10 04-27 web 2.0 weekly

www.mackieresearch.com

Web 2.0 Weekly

“Financing on pace for record month”

Copyright © 2000-2010, Mackie Research Capital Corporation, All rights reserved

April 27, 2010

David Shore, CFA, MBA [email protected]

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

www.mackieresearch.com2

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.


Key Developments cont.

Financial Results cont.

Company

Fiscal Period

(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%


Public Company Data


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


Public Company Distribution

27

16

10

76

5

3 3 3 32 2 2 2

1 1 1 1 1 1 1 1

0

5

10

15

20

25

30

Ga

min

g

So

cia

l N

etw

ork

ing

Me

dia

Div

ers

ifie

d

Ma

rketin

g

Mobile

Infr

astr

uctu

re

SM

S/V

oic

e

Ente

rpris

e

Ad

vert

isin

g

Inte

rnet

Reta

il

Vir

tual W

orl

d

Datin

g

Mu

sic

Ve

rtic

al C

om

munit

ies

Co

llab

ora

tio

n

Po

dca

stin

g

Lea

rnin

g

Vid

eo

Sea

rch

Pay

ment

Fin

ancia

l S

erv

ices

By Sector By Country

0

5

10

15

20

25

30

35

40

45

Unit

ed S

tate

s

Cana

da

Chin

a

So

uth

Kore

a

Japa

n

Ta

iwa

n

Ge

rma

ny

Au

str

alia

Un

ited

Kin

gdom

Hong K

ong

Po

land

Ru

ssia

Fin

lan

d

Sw

ed

en

Mala

ysia

India

Italy

Sw

itz

erla

nd

Isra

el

Source: CapitalIQ


Valuation Dashboard – 1 Week

Rising

58%

Falling

31%

Flat

11%

Rising

65%

Falling

31%

Flat

4%

Rising

73%

Falling

25%

Flat

2%

Market Cap

Rising

73%

Falling

27%

Flat

0%

EV/Revenue

EV/EBITDA P/E


Median EV/Revenue

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x

4.0x

4.5x

5.0x3

/9/2

00

93

/16

/20

09

3/2

3/2

00

93

/30

/20

09

4/6

/20

09

4/1

3/2

00

94

/20

/20

09

4/2

7/2

00

95

/4/2

00

95

/11

/20

09

5/1

8/2

00

95

/25

/20

09

6/1

/20

09

6/8

/20

09

6/1

5/2

00

96

/22

/20

09

6/2

9/2

00

97

/6/2

00

97

/13

/20

09

7/2

0/2

00

97

/27

/20

09

8/3

/20

09

8/1

0/2

00

98

/17

/20

09

8/2

4/2

00

98

/31

/20

09

9/7

/20

09

9/1

4/2

00

99

/21

/20

09

9/2

8/2

00

91

0/5

/20

09

10

/12

/20

09

10

/19

/20

09

10

/26

/20

09

11

/2/2

00

91

1/9

/20

09

11

/16

/20

09

11

/23

/20

09

11

/30

/20

09

12

/7/2

00

91

2/1

4/2

00

91

2/2

1/2

00

91

2/2

8/2

00

91

/4/2

01

01

/11

/20

10

1/1

8/2

01

01

/25

/20

10

2/1

/20

10

2/8

/20

10

2/1

5/2

01

02

/22

/20

10

3/1

/20

10

3/8

/20

10

3/1

5/2

01

03

/22

/20

10

3/2

9/2

01

04

/5/2

01

04

/12

/20

10

4/1

9/2

01

04

/26

/20

10

373838393939404039424243444545444546484949485051545558585860636363626363676867697168646969697172747776797777787779818381

Mu

ltip

le (

x)

Median Long-term average

# companies

Source: CapitalIQ

Revenue multiples recovering but

below LT Average


Median EV/EBITDA

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

3/9

/2009

3/1

6/2

009

3/2

3/2

009

3/3

0/2

009

4/6

/2009

4/1

3/2

009

4/2

0/2

009

4/2

7/2

009

5/4

/2009

5/1

1/2

009

5/1

8/2

009

5/2

5/2

009

6/1

/2009

6/8

/2009

6/1

5/2

009

6/2

2/2

009

6/2

9/2

009

7/6

/2009

7/1

3/2

009

7/2

0/2

009

7/2

7/2

009

8/3

/2009

8/1

0/2

009

8/1

7/2

009

8/2

4/2

009

8/3

1/2

009

9/7

/2009

9/1

4/2

009

9/2

1/2

009

9/2

8/2

009

10/5

/2009

10/1

2/2

009

10/1

9/2

009

10/2

6/2

009

11/2

/2009

11/9

/2009

11/1

6/2

009

11/2

3/2

009

11/3

0/2

009

12/7

/2009

12/1

4/2

009

12/2

1/2

009

12/2

8/2

009

1/4

/2010

1/1

1/2

010

1/1

8/2

010

1/2

5/2

010

2/1

/2010

2/8

/2010

2/1

5/2

010

2/2

2/2

010

3/1

/2010

3/8

/2010

3/1

5/2

010

3/2

2/2

010

3/2

9/2

010

4/5

/2010

4/1

2/2

010

4/1

9/2

010

4/2

6/2

010

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

Multip

le (

x)


# companies

Source: CapitalIQ

EV/EBITDA multiples remain depressed below LT average


Median P/E

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

30.0x

3/9

/2009

3/1

6/2

009

3/2

3/2

009

3/3

0/2

009

4/6

/2009

4/1

3/2

009

4/2

0/2

009

4/2

7/2

009

5/4

/2009

5/1

1/2

009

5/1

8/2

009

5/2

5/2

009

6/1

/2009

6/8

/2009

6/1

5/2

009

6/2

2/2

009

6/2

9/2

009

7/6

/2009

7/1

3/2

009

7/2

0/2

009

7/2

7/2

009

8/3

/2009

8/1

0/2

009

8/1

7/2

009

8/2

4/2

009

8/3

1/2

009

9/7

/2009

9/1

4/2

009

9/2

1/2

009

9/2

8/2

009

10/5

/2009

10/1

2/2

009

10/1

9/2

009

10/2

6/2

009

11/2

/2009

11/9

/2009

11/1

6/2

009

11/2

3/2

009

11/3

0/2

009

12/7

/2009

12/1

4/2

009

12/2

1/2

009

12/2

8/2

009

1/4

/2010

1/1

1/2

010

1/1

8/2

010

1/2

5/2

010

2/1

/2010

2/8

/2010

2/1

5/2

010

2/2

2/2

010

3/1

/2010

3/8

/2010

3/1

5/2

010

3/2

2/2

010

3/2

9/2

010

4/5

/2010

4/1

2/2

010

4/1

9/2

010

4/2

6/2

010

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

Multip

le (

x)


# companies

Source: CapitalIQ

P/E multiples also below LT average


Average Valuation – by Sector

-

5.0

10.0

15.0

20.0

25.0

Infr

astr

uctu

re

Div

ers

ifie

d

SM

S/V

oic

e

Socia

l N

etw

ork

ing

Music

Vert

ical

Com

mun

itie

s

Mobile

Mark

eti

ng

Le

arn

ing

Gam

ing

Podc

asti

ng

Colla

bora

tion

Se

arc

h

Advert

isin

g

Vid

eo

Inte

rnet

Re

tail

Ente

rpri

se

Dati

ng

Media

Fin

anc

ial S

erv

ice

s

Virtu

al

Wo

rld

2 6 3 7 2 1 4 5 1 21 1 1 1 3 1 2 3 2 9 1 1# Companies

-

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

50.0

Se

arc

h

Ente

rpris

e

Div

ers

ifie

d

Mobile

Me

dia

Colla

bora

tio

n

Inte

rnet

Re

tail

Socia

l N

etw

ork

ing

Gam

ing

Fin

anc

ial S

erv

ice

s

Mark

etin

g

Datin

g

Ad

vert

isin

g

1 2 5 1 6 1 2 5 13 1 3 1 1# Companies

EV/Revenue EV/EBITDA


EV/Revenue Ranking

0.20.20.40.40.4 0.50.50.50.60.60.70.70.70.80.80.80.90.9 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 1.92.02.02.22.22.32.32.32.42.42.6 2.72.93.0 3.13.23.23.4 3.54.34.8 5.0 5.15.5 5.7 5.86.46.6

7.89.1

10.312.012.0

13.4

15.4

18.119.5

23.3

30.7

44.145.2

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

50.0

Ngi G

roup Inc.

Cyberp

lex Inc.

Jum

buck E

nte

rtain

ment Lim

ited

RealN

etw

ork

s Inc.

Tre

e.C

om

, In

c.

Gam

eO

n C

o L

td.

Acto

z S

oft C

o., L

td.

Unis

erv

e C

om

munic

atio

ns C

orp

.G

igaM

edia

Ltd

.G

lu M

obile

, In

c.

Openw

ave S

yste

ms Inc.

Nort

hgate

Technolo

gie

s L

imite

dD

AD

A S

pA

Poin

ts Inte

rnatio

nal L

td.

Inte

rnet G

roup S

AIA

C/Inte

rActiv

eC

orp

.A

OL, In

c.

CD

C C

orp

.U

nite

d O

nlin

e, In

c.

Corn

erW

orld C

orp

ora

tion

The N

ew

York

Tim

es C

om

pany

TheS

treet.com

, In

c.

Beyond C

om

merc

e, In

c.

OA

O R

BC

Info

rmatio

n S

yste

ms

AQ

Inte

ractiv

e, In

c.

Hutc

his

on T

ele

com

munic

atio

ns H

ong

HanbitS

oft, In

c.

info

GR

OU

P, In

c.

Gam

ania

Dig

ital E

nte

rtain

ment C

o., L

td.

Spark

Netw

ork

s, In

c.

YD

Onlin

e C

orp

.V

alu

eC

lick, In

c.

NetD

ragon W

ebS

oft, In

c.

Ynk K

ore

a Inc.

Score

Media

Inc.

Shutterf

ly, In

c.

SN

AP

Inte

ractiv

e, In

c.

PN

I D

igita

l Media

Inc.

Oriente

d M

edia

Gro

up B

erh

ad

XIN

G A

GV

elti

Plc

UO

MO

Media

, In

cM

odern

Tim

es G

roup M

tg A

BN

euLio

n Incorp

ora

ted

Webzen Inc.

GungH

o O

nlin

e E

nte

rtain

ment, Inc.

Sohu.c

om

Inc.

SK

Com

munic

atio

ns C

o., L

td.

Myriad G

roup A

GO

pen T

ext C

orp

.N

EO

WIZ

Gam

es C

orp

ora

tion

Wiz

zard

Softw

are

Corp

ora

tion

iseem

edia

Inc.

Tale

o C

orp

.Lin

go M

edia

Corp

ora

tion

Dig

italP

ost In

tera

ctiv

e, In

c.

WebM

edia

Bra

nds Inc

Kin

gsoft C

orp

ora

tion L

imite

dA

ccele

rize N

ew

Media

, In

c.

Changyou.c

om

Lim

ited

Unila

va C

orp

ora

tion

Mix

i, In

c.

Fro

gste

r In

tera

ctiv

e P

ictu

res A

GF

luid

Music

Canada, In

c.

Gre

e, In

c.

Tra

nsG

am

ing, In

c.

HU

GH

ES

Tele

matic

s, In

c.

Chin

ese G

am

er

Inte

rnatio

nal

GeoS

entr

ic O

yj

Paid

Inc.

MO

KO

.mobi L

imite

dT

encent H

old

ings L

td.

Bright T

hin

gs p

lcS

pectr

um

DN

A, In

c.

NeX

plo

re C

orp

ora

tion

Source: CapitalIQ

NeXplore has highest revenue multiple at 45.2x


EV/EBITDA Ranking

1.9 2.0 2.7 2.74.7 5.1 5.7 5.7 6.7 6.9 6.9 7.0 7.6 7.8 8.0 8.4 8.4 8.9 9.3 9.8 10.1 11.111.9 11.912.0 12.3 13.213.9 14.614.9 15.1

16.3 17.2 17.5

21.7

24.7

32.435.1

45.5 46.2

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

50.0

Cyberp

lex Inc.

Gam

eO

n C

o L

td.

AO

L, In

c.

Acto

z S

oft C

o., L

td.

Unite

d O

nlin

e, In

c.

Hutc

his

on T

ele

com

munic

atio

ns H

ong K

ong H

old

ings

Ltd

.

Valu

eC

lick, In

c.

The N

ew

York

Tim

es C

om

pany

Sohu.c

om

Inc.

Spark

Netw

ork

s, In

c.

DA

DA

SpA

YD

Onlin

e C

orp

.

info

GR

OU

P, In

c.

Gam

ania

Dig

ital E

nte

rtain

ment C

o., L

td.

CD

C C

orp

.

XIN

G A

G

NetD

ragon W

ebS

oft, In

c.

PN

I D

igita

l Media

Inc.

Changyou.c

om

Lim

ited

Tre

e.C

om

, In

c.

Unis

erv

e C

om

munic

atio

ns C

orp

.

Velti

Plc

Score

Media

Inc.

Open T

ext C

orp

.

NE

OW

IZ G

am

es C

orp

ora

tion

GungH

o O

nlin

e E

nte

rtain

ment, Inc.

Kin

gsoft C

orp

ora

tion L

imite

d

IAC

/Inte

rActiv

eC

orp

.

HanbitS

oft, In

c.

Shutterf

ly, In

c.

Openw

ave S

yste

ms Inc.

Ynk K

ore

a Inc.

Modern

Tim

es G

roup M

tg A

B

Gre

e, In

c.

Mix

i, In

c.

Chin

ese G

am

er

Inte

rnatio

nal

Tale

o C

orp

.

TheS

treet.com

, In

c.

Tencent H

old

ings L

td.

SK

Com

munic

atio

ns C

o., L

td.

Excluding EV/EBITDA > 100xSource: CapitalIQ

SK Communications leads the group at 46.2x


P/E Ranking

2.0 2.1 2.6 4.4 5.7 6.6 8.510.6 11.0 11.7 12.1 12.4 14.3 14.8 15.4

18.5 18.9 20.622.6 24.5 25.7

32.034.5 35.3

40.9

57.7 58.9

69.3

76.6

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

Shanda Inte

ractiv

e E

nte

rtain

ment Ltd

.

Gia

nt In

tera

ctiv

e G

roup, In

c.

Nete

ase.c

om

Inc.

Jum

buck E

nte

rtain

ment Lim

ited

Cyberp

lex Inc.

Gig

aM

edia

Ltd

.

YD

Onlin

e C

orp

.

DA

DA

SpA

Unite

d O

nlin

e, In

c.

Gam

eO

n C

o L

td.

AO

L, In

c.

Changyou.c

om

Lim

ited

Valu

eC

lick, In

c.

Sohu.c

om

Inc.

Hutc

his

on T

ele

com

munic

atio

ns H

ong K

ong H

old

ings

Ltd

.

Kin

gsoft C

orp

ora

tion L

imite

d

The N

ew

York

Tim

es C

om

pany

CD

C C

orp

.

Velti

Plc

Gam

ania

Dig

ital E

nte

rtain

ment C

o., L

td.

NetD

ragon W

ebS

oft, In

c.

Chin

ese G

am

er

Inte

rnatio

nal

Gre

e, In

c.

NE

OW

IZ G

am

es C

orp

ora

tion

Open T

ext C

orp

.

Mix

i, In

c.

Tencent H

old

ings L

td.

GungH

o O

nlin

e E

nte

rtain

ment, Inc.

HanbitS

oft, In

c.

Source: CapitalIQ

HanbitSoft has the highest P/E at 76.6x


Total Market Capitalization - $80 BN

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

5/4

/2009

5/1

1/2

009

5/1

8/2

009

5/2

5/2

009

6/1

/2009

6/8

/2009

6/1

5/2

009

6/2

2/2

009

6/2

9/2

009

7/6

/2009

7/1

3/2

009

7/2

0/2

009

7/2

7/2

009

8/3

/2009

8/1

0/2

009

8/1

7/2

009

8/2

4/2

009

8/3

1/2

009

9/7

/2009

9/1

4/2

009

9/2

1/2

009

9/2

8/2

009

10/5

/2009

10/1

2/2

009

10/1

9/2

009

10/2

6/2

009

11/2

/2009

11/9

/2009

11/1

6/2

009

11/2

3/2

009

11/3

0/2

009

12/7

/2009

12/1

4/2

009

12/2

1/2

009

12/2

8/2

009

1/4

/2010

1/1

1/2

010

1/1

8/2

010

1/2

5/2

010

2/1

/2010

2/8

/2010

2/1

5/2

010

2/2

2/2

010

3/1

/2010

3/8

/2010

3/1

5/2

010

3/2

2/2

010

3/2

9/2

010

4/5

/2010

4/1

2/2

010

4/1

9/2

010

4/2

6/2

010

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

(US

$m

)

# companies

Source: CapitalIQ


Total Market Cap – by Sector

-

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

50,000.0D

ivers

ifie

d

Gam

ing

Media

Socia

l N

etw

ork

ing

Colla

bora

tion

Mark

eting

Ente

rprise

Inte

rnet

Reta

il

Searc

h

Mobile

SM

S/V

oic

e

Fin

ancia

l S

erv

ices

Music

Vid

eo

Dating

Virtu

al W

orld

Advert

isin

g

Vert

ical C

om

munitie

s

Paym

ent

Infr

astr

uctu

re

Podcasting

Learn

ing

7 27 10 16 1 6 3 2 1 5 3 1 2 1 2 2 3 1 1 3 1 1# Companies

27 Gaming companies totaling over $17b in market cap


Market Cap Ranking

0

1,000

2,000

3,000

4,000

5,000

6,000

Bro

adW

ebA

sia

Inc.

Mobile

Data

Corp

.U

OM

O M

edia

, In

cC

orn

erW

orld C

orp

ora

tion

Unis

erv

e C

om

munic

atio

ns C

orp

.B

eyond C

om

merc

e, In

c.

En2G

o Inte

rnatio

nal,

Inc.

Kiw

ibox.C

om

, In

c.

Dig

italP

ost In

tera

ctiv

e, In

c.

Worlds.c

om

Inc.

Kent In

tern

atio

nal H

old

ings Inc.

Oriente

d M

edia

Gro

up B

erh

ad

Spectr

um

DN

A, In

c.

Real V

alu

e E

sta

tes, In

c.

Bright T

hin

gs p

lcLin

go M

edia

Corp

ora

tion

Sahara

Media

Hold

ings, In

c.

SN

AP

Inte

ractiv

e, In

c.

iseem

edia

Inc.

MO

KO

.mobi L

imite

dJum

buck E

nte

rtain

ment Lim

ited

IAS

Energ

y, In

c.

VO

IS, In

c.

Inte

rnet G

roup S

AN

ort

hgate

Technolo

gie

s L

imite

dW

izzard

Softw

are

Corp

ora

tion

NeX

plo

re C

orp

ora

tion

Accele

rize N

ew

Media

, In

c.

LookS

mart

, Ltd

.D

olp

hin

Dig

ital M

edia

, In

c.

Ynk K

ore

a Inc.

Asknet A

GS

ocia

lwis

e, In

c.

Multi

plie

d M

edia

Corp

ora

tion

WebM

edia

Bra

nds Inc

Cyberp

lex Inc.

Tra

nsG

am

ing, In

c.

Glu

Mobile

, In

c.

Unila

va C

orp

ora

tion

Dig

italT

ow

n, In

c.

GeoS

entr

ic O

yj

Quepasa C

orp

.P

NI D

igita

l Media

Inc.

Gra

vity

Co., L

tdS

core

Media

Inc.

Fro

gste

r In

tera

ctiv

e P

ictu

res A

GS

park

Netw

ork

s, In

c.

Ngi G

roup Inc.

Moggle

, In

cN

euLio

n Incorp

ora

ted

HanbitS

oft, In

c.

YD

Onlin

e C

orp

.P

aid

Inc.

Poin

ts Inte

rnatio

nal L

td.

DA

DA

SpA

Flu

id M

usic

Canada, In

c.

Tre

e.C

om

, In

c.

AQ

Inte

ractiv

e, In

c.

Gam

eO

n C

o L

td.

Acto

z S

oft C

o., L

td.

TheS

treet.com

, In

c.

Webzen Inc.

Gig

aM

edia

Ltd

.T

he9 L

imite

dX

ING

AG

Myriad G

roup A

GV

elti

Plc

OA

O R

BC

Info

rmatio

n S

yste

ms

Openw

ave S

yste

ms Inc.

Gam

ania

Dig

ital E

nte

rtain

ment C

o., L

td.

NetD

ragon W

ebS

oft, In

c.

CD

C C

orp

.H

UG

HE

S T

ele

matic

s, In

c.

GungH

o O

nlin

e E

nte

rtain

ment, Inc.

info

GR

OU

P, In

c.

RealN

etw

ork

s Inc.

SK

Com

munic

atio

ns C

o., L

td.

Shutterf

ly, In

c.

NE

OW

IZ G

am

es C

orp

ora

tion

Unite

d O

nlin

e, In

c.

Valu

eC

lick, In

c.

Kin

gsoft C

orp

ora

tion L

imite

dH

utc

his

on T

ele

com

munic

atio

ns H

ong K

ong H

old

ings

Chin

ese G

am

er

Inte

rnatio

nal

Mix

i, In

c.

Tale

o C

orp

.T

he N

ew

York

Tim

es C

om

pany

Perf

ect W

orld C

o., L

td.

Gia

nt In

tera

ctiv

e G

roup, In

c.

Changyou.c

om

Lim

ited

Sohu.c

om

Inc.

Open T

ext C

orp

.IA

C/Inte

rActiv

eC

orp

.G

ree, In

c.

AO

L, In

c.

Shanda Inte

ractiv

e E

nte

rtain

ment Ltd

.M

odern

Tim

es G

roup M

tg A

BN

ete

ase.c

om

Inc.

Tencent H

old

ings L

td.

Source: CapitalIQ

Tencent’s $39 bn market cap dominates group


Price Performance – 1 week

Rising

53%Flat

13%

Falling

34%

Price Momentum• Positive momentum, with 66% of stocks

rising or flat over past week.


Average Price Performance – 1 Week, By Sector

28.0%

16.6%

13.2%12.8%

7.7%6.3%

4.9%3.6% 3.5% 3.4% 2.5% 2.4% 1.3% 0.9%

-0.3% -0.8% -1.5% -1.8%-4.3% -4.7%

-6.1%

-12.3%-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

Datin

g

Sea

rch

SM

S/V

oic

e

En

terp

rise

Vid

eo

Ve

rtic

al

Co

mm

un

itie

s

Inte

rnet R

eta

il

Ga

min

g

Po

dca

stin

g

Pa

ym

en

t

Ma

rketin

g

So

cia

l

Ne

two

rkin

g

Co

llab

ora

tion

Fin

an

cia

l

Se

rvic

es

Vir

tua

l W

orl

d

Me

dia

Mu

sic

Mo

bile

Infr

astru

ctu

re

Div

ers

ifie

d

Ad

vert

isin

g

Le

arn

ing

# companies

Source: CapitalIQ

Dating shows biggest gains


Price Performance – 1 Week

-60.0%

-40.0%

-20.0%

0.0%

20.0%

40.0%

60.0%

80.0%

BW

BA

NX

PC

SH

HD

BY

OC

SP

XA

TS

XV

:MM

CT

SX

V:L

MA

04

70

80

IAS

C.A

KO

SE

:A0

69

TS

X:C

XP

AY

DU

NL

AL

OV

DB

:M0

CN

YT

CM

:DA

AC

LZ

RB

CI

OM

ED

IAT

SX

:FM

ND

GT

W7

77

38

12

A0

23

77

0M

KB

A0

95

66

0N

CT

Y2

49

7K

NT

HIA

CI

FR

GV

CL

KG

AK

IWB

GE

O1

VM

YR

NC

WR

LA

IM:B

GT

ET

GI

RV

LU

TS

X:S

CR

UO

MO

WD

DD

WS

E:IG

RT

SX

V:T

NG

AS

X:J

MB

O1

BC

P

WR

DC

HIN

.AM

BY

LT

RE

EO

TE

X5

90

05

7T

LE

OS

EH

K:2

15

SN

DA

IUS

AA

05

27

70

GR

VY

21

21

XT

RA

:A5

AR

NW

K3

88

8G

IGM

SC

LW

WZ

ET

SE

:36

32

OP

WV

TS

XV

:PN

AO

LS

FL

YU

NT

D7

00

MT

G B

SO

HU

DP

DM

WE

BM

NT

ES

CY

OU

GT

SM

:30

83

TS

X:N

LN

VE

LQ

PS

AIE

E6

18

0T

SC

MD

GL

PA

05

27

90

LO

OK

37

65

A0

66

27

03

83

8V

OIS

TS

X:P

TS

HU

TC

GL

UU

TS

XV

:US

SS

TV

I

Source: CapitalIQ


Price Performance (Top 10)

1 Month

0%

50%

100%

150%

200%

250%

300%

IAS

En

erg

y, I

nc.

Be

yo

nd

Co

mm

erc

e,

Inc.

AQ

In

tera

ctiv

e,

Inc.

Dig

ita

lTo

wn

, In

c.

Glu

Mo

bile

, In

c.

Un

ise

rve

Co

mm

un

ica

tion

s

Co

rp.

VO

IS,

Inc.

Inte

rne

t G

rou

p

SA

Gu

ng

Ho

On

line

En

tert

ain

me

nt,

Inc.

HU

GH

ES

Te

lem

atic

s, I

nc.

3 Month

0%

500%

1000%

1500%

2000%

2500%

3000%

3500%

OA

O R

BC

Info

rmation

Syste

ms

Dig

italT

ow

n,

Inc.

IAS

Energ

y,

Inc.

Beyond

Com

merc

e,

Inc.

Unila

va

Corp

ora

tion

SN

AP

Inte

ractive,

Inc.

Ngi G

roup

Inc.

Oriente

d

Media

Gro

up

Berh

ad

AQ

Inte

ractive,

Inc.

Shutt

erf

ly,

Inc.

6 Month

0%

500%

1000%

1500%

2000%

2500%

3000%

3500%

OA

O R

BC

Info

rmation

Syste

ms

AQ

Inte

ractive,

Inc.

Quepasa C

orp

.

Unis

erv

e

Com

munic

ations

Corp

.

VO

IS,

Inc.

SK

Com

munic

ations

Co.,

Ltd

.

Oriente

d M

edia

Gro

up B

erh

ad

SN

AP

Inte

ractive,

Inc.

Velti P

lc

Ngi G

roup I

nc.

1 Year

0%

1000%

2000%

3000%

4000%

5000%

6000%

7000%

OA

O R

BC

Info

rma

tio

n

Sys

tem

s

Qu

ep

asa

Co

rp.

Tra

nsG

am

ing

,

Inc.

VO

IS,

Inc.

AQ

In

tera

ctiv

e,

Inc.

Un

ise

rve

Co

mm

un

ica

tion

s

Co

rp.

Dig

ita

lPo

st

Inte

ract

ive

, In

c.

Flu

id M

usi

c

Ca

na

da

, In

c.

CD

C C

orp

.

Glu

Mo

bile

, In

c.

Source: CapitalIQ


Price Performance (Bottom 10)

1 Week

-60.0%

-50.0%

-40.0%

-30.0%

-20.0%

-10.0%

0.0%

Webz

en In

c.

IAS

En

erg

y,

Inc.

HanbitS

oft,

Inc

.

Lin

go M

edia

Corp

ora

tion

Multi

plie

d

Media

Corp

ora

tion

Spectr

um

DN

A,

Inc.

Be

yond

Co

mm

erc

e,

Inc.

Saha

ra M

edia

Hold

ings,

Inc.

NeX

plo

re

Corp

ora

tion

Bro

adW

ebA

sia

Inc.

1 Month

-60.0%

-50.0%

-40.0%

-30.0%

-20.0%

-10.0%

0.0%

Lin

go M

edia

Co

rpora

tion

Mo

bile

Data

Corp

.

Multi

plie

d

Med

ia

Co

rpora

tion

UO

MO

Med

ia,

Inc

Sp

ectr

um

DN

A,

Inc.

Saha

ra M

edia

Hold

ings

, In

c.

NeX

plo

re

Co

rpora

tion

Bro

adW

eb

Asia

Inc.

En2G

o

Inte

rnatio

na

l,

Inc

.

Corn

erW

orl

d

Corp

ora

tion

6 Month

-100.0%

-90.0%

-80.0%

-70.0%

-60.0%

-50.0%

-40.0%

-30.0%

-20.0%

-10.0%

0.0%

DA

DA

SpA

No

rthg

ate

Te

ch

nolo

gie

s

Lim

ited

Lin

go

Me

dia

Co

rpora

tion

Cyb

erp

lex I

nc.

NeX

plo

re

Co

rpora

tion

Corn

erW

orld

Corp

ora

tion

En2G

o

Inte

rnatio

na

l,

Inc.

UO

MO

Me

dia

,

Inc

Bro

adW

eb

Asia

Inc

.

Saha

ra M

edia

Ho

ldin

gs

, In

c.

1 Year

-120.0%

-100.0%

-80.0%

-60.0%

-40.0%

-20.0%

0.0%

Nort

hgate

Technolo

gie

s

Lim

ited

Wiz

zard

Softw

are

Corp

ora

tion

Cyberp

lex Inc.

Mobile

Data

Corp

.

UO

MO

Media

,

Inc

Corn

erW

orld

Corp

ora

tion

En2G

o

Inte

rnatio

nal,

Inc.

Sahara

Media

Hold

ings, In

c.

Beyond

Com

merc

e,

Inc.

Bro

adW

ebA

sia

Inc.

Source: CapitalIQ


Capital Market Activity (Financing, M&A)


Financing Momentum

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Oct-

04

De

c-0

4

Fe

b-0

5

Ap

r-0

5

Ju

n-0

5

Au

g-0

5

Oct-

05

De

c-0

5

Fe

b-0

6

Ap

r-0

6

Ju

n-0

6

Au

g-0

6

Oct-

06

De

c-0

6

Fe

b-0

7

Ap

r-0

7

Ju

n-0

7

Au

g-0

7

Oct-

07

De

c-0

7

Fe

b-0

8

Ap

r-0

8

Ju

n-0

8

Au

g-0

8

Oct-

08

De

c-0

8

Fe

b-0

9

Ap

r-0

9

Ju

n-0

9

Au

g-0

9

Oct-

09

De

c-0

9

Fe

b-1

0

Ap

r-1

0

(US

$m

)

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

(US

$m

)

Total (LTM) Average Size (LTM)

Sharp rise driven by large DST transactions


Financing activity – Current MonthMonth Company Name Country Sector Angel/Seed Debt financing PIPE Series A Series B Series C Series D Grand Total

Apr-10 Digital Sky Technologies Russia Diversif ied 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

Knewton 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 Commerce USA Advertising 7.0 7.0

OpenSky USA Social Commerce 6.0 6.0

Stitcher USA Media 6.0 6.0

Cramster USA Vertical Communities 6.0 6.0

quirky USA Social Netw orks 6.0 6.0

58.com China Classif ied 5.8 5.8

Networked Insights USA Analytics 5.0 5.0

Tumblr USA Social Netw orks 5.0 5.0

TellApart USA Analytics 4.8 4.8

Wildfire USA Advertising 4.0 4.0

Daily Grommet USA Social Commerce 3.4 3.4

gdgt USA Vertical Communities 3.2 3.2

TweetPhoto 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

ZoomSafer 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


Financing activity – Current Month, By Sector

Diversified

2% Gaming

7% Social

Commerce

7%

Crowdsourced

Content

2%

Media

7%

Video

9%

Financial

Services

7%Advertising

11%Social Networks

7%

Enterprise

5%

Internet Retail

2%

Analytics

11%

Collaboration

2%

Online Learning

2%

Vertical

Communities

9%

Infrastructure

2%

Classified

2%

Music

2%

Micromedia

2%

Other

48%

Diversified

26% Gaming

14%

Social

Commerce

12%

# Deals $ Raised


Financing Activity – last three months

12.5

4.65.5 5.5

8.9

6.4

10.2

12.5

9.1

8.2

5.4

18.2

5.8

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

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

(US

$m

)

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

(US

$m

)

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

Dec-09 includes $180m Zynga investment

Apr-10 includes $300m DST investment

$426 mm ex-DST, averaging $15.2 mm per deal


Capital Market Activity Ranking – by Sector, last three months

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

Div

ers

ified

Gam

ing

Media

Vid

eo

Cro

wdsourc

ed

Conte

nt

Socia

l

Com

merc

e

Advert

isin

g

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Upcoming events/earnings

Source: CapitalIQ

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


Public Company ListingCompany Name Ticker Exchange

Trading

Currency HQ

Current

Price

US$ Market

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 Ltd.SEHK:215 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


Public Company Listing cont.Company Name Ticker Exchange

Trading

Currency HQ

Current

Price

US$ Market

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


Public Company Listing cont.

Company Name Ticker Exchange

Trading

Currency HQ

Current

Price

US$ Market

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 -


Disclaimer

RELEVANT DISCLOSURES APPLICABLE TO: NONE

1. None applicable.

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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 herein. Contents of this report cannot be reproduced in whole or in part without the expressed permission of Mackie Research Capital Corporation. (U.S. Institutional Clients — Research Capital U.S.A. Inc. (a wholly owned subsidiary of Mackie Research Capital Corporation) accepts responsibility for the contents of this report subject to the terms & limitations set out above. Firms orinstitutions receiving this report should effect transactions in securities discussed in the report through Research Capital U.S.A. Inc., a Broker-Dealer Registered with the United States Securities and Exchange Commission).

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