Document:

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                                                                     EXHIBIT 4.2

                   AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

      THIS AMENDED AND RESTATED SHAREHOLDERS AGREEMENT (this "AGREEMENT") is
made and entered into as of December 2, 2004 by and among Focus Media Holding
Limited, an international business company organized under the laws of the
British Virgin Islands (the "COMPANY"), each of the Persons listed on Schedule A
hereto, (the "ORDINARY SHAREHOLDERS"), each of the Persons listed on Schedule B
hereto (the "EXISTING SUBSIDIARIES"), GS Focus Holding Limited, an exempted
company organized and existing under the laws of Cayman Islands (the "LEAD
INVESTOR"), each of the parties listed on Schedule C hereto (together with the
Lead Investor, the "INVESTORS"), Capital International Private Equity Fund IV,
L.P., a limited partnership organized and existing under the laws of the State
of Delaware ("CIPEF IV"), and CGPE IV, L.P., a limited partnership organized and
existing under the laws of the State of Delaware ("CGPE IV" and, collectively
with CIPEF IV, the "PURCHASERS" and, individually, a "PURCHASER"), each of the
Persons listed on Schedule D hereto (the "EXISTING PREFERRED HOLDERS"), and each
such Person who shall from time to time join this Agreement as a party by
entering into an instrument of accession pursuant to Section 7.4(b).

                                    RECITALS

      A. Each Purchaser has agreed to purchase from JJ Media (as defined below),
and JJ Media has agreed to sell to each Purchaser, certain Ordinary Shares (as
defined below) held by JJ Media, and the Company has agreed to exchange for such
shares certain Series C-1 preferred shares, par value US$0.01 per share (the
"SERIES C-1 SHARES"), of the Company on the terms and conditions set forth in
that certain Share Purchase Agreement dated as of December 2, 2004 (the "CAPITAL
PURCHASE AGREEMENT") by and among the Company, the Existing Subsidiaries, JJ
Media, Mr. Jiang (as defined below) and the Purchasers.

      B. The Company, certain shareholders, certain Existing Subsidiaries and
the Investors have previously entered into an Amended and Restated Shareholders
Agreement, dated November 29, 2004 (the "PRIOR SHAREHOLDERS AGREEMENT").

      C. In connection with the consummation of the transactions contemplated by
the Capital Purchase Agreement, the parties hereto desire to enter into this
Agreement to amend and restate in its entirety the Prior Shareholders Agreement.

      D. The Capital Purchase Agreement provides that the execution and delivery
of this Agreement by the parties hereto shall be a condition precedent to the
consummation of the transactions contemplated thereunder.

      E. The Company, the Ordinary Shareholders, the Existing Preferred
Shareholders, the Investors and the Existing Subsidiaries seek to induce the
Purchasers to consummate the transactions contemplated in the Capital Purchase
Agreement, and to such ends, seek to satisfy the conditions precedent to such
transactions by entering into this Agreement.

                                    AGREEMENT

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

SECTION 1 INTERPRETATION

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

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

            "ADDITIONAL NUMBER" has the meaning ascribed thereto in Section
      6.2(b).

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

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

            "AMENDED AND RESTATED CLAWBACK RIGHTS AGREEMENT" means that certain
      Amended and Restated Clawback Rights Agreement, dated of even date
      herewith, by and among the Company, JJ Media, Mr. Jiang, the Investors,
      the Purchasers and certain other parties thereto, which amended and
      restated the Clawback Rights Agreement in its entirety.

            "ANCILLARY DOCUMENTS" means this Agreement, the Earnout Agreement,
      the Amended and Restated Clawback Rights Agreement and the Tax Indemnity
      Agreement.

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

            "AUDITORS" means Deloitte, Touche & Tohmatsu, or such successor
      thereto as may be from time to time duly appointed by the Company's Board
      of Directors from among the Big 4 to audit the Company's annual financial
      statements.

            "AUDIT COMMITTEE" has the meaning ascribed thereto in Section 3.4.

            "AVAILABLE SECURITIES" has the meaning ascribed thereto in Section
      7.3.

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

            "CAPITAL ANCILLARY DOCUMENTS" means this Agreement, the Capital
      Earnout Agreement, the Amended and Restated Clawback Rights Agreement, and
      the Capital Tax Indemnity Agreement.

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            "CAPITAL EARNOUT AGREEMENT" means that certain Earnout Agreement,
      dated of even date herewith, by and among the Company, the Existing
      Subsidiaries, JJ Media, Mr. Jiang and the Purchasers.

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

            "CAPITAL TAX INDEMNITY AGREEMENT" means that certain Tax Indemnity
      Agreement, dated of even date herewith, by and among the Company and the
      Purchasers.

            "CAPTIVE COMPANY" means any Group Company in respect of which a
      majority of the equity is not directly held by any of the Company or the
      Group Companies, or a combination of the foregoing.

            "CDH" means CDH FM Limited, an international business company
      organized and existing under the laws of the British Virgin Islands.

            "CDH DIRECTOR" means any individual nominated by CDH to the Board of
      Directors of the Company as of right under Section 3.

            "CENTRE" has the meaning ascribed thereto in Section 10.3(c).

            "CLAWBACK RIGHTS AGREEMENT" means that certain Clawback Rights
      Agreement, dated as of November 29, 2004, by and among the Company, JJ
      Media, Mr. Jiang, the Investors and certain other parties thereto.

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

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

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

            "CO-SALE NOTICE" has the meaning ascribed thereto in Section 7.2(b).

            "CO-SALE PRO RATA PORTION" has the meaning ascribed thereto in
      Section 7.2(b).

            "CO-SALE RIGHT PERIOD" has the meaning ascribed thereto in Section
      7.2(b).

            "DISCLOSING PARTY" has the meaning ascribed thereto in Section 9.4.

            "DISPUTE" has the meaning ascribed thereto in Section 10.3(a).

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            "EARNOUT AGREEMENT" means that certain Earnout Agreement, dated as
      of November 29, 2004, by and among the Company, the Existing Subsidiaries,
      JJ Media, Mr. Jiang and the Investors.

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

            "EMPLOYEE COMPENSATION SHARE" means any Ordinary Share issued to
      employees, consultants or directors of the Company or nominee companies
      which are 100% beneficially owned by an employee, consultant or director
      of the Company either in connection with a restricted stock plan approved
      by the Company's Board of Directors or on exercise of an Employee Share
      Option so long as the aggregate number of Employee Compensation Shares
      issued and, in the case of outstanding Employee Share Options, issuable
      does not exceed 126,041 Ordinary Shares.

            "EMPLOYEE SHARE OPTIONS" means options to purchase Employee
      Compensation Shares granted to employees, consultants or directors of the
      Company or nominee companies which are 100% beneficially owned by an
      employee, consultant or director of the Company under any share incentive
      plan approved by the Company's Board of Directors.

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

            "EXEMPT TRANSACTION" means (i) any redemption or repurchase of
      Preferred Shares by the Company pursuant to the terms thereof, (ii) any
      redemption or repurchase of Employee Compensation Shares duly approved by
      the Company's Board of Directors, (iii) any redemption or repurchase of
      Equity Securities by the Company as otherwise duly approved by the Board
      of Directors pursuant to Section 4.1 and by the holders of a majority of
      the Series C Share pursuant to Section 4.3; (iv) any transfer by JJ Media
      to a Permitted Transferee so long as JJ Media shall remain liable for any
      breach by such Permitted Transferee of any provision hereunder; (v) any
      transfer by any Preferred Holder to another Preferred Holder; (vi) any
      transfer by a Preferred Holder that is an Investment Fund to any partner
      or member thereof or participant therein; (vii) any transfer by a
      Preferred Holder that is an Investment Fund to the investment manager who
      manages the business of the Investment Fund; (viii) any transfer by a
      Preferred Holder that is an Investment Fund to another Investment Fund
      whose business is managed by the same investment manager; (ix) the
      repurchase of 18,000 Ordinary Shares owned by Zhou Ying pursuant to that
      certain letter agreement dated November 3, 2004, between the Company and
      Zhou Yibing; and (x) any sale or transfer of Equity Securities pursuant to
      the Purchase Agreement or the Ancillary Documents or pursuant to the
      Capital Purchase Agreement or the Capital Ancillary Documents.

            "EXISTING SUBSIDIARY" has the meaning ascribed thereto in the
      preamble hereto.

            "EXISTING PREFERRED HOLDER" has the meaning ascribed thereto in the
      preamble hereto.

            "FINANCING DOCUMENTS" has the meaning ascribed thereto in Section
      9.1.

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            "FINANCING TERMS" has the meaning ascribed thereto in Section 9.1.

            "FIRM OFFER NOTICE" has the meaning ascribed thereto in Section
      7.3(b).

            "FIRST PARTICIPATION NOTICE" has the meaning ascribed thereto in
      Section 6.2(a).

            "FIRST REFUSAL ALLOTMENT" has the meaning ascribed thereto in
      Section 7.2(a).

            "FIRST REFUSAL EXPIRATION NOTICE" has the meaning ascribed thereto
      in Section 7.2(a)(5).

            "FIRST REFUSAL NOTICE" has the meaning ascribed thereto in Section
      7.2(a).

            "FIRST REFUSAL PERIOD" has the meaning ascribed thereto in Section
      7.2(a).

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

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

            "GROUP COMPANY" means any Person that is not a natural Person and
      that is Controlled by the Company.

            "GS DIRECTOR" means any individual nominated by the Lead Investor to
      the Board of Directors of the Company as of right under Section 3.

            "HOLDERS" means the Investors, the Purchasers and the Existing
      Preferred Holders, together with the permitted transferees and assigns of
      any Holder.

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

            "INITIATING HOLDERS" means, with respect to a request duly made to
      Register any Registrable Securities under Section 5.1(a) or Section
      5.1(b), the Holders initiating such request.

            "INVESTMENT FUND" means a fund, partnership, limited partnership,
      company, limited liability company, investment trust, syndicate or other
      entity whose principal business is to make investments.

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

            "IPO" means a firm-commitment underwritten initial public offering
      of the Company's Ordinary Shares.

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

            "JJ MEDIA DIRECTOR" means any individual nominated by JJ Media to
      the Board of Directors of the Company as of right under Section 3.

            "LEAD INVESTOR" has the meaning ascribed thereto in the preamble
      hereto.

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            "MEMORANDUM AND ARTICLES" means the Memorandum and Articles of
      Association of the Company, as the same may be amended from time to time.

            "MR. JIANG" means Jiang Nanchun, the founder and chairman of the
      board of directors of the Company and the holder of 100% of the equity
      interests in JJ Media.

            "NEW SECURITIES" means any Equity Securities of the Company, whether
      or not now authorized, and securities of any type whatsoever, provided,
      however, that the term "New Securities" shall not include: (i) Employee
      Share Options; (ii) any Employee Compensation Shares; (iii) any Series C
      Shares issued under the Purchase Agreement or the Ancillary Documents;
      (iv) any Series C-1 Shares issued under the Capital Purchase Agreement or
      the Capital Ancillary Documents; (v) any securities issued in connection
      with any share split, share dividend or other similar event; or (vi) any
      securities issued on the conversion of any Preferred Shares.

            "OBSERVER" has the meaning ascribed thereto in Section 3.6(a).

            "OFFERED SHARES" has the meaning ascribed thereto Section 7.1.

            "OFFERING HOLDER" has the meaning ascribed thereto in Section 7.3.

            "OFFERING NOTICE" has the meaning ascribed thereto in Section 7.3.

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

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

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

            "PERMITTED TRANSFEREE" means, the parents, children or spouse of
      Jiang Nanchun, or a trust for the benefit of the foregoing relatives of
      Jiang Nanchun established for bona fide estate planning purposes.

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

            "PREFERRED CO-SALE NOTICE" has the meaning ascribed thereto in
      Section 7.3(b)(1).

            "PREFERRED HOLDER" means the Investors, the Purchasers and the
      Existing Preferred Holders, together with the permitted transferees and
      assigns of any Preferred Holder.

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

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

            "PRO RATA SHARE" means, as of any give time with respect to the
      Right of Participation of any Preferred Holder, the ratio of (i) the
      number of Ordinary Shares (calculated on an as-converted basis) then held
      by such Preferred Holder to (ii) the total number of Ordinary Shares
      (calculated on a fully-diluted and as-converted basis) then held by all
      Preferred Holders.

            "PURCHASE AGREEMENT" means that certain Series C Preferred Share
      Purchase Agreement, dated November 9, 2004, by and among the Company, the
      Existing Subsidiaries, the Investors and certain other parties thereto.

            "PURCHASE OFFER" has the meaning ascribed thereto in Section 7.3(a).

            "PURCHASERS" has the meaning ascribed thereto in the preamble
      hereof.

            "QUALIFIED EXCHANGE" means the New York Stock Exchange, the Nasdaq
      Stock Market's National Market System, the Main Board of the Hong Kong
      Stock Exchange, the Main Market of the London Stock Exchange and the
      Mainboard of the Singapore Exchange.

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

            "REGISTRABLE SECURITIES" means (i) the Preferred Shares, (ii)
      Ordinary Shares issuable or issued upon conversion of the Preferred
      Shares, (iii) all Equity Securities which may be from time to time
      acquired by a Holder after the date hereof and (iv) any Equity Securities
      of the Company issued as (or issuable upon the conversion, exchange or
      exercise of any Ordinary Share Equivalent) a dividend or other
      distribution with respect to, or in exchange for, or in replacement of,
      the shares referenced in (i), (ii) and (iii), excluding in all cases,
      however, any Equity Securities sold by a Person in a transaction other
      than an assignment pursuant to Section 10.1(b).

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

            "RELATED PARTY" means (i) the holder of any equity interest in the
      Company, in any Group Company or in any Affiliate of the Company or any
      Group Company (unless such equityholder is the Company or another Group
      Company) or any director, officer, supervisory board member, or employee
      of the Company, of any Group Company, or of any Affiliate of the Company
      or any Group Company, (ii) the parents, children or spouse of any such
      officer, director, supervisory board member, employee or equityholder, and
      (iii) any Affiliate of the foregoing (unless such Affiliate is the Company
      or a Group Company).

            "RIGHT OF PARTICIPATION" has the meaning ascribed thereto in Section
      6.1.

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            "RIGHT PARTICIPANT" has the meaning ascribed thereto in Section
      6.2(b)

            "SEC" means the Securities and Exchange Commission of the United
      States of America.

            "SECOND PARTICIPATION NOTICE" has the meaning ascribed thereto in
      Section 6.2(b).

            "SECOND PARTICIPATION PERIOD" has the meaning ascribed thereto in
      Section 6.2(b).

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

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

            "SELLING SHAREHOLDER" has the meaning ascribed thereto in Section
      7.1.

            "SERIES A REGISTRABLE SECURITIES" means (i) the Series A Shares,
      (ii) Ordinary Shares issuable or issued upon conversion of any Series A
      Shares, (iii) any Equity Securities of the Company issued as (or issuable
      upon the conversion or exercise of any Ordinary Share Equivalent) a
      dividend or other distribution with respect to, or in exchange for, or in
      replacement of, the shares referenced in (i) or (ii), excluding in all
      cases, however, any Equity Securities sold by a Person in a transaction
      other than an assignment pursuant to Section 10.1(b).

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

            "SERIES A/B QPO" means an IPO by the Company on a Qualified Exchange
      (or such other exchange as shall be approved in writing by the holders of
      both a majority in voting power of the outstanding Series A Shares and a
      majority in voting power of the Series B Shares) of Ordinary Shares
      representing at least 25% of the fully-diluted share capital of the
      Company immediately following the offering, at a price per share that
      values the Company at no less than US$200,000,000 immediately prior to the
      offering.

            "SERIES B REGISTRABLE SECURITIES" means (i) the Series B Shares,
      (ii) Ordinary Shares issuable or issued upon conversion of any Series B
      Shares, (iii) any Equity Securities of the Company issued as (or issuable
      upon the conversion or exercise of any Ordinary Share Equivalent) a
      dividend or other distribution with respect to, or in exchange for, or in
      replacement of, the shares referenced in (i) or (ii), excluding in all
      cases, however, any Equity Securities sold by a Person in a transaction
      other than an assignment pursuant to Section 10.1(b).

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

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

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            "SERIES C QPO" means an IPO by the Company on a Qualified Exchange
      (or such other exchange as shall be approved in writing by the holders of
      a majority in voting power of the outstanding Series C Shares) of Ordinary
      Shares representing at least 25% of the fully-diluted share capital of the
      Company immediately following the offering, at a price per share that
      values the Company at no less than US$335,000,000 immediately prior to the
      offering.

            "SERIES C REGISTRABLE SECURITIES" means (i) the Series C Shares,
      (ii) Ordinary Shares issuable or issued upon conversion of any Series C
      Shares, (iii) any Equity Securities of the Company issued as (or issuable
      upon the conversion or exercise of any Ordinary Share Equivalent) a
      dividend or other distribution with respect to, or in exchange for, or in
      replacement of, the shares referenced in (i) or (ii), excluding in all
      cases, however, any Equity Securities sold by a Person in a transaction
      other than an assignment pursuant to Section 10.1(b).

            "SERIES C-1 SHARES" has the meaning ascribed thereto in the recitals
      hereof.

            "SERIES C-2 SHARES" means the Series C-2 preferred shares, par value
      US$0.01 per share, of the Company.

            "TAXES" means any national, provincial or local income, sales and
      use, excise, franchise, real and personal property, gross receipt, capital
      stock, production, business and occupation, disability, employment,
      payroll, severance or withholding tax or charge imposed by any government
      entity, any interest and penalties (civil or criminal) related thereto or
      to the nonpayment thereof, and any loss or tax liability incurred in
      connection with the determination, settlement or litigation of any
      liability arising therefrom.

            "TAX INDEMNITY AGREEMENT" means that certain Tax Indemnity
      Agreement, dated as of November 29, 2004, by and among the Company and the
      Investors.

            "TAX RETURN" means any tax return, declaration, reports, estimates,
      claim for refund, claim for extension, information returns, or statements
      relating to Taxes, including any schedule or attachment thereto.

            "TRANSFER NOTICE" has the meaning ascribed thereto in Section 7.1.

            "UCI" means United China Investment Limited, an international
      business company organized and existing under the laws of the British
      Virgin Islands.

            "UCI DIRECTOR" means any individual nominated by UCI to the Board of
      Directors of the Company as of right under Section 3.

            "VIOLATION" has the meaning ascribed thereto in Section 5.6(a).

      1.2 Interpretation. For all purposes of this Agreement, except as
otherwise expressly herein provided, (i) the terms defined in Section 1 shall
have the meanings assigned to them in Section 1 and include the plural as well
as the singular, (ii) all accounting terms not otherwise defined herein have the
meanings assigned under the Accounting Principles, (iii) all references in this
Agreement to designated "Sections" and other subdivisions are to the designated
Sections and other subdivisions of the body of this Agreement, (iv) pronouns

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of either gender or neuter shall include, as appropriate, the other pronoun
forms, (v) the words "herein," "hereof" and "hereunder" and other words of
similar import refer to this Agreement as a whole and not to any particular
Section or other subdivision, and (vi) all references in this Agreement to
designated Schedules, Exhibits and Annexes are to the Schedules, Exhibits and
Annexes attached to this Agreement.

      1.3 Intent. The terms of Section 5 of this Agreement are drafted primarily
in contemplation of an offering of Ordinary Shares in the United States of
America. The parties recognize, however, the possibility that securities may be
qualified or Registered in a jurisdiction other than the United States of
America for offering to the public or that the Company might seek to effect an
offering in the United States of America in the form of American Depositary
Receipts or American Depositary Shares. Accordingly,

            (a) It is their intention that, whenever this Agreement refers to a
law or institution of the United States of America but the parties wish to
effectuate qualification or Registration in a different jurisdiction, reference
in this Agreement to the laws or institutions of the United States shall be read
as referring, mutatis mutandis, to the comparable laws or institutions of the
jurisdiction in question; and

            (b) It is agreed that the Company will not undertake any listing of
American Depositary Receipts, American Depositary Shares or any other security
derivative of the Ordinary Shares unless arrangements have been made
satisfactory to Holders representing a majority in voting power of the Series A
Registrable Securities, a majority in voting power of the Series B Registrable
Securities and a majority in voting power of the Series C Registrable Securities
to ensure that the spirit and intent of this Agreement will be realized and that
the Company is committed to take such actions as are necessary such that the
Holders will enjoy rights corresponding to the rights hereunder to sell their
Registrable Securities in a public offering in the United States of America as
if the Company had listed Ordinary Shares in lieu of such derivative securities.

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

SECTION 2 INFORMATION RIGHTS

      2.1 Information Rights. The Company shall deliver to each Preferred
Holder:

            (a) as soon as practicable, but in any event within ninety (90) days
after the end of each fiscal year of the Company, consolidated and consolidating
income statements and statements of cash flows for the Company and the Group
Companies for such fiscal year and consolidated and consolidating balance sheets
and accounts receivable aging reports for the Company and the Group Companies as
of the end of the fiscal year, all prepared in accordance with the Accounting
Principles and audited and certified by the Auditors;

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            (b) as soon as practicable, but in any event within 45 days after
the end of each fiscal quarter of the Company, consolidated and consolidating
unaudited income statements and statements of cash flows for the Company and the
Group Companies for such fiscal quarter and consolidated and consolidating
unaudited balance sheets and accounts receivable aging reports for the Company
and the Group Companies as of the end of such fiscal quarter, all prepared in
accordance with the Accounting Principles;

            (c) as soon as practicable, but in any event within fifteen (15)
days of the end of each month, consolidated and consolidating unaudited income
statements and statements of cash flows for the Company and the Group Companies
for such month and consolidated and consolidating balance sheets and accounts
receivable aging reports for the Company and the Group Companies as of the end
of such month, all prepared in accordance with the Accounting Principles;

            (d) as soon as practicable, but in any event at least thirty (30)
days prior to the end of each fiscal year, a budget and business plan for the
succeeding fiscal year for the Company and the Group Companies, setting forth
for each month during such succeeding fiscal year projected balance sheets,
income statements and statements of cash flows;

            (e) as soon as practicable, but in any event within five (5) working
days after providing such information to such other Person, copies of all other
documents or other information (including, without limitation, proposals and/or
reports with respect to acquisition of any franchise company and with respect to
the establishment, or negotiations in respect of the establishment, of any joint
venture by the Company or any Group Company) sent to any other Person in such
other Person's capacity as a shareholder of the Company or any Group Company;

            (f) as soon as practicable, but in any event at least fourteen (14)
working days prior to such meeting, notices and agendas of any meeting of the
Board of Directors of the Company or any Group Company; and

            (g) as soon as practicable, but in any event within thirty (30) days
after such meeting, minutes of any meeting of the Board of Directors of the
Company or any Group Company;

            (h) as soon as practicable, but in any event within five (5) days
after the Company first becomes aware of such action, notice of any legal action
initiated against the Company or any Group Company; and

            (i) as soon as practicable, such other information as any Preferred
Holder shall reasonably request from time to time.

      2.2 Inspection Rights. The Company shall permit each Preferred Holder, at
such Preferred Holder's expense, to visit and inspect any of the properties and
examine the books of account and records of the Company and the Group Companies
and discuss the affairs, finances and accounts of the Company and the Group
Companies with the directors, officers, employees, accountants, legal counsel
and investment bankers of the Company and the Group Companies, all at such
reasonable times as may be requested by the Preferred Holder.

      2.3 Termination of Information Rights. Upon a Series C QPO, the rights
under this Section 2 of all Preferred Holders shall immediately terminate. Upon
a Series A/B QPO,

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                                       11
<PAGE>

the rights under this Section 2 of any Preferred Holder that does not hold
Series C Shares at such date shall terminate.

SECTION 3 BOARD REPRESENTATION; OBSERVERS

      3.1 Board Representation. The Board of Directors for each of the Company
and the Group Companies shall consist of five (5) members. The composition of
the Board of Directors for each of the Company and the Group Companies shall be
determined as follows:

            (a) So long as UCI shall continue to hold any Series A Shares, UCI
shall have the right to nominate, from time to time, individuals to occupy one
of the positions on the Board of Directors of each of the Company and the Group
Companies.

            (b) So long as CDH shall continue to hold any Series B Shares, CDH
shall have the right to nominate, from time to time, individuals to occupy one
of the positions on the Board of Directors of each of the Company and the Group
Companies.

            (c) So long as the Lead Investor shall continue to hold any Series C
Shares, the Lead Investor shall have the right to nominate, from time to time
individuals to occupy one of the positions on the Board of Directors of each of
the Company and the Group Companies.

            (d) So long as JJ Media shall continue to hold any Ordinary Shares,
JJ Media shall have the right to nominate, from time to time, individuals to
occupy two of the positions on the Board of Directors of each of the Company and
the Group Companies.

            (e) The holders of a majority in voting power of the Company's
shares (any series or class of shares to vote together with the Ordinary Shares
and not as a separate class or series) shall be entitled to nominate individuals
from time to time to occupy the balance of any positions on the Board of
Directors of each of the Company and the Group Companies.

      3.2 Election and Removal of Directors.

            (a) Upon the death, resignation, removal or incapacity of any
director nominated as of right hereunder to the Board of Directors of any of the
Company or the Group Companies by any party hereto, such party shall be entitled
to nominate such director's replacement to the applicable Board of Directors.
Any director nominated as of right hereunder by any party to the Board of
Directors of any of the Company or the Group Companies shall be removed from
office upon motion by such party. Except as provided in paragraph (c) below, no
director nominated by any party as of right hereunder shall be removed from the
Board of Directors of any of the Company or the Group Companies unless the
nominating party consents to the removal.

            (b) Each party agrees to vote all the Equity Securities of the
Company owned thereby in favor of the election of any director nominated by any
party to the Board of Directors of the Company pursuant to this Section 3 The
Company agrees to take such action, and each other party hereto agrees to
procure the Company to take such action, as is necessary to cause the election
of any director nominated to the Board of Directors of any Group Company
pursuant to this Section 3. Upon a motion to remove any director from the

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<PAGE>

Board of Directors of the Company in accordance with this Section 3, each party
agrees to vote all the voting securities of the Company owned thereby to effect
removal of such director from the Board of Directors. Upon a motion to remove
any director from the Board of Directors of any Group Company in accordance with
this Section 3, the Company agrees to take such action, and each other party
hereto agrees to procure the Company to take such action, as is necessary to
cause the removal of such director from the Board of Directors of such Group
Company.

            (c) Any director nominated by a party hereto as of right hereunder
to a position on the Board of Directors of any of the Company or the Group
Companies, following such time as the party shall cease to hold the right
hereunder to nominate individuals to occupy such position, shall be promptly
removed therefrom as if a motion had been duly made for such removal under this
Section 3.2.

      3.3 Chairman of the Board. The Chairman of the Company's Board of
Directors and the Board of Directors of each Group Company shall be decided by a
majority of such Board of Directors. The parties agree that Jiang Nanchun shall
serve as the first Chairman of the Company's Board of Directors from the date
hereof.

      3.4 Audit Committee. The Board of Directors of the Company shall have an
audit committee (the "AUDIT COMMITTEE") composed of four (4) directors of the
Company, which shall be vested with oversight functions for financial and
accounting matters of the Company, including without limitation the preparation
of budgets and internal auditing. For so long as any GS Director, CDH Director,
UCI Director or JJ Media Director shall continue to serve on the Board of
Directors of the Company, the parties hereto shall procure that such directors
shall also serve as a member of the Audit Committee.

      3.5 Compensation Committee. The Board of Directors of the Company shall
have a compensation committee (the "COMPENSATION COMMITTEE") composed of three
(3) directors of the Company, which shall be vested with authority to oversee
and recommend compensation policies for the Company. For so long as any GS
Director, CDH Director or UCI Director shall continue to serve on the Board of
Directors of the Company, the parties hereto shall procure that such directors
shall also serve as a member of the Compensation Committee.

      3.6 Board Observers.

            (a) In respect of the Board of Directors for any of the Company or
the Group Companies:

            (1) Each Preferred Holder which, together with its Affiliates, holds
      Preferred Shares with an aggregate conversion price equal to not less than
      US$1,000,000 shall be entitled, from time to time, by notice in writing to
      the Company, to appoint an individual (an "OBSERVER") to attend any
      meetings of such Board of Directors and any committee thereof. Observers
      in attendance thereat shall be entitled to speak at meetings of such Board
      of Directors and any committee thereof, but no Person shall have any right
      in respect of his/her status as an Observer to vote on questions put
      before such Board of Directors or such committee. For so long as the Lead
      Investor, CDH or UCI, respectively, shall continue to enjoy a right to
      nominate a director to the Board of Directors of the Company and each
      Group Company under this Section 3,

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<PAGE>

      such party agrees it shall not exercise its right under this Section 3.6
      to appoint any Observer.

            (2) Concurrent with the delivery of notice or other materials to the
      directors of such Board of Directors or the members of any committee
      thereof, the Company shall give each Observer for such Board of Directors
      a copy of such notice or materials. Further, (i) promptly following any
      meeting of such Board of Directors or such committee, the Company shall
      provide such Observer with a copy of the minutes of such meeting, together
      with all materials distributed to the directors of such Board of Directors
      or members of such committee at the meeting; (ii) concurrent with
      distribution to the directors of such Board of Directors or the members of
      such committee of any resolution proposed to be adopted by the Board of
      Directors or such committee in writing in lieu of a meeting, the director
      or member proposing such resolution shall distribute a copy to such
      Observer; and (iii) following the adoption thereof, the Company shall
      provide the Observer with copies of all resolutions adopted by the Board
      of Directors or such committee in writing in lieu of a meeting.

            (c) The parties hereto acknowledge that Observers appointed by any
Preferred Holder hereunder are responsible for reporting to such Preferred
Holder and the Affiliates thereof any information disclosed to such Observers in
respect of the Company and the Group Companies.

      3.7 Termination. Upon a Series C QPO, the rights under this Section 3 of
all Preferred Holders shall immediately terminate. Upon a Series A/B QPO, the
rights under this Section 3 of any Preferred Holder that does not hold Series C
Shares at such date shall terminate.

SECTION 4 PROTECTIVE PROVISIONS

      4.1 Acts of the Company. Notwithstanding anything to the contrary in the
Memorandum and Articles of the Company or the charter documents of any Group
Company, the parties hereto shall ensure that none of the Company or the Group
Companies shall take any action described below without prior approval in a
resolution adopted by the affirmative vote of a majority of the Board of
Directors of the Company, which majority shall include the affirmative vote of
(i) the UCI Director, (ii) the CDH Director and (iii) the GS Director, if any:

            (1) any amendment or change of the rights, preferences, privileges
      or powers of, or the restrictions provided for the benefit of, any class
      or series of Preferred Shares;

            (2) any new issuance of any equity securities of, or income in the
      registered capital of the Company or any Group Company, excluding (i) any
      issuance of the Series C Shares under the Purchase Agreement or the
      Ancillary Documents, (ii) any issuance of the Series C-1 Shares under the
      Capital Purchase Agreement or the Capital Ancillary Documents, (iii) any
      issuance of Ordinary Shares upon conversion of the Preferred Shares,
      including, but not limited to, any conversion of Series A Shares and
      Series B Shares after any adjustment to the conversion price therefor
      under Article 10(h)(5) of the Company's Memorandum of Association, (iv) as
      required by Article 10(b) or Article 10(c) of the Company's Memorandum of

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<PAGE>

      Association in connection with a liquidation or deemed liquidation of the
      Company, and (v) any issuance of Ordinary Shares as consideration in any
      bona fide acquisition of the business and/or assets of another Person by
      the Company or any Group Company, or any combination of the foregoing,
      whether in a single transaction or a series of related transactions, where
      the aggregate value of the transaction does not exceed US$2,000,000;

            (3) any action to reclassify any outstanding shares into shares
      having preferences or priority as to dividends or assets senior to or on a
      parity with the preference of any class or series of Preferred Shares;

            (4) any repurchase or redemption of any of the equity of the Company
      or any Group Company other than (i) the redemption of any Preferred Shares
      pursuant to the terms thereof, (ii) any redemption or repurchase of
      Employee Compensation Shares duly approved by the Company's Board of
      Directors, (iii) the repurchase of 18,000 Ordinary Shares owned by Zhou
      Ying pursuant to that certain letter agreement dated November 3, 2004,
      between the Company and Zhou Yibing; and (iv) as necessary to allow the
      Company to meet its obligations under the Ancillary Documents or the
      Capital Ancillary Documents;

            (5) any amendment of the Memorandum and Articles, or any amendment
      of any of the charter documents of any Group Company except as necessary
      to allow the Company to meet its obligations under the Ancillary Documents
      or the Capital Ancillary Documents;

            (6) the establishment of any joint venture in which the capital
      contribution from any of the Company or the Group Companies, or any
      combination of the foregoing, shall exceed US$1,000,000;

            (7) the establishment of any new Group Company by any of the Company
      or the Group Companies, or any combination of the foregoing;

            (8) the acquisition of any new Group Company by any of the Company
      or the Group Companies, or any combination of the foregoing, in a single
      transaction or a series of related transactions, for aggregate
      consideration in excess of the equivalent of US$2,000,000;

            (9) any material change to the business scope or current line of
      business of the Company or any Group Company except as otherwise required
      of the Company by the terms of its Memorandum and Articles;

            (10) any transactions involving the Company or any Group Company not
      in the ordinary course of business other than (i) the repurchase of 18,000
      Ordinary Shares owned by Zhou Ying pursuant to that certain letter
      agreement dated November 3, 2004, between the Company and Zhou Yibing, and
      (ii) as otherwise required of the Company by the terms of the Memorandum
      and Articles;

            (11) the entry into any transaction or series of transactions (or
      the termination, extension, continuation after expiry, renewal, amendment,
      variation or waiver of any contract term or agreement with respect to any
      transaction or series of transactions) which is between the Company or any
      Group Company, on the one hand, and any

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                                       15
<PAGE>

      Related Party, on the other hand, other than (i) the exercise by any
      Preferred Holder of its rights in respect of any Preferred Shares pursuant
      to the terms of such Preferred Shares under the Memorandum and Articles
      and (ii) the repurchase of 18,000 Ordinary Shares owned by Zhou Ying
      pursuant to that certain letter agreement dated November 3, 2004, between
      the Company and Zhou Yibing;

            (12) appointment and removal of auditors of the Company or any Group
      Company or any material change in the accounting policies of the Company
      or any Group Company;

            (13) any leasing arrangement involving any of the Company or any
      Group Company, or any combination of the foregoing, with a value in excess
      of RMB(yen)10,000,000;

            (14) any merger or consolidation of the Company with or into any
      other business entity in which the shareholders of the Company immediately
      prior to such merger or consolidation held shares representing less than a
      majority of the voting power of the outstanding share capital of the
      surviving business entity;

            (15) any merger or consolidation of any Group Company with or into
      any other business entity resulting in the Company giving up Control over
      such Group Company;

            (16) the sale or transfer of all or substantially all of the assets
      of the Company or any Group Company;

            (17) the liquidation, dissolution or winding up of any of the
      Company or the Group Companies;

            (18) any change in the dividend policy of the Company or any Group
      Company or the declaration or payment of a dividend or other distribution
      by the Company or any Group Company except for (i) any distribution or
      dividend with respect to which the sole recipient of any proceeds
      therefrom will be the Company or any Group Company, (ii) any distribution
      required to be paid pursuant to Article 10(b) or Article 10(c) of the
      Company's Memorandum of Association in connection with a liquidation or
      deemed liquidation of the Company, (iii) any amounts paid upon redemption
      of any Preferred Share pursuant to the terms thereof, or (iv) any amounts
      paid in the repurchase of 18,000 Ordinary Shares owned by Zhou Ying
      pursuant to that certain letter agreement dated November 3, 2004, between
      the Company and Zhou Yibing; or

            (19) the determination of the timing and valuation of a public
      offering of the securities of the Company (other than a Series C QPO) and
      the securities exchange on which such securities shall be listed (other
      than a Qualified Exchange).

      4.2 Further Acts of the Company. Notwithstanding anything to the contrary
in the Memorandum and Articles or the charter documents of any Group Company,
the parties hereto shall ensure that none of the Company or the Group Companies
shall take action described below without prior approval in a resolution adopted
by the affirmative vote of at least 80% of the directors serving on the
Company's Board of Directors:

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                                       16
<PAGE>

            (1) the appointment or removal of the Chief Executive Officer, the
      Chief Operating Officer, the Chief Financial Officer and other executive
      officers of the Company or any Group Company;

            (2) the adoption of, and any amendment to or deviation from, the
      annual budget of the Company or any Group Company;

            (3) any incurrence, assumption or refinancing of interest-bearing
      indebtedness (including any off-balance sheet liability) by any of the
      Company or the Group Companies, or any combination of the foregoing, in
      excess of RMB(yen)10,000,000 in the aggregate;

            (4) the adoption of, or amendment to, any employee equity incentive
      plan of the Company and all related agreements and documents;

            (5) the adoption of, or amendment to, any compensation, welfare,
      benefit and equity incentive schemes for the benefit of the management
      staff of any of the Company or the Group Companies, including without
      limitation the purchase and provision of automobiles and residential real
      estate for use by the management staff;

            (6) the disposition of any business or assets by any of the Company
      or the Group Companies, or any combination of the foregoing, whether in a
      single transaction or a series of related transactions, with an aggregate
      value in excess of US$1,000,000;

            (7) the acquisition of any business and/or assets of any Person by
      any of the Company or the Group Companies, or any combination of the
      foregoing, whether in a single transaction or a series of related
      transactions, with an aggregate value in excess of US$2,000,000;

            (8) the establishment of any joint venture, partnership or
      non-wholly owned subsidiary in which the contribution of any of the
      Company or the Group Companies, or any combination of the foregoing, shall
      exceed US$1,000,000;

            (9) the entry into any transaction or series of related transactions
      pursuant to which the Company, directly or indirectly, gives up Control
      over any Group Company;

            (10) any capital expenditures by any of the Company or the Group
      Companies, or any combination of the foregoing, in excess of US$1,000,000,
      whether in a single transaction or a series of related transactions;

            (11) the settlement by the Company or any Group Company of any
      litigation in excess of US$250,000;

            (12) the payment or declaration by the Company of any dividend on
      the Ordinary Shares or any other class or series of shares that is junior
      to the Series C Shares in terms of the right to receive dividends except
      for (i) any distribution required to be paid pursuant to Article 10(b) or
      Article 10(c) of the Memorandum and Articles, (ii) any amounts paid upon
      redemption of any Preferred Share pursuant to the terms thereof, or (iii)
      any amounts paid in the repurchase of 18,000 Ordinary

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<PAGE>

      Shares owned by Zhou Ying pursuant to that certain letter agreement dated
      November 3, 2004, between the Company and Zhou Yibing;

            (13) any change in the authorized number of directors of the Company
      or any Group Company;

            (14) the sale, license or other transfer of any intellectual
      property or intangible property material to the business of the Company or
      any Group Company, other than licenses in the ordinary course of the
      business of the Company or such Group Company consistent with past
      practice;

            (15) the selection of, and any change in, any Person retained by the
      Company or any Group Company (other than employees hired thereby in the
      ordinary course) to provide Tax advisory services thereto or to assist in
      the preparation of Tax Returns therefor;

            (16) the entry into any transaction or series of related
      transactions by any of the Company or the Group Companies, or by any
      combination of the foregoing, which has as an objective and/or the effect
      of securing a Tax benefit; or

            (17) the tax-motivated restructuring of any of the Company or the
      Group Companies, or of any combination of the foregoing, or of the
      business, operations or practices thereof.

      4.3 Approval by Holders of Series C Shares. Notwithstanding anything to
the contrary in the Memorandum and Articles or the charter documents of any
Group Company, the parties hereto shall ensure that none of the Company or the
Group Companies take any action described below without prior approval in a
resolution adopted by the affirmative vote of members holding more than eighty
percent (80%) in voting power of the Series C Shares then issued and
outstanding:

            (1) the amendment of the Memorandum and Articles or the charter
      documents of any Group Company;

            (2) the merger, consolidation, reorganization, or amalgamation of
      the Company or any Group Company with or into any other Person or any
      scheme of arrangement or other business combination with or into any other
      Person;

            (3) the sale, transfer, lease, assignment, parting with or disposal
      by the Company or any Group Company, whether directly or indirectly, of
      all or substantially all of the property, assets or revenues thereof;

            (4) any voluntary action to initiate any liquidation, dissolution or
      winding up of the Company or any Group Company or to permit the
      commencement of a proceeding for bankruptcy, insolvency, receivership or
      similar action with respect to the Company or any Group Company;

            (5) the creation of any new class of shares having any preference
      over the Series C Shares (in respect of dividends, distributions on
      liquidation, voting rights or otherwise);

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<PAGE>

            (6) the increase or decrease in the authorized or registered capital
      of the Company or any Group Company except as necessary (i) to permit the
      conversion of any Preferred Share in accordance with the terms thereof and
      (ii) to permit the issuance of Ordinary Shares as consideration in any
      bona fide acquisition of the business and/or assets of another Person by
      the Company or any Group Company, or any combination of the foregoing,
      whether in a single transaction or a series of related transactions, where
      the aggregate value of the transaction does not exceed US$2,000,000;

            (7) any redemption, purchase or acquisition of any of the equity of
      the Company or any Group Company other than (i) the redemption of any
      Preferred Shares pursuant to the terms thereof, (ii) the redemption or
      repurchase of Employee Compensation Shares duly approved by the Board, and
      (iii) the repurchase of 18,000 Ordinary Shares owned by Zhou Ying pursuant
      to that certain letter agreement dated November 3, 2004, between the
      Company and Zhou Yibing; or

            (8) any material changes to the Company's business plan.

      4.4 Protective Provisions Cumulative. The requirements imposed by this
Section 4 are cumulative, and in respect of any matter subject to approval under
Section 4.1, Section 4.2 or Section 4.3, the securing of such approval shall not
be sufficient to discharge any further requirement of approval or consent under
law, under the Memorandum and Articles or under this Agreement (including,
without limitation, any further requirement of approval under this Section 4).

SECTION 5 REGISTRATION RIGHTS.

      5.1 Demand Registration Rights.

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

            (1) Subject to the terms of this Agreement, at any time after the
      earlier of April 28, 2007 and the date six (6) months following a Series
      A/B QPO, Holders representing a majority in voting power of the then
      outstanding Series A Registrable Securities may request the Company in
      writing to effect the Registration of any Registrable Securities held
      thereby. Upon receipt of such a request, the Company shall (i) promptly,
      and in any event within ten (10) Business Days after receipt of such
      written request, give written notice of the proposed Registration to all
      other Holders and (ii) use best efforts to cause, as soon as practicable,
      the Registrable Securities specified in the request, together with any
      Registrable Securities of any Holder who requests in writing to join such
      Registration within twenty (20) days after the Company's delivery of
      written notice, to be Registered and/or qualified for sale and
      distribution to the public in such jurisdictions as the Initiating Holders
      may reasonably request. The Company shall be obligated to effect no more
      than two (2) Registration pursuant to this Section 5.1(a)(1).

            (2) Subject to the terms of this Agreement, at any time after the
      earlier of April 28, 2007 and the date six (6) months following a Series
      A/B QPO, Holders representing a majority in voting power of the then
      outstanding Series B Registrable Securities may request the Company in
      writing to effect the Registration of any

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<PAGE>

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

            (3) Subject to the terms of this Agreement, at any time after the
      earlier of the third anniversary of this Agreement and the date six (6)
      months following an IPO, Holders representing 20% or more in voting power
      of the then outstanding Series C Registrable Securities may request the
      Company in writing to effect the Registration of Registrable Securities
      for which the reasonably anticipated aggregate price to the public, net of
      Selling Expenses, would not be less than US$20,000,000. Upon receipt of
      such a request, the Company shall (i) promptly, and in any event within
      ten (10) Business Days after receipt of such written request, give written
      notice of the proposed Registration to all other Holders and (ii) as soon
      as practicable, and in any event within sixty (60) days of the receipt of
      such request, cause the Registrable Securities specified in the request,
      together with any Registrable Securities of any Holder who requests in
      writing to join such Registration within twenty (20) days after the
      Company's delivery of written notice, to be Registered and/or qualified
      for sale and distribution to the public in such jurisdictions as the
      Initiating Holders may reasonably request. The Company shall be obligated
      to effect no more than two (2) Registrations pursuant to this Section
      5.1(a)(3).

            (b) Registration on Form F-3.

            (1) Subject to the terms of this Agreement, from time to time and at
      any time after April 28, 2005, Holders holding any Series A Registrable
      Securities may request the Company in writing to file a Registration
      Statement on Form F-3 or Form S-3 (or any successor form to Form F-3 or
      Form S-3, or any comparable form for Registration in a jurisdiction other
      than the United States) for a public offering of Registrable Securities
      for which the reasonably anticipated aggregate price to the public would
      not be less than US$1,000,000 and for which the Company is entitled to use
      Form F-3, Form S-3 or a comparable form to register the requested
      Registrable Securities. Upon receipt of such a request, the Company shall
      (i) promptly, and in any event within ten (10) Business Days after receipt
      of such written request, give written notice of the proposed Registration
      to all other Holders and (ii) use best efforts to cause, as soon as
      practicable, the Registrable Securities specified in the request, together
      with any Registrable Securities of any Holder who requests in writing to
      join such Registration within twenty (20) days after the Company's
      delivery of written notice, to be Registered and/or qualified for sale and
      distribution to the public in such jurisdictions as the Initiating Holders
      may reasonably request.

            (2) Subject to the terms of this Agreement, from time to time and at
      any time after April 28, 2005, Holders holding any Series B Registrable
      Securities may request the Company in writing to file a Registration
      Statement on Form F-3 or Form S-3 (or any successor form to Form F-3 or
      Form S-3, or any comparable form for

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<PAGE>

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

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

            (c) Right of Deferral. Notwithstanding anything to the contrary in
this Section 5.1:

            (1) The Company shall not be obligated to Register or qualify
      Registrable Securities pursuant to any of the provisions of Section 5.1(a)
      if, within the six (6) month period preceding the date of such request,
      the Company has either (i) already effected a Registration under any of
      the provisions of Section 5.1(a) or Section 5.1(b) or (ii) already
      affected a Registration (other than a registration of securities in a
      transaction under Rule 145 of the Securities Act or with respect to an
      employee benefit plan) in which the Holders had an opportunity to
      participate pursuant to the provisions of Section 5.2 and no Registrable
      Securities of the Holders were excluded from such Registration pursuant to
      the provisions of Section 5.2(c).

            (2) The Company shall not be obligated to Register or qualify
      Registrable Securities pursuant to Section 5.1(b) if, within the six (6)
      month period preceding the date of such request, the Company has already
      effected a Registration (other than a registration of securities in a
      transaction under Rule 145 of the Securities Act or with respect to an
      employee benefit plan) in which the Holders had an opportunity to
      participate pursuant to the provisions of Section 5.2 and no Registrable
      Securities of the Holders were excluded from such Registration pursuant to
      the provisions of Section 5.2(c).

                                                         Shareholders Agreement

                                       21
<PAGE>

            (3) The Company shall not be obligated to Register or qualify
      Registrable Securities pursuant to Section 5.1(a) or Section 5.1(b) if the
      Company shall furnish to the Holders a certificate signed by the Chief
      Executive Officer of the Company stating that, in the good faith judgment
      of the Board of Directors of the Company, it would be materially
      detrimental to the Company and its shareholders for a Registration
      Statement to be filed in the near future. Following delivery of such
      certificate, the Company shall have the right to defer such filing for a
      period not to exceed ninety (90) days from the receipt of any request duly
      submitted by Holders under Section 5.1(a) or Section 5.1(b) to Register
      Registrable Securities; provided, however, that the Company shall not
      utilize this right more than once in any twelve (12) month period.

            (d) Underwritten Offerings. If, in connection with a request to
Register Registrable Securities under any of the provisions of Section 5.1(a) or
Section 5.1(b), the Initiating Holders seek to distribute such Registrable
Securities in an underwriting, they shall so advise the Company as a part of the
request, and the Company shall include such information in the written notice to
the other Holders described in to Section 5.1(a) or Section 5.1(b). In such
event, the right of any Holder to include its Registrable Securities in such
Registration shall be conditioned upon such Holder's participation in such
underwriting and the inclusion of such Holder's Registrable Securities in the
underwriting (unless otherwise mutually agreed by Initiating Holders
representing a majority in voting power of the Registrable Securities held by
the Initiating Holders) to the extent provided herein. All Holders proposing to
distribute their securities through such underwriting shall enter into an
underwriting agreement in customary form with the underwriter or underwriters
selected for such underwriting by the Company (which underwriter or underwriters
shall be reasonably acceptable to Initiating Holders representing a majority in
voting power of the Registrable Securities held by the Initiating Holders).
Notwithstanding any other provision of this Agreement, if the managing
underwriter advises the Company that marketing factors (including the aggregate
number of securities requested to be Registered, the general condition of the
market, and the status of the Persons proposing to sell securities pursuant to
the Registration) require a limitation of the number of Equity Securities to be
underwritten, the underwriters may exclude such number of Registrable Securities
from the underwriting as required (i) after excluding any other Equity
Securities from the underwriting (including, without limitation, any Equity
Securities which the Company may seek to include in the underwriting for its own
account) and (ii) so long as at least thirty percent (30%) in voting power of
any Registrable Securities requested by the Holders to be included in such
underwriting and Registration shall be included. If a limitation of the number
of Registrable Securities is required pursuant to this Section 5.1(d), the
number of Registrable Securities that may be included in the underwriting by
selling Holders shall be allocated among such Holders, in proportion, as nearly
as practicable, to the respective amounts of Registrable Securities which the
Holders would otherwise be entitled to include in the Registration. If any
Holder disapproves of the terms of any underwriting, the Holder may elect to
withdraw therefrom by written notice to the Company and the underwriters
delivered at least ten (10) Business Days prior to the effective date of the
Registration Statement. Any Registrable Securities excluded or withdrawn from
such underwriting shall be withdrawn from the Registration.

      5.2 Piggyback Registrations.

                                                          Shareholders Agreement

                                       22
<PAGE>

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

            (b) Right to Terminate Registration. The Company shall have the
right to terminate or withdraw any Registration initiated by it under Section
5.2(a) prior to the effectiveness of such Registration, whether or not any
Holder has elected to participate therein. The expenses of such withdrawn
Registration shall be borne by the Company in accordance with Section 5.3.

            (c) Underwriting Requirements.

            (1) In connection with any offering involving an underwriting of the
      Company's Equity Securities, the Company shall not be required to Register
      the Registrable Securities of a Holder under this Section 5.2 unless such
      Holder shall include such Registrable Securities in the underwriting and
      such Holder enters into an underwriting agreement in customary form with
      the underwriters selected by the Company and setting forth such terms for
      the underwriting as have been agreed upon between the Company and the
      underwriters. Subject to clause (2) below, in the event the underwriters
      advise Holders seeking Registration of Registrable Securities pursuant to
      this Section 5.2 in writing that market factors (including the aggregate
      number of Registrable Securities requested to be Registered, the general
      condition of the market, and the status of the Persons proposing to sell
      securities pursuant to the Registration) require a limitation of the
      number of Equity Securities to be underwritten, the underwriters may
      exclude some or all Registrable Securities from the Registration and
      underwriting after excluding any other Equity Securities from the
      underwriting (other than any Equity Securities which the Company may seek
      to include in the underwriting for its own account), and the number of
      Equity Securities and Registrable Securities that may be included in the
      Registration and the underwriting shall be allocated (i) first, to the
      Company and (ii) thereafter, among the Holders requesting inclusion of
      their Registrable Securities in such Registration Statement in proportion,
      as nearly as practicable, to the respective amounts of Registrable
      Securities which the Holders would otherwise be entitled to include in the
      Registration.

            (2) Notwithstanding anything to the contrary in this clause (c), in
      connection with any offering involving an underwriting of the Company's
      Equity Securities, in no event shall the underwriters exclude any
      Registrable Securities which Holders may seek to include in such
      Registration and underwriting under this Section 5.2 unless at least
      thirty percent (30%) in voting power of any Registrable Securities
      requested by the Holders to be included in such underwriting and
      Registration shall be included.

                                                          Shareholders Agreement

                                       23
<PAGE>

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

            (d) Exempt Transactions. The Company shall have no obligation to
Register any Registrable Securities under this Section 5.2 in connection with a
Registration by the Company (i) relating solely to the sale of securities to
participants in a Company share plan, (ii) relating to a corporate
reorganization or other transaction under Rule 145 of the Securities Act (or
comparable provision under the laws of another jurisdiction, as applicable), or
(iii) on any form that does not include substantially the same information as
would be required to be included in a Registration Statement covering the sale
of the Registrable securities.

      5.3 Expenses. All expenses, other than Selling Expenses, incurred in
connection with Registrations, filings or qualifications pursuant to this
Agreement, including, without limitation, all U.S. federal, "blue sky" and all
foreign registration, filing and qualification fees, printer's and accounting
fees, and fees and disbursements of counsel for the Company and of counsel for
the Holders (but excluding underwriters' discounts and commissions relating to
shares sold by the Holders), shall be borne by the Company. Notwithstanding the
foregoing, the Company shall not be required to pay for any expenses of any
Registration proceeding begun pursuant to Section 5.1(a) or Section 5.1(b) if
the Registration request is subsequently withdrawn at the request of the Holders
of a majority of the Registrable Securities to be registered unless (i) in
connection with a Registration proceeding begun pursuant to Section 5.1(a) and
withdrawn, Holders representing a majority in voting power of Registrable
Securities then held by the Initiating Holders for such Registration request
agree that such Registration request constitutes the use by such Holders of one
(1) registration request under Section 5.1(a) or (ii) if at the time of such
withdrawal, the Holders have learned of a material adverse change in the
condition, business, or prospects of the Company not known to the Holders at the
time of their request for such Registration and have withdrawn their request for
Registration with reasonable promptness after learning of such material adverse
change.

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

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

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

                                                          Shareholders Agreement

                                       24
<PAGE>

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

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

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

            (f) Notification. Notify each Holder of Registrable Securities
covered by such registration statement at any time when a prospectus relating
thereto is required to be delivered under Applicable Securities Law of the
happening of any event as a result of which the prospectus included in such
registration statement, as then in effect, includes an untrue statement of a
material fact or omits to state a material fact required to be stated therein or
necessary to make the statements therein not misleading in the light of the
circumstances then existing.

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

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

            (i) Further Actions. Take all reasonable action necessary to list
the Registrable Securities on the primary exchange upon which the Company's
securities are traded or, in connection with any IPO, the primary exchange upon
which the Company's securities will be traded.

                                                          Shareholders Agreement

                                       25
<PAGE>

      5.5 Obligations of Holders. It shall be a condition precedent to the
obligations of the Company to Register the Registrable Securities of any Holder
pursuant to this Section 5 that the selling Holder shall furnish to the Company
such information regarding itself, the Registrable Securities held thereby and
the intended method of disposition of such securities as shall be required to
timely effect the Registration of such Holder's Registrable Securities.

      5.6 Indemnification. In the event any Registrable Securities are included
in a registration statement under this Section 5:

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

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

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

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

and the Company will reimburse each such Holder, its partner, officer, director,
legal counsel, accountants, underwriter or controlling Person for any legal or
other expenses reasonably incurred by them, as incurred, in connection with
investigating or defending any such loss, claim, damage, liability or action;
provided, however, that the indemnity agreement contained in this Section 5.6(a)
shall not apply to amounts paid in settlement of any such loss, claim, damage,
liability or action if such settlement is effected without the consent of the
Company (which consent shall not be unreasonably withheld), nor shall the
Company be liable in any such case for any such loss, claim, damage, liability
or action to the extent that it arises out of or is based upon a Violation which
occurs in reliance upon and in conformity with written information furnished
expressly for use in connection with such Registration by such Holder,
underwriter or controlling Person of such Holder.

            (b) Notice. Promptly after receipt by an indemnified party under
this Section 5.6 of notice of the commencement of any action (including any
governmental action), such indemnified party will, if a claim in respect thereof
is to be made against any indemnifying party under this Section 5.6, deliver to
the indemnifying party a written notice of the commencement thereof and the
indemnifying party shall have the right to participate in, and, to the extent
the indemnifying party so desires, jointly with any other indemnifying party
similarly noticed, to assume the defense thereof with counsel mutually
satisfactory to the parties; provided, however, that an indemnified party shall
have the right to retain its own

                                                          Shareholders Agreement

                                       26
<PAGE>

counsel, with the fees and expenses to be paid by the indemnifying party, if
representation of such indemnified party by the counsel retained by the
indemnifying party would be inappropriate due to actual or potential conflict of
interests between such indemnified party and any other party represented by such
counsel in such proceeding. The failure to deliver written notice to the
indemnifying party within a reasonable time of the commencement of any such
action shall relieve such indemnifying party of liability to the indemnified
party under this Section 5.6 to the extent the indemnifying party is prejudiced
as a result thereof, but the omission to so deliver written notice to the
indemnifying party will not relieve it of any liability that it may have to any
indemnified party otherwise than under this Section 5.6.

            (c) Contribution. If any indemnification provided for in this
Section 5.6 is held by a court of competent jurisdiction to be unavailable to an
indemnified party with respect to any loss, liability, claim, damage or expense
referred to herein, the indemnifying party, in lieu of indemnifying such
indemnified party hereunder, shall contribute to the amount paid or payable by
such indemnified party as a result of such loss, liability, claim, damage or
expense in such proportion as is appropriate to reflect the relative fault of
the indemnifying party, on the one hand, and of the indemnified party, on the
other, in connection with the statements or omissions that resulted in such
loss, liability, claim, damage or expense, as well as any other relevant
equitable considerations. The relative fault of the indemnifying party and of
the indemnified party shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the
omission to state a material fact relates to information supplied by the
indemnifying party or by the indemnified party and the parties' relative intent,
knowledge, access to information, and opportunity to correct or prevent such
statement or omission.

            (d) Survival. The obligations of the Company and Holders under this
Section 5.6 shall survive the completion of any offering of Registrable
Securities in a Registration Statement, regardless of the expiration of any
statutes of limitation or extensions of such statutes.

      5.7 Termination of the Company's Obligations. The Company shall not be
obligated under this Section 5 to Register any Registrable Securities which a
Holder proposes to sell more than seven (7) years after the closing of the
Purchase Agreement, or, if, in the reasonable opinion of counsel to the Company,
all such Registrable Securities proposed to be sold may then be sold without
registration in any ninety (90) day period pursuant to Rule 144 under the
Securities Act.

      5.8 No Registration Rights to Third Parties. Without the prior written
consent of the Holders of a majority in voting power of the Series C Registrable
Securities, the Series B Registrable Securities and the Series A Registrable
Securities, respectively, then outstanding, the Company covenants and agrees
that it shall not grant, or cause or permit to be created, for the benefit of
any Person or entity any registration rights of any kind (whether similar to the
demand, "piggyback" or Form S-3 or Form F-3 registration rights described in
this Section 5, or otherwise).

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

                                                          Shareholders Agreement

                                       27
<PAGE>

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

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

            (c) So long as a Holder owns any Registrable Securities, to furnish
to such Holder forthwith upon request (i) a written statement by the Company as
to its compliance with the reporting requirements of all Applicable Securities
Laws at any time after it has become subject to such reporting requirements or,
at any time after so qualified, that it qualifies as a registrant whose
securities may be resold pursuant to Form S-3 or F-3 (or any form comparable
thereto under Applicable Securities Laws of any jurisdiction where the Company's
securities are listed), (ii) a copy of the most recent annual or quarterly
report of the Company and such other reports and documents as may be filed by
the Company with the Commission, and (iii) such other reports and documents of
the Company as a Holder may reasonably request in availing itself of any rule or
regulation of the Commission that permits the selling of any such securities
without registration or pursuant to Form S-3 or F-3 (or any form comparable
thereto under Applicable Securities Laws of any jurisdiction where the Company's
securities are listed).

SECTION 6 PRE-EMPTIVE RIGHTS

      6.1 General. Each Preferred Holder shall have the right of first refusal
to purchase up to such Preferred Holder's Pro Rata Share of any New Securities
that the Company may from time to time issue after the date of this Agreement
(the "RIGHT OF PARTICIPATION").

      6.2 Procedures.

            (a) First Participation Notice. In the event that the Company
proposes to undertake an issuance of New Securities, it shall give to each
Preferred Holder written notice of its intention to issue such New Securities
(the "FIRST PARTICIPATION NOTICE"), which notice shall describe the amount and
type of such New Securities and the price and the general terms upon which the
Company proposes to issue such New Securities. Each Preferred Holder shall have
ten (10) Business Days from the date of receipt of any such First Participation
Notice to agree in writing to purchase such Preferred Holder's Pro Rata Share of
such New Securities for the price and upon the terms and conditions specified in
the First Participation Notice by notifying the Company in writing as to the
number of New Securities the Preferred Holder seeks to purchase (not to exceed
such Preferred Holder's Pro Rata Share). If any Preferred Holder shall not agree
to purchase its full Pro Rata Share of any New Securities within such ten (10)
Business Day period, then such Preferred Holder shall forfeit the right
hereunder to purchase such part of its Pro Rata Share of such New Securities as
it did not elect to purchase.

            (b) Second Participation Notice; Oversubscription. The Company shall
promptly give notice in writing (the "SECOND PARTICIPATION NOTICE") of any New
Securities which have not been subscribed for pursuant to paragraph (a) above to
each Preferred Holder who exercises its Right of Participation (a "RIGHT
PARTICIPANT") with respect to its full Pro

                                                          Shareholders Agreement

                                       28
<PAGE>

Rata Share of the New Securities. Each Right Participant shall have five (5)
Business Days from the date of the Second Participation Notice (the "SECOND
PARTICIPATION PERIOD") to notify the Company of its desire to purchase any
unsubscribed New Securities, stating the number of unsubscribed New Securities
it seeks to buy (the "ADDITIONAL NUMBER"). Such notice may be made by telephone
if confirmed in writing within two (2) Business Days thereafter. If the
aggregate number of unsubscribed New Securities that all Right Participants seek
to oversubscribe for exceeds the aggregate number of unsubscribed New Securities
available for purchase, each oversubscribing Right Participant will be cut back
by the Company with respect to its oversubscription to that number of remaining
New Securities equal to the lesser of (x) the Additional Number therefor and (y)
the product obtained by multiplying (i) the number of the remaining New
Securities available for oversubscription by (ii) a fraction the numerator of
which is the number of Ordinary Shares (calculated on an as-converted basis)
held by such oversubscribing Right Participant and the denominator of which is
the total number of Ordinary Shares (calculated on an as-converted basis) held
by all the oversubscribing Right Participants. Each oversubscribing Right
Participant shall be obligated to buy such number of New Securities as it shall
notify the Company pursuant to this paragraph, subject to adjustment pursuant to
the preceding sentence in the event of any cut-back. Within fifteen (15)
Business Days following the date of the Second Participation Notice, the Company
will notify each Right Participant seeking to oversubscribe for any New
Securities hereunder as to the amount of New Securities the Right Participant
will be required to oversubscribe for.

      6.3 Failure to Exercise. To the extent the Preferred Holders have not
timely exercised their Right of Participation (including any right of
oversubscription) hereunder with respect to any New Securities, the Company
shall have 120 days to sell such New Securities at the same or higher price and
upon non-price terms not materially more favorable to the purchasers thereof
than specified in the First Participation Notice. In the event that the Company
has not issued and sold such New Securities within such 120 day period, then the
Company shall not thereafter issue or sell any New Securities without again
first offering such New Securities to the Preferred Holders pursuant to this
Section 6.

      6.4 Termination. Upon a Series C QPO, the rights under this Section 6 of
all Preferred Holders shall immediately terminate. Upon a Series A/B QPO, the
rights under this Section 2 of any Preferred Holder that does not hold Series C
Shares at such date shall terminate.

SECTION 7 TRANSFER RESTRICTIONS

      7.1 Prohibition on Transfer of Shares. None of the parties to this
Agreement will sell, assign, transfer, pledge, hypothecate, or otherwise
encumber or dispose of in any way, all or any part of any interest in the Equity
Securities now or hereafter owned or held thereby except in a transaction that
complies with Section 7.4 and either (i) qualifies as an Exempt Transaction,
(ii) in the case of any Preferred Holder, is in compliance with Section 7.3 or
(iii) in the case of any other party hereto, is in compliance with Section 7.2.
Any sale, assignment, transfer, pledge, hypothecation or other encumbrance or
disposition of the Equity Securities not made in conformance with this Agreement
shall be null and void, shall not be recorded on the books of the Company, and
shall not be recognized by the Company.

      7.2 Sale by Party Other than Preferred Holder. If a party to this
Agreement other than a Preferred Holder proposes to sell or transfer any Equity
Securities held by it (the

                                                          Shareholders Agreement

                                       29
<PAGE>

"SELLING SHAREHOLDER") in a transaction that is not an Exempt Transaction, then
such Selling Shareholder shall promptly give written notice (a "TRANSFER
NOTICE") to each Preferred Holder prior to such sale or transfer. The Notice
shall describe in reasonable detail the proposed sale or transfer, including,
without limitation, the number of Equity Securities to be sold or transferred
(the "OFFERED SHARES"), the nature of such sale or transfer, the consideration
to be paid per share, and the name and address of each prospective purchaser or
transferee.

            (a) Right of First Refusal. Each Preferred Holder will have the
right, exercisable upon written notice (the "FIRST REFUSAL NOTICE") to the
Selling Shareholder, the Company and each other Preferred Holder within thirty
(30) days after receipt of the Transfer Notice (the "FIRST REFUSAL PERIOD"), to
purchase up to such number of Offered Shares (the "FIRST REFUSAL ALLOTMENT") as
equal the product obtained by multiplying the aggregate number of the Offered
Shares by a fraction, the numerator of which is the number of Ordinary Shares
(calculated on a fully-diluted and as-converted basis) then held by such
Preferred Holder and the denominator of which is the total number of Ordinary
Shares (calculated on a fully-diluted and as-converted basis) then owned by all
the Preferred Holders. The First Refusal Notice for any Preferred Holder shall
set forth the number of Offered Shares (together with any re-allotment) that
such Preferred Holder wishes to purchase.

            (1) Each Preferred Holder shall have a right of re-allotment such
      that, if any other Preferred Holder fails to exercise the right to
      purchase its full First Refusal Allotment, the other participating
      Preferred Holders shall have an additional right to purchase such number
      of re-allotment shares as is indicated in its First Refusal Notice. In the
      event that the aggregate number of Offered Shares which all Preferred
      Holders seek to purchase pursuant to the exercise of their right of
      re-allotment hereunder exceeds the number of remaining Offered Shares,
      each Preferred Holder exercising its right of re-allotment will be cut
      back to such number of Offered Shares in connection with such re-allotment
      as equals the lesser of (x) the number of Offered Shares which such
      Preferred Holder indicated in its First Refusal Notice it would be willing
      to purchase pursuant to the exercise of its right of re-allotment and (y)
      the product obtained by multiplying (i) the number of the remaining
      Offered Shares by (ii) a fraction the numerator of which is the number of
      Ordinary Shares (calculated on an as-converted basis) held by such
      Preferred Holder and the denominator of which is the total number of
      Ordinary Shares (calculated on an as-converted basis) held by all the
      Preferred Holders exercising their right of re-allotment.

            (2) If a Preferred Holder timely gives a First Refusal Notice
      indicating that it desires to acquire any part of its First Refusal
      Allotment with respect to the Offered Shares and, as the case may be, any
      re-allotment, then payment for the Offered Shares shall be by check or
      wire transfer, against delivery of the Offered Shares to be purchased at a
      place agreed by the parties and at the time of the scheduled closing
      therefor, which shall be no later than forty-five (45) days after the
      Company's receipt of the Transfer Notice, unless such notice contemplated
      a later closing with the prospective third party transferee.

            (3) The purchase price per share for the Offered Shares to be
      purchased by any Preferred Holder pursuant to the exercise of its right of
      first refusal hereunder (together with any right of re-allotment) shall be
      the price set forth in the Transfer Notice. In the event the Transfer
      Notice provides for any part of the purchase price to

                                                          Shareholders Agreement

                                       30
<PAGE>

      be paid in non-cash consideration, any Preferred Holder exercising its
      right of first refusal (and any right of re-allotment) hereunder shall be
      entitled to pay the cash equivalent of such non-cash consideration, as
      determined by the Board in good faith. The determination of the Board
      under this clause as to the value of any non-cash consideration shall be
      binding upon the Company, the Preferred Holders, and the Selling
      Shareholder, absent fraud or error.

            (4) If any Preferred Holder exercises its right of first refusal to
      purchase any Offered Shares (together with any right of re-allotment),
      then upon expiration of the First Refusal Period, the Selling Shareholder
      will have no further rights as a holder of such Offered Shares except the
      right to receive payment therefor from such Preferred Holder in accordance
      with the terms of this Agreement, and the Selling Shareholder will
      forthwith cause all certificate(s) evidencing such Offered Shares to be
      surrendered to the Company for transfer to such Preferred Holder.

            (5) Within ten (10) days after expiration of the First Refusal
      Period, the Company shall give written notice (the "FIRST REFUSAL
      EXPIRATION NOTICE") to the Selling Shareholder and each Preferred Holder
      which has not timely exercised its right of first refusal during such
      period, setting forth the number of Offered Shares which the Preferred
      Holders have elected to purchase in the exercise of their right of first
      refusal (and any right of re-allotment) hereunder.

            (b) Co-Sale Right. After delivery of a Transfer Notice, to the
extent that the Preferred Holders have not exercised their right of first
refusal (together with any right of re-allotment) with respect to all of the
Offered Shares, each Preferred Holder shall have a right, exercisable upon
written notice (the "CO-SALE NOTICE") to the Selling Shareholder and the Company
within thirty (30) days after receipt of the First Refusal Expiration Notice
(the "CO-SALE RIGHT PERIOD"), to participate in the sale of any remaining
Offered Shares on the same terms and conditions as specified in the Transfer
Notice and, accordingly, to sell up to such number of Equity Securities
(determined on an as-converted basis) in connection therewith as is equal to its
Co-Sale Pro Rata Portion. The Co-Sale Notice shall set forth the number of
Equity Securities that such Preferred Holder wishes to include in such sale
pursuant to the exercise of its right of participation hereunder (together with
any further participation amount). For purposes of this Section, each Preferred
Holder's "CO-SALE PRO RATA PORTION" shall mean that number of Equity Securities
held by it which is equal (on an as-converted basis) to the product obtained by
multiplying (x) the aggregate number of the Offered Shares (on an as-converted
basis) subject to the co-sale right hereunder by (y) a fraction, the numerator
of which is the number of Ordinary Shares (on an as-converted basis) then owned
by the Preferred Holder and the denominator of which is the combined number of
Ordinary Shares (on an as-converted basis) then owned by all Preferred Holders
and the Selling Shareholder.

            (1) To the extent that any Preferred Holder does not exercise its
      co-sale right hereunder with respect to its full Co-Sale Pro Rata Portion,
      the Preferred Holders exercising their co-sale right with respect to their
      full Co-Sale Pro Rata Portion shall have a right of further participation
      with respect to the sale of Offered Shares by the Selling Shareholder such
      that each participating Preferred Holder shall be entitled to include in
      such sale such additional shares as equals the lesser of (x) the number of
      Ordinary Shares which Preferred Holder indicated in its Co-Sale Notice it
      would be willing to sell pursuant to the exercise of its right of further
      participation and (y) the product obtained by multiplying (i) the sum of
      the unexercised part of all Preferred

                                                          Shareholders Agreement

                                       31
<PAGE>

      Holders' Co-Sale Pro Rata Portion by (ii) a fraction the numerator of
      which is the number of Ordinary Shares (calculated on an as-converted
      basis) held by the participating Preferred Holder and the denominator of
      which is the total number of Ordinary Shares (calculated on an
      as-converted basis) which all Preferred Holders exercising their right of
      further participation seek to sell.

            (2) Within ten (10) days following the expiration of the Co-Sale
      Period, the Company shall provide a notice to the Selling Shareholder and
      each Preferred Holder indicating for each Preferred Holder the number of
      Ordinary Shares which such Preferred Holder will be permitted to include
      in the sale of Offered Shares by the Selling Shareholder. Following
      receipt of such notice, each Preferred Holder exercising its right of
      participation hereunder (and any right of further participation) shall
      promptly deliver to the Selling Shareholder for sale to the prospective
      purchaser one or more certificates, properly endorsed for transfer,
      representing such number of Equity Securities (determined on an
      as-converted basis) as such Preferred Holder is entitled to include in
      such sale. However, if the prospective purchaser objects to the delivery
      of any Ordinary Share Equivalents in lieu of Ordinary Shares, such
      Preferred Holder shall convert such Ordinary Share Equivalents into
      Ordinary Shares prior to delivery thereof to the Selling Shareholder. The
      Company agrees to make any such conversion concurrent with the actual
      transfer of such shares to the purchaser.

            (3) The certificates that the participating Preferred Holder
      delivers to the Selling Shareholder pursuant to Section (b)(2) shall be
      transferred to the prospective purchaser in consummation of the sale
      thereof pursuant to the terms and conditions specified in the Transfer
      Notice, and the Selling Shareholder shall concurrently therewith remit to
      such Preferred Holder that portion of the sale proceeds to which such
      Preferred Holder is entitled by reason of its participation in such sale.
      To the extent that any prospective purchaser or purchasers prohibits such
      assignment or otherwise refuses to purchase shares or other securities
      from a Preferred Holder exercising its co-sale right hereunder, the
      Selling Shareholder shall not sell to such prospective purchaser or
      purchasers any Equity Securities unless and until, simultaneously with
      such sale, the Selling Shareholder shall purchase such shares or other
      securities from such Preferred Holder on terms and conditions
      substantially the same as those provided in the Transfer Notice in respect
      of a sale to the prospective purchaser.

            (4) To the extent one or more of the Preferred Holders exercises its
      right of participation hereunder (together with any right of further
      participation), the number of Offered Shares that the Selling Shareholder
      may sell in the transaction shall be correspondingly reduced.

            (c) Right to Transfer. Subject to any other applicable restrictions
on the sale of such Equity Securities, to the extent the Preferred Holders do
not timely elect to purchase, or to participate in the sale of, the Offered
Shares, the Selling Shareholder may, not later than 120 days following delivery
to the Company and each of the Preferred Holders of the Transfer Notice,
conclude a transfer of such Equity Securities on terms and conditions not
materially different from those described in the Transfer Notice. In the event
the Selling Shareholder is not able to conclude the transfer of such Equity
Securities within such time on terms and conditions materially the same as those
described in the Transfer Notice, the Preferred Holders' rights of first refusal
and co-sale rights under this Section 7 shall apply to any subsequent
disposition of such Equity Securities.

                                                          Shareholders Agreement

                                       32
<PAGE>

      7.3 Sale by Preferred Holder. If at any time a Preferred Holder (an
"OFFERING HOLDER") proposes to sell or transfer any of its Equity Securities
(the "AVAILABLE SECURITIES") in a transaction that is not an Exempt Transaction,
then before offering such Available Securities to any third party, the Offering
Holder shall give each of the other Preferred Holders written notice (the
"OFFERING NOTICE") of the Offering Holder's intent to transfer the Available
Securities, which Offering Notice shall include a description of the Available
Securities.

            (a) Right of First Offer. Within ten (10) days after delivery of an
Offering Notice, each Preferred Holder shall have a right, either separately or
together with other Preferred Holders, to make an offer in writing (a "PURCHASE
OFFER") to purchase all, but not less than all, of the Available Securities. Any
Purchase Offer shall set forth the consideration and the material terms and
conditions upon which the party or parties making the Purchase Offer propose to
acquire the Available Securities. Within ten (10) days of receiving a timely
Purchase Offer, the Offering Holder shall accept or decline the Purchase Offer
in writing, and prior to expiration of such 10-day period, the Purchase Offer
shall not be rescinded.

            (1) If the Offering Holder shall accept a Purchase Offer, then the
      Offering Holder and the party or parties making such Purchase Offer shall
      use their good faith efforts to conclude, within sixty (60) days after the
      date of the Offering Notice, a sale between them of the Available
      Securities pursuant to the terms and conditions of the Purchase Offer. If
      the Offering Holder and the party or parties making the Purchase Offer
      have not timely concluded the sale of the Available Securities within such
      60-day period, the Purchase Offer shall be deemed to have been rescinded,
      and neither the Offering Holder or any party making such Purchase Offer
      shall have any further obligation to consummate a sale of the Available
      Securities pursuant to the terms and conditions of such Purchase Offer.

            (2) Following the Release Date in respect of any Available
      Securities offered pursuant to an Offering Notice, the Offering Holder may
      either withdraw its intention to sell the Available Securities or, for a
      period of ninety (90) days from the Release Date, the Offering Holder
      shall have the right to solicit an offer from a third party to purchase
      the Available Securities; provided that (i) the terms and conditions of
      any sale of the Available Securities to a third party shall not be
      materially less favorable to the Offering Holder than the terms and
      conditions contained in any timely Purchase Offer in respect of such
      Available Securities and (ii) any such sale shall be subject to all the
      terms of Section 7.3(b). If within such 90-day period the Offering Holder
      has not concluded a binding letter of intent with any third party for sale
      of the Available Securities thereto, the Offering Holder shall not further
      offer the Available Securities to any third party without first again
      permitting the other Preferred Holders to exercise their right of first
      offer under this Section 7.3. In respect of any Offering Notice for
      Available Securities, "RELEASE DATE" shall mean the earlier of (i) the
      date that the 10-day period for making Purchase Offers hereunder shall
      expire without the Offering Holder having received a Purchase Offer, (ii)
      the date that the Offering Holder shall have declined to accept all timely
      Purchase Offers or (iii) the date that any Purchase Offer accepted by the
      Offering Holder shall subsequently be rescinded.

            (b) Co-Sale Right. If the Offering Holder receives a firm offer for
the purchase of any part of the Available Securities within 90-days after the
Release Date, the Offering Holder shall promptly provide notice (a "FIRM OFFER
NOTICE") in writing to each of the other Preferred Holders, describing in
reasonable detail the terms of the proposed sale,

                                                          Shareholders Agreement

                                       33
<PAGE>

including, without limitation, the number of Available Securities to be sold or
transferred, the consideration to be paid per share, and the name and address of
the prospective purchaser.

            (1) Each Preferred Holder shall have a right, exercisable by
      delivery of written notice (a "PREFERRED CO-SALE NOTICE") to the Offering
      Holder and the Company within thirty (30) days after receipt of a Firm
      Offer Notice, to participate in the sale of such Available Securities on
      the same terms and conditions as specified in the Firm Offer Notice and,
      accordingly, to sell up to a pro rata share of its Equity Securities in
      connection therewith. The Preferred Co-Sale Notice shall set forth the
      number of Equity Securities that such Preferred Holder wishes to include
      in such sale pursuant to the exercise of its right of participation
      hereunder (together with any further participation amount). For purposes
      of this Section 7.3(b), a Preferred Holder's "pro rata share" of its
      Equity Securities shall mean such number of Equity Securities as is equal
      (on an as-converted basis) to the product of (i) the number of Available
      Securities described in the Firm Offer Notice (determined on an
      as-converted basis) and (ii) a fraction, the numerator of which is the
      number of Ordinary Shares then held by such Preferred Holder (determined
      on an as-converted basis) and the denominator of which is the number of
      Ordinary Shares then held by all Preferred Holders (determined on an
      as-converted basis).

            (2) To the extent that any Preferred Holder (other than the Offering
      Holder) does not exercise its co-sale right hereunder with respect to its
      full pro rata share, Preferred Holders participating in their full pro
      rata share shall have a right of further participation with respect to the
      sale of Available Securities by the Offering Holder such that each
      participating Preferred Holder shall be entitled to include in such sale
      such additional shares as equals the lesser of (x) the number of Equity
      Shares which such Preferred Holder indicated in its Co-Sale Notice it
      would be willing to sell pursuant to the exercise of its right of further
      participation (determined on an as-converted basis) and (y) the product
      obtained by multiplying (i) the sum of the unexercised part of all
      Preferred Holders' pro rata share by (ii) a fraction the numerator of
      which is the number of Ordinary Shares (calculated on an as-converted
      basis) held by the participating Preferred Holder and the denominator of
      which is the total number of Ordinary Shares (calculated on an
      as-converted basis) which all Preferred Holders exercising their right of
      further participation seek to sell.

            (3) Within ten (10) days following the expiration of the 30-day
      period for Preferred Holders to exercise their co-sale rights hereunder,
      the Company shall provide a notice to the Offering Holder and each
      Preferred Holder indicating for each Preferred Holder the number of
      Ordinary Shares which such Preferred Holder will be permitted to include
      in the sale of Available Securities by the Offering Holder. Following
      receipt of such notice, each Preferred Holder exercising its right of
      participation hereunder (and any right of further participation) shall
      promptly deliver to the Offering Shareholder, for sale to the prospective
      purchaser, one or more certificates, properly endorsed for transfer,
      representing such number of Equity Securities (determined on an
      as-converted basis) as such Preferred Holder is entitled to include in
      such sale. However, if the prospective purchaser objects to the delivery
      of any Ordinary Share Equivalents in lieu of Ordinary Shares, such
      Preferred Holder shall convert such Ordinary Share Equivalents into
      Ordinary Shares prior to delivery thereof to the Offering Holder. The
      Company agrees to make any such conversion concurrent with the actual
      transfer of such shares to the purchaser.

                                                          Shareholders Agreement

                                       34
<PAGE>

            (4) The certificates that a participating Preferred Holder delivers
      to the Offering Holder pursuant to Section 7.2(b) shall be transferred to
      the prospective purchaser in consummation of the sale thereof pursuant to
      the terms and conditions specified in the Firm Offer Notice, and the
      Offering Holder shall concurrently therewith remit to such Preferred
      Holder that portion of the sale proceeds to which such Preferred Holder is
      entitled by reason of its participation in such sale. To the extent that
      any prospective purchaser or purchasers prohibits such assignment or
      otherwise refuses to purchase shares or other securities from a Preferred
      Holder exercising its co-sale right hereunder, the Offering Holder shall
      not sell to such prospective purchaser or purchasers any Equity Securities
      unless and until, simultaneously with such sale, the Offering Shareholder
      shall purchase such shares or other securities from such Preferred Holder
      on terms and conditions substantially the same as those provided in the
      Transfer Notice in respect of a sale to the prospective purchaser.

            (5) To the extent one or more of the Preferred Holders exercises its
      right of participation (together with any right of further participation)
      under this Section 7.3(b), the number of Available Securities that the
      Offering Holder may sell in the transaction described by the Firm Offer
      Notice shall be correspondingly reduced.

            (c) Right to Transfer. Subject to any other applicable restrictions
on the sale of such Equity Securities, to the extent the Preferred Holders do
not timely elect to participate in the sale of the Available Securities, the
Offering Holder may, not later than ninety (90) days following expiration of the
30-day period for the Preferred Holders to deliver a Preferred Co-Sale Notice,
conclude a transfer of such Equity Securities on terms and conditions not
materially different from those described in the Firm Offer Notice. In the event
the Offering Shareholder is not able to conclude the transfer of such Equity
Securities within such time on terms and conditions materially the same as those
described in the Firm Offer Notice, the other Preferred Holders' rights of first
offer and co-sale rights under this Section 7 shall apply to any subsequent
disposition of such Equity Securities.

      7.4 Additional Transfer Restrictions.

            (a) Notwithstanding anything to the contrary contained herein,
except for any sale or transfer of Equity Securities pursuant to the Purchase
Agreement, the Ancillary Documents, the Capital Purchase Agreement or the
Capital Ancillary Documents, JJ Media shall not, without the prior written
consent of Preferred Holders representing not less than a majority in voting
power of the Series A Shares, the Series B Shares and the Series C Shares,
respectively, sell, assign, transfer, pledge, hypothecate, mortgage, encumber or
otherwise dispose of any Equity Securities held by JJ Media to any Person (i)
within one year from the closing of the Purchase Agreement, or (ii) within 180
days following the consummation of a Series C QPO.

            (b) Notwithstanding anything to the contrary contained herein, none
of the parties hereto shall sell, assign, transfer, pledge, hypothecate, or
otherwise encumber or dispose of in any way, all or any part of any interest in
any Equity Securities now or hereafter owned or held thereby unless the Person
to whom such Equity Securities are so disposed of shall have entered into an
instrument of accession, in substantially the form attached hereto as Exhibit A,
acceding to the obligations under this Agreement (but not necessarily the
rights) of the Party so disposing of its Equity Securities.

                                                          Shareholders Agreement

                                       35
<PAGE>

      7.5 Legend. For so long as this Section 7 shall continue in effect, each
certificate representing any Equity Securities now or hereafter owned by a party
to this Agreement shall bear the following legend:

      "THE SALE, PLEDGE, HYPOTHECATION OR TRANSFER OF THE SECURITIES REPRESENTED
      BY THIS CERTIFICATE IS SUBJECT TO THE TERMS AND CONDITIONS OF A
      SHAREHOLDERS AGREEMENT BY AND BETWEEN THE SHAREHOLDER, THE COMPANY,
      CERTAIN AFFILIATES OF THE COMPANY AND CERTAIN SHAREHOLDERS OF THE COMPANY.
      COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE
      SECRETARY OF THE COMPANY."

The above restrictions on share transfer should also be recorded in a notation
on the Company's share register.

      7.6 Term. Except for Section 7.4(a), the provisions under this Section 7
shall terminate upon the closing of a Series C QPO.

SECTION 8 ADDITIONAL COVENANTS

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

      8.2 Adjustment of Equity Interest in PRC Affiliate. The Company hereby
grants to each Preferred Holder, which together with any Affiliates, holding
Preferred Shares with aggregate conversion price equal to at least $5,000,000 a
right to acquire an equity interest in any Captive Company which is proportional
to the number of Ordinary Shares held by such Preferred Holder in the Company
(determined on an as-if converted basis) in relation to the Company's then
issued and outstanding Ordinary Shares (determined on an as-if converted basis).
The consideration payable by any Preferred Holder in the exercise of its option
hereunder shall be the minimum consideration permissible by law.

            (a) In the event the Preferred Holder shall sell any Equity
Securities in the Company, it agrees that it shall promptly sell a corresponding
part of any equity interest held

                                                          Shareholders Agreement

                                       36
<PAGE>

thereby in any Captive Company to the Company or a nominee designated by the
Company for the minimum consideration permissible by law.

            (b) Upon acquiring any interest in a Captive Company under this
Section 8.2, the Preferred Holder shall be required to sign such agreements and
other instruments as required by the Company's Board of Directors to ensure (i)
that the beneficial ownership of such equity interest shall remain with any of
the Company or the Group Companies, or a combination of the foregoing, (ii) that
all the economic benefits deriving from such interest shall be exclusively
enjoyed by any of the Company or the Group Companies, or a combination of the
foregoing, and (iii) that the Company, or a representative thereof, shall have
full authority to determine the exercise of any voting rights associated with
such interest.

            (c) In the exercise of its right hereunder, any Preferred Holder may
appoint a nominee to hold shares in the Captive Company on its behalf so long as
such nominee shall be bound to perform all the obligations of the Preferred
Holder in respect of such Captive Company under this Section 8.2.

SECTION 9 CONFIDENTIALITY AND NON-DISCLOSURE.

      9.1 Disclosure of Terms. The terms and conditions (the "FINANCING TERMS")
of this Agreement, any agreement pursuant to the Preferred Holders subscribed to
the Company's Equity Securities, and any Ancillary Documents, together with any
annexes, exhibits and schedules thereto (collectively, the "FINANCING
DOCUMENTS"), including their existence, shall be considered confidential
information and shall not be disclosed by any party hereto to any third party
except in accordance with the provisions set forth below.

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

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

      9.4 Legally Compelled Disclosure. In the event that any party is requested
or becomes legally compelled (including without limitation, pursuant to
securities laws and regulations) to disclose the existence of any Financing
Document or any of the Financing Terms hereof in contravention of the provisions
of this Section 9, such party (the "DISCLOSING PARTY") shall provide the other
parties hereto with prompt written notice of that fact and use all reasonable
efforts to seek (with the cooperation and reasonable efforts of the other
parties hereto) a protective order, confidential treatment or other appropriate
remedy. In any event, the Disclosing Party shall furnish only that portion of
the information which is legally required and shall exercise reasonable efforts
to keep confidential such information to the extent reasonably requested by any
other party hereto.

                                                          Shareholders Agreement

                                       37
<PAGE>

      9.5 Other Information. The provisions of this Section 9 shall be in
addition to, and not in substitution for, the provisions of any separate
nondisclosure agreement executed by any of the parties hereto with respect to
the transactions contemplated hereby.

SECTION 10 MISCELLANEOUS

      10.1 Binding Effect; Assignment.

            (a) Notwithstanding anything herein to the contrary, the rights of
any Preferred Holder under Section 2.1, Section 2.2, Section 3.6, Section 6,
Section 7, Section 8 and Section 9 may be assigned to the extent such Preferred
Holder transfers any Preferred Shares held thereby to another Person in
compliance with Section 7 and (i) the Company is, within reasonable time after
such transfer, furnished with written notice of the name and address of such
transferee or assignee and the securities with respect to which such rights are
being assigned and (ii) such transferee or assignee agrees in writing to be
bound by and subject to the terms and conditions of this Section 10 and the
terms and conditions of each Section of this Agreement with respect to which any
rights are being assigned thereto under this clause. From the time of such
transfer or assignment, for all purposes of each Section of this agreement with
respect to which rights are assigned thereto under this clause, such transferee
or assignee shall be treated as a "Preferred Holder."

            (b) Notwithstanding anything herein to the contrary, the rights of
any Holder under Section 5 may be assigned to the extent such Holder transfers
any Registrable Securities held thereby to another Person in compliance with
Section 7 and (i) the Company is, within a reasonable time after such transfer,
furnished with written notice of the name and address of such transferee or
assignee and the securities with respect to which such rights are being
assigned; (ii) such transferee or assignee agrees in writing to be bound by and
subject to the terms and conditions of Section 5 and this Section 10; and (iii)
immediately following such transfer or assignment the further disposition of
such securities by the transferee or assignee is restricted under Applicable
Securities Law. From the time of such transfer or assignment, for all purposes
of Section 5, such transferee or assignee shall be treated as a "Holder".

            (c) This Agreement shall be binding upon and shall be enforceable by
each party, its successors and permitted assigns. Except as provided in Section
8.2(c), Section 10.1(a) and Section 10.1(b) or as required by Section 7.4(b), no
party may assign any of its rights or obligations hereunder without the prior
written approval of the other parties.

      10.2 Governing Law. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of New York, without regard to conflicts
of laws principles thereunder.

      10.3 Dispute Resolution.

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

                                                          Shareholders Agreement

                                       38
<PAGE>

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

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

            (d) The arbitration proceedings shall be conducted in English. The
arbitration tribunal shall apply the Arbitration Rules of the United Nations
Commission on International Trade Law, as in effect at the time of the
arbitration. However, if such rules are in conflict with the provisions of this
Section 10.3, including the provisions concerning the appointment of arbitrator,
the provisions of this Section 10.3 shall prevail.

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

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

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

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

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

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

      10.4 Amendments. This Agreement and its provisions may be amended,
changed, waived, discharged or terminated only by a writing signed by each of
(i) the Company, (ii) Preferred Holders representing a majority in voting power
of the Series A Shares (iii) Preferred Holders representing a majority in voting
power of the Series B Shares, (iv) Preferred Holders representing 80% in voting
power of the Series C Shares and (v) Ordinary Shareholders representing a
majority in voting power of the aggregate Ordinary Shares held

                                                          Shareholders Agreement

                                       39
<PAGE>

by the Ordinary Shareholders. Any amendment, change, waiver, discharge or
termination effected in accordance with the preceding sentence shall be binding
upon each of the parties hereto and their successors and permitted assigns.
Without limiting the foregoing, any party hereto may by a writing waive any
right that it individually holds hereunder without seeking the prior consent of
any other party hereto.

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

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

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

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

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

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

      10.11 No Third Party Beneficiary. Except as contemplated in Section 5.6,
nothing in this Agreement is intended to confer upon any Person other than the
Parties hereto and their respective successors and permitted assigns any rights,
benefits, or obligations hereunder.

         [The remainder of this page has been left intentionally blank]

                                                          Shareholders Agreement

                                       40
<PAGE>

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

                                FOCUS MEDIA HOLDING LIMITED

                                By: /s/ Jiang Nanchun
                                    -----------------------------------
                                Name: Jiang Nanchun [CHINESE CHARACTERS]
                                Capacity: CEO

                                Address for notice:
                                28th Floor, Zhao Feng World Trade Building,
                                No. 369 Jiangsu Road,
                                Shanghai, China
                                Attn: Jiang Nanchun [CHINESE CHARACTERS]
                                Tel: 86-21-32124661
                                Fax: 86-21-52400228

<PAGE>

                                SHANGHAI FOCUS MEDIA ADVERTISING
                                  CO., LTD. [CHINESE CHARACTERS]

                                By: /s/ Jiang Nanchun
                                    -----------------------------------
                                Name: Jiang Nanchun [CHINESE CHARACTERS]
                                Capacity: Authorized Signatory

                                Address for notice:
                                28th Floor, Zhao Feng World Trade Building,
                                No. 369 Jiangsu Road,
                                Shanghai, China
                                Attn: Jiang Nanchun [CHINESE CHARACTERS]
                                Tel: 86-21-32124661
                                Fax: 86-21-52400228

                                                          Shareholders Agreement

<PAGE>

                                SICHUAN FOCUS MEDIA ADVERTISING
                                  COMPANY LTD. [CHINESE CHARACTERS]

                                By: /s/ Jiang Nanchun
                                    -----------------------------------
                                Name: Jiang Nanchun [CHINESE CHARACTERS]
                                Capacity: Authorized Signatory

                                Address for notice:
                                Room 4C, Chuanxin Dasha,
                                No. 18, Renming Nan Road
                                Chengdu, China
                                Attn: Jiang Nanchun [CHINESE CHARACTERS]
                                Tel: 86-028-86083386
                                Fax: 86-028-86200388

                                                          Shareholders Agreement

<PAGE>

                                CHANGSHA CENTURY FOCUS MEDIA ADVERTISING
                                  COMPANY LTD. [CHINESE CHARACTERS]

                                By: /s/ Jiang Nanchun
                                    -----------------------------------
                                Name: Jiang Nanchun [CHINESE CHARACTERS]
                                Capacity: Authorized Signatory

                                Address for notice:
                                Room 1213, New Century Plaza
                                No. 692, Furong Zhong Lu,
                                Changsha, China
                                Attn: Jiang Nanchun [CHINESE CHARACTERS]
                                Tel: 86-0731-5179396
                                Fax: 86-0731-5179396-888

                                                          Shareholders Agreement

<PAGE>

                                FOCUS MEDIA WUHAN GESHI ADVERTISING
                                  COMPANY LTD. [CHINESE CHARACTERS]

                                By: /s/ Jiang Nanchun
                                    -----------------------------------
                                Name: Jiang Nanchun [CHINESE CHARACTERS]
                                Capacity: Authorized Signatory

                                Address for notice:
                                Room 4101, World Trade Plaza,
                                No. 686, Jiefang Avenue,
                                Wuhan, China
                                Attn: Jiang Nanchun [CHINESE CHARACTERS]
                                Tel: 86-027-85448093
                                Fax: 86-027-85448386

                                                          Shareholders Agreement

<PAGE>

                                QINGDAO FOCUS MEDIA ADVERTISING
                                  COMPANY LTD. [CHINESE CHARACTERS]

                                By: /s/ Jiang Nanchun
                                    -----------------------------------
                                Name: Jiang Nanchun [CHINESE CHARACTERS]
                                Capacity: Authorized Signatory

                                Address for notice:
                                Room 12E, Plaza A, Jing du Garden,
                                No. 37, Jinghai Xi Road,
                                Qingdao, China
                                Attn: Jiang Nanchun [CHINESE CHARACTERS]
                                Tel: 86-0532-6675162
                                Fax: 86-0532-0532-6675182-12

                                                          Shareholders Agreement

<PAGE>

                                ZHEJIANG RUIHONG FOCUS MEDIA CULTURE
                                  COMMUNICATIONS COMPANY LTD.
                                  [CHINESE CHARACTERS]

                                By: /s/ Jiang Nanchun
                                    -----------------------------------
                                Name: Jiang Nanchun [CHINESE CHARACTERS]
                                Capacity: Authorized Signatory

                                Address for notice:
                                Room 909, Plaza C, Huanglong Century Plaza
                                No. 1, Hangda Road,
                                Hangzhou, China
                                Attn: Jiang Nanchun [CHINESE CHARACTERS]
                                Tel: 86-0571-88211033
                                Fax: 86-0571-87901087

                                                          Shareholders Agreement

<PAGE>

                                CHONGQIN GEYANG FOCUS MEDIA CULTURE
                                  COMMUNICATIONS COMPANY LTD.
                                  [CHINESE CHARACTERS]

                                By: /s/ Jiang Nanchun
                                    -----------------------------------
                                Name: Jiang Nanchun [CHINESE CHARACTERS]
                                Capacity: Authorized Signatory

                                Address for notice:
                                Floor 25, Plaza A, No. 3, Qingnian Road,
                                Quzhong Qu,
                                Chongqing, China
                                Attn: Jiang Nanchun [CHINESE CHARACTERS]
                                Tel: 86-023-63708688
                                Fax: 86-023-63731117

                                                          Shareholders Agreement

<PAGE>

                                NANJING FOCUS MEDIA ADVERTISING
                                  COMPANY LTD. [CHINESE CHARACTERS]

                                By: /s/ Jiang Nanchun
                                    -----------------------------------
                                Name: Jiang Nanchun [CHINESE CHARACTERS]
                                Capacity: Authorized Signatory

                                Address for notice:
                                C4, Floor 12, No. 89, Hanzhong Road,
                                Nanjing, China
                                Attn: Jiang Nanchun [CHINESE CHARACTERS]
                                Tel: 86-025-84720292
                                Fax: 86-025-84720291

                                                          Shareholders Agreement

<PAGE>

                                DALIAN FOCUS MEDIA ADVERTISING
                                  COMPANY LTD. [CHINESE CHARACTERS]

                                By: /s/ Jiang Nanchun
                                    -----------------------------------
                                Name: Jiang Nanchun [CHINESE CHARACTERS]
                                Capacity: Authorized Signatory

                                Address for notice:
                                Room 1309, No. 45, Shanghai Road,
                                Dalian, China
                                Attn: Jiang Nanchun [CHINESE CHARACTERS]
                                Tel: 86-0411-82648252
                                Fax: 86-0411-82648353

                                                          Shareholders Agreement

<PAGE>

                                FOCUS MEDIA CHANGSHA HOLDING LIMITED

                                By: /s/ Jiang Nanchun
                                    -----------------------------------
                                Name: Jiang Nanchun [CHINESE CHARACTERS]
                                Capacity: Authorized Signatory

                                Address for notice:
                                28th Floor, Zhao Feng World Trade Building,
                                No. 369 Jiangsu Road,
                                Shanghai, China
                                Attn: Jiang Nanchun [CHINESE CHARACTERS]
                                Tel: 86-21-32124661
                                Fax: 86-21-52400228

                                                          Shareholders Agreement

<PAGE>

                                YUNNAN FOCUS MEDIA ADVERTISING
                                  COMPANY LTD. [CHINESE CHARACTERS]

                                By: /s/ Jiang Nanchun
                                    -----------------------------------
                                Name: Jiang Nanchun [CHINESE CHARACTERS]
                                Capacity: Authorized Signatory

                                Address for notice:
                                Floor 20, No. 612, Beijing Road,
                                Kunming, China
                                Attn: Jiang Nanchun [CHINESE CHARACTERS]
                                Tel: 86-0871-3116615
                                Fax:

                                                          Shareholders Agreement

<PAGE>

                                SHANGHAI ON-TARGET COMMUNICATIONS
                                  CO., LTD. [CHINESE CHARACTERS]

                                By: /s/ Jiang Nanchun
                                    -----------------------------------
                                Name: Jiang Nanchun [CHINESE CHARACTERS]
                                Capacity: Authorized Signatory

                                Address for notice:
                                28th Floor, Zhao Feng World Trade Building,
                                No. 369 Jiangsu Road,
                                Shanghai, China
                                Attn: Jiang Nanchun [CHINESE CHARACTERS]
                                Tel: 86-21-32124661
                                Fax: 86-21-52400228

                                                          Shareholders Agreement

<PAGE>

                                SHANGHAI FOCUS MEDIA ADVERTISING &
                                  COMMUNICATIONS CO., LTD.
                                  [CHINESE CHARACTERS]

                                By: /s/ Jiang Nanchun
                                    -----------------------------------
                                Name: Jiang Nanchun [CHINESE CHARACTERS]
                                Capacity: Authorized Signatory

                                Address for notice:
                                28th Floor, Zhao Feng World Trade Building,
                                No. 369 Jiangsu Road,
                                Shanghai, China
                                Attn: Jiang Nanchun [CHINESE CHARACTERS]
                                Tel: 86-21-32124661
                                Fax: 86-21-52400228

                                                          Shareholders Agreement

<PAGE>

                                PERFECT MEDIA HOLDING LIMITED

                                By: /s/ Jiang Nanchun
                                    -----------------------------------
                                Name: Jiang Nanchun [CHINESE CHARACTERS]
                                Capacity: Authorized Signatory

                                Address for notice:
                                28th Floor, Zhao Feng World Trade Building,
                                No. 369 Jiangsu Road,
                                Shanghai, China
                                Attn: Jiang Nanchun [CHINESE CHARACTERS]
                                Tel: 86-21-32124661
                                Fax: 86-21-52400228

                                                          Shareholders Agreement

<PAGE>

                                     FOCUS MEDIA MULTIMEDIA TECHNOLOGY
                                        (SHANGHAI) COMPANY LTD.[CHINESE
                                         CHARACTERS]

                                     By: /s/ Jiang Nanchun
                                         ------------------------------------
                                     Name: Jiang Nanchun [CHINESE CHARACTERS]
                                     Capacity: Authorized Signatory

                                     Address for notice:
                                     28th Floor, Zhao Feng World Trade Building,
                                     No. 369 Jiangsu Road,
                                     Shanghai, China
                                     Attn: Jiang Nanchun [CHINESE CHARACTERS]
                                     Tel:  86-21-32124661
                                     Fax:  86-21-52400228

                                                          Shareholders Agreement

<PAGE>

                                     FOCUS MEDIA DALIAN HOLDING LIMITED

                                     By: /s/ Jiang Nanchun
                                        ------------------------------------
                                     Name: Jiang Nanchun [CHINESE CHARACTERS]
                                     Capacity: Authorized Signatory

                                     Address for notice:
                                     28th Floor, Zhao Feng World Trade Building,
                                     No. 369 Jiangsu Road,
                                     Shanghai, China
                                     Attn: Jiang Nanchun [CHINESE CHARACTERS]
                                     Tel:  86-21-32124661
                                     Fax:  86-21-52400228

                                                          Shareholders Agreement

<PAGE>

                                     FOCUS MEDIA QINGDAO LIMITED

                                     By: /s/ Jiang Nanchun
                                        ------------------------------------
                                     Name: Jiang Nanchun [CHINESE CHARACTERS]
                                     Capacity: Authorized Signatory

                                     Address for notice:
                                     28th Floor, Zhao Feng World Trade Building,
                                     No. 369 Jiangsu Road,
                                     Shanghai, China
                                     Attn: Jiang Nanchun [CHINESE CHARACTERS]
                                     Tel:  86-21-32124661
                                     Fax:  86-21-52400228

                                                          Shareholders Agreement

<PAGE>

                                     FOCUS MEDIA (CHINA) HOLDING LIMITED

                                     By: /s/ Jiang Nanchun
                                         ------------------------------------
                                     Name: Jiang Nanchun [CHINESE CHARACTERS]
                                     Capacity: Authorized Signatory

                                     Address for notice:
                                     28th Floor, Zhao Feng World Trade Building,
                                     No. 369 Jiangsu Road,
                                     Shanghai, China
                                     Attn: Jiang Nanchun [CHINESE CHARACTERS]
                                     Tel:  86-21-32124661
                                     Fax:  86-21-52400228

                                                          Shareholders Agreement

<PAGE>

                                     SHANGHAI PERFECT MEDIA ADVERTISING LTD.
                                        [CHINESE CHARACTERS]

                                     By: /s/ Jiang Nanchun
                                         ------------------------------------
                                     Name: Jiang Nanchun [CHINESE CHARACTERS]
                                     Capacity: Authorized Signatory

                                     Address for notice:
                                     Floor 2, Pufa Building,
                                     No. 288, Pudong Avenue,
                                     Shanghai, China
                                     Attn: Jiang Nanchun [CHINESE CHARACTERS]
                                     Tel:  86-21-50541466
                                     Fax:  86-21-50541499

                                                          Shareholders Agreement

<PAGE>

                                     SHANGHAI QIANJIAN ADVERTISING
                                        COMPANY LTD. [CHINESE CHARACTERS]

                                     By: /s/ Jiang Nanchun
                                         -----------------------------------
                                     Name: Jiang Nanchun [CHINESE CHARACTERS]
                                     Capacity: Authorized Signatory

                                     Address for notice:
                                     Unit 2107, Broadcasting Building, No. 1376,
                                     Hong Qiao Lu,
                                     Shanghai, China
                                     Attn: Jiang Nanchun [CHINESE CHARACTERS]
                                     Tel:  86-21-62095508
                                     Fax:  86-21-62095509

                                                          Shareholders Agreement

<PAGE>

                                     JJ MEDIA INVESTMENT HOLDING LIMITED

                                     By: /s/ Jiang Nanchun
                                         -----------------------------------
                                     Name: Jiang Nanchun
                                     Capacity: CEO

                                     Address for notice:
                                     28th Floor, Zhao Feng World Trade Building,
                                     No. 369 Jiangsu Road,
                                     Shanghai, China
                                     Attn: Chauncey Shey
                                     Tel:  86-21-32124668
                                     Fax:  86-21-52400958

                                                          Shareholders Agreement

<PAGE>

                                     VICTORY VENTURE CAPITAL LIMITED

                                     By: /s/ Ren Feng
                                         ------------------------------------
                                     Name: Ren Feng
                                     Capacity: CEO

                                     Address for notice:
                                     28th Floor, Zhao Feng World Trade Building,
                                     No. 369 Jiangsu Road,
                                     Shanghai, China
                                     Attn: Chauncey Shey
                                     Tel:  86-21-32124668
                                     Fax:  86-21-52400958

                                                          Shareholders Agreement

<PAGE>

                                     GS FOCUS HOLDING LIMITED

                                     By: /s/ David Chou
                                     ---------------------------------------
                                     Name: David Chou
                                     Capacity: Authorized Signatory

                                     Address for notice:
                                     68/F Cheung Kong Center
                                     2 Queen's Road Central
                                     Hong Kong
                                     Attn: David Chou
                                     Tel:  852-2978-1151
                                     Fax:  852-2978-0440

                                                          Shareholders Agreement

<PAGE>

                                     3I GROUP PLC

                                     By: /s/ Cheng Sim Tan
                                       -------------------------------------
                                     Name: Cheng Sim Tan
                                     Capacity: Authorized Signatory

                                     Address for notice:
                                     Suite 1903, 19/F
                                     Two International Finance Centre
                                     8 Finance Street
                                     Central, Hong Kong
                                     Attn: Cheng Sim Tan
                                     Tel:  852-2901-8188
                                     Fax:  852-2537-7886

                                     with a copy to:
                                     3i Investments plc
                                     80 Raffles Place
                                     #33-20 UOB Plaza 2
                                     Singapore 048624
                                     Attn: Cheng Sim Tan
                                     Tel:  65-6438-3131
                                     Fax:  65-6536-2429

                                                          Shareholders Agreement

<PAGE>

                                     3I ASIA PACIFIC TECHNOLOGY LP

                                     Acting by its manager, 3i Investments plc

                                     By: /s/ Cheng Sim Tan
                                         ------------------------------------
                                     Name: Cheng Sim Tan
                                     Capacity: Authorized Signatory

                                     Address for notice:
                                     Suite 1903, 19/F
                                     Two International Finance Centre
                                     8 Finance Street
                                     Central, Hong Kong
                                     Attn: Cheng Sim Tan
                                     Tel: 852-2901-8188
                                     Fax: 852-2537-7886

                                     with a copy to:
                                     3i Investments plc
                                     80 Raffles Place
                                     #33-20 UOB Plaza 2
                                     Singapore 048624
                                     Attn: Cheng Sim Tan
                                     Tel:  65-6438-3131
                                     Fax:  65-6536-2429

                                                          Shareholders Agreement

<PAGE>

                                     3I ASIA PACIFIC 2004-06 LP

                                     Acting by its manager, 3i Investments plc

                                     By: /s/ Cheng Sim Tan
                                         ------------------------------------
                                     Name: Cheng Sim Tan
                                     Capacity: Authorized Signatory

                                     Address for notice:
                                     Suite 1903, 19/F
                                     Two International Finance Centre
                                     8 Finance Street
                                     Central, Hong Kong
                                     Attn: Cheng Sim Tan
                                     Tel:  852-2901-8188
                                     Fax:  852-2537-7886

                                     with a copy to:
                                     3i Investments plc
                                     80 Raffles Place
                                     #33-20 UOB Plaza 2
                                     Singapore 048624
                                     Attn: Cheng Sim Tan
                                     Tel:  65-6438-3131
                                     Fax:  65-6536-2429

                                                          Shareholders Agreement

<PAGE>

                                     KTB/UCI CHINA VENTURES I LIMITED

                                     By: /s/ Wei Yu
                                         ------------------------------------
                                     Name: Wei Yu [CHINESE CHARACTERS]
                                     Capacity: CEO

                                     Address for notice:
                                     28th Floor, Zhao Feng World Trade Building,
                                     No. 369 Jiangsu Road,
                                     Shanghai, China
                                     Attn: Wei Yu [CHINESE CHARACTERS]
                                     Tel:  86-21-32124668
                                     Fax:  86-21-52400958

                                                          Shareholders Agreement

<PAGE>

                                     MAX WEALTH ENTERPRISES I LIMITED

                                     By: /s/ Neil Shen
                                         -----------------------------------
                                     Name: Neil Shen [CHINESE CHARACTERS]
                                     Capacity: Director

                                     Address for notice:
                                     8A, No. 2 Conduit Road, Mid Levels,
                                     Hong Kong
                                     Attn: Neil Shen [CHINESE CHARACTERS]
                                     Tel:  852-2169-0911
                                     Fax:  852-2169-0920

                                                          Shareholders Agreement

<PAGE>

                                      FARMAC HOLDINGS LIMITED

                                      By: /s/ Wu Shangzhi
                                          --------------------------------------
                                      Name: Wu Shangzhi
                                      Capacity: Authorized Signatory

                                      Address for notice:
                                      16E Tower 10, South Horizons
                                      Ap Lei Chau
                                      Hong Kong, PRC
                                      Attn: Wu Shangzhi
                                      Tel:
                                      Fax: 86-21-59880789

                                                          Shareholders Agreement

<PAGE>

                                      ELITE SELECT GROUP LIMITED

                                      By: /s/ Wu Shangzhi
                                          --------------------------------------
                                      Name: Wu Shangzhi
                                      Capacity: Authorized Signatory

                                      Address for notice:
                                      P.O. Box 957
                                      Offshore Incorporations Center
                                      Road Town, Tortola
                                      British Virgin Islands
                                      Attn: Wu Shangzhi
                                      Tel:
                                      Fax: 86-10-6433-6600

                                                          Shareholders Agreement

<PAGE>

                                      DRAPER FISHER JURVETSON EPLANET PARTNERS
                                        FUND, LLC

                                      By: /s/ John Fisher
                                          --------------------------------------
                                      Name: John Fisher
                                      Capacity: Authorized Signatory

                                      Address for notice:
                                      2882 Sand Hill Road, Suite 150,
                                      Menlo Park, CA 94025
                                      USA
                                      Attn: John Fisher
                                      Tel:
                                      Fax: 1-650-223-9233

                                                          Shareholders Agreement

<PAGE>

                                      DRAPER FISHER JURVETSON EPLANET
                                        VENTURES GMBH & Co. KG

                                      By: /s/ John Fisher
                                          --------------------------------------
                                      Name: John Fisher
                                      Capacity: Authorized Signatory

                                      Address for notice:
                                      2882 Sand Hill Road, Suite 150,
                                      Menlo Park, CA 94025
                                      USA
                                      Attn: John Fisher
                                      Tel:
                                      Fax: 1-650-223-9233

                                                          Shareholders Agreement

<PAGE>

                                      DRAPER FISHER JURVETSON EPLANET
                                        VENTURES L.P.

                                      By: /s/ John Fisher
                                          --------------------------------------
                                      Name: John Fisher
                                      Capacity: Authorized Signatory

                                      Address for notice:
                                      2882 Sand Hill Road, Suite 150,
                                      Menlo Park, CA 94025
                                      USA
                                      Attn: John Fisher
                                      Tel:
                                      Fax: 1-650-223-9233

                                                          Shareholders Agreement

<PAGE>

                                      MILESTONE DIGITAL MEDIA HOLDINGS LIMITED

                                      By: /s/ Yunli Lou
                                          --------------------------------------
                                      Name: Yunli Lou [CHINESE CHARACTERS]
                                      Capacity: Authorized Signatory

                                      Address for notice:
                                      Unit 1805, Minfang Tower,
                                      593 Fuxing Road,
                                      Shanghai, China
                                      Attn: Yunli Lou [CHINESE CHARACTERS]
                                      Tel:
                                      Fax: 86-21-24028398

                                                          Shareholders Agreement

<PAGE>

                                      VENTURE TDF TECHNOLOGY FUND III L.P.

                                      By: /s/ Tina Ju
                                          --------------------------------------
                                      Name: Tina Ju
                                      Capacity: Authorized Signatory

                                      Address for notice:
                                      2102 China Merchants Tower
                                      161 East Lujianzui Road
                                      Shanghai, China
                                      Attn: Tina Ju
                                      Tel:
                                      Fax: 86-21-52400078

                                                          Shareholders Agreement

<PAGE>

                                      SPRINGBOARD-HARPER TECHNOLOGY FUND
                                        (CAYMAN) LTD.

                                      By: /s/ David Zhang
                                          --------------------------------------
                                      Name:  David Zhang [CHINESE CHARACTERS]
                                      Capacity:  Authorized Signatory

                                      Address for notice:
                                      806 IBM Tower
                                      Pacific Century Place
                                      2A Gonti Bei Lu
                                      Chaoyang District
                                      Beijing, China
                                      Attn: David Zhang [CHINESE CHARACTERS]
                                      Tel:
                                      Fax: 86-10-65391367

                                                          Shareholders Agreement

<PAGE>

                                      SPRINGBOARD-HARPER TECHNOLOGY FUND
                                        PTE LTD.

                                      By: /s/ David Zhang
                                          --------------------------------------
                                      Name: David Zhang [CHINESE CHARACTERS]
                                      Capacity: Authorized Signatory

                                      Address for notice:
                                      806 IBM Tower
                                      Pacific Century Place
                                      2A Gonti Bei Lu
                                      Chaoyang District
                                      Beijing, China
                                      Attn: David Zhang [CHINESE CHARACTERS]
                                      Tel:
                                      Fax: 86-10-65391367

                                                          Shareholders Agreement

<PAGE>

                                      HANNIBAL INTERNATIONAL LIMITED

                                      By: /s/ David Zhang
                                          --------------------------------------
                                      Name: David Zhang [CHINESE CHARACTERS]
                                      Capacity: Authorized Signatory

                                      Address for notice:
                                      806 IBM Tower
                                      Pacific Century Place
                                      2A Gonti Bei Lu
                                      Chaoyang District
                                      Beijing, China
                                      Attn: David Zhang [CHINESE CHARACTERS]
                                      Tel:
                                      Fax: 86-10-65391367

                                                          Shareholders Agreement

<PAGE>

                                      INTERNATIONAL NETWORK CAPITAL GLOBAL
                                        INVESTMENT LIMITED (BVI)

                                      By: /s/ David Zhang
                                          --------------------------------------
                                      Name: David Zhang [CHINESE CHARACTERS]
                                      Capacity: Authorized Signatory

                                      Address for notice:
                                      806 IBM Tower
                                      Pacific Century Place
                                      2A Gonti Bei Lu
                                      Chaoyang District
                                      Beijing, China
                                      Attn: David Zhang [CHINESE CHARACTERS]
                                      Tel:
                                      Fax: 86-10-65391367

                                                          Shareholders Agreement

<PAGE>

                                      INTERNATIONAL NETWORK CAPITAL GLOBAL FUND

                                      By: /s/ David Zhang
                                          --------------------------------------
                                      Name: David Zhang [CHINESE CHARACTERS]
                                      Capacity: Authorized Signatory

                                      Address for notice:
                                      806 IBM Tower
                                      Pacific Century Place
                                      2A Gonti Bei Lu
                                      Chaoyang District
                                      Beijing, China
                                      Attn: David Zhang [CHINESE CHARACTERS]
                                      Tel:
                                      Fax: 86-10-65391367

                                                          Shareholders Agreement

<PAGE>

                                      CDH FM LIMITED

                                      By: /s/ Wu Shang Zhi
                                          --------------------------------------
                                      Name: Wu Shang Zhi [CHINESE CHARACTERS]
                                      Capacity: CEO

                                      Address for notice:
                                      38/F Tower 1, Lippo Centre
                                      89 Queensway
                                      Hong Kong, PRC
                                      Attn: Wu Shang Zhi [CHINESE CHARACTERS]
                                      Tel:
                                      Fax: 852-22309898

                                                          Shareholders Agreement

<PAGE>

                                      CMF TECHNOLOGY FUND I LTD.

                                      By: /s/ Luke Lu
                                          --------------------------------------
                                      Name: Luke Lu [CHINESE CHARACTERS]
                                      Capacity: CEO

                                      Address for notice:
                                      Unit 1115, Lippo Plaza,
                                      No. 222, Huaihai Zhong Lu,
                                      Shanghai, PRC
                                      Attn: Jun Shen
                                      Tel: 86-21-53965589
                                      Fax: 86-21-53965530

                                                          Shareholders Agreement

<PAGE>

                               SNOW HILL DEVELOPMENT LIMITED.

                               By: /s/ Liji Gu
                                   -------------------------------------------
                               Name: [CHINESE CHARACTERS]
                               Capacity: CEO

                               Address for notice:
                               9/F., China Merchants Building
                               No. 152-155 Connaught Road Central,
                               Hong Kong
                               Attn: [CHINESE CHARACTERS]
                               Tel: 852-25817888
                               Fax: 852-25812833

                                                          Shareholders Agreement

<PAGE>

                               SHANGHAI VENTURE CAPITAL (HONG KONG)
                                 COMPANY LIMITED

                               By: /s/ Zhiyin Chen
                                   --------------------------------------------
                               Name: Zhiyin Chen [CHINESE CHARACTERS]
                               Capacity: Authorized Signatory

                               Address for notice:
                               Unit A311
                               900 Yishan Road
                               Shanghai, China
                               Attn: Zhiyin Chen [CHINESE CHARACTERS]
                               Tel:
                               Fax: 86-21-54234177

                                                          Shareholders Agreement

<PAGE>

                               MULTIMEDIA PARK VENTURE CAPITAL LIMITED

                               By: /s/ Wei Yu
                                   --------------------------------------------
                               Name: Wei Yu [CHINESE CHARACTERS]
                               Capacity: CEO

                               Address for notice:
                               28th Floor, Zhao Feng World Trade Building,
                               No. 369 Jiangsu Road,
                               Shanghai, China
                               Attn: Wei Yu [CHINESE CHARACTERS]
                               Tel: 86-21-32124668
                               Fax: 86-21-52400958

                                                          Shareholders Agreement

<PAGE>

                               UNITED CHINA INVESTMENT LIMITED

                               By: /s/ Wei Yu
                                   --------------------------------------------
                               Name:  Wei Yu [CHINESE CHARACTERS]
                               Capacity: CEO

                               Address for notice:
                               28th Floor, Zhao Feng World Trade Building,
                               No. 369 Jiangsu Road,
                               Shanghai, China
                               Attn: Wei Yu [CHINESE CHARACTERS]
                               Tel: 86-21-32124668
                               Fax: 86-21-52400958

                                                          Shareholders Agreement

<PAGE>

                               CHINA ALLIANCE INVESTMENT LIMITED

                               By: /s/ Wei Yu
                                   -------------------------------------------
                               Name:  Wei Yu [CHINESE CHARACTERS]
                               Capacity: CEO

                               Address for notice:
                               28th Floor, Zhao Feng World Trade Building,
                               No. 369 Jiangsu Road,
                               Shanghai, China
                               Attn: Wei Yu [CHINESE CHARACTERS]
                               Tel: 86-21-32124668
                               Fax: 86-21-52400958

                                                          Shareholders Agreement

<PAGE>

                               POWERFUL TEAM ENERGY INVESTMENTS LIMITED

                               By: /s/ Wu Shangzhi
                                   -------------------------------------------
                               Name: Wu Shangzhi
                               Capacity: Authorized Signatory

                               Address for notice:
                               Drake Chambers
                               P.O. Box 3321
                               Road Town, Tortola
                               British Virgin Islands
                               Attn: Wu Shangzhi
                               Tel:
                               Fax: 86-10-69406102

                                                          Shareholders Agreement

<PAGE>

                               SB CHINA HOLDINGS PTE LIMITED

                               By: /s/ Chauncey Shey
                                   -------------------------------------------
                               Name: Chauncey Shey
                               Capacity: CEO

                               Address for notice:
                               28th Floor, Zhao Feng World Trade Building,
                               No. 369 Jiangsu Road,
                               Shanghai, China
                               Attn: Chauncey Shey
                               Tel: 86-21-32124668
                               Fax: 86-21-52400958

                                                          Shareholders Agreement

<PAGE>

                                     CAPITAL INTERNATIONAL PRIVATE
                                       EQUITY FUND IV, L.P.

                                     By:       /s/ James Ho
                                         -----------------------------------
                                         Name:     James Ho
                                         Capacity:

                                     Address for notice:

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

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

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

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

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

<PAGE>

                                     CGPE IV, L.P.

                                     By:       /s/ James Ho
                                         -----------------------------------
                                         Name:     James Ho
                                         Capacity:

                                     Address for notice:

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

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

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

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

                                     ---------------------------------------
                                     Attn:
                                     Tel:
                                     Fax:
<PAGE>

                       SCHEDULE A - ORDINARY SHAREHOLDERS

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

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

                                                          Shareholders Agreement
                                                                      Schedule A

                                        1

<PAGE>

                       SCHEDULE B - EXISTING SUBSIDIARIES

1.    Focus Media Changsha Limited, an international business company organized
      and existing under the laws of the British Virgin Islands

2.    Focus Media Dalian Limited, an international business company organized
      and existing under the laws of the British Virgin Islands

3.    Focus Media Qingdao Limited, an international business company organized
      and existing under the laws of the British Virgin Islands

4.    Perfect Media Holdings Limited, an international business company
      organized and existing under the laws of the British Virgin Islands

5.    Focus Media (China) Holding Limited, a company organized and existing
      under the laws of Hong Kong

6.    Focus Media Multimedia Technology (Shanghai) Co., Ltd, [CHINESE
      CHARACTERS], a wholly foreign-owned enterprise organized and existing
      under the laws of the PRC

7.    Shanghai Focus Media Advertising & Communications Co., Ltd. [CHINESE
      CHARACTERS], a domestically-funded limited liability company organized and
      existing under the laws of the PRC

8.    Shanghai On-Target Communications Co., Ltd. [CHINESE CHARACTERS], a
      domestically-funded limited liability company organized and existing under
      the laws of the PRC

9.    Sichuan Focus Media Advertising Co., Ltd. [CHINESE CHARACTERS], a
      domestically-funded limited liability company organized and existing under
      the laws of the PRC

10.   Zhejiang Ruihong Focus Media Culture Communications Co., Ltd. [CHINESE
      CHARACTERS], a domestically-funded limited liability company organized and
      existing under the laws of the PRC

11.   Yunnan Focus Media Advertising Co., Ltd. [CHINESE CHARACTERS], a
      domestically-funded limited liability company organized and existing under
      the laws of the PRC.

12.   Focus Media Wuhan Geshi Advertising Co., Ltd. [CHINESE CHARACTERS], a
      domestically-funded limited liability company organized and existing under
      the laws of the PRC

13.   Nanjing Focus Media Advertising Co., Ltd. [CHINESE CHARACTERS], a
      domestically-funded limited liability company organized and existing under
      the laws of the PRC

                                                          Shareholders Agreement
                                                                      Schedule B

                                        1

<PAGE>

14.   Chongqing Geyang Culture Communications Co., Ltd. [CHINESE CHARACTERS], a
      domestically-funded limited liability company organized and existing under
      the laws of the PRC

15.   Qingdao Focus Media Advertising Co., Ltd. [CHINESE CHARACTERS], a
      domestically-funded limited liability company organized and existing under
      the laws of the PRC

16.   Changsha Focus Media Century Advertising Co., Ltd. [CHINESE CHARACTERS], a
      domestically-funded limited liability company organized and existing under
      the law of the PRC

17.   Dalian Focus Media Advertising Co., Ltd. [CHINESE CHARACTERS], a
      domestically-funded limited liability company organized and existing under
      the laws of the PRC

18.   Shanghai Qianjian Advertising Co., Ltd. [CHINESE CHARACTERS], a
      domestically-funded limited liability company organized and existing under
      the laws of the PRC

19.   Shanghai Perfect Culture Transmission Co., Ltd. [CHINESE CHARACTERS], a
      domestically-funded limited liability company organized and existing under
      the laws of the PRC

20.   Shanghai Focus Media Advertising Co., Ltd. [CHINESE CHARACTERS], a
      domestically-funded limited liability company organized and existing under
      the laws of the PRC

                                                          Shareholders Agreement
                                                                      Schedule B

                                        2

<PAGE>

                          SCHEDULE C - OTHER INVESTORS

1.    3i Group plc, a company organized and existing under the laws of England

2.    3i Asia Pacific Technology LP, a limited partnership duly organized and
      existing under the laws of England

3.    3i Asia Pacific 2004-06 LP, a limited partnership duly organized and
      existing under the laws of England

4.    KTB/UCI China Ventures I Limited, an international business company
      organized and existing under the laws of the British Virgin Islands

5.    Max Wealth Enterprises Limited, an international business company
      organized and existing under the laws of the British Virgin Islands

                                                          Shareholders Agreement
                                                                      Schedule C

                                        1

<PAGE>

                     SCHEDULE D - EXISTING PREFERRED HOLDERS

1.    United China Investment Limited, an international business company
      organized and existing under the laws of the British Virgin Islands

2.    China Alliance Investment Limited, an international business company
      organized and existing under the laws of the British Virgin Islands

3.    SB China Holdings Pte Ltd., a company organized and existing under the
      laws of Singapore

4.    Shanghai Venture Capital (Hong Kong) Co., Ltd., a company organized and
      existing under the laws of Hong Kong

5.    Multimedia Park Venture Capital Limited, an international business company
      organized and existing under the laws of the British Virgin Islands

6.    Snow Hill Developments Limited, an international business company
      organized and existing under the laws of the British Virgin Islands

7.    CMF Technology Fund I Ltd., a company organized and existing under the
      laws of Cayman Islands

8.    Draper Fisher Jurvetson ePlanet Ventures L.P., a company organized and
      existing under the laws of Cayman Islands

9.    Draper Fisher Jurvetson ePlanet Ventures GmbH & Co. KG, a company
      organized and existing under the laws of Germany

10.   Draper Fisher Jurvetson ePlanet Partners Fund, LLC, a limited liability
      company organized and existing under the laws of the State of California

11.   CDH FM Limited, an international business company organized and existing
      under the laws of the British Virgin Islands

12.   International Network Capital Global Fund, a company organized and
      existing under the laws of Cayman Islands

13.   International Network Capital Investment Limited (BVI), an international
      business company organized and existing under the laws of the British
      Virgin Islands

14.   Hannibal International Limited, a company organized and existing under the
      laws of Cayman Islands

15.   Springboard-Harper Technology Fund Pte Ltd., a company organized and
      existing under the laws of Cayman Islands

16.   Springboard-Harper Technology Fund (Cayman) Ltd., a company organized and
      existing under the laws of Cayman Islands

                                                          Shareholders Agreement
                                                                      Schedule D

                                        1

<PAGE>

17.   Venture TDF Technology Fund III L.P, a company organized and existing
      under the laws of Cayman Islands

18.   Milestone Digital Media Holding Ltd., an international business company
      organized and existing under the laws of the British Virgin Islands

19.   Elite Select Group Limited, an international business company organized
      and existing under the laws of the British Virgin Islands

20.   Farmac Holdings Limited, an international business company organized and
      existing under the laws of the British Virgin Islands

21.   Powerful Team Energy Investments Limited, an international business
      company organized and existing under the laws of the British Virgin
      Islands

                                                          Shareholders Agreement
                                                                      Schedule D

                                        2

<PAGE>

                  EXHIBIT A - FORM OF INSTRUMENT OF ACCESSION

                         FORM OF INSTRUMENT OF ACCESSION

THIS INSTRUMENT OF ACCESSION (this "INSTRUMENT") is made as of [INSERT DATE] by
[INSERT THE NAME OF THE TRANSFEREE] (the "TRANSFEREE"). Reference is made to
that certain Amended and Restated Shareholders Agreement, dated as of ______,
2004 by and among the Company, JJ Media Investment Holding Limited, GS Focus
Holding Limited and the signatories to such Agreement, as amended from time to
time (the "SHAREHOLDERS AGREEMENT"). The Transferee, as a condition precedent to
becoming the owner or holder of record of [INSERT NUMBER OF SHARES] [INSERT THE
EQUITY SECURITIES TRANSFERRED] (the "TRANSFERRED SECURITIES") of Focus Media
Holding Limited, an international business company organized and existing under
the laws of the British Virgin Islands (the "COMPANY"), hereby agrees to join
the Shareholders Agreement as a party thereto and to be bound by and hold the
Transferred Securities subject to all the obligations under the Shareholders
Agreement as if the Transferee were an original party thereto.

This Instrument shall take effect and shall become an integral part of the
Shareholders Agreement immediately upon execution and delivery to the Company of
this Instrument. By signing below, the Company acknowledges receipt of written
notice of the assignment to the Transferee of the Transferred Securities.

      IN WITNESS WHEREOF, this Instrument has been duly executed by the
Transferee as of the date first above written.

      [INSERT TRANSFEREE]

      By: __________________________________

          Name:

          Title:

      ACCEPTED:

      FOCUS MEDIA HOLDING LIMITED

      by: ____________________________

          Name:

          Title:

          Date:

                                                          Shareholders Agreement
                                                                       Exhibit A

                                        1<PAGE>

                                                                    EXHIBIT 10.1

                        Dated this 3rd day of June, 2003

                           FOCUS MEDIA HOLDING LIMITED
           (incorporated under the laws of the British Virgin Islands)

                                  RULES OF THE

                          EMPLOYEE SHARE OPTION SCHEME

<PAGE>

                                    CONTENTS

<TABLE>
<CAPTION>
Clause No.                Heading                               Page No.
----------                -------                               --------
<S>                                                             <C>
1.  DEFINITIONS...............................................      1

2.  CONDITIONS AND PURPOSE....................................      4

3.  DURATION..................................................      4

4.  OFFER TO GRANT AND GRANT OF OPTIONS.......................      5

5.  LIMITATIONS ON GRANT OF OPTIONS...........................      7

6.  EXERCISE OF OPTIONS.......................................      7

7.  ALLOTTED SHARES...........................................     10

8.  RIGHT OF EXERCISE AND LAPSE OF OPTIONS....................     10

9.  ARRANGEMENTS, LIQUIDATIONS AND TAKEOVERS..................     13

10. VARIATION OF CAPITAL STRUCTURE AND ADJUSTMENTS............     14

11. SHARE CAPITAL.............................................     15

12. ADMINISTRATION AND POWERS OF THE BOARD....................     15

13. MODIFICATION OF THE SCHEME AND THE RULES..................     16

14. TERMINATION...............................................     17

15. COSTS, EXPENSES AND PAYMENTS..............................     17

16. NOTICE TO HOLDERS OF SHARES...............................     17

17. INDEPENDENT OF EMPLOYMENT CONTRACT........................     17

18. NO OTHER RIGHTS...........................................     18

19. NOTICE AND COMMUNICATIONS.................................     18

20. ENTIRE AGREEMENT GOVERNING LAW............................     18
</TABLE>

<PAGE>

                           FOCUS MEDIA HOLDING LIMITED

                    RULES OF THE EMPLOYEE SHARE OPTION SCHEME

1.   DEFINITIONS

(a)  In these Rules the following words and expressions shall have the
     following meanings :-

     "Adoption Date"              : means the date on which the Scheme is
                                    adopted by resolution of members of the
                                    Company;

     "Acceptance"                 : shall have the meaning given in Rule
                                    4(b)(ii);

     "Associates"                 : shall have the meaning given in Chapter
                                    1 of the Listing Rules;

     "Auditors"                   : means the auditors from time to time of
                                    the Company;

     "Board"                      : means the board of directors from time
                                    to time of the Company, or a duly
                                    authorised committee thereof from time
                                    to time;

     "Business Day"               : means a day on which the Company is open
                                    for normal business at its principal
                                    place of business from time to time or,
                                    in respect of delivery of documents
                                    and/or items by an Eligible Employee or
                                    a Participant to the Company, such as
                                    the delivery of an Acceptance and the
                                    Exercise Items, then a day on which such
                                    place as the Company may from time to
                                    time notify such Eligible Employee or
                                    Participant for the delivery of the same
                                    (if any) is open for normal business;

     "BVI Act"                    : means the International Business
                                    Companies Act of 1984 (as may be amended
                                    from time to time) of the laws of the
                                    British Virgin Islands;

     "Committee"                  : shall have the meaning given in Rule 12(a);

     "Company"                    : means FOCUS MEDIA HOLDING LIMITED;

     "Date of Grant"              : means, in relation to an Option, the
                                    Business Day on which the Company
                                    receives the Acceptance from the
                                    Participant;

     "Effective Date of Exercise" : means the Business Day on which the
                                    Company receives from the Participant
                                    all of the Exercise Items upon an
                                    exercise of his Option pursuant to Rule
                                    6(b)(i) and, if any term or condition
                                    for the exercise of an Option is to be
                                    satisfied and fulfilled pursuant to Rule
                                    6(b)(ii), then the Business Day on which
                                    the Board is also satisfied of the
                                    satisfaction and fulfilment of such
                                    terms or conditions pursuant to Rule
                                    6(b)(ii);

                                       1
<PAGE>

     "Eligible Employee"          : means an employee, a director or a
                                    consultant of any member of the Group;

     "Exercise Notice"            : means the notice to the Company for the
                                    exercise of an Option in such form and
                                    manner as the Board may in its
                                    discretion from time to time think fit;

     "Exercise Items"             :  means the items listed in Rule 6(b)(ii);

     "Group"                      : means the Company, any Holding Company
                                    and any Subsidiaries from time to time,
                                    and "member of the Group" shall be
                                    construed accordingly;

     "Holding Company"            : means a company which is for the time
                                    being and from time to time a holding or
                                    parent company (within the meaning of
                                    the HK Ordinance, whether incorporated
                                    in the British Virgin Islands, Hong Kong
                                    or elsewhere) directly or indirectly of
                                    the Company;

     "Hong Kong"                  : means the Hong Kong Special
                                    Administrative Region of the People's
                                    Republic of China;

     "HK Dollar" or "HK$"         : means the lawful currency of Hong Kong
                                    from time to time;

     "HK Ordinance"               : means the Companies Ordinance (Cap.32)
                                    of the laws of Hong Kong;

     "Listing Rules"              : means the rules and regulations
                                    governing or regulating listed shares at
                                    a Stock Exchange and the listing of
                                    shares or securities thereat;

     "Offer"                      : means an offer in writing by the Company
                                    to an Eligible Employee to grant an
                                    Option in such form and manner as the
                                    Board may in its discretion decide;

     "Option"                     : means a right to subscribe for Shares
                                    granted by the Company under the Scheme;

     "Option Certificate"         : means a certificate issued by the
                                    Company evidencing an Option, in such
                                    form and manner as the Board in its
                                    discretion may from time to time think
                                    fit;

     "Option Period"              : means a period stated in an Offer at the
                                    discretion of the Board, subject always
                                    to the provisions of Rule 3(b);

     "Participant"                : means at any time an Eligible Employee
                                    who has delivered an effective
                                    Acceptance to the Company in accordance
                                    with the terms of these Rules, and shall
                                    (where the context permits) include the
                                    personal representative(s) of any such
                                    person;

                                       2
<PAGE>

     "Rules"                      : means these rules of the Scheme as may
                                    be amended from time to time pursuant
                                    hereto;

     "Scheme"                     : means the employee share option scheme
                                    of the Company contained in these Rules
                                    as may be from time to time amended in
                                    accordance with these Rules;

     "Scheme Period"              : means the period stated in Rule 3(a)(i)
                                    during which the Scheme is valid and
                                    effective;

     "Shares"                     : means ordinary shares of US$0.01 each in
                                    the share capital of the Company or,
                                    according to the context, of such other
                                    nominal amount as shall result from
                                    sub-division, consolidation
                                    reclassification of or reconstruction of
                                    the share capital of the Company from
                                    time to time;

     "Stock Exchange"             : means the Growth Enterprise Market or
                                    the Main Board of the Stock Exchange of
                                    Hong Kong;

     "Subscription Price"         : means the price per Share payable on the
                                    exercise of an Option as determined by
                                    the Board from time to time but in no
                                    event less than the greater of :-

                                    (i)   the nominal value of a Share;

                                    (ii)  eighty percent of the Company's
                                          consolidated net tangible asset
                                          value per Share as of the
                                          financial year immediately
                                          preceding the Date of Grant of
                                          such Option;

                                    (iii) Eighty percent of the price for which
                                          Shares in the Company were sold or
                                          issued or agreed to be sold or issued
                                          to a third party investor immediately
                                          preceding the Date of Grant of such
                                          Option; and

                                    (iv)  if, at the time of the granting
                                          of such Option, Shares already
                                          in issue are listed on the Stock
                                          Exchange, then the higher of
                                          (aa) the closing price of a
                                          Share as stated in the Stock
                                          Exchange's daily quotations
                                          sheet on the date of grant and
                                          (bb) the average closing price
                                          of one Share as stated in the
                                          relevant Stock Exchange's daily
                                          quotation sheets for the five
                                          trading days immediately
                                          preceding the Date of Grant of
                                          such Option on which such Shares
                                          were traded; and for this
                                          purpose "TRADING DAY" means a
                                          day on which such Stock Exchange
                                          is open for normal trading
                                          business;

      "Subsidiary"                : means a company which is for the time being
                                    and from time to time a subsidiary (within
                                    the meaning of the HK

                                        3
<PAGE>

                                 Ordinance, whether incorporated in the British
                                 Virgin Islands, Hong Kong or elsewhere)
                                 directly or indirectly of the Company;

(b)   Unless the context requires otherwise, references to the singular shall
      include the plural and vice versa; references to one gender shall include
      all other genders; references to "PERSON" shall include without limitation
      any individual, partnership, firm, trust, joint venture, corporation or
      unincorporated association or other judicial person; references to "LAWS"
      and/or "REGULATIONS" shall include without limitation any constitutional
      provisions, treaties, conventions, statutes, acts, laws, decrees,
      ordinances, subsidiary and subordinate legislation, orders, rules and
      regulations having the force of law and rules of civil and common law and
      equity and shall include a reference to such law or regulation as
      consolidated, amended, replaced or re-enacted from time to time;
      references to "DISCRETION" of or in relation to the Board or the Company
      means the sole and absolute discretion of the Board and the Company
      respectively; references to "TAX" includes any tax, levy, duty, charge,
      impost, fee or otherwise; references to "DAY" and "MONTH" shall mean
      "calendar day" and "calendar month" respectively; references to "CLOSE OF
      BUSINESS" shall mean the end of the business hours at the place and on the
      day in the context in which such reference is used; and all dates and
      times are references to a date or time in Hong Kong.

(c)   Headings of Rules and Sub-Rules are inserted for convenience of reference
      only and shall be ignored in the interpretation of the Scheme. References
      to Rules and Sub-Rules are to the rules and sub-rule of these Rules,
      unless the context provides otherwise.

2.    CONDITIONS AND PURPOSE

(a)   Conditions

      The Scheme shall be conditional and become operative only upon the
      adoption of the Scheme by resolution of members of the Company.

(b)   Purpose

      The purposes of the Scheme are to attract and retain the best available
      personnel for positions of substantial responsibility and to provide
      additional incentive to Eligible Employees, so as to promote the success
      of the business of the Company.

3.    DURATION

(a)   Duration of Scheme

      (i)   Subject to the conditions set out in Rule 2(a) above and Rule 14
            below, the Scheme shall be valid and effective from (and including)
            the Adoption Date for a period of ten (10) years.

      (ii)  No Offer shall be made and no Acceptance shall be effective after
            the Scheme Period, but this shall not affect any Offers made and any
            Acceptances received by the Company (subject to Rule 4(b)(iii))
            prior to the expiry of the Scheme Period).

(b)   Duration of Option Period

                                       4
<PAGE>

      For the avoidance of doubt, notwithstanding anything in these Rules to the
      contrary,

      (i)   no Option Period shall (if it would otherwise do so) extend beyond
            the Scheme Period, and if any Option Period would otherwise extend
            beyond the Scheme Period, it shall expire on the same date as the
            expiration date of the Scheme Period, but in such event, if the
            expiration date of the Scheme Period is not a Business Day (in
            respect of delivery of Exercise Items to the Company for an exercise
            of Option), then the Option Period shall expire on such Business Day
            (in respect of delivery of Exercise Items to the Company for an
            exercise of Option) which immediately precedes the expiration date
            of the Scheme Period;

      (ii)  no Option Period shall be extended and, on the expiry of the Option
            Period, all rights in respect of an Option shall automatically
            terminate and have no further effect, except in so far as there has
            been an effective exercise of that Option prior thereto and the
            Company has not discharged all its obligations under the Scheme in
            relation to such exercise.

4.    OFFER TO GRANT AND GRANT OF OPTIONS

(a)   Offer

      (i)   At any time within the Scheme Period, the Board may in its
            discretion make an Offer to any Eligible Employee, in respect of
            such number of Shares at the Subscription Price and subject to such
            other terms or conditions (including without limitation any
            condition on and/or for the exercise of Option), as it may in its
            discretion think fit.

      (ii)  The Offer shall specify a) the number of Shares in respect of which
            the Option is being offered; b) the vesting schedule of the Option
            being offered; c) the date of the Offer; d) the Subscription Price;
            e) the form of and the place for delivery of an Acceptance in
            respect of such Offer, and further, it shall always be subject to
            the conditions set out in Rule 4(a)(iv) and Rule 4(e) and any other
            terms or conditions that the Board may in its discretion think fit.

      (iii) An amount of US$10 shall be paid to the Company by the relevant
            Eligible Employee in respect of the grant of an Option.

      (iv)  The following shall always be conditions of an Offer (irrespective
            of whether they are stated in the Offer, the Option Certificate or
            otherwise) that :-

            (1)   upon an exercise of an Option by a Participant, if the Board
                  at its discretion requires the Participant who is exercising
                  the Option to represent and warrant in writing in such form
                  and manner as the Board may require, that at the time of any
                  such exercise of Option, the Shares in respect of which such
                  exercise relates are being purchased by him only for
                  investment and without any present intention to sell or
                  distribute such Shares, then it shall be a condition precedent
                  to any allotment of Shares to such Participant upon such
                  exercise of the Option that such Participant shall first
                  provide to the Board such representation and warranty to the
                  satisfaction of the Board at its discretion; and,

                                       5
<PAGE>

            (2)   at any time after the allotment of Shares to a Participant
                  pursuant to his exercise of any Option, if in connection with
                  any first application and/or registration of an underwritten
                  offering to the public of Shares or any securities of the
                  Company at any Stock Exchange for a primary or any other type
                  of listing which includes the Shares, the Company (or its
                  underwriter or if more than one underwriter, then the
                  representative of such underwriters, with the consent of the
                  Company) requests the Participant not to sell, transfer or
                  otherwise deal with Shares allotted to him as aforesaid during
                  any specified period following the effective date of
                  registration of a registration statement or prospectus of the
                  Company filed under the applicable Listing Rules, law or
                  regulation, or following any other date specified in the
                  aforesaid request ("MARKET STANDOFF PERIOD"), then the
                  Participant shall accordingly comply with such request, and
                  further, the Company may at its discretion impose any
                  stop-transfer instructions with respect to the Shares subject
                  to the foregoing restrictions until the end of such Market
                  Standoff Period.

(b)   Acceptance

      (i)   An Eligible Employee to whom an Offer is made shall have a period of
            fourteen (14) days from (and including) the date of the Offer
            ("OFFER PERIOD") to accept the Offer by delivering an Acceptance to
            the Company provided that no Acceptance received by the Company
            after the Scheme Period shall be effective.

      (ii)  An "ACCEPTANCE" means a written notification to the Company in such
            form and manner as the Company may state in the Offer as duly
            completed and duly signed by the Eligible Employee to whom the Offer
            is made together with a payment of US$10 made to the Company.

      (iii) No Acceptance shall be treated or deemed to be received by the
            Company or is otherwise effective, unless it is received by the
            Company before the close of business on a Business Day at such place
            for the delivery of the Acceptance as the Company has stated in the
            Offer.

      (iv)  If no Acceptance is received by the Company within the Offer Period,
            the Offer shall lapse and be deemed never to have been made.

(c)   Agreement to be bound

      The Offer shall be on the basis that participation in the Scheme will be
      deemed to constitute an agreement by the Participant with the Company to
      be bound by these Rules.

(d)   Option Certificate

      (i)   If an Acceptance is received by the Company within the Offer Period,
            the Company shall within thirty (30) days of such receipt issue to
            the Participant an Option Certificate in respect of the Option to
            which the Offer related together with a blank Exercise Notice.

      (ii)  The Option Certificate shall be sealed or executed in such other
            manner as to take effect in law as a deed.

(e)   Non-assignment etc.

                                       6
<PAGE>

      (i)   An Option shall be personal to the Participant and shall not be
            assignable to or exercisable by any other person and no Participant
            shall in any way sell, transfer, charge, mortgage, encumber or
            create any interest (of whatsoever nature) in favour of any other
            person over or in relation to any Option.

      (ii)  If the Participant breaches the provision of Rule 4(e)(i) and
            exercises an Option, then before the allotment of Shares, the
            Company shall be entitled to refuse to allot the Shares to the
            Participant or to any other person to whom the Participant has
            disposed of the Option in the aforesaid manner, and the Participant
            or any such other person shall have no claim whatsoever against the
            Company arising from such refusal.

5.    LIMITATIONS ON GRANT OF OPTIONS

(a)   Overall Limit

      No Option shall be granted or offered to be granted under the Scheme if,
      as a result, the number of Shares issuable on the exercise of such Option,
      when aggregated with any other Shares issued or capable of being issued on
      the exercise of all other Options previously granted under the Scheme,
      would exceed thirty percent (30%) of the issued share capital of the
      Company from time to time (but any shares issued pursuant to the Scheme
      shall not be included in determining the number of issued shares of the
      Company).

(b)   Individual Limit

      Subject as aforesaid, an Eligible Employee may be granted or offered an
      Option on one or more occasions provided that no Option may be granted or
      offered to be granted to an Eligible Employee if, as a result, such
      Eligible Employee would be entitled to subscribe, pursuant to such Option
      and any other Option previously granted or offered to be granted (where
      such Offer is still open for Acceptance) to such Eligible Employee under
      the Scheme, for more than twenty-five percent (25 %) of the aggregate of
      all Shares subject to the Scheme.

(c)   Price Sensitive Information

      If, at the time of the proposed grant of an Option, Shares already in
      issue are listed on a Stock Exchange, then no Option shall be granted or
      offered to be granted under the Scheme after a price sensitive development
      has occurred or a price sensitive matter has been the subject of a
      decision, until such price sensitive information has been announced in
      accordance and pursuant to the Listing Rules. In particular, during the
      period of one month immediately preceding the preliminary announcement of
      annual results or the publication of interim results, no Option shall be
      granted or offered to be granted until such information has been announced
      in accordance and pursuant to the Listing Rules.

6.    EXERCISE OF OPTIONS

(a)   Right of Exercise and Vesting of Options

      (i)   Notwithstanding any provisions in these Rules to the contrary, no
            Option (or any part thereof) shall be exercisable by a Participant
            unless such Option (or any part thereof)

                                       7
<PAGE>

            has become vested in the Participant pursuant to Rule 6(a)(ii) and
            is subsisting at the time of its exercise.

      (ii)  An Option (or any part thereof) shall vest upon and become
            exercisable by the Participant in such manner as the Board may
            determine and specify in the Offer relating to the Option provided
            always that any calculation of any period for vesting as aforesaid
            shall (i) be suspended from the beginning of any period for unpaid
            leave of absence of the Participant for the duration of such period
            of absence, (ii) be suspended during the period of suspension
            referred to in Rule 8(d), and (iii) cease upon death of the
            Participant and upon the lapse of the Option for whatsoever reason
            and in such event of such cessation any vesting which has not taken
            place shall automatically cease and lapse, and provided further that
            the Company shall not be liable in any way nor shall the Participant
            at any time have any rights (whatsoever) against the Company in
            relation to such suspension, cessation of and/or lapse of vesting as
            aforesaid.

(b)   Exercise Procedure

      (i)   Subject to Rules 8 and 9, a Participant may exercise any Option in
            whole or in part which has vested upon the Participant pursuant to
            Rule 6(a) at any time during the Option Period. No Option may be
            exercised after the expiry of its Option Period, and if so exercised
            shall not be effective.

      (ii)  For an exercise of any Option to be effective :-

            (aa)  the Company must, prior to the expiry of the Option Period,
                  have received all of the following items (together the
                  "EXERCISE ITEMS"), before the close of business on a Business
                  Day at such place as the Company has stated in the Option
                  Certificate or such other place as the Company may from time
                  to time notify the Participant :-

                  1.    the Exercise Notice from the Participant as duly
                        completed and clearly specifying the number of Shares in
                        respect of which the Option is being exercised and as
                        duly signed by the Participant;

                  2.    the relevant Option Certificate sufficient to cover the
                        number of Shares in respect of which the Option is being
                        exercised; and,

                  3.    payment in full of the Subscription Price for all Shares
                        in respect of which the Option is being exercised; and,

            (bb)  any terms or conditions for the exercise of the Option which
                  have been or are set out in the Offer relating to such Option,
                  the Option Certificate and/or otherwise required pursuant to
                  Rule 4(a)(iv) (if any), must have been duly and completely
                  satisfied and fulfilled to the Board's satisfaction in such
                  manner as it may in its discretion deem fit, latest by the
                  close of business on the last Business Day for the delivery of
                  the Exercise Items in relation to the exercise of such Option.

      (iii) The Option shall be deemed to have been exercised on the Effective
            Date of Exercise.

(c)   Consents etc.

                                       8
<PAGE>

      (i)   All allotments of Shares shall be subject to any necessary consents
            and/or approvals being obtained and/or any applicable Listing Rules,
            laws or regulations for the time being in force in the British
            Virgin Islands, Hong Kong or any other applicable jurisdiction
            (including without limitation, those under Rule 6(c)(ii), if any)
            being complied with and no Shares shall be allotted pursuant to any
            exercise of an Option unless the Board is satisfied in such manner
            as it may at its discretion require that any such consent and/or
            approvals have been duly obtained and/or any such laws or
            regulations have been duly complied with.

      (ii)  A Participant shall be responsible (a) for obtaining any
            governmental or other official consent and/or approval that may be
            required, and for complying with any other requirements in respect
            of which he has the locus standi to deal with, and (b) for any tax
            consequences and liability of his arising, under any law or
            regulation under any applicable jurisdiction in connection with or
            as a result of the grant or exercise of the Option and the allotment
            of Shares to him upon his exercise of the Option or otherwise in
            relation thereto. The Company shall not be responsible for any
            failure by a Participant to obtain any such consent and/or approval,
            nor for any such non-compliance, nor for any tax or other liability
            to which a Participant may become subject to as a result of his
            participation in the Scheme in any way, nor for the invalidity or
            illegality of any Offer or the Option itself or the exercise thereof
            as a result of any matters in respect of which the Participant is
            responsible for as aforesaid.

      (iii) The failure to satisfy the Board as required pursuant to Rule
            6(c)(i) shall relieve the Company of any liability in respect of its
            failure to allot such Shares and any Subscription Price received by
            the Company in respect of any Shares not allotted for the aforesaid
            reason shall be refunded to the Participant within fourteen (14)
            days of the determination by the Board not to allot such Shares,
            without any interest payable thereon.

(d)   Share Certificate

      (i)   Subject to Rule 6(d)(ii), within a period of thirty (30) days
            commencing from (and including) the Effective Date of Exercise and,
            where appropriate, the date of receipt by the Company of the
            Auditors' certificate pursuant to Rule 10(a) (whichever is later),
            the Company shall allot the relevant Shares to the Participant
            credited as fully paid and issue to the Participant a share
            certificate in respect of the Shares so allotted.

      (ii)  If any approval, consent or compliance is required or applicable
            under Rule 6(c), (whether on the part of the Participant or the
            Company), the words "Effective Date of Exercise" in Rule 6(d)(i)
            shall be substituted with the words "the date on which the Board is
            satisfied in such manner as it may in its discretion require that
            all consent, approval and requirements required or applicable under
            Rule 6(c) have been duly obtained and complied with".

(e)   Excess Number

      In respect of an exercise of an Option, if the aggregate number of Shares
      to which the Option Certificates lodged under Rule 6(b)(ii) relates
      exceeds the number of Shares in respect of which such exercise of Option
      relates, the Company shall (subject to Rule 6(g)) provide an Option
      Certificate (together with a blank Exercise Notice) in respect of that
      part of the Option

                                       9
<PAGE>

      which has not been exercised to the Participant at the same time as the
      Company delivers the share certificate for the Shares allotted to him
      pursuant to the exercise of such Option as aforesaid.

(f)   Listing

      If, at the time of allotment of Shares pursuant to the exercise of an
      Option, Shares already in issue are listed on a Stock Exchange, then
      forthwith after such exercise, the Company shall use all reasonable
      endeavours to procure that the Shares being allotted upon the exercise of
      such Option shall, upon the allotment thereof (or as soon thereafter as
      reasonably practicable), become listed on such Stock Exchange.

(g)   Exercise Multiple and Fraction

      No Option shall be capable of exercise in part unless the number of Shares
      in respect of which the Option is being exercised and the balance of the
      number of Shares remaining thereafter in respect of which an Option
      remains outstanding shall be in amounts or multiples of such number of
      Shares as shall (i) if Shares already in issue are listed on a Stock
      Exchange, represent the board lot in which such Shares are for the time
      being traded on such Stock Exchange, or (ii) if not so listed, then be
      determined from time to time by the Board at its discretion, but Provided
      Always that no Option may be exercised for a fraction of a Share, and any
      exercise of an Option which includes any fraction of a Share shall be
      rounded down to the nearest whole number of a Share and any right
      whatsoever of the Participant in relation to any such fraction of a Share
      shall be automatically terminated upon the exercise of such Option which
      included such fraction without any liability for compensation or otherwise
      whatsoever on the part of the Company to the Participant (save and except
      for the return of any Subscription Price paid for such fraction without
      any interest payable thereon).

7.    ALLOTTED SHARES

      The Shares allotted upon the exercise of an Option shall :-

      (1)   be subject to the provisions of any applicable Listing Rules, laws
            and regulations and the Memorandum and Articles of Association of
            the Company for the time being in force;

      (2)   rank pari passu in all respects with the fully paid Shares in issue
            on the Effective Date of Exercise of the Option except that they
            shall not rank for any rights attaching to Shares by reference to a
            record date preceding the Effective Date of Exercise (including
            without limitation for any dividends or other distributions
            previously declared, recommended or resolved to be paid or made if
            the record date therefor shall be before the Effective Date of
            Exercise of such Option) and shall not carry any voting rights until
            the completion of the registration of the Participant as the holder
            of such Shares;

      (3)   be allotted in the name of the Participant (unless the Board in its
            discretion consents otherwise); and

      (4)   be subject to the condition set out in Rule 4(a)(iv)(2).

8.    RIGHT OF EXERCISE AND LAPSE OF OPTIONS

                                       10
<PAGE>

(a)   General

      (i)   Except as otherwise specifically provided in these Rules, an Option
            may be exercised only by a Participant whilst he is an Eligible
            Employee during the Option Period pursuant to these Rules, but
            subject always to Rules 8(b) to 8(e) (inclusive) and Rule 9.

      (ii)  If the Company proposes to list the Shares on any Stock Exchange,
            then it must give to the Participant written notice of the intended
            listing not less than forty (40) days prior to the date of such
            listing.

(b)   Death

      If a Participant dies before exercising his Option in full, his personal
      representative may exercise any Option of the Participant and at any time
      prior to the expiry of the Option Period and in any event within a period
      of and not later than twelve (12) months commencing from (and including)
      the date of this death or such shorter period as the Board may in its
      discretion determine, but subject always to Rule 9, and only to the extent
      that such Option was subsisting and the Participant could have exercised
      such Option at the date of his death, and to the extent that such Option
      is not so exercised by the personal representative within such period, it
      shall automatically lapse and become of no further effect.

(c)   Insolvency

      If a Participant commits an act of bankruptcy or becomes insolvent or
      makes any arrangements or composition with his creditors generally (or any
      class of creditors) before exercising the Option in full, any Option of
      his then subsisting shall automatically lapse and become of no further
      effect on the date he so commits such an act, becomes insolvent or makes
      such arrangement or composition, whichever is earlier.

(d)   Misconduct

      If a Participant is found guilty of serious misconduct or has been
      convicted of any criminal offence involving his integrity or honesty, any
      Option of his then subsisting shall automatically lapse and become of no
      further effect on the date such verdict is given by the relevant court of
      law, body or authority, and if any investigation is being carried out on
      the Participant in respect of any of the matters referred to above or if
      his office or duties as an Eligible Employee is/are suspended in
      connection therewith, then his right to exercise the Option shall
      automatically be suspended for such period as the Board may in its
      discretion determine.

(e)   Cessation of being an Eligible Employee

      (1)   If a Participant during the Option Period ceases to be an Eligible
            Employee through injury, disability or ill-health; by reason of
            retirement (but not resignation) in accordance with his contract of
            employment; by reason of redundancy; by reason of the corporation by
            which he is employed ceasing to be a member of the Group, he may
            exercise any Option at any time prior to the expiry of the Option
            Period and in any event within and not later than the end of three
            (3) months commencing from (and including) the date of his cessation
            to be an Eligible Employee employed as aforesaid, and only to the
            extent that such Option was subsisting and the Participant could
            have exercised the

                                       11
<PAGE>

            Option at the date of his cessation to be an Eligible Employee, and
            to the extent that such Option is not so exercised by the
            Participant within such period, it shall automatically lapse and
            become of no further effect.

      (2)   If a Participant ceases to be an Eligible Employee otherwise than on
            death or by any reason specified in Rules 8(c), 8(d) and 8(e)(1),
            including without limitation, voluntary resignation and termination
            of his employment by the relevant member of the Group (irrespective
            of whether such termination by the relevant member of the Group is
            with notice or without notice or otherwise on terms in lieu of
            notice or whether it is in breach of any contract of employment or
            otherwise), any Option of his then subsisting shall automatically
            lapse and become of no further effect upon the date on which the
            relevant notice of resignation or termination is given, or where
            such employment is terminated without notice or on terms in lieu of
            notice then with immediate effect upon the date on which the
            termination takes effect, or, on such other date as the Board in its
            discretion may determine in writing, unless his employment has been
            terminated by a member of the Group on express terms stated in
            writing (with or without conditions) that he may exercise any such
            Option after the date of his cessation to be an Eligible Employee,
            then he may exercise such Option pursuant to the provisions of such
            express terms but provided always that such exercise shall be prior
            to the expiry of the Option Period and in any event within and not
            later than the end of three (3) months commencing from (and
            including) the date of his cessation to be an Eligible Employee, and
            to the extent that such Option is not so exercised by the
            Participant within such period, it shall automatically lapse and
            become of no further effect.

(f)   Lapse of Options

      An Option shall automatically lapse and becomes of no further effect upon
      the occurrence of the earliest of the following events :-

      (a)   the expiry of the Scheme Period;

      (b)   the expiry of the Option Period;

      (c)   the happening of any event specified or upon the expiration of any
            specified period in Rules 8(b) to 8(e) (inclusive) and Rule 9
            whereby an Option lapses pursuant thereto;

      (d)   subject to Rule 9(b), the date of commencement of the winding-up of
            the Company; and,

      (e)   the date on which the Participant commits a breach of Rule 4(e)(i)
            or on which the Participant is otherwise deprived (otherwise than on
            death) of the legal or beneficial ownership of the Option by
            operation of law.

(g)   No compensation

      Upon the lapse of an Option for whatsoever reason, under no circumstances
      whatsoever shall a Participant or any person whomsoever be entitled to any
      compensation for or in respect of any consequential diminution or
      extinction of any rights or benefits (actual or prospective) under and/or
      in relation to such Option subsisting prior to such lapse or otherwise in
      anyway in connection with the Scheme or such Option, including without
      limitation, where such

                                       12
<PAGE>

      lapse is by reason of termination of the Participant's office or
      employment by the Company or any Subsidiary which is a breach of the
      contract of employment or otherwise, and/or whether the Participant has
      any rights against the Company or any Subsidiary for and/or in relation to
      such termination.

(h)   Cancellation

      Any cancellation of any Options granted but not exercised must be approved
      by the shareholders of the Company in general meeting by way of a poll
      subject always to Participants and their Associates abstaining from voting
      in such general meeting.

9.    ARRANGEMENTS, LIQUIDATIONS AND TAKEOVERS

(a)   Compromise or arrangement

      If a compromise or arrangement between the Company and its members or
      creditors (or a class of them) is proposed for the purposes of or in
      connection with a scheme for the reconstruction of the Company or its
      amalgamation with any other company, the Company shall give notice thereof
      to all Participants on the same date as it despatches the notice which is
      sent to each member or creditor of the Company convening a meeting to
      consider such a compromise or arrangement, and each Participant (or where
      permitted his personal representatives) may thereafter exercise any Option
      of his then subsisting and to the extent that the Participant could have
      exercised the Option as of the date of the aforesaid notice until such
      date as shall be notified to him by the Company at the Company's
      discretion and to the extent that any Option has not been exercised on or
      before such date as notified by the Company aforesaid, it shall thereupon,
      automatically lapse and become of no further effect. In respect of Shares
      which are allotted pursuant to an exercise of Option under this Sub-Rule,
      the Company may upon and after such allotment require the Participant to
      transfer or otherwise deal with the Shares so allotted in such manner so
      as to place such Shares in the same position as nearly as may be possible
      as would have been the case had such Shares been subject to such
      compromise or arrangement, and in such event, the Participant shall comply
      with any such requirement.

(b)   Voluntary winding-up

      If the Company gives notice of a general meeting to consider a resolution
      for the voluntary winding-up of the Company, a Participant may exercise
      any Option of his then subsisting and to the extent that the Participant
      could have exercised the Option as at the date of the aforesaid notice at
      any time during the period from the date of such notice until the
      resolution is duly passed or is defeated or withdrawn or the general
      meeting is adjourned sine die, whichever shall first occur, but the
      exercise of an Option as aforesaid shall be conditional to and take effect
      upon such resolution duly passed. If such resolution is duly passed, all
      Options shall, to the extent that they have not been exercised as
      aforesaid, thereupon automatically lapse and become of no further effect.

(c)   General Offer

      (1)   If, in consequence of any general offer made to all the holders of
            Shares (not already held by the offeror and/or any person controlled
            by the offeror and/or acting in association or concert with the
            offeror) including an offer made in the first instance on a

                                       13
<PAGE>

            condition such that if it is satisfied the offeror will have
            Control, the offeror shall have obtained Control, then the Board
            shall as soon as practicable thereafter notify every Participant
            accordingly, and then to the extent permissible under any applicable
            Listing Rules, law or regulation ("APPLICABLE PROVISIONS"), each
            Participant shall be entitled at any time within the period of
            fourteen (14) days from and including the date on which such Control
            has been obtained or such shorter period provided or permitted for
            its exercise under the Applicable Provisions (if any) ("EXERCISABLE
            PERIOD"), to exercise any Option in whole or in part but only to the
            extent that the Participant could have exercised the Option as at
            the date Control was obtained, and upon the expiry of the
            Exercisable Period, all Options whether exercisable or not during
            the Exercisable Period but have not been so exercised, shall
            automatically lapse and become of no further effect, Provided Always
            that if, during the Exercisable Period, such offeror becomes
            entitled to exercise any compulsory rights of acquisition of all
            Shares pursuant to any Applicable Provisions and gives notice in
            writing to any holders of Shares not already held by the offeror
            and/or person controlled by the offeror and/or acting in association
            or concert with the offeror pursuant thereto that he intends to
            exercise such rights, then to the extent permissible under the
            Applicable Provisions, the Options shall be and remain exercisable
            until one (1) month from and including the date of such notice or
            such shorter period provided or permitted for its exercise under the
            Applicable Provision (if any) and, to the extent that it has not
            been so exercised within such period, it shall automatically lapse
            and become of no further effect upon the expiration of such period.

      (2)   For the purposes of this Sub-Rule 9(c), "CONTROL" means the power of
            a person to secure :-

            (i)   by means of the holding of shares or other securities or the
                  possession of voting power in or in relation to the Company;
                  or

            (ii)  by virtue of any powers conferred by the bye-laws, articles of
                  association or other constitutional document regulating the
                  Company

            that the affairs of the Company are conducted in accordance with the
            wishes of such person.

10.   VARIATION OF CAPITAL STRUCTURE AND ADJUSTMENTS

(a)   In the event of any variation in the share capital of the Company
      ("VARIATION") whilst any Option remains exercisable, including (without
      limitation) by way of capitalisation of profits or reserves, rights issue,
      consolidation, subdivision or reduction of the share capital of the
      Company, such corresponding adjustments (if any) shall be made to the
      intent that a Participant shall receive the same proportion of the issued
      share capital of the Company as that to which that Participant was
      previously entitled to prior to the Variation in :-

      (i)   the number or amount of Shares comprised in each Option; and/or

      (ii)  the Subscription Price; and/or

      (iii) the limits prescribed pursuant to Rule 5; and/or

      (iv)  (subject to Rule 13) any of the Rules of the Scheme,

                                       14
<PAGE>

      in such manner as the Board may in its discretion determine (having
      received a certificate from either an independent financial advisor or the
      Auditors, acting as experts and not as arbitrators, either generally or as
      regards any particular Participant, that in their opinion the
      adjustment(s) proposed are fair and reasonable and that any particular
      Participant shall receive the same proportion of the issued share capital
      of the Company as that to which that Participant was previously entitled
      to prior to the Variation) provided that no such adjustment(s) shall be
      made :-

      (aa)  if it would result in a Share being issued at less than its nominal
            value; and/or

      (bb)  if it would give a Participant a higher proportion of the issued
            share capital of the Company than that to which he was previously
            entitled prior to the adjustment.

(b)   The certification by the Auditors referred to under Rule 10(a) shall be
      final and binding on the Company and the Participants. The costs of the
      Auditors shall be borne by the Company.

(c)   Notice of any such adjustment shall be given to the Participants by the
      Company, which may, but need not, call in Option Certificates for
      endorsement or replacement.

(d)   The issue of Shares as consideration in a transaction shall not be
      regarded as a Variation.

11.   SHARE CAPITAL

The Board shall reserve and keep available sufficient authorised but unissued
share capital of the Company for the purposes of the Scheme.

12.   ADMINISTRATION AND POWERS OF THE BOARD

(a)   The Scheme shall be subject to the administration of a committee as
      established by the Board ("COMMITTEE") in such manner as it may from time
      to time in its discretion think fit. The Committee shall consist of 2
      directors of the Company and (i) in the case where Shares already in issue
      are listed on a Stock Exchange, then the independent non-executive
      directors of the Company and (ii) in the case where the shares of the
      Holding Company are listed on a Stock Exchange, then the independent
      non-executive directors of the Holding Company.

(b)   The Committee shall have the power and authority to determine and decide
      all matters in relation to the Scheme at its discretion, in particular,
      but without limitation, to do any of the following :-

      (i)   to prescribe, amend and rescind any regulations for and/or in
            relation to the administration of the Scheme;

      (ii)  to construe and interpret these Rules and any aforesaid regulations;

      (iii) to determine the Subscription Price or other financial matters
            relating to an Offer or Option; and

      (iv)  to determine on all other matters whatsoever in relation to an Offer
            or an Option (including without limitation, its vesting and its
            exercise), and to modify or waive any

                                       15
<PAGE>

            terms or conditions of an Offer or an Option.

(c)   All decisions and determinations of the Committee in the administration of
      the Scheme and the exercise of its power and authority as aforesaid, shall
      be final, conclusive and binding on all persons.

(d)   To the extent permissible under any Listing Rules, laws and regulations,
      the Committee may recommend to the Board which may at its discretion at
      any time offer to buy out for cash or other consideration (including
      without limitation, Shares) an Option upon such terms and conditions as it
      deems fit.

13.   MODIFICATION OF THE SCHEME AND THE RULES

(a)   The Scheme and the Rules may be varied, altered or supplemented
      ("ALTERATION") at any time and from time to time in any respect by
      resolution of the Board provided that :-

      (i)   no alteration shall be made which would adversely affect any
            subsisting rights of any Participant in relation to any subsisting
            Option of his except with the consent or sanction of such majority
            of the Participants as would be required of the holders of the
            Shares under the Memorandum and/or Articles of Association of the
            Company for the time being of the Company for a variation of the
            rights attached to the Shares unless any such alteration is made for
            the purpose of complying with any applicable Listing Rules, law or
            regulation relating to the Shares and such consent or sanction is
            not required under the Articles of Association of the Company and/or
            any applicable Listing Rules, law or regulation; and

      (ii)  no alteration which would cause the Scheme (or any part thereof) to
            be in breach of any applicable Listing Rules, the Memorandum and
            Articles of Association of the Company, and/or any applicable law
            and/or regulation, shall be made.

(b)   Written notice of any alteration shall be given to all Eligible Employees
      to whom an Offer has been made and is available for acceptance and all
      Participants.

(c)   Further, notwithstanding anything to the contrary, without the prior
      approval of shareholders in general meeting with the Participants and
      their Associates abstaining from voting, no alteration shall be made such
      that :-

      (i)   the class of person eligible for the grant of an Option is extended;
            or

      (ii)  an advantage is granted to the Participants (present or future) in
            connection with :-

            (aa)  the total number of Shares for which Options may be granted
                  under Rule 5(a)

            (ab)  the aggregate number of Shares represented by all of the
                  Options which may be granted to any one Eligible Employee
                  under Rule 5(b)

            (ac)  the Subscription Price

            (ad)  the length of the Scheme Period

                                       16
<PAGE>

            (ae)  any variation pursuant to Rule 10

            (af)  any requirements and/or restrictions on the exercise of an
                  Option pursuant to Rule 6(a), (b), (c) and (d)

            (ag)  any restrictions in respect of Shares allotted pursuant to an
                  exercise of an Option under Rule 7

            (ah)  the rights of Participants on winding-up under Rule 9(b)

            (ai)  the restriction on assignment under Rule 4(e)

            (aj)  the provisions of this Rule 13

(d)   If, at the time of the proposed Variation that Shares already in issue are
      listed on a Stock Exchange, then the approval of the relevant regulatory
      body of the Stock Exchange shall be obtained to any Variation which is of
      a material nature unless the Variation takes effect automatically under
      the Scheme irrespective of the Variation.

14.   TERMINATION

The Company by ordinary resolution in general meeting or the Board may at any
time terminate the Scheme by resolving not to make any further Offers and in
such event no further Offers shall be made after such resolution but this shall
not affect any Offers made prior to such resolution and in all other respects
the provisions of the Scheme shall continue in full force and effect. Further,
details of Options granted (including Options which are exercised or
outstanding) shall be disclosed in a circular to shareholders of the Company
when the Company seeks approval for the first scheme to be established after
such termination of the Scheme.

15.   COSTS, EXPENSES AND PAYMENTS

(a)   The Company shall bear the costs and expenses of establishing and
      administering the Scheme.

(b)   All payments to be made to the Company must be in immediately available
      funds without any deductions whatsoever and in such manner as the Company
      may from time to time require.

16.   NOTICE TO HOLDERS OF SHARES

A Participant shall not be entitled to receive copies of all notices and other
documents sent by the Company to the holders of the Shares generally.

17.   INDEPENDENT OF EMPLOYMENT CONTRACT

The Scheme or any Option shall not form part of any contract of employment
between the Company or any Subsidiary and any Eligible Employee or a
Participant. The rights and obligations of any Eligible Employee or a
Participant under the terms of his office or employment shall not be affected by
his participation or non-participation in the Scheme, or by any right which he
may have to participate in the Scheme, or by any right which he may have in
relation to any

                                       17
<PAGE>

Option (or any matter relating thereto), or by any other matters whatsoever in
relation to the Scheme or any Option, and the Scheme or any Option shall not
confer on such Eligible Employee or a Participant any additional rights to
compensation, damages or otherwise in consequence of and/or upon the termination
of such office or employment for any reason whatsoever nor otherwise limit in
anyway the right of the Company or any Subsidiary to terminate his office or
employment at any time for whatsoever reason in whatsoever manner.

18.   NO OTHER RIGHTS

The Scheme shall not confer on any person any legal or equitable rights against
the Company directly or indirectly or give rise to any cause of action at law or
equity against the Company other than those arising from or constituting the
Options themselves pursuant to the Rules.

19.   NOTICE AND COMMUNICATIONS

(a)   Any notice or other communication between the Company and an Eligible
      Employee or a Participant may be given by sending the same by prepaid post
      or by personal delivery to, in the case of the Company, its principal
      place of business from time to time or such other address as the Company
      may from time to time notify the Eligible Employee or a Participant in
      writing and, in the case of an Eligible Employee or a Participant, his
      last known address as notified by him in writing to the Company from time
      to time.

(b)   Any notice or other communication served by post :-

      (i)   by the Company shall be deemed to have been served, if by prepaid
            post, 24 hours after posting and if by personal delivery, at the
            time of delivery; and,

      (ii)  by an Eligible Employee or a Participant shall be deemed to have
            been served when the same shall have been actually received by the
            Company on a Business Day.

20.   ENTIRE AGREEMENT GOVERNING LAW

(a)   The Rules and the terms of an Offer made to an Eligible Employee shall
      constitute the entire agreement between the Company and such Eligible
      Employee (or such Eligible Employee becoming a Participant pursuant
      hereto) with respect to all matters in relation to the Scheme, such Offer
      and any Option relating thereto and supersedes in their entirety all prior
      undertakings and agreements between such parties in relation thereto.

(b)   The Scheme shall be governed by and construed in all respects in
      accordance with the laws of Hong Kong.

                                       18
<PAGE>

                               SHARE OPTION SCHEME

                          [on FOCUS MEDIA'S Letterhead]

[TO THE ELIGIBLE EMPLOYEE]

                                                                          [DATE]

Dear [      ]

                   FOCUS MEDIA HOLDING LIMITED (the "COMPANY")

                          Employee Share Option Scheme

I am pleased to advise you that the board of directors of the Company has today
granted you an option under the Company's employee share option scheme (the
"SCHEME") to purchase up to a maximum of [   ] fully paid ordinary shares in the
Company (the "OPTION"). The subscription price is US$48.00 per share, which will
be payable only on the exercise of this Option. This Option is personal to you.

The grant and exercise of the Option are governed by the rules of the Scheme
(the "RULES"), and the grant is made on the basis that participation in the
Scheme will constitute an agreement to be bound by the Rules. The attached
leaflet will give you a general introductory guide as to how the Scheme works
and further information may be obtained from [NAME OF RELEVANT PERSON].

To accept the Option, please send to us at the address as set out on the
letterhead of this letter within 14 days of the date of this letter (a) US$10.00
being the consideration payable for the grant of the Option and (b) a copy of
this letter which is attached hereto as duly signed by you at the acceptance
clause ("ACCEPTANCE").

The Option is granted subject to the following vesting schedule and until the
Option has vested and has also become exercisable under the Rules, the Option
may not be exercised:-

      1. the Option shall vest as to 25% of the ordinary shares of the Company
         under the Option one year after the Date of Grant (as defined in the
         Scheme); and

      2. one year after the Date of the Grant, the Option shall vest as to
         1/32nd part of the ordinary shares of the Company for every full month
         thereafter

         such that the whole Option shall be fully vested three (3) years after
         the Date of Grant.

On receipt of your Acceptance, an Option Certificate will be sent to you, at
your [HOME ADDRESS], within thirty (30) days of such receipt.

Yours sincerely,

For and on behalf of the Company

_____________________________________
[SIGNATORY]

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