our ad network, with a coverage of 80% of Brazilian internet users (over 35 million Unique Visitors on our network every month). The majority of these websites are exclusive to our network.

- Afilio network: the leading affiliate network in Brazil, with over 4.000 affiliate websites. CPM, CPC, CPA, sales comission, co-registration campaigns.

- SEM and SEO agency: Hi-Midia is one of the leading SEM agencies in Brazil.

- Email marketing: access to all our publishers opt-in email database.

- Adserving and web analytics: Hi-Midia has a dedicated team, trained to use the best available tools (DFA, DFP, Dart Search - DoubleClick; Site Catalyst and Search Center - Omniture; RightMedia Exchange...), and focused on helping our clients track, understand and optimize their online advertising investments.

On the publishing side:

- Fotolog (www.fotolog.com), bought by our shareholder Hi-Media SA: Hi-Midia is helping Fotolog grow in Latin America, where it already has more than 15 million Unique Visitors / month (source: ComScore) and is one of the leading community websites.

- Blogorama (www.blogorama.com.br): a free blogging platform, organized around vertical categories (arts at www.arteblog.com.br, soccer at www.futblog.com.br, music at www.musicblog.com.br for example). Blogorama and its categories already reaches more than 1,5 million Unique Visitors in Brazil every month.

- DaBlink: a web-based photo personalization tool.

- AdoroCinema: the leading Brazilian website in the entertainment-movies category.

- new sites will be launched in Q1 2009.

Hi-Midia main office is located in Rio de Janeiro, and a second office was opened in Sao Paulo in 2006.

60 people work in our Rio office, and 5 full-time in Sao Paulo.

Hi-Media SA, based in Paris, took a minority share in Hi-Midia in 2005, and provides us with extensive experiences and benchmarking of the European markets where it operates.