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Paid Results Search Engine - LookSmart - Appoints Damian E. Smith Interim CEO

Preliminary Fourth Quarter Results Above Expectations; Restructuring
Initiatives Underway

SAN FRANCISCO, Jan. 20 /PRNewswire-FirstCall/ — LookSmart(R), Ltd.
(Nasdaq: LOOK; ASX: LOK), a leader in search, announced today that Jason
Kellerman will be stepping down as the Company’s Chief Executive Officer and
member of the Board of Directors. The Company’s Board of Directors has
appointed Damian E. Smith, previously CEO LookSmart Australia and VP
International, to serve as the Company’s interim Chief Executive Officer,
effective immediately. A Board-directed search for a successor is now
underway.

The company also announced preliminary results for the fourth quarter 2003
that are stronger than previously estimated with revenues between $43 and $45
million. Cash generation of approximately $8.7 million was particularly
strong during the quarter with total cash and marketable securities rising to
approximately $70 million as of December 31, 2003.

LookSmart has made substantial progress in its restructuring efforts
following the completion of its distribution agreement with MSN on January 15,
2004. The Company has recently sold the assets of its Australian operation to
its yellow pages business partner, Sensis, a division of Telstra Ltd.,
Australia’s leading telecommunications company, and has announced the closure
of its UK operations. LookSmart expects to reduce its headcount from 429 at
the end of the third quarter 2003 to less than 200 by the end of the first
quarter 2004. The Company will report final financial results for the fourth
quarter 2003 and will provide a more detailed update on its restructuring
plans on its regularly scheduled conference call on February 5, 2004.

"Damian is a strong operational leader who has demonstrated success in
building and re-building businesses for profitability. He has strong
knowledge of all aspects of the company’s operations since joining the product
development group in 1998, having overseen several critical technology
acquisitions and progressing rapidly into a senior leadership role," said Evan
Thornley, LookSmart’s Chairman. "We appreciate Jason’s many contributions to
the company culminating in our recent strong financial results."

"The team and I are now completing the restructuring of the company to
align our operations with the significant reduction in revenue expected. We
are dramatically cutting costs, positioning our pay-for-placement business for
growth and applying our technology assets to capture new and exciting
opportunities in the large, growing and profitable Internet search industry,"
said Mr. Smith. "LookSmart has made several successful business transitions
in our history and we are committed to rebuilding the business to generate
long-term profitability."

Mr. Smith joined LookSmart in 1998 and was previously in senior operating
roles at Boral, Australia’s leading building products company. He holds a
Masters degree in Public Policy from Harvard University and an Arts degree
from the University of Sydney.

About LookSmart

LookSmart is a leading provider of Internet search solutions and the
global leader in paid search inclusion. Combining award-winning technology,
editorial expertise, and community-based initiatives, LookSmart provides users
with highly relevant search results, while delivering targeted sales leads to
online businesses. LookSmart results reach Internet users worldwide through
top portals, ISPs, and search services including Lycos, InfoSpace, RoadRunner,
CNET and LookSmart.com.

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