Document:

<PAGE>
                                                                       Ex. 10.44

Confidential

                           SHAREHOLDERS' VOTING RIGHTS

                                 PROXY AGREEMENT

                                      AMONG

                  SHANGHAI FOCUS MEDIA ADVERTISEMENT CO., LTD.

                         SHANGHAI FOCUS MEDIA CO., LTD.

                SHANGHAI FRAMEDIA INVESTMENT CONSULTANCY CO., LTD

                                       AND

               LOCAL ADVERTISEMENT COMPANIES LISTED IN APPENDIX I

                                JANUARY 13, 2006

<PAGE>

                   SHAREHOLDERS' VOTING RIGHTS PROXY AGREEMENT

This SHAREHOLDERS' VOTING RIGHTS PROXY AGREEMENT (this "AGREEMENT") is entered
into as of January 13, 2006 by and among the following Parties:

(1)  SHANGHAI FOCUS MEDIA ADVERTISEMENT CO., LTD. (hereinafter "FOCUS MEDIA
     ADVERTISEMENT")

     REGISTERED ADDRESS: F Room 1003, No.1027, Changning Road, Changning
                         District, Shanghai
     LEGAL REPRESENTATIVE: Jason Nanchun Jiang

(2)  SHANGHAI FOCUS MEDIA CO., LTD.(HEREINAFTER "FOCUS MEDIA")

     REGISTERED ADDRESS: Room A65, 28 Floor, No.369, Jiangsu Road, Changning
                         District, Shanghai
     LEGAL REPRESENTATIVE: Jason Nanchun Jiang

(3)  SHANGHAI FRAMEDIA INVESTMENT CONSULTANCY CO., LTD (HEREINAFTER "FRAMEDIA
     INVESTMENT")

     REGISTERED ADDRESS: Room 1, 17 Lan, Hengshan Rd., Shanghai
     LEGAL REPRESENTATIVE: Jason Nanchun Jiang

(4)  THE LOCAL ADVERTISEMENT COMPANIES LISTED IN APPENDIX I TO THE AGREEMENT.

(The above Parties hereinafter each referred to as a "PARTY" individually, and
collectively, the "PARTIES". Among them, Focus Media Advertisement and Focus
Media hereinafter referred to as a "SHAREHOLDER" individually, and collectively,
the "SHAREHOLDERS".)

WHEREAS:

1.   As of the date of the Agreement the Shareholders are the enrolled
     shareholders of the companies listed in Appendix I to this Agreement,
     legally holding jointly all the equity interest in the companies listed in
     Appendix I to this Agreement;

2.   The Shareholders intend to severally entrust the individual designated by
     Framedia Investment with the exercises of their voting rights in Target
     Company (as defined below) while Framedia Investment is willing to
     designate such an individual.

The Parties hereby have reached the following agreement upon friendly
consultations:

                       ARTICLE 1 VOTING RIGHTS ENTRUSTMENT

                                        1

<PAGE>

1.1  Under this Agreement, "TARGET COMPANY" shall mean any and all companies
     listed in Appendix I.

1.2  The Shareholders hereby irrevocably undertake to respectively sign the
     Entrustment Letter after execution of the Agreement to respectively entrust
     the one designated by Framedia Investment (collectively, "TRUSTEES") to
     exercise the following rights respectively enjoyed by them as shareholders
     of Target Company in accordance with the then effective articles of
     association of Target Company (collectively, the "ENTRUSTED RIGHTS"):

     (1)  Proposing to convene and attending shareholders' meetings of Target
          Company as proxy of the Shareholders according to the articles of
          association of Target Company;

     (2)  Exercising voting rights as proxy of the Shareholders, on issues
          discussed and resolved by the shareholders' meeting of Target Company,
          including but not limited to the appointment and election for the
          directors, general manager and other senior management personnel of
          Target Company.

     The above authorization and entrustment is granted subject to the status of
     trustees as PRC citizens and the approval by Framedia Investment. Upon and
     only upon written notice of dismissing and replacing Trustee(s) given by
     Framedia Investment to the Shareholders, the Shareholders shall promptly
     entrust another PRC citizen then designated by Framedia Investment to
     exercise the above Entrusted Rights, and once new entrustment is made, the
     original entrustment shall be replaced; the Shareholders shall not cancel
     the authorization and entrustment of the Trustee(s) otherwise.

1.3  The Trustees shall perform the entrusted obligation within the scope of
     entrustment in due care and prudence and in compliance with laws; the
     Shareholders acknowledge and assume relevant liabilities for any legal
     consequences of the Trustees' exercise of the foregoing Entrusted Rights.

1.4  The Shareholders hereby acknowledge that the Trustees are not required to
     seek advice from the Shareholders prior to their respective exercise of the
     foregoing Entrusted Rights. However, the Trustees shall inform the
     Shareholders in a timely manner of any resolution or proposal on convening
     interim shareholders' meeting after such resolution or proposal is made.

                         ARTICLE 2 RIGHT TO INFORMATION

2.1  For the purpose of exercising the Entrusted Rights under this Agreement,
     the Trustees are entitled to know the information with regard to Target
     Company's

                                        2

<PAGE>

     operation, business, clients, finance, staff, etc., and shall have access
     to relevant materials of Target Company. Target Company shall adequately
     cooperate with the Trustees in this regard.

                     ARTICLE 3 EXERCISE OF ENTRUSTED RIGHTS

3.1  The Shareholders will provide adequate assistance to the exercise of the
     Entrusted Rights by the Trustees, including execution of the resolutions of
     the shareholders' meeting of Target Company or other pertinent legal
     documents made by the Trustee when necessary (e.g., when it is necessary
     for examination and approval of or registration or filing with governmental
     departments).

3.3  If at any time during the term of this Agreement, the entrustment or
     exercise of the Entrusted Rights under this Agreement is unenforceable for
     any reason except for default of any Shareholder or Target Company, the
     Parties shall immediately seek a most similar substitute for the
     unenforceable provision and, if necessary, enter into supplementary
     agreement to amend or adjust the provisions herein, in order to ensure the
     realization of the purpose of this Agreement.

                      ARTICLE 4 EXEMPTION AND COMPENSATION

4.1  The Parties acknowledge that Framedia Investment shall not be requested to
     be liable for or compensate (monetary or otherwise) other Parties or any
     third party due to exercise of Entrusted Rights by the Trustees designated
     by Framedia Investment under this Agreement.

4.2  Target Company and the Shareholders agree to compensate Framedia Investment
     for and hold it harmless against all losses incurred or likely to be
     incurred by it due to exercise of the Entrusted Rights by the Trustees
     designated by Framedia Investment, including without limitation any loss
     resulting from any litigation, demand arbitration or claim initiated or
     raised by any third party against it or from administrative investigation
     or penalty of governmental authorities. However, the Shareholders and
     Target Company will not compensate for losses incurred due to wilful
     misconduct or gross negligence of Framedia Investment.

                    ARTICLE 5 REPRESENTATIONS AND WARRANTIES

5.1  Each of the Personal Shareholders hereby severally and jointly represents
     and warrants that:

     5.1.1 Each of the Shareholders is a company with limited liability duly
          organized and validly existing under the PRC Law and is a company with
          full and independent legal status and legal capacity to execute,
          deliver and perform this Agreement, and may act independently as a

                                        3

<PAGE>

          litigant party.

     5.1.2 Each of the Shareholders has full power and authorization to execute
          and deliver this Agreement and all the other documents to be entered
          into by it in relation to the transaction referred to herein, and it
          has the full power and authorization to complete the transaction
          referred to herein.

     5.1.3 The Shareholders are the enrolled legal owner of the Option Equity as
          of the effective date of this Agreement, and except the rights created
          by this Agreement, the Equity Pledge Agreement (the "EQUITY PLEDGE
          AGREEMENT") and the Shareholders' Voting Rights Proxy Agreement (the
          "PROXY AGREEMENT") entered into by the Shareholders, Target Companies
          and Framedia Investment dated [__] 2006, there is no third party
          rights on the Entrusted Right. Pursuant to this Agreement, the
          Trustees may fully and sufficiently exercise the Entrusted Rights in
          accordance with the then effective articles of association of Target
          Company.

5.2  Target Company hereby in respect of themselves respectively represents and
     warrants that:

     5.2.1 it is a company with limited liability properly registered and
          legally existing under PRC laws, with an independent legal person
          status, and with full and independent legal status and legal capacity
          to execute, deliver and perform this Agreement and may act
          independently as a subject of actions; and

     5.2.2 it has the full corporate power and authority to execute and deliver
          this Agreement and all the other documents to be entered into by it in
          relation to the transaction contemplated hereunder, and has the full
          power and authority to consummate such transaction.

     5.2.3 the Shareholders are enrolled shareholders as of the effective date
          of this Agreement, legally holding the equity interest in it set out
          in Appendix I. Except rights created by this Agreement, the Equity
          Pledge Agreement and the Call Option Agreement, there exists no third
          party right on the Entrusted Rights. Pursuant to this Agreement, the
          Trustees may fully and sufficiently exercise the Entrusted Rights in
          accordance with the then effective articles of association of Target
          Company.

     5.2.4 Considering the fact that the Shareholders of Target Company will set
          aside all the equity interest held thereby in Target Company as

                                        4

<PAGE>

          security to secure the performance of the contractual obligations by
          Target Company under the Call Option Agreement and Technology
          Permission and Service Agreement, Target Company undertakes to, during
          the valid term of this Agreement, make full and due performance of any
          and all obligations under the Call Option Agreement and Technology
          Permission and Service Agreement, and warrant that no adverse impact
          on the exercise of the Entrusted Rights hereunder by the Trustees will
          be incurred due to the breach of the Call Option Agreement and
          Technology Permission and Service Agreement by Target Company.

                           ARTICLE 6 TERM OF AGREEMENT

6.1  Limited by the Article 6.2 and 6.3 of this Agreement, this Agreement shall
     take effect as of the date of formal execution by the Parties with the term
     of twenty (20) years, unless the Parties terminate the Agreement with the
     written agreement in advance, or the Parties terminate the Agreement in
     accordance with section 8.1 of this Agreement. Upon the expiration of this
     Agreement, the Agreement will be automatically renewed for one (1) year,
     unless Framedia Investment gives the other Parties written notice of its
     intention not renew at least thirty (30) days prior to expiration.

6.2  In case that a Shareholder transfers all of the equity interest held by it
     in Target Company with prior consent of Framedia Investment, such
     Shareholder shall no longer be a Party to this Agreement (to the extent
     that it acts as the shareholder of such Target Company) whilst the
     obligations and commitments of the other Sarties under this Agreement shall
     not be adversely affected thereby.

6.3  During the term of this Agreement, should the term of operation of any
     Target Company terminate by any reason; this Agreement to such Target
     Company and its shareholders (to the extent that it acts as the shareholder
     of such Target Company) will be terminated.

                                ARTICLE 7 NOTICE

7.1  Any notice, request, demand and other correspondences made as required by
     or in accordance with this Agreement shall be made in writing and delivered
     to the relevant Party.

7.2  The abovementioned notice or other correspondences shall be deemed to have
     been delivered when (i) it is transmitted if transmitted by facsimile, or
     (ii) it is delivered if delivered in person, or (iii) when five (5) days
     have elapsed after posting the same if posted by mail.

                                        5

<PAGE>

                           ARTICLE 8 DEFAULT LIABILITY

8.1  The Parties agree and confirm that, if any of the Parties (the "DEFAULTING
     PARTY") breaches substantially any of the provisions herein or fails
     substantially to perform any of the obligations hereunder, such a breach or
     failure shall constitute a default under this Agreement (a "DEFAULT"). In
     such event any of the other Parties without default (a "NON-DEFAULTING
     PARTY") who incurs losses arising from such a Default shall have the right
     to require the Defaulting Party to rectify such Default or take remedial
     measures within a reasonable period. If the Defaulting Party fails to
     rectify such Default or take remedial measures within such reasonable
     period or within ten (10) days of a Non-defaulting Party's notifying the
     Defaulting Party in writing and requiring it to rectify the Default, then
     the relevant Non-defaulting Party shall be entitled to choose at its
     discretion to (1) terminate this Agreement and require the Defaulting Party
     to indemnify all damages, or (2) require specific performance by the
     Defaulting Party of this Agreement and indemnifation against all damages.

8.2  The Parties agree and confirm, the Shareholders or Target Company shall not
     request the termination of this Agreement for whatsoever reason and under
     whatsoever circumstance, except otherwise stipulated by laws or this
     Agreement.

8.3  Notwithstanding any other provisions herein, the validity of this Article
     shall not be affected by the suspension or termination of this Agreement.

                             ARTICLE 9 MISCELLANEOUS

9.1  This Agreement shall be prepared in Chinese language in five (5) original
     copies, with each involved Party holding one (1) copy hereof.

9.2  The conclusion, validity, execution, amendment, interpretation and
     termination of this Agreement shall be governed by laws of the PRC.

9.3  Any disputes arising from and in connection with this Agreement shall be
     settled through consultations among the Parties involved, and if the
     Partiesinvolved fail to reach an agreement regarding such a dispute within
     thirty (30) days of its occurrence, such dispute shall be submitted to
     [China International Economic and Trade Arbitration Commission Shanghai
     Branch] for arbitration in [Shanghai] in accordance with the arbitration
     rules of such commission, and the arbitration award shall be final and
     binding on all the Parties involved.

9.4  Any rights, powers and remedies empowered to any Party by any provisions
     herein shall not preclude any other rights, powers and remedies enjoyed by
     such Party in accordance with laws and other provisions under this
     Agreement, and a Party's exercise of any of its rights, powers and remedies
     shall not preclude its

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<PAGE>

     exercise of other rights, powers and remedies of it.

9.5  Any failure or delay by a Party in exercising any of its rights, powers and
     remedies hereunder or in accordance with laws (the "PARTY'S RIGHTS") shall
     not lead to a waiver of such rights, and the waiver of any single or
     partial exercise of the Party's Rights shall not preclude such Party from
     exercising such rights in any other way or exercising the remaining part of
     the Party's Rights.

9.6  The titles of the Articles contained herein are for reference only, and in
     no circumstances shall such titles be used for or affect the interpretation
     of the provisions hereof.

9.7  Each provision contained herein shall be severable and independent from
     each of other provisions. If at any time any one or more articles herein
     become invalid, illegal or unenforceable, the validity, legality or
     enforceability of the remaining provisions herein shall not be affected
     thereby.

9.8  Upon execution, this Agreement shall replace any other previous legal
     documents entered into by relevant Parties on the same subject matter.

9.9  Any amendments or supplements to this Agreement shall be made in writing
     and shall take effect only when properly signed by the Parties to this
     Agreement. Notwithstanding the preceding sentence, considering that the
     rights and obligations of each Target Company and its Shareholders are
     independent and severable from each other, in case that the amendment or
     supplement to this Agreement is intended to have impact upon one of the
     Target Companies and its Shareholders, such amendment or supplement
     requires only the approval of Framedia Investment, the Target Company and
     its Shareholder while no consent is necessary from the other Target
     Companies and their Shareholders (to the extent that the amendment or
     supplement does not have impact upon such other Shareholders).

9.10 In respect of the Shareholder and Target Company, they shall not assign any
     of their rights and/or transfer any of their obligations hereunder to any
     third parties without prior written consent from Framedia Investment;
     Framedia Investment shall have the right to assign any of its rights and/or
     transfer any of its obligations hereunder to any third parties designated
     by it after giving notice to the Shareholders.

9.11 This Agreement shall be binding on the legal successors of the Parties.

9.12 The rights and obligations of Target Companies are severable and
     independent, performance of this Agreement by any Shareholder and any
     Target Company shall not affect the performance by the other Shareholders
     and other Target

                                        7

<PAGE>

     Companies.

                   [The remiander of this page is left blank]

                                        8

<PAGE>

IN WITNESS HEREOF, the following Parties have caused this Shareholders' Voting
Rights Proxy Agreement to be executed as of the date and in the place first here
above mentioned.

SHANGHAI FOCUS MEDIA ADVERTISEMENT
CO., LTD.
(chop)

Signature by: /s/ Jason Nanchun Jiang
              --------------------------
Name: Jason Nanchun Jiang
Position: Legal Representative

SHANGHAI FOCUS MEDIA CO., LTD
(chop)

Signature by: /s/ Jason Nanchun Jiang
              --------------------------
Name: Jason Nanchun Jiang
Position: Legal Representative

SHANGHAI FRAMEDIA INVESTMENT CONSULTANCY
CO., LTD
(chop)

Signature by: /s/ Zhi Tan
              --------------------------
Name: Zhi Tan
Position: Legal Representative

SHANGHAI FRAMEDIA ADVERTISEMENT
DEVELOPMENT CO., LTD
(chop)

Signature by: /s/ Jason Nanchun Jiang
              --------------------------
Name: Jason Nanchun Jiang
Position: Legal Representative

SHANGHAI NEW FRAME ADVERTISEMENT
CO., LTD
(chop)

Signature by: /s/ Jason Nanchun Jiang
              --------------------------
Name: Jason Nanchun Jiang
Position: Legal Representative

                                        9

<PAGE>

APPENDIX I:

                    BASIC INFORMATION OF THE TARGET COMPANIES

<TABLE>
<CAPTION>
                             REGISTERED      REGISTERED         LEGAL
COMPANY NAME                   ADDRESS     CAPITAL (RMB)    REPRESENTATIVE    EQUITY STRUCTURE
------------                ------------   -------------   ---------------   -----------------
<S>                         <C>            <C>             <C>               <C>
Shanghai Framedia           Room 20,         1,000,000     Jason             Focus Media
Advertisement Development   77 Lane,                       Nanchun Jiang     Advertisement:
Co., Ltd                    Yueyang Rd.                                      90%
                                                                             Focus Media:
                                                                             10%

Shanghai New Frame          Room 1,          1,000,000     Jason             Focus Media
Advertisement Co., Ltd      17 Lane,                       Nanchun Jiang     Advertisement:
                            Hengshan Rd.                                     90%
                                                                             Focus Media:
                                                                             10%
</TABLE>

                                       10<PAGE>
                                                                       Ex. 10.45

                                     LEI LIU

                                    YONG SHI

                SHANGHAI FRAMEDIA INVESTMENT CONSULTANCY CO., LTD

                                       AND

                GUANGDONG CENTURY SHENGHUO ADVERTISEMENT CO., LTD

                                   ----------

                             EQUITY PLEDGE AGREEMENT

                                   ----------

                                JANUARY 13, 2006

<PAGE>

                             EQUITY PLEDGE AGREEMENT

This EQUITY PLEDGE AGREEMENT (hereinafter, this "AGREEMENT") is entered into in
the People's Republic of China (hereinafter, "PRC") as of January 13, 2006 by
and among the following Parties:

(1)  LEI LIU
     ID NO: 620102197307205816
     CONTACT ADDRESS: Room 208, 4 Building, Eastern Yumin Lane, Beijing

(2)  YONG SHI
     ID NO: 622301731219001
     CONTACT ADDRESS: Beijing Water Pump Factory, Tongzhou District, Beijing

(3)  SHANGHAI FREMEDIA INVESTMENT CONSULTANCY CO., LTD (HEREINAFTER "PLEDGEE")
     REGISTERED ADDRESS: Room 1, 17 Lan, Hengshan Rd., Shanghai
     LEGAL REPRESENTATIVE: Jason Nanchun Jiang

(4)  GUANGDONG CENTURY SHENGHUO ADVERTISEMENT CO., LTD (HEREINAFTER "CENTURY
     SHENGHUO")
     REGISTERED ADDRESS: Room 2007, 175 Northern Tianhe Rd., Guangzhou
     LEGAL REPRESENTATIVE: Lei LIU

(The above Parties hereinafter each referred to as a "PARTY" individually, and
collectively, the "PARTIES". Among them, Lei LIU and Yong SHI hereinafter
referred to as a "PLEDGOR" individually, and collectively, the "PLEDGORS".)

WHEREAS:

(1)  Shareholders are the enrolled shareholders of Century Shenghuo, legally
     holding all the equity of Century Shenghuo as of the execution date of this
     Agreement; among which, Lei LIU holds 90% equity interest in Century
     Shenghuo while Yong SHI holds 10%.

(2)  Pursuant to the Call Option Agreement dated as of January 13 2006 among the
     Pledgees, the Pledgors and Century Shenghuo (hereinafter, the "CALL OPTION

                                        1

<PAGE>

     AGREEMENT"), the Plegors shall transfer part or all of the equity interest
     of the Century Shenghuo to the Pledgees and/or any other entity or
     individual designated by the Pledgees at the request of the Pledgees.

(3)  Pursuant to the Shareholders' Voting Right Proxy Agreement dated as of
     January 13, 2006 among the Pledgeees, Century Shenghuo and the Pledgors
     (hereinafter, the "PROXY AGREEMENT"), Pledgors have already entrusted the
     person designated by the Pledgees with full power to exercise on their
     behalf all of their shareholders' voting rights in respect of Century
     Shenghuo.

(4)  As security for performance by the Pledgors of the Contract Obligations (as
     defined below) and repayment of the Guaranteed Liabilities (as defined
     below), the Pledgors agree to pledge all of their Century Shenghuo Equity
     to the Pledgees and grant the Pledgees the right to request for repayment
     in first priority and Century Shenghuo agree such equity pledge
     arrangement.

THEREFORE, the Parties hereby have reached the following agreement upon mutual
consultations:

                              ARTICLE 1 DEFINITION

1.1  Except as otherwise construed in the context, the following terms in this
     Agreement shall be interpreted to have the following meanings:

"CONTRACT OBLIGATIONS" shall mean all contractual obligations of a Pledgor under
the Call Option Agreement and Proxy Agreement; all contractual obligations of a
Century Shenghuo under the Call Option Agreement, Proxy Agreement, Technology
Permission and Service Agreement; all contractual obligations of an Individual
Pledgor under the Loan Agreement; and all contractual obligations of a Pledgor
under this Agreement.

"CENTURY SHENGHUO" shall mean any and all companies listed in Appendix I.

"GUARANTEED LIABILITIES" shall mean all direct, indirect and consequential
losses and losses of foreseeable profits suffered by Pledgees due to any
Breaching Event (as defined below) a Pledgor and/or a Century Shenghuo, and all
fees incurred by Pledgees for the enforcement of the Contractual Obligations of
a Pledgor and/or a Century

                                        2

<PAGE>

Shenghuo.

"TRANSACTION AGREEMENTS" shall mean the Call Option Agreement and the Proxy
Agreement.

"BREACHING EVENT" shall mean any breach by either Pledgor of its Contract
Obligations under the Proxy Agreement, Call Option Agreement and/or this
Agreement; any breach by a Century Shenghuo of its Contract Obligations under
the Call Option Agreement, Proxy Agreement, Technology Permission and Service
Agreement; and any breach by an Individual Pledgor of its Contractual
Obligations under the Loan Agreement.

"PLEDGED PROPERTY" shall mean all of the equity interest in the Century Shenghuo
which is legally owned by the Pledgor as of the effective date hereof and is to
be pledged to the Pledgees by it according to provisions hereof as the security
for the performance of the Contractual Obligations by it and the Century
Shenghuo (for details of such equity interest, see Appendix I), and the
increased capital contribution and equity interest described in Articles 2.6 and
2.7 hereof.

"PRC LAW" shall mean the then valid laws, administrative regulations,
administrative rules, local regulations, judicial interpretations and other
binding regulatory documents of the People's Republic of China.

"OTHER CONTRACT" shall mean the Equity Transfer Agreement among the Pledgors,
Shanghai Focus Media Advertisement Co., Ltd. (with its registered address at F
Room 1003, No.1027, Changning Road, Changning District, Shanghai) and Shanghai
Focus Media Co., Ltd. (with its registered address at Room A65, 28 Floor,
No.369, Jiangsu Road, Changning District, Shanghai); according to such
contract, Pledgors agree to transfer the equity interest they hold in Century
Shenghuo to Shanghai Focus Media Advertisement Co., Ltd and Shanghai Focus Media
Co., Ltd.

1.2  The references to any PRC Law herein shall be deemed:

     (1)  to include the references to the amendments, changes, supplements and
          reenactments of such law, irrespective of whether they take effect
          before or

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<PAGE>

          after the formation of this Agreement; and

     (2)  to include the references to other decisions, notices or regulations
          enacted in accordance therewith or effective as a result thereof.

1.3  Except as otherwise stated in the context herein, all references to an
     Article, clause, item or paragraph shall refer to the relevant part of this
     Agreement.

                             ARTICLE 2 EQUITY PLEDGE

2.1  Each Pledgor hereby agrees to pledge the Pledged Property, which it legally
     owns and has the right to dispose of, to Pledgees according to the
     provisions hereof as the security for the performance of the Contract
     Obligations and the repayment of the Guaranteed Liabilities. Century
     Shenghuo hereby agrees that the Pledgors legally holding equity interest in
     it to pledge the Pledged Property to the Pledgees according to the
     provisions hereof.

2.2  Each Pledgor hereby undertakes that it will be responsible for, recording
     the arrangement of the equity pledge hereunder (hereinafter, the "EQUITY
     PLEDGE") on the shareholder register of Century Shenghuo on the date
     hereof, and will do its best endeavor to make registration with
     registration authorities of industry and commerce of Century Shenghuo.
     Century Shenghuo respectively undertakes that it will do its best to
     cooperate with the Pledgors to complete the registration with authorities
     of industry and commerce under this Article.

2.3  During the valid term of this Agreement, except for the willful misconduct
     or gross negligence of Pledgees which has direct cause and effect
     relationship the reduction in value of the Pledged Property, Pledgees shall
     not be liable in any way to, nor shall Pledgors have any right to claim in
     any way or propose any demands on Pledgee, in respect of the said reduction
     in value of the Pledged Property.

2.4  To the extent not violating provision of Article 2.3 above, in case of any
     possibility of obvious reduction in value of the Pledged Property which is
     sufficient to jeopardize Pledgee's rights, Pledgees may at any time auction
     or sell off the Pledged Property on behalf of Pledgors, and discuss with
     Pledgors to use the proceeds from such auction or sale-off as pre-repayment
     of the Guaranteed

                                        4

<PAGE>

     Liabilities, or may submit such proceeds to the local notary institution
     where Pledgees are domiciled (any fees incurred in relation thereto shall
     be borne by Pledgors).

2.5  The Pledgees as Pledgee shall be deemed to have created the encumbrance of
     first order in priority on the Pledged Property, and in case of any
     Breaching Event, the Pledgees shall have the right to dispose of the
     Pledged Property in the way set out in Article 4 hereof.

2.6  Only upon prior consent by Pledgees shall Pledgors be able to increase
     their capital contribution to any or all of the Century Shenghuo. Further
     capital contribution made by Pledgor (s) in the Century Shenghuo shall also
     be part of the Pledged Property.

2.7  Only upon prior consent by Pledgees shall Pledgors be able to receive
     dividends or share profits from the Pledged Property. The dividends or the
     profits received by Pledgors from the Pledged Property shall be deposited
     into Pledgees's bank account designated by Pledgees respectively, to be
     under the supervision of Pledgees and used as the Pledged Property to repay
     in priority the Guaranteed Liabilities.

                           ARTICLE 3 RELEASE OF PLEDGE

In respect of equity interest of any Century Shenghuo, upon full and complete
performance by relevant Pledgors of all of their Contractual Obligations,
Pledgees shall, at the request of relevant Pledgors, release the pledge created
on such Century Shenghuo under this Agreement, and shall cooperate with relevant
Pledgors to go through the formalities to cancel the record of the Equity Pledge
in the shareholder register of the relevant Century Shenghuo; in case of the
Equity Pledge having been recorded at the registration department of
Administration of Industry and Commerce of the Century Shenghuo, the relevant
Parties shall cooperate with each other to go through the formalities to cancel
such record of the Equity Pledge. The reasonable fees incurred in connection
with such release to be borne by Pledgees.

                   ARTICLE 4 DISPOSAL OF THE PLEDGED PROPERTY

4.1  Pledgors, Century Shenghuo and Pledgees hereby agree that, in case of any

                                        5

<PAGE>

     Breaching Event, the Pledgees shall have the right to exercise, upon giving
     written notice to Pledgors, all of the remedial rights and powers enjoyable
     by them under PRC Law, Transaction Agreements and the terms hereof,
     including but not limited to being repayment in priority with proceeds from
     auctions or sale-offs of the Pledged Property. Pledgees shall not be liable
     for any loss as the result of their reasonable exercise of such rights and
     powers.

4.2  Pledgees shall have the right to designate in writing its legal counsel or
     other agents to exercise on their respective behalf any and all rights and
     powers set out above, and neither Pledgors nor Century Shenghuo shall not
     oppose thereto.

4.3  The reasonable costs incurred by Pledgees in connection with their exercise
     of any and all rights and powers set out above shall be borne by Pledgors,
     and Pledgees shall have the right to deduct the costs actually incurred
     from the proceeds that they acquire from the exercise of the rights and
     powers.

4.4  The proceeds that Pledgees acquire from the exercise of their respective
     rights and powers shall be used in the priority order as follows:

     -    First, to pay any cost incurred in connection with the disposal of the
          Pledged Property and the exercise by Pledgees of their respective
          rights and powers (including remuneration paid to their respective
          legal counsels and agents);

     -    Second, to pay any taxes and levies payable for the disposal of the
          Pledged Property; and

     -    Third, to repay Pledgees for the Guaranteed Liabilities.

     In case of any balance after payment of the above amounts, Pledgees shall
     return the same to Pledgors or other persons entitled thereto according to
     the relevant laws and rules or submit the same to the local notary
     institution where Pledgees are domiciled (any fees incurred in relation
     thereto shall be borne by Pledgors).

4.5  Pledgees shall have the option to exercise, simultaneously or in certain
     sequence, any of the remedies at breaching that it is entitled to in
     respect of the equity interest of any Century Shenghuo holding by any
     Pledgor; Pledgees shall not be

                                        6

<PAGE>

     obliged to exercise other remedies at breaching before their exercise of
     the right to the auctions or sale-offs of the Pledged Property hereunder.
     Pledgors or Century Shenghuo shall not oppose to whether Pledgees exercise
     any part of the right to the pledge or the sequence of exercising the
     pledge interest.

                            ARTICLE 5 FEES AND COSTS

All costs actually incurred in connection with the establishment of the Equity
Pledge hereunder, including but not limited to stamp duties, any other taxes,
all legal fees, etc shall be borne by Pledgees.

                        ARTICLE 6 CONTINUITY AND NO WAIVE

The Equity Pledge hereunder is a continuous guarantee, with its validity to
continue until the full performance of the Contractual Obligations or the full
repayment of the Guaranteed Liabilities. Neither exemption or grace period
granted by Pledgees to Pledgors in respect of their breach, nor delay by
Pledgees in exercising any of their rights under the Transaction Agreements and
this Agreement shall affect the rights of Pledgee under this Agreement, relevant
PRC Law and the Transaction Agreements, the rights of Pledgees to demand at any
time thereafter the strict performance of the Transaction Agreements and this
Agreement by Pledgors or the rights Pledgee may be entitled to due to subsequent
breach by Pledgors of the obligations under the Transaction Agreements and/or
this Agreement.

              ARTICLE 7 REPRESENTATIONS AND WARRANTIES BY PLEDGORS

Each of Pledgor hereby, in respect of itself and Century Shenghuo in which it
holds equity interest, represents and warrants to Pledgees as follows:

7.1  Each of the Pledgor is a Chinese citizen with full capacity and is a person
     with full and independent legal status and legal capacity to execute,
     deliver and perform this Agreement, and may act independently as a litigant
     party..

7.2  Century Shenghuo is a limited liability corporation duly incorporated and
     validly existing under PRC Law, it has independent status as a legal
     person; it has full and independent legal status and capacity to execute,
     deliver and perform this Agreement and can independently be a subject of
     actions. It has full right and

                                        7

<PAGE>

     authorization to execute and deliver this Agreement and other documents
     relating to the transaction as stipulated in this Agreement and to be
     executed by them. It also has full right and authorization to complete the
     transaction stipulated in this Agreement.

7.3  All reports, documents and information concerning Pledgors and all matters
     as required by this Agreement which are provided by Pledgors to Pledgee
     before this Agreement comes into effect are true, correct and effective in
     all material aspects as of the execution hereof.

7.5  At the time of the effectiveness of this Agreement, Pledgors are the sole
     legal owner of the Pledged Property, with no existing dispute whatever
     concerning the ownership of the Pledged Property. Pledgors have the right
     to dispose of the Pledged Property or any part thereof.

7.6  Except for the encumbrance set on the Pledged Property hereunder and the
     rights set under the Transaction Agreements, there is no other encumbrance
     or third party interest set on the Pledged Property.

7.7  The Pledged Property is capable of being pledged or transferred according
     to the laws, and Pledgors have the full right and power to pledge the
     Pledged Property to Pledgee according to this Agreement.

7.8  This Agreement constitutes the legal, valid and binding obligations on
     Pledgors when it is duly executed by Pledgors.

7.9  Any consent, permission, waive or authorization by any third person, or any
     approval, permission or exemption by any government authority, or any
     registration or filing formalities (if required by laws) with any
     government authority to be handled or obtained in respect of the execution
     and performance hereof and the Equity Pledge hereunder have already been
     handled or obtained, and will be fully effective during the valid term of
     this Agreement.

7.10 The execution and performance by Pledgors of this Agreement are not in
     violation of or conflict with any laws applicable to them, or any agreement
     to which they are a party or which has binding effect on their assets, any
     court

                                        8

<PAGE>

     judgment, any arbitration award, or any administration authority decision.

7.11 The pledge hereunder constitutes the encumbrance of first order in priority
     on the Pledged Property.

7.12 All taxes and fees payable in connection with acquisition of the Pledged
     Property have already been paid in full amount by Pledgors.

7.13 There is no pending or, to the knowledge of Pledgors, threatened
     litigation, legal process or demand by any court or any arbitral tribunal
     against Pledgors, or their property, or the Pledged Property, nor is there
     any pending or, to the knowledge of Pledgors, threatened litigation, legal
     process or demand by any government authority or any administration
     authority against Pledgors, or their property, or the Pledged Property,
     which is of material or detrimental effect on the economic status of
     Pledgors or their capability to perform the obligations hereunder and the
     Guaranteed Liabilities.

7.14 Pledgors hereby warrant to Pledgee that the above representations and
     warranties will remain true, correct and effective at any time and under
     any circumstance before the Contractual Obligations are fully performed or
     the Guaranteed Liabilities are fully repaid, and will be fully complied
     with.

         ARTICLE 8 - REPRESENTATIONS AND WARRANTIES BY CENTURY SHENGHUO

Century Shenghuo hereby individually represents and warrants to Pledgee as
follows:

8.1  Century Shenghuo is a limited liability corporation duly incorporated and
     validly existing under PRC Law, with full capacity of disposition and has
     obtained due authorization to execute, deliver and perform this Agreement
     and can independently be a subject of actions.

8.2  All reports, documents and information concerning Pledged Property and all
     matters as required by this Agreement which are provided by Century
     Shenghuo to Pledgee before this Agreement comes into effect are true,
     correct and effective in all material aspects as of the execution hereof.

8.3  All reports, documents and information concerning Pledged Property and all

                                        9

<PAGE>

     matters as required by this Agreement which are provided by Century
     Shenghuo to Pledgee after this Agreement comes into effect are true,
     correct and effective in all material aspects upon provision.

8.4  This Agreement constitutes the legal, valid and binding obligations on
     Century Shenghuo when it is duly executed by Century Shenghuo.

8.5  It has full right and authorization to execute and deliver this Agreement
     and other documents relating to the transaction as stipulated in this
     Agreement and to be executed by them. It also has full right and
     authorization to complete the transaction stipulated in this Agreement.

8.6  There is no pending or, to the knowledge of Century Shenghuo, threatened
     litigation, legal process or demand by any court or any arbitral tribunal
     against Century Shenghuo, or their property (including but are not limited
     to the Pledged Property), nor is there any pending or, to the knowledge of
     Century Shenghuo, threatened litigation, legal process or demand by any
     government authority or any administration authority against Century
     Shenghuo, or their property (including but are not limited to the Pledged
     Property), which is of material or detrimental effect on the economic
     status of Century Shenghuo or their capability to perform the obligations
     hereunder and the Guaranteed Liabilities.

8.7  Each of Century Shenghuo hereby agree to bear joint responsibilities to
     Pledgees in respect of the representations and Warranties made by its
     relevant Plegor according to Article 7.5, Article 7.6, Article 7.7, Article
     7.9 and Article 7.11 hereof.

8.8  Century Shenghuo hereby warrant to Pledgee that the above representations
     and warranties will remain true, correct and effective at any time and
     under any circumstance before the Contractual Obligations are fully
     performed or the Guaranteed Liabilities are fully repaid, and will be fully
     complied with.

                      ARTICLE 9 - UNDERTAKINGS BY PLEDGORS

Each of Pledgors hereby individually undertakes to Pledgee in respect of it and
Century Shenghuo of which it holds equity as follows:

                                       10

<PAGE>

9.1  Without the prior written consent by Pledgee, Pledgors shall not establish
     or permit to establish any new pledge or any other encumbrance on the
     Pledged Property.

9.2  Without first giving written notice to Pledgee and having Pledgee's prior
     written consent, Pledgors shall not transfer the Pledged Property, and any
     attempt by Pledgors to transfer the Pledged Property shall be null and
     void. The proceeds from transfer of the Pledged Property by Pledgors shall
     be used to repay to Pledgee in advance the Guaranteed Liabilities or submit
     the same to the third party agreed with Pledgee.

9.3  In case of any litigation, arbitration or other demand which may affect
     detrimentally the interest of Pledgors or Pledgee under the Transaction
     Agreements and hereunder or the Pledged Property, Pledgors undertake to
     notify Pledgee thereof in writing as soon as possible and promptly and
     shall take, at the reasonable request of Pledgee, all necessary measures to
     ensure the pledge interest of Pledgee in the Pledged Property.

9.4  Pledgors shall not carry on or permit any act or action which may affect
     detrimentally the interest of Pledgee under the Transaction Agreements and
     hereunder or the Pledged Property.

9.5  Pledgors guarantee that they shall, at the reasonable request of Pledgee,
     take all necessary measures and execute all necessary documents (including
     but not limited to supplementary agreement hereof) in respect of ensuring
     the pledge interest of Pledgee in the Pledged Property and the exercise and
     realization of the rights thereof.

9.6  In case of assignment of any Pledged Property as the result of the exercise
     of the right to the pledge hereunder, Pledgors guarantee that they will
     take all necessary measures to realize such assignment.

9.7  In case of the expiration of term of operation of the Century Shenghuo
     during the term of this Agreement, without prior written consent from the
     Pledgees, the Pledgor shall take all necessary measure to extend the term
     of operation of the Century Shenghuo until the expiration of this
     Agreement.

                                       11

<PAGE>

                  ARTICLE 10 - UNDERTAKINGS BY CENTURY SHENGHUO

10.1 Any consent, permission, waive or authorization by any third person, or any
     approval, permission or exemption by any government authority, or any
     registration or filing formalities (if required by laws) with any
     government authority to be handled or obtained in respect of the execution
     and performance hereof and the Equity Pledge hereunder will be cooperated
     to handle or obtain by Century Shenghuo to their best and will be ensured
     to remain full effective during the valid term of this Agreement.

10.2 Without the prior written consent by Pledgee, Century Shenghuo shall not
     cooperate to establish or permit to establish any new pledge or any other
     encumbrance on the Pledged Property.

10.3 Without having Pledgee's prior written consent, Century Shenghuo shall not
     cooperate to transfer or permit to transfer the Pledged Property.

10.4 In case of any litigation, arbitration or other demand which may affect
     detrimentally the interest of Century Shenghuo or Pledgee under the
     Transaction Agreements and hereunder or the equity of Century Shenghuo as
     the Pledged Property, Century Shenghuo undertake to notify Pledgee thereof
     in writing as soon as possible and promptly and shall take, at the
     reasonable request of Pledgee, all necessary measures to ensure the pledge
     interest of Pledgee in the Pledged Property.

10.5 Century Shenghuo shall not carry on or permit any act or action which may
     affect detrimentally the interest of Pledgee under the Transaction
     Agreements and hereunder or the Pledged Property.

10.6 Century Shenghuo shall provide Pledgees with the financial statement of the
     last calendar season within the first month of each calendar season,
     including but are not limited to the balance sheet, the income statement
     and the statement of cash flow.

10.7 Century Shenghuo guarantee that they shall, at the reasonable request of
     Pledgee, take all necessary measures and execute all necessary documents
     (including but

                                       12

<PAGE>

     not limited to supplementary agreement hereof) in respect of ensuring the
     pledge interest of Pledgee in the Pledged Property and the exercise and
     realization of the rights thereof.

10.8 In case of assignment of any Pledged Property as the result of the exercise
     of the right to the pledge hereunder, Century Shenghuo guarantee that they
     will take all necessary measures to realize such assignment.

                      ARTICLE 11 - CHANGE OF CIRCUMSTANCES

11.1 As supplement and subject to compliance with other terms of the Transaction
     Agreements and this Agreement, in case that at any time the promulgation or
     change of any PRC Law, regulations or rules, or change in interpretation or
     application of such laws, regulations and rules, or the change of the
     relevant registration procedures enables Pledgee to believe that it will be
     illegal or in conflict with such laws, regulations or rules to further
     maintain the effectiveness of this Agreement and/or dispose of the Pledged
     Property in the way provided herein, Pledgors and Century Shenghuo shall,
     at the written direction of Pledgee and in accordance with the reasonable
     request of Pledgee, promptly take actions and/or execute any agreement or
     other document, in order to:

     (1)  keep this Agreement remain in effect;

     (2)  facilitate the disposal of the Pledged Property in the way provided
          herein; and/or

     (3)  maintain or realize the intention or the guarantee established
          hereunder.

              ARTICLE 12 - EFFECTIVENESS AND TERM OF THIS AGREEMENT

12.1 This Agreement shall become effective upon the satisfaction of all of the
     following conditions in respect of any Century Shenghuo and any Pledgor who
     holds the equity of the Century Shenghuo:

     (1)  this Agreement is duly executed by Pledgors, the Century Shenghuo and
          the Pledgors who pledge the equity of the Century Shenghuo; and

     (2)  the Equity Pledge hereunder has been legally recorded in the
          shareholders' register of the Century Shenghuo.

                                       13

<PAGE>

     Pledgors shall provide the registration certification of the Equity Pledge
     being recorded in the shareholders' register as mentioned above to Pledgee
     in a way satisfactory to Pledgee.

12.2 This Agreement shall have its valid term until the full performance of the
     Contractual Obligations or the full repayment of the Guaranteed
     Liabilities.

                               ARTICLE 13 - NOTICE

13.1 Any notice, request, demand and other correspondences made as required by
     or in accordance with this Agreement shall be made in writing and delivered
     to the relevant Party.

13.2 The abovementioned notice or other correspondences shall be deemed to have
     been delivered when it is transmitted if transmitted by facsimile; it shall
     be deemed to have been delivered when it is delivered if delivered in
     person; it shall be deemed to have been delivered five (5) days after
     posting the same if posted by mail.

                           ARTICLE 14 - MISCELLANEOUS

14.1 Pledgee may, upon notice to Pledgors but not necessarily with Pledgors'
     consent, assign Pledgee's rights and/or obligations hereunder to any third
     party; provided that Pledgors may not, without Pledgee's prior written
     consent, assign Pledgors' rights, obligations and/or liabilities hereunder
     to any third party. Successors or permitted assignees (if any) of Pledgors
     shall continue to perform the obligations of Pledgors under this Agreement.

14.2 Regardless otherwise stipulated in this Agreement, the event that Pledgors
     transfer the equity interest they hold in Century Shenghuo to Shanghai
     Focus Media Advertisement Co., Ltd (with its registered address at F Room
     1003, No.1027, Changning Road, Changning District, Shanghai) and Shanghai
     Focus Media Co., Ltd (with its registered address at Room A65, 28 Floor,
     No.369, Jiangsu Road, Changning District, Shanghai) shall not constitute a
     breach to this Agreement, provided that the Pledgors cause Shanghai Focus
     Media Advertisement Co., Ltd and Shanghai Focus Media Co., Ltd to
     simultaneously execute an agreement with

                                       14

<PAGE>

     Framedia and Century Shenghuo in the same content and form with this
     Agreement upon the completion of the above transfer.

14.3 This Agreement shall be prepared in the Chinese language in six (6)
     original copies, with each involved Party holding one (1) copy.

14.4 The formation, validity, execution, amendment, interpretation and
     termination of this Agreement shall be subject to PRC Law.

14.5 Any disputes arising hereunder and in connection herewith shall be settled
     through consultations among the Parties, and if the Parties cannot reach an
     agreement regarding such disputes within thirty (30) days of their
     occurrence, such disputes shall be submitted to [China International
     Economic and Trade Arbitration Commission Shanghai Branch] for arbitration
     in [Shanghai] in accordance with the arbitration rules of such Commission,
     and the arbitration award shall be final and binding on all Parties.

14.6 Any rights, powers and remedies empowered to any Party by any provisions
     herein shall not preclude any other rights, powers and remedies enjoyed by
     such Party in accordance with laws and other provisions under this
     Agreement, and the exercise of its rights, powers and remedies by a Party
     shall not preclude its exercise of its other rights, powers and remedies by
     such Party.

14.7 Any failure or delay by a Party in exercising any of its rights, powers and
     remedies hereunder or in accordance with laws (hereinafter, the "PARTY'S
     RIGHTS") shall not lead to a waiver of such rights, and the waiver of any
     single or partial exercise of the Party's Rights shall not preclude such
     Party from exercising such rights in any other way and exercising the
     remaining part of the Party's Rights.

14.8 The titles of the Articles contained herein shall be for reference only,
     and in no circumstances shall such titles be used in or affect the
     interpretation of the provisions hereof.

14.9 Each provision contained herein shall be severable and independent from
     each of other provisions, and if at any time any one or more articles
     herein become invalid, illegal or unenforceable, the validity, legality or
     enforceability of the

                                       15

<PAGE>

     remaining provisions herein shall not be affected as a result thereof.

14.10 This Agreement shall substitute any other documents on the same subject
     executed by relevant Parties hereof once duly executed.

14.11 Any amendments or supplements to this Agreement shall be made in writing.
     Except for assignment by Pledgee of its rights hereunder according to
     Article 15.1 of this Agreement, the amendments or supplements to this
     Agreement shall take effect only when properly signed by the Parties to
     this Agreement. Notwithstanding the preceding sentence, considering the
     rights and obligations of Century Shenghuo and Pledgors are severable and
     independent, in case the amendment or supplement is intended to have impact
     upon one Party of the Century Shenghuo and part of the Pledgors who hold
     the equity interest, the amendment or supplement requires the consent by
     the Century Shenghuo and the part of the Pledgors only and it is not
     required to obtain the consent of other Century Shenghuo and other Pledgors
     (to the extent the amendment or supplement does not have impact upon such
     Pledgor).

14.12 This Agreement shall be binding on the legal successors of the Parties.

14.13 At the time of execution hereof, each of Pledgors shall sign respectively
     a power of attorney (as set out in Appendix II hereto, hereinafter, the
     "POWER OF ATTORNEY") to authorize any person designated by Pledgee to sign
     on its behalf according to this Agreement any and all legal documents
     necessary for the exercise by Pledgee's rights hereunder. Such Power of
     Attorney shall be delivered to Pledgee to keep in custody and, when
     necessary, Pledgee may at any time submit the Power of Attorney to the
     relevant government authority.

                   [The remainder of this page is left blank]

                                       16

<PAGE>

IN WITNESS HEREOF, the following Parties have caused this Equity Pledge
Agreement to be executed as of the date and in the place first here above
mentioned.

LEI LIU

Signature: /s/ Lei Liu
           -----------------------------

YONG SHI

Signature: /s/ Yong Shi
           -----------------------------

SHANGHAI FRAMEDIA INVESTMENT CONSULTANCY
CO., LTD
(chop)

Signature by: /s/ Zhi Tan
              --------------------------
Name: Zhi Tan
Position: Legal Representative

GUANGDONG CENTURY SHENGHUO ADVERTISEMENT
CO., LTD
(chop)

Signature by: /s/ Lei Liu
              --------------------------
Name: Lei Liu
Position: Legal Representative

                                       17

<PAGE>

APPENDIX I:

                         FORMAT OF THE POWER OF ATTORNEY

I, ____________, hereby entrusts ____________, [with his/her identity card
number ____________,] to be the my authorized trustee to sign on the my behalf
all legal documents necessary or desirous for Shanghai Framedia Investment
Consultancy Co., Ltd. to exercise its rights under the Equity Pledge Agreement
January 13 2006 between it, me, Guangdong Century Shenghuo Advertisement Co.,
Ltd. and other relevant parties.

                                        Signature:
                                                   -----------------------------
                                        Date:
                                              ----------------------------------

                                       18

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