web 2.0 weekly - mar. 16, 2010

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SOFTWARE & SERVICES 16 MARCH 2

WEB 2.0 WEEKLYDavid Shore, CFA, MBA 416.860.67

dshore@mackieresearch.

Damian Wojcichowsky, CFA 416.860.7

Despite Jittery Markets, VC Funding Pace SteadyCapital Markets Activity

March materializing in line with 2010 monthly trend: The monthly trend in 2010 for approximately $200 million infinancing evenly spread across the month is materializing once again this March. Total transaction value in the Web2.0 universe March-to-date is $90.4 million (vs. $42.9 million last week). The number of financings stands at 13 (vs. 8last week), averaging $7.0 million each (compared with $5.4 million last week). In comparison, total capital raised inFebruary was $204.1 million, averaging $8.2 million over 25 deals. January had $219.1 million, averaging $9.1 millionover 24 deals. December saw $450.4 million, averaging $12.9 million over 35 deals. November saw $205.0 million,averaging $10.2 million (20 deals).

Financing Activity Last Twelve Months

6.0

13.9

4.7

5.6

6.8

9.0

5.8

10.2

12.9

9.1

8.2

7.06.5

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

500.0

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

(US$m)

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

(US$m)

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

Dec-09 includes $180m Zynga investment

Deal round-up for March: The large deal highlights for the month include:

Saf-T-Net developer of a suite for communicating with large audiences was acquired by Blackboard for $million.

Adenyo mobile ad network raised $26.9 million in private financing. LivingSocial a collection of apps for social network and mobile platforms raised $25 million in Series B funds.

Multicast Media a live and on-demand video operation was acquired for $18 million by KIT Digital.

DataXu an online ad optimization and bidding platform raised $11 million in a Series B financing.

GyPSii a location-based search application (and a GeoSentric venture) r aised $11 million.

Hunch a recommendation engine raised $10 million in a Series B financing.

Lucid Imagination distributor of the Apache open s ource search engine raised $10 million in Series B funds.

This report has been created by Analysts that are employed by Mackie Research Capital Corporation, a Canadian Investment Dealer. For further disclosures, please see last page of this re

www.mackieresearch.com

Toronto 416.860.7600 Montreal 514.399.1500 Vancouver 604.662.1800 Calgary 403.218.6375 Regina 306.566.7550 St. Albert 780-460-64

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Page 2

The Web 2.0 Universe

Ninety-seven public Web 2.0 companies: Our Web 2.0 universe contains 97 companies, with a combined market cap ofpproximately $77 billion (Figure 1). The median market cap for the group is $47 million, with average trailing revenuef $408 million (median $12.6 million). The companies are also generally profitable with a median EBITDA margin of1.4%. On a valuation basis, the overall average is 4.8x trailing revenue (median 1.8x) and 10.8x trailing EBITDA

median 8.7x). Eleven of the companies have more than 500 employees.

Comparable Company Analysis > Web 2.0

ompany Name L TM as of Ticker E xchange

Trading

C u rr en c y H Q

Current

Price

USD Market

Cap ($m)

USD LTM Total

Rev ($m)

USD LTM Total

EBITDA ($m)

EBITDA

%

TEV/LTM

Revenue

TEV/LTM

E B IT DA E mployees

ccelerize New Media , Inc. 9/30/2009 AC LZ OT C B B US D United S tates 0.55 15.8 4.1 (1.5) -36.5% 5.0x - 11

ctoz S oft C o. , Ltd. 9/30/2009 A052790 K OS E K R W S outh K orea 14550.00 113.0 121.9 27.0 22.2% 0.6x 2.6x NA

Q Interactive, Inc. 12/31/2009 3 838 T S E J P Y J apan 153100.00 91.9 NM NM NM 1.0x - NA

s knet AG 9/30/2009 XT R A:A5A XT R A E UR G ermany 3.60 24.8 8,455.1 (108.9) -1.3% 0.2x - NA

s s ociated Media Holdings Inc. 6/30/2007 AS MH OT C P K US D United S tates 0.00 0.1 0.1 (2.3) NM 9.0x - 3

etawave C orporation 9/30/2009 B W AV OT C B B US D United S tates 0.10 2.9 8.4 (14.3) NM 0.0x - 48

eyond C ommerce, Inc. 9/30/2009 B Y OC OT C B B US D United S tates 0.03 2.0 13.5 (12.4) -91.9% 1.0x - 86

gstring C orp. 9/30/2009 B S G C OT C B B US D United S tates 0.02 1.4 0.1 (1.0) NM 38.0x - 4

ight T hings plc 9/30/2009 AIM:B G T AIM G B P United K ingdom 0.01 7.2 0.1 (3.4) NM 34.2x - 9

oadW ebAsia Inc. 9/30/2008 B W B A OT C P K US D United S tates 0.04 3.4 0.0 (4.6) NM - - 46

DC C orp. 12/31/2009 C HIN.A Nas daqG S US D Hong K ong 2.86 302.5 320.1 36.6 11.4% 0.9x 7.9x NA

hangyou.com L imited 12/31/2009 C Y OU Nas daqG S US D C hina 31.06 1,601.7 267.6 167.7 62.7% 5.1x 8.2x 1,308

hines e G amer International 9/30/2009 G T S M:3083 GT S M T W D T aiwan 341.50 901.8 0.0 (0.1) NM 11.8x 20.3x NA

ody V entures C orporation 6/30/2007 C V C P OT C P K US D United S tates 0.00 0.1 0.1 (0.1) NM 1.6x - NA

ornerW orld C orporation 10/31/2009 C W R L OT C B B US D United S tates 0.02 1.9 9.2 NM NM 1.2x - 16

yberplex Inc. 9/30/2009 T S X:C X T S X C AD C anada 0.92 62.1 2,169.2 1,258.7 58.0% 0.4x 3.3x NA

ADA S pA 9/30/2009 C M:DA C M E UR Italy 5.26 116.5 12.6 NM NM 0.8x 6.4x NA

gitalP ost Interactive, Inc. 9/30/2009 DG L P OT C B B US D United S tates 0.06 5.0 1.2 (0.9) -73.8% 6.0x - 7

gitalT own, Inc. 11/30/2009 DG T W OT C B B US D United S tates 1.00 27.4 0.0 (1.4) NM - - 3

olphin Digital Media, Inc. 9/30/2009 DP DM OT C B B US D United S tates 0.28 15.9 0.3 (4.6) NM - - NAXN Holdings B hd 11/30/2009 D XN K LS E MY R Malays ia 0.65 44.5 34.6 3.8 11.1% 0.7x 3.9x NA

n2G o International, Inc. 11/30/2009 E T G I OT C B B US D United S tates 0.25 6.0 NM (1.9) NM - - NA

eurotech P harmaceuticals C o. , Ltd. 9/30/2009 A041060 K OS E K R W S outh K orea 390.00 26.5 0.2 0.0 18.7% 4.3x 9.1x NA

W orldC ompanies , Inc. 6/30/2008 E W R C OT C P K US D United S tates 0.00 0.9 0.0 NM NM 30.3x - NA

uid Mus ic C anada , Inc. 9/30/2009 T S X:F MN T S X C AD United S tates 1.80 111.2 5.6 (3.0) -54.0% 18.2x - NA

ogster Interactive P ictures AG 6/30/2009 F R G XT R A E UR G ermany 19.90 69.6 7.6 (4.1) -54.0% 7.6x - NA

amania Digital E ntertainment C o., Ltd. 9/30/2009 6180 GT S M T W D T aiwan 48.45 233.4 0.2 (0.1) -47.0% 1.4x 8.3x NA

ameOn C o Ltd. 12/31/2009 3812 T S E J P Y J apan 67100.00 71.7 54.2 8.9 16.5% - - NA

eoS entric Oyj 9/30/2009 G E O1V HLS E E UR Finland 0.05 61.3 9,377.1 2,185.3 23.3% 14.8x - 118ant Interactive G roup, Inc. 12/31/2009 G A NY S E US D C hina 7.62 1,728.4 0.5 (1.9) NM - - NA

gaMedia Ltd. 3/31/2009 G IG M Nas daqG S US D T aiwan 3.12 170.0 183.6 NM NM 0.6x - 751

ravity C o., L td 9/30/2009 G R V Y Nas daqG M US D S outh K orea 1.98 55.0 0.2 NM NM - - 469

ree, Inc. 12/31/2009 T S E :3632 T S E J P Y J apan 5530.00 2,762.5 658.8 233.3 35.4% 9.8x 16.7x NA

ungHo Online E ntertainment, Inc. 9/30/2009 3765 OS E J P Y J apan 206600.00 261.5 266.0 156.5 58.8% 1.9x 8.4x NA

anbitS oft, Inc. 9/30/2009 A047080 K OS E K R W S outh K orea 3775.00 72.9 9.5 2.1 22.3% 1.0x - NA

C /InterActiveC orp. 12/31/2009 IAC I Nas daqG S US D United S tates 23.60 2,750.8 1,375.8 81.7 5.9% 0.8x 14.0x NA

ternetArray, Inc. 12/31/2006 INAR OT C P K US D United S tates 0.00 0.0 5.9 (4.0) -68.6% 1.1x - NA

e B lu E quity C orp. 12/31/2006 I S B L OT C P K US D United S tates 0.00 0.0 0.0 NM NM 0.5x - NA

eemedia Inc. 12/31/2009 IE E T S XV C AD C anada 0.16 10.6 2.3 (3.3) NM 4.2x - NA

umbuck E nterta inment Limited 12/31/2009 AS X: J MB AS X AUD Aus tra lia 0.25 11.1 15.2 6.6 43.4% 0.4x 0.9x 79

ent International Holdings Inc. 9/30/2009 K NT H OT C P K US D United S tates 1.69 6.0 0.0 (0.4) NM - - NA

ngs oft C orporation L imited 9/30/2009 3888 S E HK HK D C hina 6.44 911.3 143.4 57.7 40.2% 6.1x 15.1x 2,271

wibox.C om, Inc. 9/30/2009 K IW B OT C B B US D United S tates 0.01 6.0 0.1 (2.3) NM - - 14

ngo Media C orporation 9/30/2009 T S XV :L M T S XV C AD C anada 0.74 9.0 1.4 (2.4) NM 6.2x - NA

ookS mart, Ltd. 9/30/2009 LOOK Nas daqG M US D United S tates 0.91 15.6 54.0 (4.5) -8.4% - - 90ixi, Inc. 12/31/2009 2 121 T S E J P Y J apan 570000.00 973.4 141.5 42.8 30.3% 6.0x 19.7x NA

obile Data C orp. 10/31/2009 MB Y L OT C B B US D United S tates 0.10 2.4 NM NM NM - - NA

odern T imes Group Mtg AB 12/31/2009 MT G B OM S E K S weden 418.00 3,864.2 1,988.3 265.1 13.3% 2.2x 16.2x NA

OK O.mobi L imited 6/30/2009 MK B AS X AUD Aus tra lia 0.10 10.8 0.7 (2.5) NM 13.5x - NAultiplied Media C orporation NA T S XV :MMC T S XV C AD C anada 0.24 31.1 NA NM NM - - NA

yriad G roup AG 6/30/2009 MY R N S W X C HF S witzerland 4.58 190.3 63.0 3.4 5.4% 3.0x - 405

E OW IZ G ames C orporation 12/31/2008 A095660 K OS E K R W S outh K orea 36000.00 669.4 218.2 58.6 26.8% 3.0x 11.2x NA

etDragon W ebS oft, Inc. 9/30/2009 777 S E HK HK D C hina 4.39 299.1 91.4 27.8 30.4% 1.6x 5.4x 2,426etease.com Inc. 12/31/2009 NT E S Nas daqG S US D C hina 39.95 5,174.4 550.2 317.3 57.7% - - NA

euL ion Incorporated 9/30/2009 T S X:NL N T S X C AD C anada 0.53 60.5 24.9 (16.1) -64.5% 1.7x - 237

eXplore C orporation 9/30/2009 NXP C OT C P K US D United S tates 0.50 27.9 0.5 NM NM - - NA

gi G roup Inc. 12/31/2009 2497 T S E J P Y J apan 49250.00 67.4 75.8 (1.3) -1.7% 0.1x - NA

orthgate T echnologies L imited 9/30/2009 590057 B S E INR India 18.70 14.3 48.7 (52.3) NM 0.3x - NA

AO R B C Information S ys tems 12/31/2007 R B C I MIC E X R UB R us s ia 36.50 171.9 0.0 (0.3) NM 1.1x 8.2x NA

riented Media G roup B erhad 9/30/2009 OME DIA K LS E MY R Malays ia 0.20 7.8 NM NM NM 2.8x - NA

pen T ext C orp. 12/31/2009 OT E X Nas daqG S US D C anada 49.31 2,784.2 854.6 230.2 26.9% 3.3x 12.3x 3,700

penwave S ystems Inc. 12/31/2009 OP W V Nas daqG S US D United S tates 2.58 216.1 192.2 8.6 4.5% 0.6x 13.0x 590

he P arent C ompany 8/2/2008 K IDS .Q OT C P K US D United S tates 0.00 0.0 112.0 (13.5) -12.0% 0.2x - 347

erfect W orld C o., L td. 12/31/2009 P W R D Nas daqG S US D C hina 39.47 1,966.6 28.1 1.3 4.5% 0.2x 0.3x NA

NI Digital Media Inc. 12/31/2009 T S XV :P N T S XV C AD C anada 1.57 51.8 2,098.4 1,124.7 53.6% 1.9x 7.6x NA

uepas a C orp. 9/30/2009 QP S A OT C B B US D United S tates 3.72 47.4 0.2 (9.8) NM - - 74

eal V alue E s tates , Inc. 11/30/2009 R V LU OT C B B US D Is rael 1.03 6.6 NM NM NM - - NA

ahara Media Holdings , Inc. 9/30/2009 S HHD OT C B B US D United S tates 0.30 9.3 0.0 (4.7) NM - - 15

handa Interactive E ntertainment L td. 12/31/2009 S NDA Nas daqG S US D C hina 43.01 2,892.6 767.5 333.9 43.5% - - NA

hutterfly, Inc. 12/31/2009 S F L Y Nas daqG S US D United S tates 22.64 586.5 246.4 32.6 13.2% 1.6x 12.4x 519

K C ommunications C o. , Ltd. 12/31/2008 A066270 K OS E K R W S outh K orea 13050.00 482.0 202.8 13.2 6.5% 2.4x 36.5x NA

NAP Interactive, Inc. 9/30/2009 S T V I OT C B B US D United S tates 0.27 8.8 3.4 0.5 15.6% 2.1x 13.6x 11

ocia l Media V entures Inc. 12/31/2008 S MV I OT C P K US D United S tates 0.00 0.0 0.1 (0.1) -60.6% 4.6x - NA

ocia lwis e, Inc. 12/31/2009 S C LW OT C B B US D United S tates 0.52 25.2 0.0 (4.7) NM - - NA

ohu.com Inc. 12/31/2009 S OHU Nas daqG S US D C hina 54.14 2,044.7 515.2 222.8 43.2% 3.0x 7.0x 3,997

park Networks , Inc. 12/31/2009 LOV AME X US D United S tates 3.42 70.5 45.4 9.5 20.9% 1.4x 6.8x NA

pectrumDNA, Inc. 9/30/2009 S P XA OT C B B US D United S tates 0.15 7.3 0.1 (2.5) NM - - 7

prylogics International C orp 10/31/2009 T S XV :S P Y T S XV C AD C anada 0.03 0.8 0.5 (0.2) -50.0% 1.7x - NAT encent Holdings Ltd. 9/30/2009 700 S E HK HK D C hina 167.50 39,388.0 1,588.7 811.4 51.1% 27.3x - 6,194

T he9 L imited 3/31/2009 NC T Y Nas daqG S US D C hina 7.32 183.8 248.7 65.6 26.4% - - 1,626

T heS treet.com, Inc. 9/30/2009 T S C M Nas daqG M US D United S tates 3.73 117.6 61.1 1.7 2.8% 0.9x 31.6x 310

T ree.C om, Inc. 12/31/2009 T R E E Nas daqG M US D United S tates 8.81 97.4 216.8 9.2 4.2% 0.4x 9.8x NA

nilava C orporation 12/31/2008 UNL A OT C B B US D United S tates 0.17 17.0 5.3 (1.0) -18.1% 3.3x - 39

nis erve C ommunications C orp. 11/30/2009 T S XV :US S T S XV C AD C anada 0.12 2.9 5.1 (0.9) -18.1% 0.5x 9.4x NA

nited Online, Inc. 12/31/2009 UNT D Nas daqG S US D United S tates 7.37 626.2 990.1 204.1 20.6% 0.8x 4.1x 1,699

OMO Media , Inc 10/31/2009 UOMO OT C B B US D C anada 0.04 3.2 1.0 (0.4) -42.2% 3.8x - NAalueC lick, Inc. 12/31/2009 V C LK Nas daqG S US D United S tates 9.97 832.8 422.7 116.1 27.5% 1.6x 5.8x NA

elti P lc 6/30/2009 V E L AIM G B P United K ingdom 3.34 188.5 79.5 16.3 20.5% 2.3x 11.0x 450

OIS , Inc. 12/31/2009 VOIS OT C B B US D United S tates 0.01 10.0 0.0 (1.4) NM - - 2

ebzen Inc. 12/31/2009 K OS E :A069080 K OS E K R W S outh K orea 12150.00 126.9 24.5 (0.8) -3.2% 2.6x - NA

e-R -Y ou C orp. 9/30/2007 W E R U OT C P K US D United S tates 0.01 0.3 0.6 (0.2) -29.1% 0.6x - NA

izzard S oftware C orporation 9/30/2009 W ZE AME X US D United S tates 0.35 18.7 5.2 (3.9) -76.4% 3.9x - 110

orlds .com Inc. 9/30/2009 W DDD OT C B B US D United S tates 0.15 8.0 0.1 (0.6) NM - - 1

yndstorm C orporation NA W Y ND OT C P K US D United S tates 0.05 0.9 NA NM NM - - NA

NG AG 9/30/2009 O1B C XT R A E UR G ermany 28.60 202.8 58.2 15.7 27.0% 2.6x 9.5x 266

D Online C orp. 12/31/2007 A052770 K OS E K R W S outh K orea 6510.00 86.1 60.4 13.0 21.6% 1.5x 7.2x NA

nk K orea Inc. 12/31/2008 A023770 K OS E K R W S outh K orea 2715.00 19.1 12.5 1.3 10.5% 1.4x 13.7x NA

gh 39,388.0 9,377.1 2,185.3 62.7% 38.0x 36.5x 6,194

ow 0.0 0.0 -108.9 -91.9% 0.0x 0.3x 1

verage 828.8 408.0 96.8 3.0% 4.8x 10.8x 720edian 47.4 12.6 -0.1 11.4% 1.8x 8.7x 90

igure 1. Web 2.0 Universe Summaryource. Capital IQ

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Capital Markets Activity (M&A and Financing)

March materializing in line with 2010 monthly trend: The monthly trend in 2010 for approximately $200 million ininancing evenly spread across the month is materializing once again this March. Total transaction value in the Web 2.0

universe March-to-date is $90.4 million (vs. $42.9 million last week). The number of financings stands at 13 (vs. 8 lastweek), averaging $7.0 million each (compared with $5.4 million last week). In comparison, total capital raised in

February was $204.1 million, averaging $8.2 million over 25 deals. January had $219.1 million, averaging $9.1 millionver 24 deals. December saw $450.4 million, averaging $12.9 million over 35 deals. November saw $205.0 million,veraging $10.2 million (20 deals).

Financing Activity Last Twelve Months

6.0

13.9

4.7

5.6

6.8

9.0

5.8

10.2

12.9

9.1

8.2

7.06.5

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

500.0

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

(US$m)

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

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

Dec-09 includes $180m Zynga investment

igure 2. Financings, Last Twelve Monthsource. Company reports

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Deal round-up for March: The large deal highlights for the month include:

Saf-T-Net developer of a suite for communicating with large audiences was acquired by Blackboard for $33 mil

Adenyo mobile ad network raised $26.9 million.

LivingSocial a collection of apps for social network and mobile platforms raised $25 million in Series B funds.

Multicast Media a live and on-demand video operation was acquired for $18 million by KIT Digital.

DataXu an online ad optimization and bidding platform raised $11 million in a Series B financing.

GyPSii a location-based search application (and a GeoSentric venture) raised $11 million.

Hunch a recommendation engine raised $10 million in a Series B f inancing.

Lucid Imagination distributor of the Apache open sour ce search engine raised $10 million in Series B funds.

All other deals in the month were in the amount of $10 million or less. For additional details on financings, see Figures3 and 24 (at end of note).

Financing & M/A Summary - Last Three Months

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

Moch

iMedia

Qiyi

Aardvark

Glam

Media

StudioNow

Sa

f-T-Net

LivingSocial

Quantcast

Adenyo

Yelp

Paymo

N

gmoco

VisibleTechn

ologies

B

lueKai

Web

Visible

U

stream

Guvera

MulticastMedia

6

Waves

TidalTV

Spic

eworks

RenttheR

unway

Avvasi

Flixster

SMSGupShup

GyPSii

DataXu

LucidImag

ination

BrightRoll

Yodle

Hunch

Y

ammer

MOG

N

etBase

AggregateKno

wledge

Currensee

Ad

Marvel

TripIt

Flurry

Tu

neWiki

SeaWellNe

tworks

Vivox

Moo

nshoot

F

ynanaz

P

ursway

Ever

yscape

BuyWithMe

Gaikai

Cozi

Pe

erPong

Apisphere

Posterous

Eyeka

EffectiveM

easure

NuC

onomy

DubMeNow

Beezag

Vook

Cognitive

Match

Scrapblog

ReframeIt

Sm

artdate

Jelli

Chomp

Smilebox

Sway

Prosp

er.com

OneForty

T

ellAPal

Blippy

KODA

Bit.ly

EchoNest

ThisNext

Graphic.ly

M

oblyng

CardaginNetworks

XIHA

Ba

ckupify

So

cialGO

Ranker

Joonto

Burbn

Stylefeeder

A

ppVee

SeriousBusiness

DecisionMakerMedia

AppsFire

Drimmi

Stylehive

(U

S$m) Mar

Feb

Jan

igure 3. Capital Market Activity, Last Three Monthsource. Company reports

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Page 5

Advertising and Social Networks the top draw: In the past three months, Advertising and Social Networks continue torade places as the sectors with the largest number of deals (eight and nine, respectively). Location-Based SNS start-ups

have made a splash of late with three financings (Figure 4).

Capital Market Activity by Sector - Last Three Months

294.6 257.1 179.0 147.2 131.0 125.9 107.4 104.0 82.6 79.6 69.8 50.0 33.0 32.2 32.0 30.0 27.5 14.0 13.6 13.4 13.2 12.0 10.0 80.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

Video

Gam

ing

Advert

ising

Searc

h

Ana

lytics

Mo

bile

Me

dia

Soc

ialNe

tworks

Crow

dsource

d

Con

ten

tMus

ic

Mo

bileAd

Mo

bilePaymen

t

Financ

ialServ

ices

Loca

tion-base

d

SNS

En

terprise

Interne

tRe

tail

Micro

blog

Trave

l

SMS/Vo

ice

Soc

ialCommerce

On

line

Learn

ing

Virtua

lWorl

d

On

line

Ca

len

dar

B l o g

6 5 8 5 6 5 3 9 4 5 2 1 3 3 1 1 3 1 1 2 1 1 1 1

(US$m

)

# companies

igure 4. Capital Market Activity, by Sector, Last Three Monthsource. Company reports

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Capital Markets Activity (Price Performance)

Web 2.0 index continues to outpace Nasdaq recovery: Our Web 2.0 index (market-cap weighted) has positivelydiverged from the broader tech market (represented by the Nasdaq Composite Index) since Q1/09 (Figure 5).

Web 2.0 Index Price Performance

0

50

100

150

200

250

3/16/20

09

3/30/20

09

4/13/20

09

4/27/20

09

5/11/20

09

5/25/20

09

6/8/200

9

6/22/20

09

7/6/200

9

7/20/20

09

8/3/200

9

8/17/20

09

8/31/20

09

9/14/20

09

9/28/20

09

10/12/2

009

10/26/2

009

11/9/20

09

11/23/2

009

12/7/20

09

12/21/2

009

1/4/201

0

1/18/20

10

2/1/201

0

2/15/20

10

3/1/201

0

Index: Web 2.0 (Market Cap) ^COMP - Share Pricing

igure 5. Web 2.0 Price Performanceource. Capital IQ

8/14/2019 Web 2.0 Weekly - Mar. 16, 2010

7/20

Page 7

Bearish week for Web 2.0: Twenty-two companies in our universe had positive stock price performances (averaging+4.0%) over the past week (for stocks with prices greater than $1) (Figure 6), while 28 companies showed negative 1-week returns (averaging -3.6%).

1 Week P rice P erformance

-10.7%-8.1%

-6.5%-6.4%

-6.0%-5.8%-5.8%-5.8%

-4.8%-4.3%-4.2%

-3.4%-3.1%-3.0%

-2.6%-2.3%-2.3%-2.2%

-2.0%-1.8%-1.8%-1.6%

-1.3%-1.3%-1.3%-0.8%

-0.7%-0.5%

0.1%0.5%

0.7%1.1%1.3%1.3%

2.0%2.4%2.5%

2.7%3.1%3.3%

4.1%4.2%

5.7%5.9%5.9%5.9%

7.3%7.5%

8.2%11.5%

-0. 15 -0.1 -0.05 0 0.05 0.1 0

Northgate Tec hnologies LimitedGa meOn Co L td.

PNI Digital Media Inc.Rea l V alue Es tates , Inc.

Neurotech Pharmac eutica ls Co., Ltd.Openw ave S ys tems Inc.

Quepas a Corp.GigaMedia Ltd.

Changyou.com LimitedActoz Soft Co., Ltd.

Gamania Digital Entertainment Co., Ltd.XING AG

AQ Interactive, Inc.Gree, Inc.

Myriad Group AGV elti Plc

Modern T imes Gr oup Mtg ABS K Communica tions C o., L td.

NetDragon WebS oft, Inc.Kings oft Corpora tion Limited

V alueClick, Inc.IAC/InterActiveCorp.

Frogster Interactive Pictures AGHanbitSoft, Inc.Y nk Korea Inc.OA O RB C Information S ys tems

Gravity Co., LtdTheS treet.com, Inc.

Tree.Com, Inc.Neteas e.c om Inc.

Mixi, Inc.The9 Limited

S ohu.com Inc.Spark Netw orks, Inc.

Perfect World Co., Ltd.Chines e Ga mer International

Webzen Inc.DADA SpA

Open Text Corp.Giant Interac tive Gr oup, Inc.

United Online, Inc. Tenc ent Holdings L td.

S hutterfly, Inc.Y D Online Corp.

Fluid Mus ic Canada, Inc.CDC Corp.

Ngi Group Inc.NEOWIZ G ames Corporation

S handa Interac tive Entertainment L td.As knet AG

igure 6. 1-Week Price Performanceource. Capital IQ

8/14/2019 Web 2.0 Weekly - Mar. 16, 2010

8/20

Page 8

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

Key DevelopmentsC ompany Headline Notes

Modern Times Group Mtg AB (OM:MTG

)

Modern Times Group Mtg AB Announces New

Appointments

Modern Times G roup Mtg AB announced the appointment of Laurence Miall-d'Aout as Chief of S taff for MTG's Free-T

operations, and the appointment of Martin Lewerth in the newly created role of Chief of S taff for the group's Pa y-T V

operations. La urence Miall-d'Aout has worked at MTG since 2002 and has been CE O of the group's Fre e-TV E mergin

Markets business since January 2008. After originally joining MTG as executive assistant to the President, Laurence wresponsible for the launch of Vias at Broadca sting's pay-TV operations in Ea stern Europe in 2003, a nd then became H

the new business segment that also included the s atellite pay-TV platform in the B altics. L aurence replaces Alexande

Holland, who is leaving the company to pursue other opportunities . Ma rtin Lewerth joined MT G in 200 1 and has been

group's Chief Technology Officer since 2007. Martin was previously Viasat's CTO between 2005 and 2007, and origina

joined MTG as the CE O of Via sa t Sa tellite S ervices. Laurence a nd Martin will oversee the development of the group's

TV and pay-TV operations res pectively, both across the Nordic and the E merging Market regions.

DC Corp. (NasdaqGS:CHIN.A) CDC C orporation Seeks Acquis ition CDC C orporation announced f inancial results for the fourth quarter and year ended December 31, 2009. For the fourt

quarter of 2009, C DC C orporation reported Adjusted EB IT DA from continuing operations or Adjusted EB IT DA* of $14

million, a 56% increase from Adjusted EB IT DA of $9.0 million for the third quarter 2009, and compared to Adjusted EB

for the fourth quarter of 2008 of $9. 7 million. For the fourth quarter of 2009, re venue was $83.0 million compared to $

million in the third quarter of 2009 and $97. 0 million for the fourth quarter of 2008. "CDC Global S ervices is exe cuting

number of strategic initiatives that we expect will help expand its IT outsourcing operations in C hina which is a growin

services market," s aid CK Wong, chairman of CDC Global S ervices. " Through a combination of organic growth and

disciplined acquisitions in various cities in China, we plan to reach to 5,000 profess ional staff in our China-based offsh

development centers and IT outsourcing centers over next few years.

ingsoft Corporation LimitedSEHK:3888)

K ingsoft Corporation Limited added to HangS eng Composite Index Kingsoft Corporation Limited will be added to the Hang S eng Composite Index.

DC Corp. (NasdaqGS:CHIN.A) CDC Corp. Announces Unaudited

Consolidated Ea rnings R esults for the Fourth

Quarter and Full Ye ar E nded December 31,

2009; P rovides E arnings Guidance for the

Year 2010

CDC Corp. a nnounced unaudited consolidated earnings results for the fourth quarter and full year ended December 3

2009. For the fourth quarter of 2009, revenue was $83.0 million compared to $97.0 million for the fourth quarter of 200

the fourth quarter of 2009, net income attributable to controlling interest was $0.3 million compared to net loss attribut

to controlling interest of $81.1 million or $0.76 per basic and diluted share in the fourth quarter of 2008. For the quarte

operating income from continuing operations was $0.5 million, income before income taxes of $4.9 million and income

continuing operations of $1.1 million compared to operating loss from continuing operations was $60.5 million, loss be

income taxes of $91.1 million and loss from continuing operations of $89. 1 million or $0.81 per bas ic and diluted shar

reported in the same period last year. In the fourth quarter of 2009, CDC Corporation als o recorded operating cas h flo

$6.0 million, compared to $6.8 million in operating cash flow in the fourth quarter of 2008, marking nine consecutive

quarters of positive operating cas h flows. E xpenditure on purchase

of property, plant & equipment was $0.35 million against $0.7 million reported last year. For the fourth quarter of 2009

CDC Corporation reported Adjusted EB IT DA from continuing operations or Adjusted E BI TDA of $14.0 million

compared to Adjusted E BI TDA for the fourth quarter of 2008 of $9.7 million.

For the year 2010, the company expects to report revenues between $352 million - $358 million, an increase of 10-12

from $320.1 million in 2009. Adjusted EB IT DA a re expected between $48 million - $51 million, an increas e of 12-19%

from $42.7 million in 2009.

igure 7a. Key Developmentsource. Capital IQ

8/14/2019 Web 2.0 Weekly - Mar. 16, 2010

9/20

Page 9

Key DevelopmentsC ompany Headline Notes

euLion Incorporated (TSX :NLN) Duke University Athletics Chooses NeuLion

Incorporated as Ticketing Provider

NeuLion Inc. announced a new multi-year partnership with Duke University A thletics. The agreement utilizes NeuLion

Total T icketing solution for all ticket-based events at Duke's athletic venues. NeuLion's turnkey ticketing s olution allow

Duke, and its other college partners, to manage its own ticketing program and a ccess vital information like: full accou

profiles, purchas es, sea t availability a nd invoicing. W ith this a greement, Duke replaces its previous ticketing provider

NeuLion's s ervice, offering the opportunity to maximize ticket sales and a ttendance while better s erving fans, donors a

alumni. The ticketing solution rounds out the other NeuLion services used by Duke Athletics including: Web a nd VidePublishing, Donor Management, Online DVD S tore, Web S treaming and Auction. NeuL ion's S ports Media P latform tie

for ticketing, web publishing and donors into a s ingle database -- a 'One F an P rofile.' I ntegrating these solutions bette

identifies cus tomers, targets offers based on purchases and rewards buying loyalty -- allowing Duke University Athlet

easily manage and grow its business.

NI Digital Media Inc. (TSXV:PN) PNI Digital Media Inc Appoints L awrence I.

Lerner as Director

PNI Digital Media I nc. announced the appointment of Mr. La wrence I. L erner as Director, effective March 10th, 2010.

Lerner is the change leader currently responsible for growing service lines at US T G lobal, a lea ding provider of end-to

IT services and solutions for Global 1000 companies. His practice areas include Management Consulting, Interactive

Media Design, Business Intelligence and Data Warehousing and Business Analytics. Mr. Lerner has spent the last twe

years creating, growing and leading cutting edge S ervices a nd Strategy business units.

GeoSentric Oyj (HLS E:G EO1V) GeoS entric Oyj Launches Ne w App,

Tweetsiitm

GeoS entric Oyj launched a new a pp named Tweetsii. T he app epitomizes the real time web and connects people with

places and networks, by bridging the T witter experience with mobile s ocial media, the s ocial graph, location, a nd cont

mobile-based s earch: all in the palm of your hand, a ccess ible anytime a nd anywhere. Initial availability will be in the A

Appstore for iPhone and for the Android and B lackberry platforms. Tweetsiitm is a ra dical new way to use social medi

the mobile Internet that breaks down the barrier between the real place-based world and the digital world, providing a

time connection between a users social graph, places around them, a nd Twitter. It is a real time app that supports a m

lifestyle, with user crea ted tweets, images, reviews, comments, checkins , tips, a nd more. It builds a n aggregated real

index of places, not a corporate crea ted index, with updates from Twitter users and location-bas ed se rvices, includingGyP S ii, G owalla and F ourSquare, among others. All content contributes to a place-based index that delivers rea l time

mobile, location-specific content creation and search to

connect users with the people, places , a ctivities and ideas they're interested in. The application gives T witter users a

richer experience by allowing them to tweet, check -in, s end alerts, recommend tips, c reate places and geo-tag them

with comments, photos and other rich media content. Updates ma de via T weetsii a ppear in users ' Twitter feed

making it simple to share content with friends and followers. It's inherently mobile, and in addition to the expected

Twitter Timeline features, it delivers rea l-time "Pla ceS treams" and "E ventStreams" to users , directly tied to their

location a nd s ocial-graph connections.

NI Digital Media Inc. (TSXV:PN) PNI Digital Media Inc. Announces E xecutive

Appointments

PNI Digital Media a nnounced the companys fiscal 20 09 Annual G eneral Meeting which was held on March 10, 2010 w

shareholders approved the election of Messrs . P eter Fitzgerald, P eter Sca rth, Cory Kent, Thomas Neilson, S cott

Brownstein, Kyle Hall, Aa ron Rallo and Robert Chisholm as Directors.

eal Value Estates, Inc. (OTCBB :RVL U) R eal Value E states, Inc. Announces

Management Changes

R eal V alue E states, Inc. a nnounced that on March 9, P eter Matousek tendered his resignation as the companys pres

He will however, remain as a director of the Company. C oncurrent with the resignation of Mr. Ma tousek, the Board of

Directors appointed Dennis K ushner as the companys interim president and chief executive officer. Mr. K ushner, age

has general management, finance and operational experience having worked for Fortune 50 companies as well as s m

manufacturing, distribution and service companies. He currently serves as the Chief Financial Officer for OmegaGene

He also serves as a Managing Director of Catapult Associates LLC.

Gravity Co., Ltd (NasdaqGM:GRVY) Gra vity Co., Ltd Announces R agnarok Online II

Delayed to the Fourth Quarter of 2010

Gra vity Co. Ltd. a nnounced that Ragnarok O nline II delayed to the fourth quarter of 2010. T he schedule for the launc

R agnarok Online II, a s equel to R agnarok Online and mass ively multiplayer online role playing game, ha s been delay

the fourth quarter of 2010. R agnarok O nline II was originally s cheduled to launch in the first half of 2010, however, Gra

has decided to postpone the schedule to the fourth quarter of 2010 in order to make the game better. The company is

planning to start commercial service of R agnarok O nline II in K orea in the fourth quarter of 2010 followed later by the

territories where G ravity has already entered into license and distribution agreements. T he company has been condu

open beta testing of Ra gnarok Online II since Ma y 2007 and continues to upgrade and develop the game in response

market feedback received during the testing phase.

DC Corp. (NasdaqGS:CHIN.A) CDC Corp. Announces Unaudited

Consolidated Ea rnings R esults for the Fourth

Quarter and Full Ye ar E nded December 31,

2009; P rovides E arnings Guidance for the

Year 2010

CDC Corp. a nnounced unaudited consolidated earnings results for the fourth quarter and full year ended December 3

2009. For the fourth quarter of 2009, revenue was $83.0 million compared to $97.0 million for the fourth quarter of 200

the fourth quarter of 2009, net income attributable to controlling interest was $0.3 million compared to net loss attribut

to controlling interest of $81.1 million or $0.76 per basic and diluted share in the fourth quarter of 2008. For the quarte

operating income from continuing operations was $0.5 million, income before income taxes of $4.9 million and income

continuing operations of $1.1 million compared to operating loss from continuing operations was $60.5 million, loss be

income taxes of $91.1 million and loss from continuing operations of $89. 1 million or $0.81 per bas ic and diluted shar

reported in the same period last year. In the fourth quarter of 2009, CDC Corporation als o recorded operating cas h flo

$6.0 million, compared to $6.8 million in operating cash flow in the fourth quarter of 2008, marking nine consecutive

quarters of positive operating cas h flows. E xpenditure on purchase

of property, plant & equipment was $0.35 million against $0.7 million reported last year. For the fourth quarter of 2009

CDC Corporation reported Adjusted EB IT DA from continuing operations or Adjusted E BI TDA of $14.0 millioncompared to Adjusted E BI TDA for the fourth quarter of 2008 of $9.7 million.

For the year 2010, the company expects to report revenues between $352 million - $358 million, an increase of 10-12

from $320.1 million in 2009. Adjusted EB IT DA a re expected between $48 million - $51 million, an increas e of 12-19%

from $42.7 million in 2009.

igure 7b. Key Developmentsource. Capital IQ

8/14/2019 Web 2.0 Weekly - Mar. 16, 2010

10/20

Page 10

Valuation

Gaming companies lead market-cap charts: Eleven companies in our Web 2.0 universe top US$1 billion in marketapitalization (Figure 8). Sixty-two of the 97 companies have market caps under US$100 million, with 42 under US$25

million. Online gaming companies dominate the top of the list, led by Tencent Holdings (SEHK:700) with a market capf approximately US$39.4 billion.

Market Cap ($US mm)

0. 00. 00. 00. 00. 10. 10. 30. 80. 90. 91. 41. 92. 02. 42. 92. 93. 23. 45. 06. 0

6. 06. 06. 67. 27. 37. 88. 08. 89. 09. 310.010.610.811.114.315.615.815.917.018.719.124.825.226.527.427.931.144.5

47.451.855.060.561.362.167.469.670.571.772.986.191.997.4111.2113.0116.5117.6126.9170.0171.9183.8188.5190.3202.8216.1233.4261.5299.1302.5482.0

626.2669.4832.8901.8911.3973.41601.71728.41966.62044.72750.8

2892.63864.25174.439388.0

586.5

2784.22762.5

0 1, 000 2,000 3,000 4,000 5,000 6,000

InternetArray, Inc.S ocial Media V entures Inc.

Ise Blu Equity Corp.The Parent Company

A s s ociated Media Holdings Inc.Cody V entures Corporation

We-R -Y ou Corp.S prylogics International Corp

Wy nds torm Corpora tioneWorldCompanies, Inc.

Bigs tring Corp.CornerW orld Corporation

Beyond Commerce, Inc.Mobile Data C orp.

Unise rv e Communications Corp.Betaw ave Corporation

UOMO Media, IncBroadWebAsia Inc.

DigitalPos t Intera ctive, Inc.Kiwibox.Com, Inc.K ent Interna tional Holdings Inc.

En2Go International, Inc.Rea l V alue Es tates , Inc.

B right Things plcS pectrumDNA, Inc.

Oriented Media G roup Ber hadWorlds. com Inc.

S NAP Interac tive, Inc.Lingo Media Corporation

S ahara Media Holdings, Inc.V OIS, Inc.

isee media Inc.MOK O. mobi L imited

Jumbuck Entertainment LimitedNorthgate Tec hnologies L imited

LookS mart, Ltd.Ac celerize New Media, Inc.

Dolphin Digital Media, Inc.Unilava Corporation

Wizz ard S oftwa re CorporationY nk Korea Inc.

As knet AGSocialwise, Inc.

Neurotech Pharmaceuticals Co. , L td.DigitalTow n, Inc.

NeXplore CorporationMultiplied Media CorporationDXN Holdings B hd

Quepas a Corp.PNI Digital Media Inc.

Grav ity Co., LtdNeuLion Incorporated

GeoSe ntric OyjCyberplex Inc.Ngi Group Inc.

Frogster Interactive Pictures AGS park Networks, Inc.

GameOn Co L td.HanbitSoft, Inc.

Y D Online Corp.AQ Interactive, Inc.

Tree.Com, Inc.Fluid Mus ic Canada, Inc.

Ac toz S oft Co., Ltd.DADA SpA

TheS treet.com, Inc.Webzen Inc.

GigaMedia Ltd.OA O RB C Information S ys tems

The9 LimitedV elti Plc

Myriad Group AGXING AG

Openwave Systems Inc.Gamania Digital Entertainment Co., Ltd.

GungHo Online Entertainment, Inc.NetDragon WebSoft, Inc.

CDC Corp.S K Communica tions Co., Ltd.

S hutterfly, Inc.United Online, Inc.

NEOWIZ G ames CorporationV alueClick, Inc.

Chines e Gamer InternationalK ingsof t Corpora tion Limited

Mixi, Inc.Changyou.com Limited

Giant Interactive G roup, Inc.Perfect World Co., Ltd.

S ohu.com Inc.IAC/InterActiveCorp.

Gree, Inc.Open Text Corp.

S handa Intera ctive Entertainment Ltd.Modern Times Gr oup Mtg AB

Neteas e.c om Inc. Tenc ent Holdings L td.

igure 8. Market Cap Ranking

ource. Capital IQ

8/14/2019 Web 2.0 Weekly - Mar. 16, 2010

11/20

Page 11

TEV/Revenue (LTM) averages 4.9x: The overall average TEV/Revenue (LTM) multiple for our group is 4.9x (vs. 5.2xast week) (Figure 9). Four companies trade above 25x revenue Bigstring Corp. (OTCBB:BSGC) at 38.0x, Bright Things

plc (AIM:BGT) at 34.2x, eWorldCompanies, Inc. (OTCPK:EWRC) at 30.3x, and Tencent Holdings Ltd. (SEHK:700) at7.3x. The median is 1.7x. Note that we exclude multiples greater than 50x. Twenty-two companies have multiples under.5x.

TEV/LTM Revenue (x)

0.0 0.10.20.20.20.30.40.40.4 0.50.50.60.60.60.6 0.70.80.80.80.90.9 1.0 1.0 1.0 1.1 1.1

1.2 1.4 1.4 1.4 1.5 1.6 1.6 1.6 1.6 1.7 1.71.9 1.92.12.22.32.42.62.6

2.83.03.03.03.33.33.83.94.24.3

4.6 5.0 5.16.06.06.16.2

7.69.09.8

11.8

13.514.8

18.2

27.3

30.3

34.2

38.0

0. 0

5. 0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

BetawaveCorporation

NgiGroupInc.

AsknetAG

PerfectWorldCo.,

Ltd.

TheParentCompany

NorthgateTechnologiesLimited

CyberplexInc.

JumbuckEntertainmentLimited

Tree.Com,

Inc.

IseBluEquityCorp.

UniserveCommunicationsCorp.

We-R-YouCorp.

GigaMediaLtd.

OpenwaveSystemsInc.

ActozSoftCo.,

Ltd.

DXNHoldingsBhd

DADASpA

IAC/InterActiveCorp.

UnitedOnline,

Inc.

TheStreet.com,

Inc.

CDCCorp.

HanbitSoft,

Inc.

AQInteractive,

Inc.

BeyondCommerce,

Inc.

OAOR

BCInformationSystems

InternetArray,

Inc.

CornerWorldCorporation

GamaniaDigitalEntertainmentCo.,

SparkNetworks,

Inc.

YnkKoreaInc.

YDOnlineCorp.

ValueClick,

Inc.

CodyVenturesCorporation

NetDragonWebSoft,

Inc.

Shutterfly,

Inc.

SprylogicsInternationalCorp

NeuLionIncorporated

GungHoOnlineEntertainment,Inc.

PNIDigitalMediaInc.

SNAPInteractive,

Inc.

ModernTimesGroupMtgAB

VeltiPlc

SKCommunicationsCo.,

Ltd.

XING

AG

WebzenInc.

OrientedMediaGroupBerhad

Sohu.comI

nc.

NEOWIZGamesCorporation

MyriadGroupAG

UnilavaCorporation

OpenTextCorp.

UOMOM

edia,

Inc

WizzardSoftwareCorporation

iseemediaInc.

NeurotechPharmaceuticalsCo.,

Ltd.

SocialMediaVenturesInc.

AccelerizeNewMedia,

Inc.

Changyou.comL

imited

Mixi,Inc.

DigitalPostInteractive,

Inc.

KingsoftCorporationLimited

LingoMediaCorporation

FrogsterInteractivePicturesAG

AssociatedMediaHoldingsInc.

Gree,

Inc.

ChineseGamerInternational

MOKO.mobiLimited

GeoSentricOyj

FluidMusicCanada,

Inc.

TencentHoldingsLtd.

eWorldCompanies,

Inc.

BrightThingsplc

BigstringCorp.

igure 9. TEV/Revenue Rankingource. Capital IQ

TEV/Revenue (LTM) by country/exchange: We have also calculated multiples based on where the companies are listedr domiciled. Figure 10 shows the average TEV/Revenue multiples by stock exchange. The OTCBB has the largest

number of companies (21), trading at an average multiple of 6.7x (vs. 11.2x last week). On a geographic basis, the Unitedtates has the most companies (41), trading at an average of 5.2x revenue (vs. 6.2x last week) (Figure 11). Ten companiesre Canadian (average 2.6x revenue vs. 2.9x last week).

Average TEV/LTM Revenue - By Exchange

0.70.30.81.1

1.71.81.92.22.3

2.62.93.03.94.2

6.06.66.76.7

7.0

11.7

14.8

18.2

0.02.0

4.06.08.0

10.0

12.014.016.018.0

20.0

AIM

HLSE

SEHK

ASX

TSX

OTCBB

GTSM

OTCPK

TSE

XTRA

SWX

TSXV

AMEX

KOSE

OM

OSE

KLSE

NasdaqGS

MICEX

CM

NasdaqGM

BSE

2 1 3 2 3 21 2 11 5 2 1 6 2 6 1 1 2 14 1 1 4 1

(x)

# Companies

Average TEV/LTM Revenue - By Country

0.8 01.1 0.9

1.82.22.32.63.0

3.83.94.65.2

7.07.2

14.8

18.2

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.016.0

18.0

20.0

United

Kingdom

Finland

China

Australia

United

States

Taiwan

Germany

Japan

Switzerland

Canada

South

Korea

Sweden

Malaysia

Russia

HongKong

Italy

2 1 10 2 41 3 2 6 1 10 7 1 2 1 1 1

(x)

# Companies

igures 10 & 11. TEV/Revenue Ranking (Exchange, Country)ource. Capital IQ

8/14/2019 Web 2.0 Weekly - Mar. 16, 2010

12/20

Page 12

TEV/EBITDA (LTM) averages 10.7x: The average multiple for the 37 companies with positive EBITDA (and multiplesunder 100x) is 10.7x LTM EBITDA (vs. 10.5x last week), led by SK Communications Co., Ltd. (KOSE:A066270) at 36.5xFigure 12). Eleven companies have EBITDA multiples under 7x. The median multiple is 9.1x (vs. 8.7x last week).

TEV/LTM EBITDA (x)

0. 3 0. 92. 6 3. 3

3. 9 4. 1 5. 45. 8 6. 4

6. 8 7. 0 7. 2 7. 67. 9 8.2 8.2 8.3 8.4

9. 1 9. 4 9. 5 9. 811.0 11.2

12.3 12.4 13.013.6 13.7 14.0

15.116.2 16.7

19.7 20.3

31.6

3

0. 0

5. 0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

PerfectWorldCo.,

Ltd.


ActozSoftCo.,

Ltd.

CyberplexInc.

DXNHoldingsBhd

UnitedOnline,

Inc.

NetDragonWebSoft,

Inc.

ValueClick,

Inc.

DADASpA

SparkNetworks,

Inc.

Sohu.comI

nc.

YDOnlineCorp.

PNIDigitalMediaInc.

CDCCorp.

OAORBCInformationSystems

Changyou.comLimited

GamaniaDigitalEntertainmentCo.,

Ltd.


NeurotechPharmaceuticalsCo.,

Ltd.

UniserveCommunicationsCorp.

XINGA

G

Tree.Com,

Inc.

VeltiPlc


OpenTextCorp.

Shutterfly,

Inc.

OpenwaveSystemsInc.

SNAPInteractive,

Inc.

YnkKoreaInc.

IAC/InterActiveCorp.


ModernTimesGroupMtgAB

Gree,

Inc.

Mixi,Inc.


TheStreet.com,

Inc.

igure 12. TEV/EBITDA Rankingource. Capital IQ

TEV/EBITDA (LTM) by country/exchange: Figure 13 shows the average TEV/EBITDA multiples by stock exchangeThe OTCBB has the largest number of companies (21), trading at an average multiple of 13.6x (vs. 6.3x last week). On ageographic basis, the United States has the most companies (41), trading at an average of 12.3x EBITDA (vs. 11.7x lastweek) (Figure 14). Ten companies are Canadian (average 8.1x EBITDA vs. 8.0x last week).

Average TEV/LTM EBITDA - By Exchange

0.93.33.9

6.46.88.28.48.58.5

10.211.013.614.3

14.916.2

18.2

20.7

0.0

5.0

10.0

15.0

20.0

25.0

NasdaqGM

TSE

OM

KOSE

GTSM

OTCBB

AIM

SEHK

NasdaqGS

TSXV

OSE

MICEX

AMEX

CM

KLSE

TSX

ASX

4 5 1 6 2 21 2 3 14 6 1 1 2 1 2 3 2

(x)

# Companies

Average TEV/LTM EBITDA - By Country

3.9

6.47.2

7.98.18.211.0

12.314.314.9

14.9

16.2

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

Sweden

Japan

South

Korea

Taiwan

United

States

United

Kingdom

Russia

Canada

Hong

Kong

China

Italy

Malaysia

1 6 7 3 41 2 1 10 1 10 1 2

(x)

# Companies

igures 13 & 14. TEV/EBITDA Ranking (Exchange, Country)ource. Capital IQ

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Page 13

P/E (LTM) averages 21.7x: The average multiple for the 31 companies with positive earnings (and multiples under 100xs 21.7x LTM EPS (vs. 23.6x last week), led by HanbitSoft, Inc. (KOSE:A047080) with a 69.0x multiple (Figure 15). Twelveompanies have P/E multiples under 10x. The median is 15.2x (vs. 15.5x last week).

P/E LT M (x)

0. 01. 9 2.0 2.1 2. 8

4. 4 5.2 5.36. 7 7. 8

8. 7 9. 511.1 14.1 14.5

1 5. 2 1 5. 3

19.9 20.422.5

24.227.2

29.1

33 .1 3 3. 1

42.3

48.6 49.753.0

68.2 69.0

0. 0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

GravityCo.,

Ltd

ShandaInteractiveEntertainmentLtd.

PerfectWorldCo.,

Ltd.

GiantInteractiveGroup,

Inc.

Netease.comInc.


DXNHoldingsBhd

CyberplexInc.

GigaMediaLtd.

GameOnCoLtd.

YDOnlineCorp.

UnitedOnline,

Inc.

Changyou.comL

imited

ValueClick,

Inc.

NetDragonWebSoft,

Inc.

Sohu.comI

nc.

ActozSoftCo.,

Ltd.


CDCCorp.

VeltiPlc

G

amaniaDigitalEntertainmentCo.,

Ltd.


XING

AG


Gree,

Inc.

OpenTextCorp.

SNAPInteractive,

Inc.


Mixi,Inc.

TencentHoldingsLtd.

HanbitSoft,

Inc.

igure 15. P/E Rankingource. Capital IQ

P/E (LTM) by country/exchange: Figure 16 shows the average P/E multiples by stock exchange. The OTCBB has theargest number of companies (21), trading at an average multiple of 48.6x (vs. 27.0x last week). On a geographic basis,he United States has the most companies (41), trading at an average of 24.1x earnings (vs. 34.3x last week) (Figure 17)

Ten companies are Canadian (average 23.8x EPS vs. 15.1x last week).

Average P/E - By Exchange

0.02.14.45.2

5.312.6

22.525.7

31.334.2

39.148.6

49.7

0.0

10.0

20.0

30.0

40.0

50.0

60.0

OSE

OTCBB

KOSE

SEHK

TSE

GTSM

AIM

NasdaqGS

TSX

KLSE

ASX

NYSE

NasdaqGM

1 21 6 3 5 2 2 14 3 2 2 1 4

(x)

# Companies

Average P/E - By Country

4.45.2

15.319.4

20.422.5

23.824.129.3

35.9

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

Japan

South

Korea

United

States

Canada

United

Kingdom

Hong

Kong

Taiwan

China

Malaysia

Australia

6 7 41 10 2 1 3 10 2 2

(x)

# Companies

igures 16 & 17. P/E Ranking (Exchange, Country)

ource. Capital IQ

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14/20

Page 14

Upcoming Events

Earnings CalendarC ompany Date Time Quarter C onf C all Details

Cyberplex Inc. (TSX:CX) 24-Mar-10 4:30 p.m. EST Q4/09 888-892-3255

Tree.Com, Inc. (NasdaqGM:TREE) 30-Apr-10 11:00 a.m. EST Q1/10 866-564-7440

igure 18. Earnings Calendarource. Capital IQ

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Page 15

Comparable Company Analysis > Web 2.0

rice Performance

ompany Name C urrency Tic ker E xchange US D Market C ap ($m) C urrent P rice 1 Wk 1 Mth 3 Mth 6 Mth 1 Yr 52 W

ccelerize New Media, Inc. US D AC LZ OT C B B 15.8 0.55 0. 0% -1.8% -15.4% -15.4% 175.0% -31.3

ctoz S oft C o. , L td. K R W A052790 K OS E 113.0 14550.00 -4.3% -4.6% -29.4% -26.1% 30.5% -59.6

Q Interactive, Inc. J P Y 3838 T S E 91.9 153100.00 -3.1% 46.1% 276.6% 193.9% 368.2% -8.0

sknet AG E UR XT R A:A5A XT R A 24.8 3.60 11.5% 16.9% 8.1% 13.2% 27.2% -12.6

ss ociated Media Holdings Inc. US D AS MH OT C P K 0.1 0.00 -62.5% -70.0% -66.7% -78.6% 114.3% -99.6

etawave C orporation US D B W AV OT C B B 2.9 0.10 66.7% 0.0% 0.0% 42.9% -33. 3% -47.4

eyond Commerce, Inc. US D B Y OC OT C B B 2.0 0.03 54.5% 36.0% -2.9% -81.6% -91. 9% -98.2

igs tring C orp. US D B S G C OT C B B 1.4 0.02 0. 5% -4.0% -10.0% 10.8% 35.0% -62.1

right T hings plc G B P AIM:B G T AIM 7.2 0.01 -3.3% -1.7% 20.4% 7. 3% -15. 7% -41.0

roadW ebAs ia Inc. US D B W B A OT C P K 3.4 0.04 0. 0% -33.3% -20.0% -82.6% -92. 2% -92.2

DC C orp. US D CHIN.A Nas daqG S 302.5 2.86 5. 9% 26.5% 20.2% 1. 4% 180.4% -27.0

hangyou.com Limited US D CY OU Nas daqG S 1,601.7 31.06 -4.8% -7.8% -4.1% -24.3% NM -35.8

hines e G amer International T W D GT S M:3083 G T S M 901.8 341.50 2. 4% 4.0% -19.4% -20.9% 100.9% -34.2

ody V entures Corpora tion US D CV C P OT C P K 0.1 0.00 0. 0% 0.0% 172.7% 50.0% 650.0% -72.7

ornerW orld Corpora tion US D CW R L OT C B B 1.9 0.02 -50.0% -33.3% -33.3% -66.7% -85. 7% -86.7

yberplex Inc. C AD T S X:C X T S X 62.1 0.92 0. 0% -2.1% -22.0% -25.8% 16.5% -53.8

ADA S pA E UR CM:DA C M 116.5 5.26 2. 7% 7.3% -11.0% -25.4% 12.6% -35.8

igitalP os t Interactive, Inc. US D DG LP OT C B B 5.0 0.06 -10.9% 26.7% 7.5% -18.6% 1040.0% -42.4

igitalT own, Inc. US D DG T W OT C B B 27.4 1.00 0. 0% -20.0% -28.6% -42.9% -66. 7% -71.4

olphin Digital Media, Inc. US D DP DM OT C B B 15.9 0.28 -6.7% -22.2% 12.0% -34.9% -59. 4% -63.2

XN Holdings B hd MY R DXN K LS E 44.5 0.65 -3.7% 1.6% 12.1% 12.1% 132.1% -13.3

n2G o International, Inc. US D E T G I OT C B B 6.0 0.25 -37.5% -72.2% -51.0% -37.5% -91. 7% -95.0

eurotech P ha rmaceutica ls Co., Ltd. K R W A041060 K OS E 26.5 390.00 -6.0% -31.0% -31.6% -56.2% -30. 4% -66.4

W orldC ompanies , Inc. US D E W R C OT C P K 0.9 0.00 100.0% 100.0% 0.0% -85.7% 100.0% -94.7

uid Mus ic C anada, Inc. C AD T S X:FMN T S X 111.2 1.80 5. 9% 16.1% 2.3% 28.6% 414.3% -16.3

rogs ter Interactive P ictures AG E UR FR G XT R A 69.6 19.90 -1.3% 5.3% 11.2% 8. 4% 193.9% -7.4

amania Digital E ntertainment C o. , Ltd. T W D 6180 G T S M 233.4 48.45 -4.2% -1.1% -0.4% 2. 3% 57.8% -29.6

ameOn C o Ltd. J P Y 3812 T S E 71.7 67100.00 -8.1% 9.3% 0.9% -34.9% -16. 1% -49.5

eoS entric Oyj E UR GE O1V HLS E 61.3 0.05 25.0% 25.0% 25.0% 0. 0% 25.0% -16.7

iant Interactive G roup, Inc. US D GA NY S E 1,728.4 7.62 3. 3% 2.8% 2.8% 0. 4% 9.2% -20.4

igaMedia Ltd. US D GIGM Nas daqG S 170.0 3.12 -5.8% 3.2% -17.7% -41.7% -43. 9% -56.1

ravity Co. , Ltd US D GR V Y Nas daqG M 55.0 1.98 -0.7% 4.2% 39.4% -3.4% 209.4% -24.7

ree, Inc. J P Y T S E :3632 T S E 2,762.5 5530.00 -3.0% 14.3% 9.3% 21.9% 139.9% -8.4

ungHo Online E ntertainment, Inc. J P Y 3765 OS E 261.5 206600.00 -1.4% -6.1% 35.5% -20.2% 76.3% -26.2

anbitS oft, Inc. K R W A047080 K OS E 72.9 3775.00 -1.3% -5.2% -3.2% -11.6% 9.1% -43.1

AC /InterActiveC orp. US D IAC I Nas daqG S 2,750.8 23.60 -1.6% 9.6% 24.1% 14.2% 60.3% -2.4

ternetArray, Inc. US D INAR OT C P K 0.0 0.00 20.0% 20.0% 0.0% -77.8% -88. 0% -98.8

e B lu E quity C orp. US D IS B L OT C P K 0.0 0.00 0. 0% 0.0% 0.0% 0. 0% 0.0% -90.0

eemedia Inc. C AD IE E T S XV 10.6 0.16 -13.9% -13.9% -13.9% 158.3% 55.0% -42.6

umbuck E ntertainment Limited AUD AS X: J MB AS X 11.1 0.25 -7.4% -19.4% -20.6% -32.4% -44. 4% -50.0

ent International Holdings Inc. US D K NT H OT C P K 6.0 1.69 -3.4% -6.6% -8.6% -3.4% 1.2% -31.0

ings oft C orpora tion Limited HK D 3888 S E HK 911.3 6.44 -1.8% 4.0% 16.2% -21.9% 118.3% -32.0

iwibox.C om, Inc. US D K IW B OT C B B 6.0 0.01 -10.0% -32.5% -29.7% 50.0% -20. 6% -65.4

ngo Media C orporation C AD T S XV :LM T S XV 9.0 0.74 -17.8% -17.8% -17.8% -26.0% -9.8% -53.2

ookS mart, L td. US D LOOK Nas daqG M 15.6 0.91 -5.2% -6.2% -10.8% -24.2% -8.1% -41.7

ixi, Inc. J P Y 2121 T S E 973.4 570000.00 0. 7% 10.3% -31.3% 3. 8% 75.4% -34.1

obile Data C orp. US D MB Y L OT C B B 2.4 0.10 -9.1% -9.9% 100.0% 42.9% -60. 0% -75.0

odern T imes G roup Mtg AB S E K MT G B OM 3,864.2 418.00 -2.3% 12.5% 27.9% 34.0% 196.5% -3.4

OK O .mobi L imited AUD MK B AS X 10.8 0.10 0. 0% 0.0% -33.3% 42.9% 100.0% -50.0

ultiplied Media C orpora tion C AD T S XV :MMC T S XV 31.1 0.24 -11.1% NM NM NM NM -4.0

yriad G roup AG C HF MY R N S W X 190.3 4.58 -2.6% -0.2% -6.5% 2. 0% 14.5% -26.0

E O W IZ G ames C orporation K R W A095660 K OS E 669.4 36000.00 7. 5% 13.2% -17.1% -10.7% 77.8% -19.8

etDragon W ebS oft, Inc. HK D 777 S E HK 299.1 4.39 -2.0% 4.5% 7.1% -27.8% 5.8% -38.6

eteas e. com Inc. US D NT E S Nas daqG S 5,174.4 39.95 0. 5% 6.8% 7.9% -9.9% 79.1% -17.6

euLion Incorporated C AD T S X:NLN T S X 60.5 0.53 3. 9% -23.2% -22.1% -49.0% 32.5% -59.2

eXplore C orporation US D NXP C OT C P K 27.9 0.50 -16.7% -23.1% -20.6% -9.1% -16. 7% -46.8

gi G roup Inc. J P Y 2497 T S E 67.4 49250.00 7. 3% 38.7% 103.1% 75.9% 180.0% 0.0%

orthgate T echnologies Limited INR 590057 B S E 14.3 18.70 -10.7% -13.4% -35.1% -58.9% -42. 1% -68.8

AO R B C Information S ys tems R UB R B C I MIC E X 171.9 36.50 -0.8% 5.5% 2181.3% 3376.2% 11306.3% -4.7

riented Media G roup B erha d MY R OME DIA K LS E 7.8 0.20 -4.9% 44.4% 62.5% 178.6% 2.6% -15.2

pen T ext Corp. US D OT E X Nas daqG S 2,784.2 49.31 3. 1% 7.4% 30.4% 29.2% 49.4% -0.5

penwave S ys tems Inc. US D OP W V Nas daqG S 216.1 2.58 -5.8% 10.3% 17.3% -9.8% 186.7% -17.6

P a rent C ompany US D K IDS .Q OT C P K 0.0 0.00 -51.6% -85.0% -78.6% -86.4% -90. 0% -95.5%

erfect W orld Co. , Ltd. US D P W R D Nas daqG S 1,966.6 39.47 2. 0% 6.4% -8.4% -10.4% 213.8% -21.8

NI Digital Media Inc. C AD T S XV :P N T S XV 51.8 1.57 -6.5% -8.7% -17.4% -19.5% 1.3% -25.2

uepa sa C orp. US D QP S A OT C B B 47.4 3.72 -5.8% 20.0% 66.8% 112.6% 272.0% -11.4

eal V alue E s tates , Inc. US D R V LU OT C B B 6.6 1.03 -6.4% -14.2% -6.4% NM NM -31.3

ahara Media Holdings , Inc. US D S HHD OT C B B 9.3 0.30 0. 0% 200.0% -46.4% NM -90. 0% -90.8

handa Interactive E ntertainment Ltd. US D S NDA Nas daqG S 2,892.6 43.01 8. 2% -8.6% -18.1% -20.6% 26.8% -33.8

hutterfly, Inc. US D S F LY Nas daqG S 586.5 22.64 5. 7% 17.8% 27.2% 45.6% 171.4% 2.3%

K C ommunications C o. , Ltd. K R W A066270 K OS E 482.0 13050.00 -2.2% -5.8% 18.6% 43.9% 71.7% -29.1

NAP Intera ctive, Inc. US D S T V I OT C B B 8.8 0.27 80.0% 170.0% 305.0% 102.5% -14. 7% -17.3

ocial Media V entures Inc. US D S MV I OT C P K 0.0 0.00 -35.2% 59.1% -38.6% -96.5% -99. 7% -99.6

ocialwis e, Inc. US D S C LW OT C B B 25.2 0.52 -14.8% 16.9% 4.0% -8.8% 33.3% -49.0

ohu.com Inc. US D S O HU Nas daqG S 2,044.7 54.14 1. 3% 12.2% -0.7% -23.7% 37.6% -25.1

park Networks , Inc. US D LOV AME X 70.5 3.42 1. 3% 12.6% 37.0% 55.6% 52.9% -1.6

pectrumDNA, Inc. US D S P XA OT C B B 7.3 0.15 36.4% 0.0% 7.1% -31.8% -21. 1% -66.7

prylogics International C orp C AD T S XV :S P Y T S XV 0.8 0.03 -25.0% 50.0% 200.0% 20.0% -33. 3% -33.3

cent Holdings Ltd. HK D 700 S E HK 39,388. 0 167.50 4. 2% 13.0% 3.8% 33.5% 217.2% -5.1%

9 Limited US D NC T Y Nas daqG S 183.8 7.32 1. 1% 10.9% 3.4% -10.3% -44. 8% -55.6%

S treet.com, Inc. US D T S C M Nas daqG M 117.6 3.73 -0.5% 25.6% 68.8% 36.1% 89.3% -1.3%

.C om, Inc. US D T R E E Nas daqG M 97.4 8.81 0. 1% 12.2% 1.8% 6. 9% 89.9% -32.6%nilava C orporation US D UNLA OT C B B 17.0 0.17 -48.5% -10.5% -51.4% NM NM -69.1

nis erve C ommunica tions Corp. C AD T S XV :US S T S XV 2.9 0.12 26.3% 14.3% 242.9% 71.4% 140.0% -14.3

nited Online, Inc. US D UNT D Nas daqG S 626.2 7.37 4. 1% 17.5% 5.6% -11.6% 87.5% -22.1

OMO Media, Inc US D UOMO OT C B B 3.2 0.04 -2.6% -7.5% -25.9% -71.5% -38. 3% -96.5

alueC lick, Inc. US D V C LK Nas daqG S 832.8 9.97 -1.8% 8.4% 3.9% -19.1% 38.5% -28.5

elti P lc G B P V E L AIM 188.5 3.34 -2.3% 2.1% 72.2% 103.7% 187.9% -2.3

OIS , Inc. US D V O IS OT C B B 10.0 0.01 14.9% 11.1% 0.0% 122.2% 150.0% -56.5

W ebzen Inc. K R W K O S E : A069080 K OS E 126.9 12150.00 2. 5% -2.0% 3.0% -2.0% 34.9% -41.3

W e-R -Y ou C orp. US D W E R U OT C P K 0.3 0.01 0. 0% 8.3% -35.0% -78.3% -78. 3% -96.6

W izzard S oftware C orporation US D W ZE AME X 18.7 0.35 15.7% -3.2% -14.6% -28.6% -18. 6% -54.2

W orlds .com Inc. US D W DDD OT C B B 8.0 0.15 -40.0% 66.7% 66.7% 36.4% -16. 7% -44.4

W yndstorm C orpora tion US D W Y ND OT C P K 0.9 0.05 0. 0% -50.0% 25.0% -50.0% -58. 3% -90.2

NG AG E UR O1B C XT R A 202.8 28.60 -3.4% 0.7% -10.3% -11.5% 1.4% -24.7

D Online C orp. K R W A052770 K OS E 86.1 6510.00 5. 9% 7.6% -5.7% -31.5% -20. 6% -47.5

nk K orea Inc. K R W A023770 K OS E 19.1 2715.00 -1.3% -7.8% -13.3% -36.1% -27. 0% -68.8

igh 100.0% 200.0% 2181.3% 3376.2% 11306.3% 2.3%

ow -62.5% -85.0% -78.6% -96.5% -99. 7% -99.6

verage 874.0 -0.6% 6.7% 38.8% 40.8% 202.9% -40.8edian -1.5% 4.0% 0.0% -9.4% 32.9% -34.0

igure 19. Price Performance

ource. Capital IQ

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Page 16

Comparable Company Analysis > Web 2.0aluation Multiples

ompany Name S ector Country

Primary

E xc ha nge T ic ker

USD Market

Cap ($m)

TEV/LTM

Revenue

TEV/ NTM

Revenue

TEV/LTM

EBITDA

TEV/NTM

E B IT DA P /L TM E P S P /NT M E P S P /T a

ccelerize New Media , Inc. Direct Marketing U nited S tates OT C B B AC LZ 15.8 5.0x - - - - -

ctoz S oft C o. , L td. G aming S outh K orea K OS E A052790 113.0 0.6x - 2. 6x - 15.3x - 1

Q Interactive , Inc. G aming J apan T S E 3838 91.9 1.0x - - - - - 1

s knet AG G aming G ermany XT R A XT R A :A5A 24.8 0.2x - - - - -

s s ociated Media Holdings Inc. G aming U nited S tates OT C P K AS MH 0.1 9.0x - - - - -etawave C orporation Media U nited S tates OT C B B B W AV 2.9 0.0x - - - - - 2

eyond C ommerce , Inc. S ocial Networking U nited S tates OT C B B B Y OC 2.0 1.0x - - - - -

gs tring C orp. Ins tant Mes s aging U nited S tates OT C B B B S G C 1.4 38.0x - - - - -

right T hings plc S ocial Networking U nited K ingdom AIM AIM:B G T 7.2 34.2x - - - - - 9

roadW ebAs ia Inc. S ocial Networking U nited S tates OT C P K B W B A 3.4 - - - - - -

DC C orp. G aming H ong K ong NasdaqG S C HIN.A 302.5 0.9x - 7. 9x - 20.4x - 46

hangyou.com L imited G aming C hina NasdaqG S C Y OU 1,601.7 5.1x - 8. 2x - 11.1x - 7

hines e G amer Interna tional G aming T a iwa n G T S M G T S M:3083 901.8 11.8x - 20 .3x - 27.2x - 13

ody V entures C orporation G aming U nited S tates OT C P K C V C P 0.1 1.6x - - - - -

ornerW orld C orporation C ontent U nited S tates OT C B B C W R L 1.9 1.2x - - - - -

yberplex Inc. Advertis ing C anada T S X T S X:C X 62.1 0.4x - 3. 3x - 5.3x - 2

ADA S pA S ocial Networking Italy C M C M:DA 116.5 0.8x - 6. 4x - - -

igitalP os t Inte ractive , Inc. C ontent U nited S tates OT C B B DG LP 5.0 6.0x - - - - -

igitalT own, Inc. S ocial Networking U nited S tates OT C B B DG T W 27.4 - - - - - -

olphin Digita l Media , Inc. S ocial Networking U nited S tates OT C B B DP DM 15.9 - - - - - -

XN Holdings B hd S ocial Networking Malays ia K LS E DXN 44.5 0.7x - 3. 9x - 5.2x - 0

n2G o International, Inc. S ocial Networking U nited S tates OT C B B E T G I 6.0 - - - - - -

eurotech P ha rmaceuticals C o. , L td. G aming S outh K orea K OS E A041060 26.5 4.3x - 9. 1x - - - 0

W orldC ompanies , Inc. G aming U nited S tates OT C P K E W R C 0.9 30.3x - - - - -

uid Mus ic C anada , Inc. Media U nited S tates T S X T S X:F MN 111.2 18.2x - - - - - 7

rogs ter Inte ractive P ictures AG G aming G ermany XT R A F R G 69.6 7.6x - - - - - 9

amania Digita l E nte rtainment C o. , L td. G aming T a iwa n G T S M 6180 233.4 1.4x - 8. 3x - 24.2x - 2

ameOn C o Ltd. G aming J apan T S E 3812 71.7 - - - - 7.8x - 0

eoS entric Oyj Mobile F inland HLS E G E O1V 61.3 14.8x - - - - -

iant Inte ractive G roup, Inc. G aming C hina NY S E G A 1,728.4 - - - - 2.1x - 0

igaMedia L td. G aming T a iwa n NasdaqG S G IG M 170.0 0.6x - - - 6.7x - 1

ravity C o. , L td G aming S outh K orea NasdaqG M G R V Y 55.0 - - - - 0.0x - 0

ree , Inc. S ocial Networking J apan T S E T S E : 3632 2,762.5 9.8x - 16 .7x - 33.1x - 17

ungHo O nline E nterta inment, Inc. Media J apan OS E 3765 261.5 1.9x - 8. 4x - 49.7x - 8

anbitS oft, Inc. G aming S outh K orea K OS E A047080 72.9 1.0x - - - 69.0x - 1

AC /InterActiveC orp. Media U nited S tates NasdaqG S IAC I 2,750.8 0.8x - 14 .0x - - - 1

ternetArray, Inc. Media U nited S tates OT C P K INAR 0.0 1.1x - - - - -

e B lu E quity C orp. Media U nited S tates OT C P K IS B L 0.0 0.5x - - - - -

eeme dia Inc. C ontent C anada T S XV IE E 10.6 4.2x - - - - - 7

umbuck E nterta inment L imited S ocial Networking Austra lia AS X AS X: J MB 11.1 0.4x - 0. 9x - 4.4x - 0

ent International Holdings Inc. S ocial Networking U nited S tates OT C P K K N T H 6.0 - - - - - - 0

ngsoft C orporation L imited G aming C hina S E HK 3888 911.3 6.1x - 15 .1x - 19.9x - 4

wibox.C om, Inc. S ocial Networking U nited S tates OT C B B K IW B 6.0 - - - - - -

ngo Me dia C orporation Learning C anada T S XV T S XV : LM 9.0 6.2x - - - - -

ookS mart, L td. Direct Marketing U nited S tates NasdaqG M LOOK 15.6 - - - - - - 0

ixi, Inc. S ocial Networking J apan T S E 2121 973.4 6.0x - 19 .7x - 53.0x - 6

obile Data C orp. S ocial Networking U nited S tates OT C B B MB Y L 2.4 - - - - - -

odern T imes G roup Mtg AB Media S weden OM MT G B 3,864.2 2.2x - 16 .2x - - -

OK O .mobi Limited S ocial Networking Austra lia AS X MK B 10.8 13.5x - - - - - 9

ultiplied Media C orporation Mobile C anada T S XV T S XV :MMC 31.1 - - - - - -

yriad G roup AG Mobile S witzerland S W X MY R N 190.3 3.0x - - - - -

E OW IZ G ames C orporation G aming S outh K orea K OS E A095660 669.4 3.0x - 11 .2x - 33.1x - 16

etDragon W e bS oft, Inc. G aming C hina S E HK 777 299.1 1.6x - 5. 4x - 14.5x - 1

eteas e .com Inc. G aming C hina NasdaqG S N T E S 5,174.4 - - - - 2.8x - 0

euL ion Incorporated V ideo C anada T S X T S X:NL N 60.5 1.7x - - - - - 7

eXplore C orporation C ontent U nited S tates OT C P K NXP C 27.9 - - - - - -gi G roup Inc. Media J apan T S E 2497 67.4 0.1x - - - - - 1

orthgate T echnologies L imite d Direct Marketing India B S E 590057 14.3 0.3x - - - - -

AO R B C Information S ys tems Media R us s ia MIC E X R B C I 171.9 1.1x - 8. 2x - - -

riented Media G roup B erhad Media Malays ia K LS E O ME DIA 7.8 2.8x - - - - - 3

pen T ext C orp. C ollaboration C anada NasdaqG S OT E X 2,784.2 3.3x - 12 .3x - 42.3x -

penwave S ys te ms Inc. Mobile U nited S tates NasdaqG S OP W V 216.1 0.6x - 13 .0x - - - 2

P a rent C ompany Mobile U nited S tates OT C P K K IDS .Q 0.0 0.2x - - - - - -

erfect W orld C o. , L td. G aming C hina NasdaqG S P W R D 1,966.6 0.2x - 0. 3x - 2.0x - 0

NI Digita l Media Inc. Digita l Ima ging C anada T S XV T S XV :P N 51.8 1.9x - 7. 6x - - - 7

uepas a C orp. S ocial Networking U nited S tates OT C B B QP S A 47.4 - - - - - -

eal V a lue E states , Inc. Media Is ra el OT C B B R V LU 6.6 - - - - - -

ahara Media Holdings , Inc. Media U nited S tates OT C B B S HH D 9.3 - - - - - - 11

handa Interactive E nterta inme nt Ltd. G aming C hina NasdaqG S S NDA 2,892.6 - - - - 1.9x - 0

hutterfly, Inc. Digita l Ima ging U nited S tates NasdaqG S S F LY 586.5 1.6x - 12 .4x - - - 2

K C ommunications C o. , L td. S earch S outh K orea K OS E A066270 482.0 2.4x - 36 .5x - - -

NAP Interactive, Inc. Dating U nited S tates OT C B B S T V I 8.8 2.1x - 13 .6x - 48.6x - 4

ocial Media V entures Inc. Dating U nited S tates OT C P K S MV I 0.0 4.6x - - - - -

ocialwise , Inc. S ocial Networking U nited S tates OT C B B S C LW 25.2 - - - - - -

ohu.com Inc. G aming C hina NasdaqG S S OHU 2,044.7 3.0x - 7. 0x - 15.2x - 3

park N etworks , Inc. S ocial Networking U nited S tates AME X LOV 70.5 1.4x - 6. 8x - - - 11

pectrumDNA, Inc. Media U nited S tates OT C B B S P XA 7.3 - - - - - -

prylogics International C orp Media C anada T S XV T S XV :S P Y 0.8 1.7x - - - - -

ent Holdings L td. P orta l C hina S E HK 700 39,388.0 27.3x - - - 68.2x - 30 .3x

9 L imited G aming C hina NasdaqG S NC T Y 183.8 - - - - - - 0.1x

treet.com, Inc. Media U nited S tates NasdaqG M T S C M 117.6 0.9x - 31 .6x - - - 1.5xC om, Inc. P orta l U nited S tates NasdaqG M T R E E 97.4 0.4x - 9. 8x - - - 1.9x

nilava C orporation Media U nited S tates OT C B B U NLA 17.0 3.3x - - - - - 0

nis erve C ommunications C orp. S ocial Networking C anada T S XV T S XV :US S 2.9 0.5x - 9. 4x - - -

nited Online , Inc. Media U nited S tates NasdaqG S UNT D 626.2 0.8x - 4. 1x - 9.5x -

OMO Media , Inc Media C anada OT C B B UOMO 3.2 3.8x - - - - -

a lueC lick , Inc. Media U nited S tates NasdaqG S V C LK 832.8 1.6x - 5. 8x - 14.1x - 4

elti P lc Media U nited K ingdom AIM V E L 188.5 2.3x - 11 .0x - 22.5x - 6

OIS , Inc. S ocial Networking U nited S tates OT C B B V OIS 10.0 - - - - - -

ebzen Inc. G aming S outh K orea K OS E K OS E :A069080 126.9 2.6x - - - - - 1

e-R -Y ou C orp. G aming U nited S tates OT C P K W E R U 0.3 0.6x - - - - -

izzard S oftware C orporation P odca sting U nited S tates AME X W ZE 18.7 3.9x - - - - -

orlds .com Inc. C ontent U nited S tates OT C B B W DDD 8.0 - - - - - -

ynds torm C orporation C ontent U nited S tates OT C P K W Y ND 0.9 - - - - - -

NG AG S ocial Networking G ermany XT R A O1B C 202.8 2.6x - 9. 5x - 29.1x - 6

D Online C orp. G aming S outh K orea K OS E A052770 86.1 1.5x - 7. 2x - 8.7x - 2

nk K orea Inc. G aming S outh K orea K OS E A023770 19.1 1.4x - 13 .7x - - - 0

igh 39,388.0 38.0x - 36 .5x - 69.0x - 46

ow 0.0 0.0x - 0. 3x - 0.0x - 0

verage 874.0 4.9x - 10.8x - 21.7x - 5edian 53.4 1.7x - 8. 7x - 15.2x - 2

igure 20. Valuation Comparisonource. Capital IQ

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Page 17

Comparable Company Analysis > Web 2.0ummary by Co untry

ompany Name US D Market C ap ($m) Avg US D Market C ap ($m) US D L TM Total R ev ($m) US D LTM Total E B ITDA ($m) E B ITDA %

nited States 29 China 56,945.8 China 5 ,694 .6 China 4,496.8 China 2,262.8 China 4

hina 10 United States 5 ,465 .2 S weden 3,266 .2 United States 3,752.1 United States 393.7 Australia 4

anada 9 Japan 4,440 .9 Japan 740.1 S weden 1,942.0 S weden 274.4 Taiwan 3

outh Korea 9 Sweden 3,266 .2 Taiwan 515.6 Canada 992.4 Japan 213.0 Japanapan 6 Canada 2,538 .6 Canada 282.1 S outh Korea 740.1 Canada 199.5 S outh Korea

aiwan 3 S outh Korea 1 ,845 .8 Hong Kong 237.5 Japan 680.8 S outh Korea 133.5 S weden

ermany 3 Taiwan 1,546 .9 S witzerland 205.8 Taiwan 404.6 Taiwan 65.0 Italy

ustralia 2 Germany 318.0 S outh Korea 205.1 Hong Kong 334.2 Italy 31.0 Russ ia

witzerland 1 Hong Kong 237.5 Russ ia 193.9 Italy 236.1 Russ ia 20.4 Hong Kong

ndia 1 S witzerland 205.8 United States 188.5 Germany 171.4 Hong Kong 20.0 S witzerland

inland 1 Russ ia 193.9 Italy 136.8 Russ ia 156.3 Germany 9. 7 Germany

nited Kingdom 1 Italy 136.8 Germany 106.0 Malaysia 78.5 Australia 4. 9 Canada -

aly 1 Finland 51.3 Finland 51.3 S witzerland 63.0 S witzerland 3. 4 United States -

ong Kong 1 Malaysia 36.4 Malaysia 36 .4 India 47.7 United Kingdom -2.7 Finland

weden 1 Australia 29.4 India 20 .2 Australia 17.8 Finland -18.5 India

uss ia 1 India 20.2 Australia 14 .7 Finland 4. 5 India -51.2 United Kingdom

Malaysia 1 United Kingdom 5. 6 United Kingdom 5. 6 United Kingdom 0. 0 Malaysia -85.2 Malaysia

rand Total 80 Grand Total 77,284.4 Grand Total 966.1 Grand Total 14,118.5 Grand Total 3,473.8 Grand Total

igure 21. Comparison by Countryource. Capital IQ

Comparable Company Analysis > Web 2.0ummary by Exchange

ompany Name US D Market C ap ($m) Avg US D Market C ap ($m) US D L TM Total R ev ($m) US D LTM Total E B ITDA ($m) E B ITDA %

T C B B 16 S E H K 40,705.3 S E H K 13,568.4 OM 1,942.0 NasdaqGS 1,918.2 N Y S E 6

asdaqGS 14 NasdaqGS 22,230.0 OM 3,266.2 S E H K 607.9 S E H K 897.1 AS X 4

O S E 8 T S E 4 ,129 .4 N Y S E 1,594 .3 NasdaqGS 508.5 OM 274.4 S E H K 4

S XV 5 OM 3,266.2 NasdaqGS 1,587 .9 C M 236.1 T S E 187.1 G T S M 3

S E 5 K O S E 1,799 .1 T S E 825.9 N Y S E 202.3 N Y S E 137.9 NasdaqGS 3

asdaqGM 4 N Y S E 1,594 .3 G T S M 684.0 R T S 156.3 K O S E 115.4 T S E

S X 3 G T S M 1,368.0 OS E 311.5 OS E 116.4 G T S M 65.0 OS E

T R A 3 X T R A 318.0 K O S E 224.9 T S E 112.9 C M 31.0 K O S E

T C P K 3 OS E 311.5 S W X 205.8 G T S M 110.5 OS E 25.9 OM

E H K 3 T S X 253.3 R T S 193.9 NasdaqGM 97.3 NasdaqGM 25.2 C M

M E X 2 NasdaqGM 237.6 C M 136.8 K O S E 86.1 R T S 20.4 R T S

S X 2 S W X 205.8 X T R A 106.0 K L S E 78.5 X T R A 9. 7 T S XV

T S M 2 R TS 193.9 T S X 84.4 S W X 63.0 A M E X 6. 0 NasdaqGM

W X 1 O T C B B 166.1 NasdaqGM 59.4 X T R A 57.1 AS X 4. 9 S W X

L S E 1 C M 136.8 H L S E 51.3 B S E 47.7 S W X 3. 4 X T R A

M 1 T S XV 97 .3 A M E X 40.0 T S X 46.5 AI M -2.7 A M E X -

S E 1 A M E X 79.9 K L S E 36.4 A M E X 26.4 T S X -7.0 T S X -

S E 1 H L S E 51.3 B S E 20.2 AS X 8. 9 T S XV -7.2 O T C B B -

Y S E 1 O T C P K 48 .8 T S XV 19 .5 T S XV 8. 6 O T C P K -17.9 O T C P K

I M 1 K L S E 36.4 O T C P K 16 .3 H L S E 4. 5 H L S E -18.5 AI M

M 1 AS X 29.4 AS X 14.7 O T C B B 2. 4 B S E -51.2 B S E

T S 1 B S E 20.2 O T C B B 10.4 O T C P K 0. 6 O T C B B -58.3 H L S E

L S E 1 AI M 5. 6 AI M 5. 6 AI M 0. 0 K L S E -85.2 K L S E

rand Total 80 Grand Total 77,284.4 Grand Total 966.1 Grand Total 14,118.5 Grand Total 3,473.8 Grand Total

igure 22. Comparison by Exchangeource. Capital IQ

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Page 18

inancing - Last Three Months (US$ m)n. Amount (Million) Type of financing

onth Company Name Country Angel/S eed Debt financing S eries A S eries B S eries C S eries D S eries E Gra

an -1 0 Q ua ntc as t US A 27. 5

Paymo US A 25. 0

Yelp US A 2 5. 0

Visible Technologies US A 2 2. 0

Guvera Aus tralia 20. 0

6 Waves C hina 1 7. 5

Spiceworks US A 16. 0

SMSGupShup India 1 2. 0Aggregate Knowledge US A 9. 0

Flurry US A 7. 0

BuyWithMe US A 5. 5

Gaikai Netherla nds 5. 0

LivingSocial US A 5. 0

Apisphere US A 4. 6

Eyeka F ra nce 4. 3

Beezag US A 2. 5

Jelli US A 2 .0

Sway US A 2. 0

OneForty US A 2. 0

Blippy US A 1 .6

Graphic.ly US A 1. 2

XIHA F inla nd 1 .0

SocialGO US A 0 .8

Joonto US A 0. 6

Drimmi Russ ia

n-10 Total 5.4 40.9 28.3 97.5 22.0 25.0

eb-1 0 Ng mo co US A 25. 0

Blue Kai US A 21. 0

WebVisible US A 20. 0

TidalTV US A 1 6. 0

Avvasi C a na da 1 4. 1

Flixster US A 12. 5

Yodle US A 1 0. 0

BrightRoll US A 10. 0

Yammer US A 1 0. 0

Currensee US A 8. 0

TuneWiki US A 7. 0

Vivox US A 6. 8

Moonshoot US A 6. 6

Fynanaz US A 6. 5

Everyscape US A 6. 0

Pursway Is ra el 6. 0

Effective Measure Aus tralia 4. 0

Cognitive Match UK 2. 5

Vook US A 2 .5

Scrapblog US A 2. 5

Smilebox US A 2. 0

Prosper.com US A 2 .0

KODA US A 1 .5

Backupify US A 0 .9

Ranker US A 0 .8

AppsFire France

eb-10 Total 5.7 2.0 23.1 59.6 103.8 10.0

ar -1 0 L iv in gS o ci al US A 2 5. 0

DataXuUS A 1 1. 0

Lucid Imagination US A 1 0. 0

Hunch US A 1 0. 0

NetBase US A 9. 0

TripIt US A 7. 0

SeaWell Networks C a na da 6. 8

Posterous US A 4. 4

Smartdate F ra nce 2 .2

Chomp US A 2. 0

Bit.ly US A 1 .5

Cardagin Networks US A 1. 0

Burbn US A 0 .5

ar-10 Total 2.7 1.5 14.2 63.0 9.0

rand Total 13.8 3.5 78.2 150.9 210.3 32.0 25.0

igure 23. Financing, Last Three Monthsource. Company reports

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Page 19

Company Descriptions - Current Month Capital Market Activityompany HQ Webs ite Des cription

denyo C a na da www. a de ny o. c om O ur s ol uti on s en ab le ou r c us to me rs to in te gr ate th e m ob il e c ha nn el i nto th ei r m ar k etin g a nd a dv er ti s in g m ix an d c a pi ta li ze on i ts u niq u

opportunities. Through the integration of leading-edge technologies and specialized expertise, Adenyo enables high-performance, inte

mobile marketing and advertising for agencies, media companies, brands and corporate marketers and small to medium-sized busin

it.ly US A bit. ly B itly, Inc . opera tes as an utility tha t a llows us ers to s horten the length of a n uniform res ourc e loc ator a nd the n tra ck the res ulting us ag

allows us ers to shorten, share, and track links. The company was founded in 2007 and is bas ed in New York, New York.

urbn www. bu rbn . co m B u rbn , I nc . o ff er s i nte rn et ba s e d s o ci al ne two rk in g s e rv ic e s . T he c om pa ny wa s f ou nd ed in 2 00 9 a nd is b a s e d i n th e Un ite d S ta te s .

ardagin Networks U S A www. c ar da gin .c om C a rda gin Ne twor ks I nc . de ve lops m obile ma rk etin g pla tfo rm for c ons ume rs a nd re ta il er s . T he c ompa ny , th rough its m obile a dv er tis in gplatform, enables s mall and local business es to digitize their loyalty programs, diss eminate targeted advertisements to existing and re

customers, monitor customer habits, and collect data for business uses. The company is based in Charlottesville, V irginia.

homp www.compapps.com Chomp Inc. promotes and reviews iPhone/iPod Touch applications. It offers Chomp Connect that lets application developers prompt t

users to review their applications. The company was founded in 2009 and is based in S an F rancisco, C alifornia.

ataXu U S A www. da ta xu. c om D ata Xu, I nc . pr ovi de s a n a dve rtis e me nt o ptimiz ati on and bi dding pla tf or m f or online dis pla y adv er tis e rs . T he c ompa ny s p la tfor m e nga

valuing, bid managing, and buying advertisements on an impression-by-impression basis across the advertisement exchanges operate

Google, Y ahoo, a nd others . It als o offers advertiser s with consumer and brand insights, including nanosegment reports that identify th

context, and consumer and creative attributes; performance reporting and analys is se rvices ; and real-time bidding services . DataXu, I

founded in 2007 and is based in Cambridge, Massachusetts with an additional office in New York, New York.

yPSii N e th er la nd s www. gy ps i i. c om G y P S i i c on ne c ts p eo pl e, p la c es , c o mm un itie s , c on te nt a nd adv er ti s in g a c ro s s ne two rk s a nd de vic e s , with pa te nte d a nd pa te nt appl ie d

technologies for the transfer a nd publishing of location based information between mobile devices . G yP S ii provides apps and Open A

solutions to a wide range of companies, such as S amsung, LG , R IM, W ind River, Ga rmin, C hina Unicom, China Mobile, C hina T eleco

others. GyP S ii apps a re available on Apples iP hone, Symbian, Windows Mobile, RIM Blackberry, A ndroid, J ava, MID/Linux, Palm we

and accessible via most well-known mobile app stores.

unch U S A www. hunc h. c om H unc h, In c. ope ra te s a de cis io n- ma k ing s ite th at c us tomiz es de cis ion r es ults fo r th e us e r. It a s ks qu es tions an d c us tom iz es re s ult to m

various decisions. The company was incorporated in 2007 and is based in New Y ork, New Y ork.

ivingSocial U S A www. liv ings oc ia l. c om L ivin gS o cia l of fe rs a c o lle cti on of us e r- re vie w a pps a c ros s t he mos t popula r s oc ia l n etwo rk s ( F ac ebook , M yS p ac e, H i5 , B e bo, a nd O rk

The apps are designed to let people organize and discover their favorite books, movies, music, restaurants, games, and beer.

ucid Imagination USA www.lucid imagination.com Lucid Imagination, Inc. prov ides support , tra ining, consult ing, and sof tware solut ions. I t offers certi fied d ist ributions, support subscr ipti

training and certification, and education programs through the Lucid Imagination knowledge portal. The company also provides LucidG

for Solr, a n open source visual framework for monitoring Solr performance; and Lucid Search Health Check, a s et of services that

periodically as ses ses the use of Lucene or S olr in a sea rch application. It offers its s ervices for the Apache Lucene search library and

Apache S olr searc h server, which are us ed in commercial, government, and educational institutions. Lucid Imagination, Inc. was found

2007 and is bas ed in San Mateo, C alifornia.

Multicast Media U S A www. mu ltic a s tm edi a. c om M ul ti ca s t Me di a T e ch no lo gi es , I n c. p ro vi de s l iv e In te rn et br oa dc a s ts a n d on -d em an d v ide o s ol utio ns . T h e c ompa n y pr ov ide s o nl in e m

solution for the deployment of linear, live or on demand, and interactive media channels. It adds live streaming and on-demand video f

iPhone and iP od Touch to its hos ted Multicas t Media Suite solution. The c ompanys digital media infras tructure enables content produ

distribute and monetize content via the Internet. I t also ena bles online channels to target audiences by offering an integrated sys tem f

management of digital content, program scheduling, and interactive audio/video broadcast services. Multicast Media Technologies, Inc

founded in 2000 and is headquartered in Atlanta, Georgia.

etBase U S A www. ne tba s e. c om N etB a s e s C onte nt In te llige nc e te chn ology r ea ds e ve ry s en te nc e in s ide do cume nts , lingu is tic al ly unde rs ta nds the c onte nt and powe rs

experiences that deliver highly relevant answers a nd insights.

osterous U S A www. pos te rous . c om P os te ro us , I nc . ope ra te s a W e bs ite to blo g a nd s ha re photos o n th e I nte rne t. I t a ls o en able s to s ha re though ts , photos , a udio , vide o, a

files with friends and family. Pos terous, Inc. was founded in 2008 and is based in S an Francis co, C alifornia.

af-T-Net U S A www. a le rtnow. c om S a f- T -N et de ve lops a nd ma rk ets A le rtN ow, a te ch nology fo r c omm unic atin g with la rge a udie nc es , s uc h a s th e pa re nts o f s c ho ol chi ldr

AlertNow delivers voice, e-mail and emergency S MS mess ages a t a rate up to 2.5 million per hour quickly ke eping parents a nd staff

informed on important and time-sensitive information. In a ddition to delivering routine mes sa ging, AlertNow is a critical component to

crisis plan, ensuring accurate information is communicated immediately in the event of a lockdown, relocation, evacuation or other

reaWell Networks Canada www.seawellnetworks .com SeaWel l Networks Inc. prov ides technology for the di str ibut ion and delivery of Internet video. I t of fers v ideo host ing and distr ibut ion so

for content delivery networks and other video hosting companies. The company is based in Mississauga, Canada.

martdate F r a nc e www. s m ar tda te . co m S m a rtda te S A S is a n o nl in e d ati ng pl atf or m. T he c omp an y e na bl es us e rs to s e a rc h f ri en ds th ro ug h F a c ebo ok an d o th er s o ci al n etwo rconnectivity. I t offers its s ervices in F rench, E nglish, German, Italian, Dutch, a nd S panish languages. The company was incorporated

and is based in Paris, France.

ellAPal U S A www. te lla pa l. c om T e ll- A- P al, Inc . pr ov ide s a s oc ia l a dv erti s ing pl atfor m f or on line ma rk eti ng s e rv ic es . T he com pa ny wa s fou nde d in 2 00 6 a nd is ba s ed i

Francisco, California.

ripIt U S A www. tr ipit. c om T r ipI t, I nc . pro vide s onlin e tr ave l itine ra ry or ga niz ation and tr ip pla nn in g s e rvic es . T he c ompa ny of fe rs o nlin e f lights , ho te ls , re nta l c ar s

and cruises information and booking services. TripIt, Inc. was founded in 2006 and is based in S an Fra ncisco, C alifornia.

igure 24. Company Descriptionsource. Company reports, Capital IQ, Crunchbase

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Page 20

RELEVANT DISCLOSURES APPLICABLE TO: NONE

1. None applicable.

ANALYST CERTIFICATION

Each analyst of Mackie Research Capital Corporation whose name appears in this report hereby certifies that (i)

recommendations and opinions expressed in this research report accurately reflect the analysts personal views and

no part of the r esearch analysts compensation was or will be directly or indirectly related to the specific conclusions

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 re

n format ion about Mackie Research Cap i ta l Corpora t ion s Rat ing System, the d is t r ibu t ion o f our research to c l ien ts and the percentage o f recommendat ions wh ich aeach o f our ra t ing ca tegor ies is ava i lab le on our we b s i t e a t www.mackieresearch.com.

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