Web 2.0 Weekly - Mar. 23, 2010

SOFTWARE & SERVICES 23 MARCH 2010
David Shore, CFA, MBA 416.860.6784

WEB 2.0 WEEKLY dshore@mackieresearch.com
Damian Wojcichowsky, CFA 416.860.7652
Bearish Week For Web 2.0 Finance

Capital Markets Activity (M&A and Financing)
March slows down in third week: Total transaction value in the Web 2.0 universe March-to-date is $119.1 million (vs.
$90.4 million last week). The number of financings stands at 21 (vs. 13 last week), averaging $5.7 million each
(compared with $7.0 million last week). In comparison, total capital raised in February was $204.1 million, averaging
$8.2 million over 25 deals. January had $219.1 million, averaging $9.1 million over 24 deals. December saw $450.4
million, averaging $12.9 million over 35 deals. November saw $205.0 million, averaging $10.2 million (20 deals).
Financing Activity Last Twelve Months
500.0 16.0
450.0 13.9
14.0
12.9
400.0
12.0
350.0
10.2
10.0
300.0 9.0 9.1
8.2
(US$m)
(US$m)
250.0 8.0
6.8
6.5
200.0 6.0
5.8 5.7
5.6 6.0
4.7
150.0
4.0
100.0
2.0
50.0
0.0 0.0
Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10
*May-09 includes $200m FB investment Total Average

Dec-09 includes $180m Zynga investment
Deal round-up for March: The large deal highlights for the month include:
Saf-T-Net – developer of a suite large audience communication – was acquired by Blackboard for $33 million.
Adenyo – mobile ad network – raised $26.9 million.
LivingSocial – a collection of apps for social network and mobile platforms – raised $25 million in Series B funds.
Red 5 Studios – online game developer – received a $20 million injection from The9 for a majority stake.
Multicast Media – a live and on-demand video operation – was acquired for $18 million by KIT Digital.
DataXu – an online ad optimization and bidding platform – raised $11 million in a Series B financing.
GyPSii – a location-based search application (and a GeoSentric venture) – raised $11 million.
Hunch – a recommendation engine – raised $10 million in a Series B financing.
Lucid Imagination – distributor of the Apache open source search engine – raised $10 million in Series B funds.
This report has been created by Analysts that are employed by Mackie Research Capital Corporation, a Canadian Investment Dealer. For further disclosures, please see last page of this report.
w w w . m a c k i e re s e a r c h . c o m
Toronto 416.860.7600 Montreal 514.399.1500 Vancouver 604.662.1800 Calgary 403.218.6375 Regina 306.566.7550 St. Albert 780-460-6460
Page 2
The Web 2.0 Universe

Ninety-six public Web 2.0 companies: Our Web 2.0 universe contains 96 companies, with a combined market cap of
approximately $75 billion (Figure 1). The median market cap for the group is $49 million, with average trailing revenue
of $419 million (median $13.5 million). The companies are also generally profitable with a median EBITDA margin of
11.4%. On a valuation basis, the overall average is 5.0x trailing revenue (median 2.0x) and 10.9x trailing EBITDA
(median 8.6x). Thirteen of the companies have more than 500 employees.
C omparable C ompany Analys is > Web 2.0

Trading C urrent US D Market US D L TM Total US D L TM Total E B ITDA TE V/L TM TE V/L TM
C ompany Name L TM as of Tic ker E xc hange C urrency HQ Pric e C ap ($m) R ev ($m) E B ITDA ($m) % R evenue E B ITDA E mployees
Accelerize New Media , Inc. 9/30/2009 AC L Z OT C B B US D U nited S ta tes 0.55 15. 8 4.1 (1. 5) -36. 5% 5. 0x - 11
Actoz S oft C o. , Ltd. 9/30/2009 A052790 K OS E KRW S outh K orea 14600.00 113. 3 121. 8 27. 0 22. 2% 0. 6x 2. 7x NA
AQ Interactive, Inc. 12/31/2009 3838 TS E JPY J apa n 140900.00 85. 0 NM NM NM 0. 9x - NA
As knet AG 9/30/2009 XT R A: A5A XT R A E UR G erma ny 3.95 27. 0 8, 381. 8 (108. 0) -1. 3% 0. 2x - NA
B eta wa ve C orporation 9/30/2009 B W AV OT C B B US D U nited S ta tes 0.10 2. 9 8.4 (14. 3) NM 0. 0x - 48
B eyond C ommerce, Inc. 9/30/2009 B YOC OT C B B US D U nited S ta tes 0.04 2. 1 13. 5 (12. 4) -91. 9% 1. 0x - 86
B igs tring C orp. 9/30/2009 BS GC OT C B B US D U nited S ta tes 0.02 0. 9 0.1 (1. 0) NM 31. 4x - 4
B right T hings plc 9/30/2009 AIM: B G T AIM GBP U nited K ingdom 0.01 6. 6 NM NM NM 30. 7x - 9
B roa dW ebAs ia Inc. 9/30/2008 BWBA OT C P K US D U nited S ta tes 0.04 3. 4 0.0 (4. 6) NM - - 46
C DC C orp. 12/31/2009 C HIN. A Na s daqG S US D Hong K ong 2.66 281. 3 320. 1 36. 6 11. 4% 0. 8x 7. 3x NA
C ha ngyou. com L imited 12/31/2009 CY OU Na s daqG S US D C hina 31.54 1, 626. 4 267. 6 167. 7 62. 7% 5. 2x 8. 3x 1,308
C hines e G a mer International 9/30/2009 G T S M: 3083 GTS M TWD T a iwa n 346.00 915. 9 0.0 (0. 1) NM 12. 0x 20.6x NA
C ody V entures C orpora tion 6/30/2007 CVCP OT C P K US D U nited S ta tes 0.00 0. 1 0.1 (0. 1) NM 1. 6x - NA
C ornerW orld C orpora tion 10/31/2009 CW R L OT C B B US D U nited S ta tes 0.02 1. 9 9.2 NM NM 1. 2x - 16
C yberplex Inc. 9/30/2009 T S X:C X TS X C AD C ana da 0.93 62. 9 2, 173. 9 1, 261.4 58. 0% 0. 4x 3. 3x NA
DADA S pA 12/31/2009 C M: DA CM E UR Ita ly 5.19 113. 9 12. 5 NM NM 0. 8x 6. 1x NA
Digita lP os t Intera ctive, Inc. 9/30/2009 DG L P OT C B B US D U nited S ta tes 0.05 4. 4 1.2 (0. 9) -73. 8% 5. 5x - 7
Digita lT own, Inc. 11/30/2009 DG T W OT C B B US D U nited S ta tes 1.15 31. 5 0.0 (1. 4) NM - - 3
Dolphin Digital Media, Inc. 9/30/2009 DP DM OT C B B US D U nited S ta tes 0.25 14. 2 0.3 (4. 6) NM - - NA
DXN Holdings B hd 11/30/2009 DXN K LS E MY R Mala ys ia 0.64 43. 7 34. 5 3. 8 11. 1% 0. 7x 3. 8x NA
E n2G o Interna tiona l, Inc. 11/30/2009 E TGI OT C B B US D U nited S ta tes 0.30 7. 2 NM (1. 9) NM - - NA
Neurotech P ha rmaceutica ls C o. , Ltd. 9/30/2009 A041060 K OS E KRW S outh K orea 290.00 19. 7 0.2 0. 0 18. 7% 3. 2x 6. 7x NA
eW orldC ompanies , Inc. 6/30/2008 EWR C OT C P K US D U nited S ta tes 0.00 0. 9 0.0 NM NM 30. 3x - NA
F luid Mus ic C ana da , Inc. 9/30/2009 T S X:F MN TS X C AD U nited S ta tes 1.65 102. 1 5.6 (3. 0) -54. 0% 16. 5x - NA
F rogs ter Interactive P ictures AG 6/30/2009 FR G XT R A E UR G erma ny 19.49 67. 6 7.5 (4. 1) -54. 0% 7. 4x - NA
G ama nia Digital E nterta inment C o. , Ltd. 12/31/2009 6180 GTS M TWD T a iwa n 49.10 237. 2 0.2 (0. 1) -47. 0% 1. 3x 7. 5x NA
G ameO n C o Ltd. 12/31/2009 3812 TS E JPY J apa n 73000.00 78. 4 57. 3 9. 9 17. 3% 0. 1x 0. 3x NA
G eoS entric Oyj 9/30/2009 G E O 1V HL S E E UR F inla nd 0.05 60. 8 9, 295. 8 2, 166.3 23. 3% 14. 8x - 118
G iant Interactive G roup, Inc. 12/31/2009 GA NY S E US D C hina 7.48 1, 696. 6 0.5 (1. 9) NM - - NA
G iga Media Ltd. 3/31/2009 G IG M Na s daqG S US D T a iwa n 3.16 172. 3 183. 6 NM NM 0. 6x - 751
G ra vity C o., L td 9/30/2009 GR VY Na s daqG M US D S outh K orea 1.75 48. 6 0.2 NM NM - - 469
G ree, Inc. 12/31/2009 T S E : 3632 TS E JPY J apa n 5760.00 2, 891. 8 662. 1 234. 4 35. 4% 10. 3x 17.5x NA
G ungHo O nline E nterta inment, Inc. 9/30/2009 3765 OS E JPY J apa n 220500.00 280. 9 267. 3 157. 3 58. 8% 2. 0x 9. 1x NA
HanbitS oft, Inc. 9/30/2009 A047080 K OS E KRW S outh K orea 3745.00 72. 3 9.5 2. 1 22. 3% 1. 0x - NA
IAC /InterActiveC orp. 12/31/2009 IAC I Na s daqG S US D U nited S ta tes 23.82 2, 776. 4 1, 375. 8 81. 7 5.9% 0. 8x 14.3x 3,200
InternetArray, Inc. 12/31/2006 INAR OT C P K US D U nited S ta tes 0.00 0. 0 5.9 (4. 0) -68. 6% 1. 1x - NA
Is e B lu E quity C orp. 12/31/2006 IS B L OT C P K US D U nited S ta tes 0.00 0. 0 0.0 NM NM 0. 5x - NA
is eemedia Inc. 12/31/2009 IE E T S XV C AD C ana da 0.17 11. 6 2.3 (3. 3) NM 4. 7x - NA
J umbuck E nterta inment L imited 12/31/2009 AS X: J MB AS X AUD Aus tra lia 0.26 11. 6 15. 3 6. 7 43. 4% 0. 4x 1. 0x 79
K ent International Holdings Inc. 9/30/2009 K NT H OT C P K US D U nited S ta tes 1.70 6. 0 0.0 (0. 4) NM - - NA
K ings oft C orporation L imited 9/30/2009 3888 S E HK HK D C hina 6.21 878. 5 143. 5 57. 7 40. 2% 5. 8x 14.4x 2,271
K iwibox. C om, Inc. 9/30/2009 K IW B OT C B B US D U nited S ta tes 0.01 4. 4 0.1 (2. 3) NM - - 14
L ingo Media C orporation 9/30/2009 T S XV :L M T S XV C AD C ana da 0.90 11. 0 1.4 (2. 4) NM 7. 6x - NA
L ookS mart, L td. 9/30/2009 LO O K Na s daqG M US D U nited S ta tes 1.04 17. 8 54. 0 (4. 5) -8. 4% - - 90
Mixi, Inc. 12/31/2009 2121 TS E JPY J apa n 582000.00 998. 8 142. 2 43. 1 30. 3% 6. 1x 20.2x NA
Mobile Data C orp. 10/31/2009 MB Y L OT C B B US D U nited S ta tes 0.10 2. 4 NM NM NM - - NA
Modern T imes G roup Mtg AB 12/31/2009 MT G B OM SEK S weden 407.50 3, 729. 2 1, 968. 3 262. 5 13. 3% 2. 1x 15.9x NA
MO K O. mobi L imited 6/30/2009 MK B AS X AUD Aus tra lia 0.09 9. 8 0.7 (2. 5) NM 12. 0x - NA
Multiplied Media C orpora tion NA T S XV :MMC T S XV C AD C ana da 0.25 32. 4 NA NM NM - - NA
Myria d G roup AG 6/30/2009 MY R N S WX C HF S witzerla nd 4.46 186. 4 63. 0 3. 4 5.4% 3. 0x - 405
NE OW IZ G a mes C orpora tion 12/31/2008 A095660 K OS E KRW S outh K orea 37050.00 688. 3 218. 0 58. 5 26. 8% 3. 1x 11.6x NA
NetDragon W ebS oft, Inc. 9/30/2009 777 S E HK HK D C hina 4.40 299. 6 91. 4 27. 8 30. 4% 1. 6x 5. 4x 2,426
Netea s e. com Inc. 12/31/2009 NT E S Na s daqG S US D C hina 40.21 5, 208. 0 550. 3 317. 4 57. 7% - - NA
NeuL ion Incorpora ted 9/30/2009 T S X:NL N TS X C AD C ana da 0.63 72. 1 24. 9 (16. 1) -64. 5% 2. 2x - 237
NeXplore C orpora tion 9/30/2009 NXP C OT C P K US D U nited S ta tes 0.50 27. 9 0.5 NM NM - - NA
Ngi G roup Inc. 12/31/2009 2497 TS E JPY J apa n 54400.00 74. 8 76. 1 (1. 3) -1. 7% 0. 2x - NA
Northga te T echnologies L imited 9/30/2009 590057 BSE INR India 18.35 14. 0 48. 8 (52. 4) NM 0. 3x - NA
O AO R B C Informa tion S ys tems 12/31/2008 RBCI MIC E X R UB R us s ia 36.58 167. 2 0.0 (0. 3) NM 1. 0x - 2,523
O riented Media G roup B erha d 9/30/2009 OME DIA K LS E MY R Mala ys ia 0.20 7. 8 NM NM NM 2. 8x - NA
O pen T ext C orp. 12/31/2009 OT E X Na s daqG S US D C ana da 47.02 2, 654. 9 854. 6 230. 2 26. 9% 3. 2x 11.7x 3,700
O penwa ve S ys tems Inc. 12/31/2009 OP W V Na s daqG S US D U nited S ta tes 2.40 201. 1 192. 2 8. 6 4.5% 0. 5x 11.2x 590
T he P a rent C ompa ny 8/2/2008 K IDS . Q OT C P K US D U nited S ta tes 0.00 0. 0 112. 0 (13. 5) -12. 0% 0. 2x - 347
P erfect W orld C o. , L td. 12/31/2009 PWR D Na s daqG S US D C hina 42.05 2, 095. 2 28. 1 1. 3 4.5% 0. 2x 0. 4x NA
P NI Digita l Media Inc. 12/31/2009 T S XV :P N T S XV C AD C ana da 1.66 54. 9 2, 102. 9 1, 127.1 53. 6% 2. 0x 8. 1x NA
Q uepas a C orp. 12/31/2009 QP S A OT C B B US D U nited S ta tes 3.60 45. 9 0.5 (9. 4) NM - - NA
R ea l V a lue E s tates , Inc. 11/30/2009 R V LU OT C B B US D Is rael 1.03 6. 6 NM NM NM - - NA
S a ha ra Media Holdings , Inc. 9/30/2009 S HHD OT C B B US D U nited S ta tes 0.25 7. 8 0.0 (4. 7) NM - - 15
S handa Intera ctive E nterta inment L td. 12/31/2009 S NDA Na s daqG S US D C hina 41.33 2, 779. 7 767. 6 334. 0 43. 5% - - NA
S hutterfly, Inc. 12/31/2009 S FLY Na s daqG S US D U nited S ta tes 23.48 608. 4 246. 4 32. 6 13. 2% 1. 7x 13.1x 519
S K C ommunications C o. , L td. 12/31/2008 A066270 K OS E KRW S outh K orea 13300.00 490. 8 202. 7 13. 2 6.5% 2. 4x 37.2x NA
S NAP Interactive, Inc. 9/30/2009 S TVI OT C B B US D U nited S ta tes 0.27 8. 8 3.4 0. 5 15. 6% 2. 1x 13.6x 11
S ocia l Media V entures Inc. 12/31/2008 S MV I OT C P K US D U nited S ta tes 0.01 0. 0 0.1 (0. 1) -60. 6% 4. 6x - NA
S ocia lwis e, Inc. 12/31/2009 S CLW OT C B B US D U nited S ta tes 0.55 26. 7 0.0 (4. 7) NM - - NA
S ohu. com Inc. 12/31/2009 S OHU Na s daqG S US D C hina 54.76 2, 068. 1 515. 2 222. 8 43. 2% 3. 1x 7. 1x 3,997
S park Network s , Inc. 12/31/2009 LO V AME X US D U nited S ta tes 3.47 71. 4 45. 4 9. 5 20. 9% 1. 4x 6. 9x NA
S pectrumDNA, Inc. 9/30/2009 S P XA OT C B B US D U nited S ta tes 0.12 5. 9 0.1 (2. 5) NM 41. 8x - 7
S prylogics International C orp 10/31/2009 T S XV :S P Y T S XV C AD C ana da 0.04 1. 0 0.5 (0. 2) -50. 0% 2. 2x - NA
T encent Holdings Ltd. 12/31/2009 700 S E HK HK D C hina 155.80 36, 626.3 1, 822. 0 908. 7 49. 9% 22. 0x 44.0x NA
T he9 L imited 3/31/2009 NC T Y Na s daqG S US D C hina 7.05 177. 0 248. 7 65. 6 26. 4% - - 1,626
T heS treet. com, Inc. 12/31/2009 TS CM Na s daqG M US D U nited S ta tes 3.52 111. 0 60. 2 0. 3 0.6% 0. 8x - NA
T ree. C om, Inc. 12/31/2009 TR E E Na s daqG M US D U nited S ta tes 9.17 101. 4 216. 8 9. 2 4.2% 0. 4x 10.2x NA
U nila va C orporation 12/31/2008 UNL A OT C B B US D U nited S ta tes 0.50 50. 0 5.3 (1. 0) -18. 1% 9. 5x - 39
U nis erve C ommunica tions C orp. 11/30/2009 T S XV :U S S T S XV C AD C ana da 0.10 2. 4 5.2 (0. 9) -18. 1% 0. 5x 8. 8x NA
U nited O nline, Inc. 12/31/2009 UNT D Na s daqG S US D U nited S ta tes 7.64 649. 1 990. 1 204. 1 20. 6% 0. 9x 4. 2x 1,699
U OMO Media , Inc 10/31/2009 UO MO OT C B B US D C ana da 0.04 3. 1 1.0 (0. 4) -42. 2% 3. 7x - NA
V a lueC lick, Inc. 12/31/2009 V CLK Na s daqG S US D U nited S ta tes 10.06 840. 3 422. 7 116. 1 27. 5% 1. 6x 5. 9x 1,086
V elti P lc 6/30/2009 VEL AIM GBP U nited K ingdom 3.35 189. 6 78. 8 16. 2 20. 5% 2. 3x 11.0x 450
V O IS , Inc. 12/31/2009 V OIS OT C B B US D U nited S ta tes 0.01 9. 0 0.0 (1. 4) NM - - 2
W ebzen Inc. 12/31/2009 K OS E : A069080 K OS E KRW S outh K orea 11450.00 119. 5 24. 5 (0. 8) -3. 2% 2. 3x - NA
W e-R -Y ou C orp. 9/30/2007 WER U OT C P K US D U nited S ta tes 0.01 0. 3 0.6 (0. 2) -29. 1% 0. 6x - NA
W izza rd S oftware C orporation 9/30/2009 W ZE AME X US D U nited S ta tes 0.31 16. 5 5.2 (3. 9) -76. 4% 3. 5x - 110
W orlds . com Inc. 9/30/2009 W DDD OT C B B US D U nited S ta tes 0.14 7. 5 0.1 (0. 6) NM - - 1
W ynds torm C orpora tion NA W Y ND OT C P K US D U nited S ta tes 0.05 0. 9 NA NM NM - - NA
XING AG 9/30/2009 O1B C XT R A E UR G erma ny 28.70 201. 7 57. 7 15. 6 27. 0% 2. 6x 9. 6x 266
Y D O nline C orp. 12/31/2007 A052770 K OS E KRW S outh K orea 6150.00 81. 3 60. 4 13. 0 21. 6% 1. 5x 6. 8x NA
Y nk K orea Inc. 12/31/2008 A023770 K OS E KRW S outh K orea 3020.00 21. 2 12. 5 1. 3 10. 5% 1. 6x 15.4x NA
High 36, 626.3 9, 295. 8 2, 166. 3 62. 7% 41. 8x 44.0x 3, 997
L ow 0. 0 0.0 -108. 0 -91. 9% 0. 0x 0. 3x 1
Average 808.2 418.5 100.4 2.9% 5.0x 10.9x 745
Media n 49. 3 13. 5 -0. 1 11. 4% 2. 0x 8. 6x 114
Figure 1. Web 2.0 Universe Summary

Source. Capital IQ
Page 3
Capital Markets Activity (M&A and Financing)

March slows down in third week: Total transaction value in the Web 2.0 universe March-to-date is $119.1 million (vs.
$90.4 million last week). The number of financings stands at 21 (vs. 13 last week), averaging $5.7 million each (compared
with $7.0 million last week). In comparison, total capital raised in February was $204.1 million, averaging $8.2 million
over 25 deals. January had $219.1 million, averaging $9.1 million over 24 deals. December saw $450.4 million, averaging
$12.9 million over 35 deals. November saw $205.0 million, averaging $10.2 million (20 deals).
Financing Activity Last Twelve Months
500.0 16.0
450.0 13.9
14.0
12.9
400.0
12.0
350.0
10.2
10.0
300.0 9.0 9.1
8.2
(US$m)
(US$m)
250.0 8.0
6.8
6.5
200.0 6.0
5.8 5.7
5.6 6.0
4.7
150.0
4.0
100.0
2.0
50.0
0.0 0.0
Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10
*May-09 includes $200m FB investment Total Average

Dec-09 includes $180m Zynga investment
Figure 2. Financings, Last Twelve Months

Source. Company reports
Page 4
Deal round-up for March: The large deal highlights for the month include:
Saf-T-Net – developer of a suite for communicating with large audiences – was acquired by Blackboard for $33 million.
Adenyo – mobile ad network – raised $26.9 million.
LivingSocial – a collection of apps for social network and mobile platforms – raised $25 million in Series B funds.
Red 5 Studios – online game developer – received a $20 million injection from The9 for a majority stake.
Multicast Media – a live and on-demand video operation – was acquired for $18 million by KIT Digital.
DataXu – an online ad optimization and bidding platform – raised $11 million in a Series B financing.
GyPSii – a location-based search application (and a GeoSentric venture) – raised $11 million.
Hunch – a recommendation engine – raised $10 million in a Series B financing.
Lucid Imagination – distributor of the Apache open source search engine – raised $10 million in Series B funds.
All other deals in the month were in the amount of $10 million or less. For additional details on financings, see Figures
23 and 24 (at end of note).
Financing & M/A Summary - Last Three Months
90.0
80.0
70.0
60.0
50.0
Mar-10
(US$m)
Feb-10
Jan-10
40.0
30.0
20.0
10.0
0.0
DubMeNow
Mochi Media
Multicast Media
DataXu
Everyscape
Effective Measure
Cognitive Match
Moblyng
Stylehive
Vivox
PowerReviews
Flixster
StudioNow
ThisNext
Avvasi
AdMarvel
XIHA
Adenyo
Guvera
SMSGupShup
Videoplaza
Eyeka
Beezag
Panvidea
Rent the Runway
Fynanaz
Pursway
Sway
MOG
Ranker
Stylefeeder
Decision Maker
Moonshoot
Qiyi
LivingSocial
Blue Kai
GyPSii
BrightRoll
Gaikai
Cozi
Jelli
TellAPal
Glam Media
Yelp
Paymo
Yodle
Hunch
NetBase
Aggregate
Currensee
Plastic Jungle
BrightEdge
PeerPong
Apisphere
Scrapblog
Trada
Second Porch
Jibe
Joonto
Burbn
AppsFire
AppVee
Aardvark
Visible Technologies
Spiceworks
Flurry
MetroGames
Posterous
NuConomy
Vook
Smilebox
OneForty
Blippy
Bit.ly
Graphic.ly
Cardagin Networks
Backupify
Serious Business
Made.com
SocialGO
Saf-T-Net
Quantcast
Red 5 Studios, Inc.
TripIt
Echo Nest
TidalTV
KODA
Ngmoco
Lucid Imagination
BuyWithMe
Smartdate
Chomp
Ustream
Prosper.com
Yammer
Reframe It
Drimmi
WebVisible
Weedle
Formspring.me
6 Waves
SeaWell Networks
TuneWiki
Figure 3. Capital Market Activity, Last Three Months

Page 5
Advertising and Social Networks the top draw: In the past three months, Advertising and Social Networks continue to
trade places as the sectors with the largest number of deals (nine and ten, respectively). Location-Based SNS start-ups
have made a splash of late with three financings (Figure 4).
Capital Market Activity by Sector - Last Three Months
350.0
300.0
250.0
200.0
(US$m)
150.0
100.0
50.0
307.1 298.6 189.0 160.2 131.0 125.9 107.4 105.8 87.6 79.6 69.8 50.0 47.8 37.5 32.2 32.0 27.5 25.6 16.6 16.0 13.6 13.2 12.0 10.0
0.0
Mobile Payment
Social Commerce
Internet Retail
Communities
Gaming
Online Calendar
Travel
Mobile
Media
Enterprise
Microblog
Online Learning
Music
Financial Services
Search
Mobile Ad
Location-based
SMS/Voice
Social Networks
Video
Advertising
Crowdsourced
Virtual World
Analytics
Vertical
Content
SNS
# companies
7 7 9 6 6 5 3 10 5 5 2 1 4 2 3 1 3 3 4 2 1 1 1 1
Figure 4. Capital Market Activity, by Sector, Last Three Months

Page 6
Capital Markets Activity (Price Performance)

Web 2.0 index continues to outpace Nasdaq recovery: Our Web 2.0 index (market-cap weighted) has positively
diverged from the broader tech market (represented by the Nasdaq Composite Index) since the start of the March 2009
market recovery (Figure 5).
Web 2.0 Index Price Performance

250
200
150
100
50
0
3/23/2009
4/6/2009
4/20/2009
5/4/2009
5/18/2009
6/1/2009
6/15/2009
6/29/2009
7/13/2009
7/27/2009
8/10/2009
8/24/2009
9/7/2009
9/21/2009
10/5/2009
10/19/2009
11/2/2009
11/16/2009
11/30/2009
12/14/2009
12/28/2009
1/11/2010
1/25/2010
2/8/2010
2/22/2010
3/8/2010
Index: Web 2.0 (Market Cap) ^COMP - Share Pricing
Figure 5. Web 2.0 Price Performance

Source. Capital IQ
Page 7
Bearish week for Web 2.0: Twenty-five companies in our universe had positive stock price performances (averaging
+3.6%) over the past week (for stocks with prices greater than $1) (Figure 6), while 21 companies showed negative 1-
week returns (averaging -5.5%).
1 Week P rice P erformance

DigitalTow n, Inc. 15.0%
L ookS ma rt, Ltd. 14.3%
Y nk K orea Inc. 11.2%
A s knet A G 9.7%
Perf ect World Co., Ltd. 6.6%
PNI Digital Media Inc. 5.7%
S hutterf ly , Inc. 3.9%
Tree.Com, Inc. 3.9%
United Online, Inc. 3.7%
NEOWIZ G ames Corporation 2.9%
S K Communica tions Co., Ltd. 1.9%
Changy ou.com Limited 1.8%
S park Netw orks , Inc. 1.3%
G amania Digital Entertainment Co., Ltd. 1.3%
Chines e G amer International 1.3%
S ohu.com Inc. 1.1%
V alueClick, Inc. 0.8%
IA C/InterA ctiveCorp. 0.7%
G igaMedia Ltd. 0.6%
Neteas e.com Inc. 0.4%
X ING A G 0.3%
A ctoz S oft Co., Ltd. 0.3%
V elti Plc 0.2%
NetDragon WebS oft, Inc. 0.2%
OA O R B C Inf ormation S y s tems 0.2%
HanbitS oft, Inc. -0.8%
DA DA S pA -1.3%
G iant Interactive G roup, Inc. -1.8%
Northgate Technologies Limited -1.9%
Frogs ter Interactive Pictures A G -2.1%
Modern Times G roup Mtg A B -2.5%
My riad G roup A G -2.6%
Quepas a Corp. -3.2%
The9 Limited -3.4%
K ings of t Corporation Limited -3.6%
S handa Interactive Entertainment Ltd. -3.9%
Open Tex t Corp. -4.6%
Y D Online Corp. -5.5%
Webz en Inc. -5.8%
CDC Corp. -6.3%
TheS treet.c om, Inc. -6.4%
Openw ave S y s tems Inc. -7.0%
Tencent Holdings Ltd. -7.0%
Fluid Mus ic Canada, Inc. -8.3%
G ravity Co., Ltd -11.6%
Neurotech Pha rmaceuticals Co., Ltd. -25.6%
-0.3 -0.25 -0.2 -0.15 -0.1 -0.05 0 0.05 0.1 0.15 0.2
Figure 6. 1-Week Price Performance

Source. Capital IQ
Page 8
Public Company Industry News (Partnerships, Financial Results, New Products)

K ey Developments
C ompany Headline Notes
G ravity C o., L td (Nas daqGM: G R VY) G ra vity C o. , L td Announces R agna rok O nline II G ra vity C o. Ltd. announced that R agnarok O nline II dela yed to the fourth qua rter of 2010. T he s chedule for the la unch of
Delayed to the F ourth Q uarter of 2010 R a gna rok O nline II, a s equel to R a gna rok O nline a nd ma s s ively multipla yer online role pla ying ga me, ha s been dela yed to
the fourth qua rter of 2010. R agnarok O nline II was origina lly s cheduled to launch in the firs t ha lf of 2010, however, G ra vity
ha s decided to pos tpone the s chedule to the fourth qua rter of 2010 in order to make the ga me better. T he compa ny is
pla nning to s ta rt commercia l s ervice of R agna rok O nline II in K orea in the fourth quarter of 2010 followed la ter by the other
territories where G ravity ha s a lready entered into licens e and dis tribution agreements . T he company ha s been conducting
open beta tes ting of R a gna rok O nline II s ince Ma y 2007 a nd continues to upgra de and develop the game in res pons e to
ma rket feedback received during the tes ting pha s e.
F luid Mus ic C anada, Inc . (TS X: F MN) F luid Mus ic C ana da Mulls Acquis itions F luid Mus ic C a nada , Inc. plans to make acquis itions . T he C ompany intends to grow its revenue a nd profits by expa nding its
ba ckground mus ic a nd mes s a ging divis ion a nd its s pecia lty mus ic divis ion through a dding new clients and dis tribution
pa rtners , a nd by developing new products . T he C ompa ny will s eek to rea lize s ynergies and efficiencies between its
bus ines s es wherever pos s ible, a nd will continue to exploit its us er genera ted mus ic ca ta logue, which it believes to be a
competitive a s s et. In a ddition in light of current economic conditions and ra pid cha nge in the digital mus ic ma rketplace the
C ompa ny will cons ider further ta rgeted a cquis itions .
G eoS entric Oyj (HL S E : G E O1V) G eos entric Oyj Announces Dela y in P ublis hing G eoS entric O yj a nnounced tha t financial s ta tements a nd fina ncia l s ta tements releas e 2009 will be publis hed on Ma rch 31,
E arnings R es ults for the Y ea r 2009 2010 ins tead of the ea rlier a nnounced publis hing da te of Ma rch 22, 2010.
N I S Holdings C orp (OTC P K : NIS C ) N I S Holdings C orp will C hange its T icker to E ffective Ma rch 16, 2010, N I S Holdings C orp will change its O T C P K s tock ticker s ymbol to NIS C from AS MH.
NIS C from AS MH
TheS treet.c om, Inc . (Nas daqG M: TS C M) T heS treet. com, Inc. R eports E a rnings R es ults T heS treet. com, Inc. reported ea rnings res ults for the fourth qua rter of 2009. F or the quarter, the company reported los s of
for F ourth Q uarter of 2009 $0. 03 vers us a los s of $0. 05 in the s ame period a yea r a go and the compa ny's revenue fell 5% to $16. 5 million from a yea r
ea rlier.
N I S Holdings C orp (OTC P K : NIS C ) As s ociated Media Holdings Inc. , 1 : 100, S tock As s ocia ted Media Holdings Inc. , 1 : 100, S tock S plit or S ignificant S tock Dividend, Ma r-16-2010
S plit or S ignifica nt S tock Dividend, Mar-16-
2010
J umbuc k E ntertainment L imited J umbuck E nterta inment L imited announces an J umbuck E ntertainment P ty L td. (AS X: J MB ) authorized an on-market s hare repurchas e program on Ma rch 16, 2010. Under
(AS X: J MB ) E quity B uyba ck the progra m, J umbuck will repurcha s e up to 4, 878, 429 ordina ry s ha res , repres enting 10% of its is s ued ca pita l. T he program
will begin on Ma rch 30, 2010 and will continue for 12 months , or until the ma ximum number of s hares is a cquired or until
notice is given that the buyba ck is concluded, whichever is ea rlier. T he progra m is a pa rt of J umbuck’s ca pita l ma na gement
progra m. No s ha reholder approval is required to commence the progra m. As of March 16, 2010, J umbuck ha s 48, 784, 291
s hares in is s ue. Aus tock S ecurities L td. (Melbourne) a cted as the broker to J umbuck for the tra ns action.
86% S take in G arant-P ark-Telec om L td. Hos tingC ommunity Inc. a cquired 86% s ta ke in Hos tingC ommunity Inc. acquired 86% s take in G arant-P a rk-T elecom Ltd. and Hos ting-C enter L T D. from O AO R B C
and Hos ting-C enter L TD.; G ara nt-P ark-T elecom L td. a nd Hos ting-C enter Informa tion S ys tems (MIC E X: R B C I) on Ma rch 16, 2010. T he dea l was a pproved by the R us s ia n F edera l Antimonopoly
Hos tingC ommunity Inc.; OAO R B C L T D. from O AO R B C Informa tion S ys tems S ervice.
Information S ys tems (MIC E X: R B C I) (MIC E X: R B C I).
Hos tingC ommunity Inc. completed the acquis ition of 86% s ta ke in G a ra nt-P a rk-T elecom L td. a nd Hos ting-C enter L T D. from
R B C Informa tion S ys tems (MIC E X: R B C I) on Ma rch 16, 2010.
NeuL ion Inc orporated (TS X: NL N) Neulion Incorporated R eports E a rnings NeuLion Incorporated reported earnings res ults for the fourth quarter and yea r ended December 31, 2009. F or the three
R es ults for the F ourth Q ua rter a nd Y ear E nded months ended December 31, 2009, the compa ny reported revenue wa s $9. 0 million compared to $5. 8 million in the s a me
December 31, 2009 period in 2008, ma rking a period over period increas e of 55% . T he net los s wa s $1. 5 million including $1. 0 million of net non-
ca s h income or $0. 01 per s ha re, ba s ic a nd diluted a s compared to $7. 2 million including $3. 8 million of non-cas h charges or
$0. 13 per s ha re, bas ic and diluted in the s a me period a yea r a go.
Tencent Holdings L td. (S E HK : 700) T encent Holdings L td. , B oa rd Meeting, Ma r 17, T encent Holdings Ltd. , B oa rd Meeting, Ma r 17, 2010 Agenda: T o a pprove the annual res ults a nd a nnouncement of the
2010 compa ny a nd its s ubs idia ries for the yea r ending December 31, 2009 and cons idering the payment of a fina l dividend, if
any.
W izzard S oftware C orporation W izza rd S oftwa re C orporation Announces W izzard S oftwa re C orpora tion a nnounced the a cquis ition of exclus ive dis tribution rights to MiniS quadron, a popula r,
(AME X: WZE ) Acquis ition of E xclus ive Dis tribution R ights to addictive ga me for $2. 99 in the App S tore for us e on the iP hone(R ) and iP od(R ) T ouch. MiniS qua dron is a fra ntic 's hooter'
MiniS qua dron involving lots of little pla nes a ll vying for s upremacy of the s kies . P erform loop-the-loops , Immelma nn turns a nd other da ring
fea ts of a eria l s henaniga ns with a s uper fluid control s ys tem while battling enemy forces a t every turn.
Tencent Holdings L td. (S E HK : 700) T encent Holdings L td. R eports E a rnings T encent Holdings Ltd. reported ea rnings res ults for the fourth qua rter of 2009. T he compa ny reported tha t its fourth-qua rter
R es ults for the F ourth Q ua rter of 2009 net income ros e 74% from the yea r ea rlier period. Net income for the qua rter tota led C NY 1. 51 billion, up from C NY 869. 1
million a yea r ea rlier. R evenue ros e 76% to C NY 3. 69 billion from C NY 2. 10 billion.
UOMO Media, Inc (OTC B B : UOMO) UO MO Media, Inc a nnounced dela yed 10-Q On 03/17/2010, UOMO Media , Inc a nnounced tha t they will be unable to file their next 10-Q by the deadline required by the
filing S E C.
TheS treet.c om, Inc . (Nas daqG M: TS C M) T heS treet. com, Inc. a nnounced delayed On 03/17/2010, T heS treet. com, Inc. announced that they will be una ble to file their next 10-K by the dea dline required by
a nnual 10-K filing the S E C .
Figure 7a. Key Developments
Source. Capital IQ
Page 9
K ey Developments
C ompany Headline Notes
VOIS , Inc . (OTC B B : VOIS ) V OIS , Inc. Announces Mana gement C ha nges On Ma rch 18, 2010, Mr. R obert Druzak, C hief E xecutive O fficer and a member of the B oa rd of Directors of V O IS , Inc.
res igned his pos itions a s an executive officer and director of the compa ny. T he B oard of Directors a ppointed Mr. W illia m
'B ill' Margins on to the B oard to fill the va cancy res ulting from Mr. Druzak’s res igna tion and a ppointed Mr. Ma rgins on
P res ident a nd C hief E xecutive O fficer of V O IS . Mr. Druza k will continue to a ct as a cons ulta nt a nd a dvis or to the compa ny.
Mr. Margins on is currently the vice pres ident of R eta il S ervices a t S olutions Mana gement, L LC . He was a ls o a founding
pa rtner of LS M Mortgage, Inc. /S andca s tle T itle, Inc. P rior to founding L S M Mortga ge, he s erved in s enior ma nagement
pos itions in the reta il indus try for 27 yea rs , including s erving a s pres ident of C lea rwater Ma ttres s C ompa ny and s erving a s
C E O of T he W iz electronics reta iler. In addition, Mr. Ma rgins on wa s the co-founder of Y es Applia nces a nd F urniture C o. Inc.
and ha s als o held s enior pos itions with T he G a rr C ons ulting G roup, Montgomery W a rd, and Zayre Dis count Depa rtment
S tores . Mr. Ma rgins on currently s erves on the B oa rd of Directors of Ha s co Medical, Inc.
Mobile Data C orp. (OTC B B : MB YL ) Mobile Data C orp. Announces E a rnings Mobile Da ta C orp. a nnounced unaudited ea rnings res ults for the s econd qua rter a nd s ix months ended J a nua ry 31, 2010.
R es ults for the S econd Q uarter a nd S ix F or the quarter, the compa ny reported net los s of $61, 609 compared to $13, 741 for the s a me period a yea r a go.
Months E nded J a nua ry 31, 2010
J umbuc k E ntertainment L imited J umbuck E nterta inment L imited's E quity J umbuck E ntertainment P ty L td. (AS X: J MB ) authorized an on-market s hare repurchas e program on Ma rch 3, 2009. Under
(AS X: J MB ) B uyback ha s expired the progra m, J umbuck will repurcha s e up to 4, 802, 011 ordina ry s ha res , repres enting 9. 7% of the is s ued ca pita l. T he
progra m will begin on Ma rch 18, 2009 a nd continue for 12 months , or until the ma ximum number of s ha res is acquired or
until notice is given tha t the buyba ck is concluded. T he s ha re buyba ck program is a part of J umbuck’s capita l ma nagement
progra m. O n Ma rch 3, 2009, J umbuck ha s 49, 532, 825 s ha res in is s ue. Aus tock S ecurities Ltd. (Melbourne) acted as the
broker to J umbuck for the trans a ction.
On J uly 24, 2009, the company a nnounced tha t it ha s tempora rily s us pended its buyba ck pla n till S eptember 2009.
J umbuck E ntertainment P ty L td. ’s (AS X: J MB ) s hare repurchas e program expired on March 18, 2010. Under the progra m,
J umbuck repurcha s ed 748, 534 s ha res for a tota l cos t of AUD 0. 28 million.
L ookS mart, L td. (Nas daqG M: L OOK ) L ookS mart, L td. R eports Un-Audited LookS ma rt, L td. reported un-audited cons olidated ea rnings res ults for the fourth qua rter a nd year ended December 31,
C ons olida ted E arnings R es ults for the F ourth 2009. F or the qua rter, the compa ny reported revenues of $12. 8 million, compa red to $14. 9 million in the fourth qua rter of
Q ua rter a nd Y ear E nded December 31, 2009 ; 2008 a nd a 2% increa s e from $12. 5 million in the third qua rter of 2009. Net los s wa s $0. 9 million, or $0. 05 per bas ic and
R eports Impairment C ha rges diluted s ha re. T his compa res to a net los s for the fourth qua rter of 2008 of $12. 4 million, or $0. 73 per ba s ic a nd diluted
s hare. Included in fourth qua rter 2008 net los s is a non-ca s h impairment charge of $9. 8 million, a $1. 0 million as s et
impa irment cha rge rela ted to the decis ion to wind down F url a nd a $0. 6 million lega l s ettlement cha rge. Net los s for the third
qua rter of 2009 wa s $1. 9 million, or $0. 11 per ba s ic a nd diluted s ha re. L os s from continuing opera tions wa s $1. 0 million or
$0. 06 per ba s ic a nd diluted s ha re, which includes $0. 2 million of s evera nce expens e offs et by $0. 2 million of income ta x
benefit. T his compa res to a los s from continuing operations in the fourth qua rter of 2008 of $11. 4 million or $0. 67 per bas ic
and diluted s hare, which includes the non-ca s h impairment
charge of $9. 8 million a nd the $0. 6 million lega l s ettlement cha rge. L os s from continuing opera tions for the third
qua rter of 2009 wa s $2. 1 million, which includes $0. 3 million of s evera nce expens e a nd $0. 1 million of expens es
rela ted to the evalua tion of s tra tegic growth a lterna tives . T he compa ny reported los s from opera tions of $1. 2 million
compa red to $11. 5 million a nd los s from continuing opera tions before income ta xes of $1. 2 million compa red to $11. 4
million for the s a me qua rter la s t yea r. Non-G AAP net los s wa s $0. 7 million compared to a los s of $1. 1 million in the
fourth qua rter of 2008. Non-G AAP net los s for the third qua rter of 2009 was $1. 7 million. C a pital expenditures ,
including capita liza tion of interna lly developed s oftware, were $0. 7 million, compa red to $1. 0 million in the fourth
qua rter of 2008, a nd $0. 6 million in the third qua rter of 2009.
T he compa ny reported impairment charge of $0. 1 million compared to $9. 8 million for the s a me qua rter la s t yea r.
F unTown, L td.; NE OWIZ Games NE O W IZ G ames C orpora tion S igns Deal with NE O W IZ G a mes C orpora tion ha s s igned a deal with F unT own, Ltd. to export its ‘A. V . A’ game s tarting in the s econd ha lf of
C orporation (K OS E : A095660) F unT own, Ltd. to E xport Its ‘A. V . A’ G ame 2010. T he dea l ca lled for F untown to s ervice a nd ma rket ‘A. V . A, ’ a firs t-pers on s hooting ga me tha t won the top prize in a
S outh K orea n ga me contes t in 2009, with the S outh K orea n compa ny to offer technologica l s upport there.
The9 L imited (Nas daqG S : NC TY) T he9 L imited Announces E xecutive C ha nges T he9 L imited a nnounced tha t, for pers onal development reas ons , its P res ident, Ms . Xiaowei C hen, will not renew her
employment contra ct with the compa ny. Ms . C hen's employment contract expires on Ma y 16, 2010. T he company's
C ha irma n and C hief E xecutive O fficer, Mr. J un Zhu, will a s s ume Ms . C hen's duties as P res ident of the compa ny after this
da te.
S park Networks , Inc . (AME X: L OV) L . I. S . T . Incorporated F iles P urported C la s s S pa rk Networks , Inc. a nnounced tha t L . I. S . T . Incorporated recently filed a purported clas s a ction compla int in the Dela ware
Action C ompla int Agains t S pa rk Networks , Inc C ourt of C ha ncery a lleging brea ch of fiducia ry duties by the directors of the compa ny and G rea t Hill a nd s eeking to enjoin
the cons ummation of G rea t Hill's offer. T he compa ny believes that the cla ims a re meritles s and intends to defend its elf
vigorous ly.
S park Networks , Inc . (AME X: L OV) S pa rk R eta ins P iper J a ffra y T o E xplore T he S pecia l C ommittee of the B oa rd of Directors of S pa rk Networks , Inc. a nnounced it completed its s election proces s of a
S tra tegic Alterna tives financial advis or a nd has reta ined P iper J a ffray & C o. a s its independent fina ncia l advis or. T he S pecial C ommittee wa s
formed by the C ompa ny's B oa rd of Directors to cons ider a propos a l by G rea t Hill P artners III, L P to purcha s e a ll of the
outs tanding s hares of common s tock of the C ompany not owned by G rea t Hill, a nd to cons ider other potential tra ns a ctions
and s tra tegic a lterna tives a va ilable to the C ompa ny. No a s s ura nce ca n be given tha t a n a greement on terms s a tis fa ctory to
the S pecia l C ommittee or the board of directors will res ult from the propos a l s ubmitted by G rea t Hill or that any trans a ction
will be entered into or completed with G reat Hill or any other party.
S handa Interac tive E ntertainment L td. S ha nda Intera ctive E ntertainment Ltd. T he B oa rd of Directors of S ha nda Interactive E ntertainment Ltd. (Na s da qG S : S NDA) a uthorized a s ha re repurcha s e
(Nas daqG S : S NDA) a nnounces an E quity B uyba ck in the a mount progra m on March 22, 2010. Under the program, the company will repurcha s e up to $300 million worth of its outs tanding
of $300 mm American Depos ita ry S ha res repres enting the ordina ry s ha res of the C ompany. T he repurchas es will be ma de from time to
time, depending on ma rket conditions , s ha re price and other fa ctors , as well a s s ubject to the memora ndum a nd a rticles of
as s ocia tion of the C ompa ny, the releva nt rules under United S ta tes s ecurities laws a nd regula tions a nd the releva nt s tock
excha nge rules . T he s hare repurchas es may be made on the open market, in block tra des or otherwis e and is expected to
include deriva tive tra ns a ctions . T he progra m ma y be s us pended or dis continued a t a ny time.
Figure 7b. Key Developments

Source. Capital IQ
Page 10
Valuation
Gaming companies lead market-cap charts: Eleven companies in our Web 2.0 universe top US$1 billion in market
capitalization (Figure 8). Sixty-two of the 97 companies have market caps under US$100 million, with 42 under US$25
million. Online gaming companies dominate the top of the list, led by Tencent Holdings (SEHK:700) with a market cap
of approximately US$39.4 billion.
Market C ap ($US mm)

Tenc ent Holdings Ltd. 36626.3
Neteas e. com Inc . 5208. 0
Modern Times G roup Mtg A B 3729. 2
G ree, Inc . 2891. 8
S handa Interac tiv e Entertainment 2779. 7
IA C/InterA c tiv eCorp. 2776. 4
Open Tex t Corp. 2654. 9
Perf ec t World Co. , Ltd. 2095. 2
S ohu. com Inc . 2068. 1
G iant Interac tiv e G roup, Inc . 1696. 6
Changyou.c om Limited 1626. 4
Mix i, Inc. 998. 8
Chines e G amer International 915. 9
K ings of t Corporation Limited 878. 5
V alueClic k, Inc . 840. 3
NEOWIZ G ames Corporation 688. 3
United Online, Inc . 649. 1
S hutterf ly, Inc. 608. 4
S K Communic ations Co. , Ltd. 490. 8
NetDragon WebS of t, Inc . 299. 6
CDC Corp. 281. 3
G ungHo Online Entertainment, Inc . 280. 9
G amania Digital Entertainment Co. , 237. 2
XING A G 201. 7
Openw ave S ys tems Inc . 201. 1
V elti Plc 189. 6
My riad G roup A G 186. 4
The9 L imited 177. 0
G igaMedia Ltd. 172. 3
OA O R B C Inf ormation S y s tems 167. 2
Webz en Inc . 119. 5
DA DA S pA 113. 9
A c toz S of t Co. , Ltd. 113. 3
TheS treet. com, Inc . 111. 0
Fluid Mus ic Canada, Inc . 102. 1
Tree. Com, Inc . 101. 4
A Q Interac tiv e, Inc. 85. 0
Y D Online Corp. 81. 3
G ameOn Co Ltd. 78. 4
Ngi G roup Inc . 74. 8
HanbitS of t, Inc . 72. 3
NeuLion Inc orporated 72. 1
S park Netw orks , Inc . 71. 4
Frogs ter Interactive Pic tures A G 67. 6
Cyberplex Inc . 62. 9
G eoS entric Oy j 60. 8
PNI Digital Media Inc . 54. 9
Unilav a Corporation 50. 0
G rav ity Co. , L td 48. 6
Quepas a Corp. 45. 9
DXN Holdings B hd 43. 7
Multiplied Media Corporation 32. 4
DigitalTow n, Inc . 31. 5
NeXplore Corporation 27. 9
A s knet A G 27. 0
S ocialw is e, Inc . 26. 7
Y nk K orea Inc . 21. 2
Neurotech Pharmac euticals Co. , Ltd. 19. 7
L ookS mart, Ltd. 17. 8
Wiz z ard S of tw are Corporation 16. 5
A c celeriz e New Media, Inc. 15. 8
Dolphin Digital Media, Inc . 14. 2
Northgate Technologies Limited 14. 0
is eemedia Inc . 11. 6
J umbuck Entertainment Limited 11. 6
L ingo Media Corporation 11. 0
MOK O. mobi L imited 9. 8
V OIS , Inc. 9. 0
S NA P Interac tiv e, Inc . 8. 8
Oriented Media G roup B erhad 7. 8
S ahara Media Holdings , Inc . 7. 8
Worlds . com Inc. 7. 5
En2G o International, Inc . 7. 2
R eal V alue Es tates , Inc. 6. 6
B right Things plc 6. 6
K ent International Holdings Inc. 6. 0
S pec trumDNA , Inc . 5. 9
K iw ibox . Com, Inc . 4. 4
DigitalPos t Interac tiv e, Inc. 4. 4
B roadWebA s ia Inc . 3. 4
UOMO Media, Inc 3. 1
B etaw av e Corporation 2. 9
Unis erve Communic ations Corp. 2. 4
Mobile Data Corp. 2. 4
B ey ond Commerc e, Inc. 2. 1
CornerWorld Corporation 1. 9
S pry logics International Corp 1. 0
B igs tring Corp. 0. 9
eWorldCompanies , Inc. 0. 9
Wynds torm Corporation 0. 9
We-R -Y ou Corp. 0. 3
Cody V entures Corporation 0. 1
The Parent Company 0. 0
Is e B lu Equity Corp. 0. 0
S ocial Media V entures Inc . 0. 0
InternetA rray, Inc . 0. 0
0 1, 000 2, 000 3, 000 4,000 5, 000 6, 000
Figure 8. Market Cap Ranking

Source. Capital IQ
0.0
5.0
10. 0
15. 0
20. 0
25. 0
30. 0
35. 0
40. 0
45. 0
1.5x.
(x)
B etawave C orporation
G ameO n C o Ltd.
# Companies
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
As k net AG
Ngi G roup Inc.
Source. Capital IQ
Source. Capital IQ
2
AIM T he P arent C ompany
18.0 16.5
P erfec t World C o. , Ltd.
HLSE
14.8
Northgate T echnologies L imited
OTCBB C yberplex Inc.
10.1
J umbuck E ntertainment Limited
SEHK
9.8
T ree. C om, Inc.
Figure 9. TEV/Revenue Ranking

Unis erv e C ommunica tions C orp.
1 21 3 2
GTSM
Is e B lu E quity C orp.
3
TSX O penwave S y s tems Inc.
6.6 6.3
We-R -Y ou C orp.
ASX G iga Media Ltd.
OTCPK Actoz S oft C o. , Ltd.
6.2 5.6
DXN Holdings B hd
2 10 2
XTRA DADA S pA
0.0 0.10.20.20.20.20.30.40.40.4 0.50.50.50.60.60.6 0.70.80.8

TSE T heS treet. com, Inc.
C DC C orp.
5 6
TSXV IAC /InterActiveC orp.
SWX United O nline, Inc.
AQ Interac tive, Inc.
Figures 10 & 11. TEV/Revenue Ranking (Exchange, Country)

1 2
AMEX O AO R B C Information S y s tems
3.8 3.5 3.4 3.0 2.4

Ha nbitS oft, Inc.
1
OM B ey ond C ommerce, Inc.
InternetArray , Inc.
6
KOSE
C ornerWorld C orporation
1
OSE G a mania Digital E nterta inment C o., Ltd.
KLSE S park Network s , Inc.
Y D O nline C orp.
Average TEV/LTM Revenue - By Exchange

NasdaqGS V alueC lick , Inc.
2.1 2.1 2.0 1.8 1.7

Y nk K orea Inc.
2 14 1
MICEX C ody V entures C orpora tion
are Canadian (average 2.9x revenue vs. 2.6x last week).

0.80.80.90.9 1.0 1.0 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.6 1.6 1.6
1
CM NetDra gon WebS oft, Inc.
1.0 0.8
S hutterfly, Inc .
NasdaqGM P NI Digital Media Inc.
G ungHo O nline E nterta inment, Inc.
4 1
BSE
0.6 0.3
S NAP Interactive, Inc.
Modern T imes G roup Mtg AB
NeuL ion Incorporated
S pry logics Interna tional C orp
T E V/L T M R evenue (x)
V elti P lc
(x) Webz en Inc.
S K C ommunications C o., Ltd.
1.72.02.0 2.12.12.22.22.32.32.4 2.6
XING AG
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
O riented Media G roup B erha d
# Companies
2.83.0
United Myria d G roup AG
2
S ohu.c om Inc.
18.0 16.5
Kingdom NE O WIZ G ames C orporation
O pen T ex t C orp.
1
Finland
14.8
Neurotech P ha rmac eutica ls C o., Ltd.
United Wiz z ard S oftware C orporation
6.3
States UO MO Media, Inc
3.13.13.23.2 3.5 3.7
China S ocial Media V entures Inc.
40 10
is eemedia Inc.
Acc eleriz e New Media, Inc .
2
Australia
6.3 6.2
4.6 4.7 5.0 5.2
C ha ngy ou. com L imited

DigitalP os t Intera ctive, Inc.
3
Taiwan K ings oft C orporation Limited
Mix i, Inc.
5.5 5.8 6.1
2
Germany
4.6 3.8
F rogs ter Interactive P ic tures AG
7.4 7.6
Lingo Media C orporation
6
Japan
3.3
U nila va C orporation
G ree, Inc.
9.510.3
1
3.0
Switzerland C hines e G a mer Interna tiona l
MO K O . mobi L imited
12.012.0
Canada
10
G eoS entric O yj
14.8
F luid Mus ic C ana da, Inc.

16.5
1
Sweden T enc ent Holdings Ltd.
22.0
eWorldC ompa nies , Inc.

30.3
South
7
B right T hings plc
30.7
Korea B igs tring C orp.

31.4
2
S pectrumDNA, Inc.
41.8
Malaysia
2.9 2.1 2.1 1.8

Average TEV/LTM Revenue - By Country
1
Russia
1
Hong Kong
1.0 0.8
1
Italy
Page 11
States has the most companies (40), trading at an average of 6.3x revenue (vs. 5.2x last week) (Figure 11). Ten companies
number of companies (21), trading at an average multiple of 10.1x (vs. 6.7x last week). On a geographic basis, the United
TEV/Revenue (LTM) by country/exchange: We have also calculated multiples based on where the companies are listed
TEV/Revenue (LTM) averages 5.1x: The overall average TEV/Revenue (LTM) multiple for our group is 5.1x (vs. 4.9x
Corp. (OTCBB:BSGC) at 31.4x, Bright Things plc (AIM:BGT) at 30.7x, and eWorldCompanies, Inc. (OTCPK:EWRC) at
last week) (Figure 9). Four companies trade above 25x revenue – SpectrumDNA, Inc. (OTCBB:SPXA) at 41.8x, Bigstring
30.3x. The median is 2.0x. Note that we exclude multiples greater than 50x. Twenty-five companies have multiples under
or domiciled. Figure 10 shows the average TEV/Revenue multiples by stock exchange. The OTCBB has the largest
1
India
0.8 0.3
Page 12
TEV/EBITDA (LTM) averages 10.8x: The average multiple for the 37 companies with positive EBITDA (and multiples
under 100x) is 10.8x LTM EBITDA (vs. 10.7x last week), led by Tencent Holdings Ltd. (SEHK:700) at 44.0x (Figure 12).
Thirteen companies have EBITDA multiples under 7x. The median multiple is 8.8x (vs. 9.1x last week).
T E V/LT M E B IT DA (x)
50. 0
44. 0
45. 0
40. 0 37.2
35. 0
30. 0
25. 0
20. 2 20. 6
20. 0 17. 5
15.4 15. 9
14. 3 14. 4
15. 0 13. 1 13. 6
11. 0 11. 2 11. 6 11. 7
9. 6 10.2
10. 0 7. 3 7. 5 8. 1 8. 3 8. 8 9. 1
6. 7 6.8 6. 9 7. 1
5. 4 5. 9 6. 1
3. 8 4. 2
5. 0 2. 7 3. 3
0. 3 0. 4 1.0
0. 0
NE O WIZ G ames C orporation

J umbuc k E ntertainment L imited
G amania Digital E ntertainment C o. , Ltd.
P NI Digital Media Inc .
G ungH o O nline E ntertainment, Inc .
C hines e G amer International

U nis erve C ommunic ations C orp.
DXN H oldings B hd
C hangy ou. c om L imited

G ameO n C o L td.
Neurotec h P harmac eutic als C o. , L td.
C DC C orp.
T ree. C om, Inc .
S K C ommunic ations C o. , L td.

Modern T imes G roup Mtg AB
U nited O nline, Inc.
O pen T ex t C orp.
S NAP Interac tive, Inc.
K ings oft C orporation L imited

C y berplex Inc.
NetDragon WebS oft, Inc.
V alueC lic k , Inc.
Y D O nline C orp.
S park Network s , Inc.
S ohu. com Inc.
IAC /InterAc tiveC orp.
G ree, Inc.
Mix i, Inc.
T enc ent H oldings L td.

XING AG
P erfec t World C o. , L td.
O penwave S y s tems Inc.
Y nk K orea Inc.
V elti P lc
S hutterfly , Inc.
DADA S pA
Ac toz S oft C o. , L td.
Figure 12. TEV/EBITDA Ranking

Source. Capital IQ
TEV/EBITDA (LTM) by country/exchange: Figure 13 shows the average TEV/EBITDA multiples by stock exchange.
The OTCBB has the largest number of companies (21), trading at an average multiple of 13.6x (vs. 13.6x last week). On a
geographic basis, the United States has the most companies (40), trading at an average of 9.9x EBITDA (vs. 12.3x last
week) (Figure 14). Ten companies are Canadian (average 8.0x EBITDA vs. 8.1x last week).
Average TEV/LTM EBITDA - By Country

Average TEV/LTM EBITDA - By Exchange
18.0
25.0 21.3
16.0 15.9
20.0 14.0
14.6
12.0 14.0
15.0 15.9 13.3
14.6 10.0 11.8 11.0
(x)
14.0 13.6
(x)
12.7 11.0 9.9

10.0 10.2 9.1 8.0 8.0
8.4 8.4 7.3
6.9 6.1 3.8 3.3 6.0
5.0 6.1
1.0 4.0 3.8
0.0 2.0
OTCBB
GTSM
NasdaqGM
SEHK
KOSE
TSE
OSE
NasdaqGS
OM
CM
AMEX
KLSE
TSX
AIM
TSXV
ASX
0.0 1.0
Kingdom
China
Japan
United
Canada
Hong
Malaysia
Italy
South
Korea
Kong
States
Taiwan
Australia
Sweden
United
# Companies 3 1 6 2 21 5 2 4 1 6 14 2 1 2 3 2
# Companies 1 7 3 10 6 2 40 10 1 1 2 2
Figures 13 & 14. TEV/EBITDA Ranking (Exchange, Country)

Source. Capital IQ
Page 13
P/E (LTM) averages 21.1x: The average multiple for the 32 companies with positive earnings (and multiples under 100x)
is 21.1x LTM EPS (vs. 21.7x last week), led by HanbitSoft, Inc. (KOSE:A047080) with a 68.5x multiple (Figure 15). Twelve
companies have P/E multiples under 10x. The median is 14.9x (vs. 15.2x last week).
P /E L T M (x)
80.0
68.5
70.0
60.0 55. 8
53. 1 54.1
48.6
50.0
40.3
40.0
34.0 34.5
30.0 27.5 29. 2

22.5 23.5
18.9 19.2
20.0
14.2 14.6 15. 3 15.4
12.2
8.2 8.5 9.9 11.2
10.0 5.2 5. 3 6.8
4.5
1.8 2.0 2.2 2.8
0. 0
0.0
NE O WIZ G ames C orporation

J umbuck E ntertainment Limited
G amania Digital E ntertainment C o., L td.
G ungHo O nline E ntertainment, Inc .

C hines e G amer International
DXN H oldings B hd
C hangyou. com Limited

G iant Interactive G roup, Inc.
G ameO n C o L td.
C DC C orp.
G rav ity C o. , L td
S handa Interactive E ntertainment L td.
Neteas e.com Inc.
U nited O nline, Inc.
O pen T ex t C orp.
S NAP Interactiv e, Inc.

K ings oft C orporation L imited
XING AG
C y berplex Inc.
G igaMedia Ltd.
Y D O nline C orp.
V alueC lic k , Inc.
NetDragon WebS oft, Inc.
S ohu.com Inc.
G ree, Inc.
Mix i, Inc.
T enc ent H oldings Ltd.

P erfec t World C o., Ltd.
H anbitS oft, Inc.

V elti P lc
DADA S pA
Actoz S oft C o., Ltd.
Figure 15. P/E Ranking

Source. Capital IQ
P/E (LTM) by country/exchange: Figure 16 shows the average P/E multiples by stock exchange. The OTCBB has the
largest number of companies (21), trading at an average multiple of 48.6x (vs. 48.6x last week). On a geographic basis,
the United States has the most companies (40), trading at an average of 24.3x earnings (vs. 24.1x last week) (Figure 17).
Ten companies are Canadian (average 22.8x EPS vs. 23.8x last week).
Average P/E - By Exchange Average P/E - By Country

40.0 37.6
60.0
53.1 35.0
50.0
48.6 30.0
40.0 39.3 29.5
25.0 24.3
32.4 22.8
(x)
30.0 29.9 22.5

(x)
25.5 20.0
22.5 19.3
20.0 15.0 18.9
12.4 12.2 13.9
5.3 5.2 12.2
10.0 4.5 10.0
2.0 5.2
0.0 4.5
0.0 5.0
OTCBB
GTSM
NasdaqGM
OSE
KOSE
TSE
SEHK
NasdaqGS
CM
TSX
KLSE
NYSE
AIM
ASX
0.0
Japan
United
Canada
Kingdom
Hong
China
Malaysia
Italy
South
Korea
Kong
States
Taiwan
Australia
United
# Companies 1 21 6 5 3 2 2 14 1 3 2 2 1 4
# Companies 6 7 40 10 2 3 1 10 1 2 2
Figures 16 & 17. P/E Ranking (Exchange, Country)

Source. Capital IQ
Page 14
Upcoming Events
E arnings C alendar
C ompany Date Time Quarter C onf C all Details
Cyberplex Inc. (TSX:CX) 24-Mar-10 4:30 p.m. EST Q4/09 888-892-3255
Wizzard Software Corporation (AMEX:WZE) 1-Apr-10 1:00 p.m. EST Q4/09 877-407-0782
Tree.Com, Inc. (NasdaqGM:TREE) 30-Apr-10 11:00 a.m. EST Q1/10 866-564-7440
Figure 18. Earnings Calendar

Source. Capital IQ
Page 15

Pric e P erformanc e
C ompany Name C urrenc y Tic ker E xc hange US D Market C ap ($m) C urrent P ric e 1 Wk 1 Mth 3 Mth 6 Mth 1 Yr 52 Week
A ccelerize New Media, Inc. US D AC L Z OT C B B 15.8 0.55 0. 0% -1.8% -15.4% -15.4% 175. 0% -31.3%
A ctoz S oft C o. , L td. KR W A052790 K OS E 113.3 14600.00 0. 3% -3.3% -22.3% -21.9% 28.6% -59.4%
A Q Interactive, Inc. JPY 3838 TS E 85.0 140900.00 -13.4% 20.0% 215.9% 168.4% 323. 1% -15.4%
A s knet AG E UR XT R A :A5A XT R A 27.0 3.95 9. 7% 11.3% 23.4% 19.7% 43.6% -4.1%
B eta wave C orpora tion US D B W AV OT C B B 2.9 0.10 66.7% 0.0% 0.0% 42.9% -33. 3% -47.4%
B eyond C ommerce, Inc. US D B Y OC OT C B B 2.1 0.04 5. 9% 20.0% 46.9% -77.5% -92. 9% -98.1%
B igs tring C orp. US D BSGC OT C B B 0.9 0.02 -30.6% -33.3% -32.7% -25.0% 0.0% -73.7%
B right T hings plc GB P AIM:B G T A IM 6.6 0.01 -8.5% -18.2% 22.7% -1.8% -19. 6% -46.0%
B roadW ebA s ia Inc. US D BWBA OT C P K 3.4 0.04 0. 0% -33.3% -20.0% -82.6% -92. 2% -91.1%
C DC C orp. US D C H IN.A Nas da qG S 281.3 2.66 -6.3% 16.2% 15.2% -4.7% 133. 3% -32.1%
C ha ngyou.com Limited US D C Y OU Nas da qG S 1, 626.4 31.54 1. 8% -6.6% -1.5% -20.8% NM -34.8%
C hines e G a mer International TWD G T S M:3083 GTS M 915.9 346.00 1. 3% 5.3% -13.9% -23.5% 92.2% -33.3%
C ody V entures C orpora tion US D CVCP OT C P K 0.1 0.00 0. 0% 0.0% 172.7% 50.0% 650. 0% -72.7%
C ornerW orld C orpora tion US D CW R L OT C B B 1.9 0.02 -50.0% -33.3% -33.3% -66.7% -85. 7% -86.7%
C yberplex Inc. C AD T S X: C X TS X 62.9 0.93 0. 0% -1.1% -20.5% -29.0% 5.7% -53.3%
DADA S pA E UR C M:DA CM 113.9 5.19 -1.3% 2.3% -13.2% -26.0% 10.0% -36.6%
DigitalP os t Intera ctive, Inc. US D DG LP OT C B B 4.4 0.05 -16.7% 11.1% -3.8% -9.1% 400. 0% -49.5%
DigitalT own, Inc. US D DG T W OT C B B 31.5 1.15 15.0% -8.0% 13.9% -56.4% -54. 0% -67.1%
Dolphin Digital Media, Inc. US D DP DM OT C B B 14.2 0.25 -10.7% -19.4% 16.3% -40.5% -56. 1% -67.1%
DXN Holdings B hd MY R DXN K LS E 43.7 0.64 -1.5% -2.3% 14.3% 7. 6% 116. 9% -14.7%
E n2G o International, Inc. US D E TGI OT C B B 7.2 0.30 -25.0% -66.7% -41.2% -70.0% -90. 0% -94.0%
Neurotech P ha rmaceutica ls C o., Ltd. KR W A041060 K OS E 19.7 290.00 -25.6% -44.8% -49.6% -65.3% -43. 1% -75.0%
eW orldC ompa nies , Inc. US D EWRC OT C P K 0.9 0.00 0. 0% 100.0% -33.3% -75.0% 100. 0% -94.7%
F luid Mus ic C anada, Inc. C AD T S X: F MN TS X 102.1 1.65 -8.3% 10.0% -0.6% 13.8% 312. 5% -23.3%
F rogs ter Intera ctive P ictures AG E UR FR G XT R A 67.6 19.49 -2.1% -2.9% 12.9% 9. 1% 199. 8% -9.3%
G amania Digita l E ntertainment C o., L td. TWD 6180 GTS M 237.2 49.10 1. 3% 0.2% 2.3% 0. 2% 45.7% -28.6%
G ameO n C o L td. JPY 3812 TS E 78.4 73000.00 7. 4% 15.1% 11.5% -27.6% -16. 6% -45.1%
G eoS entric Oyj E UR G E O1V H LS E 60.8 0.05 0. 0% 0.0% 25.0% 0. 0% 66.7% -16.7%
G ia nt Interactive G roup, Inc. US D GA NY S E 1, 696.6 7.48 -1.8% 1.2% 6.9% -4.7% 8.2% -21.8%
G igaMedia L td. US D G IG M Nas da qG S 172.3 3.16 0. 6% 5.0% -2.2% -43.0% -49. 1% -55.5%
G ra vity C o., Ltd US D GR VY Nas da qG M 48.6 1.75 -11.6% -14.2% 22.4% -11.6% 173. 4% -33.5%
G ree, Inc. JPY T S E :3632 TS E 2, 891.8 5760.00 3. 4% 16.8% 6.3% 17.0% 151. 5% -4.6%
G ungH o Online E ntertainment, Inc. JPY 3765 OS E 280.9 220500.00 6. 7% 3.3% 41.2% -9.3% 86.4% -21.2%
H anbitS oft, Inc. KR W A047080 K OS E 72.3 3745.00 -0.8% -3.7% -6.8% -14.3% 14.5% -43.6%
IAC /InterA ctiveC orp. US D IA C I Nas da qG S 2, 776.4 23.82 0. 7% 7.4% 20.5% 14.3% 54.9% -2.7%
InternetArray, Inc. US D INAR OT C P K 0.0 0.00 -33.3% -20.0% -33.3% -84.6% -95. 0% -99.2%
Is e B lu E quity C orp. US D IS B L OT C P K 0.0 0.00 0. 0% 0.0% 0.0% 0. 0% 0.0% -90.0%
is eemedia Inc. C AD IE E T S XV 11.6 0.17 9. 7% -10.5% -5.6% 41.7% 88.9% -37.0%
J umbuck E ntertainment Limited AU D AS X: J MB AS X 11.6 0.26 4. 0% -11.9% -18.8% -36.6% -48. 0% -48.0%
K ent International Holdings Inc. US D K NT H OT C P K 6.0 1.70 0. 6% -2.9% -6.1% -12.8% 4.3% -30.6%
K ings oft C orpora tion L imited HK D 3888 S E HK 878.5 6.21 -3.6% 2.0% 12.7% -20.1% 107. 7% -34.4%
K iwibox.C om, Inc. US D K IW B OT C B B 4.4 0.01 -25.9% -32.9% -50.0% 0. 0% -33. 3% -74.4%
L ingo Media C orpora tion C AD T S XV :LM T S XV 11.0 0.90 21.6% -18.2% -5.3% -18.2% 28.6% -43.0%
L ookS mart, L td. US D LO OK Nas da qG M 17.8 1.04 14.3% 6.1% 7.2% -11.9% 2.0% -33.3%
Mixi, Inc. JPY 2121 TS E 998.8 582000.00 -0.2% 12.6% -24.0% -2.8% 76.4% -32.7%
Mobile Data C orp. US D MB Y L OT C B B 2.4 0.10 0. 0% -9.9% -4.8% -33.3% -60. 2% -75.0%
Modern T imes G roup Mtg AB SEK MT G B OM 3, 729.2 407.50 -2.5% 2.6% 19.5% 28.1% 196. 4% -5.9%
MO K O .mobi L imited AU D MK B AS X 9.8 0.09 -5.3% -30.8% -48.6% 28.6% 50.0% -55.0%
Multiplied Media C orpora tion C AD T S XV :MMC T S XV 32.4 0.25 0. 0% -16.7% NM NM NM 0.0%
Myriad G roup AG C HF MY R N S WX 186.4 4.46 -2.6% -7.1% -6.1% -5.1% 11.5% -27.9%
NE O W IZ G ames C orporation KR W A095660 K OS E 688.3 37050.00 2. 9% 18.8% -7.1% -10.6% 69.6% -17.5%
NetDra gon W ebS oft, Inc. HK D 777 S E HK 299.6 4.40 0. 2% 0.9% 11.7% -22.1% 4.5% -38.5%
Netea s e. com Inc. US D NT E S Nas da qG S 5, 208.0 40.21 0. 4% 6.5% 8.2% -14.4% 63.5% -17.1%
NeuLion Incorpora ted C AD T S X: NL N TS X 72.1 0.63 18.9% 12.5% -4.5% -33.7% 28.6% -51.5%
NeXplore C orpora tion US D NXP C OT C P K 27.9 0.50 -2.0% -23.1% -20.6% -16.7% -16. 7% -46.8%
Ngi G roup Inc. JPY 2497 TS E 74.8 54400.00 19.8% 42.8% 119.4% 103.4% 160. 3% -5.2%
Northgate T echnologies Limited INR 590057 BSE 14.0 18.35 -1.9% -9.4% -33.0% -57.4% -44. 5% -69.3%
O AO R B C Information S ys tems R UB R BCI MIC E X 167.2 36.58 0. 2% 1.0% 2517. 5% 3053.4% 8822.0% -4.5%
O riented Media G roup B erha d MY R OME DIA K LS E 7.8 0.20 0. 0% -2.5% 62.5% 178.6% 2.6% -15.2%
O pen T ext C orp. US D OT E X Nas da qG S 2, 654.9 47.02 -4.6% -1.4% 20.6% 19.5% 36.0% -5.1%
O penwa ve S ys tems Inc. US D OP W V Nas da qG S 201.1 2.40 -7.0% -7.3% 8.1% -8.4% 175. 9% -23.3%
T he P a rent C ompany US D K IDS . Q OT C P K 0.0 0.00 -35.5% -80.0% 100.0% -80.0% -85. 7% -93.9%
P erfect W orld C o., Ltd. US D PWRD Nas da qG S 2, 095.2 42.05 6. 6% 8.2% 6.7% -13.3% 196. 5% -16.7%
P NI Digital Media Inc. C AD T S XV :P N T S XV 54.9 1.66 5. 7% -5.7% -2.4% -8.8% 7.1% -21.0%
Q uepa s a C orp. US D QP S A OT C B B 45.9 3.60 -3.2% 18.0% 63.6% 140.0% 230. 3% -14.3%
R ea l V alue E s tates , Inc. US D R V LU OT C B B 6.6 1.03 -6.4% -14.2% -6.4% NM NM -31.3%
S ahara Media H oldings , Inc. US D S HH D OT C B B 7.8 0.25 -16.7% -37.5% -55.4% -91.7% -91. 7% -92.3%
S ha nda Interactive E nterta inment L td. US D S NDA Nas da qG S 2, 779.7 41.33 -3.9% -15.8% -18.0% -29.3% 12.4% -36.4%
S hutterfly, Inc. US D S F LY Nas da qG S 608.4 23.48 3. 9% 19.7% 33.3% 35.1% 153. 6% 0.0%
S K C ommunications C o. , L td. KR W A066270 K OS E 490.8 13300.00 1. 9% -1.1% 8.6% 46.8% 73.2% -27.7%
S NA P Intera ctive, Inc. US D S TVI OT C B B 8.8 0.27 0. 0% 50.0% 170.0% 131.4% 1.2% -14.7%
S ocial Media V entures Inc. US D S MV I OT C P K 0.0 0.01 47.1% 31.6% -13.8% -95.0% -99. 6% -99.4%
S ocialwis e, Inc. US D S CLW OT C B B 26.7 0.55 0. 0% 14.6% 25.0% -9.8% 37.5% -46.1%
S ohu.com Inc. US D S O HU Nas da qG S 2, 068.1 54.76 1. 1% 8.7% -0.3% -22.4% 31.3% -24.2%
S pa rk Networks , Inc. US D LO V A ME X 71.4 3.47 1. 3% 16.8% 14.5% 50.2% 51.5% -0.9%
S pectrumDNA, Inc. US D S P XA OT C B B 5.9 0.12 -19.9% 9.3% -14.1% -45.4% -36. 7% -73.3%
S prylogics Internationa l C orp C AD T S XV :S P Y T S XV 1.0 0.04 33.3% 300.0% 300.0% 300.0% 0.0% -11.1%
T encent H oldings Ltd. HK D 700 S E HK 36,626. 3 155.80 -7.0% 9.2% 1.0% 20.6% 171. 9% -11.7%
T he9 L imited US D NC T Y Nas da qG S 177.0 7.05 -3.4% 6.6% 5.2% -16.2% -49. 0% -57.3%
T heS treet.com, Inc. US D TS CM Nas da qG M 111.0 3.52 -6.4% 19.7% 47.3% 26.2% 72.5% -7.4%
T ree.C om, Inc. US D TR E E Nas da qG M 101.4 9.17 3. 9% 11.6% -1.8% 15.3% 101. 5% -29.8%
U nilava C orporation US D UNLA OT C B B 50.0 0.50 194.1% 85.2% 100.0% NM NM -9.1%
U nis erve C ommunica tions C orp. C AD T S XV :US S T S XV 2.4 0.10 -16.7% -16.7% 100.0% 150.0% 100. 0% -28.6%
U nited O nline, Inc. US D UNT D Nas da qG S 649.1 7.64 3. 7% 15.8% 8.8% -7.5% 66.1% -19.2%
U OMO Media, Inc US D UO MO OT C B B 3.1 0.04 -2.7% 19.6% -10.7% -72.1% -55. 0% -96.6%
V alueC lick, Inc. US D V CLK Nas da qG S 840.3 10.06 0. 8% 6.5% 4.6% -23.8% 24.5% -27.8%
V elti P lc GB P VEL A IM 189.6 3.35 0. 2% 2.8% 69.1% 101.7% 197. 6% -2.1%
V OIS , Inc. US D V O IS OT C B B 9.0 0.01 -10.0% 3.4% 9.8% 125.0% 650. 0% -60.9%
W ebzen Inc. KR W K O S E : A069080 K OS E 119.5 11450.00 -5.8% -9.1% -7.3% -5.0% 24.5% -44.7%
W e-R -Y ou C orp. US D WE RU OT C P K 0.3 0.01 0. 0% 8.3% -35.0% -78.3% -78. 3% -96.6%
W izzard S oftwa re C orporation US D W ZE A ME X 16.5 0.31 -12.0% -7.1% -18.6% -34.1% -29. 7% -59.5%
W orlds .com Inc. US D W DDD OT C B B 7.5 0.14 -6.7% 75.0% 55.6% 40.0% -22. 2% -48.1%
W ynds torm C orpora tion US D W Y ND OT C P K 0.9 0.05 0. 0% -50.0% 25.0% -50.0% -58. 3% -90.2%
XING A G E UR O1B C XT R A 201.7 28.70 0. 3% 2.5% -7.6% -17.5% 1.8% -24.4%
Y D Online C orp. KR W A052770 K OS E 81.3 6150.00 -5.5% 0.0% -11.5% -32.9% -26. 4% -50.4%
Y nk K orea Inc. KR W A023770 K OS E 21.2 3020.00 11.2% 4.9% -10.9% -25.9% -22. 6% -65.3%
H igh 194.1% 300.0% 2517. 5% 3053.4% 8822.0% 0.0%
L ow -50.0% -80.0% -55.4% -95.0% -99. 6% -99.4%
Average 852.9 1.1% 3.9% 44.6% 36.8% 160.3% -39.7%
Media n 0. 0% 0.9% 3.4% -10.2% 28.6% -33.3%
Figure 19. Price Performance

Source. Capital IQ
Page 16

Valuation Multiples
P rimary US D Market TE V/L TM TE V/ NTM TE V/L TM TE V/NTM
C ompany Name S ec tor C ountry E xc hange Ticker C ap ($m) R evenue R evenue E B ITDA E B ITDA P /L TM E P S P /NTM E P S P /TangB V
Accelerize New Media, Inc. Direct Marketing U nited S ta tes OTCB B AC LZ 15.8 5.0x - - - - - -
Actoz S oft C o., Ltd. G aming S outh K orea K OS E A052790 113.3 0.6x - 2. 7x - 15.3x - 1.6x
AQ Intera ctive, Inc. G aming J apan TS E 3838 85.0 0.9x - - - - - 1.5x
As knet A G G aming G erma ny XT R A XT R A :A5A 27.0 0.2x - - - - - -
B etawave C orpora tion Media U nited S ta tes OTCB B B W AV 2.9 0.0x - - - - - 2.0x
B eyond C ommerce, Inc. S ocial Networking U nited S ta tes OTCB B B YOC 2.1 1.0x - - - - - -
B igs tring C orp. Ins ta nt Mes s aging U nited S ta tes OTCB B BSGC 0.9 31.4x - - - - - -
B right T hings plc S ocial Networking U nited K ingdom AIM AIM:B G T 6.6 30.7x - - - - - 8.2x
B roadW ebAs ia Inc. S ocial Networking U nited S ta tes OTCP K BWBA 3.4 - - - - - - -
C DC C orp. G aming H ong K ong N as da qG S C HIN.A 281.3 0.8x - 7. 3x - 18.9x - 43.4x
C hangyou.com Limited G aming C hina N as da qG S C Y OU 1,626.4 5.2x - 8. 3x - 11.2x - 7.5x
C hines e G amer Interna tional G aming T a iwa n GTS M G T S M:3083 915.9 12.0x - 20.6x - 27.5x - 13.2x
C ody V entures C orporation G aming U nited S ta tes OTCP K CVCP 0.1 1.6x - - - - - -
C ornerW orld C orporation C ontent U nited S ta tes OTCB B CW R L 1.9 1.2x - - - - - -
C yberplex Inc. A dvertis ing C ana da TS X T S X: C X 62.9 0.4x - 3. 3x - 5.3x - 2.1x
DA DA S pA S ocial Networking Italy CM C M:DA 113.9 0.8x - 6. 1x - 12.2x - 1.2x
DigitalP os t Interactive, Inc. C ontent U nited S ta tes OTCB B DG L P 4.4 5.5x - - - - - -
DigitalT own, Inc. S ocial Networking U nited S ta tes OTCB B DG T W 31.5 - - - - - - -
Dolphin Digital Media, Inc. S ocial Networking U nited S ta tes OTCB B DP DM 14.2 - - - - - - -
DXN Holdings B hd S ocial Networking Mala ys ia K LS E DXN 43.7 0.7x - 3. 8x - 5.2x - 0.8x
E n2G o International, Inc. S ocial Networking U nited S ta tes OTCB B E TGI 7.2 - - - - - - -
Neurotech P ha rmaceuticals C o., L td. G aming S outh K orea K OS E A041060 19.7 3.2x - 6. 7x - - - 0.4x
eW orldC ompanies , Inc. G aming U nited S ta tes OTCP K E WRC 0.9 30.3x - - - - - -
F luid Mus ic C a nada, Inc. Media U nited S ta tes TS X T S X:F MN 102.1 16.5x - - - - - 7.1x
F rogs ter Interactive P ictures A G G aming G erma ny XT R A FR G 67.6 7.4x - - - - - 9.0x
G amania Digital E ntertainment C o., Ltd. G aming T a iwa n GTS M 6180 237.2 1.3x - 7. 5x - 23.5x - 2.9x
G ameO n C o Ltd. G aming J apan TS E 3812 78.4 0.1x - 0. 3x - 8.5x - 1.0x
G eoS entric Oyj Mobile F inland H LS E G E O1V 60.8 14.8x - - - - - -
G iant Interactive G roup, Inc. G aming C hina NY S E GA 1,696.6 - - - - 2.0x - 0.3x
G igaMedia Ltd. G aming T a iwa n N as da qG S G IG M 172.3 0.6x - - - 6.8x - 1.6x
G ravity C o., Ltd G aming S outh K orea N as da qG M GR VY 48.6 - - - - 0.0x - 0.0x
G ree, Inc. S ocial Networking J apan TS E T S E : 3632 2,891.8 10.3x - 17.5x - 34.5x - 18.0x
G ungH o O nline E nterta inment, Inc. Media J apan OS E 3765 280.9 2.0x - 9. 1x - 53.1x - 8.7x
Ha nbitS oft, Inc. G aming S outh K orea K OS E A047080 72.3 1.0x - - - 68.5x - 1.9x
IAC /InterActiveC orp. Media U nited S ta tes N as da qG S IAC I 2,776.4 0.8x - 14.3x - - - 1.5x
InternetA rray, Inc. Media U nited S ta tes OTCP K INA R 0.0 1.1x - - - - - -
Is e B lu E quity C orp. Media U nited S ta tes OTCP K IS B L 0.0 0.5x - - - - - -
is eemedia Inc. C ontent C ana da T S XV IE E 11.6 4.7x - - - - - 8.0x
J umbuck E ntertainment Limited S ocial Networking Aus tra lia AS X AS X:J MB 11.6 0.4x - 1. 0x - 4.5x - 1.0x
K ent Internationa l Holdings Inc. S ocial Networking U nited S ta tes OTCP K K NT H 6.0 - - - - - - 0.6x
K ings oft C orporation Limited G aming C hina S E HK 3888 878.5 5.8x - 14.4x - 19.2x - 4.7x
K iwibox.C om, Inc. S ocial Networking U nited S ta tes OTCB B K IW B 4.4 - - - - - - -
Lingo Media C orpora tion L earning C ana da T S XV T S XV : LM 11.0 7.6x - - - - - -
LookS ma rt, L td. Direct Marketing U nited S ta tes N as da qG M L OOK 17.8 - - - - - - 0.7x
Mixi, Inc. S ocial Networking J apan TS E 2121 998.8 6.1x - 20.2x - 54.1x - 6.3x
Mobile Da ta C orp. S ocial Networking U nited S ta tes OTCB B MB Y L 2.4 - - - - - - -
Modern T imes G roup Mtg AB Media S weden OM MT G B 3,729.2 2.1x - 15.9x - - - -
MOK O .mobi Limited S ocial Networking Aus tra lia AS X MK B 9.8 12.0x - - - - - 8.5x
Multiplied Media C orpora tion Mobile C ana da T S XV T S XV :MMC 32.4 - - - - - - -
Myriad G roup AG Mobile S witzerla nd SWX MY R N 186.4 3.0x - - - - - -
NE OW IZ G ames C orporation G aming S outh K orea K OS E A095660 688.3 3.1x - 11.6x - 34.0x - 17.2x
NetDra gon W ebS oft, Inc. G aming C hina S E HK 777 299.6 1.6x - 5. 4x - 14.6x - 1.6x
Netea s e.com Inc. G aming C hina N as da qG S NT E S 5,208.0 - - - - 2.8x - 0.7x
NeuLion Incorporated V ideo C ana da TS X T S X:NL N 72.1 2.2x - - - - - 9.4x
NeXplore C orporation C ontent U nited S ta tes OTCP K NXP C 27.9 - - - - - - -
Ngi G roup Inc. Media J apan TS E 2497 74.8 0.2x - - - - - 1.4x
Northgate T echnologies Limited Direct Marketing India BS E 590057 14.0 0.3x - - - - - -
O AO R B C Information S ys tems Media R us s ia MIC E X R BCI 167.2 1.0x - - - - - -
O riented Media G roup B erhad Media Mala ys ia K LS E O ME DIA 7.8 2.8x - - - - - 3.4x
O pen T ext C orp. C ollabora tion C ana da N as da qG S OT E X 2,654.9 3.2x - 11.7x - 40.3x - -
O penwave S ys tems Inc. Mobile U nited S ta tes N as da qG S OP W V 201.1 0.5x - 11.2x - - - 2.7x
T he P a rent C ompany Mobile U nited S ta tes OTCP K K IDS .Q 0.0 0.2x - - - - - -
P erfect W orld C o., Ltd. G aming C hina N as da qG S PWRD 2,095.2 0.2x - 0. 4x - 2.2x - 1.0x
P N I Digital Media Inc. Digita l Ima ging C ana da T S XV T S XV :P N 54.9 2.0x - 8. 1x - - - 8.3x
Q uepa s a C orp. S ocial Networking U nited S ta tes OTCB B QP S A 45.9 - - - - - - -
R eal V a lue E s ta tes , Inc. Media Is ra el OTCB B R V LU 6.6 - - - - - - -
S a hara Media Holdings , Inc. Media U nited S ta tes OTCB B S HH D 7.8 - - - - - - 9.5x
S handa Interactive E nterta inment Ltd. G aming C hina N as da qG S S NDA 2,779.7 - - - - 1.8x - 0.3x
S hutterfly, Inc. Digita l Ima ging U nited S ta tes N as da qG S S FLY 608.4 1.7x - 13.1x - - - 3.0x
S K C ommunications C o., Ltd. S earch S outh K orea K OS E A066270 490.8 2.4x - 37.2x - - - -
S N AP Interactive, Inc. Dating U nited S ta tes OTCB B S TVI 8.8 2.1x - 13.6x - 48.6x - 4.7x
S ocial Media V entures Inc. Dating U nited S ta tes OTCP K S MV I 0.0 4.6x - - - - - -
S ocialwis e, Inc. S ocial Networking U nited S ta tes OTCB B S CLW 26.7 - - - - - - -
S ohu.com Inc. G aming C hina N as da qG S S O HU 2,068.1 3.1x - 7. 1x - 15.4x - 3.8x
S park N etworks , Inc. S ocial Networking U nited S ta tes AME X L OV 71.4 1.4x - 6. 9x - - - 11.9x
S pectrumDN A, Inc. Media U nited S ta tes OTCB B S P XA 5.9 41.8x - - - - - -
S prylogics International C orp Media C ana da T S XV T S XV :S P Y 1.0 2.2x - - - - - -
T encent Holdings Ltd. P orta l C hina S E HK 700 36,626.3 22.0x - 44.0x - 55.8x - 23.8x
T he9 L imited G aming C hina N as da qG S NC T Y 177.0 - - - - - - 0.1x
T heS treet.com, Inc. Media U nited S ta tes N as da qG M TS CM 111.0 0.8x - - - - - 1.5x
T ree.C om, Inc. P orta l U nited S ta tes N as da qG M TREE 101.4 0.4x - 10.2x - - - 2.0x
Unilava C orporation Media U nited S ta tes OTCB B U NLA 50.0 9.5x - - - - - 2.1x
Unis erve C ommunications C orp. S ocial Networking C ana da T S XV T S XV :US S 2.4 0.5x - 8. 8x - - - -
United Online, Inc. Media U nited S ta tes N as da qG S U NT D 649.1 0.9x - 4. 2x - 9.9x - -
UO MO Media, Inc Media C ana da OTCB B UO MO 3.1 3.7x - - - - - -
V a lueC lick, Inc. Media U nited S ta tes N as da qG S V CLK 840.3 1.6x - 5. 9x - 14.2x - 4.0x
V elti P lc Media U nited K ingdom AIM VEL 189.6 2.3x - 11.0x - 22.5x - 6.4x
V O IS , Inc. S ocial Networking U nited S ta tes OTCB B V OIS 9.0 - - - - - - -
W ebzen Inc. G aming S outh K orea K OS E K OS E :A069080 119.5 2.3x - - - - - 1.1x
W e-R -Y ou C orp. G aming U nited S ta tes OTCP K WERU 0.3 0.6x - - - - - -
W izzard S oftware C orporation P odca s ting U nited S ta tes AME X W ZE 16.5 3.5x - - - - - -
W orlds .com Inc. C ontent U nited S ta tes OTCB B W DDD 7.5 - - - - - - -
W ynds torm C orporation C ontent U nited S ta tes OTCP K W Y ND 0.9 - - - - - - -
XIN G AG S ocial Networking G erma ny XT R A O1B C 201.7 2.6x - 9. 6x - 29.2x - 6.3x
Y D Online C orp. G aming S outh K orea K OS E A052770 81.3 1.5x - 6. 8x - 8.2x - 2.4x
Y nk K orea Inc. G aming S outh K orea K OS E A023770 21.2 1.6x - 15.4x - - - 0.7x
High 36,626.3 41.8x - 44.0x - 68.5x - 43.4x
Low 0.0 0.0x - 0. 3x - 0.0x - 0.0x
Average 852.9 5.1x - 10.9x - 21.1x - 5.5x
Median 54.9 2.0x - 8. 6x - 14.9x - 2.7x
Figure 20. Valuation Comparison

Source. Capital IQ
Page 17

S ummary by C ountry
C ompany Name US D Market C ap ($m) Avg US D Market C ap ($m) US D L TM Total R ev ($m) US D L TM Total E B ITDA ($m) E B ITDA %
United S tates 29 C hina 56, 945. 8 C hina 5,694. 6 C hina 4,496. 8 C hina 2, 262. 8 C hina 49. 0%
C hina 10 U nited S ta tes 5, 465. 2 S weden 3,266. 2 United S tates 3,752. 1 United S tates 393. 7 A us tralia 42. 8%
C a na da 9 J a pan 4, 440. 9 J apan 740. 1 S weden 1,942. 0 S weden 274. 4 T aiwan 37. 3%
S outh K orea 9 S weden 3, 266. 2 T aiwan 515. 6 C a na da 992. 4 J a pa n 213. 0 J apan 24. 3%
J a pa n 6 C anada 2, 538. 6 C anada 282. 1 S outh K orea 740. 1 C a na da 199. 5 S outh K orea 20. 1%
T a iwa n 3 S outh K orea 1, 845. 8 Hong K ong 237. 5 J a pa n 680. 8 S outh K orea 133. 5 S weden 14. 1%
G erma ny 3 T a iwa n 1, 546. 9 S witzerla nd 205. 8 T a iwa n 404. 6 T a iwa n 65. 0 Italy 13. 1%
Aus tralia 2 G ermany 318. 0 S outh K orea 205. 1 Hong K ong 334. 2 Ita ly 31. 0 R us s ia 13. 1%
S witzerla nd 1 Hong K ong 237. 5 R us s ia 193. 9 Ita ly 236. 1 R us s ia 20. 4 Hong K ong 6. 0%
India 1 S witzerla nd 205. 8 U nited S ta tes 188. 5 G erma ny 171. 4 Hong K ong 20. 0 S witzerla nd 5. 4%
F inla nd 1 R us s ia 193. 9 Ita ly 136. 8 R us s ia 156. 3 G erma ny 9. 7 G ermany -7. 4%
United K ingdom 1 Ita ly 136. 8 G ermany 106. 0 Ma lays ia 78. 5 Aus tralia 4. 9 C anada -10. 6%
Ita ly 1 F inland 51. 3 F inland 51. 3 S witzerla nd 63. 0 S witzerla nd 3. 4 U nited S ta tes -15. 4%
Hong K ong 1 Malays ia 36. 4 Malays ia 36. 4 India 47. 7 United K ingdom -2. 7 F inland NA
S weden 1 Aus tralia 29. 4 India 20. 2 Aus tralia 17. 8 F inla nd -18. 5 India NA
R us s ia 1 India 20. 2 Aus tralia 14. 7 F inla nd 4. 5 India -51. 2 U nited K ingdom NA
Ma lays ia 1 U nited K ingdom 5. 6 U nited K ingdom 5. 6 United K ingdom 0. 0 Ma lays ia -85. 2 Mala ys ia NA
G rand Total 80 G rand Total 77,284.4 G rand Total 966.1 G rand Total 14,118.5 G rand Total 3,473.8 G rand Total 11.8%
Figure 21. Comparison by Country

Source. Capital IQ

S ummary by E xc hange
C ompany Name US D Market C ap ($m) Avg US D Market C ap ($m) US D L TM Total R ev ($m) US D L TM Total E B ITDA ($m) E B ITDA %
OT C B B 16 S E HK 40, 705. 3 S E HK 13,568. 4 OM 1,942. 0 Na s daqG S 1, 918. 2 NY S E 68. 2%

Na s daqG S 14 Nas da qG S 22, 230. 0 OM 3,266. 2 S E HK 607. 9 S E HK 897. 1 AS X 42. 8%
K OS E 8 TS E 4, 129. 4 NY S E 1,594. 3 Na s daqG S 508. 5 OM 274. 4 S E HK 40. 6%
T S XV 5 OM 3, 266. 2 Nas da qG S 1,587. 9 CM 236. 1 TS E 187. 1 GTS M 37. 3%
TS E 5 K OS E 1, 799. 1 TSE 825. 9 NY S E 202. 3 NY S E 137. 9 Nas da qG S 30. 7%
Na s daqG M 4 NY S E 1, 594. 3 GTS M 684. 0 RTS 156. 3 K OS E 115. 4 TSE 24. 7%
TS X 3 GTS M 1, 368. 0 OS E 311. 5 OS E 116. 4 GTS M 65. 0 OS E 22. 3%
XT R A 3 XT R A 318. 0 K OS E 224. 9 TS E 112. 9 CM 31. 0 K OS E 18. 2%
OT C P K 3 OS E 311. 5 SWX 205. 8 GTS M 110. 5 OS E 25. 9 OM 14. 1%
S E HK 3 TS X 253. 3 R TS 193. 9 Na s daqG M 97. 3 Na s daqG M 25. 2 CM 13. 1%
AME X 2 Nas da qG M 237. 6 CM 136. 8 K OS E 86. 1 RTS 20. 4 R TS 13. 1%
AS X 2 SWX 205. 8 XT R A 106. 0 K LS E 78. 5 XT R A 9. 7 T S XV 9. 0%
GTS M 2 R TS 193. 9 TSX 84. 4 SWX 63. 0 AME X 6. 0 Nas da qG M 8. 6%
SWX 1 OT C B B 166. 1 Nas da qG M 59. 4 XT R A 57. 1 AS X 4. 9 S WX 5. 4%
HL S E 1 CM 136. 8 HLS E 51. 3 BSE 47. 7 SWX 3. 4 XT R A -7. 4%
CM 1 T S XV 97. 3 AME X 40. 0 TS X 46. 5 AIM -2. 7 A ME X -27. 7%
BS E 1 AME X 79. 9 K LS E 36. 4 AME X 26. 4 TS X -7. 0 TSX -35. 8%
OS E 1 HLS E 51. 3 BS E 20. 2 AS X 8. 9 T S XV -7. 2 OTCB B -48. 2%
NY S E 1 OT C P K 48. 8 T S XV 19. 5 T S XV 8. 6 OT C P K -17. 9 OTCP K NA
AIM 1 K LS E 36. 4 OT C P K 16. 3 HL S E 4. 5 HL S E -18. 5 A IM NA
OM 1 AS X 29. 4 AS X 14. 7 OT C B B 2. 4 BSE -51. 2 BSE NA
RTS 1 BS E 20. 2 OT C B B 10. 4 OT C P K 0. 6 OT C B B -58. 3 HLS E NA
K LS E 1 AIM 5. 6 AIM 5. 6 AIM 0. 0 K LS E -85. 2 K LS E NA
G rand Total 80 G rand Total 77,284.4 G rand Total 966.1 G rand Total 14,118.5 G rand Total 3,473.8 G rand Total 11.8%
Figure 22. Comparison by Exchange

Source. Capital IQ
Page 18
Financing - L as t Three Months (US $ m)

F in. Amount (Million) Type of financing
Month C ompany Name C ountry Angel/S eed Debt financ ing S eries A S eries B S eries C S eries D S eries E G rand Total
J an-10 Quantcas t US A 27. 5 27.5
P aymo US A 25. 0 25.0
Yelp US A 25. 0 25.0
Vis ible Technologies US A 22. 0 22.0
G uvera A us tralia 20. 0 20.0
6 W aves C hina 17. 5 17.5
S piceworks US A 16. 0 16.0
S MS G upS hup India 12. 0 12.0
Aggregate K nowledge US A 9. 0 9. 0
F lurry US A 7. 0 7. 0
B uyWithMe US A 5. 5 5. 5
G aikai Netherla nds 5. 0 5. 0
L ivingS oc ial US A 5. 0 5. 0
Apis phere US A 4. 6 4. 6
E yeka F ra nce 4. 3 4. 3
B eezag US A 2. 5 2. 5
J elli US A 2.0 2. 0
S way US A 2. 0 2. 0
OneF orty US A 2. 0 2. 0
B lippy US A 1.6 1. 6
G raphic .ly US A 1. 2 1. 2
XIHA F inla nd 1.0 1. 0
S oc ialG O US A 0.8 0. 8
J oonto US A 0. 6 0. 6
Drimmi R us s ia
J an-10 Total 5.4 40.9 28.3 97.5 22.0 25.0 219.1
F eb-10 Ngmoc o US A 25. 0 25.0

B lue K ai US A 21. 0 21.0
W ebVis ible US A 20. 0 20.0
TidalTV US A 16. 0 16.0
Avvas i C a na da 14. 1 14.1
F lixs ter US A 12. 5 12.5
Yodle US A 10. 0 10.0
B rightR oll US A 10. 0 10.0
Yammer US A 10. 0 10.0
C urrens ee US A 8. 0 8. 0
TuneWiki US A 7. 0 7. 0
Vivox US A 6. 8 6. 8
Moons hoot US A 6. 6 6. 6
F ynanaz US A 6. 5 6. 5
E verys c ape US A 6. 0 6. 0
P urs way Is ra el 6. 0 6. 0
E ffec tive Meas ure A us tralia 4. 0 4. 0
C ognitive Match UK 2. 5 2. 5
Vook US A 2.5 2. 5
S crapblog US A 2. 5 2. 5
S milebox US A 2. 0 2. 0
P ros per.c om US A 2.0 2. 0
K ODA US A 1.5 1. 5
B ackupify US A 0.9 0. 9
R anker US A 0.8 0. 8
Apps F ire F ra nce
F eb-10 Total 5.7 2.0 23.1 59.6 103.8 10.0 204.1
Mar-10 L ivingS oc ial US A 25. 0 25.0

DataXu US A 11. 0 11.0
L uc id Imagination US A 10. 0 10.0
Hunc h US A 10. 0 10.0
NetB as e US A 9. 0 9. 0
P las tic J ungle US A 7. 4 7. 4
TripIt US A 7. 0 7. 0
S eaWell Networks C a na da 6. 8 6. 8
B rightE dge US A 6. 5 6. 5
MetroG ames A rgentina 5. 0 5. 0
P os terous US A 4. 4 4. 4
Made.com UK 3. 8 3. 8
Trada US A 2. 2 2. 2
S martdate F ra nce 2.2 2. 2
P anvidea US A 2. 0 2. 0
C homp US A 2. 0 2. 0
B it.ly US A 1.5 1. 5
C ardagin Networks US A 1. 0 1. 0
S ec ond Porch US A 1. 0 1. 0
J ibe US A 0.9 0. 9
B urbn US A 0.5 0. 5
Mar-10 Total 3.6 1.5 28.2 76.9 9.0 119.1
G rand Total 14.6 3.5 92.2 164.8 210.3 32.0 25.0 542.4
Figure 23. Financing, Last Three Months

Page 19
C ompany Des c riptions - C urrent Month C apital Market Ac tivity

C ompany HQ Webs ite Des c ription
Adenyo C ana da www. adenyo. com O ur s olutions ena ble our cus tomers to integrate the mobile cha nnel into their ma rketing a nd a dvertis ing mix a nd ca pita lize on its unique
opportunities . T hrough the integra tion of lea ding-edge technologies a nd s pecia lized expertis e, Adenyo enables high-performance, intera ctive
mobile marketing a nd a dvertis ing for a gencies , media compa nies , bra nds a nd corpora te ma rketers a nd s ma ll to medium-s ized bus ines s es .
B it.ly US A bit. ly B itly, Inc. operates a s an utility tha t a llows us ers to s horten the length of a n uniform res ource loca tor and then tra ck the res ulting us a ge. It
a llows us ers to s horten, s ha re, a nd track links . T he compa ny wa s founded in 2007 a nd is ba s ed in New Y ork, New Y ork.
B rightE dge US A www. brightedge. com B right E dge des igns a nd develops web ba s ed s ea rch engine optimiza tion (S E O ) s olutions . B right E dge is ba s ed in F os ter, C alifornia.
B urbn www. burbn.com B urbn, Inc. offers internet ba s ed s ocia l networking s ervices . T he compa ny wa s founded in 2009 a nd is bas ed in the United S ta tes .
C ardagin Networks US A www. ca rda gin. com C a rdagin Networks Inc. develops mobile ma rketing pla tform for cons umers a nd reta ilers . T he compa ny, through its mobile a dvertis ing
pla tform, ena bles s ma ll and loca l bus ines s es to digitize their loya lty progra ms , dis s emina te targeted a dvertis ements to exis ting a nd repea t
cus tomers , monitor cus tomer ha bits , and collect da ta for bus ines s us es . T he company is ba s ed in C ha rlottes ville, V irginia.
C homp www. compa pps . com C homp Inc. promotes and reviews iP hone/iP od T ouch a pplications . It offers C homp C onnect tha t lets applica tion developers prompt their
us ers to review their applica tions . T he company was founded in 2009 and is ba s ed in S a n F ra ncis co, C a lifornia .
DataXu US A www. da ta xu. com Da ta Xu, Inc. provides a n a dvertis ement optimiza tion a nd bidding platform for online dis pla y advertis ers . T he company’s platform enga ges in
va luing, bid ma na ging, a nd buying a dvertis ements on a n impres s ion-by-impres s ion ba s is a cros s the advertis ement excha nges opera ted by
G oogle, Y a hoo, a nd others . It a ls o offers a dvertis ers with cons umer a nd bra nd ins ights , including na nos egment reports that identify the key
context, and cons umer a nd creative a ttributes ; performa nce reporting a nd a nalys is s ervices ; a nd rea l-time bidding s ervices . Da ta Xu, Inc. wa s
founded in 2007 a nd is ba s ed in C a mbridge, Ma s s achus etts with a n a dditiona l office in New Y ork, New Y ork.
F orms pring.me US A www. forms pring. me F orms pring. me provides a n online applica tion tha t allows us ers to a s k ques tions of friends a nd follow res ults on the Internet.
G yP S ii Netherla nds www. gyps ii. com G yP S ii connects people, places , communities , content a nd a dvertis ing a cros s networks a nd devices , with patented a nd patent a pplied-for
technologies for the tra ns fer and publis hing of loca tion ba s ed informa tion between mobile devices . G yP S ii provides a pps and O pen AP I
s olutions to a wide ra nge of companies , s uch a s S ams ung, L G , R IM, W ind R iver, G a rmin, C hina Unicom, C hina Mobile, C hina T elecom, a nd
others . G yP S ii a pps a re a va ila ble on Apple’s iP hone, S ymbia n, W indows Mobile, R IM B la ckberry, Android, J ava, MID/L inux, P a lm webO S ,
a nd a cces s ible via mos t well-known mobile a pp s tores .
Hunc h US A www. hunch.com Hunch, Inc. opera tes a decis ion-ma king s ite that cus tomizes decis ion res ults for the us er. It a s ks ques tions a nd cus tomizes res ult to ma ke
va rious decis ions . T he compa ny wa s incorpora ted in 2007 a nd is ba s ed in New Y ork, New Y ork.
J ibe US A www. jibe. com J ibe, Inc. develops media delivery technologies tha t ena ble content a nd enterta inment companies to deliver video, a udio, and game files via
the Internet. J ibe, Inc. wa s founded in 2000 a nd is ba s ed in T a mpa , F lorida .
L ivingS oc ial US A www. livings ocia l. com L ivingS ocia l offers a collection of us er-review a pps a cros s the mos t popula r s ocia l networks (F a cebook, MyS pa ce, Hi5, B ebo, a nd Orkut).
T he a pps a re des igned to let people orga niz e a nd dis cover their fa vorite books , movies , mus ic, res ta ura nts , ga mes , a nd beer.
L uc id Imagination US A www. lucidima gina tion. com L ucid Ima gina tion, Inc. provides s upport, tra ining, cons ulting, a nd s oftwa re s olutions . It offers certified dis tributions , s upport s ubs criptions ,
training and certifica tion, a nd educa tion progra ms through the L ucid Ima gina tion knowledge porta l. T he compa ny a ls o provides L ucidG a ze
for S olr, a n open s ource vis ual fra mework for monitoring S olr performa nce; and Lucid S earch H ea lth C heck, a s et of s ervices tha t
periodica lly as s es s es the us e of L ucene or S olr in a s ea rch a pplica tion. It offers its s ervices for the Apa che L ucene s ea rch libra ry a nd
Apa che S olr s ea rch s erver, which a re us ed in commercia l, government, a nd educational ins titutions . L ucid Ima gina tion, Inc. wa s founded in
2007 a nd is ba s ed in S a n Ma teo, C a lifornia .
Made.c om UK www. ma de. com Ma de. com offers des ign items / concepts manufa ctured directly by furniture ma kers (from As ia and E urope) without middlema n involvement.
T he s ervice is open to the U K ma rket mainly with s ourcing team in As ia .
MetroG ames A rgentina www. metroga mes . com MetroG a mes S . A. develops a nd offers online games . T he compa ny wa s founded in 2010 a nd is bas ed in B uenos Aires , Argentina .
Multic as t Media US A www. multica s tmedia . com Multica s t Media T echnologies , Inc. provides live Internet broa dca s ts a nd on-dema nd video s olutions . T he compa ny provides online media
s olution for the deployment of linea r, live or on dema nd, a nd intera ctive media cha nnels . It a dds live s trea ming a nd on-dema nd video for the
iP hone a nd iP od T ouch to its hos ted Multica s t Media S uite s olution. T he company’s digita l media infras tructure enables content producers to
dis tribute a nd monetize content via the Internet. It a ls o enables online cha nnels to ta rget audiences by offering an integra ted s ys tem for the
ma na gement of digita l content, program s cheduling, a nd intera ctive a udio/video broa dca s t s ervices . Multica s t Media T echnologies , Inc. was
founded in 2000 a nd is hea dqua rtered in Atla nta , G eorgia.
NetB as e US A www. netba s e. com NetB a s e’s C ontent Intelligence technology rea ds every s entence ins ide documents , linguis tica lly unders tands the content a nd powers s earch
experiences tha t deliver highly releva nt a ns wers a nd ins ights .
P anvidea US A www. pa nvidea .com P a nvidea is a global lea der in the prepara tion, proces s ing a nd dis tribution of profes s iona l enterta inment a nd a dvertis ing content acros s a ny
digita l pla tform.
P las tic J ungle US A www. plas ticjungle. com P la s tic J ungle, Inc. operates a webs ite for s elling, buying, a nd tra ding preloa ded gift ca rds . It offers products in va rious categories , s uch a s
a rts , cra fts , fa brics , a uto and gas , ba by a nd ma ternity, bea uty, hea lth, s pa , books , C D's , movies , video ga mes , child a nd toys , clothing,
college dining, dining and food, electronics , entertainment, floris ts and gifts , ha ndba gs , s hoes , acces s ories , home decor a nd furnis hings ,
home improvement a nd tools , jewelry, office s upplies , pet products , s ports a nd s porting goods , a nd tra vel. T he company wa s founded in
2006 a nd is ba s ed in Mounta in V iew, C a lifornia .
P os terous US A www. pos terous .com P os terous , Inc. opera tes a W ebs ite to blog and s ha re photos on the Internet. It a ls o ena bles to s hare thoughts , photos , a udio, video, a nd
files with friends a nd fa mily. P os terous , Inc. wa s founded in 2008 a nd is bas ed in S a n F ra ncis co, C a lifornia .
P owerR eviews US A www. powerreviews . com P owerR eviews , Inc. provides s olutions for cons umer product reviews for bra nds a nd reta ilers . T he company offers cus tomer reviews
s ervices for reta ilers to ca pture, modera te, a nd dis pla y cus tomer reviews a nd recommenda tions to convert s hoppers , and a ttra ct new
s hoppers to the us er’s W ebs ite; a nd s ocia l mercha ndis ing s olutions for convers ion a t va rious s teps in the s hopper’s res ea rch proces s . T he
company was founded in 2005 and is ba s ed in S a n F ra ncis co, C a lifornia .
R ed 5 S tudios US A www. red5s tudios .com R ed 5 S tudios , Inc. develops multipla yer online ga mes a nd enterta inment. T he compa ny wa s founded in 2005 a nd is hea dqua rtered in Alis o
V iejo, C alifornia.
S af-T-Net US A www. alertnow. com S a f-T -Net develops a nd ma rkets A lertNow, a technology for communica ting with la rge audiences , s uch a s the parents of s chool children.
AlertNow delivers voice, e-ma il a nd emergency S MS mes s a ges a t a rate up to 2. 5 million per hour – quickly keeping pa rents a nd s ta ff
informed on importa nt a nd time-s ens itive informa tion. In a ddition to delivering routine mes s a ging, AlertNow is a critica l component to every
cris is pla n, ens uring a ccura te informa tion is communica ted immedia tely in the event of a lockdown, reloca tion, eva cua tion or other
emergency s itua tion.
S eaWell Networks C ana da www. s ea wellnetworks . com S ea W ell Networks Inc. provides technology for the dis tribution a nd delivery of Internet video. It offers video hos ting a nd dis tribution s olutions
for content delivery networks a nd other video hos ting compa nies . T he compa ny is ba s ed in Mis s is s auga , C a na da.
S ec ond P orc h US A www. s econdporch. com S econd P orch Inc. opera tes as a vaca tion-renta l a dvertis ing s ite in the United S ta tes . It offers property lis ting, a nd lis t renting a nd tra ding
s ervices , a s well a s ena bles va ca nt home property owners to limit the vis ibility of their lis tings to s ocia l-networking pla tform, a s well a s to
friends on F a cebook, which a llows us ers to rent a nd s wa p va ca tion homes a nd times ha res . T he compa ny wa s incorpora ted in 2009 a nd is
ba s ed in P ortla nd, O regon.
S martdate F rance www. s martda te. com S ma rtda te S AS is a n online da ting pla tform. T he compa ny ena bles us ers to s earch friends through F acebook a nd other s ocia l networks
connectivity. It offers its s ervices in F rench, E nglis h, G erma n, Ita lia n, Dutch, and S pa nis h la ngua ges . T he compa ny wa s incorpora ted in 2009
a nd is bas ed in P a ris , F ra nce.
TellAP al US A www. tella pa l. com T ell-A-P a l, Inc. provides a s ocia l a dvertis ing platform for online ma rketing s ervices . T he compa ny wa s founded in 2006 a nd is ba s ed in S an
F ra ncis co, C alifornia .
Trada US A www. tra da .com T ra da ha s developed a P P C ma rketplace tha t allows a gencies and in-hous e a dvertis ers to leverage the s kills of hundreds of the bes t P P C
experts in the world, who in turn ea rn money ris k free by genera ting low-cos t clicks and convers ions for a dvertis ers .
TripIt US A www. tripit. com T ripIt, Inc. provides online tra vel itinerary orga niza tion a nd trip pla nning s ervices . T he company offers online flights , hotels , renta l cars , tra ins ,
a nd cruis es informa tion a nd booking s ervices . T ripIt, Inc. wa s founded in 2006 a nd is ba s ed in S a n F ra ncis co, C a lifornia .
Videoplaza S weden www. videopla za . s e V ideoP la za AB develops a dvertis ing s olutions for publis hers of online video. It offers Monetizer, an AS P a d s erver pla tform for ma naging,
dis playing, and tra cking a dvertis ing a round us er online video content, as well a s providing out-of-the-box a d forma ts for fla s h or s ilver light
video pla yer a nd interfa ce for mana ging a dvertis ing ca mpa igns . T he compa ny wa s founded in 2007 a nd is bas ed in S tockholm, S weden.
W eedle US A www. weedle. com W eedle Holdings L imited operates a pla tform tha t ena bles us ers to crea te a nd s ha re profiles , conta cts , a nd other connections with friends .
T he compa ny wa s founded in 2008 a nd is ba s ed in Dublin, Irela nd.
Figure 24. Company Descriptions

Source. Company reports, Capital IQ, Crunchbase
Page 20
RELEVANT DISCLOSURES APPLICABLE TO: NONE
1. None applicable.
ANALYST CERTIFICATION
Each analyst of Mackie Research Capital Corporation whose name appears in this report hereby certifies that (i) the
recommendations and opinions expressed in this research report accurately reflect the analyst’s personal views and (ii)
no part of the research analyst’s compensation was or will be directly or indirectly related to the specific conclusions or
recommendations expressed in this research report.
This report has been created by Analysts that are employed by Mackie Research Capital Corporation, a Canadian Investment Dealer. For further disclosures, please see last page of this report.
I n f o r ma t i o n a b o u t M a cki e Re s e a r ch C a p i t a l C o r p o r a t i o n ’ s Ra t i n g S y st e m , t h e d i s t r i b u t i o n o f o u r r e s e a r c h t o c l i e n t s a n d t h e p e r ce n t a g e o f r e c o mme n d a t i o n s wh i ch a r e i n
e a c h o f o u r r a t i n g ca t e g o r i e s i s a va i l a b l e o n o u r we b s i t e a t ww w. ma c k i e r e se a r ch . co m.
T h e i n f o r ma t i o n c o n t a i n e d i n t h i s r e p o r t h a s b e e n d r a wn f r o m s o u r c e s b e l i e v e d t o b e r e l i a b l e b u t i t s a c c u r a c y o r c o mp l e t e n e s s i s n o t g u a r a n t e e d , n o r i n p r o vi d i n g i t d o e s
M a c k i e R e se a r c h C a p i t a l C o r p o r a t i o n a s s u me a n y r e sp o n si b i l i t y o r l i a b i li t y. M a c ki e R e s e a r ch C a p i t a l C o r p o r a t i o n , i t s d i r e c t o r s , o f f i c e r s a n d o t h e r e mp l o y e e s ma y , f r o m
t i me t o t i me , h a v e p o si t i o n s i n t h e s e c u r i t i e s me n t i o n e d h e r e i n . C o n t e n t s o f t h i s r e p o r t c a n n o t b e r e p r o d u c e d i n wh o l e o r i n p a r t wi t h o u t t h e e xp r e s se d p e r mi s si o n o f
M a c k i e R e se a r c h C a p i t a l Co r p o r a t i o n . ( U . S. I n st i t u t i o n a l Cl i e n t s — R e se a r ch C a p i t a l U. S . A . I n c. ( a wh o l l y o wn e d s u b si d i a r y o f M a c ki e R e s e a r c h C a p i t a l C o r p o r a t i o n )
a c c e p t s r e s p o n si b i l i t y f o r t h e c o n t e n t s o f t h i s r e p o r t s u b je c t t o t h e t e r ms & l i mi t a t i o n s s e t o u t a b o v e . F i r ms o r i n s t i t u t i o n s r e c e i vi n g t h i s r e p o r t s h o u l d e f f e c t t r a n s a ct i o n s
i n s e cu r i t i e s d i s cu s s e d i n t h e r e p o r t t h r o u g h R e se a r c h C a p i t a l U. S . A . I n c. , a Br o ke r - D e a l e r R e g i s t e r e d wi t h t h e U n i t e d S t a t e s S e c u r i t i e s a n d E xc h a n g e C o m mi s si o n ) .
Toronto 416.860.7600 Montreal 514.399.1500 Vancouver 604.662.1800 Calgary 403.218.6375 Regina 306.566.7550 St. Albert 780-460-6460
www.mackieresearch.com

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SOFTWARE & SERVICES 23 MARCH 2010

David Shore, CFA, MBA 416.860.6784

Bearish Week For Web 2.0 Finance

Financing Activity Last Twelve Months

*May-09 includes $200m FB investment Total Average

The Web 2.0 Universe

C omparable C ompany Analys is > Web 2.0

Figure 1. Web 2.0 Universe Summary

Capital Markets Activity (M&A and Financing)

Financing Activity Last Twelve Months

*May-09 includes $200m FB investment Total Average

Figure 2. Financings, Last Twelve Months

Financing & M/A Summary - Last Three Months

Red 5 Studios, Inc.

Figure 3. Capital Market Activity, Last Three Months

Capital Market Activity by Sector - Last Three Months

Figure 4. Capital Market Activity, by Sector, Last Three Months

Capital Markets Activity (Price Performance)

Web 2.0 Index Price Performance

Figure 5. Web 2.0 Price Performance

1 Week P rice P erformance

Figure 6. 1-Week Price Performance

Public Company Industry News (Partnerships, Financial Results, New Products)

Figure 7b. Key Developments

Market C ap ($US mm)

Figure 8. Market Cap Ranking

Figure 9. TEV/Revenue Ranking

0.0 0.10.20.20.20.20.30.40.40.4 0.50.50.50.60.60.6 0.70.80.8

Figures 10 & 11. TEV/Revenue Ranking (Exchange, Country)

3.8 3.5 3.4 3.0 2.4

Average TEV/LTM Revenue - By Exchange

2.1 2.1 2.0 1.8 1.7

are Canadian (average 2.9x revenue vs. 2.6x last week).

United Myria d G roup AG

China S ocial Media V entures Inc.

C ha ngy ou. com L imited

Lingo Media C orporation

F luid Mus ic C ana da, Inc.

eWorldC ompa nies , Inc.

Korea B igs tring C orp.

2.9 2.1 2.1 1.8

NE O WIZ G ames C orporation

G amania Digital E ntertainment C o. , Ltd.

P NI Digital Media Inc .

G ungH o O nline E ntertainment, Inc .

C hines e G amer International

C hangy ou. c om L imited

Neurotec h P harmac eutic als C o. , L td.

T ree. C om, Inc .

S K C ommunic ations C o. , L td.

S NAP Interac tive, Inc.

K ings oft C orporation L imited

NetDragon WebS oft, Inc.

V alueC lic k , Inc.

S park Network s , Inc.

S ohu. com Inc.

IAC /InterAc tiveC orp.

T enc ent H oldings L td.

O penwave S y s tems Inc.

Figure 12. TEV/EBITDA Ranking

Average TEV/LTM EBITDA - By Country

12.7 11.0 9.9

Figures 13 & 14. TEV/EBITDA Ranking (Exchange, Country)

30.0 27.5 29. 2