MOJO SUPREME AND CBS MERGER AND ACQUISITION ANALYSISPart I – About this Report – p.1Part II – About the Parties – p.2Part III – Strategic Fits and Strategic Value – p.3Part IV – Working Capital Requirements in Year 1 – p.20Part V – Valuation and Strategic Options – p.21

- Valuation: Recent Deals and Sum of Parts Model – p.21- Summary of Valuation Ranges – p.29- Target Valuation Range – p.30- Summary of Company’s Strategic Options – p.31

PART III - STRATEGIC FITS AND POTENTIAL STRATEGIC VALUE

From the onset, Mojo Supreme was set up as a diversified online media companywith interests in all of the areas that make up the sum of online advertising activity:search, display/banners, classifieds/listings and video. Hitherto, search hasgenerated the lion’s share of online advertising on the web, but video is widely seenas the next high growth sector within the online advertising industry. Regardless,any media company that fails to develop a successful search strategy will be leftbehind.Its editorial philosophy strives to cover all of the major categories, particularly thehighest yielding ones such as automotive, entertainment, travel, health, etc.1

In fact, if you combine the two graphs above, you see that revenue by type and bycategory is highly fragmented, so media companies need to be well positioned tooffer advertisers key verticals and all forms/type of advertising:

In Percentage %DisplaySpons-RichMediaKeywordClassifiedEmailLead%orshipVideosGen.22%3%7%40%18%2%8%Automotive16%3.52%0.48%1.12%6.40%2.88%0.32%1.28%Retail14%3.08%0.42%0.98%5.60%2.52%0.28%1.12%Entertainment7%1.54%0.21%0.49%2.80%1.26%0.14%0.56%Health6%1.32%0.18%0.42%2.40%1.08%0.12%0.48%Food/Beverage6%1.32%0.18%0.42%2.40%1.08%0.12%0.48%Financial5%1.10%0.15%0.35%2.00%0.90%0.10%0.40%Home5%1.10%0.15%0.35%2.00%0.90%0.10%0.40%Telecoms5%1.10%0.15%0.35%2.00%0.90%0.10%0.40%Personal4%0.88%0.12%0.28%1.60%0.72%0.08%0.32%Other 32%7.04%0.96%2.24%12.80%5.76%0.64%2.56%In Millions of $DisplaySpons-RichMediaKeywordClassifiedEmailLead%orshipVideosGen.3,685$ 496$ 1,192$ 6,799$ 3,059$ 338$ 1,310$ Automotive16%590$ 79$ 191$ 1,088$ 489$ 54$ 210$ Retail14%516$ 69$ 167$ 952$ 428$ 47$ 183$ Entertainment7%258$ 35$ 83$ 476$ 214$ 24$ 92$ Health6%221$ 30$ 72$ 408$ 184$ 20$ 79$ Food/Beverage6%221$ 30$ 72$ 408$ 184$ 20$ 79$ Financial5%184$ 25$ 60$ 340$ 153$ 17$ 66$ Home5%184$ 25$ 60$ 340$ 153$ 17$ 66$ Telecoms5%184$ 25$ 60$ 340$ 153$ 17$ 66$ Personal4%147$ 20$ 48$ 272$ 122$ 14$ 52$ Other 32%1,179$ 159$ 381$ 2,176$ 979$ 108$ 419$

Accordingto Jupiter Research, between 2006 and 2009, advertising will grow fastestin the categories of:1. Health (19.7%)2. Travel (18.3%)3. Household Goods (15.1%)By 2009, in the US, the biggest total dollar amounts will bespentin the followingcategories:1. Media and Entertainment ($2B)2. Financial Services ($1.7B)3. Automotive ($1.4B)4. Travel ($1B)3