Document:

<PAGE>

                                                                   EXHIBIT 10.44

                                                                     Translation

                            EQUITY TRANSFER AGREEMENT

TRANSFEROR (PARTY A): SHANDONG ECONOMIC OBSERVING NEWSPAPER CO. LTD.

TRANSFEREE (PARTY B): BEIJING TAIDE ADVERTISING CO. LTD.

     After consultation between Shandong Economic Observing Newspaper Co. Ltd.
(hereafter as Party A), which is the shareholder of Beijing Jingguan Xincheng
Advertising Co. Ltd., and Beijing Taide Advertising Co. Ltd. (hereafter as Party
B), Party A has agreed to transfer its RMB 2.5 million worth of shares (50% of
the registered capital) of Beijing Jingguan Xincheng Advertising Co. Ltd to
Party B. Party B has agreed to accept the shares transferred by Party A, at a
transfer price of RMB 2.5 million. Shandong Economic Observing Newspaper Co. Ltd
is the owner of the selling party's equity and has ensured that there is no
controversy or disputes about the concerned equity, and there exist no
guaranteed rights and benefits and third party rights and benefits with the
concerned selling party's equity. Upon the completion of the transfer of the
equity, Beijing Taide Advertising Co. Ltd becomes 100% the equity owner of
Beijing Jingguan Xincheng Advertising Co. Ltd.

After the transfer of the equity, Party A will no longer enjoy any rights or
bear any obligations to Beijing Jingguan Xincheng Advertising Co. Ltd. Party B
will enjoy rights and bear obligations to Beijing Jingguan Xincheng Advertising
Co. Ltd according to Party B's proportion of capital therein.

This agreement is effective upon the execution by both parties.

Transferor (Shandong Economic Observing Newspaper Co., Ltd.) [Company chop of
Shandong Economic Observing Newspaper Co., Ltd.]

Transferee (Beijing Taide Advertising Co., Ltd.) [Company chop of Beijing Taide
Advertising Co., Ltd.]

Dated: September 12, 2006<PAGE>

                                                                   EXHIBIT 10.45

                       DATED THE 1ST DAY OF NOVEMBER 2006

                          HONOUR RISE SERVICES LIMITED

                                       AND

                          XINHUA FINANCE MEDIA LIMITED

                                   ----------

                    AGREEMENT FOR SALE AND PURCHASE OF SHARES

                            (PRESTON|GATES|ELLIS LOGO)

                                   SOLICITORS
                  35th Floor, Two International Finance Centre
                      8 Finance Street, Central, Hong Kong

                    Tel: (852) 2511 5100 Fax: (852) 2511 9515
                          Website: www.prestongates.com

                           Ref: 55762-00001/CSMN/EWCM

<PAGE>

                                    CONTENTS

<TABLE>
<CAPTION>
CLAUSE     HEADING                                                          PAGE
------     -------                                                          ----
<S>        <C>                                                              <C>
1.         DEFINITIONS...................................................     1
2.         SALE AND PURCHASE OF THE SALE SHARES..........................     3
3.         CONSIDERATION.................................................     3
4.         COMPLETION....................................................     3
5.         REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE VENDOR.......     5
6.         REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PURCHASER....     6
7.         FURTHER ASSURANCE.............................................     7
8.         ENTIRE AGREEMENT..............................................     7
9.         NOTICES.......................................................     7
10.        MISCELLANEOUS.................................................     8
11.        GOVERNING LAW AND JURISDICTION................................     8
12.        AMENDMENTS....................................................     8
SCHEDULE 1...............................................................    10
SCHEDULE 2...............................................................    11
SCHEDULE 3...............................................................    12
SCHEDULE 4...............................................................    13
EXECUTION
</TABLE>

<PAGE>

THIS AGREEMENT is made on the 1st  day of November 2006.

BETWEEN:

(1)  HONOUR RISE SERVICES LIMITED, a company incorporated under the laws of the
     British Virgin Islands with registration number 686228 and a registered
     address of P.O. Box 957, Offshore Incorporations Centre, Road Town,
     Tortola, British Virgin Islands (the "VENDOR"); and

(2)  XINHUA FINANCE MEDIA LIMITED, a company incorporated in the Cayman Islands
     with registration number 157511 and a registered address of Codan Trust
     Company (Cayman) Limited, Century Yard, Cricket Square, Hutchins Drive,
     P.O. Box 2681GT, George Town, Grand Cayman, British West Indies (the
     "PURCHASER").

WHEREAS:

(A)  Upper Step has an authorised share capital of US$50,000 divided into 50,000
     shares of US$1.00 each of which 500 Upper Step Shares have been issued and
     are fully paid up. Further particulars of Upper Step are set out in
     Schedule 1;

(B)  Accord Group has an authorised share capital of US$50,000 divided into
     50,000 shares of US$1.00 each of which 100 Accord Group Shares have been
     issued and are fully paid up. Further particulars of Accord Group are set
     out in Schedule 1;

(C)  The Vendor is the legal and beneficial owner of 220 Upper Step Shares and
     20 Accord Group Shares; and

(D)  The Vendor wishes to transfer its entire shareholding in each of Upper Step
     and Accord Group to the Purchaser and the Purchaser wishes to acquire the
     Sale Shares (as defined below) upon and subject to the terms and conditions
     set out herein.

NOW IT IS HEREBY AGREED as follows :

1.   DEFINITIONS

1.01 In this Agreement (including the recitals), the following expressions have
     the following meanings:

<TABLE>
<S>                              <C>
"ACCORD GROUP"                   means Accord Group Investments Limited,
                                 particulars of which are set out in Schedule 1;

"ACCORD GROUP CONSIDERATION
SHARES"                          means the aggregate of 125,053 Class A Common
                                 Shares of US$0.001 each in the share capital of
                                 the Purchaser to be issued and allotted by the
                                 Purchaser in accordance with Clause 3, details
                                 of which are set out in Schedule 2;

"ACCORD GROUP SHARES"            means the shares of any class in the capital of
                                 Accord Group;

"BUSINESS DAY"                   means a day (other than a Saturday or a day on
                                 which a tropical cyclone warning No.8 or above
                                 or a black rainstorm warning is hoisted in Hong
                                 Kong at any time
</TABLE>

                                      -1-

<PAGE>

<TABLE>
<S>                              <C>
                                 between 9:00 a.m. and 5:00 p.m.) on which banks
                                 are open for business in Hong Kong;

"COMPANIES"                      means Accord Group and Upper Step;

"COMPANIES ORDINANCE"            means the Companies Ordinance (Chapter 32 of
                                 the Laws of Hong Kong) as amended from time to
                                 time;

"COMPLETION"                     means completion of the events set out in
                                 Clause 4;

"COMPLETION DATE"                means the actual date of Completion;

"CONSIDERATION SHARES"           means the aggregate of the Accord Group
                                 Consideration Shares and the Upper Step
                                 Consideration Shares;

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

"HK$"                            means Hong Kong dollars, the lawful currency of
                                 Hong Kong;

"SALE SHARES"                    means the aggregate of 220 Upper Step Shares
                                 which are owned by the Vendor, representing 44%
                                 of the total issued share capital of Upper Step
                                 and 20 Accord Group Shares which are owned by
                                 the Vendor, representing 20% of the total
                                 issued shares capital of Accord Group;

"SHARES"                         means the Accord Group Shares and Upper Step
                                 Shares;

"UPPER STEP"                     means Upper Step Holdings Limited, particulars
                                 of which are set out in Schedule 1;

"UPPER STEP CONSIDERATION
SHARES"                          means the aggregate of 6,407,018 Class A Common
                                 Shares of US$0.001 each in the share capital of
                                 the Purchaser to be issued and allotted by the
                                 Purchaser in accordance with Clause 3, details
                                 of which are set out in Schedule 2;

"UPPER STEP SHARES"              means the shares of any class in the capital of
                                 Upper Step;

"US$"                            means United States Dollars, the lawful
                                 currency of the United States of America; and

"WARRANTIES"                     those representations and warranties referred
                                 to in Clause 5 and in Clause 6.
</TABLE>

1.02 Clause headings are for convenience only and shall not affect the
     construction of this Agreement.

1.03 The expressions "ACCORD GROUP", "UPPER STEP", the "COMPANIES", the
     "VENDOR", and the "PURCHASER" shall, where the context provides, include
     their respective successors, personal representatives and permitted
     assigns.

1.04 References herein to Clauses and Schedules are to clauses of, and schedules
     to, this Agreement unless the context requires otherwise and references to
     this Agreement include the

                                      -2-

<PAGE>

     Schedules.

1.05 Unless the context requires otherwise, words importing the singular include
     the plural and vice versa and words importing a gender include every
     gender.

1.06 Any reference to Sale Shares in this Agreement shall also mean all rights
     and interests that the Vendor may have for the issuance of such number and
     class of Shares as is the same as the number and class of Shares set
     against its name in Schedule 1.

2.   SALE AND PURCHASE OF THE SALE SHARES

2.01 The Vendor shall sell or procure the sale of the Sale Shares free from all
     charges, liens, equities, encumbrances, options and adverse interests and
     from all other rights exercisable by or claims by third parties, and the
     Purchaser shall purchase the Sale Shares with all rights attached or
     accruing to them at Completion.

2.02 The Vendor has the right to transfer the legal and beneficial title to the
     Sale Shares. The title to, and any risk attaching to, the Sale Shares shall
     pass on Completion.

2.03 The Purchaser shall be entitled to exercise all rights attached or accruing
     to the Sale Shares including, without limitation, the right to receive all
     dividends, distributions or any return of capital declared, paid or made by
     the Companies on or after the Completion Date.

2.04 The Vendor waives or shall procure the waiver of all rights of pre-emption
     over any of the Sale Shares conferred upon it by the articles of
     association of the Companies, under any shareholders' agreement or in any
     other way and undertakes to take all steps necessary to ensure that any
     rights of pre-emption over any of the Sale Shares are waived.

2.05 The Vendor agrees that to the extent that it has or may have any rights,
     claims or interests whatsoever against either one of the Companies in
     connection with the issue of the Sale Shares to it, such rights, claims or
     interests shall be fully, irrevocably, unconditionally and absolutely
     waived, discharged and released upon Completion.

3.   CONSIDERATION

3.01 The total consideration for the sale of the Sale Shares shall be the
     Consideration Shares. The Consideration Shares shall be issued and allotted
     to the Vendor or such other party it designates, in such number and with
     such designation as set out opposite its name in Schedule 2.

3.02 The Consideration Shares shall be allotted and issued as fully paid.

4.   COMPLETION

4.01 Completion shall take place on .

4.02 At Completion, the following business shall be transacted :

     (a)  subject to Clause 4.03 below, the Vendor shall deliver or shall
          procure the delivery of the following to the Purchaser:

                                      -3-

<PAGE>

          (i)  duly executed instrument of transfers of the Sale Shares by the
               registered holders thereof in favour of the Purchaser or such
               other person(s) as it may nominate, the form of such instrument
               of transfer are set out in the Schedule 4;

          (ii) the due diligence documents as set out in the Schedule 3 hereto
               and all other documents as may be required for the issuance and
               registration of the Consideration Shares in the name of the
               Vendor, provided such other documents list are provided to the
               Vendor within reasonable time prior to Completion;

          (iii) such other documents as may be reasonably required by the
               Purchaser prior to Completion to give good title to the Sale
               Shares free from all claims, liens, charges, equities and
               encumbrances and third party rights of any kind and to enable the
               Purchaser (or such other person(s) as it may nominate) to become
               the registered holder thereof, provided such other documents list
               are provided to the Vendor within reasonable time prior to
               Completion;

          (iv) powers of attorney, if necessary, in approved terms under which
               any of the documents referred to in this Clause 4.02(a) is
               executed;

     (b)  the Purchaser shall:

          (i)  present the instruments of transfer in respect of the Sale Shares
               to the Companies for registration; and

          (ii) approve the issue and allotment of the Consideration Shares to
               the Vendor or such other party it designates in accordance with
               Clause 3.

4.03 The Purchaser shall, within reasonable time prior to Completion, deliver to
     the Vendor the form of the documents required for the purposes of Clause
     4.02(a) (if applicable).

4.04 Deferral of Completion

4.04.1 If the obligations of the Vendor under Clause 4.02 are not complied with
     on the Completion Date the Purchaser may:

     (a)  defer Completion (so that the provisions of this Clause 4 shall apply
          to Completion as so deferred); or

     (b)  proceed to Completion as far as practicable (without limiting its
          rights under this Agreement); or

     (c)  treat this Agreement as terminated for breach of a condition, without
          prejudice to any rights it may have in respect hereof.

4.04.2 If the obligations of the Purchaser under Clause 4.02 are not complied
     with on the Completion Date the Vendor may:

     (a)  defer Completion (so that the provisions of this Clause 4 shall apply
          to Completion as so deferred); or

     (b)  proceed to Completion as far as practicable (without limiting its
          rights under this Agreement); or

                                      -4-

<PAGE>

     (c)  treat this Agreement as terminated for breach of a condition, without
          prejudice to any rights it may have in respect hereof.

4.05 The Vendor undertakes to indemnify the Purchaser against any loss, expense
     or damage which it may suffer as a result of any document delivered to it
     pursuant to this clause being unauthorised, invalid or for any other reason
     ineffective for its purpose.

4.06 The Purchaser undertakes to indemnify the Vendor against any loss, expense
     or damage which it may suffer as a result of any document delivered to it
     pursuant to this clause being unauthorised, invalid or for any other reason
     ineffective for its purpose.

5.   REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE VENDOR

5.01 The Vendor represents and warrants to the Purchaser to the intent that each
     of the following representations and warranties is accurate in all respects
     and not misleading at the date of this Agreement and that if for any reason
     there is any interval of time between the time of this Agreement and
     Completion, such representations and warranties will continue to be
     accurate in all respects and not misleading at all times subsequent to the
     date of this Agreement up to and including the Completion Date as if
     repeated on each such day immediately before Completion:

     (a)  it is the sole beneficial owner of, or otherwise has full authority,
          including all shareholder and/or regulatory authority, to sell,
          transfer or dispose of, the Sale Shares;

     (b)  it is entitled to sell its Sale Shares free from any claims, equities,
          liens, charges and encumbrances (including without limitation any
          claims of the beneficiaries or other persons under any settlement or
          trust document or otherwise);

     (c)  this Agreement constitutes and the other documents executed by it
          which are to be delivered at Completion will, when executed,
          constitute binding obligations of it in accordance with their
          respective terms;

     (d)  the execution and delivery of, and the performance of its obligations
          under this Agreement will not:

          (i)  result in a breach of any provision of the memorandum or articles
               of association (or other similar constitutional documents) of it
               (being a corporation or company); or

          (ii) result in a breach of, or constitute a default under, any
               instrument to which it is a party or by which it is bound; or

          (iii) result in a breach of any order, judgment or decree of any court
               or governmental agency to which it is a party or by which it is
               bound.

     (e)  it acknowledges that no action has been or will be taken with any
          relevant securities, governmental or regulatory authorities in any
          jurisdiction with respect to the execution, validity or performance of
          this Agreement and confirms that (where applicable) it has obtained or
          complied with all authorizations and/or regulations of any relevant
          securities, governmental or regulatory authorities in connection with
          the execution, validity and performance of this Agreement.

                                      -5-

<PAGE>

5.02 The Vendor shall not (save only as may be necessary to give effect to this
     Agreement) do or allow and shall procure that no act or omission will occur
     before Completion which would constitute a material breach of any of the
     Warranties if they were given at Completion or which would make any of the
     Warranties materially inaccurate or misleading if they were so given.

5.03 In the event of it being found prior to Completion that any of the
     Warranties are materially untrue or incorrect, or in the event of any
     matter or thing arising or becoming known or being notified to the
     Purchaser which is materially inconsistent with any of the Warranties or in
     the event of the Vendor becoming unable or failing to do anything in any
     material respect required to be done by it at or before Completion, the
     Purchaser shall not be bound to complete the purchase of the Sale Shares
     and the Purchaser may by written notice rescind this Agreement without
     liability on its part. The right conferred upon the Purchaser by this
     Clause is in addition to and without prejudice to any other rights of the
     Purchaser (including any rights to claim damages or compensation from the
     Vendor by reason of any such breach or non-fulfilment) and failure to
     exercise it shall not constitute a waiver of any such rights.

5.04 The Vendor hereby undertakes to indemnify and keep indemnified the
     Purchaser against any loss or liability suffered by the Purchaser as a
     result of or in connection with any breach of any of the Warranties and
     against any reasonable costs and expenses incurred in connection therewith
     provided that the indemnity contained in this Clause shall be without
     prejudice to any other rights and remedies of the Purchaser in relation to
     any such breach.

6.   REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PURCHASER

6.01 The Purchaser represents and warrants to the Vendor to the intent that each
     of the following representations and warranties is accurate in all respects
     and not misleading at the date of this Agreement and that if for any reason
     there is any interval of time between the time of this Agreement and
     Completion, such representations and warranties will continue to be
     accurate in all respects and not misleading at all times subsequent to the
     date of this Agreement up to and including the Completion Date as if
     repeated on each such day immediately before Completion:

     (a)  it is entitled to issue and allot the Consideration Shares free from
          any claims, equities, liens, charges and encumbrances (including
          without limitation any claims of the beneficiaries or other persons
          under any settlement or trust document or otherwise);

     (b)  this Agreement constitutes and the other documents executed by it
          which are to be delivered at Completion will, when executed,
          constitute binding obligations of it in accordance with their
          respective terms;

     (c)  the execution and delivery of, and the performance of its obligations
          under this Agreement will not:

          (i)  result in a breach of any provision of the memorandum or articles
               of association (or other similar constitutional documents) of it
               (being a corporation or company); or

          (ii) result in a breach of, or constitute a default under, any
               instrument to which it is a party or by which it is bound; or

          (iii) result in a breach of any order, judgment or decree of any court
               or governmental agency to which it is a party or by which it is
               bound.

                                      -6-

<PAGE>

     (d)  it acknowledges that no action has been or will be taken with any
          relevant securities, governmental or regulatory authorities in any
          jurisdiction with respect to the execution, validity or performance of
          this Agreement and confirms that (where applicable) it has obtained or
          complied with all authorizations and/or regulations of any relevant
          securities, governmental or regulatory authorities in connection with
          the execution, validity and performance of this Agreement.

6.02 The Purchaser shall not (save only as may be necessary to give effect to
     this Agreement) do or allow and shall procure that no act or omission will
     occur before Completion which would constitute a material breach of any of
     the Warranties if they were given at Completion or which would make any of
     the Warranties materially inaccurate or misleading if they were so given.

6.03 In the event of it being found prior to Completion that any of the
     Warranties are materially untrue or incorrect, or in the event of any
     matter or thing arising or becoming known or being notified to the
     Purchaser which is materially inconsistent with any of the Warranties or in
     the event of the Purchaser becoming unable or failing to do anything in any
     material respect required to be done by it at or before Completion, the
     Vendor shall not be bound to complete the sell of the Sale Shares and the
     Vendor may by written notice rescind this Agreement without liability on
     its part. The right conferred upon the Vendor by this Clause is in addition
     to and without prejudice to any other rights of the Vendor (including any
     rights to claim damages or compensation from the Purchaser by reason of any
     such breach or non-fulfilment) and failure to exercise it shall not
     constitute a waiver of any such rights.

6.04 The Purchaser hereby undertakes to indemnify and keep indemnified the
     Vendor against any loss or liability suffered by the Vendor as a result of
     or in connection with any breach of any of the Warranties and against any
     reasonable costs and expenses incurred in connection therewith provided
     that the indemnity contained in this Clause shall be without prejudice to
     any other rights and remedies of the Vendor in relation to any such breach.

7.   FURTHER ASSURANCE

7.01 The Vendor and the Purchaser shall do and execute or procure to be done and
     executed all such further acts, deeds, things and documents as may be
     necessary to give effect to the terms of this Agreement.

7.02 None of the obligations or rights and remedies under this Agreement may be
     assigned.

8.   ENTIRE AGREEMENT

     This Agreement constitutes the whole agreement between the parties hereto
     in connection with the sale and purchase of the Sale Shares and supersedes
     and cancels in all respects all previous letters of intent, correspondence,
     understandings, agreements and undertakings (if any) between the parties
     hereto with respect to the subject matter hereof, whether such be written
     or oral.

9.   NOTICES

     Each notice, demand or other communication given or made under this
     Agreement shall be in writing and delivered or sent to the other party at
     its respective addresses indicated for such party on the signature page
     hereof (or such other address as the addressee has by five (5) days

                                      -7-

<PAGE>

     prior written notice specified to the other party).

10.  MISCELLANEOUS

10.01 All provisions of this Agreement shall so far as they are capable of being
     performed or observed continue in full force and effect notwithstanding
     Completion except in respect of those matters then already performed. The
     Purchaser or the Vendor may take action for breach or non fulfilment of any
     warranty, undertaking or provision contained in or of this Agreement before
     or after Completion and Completion shall not in any way constitute any
     waiver of any rights of the Purchaser.

10.02 If at any time any provision hereof is or becomes invalid, illegal,
     unenforceable or incapable of performance in any respect, the validity,
     legality, enforceability or performance of the remaining provisions hereof
     shall not in any way be affected or impaired thereby.

10.03 Time shall be of essence of this Agreement.

10.04 This Agreement shall be binding on and shall enure for the benefit of the
     successors and assignees of the parties hereto but, save as expressly
     provided herein, shall not be capable of being assigned by any party
     without the written consent of both parties hereto.

10.05 Each party to this Agreement shall pay its own costs and disbursements of
     and incidental to this Agreement.

10.06 This Agreement may be executed in counterparts, each of which shall be
     deemed an original, but all of which taken together shall constitute one
     and the same document.

11.  GOVERNING LAW AND JURISDICTION

11.01 This Agreement shall be governed by and construed in accordance with the
     laws of Hong Kong.

11.02 Any dispute, controversy or claim arising out of or in connection with
     this Agreement, including any question regarding its existence, validity or
     termination, or the breach, termination or invalidity thereof, shall be
     settled by arbitration in accordance with the UNCITRAL Arbitration Rules as
     at present in force and as may be amended from time to time. The appointing
     authority shall be the Hong Kong International Arbitration Centre.

11.03 The place of arbitration shall be in Hong Kong and shall take place at the
     Hong Kong International Arbitration Centre and there shall be only one
     arbitrator. If the parties fail to agree on the designation of an
     arbitrator within twenty (20) day period, the Hong Kong International
     Arbitration Centre shall be requested to designate the single arbitrator.
     Any arbitration shall be administered by the Hong Kong International
     Arbitration Centre in accordance with its procedures for arbitration in
     force at the date of this Agreement including such additions to the
     UNCITRAL Arbitration Rules as are therein contained.

12.  AMENDMENTS

     This Agreement may not be amended without the written consent of all of the
     parties hereto.

             THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.

                                      -8-

<PAGE>

                                   SCHEDULE 1

                             DETAILS OF THE COMPANY

<TABLE>
<S>                               <C>
NAME                              ACCORD GROUP INVESTMENTS LIMITED

DATE AND PLACE OF INCORPORATION   15 June 2005 - British Virgin Islands

REGISTERED ADDRESS                Offshore Incorporations Limited,
                                  P.O. Box 957, Offshore Incorporations Centre,
                                  Road Town, Tortola,
                                  British Virgin Islands

CORRESPONDENCE ADDRESS            Preston Gates & Ellis
                                  Room 3503, 35th Floor
                                  Two International Finance Centre
                                  8 Finance Street, Central
                                  Hong Kong

AUTHORISED SHARE CAPITAL          US$50,000 made up of 50,000 ordinary shares of
                                  US$1.00 each

ISSUED SHARE CAPITAL              100 ordinary shares

SHAREHOLDERS                      SHAREHOLDER NAME                NO. OF
                                  ----------------               ORDINARY
                                                                  SHARES
                                                                 --------
                                  Honour Rise Holdings Limited       20
                                  Xinhua Finance Media Limited       80
                                                                    ---
                                  TOTAL:                            100
                                                                    ===

NAME                              UPPER STEP HOLDINGS LIMITED

DATE AND PLACE OF INCORPORATION   28 September 2005, British Virgin Islands

REGISTERED ADDRESS                P.O. Box 957, Offshore  Incorporations Centre,
                                  Road Town, Tortola, British Virgin Islands

AUTHORISED CAPITAL                US$50,000 divided into 50,000 shares of par
                                  value US$1.00

ISSUED CAPITAL                    500 ordinary shares

SHAREHOLDER                       SHAREHOLDER NAME                NUMBER OF
                                  ----------------                ORDINARY
                                                                   SHARES
                                                                 ---------
                                  Honour Rise Services Limited      220
                                  Xinhua Finance Media Limited      280
                                                                    ---
                                  TOTAL:                            500
                                                                    ===

DIRECTORS                         Fredy Bush
                                  Dennis Pelino
                                  Shelly Singhal
</TABLE>

                                      -9-

<PAGE>

                                   SCHEDULE 2

                            THE CONSIDERATION SHARES

THE ACCORD GROUP CONSIDERATION SHARES

<TABLE>
<CAPTION>
                                  NUMBER OF CLASS A
                                COMMON SHARES OF THE
                               PURCHASER TO BE ISSUED
NAME OF THE VENDOR                  AND ALLOTTED
------------------             ----------------------
<S>                            <C>
Honour Rise Services Limited           125,053
</TABLE>

THE UPPER STEP CONSIDERATION SHARES

<TABLE>
<CAPTION>
                                  NUMBER OF CLASS A
                                COMMON SHARES OF THE
                               PURCHASER TO BE ISSUED
NAME OF THE VENDOR                  AND ALLOTTED
------------------             ----------------------
<S>                            <C>
Honour Rise Services Limited          6,407,018
</TABLE>

                                      -10-

<PAGE>

                                   SCHEDULE 3

                             DUE DILIGENCE DOCUMENTS

1.   certified or notarised copy of the Vendor's certificate of incorporation
     (and certificate of incorporation on change of name, if applicable);

2.   certified or notarised copy of the Vendor's register of members;

3.   certified or notarized copy of the certificate of incorporation (and
     certificate of incorporation on change of name, if applicable) of all the
     shareholders of the Vendor (applicable if the shareholder is a corporate
     entity);

4.   certified or notarized copy of the register of members (and certificate of
     incorporation on change of name, if applicable) of all the shareholders of
     the Vendor (applicable if the shareholder is a corporate entity);

5.   original statement signed by a director of the Vendor describing its
     general nature of business;

6.   certified or notarised copy of the identification document on all the
     shareholders of the Vendor (applicable if the shareholder is an
     individual);

7.   original or certified copy of the residential address proof on all the
     shareholders of the Vendor (applicable if the shareholder is an
     individual); and

8.   certified or notarized copy of the certificate of incorporation or business
     licence (as the case may be) of the shareholders of the shareholders of the
     Vendor.

                                      -11-

<PAGE>

                                   SCHEDULE 4
                         FORM OF INSTRUMENT OF TRANSFER

Forms of instruments of transfer of shares from Honour Rise Services Limited to
Xinhua Finance Media Limited regarding Accord Group Investments Limited and
Upper Step Holdings Limited.

                                      -12-

<PAGE>

IN WITNESS WHEREOF this Agreement has been executed on the day and year first
above written.

XINHUA FINANCE MEDIA LIMITED

per: /s/ Fredy Bush
     --------------------------------
     Authorized Signatory

Address: 3905-09 1 Grand Gateway
         1 Hongqiao Lu
         Shanghai 200030,
         People's Republic of China

Telephone: 8621-6113-5900
Facsimile: 8621-6448-4955

HONOUR RISE SERVICES LIMITED

per: /s/
     --------------------------------
     Authorized Signatory

Address: c/o Richard Wang & Co.
         18th Floor, Union Building
         100 Yan An Road East
         Shanghai 200002
         People's Republic of China

Telephone: 8621-6326-5800
Facsimile: 8621-6321-8890

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}]]