Web 2.

0 Weekly
“Playdom Is Going To Disney World!”
August 4, 2010

David Shore, CFA, MBA 416.860.6784

dshore@mackieresearch.com
Damian Wojcichowsky, CFA 416.860.7652

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

Copyright © 2000-2010, Mackie Research Capital Corporation, All rights reserved www.mackieresearch.com
 Key Developments (past week)
Deals (M&A, Finance) – Disney Gets In To Social/Mobile Video Games

Disney acquired social and mobile game developer, Playdom, for $563 mm in upfront
consideration and the potential for $200 mm in further earn-out based consideration.
Disney management notes that the company continues to be on the acquisition warpath.

The largest deals in the week involved (wait for it…) the advertising sector, with $15 mm
in follow-on financings to eXelate and AdMeld, and $8 mm to BuzzLogic.

Four different social network/media companies received financing in the week, including,
Hot Potato (acquired for $10 mm by Facebook), PlacePop ($1.4 mm round),
Rapportive ($1 mm seed round), and dating site, Triangulate ($0.75 mm seed round).
Financial Results/Guidance/Partnerships/Product

Multiplied Media (TSXV:MMC) announced a partnership with U.S. wireless carrier,
Cricket Communication, to have the company’s geo-location mobile app, Poynt, pre-
installed on several of the smartphones that Cricket currently markets or intends to
launch in the near future. In other MMC news, the latest version of Poynt, now for the
Android OS, was launched last week. Poynt is now available on iPhone, BlackBerry, and
Android.

2 www.mackieresearch.com
 Public Company Data

3 www.mackieresearch.com
 Aggregate Public Data

Web 2.0 Public Companies Total Median Max Min

# Companies 102 - - -
Market Cap (US$ mm) 86,339.9 49.9 35,575.0 0.0
Revenue (US$ mm) 28,921.6 43.9 6,869.8 0.0
1 Year revenue growth 2.5% 8961.6% -100.0%
EBITDA as % of revenue - 8.8% 63.2% -99.5%
Net cash (US$ mm) 17,182.1 2.9 6,665.5 -670.8
TEV/Revenue - 1.8x 37.6x 0.0x
TEV/EBITDA - 8.4x 39.9x 0.1x
P/E - 16.8x 97.2x 0.0x
Relative to 52 week high -41.6% -0.9% -93.5%

Source: CapitalIQ

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

28
Social Networking

16

10
Media

9
Diversified

6
Mobile

5
Marketing

Source: CapitalIQ
3
Infrastructure

3
SMS/Voice

3
Enterprise

3
Advertising

2
Internet Retail

2
Virtual World
By Sector

2
Dating

2
Music

1
Vertical Communities

1
Search

1
Podcasting

1
Learning

1
Video

1
Collaboration

1
Payment

1
Financial Services
Public Company Distribution

0
5
10
15
20
25
30
35
40
45

United States

Canada

China

South Korea

Japan

Taiwan

Hong Kong

Germany

Poland

Australia

United Kingdom
By Country

Italy

Finland

Sweden

India

Russia

Malaysia

Switzerland
www.mackieresearch.com
 Valuation Dashboard – 1 Week
Market Cap EV/Revenue

Flat
11% Flat
0%

Rising
Falling 25%
Falling Rising
33% 56% 75%

EV/EBITDA P/E

Flat Flat
0% 0%

Rising Rising
31% 41%

Falling Falling
69% 59%

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

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

# companies
6/16/2009
6/23/2009
6/30/2009
7/7/2009
7/14/2009
7/21/2009
7/28/2009
8/4/2009
8/11/2009
8/18/2009
8/25/2009
9/1/2009
9/8/2009
9/15/2009
9/22/2009
9/29/2009
Median EV/Revenue

10/6/2009
10/13/2009
10/20/2009
10/27/2009
11/3/2009
11/10/2009
11/17/2009
11/24/2009
12/1/2009
12/8/2009
12/15/2009

Median
12/22/2009
12/29/2009
1/5/2010
1/12/2010
1/19/2010
1/26/2010
2/2/2010
2/9/2010
2/16/2010
2/23/2010

Long-term average
3/2/2010
3/9/2010
3/16/2010
3/23/2010
3/30/2010
4/6/2010
4/13/2010
4/20/2010
4/27/2010
average

5/4/2010
5/11/2010
well below LT

5/18/2010
5/25/2010
down slightly, still
Revenue multiples

6/1/2010
6/8/2010
6/15/2010
6/22/2010
6/29/2010
7/6/2010
7/13/2010
7/20/2010
7/27/2010
8/3/2010
383940394038404243454547464547485051515054555661616162666666656666707070707372726672727276737676778078797880808183828383

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

# companies
0. 0x
5. 0x
10. 0x
15. 0x
20. 0x
25. 0x
30. 0x
6/16/2009
6/23/2009
6/30/2009
7/7/2009
7/14/2009
7/21/2009
7/28/2009
8/4/2009
8/11/2009
8/18/2009
8/25/2009
9/1/2009
9/8/2009
9/15/2009
Median EV/EBITDA

9/22/2009
9/29/2009
10/6/2009
10/13/2009
10/20/2009
10/27/2009
11/3/2009
11/10/2009
11/17/2009
11/24/2009
12/1/2009
12/8/2009
12/15/2009

Median
12/22/2009
12/29/2009
1/5/2010
1/12/2010
1/19/2010
1/26/2010
2/2/2010
2/9/2010
2/16/2010
2/23/2010
3/2/2010

L ong-term average
3/9/2010
3/16/2010
3/23/2010
3/30/2010
4/6/2010
4/13/2010
4/20/2010
4/27/2010
5/4/2010
5/11/2010
5/18/2010
5/25/2010
6/1/2010
6/8/2010
EV/EBITDA multiples down,
depressed below LT average

6/15/2010
6/22/2010
6/29/2010
7/6/2010
7/13/2010
7/20/2010
7/27/2010
8/3/2010
20 21 22 22 21 21 21 23 22 24 22 23 23 25 26 26 25 24 24 25 27 29 29 33 34 34 36 38 37 38 39 38 40 41 38 38 38 42 41 41 41 42 41 42 43 43 43 44 47 49 48 50 50 50 49 49 48 46 48 49

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

# companies
0. 0x
5. 0x
10. 0x
15. 0x
20. 0x
25. 0x
30. 0x
35. 0x
6/16/2009
6/23/2009
6/30/2009
Median P/E

7/7/2009
7/14/2009
7/21/2009
7/28/2009
8/4/2009
8/11/2009
8/18/2009
8/25/2009
9/1/2009
9/8/2009
9/15/2009
9/22/2009
9/29/2009
10/6/2009
10/13/2009
10/20/2009
10/27/2009
11/3/2009
11/10/2009
11/17/2009
11/24/2009
12/1/2009
12/8/2009
12/15/2009

Median
12/22/2009
12/29/2009
1/5/2010
1/12/2010
1/19/2010
1/26/2010
2/2/2010
2/9/2010
2/16/2010
2/23/2010
3/2/2010

L ong-term average
3/9/2010
3/16/2010
3/23/2010
3/30/2010
4/6/2010
4/13/2010
4/20/2010
4/27/2010
5/4/2010
below LT average
P/E multiples shift

5/11/2010
5/18/2010
5/25/2010
upwards though remain

6/1/2010
6/8/2010
6/15/2010
6/22/2010
6/29/2010
7/6/2010
7/13/2010
7/20/2010
7/27/2010
8/3/2010
19 18 18 19 18 19 18 20 20 19 18 19 19 19 20 21 24 23 23 24 25 27 26 30 31 31 30 33 32 32 36 37 39 39 38 39 39 39 41 38 39 39 40 37 37 36 33 33 33 35 35 36 35 35 36 36 32 35 33 34

www.mackieresearch.com
 10
-
2.0
4.0
6.0
8.0
10.0
12.0
14.0

# Companies 2
Virtual World

11.6

9
Social Networking

9.0

2
Infrastructure

9.0

1
Learning
8.9

4
Mobile

5.1

2
Music

4.8

6
Diversified

4.2

1
Search 3.6

Gaming

21
3.5

5
Marketing
3.3

1
Vertical Communities
3.2

3
SMS/Voice
2.6
Average EV/Revenue – by Sector

1
Podcasting
2.6

1
Collaboration
2.5

3
Advertising
2.3

Media
2.2

Internet Retail
2.0

Enterprise
1.7

Video
1.6

Dating
1.2

Financial Services
0.5

www.mackieresearch.com
 Average EV/EBITDA – by Sector

45.0

40.0 38.5

35.0

30.0

25.0

20.0 18.8
17.1

15.0 13.0
12.2 11.7
10.3
9.4 9.2
10.0
7.2 6.9

5.0 4.0

-
Diversified

Advertising
Internet Retail
Search

Mobile

Enterprise

Gaming

Social Networking

Media

Collaboration

Marketing

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

11 www.mackieresearch.com
 Average P/E – by Sector

120.0

100.0 96.3

80.0

60.0 54.9

40.2
38.3
40.0

23.8
19.8
20.0
14.3 14.1 13.6
7.7

-
Internet Enterprise Collaboration Diversified Social Marketing Advertising Media Gaming Virtual World
Retail Networking

2 3 1 9 16 5 3 10 28 2
# Companies

12 www.mackieresearch.com
 13
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
38
Ac c redited Members H olding C orporation

Source: CapitalIQ
28
S oc ialG O P L C

23
Worlds .c om Inc.

19
T encent H oldings Ltd.

17
S pec trumDNA, Inc.

15
G eoS entric O yj

14
MO K O .mobi L imited

12
P aid Inc.
G ree, Inc.
C hines e G amer International

10 10 10
B ey ond C ommerc e, Inc.

9
Lingo Media C orporation
Mood Media C orporation

8 8
DigitalP os t Interac tiv e, Inc.

7
T rans G aming, Inc.

6
Acc eleriz e New Media, Inc .
H U G H E S T elematics , Inc .
Dena C o. Ltd.
Mix i, Inc.
F rogs ter Interac tiv e P ictures AG

5 5 5 4 4
C hangyou.com L imited
T aleo C orp.
S K C ommunications C o., L td.
K ings oft C orporation L imited

4 4 4 3
WebMediaB rands Inc
Motric ity, Inc.
Wiz z ard S oftware C orporation

3 3 3
O pen T ex t C orp.
EV/Revenue Ranking

eP ro Ltd.
S ohu.c om Inc.
Modern T imes G roup Mtg AB
XING AG
NE O WIZ G ames C orporation

2 2 2 2 2 2
V elti P lc
S hutterfly , Inc .
S c ore Media Inc.
P NI Digital Media Inc .
Myriad G roup AG
U O MO Media, Inc
H anbitS oft, Inc.
V alueC lic k , Inc.
G ungH o O nline E ntertainment, Inc .
P latforma Mediowa P oint G roup S .A.
is eemedia Inc.
NeuL ion Inc orporated
2 2 2 2 2 2 2 2 2 2 2 2

H utc his on T elec ommunic ations H ong

S park Network s , Inc.
G amania Digital E ntertainment C o. , L td.
U nilav a C orporation
Webz en Inc.
NetDragon WebS oft, Inc.
Accredited Members has

Y D O nline C orp.
O riented Media G roup B erhad
Y nk K orea Inc.
highest revenue multiple at 38x

S NAP Interac tiv e, Inc.

Internet G roup S A
O AO R B C Information S y s tems
1 1 1 1 1 1 1 1 1 1 1 1

AQ Interactiv e, Inc.
P oints International Ltd.
IAC /InterActiveC orp.
T heS treet.c om, Inc.
T he New Y ork T imes C ompany
U nited O nline, Inc.
DADA S pA
Northgate T echnologies L imited
U nis erv e C ommunic ations C orp.
AO L , Inc.
C DC C orp.
G lu Mobile, Inc.
T ree.C om, Inc.
1 1 1 1 1 1 1 1 1 1 1 1 1

G igaMedia Ltd.
O penwave S ys tems Inc.
C y berplex Inc.
Actoz S oft C o., L td.
J umbuc k E ntertainment Limited
R ealNetwork s Inc.
As k net AG
G ameO n C o L td.
Look S mart, Ltd.
0 0 0 0 0 0 0 0 0

Ngi G roup Inc.

www.mackieresearch.com
 14
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0

Source: CapitalIQ
HanbitS oft, Inc .

39.9
S K C ommunic ations C o., Ltd.

38.5
T enc ent Holdings Ltd.

35. 8
T aleo C orp.

28. 5
F rogs ter Interactive P ic tures AG

26.7
Motric ity , Inc .

25.6
C hines e G amer International
My riad G roup AG
Mixi, Inc .

19. 319. 118. 9

G ree, Inc .

17.2
Modern T imes G roup Mtg AB

16. 2
S hutterfly, Inc .
T heS treet. c om, Inc . 15. 415. 4
AQ Interac tive, Inc .
14. 2
EV/EBITDA Ranking

S c ore Media Inc .

O penwave S ys tems Inc .
12. 511. 8

IAC /InterAc tiveC orp.

Y D O nline C orp.
Dena C o. Ltd.
10. 1 9.7 9.4

O pen T ex t C orp.
DADA S pA
K ings oft C orporation Limited
9.2 9.2 8.5
group at 39.9x

G amania Digital E ntertainment C o., Ltd.

HanbitSoft leads the

XING AG
NetDragon WebS oft, Inc .
P N I Digital Media Inc .
V elti P lc
G ungHo O nline E ntertainment, Inc .
8.3 8.3 8.3 7.9 7.9 7.5

Unis erve C ommunic ations C orp.

NE O WIZ G ames C orporation
S park Network s , Inc .
C hangy ou. c om Limited
7.3 7.3 6.9 6.7

V alueC lic k , Inc .

Hutc his on T elec ommunic ations Hong K ong H oldings Ltd.
S ohu.c om Inc .
C DC C orp.
6.4 6.3 5.8 5.6

T he New Y ork T imes C ompany

C y berplex Inc .
United O nline, Inc .
4.5 4.0 3.8

AO L, Inc .
Ac toz S oft C o., Ltd.
2.1 1.5

J umbuc k E ntertainment Limited

G ameO n C o Ltd.
Ngi G roup Inc .
0.6 0.4 0.1

www.mackieresearch.com
Excluding EV/EBITDA > 100x
 15
Source: CapitalIQ
0.0
20.0
40.0
60.0
80.0
100.0
120.0
eP ro Ltd.

S hutterfly , Inc .

97.2 96.3
P oints International Ltd.

62.8
Mix i, Inc .

56.3
P/E Ranking

T encent Holdings Ltd.

C DC C orp.

47.4 47.0
O pen T ex t C orp.

40.2
G ree, Inc.

N etDragon WebS oft, Inc.

33. 5 33.5
G amania Digital E nterta inment C o., L td.

F rogs ter Interactive P ictures AG

30.3 30.2

C hines e G amer International

V elti P lc
25.9 24. 6

Dena C o. Ltd.

Hutc his on T elecommunica tions Hong K ong H oldings L td.

20.7 20.6

NE O WIZ G a mes C orporation

P/E at 97.2x

DADA S pA
ePro has the highest

T he N ew Y ork T imes C ompa ny

V alueC lic k , Inc.

S ohu.com Inc.
17.0 17.0 16.5 15. 1 14.9

C y berplex Inc.

K ings oft C orporation L imited

14.3 13.8

AO L, Inc.

C hangy ou.c om L imited

10.8 9.9

United O nline, Inc.

9. 1

G ameO n C o Ltd.
8.2

Ngi G roup Inc.

7.7

Unis erv e C ommunica tions C orp.

5.1

J umbuck E ntertainment Limited

3.5

Neteas e.com Inc.

2.7

S ha nda Interactiv e E nterta inment Ltd.

2.0

G ia nt Interac tive G roup, Inc.

1.9

www.mackieresearch.com
 16
Source: CapitalIQ
(US $m)

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

8/3/2009
8/10/2009
8/17/2009
8/24/2009
8/31/2009
9/7/2009
9/14/2009
9/21/2009
9/28/2009
10/5/2009
10/12/2009
10/19/2009
10/26/2009
11/2/2009
11/9/2009
11/16/2009
11/23/2009
11/30/2009
12/7/2009
12/14/2009
12/21/2009
12/28/2009
Total Market Capitalization

1/4/2010
1/11/2010
1/18/2010
1/25/2010
2/1/2010
2/8/2010
2/15/2010
2/22/2010
3/1/2010
3/8/2010
3/15/2010
3/22/2010
3/29/2010
4/5/2010
Total market cap up $11.8 bn to $86.3 bn

4/12/2010
4/19/2010
4/26/2010
5/3/2010
5/10/2010
5/17/2010
5/24/2010
5/31/2010
6/7/2010
6/14/2010
6/21/2010
6/28/2010
7/5/2010
7/12/2010
7/19/2010
7/26/2010
96 96 96 96 96 96 96 96 96 96 97 97 97 97 97 97 97 98 98 98 98 98 98 98 98 98 98 98 98 99100100100100100100100100100100100100101101101101102102102101102102

www.mackieresearch.com
 17
-

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

9
Diversified

Gaming

28
Media

10
Social Networking

16
6
Mobile

1
Collaboration

3
Enterprise

5
Marketing

2
Internet Retail

1
Search
Total Market Cap – by Sector

3
SMS/Voice

1
Financial Services

2
Dating

2
Music

3
Advertising
1
Video
2

Virtual World
$39 bn in market cap

Vertical Communities
1

Payment
Nine Diversified companies totaling

Podcasting
3

Infrastructure
1

Learning
www.mackieresearch.com
 18
0
1,000
2,000
3,000
4,000
5,000
6,000
Tencent Holdings Ltd.
Frogster Interactive Pictures AG
Netease.com Inc.
Dena Co. Ltd.

Source: CapitalIQ
IAC/InterActiveCorp.
Shanda Interactive Entertainment Ltd.
AOL, Inc.
Open Text Corp.
GeoSentric Oyj
Sohu.com Inc.
Giant Interactive Group, Inc.
Changyou.com Limited
GungHo Online Entertainment, Inc.
The New York Times Company
Perfect World Co., Ltd.
Taleo Corp.
ValueClick, Inc.
Chinese Gamer International
Shutterfly, Inc.
NEOWIZ Games Corporation
SK Communications Co., Ltd.
United Online, Inc.
RealNetworks Inc.
Hutchison Telecommunications Hong
Motricity, Inc.
NetDragon WebSoft, Inc.
Velti Plc
Gree, Inc.
Myriad Group AG
CDC Corp.
Gamania Digital Entertainment Co., Ltd.
XING AG
MOKO.mobi Limited
Market Cap Ranking

Openwave Systems Inc.

OAO RBC Information Systems
The9 Limited
GigaMedia Ltd.
Webzen Inc.
AQ Interactive, Inc.
Points International Ltd.
TheStreet.com, Inc.
DADA SpA
Thwapr, Inc.
Actoz Soft Co., Ltd.
Tree.Com, Inc.
Score Media Inc.
HUGHES Telematics, Inc.
Spark Networks, Inc.
Paid Inc.
Mood Media Corporation
NeuLion Incorporated
PNI Digital Media Inc.
Platforma Mediowa Point Group S.A.
Quepasa Corp.
Ngi Group Inc.
YD Online Corp.
Cyberplex Inc.
Gravity Co., Ltd
Glu Mobile, Inc.
TransGaming, Inc.
DigitalTown, Inc.
ePro Ltd.
Multiplied Media Corporation
WebMediaBrands Inc
Yippy, Inc.
LookSmart, Ltd.
dominates group

Socialwise, Inc.
NeXplore Corporation
Asknet AG
Accredited Members Holding
Ynk Korea Inc.
Accelerize New Media, Inc.
Tencent’s $35.6 bn market cap

Wizzard Software Corporation

Moggle, Inc
Northgate Technologies Limited
iseemedia Inc.
Dolphin Digital Media, Inc.
VOIS, Inc.
DigitalPost Interactive, Inc.
Kent International Holdings Inc.
SocialGO PLC
Jumbuck Entertainment Limited
Unilava Corporation
Modern Times Group Mtg AB
SNAP Interactive, Inc.
Kiwibox.Com, Inc.
Beyond Commerce, Inc.
En2Go International, Inc.
IAS Energy, Inc.
SpectrumDNA, Inc.
Worlds.com Inc.
Oriented Media Group Berhad
Uniserve Communications Corp.
Internet Group SA
Mobile Data Corp.
UOMO Media, Inc
LiveWorld Inc.
Lingo Media Corporation
Kingsoft Corporation Limited
GameOn Co Ltd.
HanbitSoft, Inc.
www.mackieresearch.com
 Price Performance – 1 Week
• Risers (47% of universe) outpaced
decliners (46%) Price Momentum

• Reversal of general negative price trend Flat

over the past two months 7%

Falling
46%
Rising
47%

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

10.0% Learning sector shows

6.8% 6.0%
highest weekly returns
5.0% 3.8% 3.2%
2.3% 2.2% 2.2% 2.2% 2.0% 2.0%

0.0%
-0.3% -0.3% -0.4%
-1.5%
-5.0% -2.4% -2.4% -2.7% -2.9% -3.2%
-4.1%

-10.0%

-15.0% -13.1%

-20.0%
-19.8%
-25.0% Internet Retail

Infrastructure
Networking

Collaboration

Virtual World
Financial
Payment
Communities
Learning

Advertising

Music
Marketing

Mobile

Diversified

Search

Gaming

Podcasting

Enterprise

Dating
Services
Video

Media

SMS/Voice

Social
Vertical

Source: CapitalIQ

20 www.mackieresearch.com
 21
-80.0%
-60.0%
-40.0%
-20.0%
0.0%
20.0%
40.0%
60.0%
VOIS
WDDD
YIPI
SPXA
STVI

Source: CapitalIQ
HUTC
RNWK
A052770
ACCM
GLUU
AIM:SGO
UOMO
NYT
CHIN.A
MKB
3838
UNTD
A023770
OPWV
SFLY
LVWD
KOSE:A069
TLEO
590057
OTEX
TSE:3632
MOTR
BYOC
A047080
SEHK:8086
WZE
A052790
TREE
LOOK
VCLK
TSXV:TNG
GIGM
O1BC
GA
LOV
TSX:SCR
AOL
TSCM
TSE:2432
A066270
SOHU
CM:DA
KIWB
OMEDIA
Price Performance – 1 Week

DB:M0C
WSE:IGR
DGTW
KNTH
GEO1V
6180
3765
2497
GRVY
A095660
PWRD
MTG B
777
TSX:CX
3812
FRG
WSE:PGM
TSX:NLN
SCLW
ASX:JMB
2121
GTSM:3083
3888
TSX:PTS
WEBM
SNDA
CYOU
DGLP
RBCI
TSXV:MMC
TSXV:USS
MYRN
QPSA
700
TSX:MM
IACI
IEE
TSXV:LM
UNLA
NCTY
ACLZ
NTES
TSXV:PN
VEL
XTRA:A5A
THWI
SEHK:215
NXPC
MBYL
ETGI
PAYD
DPDM
IASC.A
www.mackieresearch.com
 22
0%
10%
20%
30%
40%
50%
60%

0%
500%
1000%
1500%
2000%
2500%
3000%
OAO RBC GeoSentric Oyj
Information Systems

Beyond Commerce, The9 Limited

Source: CapitalIQ
Inc.

LookSmart, Ltd.
ePro Ltd.

NeXplore
AQ Interactive, Inc. Corporation

Hutchison
Telecommunications
MOKO.mobi
Hong Kong Holdings Limited
Ltd.

6 Month
1 Month

LookSmart, Ltd. Netease.com Inc.

Hutchison
Telecommunication
Shutterfly, Inc. s Hong Kong
Holdings Ltd.

Gree, Inc. Mobile Data Corp.

Points International Kingsoft

Ltd. Corporation Limited

Frogster Interactive
Sohu.com Inc.
Pictures AG
Price Performance (Top 10)

0%
10%
20%
30%
40%
50%
60%

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

OAO RBC Frogster Interactive

Information Pictures AG
Systems

Yippy, Inc. Gree, Inc.

ePro Ltd. Myriad Group AG

Quepasa Corp. Velti Plc

AQ Interactive, Points International

Inc. Ltd.
1 Year
3 Month

Velti Plc Netease.com Inc.

Dena Co. Ltd. HanbitSoft, Inc.

Hutchison
Uniserve
Telecommunications
Communications Hong Kong Holdings
Corp. Ltd.

TransGaming,
IAC/InterActiveCorp.
Inc.

Score Media Inc. ValueClick, Inc.

www.mackieresearch.com
 23
-70.0%
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%

-90.0%
-80.0%
-70.0%
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
Glu Mobile,
LiveWorld Inc.
Inc.

Accredited
Members

Source: CapitalIQ
iseemedia Inc.
Holding
Corporation

Dolphin Digital YD Online

Media, Inc. Corp.

Lingo Media RealNetworks

Corporation Inc.

HUGHES
UOMO Media,
Telematics,
Inc
Inc.
1 Week

6 Month
SNAP
Unilava
Interactive,
Corporation
Inc.

Mobile Data SpectrumDNA,

Corp. Inc.

SpectrumDNA,
Yippy, Inc.
Inc.

Worlds.com
VOIS, Inc.
Inc.

En2Go
International, VOIS, Inc.
Inc.
-70.0%
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
Price Performance (Bottom 10)

-100.0%
-90.0%
-80.0%
-70.0%
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%

Northgate
iseemedia Inc.
Technologies
Limited
HUGHES
Wizzard
Telematics,
Software
Inc.
Corporation
Beyond
YD Online Commerce,
Corp. Inc.

SpectrumDNA,
Moggle, Inc Inc.

Dolphin Digital
LiveWorld Inc. Media, Inc.
1 Year
1 Month

Worlds.com
Cyberplex Inc. Inc.

Dolphin Digital VOIS, Inc.

Media, Inc.

SpectrumDNA,
LiveWorld Inc.
Inc.

Accredited
Beyond
Members
Commerce,
Holding
Inc. Corporation

UOMO Media,
Yippy, Inc.
Inc
www.mackieresearch.com
 Capital Market Activity (Financing, M&A)

24 www.mackieresearch.com
 Financing Activity – Current Month
C om pany Nam e C ountr y S e c tor Ac quis ition Ange l/S e e d De bt financing PIPE S e r ie s A S e r ie s B S e r ie s C S e r ie s D NA Gr and Total
Playdom US A Gaming 763.0 763. 0
ITA S oftw ar e US A S ea rc h 700.0 700. 0
infoGROUP US A A dv ertis ing 644.9 644. 9
Digital S k y T e c hnologie s R us s ia Div ers ified 388.0 388. 0
Zynga US A Gaming 100.0 100. 0
Atlas s ian A us tralia Enterpris e 60.0 60. 0
S quar e s pac e US A B log 38.5 38. 5
S ys om os Canada A nalytic s 35.0 35. 0
J ive S oftw are US A Collaboration 30.0 30. 0
Ads m ar k e t Is ra el A dv ertis ing 17.0 17. 0
BuyWithMe US A S ocial Commerc e 16.0 16. 0
S hopk ic k US A S ocial Commerc e 15.0 15. 0
hi5 US A S ocial Netw orks 14.0 14. 0
T ur nHe r e US A A dv ertis ing 12.6 12. 6
C loudMade US A Infra s truc ture 12.3 12. 3
S por tge nic US A A dv ertis ing 12.0 12. 0
Pixaz za US A V is ual Commerc e 12.0 12. 0
Be yond The Rac k Canada S ocial Commerc e 12.0 12. 0
OC TANE360 US A A dv ertis ing 10.9 10. 9
Flipboar d US A Media 10.5 10. 5
7 S tar Ente r tainm e nt US A Media 10.0 10. 0
Hot Potato US A S ocial Netw orks 10.0 10. 0
Flirtom atic UK S ocial Netw orks 9.0 9.0
My-w ar dr obe .c om UK Internet R etail 9. 0 9.0
Buz zL ogic US A A dv ertis ing 8.8 8.8
InMobi India A dv ertis ing 8.0 8.0
AdS afe Me dia US A A dv ertis ing 7.3 7.3
MadBid.c om UK Online A uction 6. 2 6.2
Kom li Me dia India A dv ertis ing 6. 0 6.0
T r ada US A V ertic a l Communities 5.8 5.8
Zattik k a US A Gaming 5. 5 5.5
C om pas s L abs US A A dv ertis ing 5. 0 5.0
Aur or a Fe int US A Gaming 5. 0 5.0
Gis t US A A ggregation 4.0 4.0
Xgr aph US A A nalytic s 3. 8 3.8
Wor k s tr e am e r US A Enterpris e 3. 5 3.5
Bus ine s s Ins ide r US A Media 3.0 3.0
Movitas US A Mobile 3. 0 3.0
Be table UK Gaming 3. 0 3.0
Xtify US A Loca tion-bas ed S NS 2. 8 2.8
Plum Dis tr ic t US A S ocial Commerc e 2. 1 2.1
V ivox US A S MS /V oic e 2. 0 2.0
T hr e dUP US A S ocial Commerc e 1. 7 1.7
Place Pop US A S ocial Netw orks 1. 4 1.4
Gr oupS pace s UK V ertic a l Communities 1. 3 1.3
Matom y Is ra el W idget 1. 0 1.0
S ailthr u US A A nalytic s 1. 0 1.0
PlayHave n US A Gaming 1.0 1.0
iGuide r s US A S ea rc h 1. 0 1.0
S e atGe e k US A A nalytic s 1. 0 1.0
S oho OS US A Enterpris e 1. 0 1.0
Mave n Re s e ar c h US A Comment/R eputation 1. 0 1.0
Ge ndai Gam e s US A Gaming 1. 0 1.0
Hive 7 US A Gaming 0.9 0.9
Blue S w ar m US A S ocial Commerc e 0. 8 0.8
L ive fyre US A Comment/R eputation 0. 8 0.8
T r iangulate US A S ocial Netw orks 0. 8 0.8
Ze Fr ank Gam e s US A Gaming 0. 5 0.5
C onne ctYar d US A Collaboration 0. 5 0.5
Kuk unu UK Tra vel 0. 4 0.4
J igs e e Canada V ideo
2176.7 4.5 1.0 388.0 142.9 96.0 44.8 3.0 186.7 3043.4

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

Search
0% Search
5%

Advertising
Advertising 24%
41%
Other
Other
48%
49%

Gaming
22%
Gaming
11%

26 www.mackieresearch.com
 Financing Activity

July Total Deal Value and Average

1000.0 18.0
Deal Value set high for the year 16.7
900.0 16.0

800.0 13.4 14.0

12.2
700.0
12.0
600.0 10.1
9.6 10.0
(US$m)

(US$m)
8.3 8.6
500.0 8.1
7.2 8.0
400.0 6.3 6.5
5.7 5.5
6.0
300.0

4.0
200.0

100.0 2.0

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

*Dec-09 includes $180m Zynga investment

Apr-10 includes $300m DST investment
Total Average per Deal LTM Total Average
Jun-10 includes $147m Zynga investment

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

0.0
200.0
400.0
600.0
800.0
1,000.0
1,200.0
1,400.0

# companies
Gaming

Advertising

22 30
7
Search

1
Diversified

9
Media

Social Commerce

13
Analytics

14
7
Internet Retail

6
Collaboration

7
Enterprise

Social Networks

Mobile

12 11
2
Music

5
Virtual World

1
Blog

7
Infrastructure

7
Vertical Communities

4
Location-based SNS

5
Video
$1,205 mm)

2
SMS/Voice
4
of interest in the past

Comment/Reputation
three months (22 deals,
Gaming the biggest area

Mobile Ad
4

Aggregation
2

Virtual Goods
3

Financial Services
1

Visual Commerce
2

Widget
1

Mobile Payment
2

Publishing
4

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

Online Auction
2

Microblog
1

Online Learning
www.mackieresearch.com
 29
(US$ mm)

0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
Jan-08
Feb-08

Mar-08
Apr-08
May-08

Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09

Social Networks
Feb-09
Mar-09

Gaming
Apr-09
May-09
$ Raised

Jun-09

Advertising
Jul-09
Aug-09

Video
Sep-09
Oct-09

Nov-09

Diversified
Dec-09
Jan-10

Feb-10
Mar-10

Apr-10
May-10
Jun-10

Jul-10
Aug-10
Top 5 Sectors (2008-present)

(# Deals)
0
5
10
15
20
25
30

Jan-08

Feb-08

Mar-08
Apr-08

May-08
Jun-08

Jul-08

75% of financing comes from Top 5 sectors Aug-08

Sep-08

Oct-08
Nov-08
Advertising

Dec-08
Jan-09

Feb-09

Mar-09
Social Networks

Apr-09
May-09
Jun-09
Gaming

Jul-09
# Deals

Aug-09

Sep-09
Virtual World

Oct-09
Nov-09
Video

Dec-09
Jan-10

Feb-10

Mar-10
Apr-10
Top 5 sectors average $175 mm & 16 deals per month (aggregate)

May-10
Jun-10

Jul-10
Aug-10
www.mackieresearch.com
 Top 10 Deals (2010 YTD)
Financing Acquisitions

800.0 900

688.0 800 763.0

700.0

700.0
700
600.0 644.9

600
500.0

500
400.0
400
300.0
250.0
300

200.0 225.0
200 187.5
135.0 161.5 160.0
142.0 126.5
100.0 110.0
60.0 50.0 50.0 100
44.0 40.0 38.5 35.0

0.0
0
Technologies

Zynga

LivingSocial
Groupon

Atlassian

Gilt Groupe
Glam Media

Tremor Media

Squarespace
Qiyi
Digital Sky

Alloy
infoGROUP
ITA Software

Turbine
Playdom

Exalead
ICQ

Jigsaw

Woot
Siri
Disney’s Playdom acquisition (assuming full earn-out paid)
rises to the top of the heap in deal value for the year at $763 mm

30 www.mackieresearch.com
 Upcoming Events/Earnings
Company Date / Time Quarter Conf Call Details
AOL, Inc. (NYSE:AOL) Aug-04-2010 8:00 AM Q2/10 866-362-4820
TheStreet.com, Inc. (NasdaqGM:TSCM) Aug-04-2010 5:00 PM Q2/10 866-730-5767, passcode: 60148069
United Online, Inc. (NasdaqGS:UNTD) Aug-04-2010 5:00 PM Q2/10 877-874-1589, passcode: 8492532
ValueClick, Inc. (NasdaqGS:VCLK) Aug-05-2010 4:30 PM Q2/10 818-575-4677
Openw ave Systems Inc. (NasdaqGS:OPWV) Aug-05-2010 5:00 PM Q4/10 877-941-2068
Giant Interactive Group, Inc. (NYSE:GA) Aug-09, 2010 9:00 PM Q2/10 1-866-356-3093
CDC Corp. (NasdaqGS:CHIN.A) Aug-10, 2010 8:30 PM Q2/10 888-603-6873, passcode: 91985167
Points International Ltd. (TSX:PTS) Aug-10, 2010 5:00 PM Q2/10 877-941-8418
PNI Digital Media Inc. (TSXV:PN) Aug-11, 2010 4:30 PM Q3/10 888-300-8196, passcode: 88463806
Perfect World Co., Ltd. (NasdaqGS:PWRD) Aug-17, 2010 7:00 AM Q2/10 8666-519-4004, passcode: PWRD
Open Text Corp. (NasdaqGS:OTEX) Aug-18-2010 5:00 PM Q4/10 416-644-3414
The9 Limited (NasdaqGS:NCTY) Aug-24-2010 9:00 PM Q2/10 1-866-788-0538

Source: CapitalIQ

31 www.mackieresearch.com
 Public Company Listing T rading C urre nt US $ Mark e t
C om pany Nam e T ick e r Exchange C urr e ncy HQ Price C ap (m m ) Em ploye e s
A ccelerize New M edia, Inc. ACLZ OTCB B USD United States 0.55 17.2 10
A ccredited M embers Holding Co rpo ratio n ACCM OTCB B USD United States 0.65 19.0 8
A cto z So ft Co ., Ltd. A052790 KOSE KRW So uth Ko rea 9,850 74.8 NA
A OL, Inc. AOL NYSE USD United States 21.12 2,253.9 6,700
A Q Interactive, Inc. 3838 TSE JP Y Japan 160,900 102.1 NA
A sknet AG XTRA :A 5A XTRA EUR Germany 3.17 21.1 NA
B eyo nd Co mmerce, Inc. BYOC OTCB B USD United States 0.06 3.6 16
CDC Co rp. CHIN.A NasdaqGS USD Ho ng Ko ng 2.01 212.3 2,810
Changyo u.co m Limited CYOU NasdaqGS USD China 29.46 1,519.2 1,308
Chinese Gamer Internatio nal GTSM :3083 GTSM TWD Taiwan 284.00 768.2 NA
Cyberplex Inc. TSX:CX TSX CA D Canada 0.61 43.3 NA
DA DA SpA CM :DA CM EUR Italy 4.29 92.0 NA
Dena Co . Ltd. TSE:2432 TSE JP Y Japan 2,344 3,887.8 NA
DigitalPo st Interactive, Inc. DGLP OTCB B USD United States 0.05 6.9 6
DigitalTown, Inc. DGTW OTCB B USD United States 1.15 32.1 4
Do lphin Digital M edia, Inc. DP DM OTCB B USD United States 0.15 9.3 NA
En2Go International, Inc. ETGI OTCB B USD United States 0.15 3.6 NA
ePro Ltd. SEHK:8086 SEHK HKD Ho ng Ko ng 0.72 31.2 707
Fro gster Interactive P ictures A G FRG XTRA EUR Germany 25.50 10,788.9 NA
Gamania Digital Entertainment Co ., Ltd. 6180 GTSM TWD Taiwan 51.40 200.8 NA
GameOn Co Ltd. 3812 TSE JP Y Japan 66,000 0.3 NA
Geo Sentric Oyj GEO1V HLSE EUR Finland 0.03 2,031.1 130
Giant Interactive Gro up, Inc. GA NYSE USD China 6.76 1,535.8 1,575
GigaM edia Ltd. GIGM NasdaqGS USD Taiwan 2.07 114.6 NA
Glu M o bile, Inc. GLUU NasdaqGM USD United States 1.25 38.3 479
Gravity Co ., Ltd GRVY NasdaqGM USD So uth Ko rea 1.49 41.4 455
Gree, Inc. TSE:3632 TSE JP Y Japan 6,780 242.6 NA
GungHo Online Entertainment, Inc. 3765 OSE JP Y Japan 181,600 1,301.7 NA
HanbitSo ft, Inc. A047080 KOSE KRW So uth Ko rea 5,100 0.1 NA
HUGHES Telematics, Inc. HUTC OTCB B USD United States 2.00 68.3 276
Hutchison Teleco mmunicatio ns Ho ng Kong SEHK:21
Ho ldings
5 Ltd. SEHK HKD Ho ng Ko ng 2.00 339.6 1,732
IA C/InterActiveCo rp. IA CI NasdaqGS USD United States 25.20 2,635.8 3,200
IA S Energy, Inc. IA SC.A OTCP K USD Canada 0.05 3.5 NA
Internet Gro up SA WSE:IGR WSE P LN P o land 0.90 1.9 NA
iseemedia Inc. IEE TSXV CA D Canada 0.08 9.5 NA
Jumbuck Entertainment Limited ASX:JM B A SX A UD A ustralia 0.20 6.2 79
Kent Internatio nal Ho ldings Inc. KNTH OTCP K USD United States 1.90 6.8 NA

32 www.mackieresearch.com
 Public Company Listing cont.
T r ading C urr e nt US $ Mark e t
C om pany Nam e T ick e r Exc hange C ur re nc y HQ Price C ap (m m ) Em ploye e s
Kingso ft Co rpo ratio n Limited 3888 SEHK HKD China 4.46 0.6 2,735
Kiwibo x.Co m, Inc. KIWB OTCB B USD United States 0.01 4.5 6
Lingo M edia Co rpo ratio n TSXV:LM TSXV CA D Canada 0.47 0.6 NA
LiveWo rld Inc. LVWD OTCP K USD United States 0.02 0.6 NA
Lo o kSmart, Ltd. LOOK NasdaqGM USD United States 1.49 25.6 65
M ixi, Inc. 2121 TSE JP Y Japan 474,000 0.0 NA
M o bile Data Co rp. M B YL OTCB B USD United States 0.06 1.4 NA
M o dern Times Gro up M tg A B M TG B OM SEK Sweden 463.00 5.6 2,936
M o ggle, Inc DB :M 0C DB EUR United States 0.85 11.8 2
M OKO.mo bi Limited M KB A SX A UD A ustralia 0.08 173.4 NA
M o o d M edia Co rpo ratio n TSX:M M TSX CA D Canada 1.80 63.8 NA
M o tricity, Inc. M OTR NasdaqGM USD United States 7.97 316.7 355
M ultiplied M edia Co rpo ratio n TSXV:M M C TSXV CA D Canada 0.11 28.6 NA
M yriad Gro up A G M YRN SWX CHF Switzerland 4.77 222.9 778
NEOWIZ Games Co rpo ratio n A 095660 KOSE KRW So uth Ko rea 36,600 660.6 NA
NetDrago n WebSo ft, Inc. 777 SEHK HKD China 3.78 256.2 2,901
Netease.co m Inc. NTES NasdaqGS USD China 39.63 5,146.1 4,624
NeuLio n Inco rpo rated TSX:NLN TSX CA D Canada 0.46 52.6 224
NeXplo re Co rpo ratio n NXP C OTCP K USD United States 0.40 22.3 NA
Ngi Gro up Inc. 2497 TSE JP Y Japan 32,300 48.3 NA
No rthgate Techno lo gies Limited 590057 B SE INR India 15.05 11.4 NA
OA O RB C Info rmatio n Systems RB CI M ICEX RUB Russia 35.32 160.4 2,523
Open Text Co rp. OTEX NasdaqGS USD Canada 39.61 2,249.1 3,700
Openwave Systems Inc. OP WV NasdaqGS USD United States 2.03 170.2 590
Oriented M edia Gro up B erhad OM EDIA KLSE M YR M alaysia 0.08 3.4 NA
P aid Inc. P A YD OTCB B USD United States 0.25 66.5 20
P erfect Wo rld Co ., Ltd. P WRD NasdaqGS USD China 24.27 1,226.8 2,896
P latfo rma M edio wa P o int Gro up S.A . WSE:P GM WSE P LN P o land 1.44 49.4 NA
P NI Digital M edia Inc. TSXV:P N TSXV CA D Canada 1.49 49.9 NA
P o ints Internatio nal Ltd. TSX:P TS TSX CA D Canada 0.68 99.5 93
Quepasa Co rp. QP SA OTCB B USD United States 3.80 49.2 71
RealNetwo rks Inc. RNWK NasdaqGS USD United States 3.17 428.7 1,754
Sco re M edia Inc. TSX:SCR TSX CA D Canada 0.90 71.4 230
Shanda Interactive Entertainment Ltd. SNDA NasdaqGS USD China 41.97 2,492.1 5,721
Shutterfly, Inc. SFLY NasdaqGS USD United States 24.94 680.1 519
SK Co mmunicatio ns Co ., Ltd. A 066270 KOSE KRW So uth Ko rea 17,950 632.9 NA
33 www.mackieresearch.com
 Public Company Listing cont.
T r ading C urr e nt US $ Mar k e t
C om pany Nam e T ick e r Exc hange C urr e ncy HQ Price C ap (m m ) Em ploye e s
SNA P Interactive, Inc. STVI OTCB B USD United States 0.15 4.9 15
So cialGO P LC A IM :SGO A IM GB P United Kingdo m 0.01 6.5 9
So cialwise, Inc. SCLW OTCB B USD United States 0.45 22.5 NA
So hu.co m Inc. SOHU NasdaqGS USD China 47.51 1,796.7 3,997
Spark Netwo rks, Inc. LOV A M EX USD United States 3.31 68.1 155
SpectrumDNA , Inc. SP XA OTCB B USD United States 0.05 3.5 8
Taleo Co rp. TLEO NasdaqGM USD United States 25.86 1,028.2 916
Tencent Ho ldings Ltd. 700 SEHK HKD China 151.00 35,575.0 7,845
The New Yo rk Times Co mpany NYT NYSE USD United States 8.90 1,295.8 7,665
The9 Limited NCTY NasdaqGS USD China 5.45 139.0 1,010
TheStreet.co m, Inc. TSCM NasdaqGM USD United States 3.04 95.9 274
Thwapr, Inc. THWI OTCB B USD United States 5.00 82.9 NA
TransGaming, Inc. TSXV:TNG TSXV CA D Canada 0.57 33.1 28
Tree.Co m, Inc. TREE NasdaqGM USD United States 6.87 74.4 700
Unilava Co rpo ratio n UNLA OTCB B USD United States 0.06 6.1 40
Uniserve Co mmunicatio ns Co rp. TSXV:USS TSXV CA D Canada 0.11 3.1 NA
United Online, Inc. UNTD NasdaqGS USD United States 6.35 553.3 1,699
UOM O M edia, Inc UOM O OTCB B USD Canada 0.02 1.3 NA
ValueClick, Inc. VCLK NasdaqGS USD United States 11.15 906.8 1,086
Velti P lc VEL A IM GB P United Kingdo m 4.27 255.5 459
VOIS, Inc. VOIS OTCB B USD United States 0.00 7.7 2
WebM ediaB rands Inc WEB M NasdaqGS USD United States 0.75 28.1 83
Webzen Inc. KOSE:A 069080 KOSE KRW So uth Ko rea 10,150.00 102.9 326
Wizzard So ftware Co rpo ratio n WZE A M EX USD United States 0.18 11.9 80
Wo rlds.co m Inc. WDDD OTCB B USD United States 0.06 3.4 1
XING A G O1B C XTRA EUR Germany 28.50 194.5 293
YD Online Co rp. A 052770 KOSE KRW So uth Ko rea 3,540.00 45.5 NA
Yippy, Inc. YIP I OTCB B USD United States 1.16 26.3 NA
Ynk Ko rea Inc. A 023770 KOSE KRW So uth Ko rea 2,705.00 18.5 NA
Yo uB last Glo bal, Inc. YB LT OTCB B USD United States 0.39 13.4 6

34 www.mackieresearch.com
 Disclaimer
RELEVANT DISCLOSURES APPLICABLE TO: NONE

1. None applicable.

ANALYST CERTIFICATION
Each analyst of Mackie Research Capital Corporation whose name appears in this report
hereby certifies that (i) the recommendations and opinions expressed in this research
report accurately reflect the analyst’s personal views and (ii) no part of the research
analyst’s compensation was or will be directly or indirectly related to the specific
conclusions or recommendations expressed in this research report.

This report has been created by Analysts that are employed by Mackie Research Capital Corporation, a Canadian Investment Dealer. For further disclosures, please see last page of this report.
Information about Mackie Research Capital Corporation’s Rating System, the distribution of our research to clients and the percentage of recommendations which are in each of our rating categories
is available on our web site at www.mackieresearch.com.
The information contained in this report has been drawn from sources believed to be reliable but its accuracy or completeness is not guaranteed, nor in providing it does Mackie Research Capital
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