Web 2.

0 Weekly
“Markets Gain Back Ground”
June 1, 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) – Gaming Steals the Limelight This Week

This week brought two gaming-related financings, building on a similar two financings in
the sector last week. Korean game developer GameHi was acquired by fellow game
developer, Nexon, for US$59.8 million – buying Nexon a 30% stake in the company.
And augmented reality game developer, Ogmento, raised its first round at US$3.5
million.

Financial Results/Guidance

Multiplied Media reported results for the quarter ended March 31, 2010. Revenue for
Q1 rose by 150% Q/Q to $0.175 million, with an EBITDA loss of $1.4 million from a loss
of $1.2 million the prior quarter. Multiplied added ~760,000 total users in the quarter –
increasing the user base by 46% in the quarter. The average daily users add was 8,424,
up from 6,110 users added on average in Q4. Currently, the company has 2.9 million
users.

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) 80,356.3 64.5 35,298.6 1.4
Revenue (US$ mm) 23,302.0 58.3 3,057.7 0.0
1 Year revenue growth 6.2% 8961.6% -85.9%
EBITDA as % of revenue - 13.3% 63.1% -68.1%
Net cash (US$ mm) 9,139.4 2.0 1,827.1 -670.8
TEV/Revenue - 1.9x 37.3x 0.0x
TEV/EBITDA - 8.7x 46.3x 0.0x
P/E - 16.2x 85.1x 0.0x
Relative to 52 week high -37.5% -1.6% -95.6%

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
13%
1%

Rising
Falling 24%
Falling
26%
Rising 75%
61%

EV/EBITDA P/E

Flat Flat
2% 0%

Rising Falling
Falling Rising
27% 71%
71% 29%

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
4/13/2009
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
Median EV/Revenue

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

Median
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
12/21/2009

Long-term average
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
down fourth

3/15/2010
3/22/2010
consecutive week
Revenue multiples

3/29/2010
4/5/2010
4/12/2010
4/19/2010
4/26/2010
5/3/2010
5/10/2010
5/17/2010
5/24/2010
5/31/2010
384040414041404143434546484746474850515151545556616162616366666566656970707073727069737272737275797981808180828284858384

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

# companies
0. 0x
5. 0x
10. 0x
15. 0x
20. 0x
25. 0x
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
Median EV/EBITDA

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

Median
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
12/21/2009
12/28/2009

Long-term average
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
below LT average

3/15/2010
remain depressed

3/22/2010
EV/EBITDA multiples

3/29/2010
4/5/2010
4/12/2010
4/19/2010
4/26/2010
5/3/2010
5/10/2010
5/17/2010
5/24/2010
5/31/2010
19 21 22 23 23 23 22 22 24 23 23 23 24 24 26 26 26 26 25 25 26 29 30 30 34 34 36 36 37 38 39 40 39 41 42 39 39 39 43 42 42 42 43 43 42 43 44 45 45 48 50 50 52 53 53 53 53 51 49 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
4/13/2009
4/20/2009
4/27/2009
Median P/E

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

Median
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
12/21/2009
12/28/2009

Long-term average
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
below LT average
P/E multiples also

3/29/2010
4/5/2010
4/12/2010
4/19/2010
4/26/2010
5/3/2010
5/10/2010
5/17/2010
5/24/2010
5/31/2010
19 19 18 18 19 19 19 18 20 20 19 18 19 19 20 21 21 25 24 24 25 26 28 27 30 32 32 32 31 33 33 36 37 39 40 39 40 40 40 42 40 40 40 40 38 37 37 33 33 33 35 35 35 35 35 35 35 32 35 36

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
G ameO n C o L td.
C yberplex Inc .
Ac toz S oft C o. , L td.
J umbuck E ntertainment L imited

Source: CapitalIQ
R ealNetwork s Inc .
O penwav e S ys tems Inc.
T ree.C om, Inc .
G lu Mobile, Inc.
Northgate T ec hnologies L imited
P oints International L td.
DADA S pA

0.2 0.20.20.30.3 0.40.4 0.60.60.60.60.6

G igaMedia L td.
U nis erv e C ommunic ations C orp.
AO L, Inc.
S NAP Interactiv e, Inc.
C DC C orp.
Internet G roup S A
U nited O nline, Inc.
NetDragon WebS oft, Inc .
IAC /InterAc tiveC orp.
T he New Y ork T imes C ompany
T heS treet. com, Inc.
AQ Interac tive, Inc .
C ornerWorld C orporation
O AO R B C Information S y s tems
H anbitS oft, Inc.
EV/Revenue Ranking

infoG R O UP , Inc.
O riented Media G roup B erhad

0.70.70.70.80.8 0.80.80.80.80.9 1.0 1.0 1.1 1.2 1.3 1.3 1.3

Hutchis on T elec ommunications H ong K ong
NeuL ion Incorporated
S park Network s , Inc .
G amania Digital E ntertainment C o. , L td.
G ungH o O nline E ntertainment, Inc.
S hutterfly, Inc .
S core Media Inc .
V alueC lick , Inc .
1.5 1.5 1.6 1.8 1.8 1.9 1.9 1.9

P latforma Mediowa P oint G roup S . A.

UO MO Media, Inc
Modern T imes G roup Mtg AB
XING AG
S ohu. c om Inc .
V elti P lc
2.0 2.12.22.22.2 2.3

P NI Digital Media Inc.

Webz en Inc.
NE O WIZ G ames C orporation
O pen T ex t C orp.
Wiz z ard S oftware C orporation
F rogs ter Interactiv e P ictures AG
Myriad G roup AG
2.42.4 2.72.82.8 3.1

eP ro L td.
S K C ommunications C o. , L td.
is eemedia Inc .
3.2 3.33.3 3.6

K ings oft C orporation L imited

T aleo C orp.
C hangy ou.c om L imited
Mix i, Inc .
3.74.0 4.1
revenue multiple at 37.3x
SpectrumDNA has highest

WebMediaB rands Inc

Unilava C orporation
Lingo Media C orporation
F luid Mus ic C anada, Inc .
4.4 4.6 4.84.8

Acc eleriz e New Media, Inc .

5.6 5.7

H U G HE S T elematic s , Inc.
DigitalP os t Interac tive, Inc .
6.7

G ree, Inc .
Dena C o. L td.
8.9 9.39.3

T rans G aming, Inc .

C hines e G amer International
11.9

B eyond C ommerce, Inc .

MO K O .mobi L imited
13.013.3

G eoS entric O yj
15.4

P aid Inc .
16.2

T encent H oldings L td.

18.5

B right T hings plc

23.6

Worlds . c om Inc .
36.3

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
Ac toz S oft C o., L td.

1. 3
AO L , Inc .

2.1

Source: CapitalIQ
C y berplex Inc.

United O nline, Inc .

3. 1 4.0
NetDragon WebS oft, Inc.
S ohu.c om Inc.

T he New Y ork T imes C ompany

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

4. 3 5.2 5. 2 5. 3
L td.

6.
C hangy ou.c om L imited

3
C DC C orp.

infoG R O U P , Inc .

V alueC lic k , Inc.

U nis erve C ommunic ations C orp.
EV/EBITDA Ranking

G ungH o O nline E ntertainment, Inc .

S park Network s , Inc.

DADA S pA
6. 6 6.7 6. 8 6.9 7. 1 7.3 7. 6

K ings oft C orporation L imited

XING AG

NE O WIZ G ames C orporation

V elti P lc

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

P NI Digital Media Inc.
8. 4 8. 6 8. 6 8.7 9. 2 9.2

O pen T ex t C orp.

IAC /InterAc tiveC orp.

P latforma Mediowa P oint G roup S . A.
9. 9 10. 4 10.8

S c ore Media Inc.

11.9
46.3x

H anbitS oft, Inc .

S hutterfly , Inc.
O penwave S y s tems Inc .
13. 4 13.6 13. 7

Modern T imes G roup Mtg AB

Points leads the group at

G igaMedia L td.
G ree, Inc.

T heS treet.c om, Inc .

15.3 15. 4 15.5 16. 1

Mix i, Inc.

F rogs ter Interactive P ic tures AG

17. 1 17. 2

Dena C o. L td.
21. 6

C hines e G amer International

23.5

T aleo C orp.
27. 7

T enc ent H oldings L td.

35.6

P oints International L td.

46. 3

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
U nis erve C ommunic ations C orp.

Source: CapitalIQ
4.1
G ameO n C o L td.

9. 2
C hangy ou.c om L imited

9.3
U nited O nline, Inc.
P/E Ranking

AO L , Inc.

DADA S pA

9.8 10.6 11. 1

C y berplex Inc .

K ings oft C orporation L imited

S ohu.c om Inc .
12. 9 13.1 14.1
T he New Y ork T imes C ompany

V alueC lick , Inc .

Hutchis on T elec ommunic ations Hong K ong Holdings
15. 5 15.7 16.2

L td.
F rogs ter Interac tive P ic tures AG

NE O WIZ G ames C orporation

NetDragon WebS oft, Inc .

19.9 20. 2 20.3

V elti P lc
27. 6

G ree, Inc .

C hines e G amer International

30.4 30.8

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

34.0
Shutterfly has the

O pen T ex t C orp.
43. 2
highest P/E at 85.1x

infoG R O UP , Inc .

T enc ent H oldings L td.

P oints International L td.

46.9 47.2 48. 0

Dena C o. L td.

C DC C orp.
49. 5 50. 1

Mix i, Inc .
51. 9

H anbitS oft, Inc.

Ac toz S oft C o. , Ltd.

71.1 71.2

S hutterfly, Inc .
85. 1

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

6/8/2009
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
Total Market Capitalization

11/9/2009
11/16/2009
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
2/15/2010
2/22/2010
Total market cap down over $80 bn

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
5/3/2010
5/10/2010
5/17/2010
5/24/2010
5/31/2010
98 98 98 98 98 98 98 98 98 98 98 98 98 97 98 98 98 98 99 99 99 99 99100100101101101101101101101101101101101101102102102102102102102102102102102102102102102

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
45,000.0

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

2
Virtual World
3
Advertising
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
UOMO Media, Inc
BroadWebAsia Inc.
CornerWorld Corporation
Mobile Data Corp.

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

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

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

Shutterfly, Inc.
Kingsoft Corporation Limited
SK Communications Co., Ltd.
Mixi, Inc.
NEOWIZ Games Corporation
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.
Open Text Corp.
Shanda Interactive Entertainment Ltd.
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
• The market took a decidedly broad
swing upward in the week, with 54% Price Momentum
positive momentum vs. 35% falling and
11% flat. This ends a string of weeks in
which negative momentum pervaded. Falling
35%

Rising
Flat 54%
11%

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

20.0% 17.3%
Broad-based sector
15.0% recovery this week
11.6% 10.8%
9.9%
10.0%
4.9%
5.0% 3.9% 3.7% 3.4%
2.1% 1.9%
1.2% 0.4%
0.2% 0.0% 0.0%
0.0%
-0.5% -1.2%
-1.8% -2.2%
-5.0% -3.2%
-6.5%
-10.0%
-10.8%
-15.0%
Internet Retail
Infrastructure
Virtual World

Networking

Collaboration

Financial
Payment

Communities

Advertising

Learning
Music
Search

Marketing

Diversified

Dating

Enterprise

Mobile

Gaming

Podcasting
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%
250.0%
BWBA
IASC.A
TSXV:USS
DB:M0C

Source: CapitalIQ
A052770
SPXA
TSXV:LM
3888
MKB
FRG
OMEDIA
AIM:BGT
NXPC
TSX:NLN
UOMO
CYOU
QPSA
DGTW
TSX:PTS
2121
AOL
OPWV
MYRN
A023770
WSE:IGR
WZE
VEL
TREE
777
590057
WEBM
RNWK
GA
GTSM:308
IUSA
OTEX
ETGI
KIWB
CWRL
GEO1V
RVLU
SCLW
3812
STVI
TSX:CX
ACLZ
ASX:JMB
TSE:3632
Price Performance – 1 Week

SNDA
3765
WSE:PGM
UNTD
NTES
PAYD
CM:DA
KOSE:A06
GIGM
700
CHIN.A
SFLY
SOHU
NCTY
TSX:SCR
TSCM
GRVY
PWRD
NYT
SEHK:215
A052790
A095660
XTRA:A5A
LOV
O1BC
MTG B
TSX:FMN
TSXV:PN
TLEO
TSE:2432
GLUU
TSXV:MM
VCLK
SEHK:808
6180
TSXV:TNG
A047080
KNTH
DPDM
HUTC
IACI
2497
UNLA
RBCI
A066270
IEE
VOIS
LOOK
3838
DGLP
WDDD
MBYL
BYOC
SHHD
www.mackieresearch.com
 20
0%
20%
40%
60%
80%
100%
120%

0%
500%
1000%
1500%
2000%
2500%
3000%
OAO RBC Sahara Media
Information Holdings, Inc.
Systems

ePro Ltd. ePro Ltd.

Source: CapitalIQ
Beyond
AQ Interactive, Commerce,
Inc. Inc.

LookSmart,
Quepasa Corp. Ltd.

Velti Plc Velti Plc

6 Month
1 Month

Beyond GeoSentric
Commerce, Inc. Oyj

Uniserve DigitalTown,
Communications
Inc.
Corp.

SK
ValueClick,
Communications
Inc.
Co., Ltd.

SNAP
Gree, Inc.
Interactive, Inc.

Gamania
Digital
Score Media Inc.
Entertainment
Co., Ltd.
Price Performance (Top 10)

0%
50%
100%
150%
200%
250%
300%

0%
500%
1000%
1500%
2000%
2500%
3000%
3500%

OAO RBC
Beyond Commerce,
Information
Inc.
Systems

ePro Ltd. ePro Ltd.

Quepasa
LookSmart, Ltd.
Corp.

Velti Plc Velti Plc

Dena Co. Ltd. Glu Mobile, Inc.

1 Year
3 Month

TransGaming, SK Communications
Inc. Co., Ltd.

Fluid Music NEOWIZ Games

Canada, Inc. Corporation

DigitalPost
Sahara Media
Interactive,
Holdings, Inc.
Inc.

VOIS, Inc. ValueClick, Inc.

Hutchison
Frogster
Telecommunications
Interactive Hong Kong Holdings
Pictures AG Ltd.
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%
Frogster
Northgate
Interactive
Technologies
Pictures AG
Limited

MOKO.mobi
Actoz Soft

Source: CapitalIQ
Limited
Co., Ltd.

Kingsoft
IAS Energy, Corporation
Inc. Limited

Lingo Media
Cyberplex Inc. Corporation

Wizzard SpectrumDNA,
Software Inc.
Corporation
1 Week

6 Month
Kiwibox.Com,
YD Online Corp.
Inc.

CornerWorld
Moggle, Inc
Corporation

En2Go Uniserve
International, Communications
Inc. Corp.

UOMO Media,
IAS Energy, Inc.
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%

GungHo Online
Actoz Soft Entertainment,
Co., Ltd. Inc.

Northgate
Ngi Group Inc.
Technologies
Limited

NeuLion
IAS Energy,
Incorporated
Inc.

SpectrumDNA, The9 Limited

Inc.

Sahara Media VOIS, Inc.

Holdings, Inc.
1 Year
1 Month

CornerWorld Oriented Media

Corporation Group Berhad

Beyond BroadWebAsia
Commerce, Inc.
Inc.

En2Go
CornerWorld
International, Corporation
Inc.

UOMO Media, IAS Energy,

Inc Inc.

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

22 www.mackieresearch.com
 Financing Momentum
Approaching the
previous high set
in the summer of
5,000
2008 – just before 14.0
the crash!
4,500
12.0
4,000

3,500 10.0

3,000
8.0
(US$m)

(US$m)
2,500
6.0
2,000

1,500 4.0

1,000
2.0
500

0 0.0
Jun-05

Jun-06

Jun-07

Jun-08

Jun-09
Aug-05

Aug-06

Aug-07

Aug-08

Aug-09
Oct-04
Dec-04
Feb-05
Apr-05

Oct-05
Dec-05
Feb-06
Apr-06

Oct-06
Dec-06
Feb-07
Apr-07

Oct-07
Dec-07
Feb-08
Apr-08

Oct-08
Dec-08
Feb-09
Apr-09

Oct-09
Dec-09
Feb-10
Apr-10
Total (LTM) Average Size (LTM)

23 www.mackieresearch.com
 Financing Activity – Current Month
C om pany Nam e C ountr y S e c tor Ac quis ition Ange l/S e e d S e rie s A S e rie s B S e rie s C NA Grand T otal
T s avo Me dia US A Media 75. 0 75. 0
Gam e Hi S outh K orea G aming 59. 8 59. 8
C ube T re e US A Collaboration 50. 0 50. 0
Gilt Groupe US A Internet R etail 35. 0 35. 0
Booyah US A V irtual World 20. 0 20. 0
S c out L abs US A A nalytic s 20. 0 20. 0
Brands c lub B raz il Internet R etail 17. 0 17. 0
S ocialV ibe US A A dvertis ing 11. 7 11. 7
Huddle UK Enterpris e 10. 2 10. 2
Blip.tv US A V ideo 10. 1 10. 1
Gaik ai Netherlands G aming 10. 0 10. 0
Fatfoogoo A us tria V irtual G oods 10. 0 10. 0
Eute chnyx UK G aming 9. 3 9. 3
Worldw ide w ork e r UA E V ertical Communities 9. 0 9. 0
V antrix Canada Mobile 8. 7 8. 7
Runic Gam e s US A G aming 8. 4 8. 4
S im ple Ge o US A Inf ras truc ture 8. 1 8. 1
Buzz Fe 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
Groc k it US A V irtual World 7. 0 7. 0
J e lli US A Mus ic 7. 0 7. 0
C rite o US A A dvertis ing 7. 0 7. 0
S tac k Ove rflow US A V ertical Communities 6. 0 6. 0
WordS tr e am US A S earc h 6. 0 6. 0
Enquis ite US A A nalytic s 5. 2 5. 2
V ank s e n France A dvertis ing 5. 0 5. 0
Ad.ly US A A dvertis ing 5. 0 5. 0
He lloWalle t US A Financial S erv ices 3. 6 3. 6
Ogm e nto US A G aming 3. 5 3. 5
S w aptre e US A S oc ial Commerc e 3. 3 3. 3
T w e e tDe c k UK Microblog 3. 0 3. 0
Woozw orld Canada V irtual World 3. 0 3. 0
Babble US A V ertical Communities 3. 0 3. 0
T ic k e tfly US A V ertical 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
C oc odot US A Collaboration 2. 0 2. 0
Pok e n S w itz erland S oc ial Netw orks 1. 8 1. 8
T he Extr aordinarie s US A Mobile 1.1 1. 1
Bloc k C halk US A Mobile 1.0 1. 0
PublicEarth US A Trav el 1. 0 1. 0
T itan Gam ing US A G aming 1.0 1. 0
C loud S he rpas US A Enterpris e 1.0 1. 0
He llo, C hair US A Mobile 0. 9 0. 9
L ocalytics US A A nalytic s 0. 7 0. 7
Etacts US A Inf ras truc ture 0.7 0. 7
MiniMonos US A V irtual World 0. 6 0. 6
S aplo S w eden S earc h 0.5 0. 5
MightyMe e ting US A Collaboration 0.3 0. 3
apprupt G ermany Mobile A d
223.8 7.6 51.7 45.2 96.3 50.7 475.4

24 www.mackieresearch.com
 Financing Activity – Current Month, by Sector
$ Raised # Deals

Social Networks
2%

Financial Travel
Microblog Gaming
Virtual World Services 2%
2% 12%
6% Search2%
Internet Retail 4%
Music
Media
11% 2%
Aggregation 4%
2%
Other Infrastructure
37% 4% Collaboration
6%
Virtual Goods
2%
Collaboration Video
Internet Retail
11% 2%
4%
Enterprise
4%

Virtual World
8%
Mobile
8%

Media
Advertising
16% Social
8%
Commerce
6% Vertical Analytics
Gaming Communities 6%
19% 8%

25 www.mackieresearch.com
 Financing Activity

1000.0 16.0
May total nears trailing monthly
average (excluding outlier months) 14.3
900.0
14.0
12.4
800.0
11.6 12.0
700.0 10.3
10.2
10.0
600.0 8.9
8.0
(US$m)

(US$m)
500.0 8.0
6.4 6.6
400.0 5.8 5.9
5.4 6.0
4.6
300.0
4.0
200.0

2.0
100.0

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

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

0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0

# companies
Gaming

13
1
Diversified

Mobile

11
5
Collaboration

7
Media
Crowdsourced

6
Content
Social

7
Commerce
Video

10
Advertising

17
Social

11
Networks

4
Internet Retail

Analytics

10
Financial

7
Services
Vertical

10
Communities

6
Virtual World

3
Mobile Ad

2
Widget

4
Enterprise

7
Search
Mobile
2
3 Payment
Infrastructure
sector

Location-
4

based SNS
Online
1

Learning
2
most frequently funded

Music
Advertising remains the

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
 Financing by Type (LTM)

# Deals $ Raised

Financing by T ype -L T M Financing by T ype - L T M

(# deals ) (amount rais ed) S eries E
S eries D 4.1%
NA A ngel/S eed 7. 8%
14. 5% 17.4%

NA
14. 8%
S eries E
0. 8%
Debt f ina nc ing
S eries D
2. 7%
4. 2%

PIPE
1. 0%
A ngel/S eed
S eries C 4. 5%
29. 8%

Debt f inancing
1.0%

S eries C
15. 1%
PIPE
8. 3%

S eries B S eries A
22. 2% 10.9%

S eries A
22. 0%

28 www.mackieresearch.com
 Financing by Geography (LTM)

# Deals $ Raised

Financing/M&A by Country - LTM (#) Financing/M&A by Country - LTM ($)

UK
China Russia
7.5%
3.6% 3.6%

Canada
3.5%
Israel
3.2%
Luxembourg
23.6%
Canada
UK 1.9%
3.1%
China
2.5% ROW
3.3%
Israel
2.1%

USA
80.2%
ROW
8.7%

USA
53.3%

29 www.mackieresearch.com
 Financing by Type

# Deals $ Raised

Financing by Type Financing by Type

(Number of Deals) (Amount raised)

120 1,400.0
113

106
101
22 1,200.0
100 2 1,144.7
96
6 1
27
9
7 260.2
1,000.0

80
73 3
839.5
- 41
7 800.0 161.0
Other Other
43 40 713.4 710.6 Late Stage (D/E)

(US$m)
58 Late Stage (D/E) 0.0 235.4
5.1
(#)

60 657.9 Mid-Stage (B/C)

37 Mid-Stage (B/C) 94.2 0.0 Early Stage (Angel/A)
11 Early Stage (Angel/A) 600.0 569.9 Total
227.3
45 183.9 57.0 538.9
43 44 43
3 45.5
45 0 40 116.4
2 8
40 37 8 66.6
35 34 13 551.8
0 7 76.5
3 1 3 - 400.0 429.0 360.0
30 30 18 2 2 348.5
28 28 28 - 25 313.1
02 2 10 270.1 5.1 304.5 423.5
24 0
2 2 13 24 15 0.0
52 4 19.0 344.1 270.3
0 16 0 12 7 18
2 1 13 157.9 255.4 251.6
19 3 9 4 43 44 222.9 230.8 84.2 224.1
20 2 39 203.7 196.6 205.0 201.2 204.2 59.7 374.8 50.7
0 14 0.0 0.0 316.4 5.0 72.5
21 2 9 200.0 0.0 0.0
199.1 48.2 161.0 0.0
10.3 0.0 19.8
31.0 32.0 52.5 47.0 10.0 - -
15 27.0
14 14 10 0.0
12.0 133.1
10 23 111.7 141.5
21 21 19 19 20 122.0 74.6 99.8 164.2 123.8 111.5 125.8 163.4 134.3
17 16 16 18 108.0 190.3 83.8 208.2
13 171.7
12 9 80.2 129.9 123.6
7 7 7 6 8 95.0 74.4 54.6 79.2 73.4 39.0
47.6 47.7 54.8 56.3 60.6 46.3 28.8 48.6 52.2 59.3
- - 17.5
Jan-09

Feb-09

Mar-09

Q1/09

May-09

Jun-09

Q2/09

Jul-09

Q3/09

Oct-09

Nov-09

Dec-09

Q4/09

Jan-10

Feb-10

Mar-10

Q1/10

May-10
Sep-09

Jan-09

Feb-09

Mar-09

Q1/09

Apr-09

May-09

Jun-09

Q2/09

Jul-09

Aug-09

Sep-09

Q3/09

Oct-09

Nov-09

Dec-09

Q4/09

Jan-10

Feb-10

Mar-10

Q1/10

Apr-10

May-10
Apr-09

Aug-09

Apr-10

30 www.mackieresearch.com
 Top 10 Deals (2010 YTD)
Financing Acquisitions

350.0 250

225.0
300.0
300.0

200
187.5
250.0

160.0
200.0
150 142.0

150.0 135.0
100.0
100
100.0
80.0
75.0

50.0 50.0 59.8

50.0 44.0 40.0 35.0 50.0 50.0
27.5 26.9 25.0 50

0.0
Technologies

Yelp
Quantcast
LivingSocial
Groupon

Gilt Groupe

Adenyo
Glam Media

Tremor Media
Qiyi
Digital Sky

0
Siri ICQ Turbine Jigsaw Ankeena Mochi Tsavo GameHi Aardvark CubeTree
Networks Media Media

31 www.mackieresearch.com
 32
(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

Video
Jul-09

Aug-09

Sep-09

Virtual World
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
Shanda Interactive Entertainment Ltd. (NasdaqGS:SNDA) 1-Jun-10 10:00 AM (CCT) Q1/10 1-866-730-5763

Source: CapitalIQ

33 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 10,150 74.9 NA
A OL, Inc. AOL NYSE USD United States 21 2,201.7 6,700
A Q Interactive, Inc. 3838 TSE JP Y Japan 146,200 87.2 NA
A sknet AG XTRA :A 5A XTRA EUR Germany 4 22.3 NA
B eyo nd Co mmerce, Inc. BYOC OTCBB USD United States 0 7.9 16
B right Things plc AIM :B GT A IM GB P United Kingdo m 0 5.2 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 2 250.1 NA
Changyo u.co m Limited CYOU NasdaqGS USD China 27 1,369.6 1,308
Chinese Gamer Internatio nal GTSM :3083 GTSM TWD Taiwan 338 906.3 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 35.9 NA
DA DA SpA CM :DA CM EUR Italy 3 67.0 NA
Dena Co . Ltd. TSE:2432 TSE JP Y Japan 2,748 4,298.2 NA
DigitalPo st Interactive, Inc. DGLP OTCBB USD United States 0 7.5 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 15.5 NA
En2Go International, Inc. ETGI OTCBB USD United States 0 4.8 NA
ePro Ltd. SEHK:8086 SEHK HKD Ho ng Ko ng 1 36.7 NA
Fluid M usic Canada, Inc. TSX:FM N TSX CA D United States 2 108.5 NA
Fro gster Interactive P ictures A G FRG XTRA EUR Germany 17 52.9 NA
Gamania Digital Entertainment Co ., Ltd. 6180 GTSM TWD Taiwan 58 279.1 NA
GameOn Co Ltd. 3812 TSE JP Y Japan 79,000 86.3 NA
Geo Sentric Oyj GEO1V HLSE EUR Finland 0 44.1 120
Giant Interactive Gro up, Inc. GA NYSE USD China 7 1,609.9 NA
GigaM edia Ltd. GIGM NasdaqGS USD Taiwan 3 137.4 NA
Glu M o bile, Inc. GLUU NasdaqGM USD United States 1 38.6 479
Gravity Co ., Ltd GRVY NasdaqGM USD So uth Ko rea 2 51.1 469
Gree, Inc. TSE:3632 TSE JP Y Japan 6,140 3,046.8 NA
GungHo Online Entertainment, Inc. 3765 OSE JP Y Japan 193,000 242.9 NA
HanbitSo ft, Inc. A047080 KOSE KRW So uth Ko rea 3,950 72.0 NA
HUGHES Telematics, Inc. HUTC OTCBB USD United States 3 101.2 276
Hutchison Teleco mmunicatio ns Ho ng KongSEHK:21
Ho ldings
5 Ltd. SEHK HKD Ho ng Ko ng 2 970.7 1,732
IA C/InterActiveCo rp. IA CI NasdaqGS USD United States 23 2,600.8 3,200
IA S Energy, Inc. IA SC.A OTCPK USD Canada 0 3.5 NA
infoGROUP , Inc. IUSA NasdaqGS USD United States 8 458.8 3,146

34 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 0.13 8.3 79
Jumbuck Entertainment Limited A SX:JM B A SX A UD A ustralia 0.20 8.2 NA
Kent Internatio nal Ho ldings Inc. KNTH OTCP K USD United States 1.95 6.9 2,735
Kingso ft Co rpo ratio n Limited 3888 SEHK HKD China 4.40 628.9 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 0.58 6.9 65
Lo o kSmart, Ltd. LOOK NasdaqGM USD United States 1.73 29.7 NA
M ixi, Inc. 2121 TSE JP Y Japan 437,500.00 741.8 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 413.10 3,481.9 2
M o ggle, Inc DB :M 0C DB EUR United States 0.80 45.9 NA
M OKO.mo bi Limited M KB A SX A UD A ustralia 0.07 7.2 NA
M ultiplied M edia Co rpo ratio n TSXV:M M C TSXV CA D Canada 0.15 35.8 405
M yriad Gro up A G M YRN SWX CHF Switzerland 4.19 176.1 NA
NEOWIZ Games Co rpo ratio n A 095660 KOSE KRW So uth Ko rea 43,300.00 760.0 NA
NetDrago n WebSo ft, Inc. 777 SEHK HKD China 3.36 227.0 NA
Netease.co m Inc. NTES NasdaqGS USD China 30.36 3,932.3 224
NeuLio n Inco rpo rated TSX:NLN TSX CA D Canada 0.44 48.5 NA
NeXplo re Co rpo ratio n NXP C OTCP K USD United States 0.42 23.4 NA
Ngi Gro up Inc. 2497 TSE JP Y Japan 39,400.00 53.6 160
No rthgate Techno lo gies Limited 590057 B SE INR India 15.85 11.9 2,523
OA O RB C Info rmatio n Systems RB CI M ICEX RUB Russia 40.66 177.6 3,700
Open Text Co rp. OTEX NasdaqGS USD Canada 42.60 2,418.8 590
Openwave Systems Inc. OP WV NasdaqGS USD United States 2.15 180.3 NA
Oriented M edia Gro up B erhad OM EDIA KLSE M YR M alaysia 0.10 3.9 20
P aid Inc. P A YD OTCB B USD United States 0.33 89.5 NA
P erfect Wo rld Co ., Ltd. P WRD NasdaqGS USD China 26.48 1,325.6 NA
P latfo rma M edio wa P o int Gro up S.A . WSE:P GM WSE P LN P o land 1.65 51.6 91
P NI Digital M edia Inc. TSXV:P N TSXV CA D Canada 1.75 56.7 91
P o ints Internatio nal Ltd. TSX:P TS TSX CA D Canada 0.52 74.4 71
Quepasa Co rp. QP SA OTCB B USD United States 4.34 56.2 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 3.60 486.9 6
Sahara M edia Ho ldings, Inc. SHHD OTCB B USD United States 0.49 17.0 230
Sco re M edia Inc. TSX:SCR TSX CA D Canada 0.80 62.0 NA
35 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 18,300.00 639.6 15
SNA P Interactive, Inc. STVI OTCBB USD United States 0.12 4.0 NA
So cialwise, Inc. SCLW OTCBB USD United States 0.52 26.0 3,997
So hu.co m Inc. SOHU NasdaqGS USD China 44.20 1,671.6 155
Spark Netwo rks, Inc. LOV A M EX USD United States 3.47 71.4 8
SpectrumDNA , Inc. SPXA OTCBB USD United States 0.08 5.5 916
Taleo Co rp. TLEO NasdaqGM USD United States 25.05 996.0 7,845
Tencent Ho ldings Ltd. 700 SEHK HKD China 150.20 35,298.6 7,665
The New Yo rk Times Co mpany NYT NYSE USD United States 9.28 1,351.2 1,010
The9 Limited NCTY NasdaqGS USD China 4.41 112.5 274
TheStreet.co m, Inc. TSCM NasdaqGM USD United States 3.12 98.4 28
TransGaming, Inc. TSXV:TNG TSXV CA D Canada 0.70 39.7 700
Tree.Co m, Inc. TREE NasdaqGM USD United States 7.02 78.7 39
Unilava Co rpo ratio n UNLA OTCBB USD United States 0.34 34.0 NA
Uniserve Co mmunicatio ns Co rp. TSXV:USS TSXV CA D Canada 0.09 2.5 1,699
United Online, Inc. UNTD NasdaqGS USD United States 6.82 593.8 NA
UOM O M edia, Inc UOM O OTCBB USD Canada 0.02 1.4 1,086
ValueClick, Inc. VCLK NasdaqGS USD United States 11.63 945.8 NA
Velti P lc VEL A IM GB P United Kingdo m 4.79 261.2 2
VOIS, Inc. VOIS OTCBB USD United States 0.01 20.6 83
WebM ediaB rands Inc WEB M NasdaqGS USD United States 0.96 35.9 NA
Webzen Inc. KOSE:A 069080 KOSE KRW So uth Ko rea 12,700.00 125.3 80
Wizzard So ftware Co rpo ratio n WZE A M EX USD United States 0.20 13.2 1
Wo rlds.co m Inc. WDDD OTCBB USD United States 0.10 5.7 NA
XING AG O1B C XTRA EUR Germany 29.10 184.4 NA
YD Online Co rp. A052770 KOSE KRW So uth Ko rea 4,520.00 56.4 NA
Ynk Ko rea Inc. A023770 KOSE KRW So uth Ko rea 2,735.00 18.2 -

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