   16
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   12
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   54
</TABLE>

<PAGE>

<TABLE>
<S>        <C>         <C>                          <C>   <C>    <C>        <C>
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed  100
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed    3
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   21
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   15
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   24
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    3
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   45
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   12
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed    8
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   18
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   12
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   17
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed   15
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    4
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju     lost      30
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   24
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed   18
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   12
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   22
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   33
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed  118
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    2
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   follow up   14
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   follow up   50
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   27
</TABLE>

<PAGE>

<TABLE>
<S>        <C>         <C>                          <C>   <C>    <C>        <C>
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   12
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed   15
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   10
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   12
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    3
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    3
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   12
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed  159
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed  105
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   follow up    9
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   18
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   12
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    3
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   68
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   18
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   31
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   15
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   33
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   24
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   15
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed   24
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    2
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    2
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed    8
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    3
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   24
</TABLE>

<PAGE>

<TABLE>
<S>        <C>         <C>                          <C>   <C>    <C>        <C>
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    3
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   18
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   42
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed    9
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   49
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    9
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   32
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed    3
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   12
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed    9
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    4
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   12
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   16
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   33
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    9
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    6
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   56
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed   24
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed    9
           Guangzhou   (PROPERTY NAME IN CHINESE)   AA    Liju   completed    9
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed  110
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed   18
           Guangzhou   (PROPERTY NAME IN CHINESE)    AA   Liju   completed   42
           Guangzhou   (PROPERTY NAME IN CHINESE)   AAA   Liju   completed    8
           Guangzhou   (PROPERTY NAME IN CHINESE)    AA   Liju   completed   36
           Guangzhou   (PROPERTY NAME IN CHINESE)    A    Liju   completed    6
</TABLE>
<PAGE>

<TABLE>
<S>     <C>         <C>                          <C>     <C>     <C>         <C>
        Guangzhou   (PROPERTY NAME IN CHINESE)    A      Liju    completed    6
        Guangzhou   (PROPERTY NAME IN CHINESE)   AAA     Liju    completed   15
        Guangzhou   (PROPERTY NAME IN CHINESE)   AAA     Liju    completed    6
        Guangzhou   (PROPERTY NAME IN CHINESE)   AAA     Liju    completed   10
        Guangzhou   (PROPERTY NAME IN CHINESE)   AAA     Liju    completed    9
        Guangzhou   (PROPERTY NAME IN CHINESE)   AAA     Liju    completed    7
        Guangzhou   (PROPERTY NAME IN CHINESE)   AAA     Liju    completed   42
        Guangzhou   (PROPERTY NAME IN CHINESE)    AA     Liju    completed   15
        Guangzhou   (PROPERTY NAME IN CHINESE)    AA     Liju    completed   18
        Guangzhou   (PROPERTY NAME IN CHINESE)   AAA     Liju    completed    8
        Guangzhou   (PROPERTY NAME IN CHINESE)    AA     Liju    completed   12
        Guangzhou   (PROPERTY NAME IN CHINESE)    A      Liju    completed    6
        Guangzhou   (PROPERTY NAME IN CHINESE)    A      Liju      lost       3
        Guangzhou   (PROPERTY NAME IN CHINESE)   AAA     Liju    completed   21
        Guangzhou   (PROPERTY NAME IN CHINESE)    A      Liju    completed   30
        Guangzhou   (PROPERTY NAME IN CHINESE)    AA     Liju    completed   32
        Guangzhou   (PROPERTY NAME IN CHINESE)   AAA     Liju    completed   27
        Guangzhou   (PROPERTY NAME IN CHINESE)    AA     Liju    completed   54
        Shenzhen    (PROPERTY NAME IN CHINESE)    AA     Liju    completed
        Shenzhen    (PROPERTY NAME IN CHINESE)    A      Liju    completed
        Shenzhen    (PROPERTY NAME IN CHINESE)   AAA     Liju    completed
        Shenzhen    (PROPERTY NAME IN CHINESE)    A      Liju    completed
        Shenzhen    (PROPERTY NAME IN CHINESE)    AA     Liju    follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)    AA     Liju    completed
        Shenzhen    (PROPERTY NAME IN CHINESE)   AAA     Liju    completed
        Shenzhen    (PROPERTY NAME IN CHINESE)    A      Liju    completed
        Shenzhen    (PROPERTY NAME IN CHINESE)    AA     Liju    completed
        Shenzhen    (PROPERTY NAME IN CHINESE)    AA     Liju    follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)    AA     Liju    completed
</TABLE>

<PAGE>

<TABLE>
<S>     <C>         <C>                          <C>     <C>     <C>         <C>
        Shenzhen    (PROPERTY NAME IN CHINESE)    A      Liju    completed
        Shenzhen    (PROPERTY NAME IN CHINESE)    AA     Liju    completed
        Shenzhen    (PROPERTY NAME IN CHINESE)   AAA     Liju    follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)    A      Liju    completed
        Shenzhen    (PROPERTY NAME IN CHINESE)    AA     Liju    completed
        Shenzhen    (PROPERTY NAME IN CHINESE)    A      Liju    completed
        Shenzhen    (PROPERTY NAME IN CHINESE)    A      Liju    completed
        Shenzhen    (PROPERTY NAME IN CHINESE)    AA     Liju    completed
        Shenzhen    (PROPERTY NAME IN CHINESE)    A      Liju    completed
        Shenzhen    (PROPERTY NAME IN CHINESE)    A      Liju    completed
        Shenzhen    (PROPERTY NAME IN CHINESE)    A      Liju    completed
        Shenzhen    (PROPERTY NAME IN CHINESE)    AA     Liju    completed
        Shenzhen    (PROPERTY NAME IN CHINESE)    AA     Liju    completed
        Shenzhen    (PROPERTY NAME IN CHINESE)    AA     Liju    completed
        Shenzhen    (PROPERTY NAME IN CHINESE)    AA     Liju    completed
        Shenzhen    (PROPERTY NAME IN CHINESE)    AA     Liju    completed
        Shenzhen    (PROPERTY NAME IN CHINESE)    A      Liju    completed
        Shenzhen    (PROPERTY NAME IN CHINESE)    AA     Liju    completed
        Shenzhen    (PROPERTY NAME IN CHINESE)    AA     Liju    completed
        Shenzhen    (PROPERTY NAME IN CHINESE)    A      Liju    completed
        Shenzhen    (PROPERTY NAME IN CHINESE)    A      Liju    completed
        Shenzhen    (PROPERTY NAME IN CHINESE)    A      Liju    completed
        Shenzhen    (PROPERTY NAME IN CHINESE)    AA     Liju      lost
        Shenzhen    (PROPERTY NAME IN CHINESE)    AA     Liju      lost
        Shenzhen    (PROPERTY NAME IN CHINESE)   AAA     Liju      lost
        Shenzhen    (PROPERTY NAME IN CHINESE)   AAA     Liju      lost
        Shenzhen    (PROPERTY NAME IN CHINESE)    AA     Liju      lost
        Shenzhen    (PROPERTY NAME IN CHINESE)    AA     Liju      lost
        Shenzhen    (PROPERTY NAME IN CHINESE)   AAA     Liju      lost
        Shenzhen    (PROPERTY NAME IN CHINESE)   AAA     Liju      lost
</TABLE>

<PAGE>

<TABLE>
<S>     <C>         <C>                          <C>   <C>       <C>         <C>
        Shenzhen    (PROPERTY NAME IN CHINESE)    AA     Liju      lost
        Shenzhen    (PROPERTY NAME IN CHINESE)    AA     Liju      lost
        Shenzhen    (PROPERTY NAME IN CHINESE)    AA     Liju      lost
        Shenzhen    (PROPERTY NAME IN CHINESE)   AAA     Liju      lost
        Shenzhen    (PROPERTY NAME IN CHINESE)    AA     Liju      lost
        Shenzhen    (PROPERTY NAME IN CHINESE)    AA     Liju      lost
        Shenzhen    (PROPERTY NAME IN CHINESE)    AA     Liju      lost
        Shenzhen    (PROPERTY NAME IN CHINESE)    A      Liju      lost
        Shenzhen    (PROPERTY NAME IN CHINESE)    AA     Liju      lost
        Shenzhen    (PROPERTY NAME IN CHINESE)    AA     Liju      lost
        Shenzhen    (PROPERTY NAME IN CHINESE)   AAA     Liju      lost
        Shenzhen    (PROPERTY NAME IN CHINESE)    AA     Liju      lost
        Shenzhen    (PROPERTY NAME IN CHINESE)         Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)         Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)         Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)         Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)         Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)         Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)         Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)         Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)         Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)         Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)         Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)         Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)         Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)         Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)         Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)         Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)         Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)         Xinghuo   completed
</TABLE>

<PAGE>

<TABLE>
<S>     <C>        <C>                        <C>   <C>       <C>         <C>
        Shenzhen   (PROPERTY NAME IN CHINESE)       Xinghuo   completed
        Shenzhen   (PROPERTY NAME IN CHINESE)       Xinghuo   completed
        Shenzhen   (PROPERTY NAME IN CHINESE)       Xinghuo   completed
        Shenzhen   (PROPERTY NAME IN CHINESE)       Xinghuo   completed
        Shenzhen   (PROPERTY NAME IN CHINESE)       Xinghuo   completed
        Shenzhen   (PROPERTY NAME IN CHINESE)       Xinghuo   completed
        Shenzhen   (PROPERTY NAME IN CHINESE)       Xinghuo   completed
        Shenzhen   (PROPERTY NAME IN CHINESE)       Xinghuo   completed
        Shenzhen   (PROPERTY NAME IN CHINESE)       Xinghuo   completed
        Shenzhen   (PROPERTY NAME IN CHINESE)       Xinghuo   completed
        Shenzhen   (PROPERTY NAME IN CHINESE)       Xinghuo   completed
        Shenzhen   (PROPERTY NAME IN CHINESE)       Xinghuo   completed
        Shenzhen   (PROPERTY NAME IN CHINESE)       Xinghuo   completed
        Shenzhen   (PROPERTY NAME IN CHINESE)       Xinghuo   completed
        Shenzhen   (PROPERTY NAME IN CHINESE)       Xinghuo   completed
        Shenzhen   (PROPERTY NAME IN CHINESE)       Xinghuo   completed
        Shenzhen   (PROPERTY NAME IN CHINESE)       Xinghuo   completed
        Shenzhen   (PROPERTY NAME IN CHINESE)       Xinghuo   completed
        Shenzhen   (PROPERTY NAME IN CHINESE)       Xinghuo   completed
        Shenzhen   (PROPERTY NAME IN CHINESE)       Xinghuo   completed
        Shenzhen   (PROPERTY NAME IN CHINESE)       Xinghuo   completed
        Shenzhen   (PROPERTY NAME IN CHINESE)       Xinghuo   completed
        Shenzhen   (PROPERTY NAME IN CHINESE)       Xinghuo   completed
        Shenzhen   (PROPERTY NAME IN CHINESE)       Xinghuo   completed
        Shenzhen   (PROPERTY NAME IN CHINESE)       Xinghuo   completed
        Shenzhen   (PROPERTY NAME IN CHINESE)       Xinghuo   completed
        Shenzhen   (PROPERTY NAME IN CHINESE)       Xinghuo   completed
        Shenzhen   (PROPERTY NAME IN CHINESE)       Xinghuo   completed
        Shenzhen   (PROPERTY NAME IN CHINESE)       Xinghuo   completed
        Shenzhen   (PROPERTY NAME IN CHINESE)       Xinghuo   completed
</TABLE>

<PAGE>

<TABLE>
<S>     <C>         <C>                         <C>   <C>       <C>         <C>
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
</TABLE>

<PAGE>

<TABLE>
<S>     <C>         <C>                         <C>   <C>       <C>         <C>
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)                  completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)                  completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
</TABLE>

<PAGE>

<TABLE>
<S>     <C>         <C>                         <C>   <C>       <C>         <C>
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
</TABLE>

<PAGE>

<TABLE>
<S>     <C>         <C>                         <C>   <C>       <C>         <C>
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
</TABLE>

<PAGE>

<TABLE>
<S>     <C>         <C>                         <C>   <C>       <C>         <C>
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   completed
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
</TABLE>

<PAGE>

<TABLE>
<S>     <C>         <C>                         <C>   <C>       <C>         <C>
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)                  follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
        Shenzhen    (PROPERTY NAME IN CHINESE)        Xinghuo   follow up
</TABLE>
<PAGE>

<TABLE>

<S>                            <C>         <C>                           <C>        <C>        <C>          <C>
                               Shenzhen    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
</TABLE>

<PAGE>

<TABLE>
<S>                            <C>         <C>                           <C>          <C>        <C>          <C>
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
</TABLE>

<PAGE>

<TABLE>
<S>                            <C>         <C>                           <C>          <C>        <C>          <C>
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)                 Xinghuo    follow up
</TABLE>

<PAGE>

<TABLE>
<S>                            <C>         <C>                           <C>        <C>        <C>          <C>
                               Shenzhen    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Shenzhen    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
(PROPERTY NAME IN CHINESE)     Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    completed
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    completed
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    completed
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    completed
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    completed
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    completed
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    completed
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    completed
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    completed
</TABLE>

<PAGE>

<TABLE>
<S>                            <C>         <C>                           <C>        <C>        <C>          <C>
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    completed
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    completed
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    completed
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    completed
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    completed
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    completed
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    completed
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    completed
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    completed
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    follow up
                               Dongguan    (PROPERTY NAME IN CHINESE)               Xinghuo    completed
</TABLE>

<PAGE>

SCHEDULE 3.22C

(CHINESE CHARACTERS)

<TABLE>
<CAPTION>
                                            (CHINESE       (CHINESE
                                           CHARACTERS)    CHARACTERS)      2005/5/31      2005/6/30     2005/7/6      2005/8/12
                                           -----------    -----------      ---------      ---------     --------      ---------
<S>                                        <C>            <C>             <C>            <C>            <C>          <C>
Guangdong Century Fire Advertising Co.,       90,000      Y  5,800,000    Y 2,900,000
Ltd.
Beijing Langmei Advertising Co.,Ltd.         160,000      Y  6,850,000
Beijing Tuojia Advertising Co.,Ltd.           95,200      Y  7,200,000                   Y 1,200,000                 Y 1,800,000
Shanghai Yangguang Jiaxin Advertising         99,000      Y  2,000,000
Sales Co.,Ltd.
Guangzhou Liju Advetising Co.,Ltd.           140,000      Y  4,000,000                                  Y 400,000
Beijing Chengxin Sihai Advertising Co.,            0      Y 10,000,000                   Y 2,500,000
Ltd.
Beijing Leading Advertising Co., Ltd.              0      Y  8,200,000
Shenzhen Xinghuo Advertising Co., Ltd.        30,000      Y  7,000,000
(CHINESE CHARACTERS)                         614,200      Y 51,050,000    Y 2,900,000    Y 3,700,000    Y 400,000    Y 1,800,000

<CAPTION>
                                                                          (CHINESE        (CHINESE       (CHINESE
                                            2005/9/9      2005/10/12     CHARACTERS)     CHARACTERS)    CHARACTERS)
                                            --------      ----------     ----------      ----------     ----------
<S>                                        <C>            <C>            <C>             <C>            <C>
Guangdong Century Fire Advertising Co.,                                  Y  2,900,000       90,000      Y  2,900,000
Ltd.
Beijing Langmei Advertising Co.,Ltd.                                                -      160,000      Y  6,850,000
Beijing Tuojia Advertising Co.,Ltd.                                      Y  3,000,000       95,200      Y  4,200,000
Shanghai Yangguang Jiaxin Advertising                                               -       99,000      Y  2,000,000
Sales Co.,Ltd.
Guangzhou Liju Advetising Co.,Ltd.                                       Y    400,000      140,000      Y  3,600,000
Beijing Chengxin Sihai Advertising Co.,                                  Y  2,500,000            0      Y  7,500,000
Ltd.
Beijing Leading Advertising Co., Ltd.      Y 1,230,000                   Y  1,230,000            0      Y  6,970,000
Shenzhen Xinghuo Advertising Co., Ltd.                    Y 1,050,000    Y  1,050,000       30,000      Y  5,950,000
(CHINESE CHARACTERS)                       Y 1,230,000    Y 1,050,000    Y 11,080,000      614,200      Y 39,970,000
</TABLE>

<PAGE>

SCHEDULE 3.23

Schedule 3.12, Schedule 3.14 and Schedule 3.18 are hereby incorporated by
reference.

SCHEDULE 3.24

None.

SCHEDULE 3.26

None.

<PAGE>

SCHEDULE 3.27

<TABLE>
<CAPTION>
    NATURE                         PLACE                           LEASOR                    LEASEE
---------------      -------------------------------         ------------------         -----------------
<S>                  <C>                                     <C>                        <C>
Office Building      Room 1103 Tengfei Building, 333         Yulang Tengfei             Shanghai Framedia
                     Tianshao Rd. Xuhui District             Property (Shanghai)        Advertisement
                     Shanghai                                Co., Ltd                   Development Co.,
                                                                                        Ltd
Office Building      Room 2801 Tengfei Building, 333         Yulang Tengfei             Shanghai Framedia
                     Tianshao Rd. Xuhui District             Property (Shanghai)        Advertisement
                     Shanghai                                Co., Ltd                   Development Co.,
                                                                                        Ltd
Office Building      Room 30307, 3 Floor, Saite Square,      Saite Group Co., Ltd       Beijing Subsidiary
                     22 Jianguomenwai Ave. Beijing
Office Building      Room 30408, 3 Floor, Saite Square,      Saite Group Co., Ltd       Beijing Subsidiary
                     22 Jianguomenwai Ave. Beijing
Office Building      Room 30409, 3 Floor, Saite Square,      Saite Group Co., Ltd       Beijing Subsidiary
                     22 Jianguomenwai Ave. Beijing
Office Building      Room 30410, 3 Floor, Saite Square,      Saite Group Co., Ltd       Beijing Subsidiary
                     22 Jianguomenwai Ave. Beijing
Office Building      Room 3208, Jiahui New City              Shenzhen Shengli           Shenzhen
                     Huishang Center, 3027 Shennan Rd.,      Industry and               Subsidiary
                     Futian District, Shenzhen               Development Co., Ltd
Office Building      Room 2711, Jiahui New City              Guangjing Zhang            Shenzhen
                     Huishang Center, 3027 Shennan Rd.,                                 Subsidiary
                     Futian District, Shenzhen
Office Building      Room 2010, A Junhua Builing, 177        Zhu Cao                    Wuhan Subsidiary
                     Hanjiang Rd, Wuhan
Office Building      Room 2108, B New World Center,88        Xing Gao                   Gang Wang
                     Zhujiang Rd. Xuanwu District,                                      Guangzhou
                     Nanjing

<CAPTION>
    NATURE                  RENT                AREA                 TERM                  PRICE
---------------      ------------------        ------       ----------------------       ---------
<S>                  <C>                       <C>          <C>                          <C>
Office Building      35109.5/month             304.77           04-7-12 to 06-7-12       1,055,479
                     +8868.81/ month
Office Building      47602.36/ month           305.07            05-6-1 to 07-5-31       1,354,785
                     +8847.03/ month
Office Building      $14/ month *squ.m.           425            05-3-29 to 06-7-7         722,925
Office Building      $14/ month * squ.m.          177             05-4-8 to 06-7-7         301,077
Office Building      $14/ month * squ.m.          177             05-4-8 to 06-7-7         301,077
Office Building      Y*8333/ month                103            05-12-1 to 06-7-7          58,331
Office Building      Y*23920.7/ month          281.42            05-6-10 to 06-6-9         287,048
Office Building      Y*5000/ month                 82           05-9-19 to 06-9-18          60,000
Office Building      Y*3500/ month             149.95       2005-8-1- to 2006-1-31          21,000
Office Building      65000/year                111.41         2005-4-9-to 2006-4-8          65,000
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
    NATURE                          PLACE                            LEASOR                   LEASEE
---------------      ----------------------------------      ---------------------      -----------------
<S>                  <C>                                     <C>                        <C>
Office Building      Room 2001, Xianglong Garden             Chengshun Huang            Saintfire
                     Huixiang Ge, 175., Northern Tianhe                                 Advertisement
                     Rd., Guangzhou                                                     Co., Ltd
Office Building      Room 2007, Xianglong Garden
                     Huixiang Ge, 175., Northern Tianhe
                     Rd., Guangzhou
Office Building      Room 2006, Xianglong Garden
                     Huixiang Ge, 175., Northern Tianhe      Zhonghan Zhang             Guangzhou
                     Rd., Guangzhou                                                     Subsidiary
Office Building      Room 1305, Xianglong Garden
                     Huixiang Ge, 175., Northern Tianhe      Ronghui Chen (Agent)       Guangzhou
                     Rd., Guangzhou                                                     Subsidiary
Office Building      Room 2703, Xianglong Garden
                     Huixiang Ge, 175., Northern Tianhe      Jin Luo                    Guangzhou
                     Rd., Guangzhou                                                     Subsidiary
Office Building      F, 8 Floor, Commercial                  Dongguan DonghuGarden      Zefei
                     Residence,Donghu Garden, Dongguan       Property Co., Ltd          WuY(Dongguan
                     , Guangzhou                                                        Xinghuo Co., Ltd)
Domitory             D, 33 Floor, Second Building            Qunsong Zhong              Fang Wang
                     Commercial Residence,Donghu
                     Garden, Dongguan , Guangzhou
Domitory             Room 302, 2455 Lane, Xietu              Xuping Xu                  Shanghai Framedia
                     Rd.Xuhui District, Shanghai                                        Advertisement
                                                                                        Development Co.,
                                                                                        Ltd

<CAPTION>
    NATURE                  RENT                AREA                 TERM                  PRICE
---------------      ------------------        ------       ----------------------       ---------
<S>                  <C>                       <C>          <C>                          <C>
Office Building      12300/ month +300/           360            05-5-1 to 08-4-30         453,600
                     month
                     Parking Place
Office Building      2600/ month                   95           05-9-15 to 06-9-14          31,200
Office Building      2600/ month                   95            05-7-1 to 06-6-30          31,200
Office Building      4800/ month               128.78            05-6-10 to 06-6-9          57,600
Office Building      Y*1700/ month                110            05-6-1 to 06-5-31          23,460
Office Building      +management
                     feesY*255/ month
Domitory             Y*2400/ month                130            05-1-10 to 06-1-9          32,400
                     +Y*300/ month
Domitory             5800/ month                135.3           05-6-20 to 06-6-20          69,600
</TABLE>

<PAGE>

SCHEDULE 3.29

Seller has engaged Hina (Beijing) Investment Consultancy Co., Ltd. ("Hina") as
its financial advisor in relation to the acquisition with a potential buyer. As
consideration, Seller will pay a certain percentage of the acquisition amount to
Hina pursuant to the Engagement Letter with Hina dated September 21, 2005.

SCHEDULE 3.30

1.    Certificate of Incorporation of Seller;

2.    Shareholders' Agreement dated October 14, 2005 among Seller, All In One
      International Limited, Timeleader Profits Limited, Yee On Investments
      Limited, Yufai Investments Limited, Dukeland Investments Limited, FCIG and
      IDG;

3.    Amended and Restated Memorandum and Articles of Association of Seller (to
      be filed);

4.    Register of Members of Seller;

5.    Register of Directors of Seller.

SCHEDULE 3A.3

Schedule 3.7A is hereby incorporated by reference.
<PAGE>

                                                                       EXHIBIT A

                        FORM OF CONFIDENTIALITY AGREEMENT

     This Agreement is made and entered into as of this [____]th day of
[October] 2005 ("Effective Date") by and among TOTAL TEAM INVESTMENTS LIMITED,
an international business company incorporated in the British Virgin Islands
("Seller"), INFOACHIEVE LIMITED, an international business company incorporated
in the British Virgin Islands (the "Company"), the shareholders of NewCo set
forth on Schedules 1.A and 1.1B hereto ("NewCo Shareholders"), and FOCUS MEDIA
HOLDING LIMITED, a company organized under the laws of the Cayman Islands
("Buyer").

     WHEREAS, the Seller Parties, the Company and Buyer have exchanged and plan
to exchange specific information on a confidential basis in connection with a
possible acquisition by Buyer of the Company from Seller (the "Proposed
Transaction") pursuant to a Share Purchase Agreement, dated as of October 15,
2005, among Seller, the Company, the Seller Parties and Buyer (the "SPA"); and

     WHEREAS, this Agreement sets forth the terms and restrictions that will
apply to that information and to other confidential and/or proprietary
information they have exchange or may exchange.

     NOW, THEREFORE, the parties hereto agree as follows:

1. Certain Defined Terms. For purposes of this Agreement, the following terms
shall have the following meanings:

     "Confidential Information" means any information of a confidential and/or
proprietary nature first disclosed to the Recipient by the Disclosing Party in
connection with the consideration of the Proposed Transaction, including without
limitation information relating to the Business, the business of the Buyer and
the terms and conditions of the Share Purchase Agreement. Notwithstanding the
foregoing, the term "Confidential Information" shall not mean or include, and
the parties shall have no obligations with respect to, information which: (a)
was already known to the Recipient, free of any obligation of confidence insofar
as is known to the Recipient at the time of its disclosure by the Disclosing
Party (except that such information shall be subject to this Agreement from and
after the date on which the Disclosing Party identities the information as
Confidential Information); (b) is, or becomes, publicly available, through
publication, inspection of a product or otherwise, and through no wrongful act
of Recipient or any of its representatives; (c) is or has been independently
developed by or for the Recipient without reference to any Confidential
Information; (d) is received by the Recipient from a third party which is not
known by Recipient to be subject to a confidentiality requirement; (e) is
approved for release by written authorization of the Disclosing Party; or (f) is
disclosed by the Recipient upon receipt of advice of counsel that such
disclosure is required pursuant to the lawful requirement or request of a
governmental agency or disclosure is otherwise required pursuant to law,
regulation or legal or judicial process; provided, however, that with respect to
this clause (f), the Disclosing Party has been promptly notified prior to any
such disclosure so that the Disclosing Party may seek a protective order or
other appropriate remedy and/or waive compliance with this Agreement.

     "Disclosing Party" means to the party delivering the information, and can
mean any of Seller, NewCo Shareholders, the Company or Buyer.

<PAGE>

     "Governmental Authority" means any government or governmental or regulatory
body thereof, or political subdivision thereof, whether PRC, United States
federal, state, local or foreign, or any agency, instrumentality or authority
thereof, or any court or arbitrator (public or private).

     "Law" means any statute, code, law, ordinance, regulation or rule or other
legally binding requirement of any Governmental Authority.

     "Person" means any individual, partnership, firm, corporation, association,
trust, unincorporated organization, joint venture, limited liability company or
other entity.

     "Recipient" means the party receiving the information from any of the
Disclosing Parties, and can mean either any of Seller, NewCo Shareholders, the
Company or Buyer.

     "representatives" of either party mean such party's subsidiaries and
Affiliates, directors, officers, employees, representatives, financing sources
or agents (including, without limitation, financial advisors, attorneys,
accountants and consultants).

     "Transaction Information" refers to the fact that discussions or
negotiations are taking place concerning the Proposed Transaction among Seller,
NewCo Shareholders, the Company and Buyer, including the existence of this
Agreement, and any of the terms, conditions or other facts with respect to the
Proposed Transaction, including the existence or status thereof.

2. Any capitalized terms not otherwise defined herein shall have the meanings
defined in the SPA.

3. Until the date which is two (2) years from the Effective Date of this
Agreement, or unless otherwise agreed to, in writing, by the parties, the
Confidential Information shall be used by the Recipient and its representatives
solely for the purpose of evaluating the Proposed Transaction and shall not be
used in any other way, whether or not detrimental to the Disclosing Party, and
the Recipient shall not disclose to any other Person, other than its
representatives, any of the Confidential Information received from the
Disclosing Party hereunder, by using substantially the same degree of care to
avoid disclosure of such Confidential Information as Recipient employs with
respect to its own proprietary and confidential information of like kind. The
Recipient further agrees to inform its representatives of the confidential
nature of the Confidential Information and the duties and obligations of the
Recipient and its representatives with respect to the Confidential Information
as set forth in this Agreement. The Recipient agrees to be responsible for any
breach of this Agreement by its representatives; provided, however, such
Recipient will not be responsible or held liable for any breach of this
Agreement by any of the Recipient's representatives who is not one of its
directors, officers or employees, and who has agreed in writing addressed to the
Disclosing Party to be bound by the provisions of this Agreement.

4. The Confidential Information, including all copies of any analyses,
compilations, studies or other documents prepared by the Recipient or for the
Recipient's use which reflect or contain any Confidential Information, shall be
and remain the property of the Disclosing Party and will be destroyed upon
request of the Disclosing Party, with such destruction to be certified by the
Recipient to the Disclosing Party.

5. Except as hereinafter provided, none of the parties and their respective
representatives will, without the prior written consents of the other parties,
disclose to any other Person, other than its

<PAGE>

representatives, the Transaction Information; provided that any party may make
any such disclosures referred to in the preceding sentence (i) to the extent
advised by competent legal advisors that such disclosure is required by
applicable Law and so long as, where such disclosure is to a Governmental
Authority and such party shall use all reasonable efforts to obtain confidential
treatment of the Confidential Information so disclosed, (ii) to the extent
required by the rules of any stock exchange, (iii) to its officers, directors,
employees and professional advisors as necessary to the consummation of the
Proposed Transaction so long as such party advises each Person to whom the
Transaction Information is so disclosed as to the confidential nature thereof,
and (iv) to its investors and any Person otherwise providing substantial debt or
equity financing to such party so long as the party advises each Person to whom
any such disclosures referred to in the preceding sentence is so made as to the
confidential nature thereof; provided that, in each case, the disclosing party
shall promptly inform the Disclosing Party prior to any such disclosure.

6. Each of the parties acknowledges and agrees that, other than as contained in
disclosure to be made in Buyer's public filings with the United States
Securities and Exchange Commission and certain public statements by Buyer for
the benefit of the investing public, Buyer's Confidential Information disclosed
or to be disclosed to any of the Recipients in connection with such Recipient's
evaluation of the Proposed Transaction and the Transaction Information is
non-public in nature. The Confidential Information and the Transaction
Information is disclosed to a Recipient only for the purpose of aiding such
Recipient in its evaluation of the Proposed Transaction and for no other
purpose. It shall be a breach of this Agreement for a Recipient to purchase,
sell, offer to purchase or sell or in any way trade in the securities of any of
the parties or any derivative thereof until such time as the Confidential
Information or Transaction Information, as the case may be, if material, has
been made public.

7. Each of the parties further agrees that it will advise its representatives to
whom such party provides access to any of the Confidential Information and the
Transaction Information, that the Confidential Information and the Transaction
Information is non-public in nature and that such persons are strictly
prohibited from making any use, publishing, or otherwise disclosing to others,
or permitting others to use any of the Confidential Information and the
Transaction Information for their benefit or to the detriment of the other
parties; and are prohibited from engaging in any trading activity in the
securities of any of the parties or any derivative thereof, including any
purchase, sale, offer to purchase or sell such securities or any derivative
thereof until such time as the Confidential Information or Transaction
Information, as the case may be, if material, has been made public.

8. This Agreement and any performance hereunder shall be interpreted in
accordance with any shall be governed by the laws of the State of New York,
United States of America.

9. This Agreement constitutes the entire understanding and agreement among the
parties hereto with respect to the subject matter and supersedes all previous
communications, both oral and written, representations and understandings among
the parties with respect to the subject matter of this Agreement. If any
provisions of this Agreement are held to be invalid or unenforceable, they are
to that extent to be deemed omitted and the remaining provisions of this
Agreement will remain in full force and effect.

10. No amendment, modification, and/or discharge of this Agreement shall be
valid or binding on the parties unless made in writing and signed on behalf of
each of the parties by their respective duly authorized officers or
representatives. This Agreement may be executed in one or more

<PAGE>

counterparts, all of which will be considered one and the same agreement, and
will become a binding agreement when one or more of the counterparts have been
signed by each of the parties hereto and delivered to the other parties hereto.

11. It is understood and agreed that no contract or agreement relating to the
Proposed Transaction shall be deemed to exist unless and until a definitive
agreement regarding the Proposed Transaction has been executed and delivered by
both parties. It is further agreed that neither party has any legal obligation
or commitment whatsoever to enter into a definitive agreement with respect to
such transaction by virtue of this Agreement or any other written or oral
expression with respect to such transaction except, in the case of this
Agreement, for the matters specifically agreed to herein. For purposes of this
Agreement, the term "definitive agreement" does not include an executed letter
of intent or any preliminary written agreement, nor does it include any written
or verbal acceptance by one party of an offer by the other. In the event that
definitive agreements are executed, the terms and conditions contained therein
shall govern the future obligations of the parties with respect to the
Confidential Information and the Transaction Information.

12. Each of the parties acknowledges that they are aware, and that they will
advise their respective representatives who are informed as to the matters which
are the subject matter of this Agreement, that the United States securities laws
prohibit any person who has received from an issuer material, nonpublic
information from purchasing or selling securities of such issuer or from
communicating this information to any other person under circumstances in which
it is reasonably foreseeable that such person is likely to purchase or sell such
securities.

13. The obligations set forth in this Agreement shall expire and be of no
further force and effect two years from the date hereof.

<PAGE>

          IN WITNESS WHEREOF, each of the parties hereto has caused this
Agreement to be executed by its duly authorized officer, in each case as of the
date first above written.

                                        TOTAL TEAM INVESTMENTS LIMITED

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        INFOACHIEVE LIMITED

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        [                                      ]
                                         --------------------------------------

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        FOCUS MEDIA HOLDING LIMITED

                                        By:
                                            ------------------------------------
                                        Name: Jason Jiang Nanchun
                                        Title: CEO

<PAGE>

                                                                     EXHIBIT B-1

                        FORM OF INITIAL LOCK-UP AGREEMENT

Focus Media Holding Limited
28-30/F, Zhao Feng World Trade Building
369 Jiangsu Road
Shanghai 100032 China

Ladies and Gentlemen:

     The undersigned understands that TOTAL TEAM INVESTMENTS LIMITED, an
international business company incorporated in the British Virgin Islands
("NewCo") has entered into a Share Purchase Agreement (the "SPA"), dated as of
October 15, 2005, with FOCUS MEDIA HOLDING LIMITED, a Cayman Islands company
(the "Company"), INFOACHIEVE LIMITED ("InfoAchieve"), an international business
company incorporated in the British Virgin Islands and those shareholders of
NewCo (collectively, "NewCo Shareholders") set forth in Schedules 1.1A and 1.1B
thereto, for the purchase by the Company of the Share. The undersigned further
understands and acknowledges that a portion of the consideration paid to NewCo
or a Seller Designated Entity consists of the Initial Share Consideration and
the Share Option Buy-out Consideration, and that as a shareholder or beneficiary
of NewCo, the undersigned may receive ordinary shares of the Company ("Ordinary
Shares").

     Unless otherwise defined herein, all capitalized terms used herein but not
otherwise defined herein shall have the meanings ascribed to such terms in the
SPA.

     In consideration of the agreement by the Company to purchase the Shares and
of other good and valuable consideration the receipt and sufficiency of which is
hereby acknowledged, the undersigned agrees that:

          (a) With regard to any Ordinary Shares benefically received by the
     undersigned in respect of the Initial Share Consideration and the Share
     Option Buy-our Consideration, without the Company's prior permission,
     during the period beginning from the First Closing Date and (I) continuing
     to and including March 31, 2007 (the "Initial Lock-up Period"), not to
     offer, sell, contract to sell, pledge, grant any option to purchase, make
     any short sale or otherwise dispose of (each a "Transaction"): (A) any ADSs
     or Ordinary Shares or any securities of the Company represented by the
     ADSs, or any securities of the Company substantially similar to the ADSs or
     Ordinary Shares, including but not limited to, any securities that are
     convertible into or exchangeable for, or that represent the right to
     receive, ADSs or Ordinary Shares or any such substantially similar
     securities; and (B) any shares or equity interests in the Company's
     subsidiaries or controlled affiliates or depositary shares or depositary
     receipts representing such shares or equity interests, including but not
     limited to securities that are convertible into or exchangeable for or that
     represent the right to receive such shares or equity interests or such
     depositary shares or

<PAGE>

     receipts, or any such substantially similar securities, whether now owned
     or hereinafter acquired (of record, beneficially or otherwise, including as
     a custodian) (the securities covered by the foregoing clauses (A) and (B),
     collectively, are referred to as the "Lock-up Securities"), and (II) in the
     event that the 2006 Audited Annual Net Income is less than US$8,000,000,
     from and after the expiration or termination of the Initial Lock-up Period
     and continuing to and including June 30, 2007 (the "Extended Initial
     Lock-up Period", and together with the Initial Lock-up Period, the "First
     Lock-up Period"), not to offer, sell, contract to sell, pledge, grant any
     option to purchase, make any short sale or otherwise dispose of, Lock-up
     Securities in an amount more than the product of (a) the undersigned's pro
     rata portion of the Initial Share Consideration and (b) the amount by which
     the 2006 Annual Net Income is less than US$8,000,000; provided, however,
     that the provisions of this paragraph (a) shall not apply to any
     Transaction that is executed after January 13, 2006 with respect to any
     Lock-up Securities that are acquired by the undersigned other than in
     connection with the transaction contemplated in the SPA;

          (b) If the undersigned is a Non-SAFE Compliant Shareholder, each of
     the periods provided in sub-paragraph (a) above shall be extended (the
     "Further Extended Period") until the undersigned shall have complied with
     the provision of Section 5.2 of the SPA in full to the satisfaction of the
     Company;

          (c) If the undersigned is an SAFE Complaint Shareholder and with
     regard to any Ordinary Shares relating to the Initial Share Consideration
     or the Share Option Buy-out Consideration, prior to the expiration of the
     First Lock-up Period, NewCo shall not transfer any of the Lock-up
     Securities to any Person, including without limitation, the undersigned or
     its Affiliates;

          (d) If the undersigned is a Non-SAFE Compliant Shareholder, prior to
     the expiration of the First Lock-up Period or, if applicable, the Further
     Extended Period, and unless the undersigned shall have complied with the
     provision of Section 5.2 of the SPA in full to the satisfaction of the
     Company, NewCo and the Seller Designated Entity, as the case may be, shall
     not transfer any of the Lock-up Securities to any Person, including without
     limitation, the undersigned or its Affiliates; and

          (e) To the extent that the conditions with respect to the expiration
     or termination of the lock-up of Ordinary Shares hereunder are satisfied
     pursuant to paragraph (c) or (d) hereof, NewCo agrees to release and
     distribute the percentage of Ordinary Shares in portion to the
     undersigned's shareholding in NewCo.

     The undersigned understands that the Company, NewCo and the NewCo
Shareholders are relying upon this Lock-up Agreement in proceeding toward
consummation of the transaction described in the SPA. The undersigned further
understands that this Lock-up Agreement is irrevocable and shall be binding upon
the undersigned's heirs, legal representatives, successors, and assigns.

                                        Very truly yours,

                                        ----------------------------------------
                                        Exact Name of Lock-up Party

<PAGE>

Agreed and Accepted by:

-------------------------------------
TOTAL TEAM INVESTMENTS LIMITED

-------------------------------------
[SELLER DESIGNATED ENTITY]

-------------------------------------
FOCUS MEDIA HOLDING LIMITED

<PAGE>

                                                                     EXHIBIT B-2

                        FORM OF EARNOUT LOCK-UP AGREEMENT

Focus Media Holding Limited
28-30/F, Zhao Feng World Trade Building
369 Jiangsu Road
Shanghai 100032 China

Ladies and Gentlemen:

     The undersigned understands that TOTAL TEAM INVESTMENTS LIMITED, an
international business company incorporated in the British Virgin Islands
("NewCo") has entered into a Share Purchase Agreement (the "SPA"), dated as of
October 15, 2005, with FOCUS MEDIA HOLDING LIMITED, a Cayman Islands company
(the "Company"), INFOACHIEVE LIMITED ("InfoAchieve"), an international business
company incorporated in the British Virgin Islands and those shareholders of
NewCo (collectively, "NewCo Shareholders") set forth in Schedules 1.1A and 1.1B
thereto, for the purchase by the Company of the Shares. The undersigned further
understands and acknowledges that a portion of the consideration paid to NewCo
consists of the Remaining Share Consideration, the Residual Earnout Share
Consideration, if any, the Change of Control Earnout Share Consideration, if
any, and the Dismissal Earnout Share Consideration, if any (each, a
"Consideration"), and that as a shareholder or beneficiary of NewCo, the
undersigned may receive ordinary shares of the Company ("Ordinary Shares").

     Unless otherwise defined herein, all capitalized terms used herein but not
otherwise defined herein shall have the meanings set forth in the SPA.

     In consideration of the agreement by the Company to purchase the Shares and
of other good and valuable consideration the receipt and sufficiency of which is
hereby acknowledged, the undersigned agrees that:

     (i)  With regard to any Ordinary Shares benefically received by the
          undersigned in respect of a Consideration, without the Company's prior
          permission, during the period beginning from the date of issuance of
          such Consideration and continuing to and including June 30, 2007 (the
          "Lock-up Period"), which period, in the case that the undersigned is
          Non-SAFE Compliant Shareholder, shall be extended (the "Extended
          Lock-up Period") until the undersigned shall have complied with the
          provision of Section 5.2 of the Share Purchase Agreement in full to
          the satisfaction of the Company, not to offer, sell, contract to sell,
          pledge, grant any option to purchase, make any short sale or otherwise
          dispose of : (A) any ADSs or Ordinary

<PAGE>

          Shares or any securities of the Company represented by the ADSs, or
          any securities of the Company substantially similar to the ADSs or
          Ordinary Shares, including but not limited to any securities that are
          convertible into or exchangeable for, or that represent the right to
          receive, ADSs or Ordinary Shares or any such substantially similar
          securities; and (B) any shares or equity interests in the Company's
          subsidiaries or controlled affiliates or depositary shares or
          depositary receipts representing such shares or equity interests,
          including but not limited to securities that are convertible into or
          exchangeable for or that represent the right to receive such shares or
          equity interests or such depositary shares or receipts, or any such
          substantially similar securities, whether now owned or hereinafter
          acquired (of record, beneficially or otherwise, including as a
          custodian) (the securities covered by the foregoing clauses (A) and
          (B), collectively, are referred to as the "Lock-up Securities");

     (ii) If the undersigned is an SAFE Compliant Shareholder, prior to the
          expiration of the Lock-up Period, NewCo shall not transfer any of the
          Lock-up Securities to any Person, including without limitation, the
          undersigned or its Affiliates;

     (iii) If the undersigned is a Non-SAFE Compliant Shareholder, prior to the
          expiration of the Lock-up Period or, if applicable, the Extended
          Lock-up Period and unless the undersigned shall have complied with the
          provision of Section 5.2 of the Share Purchase Agreement in full to
          the satisfaction of the Company, NewCo shall not transfer any of the
          Lock-up Securities to any Person, including without limitation, the
          undersigned or its Affiliates; and

     (iv) To the extent that the conditions with respect to the expiration or
          termination of the lock-up of Ordinary Shares hereunder are satisfied
          pursuant to paragraph (ii) or (iii) hereof, NewCo agrees to release
          and distribute the percentage of Ordinary Shares in portion to the
          undersigned's shareholding in NewCo.

     The undersigned understands that the Company, NewCo and NewCo Shareholders
are relying upon this Lock-up Agreement in proceeding toward consummation of the
transaction contemplated in the Share Purchase Agreement. The undersigned
further understands that this Agreement is irrevocable and shall be binding upon
the undersigned's heirs, legal representatives, successors, and assigns.

                                        Very truly yours,

                                        ----------------------------------------
                                        Exact Name of Lock-up Party

<PAGE>

Agreed and Accepted by:

-------------------------------------
TOTAL TEAM INVESTMENTS LIMITED

-------------------------------------
FOCUS MEDIA HOLDING LIMITED

<PAGE>

                                                                       EXHIBIT C

                         FORM OF TAX INDEMNITY AGREEMENT

     This TAX INDEMNITY AGREEMENT (this "Agreement"), dated as of _________,
2005, by and among TOTAL TEAM INVESTMENTS LIMITED, an international business
company incorporated in the British Virgin Islands ("Seller"), the shareholders
of Seller set forth on Schedule 1.1A to the Share Purchase Agreement (together
with Seller, the "Seller Parties"), and FOCUS MEDIA HOLDING LIMITED, a company
organized under the laws of the Cayman Islands ( "Buyer").

                                    RECITALS

     WHEREAS, the Seller Parties, INFOACHIEVE LIMITED, an international business
company incorporated in the British Virgin Islands (the "Company"), Buyer and
other parties thereto are parties to a Share Purchase Agreement, dated __, 2005
(the "Share Purchase Agreement");

     WHEREAS, it is a condition precedent under the Share Purchase Agreement
that the Seller Parties and Buyer enter into this Agreement; and

     WHEREAS the Seller Parties seek to induce Buyer to consummate its
acquisition of the Company as contemplated in the Share Purchase Agreement, and
to such ends, seek to satisfy the conditions precedent to such investment by
entering into this Agreement.

     NOW, THEREFORE, in consideration of the premises set forth above, the
mutual covenants and agreements set forth herein and for other good and valuable
consideration, the adequacy of which is hereby acknowledged, the parties hereto
hereby agree as follows:

                                   AGREEMENTS
                            ARTICLE XI INTERPRETATION

          SECTION 11.1. Definitions. As used in this Agreement, the following
terms shall have the following meanings:

     "Consent" means any consent, approval, authorization, waiver, permit,
grant, franchise, concession, agreement, license, exemption or order of,
registration, certificate, declaration or filing with, or report or notice to,
any Person, including any Government Authority.

     "Indemnifiable Loss" means any action, cost, damage, disbursement, expense,
Liability, loss, deficiency, obligation, penalty or settlement of any kind or
nature suffered by Buyer. Notwithstanding anything to the contrary provided in
the preceding sentence, "Indemnifiable Loss" shall include, but shall not be
limited to, (i) interest or other carrying costs, penalties, legal, accounting
and other professional fees and expenses reasonably incurred in the
investigation, collection, prosecution and defense of claims and amounts

<PAGE>

paid in settlement, that may be imposed on or otherwise incurred or suffered by
Buyer and (ii) any Taxes that may be payable by Buyer by reason of the
indemnification of any Indemnifiable Loss hereunder, other than Taxes that would
have been payable notwithstanding the event giving rise to indemnification.

     "Liabilities" means, with respect to any Person, liabilities owing by such
Person of any nature, whether accrued, absolute, contingent or otherwise, and
whether due or to become due.

     Capitalized terms used herein but not otherwise defined herein shall have
the meanings ascribed to such terms in the Share Purchase Agreement.

                              ARTICLE XII INDEMNITY

          SECTION 12.1. Indemnity. Each of the Seller Parties hereby, severally
and jointly, agrees to indemnify and hold harmless Buyer, from and against any
and all Indemnifiable Losses suffered by Buyer, directly or indirectly, as a
result of, or based upon or arising from any failure by the Company or any Group
Company prior to the First Closing Date (i) to timely pay any Tax due and
payable thereby (or subject to withholding and remittance thereby), (ii) to
timely file any Tax Return, (iii) to comply with any applicable Law relating to
Taxes, or (iv) to pay or fund any social welfare benefits that the Company or
such Group Company may be, or may have been, required by applicable Law to pay
or fund to or on behalf of any of the prior or continuing employees thereof.
Notwithstanding the foregoing, none of the Seller Parties shall be liable for
any Indemnifiable Losses suffered by Buyer, directly or indirectly, as a result
of, or based upon or arising from any tax matters disclosed in Schedule 3.12 to
the Share Purchase Agreement.

          SECTION 12.2. Procedures.

          (a) Buyer shall be entitled to select its own counsel in defense of
any action, suit, proceeding or alternative dispute resolution mechanism,
whether civil, criminal, administrative, investigative or other (each, a
"Claim") that may cause Indemnifiable Losses to Buyer. The Seller Parties shall
advance all reasonable expenses, including attorneys' fees and all other related
costs, expenses and obligations incurred in connection with investigating or
defending against a Claim (collectively, the "Defense Expenses"). Defense
Expenses shall be paid by the Seller Parties to Buyer as they are incurred but
in any event no later than fifteen (15) days after a written request and
supporting documentation are supplied by Buyer to Seller.

          (b) If a Claim is asserted by any third party against Buyer, Buyer may
request the Seller Parties to defend the Claim on behalf of Buyer by a written
notice supplied by Buyer to Seller. If the Seller Parties fail to defend Buyer
upon such request, a recovery against Buyer shall be conclusive in its favor
against the Seller Parties, provided, however, that, if Seller has not received
reasonable notice of the Claim or is not allowed to control its defense,
judgment against Buyer shall only constitute presumptive evidence against the
Seller Parties.

          (c) All payments to be made by the Seller Parties to Buyer hereunder
shall be made in immediately available funds to a bank account designated by
Buyer. All payments to be made to Buyer shall be made in U.S. Dollars. Each of
the Seller Parties, jointly and severally, covenants and agrees that (i) it has
full authority and resources to make any payment hereunder to

<PAGE>

or for the account of Buyer in U.S. Dollars if so required; and (ii) it shall
make all payments hereunder irrespective of and without deduction for, any
counterclaim, defense, recoupment, or set-off; and (iii) any payment or
indemnity hereunder shall include an amount necessary to hold the recipient of
such payment or indemnity harmless on an after-Tax basis from all Taxes required
to be paid with respect to such payment or indemnity, taking into account any
Tax.

                   ARTICLE XIII REPRESENTATIONS AND WARRANTIES

          Each of the representations and warranties provided in Articles III
and IV of the Share Purchase Agreement shall be incorporated by reference into
and form part of this Agreement.

                           ARTICLE XIV MISCELLANEOUS

          SECTION 14.1. Termination. This Agreement shall terminate five (5)
years after the date hereof.

          SECTION 14.2. Binding Effect; Assignment. This Agreement shall be
binding upon and shall be enforceable by each party, its successors and
permitted assigns. Except as provided in the preceding sentence, no party may
assign any of its rights or obligations hereunder without the prior written
approvals of the other parties.

          SECTION 14.3. Governing Law. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of New York.

          SECTION 14.4. Language. The governing version of this Agreement is the
English language version. Any translation of this Agreement into Chinese or any
other language is for the convenience of the parties only.

          SECTION 14.5. Amendments. Except as otherwise permitted herein, this
Agreement and its provisions may be amended, changed, waived, discharged or
terminated only by a writing signed by each of the parties.

          (a) Notices. Any notice, demand, or communication required or
permitted to be given by any provision of this Agreement shall be deemed to have
been sufficiently given or served for all purposes if (i) personally delivered,
(ii) sent by a nationally recognized overnight courier service to the recipient
at the address below indicated or (iii) delivered by facsimile which is
confirmed in writing by sending a copy of such facsimile to the recipient
thereof pursuant to clause (i) or (ii) above:

          If to the Buyer:

               Focus Media Holding Limited
               28-30/F, Zhao Feng World Trade Building
               369 Jiangsu Road
               Shanghai 100032 PRC
               Attn: Daniel Wu, Chief Financial Officer
               +86 21 3212 4661 ex. 6339 (tel)
               +86 215240 0228 (fax)

<PAGE>

          With a copy to:

               Simpson Thacher & Bartlett LLP
               7/F, ICBC Tower
               3 Garden Road
               Central, Hong Kong
               Attn: Chris Lin, Esq.
               +852 2514 7650 (tel)
               +852 2869 7694 (fax)

          If to any of the Seller Parties:

               Framedia Advertising Development Co., Ltd.
               SCITECH Plaza
               22 JianGuoMenWai DaJie
               Beijing, 10004 PRC
                Attn: Tan Zhi, Chairman and CEO
               +86 10 65157956 (tel)
               +86 10 65141556 (fax)

          With a copy to:

               O'Melveny & Myers LLP
               31st Floor, China World Tower
               No. 1 Jianguomenwai Avenue
               Beijing 100004 PRC
               Attn: Howard Zhang, Esq.
               +86 10 6505 2612 (tel)
               +86 10 65050921 (fax)

or to such other address as any party hereto may, from time to time, designate
in a written notice given in like manner.

          Except as otherwise provided herein, any notice under this Agreement
will be deemed to have been given (x) on the date such notice is personally
delivered or delivered by facsimile or (y) the next succeeding Business Day
after the date such notice is delivered to the overnight courier service if sent
by overnight courier; provided that in each case notices received after 4:00
p.m. (local time of the recipient) shall be deemed to have been duly given on
the next Business Day.

          (b) For convenience only, the parties agree that all notices,
consents, directions or other actions that may be given or taken hereunder by
the Seller Parties may be given by Seller on behalf of the Seller Parties
pursuant to a written instruction or document duly executed by Seller and that
Buyer shall treat any such instrument or document as the action of the Seller
Parties hereunder.

          SECTION 14.6. Further Assurances. Each party shall do and perform, or
cause to be done and performed, all such further acts and things and shall
execute and

<PAGE>

deliver all such other agreements, certificates, instruments and documents as
the other party may reasonably request to give effect to the terms and intent of
this Agreement.

          SECTION 14.7. Entire Agreement. This Agreement constitutes the entire
agreement between the parties with respect to the subject matter hereof and
supersedes all prior written or oral understandings or agreements.

          SECTION 14.8. Severability. If any provision of this Agreement shall
be held invalid or unenforceable to any extent, the remainder of this Agreement
shall not be affected thereby and shall be enforced to the greatest extent
permitted by law.

          SECTION 14.9. Remedies Cumulative. The rights and remedies available
under this Agreement or otherwise available shall be cumulative of all other
rights and remedies and may be exercised successively.

          SECTION 14.10. Counterpart Execution. This Agreement may be executed
in one or more counterparts, each of which shall be deemed an original but all
of which together shall constitute one and the same instrument.

          SECTION 14.11. No Third Party Beneficiary. Nothing in this Agreement
is intended to confer upon any Person other than the parties hereto and their
respective successors and permitted assigns any rights, benefits, or obligations
hereunder.

         [The remainder of this page has been left intentionally blank.]

<PAGE>

          IN WITNESS WHEREOF, each of the parties hereto has caused this
Agreement to be executed by its duly authorized officer, in each case as of the
date first above written.

                                        FOCUS MEDIA HOLDING LIMITED

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        TOTAL TEAM INVESTMENTS LIMITED

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        [                                      ]
                                         --------------------------------------

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        [                                      ]
                                         --------------------------------------

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        FOCUS MEDIA HOLDING LIMITED

                                        By:
                                            ------------------------------------
                                        Name: Jason Jiang Nanchun
                                        Title: CEO

<PAGE>

                                                                       EXHIBIT D

                      FORM OF MANAGER NON-COMPETE AGREEMENT

          This MANAGER NON-COMPETE AGREEMENT (this "Agreement"), dated as of
_______, 2005, by and among FOCUS MEDIA HOLDING LIMITED, a company organized
under the laws of the Cayman Islands ("Focus Media"), INFOACHIEVE LIMITED, an
international business company incorporated in the British Virgin Islands (the
"Company"), TOTAL TEAM INVESTMENTS LIMITED, an international business company
incorporated in the British Virgin Islands ("NewCo" or "Seller"), and [_______],
an shareholder/employee, directly or indirectly, of Seller ("Employee").

                                    RECITALS

          WHEREAS, Seller, all shareholders of Seller, the Company and Focus
Media are parties to a Share Purchase Agreement, dated October 15, 2005 (the
"Share Purchase Agreement"; capitalized terms used but not otherwise defined
herein shall have the meaning ascribed to such term in the Share Purchase
Agreement);

          WHEREAS, it is a condition precedent under the Share Purchase
Agreement that certain of the Seller Parties and the Non-Management
Shareholders, the Company and Buyer enter into this Agreement;

          WHEREAS, Employee will sign a Service Agreement pursuant to the Share
Purchase Agreement;

          WHEREAS, the Employee seeks to induce Buyer to consummate its
acquisition of the Group Companies as contemplated in the Share Purchase
Agreement, and to such ends, seeks to satisfy the conditions precedent to such
investment by entering into this Agreement.

          NOW, THEREFORE, in consideration of the premises set forth above, the
mutual covenants and agreements set forth herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged by
the parties hereto, the parties agree as follows:

                                   AGREEMENTS

          Section 1. Non-Solicitation of Employee. By executing this Agreement,
Employee acknowledges that he/she understands that the Group Companies' ability
to operate the Business depends upon their ability to attract and retain skilled
people and that the Group Companies have and will continue to invest substantial
resources in training such employees. Therefore, for a period of three (3) years
following the First Closing Date and (ii) one (1) year following the termination
or expiration of the Service Agreement, whichever is later, Employee shall not,
and shall cause its Affiliates, without the prior written permission of the
Buyer, directly or indirectly solicit, employ or retain, or have or cause any
other person or entity to solicit, employ
<PAGE>

or retain, any person who is employed at the time of such solicitation with any
of the Group Companies or any of equipment providers.

          Section 2. Non-Solicitation of Material Investors, Clients and
Customers. By executing this Agreement, Employee acknowledges that he/she
understands that the Group Companies' ability to operate the Business depends
upon their ability to attract and retain investors, clients and customers.
Therefore, for a period of three (3) years following the First Closing Date and
(ii) one (1) year following the termination or expiration of the Service
Agreement, whichever is later, Employee shall not solicit, contact, interfere
with, or endeavor to entice away from any of the Group Companies any of its
material investors, customers or clients or any such persons or entities that
were strategic investors, customers or clients of the Group Company within the
twelve (12) month period immediately prior to Employee's termination or
expiration of employment. For purposes of this Agreement a "material investor"
shall mean any investor in Focus Media who holds no less than 1.0% of Focus
Media's outstanding ordinary shares.

          Section 3. Non-Compete. For a period of three (3) years following the
First Closing Date and (ii) one (1) year following the termination or expiration
of the Service, whichever is later, without the prior written permission of
Buyer, Employee shall not in the PRC, directly or indirectly, (i) enter into the
employ of or render any services to any person, engaged in a Competitive
Business; or (ii) become associated with or interested in any Competitive
Business as an individual, partner, shareholder, creditor, director, officer,
principal, agent, employee, trustee, consultant, advisor or in any other
relationship or capacity. For purposes of this paragraph, the term "shareholder"
shall not include any person who owns no more than 1% of the outstanding shares
of a publicly listed company on a domestic or overseas stock exchange.

          Section 4. Post-Employment Property. In the scope of Employee's
employment with the Group Companies, he/she may be requested, alone or with
others, to create, invent, enhance, and modify items which are or could be
deemed to be confidential information of the Group Companies ("Confidential
Information"). Employee acknowledges and agrees that any Confidential
Information is intended to be, and will remain, the sole and exclusive property
of the Group Companies. In addition, Employee agrees that any and all
intellectual property that Employee invents, discovers, originates, makes,
conceives, creates or authors either solely or jointly with others and that is
the result of or is substantially derived from Confidential Information shall be
the sole and exclusive property of the Group Companies unless in the public
domain. If Employee's employment with the Group Companies terminates for any
reason, he/she shall promptly and fully disclose all such property to the Group
Companies, shall provide the Group Companies with any information that it may
reasonably request about such property and shall execute such agreements,
assignments or other instruments as may be reasonably requested by the Group
Companies to reflect such ownership by the Group Companies and shall reasonably
cooperate with the Group Companies to protect the business relationships of the
Group Companies and to insure that there will be no unreasonable interference or
disruption of such business relationships. Upon termination of Employee's
employment by the Group Companies for any reason whatsoever (which may be with
or without cause subject to such Employee's service or employment agreement),
and at any earlier time the Company so requests, Employee will deliver to the
custody of the person designated by the Company all originals and copies of such
documents

<PAGE>

and other property of the Group Companies in Employee's possession, under
Employee's control or to which Employee may have access.

          Section 5. Non-Disparagement. Employee acknowledges and agrees that
he/she will not defame or publicly criticize the services, business, integrity,
veracity or personal or professional reputation of the Group Companies or any of
their officers, directors, partners, employees, affiliates, or agents thereof in
either a professional or personal manner either during his/her employment with
the Group Companies or thereafter. For the avoidance of doubt, it is understood
that the provisions of this Section 5 shall not limit Employee's rights with
respect to claims against the Group Companies or any of their officers,
directors, partners, employees, affiliates or agents.

          Section 6. Privacy. Employee acknowledges that the Group Companies
have a critical business interest in maintaining complete control and access to
its various computer systems. In view of this interest, Employee understands
that Employee will have no right to privacy as to any personal information which
Employee inputs or otherwise causes to become part of such systems. Further, the
Group Companies shall be entitled (in the exercise of its sole discretion) to
delete, erase and/or destroy any and all such personal information which
Employee may so input or cause to become a part of the Group Companies' various
computer systems.

          Section 7. Representation. Employee represents and warrants to the
Buyer, and Employee acknowledges that the Company has relied on such
representations and warranties in employing Employee, that neither Employee's
duties as an employee of the Group Companies nor his/her performance of this
Agreement will breach any other agreement to which Employee is a party,
including without limitation, any agreement limiting the use or disclosure of
any information acquired by Employee prior to his/her employment by the Group
Companies. In addition, Employee represents and warrants and acknowledges to
Buyer that the Group Companies have relied on such representations and
warranties in employing Employee, that he/she has not entered into, and Employee
further convents that during the term of his employment with the Group
Companies, he will not enter into, any agreement, either oral or written, in
conflict herewith. In the course of performing Employee's work for the Group
Companies, he/she will not disclose or make use of any information, documents or
materials which he/she is under any obligation to any other party to maintain
confidence. Employee further agrees that during the period of employment with
the Group Companies he/she will not, without the Group's express written
consent, engage in any employment or business activity other than for the Group
Companies.

          Section 8. Enforcement. If Employee commits a breach, or threatens to
commit a breach, of any of the provisions of this Agreement, the Company or
Buyer shall have the right and remedy to have the provisions specifically
enforced by any court having jurisdiction, it being acknowledged and agreed by
Employee that the services being rendered hereunder to the Group Companies are
of a special, unique and extraordinary character and that any such breach or
threatened breach will cause irreparable injury to the Group Companies and that
money damages will not provide an adequate remedy to the Group Companies. Such
right and remedy shall be in addition to, and not in lieu of, any other rights
and remedies available to the Group Companies at law or in equity. Accordingly,
each of Employee and the Company consents to the issuance of an injunction,
whether preliminary or permanent, consistent with the terms of this Agreement.
<PAGE>

          Section 9. Blue Pencil. If, at any time, the provisions of this
Agreement shall be determined to be invalid or unenforceable under any
applicable law, by reason of being vague or unreasonable as to area, duration or
scope of activity, this Agreement shall be considered divisible and shall become
and be immediately amended to only such area, duration and scope of activity as
shall be determined to be reasonable and enforceable by the court or other body
having jurisdiction over the matter and Employee and the Company agree that this
Agreement as so amended shall be valid and binding as though any invalid or
unenforceable provision had not been included herein.

          Section 10. Governing Law. 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 the conflict of laws principles thereof. Any action
brought by any party to this Agreement shall be brought and maintained in a
court of competent jurisdiction in the State of New York.

          Section 11. Miscellaneous. b) Upon its execution, this Agreement shall
have binding and contractual effect upon Employee and his/her successors and
assigns, and shall inure to the benefit of, and be enforceable by, the Company
and its successors and assigns. This Agreement shall survive the termination of
Employee's employment with the Company and shall continue to be fully binding on
Employee and enforceable by the Company after such termination, in accordance
with its terms.

          SECTION 14.12. Subject to Section 5.14 of the Share Purchase
Agreement, nothing in this Agreement shall confer any right with respect to
continuation of Employee's employment with the Group Companies and, subject to
the terms of any applicable service or employment agreement with such Employee,
the Group Companies shall have the right to terminate Employee's employment at
any time and for any reason or no reason, with or without cause.

          SECTION 14.13. This Agreement sets forth the entire agreement of the
parties hereto in respect of the subject matter contained herein and supersedes
all prior agreements, promises, covenants, arrangements, communications,
representations or warranties, whether oral or written, by any officer, employee
or representative of any party hereto in respect of such subject matter. Any
prior agreement of the parties hereto in respect of the subject matter contained
herein is hereby terminated and cancelled. No provisions of this Agreement may
be amended, modified, or waived unless such amendment or modification is agreed
to in writing signed by Employee and by a duly authorized officer of Buyer, and
such waiver is set forth in writing and signed by the party to be charged. No
waiver by either party hereto at any time of any breach by the other party
hereto of any condition or provision of this Agreement to be performed by such
other party shall be deemed a waiver of similar or dissimilar provisions or
conditions at the same or at any prior or subsequent time.

          SECTION 14.14. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original but all of which
together will constitute one and the same instrument.

<PAGE>

          SECTION 14.15. The invalidity or unenforceability of any provision or
provisions of this Agreement shall not affect the validity or enforceability of
any other provision of this Agreement, which shall remain in full force and
effect.

          SECTION 14.16. For the purposes of this Agreement, notices, demands
and all other communications provided for in this Agreement shall be in writing
and shall be deemed to have been duly given when delivered either personally or
by certified or registered mail, return receipt requested, postage prepaid,
addressed as set forth above or to such other address as any party may have
furnished to the others in writing in accordance herewith, except that notices
of change of address shall be effective only upon receipt.

          SECTION 14.17. EMPLOYEE ACKNOWLEDGES THAT HE/SHE HAS CAREFULLY READ
THIS AGREEMENT AND HAS HAD THE OPPORTUNITY TO REVIEW ITS PROVISIONS WITH ANY
ADVISORS AS HE/SHE CONSIDERED NECESSARY AND THAT EMPLOYEE UNDERSTANDS THIS
AGREEMENT'S CONTENTS AND SIGNIFIES SUCH UNDERSTANDING AND AGREEMENT BY SIGNING
ON THE FOLLOWING PAGE.

          IN WITNESS WHEREOF, the parties hereto have executed this Agreement
all as of the day and year first above written and this Agreement shall become
effective as of such date.

-------------------------------------
[EMPLOYEE]

Employee Signature Witnessed By:

Signed:
        -----------------------------

Print Name:
            -------------------------

INFOACHIEVE LIMITED

By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------

TOTAL TEAM INVESTMENTS LIMITED

By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------

<PAGE>

Agreed to and acknowledged by:

FOCUS MEDIA HOLDING LIMITED

By:
    ---------------------------------
Name: Jason Jiang Nanchun
Title: CEO

<PAGE>

                                                                       EXHIBIT E

                     FORM OF EMPLOYEE NON-COMPETE AGREEMENT

                    NON-COMPETITION, CONFIDENTIAL INFORMATION
                           AND WORK PRODUCT AGREEMENT

                                                          Contract No.:_________

This NON-COMPETITION, CONFIDENTIAL INFORMATION AND WORK PRODUCT AGREEMENT (this
"Agreement"), dated as of [ ] 2005 is entered into by the following parties:

Party A:
          ---------------------------------
Address:
          ---------------------------------

Party B:
          ---------------------------------
Gender:
          ------
ID No. :
          ---------------------------------
Address:
          ---------------------------------

Party A and Party B hereinafter individually referred to as the "PARTY" and
collectively, the "PARTIES".

WHEREAS, Party A hire Party B as its contractual employee and entered into this
Agreement with Party B.

THEREFORE, the Parties hereby have reached the following agreement:

1.    DEFINITION

Unless otherwise stipulated or required in this Agreement:

"CONFIDENTIAL INFORMATION"      shall mean the information, technical documents,
                                commercial secret or exclusive technology that
                                is not available to the general public, having
                                the commercial value and held by the Party A in
                                confidentiality, including, but not limited to
                                Party A's technology, design, diagrams, charts,
                                data, computer software, development of various
                                technologies, management system, business plans,
                                market information, lists of buildings, lists of
                                the contact people of the buildings, list of the
                                price and rent, budget, business information,
                                business cooperation, transactions, research
                                information, products and products plans,
                                service, customer information and lists
                                (including but not limited to the customers that
                                Party B have contacted or is familiar with
                                during the term of employment), the above
                                information is directly or indirectly obtained
                                by the Party B from Party A by written or oral
                                communication or other method.

                                Notwithstanding the provision stipulated above,
                                the confidential information shall not include
                                the information which is disclosed to the
                                general public or known by the general public by
                                virtue of other reasons.

"TERM OF SERVICE":              shall mean the term of effect of this Agreement
                                entered into by the Party A and Party B;

"WORK PRODUCT":                 shall mean during the term of service or within
                                one (1) year since the expiration of the term of
                                service, all discoveries, inventions, ideas,
                                concepts, research, trademarks, service marks,
                                slogans, logos and information, processes,
                                products, techniques, methods and improvements
                                that is made up, developed or obtained by Party
                                B alone or cooperating with other person, and
                                all the work products mentioned above are in any
                                way relating to the present or proposed
                                products, programs or services of Party A or
                                relating to tasks assigned to Party B during the
                                course of the employment, whether or not (1)
                                patentable or subject to copyright or trademark
                                protection, (2) reduced to tangible form or
                                reduced to practice, (3) made during the regular
                                working hours, (4) made on the premises of the
                                Party A.

"LABOR CONTRACT":               shall mean the Labor Contract (including
                                Appendix) among Party A and Party B dated [ ].

2.    NON-COMPETITION CLAUSE

2.1   During the term of service, Party B agrees:

      (1)   to duly perform all the tasks assigned by Party A;

      (2)   to provide Party A with all of its time, skill, energy and efforts.

2.2   Party B hereby agrees that during the term of service, it shall not:

      (1)   directly or indirectly participate in any activities or business
            with any methods which compete with Party A;

      (2)   engage or participate in (whether as an manager, consultant,
            director, officer or employee) any entity which is competitive with
            the business of Party A that Party A is or will be engaged in; or
            have any connection with such entity; or as shareholder hold equity
            interests in such entity;

      (3)   cause, solicit or intent to employ or employ any employee of the
            Party A or other person which might be employed by Party A during
            the term of service;

      (4)   deal with any client, supplier or partner of Party A or any other
            entity directly trading with Party A; or set up a competitive
            relationship against Party A with such entities; or assist
            employment or competition for the individual or entities; or
            encourage such Party B to terminate its service relationship with
            Party A; or

      (5)   encourage any client, supplier or partner of Party A or any other
            entity to terminate their relationship with Party A.

      Unless these activities above are acted for the interest of Party A or
      upon the written consent of Party A in advance.

2.3   Party B hereby agrees that within one (1) year from the expiration of the
      term of service or within three (3) year from December 15 2005, whichever
      is the later ( under any circumstances, however, no less than two (2) year
      from the date of the execution date of this Agreement), he/she shall not:

      (1)   directly or indirectly carry out or participate in any business
            which is compete with the business of Party A;

      (2)   directly or indirectly carry out business for other person which is
            compete with the business of Party A (including, but not limited to
            hold a position in the entity which competes with Party A).

2.4   Party A agrees to compensate Party B in respect of the duty of
      non-competition, the amount of the compensation shall be one forth (1/4)
      of the total remuneration which Party B obtained from Party A during the
      twelve (12) months before the expiration or termination of the Labor
      Contract; such compensation shall be paid in one lump sum by Party A to
      Party B upon the expiration or termination of the Labor Contract.

2.5   Should Party A do not pay the compensation to Party B pursuant to this
      Agreement, it shall be deemed that Party B is not required by Party A to
      comply with the provisions in connection with non-competition in this
      Agreement.

2.6   If Party B breach its undertakings in respect of the non-competition
      stipulated in this Article, Party B shall pay the Party A liquidated
      damages. Such liquidated damages shall be twice of the compensation
      stipulated in Article 2.4, i.e. two third (2/3) of the total remuneration
      which Party B obtained from Party A during the twelve (12) months before
      the expiration or termination of the Labor Contract. If the loss suffered
      by Party A due to the breach of the non-competition undertakings can not
      be repaid in full by such liquidated damage, Party B shall make further
      compensation so as to ensure Party A to obtain full and prompt repayment
      and to prevent Party A from such loss, including but not limited to the
      loss of the marketable proportion, investigation fees, R&D fees, and fees
      for the dispute settlement such as arbitration fees, litigation fees and
      lawyer fees.

2.7   If Party B breach its undertakings in respect of the non-competition
      stipulated in this Article, other than repaid Party A with liquidated
      damages, it shall terminate all the breaching activities. Party A is
      entitled to prevent Party B from carrying on the breaching activities,
      including soliciting Party B to undertake criminal liabilities by virtue
      of infringing commercial secret and breaching non-competition restriction.

3.    DUTY OF CONFIDENTIALITY

3.1   During the term of service and at any time thereafter, Party B shall not:

      (1)   make use of any confidential information, excluding making use of
            such information in accordance with the service relationship or for
            the interest of Party A; or

      (3)   disclose such information by any method, means to the third party
            other than Party A or other person who is not entitled to know such
            information, unless Party A consents in writing.

3.2   If Party B breaches the duty of confidentiality stipulated in this
      Article, it shall compensate Party A for its loss suffered by virtue of
      such breach and undertake other breach liabilities. In case of material
      breaching, Party A is entitled to terminate the Labor Contract and
      investigate Party B's commercial and criminal liabilities.

4.    RIGHT TO THE WORK PRODUCT

4.1   All the work product shall be the exclusive property of Party A.

4.2   Party B hereby agrees to give up any and all the rights which it might
      enjoy in respect of the work product, and irrevocably grant such right to
      Party A; if the such right can not be given up or transferred to Party A,
      Party B shall not raise any request to Party A and it permitted party,
      successor or transferee.

4.3   Party B shall disclose any and all the information regarding the work
      product or information which is essential to the work product or
      technology and document which is inseparable to the work product to the
      person with competent power and authorization in Party A.

5.    REPRESENTATION OF PARTY B

5.1   Party B hereby represents that he/she does not undertake any duty to
      his/her former employer or other person of not disclosing any information
      to Party A.

6.    DUTY OF ASSISTANT OF PARTY B

6.1   During the term of service and at any time thereafter, upon the request of
      Party A, Party B shall sign all the document, exercise all the legal
      activities which is deemed to be necessary and reasonable for the
      protection of the right under this Agreement and/or exercise all the legal
      activities which is deemed to be necessary and reasonable for the
      intention of this Agreement.

6.2   In case that it will not restrict the general application of the above
      stipulation, Party B hereby agrees to provide Party A or the person
      designated by it with reasonable assistant as following:

      (a)   carry out or apply for foreign and/or domestic patent or other
            intellectual property right or industrial property right, or the
            re-confirmation, extension or good standing of such rights;

      (b)   raise litigation or defense against any encumbrance in connection
            with the intellectual property right and industrial property right;

      (c)   participant in any administrative procedure or litigation involved
            by Party A in connection with the work product;

      (d)   sign documents and carry out all the activities which are thought to
            be necessary by Party A for the creation and/or protection of the
            copyrights, patent, trademark, commercial secret and other property
            right in connection with work product.

7.    RETURN OF THE ASSETS OF PARTY A

7.1   Upon the termination of service relationship by any reason or upon the
      request of Party A, Party B shall return to Party A any and all the work
      product, confidential information, notice, memo, record, client
      information, building information, list of rent, suggestion, business plan
      and other documents, computer software, documents, tools, equipments and
      any other assets in connection with the work done for Party A or any other
      assets belonging to Party A. Party B shall not retain the copy of such
      assets.

7.2   Party B admits that all of the above materials exclusively belong to Party
      A, and agrees to sign a Disclaimer before the final payment (if any) made
      by Party A, this Disclaimer is as following:

     "                     TERMINATION DISCLAIMER

      I, [       ], HEREBY DISCLAIM THAT I DO NOT POSSESS OR RETAIN OR REFUSE TO
      RETURN ANY WORK PRODUCTS OR ANY DOCUMENTS, MEMO, RECORDS, CLIENT
      INFORMATION, SUGGESTION, BUSINESS PLAN OR ANY OTHER DOCUMENTS OR ANY OTHER
      COMPUTER SOFTWARE, DOCUMENTS, TOOLS, EQUIPMENTS AND ANY OTHER ASSETS (OR
      THE COPY OF THE ABOVE MATERIALS), WHICH BELONGS TO PARTY A."

8.    GENERAL PROVISION

8.3   The Company and Party B hereby agree, any Party could not investigate any
      part of the liability incurred by breaching this Agreement, it shall not,
      however, be deemed that it give up its right to insist the other party to
      strictly comply with part or all of the stipulations in this Agreement.

8.4   Duties of Party B under this Agreement shall remain effective after the
      expiration or termination of the Labor Contract, regardless of the Labor
      Contract being expired or terminated by whatever method or reason and
      regardless of whether or not such expiration or termination constituting
      breach under other agreement signed by Party A and Party B. Duties of
      Party B under this Agreement shall be binding on his/her successor,
      executor of will and administrator of inheritance. This Agreement shall be
      binding on the successor or assignee of the Company.

8.5   Any dispute raised or dispute raised in connection with this Agreement
      shall be submitted to the People's Court of Changning District. The final
      judgment of the Court shall be final and binding on both Parties. Party B
      agrees that the legal document can be delivered by recognized letter or
      registered letter (receipt required).

8.6   This Agreement shall be signed in Chinese.

8.7   This Agreement shall be prepared in two (2) original copies, with each
      involved Party holding one (1) copy hereof.

[BELOW IS LEFT BLANK FOR SIGNATURE]

[SIGNATURE PAGE]

Party A:        [              ]    (Chop)

Signature by:
                -----------------------
Name:
                -----------------------
Position:
                -----------------------

Date:           [              ]   2005

Party B:
                -----------------------

Signature:
                -----------------------
ID No:
                -----------------------

Date:           [              ]   2005

<PAGE>

                                                                       EXHIBIT F

                            FORM OF SERVICE AGREEMENT

                              EMPLOYMENT AGREEMENT

PARTY A:   [    ] CO., LTD
           (hereinafter the "PARTY A")

PARTY B:   [   ]  ID NO.[             ]
           (hereinafter the "PARTY B")

In accordance with the Labor Law of the People's Republic of China, Regulations
on Labor Contracts for Shanghai Municipality, and related laws and regulations
(hereinafter the "LABOR REGULATIONS"), Party A and Party B hereby enter into
this Labor Contract upon consultation on the basis of equality and free will as
following:

ARTICLE 1    TERM AND PROBATION PERIOD

1.1   The term of this Agreement is one (1) year, from [   ] to [   ], among
      that the probation period shall be [   ] (hereinafter the "PROBATION
      PERIOD").

1.2   Any Party can give written notice to the other party one (1) month prior
      to the expiration of the Agreement for its intention extending the term of
      the Agreement.

1.3   Upon the writing confirmation of the Party, the term of the Agreement can
      to renewed or extended to the term as confirmed in writing by the Parties.

1.4   Before the execution of this Agreement, Party A is entitled to require
      Party B submit the Health Certificate of Competent Proof of Body
      Examination issued by the hospital at district level. During the term of
      the Agreement and probation period, should Party A find out that Party B
      materially conceals the health condition before the execution of the
      Agreement, such as Hepatitis B, infectious disease, chronic disease etc.,
      Party A is entitled to terminate this Agreement and shall only pay Party B
      salary for the current month.

1.5   This Agreement can be terminated in accordance with Article 9 and other
      relevant Articles.

ARTICLE 2    WORKDAY AND WORKING TIME

2.1   The standard working time is no less than eight (8) hours per day, i.e.
      from 9:00am to 6:00pm.

ARTICLE 3    DUTY AND LIABILITY OF PARTY B

3.1   The General Manager of the company shall supervise the work of Party B.
      The Party B shall accept the supervision from the management level.

3.2   The department of Party B is [   ]. Position: [   ].

3.3   Party B shall accept and comply with the instruction made by Party A in
      respect of the change of work according to the need of work.

3.4   Party B shall comply with the internal administrative rules of Party A,
      and shall strictly comply with the safety rule during the course of work.

ARTICLE 4    LABOR PROTECTION AND CONDITION OF WORK

Party A shall provide labor protection and condition or work to Party B in
accordance with the Labor Regulations.

ARTICLE 5    CONFIDENTIALITY

5.1   Any part-time job of Party B during the term of employment shall be
      permitted by Party A. The permission to one activity shall not be deemed
      to the permission to any other activity but shall be newly permitted
      otherwise. Party A remains the right to withdraw such permission at any
      time when it believes that such part-time job will influence the work of
      Party B.

5.2   During the term of service or the term of employment in Party A, all the
      copyright, patent, exclusive technology or intellectual property right
      (the "INTELLECTUAL PROPERTY RIGHT") of the technology developed by Party
      B(the "TECHNOLOGY") or other intellectual property right in connection
      with it shall belong to Party A, or belong to the third party ("the THIRD
      PARTY") in accordance with the contract among Party A and the third Party.
      The technology shall include but not limited to computer software,
      computer code, relevant information and above information being improving,
      and other materials which is demanded for design, development, research,
      programming, creation, execution, delivery and installment during its term
      of service or the term of employment for Party A, regardless the form or
      media. Party B hereby gives up the current or potential right and interest
      in connection with the technology. Party B warrants that such abandon of
      right shall be existed even after the termination of the employment.

5.3   During the term of service or the term of employment in Party A, all the
      intellectual property right of the documents developed by Party B ("the
      DOCUMENTS") or other intellectual property right in connection with it
      shall belong to Party A, or belong to the third party. The documents shall
      include but not limited to the manual of the technology, the online
      assisting document for the technology, the note included in the original
      code, and all the documents describing the use and operation of the
      technology regardless of its media, and the above materials being
      improving. The documents also include the documents in connection with the
      technology design and creation to the extent applicable and existing as
      below. Party B hereby gives up the current or potential right and interest
      in connection with the technology. Party B warrants that such abandon of
      right shall be existed even after the termination of the employment.

5.4   During the term of service or the term of employment in Party A and
      thereafter, Party B shall not disclose, reveal, use or permit other person
      or entity to use any part of the technology and/or document, regardless
      whether Party B is profitable therein. Unless required by Party A during
      the term of employment, Party B shall not, during the term of employment
      in Party A and thereafter, research and develop technology or documents
      based on the technology or documents, and shall not disclose, reveal, use
      or permit other person or entity to use any part of the technology and/or
      document, regardless whether Party B is profitable therein.

5.5   During the term of employment and thereafter, the record and information
      of Party A are confidential and shall be treated as such. Any one violates
      this stipulation will be dismissed at once. Business information, client
      list, building list, list of rent and relevant documents and electronic
      information, or the photocopy of these above shall not be take out of the
      working area without the special permission from the General Manager. Upon
      the termination of the employment, any information in connection with the
      business of Party A shall be returned to the General Manager.

ARTICLE 6    NON-COMPETITION

6.1   Party B shall not, regardless of being manager, director, employee,
      partner, consultant, holder of the equity interest or debt investment,
      lender or other status, directly or indirectly engage or participant in
      any business or similar business which is or will be compete with the
      business of Party A by virtue of such engagement or participation, or lend
      any Bound Party's name (or any part, variant or formative thereof) to such
      business.

6.2   Deal, directly or indirectly, in a competitive manner with any customers
      doing business with the Company or any Group Company (unless the
      Employment Agreement among Party B and Party A or any Group Company
      require Party B to do so)

6.3   solicit any officer, director, employee or agent of the Company or any
      Group Company to become an officer, director, employee or agent of anyone
      other than the Company or any Group Company; or

6.4   engage in or participate in, directly or indirectly, any business
      conducted under any name that shall be the same as or similar to the name
      of the Company or any Group Company or to any trade name used by the
      Company or any Group Company where such business is (i) directly or
      indirectly competitive with the Business or (ii) engaged in any related
      activity where the use of such name is reasonably likely to result in
      confusion.

6.5   Within twelve (12) months from Party B leaving office or within three (3)
      year from December 15 2005, whichever is the later, Party B shall not
      engage in the business compete with Party A, i.e. Party B shall not hold a
      position in any other company operating or releasing outdoor digital
      advertisement or shall not provide any consultation thereto, and shall not
      self operate or operate with others for the business mentioned above.

6.6   Party B agrees that once Party B is in breach of the non-competition
      provision above, Party A shall be entitled to request compensation from
      Party B, such compensation shall be twice of the annual receivables of
      Party B from Party A as the liquidated damages for such breach.

6.7   Party B hereby confirms that the compensation for the non-competition is
      included in the remuneration paid by Party A, and such amount is
      sufficient. Regardless the above stipulation, Party B still agrees that,
      if the governing Court or the Arbitration Tribunal holds that the
      compensation for non-competition shall be increased for the execution of
      such undertakings, Party A shall have the discretion to increase such
      compensation within reasonable period since the judgment.

6.8   If, at any time of enforcement of this Article of this Agreement, a court
      or an arbitrator holds that the restrictions stated herein are
      unreasonable under circumstances then existing, the parties hereto agree
      that the maximum period, scope or geographical area reasonable under such
      circumstances shall be substituted for the stated period, scope or area
      and that the court or the arbitrator shall be allowed to revise the
      restrictions contained herein to cover the maximum period, scope and area.

ARTICLE 7    TRAINING

Party A shall provide Party B with training when it believes necessary. Party A
shall provide or pay for the designated training program, the Parties shall
execute a Training Agreement for the consensus of such training; such agreement
shall constitute an inseparable part of this Agreement or its consequential
agreement.

ARTICLE 8    HOLIDAY

8.1   Party B is entitled to take break at every breaking days of every week
      (Saturday and Sunday) and at other public holiday.

8.3   Party B is entitled to enjoy such holiday with salary during the term of
      this Agreement.

8.3   Party B shall provide proof of the ill condition and period of sick leave
      issued by medical profession or institution for its sick leave.

ARTICLE 9    REMUNERATION, SOCIAL WELFARE AND COMMISSION

9.1   During the term of employment, Party A shall pay the Party B salary before
      tax ("SALARY"). The monthly salary for Party B is RMB[ ].

9.2   Party A shall provide fund and medical insurance and other welfare. Party
      A shall deduct the amount of social welfare which shall be paid by
      individual on behalf of Party B from its salary.

9.3   When sick, Party B can submit the relevant expense to Party A by valid
      invoice issued by the hospital.

9.4   Unless otherwise permitted by the applicable written policy and procedure
      of Party A, Party B or any of its lineal relatives shall not be entitled
      to directly or indirectly receive or obtain any discount, sales commission
      or commission during the execution of any sale or trade of Party A or its
      subsidiaries or affiliates or as the agent of Party A or its subsidiaries
      or affiliates. If Party B or any of its lineal relatives( or any entity or
      company in which Party B or any of its lineal relatives hold interest)
      obtain any discount, sales commission or commission, Party B shall pay
      Party A with the amount equivalent to the amount obtained by Party B(or
      the amount in the proportion of the respective amount obtained by Party B
      and its lineal relatives in the amount obtained by such entity or
      company).

ARTICLE 10   ALTERATION AND TERMINATION

10.1  If the circumstances change so as to materially influence the performance
      of the Agreement, the Parties can alter this Agreement through
      consultation and consensus.

10.2  Party A shall terminate the Agreement provided that:

      (1)   Party B can not meet the employment requirement during the probation
            period in accordance with the decision of Party A;

      (2)   Due to sickness or non-working-related injury, Party B can not
            continue to work after the expiration of the sick leave stipulated
            in the Labor Regulation;

      (3)   Parties can not perform their obligations under this Agreement due
            to the material change of the circumstances and Parties can not
            reach consensus in respect of the stipulations and the conditions of
            the Agreement.

10.3  If Party A terminates the Agreement pursuant to section (2) and (3) of
      Article 10.2, Party A shall give written one (1) months' prior notice to
      Party B or pay Party B with one(1) months' salary instead of such notice.

10.4  Party A shall terminate the Agreement, if Party B:

      (1)   deceit during the course of job-hunting;

      (2)   without the consent of Party A, remove the assets of Party A or
            steal commercial and technology information contained in the
            confidential clause;

      (3)   lead to material loss of Party A regardless of intentionally or
            negligently;

      (4)   materially violate the employee manual or other regulations;

      (5)   possess, steal or remove the assets of Party A or other employees;

      (6)   provide service to other employer without the permission from Party
            A;

      (7)   disclose or reveal any technology, documents or exclusive
            information of Party A to any other person or entity;

      (8)   materially violate the stipulation of this Agreement.

      If Party B is dismissed by virtue of the reasons above, Party A shall not
      pay Party B with any compensation.

10.5  If Party B intents to terminate the Agreement with reasonable ground, it
      shall make written notice to Party A at less one (1) month in advance for
      such termination, or pay Party A with one(1) months' salary instead of
      such notice.

10.6  The Agreement shall terminate at once, if: (a) Party B is under custody or
      liable for criminal liability; or (b) Party A is no long in operation.

ARTICLE 11   COMPENSATION AND REIMBURSEMENT

11.1  If Party A suffers loss by virtue of Party B's violation of this
      Agreement, or violating this Agreement in respect of intellectual property
      right and/or documents and/or the discipline of Party A, Party B shall
      indemnify for and against all the losses suffered by Party A.

11.2  If Party B terminates the Agreement, Party B shall repay Party A for the
      expenses incurred as stipulated in the Training Agreement (if any) and
      recruitment expenses.

ARTICLE 12   DISPUTE SETTLEMENT

12.1  Any dispute arising out of or relating to this Agreement shall be resolved
      through consultation. If the dispute cannot be resolved, the dispute shall
      be submitted to local arbitration commission in the place where Party A is
      located. If either Party does not accept the arbitration result, it may
      bring a lawsuit to the People's Court for Shanghai. Unless otherwise held
      by the arbitration, the losing party in the arbitration shall bear all the
      expenses in the arbitration and litigation fees incurred thereafter.

ARTICLE 13   MISCELLANEOUS

13.1  The Employee Manual is the discipline of the employee which shall be
      complied with and shall be a part of the Agreement.

13.2  If any Article in the Agreement is conflict with the Labor Regulation, the
      Article shall be void. The effect of the Agreement, however, shall not be
      influenced by such Article.

13.3  The Agreement shall be taken into effective upon execution.

13.4  Other Article not included in the Agreement shall be resolved by Parties
      through consultation in accordance with Labor Regulations.

The Agreement is prepared in two (2) copies with same effect; each party holds
one (1) copy.

This Agreement is executed on [    ] 2005 by Parties.

Party A: [      ] CO., LTD

Authorized Representative:

Party B: [      ]

Signature:

<PAGE>

                                                                       EXHIBIT G

                            FORM OF ESCROW AGREEMENT

<PAGE>

                      AMENDMENT TO SHARE PURCHASE AGREEMENT
                     AND WAIVER OF ESCROW PROVISIONS THEREIN

          This AMENDMENT TO THE SHARE PURCHASE AGREEMENT AND WAIVER OF ESCROW
PROVISIONS THEREIN (this "Amendment"), dated as of December 8, 2005, among TOTAL
TEAM INVESTMENTS LIMITED, an international business company incorporated in the
British Virgin Islands ("NewCo" or "Seller"), INFOACHIEVE LIMITED, an
international business company incorporated in the British Virgin Islands
("InfoAchieve" or the "Company"), the several shareholders of NewCo set forth on
Schedule 1.1A to the SPA (as defined below) (the "Management Shareholders"), the
other shareholders of NewCo set forth on Schedule 1.1B to the SPA (the
"Non-Management Shareholders", and together with the Management Shareholders,
the "NewCo Shareholders"; and the Management Shareholders and NewCo are
hereinafter referred to as the "Seller Parties") and FOCUS MEDIA HOLDING
LIMITED, a company organized under the laws of the Cayman Islands ("Focus Media"
or "Buyer").

          WHEREAS the Company, the Seller Parties, the Non-Management
Shareholdersand Buyer entered into a Share Purchase Agreement, dated as of
October 15, 2005 (the "SPA");

          WHEREAS Section 2.2(a)(ii)(B) of the SPA contemplates the execution of
an Escrow Agreement, appointment of an Escrow Agent and transfer of the Company
Share Documents to such Escrow Agent in connection with the First Closing (the
"Escrow Arrangements");

          WHEREAS, the parties to the SPA consider the Escrow Arrangements to be
unnecessary for the completion of the payment and transfer mechanics in
connection with the First Closing and therefore agree that transfer of the
Company Share Documents shall be made directly from Seller to Buyer.

          Capitalized terms not otherwise defined herein shall have the meanings
set forth in the SPA.

          NOW, THEREFORE, with reference to Sections 10.5 and 10.7 of the SPA
and in consideration of the premises and the representations, and agreements
herein contained and intending to be legally bound hereby, the parties hereto
hereby agree to amend the SPA and to waive certain terms and conditions
contained therein as follows:

          1. Section 2.2(a)(ii)(B) of the SPA shall be amended to read as
follows:

"(B) transfer to BUYER share certificates (or local legal equivalent) evidencing
the Shares to be sold by Seller duly endorsed in blank, or accompanied by stock
powers duly executed in blank and with any required stock transfer tax stamps
affixed and all necessary documents, duly executed where so required, ALL DATED
AS OF A DATE NO EARLIER THAN DECEMBER 15, 2005 (collectively, the "Company Share
Documents"), to enable title in all the Shares to pass fully and effectively
into the name of BUYER AS OF JANUARY 1, 2006."

<PAGE>

          2. The definitions of "Escrow Agent" and "Escrow Agreement" set forth
in Section 1.1 of the SPA are hereby deleted in their entirety.

          3. Exhibit G to the SPA is hereby deleted in its entirety.

          4. The Escrow Agreement is hereby deleted from Schedule 1.2 to the
SPA.

          5. Each party hereto hereby waive its rights to any benefit to which
such party may have been entitled as a result of the Escrow Arrangements.

          6. Except as expressly set forth in this Amendment, the SPA shall
remain unmodified and in full force and effect, and the SPA as modified hereby
is hereby ratified and confirmed.

          7. This Amendment shall be governed by and construed in accordance
with the laws of the State of New York.

          8. This Amendment may be executed by any one or more of the parties
hereto in any number of counterparts, each of which shall be deemed to be an
original, but all such respective counterparts shall together constitute one and
the same instrument.

<PAGE>

        ARTICLE XV IN WITNESS WHEREOF, EACH OF THE UNDERSIGNED HAS CAUSED
         THIS AMENDMENT TO BE DULY EXECUTED AND DELIVERED AS OF THE DATE
                              FIRST ABOVE WRITTEN.

                                        TOTAL TEAM INVESTMENTS LIMITED

                                        By: /s/ Zhi Tan
                                            ------------------------------------
                                        Name: Zhi Tan (Chinese Character)
                                        Title: Authorized Signatory

<PAGE>

                                        INFOACHIEVE LIMITED

                                        By: /s/ Zhi Tan
                                            ------------------------------------
                                        Name: Zhi Tan (Chinese Character)
                                        Title: Authorized Signatory

<PAGE>

                                        DUKELAND INVESTMENTS LIMITED

                                        By: /s/ Zhi Tan
                                            ------------------------------------
                                        Name: Zhi Tan (Chinese Character)
                                        Title: Authorized Signatory

<PAGE>

                                        ALL IN ONE INTERNATIONAL LIMITED

                                        By: /s/ Lei Liu
                                            ------------------------------------
                                        Name: Lei Liu (Chinese Character)
                                        Title: Authorized Signatory

<PAGE>

                                        IDG TECHNOLOGY VENTURE INVESTMENTS
                                        FUND II, LP

                                        By: /s/ Gongquan Wang
                                            ------------------------------------
                                        Name: Gongquan Wang
                                        Title: Authorized Signatory

<PAGE>

                                        FIRST CHOICE INVESTMENT GROUP LIMITED

                                        By: /s/ Zhi Tan
                                            ------------------------------------
                                        Name: Zhi Tan (Chinese Character)
                                        Title: Authorized Signatory

<PAGE>

                                        YEE ON INVESTMENTS LIMITED

                                        By: /s/ Shisheng Liu
                                            ------------------------------------
                                        Name: Shisheng Liu (Chinese Character)
                                        Title: Authorized Signatory

<PAGE>

                                        TIMELEADER PROFITS LIMITED

                                        By: /s/ Haiqi Zhao
                                            ------------------------------------
                                        Name: Haiqi Zhao (Chinese Character)
                                        Title: Authorized Signatory

<PAGE>

                                        YUFAI INVESTMENTS LIMITED

                                        By: /s/ Yong Shi
                                            ------------------------------------
                                        Name: Yong Shi (Chinese Character)
                                        Title: Authorized Signatory

<PAGE>

                                        FOCUS MEDIA HOLDING LIMITED

                                        By: /s/ Nachun Jiang
                                            ------------------------------------
                                        Name: Nanchun Jiang (Chinese Character)
                                        Title: Authorized Signatory

<PAGE>

                     SUPPLEMENT TO SHARE PURCHASE AGREEMENT

          This SUPPLEMENT TO THE SHARE PURCHASE AGREEMENT (this "Supplement"),
dated as of December 9, 2005, among TOTAL TEAM INVESTMENTS LIMITED, an
international business company incorporated in the British Virgin Islands
("NewCo" or "Seller"), INFOACHIEVE LIMITED, an international business company
incorporated in the British Virgin Islands ("InfoAchieve" or the "Company"), the
several shareholders of NewCo set forth on Schedule 1.1A to the SPA (as defined
below) (the "Management Shareholders"), the other shareholders of NewCo set
forth on Schedule 1.1B to the SPA (the "Non-Management Shareholders", and
together with the Management Shareholders, the "NewCo Shareholders"; and the
Management Shareholders and NewCo are hereinafter referred to as the "Seller
Parties") and FOCUS MEDIA HOLDING LIMITED, a company organized under the laws of
the Cayman Islands ("Focus Media" or "Buyer").

          WHEREAS the Company, the Seller Parties, the Non-Management
Shareholders and Buyer entered into a Share Purchase Agreement, dated as of
October 15, 2005 (the "SPA") and an Amendment to the SPA, dated as of December
9, 2005;

          WHEREAS the legal opinion of PRC counsel provided to Buyer pursuant to
Section 7.19 of the SPA (the "PRC Opinion") contains a qualification to the
effect that Shanghai Framedia Investment Consulting Co., Ltd. (the "WFOE") was
not duly established (the "First Qualification");

          WHEREAS Section 7.7 of the SPA required the execution of certain
Control Agreements and the transfer of the equity interest in certain companies,
including Shanghai New Structure Advertisement Co., Ltd., Guangzhou Shiji
Shenghuo Advertisement Co., Ltd. and Shanghai Framedia Advertisement Co., Ltd.,
to the control of the Buyer (the "PRC Equity Transfers");

          WHEREAS the PRC Equity Transfers were not completed as of the date of
this Supplement because registration of the PRC Equity Transfers with the State
Administration for Industry and Commerce of the PRC was not completed (the "SAIC
Registration");

          WHEREAS the PRC Opinion contains a further qualification to the effect
that certain of the Control Agreements are not currently enforceable (the
"Second Qualification"); and

          WHEREAS Section 2.2 of the SPA, as amended, requires Seller to effect
the transfer of its equity interest in Infoachieve to Buyer as of January 1,
2006 (the "BVI Equity Transfer") and the BVI Equity Transfer cannot be filed
with the relevant authorities of the British Virgin Islands prior to January 1,
2006.

          The issuance of the PRC Opinion without the First Qualification or
Second Qualification, the completion of the SAIC Registration, and the
completion of the PRC Equity Transfers and the BVI Equity Transfer are
collectively referred to as the "Unfulfilled Conditions". Capitalized terms not
otherwise defined herein shall have the meanings set forth in the SPA.

<PAGE>

          NOW, THEREFORE, with reference to Sections 10.5 of the SPA and in
consideration of the premises and the representations, and agreements herein
contained and intending to be legally bound hereby, the parties hereto hereby
agree to supplement the SPA and certain terms and conditions contained therein
as follows:

          1. Notwithstanding the existence of the Unfulfilled Conditions, Buyer
agrees to pay the Cash Consideration of US$39.6 million to Seller in two
installments of US$20.0 million on December 9, 2005 and US$19.6 million on
December 12, 2005, respectively, subject to the condition set forth in paragraph
2 below.

          2. If any one of the Unfulfilled Conditions has not been completed as
of January 1, 2006, the Seller Parties and the Non-Management Shareholders agree
that Seller shall refund the Cash Consideration in full to Buyer with two
Business Days and shall forfeit any right to the Cash Consideration under the
SPA.

          3. Except as expressly set forth in this Amendment, the SPA shall
remain unmodified and in full force and effect, and the SPA as modified hereby
is hereby ratified and confirmed.

          4. This Supplement shall be governed by and construed in accordance
with the laws of the State of New York.

          5. This Supplement may be executed by any one or more of the parties
hereto in any number of counterparts, each of which shall be deemed to be an
original, but all such respective counterparts shall together constitute one and
the same instrument.

<PAGE>

       ARTICLE XVI IN WITNESS WHEREOF, EACH OF THE UNDERSIGNED HAS CAUSED
        THIS SUPPLEMENT TO BE DULY EXECUTED AND DELIVERED AS OF THE DATE
                              FIRST ABOVE WRITTEN.

                                        TOTAL TEAM INVESTMENTS LIMITED

                                        By: /s/ Zhi Tan
                                            ------------------------------------
                                        Name: Zhi Tan (Chinese Character)
                                        Title: Authorized Signatory

<PAGE>

                                        INFOACHIEVE LIMITED

                                        By: /s/ Zhi Tan
                                            ------------------------------------
                                        Name: Zhi Tan (Chinese Character)
                                        Title: Authorized Signatory

<PAGE>

                                        DUKELAND INVESTMENTS LIMITED
                                        ALL IN ONE INTERNATIONAL LIMITED
                                        IDG TECHNOLOGY VENTURE INVESTMENTS
                                        FIRST CHOICE INVESTMENT GROUP LIMITED
                                        FUND II, LP
                                        YEE ON INVESTMENTS LIMITED
                                        TIMELEADER PROFITS LIMITED
                                        YUFAI INVESTMENTS LIMITED

                                        By: /s/ Zhi Tan
                                            ------------------------------------
                                        Name: Zhi Tan (Chinese Character)
                                              Attorney-in-fact for each of the
                                              NewCo Shareholders named above

<PAGE>

                                        FOCUS MEDIA HOLDING LIMITED

                                        By: /s/ Nanchun Jiang
                                            ------------------------------------
                                        Name: Nanchun Jiang (Chinese Character)
                                        Title: Authorized Signatory

<PAGE>

                      AMENDMENT TO SHARE PURCHASE AGREEMENT

          This AMMENDMENT TO THE SHARE PURCHASE AGREEMENT (this "Supplement"),
dated as of December 12, 2005, among TOTAL TEAM INVESTMENTS LIMITED, an
international business company incorporated in the British Virgin Islands
("NewCo" or "Seller"), INFOACHIEVE LIMITED, an international business company
incorporated in the British Virgin Islands ("InfoAchieve" or the "Company"), the
several shareholders of NewCo set forth on Schedule 1.1A to the SPA (as defined
below) (the "Management Shareholders"), the other shareholders of NewCo set
forth on Schedule 1.1B to the SPA (the "Non-Management Shareholders"), the
Acquired Business Shareholders set forth in Schedule 1.1C to the SPA (the
"Acquired Business Shareholders", and together with the Management Shareholders,
and the Non-Management Shareholders, the "NewCo Shareholders"; and the
Management Shareholders and NewCo are hereinafter referred to as the "Seller
Parties") and FOCUS MEDIA HOLDING LIMITED, a company organized under the laws of
the Cayman Islands ("Focus Media" or "Buyer").

          WHEREAS Seller, the Seller Parties and Buyer entered into a Share
Purchase Agreement, dated as of October 15, 2005 (the "SPA");

          WHEREAS, on or after January 1, 2006, Focus Media expects to enter
into agreements to acquire (the "E-Times Acquisition") the assets and business
of Shenzhen E-Times Advertisement Company Ltd. ("E-Times"), which operates a
business that is competitive with and substantially similar to the business
operated by InfoAchieve;

          WHEREAS, following the acquisition by Focus Media of E-Times, Focus
Media will transfer the assets and business of E-Times to InfoAchieve so that
E-Times' business will be operated by and consolidated with InfoAchieve (the
"Transfer");

          WHEREAS the parties hereto understand that the Transfer will result in
significantly increased revenues and net profits for InfoAchieve in 2006 and
will otherwise affect the financial condition and operations of InfoAchive,
including in ways that will affect the assumptions, agreements and metrics
contained in the SPA.

          NOW, THEREFORE, in consideration of the premises and the
representations, and agreements herein contained and intending to be legally
bound hereby, the parties hereto hereby agree to amend the SPA as follows:

          1. The definition of 2006 Audited Annual Net Income in Section 1.1 SPA
is amended to read as follows:

          ""2006 Audited Annual Net Income" means InfoAchieve's audited net
income as defined under U.S. GAAP for the twelve-month period starting from
January 1, 2006 and ending December 31, 2006 as set forth in the 2006 Audited
Financial Statements plus the sum of all amounts deducted in arriving at such
audited net income to make provision for goodwill impairment and/or equity
compensation expenses, LESS RMB 8,000,000."

<PAGE>

          2. Except as expressly set forth in this Amendment, the SPA shall
remain unmodified and in full force and effect, and the SPA as modified hereby
is hereby ratified and confirmed.

          3. This Amendment shall be governed by and construed in accordance
with the laws of the State of New York.

          4. This Amendment may be executed by any one or more of the parties
hereto in any number of counterparts, each of which shall be deemed to be an
original, but all such respective counterparts shall together constitute one and
the same instrument.

<PAGE>

          ARTICLE XVII IN WITNESS WHEREOF, EACH OF THE UNDERSIGNED HAS
     CAUSED THIS AMENDMENT TO BE DULY EXECUTED AND DELIVERED AS OF THE DATE
                              FIRST ABOVE WRITTEN.

                                        TOTAL TEAM INVESTMENTS LIMITED

                                        By: /s/ Zhi Tan
                                            ------------------------------------
                                        Name: Zhi Tan (Chinese Character)
                                        Title: Authorized Signatory

<PAGE>

                                        INFOACHIEVE LIMITED

                                        By: /s/ Zhi Tan
                                            ------------------------------------
                                        Name: Zhi Tan (Chinese Character)
                                        Title: Authorized Signatory

<PAGE>

                                        DUKELAND INVESTMENTS LIMITED
                                        ALL IN ONE INTERNATIONAL LIMITED
                                        IDG TECHNOLOGY VENTURE INVESTMENTS
                                        FIRST CHOICE INVESTMENT GROUP LIMITED
                                        FUND II, LP
                                        YEE ON INVESTMENTS LIMITED
                                        TIMELEADER PROFITS LIMITED
                                        YUFAI INVESTMENTS LIMITED
                                        BE FIRST INVESTMENTS LIMITED
                                        NICE EXCEL INVESTMENTS LIMITED
                                        SPARKLE MEDIA LIMITED
                                        EXCELLENT CHINA (GROUP) LIMITED
                                        RED FOCUS INC.
                                        BEST STAR PROFITS LIMITED

                                        By: /s/ Zhi Tan
                                            ------------------------------------
                                        Name: Zhi Tan (Chinese Character)
                                              Attorney-in-fact for each of the
                                              NewCo Shareholders named above

<PAGE>

                                        FOCUS MEDIA HOLDING LIMITED

                                        By: /s/ Nanchun Jiang
                                            ------------------------------------
                                        Name: Nanchun Jiang (Chinese Character)
                                        Title: Authorized Signatory

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