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Web 2.

0 Weekly
“Market Declines Impact Web 2.0 Universe Valuations”
May 26, 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)
 Cyberplex (TSX:CX) announced plans to acquire Tsavo Media for US$75.6 mm,
partially funded through a C$30 mm bought deal financing at $0.55.
 Online gaming company Gaikai, raised $10.0 mm in Series B financing.
 Blip.TV, online TV provider, raised $10.1 mm in Series C financing.

Financial Results/Guidance
 Netease.com (NasdaqGS:NTES, online gaming) reported Q1/F10 revenue of RMB 1.2
bn (vs. RMB 781.7 mm in the same period last year).
 Snap Interactive (OTCBB:STVI, online dating) reported Q1/F10 revenue growth of 20%
to $0.927 mm from $0.768 mm.

2 www.mackieresearch.com
Public Company Data

3 www.mackieresearch.com
Aggregate Public Data

Web 2.0 Public Companies Total Median Max Min


# Companies 102 - - -
Market Cap (US$ mm) 76,398.3 58.8 33,384.2 1.7
Revenue (US$ mm) 23,069.7 58.3 3,057.7 0.0
1 Year revenue growth 5.5% 857.0% -91.4%
EBITDA as % of revenue - 13.3% 63.1% -75.0%
Net cash (US$ mm) 9,067.7 2.0 1,826.7 -670.8
TEV/Revenue - 1.9x 37.3x 0.0x
TEV/EBITDA - 9.2x 45.0x 0.0x
P/E - 15.0x 82.6x 0.0x
Relative to 52 week high -41.9% -4.7% -96.3%

Source: CapitalIQ

4 www.mackieresearch.com
5
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
5% 3%

Rising
20%
Falling
62% Rising
33% Falling
77%

EV/EBITDA P/E

Flat Flat
2% 0%

Rising
Rising
17%
20%

Falling
Falling 80%
81%

6 www.mackieresearch.com
7
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
4/7/2009
4/14/2009
4/21/2009
4/28/2009
5/5/2009
5/12/2009
5/19/2009
5/26/2009
6/2/2009
6/9/2009
6/16/2009
6/23/2009
6/30/2009
7/7/2009
7/14/2009
7/21/2009
Median EV/Revenue

7/28/2009
8/4/2009
8/11/2009
8/18/2009
8/25/2009
9/1/2009
9/8/2009
9/15/2009
9/22/2009
9/29/2009
10/6/2009

Median
10/13/2009
10/20/2009
10/27/2009
11/3/2009
11/10/2009
11/17/2009
11/24/2009
12/1/2009
12/8/2009
12/15/2009

Long-term average
12/22/2009
12/29/2009
1/5/2010
1/12/2010
1/19/2010
1/26/2010
2/2/2010
2/9/2010
2/16/2010
2/23/2010
3/2/2010
down fourth

3/9/2010
3/16/2010
consecutive week
Revenue multiples

3/23/2010
3/30/2010
4/6/2010
4/13/2010
4/20/2010
4/27/2010
5/4/2010
5/11/2010
5/18/2010
5/25/2010
393940404041414043434546474746474850515150525354565859596164646463646468696870716965707170707375787780787879788081848281

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

# companies
0. 0x
5. 0x
10. 0x
15. 0x
20. 0x
25. 0x
4/7/2009
4/14/2009
4/21/2009
4/28/2009
5/5/2009
5/12/2009
5/19/2009
5/26/2009
6/2/2009
6/9/2009
6/16/2009
6/23/2009
6/30/2009
7/7/2009
Median EV/EBITDA

7/14/2009
7/21/2009
7/28/2009
8/4/2009
8/11/2009
8/18/2009
8/25/2009
9/1/2009
9/8/2009
9/15/2009
9/22/2009
9/29/2009
10/6/2009

Median
10/13/2009
10/20/2009
10/27/2009
11/3/2009
11/10/2009
11/17/2009
11/24/2009
12/1/2009
12/8/2009
12/15/2009
12/22/2009

Long-term average
12/29/2009
1/5/2010
1/12/2010
1/19/2010
1/26/2010
2/2/2010
2/9/2010
2/16/2010
2/23/2010
3/2/2010
below LT average

3/9/2010
remain depressed

3/16/2010
EV/EBITDA multiples

3/23/2010
3/30/2010
4/6/2010
4/13/2010
4/20/2010
4/27/2010
5/4/2010
5/11/2010
5/18/2010
5/25/2010
20 20 22 22 23 23 22 22 24 24 23 23 24 24 26 26 26 26 25 25 26 27 29 30 32 33 35 36 38 41 39 40 39 40 41 39 39 39 42 43 41 41 43 43 42 43 44 47 46 45 51 51 50 53 53 52 53 53 50 50

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

# companies
0. 0x
5. 0x
10. 0x
15. 0x
20. 0x
25. 0x
30. 0x
35. 0x
4/7/2009
4/14/2009
4/21/2009
Median P/E

4/28/2009
5/5/2009
5/12/2009
5/19/2009
5/26/2009
6/2/2009
6/9/2009
6/16/2009
6/23/2009
6/30/2009
7/7/2009
7/14/2009
7/21/2009
7/28/2009
8/4/2009
8/11/2009
8/18/2009
8/25/2009
9/1/2009
9/8/2009
9/15/2009
9/22/2009
9/29/2009
10/6/2009

Median
10/13/2009
10/20/2009
10/27/2009
11/3/2009
11/10/2009
11/17/2009
11/24/2009
12/1/2009
12/8/2009
12/15/2009
12/22/2009

Long-term average
12/29/2009
1/5/2010
1/12/2010
1/19/2010
1/26/2010
2/2/2010
2/9/2010
2/16/2010
2/23/2010
3/2/2010
3/9/2010
3/16/2010
below LT average
P/E multiples also

3/23/2010
3/30/2010
4/6/2010
4/13/2010
4/20/2010
4/27/2010
5/4/2010
5/11/2010
5/18/2010
5/25/2010
19 19 19 18 18 19 19 19 20 20 19 18 19 19 20 20 21 25 24 25 25 26 27 26 28 30 31 32 31 32 32 34 35 37 38 38 38 38 39 40 41 39 39 39 37 36 37 33 32 31 34 34 34 34 34 34 34 33 31 35

www.mackieresearch.com
10
-
5.0
10.0
15.0
20.0
25.0

# Companies 2
Infrastructure

2
Music

7
Social Networking

1
Learning

5
Diversified

1
Vertical Communities

4
Mobile

3
SMS/Voice

6
Marketing

Gaming

21
1
Search

1
Collaboration
EV/Revenue

9
Media

3
Advertising

1
Podcasting

1
Video

2
Internet Retail

3
Enterprise

2
Dating

1
Financial Services

1
Virtual World

-
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
Average Valuation – by Sector

# Companies
1
Mobile
2

Enterprise
5

Diversified
2

Internet Retail
6

Media
1

Collaboration
5

Social Networking
EV/EBITDA

Gaming
14
3

Marketing
1

Dating
1

Advertising
www.mackieresearch.com
11
0. 0
5. 0
10. 0
15. 0
20. 0
25. 0
30. 0
35. 0
40. 0
L ook S mart, L td.
As k net AG
C y berplex Inc.
Actoz S oft C o. , Ltd.

Source: CapitalIQ
J umbuc k E ntertainment L imited

0.10.10.20.20.20.3
R ealNetwork s Inc.
T ree. C om, Inc.
O penwav e S y s tems Inc .
S NAP Interac tive, Inc .
G lu Mobile, Inc .
Northgate T echnologies Limited
P oints International L td.
G igaMedia L td.
AO L, Inc .
DADA S pA
C DC C orp.
Unis erv e C ommunications C orp.
AQ Interactive, Inc.
Internet G roup S A
IAC /InterActiv eC orp.
United O nline, Inc .
T heS treet.c om, Inc .
T he New Y ork T imes C ompany
NetDragon WebS oft, Inc.
O AO R B C Information S ys tems
C ornerWorld C orporation
EV/Revenue Ranking

0.40.4 0.5 0.50.60.6 0.6 0.70.70.70.70.7 0.70.80.80.80.80.9 0.9 1.0 1.0


H anbitS oft, Inc .
H utc his on T elecommunic ations H ong
infoG R O U P , Inc .
S park Network s , Inc.
G amania Digital E ntertainment C o., Ltd.
O riented Media G roup B erhad
NeuLion Inc orporated
1.2 1.3 1.4 1.4 1.4 1.4 1.5

G ungHo O nline E ntertainment, Inc.


V alueC lick , Inc.
S hutterfly , Inc .
S c ore Media Inc.
P latforma Mediowa P oint G roup S . A.
Webz en Inc .
Modern T imes G roup Mtg AB
XING AG
S ohu.c om Inc.
P NI Digital Media Inc.
1.7 1.7 1.8 1.9 2.02.02.0 2.12.2 2.3

U O MO Media, Inc
Wiz z ard S oftware C orporation
O pen T ex t C orp.
S K C ommunic ations C o. , Ltd.
is eemedia Inc.
F rogs ter Interac tiv e P ic tures AG
eP ro Ltd.
My riad G roup AG
2.6 2.72.92.93.0 3.13.1

NE O WIZ G ames C orporation


T aleo C orp.
Mix i, Inc.
3.4 3.53.63.9

K ings oft C orporation Limited


C hangyou. com Limited
revenue multiple at 37.3x
SpectrumDNA has highest

U nilav a C orporation
WebMediaB rands Inc
4.14.24.3 4.4

F luid Mus ic C anada, Inc.


L ingo Media C orporation
HU G H E S T elematic s , Inc .
5.4 5.5 5.8

Ac celeriz e New Media, Inc .


V elti P lc
6.26.3

DigitalP os t Interactiv e, Inc.


G ree, Inc.
7.9 8.4

Dena C o. L td.
8.8

T rans G aming, Inc.


C hines e G amer International
G eoS entric O y j
11.211.8

MO K O . mobi Limited
12.8

B ey ond C ommerc e, Inc.


14.5

P aid Inc.
T enc ent H oldings L td.
17.417.5

B right T hings plc


25.7

S pectrumDNA, Inc .
37.3

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
C y berplex Inc.

AO L , Inc .

1. 5 2.1

Source: CapitalIQ
United O nline, Inc .

NetDragon WebS oft, Inc.


H utc his on T elec ommunications H ong K ong H oldings

3. 9 4.6 5. 0
L td.
S ohu.c om Inc.

T he New Y ork T imes C ompany


V alueC lic k , Inc.

G ungH o O nline E ntertainment, Inc .


C DC C orp.

5.0 5. 1 6. 1 6. 2 6. 2
C hangy ou.c om L imited

S park Network s , Inc.


infoG R O U P , Inc .
6.5 6. 5 6.7
EV/EBITDA Ranking

7.
U nis erve C ommunic ations C orp.
5

XING AG

G amania Digital E ntertainment C o., L td.


P NI Digital Media Inc.

DADA S pA

K ings oft C orporation L imited


8.1 8. 1 8. 9 8. 9 9. 2

IAC /InterAc tiveC orp.

O pen T ex t C orp.
9.6 9. 7

P latforma Mediowa P oint G roup S . A.

H anbitS oft, Inc .

S c ore Media Inc.


10. 9 11.2 11. 5

NE O WIZ G ames C orporation

S hutterfly , Inc.
45.0x

G ree, Inc.
12.6 13.1 13. 8

T heS treet.c om, Inc .


13.9

Modern T imes G roup Mtg AB

O penwave S y s tems Inc .


Points leads the group at

G igaMedia L td.
Mix i, Inc.
14. 2 14.4 14. 9 15.2

F rogs ter Interactive P ic tures AG


Dena C o. L td.
18. 5 19. 3

C hines e G amer International


22. 0

T aleo C orp.
26. 1

V elti P lc
30.4

T enc ent H oldings L td.


33. 7

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

P oints International L td.


44.2 45. 0

www.mackieresearch.com
Excluding EV/EBITDA > 100x
13
0. 0
10. 0
20. 0
30. 0
40. 0
50. 0
60. 0
70. 0
80. 0
90. 0
C y berplex Inc .

Source: CapitalIQ
5.1
U nis erve C ommunic ations C orp.

5. 8
G ameO n C o L td.

8.3
U nited O nline, Inc.

9.4
P/E Ranking

C hangy ou.c om L imited

9.6
AO L , Inc.

DADA S pA

10. 6 10. 9
S ohu.c om Inc .

K ings oft C orporation L imited

V alueC lick , Inc .


Hutchis on T elec ommunic ations Hong K ong Holdings
L td.
T he New Y ork T imes C ompany
13.7 14.2 14. 5 14.8 15.0

NetDragon WebS oft, Inc .

F rogs ter Interac tive P ic tures AG


20.5 21. 3

G ree, Inc .

C hines e G amer International


27.3 29. 2

G amania Digital E ntertainment C o., L td.

V elti P lc
30.7 31.8

NE O WIZ G ames C orporation


37.0
Shutterfly has the

O pen T ex t C orp.
42. 5
highest P/E at 82.6x

Dena C o. L td.

T enc ent H oldings L td.


44.7 44.7

infoG R O UP , Inc .

C DC C orp.

P oints International L td.

Mix i, Inc .
46. 8 46. 8 47. 1 47. 2

H anbitS oft, Inc.


61.4

Ac toz S oft C o. , Ltd.


64.9

S hutterfly, Inc .
82. 6

www.mackieresearch.com
14
Source: CapitalIQ
(U S $m)

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

6/2/2009
6/9/2009
6/16/2009
6/23/2009
6/30/2009
7/7/2009
7/14/2009
7/21/2009
7/28/2009
8/4/2009
8/11/2009
8/18/2009
8/25/2009
9/1/2009
9/8/2009
9/15/2009
9/22/2009
9/29/2009
10/6/2009
10/13/2009
10/20/2009
10/27/2009
Total Market Capitalization

11/3/2009
11/10/2009
11/17/2009
11/24/2009
12/1/2009
12/8/2009
12/15/2009
12/22/2009
12/29/2009
1/5/2010
1/12/2010
1/19/2010
1/26/2010
2/2/2010
2/9/2010
Total market cap down over $6 bn

2/16/2010
2/23/2010
3/2/2010
3/9/2010
3/16/2010
3/23/2010
3/30/2010
4/6/2010
4/13/2010
4/20/2010
4/27/2010
5/4/2010
5/11/2010
5/18/2010
5/25/2010
98 98 98 98 98 98 98 98 98 98 98 98 98 98 98 98 98 98 99 99 99 99 99 99 100101101101101101101101101101101101101101102102102102102102102102102102102102102102

www.mackieresearch.com
15
-

# 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

8
Diversified

Gaming

28
Media

10
Social Networking

17
1
Collaboration

6
Marketing

3
Enterprise

2
Internet Retail

1
Search

5
Mobile
Total Market Cap – by Sector

3
SMS/Voice

2
Music

1
Financial Services

2
Dating

3
Advertising
2
Virtual World
1

Video
1

Vertical Communities
over $37.5 bn in market cap

Payment
8 Diversified companies totaling

Infrastructure
1

Podcasting
1

Learning
www.mackieresearch.com
16
0
1,000
2,000
3,000
4,000
5,000
6,000
BroadWebAsia Inc.
UOMO Media, Inc
CornerWorld Corporation
Mobile Data Corp.

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

Multiplied Media Corporation


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

CDC Corp.
Gamania Digital Entertainment Co., Ltd.
infoGROUP, Inc.
RealNetworks Inc.
Velti Plc
SK Communications Co., Ltd.
Tencent’s $33 bn market cap

United Online, Inc.


Shutterfly, Inc.
Kingsoft Corporation Limited
NEOWIZ Games Corporation
Mixi, Inc.
Chinese Gamer International
ValueClick, Inc.
Hutchison Telecommunications Hong Kong Holdings
Taleo Corp.
Perfect World Co., Ltd.
The New York Times Company
Changyou.com Limited
Giant Interactive Group, Inc.
Sohu.com Inc.
AOL, Inc.
Shanda Interactive Entertainment Ltd.
Open Text Corp.
IAC/InterActiveCorp.
Gree, Inc.
Modern Times Group Mtg AB
Netease.com Inc.
Dena Co. Ltd.
Tencent Holdings Ltd.
www.mackieresearch.com
Price Performance – 1 Week
• Negative momentum again, with 74%
of stocks falling over the past week Price Momentum
(following on last week’s 62% decline).

Rising
14%

Flat
12%

Falling
74%

17 www.mackieresearch.com
Average Price Performance – 1 Week, by Sector

20.0%
14.9%
15.0% Only 3 sectors show
8.7% positive returns
10.0%
5.0% 1.4%
0.0%
0.0%
-0.4% -0.4% -1.1%
-5.0% -2.3% -2.6% -2.9% -3.2%
-4.1% -4.3%
-5.8% -6.5% -6.9%
-10.0% -7.3% -8.0%
-10.5%
-15.0%
-13.9%
-20.0%
-25.0% -21.4%
-24.9%
-30.0%
Internet Retail
Infrastructure

Virtual World

Networking

Collaboration
Financial
Payment

Communities
Learning

Advertising

Music
Mobile

Diversified

Gaming

Enterprise

Marketing

Podcasting

Search

Dating
Services
SMS/Voice

Media
Video
Social

Vertical

Source: CapitalIQ

18 www.mackieresearch.com
19
-100.0%
-50.0%
0.0%
50.0%
100.0%
150.0%
200.0%
BWBA
STVI
IASC.A
A052770

Source: CapitalIQ
ASX:JMB
A066270
VOIS
GLUU
PAYD
QPSA
RBCI
WZE
A047080
CHIN.A
3812
DGTW
A052790
3888
WSE:IGR
3765
MKB
NCTY
AOL
SEHK:215
SPXA
MTG B
TSX:FMN
590057
TSCM
RNWK
777
LOOK
DGLP
GTSM:3083
SNDA
NXPC
700
HUTC
NTES
2497
2121
TSX:SCR
VCLK
OTEX
UNTD
KOSE:A069
XTRA:A5A
VEL
Price Performance – 1 Week

PWRD
A023770
TREE
FRG
CYOU
SOHU
TSE:2432
OMEDIA
TLEO
WEBM
SFLY
OPWV
TSXV:USS
TSX:PTS
GIGM
TSXV:TNG
SCLW
NYT
LOV
AIM:BGT
CM:DA
UNLA
TSX:NLN
IUSA
GA
TSXV:PN
KNTH
GRVY
6180
KIWB
TSXV:LM
TSXV:MMC
ETGI
DPDM
DB:M0C
GEO1V
CWRL
RVLU
WSE:PGM
IEE
IACI
3838
TSE:3632
O1BC
SEHK:8086
TSX:CX
ACLZ
MYRN
UOMO
A095660
BYOC
WDDD
MBYL
SHHD
www.mackieresearch.com
20
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%

0%
500%
1000%
1500%
2000%
2500%
OAO RBC Sahara Media
Information Holdings, Inc.
Systems

ePro Ltd.
ePro Ltd.

Source: CapitalIQ
Uniserve
Communications
Quepasa Corp.
Corp.

Mobile Data
AQ Interactive,
Inc.
Corp.

Uniserve
Communications
Velti Plc
Corp.

6 Month
1 Month

Velti Plc LookSmart, Ltd.

SK Gamania Digital
Communications Entertainment
Co., Ltd. Co., Ltd.

Beyond
Dena Co. Ltd. Commerce, Inc.

Points Lingo Media


International Ltd. Corporation

Score Media Inc. ValueClick, Inc.


Price Performance (Top 10)

0%
20%
40%
60%
80%
100%
120%
140%
160%

0%
500%
1000%
1500%
2000%
2500%
3000%

OAO RBC Beyond


Information Commerce,
Systems Inc.

ePro Ltd. ePro Ltd.

Sahara
Media
Quepasa Corp.
Holdings,
Inc.

LookSmart,
Velti Plc
Ltd.

TransGaming, IAS Energy,


Inc. Inc.
1 Year
3 Month

Uniserve
Communications Velti Plc
Corp.

DigitalPost Worlds.com
Interactive, Inc. Inc.

Frogster
Glu Mobile,
Interactive
Inc.
Pictures AG
NEOWIZ
VOIS, Inc. Games
Corporation

Quepasa
Dena Co. Ltd. Corp.
www.mackieresearch.com
21
-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%
Northgate
Quepasa Corp.
Technologies
Limited

Source: CapitalIQ
Paid Inc.
iseemedia Inc.

Kiwibox.Com, Glu Mobile, Inc.


Inc.

Cyberplex Inc. VOIS, Inc.

SK
Actoz Soft Communications
Co., Ltd. Co., Ltd.
1 Week

6 Month
Wizzard Jumbuck
Software Entertainment
Corporation Limited

CornerWorld
YD Online Corp.
Corporation

En2Go
International, IAS Energy, Inc.
Inc.

UOMO Media, SNAP


Inc Interactive, Inc.

BroadWebAsia BroadWebAsia
Inc. Inc.
-70.0%
-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%

Wizzard
Mixi, Inc.
Software
Corporation

Actoz Soft
IAS Energy,
Co., Ltd.
Inc.

Ngi Group Inc.


Cyberplex Inc.

Northgate
The9 Limited
Technologies
Limited

SpectrumDNA, VOIS, Inc.


Inc.
1 Year
1 Month

GungHo Online
CornerWorld Entertainment,
Corporation Inc.

En2Go IAS Energy,


International, Inc.
Inc.

UOMO Media, BroadWebAsia


Inc Inc.

Beyond
CornerWorld
Commerce,
Corporation
Inc.

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

22 www.mackieresearch.com
Financing Activity – Current Month
C om pany Nam e C ountr y S e ctor Acquis ition A nge l/S e e d S e r ie s A S e r ie s B S e r ie s C Grand T otal
T s avo Me dia US A Media 75.0 75. 0
C ube T r e e US A Collaboration 50.0 50. 0
Gilt Gr oupe US A Internet R etail 35.0 35. 0
S cout L abs US A A naly tic s 20.0 20. 0
Booyah US A V irtual World 20.0 20. 0
Huddle UK Enterpris e 10. 2 10. 2
Blip.tv US A V ideo 10.1 10. 1
Fatfoogoo A us tria V irtual Goods 10.0 10. 0
Gaik ai Netherlands G aming 10. 0 10. 0
Wor ldw ide w ork e r UA E V ertic al Communities 9. 0 9.0
V antr ix Canada Mobile 8. 7 8.7
S im ple Ge o US A Inf ras truc ture 8. 1 8.1
BuzzFe e d US A A ggregation 8.0 8.0
S w ipe ly US A S oc ial Commerc e 7. 5 7.5
Grock it US A V irtual World 7. 0 7.0
C rite o US A A dvertis ing 7. 0 7.0
J e lli US A Mus ic 7. 0 7.0
Wor dS tr e am US A S earc h 6.0 6.0
S tack Ove r flow US A V ertic al Communities 6. 0 6.0
Enquis ite US A A naly tic s 5. 2 5.2
A d.ly US A A dvertis ing 5.0 5.0
He lloWalle t US A Financ ial S ervic es 3. 6 3.6
S w aptre e US A S oc ial Commerc e 3. 3 3.3
T w e e tDe ck UK Microblog 3.0 3.0
Woozw or ld Canada V irtual World 3. 0 3.0
Babble US A V ertic al Communities 3.0 3.0
T ick e tfly US A V ertic al Communities 3. 0 3.0
Groupalia S pain S oc ial Commerc e 2. 5 2.5
Ne w s y US A Media 2.0 2.0
Pok e n S w itz erland S oc ial Netw orks 1. 8 1.8
T he Extr aor dinar ie s US A Mobile 1.1 1.1
T itan Gam ing US A G aming 1.0 1.0
L ocalytics US A A naly tic s 0. 7 0.7
Etacts US A Inf ras truc ture 0.7 0.7
MightyMe e ting US A Collaboration 0.3 0.3
appr upt G ermany Mobile A d
164.0 5.1 43.2 45.2 96.3 353.9

23 www.mackieresearch.com
Financing Activity – Current Month, by Sector
$ Raised # Deals
Search
3%
Music
3%
Aggregation
Media
3%
Gaming 5%
Collaboration
7% Infrastructure
Virtual World 8%
5%
8%
Mobile Internet Retail
5% 5%
Virtual Goods
Other 3%
Internet Retail
40% Video
13% 3% Virtual World
10%
Enterprise
5%

Social
Commerce Gaming
Collaboration 8% 10%
13%

Vertical Analytics
Communities 8%
Advertising
10%
Media 8%
19%

24 www.mackieresearch.com
Financing Activity

900.0 18.0
May total nears trailing monthly 16.6
average (excluding outlier months)
800.0 16.0

700.0 14.0
12.1 12.2
600.0 12.0

9.6
500.0 9.1 10.0
(US$m)

(US$m)
8.9
8.2
400.0 8.0
6.6 6.3
6.2
300.0 5.4 5.3 6.0
4.6

200.0 4.0

100.0 2.0

0.0 0.0
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-10

*May-09 includes $200m FB investment


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

25 www.mackieresearch.com
26
(US$m)

0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0

# companies
1
Diversified

8
Mobile

5
Collaboration

Gaming

11
7
Media
Crowdsourced

6
Content
Social

7
Commerce
Video

10
Advertising

16
Social

11
Networks

4
Internet Retail

Analytics

10
Financial

7
Services
Vertical

10
Communities

6
Virtual World

3
Mobile Ad

2
Widget

4
Enterprise

6
Search
Mobile
2
3 Payment
Infrastructure
Location-
4

based SNS
Online
1

Learning
Advertising has most
deals in last 3 months

Music
1

Virtual Goods
4

Travel
1

Aggregation
2

Blog
1

Classified
2
Capital Market Activity Ranking – by Sector, last three months

Microblog
1

Micromedia
1

Online Dating
www.mackieresearch.com
27
(US$ mm)

0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
Jan-08

Feb-08

Mar-08

Apr-08

May-08

Jun-08

Jul-08

Aug-08

Sep-08

Oct-08

Nov-08

Social Networks
Dec-08

Jan-09

Gaming
Feb-09

Mar-09
$ Raised

Apr-09

Advertising
May-09

Jun-09

Jul-09

Virtual World
Aug-09

Sep-09

Video
Oct-09

Nov-09

Dec-09

Jan-10

Feb-10

Mar-10

Apr-10

May-10
Top 5 Sectors (2008-present)

(# Deals)
0
5
10
15
20
25
30

Jan-08

Feb-08

Mar-08

Apr-08

May-08

Jun-08

Jul-08

Aug-08

Sep-08

Oct-08

Nov-08
Social Networks

Dec-08

Jan-09

Feb-09
Advertising

Mar-09

Apr-09
Gaming

May-09
# Deals

Jun-09

Jul-09
Virtual World

Aug-09

Sep-09
Video

Oct-09

Nov-09

Dec-09

Jan-10

Feb-10

Mar-10
Top 5 sectors average $155 mm & 14 deals per month (aggregate)

Apr-10

May-10
www.mackieresearch.com
Upcoming Events/Earnings
Company Date Time Quarter Conf Call Details
GigaMedia Ltd. (NasdaqGS:GIGM) 27-May-10 7:30 AM (EST) Q1/10 NA
Shanda Interactive Entertainment Ltd. (NasdaqGS:SNDA) 1-Jun-10 10:00 AM (CCT) Q1/10 1-866-730-5763

Source: CapitalIQ

28 www.mackieresearch.com
Public Company Listing T rading C urre nt US $ Mark e t
C om pany Nam e T ick e r Exchange C ur re ncy HQ Price C ap (m m ) Em ploye e s
A ccelerize New M edia, Inc. ACLZ OTCBB USD United States 1 17.2 10
A cto z So ft Co ., Ltd. A052790 KOSE KRW So uth Ko rea 9,250 65.6 NA
A OL, Inc. AOL NYSE USD United States 21 2,207.0 6,700
A Q Interactive, Inc. 3838 TSE JP Y Japan 120,800 73.2 NA
A sknet AG XTRA :A 5A XTRA EUR Germany 3 21.0 NA
B eyo nd Co mmerce, Inc. BYOC OTCBB USD United States 0 4.9 16
B right Things plc AIM :B GT A IM GB P United Kingdo m 0 5.4 9
B roadWebA sia Inc. BWB A OTCPK USD United States 0 1.7 46
CDC Co rp. CHIN.A NasdaqGS USD Ho ng Ko ng 2 233.7 NA
Changyo u.co m Limited CYOU NasdaqGS USD China 27 1,405.7 1,308
Chinese Gamer Internatio nal GTSM :3083 GTSM TWD Taiwan 320 851.2 NA
Co rnerWorld Co rpo ratio n CWRL OTCBB USD United States 0 1.9 16
Cyberplex Inc. TSX:CX TSX CA D Canada 1 35.5 NA
DA DA SpA CM :DA CM EUR Italy 3 65.4 NA
Dena Co . Ltd. TSE:2432 TSE JP Y Japan 745,000 3,940.0 NA
DigitalPo st Interactive, Inc. DGLP OTCBB USD United States 0 6.9 6
DigitalTown, Inc. DGTW OTCBB USD United States 1 35.6 3
Do lphin Digital M edia, Inc. DP DM OTCBB USD United States 0 16.1 NA
En2Go International, Inc. ETGI OTCBB USD United States 0 4.8 NA
ePro Ltd. SEHK:8086 SEHK HKD Ho ng Ko ng 1 34.9 NA
Fluid M usic Canada, Inc. TSX:FM N TSX CA D United States 2 94.1 NA
Fro gster Interactive P ictures A G FRG XTRA EUR Germany 18 56.5 NA
Gamania Digital Entertainment Co ., Ltd. 6180 GTSM TWD Taiwan 52 249.5 NA
GameOn Co Ltd. 3812 TSE JP Y Japan 71,000 78.8 NA
Geo Sentric Oyj GEO1V HLSE EUR Finland 0 33.0 120
Giant Interactive Gro up, Inc. GA NYSE USD China 7 1,609.9 NA
GigaM edia Ltd. GIGM NasdaqGS USD Taiwan 2 134.1 NA
Glu M o bile, Inc. GLUU NasdaqGM USD United States 1 34.9 479
Gravity Co ., Ltd GRVY NasdaqGM USD So uth Ko rea 2 50.9 469
Gree, Inc. TSE:3632 TSE JP Y Japan 5,510 2,776.2 NA
GungHo Online Entertainment, Inc. 3765 OSE JP Y Japan 171,500 219.2 NA
HanbitSo ft, Inc. A047080 KOSE KRW So uth Ko rea 3,410 59.7 NA
HUGHES Telematics, Inc. HUTC OTCBB USD United States 3 92.4 276
Hutchison Teleco mmunicatio ns Ho ng KongSEHK:21
Ho ldings
5 Ltd. SEHK HKD Ho ng Ko ng 1 888.7 1,732
IA C/InterActiveCo rp. IA CI NasdaqGS USD United States 23 2,507.1 3,200
IA S Energy, Inc. IA SC.A OTCPK USD Canada 0 6.3 NA
infoGROUP , Inc. IUSA NasdaqGS USD United States 8 457.9 3,146

29 www.mackieresearch.com
Public Company Listing cont.
T rading C urr e nt US $ Mark e t
C om pany Nam e T ick e r Exc hange C ur re nc y HQ Price C ap (m m ) Em ploye e s
iseemedia Inc. IEE TSXV CA D Canada 0.11 7.1 79
Jumbuck Entertainment Limited A SX:JM B A SX A UD A ustralia 0.19 7.6 NA
Kent Internatio nal Ho ldings Inc. KNTH OTCP K USD United States 1.80 6.4 2,735
Kingso ft Co rpo ratio n Limited 3888 SEHK HKD China 4.78 667.4 6
Kiwibo x.Co m, Inc. KIWB OTCB B USD United States 0.01 5.0 NA
Lingo M edia Co rpo ratio n TSXV:LM TSXV CA D Canada 0.65 7.5 65
Lo o kSmart, Ltd. LOOK NasdaqGM USD United States 1.57 26.9 NA
M ixi, Inc. 2121 TSE JP Y Japan 398,000.00 685.2 NA
M o bile Data Co rp. M B YL OTCB B USD United States 0.10 2.4 2,936
M o dern Times Gro up M tg A B M TG B OM SEK Sweden 380.00 3,121.4 2
M o ggle, Inc DB :M 0C DB EUR United States 1.00 57.3 NA
M OKO.mo bi Limited M KB A SX A UD A ustralia 0.07 6.8 NA
M ultiplied M edia Co rpo ratio n TSXV:M M C TSXV CA D Canada 0.13 29.0 405
M yriad Gro up A G M YRN SWX CHF Switzerland 4.27 178.6 NA
NEOWIZ Games Co rpo ratio n A 095660 KOSE KRW So uth Ko rea 40,250.00 678.5 NA
NetDrago n WebSo ft, Inc. 777 SEHK HKD China 3.40 230.4 NA
Netease.co m Inc. NTES NasdaqGS USD China 28.92 3,745.7 224
NeuLio n Inco rpo rated TSX:NLN TSX CA D Canada 0.45 48.7 NA
NeXplo re Co rpo ratio n NXP C OTCP K USD United States 0.45 25.1 NA
Ngi Gro up Inc. 2497 TSE JP Y Japan 33,700.00 46.5 160
No rthgate Techno lo gies Limited 590057 B SE INR India 15.25 11.2 2,523
OA O RB C Info rmatio n Systems RB CI M ICEX RUB Russia 34.10 145.8 3,700
Open Text Co rp. OTEX NasdaqGS USD Canada 41.89 2,378.5 590
Openwave Systems Inc. OP WV NasdaqGS USD United States 2.19 183.7 NA
Oriented M edia Gro up B erhad OM EDIA KLSE M YR M alaysia 0.10 4.0 20
P aid Inc. P A YD OTCB B USD United States 0.31 82.8 NA
P erfect Wo rld Co ., Ltd. P WRD NasdaqGS USD China 25.56 1,279.6 NA
P latfo rma M edio wa P o int Gro up S.A . WSE:P GM WSE P LN P o land 1.66 50.7 91
P NI Digital M edia Inc. TSXV:P N TSXV CA D Canada 1.67 52.5 91
P o ints Internatio nal Ltd. TSX:P TS TSX CA D Canada 0.51 70.8 71
Quepasa Co rp. QP SA OTCB B USD United States 4.20 54.4 NA
Real Value Estates, Inc. RVLU OTCB B USD United States 1.03 6.6 1,754
RealNetwo rks Inc. RNWK NasdaqGS USD United States 3.51 474.7 6
Sahara M edia Ho ldings, Inc. SHHD OTCB B USD United States 0.45 15.6 230
Sco re M edia Inc. TSX:SCR TSX CA D Canada 0.77 57.9 NA
30 www.mackieresearch.com
Public Company Listing cont.
T rading C ur re nt US $ Mark e t
C om pany Nam e T ic k e r Exchange C urre ncy HQ Pr ice C ap (m m ) Em ploye e s
SK Co mmunicatio ns Co ., Ltd. A066270 KOSE KRW So uth Ko rea 15,750.00 528.8 15
SNA P Interactive, Inc. STVI OTCBB USD United States 0.10 3.3 NA
So cialwise, Inc. SCLW OTCBB USD United States 0.51 25.5 3,997
So hu.co m Inc. SOHU NasdaqGS USD China 43.09 1,629.6 155
Spark Netwo rks, Inc. LOV A M EX USD United States 3.31 68.1 8
SpectrumDNA , Inc. SPXA OTCBB USD United States 0.08 5.5 916
Taleo Co rp. TLEO NasdaqGM USD United States 24.00 954.2 7,845
Tencent Ho ldings Ltd. 700 SEHK HKD China 142.40 33,384.2 7,665
The New Yo rk Times Co mpany NYT NYSE USD United States 8.95 1,303.1 1,010
The9 Limited NCTY NasdaqGS USD China 4.20 107.2 274
TheStreet.co m, Inc. TSCM NasdaqGM USD United States 2.88 90.9 28
TransGaming, Inc. TSXV:TNG TSXV CA D Canada 0.67 36.9 700
Tree.Co m, Inc. TREE NasdaqGM USD United States 6.69 75.0 39
Unilava Co rpo ratio n UNLA OTCBB USD United States 0.31 31.0 NA
Uniserve Co mmunicatio ns Co rp. TSXV:USS TSXV CA D Canada 0.13 3.3 1,699
United Online, Inc. UNTD NasdaqGS USD United States 6.58 573.3 NA
UOM O M edia, Inc UOM O OTCBB USD Canada 0.02 1.7 1,086
ValueClick, Inc. VCLK NasdaqGS USD United States 10.72 871.8 450
Velti P lc VEL A IM GB P United Kingdo m 4.72 512.6 2
VOIS, Inc. VOIS OTCBB USD United States 0.01 20.6 83
WebM ediaB rands Inc WEB M NasdaqGS USD United States 0.94 35.2 NA
Webzen Inc. KOSE:A 069080 KOSE KRW So uth Ko rea 11,700.00 110.8 80
Wizzard So ftware Co rpo ratio n WZE A M EX USD United States 0.19 12.5 1
Wo rlds.co m Inc. WDDD OTCBB USD United States 0.10 5.7 NA
XING AG O1B C XTRA EUR Germany 27.89 176.4 NA
YD Online Co rp. A052770 KOSE KRW So uth Ko rea 4,340.00 52.1 NA
Ynk Ko rea Inc. A023770 KOSE KRW So uth Ko rea 2,620.00 16.7 -

31 www.mackieresearch.com
Disclaimer
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.
Information about Mackie Research Capital Corporation’s Rating System, the distribution of our research to clients and the percentage of recommendations which are in each of our rating categories
is available on our web site at www.mackieresearch.com.
The information contained in this report has been drawn from sources believed to be reliable but its accuracy or completeness is not guaranteed, nor in providing it does Mackie Research Capital
Corporation assume any responsibility or liability. Mackie Research Capital Corporation, its directors, officers and other employees may, from time to time, have positions in the securities mentioned
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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

32 www.mackieresearch.com

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