Xinhua Finance Media Appoints New Director to Audit Committee and Retains Protiviti Inc. for SOX Compliance

Xinhua Finance Media Appoints New Director to Audit Committee and Retains Protiviti Inc. for SOX Compliance

November 06, 2007

    BEIJING, Nov. 6 /Xinhua-PRNewswire/ -- Xinhua Finance
Media ("XFMedia"; Nasdaq: XFML), China's leading
diversified financial and entertainment media company,
today announced that its Board of Directors has appointed
independent director Mr. Steve Richards to its Audit
Committee, joining existing members, Mr. Aloysius T. Lawn,
committee chairman, and Mr. John Springer, committee
member. Moreover, the Company also announced that it has
retained Protiviti Inc., a leading independent organization
dedicated exclusively to risk consulting and internal
auditing, to provide consulting services related to the
Company's Sarbanes-Oxley Section 404 compliance efforts.
    Mr. Steve Richards currently is COO of Silver Pictures,
a film production company founded by film producer Joel
Silver and affiliated with Warner Bros., and co-president
of Dark Castle Entertainment, a division of Silver
Pictures. Prior to these positions, he had been CFO of
Silver Pictures since 1996 and took a number of finance or
controller positions in other companies, public and
private, with a focus on the entertainment industry. Mr.
Richards obtained his CPA in 1992 after working for Arthur
Andersen in Los Angeles. He holds an MBA from UCLA's
Anderson School and a BA in accounting from Temple
University. 
    Photo link:
http://www.xinhuafinancemedia.com/SteveRichards 
    Mr. Steve Richards said, "I am privileged to join
the Board of a company with such an impressive track
record, potential for growth, and strong positioning in the
marketplace. Coming from the financial side of the
entertainment industry, I look forward to the opportunity
to apply my knowledge of finance and accounting in an
effort to help XFMedia reach its objectives for growth and
expand its range of services."
    "On behalf of the Board, I would like to express
our appreciation to Mr. Richards for taking more
responsibilities at the Board level. His CFO experience and
qualified finance background will be of great value to our
Audit Committee as well as the company itself," said
Ms. Fredy Bush, Chairman and CEO of XFMedia. "The
strengthened composition of the board and its committee,
combined with the engagement of Protiviti, will boost our
continued efforts to ensure we meet a high standard of
corporate governance." 
    Protiviti Inc. is one of the leading providers of
independent risk consulting services working with companies
on Sarbanes-Oxley compliance efforts. Protiviti has served a
number of Chinese companies listed on NASDAQ and NYSE.

    Notes to Editors
    Biography of Mr. Steve Richards
    Mr. Steve Richards is COO of Silver Pictures, a film
production company founded by film producer Joel Silver and
affiliated with Warner Bros., and co-president of Dark
Castle Entertainment, a division of Silver Pictures.
Formerly CFO of Silver Pictures, Mr. Richards began his
relationship with Joel Silver and Silver Pictures in 1995. 
He was instrumental in developing the $450 million business
plan for Dark Castle and in forging a financial partnership
with CIT Group Inc., which will finance the production of 15
films over the next six years.  Mr. Richards began his
career in film production and distribution as controller
for the International Movie Group, a publicly listed
company.  Subsequently, he helped launch Scott Free, a
production company founded by renowned directors Ridley and
Tony Scott.  
    Mr. Richards obtained his CPA in 1992 after working for
Arthur Andersen in Los Angeles with a focus on the
entertainment industry. He holds an MBA from UCLA's
Anderson School and a BA from Temple University.

    About Protiviti Inc.
    Protiviti is a leading provider of independent internal
audit and business and technology risk consulting services.
Protiviti helps clients identify, assess and manage
financial, operational and technology-related risks
encountered in their industries, and assist in the
implementation of the processes and controls to enable
continued monitoring. Protiviti also offer a full spectrum
of internal audit services to assist management and
directors with their internal audit functions, including
full outsourcing, co-sourcing, technology and tool
implementation, and quality assessment and readiness
review.
    Protiviti employs more than 3,000 professionals in 60
locations throughout the Americas, Asia-Pacific and Europe.
 The name Protiviti represents professionalism, integrity
and independence. 
    Protiviti is a wholly owned subsidiary of Robert Half
International (RHI), a $4.0 billion public company and a
member company of the S&P 500 index.  

    About Xinhua Finance Media Limited 
    Xinhua Finance Media ("XFMedia"; Nasdaq:
XFML) is China's leading diversified financial and
entertainment media company targeting high net worth
individuals nationwide. The company reaches its target
audience via TV, radio, newspapers, magazines and other
distribution channels. Through its five synergistic
business groups, Advertising, Broadcast, Print, Production
and Research, XFMedia offers a total solution empowering
clients at every stage of the media process and keeping
people connected and entertained.  
    Headquartered in Beijing, the company has offices and
affiliates in major cities of China including Beijing,
Shanghai, Guangzhou, Shenzhen and Hong Kong. For more
information, please visit http://www.xinhuafinancemedia.com
.

    Safe Harbor Statement
    This announcement contains forward-looking statements.
These statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These forward-looking statements can be
identified by terminology such as "will,"
"expects," "anticipates,"
"future," "intends," "plans,"
"believes," "estimates,"
"confident" and similar statements. Among other
things, quotations from management in this announcement
contain forward-looking statements.   Statements that are
not historical facts, including statements about XFMedia's
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties that could cause actual results to differ
materially from those contained in any forward-looking
statements. Potential risks and uncertainties include, but
are not limited to, risks outlined in XFMedia's filings
with the U.S. Securities and Exchange Commission, including
its registration statement on Form F-1. All information
provided in this press release is as of the date hereof,
and XFMedia undertakes no duty to update such information,
except as required under applicable law.


    For more information, please contact:

     Xinhua Finance Media
     Joy Tsang
     Tel:   [phone]
     Email: [e-mail]