Web 2.

0 Weekly
“Financing on pace for record month”
April 27, 2010

David Shore, CFA, MBA 416.860.6784

dshore@mackieresearch.com
Damian Wojcichowsky, CFA 416.860.7652

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.
www.mackieresearch.com

Copyright © 2000-2010, Mackie Research Capital Corporation, All rights reserved www.mackieresearch.com
 Key Developments (past week)
Deals (M&A, Finance)

Salesforce.com acquired crowd-sourced personal contact service, Jigsaw, for $142
mm.

Warner Bros. acquired gaming company, Turbine, for $160 mm.

Diapers.com, internet retailer, received $20 mm in funding (lifetime financing total = $59
mm).

Financial Results/Guidance

Points International Ltd. (TSX:PTS) revised 2010 revenue guidance. The company
expects 2010 revenue in the range of $85-$95 mm (following on a prior guidance
increase from $60-$70 mm to $75-$85 mm).

CDC Corp. (NasdaqGS:CHIN.A) announced preliminary Q1/10 application sales to
increase by approximately 14% to $8.2 mm from $7.2 mm in Q1/09. Total Non-GAAP
recurring revenue (which CDC defines as Non-GAAP maintenance plus SaaS revenue)
is expected to increase by ~13% to $27.4 mm in Q1/10 from $24.2 mm in Q1/09. First
quarter 2010 license revenue is expected to be $7.9 mm, and Total Contract Value for
new SaaS contracts secured in the quarter is expected to be about $300,000.

2 www.mackieresearch.com
 Key Developments cont.
Financial Results cont.
Fiscal Period
Company (ended) Revenue (current/prior year) Y/Y % EPS (current/prior year) Y/Y %
Modern Times Group Mtg AB (OM:MTG B) Q1/10 (Mar. 2010) SEK 3,524mm (SEK 3,336mm) 5.6% SEK 4.60 (SEK 2.19) 110.0%
Multiplied Media Corporation (TSXV:MMC) F2009 (Dec. 2009) $288,537 ($69,768) 313.6% ($0.04) (loss $0.011) NM
The New York Times Company (NYSE:NYT) Q1/10 (Mar. 2010) $587.9mm ($607.1mm) -3.2% $0.08 (loss $0.52) NM
Frogster Interactive Pictures AG (XTRA:FRG) F2009 (Dec. 2009) €14.7mm NA €0.96 per share NA
Sohu.com Inc. (NasdaqGS:SOHU) Q1/10 (Mar. 2010) $129.5mm ($115.6mm) 12.0% $0.73 NA
Changyou.com Limited (NasdaqGS:CYOU) Q1/10 (Mar. 2010) $72.0mm ($61.6mm) 16.9% $0.80 per ADS ($0.72 per ADS) 11.1%

3 www.mackieresearch.com
 Public Company Data

4 www.mackieresearch.com
 Aggregate Public Data

Web 2.0 Public Companies Total Median Max Min

# Companies 99 - - -
Market Cap (US$ mm) 86,002.5 80.2 38,752.5 1.7
Revenue (US$ mm) 22,695.3 60.4 3,257.4 0.0
1 Year revenue growth 4.8% 1178.9% -91.4%
EBITDA as % of revenue - 11.4% 67.7% -91.9%
Net cash (US$ mm) 8,270.2 1.2 1,754.9 -732.7
TEV/Revenue - 2.0x 45.2x 0.1x
TEV/EBITDA - 9.6x 46.2x 0.1x
P/E - 14.8x 76.6x 0.0x
Relative to 52 week high -29.5% 5.6% -98.1%

Source: CapitalIQ

5 www.mackieresearch.com
 6
0
5
10
15
20
25
30
Gaming

27
Social Networking

16
Media

10

7
Diversified

6
Marketing

5
Mobile

Source: CapitalIQ
3
Infrastructure

3
SMS/Voice

3
Enterprise

3
Advertising

2
Internet Retail

2
Virtual World
By Sector

2
Dating

2
Music

1
Vertical Communities

1
Collaboration

1
Podcasting

1
Learning

1
Video

1
Search

1
Payment

1
Financial Services
Public Company Distribution

0
5
10
15
20
25
30
35
40
45

United States

Canada

China

South Korea

Japan

Taiwan

Germany

Australia

United Kingdom

Hong Kong

Poland

Russia
By Country

Finland

Sweden

Malaysia

India

Italy

Switzerland

Israel
www.mackieresearch.com
 Valuation Dashboard – 1 Week
Market Cap EV/Revenue
Flat
Flat
4%
11%

Falling
31%

Falling
31% Rising
58%
Rising
65%

EV/EBITDA P/E
Flat Flat
2% 0%
Falling
Falling
27%
25%

Rising Rising
73% 73%

7 www.mackieresearch.com
 8
Source: CapitalIQ
Multiple (x)

0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
4.0x
4.5x
5.0x

# companies
3/9/2009
3/16/2009
3/23/2009
3/30/2009
4/6/2009
4/13/2009
4/20/2009
4/27/2009
5/4/2009
5/11/2009
5/18/2009
5/25/2009
6/1/2009
6/8/2009
6/15/2009
6/22/2009
Median EV/Revenue

6/29/2009
7/6/2009
7/13/2009
7/20/2009
7/27/2009
8/3/2009
8/10/2009
8/17/2009
8/24/2009
8/31/2009
9/7/2009

Median
9/14/2009
9/21/2009
9/28/2009
10/5/2009
10/12/2009
10/19/2009
10/26/2009
11/2/2009
11/9/2009
11/16/2009

Long-term average
11/23/2009
11/30/2009
12/7/2009
12/14/2009
12/21/2009
12/28/2009
1/4/2010
1/11/2010
1/18/2010
1/25/2010
2/1/2010
2/8/2010
recovering but

2/15/2010
below LT Average
Revenue multiples

2/22/2010
3/1/2010
3/8/2010
3/15/2010
3/22/2010
3/29/2010
4/5/2010
4/12/2010
4/19/2010
4/26/2010
373838393939404039424243444545444546484949485051545558585860636363626363676867697168646969697172747776797777787779818381

www.mackieresearch.com
 9
Source: CapitalIQ
Multiple (x)

# companies
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
3/9/2009
3/16/2009
3/23/2009
3/30/2009
4/6/2009
4/13/2009
4/20/2009
4/27/2009
5/4/2009
5/11/2009
5/18/2009
5/25/2009
6/1/2009
6/8/2009
Median EV/EBITDA

6/15/2009
6/22/2009
6/29/2009
7/6/2009
7/13/2009
7/20/2009
7/27/2009
8/3/2009
8/10/2009
8/17/2009
8/24/2009
8/31/2009
9/7/2009

Median
9/14/2009
9/21/2009
9/28/2009
10/5/2009
10/12/2009
10/19/2009
10/26/2009
11/2/2009
11/9/2009
11/16/2009
11/23/2009

Long-term average
11/30/2009
12/7/2009
12/14/2009
12/21/2009
12/28/2009
1/4/2010
1/11/2010
1/18/2010
1/25/2010
2/1/2010
below LT average
remain depressed

2/8/2010
2/15/2010
EV/EBITDA multiples

2/22/2010
3/1/2010
3/8/2010
3/15/2010
3/22/2010
3/29/2010
4/5/2010
4/12/2010
4/19/2010
4/26/2010
2120 2022 22 2323 2222 2424 2323 2424 26 2626 2625 2526 2628 28 2930 3334 3639 3738 3738 39 3737 3740 4139 4041 41 4041 4245 4443 4949 4850 50 5049 4846

www.mackieresearch.com
 10
Source: CapitalIQ
Multiple (x)

# companies
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
3/9/2009
3/16/2009
3/23/2009
Median P/E

3/30/2009
4/6/2009
4/13/2009
4/20/2009
4/27/2009
5/4/2009
5/11/2009
5/18/2009
5/25/2009
6/1/2009
6/8/2009
6/15/2009
6/22/2009
6/29/2009
7/6/2009
7/13/2009
7/20/2009
7/27/2009
8/3/2009
8/10/2009
8/17/2009
8/24/2009
8/31/2009
9/7/2009

Median
9/14/2009
9/21/2009
9/28/2009
10/5/2009
10/12/2009
10/19/2009
10/26/2009
11/2/2009
11/9/2009
11/16/2009
11/23/2009

Long-term average
11/30/2009
12/7/2009
12/14/2009
12/21/2009
12/28/2009
1/4/2010
1/11/2010
1/18/2010
1/25/2010
2/1/2010
2/8/2010
below LT average

2/15/2010
P/E multiples also

2/22/2010
3/1/2010
3/8/2010
3/15/2010
3/22/2010
3/29/2010
4/5/2010
4/12/2010
4/19/2010
4/26/2010
1719 1919 18 1819 1919 2020 1918 1919 20 2021 2524 2525 2526 26 2729 3029 3031 3032 3435 36 3636 3637 3839 3737 37 3635 3632 3130 3333 3333 33 3333 3231

www.mackieresearch.com
 11
-
5.0
10.0
15.0
20.0
25.0

# Companies 2
Infrastructure

6
Diversified

3
SMS/Voice

7
Social Networking

2
Music

1
Vertical Communities

4
Mobile

5
Marketing

1
Learning

Gaming

21
1
Podcasting

1
Collaboration
EV/Revenue

1
Search

3
Advertising

1
Video

2
Internet Retail

3
Enterprise

2
Dating

9
Media

1
Financial Services

1
Virtual World

-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
Average Valuation – by Sector

# Companies
1
Search
2

Enterprise
5

Diversified
1

Mobile
6

Media
1

Collaboration
2

Internet Retail
5

Social Networking
EV/EBITDA

Gaming
13
1

Financial Services
3

Marketing
1

Dating
1

Advertising
www.mackieresearch.com
 12
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
Ngi Group Inc.
Cyberplex Inc.
Jumbuck Entertainment Limited
RealNetworks Inc.

Source: CapitalIQ
Tree.Com, Inc.
GameOn Co Ltd.
Actoz Soft Co., Ltd.
Uniserve Communications Corp.
GigaMedia Ltd.
Glu Mobile, Inc.
Openwave Systems Inc.
Northgate Technologies Limited
DADA SpA
Points International Ltd.
Internet Group SA
IAC/InterActiveCorp.
AOL, Inc.

0.20.2 0.40.40.4 0.50.50.50.6 0.60.70.70.70.80.80.80.90.9

CDC Corp.
United Online, Inc.
CornerWorld Corporation
The New York Times Company
TheStreet.com, Inc.
Beyond Commerce, Inc.
OAO RBC Information Systems
AQ Interactive, Inc.
Hutchison Telecommunications Hong
EV/Revenue Ranking

HanbitSoft, Inc.
infoGROUP, Inc.
Gamania Digital Entertainment Co., Ltd.
Spark Networks, Inc.
YD Online Corp.
ValueClick, Inc.
NetDragon WebSoft, Inc.
1.0 1.0 1.0 1.0 1.2 1.2 1.2 1.3 1.3 1.3 1.4 1.4 1.5 1.6 1.6 1.7

Ynk Korea Inc.

Score Media Inc.
Shutterfly, Inc.
1.9 2.02.0

SNAP Interactive, Inc.

PNI Digital Media Inc.
Oriented Media Group Berhad
XING AG
Velti Plc
UOMO Media, Inc
Modern Times Group Mtg AB
NeuLion Incorporated
Webzen Inc.
GungHo Online Entertainment, Inc.
2.22.22.3 2.32.32.4 2.42.6 2.72.9

Sohu.com Inc.
SK Communications Co., Ltd.
Myriad Group AG
Open Text Corp.
NEOWIZ Games Corporation
Wizzard Software Corporation
3.0 3.13.23.2 3.4 3.5

iseemedia Inc.
Taleo Corp.
4.34.8
NeXplore has highest

Lingo Media Corporation

DigitalPost Interactive, Inc.
revenue multiple at 45.2x

WebMediaBrands Inc
5.0 5.1 5.5

Kingsoft Corporation Limited

Accelerize New Media, Inc.
Changyou.com Limited
5.7 5.86.4

Unilava Corporation
6.6

Mixi, Inc.
7.8

Frogster Interactive Pictures AG

9.1

Fluid Music Canada, Inc.

Gree, Inc.
10.3

TransGaming, Inc.
HUGHES Telematics, Inc.
12.012.0

Chinese Gamer International

13.4
15.4

GeoSentric Oyj
Paid Inc.
18.1

MOKO.mobi Limited
19.5

Tencent Holdings Ltd.

23.3

Bright Things plc

30.7

SpectrumDNA, Inc.
44.1

NeXplore Corporation
45.2

www.mackieresearch.com
 13
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
Cyberplex Inc.

GameOn Co Ltd.

Source: CapitalIQ
AOL, Inc.

Actoz Soft Co., Ltd.

1.9 2.0 2.7 2.7

United Online, Inc.
Hutchison Telecommunications Hong Kong Holdings
Ltd.
ValueClick, Inc.
The New York Times Company

4.7 5.1 5.7 5.7

Sohu.com Inc.

6.7
Spark Networks, Inc.

DADA SpA

YD Online Corp.
infoGROUP, Inc.
EV/EBITDA Ranking

Gamania Digital Entertainment Co., Ltd.

CDC Corp.
6.9 6.9 7.0 7.6 7.8 8.0

XING AG
NetDragon WebSoft, Inc.

PNI Digital Media Inc.

Changyou.com Limited
8.4 8.4 8.9 9.3

Tree.Com, Inc.

Uniserve Communications Corp.

9.8 10.1

Velti Plc
11.1

Score Media Inc.

Open Text Corp.

NEOWIZ Games Corporation

GungHo Online Entertainment, Inc.

11.9 11.9 12.0 12.3

Kingsoft Corporation Limited

IAC/InterActiveCorp.
13.2 13.9
the group at 46.2x

HanbitSoft, Inc.

Shutterfly, Inc.
14.6 14.9
SK Communications leads

Openwave Systems Inc.

15.1

Ynk Korea Inc.

Modern Times Group Mtg AB

16.3 17.2

Gree, Inc.
17.5

Mixi, Inc.
21.7

Chinese Gamer International

24.7

Taleo Corp.
32.4

TheStreet.com, Inc.
35.1

Tencent Holdings Ltd.

SK Communications Co., Ltd.

45.5 46.2

www.mackieresearch.com
Excluding EV/EBITDA > 100x
 14
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
Shanda Interactive Entertainment Ltd.

Source: CapitalIQ
2.0
Giant Interactive Group, Inc.

2.1
Netease.com Inc.

2.6
Jumbuck Entertainment Limited

4.4
P/E Ranking

Cyberplex Inc.

5.7
GigaMedia Ltd.

6.6
YD Online Corp.

8.5
DADA SpA

United Online, Inc.

GameOn Co Ltd.

AOL, Inc.

Changyou.com Limited
10.6 11.0 11.7 12.1 12.4

ValueClick, Inc.

Sohu.com Inc.
Hutchison Telecommunications Hong Kong Holdings
14.3 14.8 15.4

Ltd.
Kingsoft Corporation Limited

The New York Times Company

CDC Corp.
18.5 18.9 20.6

Velti Plc

Gamania Digital Entertainment Co., Ltd.

HanbitSoft has the

22.6 24.5
highest P/E at 76.6x

NetDragon WebSoft, Inc.

25.7

Chinese Gamer International

32.0

Gree, Inc.

NEOWIZ Games Corporation

34.5 35.3

Open Text Corp.

40.9

Mixi, Inc.

Tencent Holdings Ltd.

57.7 58.9

GungHo Online Entertainment, Inc.

69.3

HanbitSoft, Inc.
76.6

www.mackieresearch.com
 15
Source: CapitalIQ
(US$m)

# companies
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000

5/4/2009
5/11/2009
5/18/2009
5/25/2009
6/1/2009
6/8/2009
6/15/2009
6/22/2009
6/29/2009
7/6/2009
7/13/2009
7/20/2009
7/27/2009
8/3/2009
8/10/2009
8/17/2009
8/24/2009
8/31/2009
9/7/2009
9/14/2009
9/21/2009
9/28/2009
10/5/2009
10/12/2009
10/19/2009
10/26/2009
11/2/2009
11/9/2009
11/16/2009
11/23/2009
11/30/2009
12/7/2009
12/14/2009
Total Market Capitalization - $80 BN

12/21/2009
12/28/2009
1/4/2010
1/11/2010
1/18/2010
1/25/2010
2/1/2010
2/8/2010
2/15/2010
2/22/2010
3/1/2010
3/8/2010
3/15/2010
3/22/2010
3/29/2010
4/5/2010
4/12/2010
4/19/2010
4/26/2010
94 95 95 94 95 95 95 95 95 95 95 95 95 95 95 95 95 95 94 95 95 95 95 95 95 95 95 95 96 96 98 98 98 98 98 98 98 98 98 98 98 98 99 99 99 99 99 99 99 99 99 99

www.mackieresearch.com
 16
-

# Companies
5,000.0
10,000.0
15,000.0
20,000.0
25,000.0
30,000.0
35,000.0
40,000.0
45,000.0
50,000.0

7
Diversified

Gaming

27
Media

10
Social Networking

16
1
Collaboration

6
Marketing

3
Enterprise

2
Internet Retail

1
Search

5
Mobile
Total Market Cap – by Sector

3
SMS/Voice

1
Financial Services

2
Music

1
Video

2
Dating
2
Virtual World
3

Advertising
over $17b in market cap

Vertical Communities
27 Gaming companies totaling

Payment
3

Infrastructure
1

Podcasting
1

Learning
www.mackieresearch.com
 17
0
1,000
2,000
3,000
4,000
5,000
6,000
BroadWebAsia Inc.
Mobile Data Corp.
UOMO Media, Inc
CornerWorld Corporation

Source: CapitalIQ
Uniserve Communications Corp.
Beyond Commerce, Inc.
En2Go International, Inc.
Kiwibox.Com, Inc.
DigitalPost Interactive, Inc.
Worlds.com Inc.
Kent International Holdings Inc.
Oriented Media Group Berhad
SpectrumDNA, Inc.
Real Value Estates, Inc.
Bright Things plc
Lingo Media Corporation
Sahara Media Holdings, Inc.
SNAP Interactive, Inc.
iseemedia Inc.
MOKO.mobi Limited
Jumbuck Entertainment Limited
IAS Energy, Inc.
VOIS, Inc.
Internet Group SA
Northgate Technologies Limited
Wizzard Software Corporation
NeXplore Corporation
Accelerize New Media, Inc.
LookSmart, Ltd.
Dolphin Digital Media, Inc.
Ynk Korea Inc.
Asknet AG
Market Cap Ranking

Socialwise, Inc.
Multiplied Media Corporation
WebMediaBrands Inc
Cyberplex Inc.
TransGaming, Inc.
Glu Mobile, Inc.
Unilava Corporation
DigitalTown, Inc.
GeoSentric Oyj
Quepasa Corp.
PNI Digital Media Inc.
Gravity Co., Ltd
Score Media Inc.
Frogster Interactive Pictures AG
Spark Networks, Inc.
Ngi Group Inc.
Moggle, Inc
NeuLion Incorporated
HanbitSoft, Inc.
YD Online Corp.
Paid Inc.
Points International Ltd.
DADA SpA
Fluid Music Canada, Inc.
Tree.Com, Inc.
AQ Interactive, Inc.
GameOn Co Ltd.
Actoz Soft Co., Ltd.
TheStreet.com, Inc.
Webzen Inc.
GigaMedia Ltd.
The9 Limited
XING AG
Myriad Group AG
Velti Plc
OAO RBC Information Systems
Openwave Systems Inc.
Gamania Digital Entertainment Co., Ltd.
NetDragon WebSoft, Inc.
dominates group

CDC Corp.
HUGHES Telematics, Inc.
GungHo Online Entertainment, Inc.
infoGROUP, Inc.
RealNetworks Inc.
Tencent’s $39 bn market cap

SK Communications Co., Ltd.

Shutterfly, Inc.
NEOWIZ Games Corporation
United Online, Inc.
ValueClick, Inc.
Kingsoft Corporation Limited
Hutchison Telecommunications Hong Kong Holdings
Chinese Gamer International
Mixi, Inc.
Taleo Corp.
The New York Times Company
Perfect World Co., Ltd.
Giant Interactive Group, Inc.
Changyou.com Limited
Sohu.com Inc.
Open Text Corp.
IAC/InterActiveCorp.
Gree, Inc.
AOL, Inc.
Shanda Interactive Entertainment Ltd.
Modern Times Group Mtg AB
Netease.com Inc.
Tencent Holdings Ltd.
www.mackieresearch.com
 Price Performance – 1 week
• Positive momentum, with 66% of stocks
rising or flat over past week. Price Momentum

Falling
34%

Rising
53%
Flat
13%

18 www.mackieresearch.com
 Average Price Performance – 1 Week, By Sector

30.0% 28.0%

25.0%
Dating shows
biggest gains
20.0% 16.6%
15.0% 13.2%12.8%

10.0% 7.7%
6.3%
4.9%
5.0% 3.6% 3.5% 3.4% 2.5% 2.4%
1.3% 0.9%
0.0%
-0.3% -0.8%
-5.0% -1.5% -1.8%
-4.3% -4.7%
-6.1%
-10.0%

-15.0% -12.3%
Internet Retail

Infrastructure
Networking
Collaboration

Virtual World
Financial
Payment
Communities

Advertising

Learning
Music
Dating

Search

Enterprise

Gaming

Podcasting

Marketing

Mobile

Diversified
Services
SMS/Voice

Media
Video

Social
Vertical

# companies

Source: CapitalIQ

19 www.mackieresearch.com
 20
-60.0%
-40.0%
-20.0%
0.0%
20.0%
40.0%
60.0%
80.0%
BWBA
NXPC
SHHD
BYOC
SPXA

Source: CapitalIQ
TSXV:MMC
TSXV:LM
A047080
IASC.A
KOSE:A069
TSX:CX
PAYD
UNLA
LOV
DB:M0C
NYT
CM:DA
ACLZ
RBCI
OMEDIA
TSX:FMN
DGTW
777
3812
A023770
MKB
A095660
NCTY
2497
KNTH
IACI
FRG
VCLK
GA
KIWB
GEO1V
MYRN
CWRL
AIM:BGT
ETGI
RVLU
TSX:SCR
UOMO
WDDD
WSE:IGR
TSXV:TNG
ASX:JMB
Price Performance – 1 Week

O1BC
PWRD
CHIN.A
MBYL
TREE
OTEX
590057
TLEO
SEHK:215
SNDA
IUSA
A052770
GRVY
2121
XTRA:A5A
RNWK
3888
GIGM
SCLW
WZE
TSE:3632
OPWV
TSXV:PN
AOL
SFLY
UNTD
700
MTG B
SOHU
DPDM
WEBM
NTES
CYOU
GTSM:3083
TSX:NLN
VEL
QPSA
IEE
6180
TSCM
DGLP
A052790
LOOK
3765
A066270
3838
VOIS
TSX:PTS
HUTC
GLUU
TSXV:USS
STVI
www.mackieresearch.com
 21
0%
50%
100%
150%
200%
250%
300%

0%
500%
1000%
1500%
2000%
2500%
3000%
3500%
OAO RBC
Information IAS Energy, Inc.
Systems

AQ Interactive, Beyond

Source: CapitalIQ
Inc. Commerce, Inc.

AQ Interactive,
Quepasa Corp. Inc.

Uniserve
Communications DigitalTown, Inc.
Corp.

VOIS, Inc. Glu Mobile, Inc.

6 Month
1 Month

SK Uniserve
Communications Communications
Co., Ltd. Corp.

Oriented Media
VOIS, Inc.
Group Berhad

SNAP Internet Group

Interactive, Inc. SA

GungHo Online
Velti Plc Entertainment,
Inc.

HUGHES
Ngi Group Inc.
Telematics, Inc.
Price Performance (Top 10)

0%
1000%
2000%
3000%
4000%
5000%
6000%
7000%
0%
500%
1000%
1500%
2000%
2500%
3000%
3500%

OAO RBC OAO RBC

Information Information
Systems Systems

Quepasa Corp. DigitalTown,

Inc.

TransGaming, IAS Energy,

Inc. Inc.

Beyond
VOIS, Inc. Commerce,
Inc.

AQ Interactive, Unilava
Inc. Corporation
1 Year
3 Month

Uniserve SNAP
Communications Interactive,
Corp. Inc.

DigitalPost Ngi Group

Interactive, Inc. Inc.

Oriented
Fluid Music Media
Canada, Inc. Group
Berhad
AQ
CDC Corp. Interactive,
Inc.

Shutterfly,
Glu Mobile, Inc.
Inc.
www.mackieresearch.com
 22
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%

-100.0%
-90.0%
-80.0%
-70.0%
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
Webzen Inc.
DADA SpA

Northgate IAS Energy,

Source: CapitalIQ
Technologies Inc.
Limited

Lingo Media HanbitSoft, Inc.

Corporation

Lingo Media
Cyberplex Inc. Corporation

Multiplied
NeXplore Media
Corporation Corporation
1 Week

6 Month
CornerWorld SpectrumDNA,
Corporation Inc.

En2Go Beyond
International, Commerce,
Inc. Inc.

UOMO Media, Sahara Media

Inc Holdings, Inc.

BroadWebAsia NeXplore
Inc. Corporation

Sahara Media BroadWebAsia

Holdings, Inc. Inc.
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
Price Performance (Bottom 10)

-120.0%
-100.0%
-80.0%
-60.0%
-40.0%
-20.0%
0.0%

Northgate Lingo Media

Technologies Corporation
Limited

Wizzard Mobile Data

Software Corp.
Corporation
Multiplied
Media
Cyberplex Inc.
Corporation

UOMO Media,
Mobile Data
Inc
Corp.

UOMO Media, SpectrumDNA,

Inc Inc.
1 Year
1 Month

CornerWorld Sahara Media

Corporation Holdings, Inc.

En2Go NeXplore
International, Corporation
Inc.

Sahara Media BroadWebAsia

Holdings, Inc. Inc.

Beyond En2Go
Commerce, International,
Inc. Inc.

BroadWebAsia CornerWorld
Inc. Corporation
www.mackieresearch.com
 Capital Market Activity (Financing, M&A)

23 www.mackieresearch.com
 24
(US$m)

0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Oct-04
Dec-04
Feb-05
Apr-05
Jun-05
Aug-05
Oct-05
Dec-05
Feb-06
Apr-06
Jun-06
Aug-06
Financing Momentum

Oct-06
Dec-06

Total (LTM)
Feb-07
Apr-07
Jun-07
Aug-07
Oct-07
Dec-07
Feb-08
Apr-08
Jun-08
Aug-08

Average Size (LTM)

Oct-08
Dec-08
Feb-09
Apr-09
Jun-09
transactions
by large DST

Aug-09
Sharp rise driven

Oct-09
Dec-09
Feb-10
Apr-10
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0

(US$m)
www.mackieresearch.com
 Financing activity – Current Month
Month Com pany Nam e Country Sector Angel/Seed Debt financing PIPE Series A Series B Series C Series D Grand Total
Apr-10 Digital Sky Technologies Russia Diversified 300.0 300.0
Groupon USA Social Commerce 135.0 135.0
Vidyo USA Video 25.0 25.0
LendingClub USA Financial Services 24.5 24.5
MokaFive USA Enterprise 21.0 21.0
Diapers.com USA Internet Retail 20.0 20.0
BlackArrow USA Advertising 20.0 20.0
Xobni USA Social Netw orks 16.2 16.2
Box.net USA Collaboration 15.0 15.0
Prosper.com USA Financial Services 14.6 14.6
Knew ton USA Online Learning 12.5 12.5
Brightcove USA Video 12.0 12.0
EdgeCast CDN USA Media 10.0 10.0
Tynt Canada Infrastructure 8.0 8.0
PubMatic USA Advertising 7.5 7.5
Overtone USA Analytics 7.0 7.0
Searchandise Com m erce USA Advertising 7.0 7.0
OpenSky USA Social Commerce 6.0 6.0
Stitcher USA Media 6.0 6.0
Cram ster USA Vertical Communities 6.0 6.0
quirky USA Social Netw orks 6.0 6.0
58.com China Classified 5.8 5.8
Netw orked Insights USA Analytics 5.0 5.0
Tum blr USA Social Netw orks 5.0 5.0
TellApart USA Analytics 4.8 4.8
Wildfire USA Advertising 4.0 4.0
Daily Grom m et USA Social Commerce 3.4 3.4
gdgt USA Vertical Communities 3.2 3.2
Tw eetPhoto USA Micromedia 2.6 2.6
Assistly USA Enterprise 2.2 2.2
Wibiya Israel Blog 2.0 2.0
Spredfast USA Analytics 1.6 1.6
FreshPlanet USA Gaming 1.5 1.5
Zoom Safer USA Mobile 1.0 1.0
NearVerse USA Location-based SNS 1.0 1.0
DIYSEO USA Search 1.0 1.0
Kontagent USA Analytics 1.0 1.0
Currensee USA Financial Services 0.8 0.8
MyLikes USA Advertising 0.6 0.6
Plyce France Location-based SNS 0.4 0.4
Apr-10 Total 4.0 20.0 300.0 29.1 47.8 298.7 26.6 726.1

25 www.mackieresearch.com
 Financing activity – Current Month, By Sector
# Deals $ Raised

Micromedia
2%
Music
2%
Classified
2% Diversified
Diversified 26% Gaming
Infrastructure Gaming
2% 14%
2% 7% Social
Vertical Commerce
Communities 7%
9% Crowdsourced
Online Learning Content
2% 2%

Collaboration Media
7% Social
2% Commerce
12%

Analytics
Video
11%
9%

Internet Retail
2%
Financial
Enterprise
Services
5%
7%
Advertising
Social Networks
11%
7% Other
48%

26 www.mackieresearch.com
 Financing Activity – last three months

800.0 20.0
$426 mm ex-DST, averaging 18.2
$15.2 mm per deal 18.0
700.0

16.0
600.0
14.0
12.5 12.5
500.0
12.0
10.2
(US$m)

(US$m)
400.0 8.9 9.1 10.0
8.2
8.0
300.0 6.4
5.8 5.5 5.5 5.4 6.0
4.6
200.0
4.0

100.0
2.0

0.0 0.0
Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10

*May-09 includes $200m FB investment

Dec-09 includes $180m Zynga investment
Total Average
Apr-10 includes $300m DST investment

27 www.mackieresearch.com
 28
(US$m)

0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0

# companies
1
Diversified

8
Gaming

6
Media

Video

11
Crowdsourced

5
Content
Social

4
Commerce
Advertising

17
8
Search
Social

10
Networks
Financial

8
Services

6
Mobile

3
Internet Retail

7
Analytics

2
Mobile Ad

2
Enterprise

3
Music
Vertical

7
Communities
Online

2
Learning
Mobile

1
Payment

1
Collaboration
4 Location-
based SNS
3

Virtual World
Advertising has most
deals in last 3 months

Microblog
3

Infrastructure
1

Widget
3

Travel
1

SMS/Voice
2

Blog
1

Classified
Online
1

Calendar
Capital Market Activity Ranking – by Sector, last three months

Micromedia
1

Online Dating
1

Aggregation
www.mackieresearch.com
 Top 10 Deals (2010 YTD)
Financings Acquisitions

350.0 180

160
300.0 160
300.0
142
140
250.0

120

200.0 100
100

150.0 80
135.0 80

100.0 60
50

40 36.5
50.0 33
25.0 24.5 21.0 20.0 20.0 16.2 15.0 14.6 21 20 18
20
0.0
Technologies

LendingClub

Box.net
Groupon

BlackArrow
Vidyo

MokaFive

Xobni
Diapers.com

Prosper.com
Digital Sky

0
Turbine Jigsaw Ankeena Mochi Aardvark StudioNow Saf-T-Net C&C Red 5 Multicast
Networks Media Media Studios, Media
Inc.

DST involved in 2
largest deals YTD

29 www.mackieresearch.com
 Upcoming events/earnings
Company Date Time Quarter Conf Call Details
AOL, Inc. (NYSE:AOL) 28-Apr-10 10:00 AM (EDT) Q1/10 http://ir.aol.com
CDC Corp. (NasdaqGS:CHIN.A) 28-Apr-10 9:00 AM (EDT) Q1/10
IAC/InterActiveCorp. (NasdaqGS:IACI) 28-Apr-10 11:00 a.m. EST Q1/10 http://www.iac.com/Investors
Openwave Systems Inc. (NasdaqGS:OPWV) 28-Apr-10 2:00 PM (PDT) Q3/10 877-941-1427
Shutterfly, Inc. (NasdaqGS:SFLY) 28-Apr-10 2:00 PM (PDT) Q1/10 970-315-0490
Taleo Corp. (NasdaqGM:TLEO) 28-Apr-10 5:00 PM (EDT) Q1/10 www.taleo.com
Open Text Corp. (NasdaqGS:OTEX) 29-Apr-10 5:00 PM (EDT) Q3/10 800-814-4860
Tree.Com, Inc. (NasdaqGM:TREE) 30-Apr-10 11:00 a.m. EST Q1/10 866-564-7440
TheStreet.com, Inc. (NasdaqGM:TSCM) 5-May-10 4:30 PM (EST) Q1/10 866-770-7129, p/w 13839355
United Online, Inc. (NasdaqGS:UNTD) 5-May-10 2:30 PM (PST) Q1/10 888-510-1783, 3384050
RealNetworks Inc. (NasdaqGS:RNWK) 6-May-10 5:00 PM (EST) Q1/10 800-857-5305

Source: CapitalIQ

30 www.mackieresearch.com
 Public Company Listing Trading Current US$ Market
Company Name Ticker Exchange Currency HQ Price Cap (mm) Employees
Accelerize New Media, Inc. ACLZ OTCBB USD United States 1 17.0 NA
Actoz Soft Co., Ltd. A052790 KOSE KRW South Korea 14,600 115.1 NA
AOL, Inc. AOL NYSE USD United States 28 3,020.2 6,700
AQ Interactive, Inc. 3838 TSE JPY Japan 174,800 103.0 NA
Asknet AG XTRA:A5A XTRA EUR Germany 4 27.1 NA
Beyond Commerce, Inc. BYOC OTCBB USD United States 0 3.9 86
Bright Things plc AIM:BGT AIM GBP United Kingdom 0 6.7 9
BroadWebAsia Inc. BWBA OTCPK USD United States 0 1.7 46
CDC Corp. CHIN.A NasdaqGS USD Hong Kong 3 305.7 NA
Changyou.com Limited CYOU NasdaqGS USD China 35 1,789.9 1,308
Chinese Gamer International GTSM:3083 GTSM TWD Taiwan 378 1,015.8 NA
CornerWorld Corporation CWRL OTCBB USD United States 0 1.9 16
Cyberplex Inc. TSX:CX TSX CAD Canada 1 41.7 NA
DADA SpA CM:DA CM EUR Italy 5 97.6 NA
DigitalPost Interactive, Inc. DGLP OTCBB USD United States 0 5.2 NA
DigitalTown, Inc. DGTW OTCBB USD United States 2 48.0 3
Dolphin Digital Media, Inc. DPDM OTCBB USD United States 0 20.6 NA
En2Go International, Inc. ETGI OTCBB USD United States 0 4.8 NA
Fluid Music Canada, Inc. TSX:FMN TSX CAD United States 2 99.2 NA
Frogster Interactive Pictures AG FRG XTRA EUR Germany 20 70.5 NA
Gamania Digital Entertainment Co., Ltd. 6180 GTSM TWD Taiwan 51 248.8 NA
GameOn Co Ltd. 3812 TSE JPY Japan 99,900 104.7 NA
GeoSentric Oyj GEO1V HLSE EUR Finland 0 48.4 NA
Giant Interactive Group, Inc. GA NYSE USD China 8 1,778.3 NA
GigaMedia Ltd. GIGM NasdaqGS USD Taiwan 3 167.4 751
Glu Mobile, Inc. GLUU NasdaqGM USD United States 1 45.2 NA
Gravity Co., Ltd GRVY NasdaqGM USD South Korea 2 62.0 469
Gree, Inc. TSE:3632 TSE JPY Japan 5,760 2,823.1 NA
GungHo Online Entertainment, Inc. 3765 OSE JPY Japan 288,000 358.1 NA
HanbitSoft, Inc. A047080 KOSE KRW South Korea 4,255 83.4 NA
HUGHES Telematics, Inc. HUTC OTCBB USD United States 4 322.3 276
Hutchison Telecommunications Hong Kong Holdings
SEHK:215Ltd. SEHK HKD Hong Kong 2 930.4 NA
IAC/InterActiveCorp. IACI NasdaqGS USD United States 24 2,741.4 3,200
IAS Energy, Inc. IASC.A OTCPK USD Canada 0 12.0 NA
infoGROUP, Inc. IUSA NasdaqGS USD United States 8 473.1 3,146
Internet Group SA WSE:IGR WSE PLN Poland 1 13.8 NA

31 www.mackieresearch.com
 Public Company Listing cont. Trading Current US$ Market
Company Name Ticker Exchange Currency HQ Price Cap (mm) Employees
iseemedia Inc. IEE TSXV CAD Canada 0.13 8.9 79
Jumbuck Entertainment Limited ASX:JMB ASX AUD Australia 0.25 11.2 NA
Kent International Holdings Inc. KNTH OTCPK USD United States 1.80 6.4 NA
Kingsoft Corporation Limited 3888 SEHK HKD China 6.24 891.7 NA
Kiwibox.Com, Inc. KIWB OTCBB USD United States 0.01 4.9 NA
Lingo Media Corporation TSXV:LM TSXV CAD Canada 0.57 7.0 65
LookSmart, Ltd. LOOK NasdaqGM USD United States 1.20 20.6 NA
Mixi, Inc. 2121 TSE JPY Japan 620,000.00 1,038.8 NA
Mobile Data Corp. MBYL OTCBB USD United States 0.07 1.7 NA
Modern Times Group Mtg AB MTG B OM SEK Sweden 450.60 4,129.8 2
Moggle, Inc DB:M0C DB EUR United States 1.20 75.5 NA
MOKO.mobi Limited MKB ASX AUD Australia 0.10 10.4 NA
Multiplied Media Corporation TSXV:MMC TSXV CAD Canada 0.17 36.9 405
Myriad Group AG MYRN SWX CHF Switzerland 4.20 191.7 NA
NEOWIZ Games Corporation A095660 KOSE KRW South Korea 38,450.00 725.3 2,901
NetDragon WebSoft, Inc. 777 SEHK HKD China 4.26 290.1 NA
Netease.com Inc. NTES NasdaqGS USD China 37.40 4,844.1 224
NeuLion Incorporated TSX:NLN TSX CAD Canada 0.70 80.2 NA
NeXplore Corporation NXPC OTCPK USD United States 0.30 16.7 NA
Ngi Group Inc. 2497 TSE JPY Japan 53,700.00 72.1 160
Northgate Technologies Limited 590057 BSE INR India 18.80 14.7 2,523
OAO RBC Information Systems RBCI MICEX RUB Russia 44.40 205.5 3,700
Open Text Corp. OTEX NasdaqGS USD Canada 47.74 2,695.5 590
Openwave Systems Inc. OPWV NasdaqGS USD United States 2.80 234.6 NA
Oriented Media Group Berhad OMEDIA KLSE MYR Malaysia 0.16 6.5 20
Paid Inc. PAYD OTCBB USD United States 0.32 86.1 NA
Perfect World Co., Ltd. PWRD NasdaqGS USD China 35.00 1,743.9 NA
PNI Digital Media Inc. TSXV:PN TSXV CAD Canada 1.80 59.6 NA
Points International Ltd. TSX:PTS TSX CAD Canada 0.61 89.7 71
Quepasa Corp. QPSA OTCBB USD United States 4.49 58.2 NA
Real Value Estates, Inc. RVLU OTCBB USD Israel 1.03 6.6 1,754
RealNetworks Inc. RNWK NasdaqGS USD United States 4.52 610.8 NA
Sahara Media Holdings, Inc. SHHD OTCBB USD United States 0.25 7.8 220
Score Media Inc. TSX:SCR TSX CAD Canada 0.80 63.8 NA
Shanda Interactive Entertainment Ltd. SNDA NasdaqGS USD China 44.97 3,024.5 519
Shutterfly, Inc. SFLY NasdaqGS USD United States 24.89 666.7 NA

32 www.mackieresearch.com
 Public Company Listing cont.
Trading Current US$ Market
Company Name Ticker Exchange Currency HQ Price Cap (mm) Employees
SK Communications Co., Ltd. A066270 KOSE KRW South Korea 16,500.00 618.3 NA
SNAP Interactive, Inc. STVI OTCBB USD United States 0.25 8.2 NA
Socialwise, Inc. SCLW OTCBB USD United States 0.60 29.1 3,997
Sohu.com Inc. SOHU NasdaqGS USD China 52.77 1,993.0 155
Spark Networks, Inc. LOV AMEX USD United States 3.48 71.6 NA
SpectrumDNA, Inc. SPXA OTCBB USD United States 0.10 6.5 916
Taleo Corp. TLEO NasdaqGM USD United States 27.41 1,087.0 7,515
Tencent Holdings Ltd. 700 SEHK HKD China 164.40 38,752.5 7,665
The New York Times Company NYT NYSE USD United States 11.28 1,641.8 NA
The9 Limited NCTY NasdaqGS USD China 6.78 173.0 NA
TheStreet.com, Inc. TSCM NasdaqGM USD United States 3.95 124.6 28
TransGaming, Inc. TSXV:TNG TSXV CAD Canada 0.75 42.0 700
Tree.Com, Inc. TREE NasdaqGM USD United States 9.22 101.5 39
Unilava Corporation UNLA OTCBB USD United States 0.47 47.0 NA
Uniserve Communications Corp. TSXV:USS TSXV CAD Canada 0.15 3.5 1,699
United Online, Inc. UNTD NasdaqGS USD United States 8.56 740.8 NA
UOMO Media, Inc UOMO OTCBB USD Canada 0.02 1.7 1,086
ValueClick, Inc. VCLK NasdaqGS USD United States 10.07 818.9 450
Velti Plc VEL AIM GBP United Kingdom 3.36 192.8 2
VOIS, Inc. VOIS OTCBB USD United States 0.01 13.0 NA
WebMediaBrands Inc WEBM NasdaqGS USD United States 1.06 39.7 NA
Webzen Inc. KOSE:A069080 KOSE KRW South Korea 12,050.00 127.7 NA
Wizzard Software Corporation WZE AMEX USD United States 0.25 16.5 NA
Worlds.com Inc. WDDD OTCBB USD United States 0.10 5.4 NA
XING AG O1BC XTRA EUR Germany 27.40 191.6 NA
YD Online Corp. A052770 KOSE KRW South Korea 6,380.00 85.6 NA
Ynk Korea Inc. A023770 KOSE KRW South Korea 3,195.00 22.8 -

33 www.mackieresearch.com
 Disclaimer
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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.
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34 www.mackieresearch.com