SOFTWARE & SERVICES 19 MAY 2009
DAVID SHORE, CFA, MBA 416.860.6784
WEB 2.O WEEKLY david.shore@researchcapital.com
Arun Thomas (Associate) 416.860.7666
AD NETWORK COMPANY CYBERPLEX RAISES C$15 MILLIO N IN EQ UITY FINANCING
CA N AD A’ S C Y B ER PL E X RA I SE S MO N E Y T O F U EL N E XT L E V EL OF G RO WT H
Last week we saw a number of companies in the media and W eb 2.0 sector reporting earnings, but none was more
surprising than Cyberplex. This company, operating in the ad network space, continued to surprise investors both on
the earnings front and capital market activity. In posting approximately 300% growth in revenues Y/Y (see figure
below), the company has demonstrated the merit of its business model and has returned to the equity markets for
C$15 million to fuel the next phase of its growth.
S egmented R evenue, by Quarter
35 500. 0%
450. 0%
30
400. 0%
25 350. 0%
300. 0%
20
(% )
( $m)
250. 0%
15
200. 0%
10 150. 0%
100. 0%
5
50. 0%
0 0.0%
Mar-07
J un-07
Dec-07
Mar-08
J un-08
Dec-08
Mar-09
S ep-07
S ep-08
Technology S ervices (L HS )
Web A dvertis ing ( LHS )
Total revenues - y oy grow th (R HS )
C yberplex a big boost for financing activity in May: Month-to-date financings in May totalled $84.3 million and
benefited from a financing from Cyberplex for $12.9 million. So far, there have been 14 financings in May with seven
deals greater than $5 million and only three less than $5 million. Except for Cyberplex, no deals were greater than
$10 million, with the capital raise by Imeem and EveryZing closely behind at $8.8 million and $8.3 million,
respectively.
Price Performance: The companies in our universe had mixed stock price performances over the past week (for
stocks with prices greater than $1) (Figure 6), with 24 companies showing positive returns on the week. Ynk Korea,
Inc. (A023770-KOSE) led the group with a 30.9% return, while Mixi, Inc. (2121-TSE) had the worst return, dropping
9.2% in the week.
This report has been created b y Anal ysts that are emplo yed b y Research Capital Corporation, a Canadian Investment Dealer.
For further disclosures, please see last page of this report.
w w w . r e s e a rc h c a p i t a l . c o m
T o ro n t o 4 1 6 . 8 6 0 . 7 6 0 0 Montreal 514.399.1500 Vancouver 604.662.1800 Calgary 403.265.7400 Regina 306.566.7550

Page 2
THE WEB 2.0 UNIVERSE
Ninety-three public Web 2.0 companies identified: Our W eb 2.0 universe contains 93 companies, with a combined
market cap of ~ $46 billion (Figure 1). The average market cap for the group is ~$500 million (but a median of only $50.6
million), with average trailing revenue of $148.5 million (median $55.6 million). The companies are also generally
profitable, with a median EBITDA margin of 16.0%. On a valuation basis, the overall average is 5.2x trailing revenue
(median 1.6x) and 9.3x trailing EBITDA (median 8.7x). Fourteen of the companies have more than 500 employees.
C omparable C ompan y A nalys is > W eb 2.0
Trading Cu rr ent U S D Market U S D LT M To tal US D L TM T otal E BITD A TE V/LT M T E V/LT M
C om pany Nam e L TM as o f T ic ker E xc hange Currenc y H Q P ric e C ap ($m) R ev ($m) E B ITDA ($m) % R evenu e E B IT DA E mployees
Acce le riz e N ew Me dia, Inc. 3 /31 /200 9 AC LZ OT C B B USD U nited S ta tes 0 .50 1 3.8 4.1 (4 .4) NM 4.6 x - 11
Actoz S of t C o., L td. 1 2/31 /200 8 A0 527 90 K OS E KR W S outh K orea 14, 400 9 9.4 75. 7 1 5.1 20 .0% 0.9 x 4.7x NA
AQ Inte ractive , Inc. 1 2/31 /200 8 38 38 TSE J PY J apan 48 ,000 .00 2 6.8 61. 8 4 .9 8 .0% - - NA
As s ocia ted Media Holdings Inc. 6 /30 /200 7 AS MH OT C P K USD U nited S ta tes 0 0 .1 0.1 (2 .3) NM 8.1 x - 3
B igstring Co rp. 1 2/31 /200 8 BS GC OT C B B USD U nited S ta tes 0 .02 1 .2 0.1 (2 .1) NM 30.6 x - 4
B e tawave Corpora tion 1 2/31 /200 8 B W AV OT C B B USD U nited S ta tes 0 3 .2 7.7 (1 1.8) NM - - 45
B e yond Commerce, Inc. 1 2/31 /200 8 B Y OC OT C B B USD U nited S ta tes 1 .04 4 3.0 1.8 (8 .6) NM 25.4 x - 43
B right T hings plc 9 /30 /200 8 AIM :B G T AIM GBP U nited K ingdom 0 5 .6 0.2 (1 .7) NM 22.1 x - 9
B roa dW ebAs ia Inc. 9 /30 /200 8 BW BA OT C P K USD U nited S ta tes 0 .30 2 5.3 0.0 (4 .6) NM - - 46
C DC C orp. 3 /31 /200 9 C HIN .A Nas da qG S USD H ong K ong 1 15 7.3 389 .9 3 0.8 7 .9% 0.4 x 5.5x NA
C ha ngyou. com Limite d 3 /31 /200 9 C Y OU Nas da qG S USD C hina 29 .80 1,5 27.3 222 .5 13 5.1 60 .7% 6.0 x 9.9x 628
C hina G ate wa y C orpora tion 9 /30 /200 8 C GW Y OT C P K USD U nited S ta tes 0 0 .0 6.7 (6 .6) -9 8.9% 0.0 x - 37
C hine s e G amer In ternational 3 /31 /200 9 G T S M:308 3 GT S M TWD T aiwan 225 .00 57 5.6 56. 2 3 1.5 56 .0% 9.1 x 1 6.2 x NA
C ornerW orld C orporation 1 /31 /200 9 C WR L OT C B B USD U nited S ta tes 0 6 .4 1.3 NM NM 6.0 x - NA
C yberplex Inc. 3 /31 /200 9 T S X:C X TSX C AD C ana da 1 .87 8 6.5 70. 3 7 .3 10 .4% 1.2 x 1 1.3 x NA
D ADA S pA 9 /30 /200 8 C M:D A CM EUR Ita ly 6 13 9.4 231 .1 3 6.9 16 .0% 0.8 x 5.0x 574
D XN Holdings B hd 2 /28 /200 9 D XN KL SE MY R Ma la ys ia 0 .44 2 9.1 78. 7 1 0.8 13 .7% 0.6 x 4.2x NA
D ibz Inte rnational, Inc. NA D IB Z OT C P K USD U nited S ta tes 0 0 .0 NA NM NM - - NA
D igitalP ost Inte ra ctive , Inc. 1 2/31 /200 8 D G LP OT C B B USD U nited S ta tes 0 .02 1 .1 0.5 (3 .2) NM 5.1 x - 7
D igitalT own, Inc. 2 /28 /200 9 DGT W OT C B B USD U nited S ta tes 3 6 7.7 NM (3 .0) NM - - 3
D olphin D igital Me dia, Inc. 1 2/31 /200 8 D P DM OT C B B USD U nited S ta tes 0 .68 3 3.5 0.9 (3 .0) NM 37.2 x - NA
E olith C o. L td. 1 2/31 /200 7 A0 410 60 K OS E KR W S outh K orea 900 5 2.4 20. 2 (0 .1) -0 .3% 2.7 x - NA
E xte ns ions , Inc. 1 2/31 /200 8 E XT I OT C P K USD U nited S ta tes 0 .15 1 4.2 NM NM NM - - NA
F inancia l Media G roup, Inc. 2 /28 /200 9 F NG P OT C B B USD U nited S ta tes 0 0 .4 7.2 2 .4 NM - - 22
F luid M us ic Ca nada, In c. 1 2/31 /200 8 T S X:F MN TSX C AD U nited S ta tes 0 .45 2 0.4 4.6 (9 .3) -6 0.6% 1.9 x - NA
F rogs te r Interactive P icture s AG 6 /30 /200 8 F RG XT R A EUR G ermany 8 2 4.6 5.5 (3 .3) 16 .6% 4.4 x - NA
G a ma nia D igital E ntertainment C o., L td. 3 /31 /200 9 61 80 GT S M TWD T aiwan 38 .60 17 8.2 126 .0 2 0.9 25 .9% 1.2 x 7.4x NA
G a me On C o L td. 1 2/31 /200 8 38 12 TSE J PY J apan 91, 800 9 1.0 76. 5 1 9.8 NM 0.4 x 1.7x NA
G e oS e ntric O yj 1 2/31 /200 8 G E O1 V HLS E EUR F inland 0 .04 4 8.8 6.0 (1 3.4) 61 .9% 6.9 x - 94
G iant Intera ctive G roup, Inc. 1 2/31 /200 8 GA NY S E USD C hina 8 1,8 62.2 233 .6 14 4.6 24 .2% - - NA
G iga Media Ltd. 1 2/31 /200 8 G IG M Nas da qG S USD T aiwan 6 .38 34 4.7 190 .4 4 6.0 19 .2% 1.4 x 5.8x NA
G ravity C o., L td 9 /30 /200 8 GR VY Nas da qG M USD S outh K orea 1 2 7.0 39. 7 7 .6 36 .0% - - 636
G ree, Inc. 6 /30 /200 8 T S E : 363 2 TSE J PY J apan 5 ,260 .00 1,2 03.8 30. 1 1 0.8 17 .8% 37.3 x - NA
G ungH o O nline E ntertainment, Inc. 1 2/31 /200 8 37 65 OS E J PY J apan 1 42, 600 16 7.5 115 .3 2 0.6 -2 8.2% 1.3 x 7.1x NA
H anbitS of t, Inc. 1 2/31 /200 8 A0 470 80 K OS E KR W S outh K orea 4 ,855 .00 8 6.3 56. 4 (1 5.9) 3 .0% 1.2 x - NA
IAC /InterActiveC orp. 3 /31 /200 9 IAC I Nas da qG S USD U nited S ta tes 16 2,3 92.0 1 ,40 6.4 4 2.6 NM 0.4 x 1 1.9 x 3 ,20 0
IAS E nergy, Inc. 1 /31 /200 9 IAS C.A OT C B B USD C ana da 0 .28 1 9.6 0.0 (0 .8) NM - - NA
IdeaE dge, Inc. 1 2/31 /200 8 OT C B B :ID AE OT C B B USD U nited S ta tes 1 2 4.3 0.0 (4 .6) NM - - NA
is ee media Inc. 1 2/31 /200 8 IE E T S XV C AD C ana da 0 .09 4 .0 1.3 (5 .1) 37 .2% 1.8 x - NA
J umbuck E ntertainment P ty Ltd. 1 2/31 /200 8 AS X:J MB AS X AU D Aus tra lia 0 1 5.3 13. 7 5 .1 -6 2.6% 0.8 x 2.1x 72
J umpT V Inc. 1 2/31 /200 8 T S X:J T V TSX C AD C ana da 0 .71 6 9.7 13. 4 (8 .4) 10 .0% 4.0 x - 237
K a boos e Inc. 1 2/31 /200 8 T S X:K AB TSX C AD C ana da 1 7 2.5 70. 7 7 .0 38 .7% 1.1 x 1 1.2 x NA
K ings oft Co. Ltd. 1 2/31 /200 8 38 88 S E HK HKD C hina 4 .14 57 6.9 120 .2 4 6.6 NM 4.2 x 1 0.9 x 2 ,27 1
Lingo Media Corporation 1 2/31 /200 8 T S XV : LM T S XV C AD C ana da 1 1 1.1 0.8 (1 .5) -4 .3% 10.9 x - NA
Live Wo rld Inc. 1 2/31 /200 8 LV WD OT C P K USD U nited S ta tes 0 .07 2 .2 11. 8 (0 .5) -6 .3% 0.1 x - NA
LookS mart, Ltd. 3 /31 /200 9 LOOK Nas da qG M USD U nited S ta tes 1 2 4.6 60. 7 (3 .8) NM - - 90
Magnitude Information S ys tems Inc. 1 2/31 /200 8 MA G Y OT C B B USD U nited S ta tes 0 .01 4 .4 0.1 (3 .0) 38 .0% - - 14
Mixi, Inc. 1 2/31 /200 8 21 21 TSE J PY J apan 4 50, 000 70 8.4 120 .3 4 5.8 15 .3% 5.0 x 1 3.2 x NA
Mode rn Times G roup Mtg AB 3 /31 /200 9 MT G B OM S EK S weden 237 .50 2,0 20.2 1 ,73 7.6 26 6.2 NM 1.5 x 9.7x 2 ,96 9
Moggle , Inc 1 2/31 /200 8 MMOG OT C B B USD U nited S ta tes 2 8 3.5 NM (1 .1) NM - - 3
MOK O.mobi L imited 1 2/31 /200 8 MK B AS X AU D Aus tra lia 0 .08 5 .0 1.1 (2 .3) 1 .9% 3.5 x - NA
Myriad G rou p AG 1 2/31 /200 8 MY R N SWX C HF S witzerla nd 5 9 8.2 40. 0 0 .8 26 .8% 2.8 x - 405
N E OW IZ G ames C orpora tion 1 2/31 /200 8 A0 956 60 K OS E KR W S outh K orea 62 ,400 .00 48 7.1 200 .8 5 3.9 45 .7% 2.4 x 8.9x NA
N etD ragon W ebS oft, Inc. 1 2/31 /200 8 77 7 S E HK HKD C hina 6 37 7.2 87. 3 3 9.9 65 .0% 2.8 x 6.1x 2 ,42 6
N ete as e.com I nc. 1 2/31 /200 8 NT E S Nas da qG S USD C hina 30 .96 3,8 09.7 451 .8 29 3.7 NM - - NA
N eXplore Corpora tion 9 /30 /200 7 N XP C OT C P K USD U nited S ta tes 1 3 9.0 NM (4 .9) 30 .8% - - 19
N gi G roup Inc. 1 2/31 /200 8 24 97 TSE J PY J apan 31 ,700 .00 4 0.2 100 .8 3 1.0 17 .6% - - NA
N orthgate Te chnologies L imited 1 2/31 /200 8 59 005 7 BS E INR India 39 2 7.6 136 .2 2 4.0 25 .5% 0.2 x 1.2x 286
Open T e xt Corp. 3 /31 /200 9 OT E X Nas da qG S USD C ana da 31 .73 1,6 69.7 782 .6 19 9.2 -1 .0% 2.2 x 8.7x 3 ,40 0
Openwave S ys tems Inc. 3 /31 /200 9 OP W V Nas da qG S USD U nited S ta tes 1 10 5.8 197 .2 (2 .1) 54 .1% 0.0 x - 630
P e rf ect W orld C o., Ltd. 1 2/31 /200 8 PW R D Nas da qG S USD C hina 18 .90 99 7.1 210 .5 11 3.9 -4 .9% - - NA
P hotoChannel N etwork s Inc. 1 2/31 /200 8 T S XV : P N T S XV C AD C ana da 2 4 7.0 17. 2 (0 .8) NM 2.7 x - NA
Quepa s a C orp. 1 2/31 /200 8 QP S A Nas da qC M USD U nited S ta tes 0 .97 1 2.3 0.1 (1 1.4) 13 .1% - - 74
OA O R B C Information S ys tems 1 2/31 /200 7 R BC I R TS USD R us s ia 1 17 3.4 146 .9 1 9.2 46 .0% 0.0 x 0.3x NA
S handa Interactive E ntertainme nt L td. 1 2/31 /200 8 S N DA Nas da qG S USD C hina 49 .38 3,4 26.1 522 .7 24 0.2 13 .2% 0.2 x 0.4x NA
S hutte rf ly, Inc. 3 /31 /200 9 S F LY Nas da qG S USD U nited S ta tes 13 32 3.5 215 .2 2 8.3 6 .5% 1.2 x 9.1x 514
S K C ommunications Co., Ltd. 1 2/31 /200 8 A0 662 70 K OS E KR W S outh K orea 9 ,390 .00 31 3.1 186 .7 1 2.1 31 .4% 1.7 x 2 5.8 x NA
S N AP Inte ra ctive , Inc. 1 2/31 /200 8 S T VI OT C B B USD U nited S ta tes 1 8 .1 3.0 0 .9 -3 4.8% 2.2 x 7.0x 11
S N M G lobal H oldings 9 /30 /200 8 S N MN OT C P K USD U nited S ta tes 0 .00 0 .0 2.0 (0 .7) -6 0.5% 1.1 x - 33
S ocia l Media V e nures , Inc. 1 2/31 /200 8 S MV I OT C P K USD U nited S ta tes 0 0 .0 0.1 (0 .1) 43 .6% 0.0 x - NA
S ohu. com Inc. 3 /31 /200 9 S OHU Nas da qG S USD C hina 55 .32 2,1 16.8 460 .0 20 0.5 NM 3.8 x 8.7x 3 ,19 7
S ite s earch C orporation 1 /31 /200 9 S T PC OT C B B USD U nited S ta tes 3 2 8.2 NM (1 .1) 21 .5% - - 15
S park N etworks , Inc. 1 2/31 /200 8 LOV AME X USD U nited S ta tes 2 .75 5 6.5 57. 3 1 2.3 NM 1.0 x 4.6x 183
S pectrumDN A, Inc. 1 2/31 /200 8 S P XA OT C B B USD U nited S ta tes 0 2 0.5 0.1 (2 .5) 48 .9% - - 7
T encent Holdings L td. 1 2/31 /200 8 70 0 S E HK HKD C hina 71 .30 16,5 68. 2 1 ,04 7.8 51 2.5 -1 2.0% 17.2 x 3 5.3 x 6 ,19 4
T he P arent C ompany 8/2/2008 K ID S .Q OT C P K USD U nited S ta tes 0 0 .3 112 .0 (1 3.5) 33 .7% 0.2 x - 347
T he 9 L imited 1 2/31 /200 8 N CT Y Nas da qG S USD C hina 9 .46 25 3.7 250 .2 8 4.3 2 .9% - - NA
T he S treet.com, Inc. 3 /31 /200 9 TSCM Nas da qG M USD U nited S ta tes 2 6 2.8 67. 0 1 .9 -5 0.6% - - 310
T otal S port Online A S 3 /31 /200 6 T OS O OT C NO NOK N orwa y 0 .03 0 .1 2.1 (1 .1) -6 .2% 4.6 x - 16
T ree.C om, Inc. 3 /31 /200 9 TR EE Nas da qG M USD U nited S ta tes 12 13 0.5 215 .6 (1 3.3) 0 .4% 0.6 x - 700
U nis erve C ommunications Corp. 1 1/30 /200 8 T S XV : US S T S XV C AD C ana da 0 .04 0 .8 25. 8 0 .1 21 .9% 0.1 x 2 9.5 x NA
U nited Online Inc. 3 /31 /200 9 U NT D Nas da qG S USD U nited S ta tes 7 60 5.1 811 .2 17 7.3 -7 8.2% 1.1 x 5.0x 1 ,46 9
U OMO Media , Inc 1 /31 /200 9 U OMO OT C B B USD C ana da 0 .25 2 1.0 0.6 (0 .5) 17 .8% 33.6 x - NA
V a lueC lick Inc. 3 /31 /200 9 V C LK Nas da qG S USD U nited S ta tes 10 89 9.2 591 .7 10 5.5 NM 1.3 x 7.5x 1 ,18 9
V O IS , Inc. 1 2/31 /200 8 V OIS OT C B B USD U nited S ta tes 0 .32 2 .7 0.0 (1 .3) -1 9.8% - - 4
W ebze n Inc. 1 2/31 /200 8 W ZE N Nas da qG M USD S outh K orea 3 3 8.9 23. 1 (4 .6) -9 8.2% - - NA
W izza rd S of twa re Corpora tion 1 2/31 /200 8 W ZE AME X USD U nited S ta tes 0 .62 2 9.2 6.1 (6 .0) NM 4.8 x - 110
W orlds .com Inc. 1 2/31 /200 8 W DD D OT C B B USD U nited S ta tes 0 8 .9 0.1 (0 .7) NM - - 1
W ynds torm C orporation NA W YND OT C B B USD U nited S ta tes 0 .03 0 .5 NA NM 32 .0% - - NA
XIN G AG 1 2/31 /200 8 O1B C XT R A EUR G ermany 29 20 8.1 47. 6 1 5.2 22 .4% 3.1 x 9.8x 174
Y e dangOnline Corp. 1 2/31 /200 7 A0 527 70 K OS E KR W S outh K orea 8 ,900 .00 11 3.3 55. 6 1 2.4 -7 .6% 2.0 x 9.0x NA
Y nk K orea Inc. 1 2/31 /200 7 A0 237 70 K OS E KR W S outh K orea 6, 850 1 3.6 15. 8 (1 .2) NM 0.9 x - NA
ZipLocal Inc. 1 2/31 /200 8 T S XV : ZIP T S XV C AD C ana da 0 .01 0 .3 2.8 (3 .0) 0 .0% 0.6 x - NA
H igh 16,5 68. 2 1 ,737 .6 51 2.5 65 .0% 37.3 x 3 5.3 x 6 ,194
Low 0 .0 0.0 -15.9 -9 8.9% 0.0 x 0.3x 1
A vera ge 496.0 148.5 33.1 8.3% 5.2x 9.3x 682
Median 5 0.6 55. 6 0 .9 16 .0% 1.6 x 8.7x 210
Figure 1. Web 2.0 Universe Summary
Source. Capital IQ

Page 3
C A P I T A L M A R K E T S A C T I V I T Y (M & A A N D F I N A N C I N G )
C yberplex a big boost for financing activity in May: Month-to-date financings in May totalled $84.3 million and benefited
from a financing from Cyberplex for $12.9 million. So far, there have been 14 financings in May with seven deals greater
than $5 million and only three less than $5 million. Except for Cyberplex, no deals were greater than $10 million, with the
capital raise by Imeem and EveryZing closely behind at $8.8 million and $8.3 million, respectively. The average value for
April was $6.5 million on 21 financings. The March average was $6.6 million on 24 financings. Except for two deals
(Kaixin001.com and Collective Media), all were below $20 million for the last three months and a total of four deals were
greater than or equal to $15 million.
Financing Activity Last Three Months
180.0 6.7
6.6
160.0
6.5
140.0
6.4
120.0
6.3
100.0
(US$m)
(US$m)
6.2
80.0
6.1
60.0
6.0
40.0
5.9
20.0
5.8
0.0 5.7
Mar-09 Apr-09 May-09
Total Average
Figure 2. Financings, Last Three Months
Source. Company reports
C yberplex largest deal in May: After two weeks into May, Cyberplex tapped the equity markets for $12.9 million. Imeem,
a company from the social networks sector, follows with an $8.8 million raise, followed very closely by EveryZing at $8.3
million. Eleven of the 14 deals in the month are equal to or greater than $5 million. For additional details, see Figures 23
and 24 (at end of note). Further, the month of May also witnessed the spin-off of StumbleUpon from E-bay on a $29 million
valuation. E-bay had bought StumbleUpon for $75 million.

(US$m)
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
StumbleUpon
Kaixin001.com
Collective Media
Source. Company reports
GOOM Radio
Vidyo
Marin Software
The Rubicon Project
Cyberplex
Buzznet
FreeWheel
SendMe Inc.
Figure 3. Capital Market Activity, Last Three Months
LendingClub
Miva
Auditude
Conductor Inc.
Cellufun
Glam Media
SuperSecret
Visible Measures
Imeem
GoViral
EveryZing
ScanScout
Batanga
BlogHer Inc.
Gist
Fuhu Inc.
Azuki Systems
I Love Rewards
Greystripe
Viximo
OLX
DoubleTwist
TimeBridge
DocuSign
OMGPOP
the last few months: Ad Network, Media, Video, and Social Networks.
IMShopping
Socialtext
Apture
Mixercast
Simulmedia
Medialets
Tynt
SoundCloud
AnySource Media
Financing & M/A Summary - Last Three Months
Pixazza
TubeMogul
Tribal Nova
Tripbase
Hunch
Resonate Networks
Sports Composite
Bit.ly
Mo'Minis
Socialcast
Brandtology
Scan & Target
AdultSpace
Myngle
Jodange
33Across
Three Melons
Foodista
Apr-09
Mar-09
May-09
Page 4
companies raising over $78.7 million (Figure 4). The Media sector has the next highest totals, with eight companies
Ad Network is the most active sector: Activity over the last three months was busiest in the Ad Network sector, with 10
raising $63.4 million. It is important to note that the following sectors continue to generate the most capital activity over

Page 5
Capital Market Activity by Sector - Last Three Months
90.0
80.0
70.0
60.0
50.0
(US$m)
40.0 78.7
63.4
30.0
49.5 48.5
20.0
30.2 29.1
10.0 18.3
14.4 12.0 12.0 10.4 8.9 7.5 7.0 6.8 5.5 5.0 4.7 4.1 3.1 2.0 2.0 2.0 1.3 1.3
0.0
Comment/Reputation
Social Commerce
Gaming
Visual Commerce
Travel
Media
Mobile
Collaboration
Publishing
Microblog
Online Learning
Widget
Search
Lending
Infrastructure
Blog
Mobile Ad
SAS
Social Networks
Video
Virtual World
Aggregation
Crowdsourced
Ad Network
Analytics
Content
# companies
10 8 5 6 2 6 2 3 1 1 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1
Figure 4. Capital Market Activity, by Sector, Last Three Months
Source. Company reports
C A P I T A L M A R K E T S A C T I V I T Y (P R I C E P E R F O R M A N C E )
Web 2.0 Index outperforms: Our W eb 2.0 index (market-cap weighted) essentially mirrored the performance of the
NASDAQ composite index from mid-2008 until recently when it has moved higher than the NASDAQ index (Figure 5).

Page 6
Web 2.0 Index Price Performance
120.0
100.0
80.0
60.0
40.0
20.0
-
Index: Web 2.0 X (Market Cap Weights) NASDAQ Composite Index - Share Pricing
Figure 5. Web 2.0 Price Performance
Source. Capital IQ
A positive week: The companies in our universe had mixed stock price performances over the past week (for stocks with
prices greater than $1) (Figure 6), with 24 companies showing positive returns on the week. Ynk Korea, Inc. (A023770-
KOSE) led the group with a 30.9% return, while Mixi, Inc. (2121-TSE) had the worst return, dropping 9.2% in the week.

Page 7
1 Week P rice P erformance
Y nk K orea Inc. 30.9%
Chines e G amer International 30.4%
G ungHo Online Entertainment, Inc. 21.5%
A Q Interactive, Inc. 18.9%
Northgate Technologies Limited 16.9%
L ingo Media Corporation 15.0%
HanbitS oft, Inc. 13.3%
Quepas a Corp. 11.1%
S hutterf ly , Inc. 10.7%
NetDragon WebS oft, Inc. 9.8%
PhotoChannel Netw orks Inc. 9.7%
Tencent Holdings Ltd. 8.2%
Eolith Co. Ltd. 7.3%
X ING A G 5.2%
K ings oft Co. Ltd. 4.0%
Tree.Com, Inc. 3.8%
G ree, Inc. 3.8%
S handa Interactive Entertainment Ltd. 2.7%
B ey ond Commerce, Inc. 2.5%
S K Communica tions Co., Ltd. 1.7%
G amania Digital Entertainment Co., Ltd. 1.3%
G iant Interactive G roup, Inc. 1.1%
Y edangOnline Corp. 0.8%
The9 Limited 0.5%
G ameOn Co Ltd. 0.0%
Open Tex t Corp. -0.4%
Changy ou.com Limited -1.1%
Neteas e.com Inc. -1.6%
V alueClick Inc. -1.9%
NEOWIZ G ames Corporation -2.6%
My riad G roup A G -2.9%
Openw ave S y s tems Inc. -3.2%
Webz en Inc. -3.4%
Modern Times G roup Mtg A B -3.8%
S ohu.com Inc. -4.7%
A ctoz S oft Co., Ltd. -5.1%
IA C/InterA ctiveCorp. -5.3%
Frogs ter Interactive Pictures A G -7.4%
Cy berplex Inc. -7.4%
G igaMedia Ltd. -7.6%
Ngi G roup Inc. -8.0%
Perf ect World Co., Ltd. -8.2%
TheS treet.c om, Inc. -8.4%
S park Netw orks , Inc. -8.7%
Mix i, Inc. -9.2%
-15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0%
Figure 6. 1-Week Price Performance
Source. Capital IQ

Page 8
INDUSTRY NEWS (PARTNERSHIPS, FINANCIAL RESULTS, NEW PRODUCTS)
K ey Developments
C ompany Headline Notes
Open T ext C orp. (Nas daqG S : OT E X) O pen T ext C orp. to S how E C M S uite for U se with S AP (R ) O pen T ext C orp. announced tha t it will be work ing with S AP cus tomers to demons trate the O pen T ext E C M S uite for us e with S AP (R )
S olutions At S AP P H IR E (R ) 2009 O rlando C onference solutions during the S AP P H IR E (R ) 2009 O rla nd o and the 2009 A S UG Annual c onferences . During S AP P H I R E 2009, cus tomers will ha ve the
opportunity to lea rn firs thand how the O pen T ex t E C M S uite for use with S AP s oluti ons provides trans parent acces s to enterpris e content of
a ll k inds - whether c ustomer c orrespondence, s ca nned ima ges of inv oices , c ontra cts , or word proc es sing documents and sprea ds heets -
from within us ers' fa milia r S AP a pplic ations. T his s ignific antly boosts produc tiv ity beca us e the c ontent they need is automa tic ally a va ila ble in
the context of their work . O pen T ext de livers E C M extensions that integrate with a nd c ompl ement S A P s olutions , helping orga niza tions
reduce risk , inc rease opera tiona l effic ienc y a nd driv e I T c onsolidation. Among the sav ings being highlighted at the O pen Tex t booth (No. 336)
this week inc lude: L owered AP proces sing cos ts as well as cost of goods, with the S AP I nvoic e M a na gement a pplication by O pen T ext;
E limin a tion of legac y sy stem c ost (maintena nce, servers, c ons ulting, etc) with Lega cy D ecommiss ioning; R eduction of 50% or more in cons ult
Modern Times G ro up Mtg AB (OM: MTG Modern Times M ulls Acquisitions Modern Times G roup Mtg AB pla ns to ma k e ac quis itions . Modern T imes G roup a nnounc ed that the 2009 Annual G enera l M eeting of MT G
B) sha reholders voted to s upport all of the resol utions propos ed to the Meeting. T he firm s a id, “T he Meeting also approved the B oa rd of
Direc tors ' propos a l tha t the B oard be able to pa s s a resolution on one or more occa sions during the period up until the next Annua l G eneral
Meeting to trans fer the Compa ny 's own C las s A a nd/or C las s B shares within the quoted s hare pric e spread on the N AS D AQ O M X
S tockhol m in connection with potential a cquisitions . This authoriz a tion incl udes the right to res olve on the disapplica tion of the preferentia l
rights of shareholders and tha t payment s ha ll be able to be made in forms other tha n cas h. T he purpos e of thes e authoriz a tions is to provide
the B oa rd of Direc tors with inc reased freedom to adapt the C ompa ny 's ca pital structure a nd thereby increas e s ha reholder value, a nd/or to
fina nc e potential a cquisitions .”
Modern Times G ro up Mtg AB (OM: MTG Modern Times G roup Mtg A B announces an E quity Modern Times G roup Mtg AB (O M : MT G B ) wa s gra nted shareholder approval to repurchase own shares at its A nnua l G eneral Meeting held
B) B uybac k on M ay 11, 2009m. Under the progra m, the c ompany will repurc ha s e M TG C la s s A and/or Cla s s B shares , provided that the G roup's holding
does not a t a ny time exceed 10% of the tota l number of iss ued a nd outsta nding sha res . T he repurchase of s ha res sha ll take pla ce on the
O MX N ordic E x change S toc k holm and ma y only occ ur at a price wi thin the sha re price interva l regis tered at tha t time, where s hare pric e
interv al means the differe nce between the highes t buy ing pric e a n d lowes t s elling pri ce. T he c ompany wa s a ls o a uthoriz ed to repurchas e its
own Cla s s C s hares. T he repurc ha s e may only be effected through a public offer direc ted to a ll holders of C lass C sha res a nd sha l l c ompris e
a ll outstanding Clas s C s ha res. T he pu rchas e ma y be affected a t a purc ha se pric e c orresponding to not les s than S E K 5. 00 a nd not more
tha n S E K 5.10. T he total price will not exc eed S E K 1. 89 million and pay ment for the C las s C s hares s hall be ma de in ca s h. T he purpos e of
the repurcha s e is to ensu re the delivery of Clas s B s ha re s under the P lan. T he share buyba ck a uthority i s va lid until the conclus ion of the next A nnua l
Northgate Tec hno logies Limited Northga te T echnologies Limited R eports Una udited Northga te Technologies Limited reported una udited cons olida ted a nd standa lone ea rnings results for the third quarter and nine months
(B S E :590057) Cons olida ted a nd S tanda lone E a rnings R esults for the ended D ecember 31, 2008. O n cons olidated ba s is, the compa ny reported a net profit and E B I T of I NR 124. 3 million or I N R 3.44 per diluted
T hird Q ua rter a nd Nine Months E nded December 31, sha re on rev enues of I NR 1, 484.0 million for the qua rter compared to net profit of I NR 140. 6 million or I NR 3. 94 per diluted s hare on
2008 revenues of I NR 1,404. 8 million and E B I T of I NR 140. 0 million in the sa me period a year ago. C onsolidated E B IT DA for the qua rter rais ed to
IN R 310.8 million, a y ear-on-yea r increa se of 60% .
F or the nine months ended December 31, 2008 on c ons olidated ba sis , the c ompany reported a net profit of I N R 572.7 mi llion or IN R 16.12
per diluted s hare on revenues of I NR 5, 112.7 million a nd E B I T of IN R 572. 3 million compared to net profit of IN R 526.6 million or I NR 15. 26
per diluted s hare on revenues of I NR 3, 885.8 million a nd E B I T of IN R 525. 6 million in the s ame period a y ea r a g o. Cons olidated E B I TD A for
the period ra is ed to IN R 1,148. 7 million, a y ear-on-yea r increa s e of 83% .
Magnitude Information S ys tems Inc. Ma gnitude I nformation S ys tems I nc. announced delayed O n 05/12/2009, Magnitude I nforma tion S y stems Inc . a nnounc ed that they will be unable to file their next 10-Q by the dea dline required by the
(OT CB B: MAG Y) 10-Q filing S E C.
S hanghai Telecom mun ic ation Co., T he9 Limited a nd T he9 L imited J ointly P romote 3G S hanghai T elec ommunic ation Co. Ltd. a nd T he9 Limited jointly promote a 3G service. U s er c an pa y for the service while la mbing down their
L td.; The9 L im ited (N as daqG S :N CTY ) S ervice tolls generated by mobile phone ca lls . B oth s ides wil l c oopera te in the publiciz ing and ma rketing of the service. In the future, they will sh a re
sales network s . S ha ngha i T elec om will s oon promote other va lue-a dded s ervic es lik e mobile pa yment, location-base d information serv ice,
mobile c ommunity, a nd mobile games .
Hurray! Holding Co. L td. S handa S peculated T o B e Ac quiring Hurra y! T here was widespread spec ulation that H urra y ! Holding Co. may be a cquired by S handa Interactive E ntertainment Ltd. Hurra y ’s American
(Nas daqG M:HR AY ); S han da Interactive deposita ry receipts ros e by 30% to $2. 87 in N AS DAQ s tock market trading. “C aijing magazine reported that S handa is looki ng a trans a ction
E ntertain ment Ltd. (Nas daqG S : S N DA) a nd a dea l is likely to be finalized in the next two week s.
is eemedia Inc . (T S XV: IE E ); R emoba iseemedia Inc. 's is eedoc s(T M) T ec hnology G oes Liv e in iseemedia Inc. and R emoba I nc. a nnounced that the new la unch of R emoM a il(TM ) and R emoS y nc(T M) solutions by R emoba utilizing
Inc. R emoba 's La test M obile E ma il S olution iseemedia 's is eedocs (TM ) rich ema il attac hment viewing ca pa bilities , is now av ailable on the V eriz on wireless network . T hese new mobile
email s ervices, integra ting is eedocs (T M) tec hnology, ena bles Microsoft E xchange ema ils with rich document a tta chments to be viewed on
B R E W (T M) enabled mobile phones tha t V erizon sell s. T hey turn every B R E W (T M) enabled mobile phone into a S martphone. T hes e new
email attac hment solutions ha ve now begun to provide both c ompa nies with a recurring royalty-bas ed revenue strea m per email a ccount
monthly.
S ocialwis e, Inc. (OT CB B: IDA E ) IdeaE dge I nc. will C ha nge its T ick er to S C LW from ID AE E ffectiv e M a y 13, 2009, IdeaE dge I nc. will change its O T C B B s tock ticker sy mbol to S C L W from I DAE .
C DC C orp. (Nas daqG S : CHIN.A) CD C Corp. A nnounces E arni ngs R es ults for the F irs t CD C Corp. a nnounc ed earnings results for the firs t quarter ended M a rch 31, 2009. F or the quarter, the company's rev enue totaled $79. 0
Q uarter E nded Marc h 31, 2009 million a 20% dec line over revenues of $98. 2 million in the firs t qua rter of 2008. T he compa ny's net income wa s $7. 9 million or $0. 07 per
sha re, a n improvement over a net loss of $11.9 million or $0.11 per sha re in the corres ponding qua rter of the prior y ea r.
B etawave Corporatio n (OT CB B: B WA V) B etawa ve Corporation R eports Una udited Cons olida ted B etawa ve Corporation reported un audited cons olida ted earnings res ults for the first quarter en ded M arch 31, 2009. F or the quarter, the
E a rnings R esults for the F irst Q uarter E nded M arch 31, company reported net los s of $4, 413,667 or $0.15 net los s per s ha re ba s ic a nd dilute d a nd net cas h used in operating a ctivities of
2009 $4,647, 942 on revenues of $1,388, 420 against net l oss of $4, 179, 398 or $0.17 net los s per s hare ba sic and diluted and net c ash used in
opera ting activi ties of $641, 002 on revenues of $657, 150 aga ins t a year. T otal revenue increa sed 111% to $1,388, 420 for the three months
ended M a rch 31, 2009 from $657, 150 for the firs t quarter of 2 008.
C yberplex Inc . (TS X: C X) Cy berplex Mulls Acquis itions Cy berplex Inc. announced tha t it ha s entered into an a greement with a s yndica te of underwriters led by G MP S ec urities L .P . , whic h hav e
a greed to purchas e, on a bought dea l basis , 9, 375,000 common s hares of the Compa ny at a purchas e price of $1.60 per c ommon s ha re, for
a ggrega te gross proceeds of $15, 000, 000. T he Compa ny intends to us e the net proceeds of the prospectus for general c orpora te purpos es
a nd potential acquisitions .
C yberplex Inc . (TS X: C X) Cy berplex Inc. ha s filed a F ollow-on E quity O ffering in the Cy berplex Inc. ha s filed a F ollow-on E quity O ffering in the a mount of CAD 15. 00 million.
a mount of CAD 15 .00 millio n.
C DC C orp. (Nas daqG S : CHIN.A) CD C Corp. R eports E a rnings R esults for the F irst Q ua rter CD C Corp. reported ea rnings results for the first qua rter of 2009. F or the period, the compa ny reported Adjus ted E B I T D A from c ontinuing
of 2009 opera tions of $6.7 mill ion c ompa red to $0. 9 million, for the firs t qua rter of 2008. I n the firs t quarter of 2009, the compa ny als o recorded
opera ting cas h flows of $2.1 million c ompa red to $5.3 milli on in opera ting ca sh flows in the firs t quarter of 2008.

Page 9
Neteas e. com Inc. (Nas daqG S : NT E S ); Netea se. c om I nc. E nters into A S trategic P a rtners hip Netea se. com Inc. ha s entered into a s trategic partnership a greement with On2 T echnologies I nc . NetE ase will deploy On2's V P 6 enc oding
On 2 Tech nolo gies In c. (AME X:ONT ) Agreement with O n2 T ec hnologies I nc forma t a nd F lix E ngine trans c oding s oftwa re in a number of its v ideo channels . On2 V P 6(R ) is a proprieta ry video format developed by On2
a nd licensed by Adobe(R ) for F la s h(R ) P la yer a nd S un for J avaF X , a ss uring ha ss le-free pla ybac k . On2 V P 6 offers s uperior compres sion
performance to S orens on S pa rk and H .264 B as eline profile. O n2 F lix E ngine is a leading s erver-s ide tra ns coding s olution for crea ting a nd
publishing web video. Flix E ngine ena bles s upport for a broad ra nge of input formats including M P E G -2, MP E G -4, H. 263, H .264, Q uick Time,
W indows M edia a nd more. Flix E ngine outputs On2 V P 6, H .264, a nd S orens on S pa rk ba sed video for Adobe F la s h P l ayer as well as H. 264
video for Apple(R ) iP od(R ) and iP hone(TM ), 3G P video for mobile devices a nd video S un J avaF X.
K aboo s e Inc. (T S X:K AB) K a boos e I nc. A nnounces U na udited C onsolida ted K a boose Inc . a nnounc ed unaudi ted cons olidated ea rnings res ults for the first qua rter ended M a rch 31, 2009. F or the period, the compa ny
E a rnings R esults for the F irst Quarter E nded M arch 31, reported loss before income ta x es of CAD 4,062, 000 a ga ins t C AD 4,706, 000 a y ear ago. Los s from c ontinuing operations wa s C AD
2009 4,652, 000 or CA D 0.03 per ba s ic a nd diluted s hare agains t CA D 3,934, 000 or CAD 0.03 per bas ic and diluted s hare a year ago. Net loss
wa s C AD 4,912, 000 or C AD 0.03 per b a sic a nd diluted s ha re on revenues of C AD 16, 751, 000 a ga ins t CA D 3,787, 000 or C AD 0.03 per ba s ic
a nd diluted s ha re on revenues of C A D 16,297, 000 a year a go. N et ca s h provided by operating a ctivities was CA D 2,760, 000 agains t net
cas h us ed in operating activities of C AD 3,084, 000 a yea r a go. P urchas es of property , plant a nd equipment, net of tax credits were
a mounted to CAD 334, 000 ag ainst C AD 537, 000 a yea r ago.
T enc en t Ho ldings Ltd. (S E H K: 700) T enc ent H oldings Ltd. Announces E a rnings R es ults for T enc ent Holdin gs Ltd. announced ea rnings results for the firs t qua rter ended March 2009. F or the quarter, the company reported net income
the F irst Q ua rter E nded M a rch 2009 of HK D 1. 05 billion ($135. 5 million), or 57 cents a s hare, compa red to H K D 534 million, or 30 cents, in the y ear-earlier period. R ev enue
through Ja nuary to Ma rch tota led HK D 2.5 billion, up from H K D 1. 4 billion.
T enc en t Ho ldings Ltd. (S E H K: 700) T enc ent H oldings Ltd. announces a n E quity B uybac k T enc ent Holdin gs Ltd. (S E HK : 700) was granted s ha reholder a pprova l for a n E quity B uybac k a t the Ann ua l G eneral Meeting held on Ma y 13,
2009. Under the progra m, the compa ny will repurchas e 180, 093,334 s hares, repres enting 10% of the is sued s ha re ca pital of the C ompany .
Any repurcha s e will be made out of funds which a re lega lly available for the purpos e in a ccordance with the memorandum of as socia tion and
bye-la ws of the Compa ny a nd the Companies A ct. T he repurc ha ses will be in a cc orda nce with l aws a nd requirements and regulations of the
S tock E xc ha nge of Hong K ong L imited or on any other stoc k exc ha nge on whic h the sha res of the Compa ny may be lis ted and recogniz ed
by the S ec uri ties and F utures C ommis sion a nd the S tock E x cha nge of Hong K ong L imited for this purpose, s ubject to and in ac corda nc e
with a ll applicabl e la ws a nd requirements of the S ec urities and F utures C ommis s ion, T he S tock E x change of H ong K ong L imited or a ny other
stock exch ange a s a mended from time to time. T he s hare buy ba ck progra m shall be valid until the ea rlies t of the conclus ion of the next
Annual G enera l Meeting, or the expiration of the period within whic h the next Annua l G eneral Meeting of the C ompa ny is required by the B ye-l
J u mpTV Inc . (TS X : J TV) J umpT V I nc. Announces E arnings R es ults for the F irst J umpTV I nc. annou nced ea rnings resu lts for the firs t qua rter ended March 31, 2009. F or the qua rter, the company reported revenue of $6. 6
Quarter E nded Marc h 31, 2009 million c ompared to $1. 9 million in the s ame period in 2008, mark ing a y ear ov er y ear inc reas e of 247% . T he net loss wa s $5. 8 million
(including $1.7 million of non-cas h charges (1)) or $0.05 per s hare ba sic and diluted for the firs t qua rter of 2009 compa red to $1.5 million
(including $0.7 million of non-cas h charges (1)) or $0.03 per s hare ba sic and diluted for the sa me period in 2008. The revenue a nd net loss
for the three months ended M arch 31, 2008 reflec t the res ults of o pera tions of N euL ion Inc. the ac counting a cquirer, prior to the merger
between N euLion I nc. and J umpTV Inc. on O ctober 20, 2008.
S ocialwis e, Inc. (OT CB B: IDA E ) S oci a lwis e, Inc . has C ha nged its T ick er to S CL W from E ffectiv e M a y 13, 2009, S ocia lwis e, Inc . c ha nged its O T C B B s tock ti ck er s ymbol to S C LW from ID AE .
ID AE
S ocialwis e, Inc. (OT CB B: IDA E ) IdeaE dge , Inc. ha s C hanged its N a me to S ocia lwis e, Inc . On M ay 13, 2009, I dea E dge, Inc . c ha nged its name to S ocialwise, Inc.
T enc en t Ho ldings Ltd. (S E H K: 700) T enc ent H oldings Ltd. R eports Una udited Cons olida ted T enc ent Holdin gs Ltd. reported una udited cons olida ted earnings res ults for the first quarter ended M a rch 31, 2009. F or the quarter, the
E a rnings R esults for the F irst Quarter E nded M arch 31, company reported profit before inc ome tax of R M B 1. 2 billion compared to R MB 0.64 billion in the s a me period a y ear ago.
2009
P hotoC han nel N etworks Inc. P hotochannel Network s Inc . R eports U naudited E arnings P hotoC ha nnel N etworks Inc . reported una udited earnings res ults for the s econd qua rter and six months ended M arch 31, 2009. F or the
(T S XV: PN) R es ults for the S econd Q ua rter a nd S ix Months E nded quarter, the c ompany has pos ted tota l revenue of CAD 5, 015, 041 c ompared to C AD 3,259, 499 for the s econd quarter of 2008. G AAP net
Ma rc h 31, 2009 loss for the qua rter of CA D 1,475, 124 c ompa red to C AD 2, 622,228 for the s a me period of fis c al 2008. N on-G AAP net profi t for the quarter
wa s C AD 543,278, compared to a non-G AAP net los s of C AD 1,285, 808 in the s econd qua rter of 2008. B asic and diluted net l oss per sha re
wa s C AD 0.04 compared to bas ic a nd diluted net loss per s ha re of CAD 0. 08 for the compa ra ble period in F is c al 2008. N on-G AAP a djusted
E a rnings per s hare, defined a s net profit, exc luding amortization and s hare-based c ompens ation expen se, of C AD 0. 02 c ompared to a Non-
G AAP a dj usted net los s per sha re of C AD 0.04 for the compa ra ble period for F is c al 2008.
F or the six month, the company ha s posted tota l rev enue of C AD 12, 191,374 compared to CAD 7, 558, 093 for the s ame period of 2008.
G AAP net loss for the quarter of C AD 534,480 compared to C AD 3,704, 828 for the sa me peri od of fisca l 2008. Non-G AA P net profit for the
quarter wa s C AD 3, 336,333, c ompared to a non-G AAP net los s of CAD 1,403, 291 for the same pe ri od of 2008. B asic and diluted net los s per
T heS treet.c om, Inc . (Nas daqG M: T S CM) T heS treet.com, Inc. Announc es E xec utive C ha nges T heS treet. com, I nc. announced tha t E ric As hman res igned as the company's C hief F ina ncial Offic er, effectiv e M a y 8, 2009. E ffective the
same day, R ichard B roitma n, the company's V ice P resident of F ina nc e, was app ointed to the interim pos ition of the compa ny 's Acting Chief
Accounti ng O fficer. Mr. B roitman, who is 56, joi ned the c ompa ny a s its Controller in J uly 2000 a nd wa s appointed V ice P res ident of F inance
in Oc tober 2007. B efore joinin g the compa ny, M r. B roitman was C ontroller of I ndividua l Investor G roup.
X ING AG (XTR A: O1B C) X IN G AG R ep orts E arnings R es ults for the F irs t Quarter XI NG AG reported earnings res ults for the firs t quarter of 2009. For the year, the company reported profit of E U R 1.68 million, a n inc rea s e of
of 2009 3.7% from E UR 1. 62 million for the s ame period a y ea r a go. R eve nues for the quarter were E U R 10.76 million compa red to E U R 7. 51 million
for the same period a yea r ago.
S park Networks , Inc . (AME X: L OV) S park N etwork s , Inc . R eports U naudited C onsolidated S park Network s, Inc . reported unaudited c ons olidated ea rnings res ults for the firs t qua rter ended March 31, 2009. F or the qua rter, the
E a rnings R esults for the F irst Quarter E nded M arch 31, company reported net inc ome of $311, 000 a nd operating income of $1, 208, 000 or $0.02 ba s ic a nd diluted earnings per s ha re on net revenue
2009 ; Announces I mpairment C ha rges of $12,032, 000 compa red to net income of $1,566, 000 a nd operating income of $2, 477, 000 or $0.06 ba s ic a nd diluted earnings per s ha re on
net revenue of $15, 022,000 for the s a me period a y ea r a go. I ncome before inc ome tax es for the period wa s $716, 000 compa red to
$2,811, 000 for the same period a yea r a go. E B I TD A for the period wa s $1,174, 000 and a djus ted E B I TD A wa s $2, 801,000 compared to
E B IT DA of $3, 335,000 and adjusted E B IT DA of $4, 042,000 for the s a me period a y ea r a go. F irst qua rter 2009 net earnings were reduced by
a n $880, 000 as s et impai rment c ha rge prima rily rela ted to Hurry Da te ac quis ition.
T he company a ls o a nnounc ed that first quarter 2009 net ea rn ings were reduced by an $880, 000 a ss et impa irme nt cha rge prima rily rela ted to
Hurry Da te ac quisition.
Figure 7. Key Developments
Source. Capital IQ

Page 10
VALUATION
MMOG companies lead market-cap charts: Nine companies in our Web 2.0 universe top US$1 billion in market
capitalization (Figure 8). Sixty-two of the 93 companies have market caps under US$100 million, with 24 under $10
million. Online gaming companies dominate the top of the list.
Market C ap (US D m)
Neteas e. com Inc. 3746.9
S handa Interac tive Entertainment L td. 3365.1
IA C/InterA ctiv eCorp. 2256.2
S ohu. com Inc. 2011.9
Modern Times G roup Mtg A B 1907.4
G iant Interac tiv e G roup, Inc. 1862. 2
Open Tex t Corp. 1637. 6
Changyou.c om Limited 1521.6
G ree, Inc. 1278.2
Perf ec t World Co. , L td. 950.7
V alueClic k Inc. 876. 6
Chines e G amer International 701.2
Mix i, Inc.
K ings of t Co. L td. 654.9 9
681.
United Online Inc. 553. 3
NEOWIZ G ames Corporation 476.9
NetDragon WebS of t, Inc. 405.1
S hutterf ly, Inc. 346.4
G igaMedia L td. 320.9
S K Communications Co. , L td. 309.9
The9 Limited 249. 1
X ING A G 218.9
G ungHo Online Entertainment, Inc. 198. 8
G amania Digital Entertainment Co. , L td. 180.3
OA O R B C Inf ormation S y s tems 173.4
CDC Corp. 135. 8
DA DA S pA 127.7
Tree. Com, Inc. 127.1
Y edangOnline Corp. 112. 8
Openw ave S y s tems Inc. 100.0
My riad G roup A G 96. 4
HanbitS of t, Inc. 96. 1
A c toz S of t Co. , L td. 95. 2
G ameOn Co L td. 94. 8
Moggle, Inc 83.5
Cyberplex Inc. 79.9
J umpTV Inc. 75.6
K aboos e Inc . 71.6
G eoS entric Oyj 60.9
TheS treet.c om, Inc. 56.6
DigitalTow n, Inc. 54.2
Eolith Co. L td. 54.1
S park Netw orks , Inc . 51.8
B eyond Commerc e, Inc . 51.3
PhotoChannel Netw orks Inc. 49.6
Ngi G roup Inc. 39. 6
NeXplore Corporation 39. 0
Webz en Inc. 36.9
Dolphin Digital Media, Inc. 34.5
Northgate Tec hnologies Limited 34.2
Fluid Mus ic Canada, Inc . 31.3
A Q Interac tiv e, Inc. 31.1
Wiz z ard S of tw are Corporation 30.6
UOMO Media, Inc 30.0
S ites earc h Corporation 28.2
G ravity Co., L td 27.2
DX N Holdings B hd 26.2
Frogs ter Interac tive Pic tures A G 26.2
B roadWebA s ia Inc. 25.3
L ookS mart, L td. 22.2
IA S Energy, Inc . 18.6
S pec trumDNA , Inc. 16. 6
J umbuck Entertainment Pty L td. 15. 4
Y nk K orea Inc. 15. 1
Ex tens ions , Inc . 14. 2
Quepas a Corp. 12. 7
L ingo Media Corporation 12. 6
A c celeriz e New Media, Inc. 11. 1
Wy nds torm Corporation 9. 2
Worlds . com Inc . 8. 9
S NA P Interac tiv e, Inc. 8. 6
V OIS , Inc. 7. 5
CornerWorld Corporation 6. 4
B right Things plc 5. 2
MOK O.mobi Limited 4. 9
Magnitude Inf ormation S y s tems Inc. 4. 4
is eemedia Inc. 4. 4
B etaw av e Corporation 4. 1
L iv eWorld Inc. 2. 2
B igs tring Corp. 1. 2
DigitalPos t Interac tiv e, Inc. 1. 1
Unis erve Communic ations Corp. 0. 8
ZipL oc al Inc. 0. 3
The Parent Company 0. 3
Financ ial Media G roup, Inc . 0. 3
Total S port Online A S 0. 1
A s s oc iated Media Holdings Inc. 0. 1
China G atew ay Corporation 0. 0
S NM G lobal Holdings 0. 0
Dibz International, Inc. 0. 0
S ocial Media V enures , Inc . 0. 0
S oc ialw is e, Inc . 0. 0
0 500 1,000 1,500 2,000 2,500 3, 000 3, 500 4,000

0. 0
5. 0
10. 0
15. 0
20. 0
25. 0
30. 0
35. 0
40. 0
45. 0
(x)
S ocial Media V enures , Inc .
C hina G atewa y C orporation
# Companies
A verage, 5.6
0.0
5.0
10.0
15.0
20.0
25.0
Source. Capital IQ
Source. Capital IQ
Source. Capital IQ
AQ Intera ctive, Inc .
OTCBB O AO R B C Information S y s tems
20.6
AIM L iveWorld Inc .
20.6
TSE U nis erve C ommunications C orp. Figure 8. Market Cap Ranking
11.0
Figure 9. TEV/Revenue Ranking
S handa Interac tive E ntertainment Ltd.
SEHK
9.1
T he P a rent C ompany
19 1 5 3 1
HLSE
multiples under 1.5x.
8.9
N orthgate T echnologies L imited
GTSM IAC /InterAc tiveC orp.
6.3
OTCNO C DC C orp.
G a meO n C o Ltd.
XTRA
DXN Holdings B hd
2 1 2 5
TSXV T ree.C om, Inc.
AMEX ZipLoca l Inc .
Figures 10 & 11. TEV/Revenue Ranking (Exchange, Country)
TSX DADA S pA
J umbuck E nterta inment P ty L td.
SWX
4.6 4.0 3.73.0 2.9 2.7
S pa rk N etwork s , Inc .
2 4 1 2
ASX
2.1
Ac toz S oft C o. , Ltd.
KOSE Y nk K orea Inc .
0.00.00.00.00.10.10.20.20.30.30.40.50.50.50.60.70.80.90.91.0
NasdaqGS United O nline Inc .
OTCPK S N M G loba l Holdings
C y berplex Inc .
7 14 10 1
OSE K aboos e Inc .
OM
1.8 1.7 1.6 1.5 1.4
G a mania Digital E ntertainment C o., Ltd.
Average TEV/LTM Revenue - By Exchange
CM G igaMedia Ltd.
S hutterfly , Inc .
NasdaqGM
0.7 0.5
V alueC lic k Inc .
1 1 5 1
KLSE Modern T imes G roup Mtg AB
BSE H anbitS oft, Inc .
1 1
RTS G ungH o O nline E ntertainment, Inc.
0.5 0.3 0.0
S K C ommunica tions C o., Ltd.
Eleven of the companies are Canadian (average 7.5x revenue).
Y edangO nline C orp.
1.01. 11.11.11. 31.31.31. 31.41.41. 51.72.1
is eemedia Inc .
O pen T ex t C orp.
(x) S NAP Intera ctive, Inc.
N E O WIZ G ames C orporation
T E V/L T M R evenue (x)
0.0
5.0
10.0
15.0
20.0
25.0
My riad G roup AG
# Companies
E olith C o. Ltd.
1
United P hotoC ha nnel Network s Inc.
20.6
NetDra gon WebS oft, Inc .
6
2. 12.22.42. 42.72.82. 93.1
Japan
9.1
XIN G AG
1
Finland MO K O .mobi L imited
8.9
S ohu.com Inc .
Canada
Acceleriz e New Media , Inc .
3.43.53.63.9
United J umpT V Inc .
7.5 6.4
T otal S port O nline AS
China
11 40 10
Mix i, Inc .
3
Taiwan F rogs ter Intera ctiv e P ic tures AG
6.2 4.6
F luid Mus ic C a nada , Inc.
1
4.6
Norway K ings oft C o. Ltd.
Wiz z ard S oftware C orporation
2
4.0
Germany
DigitalP os t Intera ctive, Inc.
4.64.64.74.74.75.05.15.1
1
Switzerland C ornerWorld C orporation
C ha ngy ou.com L imited
6.06.0
2
Australia
As s ociated Media Holdings Inc .
9
South G eoS entric O y j
8.18.9
C hines e G amer Interna tional
11. 3
1
Sweden
2.7 2.1 1.8 1.4
Lingo Media C orporation
12.9
1
Italy T encent Holdings Ltd.
19.3
Average TEV/LTM Revenue - By Country
B right T hings plc
20. 6
1
Malaysia
0.7 0.5
B ey ond C ommerc e, Inc.
29.9
B igs tring C orp.
1
Hong Kong
31.5
Dolphin Digital Media, Inc.
3
1
India G ree, Inc .
38.38.9
Page 11
TEV/Revenue (LTM) by country/exchange: W e have also calculated multiples based on where the companies are listed
or domiciled. Figure 10 shows the average TEV/Revenue multiples by stock exchange. The OTCBB has the largest
last week) (Figure 9). However, this is skewed by Gree (3633-TSE) at 38.9x and Dolphin Digital Media Inc. (DPDM-
number of companies (19), trading at an average multiple of 20.6x (up from 18.1x last week). On a geographic basis, the
OTCBB) at 38.3x. The median is only 2.1x. Note that we exclude multiples greater than 50x. Thirty-one companies have
United States has the most companies (40), trading at an average of 6.4x revenue (up from 6.0x last week) (Figure 11).
TEV/Revenue (LTM) averages 5.6x: The overall average TEV/Revenue (LTM) multiple for our group is 5.6x (up from 5.2x
1
Russia
0.4 0.3 0.0

Page 12
TEV/EBITDA (LTM) averages 9.4x: The average multiple for the 34 companies with positive EBITDA (and multiples under
100x) is 9.2x LTM EBITDA (slightly down from 9.74 last week), led by Uniserve Communications Corp.’s (USS-TSX) 29.5x
multiple (Figure 12). Fourteen of the companies have EBITDA multiples under 7x. The median multiple is 8.2x (vs. 8.1x
last week).
T E V/L T M E B IT DA (x)
35. 0
29. 5
30. 0
26. 2
25. 0
20. 2
20. 0
15. 0
12. 3 12. 8
11. 2
A verage, 9.2 9. 3 9. 4 9. 9 9. 9 10. 5 10. 5
10. 0 8. 2 8. 5 8. 5 8. 7 8. 9
6.8 7.3 7.5 7.6
4. 7 4.7 4.8 5.3
3. 9 4. 2 4. 6
5. 0
1. 4 1. 8 2. 1
0. 2 0. 3 0. 3
0. 0
NE O WIZ G ames C orporation
J umbuck E ntertainment P ty Ltd.
G amania Digital E ntertainment C o. , Ltd.
G ungH o O nline E ntertainment, Inc .
C hines e G amer International
U nis erve C ommunications C orp.
O AO R B C Information S y s tems
Northgate T echnologies L imited
DXN Holdings B hd
C hangy ou. c om L imited
G ameO n C o L td.
C DC C orp.
S K C ommunic ations C o. , L td.
Modern T imes G roup Mtg AB
S handa Interactive E ntertainment L td.
U nited O nline Inc .
S NAP Interac tive, Inc .
O pen T ex t C orp.
AQ Interac tive, Inc .
S park Network s , Inc.
G igaMedia L td.
NetDragon WebS oft, Inc.
V alueC lic k Inc .
S ohu. c om Inc .
IAC /InterAc tiveC orp.
C yberplex Inc.
Mix i, Inc .
XING AG
Y edangO nline C orp.
K aboos e Inc.
S hutterfly , Inc.
K ings oft C o. L td.
DADA S pA
Actoz S oft C o. , L td.
Figure 12. TEV/EBITDA Ranking
Source. Capital IQ
TEV/EBITDA (LTM) by country/exchange: Figure 13 shows the average TEV/EBITDA multiples by stock exchange. The
OTCBB has the largest number of companies (19), trading at an average multiple of 7.6x (up from 7.0x last week). On a
geographic basis, the United States has the most companies (40), trading at an average of 7.1x EBITDA (Figure 14).
Eleven of the companies are Canadian (average 14.9x EBITDA).
Average TEV/LTM EBITDA - By Exchange Average TEV/LTM EBITDA - By Country
35.0 29.5 16.0
14.9
30.0 14.0
25.0 12.0 12.9
10.0 12.2
20.0 19.7 11.0 10.5
(x)
9.4
(x)
15.0 13.9 8.0
12.2 10.9 7.1
10.5 9.4 8.5 6.0 5.7 4.8
10.0 7.6 6.8
4.8 4.7 4.2 3.9 4.0 4.7
5.0 2.1 3.9
1.4 0.3
2.0 1.4
0.0 2.1
OTCBB
GTSM
0.3
SEHK
KOSE
OSE
NasdaqGS
TSE
RTS
OM
CM
TSX
XTRA
AMEX
KLSE
BSE
0.0
TSXV
ASX
Germany
Canada
China
United
Japan
Hong
Malaysia
India
Russia
Italy
South
Korea
Kong
States
Taiwan
Australia
Sweden
# Companies 5 3 2 7 4 2 1 1 19 14 5 1 2 1 2 1 1 # Companies 11 10 9 3 2 1 40 6 1 1 1 2 1 1
Figures 13 & 14. TEV/EBITDA Ranking (Exchange, Country)
Source. Capital IQ
P/E (LTM) averages 14.1x: The average multiple for the 33 companies with positive earnings (and multiples under 100x)
is 14.1x LTM EPS (same as last week), led by Mixi, Inc’s (2121-TSE) 31.9x multiple (Figure 15). Twelve of the companies
have P/E multiples under 10x. The median is just 11.3x.

Page 13
P /E L T M (x)
35. 0
31. 9
30. 9
30. 0 28. 8
27. 2
25. 5
25. 0
21. 7
19. 2 19. 2
20. 0
16. 9
15. 0
15. 0 A v era ge, 14. 1 13. 4
12. 1 12. 4
11. 2 11. 3 11. 3 11. 3
9. 8 10. 2
9. 4
10. 0
7. 4
6. 6
5. 8
4. 4
5. 0 2. 8
1. 8 2. 2 2. 5
1. 7
0. 7
0. 0
NEOWIZ Gam Corporation
buck Entertainm Pty Ltd.
ania Digital Entertainm Co., Ltd.
Chinese Gam International
ited
DXN Holdings Bhd
ited
Modern Tim Group Mtg AB
Giant Interactive Group, Inc.
eOn Co Ltd.
ited
XING AG
Netease.com Inc.
Shanda Interactive Entertainm Ltd.
Ngi Group Inc.
SNAP Interactive, Inc.
Open Text Corp.
Cyberplex Inc.
GigaMedia Ltd.
Sohu.com Inc.
Spark Networks, Inc.
NetDragon WebSoft, Inc.
IAC/InterActiveCorp.
Worlds.com Inc.
Mixi, Inc.
Perfect World Co., Ltd.
YedangOnline Corp.
DADA SpA
Kingsoft Co. Ltd.
Actoz Soft Co., Ltd.
Northgate Technologies Lim
Changyou.com Lim
The9 Lim
ent
ent
ent
Gam
es
er
es
J um
Gam
Figure 15. P/E Ranking
Source. Capital IQ
P/E (LTM) by country/exchange: Figure 16 shows the average P/E multiples by stock exchange. The OTCBB has the
largest number of companies (19), trading at an average multiple of 21.1x. On a geographic basis, the United States has
the most companies (40), trading at an average of 18.5x earnings (Figure 17). Eleven of the companies are Canadian
(average 17.7x EPS).
Average P/E - By Exchange Average P/E - By Country
30.0 27.6 25.0
21.7
25.0
20.0
23.2
20.0 21.7 21.1 18.9 18.6 18.5
18.6 15.0 17.7
17.5
(x)
15.0 17.5
(x)
12.4
10.0 9.8 9.5 10.0 11.5
7.4 6.6 5.8 7.4
5.0 4.4 6.6
2.2 5.8
5.0 4.4
0.0 1.8
OTCBB
GTSM
SEHK
KOSE
TSE
NasdaqGS
CM
OM
XTRA
AMEX
TSX
KLSE
BSE
NYSE
2.2
ASX
0.0
Germany
United
Canada
Japan
China
Malaysia
India
Italy
South
Korea
States
Taiwan
Australia
Sweden
# Companies 3 2 2 19 7 5 2 4 14 1 2 1 1 1 1
# Companies 2 3 9 40 11 6 10 1 2 1 1 1
Figures 16 & 17. P/E Ranking (Exchange, Country)
Source. Capital IQ

Page 14
UPCOMING EVENTS
E arnings Calendar
C ompany D ate & T ime Qu arter Conf Call D etails
N etease. com Inc. (Na s da qG S : NT E S ) W ednes da y, M a y 20, 2009 9:00 P M (E DT ) Q 1 2009 877- 941-2068
A irMedia G roup I nc. (Na s daqG M: AMC N) M onda y, M a y 18, 2009 7: 00 P M (E DT ) Q 1 2009 800-901-5217
D HX Media L td. (TS X : DH X) T uesda y , May 19, 2009 11: 00 AM (E DT ) Q 3 2009 800-731-5774
G i a nt Intera ctive G roup, I nc. (NY S E : G A) T uesda y , May 26, 2009 8: 00 AM (E D T ) Q 1 2009 800-573-4842
Figure 18. Earnings Calendar
Source. Company reports

Page 15
C omparable C ompany Analys is > W eb 2 .0
P ric e P erformanc e
C ompa ny Na me C ur rency T ic ker E x change U S D Ma rket C ap ($m) C urrent Pric e 1 Wk 1 Mth 3 Mth 6 Mth 1 Yr 52 We ek
Acce le riz e N ew Me dia, Inc. US D A CL Z OT C B B 1 1.1 0.4 0 -9.1 % -11. 1% 14 .3% 0 .0% -46 .7% -48. 7%
Actoz S of t C o., L td. KR W A 052 790 KO SE 9 5.2 1 4,10 0.0 0 -5.1 % 4.4% 11 .0% 52 .4% 62.3 % -13. 0%
AQ Inte ractive , Inc. JPY 3 838 TSE 3 1.1 5 4,80 0.0 0 18.9 % 2 8.9 % 67 .6% 44 .2% -75 .2% -76. 7%
As s ocia ted Media H oldings Inc. US D A S MH OT C P K 0 .1 0.0 0 0.0 % 7.1% -7 0.0% -5 0.0 % NM -97. 0%
B igstring Corp. US D B S GC OT C B B 1 .2 0.0 2 -4.2 % 5 3.3 % 43 .8% -8.0% -83 .6% -88. 5%
B e tawave Corpora tion US D B W AV OT C B B 4 .1 0.1 4 26.1 % 1 6.7 % -3 0.0% -4 1.7 % -46 .2% -66. 7%
B e yond Commerce, Inc. US D B Y OC OT C B B 5 1.3 1.2 4 2.5 % -21. 0% 77 .1% 7 .8% -54 .9% -62. 4%
B right T hings plc GBP A IM:B G T AI M 5 .2 0.0 2 0.0 % 2 6.8 % -6 .4% 40 .0% -46 .2% -50. 0%
B roa dW ebAs ia Inc. US D B W BA OT C P K 2 5.3 0.3 0 -33. 8% -33. 8% -7 0.5% -7 7.9 % -86 .8% -89. 7%
C DC C orp. US D C H IN .A N as da qG S 13 5.8 1.2 8 -14. 1% 2.4% 45 .5% 30 .6% -64 .5% -66. 3%
C ha ngyou. com Limite d US D C Y OU N as da qG S 1,5 21. 6 2 9.6 9 -1.1 % 8.8% NM NM NM -21. 3%
C hina G ate wa y C orpora tion US D CGWY OT C P K 0 .0 0.0 0 1 00. 0% 1 00.0 % 0 .0% -8 6.7 % -96 .7% -95. 6%
C hine s e G amer International TWD G TS M:3 083 GT S M 70 1.2 27 4.5 0 30.4 % 4 1.5 % 13 4.6% 24 5.3% 1 39. 7% -4.7 %
C ornerW orld C orporation US D CWR L OT C B B 6 .4 0.1 0 -16. 7% -28. 6% -7 5.6% -5 0.0 % -80 .4% -87. 5%
C yberplex Inc. C AD T S X:CX TSX 7 9.9 1.7 5 -7.4 % 5 2.2 % 39 3.0% 33 7.5% 1 18. 8% -12. 1%
D ADA S pA E UR C M :DA CM 12 7.7 5.7 9 -13. 7% 1 7.0 % -7 .7% -1 3.5 % -61 .0% -64. 2%
D XN Holdings B hd MY R DXN KL SE 2 6.2 0.4 0 -10. 1% 2 7.0 % 14 .3% 11 .1% -14 .0% -20. 8%
D ibz Inte rnational, Inc. US D DIB Z OT C P K 0 .0 0.0 0 -90. 0% -90. 0% -9 0.0% -9 8.0 % -98 .0% -98. 0%
D igitalP ost Inte ra ctive , Inc. US D DG L P OT C B B 1 .1 0.0 2 -11. 2% 2 5.0 % 15 .4% -6 2.5 % -92 .0% -94. 6%
D igitalT own, Inc. US D DG T W OT C B B 5 4.2 2.0 0 -20. 0% -20. 0% 33 .3% 0 .0% -23 .1% -67. 2%
D olphin Digital Me dia, Inc. US D DP DM OT C B B 3 4.5 0.7 0 9.4 % 4 2.9 % 32 .1% -2 2.2 % NM -38. 1%
E olith C o. L td. KR W A 041 060 KO SE 5 4.1 95 0.0 0 7.3 % 5 3.2 % 63 .8% 75 .9% 3.3 % -18. 1%
E xte ns ions , Inc. US D E XT I OT C P K 1 4.2 0.1 5 -25. 0% -25. 0% 18 5.7% 50 .0% 0.0 % -85. 1%
F inancia l Media G roup, Inc. US D F NGP OT C B B 0 .3 0.0 0 -18. 4% -23. 1% -7 3.3% -9 8.0 % -99 .3% -99. 6%
F luid M us ic Ca nada, Inc. C AD T S X:F MN TSX 3 1.3 0.7 0 55.6 % 1 00.0 % 16 .7% 84 .2% NM -65. 7%
F rogs te r Interactive P icture s AG E UR FR G XT R A 2 6.2 8.1 8 -7.4 % -2.0 % 86 .3% 90 .2% 76.7 % -17. 4%
G a ma nia Digital E ntertainment C o., L td. TWD 6 180 GT S M 18 0.3 3 9.1 0 1.3 % 1 5.9 % 64 .6% 19 6.2% 9.1 % -6.9 %
G a me On C o L td. JPY 3 812 TSE 9 4.8 9 3,80 0.0 0 0.0 % 0.5% -1 6.3% -2 1.2 % -32 .0% -42. 6%
G e oS e ntric O yj E UR G E O1V H LS E 6 0.9 0.0 5 0.0 % 2 5.0 % 66 .7% 25 .0% -28 .6% -28. 6%
G iant Intera ctive G roup, Inc. US D GA NYS E 1,8 62. 2 8.2 4 1.1 % 9.4% 32 .5% 36 .4% -38 .7% -49. 4%
G iga Media Ltd. US D G IG M N as da qG S 32 0.9 5.9 4 -7.6 % -9.3 % -1 9.5% 11 .2% -66 .6% -70. 1%
G ravity C o., L td US D G RV Y N as da qG M 2 7.2 0.9 8 0.0 % 2.1% 38 .0% 46 .9% -30 .0% -50. 8%
G ree, Inc. JPY T S E :36 32 TSE 1,2 78. 2 5,48 0.0 0 3.8 % -0.2 % -1 .3% NM NM -13. 0%
G ungH o O nline E ntertainment, Inc. JPY 3 765 OS E 19 8.8 16 6,00 0.0 0 21.5 % 3 6.9 % 68 .4% 45 .6% -54 .5% -61. 8%
H anbitS oft, Inc. KR W A 047 080 KO SE 9 6.1 5,55 0.0 0 13.3 % 2 4.4 % 43 .4% 10 5.2% 0.4 % -20. 8%
IAC /InterActiveC orp. US D I ACI N as da qG S 2,2 56. 2 1 4.9 5 -5.3 % -8.3 % -0 .7% -6.1% -68 .3% -70. 4%
IAS E nergy, Inc. US D I AS C .A OT C B B 1 8.6 0.2 7 -5.4 % 1 20.8 % 96 0.0% 41 9.6% 23.3 % -24. 3%
is ee media Inc. C AD IEE T S XV 4 .4 0.1 0 5.3 % 0.0% -1 6.7% 42 .9% -58 .3% -71. 4%
J umbuck E ntertainment P ty Ltd. AU D A S X:J M B AS X 1 5.4 0.4 1 2.5 % -14. 6% 2 .5% 2 .5% -31 .7% -37. 4%
J umpT V Inc. C AD T S X:J T V TSX 7 5.6 0.7 8 6.8 % 4 4.4 % 77 .3% 30 .0% 13.0 % -39. 1%
K a boos e Inc. C AD T S X:K AB TSX 7 1.6 0.6 0 0.0 % 3.4% 57 .9% 62 .2% -33 .3% -52. 0%
K ings oft Co. Ltd. HKD 3 888 S E HK 65 4.9 4.7 0 4.0 % 3 2.8 % 58 .8% 12 4.9% 26.3 % -1.1 %
Lingo Media Corporation C AD T S XV :LM T S XV 1 2.6 1.1 5 15.0 % 2 1.1 % 27 .8% 3 .6% -39 .5% -43. 3%
Live World Inc. US D L VW D OT C P K 2 .2 0.0 7 -6.7 % -30. 0% 75 .0% 0 .0% -80 .0% -82. 9%
LookS mart, Ltd. US D L OOK N as da qG M 2 2.2 1.3 0 -14. 5% 9.2% -5 .1% -2 0.2 % -71 .0% -72. 3%
M agnitude Information S ys tems Inc. US D M AG Y OT C B B 4 .4 0.0 1 0.0 % -16. 7% -6 0.0% -2 3.1 % -44 .4% -66. 7%
M ixi, Inc. JPY 2 121 TSE 68 1.9 42 5,00 0.0 0 -9.2 % 1 1.3 % -2 .5% -3 2.0 % -43 .3% -55. 4%
M ode rn Times G roup Mtg AB SE K MT G B OM 1,9 07. 4 22 7.5 0 -3.8 % 3 8.3 % 66 .4% 50 .2% -45 .4% -49. 4%
M oggle , Inc US D M MOG OT C B B 8 3.5 2.3 0 15.0 % 1 5.0 % 53 .3% NM NM 0.0 %
M OK O.mobi L imited AU D MKB AS X 4 .9 0.0 8 0.0 % -16. 7% 87 .5% 87 .5% 1 50. 0% -25. 0%
M yriad G roup AG C HF MYR N SWX 9 6.4 5.0 0 -2.9 % 1 9.0 % -2 .0% -2 8.6 % -44 .4% -51. 2%
N E OW IZ G ames C orpora tion KR W A 095 660 KO SE 47 6.9 6 2,70 0.0 0 -2.6 % -4.9 % 10 0.0% 36 2.7% 81.0 % -14. 6%
N etDragon W ebS oft, Inc. HKD 7 77 S E HK 40 5.1 5.9 4 9.8 % 3 3.5 % 10 2.0% 13 0.2% -45 .7% -54. 4%
N ete as e.com I nc. US D NT E S N as da qG S 3,7 46. 9 3 0.4 5 -1.6 % 2.2% 58 .2% 55 .0% 26.1 % -6.7 %
N eXplore Corpora tion US D N XP C OT C P K 3 9.0 0.7 0 0.0 % 0.0% -1 1.4% -3 9.1 % NM -51. 7%
N gi G roup Inc. JPY 2 497 TSE 3 9.6 3 0,65 0.0 0 -8.0 % 5.9% 12 .8% -5 7.4 % -79 .4% -81. 6%
N orthgate Te chnologies L imited IN R 5 900 57 BS E 3 4.2 4 8.8 5 16.9 % 7.6% 4 .8% -2 0.6 % -87 .5% -88. 4%
Open T e xt Corp. US D O TE X N as da qG S 1,6 37. 6 3 1.1 2 -0.4 % -14. 4% -1 2.5% 8 .2% -14 .6% -20. 4%
Openwave S ys tems Inc. US D O PW V N as da qG S 10 0.0 1.2 0 -3.2 % -4.8 % 34 .8% 84 .6% -39 .7% -44. 4%
P e rfect W orld C o., Ltd. US D P W RD N as da qG S 95 0.7 1 8.0 2 -8.2 % 6.9% 26 .0% 6 .6% -29 .5% -43. 4%
P hotoChannel N etwork s Inc. C AD T S XV :P N T S XV 4 9.6 1.7 0 9.7 % 4.9% -4 .0% 21 .4% -52 .1% -59. 0%
Quepa s a C orp. US D Q PSA N as da qC M 1 2.7 1.0 0 11.1 % 3 3.5 % -3 0.1% -5 4.3 % -61 .1% -71. 1%
OA O R B C Information S ys tems US D R BC I R TS 17 3.4 1.2 5 26.9 % 2 04.9 % 34 6.4% -1 6.7 % -85 .2% -86. 3%
S handa Interactive E ntertainme nt L td. US D S NDA N as da qG S 3,3 65. 1 4 8.5 0 2.7 % -3.0 % 58 .8% 10 0.2% 42.0 % -10. 0%
S hutte rf ly, Inc. US D S F LY N as da qG S 34 6.4 1 3.7 6 10.7 % 2 9.6 % 62 .1% 10 1.5% 5.0 % -8.8 %
S K C ommunications Co., Ltd. KR W A 066 270 KO SE 30 9.9 9,54 0.0 0 1.7 % -4.1 % 22 .6% 10 8.3% -33 .3% -51. 6%
S N AP Inte ra ctive , Inc. US D S T VI OT C B B 8 .6 0.8 0 6.7 % 1 4.3 % -1 9.2% 6 .7% 1.3 % -25. 9%
S N M G lobal H oldings US D S NM N OT C P K 0 .0 0.0 0 10.0 % 15 50. 0% 23 0.0% NM -99 .8% -99. 9%
S ocia l Media V e nures , Inc. US D S MVI OT C P K 0 .0 0.0 1 -93. 3% -99. 2% -9 9.2% -9 9.7 % NM -99. 8%
S ohu. com Inc. US D S OH U N as da qG S 2,0 11. 9 5 2.5 8 -4.7 % 6.6% 11 .0% 21 .4% -35 .1% -42. 5%
S ite s earch C orporation US D S T PC OT C B B 2 8.2 3.5 0 -30. 0% NM NM NM NM -30. 0%
S park N etworks , Inc. US D L OV AM E X 5 1.8 2.5 2 -8.7 % 9.6% -1 .2% -1 7.4 % -43 .4% -45. 8%
S pectrumDN A, Inc. US D S P XA OT C B B 1 6.6 0.3 4 -12. 8% 2 40.0 % 24 0.0% 41 .7% NM -43. 3%
T encent Holdings L td. HKD 7 00 S E HK 18, 485 .5 7 9.5 5 8.2 % 2 9.2 % 63 .3% 58 .6% 25.1 % -4.3 %
T he P arent C ompany US D K IDS .Q OT C P K 0 .3 0.0 1 4.0 % -13. 3% -5 6.7% -9 8.6 % -99 .6% -99. 6%
T he 9 L imited US D NC TY N as da qG S 24 9.1 9.2 9 0.5 % -6.7 % -3 5.9% -2 2.8 % -63 .9% -67. 4%
T he S treet.com, Inc. US D T S CM N as da qG M 5 6.6 1.8 5 -8.4 % -21. 6% -2 8.8% -4 1.6 % -75 .9% -77. 2%
T otal S port Online A S N OK T OS O OT C N O 0 .1 0.0 3 0.0 % -25. 0% -2 5.0% -4 0.0 % -70 .0% -70. 0%
T ree.C om, Inc. US D TR EE N as da qG M 12 7.1 1 1.7 7 3.8 % 1 17.6 % 20 1.0% 43 7.4% NM -7.5 %
U nis erve C ommunications Corp. C AD T S XV :U S S T S XV 0 .8 0.0 4 0.0 % 0.0% -5 0.0% -7 7.8 % -89 .5% -91. 1%
U nited Online Inc. US D UNTD N as da qG S 55 3.3 6.6 2 -11. 4% 3 1.6 % 27 .6% 0 .0% -45 .5% -47. 0%
U OMO Media , Inc US D U OMO OT C B B 3 0.0 0.3 5 40.0 % 2 18.2 % 33 7.5% 12 5.8% -22 .2% -56. 3%
V a lueC lick Inc. US D V CL K N as da qG S 87 6.6 1 0.0 8 -1.9 % 6.6% 41 .4% 76 .5% -48 .4% -51. 4%
V O IS , Inc. US D V OIS OT C B B 7 .5 0.9 0 1 81. 3% 2 00.0 % 20 .0% 20 .0% NM -83. 9%
W ebze n Inc. US D W ZE N N as da qG M 3 6.9 3.1 1 -3.4 % 2.3% 10 7.3% 23 8.0% 2.3 % -30. 1%
W iz za rd S of twa re Corpora tion US D W ZE AM E X 3 0.6 0.6 5 8.3 % 1 8.6 % -1 1.0% -2 1.7 % -70 .7% -72. 3%
W orlds .com Inc. US D W DDD OT C B B 8 .9 0.1 7 -15. 0% 0.0% -1 5.0% 6 .3% -55 .3% -57. 5%
W ynds torm C orporation US D W YND OT C B B 9 .2 0.5 1 1 600 .0% 2 00.0 % 32 5.0% 32 5.0% -15 .0% -40. 0%
XIN G AG E UR O 1B C XT R A 21 8.9 3 0.5 0 5.2 % 8.9% 3 .6% 5 .9% -32 .2% -34. 6%
Y e dangOnline Corp. KR W A 052 770 KO SE 11 2.8 9,10 0.0 0 0.8 % -1.5 % 28 .3% 58 .8% -17 .3% -27. 5%
Y nk K orea Inc. KR W A 023 770 KO SE 1 5.1 7,80 0.0 0 30.9 % 6 6.3 % 74 .1% 31 .1% -43 .9% -47. 7%
ZipLocal Inc. C AD T S XV :ZIP T S XV 0 .3 0.0 1 0.0 % 0.0% -7 5.0% -5 0.0 % -96 .2% -97. 1%
H igh 1 600 .0% 15 50. 0% 96 0.0% 43 7.4% 1 50. 0% 0.0 %
Low -93. 3% -99. 2% -9 9.2% -9 9.7 % -99 .8% -99. 9%
A vera ge 518.4 19.3% 38.9% 50.3% 39.0% -32.8% -51.9%
M edian 0.0 % 7.6% 24 .3% 11 .1% -44 .1% -51. 3%
Figure 19. Price Performance
Source. Capital IQ

Page 16
C omparable C ompany A nalys is > W eb 2.0
V aluatio n Multiples
P rimary US D Market TE V/LT M TE V/ N TM TE V/LT M TE V/NTM
C om pany Nam e S ec to r Co untry E xc hange Tic ker Cap ($m) R evenue R evenue E BITDA E BITDA P /LT M E P S P /NT M E P S P /TangBV
Acce le rize N ew Me dia, Inc. D irect Marketing U nite d S tates OT C B B AC LZ 13. 8 4.6 x - - - - - -
Actoz S of t C o., L td. G aming S outh K ore a K OS E A 052 790 99. 4 0.9 x - 4.7 x - 15 .3x - 1 .7x
AQ Inte ractive , Inc. G aming J a pan TSE 3 838 26. 8 - - - - - - 0 .4x
As s ocia ted Media Holdings Inc. Mobile U nite d S tates OT C P K AS MH 0. 1 8.1 x - - - - - -
B igstring Corp. Ins ta nt Mes s aging U nite d S tates OT C B B BS G C 1. 2 30.6 x - - - - - -
B e tawave Corpora tion Me dia U nite d S tates OT C B B B WA V 3. 2 - - - - - - 0 .3x
B e yond Commerce, Inc. S ocia l Ne tworking U nite d S tates OT C B B BYO C 43. 0 25.4 x - - - - - -
B right T hings plc S ocia l Ne tworking U nite d K ingdom AIM AIM:B G T 5. 6 22.1 x - - - - - -
B roa dW ebAs ia Inc. S ocia l Ne tworking U nite d S tates OT C P K B WB A 25. 3 - - - - - - -
C D C C orp. G aming H ong K ong N as da qG S C HIN .A 1 57. 3 0.4 x 0.4x 5.5 x 6.0x - 1 0.7 x -
C ha ngyou. com Limite d G aming C hina N as da qG S CY OU 1,5 27. 3 6.0 x 4.5x 9.9 x - 11 .2x 1 0.6 x 1 0.2x
C hina G ate wa y C orpora tion Mobile U nite d S tates OT C P K CG W Y 0. 0 0.0 x - - - - - -
C hine s e G amer International G aming T a iwan GTS M G T S M:308 3 5 75. 6 9.1 x - 16.2 x - 22 .3x - 8 .4x
C ornerW orld C orporation C ontent U nite d S tates OT C B B CWR L 6. 4 6.0 x - - - - - -
C yberplex Inc. Advertis ing C anada TSX T S X:C X 86. 5 1.2 x 0.9x 11.3 x 7.5x 10 .5x 1 1.2 x 1 0.2x
D AD A S pA S ocia l Ne tworking Italy CM CM:DA 1 39. 4 0.8 x - 5.0 x - 8. 0x - -
D XN Holdings B hd S ocia l Ne tworking Malays ia KL SE D XN 29. 1 0.6 x - 4.2 x - 4. 8x - 0 .6x
D ibz Inte rnational, Inc. S NS A pps U nite d S tates OT C P K D IB Z 0. 0 - - - - - - -
D igitalP ost Inte ra ctive , Inc. C ontent U nite d S tates OT C B B DGL P 1. 1 5.1 x - - - - - -
D igitalT own, Inc. S ocia l Ne tworking U nite d S tates OT C B B D G TW 67. 7 - - - - - - -
D olphin D igital Me dia, Inc. S ocia l Ne tworking U nite d S tates OT C B B DP DM 33. 5 37.2 x - - - - - -
E olith C o. L td. G aming S outh K ore a K OS E A 041 060 52. 4 2.7 x - - - - - 5 .0x
E xte ns ions , Inc. C ontent U nite d S tates OT C P K E XT I 14. 2 - - - - - - -
F inancia l Media G roup, Inc. D irect Marketing U nite d S tates OT C B B F NGP 0. 4 - - - - - - -
F luid Mus ic Ca nada, Inc. Me dia U nite d S tates TSX T S X:F MN 20. 4 1.9 x 1.4x - - - - 1 .9x
F rogs te r Interactive P icture s AG G aming G ermany XT R A F RG 24. 6 4.4 x - - - - - 2 .2x
G a ma nia D igital E ntertainment C o., L td. G aming T a iwan GTS M 6 180 1 78. 2 1.2 x - 7.4 x - 19 .0x - 2 .3x
G a me On C o L td. G aming J a pan TSE 3 812 91. 0 0.4 x - 1.7 x - 9. 2x - 1 .2x
G e oS e ntric O yj Mobile F inland H LS E G E O1V 48. 8 6.9 x - - - - - 4 .9x
G iant Intera ctive G roup, Inc. G aming C hina NYS E GA 1,8 62. 2 - - - - 1. 8x 1 3.5 x 0 .4x
G iga Media Ltd. G aming T a iwan N as da qG S G IG M 3 44. 7 1.4 x 1.5x 5.8 x 6.4x 11 .0x 1 1.3 x 3 .1x
G ravity C o., L td G aming S outh K ore a N as da qG M GR VY 27. 0 - - - - - - -
G ree, Inc. S ocia l Ne tworking J a pan TSE T S E :3 632 1,2 03. 8 37.3 x - - - - - 1 5.3x
G ungH o O nline E ntertainment, Inc. Me dia J a pan OS E 3 765 1 67. 5 1.3 x - 7.1 x - - - -
H anbitS of t, Inc. G aming S outh K ore a K OS E A 047 080 86. 3 1.2 x - - - - - 2 .6x
IAC /InterActiveC orp. Me dia U nite d S tates N as da qG S IAC I 2,3 92. 0 0.4 x - 11.9 x - 20 .4x 3 1.3 x 1 .1x
IAS E nergy, Inc. V ide o C anada OT C B B IA S C .A 19. 6 - - - - - - -
IdeaE dge, Inc. S ocia l Ne tworking U nite d S tates OT C B B OT C B B :IDA E 0. 0 - - - - - - -
is ee media Inc. C ontent C anada T S XV IE E 4. 0 1.8 x - - - - - 2 .1x
J umbuck E ntertainment P ty Ltd. S ocia l Ne tworking A us tralia AS X AS X:J MB 15. 3 0.8 x - 2.1 x - 6. 5x - 1 .6x
J umpT V Inc. V ide o C anada TSX T S X:J T V 69. 7 4.0 x - - - - - 3 .6x
K a boos e Inc. C ontent C anada TSX TS X:K AB 72. 5 1.1 x 1.1x 9.5 x 5.7x - - -
K ings oft Co. Ltd. G aming C hina S E HK 3 888 5 76. 9 4.2 x - 10.9 x - 14 .9x - 3 .5x
Lingo Media Corporation Le arning C anada T S XV TS XV :LM 11. 1 10.9 x - - - - - 8 .9x
Live World Inc. S ocia l Ne tworking U nite d S tates OT C P K LV W D 2. 2 0.1 x - - - - - 0 .9x
LookS mart, Ltd. D irect Marketing U nite d S tates N as da qG M L OOK 24. 6 - - - - - - 0 .9x
Magnitude Information S ys tems Inc. S ocia l Ne tworking U nite d S tates OT C B B MAG Y 4. 4 - - - - - - -
Mixi, Inc. S ocia l Ne tworking J a pan TSE 2 121 7 08. 4 5.0 x - 13.2 x - 33 .7x - 5 .5x
Mode rn Times G roup Mtg AB Me dia S we den OM MT G B 2,0 20. 2 1.5 x 1.5x 9.7 x 1 1.5 x 6. 0x 1 3.7 x -
Moggle , Inc G aming U nite d S tates OT C B B MMO G 83. 5 - - - - - - -
MOK O.mobi L imited S ocia l Ne tworking A us tralia AS X MK B 5. 0 3.5 x - - - - - 3 .9x
Myriad G roup AG Mobile S witz erland SWX MY R N 98. 2 2.8 x - - - - - 4 .5x
N E OW IZ G ames C orpora tion G aming S outh K ore a K OS E A 095 660 4 87. 1 2.4 x - 8.9 x - 28 .7x - 1 4.5x
N etD ragon W ebS oft, Inc. G aming C hina S E HK 777 3 77. 2 2.8 x - 6.1 x - 12 .4x - 2 .0x
N ete as e.com I nc. G aming C hina N as da qG S NT E S 3,8 09. 7 - - - - 2. 5x 1 5.4 x 0 .7x
N eXplore Corpora tion C ontent U nite d S tates OT C P K N XP C 39. 0 - - - - - - -
N gi G roup Inc. Me dia J a pan TSE 2 497 40. 2 - - - - 11 .7x - 0 .6x
N orthgate Te chnologies L imited D irect Marketing India BS E 59 005 7 27. 6 0.2 x - 1.2 x - 1. 8x - -
Open T e xt Corp. C ollaboration C anada N as da qG S O TE X 1,6 69. 7 2.2 x 2.1x 8.7 x 7.6x 26 .1x - -
Openwave S ys tems Inc. Mobile U nite d S tates N as da qG S OP W V 1 05. 8 0.0 x 0.0x - 0.0x - 2 0.5 x 1 .5x
P e rf ect W orld C o., Ltd. G aming C hina N as da qG S PW R D 9 97. 1 - - - - 1. 7x 9.2x 0 .5x
P hotoChannel N etwork s Inc. D igital Imaging C anada T S XV T S XV :P N 47. 0 2.7 x 1.7x - 5.0x - 1 0.7 x 9 .8x
Quepa s a C orp. S ocia l Ne tworking U nite d S tates N as da qC M QP S A 12. 3 - - - - - - 9 .2x
OA O R B C Information S ys tems Me dia R us s ia R TS R B CI 1 73. 4 0.0 x - 0.3 x - - - -
S handa Interactive E ntertainme nt L td. G aming C hina N as da qG S S NDA 3,4 26. 1 0.2 x 0.9x 0.4 x 2.0x 2. 9x 1 5.7 x 1 .3x
S hutte rf ly, Inc. D igital Imaging U nite d S tates N as da qG S S FL Y 3 23. 5 1.2 x - 9.1 x 7.0x - - 1 .9x
S K C ommunications Co., Ltd. S e arch S outh K ore a K OS E A 066 270 3 13. 1 1.7 x - 25.8 x - - - -
S N AP Inte ra ctive , Inc. D ating U nite d S tates OT C B B S TVI 8. 1 2.2 x - 7.0 x - 10 .6x - 5 .3x
S N M G lobal H oldings Me dia U nite d S tates OT C P K S N MN 0. 0 1.1 x - - - - - -
S ocia l Media V e nures , Inc. S ocia l Ne tworking U nite d S tates OT C P K S MV I 0. 0 0.0 x - - - - - -
S ohu. com Inc. G aming C hina N as da qG S S OH U 2,1 16. 8 3.8 x 3.3x 8.7 x 7.6x 11 .9x 1 5.2 x 5 .7x
S ite s earch C orporation S ocia l Ne tworking U nite d S tates OT C B B STPC 28. 2 - - - - - - 4 0.1x
S park N etworks , Inc. S ocia l Ne tworking U nite d S tates AME X L OV 56. 5 1.0 x - 4.8 x - 17 .3x - -
S pectrumDN A, Inc. Me dia U nite d S tates OT C B B S P XA 20. 5 - - - - - - 3 1.0x
T encent Holdings L td. P orta l C hina S E HK 700 16,5 68. 2 14.8 x - 30.9 x - 39 .8x - 1 6.6x
T he P arent C ompany Me dia U nite d S tates OT C P K K ID S .Q 0. 3 0.2 x - - - - - -
T he 9 L imited G aming C hina N as da qG S NC T Y 2 53. 7 - - - - 0. 8x 1 0.3 x 0 .1x
T he S treet.com, Inc. Me dia U nite d S tates N as da qG M TSCM 62. 8 - - - - - - 0 .8x
T otal S port Online A S Me dia N orway OT C NO T OS O 0. 1 4.6 x - - - - - -
T ree.C om, Inc. P orta l U nite d S tates N as da qG M TR E E 1 30. 5 0.6 x 0.5x - 6.4x - - 1 .7x
U nis erve C ommunications Corp. S ocia l Ne tworking C anada T S XV T S XV :U S S 0. 8 0.1 x - 29.5 x - - - -
U nited Online Inc. Me dia U nite d S tates N as da qG S U N TD 6 05. 1 1.1 x 0.9x 5.0 x 3.6x - 1 0.0 x -
U OMO Media , Inc Me dia C anada OT C B B U OMO 21. 0 33.6 x - - - - - -
V a lueC lick Inc. Me dia U nite d S tates N as da qG S VC LK 8 99. 2 1.3 x 1.5x 7.5 x 5.8x - 1 6.4 x 7 .3x
V O IS , Inc. S ocia l Ne tworking U nite d S tates OT C B B VOIS 2. 7 - - - - - - 6 .0x
W ebze n Inc. G aming S outh K ore a N as da qG M W ZE N 38. 9 - - - - - - 0 .0x
W iz za rd S of twa re Corpora tion P odcas ting U nite d S tates AME X W ZE 29. 2 4.8 x - - - - - -
W orlds .com Inc. C ontent U nite d S tates OT C B B W DD D 8. 9 - - - - 30 .9x - -
W ynds torm C orporation C ontent U nite d S tates OT C B B W YND 0. 5 - - - - - - -
XIN G AG S ocia l Ne tworking G ermany XT R A O 1B C 2 08. 1 3.1 x - 9.8 x - 20 .6x - 5 .3x
Y e dangOnline Corp. G aming S outh K ore a K OS E A 052 770 1 13. 3 2.0 x - 9.0 x - 11 .9x - 5 .5x
Y nk K orea Inc. G aming S outh K ore a K OS E A 023 770 13. 6 0.9 x - - - - - -
ZipLocal Inc. D irectory C anada T S XV T S XV :ZIP 0. 3 0.6 x - - - - - -
H igh 16,5 68. 2 37.3 x 4.5x 30.9 x 1 1.5 x 39 .8x 3 1.3 x 4 0.1x
Low 0. 0 0.0 x 0.0x 0.3 x 0.0x 0. 8x 9.2x 0 .0x
A vera ge 495. 8 5.2x 1.5x 9.1x 5.9x 13.7x 14.1x 5.4x
Median 40. 2 1.8 x 1.4x 8.1 x 6.2x 11 .7x 1 2.4 x 2 .6x
Figure 20. Valuation Comparison
Source. Capital IQ

Page 17
C omparable C ompany A nalys is > W eb 2.0
Su mmary b y C ountry
C om pany Nam e U S D Market Cap ($m) Avg US D Mar ket C ap ($m) U S D LT M T otal R ev ($m) U S D LT M Total E B IT DA ($m) E B IT DA %
U nited S tates 40 C hina 33, 253.1 China 3,325. 3 U nited S ta tes 3, 792. 7 C hina 1,811. 5 F inla nd 61. 9%
C anada 11 U nited S tates 4, 876.9 S weden 1,907. 4 C hina 3, 607. 1 S weden 262. 4 R uss ia 46. 0%
C hina 10 J a pan 2, 324.4 Ta iwa n 400. 8 S weden 1, 712. 8 U nited S ta tes 242. 0 T aiwa n 33. 7%
S outh K orea 9 C anada 1, 981.0 Japan 387. 4 C a na da 983. 2 C a na da 193. 5 S witz erla nd 26. 8%
J a pa n 6 S weden 1, 907.4 Ca na da 180. 1 S outh K orea 656. 7 J apan 135. 5 I ndia 25. 5%
T a iwa n 3 S outh K orea 1, 224.3 R us sia 173. 4 J a pa n 514. 6 T a iwan 98. 4 C hina 21. 3%
A ustra lia 2 T a iwa n 1, 202.4 S outh K orea 136. 0 H ong K ong 389. 9 S outh K orea 77. 4 G ermany 19. 5%
G ermany 2 G erma ny 245.1 Hong K ong 135. 8 T aiwan 372. 3 I taly 36. 9 I ta ly 16. 0%
S witz erla nd 1 R uss ia 173.4 Ita ly 127. 7 I ta ly 230. 8 H ong K ong 30. 8 C anada 14. 5%
H ong K ong 1 H ong K ong 135.8 G erma ny 122. 5 R uss ia 147. 3 I ndia 23. 8 M a la ys ia 13. 7%
F inla nd 1 I ta ly 127.7 United S tates 121. 9 I ndia 135. 5 R uss ia 19. 2 H ong K ong 7.9%
I ta ly 1 S witz erla nd 96.4 S witzerland 96. 4 M a la ys ia 78. 0 G erma ny 11. 9 J a pa n 6.1%
U nited K ingdom 1 F inland 60.9 Finland 60. 9 G ermany 53. 0 M alays ia 10. 7 S outh K orea 3.8%
I ndia 1 I ndia 34.2 India 34. 2 S witz erla nd 40. 0 Aus tralia 2. 8 U nited S ta tes -4. 6%
S weden 1 M alays ia 26.2 Malay sia 26. 2 Aus tra l ia 14. 7 S witz erland 0. 8 N orway -6. 2%
R us sia 1 Aus tra lia 20.3 Australia 10. 2 F inla nd 6. 0 N orway -1. 0 Aus tral ia -30.3%
M a la ys ia 1 U nited K ingdom 5.2 United K ingdom 5. 2 N orwa y 2. 1 U nited K ingdom -1. 7 S weden #DI V /0!
N orway 1 N orway 0.1 Norway 0. 1 U nited K ingdom 0. 2 F inland -13. 4 U nited K ingdom #DI V /0!
G rand To tal 93 G rand T otal 47,694.9 G rand Total 512.8 G rand T otal 12,736.8 G r and T otal 2,941.5 G rand T otal 8.3%
Figure 21. Comparison by Country
Source. Capital IQ
C omparable C o mpan y A nalys is > W eb 2.0
Su mmary b y Ex c hange
C om pan y Nam e U S D Market Cap ($m) Avg US D Market C ap ($m) U S D LT M T otal R ev ($m) U S D LT M To tal E B IT DA ($m) E B IT DA %
OT C B B 20 S E HK 19, 545.5 S E HK 6,515. 2 OM 1, 712. 8 N a sdaqG S 1,695. 5 HLS E 61. 9%
N a s daqG S 14 N a sdaqG S 18, 072.2 OM 1,907. 4 N asdaqG S 478. 8 S E HK 599. 1 R TS 46. 0%
OT C P K 10 TSE 2, 125.6 NY S E 1,862. 2 S EHK 418. 5 OM 262. 4 GT S M 40. 9%
K OS E 7 OM 1, 907.4 Nas daqG S 1,290. 9 NYS E 233. 6 NYS E 144. 6 SWX 26. 8%
TSE 5 NYS E 1, 862.2 G TS M 440. 7 CM 230. 8 TSE 114. 5 S E HK 26. 5%
N a s daqG M 5 K OS E 1, 160.2 TS E 425. 1 R TS 147. 3 K OS E 74. 5 BSE 25. 5%
T S XV 5 GT SM 881.5 OS E 198. 8 BSE 135. 5 GT S M 52. 3 NYS E 24. 2%
TSX 4 O T CB B 379.5 RTS 173. 4 OS E 117. 5 CM 36. 9 XT RA 19. 5%
S E HK 3 N a sdaqG M 270.0 K OS E 165. 7 GTS M 91. 0 BSE 23. 8 CM 16. 0%
A ME X 2 TSX 258.3 CM 127. 7 K OS E 85. 1 OS E 21. 0 K OS E 15. 4%
XT R A 2 XT RA 245.1 XT R A 122. 5 N asdaqG M 80. 9 R TS 19. 2 OT CB B 14. 8%
ASX 2 OS E 198.8 SWX 96. 4 TSE 79. 4 X TR A 11. 9 TSE 14. 7%
GT S M 2 R TS 173.4 TS X 64. 6 K LS E 78. 0 K LS E 10. 7 K LS E 13. 7%
S WX 1 CM 127.7 HLS E 60. 9 SWX 40. 0 AM E X 6. 3 T S XV 13. 7%
HLS E 1 SWX 96.4 Nas daqG M 54. 0 TSX 39. 3 AS X 2. 8 N a sdaqC M 13. 1%
NY S E 1 AM E X 82.5 AME X 41. 2 AM E X 31. 7 SWX 0. 8 N a sdaqG S 8.0%
CM 1 O T CP K 81.1 BSE 34. 2 XT R A 26. 5 OT CNO -1. 0 TSX -0. 4%
BSE 1 T S XV 67.7 K LS E 26. 2 OT CP K 19. 0 AI M -1. 7 OT CNO -6. 2%
N a s daqC M 1 HLS E 60.9 O TC B B 20. 0 T S XV 9. 5 TSX -3. 5 OT CP K -9. 6%
OS E 1 BSE 34.2 TS X V 13. 5 AS X 7. 3 T S XV -10. 2 N a sdaqG M -28.1%
A IM 1 K LS E 26.2 Nas daqC M 12. 7 H LS E 6. 0 N a sdaqC M -11. 4 OS E -28.2%
OM 1 AS X 20.3 AS X 10. 2 OT CN O 2. 1 N a sdaqG M -12. 2 AS X -30.3%
R TS 1 N a sdaqC M 12.7 O TC P K 8. 1 OT CB B 1. 8 HLS E -13. 4 AM E X #DI V /0!
K LS E 1 AI M 5.2 AIM 5. 2 AI M 0. 2 OT CP K -33. 1 AI M #DI V /0!
OT C NO 1 O T CN O 0.1 O TC NO 0. 1 N asdaqC M 0. 1 OT CB B -43. 8 OM #DI V /0!
Gr an d To tal 93 G rand T otal 47, 694.9 G ran d To tal 518. 4 G rand T otal 149. 8 G rand T otal 2,946. 1 G rand T otal 8.3%
Figure 22. Comparison by Exchange
Source. Capital IQ

Page 18
Financing - Last Three M onths (US$ m)
Mo nth Co mpan y N ame C ou ntr y An gel/S eed D ebt fin anc in g P IP E S er ies A S eries B S er ies C S eries D S eries E G r an d To tal
Mar -09 Kaixin 001.c o m C hina 20. 0 20. 0
Vid yo USA 15 .0 15. 0
Bu zz net USA 12 .5 12. 5
Len ding C lu b USA 12. 0 12. 0
S end Me Inc . USA 12. 0 12. 0
Aud itu de USA 10. 5 10. 5
G lam Media USA 10.0 10. 0
Vis ible Meas u res USA 10 .0 10. 0
S up erS ec r et USA 10. 0 10. 0
G oViral UK 8.8 8.8
G reys tripe USA 5. 5 5.5
OMG P O P USA 5. 0 5.0
Aptu re USA 4.1 4.1
S imu lmedia USA 4.0 4.0
Tynt C a na da 3.9 3.9
AnyS o ur c e Media USA 3.2 3.2
P ixaz z a USA 3.1 3.1
Bit.ly USA 2.0 2.0
Hu nc h USA 2.0 2.0
S po rts C o mp os ite D E USA 2. 0 2.0
Adu ltS p ac e USA 1. 3 1.3
Myn gle N etherla nds 1. 3 1.3
33Ac ro s s USA 0. 8 0.8
Th ree Melo ns A rgentina 0.6 0.6
Mar -09 T otal 1. 3 1. 3 0.6 41. 1 50. 3 43 .0 12. 0 10.0 159.5
A pr -09 Co llec tive Media USA 20. 0 20. 0
G O O M R adio F ra nce 16. 0 16. 0
Mar in S oftwar e USA 13. 0 13. 0
Th e R ub ic o n P r ojec t USA 8. 0 5. 0 13. 0
Fr eeW heel USA 12 .0 12. 0
Cellu fun USA 10. 0 10. 0
Co nd uc to r Inc . USA 10. 0 10. 0
S c anS c o ut USA 8. 1 8.1
Vix imo USA 5. 0 5.0
Do ub leT wis t USA 5. 0 5.0
IMS h op ping USA 4.7 4.7
S oc ialtext USA 4.5 4.5
Mixerc as t USA 4. 1 4.1
S ou nd C lo ud G erm a ny 3.3 3.3
Tu beMog u l USA 3.0 3.0
Tr ib al No va C a na da 2. 5 2.5
Tr ip bas e USA 2.0 2.0
S oc ialc as t USA 1.4 1.4
Br and tolog y S inga pore 1.4 1.4
S c an & Tar get F ra nce 1. 3 1.3
J od ang e USA 1. 2 1.2
Fo od is ta USA 0.6 0.6
A pr -09 T otal 15.6 8. 0 45. 3 52. 5 16 .1 12. 0 149.5
May-09 Cyberplex Canada 12. 9 12. 9
Imeem USA 8. 8 8.8
EveryZing USA 8. 3 8.3
BlogHer Inc. USA 7. 0 7.0
Gist USA 6.8 6.8
Fuhu Inc. USA 6. 3 6.3
Azuki Systems USA 6.0 6.0
I Love Rewards Canada 5. 9 5.9
DocuSign USA 5.0 5.0
OLX USA 5. 0 5.0
TimeBridge USA 5. 0 5.0
Medialets USA 4. 0 4.0
Resonate Networks USA 2.0 2.0
Mo'M inis Israel 1.5 1.5
May-09 T otal 12.8 12. 9 16. 3 17. 2 20 .3 5.0 84. 3
Figure 23. Financing, Last Three Months
Source. Company reports

Page 19
C ompany Des c riptio ns - C urrent Mo nth C apital Market A c tivity
C ompany HQ W ebs ite Des criptio n
A zuki s ys tem s U nited S ta tes www. azuk is ys tems .com P eerMeta provides web-e na bled mobile devic es a nd s ervices . The c ompa ny dev elops applic ations around iG oogle, F a c ebook, M yS pac e a nd
Y ahoo. P eerM eta is bas ed in B oston, M a ss a chus etts .
B logHer, In c . U nited S ta tes www. blogher. com B logHer I nc. operates a n online community a nd media network for women. I t offers a s eries of live ev ents a nd conferenc es, as well a s an
a dvertising network of blog a ffilia tes. The company ha s a stra tegic-partnership with iV illa ge. B logHer I nc. wa s founded in 2005 and is bas ed
in R edwood C ity, Ca lifornia.
C yberplex C a nada www. cyberplex. com C y berplex Inc . provid es W eb a dv ertis ing s olutions a nd on-line c ustomer ac quisition strategies for F ortune 1000 compa nies a nd s mall to mid-
siz ed bus ines ses in C anada a nd the Uni ted S ta tes . Its W eb A dvertising divis ion provides performance-ba s ed I nte rnet advertising s olutions to
a cquire leads , drive sign-ups , downloa ds, inquirie s, or a cquire payi ng customers. T he c ompa ny’s T ec hnology S ervic es div ision compris es
ma na gement and technology c onsu ltants to a s sis t clients in the a rea s of a pplica tions lifecy cle; and re-engineering a nd optimization of
tec hnologies , developing a nd delivering a pplica tions us ing the productions a nd tec hnologies, a nd monito ri ng a nd supporting ap plications to
ensure performa nce a nd reliability. C yberplex a ls o prov ides technology s olutions, s uc h a s s ys tem integra tion, enterprise c ontent
ma na gement, data ma nagement a nd reporting, W eb content management, bus iness proces s ma na gement, enterprise s earch, a nd spec ial
enga gement offerings; a nd W eb design s olutions , which include pre-designed, cus tom designed, an d ecommerce s olutions. I t s erves
a dvertisers , publis hers, and agenc ies. The compa ny wa s formerly k nown a s NewP ath Ca pita l C orpora tion a nd cha nged its name to C yberplex
Docu S ign U nited S ta tes www. doc usign. com Doc uS ign, I nc. p rov ides s oftwa re services for electronic s igna ture and electronic c ontra c t executi on (E C E ). It offers P rofess ional E d ition,
which ena bles individua ls and bus iness es to s end their documents for signa ture; C orpora te E dition, a n elec tronic signature a nd c ontrac t
execution s olution tha t a u toma tes the proces s of manua lly s ending, si gning, tra c ki ng, a nd s toring doc uments ; a nd D ocuS i gn C onnect, a
suite of integration services to extend D ocuS ign P la tform ca pa bilities into exis ting s ys tems or new a pplica tions . The compa ny a ls o provides
C onnec t for S ales forc e, which ena bles us ers to s end doc umen ts ; ca pture contra ct and env elope da ta ; view va rious contra ct s tatus a nd data
in the dashboard tab enabling vis ibility into va rious contra ct ac tiv ity a cros s the entire orga niz a tion; a nd extent form data prov ided during the
signing proc ess by a utoma tica lly injecting it into S a les force O bjects eliminating the need to rek ey data . I t s erves indus tries, s uc h as
a griculture, bio-technology , bus iness s ervices , co nstruction, c onsulting, consumer electronics , debt s ettlement, educa tion, engineering,
fina nc ia l services ga ming, gov ernment, hardwa re, healthc are, ins ura nce, lea sing, ma nufa cturing, mining, mortga ge, non-profit pharmac eutica l
E veryZing U nited S ta tes www. every zing. com E very Zing C orp. is a podc as t sea rc h engine tha t lets the user s ea rch a udio of both a udio and video podca sts. The company wa s founded in
2006 as P odZinger Corp. a nd changed its na me to E veryZ ing C orp. in 2007. E veryZ ing is bas ed in C a mbridg e, Ma s sa chus etts. E veryZ ing
C orp. is a s ubsidia ry of B B NT S olutions , LL C .
F UH U U nited S ta tes www. fuhu.c om F U HU produc es v irtua l identity c ards a nd rich media web widgets . F U HU ’s miss ion is to give us ers control over their stuff (photos , content,
identity, email a ddres ses ) by ma k ing it u nivers a lly a cc es sible, s ha reable a nd ma na gea ble a nywhere, anytime.
G is t U nited S ta tes www. gis tworld.c om G ist L td. prov ides s upply cha in s olutions for grocery , retail, elec tronics , ga s , and chemica l indus tries . It offers s trategic sup ply chain
trans formation, s upply cha in planning, bus iness modeling, network design, wa rehouse s olutions , and distribution s olutions . T he c ompa ny
a lso provide s inbound a nd outbound mana gement; network opera tions , such a s network design a nd optimiza tion, s oluti on deliv ery, s upply
cha in opera tions, and prima ry distribution; cus tomer fulfilment, which inc ludes phys ic al replenis hment, rev erse logis tic s, and va lue-add
services ; and cha nge management. T he company wa s formerly known a s B OC Dis tribution S ervices Limited and changed its na me to G ist
L td. in J une, 2001. T he compa ny wa s inc orpora ted in 1951 and is hea dqua rtered in B a sings toke, U nited K ingdom. I t has opera tions in
E urope, As ia, Aus tra la s ia, a nd North America . G ist L td. opera tes as a subs idia ry of T he B O C G roup L td.
Imeem U nited S ta tes www. imeem. c om Imeem, I nc. opera tes as a n online communi ty for mus icia ns , direc tors , photogra phers, and groups. It ena bles users to c reate a udio, video,
a nd photo pla ylis ts ; s ha re their fa vorites ; disc over new c ontent; tra ck their films; crea te a nd view pla y lists of their fav orite shots; tra ck their
photos ; s ha re a lbums with their fri ends; hold group di sc uss ions ; cha nge their profile info; uploa d new photo albums; pos t new v ideos, or
mu sic ; and write blogs , or comments . The compa ny wa s founded in 2004 is ba s ed in S an F ra ncis co, C a liforn ia.
I Love R ewards C a nada www. iloverewards. c om I Love R ewards, Inc ., an inc entiv e mark eting compa ny , engages in the design, development, a nd implementa tion of incentive s olutions for
companies and bus iness es in the United S ta tes a nd C a na da. I t offers online rewards a nd employee recognition, s ales incentiv es, c us tomer
loya lty, dea ler inc entiv es, not for profit, a nd cus tom solutions . The c ompany prov ides its solutions through a W eb-ba s ed engine a nd foc uses
on employ ee moti va tion, cus tomer loya lty, and va lued beha viors. I L ove R ewa rds, I nc. was founded in 1995 a nd is bas ed in T oronto, C ana da
with a n additional offic e in N ew Y ork, the United S ta te s.
Medialets U nited S ta tes www. media lets . com Media lets is a creative a dv ertis ing network for na tiv e mobile a pplications . L a unched on J uly 11th, 2008, M edia lets works with a gencies,
bra nds and application dev elopers to define a nd deploy a d formats tha t tap into a ll of the ca pabili ties of the iP hone. Medialy tics , Medialets ’
free a nalytic s and reporting solution, is the leading analy tics a nd a d vertising solution for the world’s mos t downloaded iP hone a pplica tions .
Media lets is a privately-held compa ny with offic es in N ew Y ork , NY a nd S a n F rancis c o, C A
Mo 'Min is I s ra el www. momini s. com Mo’M inis platform allows a dva nced a s well as non-s killed developers to ra pidly create origina l qua lity ga mes from sc ra tc h, without the need
of programming, a nd ha ve them s ea mles s ly supported on a wide ra nge of mobile ha ndsets . F urthermore, developers ca n colla bora te, share
game a s sets with Mo’M inis developers ’ c ommunity members and enjoy monetiza tion through Mo’M inis va rious dis tribution cha nnel s.
OL X U nited S ta tes www. olx. c om O L X , Inc. opera tes a c la s sified site. Its s ite a llow us ers to sea rc h for sale produc ts , inc luding anima ls , babies, a rt products, books , ca meras ,
C D s, cell phones, clothes, computers , D V Ds , electronic s, hea lth a nd bea uty products , home produc ts , jewelry, musi ca l instruments , s porting
goods, tic kets , toy s, a nd v ideo games, a s well as c ars, ca r pa rts , boats , motorc ycles , a nd other vehic les. T he compa ny’s site a ls o enables
users to find a cc ounts, a dv erti sing, a rts, clerica l, customer s ervice, educ ation, engineering, hea lthc are, human res ource, Internet, legal,
ma nua l la bor, ma nufa cturing, ma rketing, non-profit, rea l es tate, restaura nt, reta il, s ales , a nd tec hnical jobs ; and s ea rch for v arious serv ic es,
suc h as babys itter, c a sting, ev ent, computer, hea lth, horos copes , moving, repa ir, writing, editing, and transla ting, a s well a s find personals ;
community ac tivities; computer, la ngua ge, music , a nd tutor class es ; a nd a pa rtments , offices, a nd park ing s pots. O L X wa s founded in 2006
a nd is ba sed in N ew Y ork , New Y ork .
R es on ate Netwo rks U nited S ta tes www. res onatenetwork s. com R es ona te N etwo rk s is a n online advertising network tha t wa s crea ted to help public a ffa irs , political and corpora te adv ertis ers a nd a gencies
mo re prec isely target and reach web users , bas ed on thei r a ttitudes and iss ue pos itions on a wide range of topic s .
T im eBridge U nited S ta tes www. timebridge. c om Timebridge, I nc. offers person al s cheduling ma na ger that ena bles profess iona ls to s c hedule their time. The compa ny ’s one-s tep sc heduling
a llows s c heduling meetings with la rge groups or individua ls ac ros s time zones , c alenda ring s ys tems , and companies. It allows us ers to
schedule meetings a nd share thei r a va ila bility with others , a s well as connec t direc tly with calenda rs , inc luding O utlook a nd G oogle
Figure 24. Company Descriptions
Source. Company reports, Capital IQ, Crunchbase

Page 20
RELEVANT DISCLOSURES APPLICABLE TO: NONE
LIST OF DISCLOSURE TERMS:
1. None applicable.
ANALYST CERTIFICATION
Each analyst of 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.
I n f o r ma t i o n a b o u t Re s e a r ch C a p i t a l C o r p o r a t i o n ’ s Ra t i n g S y s t e m, t h e d i s t r i b u t i o n o f o u r r e s e a r ch t o cl i e n t s a n d t h e p e r ce n t a g e o f r e c o m me n d a t i o n s wh i c h a r e i n e a c h
o f o u r r a t i n g c a t e g o r i e s i s a v a i l a b l e o n o u r we b si t e a t ww w. r e s e a r ch c a p i t a l . c o m.
T h e i n f o r ma t i o n c o n t a i n e d i n t h i s r e p o r t h a s b e e n d r a wn f r o m s o u r c e s b e l i e ve d t o b e r e l i a b l e b u t i t s a c cu r a c y o r co mp l e t e n e ss i s n o t g u a r a n t e e d , n o r i n p r o vi d i n g i t
d o e s R e s e a r c h Ca p i t a l C o r p o r a t i o n a s s u me a n y r e sp o n si b i l i t y o r l i a b i l i t y . R e s e a r ch C a p i t a l C o r p o r a t i o n , i t s d i r e ct o r s , o f f i c e r s a n d o t h e r e mp l o y e e s ma y , f r o m t i me t o
t i me , h a v e p o si t i o n s i n t h e s e cu r i t i e s me n t i o n e d h e r e i n . Co n t e n t s o f t h i s r e p o r t c a n n o t b e r e p r o d u c e d i n wh o l e o r i n p a r t wi t h o u t t h e e xp r e ss e d p e r mi s si o n o f R e se a r ch
C a p i t a l C o r p o r a t i o n . ( U . S . I n s t i t u t i o n a l Cl i e n t s — Re s e a r ch C a p i t a l U . S. A . I n c. ( a wh o l l y o wn e d s u b si d i a r y o f R e s e a r c h C a p i t a l Co r p o r a t i o n ) a cc e p t s r e s p o n si b i l i t y f o r
t h e c o n t e n t s o f t h i s r e p o r t s u b je c t t o t h e t e r ms & l i mi t a t i o n s s e t o u t a b o v e . F i r ms o r i n s t i t u t i o n s r e ce i vi n g t h i s r e p o r t s h o u l d e f f e ct t r a n s a ct i o n s i n s e c u r i t i e s d i sc u s se d
i n t h e r e p o r t t h r o u g h R e s e a r ch C a p i t a l U . S . A . I n c. , a B r o k e r - D e a l e r R e g i s t e r e d wi t h t h e U n i t e d S t a t e s S e cu r i t i e s a n d E xc h a n g e C o m mi s si o n ) .
Tor on to 4 16. 8 60. 76 00 M ontr eal 51 4. 39 9. 150 0 V anco u ver 60 4. 66 2. 180 0 C al gar y 40 3. 26 5. 740 0 R egi na 306. 566. 7550
www.researchcapital.com