àjàlá © 2010

From the desk of Dr Adedayo OSHOLOWU

Chief Executive Officer and Chairman of the Board
Email – dayo@ajala.biz
Mobile - +2348037080031
Ajala Work Space
P.O Box 52259
Falomo Ikoyi
Lagos NIGERIA

A fresh start: An African Media Franchise

“Ajala is one of the 10 most promising tourism projects in Africa”
February 2010 Africa Investor Magazine Tourism Summit Brochure

In Picture Chief Executive Officer of Ajala: Dr Dayo Osholowu following his presentation to investors at the Africa Investor Magazine Tourism Summit 2010

Our vision in one sentence is to create the African Tourist. We see the African Tourism industry as an
opportunity filled with potential for growth all around. The vision of àjàlá is to become “the” African brand helping
Africans travel “all over the world”. For us to achieve our vision our company is beginning a new start as a media
franchise. Next month November 2nd. We will close our tour operations business in Nigeria and Open our new
“àjàlá International HQ” in Johannesburg South Africa. These moves are in line with our new enterprise strategy
to create a media franchise targeted at the African traveler. Immediately we will roll our plans to launch ajala TV
on Free -To- Air Television all over Africa, our road to bring the Ajala brand to television has made considerable
progress over the past 8 months. We have been able to define the market opportunity and outline our capability
to conceptualize, develop and manage a thematic travel channel in Africa. In February 2010 we were recognized
by Africa investor Magazine as one of the most promising tourism projects in Africa in 2010. We also were
selected by the organizers of DISCOP: Africa’s leading television conference as one of the key Nigerian
broadcasters with our plans for the first thematic lifestyle channel to be produced for the market. These
recognitions speak highly of our capabilities to deliver an exceptional television channel. Ajala TV will launch in
June 2011 and I will outline the progress we have made so-far in making this dream a reality. The launch date
again is the first of June 2011.

“Freshness is important. If it is fresh, new, intriguing, challenging, and enchanting; it will

sell, and sell well.”
A fresh Business strategy: Intellectual property
“In October 2010 DISCOP 4 ( A content distribution and programming market for emerging regions and Africa’s largest television
market event) selected Ajala TV as one of the key Nigerian broadcasters in one of the most vibrant media markets in Africa ”

In Picture Chief Executive Officer of Ajala: Dr Dayo Osholowu giving a presentation on the future of Ajala TV at the DISCOP 4 Nairobi

Today Ajala is an intellectual property business. The idea started out to build a “packaged tour brand” that would
be the most recognized brand known for marketing and distributing "package tours" all over Africa beginning with
Nigeria and Ghana. In pursuit of that dream we stumbled upon a great amount of knowledge of the global
tourism industry and an even greater amount of Intellectual Capital.

Today this intellectual property is the foundation of our vision. We go to work every day do build and exploit our
“ajala” brand, our tourism industry know how, our tourism industry trade secrets, trade partners, customer
relationships and business models. We go to work every day to think up new ways to exploit and leverage all
these "intangible assets" to achieve our goal of building the most recognized brand helping Africans travel all
over the world. This is our vision for Ajala and this is how we will get there.

The entry of the Ajala brand into the Audio-visual industry is the perfect example of the licensing of our
intellectual capital to an industry beyond our core competency. Our launching of Ajala TV is not only a way to
harvest this new opportunity for our brand but is also a critical strategy for salvaging our tour operations
business in the Nigeria market which has been unable to attract the sizeable investment needed to grow the
business. After making a decision to close or sell our tourism business, we sat with a team of strategic advisors
and identified a number of potential applications for the ajala brand and our tourism industry know how and
extensive trade relationships with the leading tourism organizations around Africa and the world― the most
promising bankable application we found was in the Media industry specifically Free-To- Air and PAY-Television.
Apparently there was a deficit of locally targeted television channels for Pay-TV in Africa and there was also no
travel or tourism themed lifestyle channel targeted at African viewers. Television would also provide us a firm
foundation to develop the ajala brand into a valuable property that we could merchandise unto other products
and services in the Travel and tourism industry in line with our intellectual property strategy for growth.

Our fresh venture into launching Ajala TV is a new solution to our old problem – Capital. We made a decision to
launch a broadcast network as if will offer early stage investors huge returns from defendable and sustainable
revenue model. Our travel channel targeted at Africa will allow us deliver on a proprietary concept using
proprietary technology that will create large barriers to competition entry. We have also been able to attract an
experienced and successful management team and our recognition by Africa Investor Magazine as one of the
most promising bankable tourism projects positions us in the minds of investors as entrepreneurs they can trust.

“We profit by using our Intellectual property to create products, processes and services for
markets in Africa.”

In order to attain our goals Ajala builds on a lot of expert knowledge. At Ajala over the past 2 years we have
created significant value and revenue. Going forward we will create value by exploiting the full potential of our
valuable intangible rights. This means obtaining the necessary financing to acquire established properties and
protect our intellectual property rights in order to expand our business and to simply improve our performance
and competitiveness. We will also divest certain intangible assets for a premium at the opportune time to yield
significant financial returns for our businesses. Finally, our intellectual property rights will enabled the Ajala
media franchise in relatively few years achieve large entity status with enormous capital values. Ajala has an
open attitude towards external ideas and we actively promote out-licensing of Ajala Intellectual property.

At Ajala our IPRs are the foundation of our business. The Ajala Travel Company has built a portfolio of IPRs
(intellectual property rights) including our travel and tourism industry know how, tourism industry trade secrets
and relationships, copyrights and trademarks to the Ajala brand during the course of product development and
marketing.

The ajala brand has been documented and enjoys protection as a copy right. We will continue R&D work and
create a patentable goods and services that will result in more intellectual property rights. Through our
operations we will create further confidential information and cycle of innovation continues. Some of our most
valuable intellectual property have been outlined below. We profit by using them to create products, processes
and services for markets in Africa.

Our Intellectual property rights portfolio`

• The ajala trademarks,

• Ajala Brand designs

• Ajala marketing communications

• Copyrights to stories about Ajala

• Tourism and Travel Industry Know How

• Ajala trade relationships

• The “Ajala” Business name

• Proprietary information (trade secrets)

• Databases (Customer addresses, Suppliers lists, Marketing networks)

• Skills of our Workforce

• Our Training Schemes

• Market research (Nigerian and African Market)

• Ajala media franchise

“Action and reaction, ebb and flow, trial and error, change - this is the rhythm of living. Out of our over-
confidence, fear; out of our fear, clearer vision, fresh hope. And out of hope, progress. “Bruce Barton

A fresh approach: Incremental levels of certainty

“Over the past eight months, our team at Ajala has followed a step wise approach in
developing the Ajala TV project from a conceptual idea to implementation, our approach
is to achieve incremental levels of certainty through the most cost effective application
of effort and funds to lead up to a bankable Ajala TV project.”

In picture the Ajala Team during at the Nigerian entrepreneurship event: Platform, presenting the Ajala brand to the public.
We performed an initial Opportunity Study and followed this up with a Preliminary Commercial Assessment
which led up to this Pre-Feasibility Study (“Study”) to evaluate commercial operation of the Ajala Travel Network
and Ajala Studios. This Study has been based upon an extensive review of prevailing market conditions in the
African tourism and pay television industries. We now have a high confidence in its market opportunity in
creating a travel channel to market the leading private and public tourism organizations to viewers across Africa
at this opportune time considering the growth of the African tourism industry and believe that the potential of the
audio visual production industry in “Nollywood” Nigeria would support a profitable studio operation in the West
African region. In compiling the Pre-Feasibility Study, Ajala has consulted with executives from the leading
tourism organizations across Africa and also extensively with distributors of television networks on cable and
satellite networks across Africa. In broad terms the Study envisages the development of the Ajala TV Network
will be by way of an extension of our existing intangible assets like our trademarks, tourism industry know how,
tourism trade relationships and trade secrets and the establishment of strategic partnerships with the leading
players in the international television industry. We performed a cost based study to identify costs to be incurred
(developmental and operational), analyzed the benefits derivable from the venture and savings expected from
the Ajala TV project. As the benefits far outweigh the costs the decision has been made to develop the Ajala TV
venture.

A fresh position: South Africa

“We have decided to move our start-up operations to the new centre of Africa: South Africa. South Africa has the attention of the world and we
see great opportunities in the emerging Tourism industry here, the fact that South Africa is the number one African Pay-TV market also has
contributed to us making of this move.”

In Picture Ajala Chief Executive Officer Dr Dayo Osholowu with Officials of the Gauteng Tourism Authority at the World Sports Tourism Convention in Johannesburg South Africa in
July 2010

We have decided to move our start-up operations to the new centre of Africa: South Africa. South Africa has the
attention of the world and we see great opportunities in the emerging Tourism industry here, the fact that South
Africa is the number one African Pay-TV market also has contributed to us making of this move. Most
importantly however following our selection by African Investor Magazine as one 10 of the bankable Tourism
projects at the 2010 Africa Investor Tourism Summit, we got the attention of a few funds based in South Africa,
as such our move will bring us closer to these investors and thus closer to securing investment for the Ajala TV
project. This is in line with our strategy to become a leading “African” tourism brand with the launch of the Ajala
TV Network targeted at African armchair travellers in June 2011 and also to help us achieve our goal of
achieving large entity status with our media franchise and a successful listing on a leading African Stock
exchange in 2013. I’ve learnt in that past 2 years of promoting ajala that the 2 most important factor for success
in business are your environment and the choices you make: In the confines of the Nigerian market there are
limited networks and for us to achieve our enterprise goals, we have to sell our selves hard and pray that a
venture investor might just stumble on us while travelling through Lagos for a business trip. With the amount of
traffic in Lagos these days the chances of that are slim to nonexistent”. I also realised in researching a viable
exit strategy for our business that with the trading of stock on the 2nd tier of the Nigerian Stock was sluggish and
if we wanted to achieve a listing on the Johannesburg Stock Exchange and attract venture and private equity
investors to our venture in the start-up phase, we needed to move to Johannesburg. Lastly the strength of the
Intellectual Property law in South Africa allow us to leverage our Intellectual property and hence secure funding
as the legal systems will enable us to fully exploit and protect all our intellectual property through the acquisition
of formal property rights to create credible, verifiable, efficient and sustainable business models and hence
income streams.
A fresh market: Africa
“On September 27 2009 The Secretary General of the United Nations World Tourism Organization UNWTO Mr. Taleb Rifai invited Chief
Executive of Ajala: Dr Dayo Osholowu to join Africa’s tourism stakeholders including the representative of the Minister of Tourism and National
Orientation of Nigeria and Tourism Ministers from Zimbabwe, Ghana, Swaziland, Chad, Togo, and Angola to the World Tourism Day Think
Tank at the Accra International Conference Center. “

“On Sunday the 27th of September 2009.On the 29th of October 2009 the Zimbabwe Tourism Authority after consultations with various
stakeholders appointed Ajala as its agent to promote the Republic of Zimbabwe as a Tourism Destination in West Africa”

In this picture Mr. Ousmane Ndiaye, UNWTO Regional Representation for Africa with Chief Executive of the Ajala Travel Company Dr Adedayo Osholowu and Mr Taleb Rifai Secretary-General ad
interim, UNWTO at the 2009 UNWTO Think Tank for Africa in Accra Ghana.

In the 2010 Time Magazine cover story: 10 ideas that will shape the next 10 years, the magazine assed the most
important concepts that would shape the next decade. The edition was written by next generation thinkers who
contributed articles on the ideas of the future. Two of the ideas mentioned in this edition got our attention at the
Ajala: TV will save the world and Reimagining Borders. In the former Charles Kenny a developmental economist
writes about how for millions of people around the world, old fashioned television, not ipads or xboxes are the
next big thing and went on about how TV will change the way people behave. The latter is written by Parag
Khanna Author of How emerging powers are redefining global competition in the 21st century. These Two ideas
got my attention and their relationship to the work that we are doing at the Ajala Travel Company gives me the
confidence to state that “Ajala” is the African Company of the future, one that aggressively creates value by
getting the attention of African travelers by offering them travel and tourism products and services that they need
and are willing to pay a premium for.

Our strategy to achieve this is to build a media franchise that is focused on the African market as a whole. We
seek to achieve this by promoting Ajala TV a travel and tourism related television Channel for Africa. It is a fact
that today in Africa; television is still the most influential media channel with the internet trailing behind. In the
TIME magazine Article: TV will save the world Charles Kenny writes about how in many parts of Africa TV
remains the next big thing. He goes further to write about how Sub-Saharan Africa will get 5 million more TV's
over the next five years. He also speaks about Televisions most transformational impact in changing people’s
behavior. I was excited to read this because the Ajala TV venture is betting on the rapid growth of the number of
Pay-TV subscribers in Africa. Today there are about 1.1 million pay-tv subscribers in Nigeria with forecast
predicting a rise to 2 million subscribers in 2 years. Our Pay-TV venture will earn a subscription fee and these
statistics prove that we can achieve significant success in the near future, with the recorded 20 million sets and 5
million forecasted over the next 5 years. We can be sure that creating an engaging PAY-TV property will offer us
a solid income stream to finance our ideas for the future. But for me that is not the most exciting fact from this
article. He also speaks about the transformational effect on television on the behaviors of people. In Brazil day
time soap operas have be reported to be responsible for the reduction on the birth rate from the influence of the
single strong willed leading ladies. This is further proof that Ajala TV can create the Africa Tourist that most
people have described as non existed. The influence of travel and tourism related content offered by Ajala TV
will be a force increasing the number of African tourists. When we achieve this we will then be a tool for tourism
advertisers to reach the African tourist and have created a valuable tool for the African Tourist industry.

The second idea that got my attention was the story on the idea titled: Remapping the world. In this piece the
Author Parag Khanna writes about how political borders remain the most fundamental obstacles to human
progress. He added that nothing else would make a greater contribution towards progress in Africa. He
described it as being more that a worthy goal but as a moral, economic and strategic imperative. A lot of
observers have described our plans for Ajala as an African tourist brand as chimerical but this article gives me
the confidence to restate that our African strategy is the foundation of our progress and this is the one single
factor that will be most important in achieving our goal of building the most recognised travel and tourism brand
in Africa. In the Article the author went further to state and I quote "Africa would greatly benefit from reimagining
its current borders. Africa can become economically viable only if its plethora of puny economies merge from
more than 50 to just a few". We see this as the future of Africa and that is why we are positioning Ajala as a
premium African brand in the Tourism and Television industries that are merging and emerging in Africa. We will
profit by leading the trend in helping African transcend their borders.

Ajala is one of the Trends that will shape Africa in the near future. We will become the African company of the
next decade.

A fresh Team
“Business in Africa is changing and this change is being driven from within. Our team is made up of home grown Africans who have gained
considerable experience working in the leading global economies. As a team of young entrepreneurs with something to prove, We will make an
impact by contributing to the growth of African business with our fresh energy and enthusiasm, because we do not have the baggage that
comes from being part of the “old way’s” of doing business.”

In Picture Chief Intellectual Property Officer of Ajala: Mr Folarin Anifowoshe at the DISCOP 3 Conference presenting the plans for the launch of Ajala TV to African Broadcasters

The Ajala TV Network is being promoted by entrepreneur Dayo Osholowu, Co-founder of AjalaTM media
franchise. Dayo Osholowu has a proven track record of working as a visionary leader in Africa. Before founding
the Ajala Travel Company he worked as an International Olympic Committee (IOC) Certified Sports Medicine
Clinician and Scientist and actively contributed to developing the little know specialty of Sports Medicine in Sub
Saharan Africa. In February 2010 he was one of the 10 African sports medicine experts invited to contribute his
research at the 3rd International Sports Medicine Conference in preparation for Africa’s first World Cup. He was
also appointed a Medical Officer at the 2010 FIFA World Cup South Africa. He was also recently recognized as
one of the 20 most promising young Nigerians and awarded the 2009 Nigerian Future Awards Professional of
the Year along with Nigerian Beijing Olympic Silver Medalist Yagazie Chukwumerigie and MTV Africa Music
Awards winner Dbanj. In 2009 he also received formal recognitions for his exceptional career by the Jonathan
Goodluck the President of Federal Republic of Nigeria and Mrs Obiangeli Ezekweseli, The Vice President of the
World Bank for Africa. In October 2010 he was selected as one of the 50 most influential Young Nigerians during
Nigeria’s 50th Anniversary Celebrations by Y Magazine along with MTV and MOBO Award Winner 2face and
Orange Prize recipient Chinamanda Adiche.

Dayo has taken a break from his career to realize the potentials of the ajala brand in the travel and tourism
industry in Africa. Following his success promoting the Àjàlá™ Tour operations venture, he was joined by media
executive Folarin Anifowoshe in a quest to bring the àjàlá™ Brand to television. Folarin Anifowoshe has over 4
years experience working in the Media and Pay TV industries in India. He time working with RPG India, Owners
of Saregama: The leading media company in India with the largest home video and movie archive with business
spanning pay- TV, television, retail and digital distribution of music and home videos. He also spent time working
as a management consultant with TATA owners of TATA Sky; a leading DTH provider in India. They were later
joined in developing the network by Muyiwa Adeshemowo a business executive with vast experience leading
international business expansions across Africa and the Middle East. Most recently he was International Country
Manager of the leading healthcare equipment company Medicare PVT India, leading their expansion into
Pakistan, Qatar, Nigeria, Ghana and Ivory Coast. Together they have proven the value of the Ajala TV Network.
In February 2010 their business plan for the Ajala TV network was selected as one of the 10 Bankable Tourism
Projects in Africa by Africa Investor Magazine.

Fresh Ownership

In a bid to realize its potential, Ajala is in the process of attracting new ownership. The founders Dr Adedayo
Osholowu and Dr Gbenga Adetimehin will share ownership with the executive management team and also seek
strategic investment partnerships to grow the media franchise.
 END

About Àjàlá
The most popular Nigerian name in travel: Ajala

Ajala is set to become one of the most recognized and popular travel and tourism consumer brands in the Nigerian market. The Ajala Travel
Company is a brand driven travel and tourism related media and Lifestyle Company that markets the àjàlá brand through a range of media
properties and licensing initiatives. In the summer of 2011 we will launch Ajala TV a premium thematic travel and tourism related Pay-TV
channel for the African market and also create content for distribution via television networks, print, websites, mobile platforms and radio.
Through licensing agreements, the àjàlá brand will appear on a wide range of travel and tourism related consumer products as well as on àjàlá
retail “packaged tour” stores and other tourism related services.

AjalaTM: Media |Tour Operations| Intellectual Property

Media: TV | Print | Web
Tour Operations: Retail | Online | Mail order | Teleshopping
Intellectual Property: Merchandising | Licensing| Tourism Industry Advisory
Ajala TM is set to become one of the most recognized and popular travel and tourism consumer brands in the Nigerian market. The Ajala Travel Company is a brand driven travel and tourism related media and
Lifestyle Company that markets the àjàlá brand through a range of media properties and licensing initiatives. In the summer of 2011 we will launch Ajala TV a premium thematic travel and tourism related Pay-TV
channel for the African market and also create content for distribution via television networks, print, websites, mobile platforms and radio. Through licensing agreements, the àjàlá brand will appear on a wide range
of travel and tourism related consumer products as well as on àjàlá retail “packaged tour” stores and other tourism related services. The Company's three business units are Tour Operations, Media and Intellectual
Property. The Ajala is currently a partnership registered with the Corporate Affairs Commission of the Federal Republic of Nigeria with registration number OG3323. Ajala Workspace P.O Box 52259 Falomo Ikoyi
Lagos NIGERIA. www.ajala.biz