Document:

INVESTMENT
      MANAGEMENT TRUST AGREEMENT

     

    This
      Agreement is made as of _________, 2006 by and between Shine Media Acquisition
      Corp. (the “Company”) and Continental Stock Transfer & Trust Company
      (“Trustee”).

     

    WHEREAS,
      the Company’s Registration Statement on Form S-1, No. 333- 127093 (as amended
      from time to time) (“Registration Statement”), for its initial public offering
      of securities (“IPO”) has been declared effective as of the date hereof by the
      Securities and Exchange Commission (“Effective Date”); and 

     

    WHEREAS,
      Merriman Curhan Ford & Co. is acting as the representative (the
“Representative”) of the underwriters in the IPO; and

     

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

     

    WHEREAS,
      as described in the Company’s Registration Statement, and in accordance with the
      Company's Third Amended and Restated Certificate of Incorporation, $32,217,500
      of the proceeds of the IPO, net of all discounts and commissions including
      the
      Deferred Compensation (as defined below) (37,293,500 if the underwriters’
over-allotment option is exercised in full), will be delivered to the Trustee
      to
      be deposited and held in a trust account (the “Trust Account") for the benefit
      of the Company and the holder's of the Company's Common Stock, par value $.0001
      per share, issued in the IPO as hereinafter provided, and in the event the
      Units
      are registered in Colorado, pursuant to Section 11-51-302(6) of the Colorado
      revised statutes (the “CRS”). A copy of Section 11-51-302(6) of the CRS is
      attached hereto and made a part hereof; and

     

    WHEREAS,
      pursuant to the Placement Unit Purchase Agreement, dated as of _____, 2006,
      among the Company and certain purchasers, the entire proceeds of the private
      placement of the units with the Company's purchasers, equal to $800,000, will
      be
      delivered to the Trustee to be deposited in the Trust Account; and

     

    WHEREAS,
      pursuant to the Underwriting Agreement, an additional $900,000, (or the amount
      specified in the notice delivered pursuant to Section [__] hereof), representing
      a portion of the underwriters' discount (the “Deferred Compensation”) which the
      Representative, on behalf of the underwriters, has agreed to deposit into the
      Trust Account; and 

     

    WHEREAS,
      the amount to be delivered to the Trustee, including the proceeds of the IPO
      and
      the private placement and the Deferred Compensation, will be referred to herein
      as the “Property,” the stockholders for whose benefit the Trustee shall hold the
      Property will be referred to as the “Public Stockholders;” and the Public
      Stockholders, the Representative and the Company will be referred to together
      as
      the “Beneficiaries;” and the Company and the Trustee desire to enter into this
      Agreement to set forth the terms and conditions pursuant to which the Trustee
      shall hold the Property; and

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    IT
      IS
      AGREED:

     

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

     

    (a)    Hold
      the
      Property in trust for the Beneficiaries in accordance with the terms of this
      Agreement, including without limitation, the terms of Section 11-51-302(6)
      of
      the CRS, in a segregated trust account established by the Trustee at a branch
      of
      JPMorgan Chase NY Bank selected by the Trustee; 

     

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

     

    (c)    In
      a
      timely manner, upon the instruction of the Company, to invest and reinvest
      the
      Property in any “Government Security.” As used herein, Government Security means
      any Treasury Bill issued by the United States, having a maturity of 180 days
      or
      less or any open ended investment company registered under the Investment
      Company Act of 1940 that holds itself out as a money market fund meeting the
      conditions of paragraphs (c)(2), (c)(3) and (c)(4) under Rule 2a-7 promulgated
      under the Investment Company Act of 1940;

     

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

     

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

     

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

     

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

     

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

     

    (i)    If
      there
      is any income tax obligation relating to the income of the Property in the
      Trust
      Account, then, only at the written instruction of the Company, to make available
      in cash from the Property in the Trust Account an amount specified by the
      Company as owing to the applicable taxing authority, which amount shall be
      paid
      directly to the taxing authority (and not through the Company) by electronic
      funds transfer, account debit or other method of payment; provided,
      however,
      that if
      a taxing authority will not accept payment in such manner, then any payment
      which would have been made directly to the taxing authority may be made to
      the
      Company, and the Company shall forward such payment to the taxing authority;
      and

     

    (j)    Commence
      liquidation of the Trust Account only after receipt of and only in accordance
      with the terms of a letter (“Termination
      Letter”),
      in a
      form substantially similar to that attached hereto as either Exhibit A or
      Exhibit B, signed on behalf of the Company by its (i) Chief Executive Officer
      or
      Chairman of the Board and (ii) Chief Financial Officer and complete the
      liquidation of the Trust Account and disburse the Property in the Trust Account
      (which disbursement shall include, in the event of a Business Combination,
      payment of the Deferred Discount to the Representative) only as directed in
      the
      Termination Letter and the other documents referred to therein. The Trustee
      understands and agrees that, except as provided in paragraphs 1(i), 1(k) and
      6(a) hereof, disbursements from the Trust Account shall be made only pursuant
      to
      a duly executed Termination Letter, together with the other documents referenced
      herein; and

     

    
      
        
        

      

      
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    (k)    Upon
      one
      or more written requests from the Company, which may be given not more than
      once
      in any calendar month period, the Trustee shall distribute to the Company
      interest earned on the Trust Account, net of taxes payable, up to a maximum
      of
      $600,000. The distributions requested by the Company may be for any amount,
      provided that (i) in the aggregate, all distributions under this Section 1(l)
      may not exceed $600,000 and (ii) that such distributions may only be made if
      and
      to the extent that interest has been earned on the amount initially deposited
      into the Trust Account; and

     

    (l)    Permit
      or
      effect no distribution from the Trust Account except in accordance with Sections
      1(i), 1(j), 1(k) and 5(b).

     

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

     

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

     

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

     

    (c)    Pay
      the
      Trustee an initial acceptance fee of $1,000 and an annual fee of $3,000 (it
      being expressly understood that the Property shall not be used to pay such
      fee).
      The Company shall pay the Trustee the initial acceptance fee and first year’s
      fee at the consummation of the IPO and shall thereafter pay the annual fee
      on
      the anniversary of the Effective Date. The Trustee shall refund to the Company
      the fee (on a pro rata basis) with respect to any period after the liquidation
      of the Trust Fund. The Company shall not be responsible for any other fees
      or
      charges of the Trustee except as may be provided in Section 2(b) hereof (it
      being expressly understood that the Property shall not be used to make any
      payments to the Trustee under such Section);

     

    (d)    Within
      five business days after the Representative’s over-allotment option (or any
      unexercised portion thereof) expires or is exercised in full, provide the
      Trustee notice in writing (with a copy to the Representative) of the total
      amount of the Deferred Compensation, which shall in no event be less than
      $900,000;

     

    
      
        
        

      

      
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    (e)    Provide
      to the Trustee any letter of intent, agreement in principle or definitive
      agreement that is executed in connection with a Business Combination, together
      with a certified copy of a unanimous resolution of the Board of Directors of
      the
      Company affirming that such letter of intent, agreement in principle or
      definitive agreement is in effect; and 

     

    (f)    In
      connection with any vote of the Company’s stockholders regarding a Business
      Combination, provide to the Trustee an affidavit or certificate of a firm
      regularly engaged in the business of soliciting proxies and tabulating
      stockholder votes verifying the vote of the Company’s stockholders regarding
      such Business Combination.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
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    (h)    Pay
      any
      taxes on behalf of the Trust Account (it being expressly understood that, as
      set
      forth in Section 1(i), if there is any income tax obligation relating to the
      income of the Property in the Trust Account, then, at the written instruction
      of
      the Company, the Trustee shall make available in cash for transfer by account
      debit or wire transfer directly to the taxing authorities designated by the
      Company, the amount indicated by the Company as owing to each such taxing
      authority).

     

    4.    Certain
      Rights Of
      Trustee.
      

     

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

     

    (b)    The
      Trustee may act through its attorneys and agents and shall not be responsible
      for the misconduct or negligence of any agent appointed with due care.

     

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

     

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

     

    5.    No
      Right of Set-Off.
      The
      Trustee waives any right of set-off or any right, title, interest or claim
      of
      any kind that the Trustee may have against the Property held in the Trust
      Account. In the event that the Trustee has a claim against the Company under
      this Agreement, including, without limitation, under Section 3(b), the Trustee
      will pursue such claim solely against the Company and not against the Property
      held in the Trust Account.

     

    6.    Termination.
      This
      Agreement shall terminate as follows:

     

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

     

    (b)    At
      such
      time that the Trustee has completed the liquidation of the Trust Account in
      accordance with the provisions of Section 1(j) hereof, and distributed the
      Property in accordance with the provisions of the Termination Letter, this
      Agreement shall terminate except with respect to Section 2(b).

     

    
      
        
        

      

      
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    7.    Miscellaneous.

     

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

     

    (b)    This
      Agreement shall be governed by and construed and enforced in accordance with
      the
      laws of the State of New York, without giving effect to conflicts of law
      principles that would result in the application of the substantive laws of
      another jurisdiction. It may be executed in several counterparts, each one
      of
      which shall constitute an original, and together shall constitute but one
      instrument.

     

    (c)    This
      Agreement contains the entire agreement and understanding of the parties hereto
      with respect to the subject matter hereof. This Agreement or any provision
      hereof may only be changed, amended or modified by a writing signed by each
      of
      the parties hereto; provided,
      however,
      that no
      such change, amendment or modification (other than to correct a typographical
      or
      similar technical error) may be made to Sections 1(i), 1(j), 1(k) and 1(l)
      hereof without the consent of 95% of the Public Stockholders, it being the
      specific intention of the parties hereto that each Public Stockholder is and
      shall be a third-party beneficiary of this Section 7(c) with the same right
      and
      power to enforce this Section 7(c) as either of the parties hereto. For purposes
      of this Section 7(c), the “consent of 95% of the Public Stockholders” shall mean
      receipt by the Trustee of a certificate from an entity certifying that (i)
      such
      entity regularly engages in the business of serving as inspector of elections
      for companies whose securities are publicly traded, and (ii) either (a) 95%
      of
      the Public Stockholders of record as of a record date established in accordance
      with Section 213(a) of the Delaware General Corporation Law, as amended (the
      “DGCL”), have voted in favor of such amendment or modification or (b) 95% of the
      Public Stockholders of record as of a record date established in accordance
      with
      Section 213(b) of the DGCL has delivered to such entity a signed writing
      approving such amendment or modification. 

     

    (d)    As
      to any
      claim, cross-claim or counterclaim in any way relating to this Agreement, each
      party waives the right to trial by jury.

     

    (e)    The
      parties hereto consent to the jurisdiction and venue of any state or federal
      court located in the City of New York, Borough of Manhattan, for purposes of
      resolving any disputes hereunder.

     

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

     

    
      
        
        

      

      
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    if
      to the
      Trustee, to:

     

    Continental
      Stock Transfer & Trust Company

    17
      Battery Place

    New
      York,
      New York 10004

    Attn: _________________

    Fax
      No.:
      (212) ___________]

     

    if
      to the
      Company, to:

     

    Shine
      Media Acquisition Corp.

    Rockefeller
      Center

    1230
      Avenue of the Americas

    New
      York,
      NY 10020

    Attn: David
      Y.
      Chen, Chief Executive Officer and
      President

    Fax
      No.:

     

    in
      either
      case with a copy to:

     

    Merriman
      Curhan Ford & Co.

    600
      California Street, 9th
      Floor

    San
      Francisco, CA 94108 

    Attn: Steven
      R.
      Foland

    Fax
      No.:
      (415) 248-5692

     

    and

     

    Bingham
      McCutchen LLP

    399
      Park
      Avenue

    New
      York,
      New York 10022

    Attn: Floyd
      I.
      Wittlin, Esq.

    Fax
      No.:
      (212) 752-5370

     

    and

     

    Loeb
      & Loeb LLP

    345
      Park
      Avenue

    New
      York,
      New York 10154

    Attn: Mitchell
      S. Nussbaum, Esq.

     

    Fax
      No.:
      (212) 407-4990

     

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

     

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

     

    
      
        
        

      

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

     

    
      	 	 	 
	 	CONTINENTAL
              STOCK
              TRANSFER & TRUST COMPANY, as Trustee
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Name: 

            
	 	Title: 

    

     

    
      	 	 	 
	 	SHINE
              MEDIA
              ACQUISITION CORP.
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name: David
              Y. Chen
	 	Title:
              Chief Executive Officer and  President

    

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

    [Letterhead
      of Company]

     

    [Insert
      date]

     

    Continental
      Stock Transfer 

     
      & Trust Company

    17
      Battery Place

    New
      York,
      New York 10004

    Attn:
      

     

    Re: Trust
      Account No.
      [              
] Termination Letter

     

    Gentlemen:

     

    Pursuant
      to Section 1(i) of the Investment Management Trust Agreement between Shine
      Media
      Acquisition Corp. (“Company”) and [Continental Stock Transfer & Trust
      Company] (“Trustee”), dated as of __________, 2006 (“Trust Agreement”), this is
      to advise you that the Company has entered into an agreement (“Business
      Agreement”) with __________________ (“Target Business”) to consummate a business
      combination with Target Business (“Business Combination”) on or about [insert
      date]. The Company shall notify you at least 48 hours in advance of the actual
      date of the consummation of the Business Combination (“Consummation Date”) and
      shall provide you with a certificate or affidavit in accordance with Section
      2(f) of the Trust Agreement. Capitalized terms used herein and not otherwise
      defined shall have the meanings ascribed to them in the Trust
      Agreement.

     

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

     

    On
      the
      Consummation Date (i) counsel for the Company shall deliver to you written
      notification that (a) the Business Combination has been consummated and [(b)
      the
      provisions of Section 11-51-302(6) and Rule 51-3.4 of the CRS have been met,]
      and (ii) the Company and Merriman Curhan Ford & Co., as representative of
      the underwriters of the Company’s IPO (the “Representative”) shall deliver to
      you joint written instructions with respect to the transfer of the funds held
      in
      the Trust Account, including the Deferred Compensation (“Instructions”). You are
      hereby directed and authorized to transfer the funds, including the Deferred
      Compensation, held in the Trust Account immediately upon your receipt of the
      counsel’s letter, evidence of delivery of the Stock Certificates, the Officer’s
      Certificate and the Instructions, in accordance with the terms of the
      Instructions. Notwithstanding the foregoing, upon verification of receipt by
      you
      of the Instruction Letter, we hereby agree and acknowledge that the Property
      in
      the Trust Account shall be distributed as follows: (1) first, to the
      Representative by wire transfer (or as otherwise directed by the Representative)
      in immediately available funds, the aggregate amount of $__________ plus any
      interest accrued thereon; and (2) thereafter, to any other Beneficiary in
      accordance with the terms of the Instructions. In the event that certain
      deposits held in the Trust Account may not be liquidated by the Consummation
      Date without penalty, you will notify the Company of the same and the Company,
      if the amount set forth in clause (1) shall not have been paid in full, the
      Company and the Representative shall issue joint written instructions directing
      you as to whether such funds should remain in the Trust Account and distributed
      after the Consummation Date to the Company. Upon the distribution of all the
      funds in the Trust Account pursuant to the terms hereof, the Trust Agreement
      shall be terminated.

     

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

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    
      	 	Very truly yours,
	 	 	 
	 	SHINE
              MEDIA
              ACQUISITION CORP.
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name: 
	 	Title: 

    

    
       

      
        	 	 	 
	 
 	 
 	 
 
	 	By:  	 
	 	
                
Name: 
	 	Title: Chief
                Financial Officer

      

       

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B

     

    [Letterhead
      of Company]

     

    [Insert
      date]

     

    Continental
      Stock Transfer & Trust Company

     
      & Trust Company

    17
      Battery Place

    New
      York,
      New York 10004

    Attn:
      

     

    Re: Trust
      Account No. [ ] Termination Letter

     

    Gentlemen:

     

    Pursuant
      to Section 1(j) of the Investment Management Trust Agreement between Shine
      Media
      Acquisition Corp. (“Company”) and Continental Stock Transfer & Trust Company
      (“Trustee”), dated as of _____________, 2006 (“Trust Agreement”), this is to
      advise you that the Board of Directors of the Company has voted to dissolve
      the
      Company and liquidate the Trust Account (as defined in the Trust Agreement).
      Attached hereto is a copy of the minutes of the meeting of the Board of
      Directors of the Company relating thereto, certified by an executive officer
      of
      the Company as true and correct and in full force and effect.

     

    In
      accordance with the terms of the Trust Agreement, we hereby (a) certify to
      you
      that, if applicable, the provisions of Section 11-51-302(6) and Rule 51-3.4
      of
      the Colorado Statute have been met and (b) authorize you, to commence
      liquidation of the Trust Account as
      part
      of the Company’s plan of dissolution and distribution. In connection with this
      liquidation, you are hereby authorized to establish a record date for the
      purposes of determining the stockholders of record entitled to receive their
      per
      share portion of the Trust Account. The record date shall be within ten (10)
      days of the liquidation date, or as soon as thereafter as is practicable.
You
      will
      notify the Company and ______________ (“Designated Paying Agent”) in writing as
      to when all of the funds in the Trust Account will be available for immediate
      transfer (“Transfer Date”). The Designated Paying Agent shall thereafter notify
      you as to the account or accounts of the Designated Paying Agent that the funds
      in the Trust Account should be transferred to on the Transfer Date so that
      the
      Designated Paying Agent may commence distribution of such funds in accordance
      with the terms of the Trust Agreement and the Company’s Third Amended and
      Restated Certificate of Incorporation. Upon the payment of all the funds in
      the
      Trust Account, the Trust Agreement shall be terminated and the Trust Account
      closed.

     

    
      
        	 	Very truly yours,
	 	 	 
	 	SHINE
                MEDIA
                ACQUISITION CORP.
	 
 	 
 	 
 
	 	By:  	 
	 	
                
Name: 
	 	Title: 

      

      
         

        
          	 	 	 
	 
 	 
 	 
 
	 	By:  	 
	 	
                  
Name: 
	 	Title: Chief
                  Financial Officer

        

         

        
          
            
            

          

          
            11

            
              

            

          

          
            
            

          

        

      

    

     

    EXHIBIT
      C

     

    
      	
              AUTHORIZED
                INDIVIDUAL(S)

              FOR
                TELEPHONE CALL BACK

            	
              AUTHORIZED

              TELEPHONE
                NUMBER(S)

            
	 	 
	 	 
	
              Company:

            	 
	 	 
	
              Shine
                Media Acquisition Corp.

              Attn: Richard
                L. Chang, Chairman

            	
               

               

              ()
                

            
	 	 
	
              Trustee:

            	 
	 	 
	
              Continental
                Stock Transfer & Trust Company

              17
                Battery Place

              New
                York, New York 10004

              Attn:
                

            	
              (212)
                

            

    

     

    
      
        
        

      

      
        12STOCK
      ESCROW AGREEMENT

     

    STOCK
      ESCROW AGREEMENT, dated as of ___________ ___, 2006 (“Agreement”) by and among
      Shine Media Acquisition Corp., a Delaware corporation (“Company”), the
      undersigned parties listed as Initial Stockholders on the signature page hereto
      (collectively, the “Initial Stockholders”) and Continental Stock Transfer &
Trust Company, a New York corporation (“Escrow Agent”).

     

    WHEREAS,
      the Company has entered into an Underwriting Agreement, dated _______ __, 2006
      (“Underwriting Agreement”) with Merriman Curhan Ford & Co., as
      Representative (“Merriman”) and the other underwriters named therein
      (collectively, the “Underwriters”), pursuant to which, among other matters, the
      Underwriters have agreed to purchase 6,000,000 units (“Units”) of the Company.
      Each Unit consists of one share of the Company’s Common Stock, par value $.0001
      per share (the “Common Stock”), and two Warrants, each Warrant to purchase one
      share of Common Stock, all as more fully described in the Company’s definitive
      Prospectus, dated ________ __, 2006 (“Prospectus”) comprising part of the
      Company’s Registration Statement on Form S-1 (File No. 333-127093) under the
      Securities Act of 1933, as amended (“Registration Statement”), declared
      effective on ________ __, 2006 (“Effective Date”); and

     

    WHEREAS,
      on April 27, 2006 the Company granted option awards (“Options”) to the Initial
      Stockholders, which options are exercisable for a number of shares equal to
      25%
      of the number of shares obtained by the Underwriters upon exercise of the
      over-allotment option, up to a maximum of 225,000 shares (“Option Shares”);
      and

     

    WHEREAS,
      the Initial Stockholders have agreed, as a condition of the Underwriters’
obligation to purchase the Units pursuant to the Underwriting Agreement and
      to
      offer them to the public, to deposit all of their shares of Common Stock
      including Option Shares, if any, as set forth opposite their respective names
      in
Schedule
      A
      attached
      hereto (collectively “Escrow Shares”), in escrow as hereinafter provided;
      and

     

    WHEREAS,
      the Company and the Initial Stockholders desire that the Escrow Agent accept
      the
      Escrow Shares, in escrow, to be held and disbursed as hereinafter
      provided.

     

    NOW,
      THEREFORE, IT IS AGREED:

     

    1.  Appointment
      of Escrow Agent.
      The
      Company and the Initial Stockholders hereby appoint the Escrow Agent to act
      in
      accordance with and subject to the terms of this Agreement and the Escrow Agent
      hereby accepts such appointment and agrees to act in accordance with and subject
      to such terms.

     

    2.  Deposit
      of Escrow Shares.
      With
      respect to the Escrow Shares other than the Option Shares, each of the Initial
      Stockholders shall deliver on or prior to the Effective Date to the Escrow
      Agent
      certificates representing his or her respective Escrow Shares that have been
      issued as of such date, to be held and disbursed subject to the terms and
      conditions of this Agreement. In the event that any Options are exercised,
      then
      with respect to the Option Shares issued upon such exercise, each of the Initial
      Stockholders shall deliver, within three (3) days of the issuance of such
      shares, certificates representing his or her Option Shares, to be held and
      disbursed subject to the terms and conditions of this Agreement. Each Initial
      Stockholder acknowledges and agrees that the certificates representing his
      or
      her Escrow Shares is or, with respect to the Option Shares, will be legended
      to
      reflect the deposit of such Escrow Shares under this Agreement. Each Initial
      Stockholder and the Company further acknowledges and agrees that in the event
      of
      the deposit of Option Shares under this Agreement, the Company shall deliver
      a
      new Schedule A to the Escrow Agent to reflect such deposit.

    
      
        
        

      

      
        
        

        
          

        

      

       

    

     

    3.  Disbursement
      of the Escrow Shares.
      The
      Escrow Agent shall hold the Escrow Shares until three years from the date of
      the
      Prospectus (“Escrow Period”), on which date it shall, upon written instructions
      from each Initial Stockholder, disburse each of the Initial Stockholder’s Escrow
      Shares to such Initial Stockholder; provided,
      however,
      that if
      the Escrow Agent is notified by the Company pursuant to Section 6.6 hereof
      that
      the Company is being liquidated at any time during the Escrow Period, then
      the
      Escrow Agent shall promptly destroy the certificates representing the Escrow
      Shares; provided further,
      that
      if, after the Company consummates a Business Combination, it (or the surviving
      entity) subsequently consummates a liquidation, merger, stock exchange or other
      similar transaction which results in all of its stockholders of such entity
      having the right to exchange their shares of Common Stock for cash, securities
      or other property, then the Escrow Agent will, upon receipt of a certificate,
      executed by the Chairman, Chief Executive Officer or Chief Financial Officer
      of
      the Company, in form reasonably acceptable to the Escrow Agent, that such
      transaction is then being consummated, release the Escrow Shares to the Initial
      Stockholders upon consummation of such transaction so that they can similarly
      participate. The Escrow Agent shall have no further duties hereunder after
      the
      disbursement or destruction of the Escrow Shares in accordance with this Section
      3. 

     

    4.  Rights
      of Initial Stockholders in Escrow Shares.

     

    4.1.  Voting
      Rights as a Stockholder.
      Subject
      to the terms of the Insider Letter described in Section 4.4 hereof and except
      as
      herein provided, the Initial Stockholders shall retain all of their rights
      as
      stockholders of the Company during the Escrow Period, including, without
      limitation, the right to vote such shares.

     

    4.2.  Dividends
      and Other Distributions in Respect of the Escrow Shares.
      During
      the Escrow Period, all dividends payable in cash with respect to the Escrow
      Shares shall be paid to the Initial Stockholders, but all dividends payable
      in
      stock or other non-cash property (“Non-Cash Dividends”) shall be delivered to
      the Escrow Agent to hold in accordance with the terms hereof. As used herein,
      the term “Escrow Shares” shall be deemed to include the Non-Cash Dividends
      distributed thereon, if any.

     

    4.3.  Restrictions
      on Transfer.
      During
      the Escrow Period, no sale, transfer or other disposition may be made of any
      or
      all of the Escrow Shares except (i) by gift to a member of Initial Stockholder’s
      immediate family or to a trust or other entity, the beneficiary of which is
      an
      Initial Stockholder or a member of an Initial Stockholder’s immediate family, or
      (ii) by virtue of the laws of descent and distribution upon death of any Initial
      Stockholder, (iii) pursuant to a qualified domestic relations order;
provided,
      however,
      that
      such permissive transfers may be implemented only upon the respective
      transferee’s written agreement to be bound by the terms and conditions of this
      Agreement and of the Insider Letter signed by the Initial Stockholder
      transferring the Escrow Shares. During the Escrow Period, the Initial
      Stockholders shall not pledge or grant a security interest in the Escrow Shares
      or grant a security interest in their rights under this
      Agreement.

    
      
        
        

      

      
        2

        
          

        

      

       

    

     

    4.4.  Insider
      Letters.
      Each of
      the Initial Stockholders has executed a letter agreement with Merriman and
      the
      Company, dated as indicated on Schedule
      A
      hereto,
      and which is filed as an exhibit to the Registration Statement (“Insider
      Letter”), respecting the rights and obligations of such Initial Stockholder in
      certain events, including but not limited to the liquidation of the
      Company.

     

    5.  Concerning
      the Escrow Agent.

     

    5.1.  Good
      Faith Reliance.
      The
      Escrow Agent shall not be liable for any action taken or omitted by it in good
      faith and in the exercise of its own best judgment, and may rely conclusively
      and shall be protected in acting upon any order, notice, demand, certificate,
      opinion or advice of counsel (including counsel chosen by the Escrow Agent),
      statement, instrument, report or other paper or document (not only as to its
      due
      execution and the validity and effectiveness of its provisions, but also as
      to
      the truth and acceptability of any information therein contained) which is
      believed by the Escrow Agent to be genuine and to be signed or presented by
      the
      proper person or persons. The Escrow Agent shall not be bound by any notice
      or
      demand, or any waiver, modification, termination or rescission of this Agreement
      unless evidenced by a writing delivered to the Escrow Agent signed by the proper
      party or parties and, if the duties or rights of the Escrow Agent are affected,
      unless it shall have given its prior written consent thereto.

     

    5.2.  Indemnification.
      The
      Escrow Agent shall be indemnified and held harmless by the Company from and
      against any expenses, including counsel fees and disbursements, or loss suffered
      by the Escrow Agent in connection with any action, suit or other proceeding
      involving any claim which in any way, directly or indirectly, arises out of
      or
      relates to this Agreement, the services of the Escrow Agent hereunder, or the
      Escrow Shares held by it hereunder, other than expenses or losses arising from
      the gross negligence or willful misconduct of the Escrow Agent. Promptly after
      the receipt by the Escrow Agent of notice of any demand or claim or the
      commencement of any action, suit or proceeding, the Escrow Agent shall notify
      the other parties hereto in writing. In the event of the receipt of such notice,
      the Escrow Agent, in its sole discretion, may commence an action in the nature
      of interpleader in an appropriate court to determine ownership or disposition
      of
      the Escrow Shares or it may deposit the Escrow Shares with the clerk of any
      appropriate court or it may retain the Escrow Shares pending receipt of a final,
      non appealable order of a court having jurisdiction over all of the parties
      hereto directing to whom and under what circumstances the Escrow Shares are
      to
      be disbursed and delivered. The provisions of this Section 5.2 shall survive
      in
      the event the Escrow Agent resigns or is discharged pursuant to Sections 5.5
      or
      5.6 below.

     

    5.3.  Compensation.
      The
      Escrow Agent shall be entitled to reasonable compensation from the Company
      for
      all services rendered by it hereunder, as set forth on Exhibit A hereto. The
      Escrow Agent shall also be entitled to reimbursement from the Company for all
      expenses paid or incurred by it in the administration of its duties hereunder
      including, but not limited to, all counsel, advisors’ and agents’ fees and
      disbursements and all taxes or other governmental charges. The Escrow Agent
      shall bill the Company on a monthly basis for services
      rendered.

    
      
        
        

      

      
        3

        
          

        

      

       

    

     

    5.4.  Further
      Assurances.
      From
      time to time on and after the date hereof, the Company and the Initial
      Stockholders shall deliver or cause to be delivered to the Escrow Agent such
      further documents and instruments and shall do or cause to be done such further
      acts as the Escrow Agent shall reasonably request to carry out more effectively
      the provisions and purposes of this Agreement, to evidence compliance herewith
      or to assure itself that it is protected in acting hereunder.

     

    5.5.  Resignation.
      The
      Escrow Agent may resign at any time and be discharged from its duties as escrow
      agent hereunder by its giving the other parties hereto written notice and such
      resignation shall become effective as hereinafter provided. Such resignation
      shall become effective at such time that the Escrow Agent shall turn over to
      a
      successor escrow agent appointed by the Company and approved by Merriman, the
      Escrow Shares held hereunder. If no new escrow agent is so appointed within
      the
      60 day period following the giving of such notice of resignation, the Escrow
      Agent may deposit the Escrow Shares with any court it deems
      appropriate.

     

    5.6.  Discharge
      of Escrow Agent.
      The
      Escrow Agent shall resign and be discharged from its duties as escrow agent
      hereunder if so requested in writing at any time by the Company and a majority
      of the Initial Stockholders, jointly, provided,
      however,
      that
      such resignation shall become effective only upon acceptance of appointment
      by a
      successor escrow agent as provided in Section 5.5.

     

    5.7.  Liability.
      Notwithstanding anything herein to the contrary, the Escrow Agent shall not
      be
      relieved from liability hereunder for its own gross negligence or its own
      willful misconduct.

     

    6.  Miscellaneous.

     

    6.1.  Governing
      Law.
      This
      Agreement shall for all purposes be deemed to be made under and shall be
      construed in accordance with the laws of the State of New York. Each of the
      parties hereby agrees that any action, proceeding or claim against it arising
      out of or relating in any way to this Agreement shall be brought and enforced in
      the courts of the State of New York or the United States District Court for
      the
      Southern District of New York (each, a “New York court”), and irrevocably
      submits to such jurisdiction, which jurisdiction shall be exclusive. Each of
      the
      parties hereby waives any objection to such exclusive jurisdiction and that
      such
      courts represent an inconvenient forum. Each of David Y. Chen, Richard L. Chen,
      Jean Chalopin, Robert B. Hersov, Thomas Doctoroff, Steven Chang and AFG Trust
      Assets Ltd. (together, the “Non-U.S. Initial Stockholders”) has appointed
      ________________ as its authorized agent (the “Authorized Agent”) upon whom
      process may be served in any such action arising out of or based on this
      Agreement or the transactions contemplated hereby which may be instituted in
      any
      New York Court. Such appointment shall be irrevocable. The Company and the
      Non-U.S. Initial Stockholders represent and warrant that the Authorized Agent
      has agreed to act as such agent for service of process and agrees to take any
      and all action, including the filing of any and all documents and instruments
      that may be necessary to continue such appointment in full force and effect
      as
      aforesaid. Service of process upon the Authorized Agent and Written notice
      of
      such service to the Company shall be deemed, in every respect, effective service
      of process upon the respective Non-U.S. Initial Stockholder.

    
      
        
        

      

      
        4

        
          

        

      

       

    

     

    6.2.  Third-Party
      Beneficiaries.
      Each of
      the Initial Shareholders hereby acknowledges that Merriman is a third-party
      beneficiary of this Agreement and this Agreement may not be modified or changed
      without the prior written consent of Merriman.

     

    6.3.  Entire
      Agreement.
      This
      Agreement contains the entire agreement of the parties hereto with respect
      to
      the subject matter hereof and, except as expressly provided herein, may not
      be
      changed or modified except by an instrument in writing signed by the party
      to
      the charged.

     

    6.4.  Headings.
      The
      headings contained in this Agreement are for reference purposes only and shall
      not affect in any way the meaning or interpretation thereof.

     

    6.5.  Binding
      Effect.
      This
      Agreement shall be binding upon and inure to the benefit of the respective
      parties hereto and their legal representatives, successors and
      assigns.

     

    6.6.  Notices.
      Any
      notice or other communication required or which may be given hereunder shall
      be
      in writing and either be delivered personally or by private national courier
      service, or be mailed, certified or registered mail, return receipt requested,
      postage prepaid, and shall be deemed given when so delivered personally or,
      if
      sent by private national courier service, on the next business day after
      delivery to the courier, or, if mailed, two business days after the date of
      mailing, as follows:

     

    If
      to the
      Company, to:

     

    Shine
      Media Acquisition Corp.

    Rockefeller
      Center

    1230
      Avenue of the Americas, 7th
      Floor

    New
      York,
      New York 10020

    Attn:
      David Y. Chen, Chief Executive Officer

     

    If
      to a
      Stockholder, to his address set forth in Exhibit A.

     

    and
      if to
      the Escrow Agent, to:

     

    Continental
      Stock Transfer & Trust Company

    17
      Battery Place

    New
      York,
      New York 10004

    Attn: ________________

     

    A
      copy of
      any notice sent hereunder shall be sent to:

     

    Loeb
      & Loeb LLP 

    345
      Park
      Avenue 

    New
      York,
      New York 10154

    Attn: Mitchell
      S. Nussbaum, Esq.

     

    and:

    
      
        
        

      

      
        5

        
          

        

      

       

    

     

    Merriman
      Curhan Ford & Co.

    600
      California Street

    9th
      Floor

    San
      Francisco, California 94108

    Attn:
      Steven R. Foland

     

    and:

     

    Bingham
      McCutchen LLP

    399
      Park
      Avenue

    New
      York,
      New York 10022

    Attn: 
      Floyd I.
      Wittlin, Esq.

     

    The
      parties may change the persons and addresses to which the notices or other
      communications are to be sent by giving written notice to any such change in
      the
      manner provided herein for giving notice.

     

    6.7.  Liquidation
      of Company.
      The
      Company shall give the Escrow Agent written notification of the liquidation
      and
      dissolution of the Company in the event that the Company fails to consummate
      a
      Business Combination within the time period(s) specified in the
      Prospectus.

     

    -
      Signature
      page of the Company immediately follows
      -

    
      
        
        

      

      
        6

        
          

        

      

       

    

     

    WITNESS
      the execution of this Agreement as of the date first above written.

    
      	 	 	 
	 	
              SHINE
                MEDIA ACQUISITION CORP.

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              
David
              Y. Chen, Chief Executive Officer
	 	 

    

     

    -
      Signature
      page of Initial Stockholders immediately follows
      - 

    
      
        
        

      

      
        7

        
          

        

      

       

    

     

    WITNESS
      the execution of this Agreement as of the date first above written.

     

    
      	 	INITIAL STOCKHOLDERS:
	 	 
	 	 
	 	David
              Y. Chen 
	 	 
	 	 
	 	Richard L. Chen
	 	 
	 	 
	 	Jean Chalopin
	 	 
	 	 
	 	Richard L. Chang
	 	 
	 	 
	 	Robert B. Hersov
	 	 
	 	 
	 	Carl Meyer
	 	 
	 	 
	 	Thomas Doctoroff
	 	 
	 	 
	 	Steven Chang
	 	 
	 	 
	 	Lisa Tseng
	 	 
	 	 
	 	Hock S. Ong
	 	 
	 	 
	 	Estelle Lau
	 	 
	 	 
	 	Hoe Seong
              Ooi

    

     

    -
      Signature
      page of Trustee immediately follows
      -

    
      
        
        

      

      
        8

        
          

        

      

       

    

     

    WITNESS
      the execution of this Agreement as of the date first above written.

     

    
      	 	 	 
	 	
              CONTINENTAL
                STOCK
                TRANSFER

              &
                TRUST COMPANY

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:

	 	Title: 

    

     

    
      
        
        

      

      
        9

        
          

        

      

       

    

     

    SCHEDULE
      A

     

    
      	
              Name
                and Address of 

              Initial
                Stockholder

            	 	
              Number

              of
                Shares

            	 	
              Stock

              Certificate
                Number

            	 	
              Date
                of 

              Insider
                Letter

            
	 	 	 	 	 	 	 
	
              David
                Y. Chen

            	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              Richard
                L. Chen

            	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              AFG
                Trust Assets Ltd.

            	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              Jean
                Chalopin

            	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              Richard
                L. Chang

            	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              Robert
                B. Hersov

            	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              Carl
                Meyer

            	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              Thomas
                Doctoroff

            	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              Steven
                Chang

            	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              Lisa
                Tseng

            	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              Hock
                S. Ong

            	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              Estelle
                Lau

            	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              Hoe
                Seong Ooi

            	 	 	 	 	 	 

    

    
      
        
        

      

      
        10

        
          

        

      

       

    

     

    EXHIBIT
      A

     

    Escrow
      Agent Fees

     

    [To
      be
      determined]

    
      
        
        

      

      
        11

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