Document:

Translation of the Advertising Agency Agreement, dated January 24, 2011

 Exhibit 4.3.6 
 Translation 
 CERTAIN INFORMATION (INDICATED BY ASTERISKS) IN THIS EXHIBIT
HAS 
 BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND 

EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN 
 REQUESTED WITH RESPECT TO THE OMITTED PORTION. 
 Shanghai Media
Group 
 2011 Advertising Agency Agreement 
 No.: W2011029 
 Party A: Shanghai Media Group; Advertising Management
Center of Shanghai Media Group (“Party A”) 
 Party B: Shang Xing Media Co., Ltd. (“Party B”) 

WHEREAS: 

Having each been granted the opportunity to read this Agreement, Party A and Party B hereby expressly understand and acknowledge as
follows: 
 1. Shanghai Media Group and Advertising Management Center of Shanghai Media Group together constitute Party A.
Advertising Management Center of Shanghai Media Group is an entity which centrally manages and operates, under the authorization of Shanghai Media Group, advertisement placement matters in respect of the media owned by Shanghai Media Group as well
as other media owned by Party A, and which is authorized to exercise the rights hereunder and perform the obligations hereunder; 
 2. Shang Xing Media Co., Ltd. constitutes Party B. Party B is an advertisement business entity which is lawfully organized in the People’s Republic of China, has been duly registered with and
approved by the industry and commerce administration, and is permitted to engage in the business of placing advertisements in the media. Party B warrants that it has the qualifications and ability to independently exercise its rights hereunder and
perform its obligations hereunder; 
 3. The Parties share the common wish of engaging in friendly cooperation and developing
the TV advertisement business; and 
 4. Party B agrees that, under the circumstance where Party A notifies Party B, Party A
shall have the right to transfer the rights and obligations under this Agreement to Party A’s subsidiaries. 
 NOW,
THEREFORE, in accordance with relevant provisions of the Contract Law of the People’s Republic of China, the Advertising Law of the People’s Republic of China and other relevant laws and regulations, based on the principle of good faith,
friendly cooperation and mutual benefits, Party A and Party B hereby reach the following agreements in respect of the placement by Party B in 2011 of advertisements on the TV channels owned by Shanghai Media Group: 

Article 1 Definitions  
 For the purpose hereof, unless otherwise required by the context, the following words and expressions shall have the following meanings: 

1. Agreement Price. For the purpose hereof, the term “Agreement Price” means the amount to be paid by Party B to Party A in
accordance with Article 4.1 hereof. 
 2. Erroneous Broadcasting. For the purpose hereof, the term “Erroneous
Broadcasting” means the broadcasting by Party A of the advertisements of Party B with an error of version, date, time slot, channel, etc. 
 3. Omitted Broadcasting. For the purpose hereof, the term “Omitted Broadcasting” means a failure to broadcast the advertisement booked by Party B. 

 4. Ceased Broadcasting. For the purpose hereof, the term “Ceased Broadcasting”
means a cessation by Party A of advertisement broadcasting due to force majeure or such causes as set out in Article 6.5 hereof. 
 Article 2 Term of Agreement  
 The term of this Agreement shall
commence as from January 1, 2011 and expire as of December 31, 2011. 
 Article 3 Scope of Agreement 

 1. Party B shall purchase from Party A the advertisement operation right for a total of ***** minutes per day and *****
minutes per day during the day and night time, respectively, on the channel of Dragon TV. 
 2. Party B’s advertisement
operation right shall be limited to the time covered by this Agreement. Non-traditional advertisement methods such as naming right, special broadcasting sponsorship, content provider advertisement, program banner and virtual advertisement are not
subject to this Agreement. 
 Article 4 Agreement Price, Guarantee Deposit and Payment  

4.1 The Agreement Price to be paid by Party B for the purchase of the advertisement operation right hereunder shall be RMB*****.

 4.2 Party B shall pay the Agreement Price without delay in accordance with the following schedule: 

 

			
	 January, 2011:
	  	RMB*****
	 February, 2011:
	  	RMB*****
	 March, 2011:
	  	RMB*****
	 April, 2011:
	  	RMB*****
	 May, 2011:
	  	RMB*****
	 June, 2011:
	  	RMB*****
	 July, 2011:
	  	RMB*****
	 August, 2011:
	  	RMB*****
	 September, 2011:
	  	RMB*****
	 October, 2011:
	  	RMB*****
	 November, 2011:
	  	RMB*****
	 December, 2011:
	  	RMB*****

 NOTE: The payment dates for the
above payments shall all fall no later than the 25th day of each month. The guarantee deposit to be separately paid by Party B may and may only be converted into corresponding amount of the Agreement Price for the last two months of the term.

 4.3 Within one week from the execution hereof, Party B shall pay a sum of RMB***** to Party A as the guarantee deposit for
its purchase of the advertising operation right hereunder. If Party B fails to timely pay the full amount of such guarantee deposit on a lump-sum basis, Party A shall have the right to immediately terminate this Agreement. 

4.4 Party A shall have the right to directly deduct from its guarantee deposit the advertisement broadcasting fee and such liquidated
damages, indemnities and any other outstanding payment as set out in Article 6. Party B shall make up the deducted guarantee deposit within 10 days from such deduction, failing which Party A shall have the right to proceed in accordance
with Article 6.3 hereof. 
 4.5 If Party B fails to pay in full the Agreement Price, Party A shall have the right to treat
the guarantee deposit as the money to set off the unpaid portion of the Agreement Price. Where such guarantee deposit is not sufficient to cover such unpaid portion of the Agreement Price, Party A may separately claim the same from Party B.

  
 2 

 Article 5 Rights and Obligations of the Parties  

5.1 Party A shall be entitled to review the relevant qualifications of Party B before the entry into of this Agreement and Party B shall
be obligated to truthfully provide relevant documents to Party A in accordance with relevant requirements of the state and shall be held legally liable for the truthfulness of such documents. 

5.2 Subject to written consent of Party A, Party B may exercise its rights in accordance with the principle of “independent
promotion, independent pricing and independent operation” in the programs in respect of which Party B has the operation right as an agent hereunder, provided that Party B shall cooperate with the special requests imposed by Party A on the
broadcasting of relevant brand advertisements in light of the requirements of relevant laws, regulations and policies, the need for public opinion guidance management or the need to stabilize or safeguard market order. 

5.3 Party B covenants that during the course of the operations conducted by it in 2011 as an agent hereunder, it shall refrain from
applying the CPRP, or cost per rating point method to its customers and shall safeguard the stability of the pricing system in conjunction with Party A. 
 5.4 The Parties shall separately determine, by way of advertisement placement and broadcasting booking orders, the lengths and positions of the advertisements to be actually placed and broadcasted during
the performance of this Agreement. The booking orders of Party B shall in principle be in the form of an original copy duly signed by the business personnel of Party B and affixed with the corporate seal of Party B. Party B shall provide the name
list of such business personnel to Party A for its confirmation and recordal. If Party B makes the order by fax, then, in addition to the signature and sealing as required of the original copy of an order, such faxed copy shall also clearly set out
the fax number and the transmission time. A booking order will become effective immediately upon confirmation, signature and sealing by the business personnel of Party A. 
 5.5 The Parties agree that the broadcasting of advertisements hereunder during each day or period shall be based on the program play-out schedule of the day of broadcasting. Where Party B fails to provide
the advertisement schedule, or where Party B provides an advertisement schedule with advertisement broadcasting times different from the advertising operation time of such day or period as notified by Party A to Party B in accordance with this
Agreement, Party B shall be deemed to have used its advertising operation right in respect of such day or period in full conformity with this Agreement. 
 5.6 The advertisements provided by Party B shall comply with the Advertising Law of the People’s Republic of China and relevant laws and regulations and shall not violate any prior right, such as
copyrights and portrait rights, of any third party. Party B shall furnish to Party A relevant certificates and approvals issued by relevant competent authorities. Medical advertisements shall be subject to review and approval by relevant authorities
of Shanghai City. Party B further agrees to strictly abide by relevant requirements of relevant competent authorities of the state on the placement and broadcasting of advertisements as well as the Advertisement Placement and Broadcasting
Instructions issued by Party A. Otherwise, Party A shall have the right to decline the broadcasting of such advertisements and Party B shall bear all losses arising therefrom. Party B shall be responsible for any economic and legal liabilities
resulting from any political mistake or breach of relevant regulations arising after the broadcasting of any advertisement. Party A shall not be held liable, on account of its act of review, for the lawfulness and truthfulness of the content of any
advertisement or any consequence arising from such advertisement. 
 5.7 Party A shall have the right to review the sample tapes
of advertisements in terms of their content, expressive form, technical standard, etc and to demand Party B to make modifications to sample tapes of advertisements which contain contents and expressive forms that are in violation of applicable laws,
regulations and rules or which fail to meet technical standards. Unless and until such modifications are made, Party A shall have the right to refuse the broadcasting of the same and Party B shall bear all losses arising therefrom. If Party A
suffers losses or reputation damage due to the content or the expressive form of the advertisements provided by Party B, Party B is obliged to fully compensate Party A, including, without limitation, direct economic loss, lawsuit charges and lawyer
charges. 

  
 3 

 5.8 The advertisement broadcasting tapes and advertisement placement and broadcasting orders
of Party B shall be delivered to Party A ten days before the broadcasting date and Party B shall be liable for the broadcasting delay arising out of its failure to deliver the same. The advertisement broadcasting tapes shall be consistent with the
sample tapes of advertisement which have been previously provided to, and approved by, Party A and shall equally be consistent with the version indicated in the relevant advertising placement and broadcasting order, failing which Party B shall be
responsible for all liabilities arising therefrom. A tape number shall be applied for in relation to an advertisement before it is broadcasted, and the booking order shall state not only the relevant version or the relevant brand but shall also
state the relevant tape number, which shall have the overruling effect. If the booking order of Party B contains the brand or version information only and does not contain the tape number information, Party A shall have the right to refuse to
broadcast the advertisement and Party B shall bear all losses arising therefrom. 
 5.9 Any modification or cancellation by
Party B of an advertisement order shall be notified by way of a signed written notice to Party A seven business days before the broadcasting date of the advertisement and shall obtain written consent of Party A. If such notice is provided to Party A
four business days before the broadcasting date of the advertisement and if Party A grants its consent, Party B shall pay to Party A a fee equal to *****% of the modified or cancelled portion of the original order. No advertisement order may be
modified or cancelled three business days before its broadcasting date. 
 5.10 Any objection by Party B to the broadcasting of
an advertisement shall be made in writing within 15 business days from the agreed broadcasting time of the advertisement and shall be accompanied by written and taped broadcasting monitoring documents issued by an authoritative broadcasting
monitoring company acceptable to the Parties. If Party B has not made any written objection within such 15 business days, the broadcasting of such advertisement shall be deemed accurate and valid. Party A may at the request of Party B issue a
broadcasting completion certificate within 30 days from the broadcasting date of an advertisement. 
 5.11 Party B shall
timely make the payments agreed hereunder. Party B shall not demand a reduction of the agreed total Agreement Price on grounds of insufficient advertisement business development or any other reasons. 

5.12 Party B undertakes to place without delay the advertisements in accordance with the requirements set out herein within the times and
deadlines agreed herein. Party A will not broadcast any advertisement which has missed such time and deadline. 
 5.13 During
its performance of the advertising agency agreement hereunder, Party B shall be responsible for resolving, and shall assume relevant liabilities for, any creditor rights, debt or other economic disputes arising as a result of reasons attributable to
Party B or its customers, or any suit or dispute arising after the broadcasting of any advertisement. 
 5.14 During its conduct
of the advertising agency operations hereunder, Party B shall give Party A a written notice of any of its change in equity interests, material asset disposal/or guarantee, lawsuits and other material matters, as well as any material project
cooperation, mortgage creation or loan extension and like economic activities in relation to a third party and shall provide relevant documents together with such notice. Party A reserves the right to pursue Party B for its failure to comply with
this notice obligation. 
 Article 6 Breach of Contract Liabilities  

6.1 Party B agrees that it shall immediately notify Party A of any of its breaches of the foregoing provisions and shall timely take
actions to duly remedy the same; and that it shall solely assume all relevant losses, responsibilities, obligations and expenses and breach of contract liabilities; and that Party A shall have the right to immediately terminate this Agreement.

 6.2 Upon its entry into force, this Agreement shall not be defaulted, incompletely performed, unduly modified or terminated
by neither of the Parties. In addition to complying with laws and relevant contractual provisions, any termination or modification of this Agreement shall be subject to the mutual agreement of the Parties and shall be effected by a separate
supplementary agreement to be entered into by the Parties in accordance with law. Failure to comply with the foregoing sentence shall be deemed a breach of this Agreement. In addition to its right to request the breaching Party to continue to
perform this Agreement, the non-breaching Party shall also have the right to demand the breaching Party to pay liquidated damages equal to *****% of the portion of the Agreement Price which remains to be performed. 

  
 4 

 6.3 Party B shall make the payments in accordance with this Agreement. Late payment by Party
B shall entitle Party A to cease the broadcasting of Party B’s advertisements and ultimately, to unilaterally terminate this Agreement without a refund of the guarantee deposit to Party B. In addition, Party A shall be entitled to request Party
B to pay to it a late payment penalty equal to *****% of the aggregate sum of late payment for each day of delay until full settlement of such late payment. If a payment by Party B becomes overdue for more than 30 days (including the given ten
days to make up the deducted guarantee deposit), Party B shall, in addition to the late payment penalty, pay to Party A late payment damages equal to *****% of the overdue payment. 

6.4 If Party B is breach of Article 5.3 hereof, Party B shall assume breach of contract liabilities and forfeit the guarantee
deposit and Party A shall be entitled to immediately terminate this Agreement. 
 6.5 Party A shall broadcast Party B’s
advertisements in accordance with this Agreement. In the event of an Erroneous Broadcasting or a Omitted Broadcasting, Party A will make up the broadcasting in accordance with the principle of “One Make-up Broadcasting for One Erroneous
Broadcasting; Two Make-up Broadcastings for One Omitted Broadcasting”, with the make-up broadcasting time slots to be arranged for by Party A in accordance with the program schedule. However, if, due to a change in the programs of the various
TV channels owned by Party A, the order of a superior authority, or a mechanical failure and like reasons, a program or its broadcasting time or channel has been modified and has thereby made it impossible to broadcast an advertisement or has
thereby resulted in an inconsistency between the actual broadcasting of the advertisement and its booking order, no breach shall be deemed to have occurred. 
 6.6 Should anyone from Party B’s end interfere the ratings, Party A shall have the right to take relevant measures until it terminate this Agreement without conditions and retain the right to claim
for any legal responsibility. 
 6.7 Party B shall independently operate the project provided under this Agreement, and shall
not assign or subcontract the project provided under this agreement by any means. Party B shall be the same entity operating the project provided under this agreement, and shall not change or transfer in any ways (including joint venture or
cooperation agreement). Party B, who operates the project under this agreement, shall not co-operate with any other 2011 projects of party A by any means. Should Party A find this situation, Party B shall be deemed default, and Party A is entitled
to confiscate party B’s guarantee deposit and terminate this Agreement immediately. 
 Article 7 Independent
Contractors  
 7.1 The Parties hereto are independent contractors and no joint venture, partnership or employment
relationship is created between the Parties. No Party or any of its employees or agents may conduct, or attempt to conduct, business on behalf of the other Party as a partner, representative, employee or otherwise or represent itself as such either
explicitly or implicitly. 
 7.2 Without written consent of Party A, Party B may not carry out external publicity activities by
representing itself as a sponsorship partner or sponsor of the programs of Party A, nor shall it use the names, logos or other marks of Party A. 
 Article 8 Contractual Effect  
 8.1 Without written consent of Party A,
Party B may not assign this Agreement or any of its rights and obligations hereunder. Where Party B is found to have made such an assignment without authorization, Party B shall forfeit the guarantee deposit and Party A shall be entitled to
immediately terminate this Agreement. 
 8.2 The following documents shall have the same legal force as this Agreement:

  

	 	(1)	Advertisement placement booking orders; 

  

	 	(2)	The last released 2011 standard advertising prices list (in the event of any change, the standard price/s released by Party A immediately thereupon shall apply);

  
 5 

	 	(3)	Advertisement Placement and Broadcasting Instructions; 

  

	 	(4)	Hard-Sell Advertisement Resources Table; 

  

	 	(5)	Notes on the Advertising Resources Table; and 

  

	 	(6)	All kinds of relevant regulations, policies and orders of Party A’s superior units or administration authorities. 

Article 9 Force Majeure 
 If, due to earthquake, typhoon, flood, fire, the order of a superior authority of Party A and other force majeure events, a Party is prevented from continuing to perform this Agreement, the Parties shall
terminate this Agreement without liability to each other, provided that the affected Party shall have timely notified the other Party upon occurrence of the force majeure event. 

Article 10 Dispute Resolution 
 Upon effectiveness of this Agreement, any dispute arising out of its performance shall be resolved by the Parties through amicable consultations, failing which, such dispute may be submitted by the
Parties to the People’s Court of the place of performance of this Agreement. 
 Article 11 Effectiveness

 11.1 This Agreement shall be made in Chinese in four originals, with each of the Parties holding two copies thereof. Each
copy shall have the same legal force. 
 11.2 This Agreement shall become effective on the date when it is signed and sealed by
each of the Parties. 
  

			
	Party A:	  	Party B:
	Shanghai Media Group;	  	Shang Xing Media Co., Ltd.
	Advertising Management Center of	  	
	Shanghai Media Group	  	
		
	By:	  	By:
	(Seal)	  	(Seal)
		
	Date: Jan 24, 2011	  	Date: Jan 24, 2011

  
 6 

 2011 Advertisement Rates List of Dragon TV 

 

							
	 Time
	  	 Program
	  	 	  	 30 Seconds

	 0700-0900
	  	View on Orient-Break	  		  	*****
	 0900-1200
	  	Entertainment (repeated)-Break	  	Mon.-Fri.	  	*****
	 0830-1200
	  	Weekend Cinema- P&S Ad.	  	Sat.-Sun.	  	*****
	 0830-1200
	  	Weekend Cinema- Break	  	Sat.-Sun.	  	*****
	 0830-1200
	  	Weekend Cinema- Ending	  	Sat.-Sun.	  	*****
	 1200-1230
	  	Oriental Noon News- Break	  	Mon.-Fri.	  	*****
	 1200-1230
	  	A Tale of Two Cities- break	  	Sat.	  	*****
	 1235-1800
	  	Weekend Cinema- P&S Ad.	  	Sat.	  	*****
	 1235-1800
	  	Weekend Cinema- Break	  	Sat.	  	*****
	 1235-1800
	  	Weekend Cinema- Ending	  	Sat.	  	*****
	 1235-1700
	  	Classic Cinema- P&S Ad.	  	Mon.-Fri.	  	*****
	 1235-1700
	  	Classic Cinema- Break	  	Mon.-Fri.	  	*****
	 1235-1700
	  	Classic Cinema- Ending	  	Mon.-Fri.	  	*****
	 1700-1730
	  	Outside-made program A- Break	  	Mon.-Fri.	  	*****
	 1730-1800
	  	Outside-made program B- Break	  	Mon.-Fri.	  	*****
	 1200-1800
	  	Weekend Short Show- Break	  	Sun.	  	*****
	 1800-1858
	  	Oriental News- Break	  		  	*****
	 1858
	  	before CCTV News	  		  	*****
	 1935
	  	Gold Cinema 1- P&S Ad.	  		  	*****
	 2000
	  	Gold Cinema 1- Break	  		  	*****
	 2025
	  	Gold Cinema 1- Ending	  		  	*****
	 2035
	  	Gold Cinema 2- P&S Ad.	  		  	*****
	 2040
	  	Gold Cinema 2- Break	  		  	*****
	 2105
	  	Gold Cinema 2- Ending	  		  	*****
	 2105-2200
	  	Happy Cube- Break	  	Mon.-Thu.	  	*****
	 2200-2300
	  	Self-made program- Break	  	Mon.-Thu.	  	*****
	 2105-2300
	  	Chose From Hundred- Break	  	Fri.	  	*****
	 2105-2300
	  	Self-made entertainment- Break	  	Sat.	  	*****
	 2105-2300
	  	Reality Show- Break	  	Sun.	  	*****
	 2300-2345
	  	Oriental Night News- Break	  		  	*****
	 2345-0030
	  	Topics- Break	  		  	*****
	 0030-0700
	  	Overnight Cinema- Break	  		  	*****

 Notes: 

 

	1.	Additional *****% will be charged for the first or last place; additional *****% for the second or the second to last place; additional *****% for the third or the
third to last place; additional *****% for any other place required. 

  

	2.	In January, February, September and December of 2008, all rates for all advertisements at all times will be increased by *****%. 

 

	3.	The Rate List is the temporary version for January to March, 2011. 

  

	4.	The right of interpretation belongs to the operation department of Dragon TV. 

  
 7 

 Cooperation Memorandum 

Based on the principle of equality, mutual benefits and friendly cooperation, Party A and Party B hereby reach the following agreements
in respect of the advertisement placement undertaken by Party B on Party A’s Dragon TV: 
 1. Party B shall exclusively
undertake the advertisement operation right for a portion of Dragon TV’s advertising time in 2011 
 1.1 Party B shall
serve as an exclusive agent of advertisement for a portion of advertising time on Party A’s medias, and place advertisements for certain brands represented by Party B (Party B shall report to Party A and get its approval) for a portion of
Dragon TV’s advertising time (the time agreed by both Parties). Party B shall undertake the advertisement operation right of a portion of Dragon TV’s advertising time, with ***** minutes per day and ***** minutes per day during the day and
night time, respectively, and ***** minutes per year and ***** minutes per year during the day and night time, respectively. 

1.2 Party shall have the advertisement operation right for a portion of Dragon TV’s advertising time, for a price of RMB*****.

 1.3 According to the principle of advertisement division, the first or last place of the advertising time shall be divided as
per the time length, and Party B owns *****% of the total time. In principle, Party B shall use the advertising time of the last place. Should Party B’s customer need to use the advertising time of the first place, both Parties shall negotiate.

 1.4 Party A, who encounters a changing program schedule, shall ensure Party B that the total length of the advertising time
as well as the total amount of advertisement placement shall reach ***** minutes per year and ***** minutes per year during the day and night time, respectively. Party A, who fails to ensure party B the advertising time and advertisement placement
due to the changing program schedule, shall make up the total unperformed broadcasting time with the comparable advertisement placement within that given year, or waive Party B’s advertising fees of an equivalent amount. 

2. Filling of customers in 2011 
 2.1 The customers filled by Party B in 2011 shall be subject to the filed customer list as attached. 
 2.2 Should the customer, listed in the attachment, express clearly that it will assign other advertisement agency to conclude agreement with Party A and provide with the evidential documentation, Party B
shall agree to separate this customer from the filed customer list, expect for the circumstance of malicious completion conducted by the customer. Should other agency obtain the advertisement placement right with lower price, the customer shall
still negotiate with Party B regarding the placement. 
 2.3 Should Party B include the customer of case agency in 2010, Party B
shall, according to the evidential documentation provided by the customer, report to Party A for the additional advertisement operation right of Dragon TV. 
 3. Integrated marketing project 
 3.1 Party B shall actively cooperate with
Party A to reach the integrated marketing project of an amount of RMB*****. The customer development shall base on the filed customers. The agency fee provided in the agency agreement for the integrated marketing project is *****%, while the agency
fee for the amount of integrated marketing project which surpasses RMB***** is *****%. 
 4. Cooperation for program
production 
 4.1 The cooperation of producing the evening party shows and special programs. 

  
 8 

 4.2 Program production based on the customer’s need with both Parties negotiating the
price and cooperating in terms buyout. 
 5. Price system 

5.1 Discount: execute the price system in accordance with the announced by the Advertising Management Center. The price system announced
by the Advertising Management Center shall be included in the 2011 Dragon TV’s Agency Agreement as one of the attachments. 

5.2 Toward the non-annual customer, both Parties shall abide by the price system hereof determined, and strictly perform the uniform
sales policy in accordance with the price system. 
 5.3 The annual customer shall decide its brand and, for the hardware rather
than the software, abide by the price system agreed between Party A and Party B (for example, should the individual customer request for increasing the hardware, it shall also abide by the discount system agreed upon). Both Parties shall negotiate
and determine in advance; non-annual customer shall not interfere the price system. 
 5.4 Party A and Party B shall abide by
the above clauses together. 
 6. In accordance with the foregoing cooperation model, should Party A and Party B cooperate
pleasantly and Party B accomplish the agreed amount, both Parties shall further negotiate the renewal of this Agreement at the end of 2011. 

Party A: 
 Shanghai Media Group; 

Advertising Management Center of 
 Shanghai Media
Group 
 By: 
 (Seal) 

Date: Nov 26, 2010 
 Party B: 

Shang Xing Media Co., Ltd. 
 By: 

(Seal) 
 Date: Nov 26, 2010 

  
 9Translation of the Exclusive Agency Agreement

 Exhibit 4.3.7 
 Translation 
 CERTAIN INFORMATION (INDICATED BY ASTERISKS) IN THIS EXHIBIT
HAS 
 BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND 

EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN 
 REQUESTED WITH RESPECT TO THE OMITTED PORTION. 
 Advertising
Agency Agreement 
 Party A: Tianjin TV Satellite Media Co., Ltd. 
 Party B: Shang Xing Media Co., Ltd. 
 WHEREAS, Party A owns all of the advertising operation
rights of Tianjin TV Station Satellite TV Channel (“Tianjin Satellite TV”) and Party B is a professional advertising firm with a long history of cooperation with Tianjin TV Station; NOW THEREFORE, pursuant to the general principles below,
upon friendly consultation, Party A and Party B hereby enter into this Agreement: 
 Article 1 Scope of Cooperation and General Principles

 1.1 In order to foster an ever stronger Tianjin Satellite TV and achieve win-win results during the course of development, Party A and
Party B agree to cooperate with each other on the advertising business. All detailed provisions governing this cooperation are being entered into by Party A and Party B in accordance with the principles of fairness, reasonableness, trustworthiness
and mutual sharing of benefits. 
 1.2. Party A and Party B intend to abide by the philosophy of “scientific development” and devote
themselves to the brand building, program innovation and advertising operation of Tianjin Satellite TV and thereby enhance its audience rating and influence and ensure a positive growth of advertising revenues. 

1.3. Pursuant to the laws and regulations of the state and relevant stipulations, Tianjin Satellite TV is a mass media organization of the Party and the
Government and enjoys final programming and review and approval rights in respect of the contents to be broadcasted by it. 
 1.4. The Parties
acknowledge that matters not covered under this Agreement shall be dealt with in accordance with the foregoing principles. 
 Article 2
Aggregate Advertising Business Revenue and Period of Agency 
 2.1 Party A and Party B agree that during 2011, Party B shall be appointed by
Party A as its exclusive agent to operate Category One brands advertisements (exclusive of shopping ads and event marketing) and shall achieve an advertising revenue quota of RMB***** (RMB used herein refers to the legal tender of the PRC).

 2.2 The period of agency shall be January 1, 2011- December 31, 2011. 
 Article 3 Agreement on the Contracted Brand Advertisements 
 3.1 Party A appoints Party B as
its exclusive agent to operate Category One brands advertisements (exclusive of shopping ads and event marketing); such brand advertisements shall include all hard-sell advertisements, and special form advertisements such as TV Drama Theater shows,
conventional programs naming rights and special broadcasting sponsorships. 
 3.2 Party B undertakes to Party A that as the exclusive agent for
2011 Tianjin Satellite TV brands advertisements, it shall guarantee the achievement of the advertising business revenue quota of RMB*****; namely, Party B shall pay to Party A 2011 advertising receipts in the amount of RMB*****. 

3.3 Mechanism of Advertising Operation 

 3.3.1 Party B shall set up a branch entity (“Party B’s Branch”) in Tianjin, which shall
assume full-process responsibility for the Tianjin TV’s brand advertising operations contracted for hereunder, provided however that Party B shall continue to be responsible to Party A for the liabilities and obligations hereunder. 

3.3.2 In order to well carry out the Satellite TV’s 2011 advertising operations, Party A’s business personnel shall actively participate in the
advertising sales work for which Party B acts as the exclusive agent, shall, in accordance with the pricing policy system mutually agreed by Party A and Party B, well carry out the sales and services in respect of local advertising customers which
Party A’s business team has served but which have not yet placed ads with Tianjin Satellite TV, and shall work in conjunction with the business team of Party B to jointly seek to achieve the advertising operation revenue quota. The revenue
quota for the agency work handled by Party A’s business team shall reach at least RMB***** (the list of customers, their 2010 ad placement volumes and their business scope are more fully set out in Exhibit 1). If such revenue quota is met by
Party A’s business team, Party B shall pay Party A’s business team a bonus equal to *****% of the revenue quota, as reimbursement of the marketing expenses incurred by Party A’s business team in connection with the obtaining by it of
relevant business; if such revenue target is missed, the shortfall will be offset against the contracted net aggregate revenue quota, except where such missing of the target has resulted from reasons attributable to Party B in terms of pricing
policy and time resources, provided however, a signed confirmation shall be obtained from the general manager of Party B that such circumstances are actually attributable to Party B. 
 3.4 Advertising Business Agency Fee 
 3.4.1 Party A undertakes to Party B that if Party B achieves
in accordance with the plan the advertising agency business revenue quota and has paid the full amount of advertising fee receipts to Party A, Party B shall be entitled to obtain the advertising business agency fee. Party A shall through Party
B’s Branch refund to Party B *****% of the aggregate contracted advertising agency business revenue quota as the advertising business agency fee; and the advertising business agency fee to be paid by Party A to Party B’s Branch in the year
of 2011 shall total RMB***** (*****); 
 3.4.2 Form of Refund: The refund shall be made on a monthly basis by deducting the relevant amount from
the contracted quota turned over by Party B’s Branch to Party A each month. 
 Article 4 Specific Agreement on Brands Advertisement
Resources 
 4.1 Party B, in the capacity of the exclusive general agent for Tianjin Satellite TV’s brands advertisement business, shall
be the sole outlet for the operation of such type of advertising business of Tianjin Satellite TV. During the term of this Agreement, without written consent of Party B, neither Party A nor its subordinated departments or companies shall operate,
sell or place in whatsoever manner any and all Category One advertisements (exclusive of shopping ads and event marketing) of Tianjin Satellite TV. Personnel of the advertising department of Party A shall be responsible for the programming and
broadcasting of, and provision of relevant services for, such advertisements and shall participate in Party B’s operation, selling and servicing of such advertisements. 
 4.2 Definition of brands advertisements forms. All “Category One” forms of advertisements of Tianjin Satellite TV (exclusive of shopping ads and event marketing) are brand advertisements,
including without limitation all kinds of commercial advertisements, TV drama and movie shows, program naming rights, screen corner advertisements, weather forecast (advertisements), special broadcasting sponsorships, program cooperation
sponsorships, and soft-sell advertisements embedded in programs. 
 4.3 All advertisement forms shall be broadcasted in accordance with relevant
laws and regulations of the state and relevant governmental authorities. 
 4.4 Total length of advertising time available to the agent. In
accordance with the No. 61 Order of the State Administration of Radio, Film and Television, the total length of advertising time and the share of advertising time slots shall be as follows: 

4.4.1 During 2011 daytime slots (08:00-18:30), total TV advertising time shall be no less than *****minutes per day; 

  
 2 

 4.4.2 During 2011 nighttime slots (18:30-24:30), total TV advertising time shall be no less than *****
minutes per day; 
 Further, (1) ***** minutes per day shall take place between 19:30-22:30; (2) Party A will in light of
the actual business circumstances of Party B, provide, as appropriate, additional advertising time and will provide in total ***** minutes of additional advertising time within the time slot 19:00-22:30 (a maximum of ***** minute of advertising per
day). 
 4.4.3 During post-midnight time slots (24:30—8:00), total TV advertising time shall be no less than ***** minutes per day.

 4.5 In order to enhance the brand image and audience rating of Tianjin TV Satellite channel, if Party A launches a new program, Party A and
Party B may in light of the actual status of Tianjin Satellite TV’s advertising operations, determine through mutual consultations the optimal brand composition plan. 
 Article 5 Agreements on Daily Advertising Operations 
 5.1 Advertising Space

 Party A will by the end of November, 2010 prepare the channel programming schedule and the basic advertising space for the year of 2011, in
respect of which Party A and Party B shall carry out consultations and reviews in accordance with the principle of “enhance audience rating, facilitate advertising revenue generation” and Party A shall have the final decision. Party A
shall ensure that the advertising space so determined shall be strictly implemented and shall, in principle, give 5 business days written notice to Party B of any required temporary adjustment to the advertising space, provided that, in the event of
any emergency, or any political task allocated by superior authorities, or other extraordinary circumstances, Party B shall demonstrate its full understanding and Party A shall not be deemed in breach even if it has failed to give Party B 5 business
days written notice for adjustment. 
 5.2 In principle, no programs, including TV dramas, shall be broadcasted with in-film advertisements.
Where such advertisements are necessary, prior written consent of Party B shall be obtained and the relevant advertising revenue shall be calculated towards the contracted revenue quota of Party B. 

5.3 The advertisement pricing and discount system of Tianjin Satellite TV shall be determined by Party B with reference to market prices and shall be
filed by Party B with Party A for record, whereupon Party B shall be responsible for its implementation. 
 Article 6 Agreements on Agency
Security Deposit and Advertising Revenue Quota Payments 
 6.1 Agency Security Deposit 

6.1.1 Party A and Party B agree that relevant advertising agency provisions hereof shall not become effective until Party B shall have timely and fully
paid to Party A the advertising business agency security deposit, which shall be equal to *****% of the total brand advertisements revenue quota contracted by the parties for 2011. Considering that such contracted brand advertisements revenue quota
for 2011 is RMB*****, the agency security deposit to be paid by Party B to Party A shall thus be RMB*****. 
 6.1.2 Party B shall by Nov.30,
2010 pay up the 2011 advertising agency security deposit. If Party B fails to timely pay such agency security deposit, Party B shall be deemed to have automatically waived its exclusive agency rights for Tianjin Satellite TV’s 2011 brand
advertisements. 
 6.1.3 The advertising agency deposit shall be directly transferred from Party B’s account into Party A’s designated
account. 
 6.1.4 The name, number and opening bank of Party A’s account shall be: 

  
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 6.1.5 The name, number and opening bank of Party B’s account shall be: 

6.1.6 If a unilateral breach by Party B results in a failure to perform the contract, Party B shall forfeit its performance security deposit. If Party B
duly performs this Agreement until the expiry of this Agreement (i.e. end of 2011), the agency security deposit paid by Party B may be offset against the share of the last month of 2011 of the contracted advertising revenue quota of 2011.

 6.1.7 If this Agreement is terminated earlier by mutual agreement of the Parties in the absence of any breach by Party B, Party A shall
refund the security deposit to Party B within 5 days from the date of settlement by the Parties of the advertising operation business. 

6.2 Payment of Advertising Revenue Quotas 
 6.2.1 Party B shall by the 25th day of each month pay to Party A the advertising revenue quota of the next month, which shall be equal to 1/12 of the total advertising revenue quota of the current year as agreed under this Agreement,
in accordance with the following schedule: 
 By December 25, 2010, payment of January 2011 advertising revenue quota in the amount of
RMB*****; with the actually paid amount to be RMB***** upon deduction of the agency fee; 
 By January 25, 2011, payment of
February 2011 advertising revenue quota in the amount of RMB*****; with the actually paid amount to be RMB***** upon deduction of the agency fee; 
 By February 25, 2011, payment of March 2011 advertising revenue quota in the amount of RMB*****; with the actually paid amount to be RMB***** upon deduction of the agency fee; 

By March 25, 2011, payment of April 2011 advertising revenue quota in the amount of RMB*****; with the actually paid amount to be RMB***** upon
deduction of the agency fee; 
 By April 25, 2011, payment of May 2011 advertising revenue quota in the amount of RMB*****; with the
actually paid amount to be RMB***** upon deduction of the agency fee; 
 By May 25, 2011, payment of June 2011 advertising revenue
quota in the amount of RMB*****; with the actually paid amount to be RMB***** upon deduction of the agency fee; 
 By June 25, 2011,
payment of July 2011 advertising revenue quota in the amount of RMB*****; with the actually paid amount to be RMB***** upon deduction of the agency fee; 
 By July 25, 2011, payment of August 2011 advertising revenue quota in the amount of RMB*****; with the actually paid amount to be RMB***** upon deduction of the agency fee; 

By August 25, 2011, payment of September 2011 advertising revenue quota in the amount of RMB*****; with the actually paid amount to be RMB*****
upon deduction of the agency fee; 
 By September 25, 2011, payment of October 2011 advertising revenue quota in the amount of
RMB*****; with the actually paid amount to be RMB***** upon deduction of the agency fee; 
 By October 25, 2011, payment of
November 2011 advertising revenue quota in the amount of RMB*****; with the actually paid amount to be RMB***** upon deduction of the agency fee; 
 By November 25, 2011, payment of December 2011 advertising revenue quota in the amount of RMB*****; with the actually paid amount to be RMB***** upon deduction of the agency fee. 

The monthly revenue quotas to be paid during the following two years shall be fixed in accordance with the same principle on the basis of the respective
contracted quotas to be newly determined by the Parties. Party A shall issue to Party B an advertisement broadcasting payment invoice on the date of receipt of the above advertising revenue payments. 

  
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 6.2.2 Party B shall be deemed in breach if it fails to timely and fully pay payable advertising revenue
quotas and so defaults for more than 5 business days, in which event Party A may unilaterally terminate the contract without refunding the agency security deposit. 
 Article 7 Bonus 
 If Party B achieves the brand advertisements revenue quota of RMB***** in
accordance with this Agreement, Party A will award a quota accomplishment bonus to Party B equal to *****% of the Category One advertisements revenue quota; the payment of which shall be made in the same manner as the refunding of the agency
security deposit, namely, such bonus may be set-off against the share of the last month of 2011 of the contracted advertising revenue quota of 2011. Such bonus shall be paid no later than December 31, 2011. 

Article 8 Programming and Broadcasting Review of Advertisements and Relevant Services 

8.1 During the term of this Agreement, the broadcast programming of the advertisements shall be governed by the Tianjin Satellite TV Programs and
Advertising Space Arrangement to be determined by the Parties through mutual consultations. In the event of a temporary space adjustment, the advertising space shall be governed by the space arrangement of the then current day, provided that Party A
shall be obligated to provide 2 days written notice to Party B, so that Party B may notify the advertisers. In the event of any urgent adjustment under extraordinary circumstances, Party A shall notify Party B as soon as possible. 

8.2 In order to guarantee stable carrying-out of the advertising operation, Party A shall ensure the stability of the advertising space. In the event of
any space adjustment due to state policy or political publicity campaigns, Party B shall unconditionally accept such adjustment, provided that Party A shall seek to ensure that the total advertising time available to Party B during the affected time
slots shall remain unchanged. Space and advertising time slot adjustments arising out of the space re-arrangement needs of Party A shall be discussed and considered by the Parties, but Party A shall have the final decision. 

8.3 Party A shall be responsible to coordinate with Tianjin Satellite TV so that the advertisements provided by Party B shall be broadcasted during the
advertising time slots. If Party B cannot timely put in place advertisements for Party A to broadcast during the relevant time slots, Party A shall only have the right to broadcast non-profit promotional or publicity films and public interest
advertisements during such time slots. Party A shall be deemed in breach if it broadcasts other advertisements or otherwise broadcasts for profit. 
 8.4 Party B shall in principle provide the advertisement schedule 3 business days before the date of broadcasting and shall provide the sample broadcasting tapes of advertisements 2 business days in
advance. Unless otherwise provided herein, Party A may not modify the sample tapes of advertisements without consent of Party B. 

Article 9 Rights and Obligations of Party A 
 9.1 Party A shall have the right to receive from Party B the mutually agreed advertising revenue quota payments in accordance with the relevant payment provisions hereof. 

9.2 In order to fully understand the status of the programs of Tianjin Satellite TV Channel and the overall circumstances of ad resources of Tianjin
Satellite TV Channel, the management of Party A and the management of Party B shall on a monthly basis hold an information exchange meeting at which Party A shall timely provide information on the programs, programming, large events and audience
ratings and Party B shall provide information on the ad placement status with the programs broadcasted by Tianjin and other basic information. 

9.3 Party A shall be obligated to cooperate with Party B and participate in the ad sales work of Tianjin Satellite TV; shall, on the basis of Party
B’s case-by-case (with respect to each sales order)management model, provide Party B with information on normally registered customers; and shall, in accordance with the ad pricing policy established by Party B, cooperate with the Party B to
enable successful sales and services to customers and assist Party B to actively develop new customers. 

  
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 9.4 Party A shall be obligated to provide the advertisement broadcasting programming schedule of Tianjin
Satellite TV and furnish broadcasting certificates. 
 9.5 Party A shall be obligated to cause relevant personnel of Tianjin Satellite TV to
cooperate with Party B in its carrying out of the advertising operations hereunder. 
 9.6 Party A undertakes that during the term of the
contract it will spend more funds on the purchase of TV dramas than during the previous year. 
 9.7 Party A undertakes that Tianjin Satellite
TV will broadcast no less than 4 large-event programs in 2011 and that the nationwide audience rating (during the same time slot) of such large-event programs will rank among the top 6, and that, if consistent with the rules of the State
Administration of Radio, Film and Television, such events shall span across no less than 10 weeks. 
 9.8 Party A undertakes to actively promote
the landing of Tianjin Satellite TV around the nation and to seek to cover a population of more than 780 million by end of 2010; Party A will provide the coverage plan together with the coverage regions by November 30, 2010. For the
purpose of this provision, the coverage survey data published by China Mainland Marketing Research Company in December of each year shall serve as the basis for the calculation of such covered population. If Party A fails to meet the coverage target
set out herein, Party B may, through discussions, seek from Party A indemnity for relevant losses. 
 9.9 Party A undertakes to actively
innovate its programs, enhance its audience share in Tianjin City and around the country and seek to bring such audience share to a level higher than that of 2010. In 2011, the 35 cities audience rating of Tianjin Satellite TV will rank among the
top 8; and Party A will seek to enhance its provincial network audience rating and bring it to a top 8 ranking by end of 2011. For the purpose of this provision, the audience rating figures provided by CSM Research shall serve as the basis for the
calculation of such audience share figures. If the 35 cities audience rating ranks below the 10th place for 3 consecutive months, Party B shall be entitled to terminate the contract. 
 9.10 Party A undertakes that the 2011 promotion expenses of Tianjin Satellite TV shall be no less than RMB***** (exclusive of the resources of the TV station itself and swap resources); that no less than
two large promotional client meetings will be organized in relation to Tianjin Satellite TV at the cost of Party A (Party B shall cooperate with the implementation and promotion work of Party A); If Internet promotion is involved, Party A may
entrust Party B to carry out the same, but at the cost of Party A. Party B has the right to supervise the use of the promotional expenses of Party A. 
 9.11 Party A shall actively cooperate with the advertising operation and agency work of Party B and shall not modify without authorization the advertising broadcasting positions and forms which have been
confirmed by Party B and its advertising clients, and where a similar circumstance has occurred, Party A shall actively urge relevant departments to broadcast the advertisements in accordance with the advertisement broadcasting schedule and order as
confirmed by Party B and shall deduct the advertising payments associated with such erroneous or omitted ad broadcasting. 
 9.12 Party A shall
timely provide Party B with relevant program information so as to facilitate the entry into advertisement broadcasting contracts between Party B and its advertising clients. In addition, Party A shall actively assist Party B to provide services to,
and pursue claims against, the advertisers. 
 9.13 If, due to governmental acts, fire, earthquake or other accidental events or natural
disasters beyond the control of Party A (force majeure events), the advertisements arranged for by Party B cannot be broadcasted as expected, Party A shall consult with Party B on the solution and shall seek to minimize the losses of Party B,
provided however that Party A shall not assume breach of contract liabilities for any damage suffered by Party B as a result of the same. 

  
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 9.14 Party A agrees to the participation by Party B in the planning of the program production, introduction
and programming and like work of Tianjin Satellite TV, provided that Party A shall have the final decision. 
 9.15 Party A shall be obligated
to assist Party B to coordinate its relationship with the governmental authorities of Tianjin so as to create a positive environment for the advertising operations of Party B. 
 9.16 The leadership of Party A shall be amenable to the publicity and promotion work carried out by Party B for the purpose of strengthening the programs and advertising impact of Tianjin Satellite TV by
attending at least 3 times a year during the term of the contract large advertising promotional events organized by Party B. 
 9.17 Party A
warrants that it is a lawfully existing company; that it has the capacity to enter into this Agreement; that it has completed internal decision-making and authorization procedures; and that this Agreement, once executed, will become binding upon it.

 Article 10 Rights and Obligations of Party B 
 10.1 During the term of this Agreement, Party B shall have the exclusive general right to act as the agent of Tianjin Satellite TV in respect of its Category 1 advertisements (exclusive of shopping ads
and event marketing), shall be entitled to independently exercise (through agency and other appropriate forms and means) the advertising operation right as agreed by the Parties and prescribed by law (including without limitation the right in
relation to operation, sales and advertisement placement), and shall have the right to receive relevant benefits, all in accordance with the provisions of this Agreement. 
 10.2 During the term of this Agreement, without consent of Party B, Party A shall not in whatsoever form grant to any third party any part or all of the advertising operation rights of Tianjin Satellite
TV for which Party B acts as the agent hereunder. 
 10.3 Party B shall be obligated to accomplish the advertisement release operations and
shall timely and fully pay to Party A the advertising revenue quota payments as agreed by the Parties. 
 10.4 Party B shall be solely
responsible for any and all economic and legal liabilities arising out of any dispute or controversy with any third party during the course of its business negotiation and advertisement release, and shall remove the effects and indemnify Party A
against damages if Party A has been adversely affected or prejudiced thereby. 
 10.5 Party B shall actively cooperate with Party A so as to
ensure sound carrying-out of the advertisement programming and broadcasting work and shall comply with the advertisement broadcasting rules of Party A. 
 10.6 Party B shall have the right to make recommendations as to the key programs (including TV dramas) and key operation projects of Tianjin Satellite TV. 

10.7 During the term of the Contract, Party B shall be responsible for acting as the advertising agent for Category 1 advertisements of Tianjin Satellite
TV (exclusive of shopping ads and event marketing) and shall have the final decision with respect to the pricing and discounts of such Category 1 advertisements of Tianjin Satellite TV (exclusive of shopping ads and event marketing). 

10.8 During the term of this Agreement, Party B shall bear any economic losses arising out of any penalty imposed by relevant authorities of the state on
any advertisement provided by Party B and shall remove the effects and indemnify Party A against damages if Party A has been adversely affected or prejudiced thereby. 
 10.9 During the term of this Agreement, Party B undertakes to comply with the following: 
 10.9.1
Other than matters in connection with the exclusive general agency in respect of Category 1 advertisements (exclusive of shopping ads and event marketing) as specified by Party A, Party B shall not, in the name of Party A, engage in any other matter
which is not related to such exclusive general agency; 

  
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 10.9.2 Party B shall not abuse the creditworthiness of Party A and shall not, on behalf of and in the name
of Party A, make any representation or warranty which is not related to the exclusive general agency or bind Party A to any liabilities or obligations; and 
 10.9.3 Party B shall maintain the confidence of, and refrain from divulging, the trade secrets of Party A. 
 10.10 Party B warrants that it is a lawfully existing company; that it has the capacity to enter into this Agreement; that it has completed internal decision-making and authorization procedures; and that
this Agreement, once executed, will become binding upon it. 
 Article 11 Breach of Contract Liabilities 

11.1 The Parties shall strictly comply with the provisions of this Agreement. Any violation of any obligations hereunder shall be deemed a breach. The
breaching party shall immediately cure such breach, remove the effects, and, where the other party suffers direct economic losses due to such breach, provide indemnity. 
 11.2 If Party B defaults on the payment of advertising revenue quotas, it shall pay Party A liquidated damages equal to *****% of such due but unpaid amounts; if Party B so defaults on the advertising
revenue quota payments for more than 5 business days, it shall be deemed in a material breach and Party A shall have the right to unilaterally terminate this Agreement without refunding the agency security deposit. If Party B otherwise materially
breaches this Agreement, as a result of which Party A becomes unable to achieve the economic benefits as expected by it at the time of execution of this Agreement, and if Party B fails to remedy such breach within 3 business days of receipt of such
breach remedy notice from Party A, Party A shall have the right to terminate this Agreement without refunding the agency security deposit. 

11.3 Party A shall be deemed to have materially breached this Agreement if it fails to normally broadcast, without cause, the advertisements provided by
Party B, except where such failure has been caused by governmental acts, fire, earthquake and other natural disasters or force majeure events beyond the control of Party A. If there has been a material breach by Party A, or if a failure by Party A
to fulfill its undertakings hereunder has resulted in Party B’s inability to achieve the economic benefits as expected by it at the time of execution of this Agreement, Party A shall take remedy actions within 3 business days of receipt of
written notice of Party B, failing which Party B shall have the right to terminate this exclusive general agency contract and Party A shall refund the full amount of the agency security deposit. 

11.4 If Party A terminates earlier this Agreement without cause, Party A shall refund the agency security deposit of Party B with interest. 

11.5 If Party B terminates earlier this Agreement without cause, Party B shall forfeit the agency security deposit. 

11.6 If, due to a force majeure event (including changes to relevant policies of the state, emergencies beyond the control of the Parties, etc.) or a
serious downfall in China’s overall TV advertising market, it becomes impossible to continue to perform this Agreement, the Parties may, though mutual consultations and mutual agreement, re-determine, in light of market conditions, relevant
quota requirements and may ultimately terminate this Agreement, without any liability to each other, provided that the rights, obligations and liabilities of the Parties accrued prior to such termination shall continue to be exercised or fulfilled
in full. 
 11.7 In the event of an erroneous broadcasting or omitted broadcasting caused by Party A rather than by a force majeure event, Party
A shall make up the broadcasting to the extent permissible by its programs scheduling and, in so doing shall not make use of the originally arranged advertising space. The principle to govern the making-up of a broadcasting shall be “1 make-up
broadcasting for each erroneous broadcasting; 1 make-up broadcastings for each omitted broadcasting”. Party B shall be solely liable for any erroneous or omitted broadcasting caused by itself. 

  
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 Article 12 Assignment of Right of Agency 

12.1 Party B shall perform its obligations and fulfill this agency agreement in accordance with the provisions hereof. Party B shall not assign in whole
the right of acting as the exclusive general agent to any party without the consent of Party A. 
 12.2 Party B may separately appoint third
party sub-agents to fulfill part of the advertising operation project under this Agreement, provided that such sub-agents shall have the relevant qualifications and conditions. Party A will not interfere with such sub-agency contract relationship
between Party B and such third parties and Party B shall be liable to Party A for the responsibilities of such third parties. 
 12.3 Party B
shall be liable to Party A for the projects delegated by it to its sub-agents. 
 12.4 Party B shall be deemed in a material breach if it
assigns to any third party all of the agency right granted to it hereunder, in which event Party A shall have the right to unilaterally terminate, with immediate effect, the performance of this agency contract without refunding the agency security
deposit. 
 Article 13 Renewal of Contract 
 The exclusive general agency in respect of the brand advertisements (i.e. Category One advertisements) as agreed hereunder shall last from January 1, 2011 to December 31, 2011. Provided that
Party B shall have achieved the 2011 aggregate advertising revenue quota confirmed by the Parties hereunder, Party B shall have the priority right to enter into the contract for the year of 2012, so long as the terms and conditions are equal.

 Article 14 Changes to and Termination of the Contract 
 14.1 As from the execution date hereof, unless the circumstances specified hereunder occur or the statutory termination conditions are met, no party may change or terminate this Agreement. Any change,
modification or addition to or deletion from this Agreement shall be subject to mutual consultations and mutual agreement of the Parties and shall be made in the form of a written instrument, which shall be an integral part of, and have the same
force as, this Agreement. 
 14.2 Under any of the following, either of the Parties hereto may change or terminate this Agreement: 

14.2.1 If, as a result of force majeure, this Agreement becomes incapable of performance, the parties may change this Agreement through mutual
consultations, failing which, any party may terminate this Agreement earlier. 
 14.2.2 This Agreement is changed or terminated by mutual
agreement of the Parties; 
 14.2.3 This Agreement is terminated in the event of the termination circumstances set forth in Articles 9.9, 11.2,
11.3, 12.4 or 18.4. 
 Article 15 Miscellaneous 
 15.1 Expiry of this Agreement shall not affect any outstanding rights and obligations of any Party, which shall continue to be exercised or performed by the relevant Party in favor of the other Party.

 15.2 In the event of any organizational change, consolidation or cancellation of a Party, such Party shall notify the other Party of the same
within 7 days of receipt of the relevant governmental approval document and shall ensure that all contractual rights and obligations shall be assumed by the organization arising out of such change. 

Article 16 Notice 
 16.1 Any notice,
request or other communication required under this Agreement shall be made in writing and may be sent to the other Party by way of post, fax, electronic mail at the addresses set out in the signature space of each Party ( with the designated person
of each Party set out therein as the contact person of each Party). Such contact persons of the Parties shall within 4 days of execution hereof confirm such notice information in writing. 

  
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 16.2 For the avoidance of doubt, the Parties confirm that a notice shall be deemed to have been served on
the receiving party on the following dates: 
 (a) if it is delivered by way of personal delivery, on the date shown on the receipt
acknowledgement signed by the receiving party; 
 (b) if it is delivered by way of registered letter, on the 5th day from the date shown on the domestic registered letter posting
receipt issued to the notifying party ; 
 (c) if it is delivered by fax, on the first business day after receipt by the notifying party of the
successful transmission report; 
 (d) if it is delivered by courier service, on the 4th day from the date shown on the posting receipt issued to the
notifying party. 
 16.3 Any change to a party’s mailing address or means of contact shall be notified in writing to the other party within
10 days of such change. 
 Article 17 Dispute Resolution 
 17.1 Any dispute arising out of or in connection with this Agreement shall be resolved by the Parties through amicable consultations, failing which it shall be submitted to the People’s Court of the
place of the defendant for resolution by way of litigation. The losing Party shall bear the litigation costs. 
 17.2 On occurrence of a dispute
and during the course of its litigation, the Parties shall continue to exercise their rights and perform their obligations except for their rights and obligations in respect of matters under litigation. 

Article 18 Governing Law and Changes in Law 
 18.1 All provisions of this Agreement shall be governed by the current laws of the People’s Republic of China. If, due to any new enactment of laws, decrees or regulations or any amendment to any
existing laws, decrees or regulations made upon effectiveness of this Agreement, the economic benefits of any Party hereunder suffers any material change, the Parties shall without delay consult each other and shall make such modifications and
adjustments to relevant provisions hereof to the extent necessary to protect the normal economic benefits of the Parties hereunder. 
 18.2 If a
material change occurs in laws and regulations and such change results in the inability of any or both of the Parties to continue to perform this Agreement, then such party(ies) as affected by such change in laws and regulations shall be entitled to
terminate this Agreement. 
 Article 19 Effectiveness of Contract 
 This Agreement shall be made in four originals. This Agreement is executed on this day of October 20, 2010 by the authorized representatives of the Parties in Tianjin and shall become effective from
the date of execution and sealing (with a common seal or special contract seal). Each party shall hold two copies of this Agreement, both of which shall have the same legal force and effect. 

  
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 (SIGNATURE PAGE TO ADVERTISING BUSINESS AGENCY CONTRACT) 

Party A (Seal): Tianjin TV Satellite Media Co., Ltd. 
 Legal Representative/Authorized Representative: 
 Legal Address: 

Tel: 
 Fax: 

Email: 
 Party B (Seal): Shang Xing Media Co.,
Ltd. 
 Legal Representative/Authorized Representative: 
 Legal Address: 
 Tel: 
 Fax: 
 Email: 
 Date: October 20, 2010 

  
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