/C O R R E C T I O N -- Xinhua Finance Media/

/C O R R E C T I O N -- Xinhua Finance Media/

In the news release, "Funds Managed by Patriarch Partners Increase Investment in XFMedia," issued on Oct. 22 by XFMedia (NASDAQ:XFML) over Xinhua PR Newswire, we are advised by the Company that the sixth paragraph, second sentence should read "Amounts outstanding are convertible into XFMedia shares after one year at a conversion price of $2.24 per American Depository Share ("ADS") which represents a 100% premium to the 5-day trailing volume weighted average closing price of $1.12 per ADS as of Monday, 20 October," rather than "Amounts outstanding are convertible into XFMedia shares after one year at a conversion price of $2.24 per American Depository Share ("ADS") which represents a 100% premium to Monday's closing price of $1.21 per ADS," as originally issued inadvertently. Full, correct release follows:

Funds Managed by Patriarch Partners Increase Investment in XFMedia

XFMedia to Use Extra Funding to Build Sports and TV Broadcasting
Business in China

BEIJING, Oct. 22 /Xinhua-PRNewswire-FirstCall/ -- XFMedia (NASDAQ:XFML), a leading media group in China, announced today that it has entered into a secured convertible loan facility for up to $80 million with affiliates of Patriarch Partners LLC ("Patriarch"), a global investment firm based in New York and currently the second largest shareholder of XFMedia.

Chinese release download:
http://www.xfmedia.cn/cn/press-center/press-releases/pdf/pr081022_cn.pdf

Ms. Fredy Bush, CEO and Chairman of XFMedia, said the funds will be used to finance XFMedia's expansion in its broadcast business, with a focus on sports. The money will be drawn down only as needed, and will be used to pay for the already identified acquisitions as they are brought in.

"We are very fortunate to be able to secure a facility for up to $80 million from our long-term seed investor Patriarch. This will allow us to continue pursuing our vision and taking advantage of the opportunities we are seeing in China," said Ms. Bush.

"The broadcast area in China, and particularly sports, is a high margin business with significant growth potential. We are in a unique position to take advantage of that," Ms. Bush added. "We are delighted that Patriarch shares our vision and provides its continued support. The increased investment as well as its higher-than-market conversion price is a vote of confidence in both the fundamentals and future prospects of our Company."

Lynn Tilton, CEO of Patriarch said, "As a major shareholder of XFMedia, we are impressed with the fundamentals of the company and the consistent growth in earnings since last year's initial public offering. We believe the acquisitions and opportunities that management has identified will foster continued growth. We are especially excited about the new sports based strategy that we believe creates great synergistic potential for the entire platform and which we hope will be inelastic to the current economic turmoil."

The facility is for a term of four years, and is secured by a pledge of certain television assets of XFMedia. Amounts outstanding are convertible into XFMedia shares after one year at a conversion price of $2.24 per American Depository Share ("ADS") which represents a 100% premium to the 5-day trailing volume weighted average closing price of $1.12 per ADS as of Monday, 20 October. The conversion price will be increased to $2.74 per ADS after the second year, and to $3.24 per ADS after the third year that the facility is outstanding.

About XFMedia

Xinhua Finance Media ("XFMedia"; Nasdaq: XFML) is a leading media group in China with nationwide access to the upwardly mobile demographic. Through its synergistic business groups, Broadcast, Print and Advertising, XFMedia offers a total solution empowering clients at every stage of the media process and connecting them with their target audience. Its unique platform covers a wide range of media assets, including television, radio, newspaper, magazine, outdoor, online and other media assets.

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.xfmedia.cn/ .

About Patriarch Partners LLC

Patriarch Partners LLC is a global investment firm based in New York that manages funds with over $6 billion of equity and secured loan assets, including equity investments in 65 companies and controlling interests in approximately two-thirds of these. For more information, please visit http://www.patriarchpartners.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 annual report on Form 20-F. 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:

Media Contacts
Joy Tsang
XFMedia
Tel: +86-21-6113-5999
Email: joy.tsang@xfmedia.cn

Lindsay Koval
AGG International
Tel: +1-212-614-4170
Email: lindsay@aggintl.com

IR Contacts
Edward Liu
XFMedia
Tel: +86-21-6113-5978
Email: edward.liu@xfmedia.cn

Howard Gostfrand
American Capital Ventures
Tel: +1-305-918-7000 or Toll Free +1-877-918-0774
Email: info@amcapventures.com

Web: http://www.xfmedia.cn
http://www.patriarchpartners.com
http://www.xfmedia.cn/cn/press-center/press-releases/pdf/pr081022_cn.pdf

Source: Xinhua Finance Media

CONTACT: Media Contacts - Joy Tsang of XFMedia, +86-21-6113-5999, or
joy.tsang@xfmedia.cn; Lindsay Koval of AGG International, +1-212-614-4170, or
lindsay@aggintl.com; IR Contacts - Edward Liu of XFMedia, +86-21-6113-5978, or
edward.liu@xfmedia.cn; Howard Gostfrand of American Capital Ventures, +1-305-
918-7000 or Toll Free +1-877-918-0774, or info@amcapventures.com

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