CXN Media Corporation Finalizes Agreement with CEInet

May 20, 2003

China Xin Network Media Corp. a provider of China-based analytical market research data and customized market research analysis, has finalized a new, multi-year agreement with China's Economic Information Network (CEInet). Entering into this agreement, China Xin Networks Media Corp. ("CXN") and CEInet Data Co. Ltd. ("CEInet") have furthered their bilateral commitment to providing financial, economic, public policy, and business matters of the People's Republic of China. Elements of the agreement include the following: multi-year, exclusive English Language relationship for CEInet databases and information materials as provided by CEInet; CXN has right of first refusal for CEInet's information in languages other than Chinese and Chinese Ethnic Minorities' language; CEInet has agreed to place two senior representatives to participate in CXN's Board of Directors; and CXN will assume responsibility and services associated with CEInet's current English Web site "China Economy." Where appropriate, CXN will assume responsibly for services and client care of CEInet's existing English clients. CEInet will receive compensation over a multi-year period commiserate upon billing of clients. CXN and CEInet have also agreed to establish a Joint Steering Committee to address issues including shared resources, inter-company pricing, intellectual property rights, and other joint strategic issues.

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