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     MEDIA & ADVERTISING

Boda New Continent Advertising Company ("Boda") is the commercial arm of the Ray Li series of fashion magazines, the largest women's magazine group in China. Ray Li publishes four monthly magazines under the "Ray Li" brand: a fashion and beauty magazine, a working women’s magazine, a teenage girl magazine and a home decor magazine.

Cathay acquired its interest in Boda April 2003. A controlling interest in the company was sold to an international publishing group in November 2006.

For additional information, please see: http://www.rayli.com.cn


Clear Media Limited ("Clear Media") is China’s leading outdoor advertising company, offering advertising space on bus shelters across 30 Chinese cities, with a majority market share in China’s largest cities. Clear Media is a joint venture between Clear Channel Communications (NYSE:CCO) and White Horse Advertising based in Guangzhou.

Clear Media completed an initial public offering on the Hong Kong Stock Exchange (listing code 0100.HK) in December 2001.

For additional information, please see: http://www.clear-media.net


        
   
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