10 06-29 web 2.0 weekly

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June financing well ahead of average: Financing in the Web 2.0 universe in June was the third highest month (over the past 12) with total transaction value (excluding M&A) of $459.6 million from 51 …

June financing well ahead of average: Financing in the Web 2.0 universe in June was the third highest month (over the past 12) with total transaction value (excluding M&A) of $459.6 million from 51 transactions, averaging $9.0 million each - led by the $147 million Zynga financing. In comparison, total capital raised in June 2009 was $226.3 million, averaging $4.5 million over 50 deals. Excluding Dec 09 and Apr 10, the average monthly total is ~$260 million.
Deals (M&A, Finance)
Alloy, a provider of news and commentary concerning New Media, was acquired by ZelnickMedia for $127 mm.
Facebook’s implied valuation rose to $24 bn as Elevation Partners purchased 5 mm shares of the company for $120 mm in the secondary market.
Danish Skype competitor, Vopium, received $16.5 mm in financing from Indian financier, Raghuvinder Kataria.
Social networking software developer based in France, Pearltrees, raised $1.6 mm.
PapayaMobile, mobile application software company based in China, raised $4 mm.
Two Israeli mobile developers received funding this week, including Perfecto Mobile ($4 mm) and Snaptu ($6 mm).

Negative price performance
The Web 2.0 public company universe fell this week, with 68% of companies seeing their market cap fall vs. 25% rising and 7% flat.

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  • 1. Web 2.0 Weekly “World Cup of Financings as ROW Participates” June 29, 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
  • 2. Key Developments (past week) Deals (M&A, Finance) – Worldwide Financings – World Cup Related? Alloy, a provider of news and commentary concerning New Media, was acquired by ZelnickMedia for $127 mm. Facebook’s implied valuation rose to $24 bn as Elevation Partners purchased 5 mm shares of the company for $120 mm in the secondary market. Danish Skype competitor, Vopium, received $16.5 mm in financing from Indian financier, Raghuvinder Kataria. Social networking software developer based in France, Pearltrees, raised $1.6 mm. PapayaMobile, mobile application software company based in China, raised $4 mm. Two Israeli mobile developers received funding this week, including Perfecto Mobile ($4 mm) and Snaptu ($6 mm). Financial Results/Guidance/Partnerships/Product Multiplied Media (TSXV:MMC) announced the availability of local weather functionality for the iPhone version of its Poynt local search mobile application. 2 www.mackieresearch.com
  • 3. Public Company Data 3 www.mackieresearch.com
  • 4. Aggregate Public Data Web 2.0 Public Companies Total Median Max Min # Companies 101 - - - Market Cap (US$ mm) 76,167.1 73.3 30,613.7 1.2 Revenue (US$ mm) 23,488.2 56.7 3,057.7 0.0 1 Year revenue growth 5.7% 8961.6% -100.0% EBITDA as % of revenue - 13.3% 63.1% -99.5% Net cash (US$ mm) 9,046.6 2.3 1,836.0 -670.8 TEV/Revenue - 1.9x 47.4x 0.0x TEV/EBITDA - 8.8x 49.3x 0.5x P/E - 16.8x 94.5x 0.0x Relative to 52 week high -40.9% -1.6% -95.6% Source: CapitalIQ 4 www.mackieresearch.com
  • 5. 5 0 5 10 15 20 25 30 Gaming 28 Social Networking 16 Media 10 8 Diversified 6 Marketing 5 Mobile Source: CapitalIQ 3 Infrastructure 3 SMS/Voice 3 Enterprise 3 Advertising 2 Internet Retail 2 Virtual World By Sector 2 Dating 2 Music 1 Vertical Communities 1 Collaboration 1 Podcasting 1 Learning 1 Video 1 Search 1 Payment 1 Financial Services Public Company Distribution 0 5 10 15 20 25 30 35 40 45 United States Canada China South Korea Japan Taiwan Hong Kong Germany Poland Australia United Kingdom By Country Italy Finland Sweden India Russia Malaysia Switzerland www.mackieresearch.com
  • 6. Valuation Dashboard – 1 Week Market Cap EV/Revenue Flat 7% Flat 2% Rising 25% Rising 23% Falling 75% Falling 68% EV/EBITDA P/E Flat Flat 4% 0% Rising 28% Rising 32% Falling 68% Falling 68% 6 www.mackieresearch.com
  • 7. 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 5/11/2009 5/18/2009 5/25/2009 6/1/2009 6/8/2009 6/15/2009 6/22/2009 6/29/2009 7/6/2009 7/13/2009 7/20/2009 7/27/2009 8/3/2009 8/10/2009 8/17/2009 8/24/2009 Median EV/Revenue 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 Median 11/16/2009 11/23/2009 11/30/2009 12/7/2009 12/14/2009 12/21/2009 12/28/2009 1/4/2010 1/11/2010 1/18/2010 Long-term average 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 average 3/29/2010 4/5/2010 well below LT 4/12/2010 4/19/2010 down slightly, still Revenue multiples 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 383839393940394042424445464646464749515151535456616161616366666666666670717073747069727272747476807880808181808282858384 www.mackieresearch.com
  • 8. 8 Source: CapitalIQ Multiple (x ) # companies 0. 0x 5. 0x 10. 0x 15. 0x 20. 0x 25. 0x 5/11/2009 5/18/2009 5/25/2009 6/1/2009 6/8/2009 6/15/2009 6/22/2009 6/29/2009 7/6/2009 7/13/2009 7/20/2009 7/27/2009 8/3/2009 8/10/2009 Median EV/EBITDA 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 Median 11/16/2009 11/23/2009 11/30/2009 12/7/2009 12/14/2009 12/21/2009 12/28/2009 1/4/2010 1/11/2010 1/18/2010 1/25/2010 Long-term average 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 4/12/2010 4/19/2010 4/26/2010 5/3/2010 EV/EBITDA multiples down, depressed below LT average 5/10/2010 5/17/2010 5/24/2010 5/31/2010 6/7/2010 6/14/2010 6/21/2010 6/28/2010 20 20 22 22 23 23 22 22 24 24 23 23 24 24 26 26 26 26 25 25 26 28 30 30 34 33 36 36 38 38 39 40 39 41 41 39 39 39 43 43 41 42 43 43 42 43 43 45 46 45 50 50 50 53 52 52 51 51 49 51 www.mackieresearch.com
  • 9. 9 Source: CapitalIQ Multiple (x ) # companies 0. 0x 5. 0x 10. 0x 15. 0x 20. 0x 25. 0x 30. 0x 35. 0x 5/11/2009 5/18/2009 5/25/2009 Median P/E 6/1/2009 6/8/2009 6/15/2009 6/22/2009 6/29/2009 7/6/2009 7/13/2009 7/20/2009 7/27/2009 8/3/2009 8/10/2009 8/17/2009 8/24/2009 8/31/2009 9/7/2009 9/14/2009 9/21/2009 9/28/2009 10/5/2009 10/12/2009 10/19/2009 10/26/2009 11/2/2009 11/9/2009 Median 11/16/2009 11/23/2009 11/30/2009 12/7/2009 12/14/2009 12/21/2009 12/28/2009 1/4/2010 1/11/2010 1/18/2010 1/25/2010 Long-term average 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 4/12/2010 and below LT average 4/19/2010 P/E multiples also down 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 19 18 19 18 19 19 19 19 20 20 19 18 19 19 20 20 21 25 24 25 25 27 28 27 30 31 32 32 32 33 33 35 37 39 39 39 40 39 40 41 42 40 40 40 38 37 38 34 33 32 35 35 35 35 35 35 35 34 34 34 www.mackieresearch.com
  • 10. 10 - 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 # Companies 1 Virtual World 36.3 2 Infrastructure 13.4 7 Diversified 9.9 1 Learning 8.4 8 Social Networking 5.3 2 Music 4.7 1 Vertical Communities 4.3 1 Search 4.2 Gaming 21 3.7 4 Mobile 3.5 3 SMS/Voice 3.3 6 Marketing 3.2 Average EV/Revenue – by Sector 1 Podcasting 2.8 3 Advertising 2.7 1 Collaboration 2.5 9 Media 2.3 2 Internet Retail 2.0 1 Video 1.9 3 Enterprise 1.8 2 Dating 1.4 1 Financial Services 0.4 www.mackieresearch.com
  • 11. Average EV/EBITDA – by Sector 60.0 49.3 50.0 45.4 40.0 30.0 20.0 18.2 15.6 11.7 11.7 11.7 11.0 9.7 9.3 8.9 10.0 - Diversified Advertising Financial Services Internet Retail Search Enterprise Mobile Gaming Social Networking Media Collaboration # Companies 1 1 2 2 14 2 5 6 1 6 1 11 www.mackieresearch.com
  • 12. Average P/E – by Sector 100.0 93.0 90.0 80.0 70.0 60.0 56.3 50.0 39.1 40.0 34.9 29.0 30.0 25.5 20.0 15.0 13.6 13.2 10.0 - Internet Retail Enterprise Collaboration Diversified Marketing Social Advertising Media Gaming Networking 2 3 1 8 6 16 3 10 28 # Companies 12 www.mackieresearch.com
  • 13. 13 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0 NeXplore C orporation 47 Source: CapitalIQ 36 Worlds .com Inc. 33 S oc ialG O P L C 26 S pectrumDNA, Inc. 16 T encent H oldings Ltd. 13 P aid Inc. G eoS entric O yj B ey ond C ommerce, Inc . 11 11 11 G ree, Inc. 10 MO K O .mobi Limited 9 C hines e G amer International 8 Lingo Media C orporation F luid Mus ic C anada, Inc . DigitalP os t Interactive, Inc . 7 7 7 Dena C o. Ltd. T rans G aming, Inc . 7 6 Ac celeriz e New Media, Inc. 5 HU G H E S T elematics , Inc . WebMediaB rands Inc S K C ommunications C o. , L td. C hangy ou.c om Limited 4 4 4 4 T aleo C orp. Mix i, Inc. 4 3 F rogs ter Interactiv e P ic tures AG K ings oft C orporation L imited Wiz z ard S oftware C orporation 3 3 3 is eemedia Inc. O pen T ex t C orp. EV/Revenue Ranking NE O WIZ G ames C orporation eP ro Ltd. Modern T imes G roup Mtg AB XING AG G ungH o O nline E ntertainment, Inc . S hutterfly, Inc. S ohu.com Inc. V elti P lc S core Media Inc. U O MO Media, Inc P NI Digital Media Inc . NeuLion Incorporated 2 2 2 2 2 2 2 2 2 2 2 2 2 V alueC lic k , Inc. Myriad G roup AG H anbitS oft, Inc. Webz en Inc. U nilav a C orporation P latforma Mediowa P oint G roup S . A. S park Network s , Inc. Y D O nline C orp. NeXplore has highest revenue multiple at 47x G amania Digital E ntertainment C o. , L td. 2 2 2 2 2 2 1 1 1 1 H utchis on T elec ommunic ations Hong infoG R O U P , Inc . S NAP Interac tiv e, Inc. NetDragon WebS oft, Inc. Y nk K orea Inc. O riented Media G roup B erhad C ornerWorld C orporation O AO R B C Information S ys tems Internet G roup S A AQ Interac tiv e, Inc. T he New Y ork T imes C ompany C DC C orp. T heS treet. com, Inc. Northgate T echnologies Limited IAC /InterAc tiv eC orp. P oints International L td. C yberplex Inc. United O nline, Inc. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 U nis erv e C ommunic ations C orp. AO L, Inc. DADA S pA G lu Mobile, Inc. G igaMedia Ltd. Ac toz S oft C o., Ltd. T ree.C om, Inc. O penwav e S y s tems Inc. G ameO n C o L td. R ealNetwork s Inc. J umbuc k E ntertainment Limited 1 1 1 1 0 0 0 0 0 0 0 As k net AG 0 Look S mart, L td. www.mackieresearch.com
  • 14. 14 0. 0 10. 0 20. 0 30. 0 40. 0 50. 0 60. 0 Source: CapitalIQ T ree. C om, Inc . 49.3 S K C ommunic ations C o. , Ltd. 45. 4 HanbitS oft, Inc . 38. 0 T enc ent Holdings Ltd. 30.7 T aleo C orp. 29.1 F rogs ter Interac tive P ic tures AG 21.3 G ree, Inc . C hines e G amer International 19.018. 3 My riad G roup AG 17. 6 Modern T imes G roup Mtg AB Mix i, Inc . S hutterfly , Inc . 16. 315.915.3 Dena C o. Ltd. T heS treet. c om, Inc . EV/EBITDA Ranking AQ Interac tive, Inc . 14.814. 614. 0 O penwave S y s tems Inc . S c ore Media Inc . 13. 612.8 Y D O nline C orp. 12.0 IAC /InterAc tiveC orp. C y berplex Inc . at 49.3x G ungHo O nline E ntertainment, Inc . O pen T ex t C orp. P latforma Mediowa P oint G roup S .A. 10.0 9.7 9.2 8.9 8. 8 G amania Digital E ntertainment C o., Ltd. DADA S pA Tree.com leads the group NE O WIZ G ames C orporation XING AG P NI Digital Media Inc . V elti P lc Unis erve C ommunic ations C orp. 8. 6 8. 4 8.3 8.3 8.1 7.9 7. 6 N etDragon WebS oft, Inc . K ings oft C orporation Limited C DC C orp. S park Network s , Inc . infoG R O UP , Inc . V alueC lic k , Inc . 7. 6 7.5 7.4 7.2 6.7 6. 7 C hangy ou. c om Limited Hutc his on T elec ommunic ations Hong K ong Holdings Ltd. T he New Y ork T imes C ompany 6. 4 5.6 5.4 S ohu.c om Inc . United O nline, Inc . 4.8 3.7 Ac toz S oft C o., Ltd. AO L, Inc . 2. 5 2. 2 G ameO n C o Ltd. 1. 1 www.mackieresearch.com Excluding EV/EBITDA > 100x
  • 15. 15 Source: CapitalIQ 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0 eP ro Ltd. S hutterfly , Inc. 94.5 93.0 P oints International Ltd. C DC C orp. 57.2 55. 4 P/E Ranking Mix i, Inc . 48. 8 infoG R O U P , Inc . 46. 9 T enc ent H oldings Ltd. O pen T ex t C orp. 40. 9 39. 1 G ree, Inc . 37. 0 Dena C o. Ltd. NetDragon W ebS oft, Inc . G amania Digita l E ntertainment C o., Ltd. 32.5 32.4 31.2 C hines e G amer Internationa l V elti P lc F rogs ter Intera ctive P ictures AG 24.7 24.6 24.3 NE O W IZ G ames C orporation P/E at 94.5x 19.5 Hutc his on T elec ommunications H ong K ong H oldings Ltd. ePro has the highest T he New Y ork T imes C ompany V alueC lic k , Inc. 17.3 16.3 15.5 C y berplex Inc . 15.0 S ohu.com Inc . DADA S pA K ings oft C orpora tion L imited 13.2 13.1 12.9 AO L , Inc. G ameO n C o Ltd. 11.1 9.5 C hangy ou. com L imited 9.4 U nited O nline, Inc . 8.8 Unis erve C ommunic ations C orp. 6.0 J umbuc k E ntertainment Limited 3.3 N etea s e.com Inc . 2.2 G iant Intera ctive G roup, Inc . 2.0 S ha nda Interac tive E ntertainment Ltd. 1.9 www.mackieresearch.com
  • 16. 16 Source: CapitalIQ (U S $m) # companies - 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000 7/6/2009 7/13/2009 7/20/2009 7/27/2009 8/3/2009 8/10/2009 8/17/2009 8/24/2009 8/31/2009 9/7/2009 9/14/2009 9/21/2009 9/28/2009 10/5/2009 10/12/2009 10/19/2009 10/26/2009 11/2/2009 11/9/2009 11/16/2009 11/23/2009 11/30/2009 Total Market Capitalization 12/7/2009 100 12/14/2009 12/21/2009 98 98 98 98 98 98 98 98 98 97 98 98 98 98 99 99 99 99 99 99 99 100 100100 12/28/2009 1/4/2010 100100 1/11/2010 1/18/2010 1/25/2010 100 2/1/2010 2/8/2010 100100 100100 2/15/2010 2/22/2010 100101 3/1/2010 3/8/2010 3/15/2010 101 Total market cap decreases to $76 bn 3/22/2010 3/29/2010 101101 101101 4/5/2010 4/12/2010 4/19/2010 101 4/26/2010 5/3/2010 101101 101101 5/10/2010 5/17/2010 101101 5/24/2010 5/31/2010 6/7/2010 101 6/14/2010 6/21/2010 101101 101101 6/28/2010 101 www.mackieresearch.com
  • 17. 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 8 Diversified Gaming 28 Media 10 Social Networking 16 1 Collaboration 6 Marketing 3 Enterprise 2 Internet Retail 1 Search 5 Mobile Total Market Cap – by Sector 2 Music 3 SMS/Voice 3 Advertising 2 Dating 1 Financial Services 1 Video 2 Virtual World 1 Vertical Communities Eight Diversified companies totaling $35 bn in market cap 1 Payment 3 Infrastructure 1 Podcasting 1 Learning www.mackieresearch.com
  • 18. 18 0 1,000 2,000 3,000 4,000 5,000 6,000 Tencent Holdings Ltd. Dena Co. Ltd. Netease.com Inc. Gree, Inc. Source: CapitalIQ Modern Times Group Mtg AB IAC/InterActiveCorp. Shanda Interactive Entertainment Ltd. AOL, Inc. Open Text Corp. Giant Interactive Group, Inc. Sohu.com Inc. The New York Times Company Changyou.com Limited Perfect World Co., Ltd. Hutchison Telecommunications Hong Kong Holdings Taleo Corp. ValueClick, Inc. NEOWIZ Games Corporation SK Communications Co., Ltd. Chinese Gamer International Mixi, Inc. Shutterfly, Inc. Kingsoft Corporation Limited United Online, Inc. infoGROUP, Inc. RealNetworks Inc. CDC Corp. GungHo Online Entertainment, Inc. Gamania Digital Entertainment Co., Ltd. NetDragon WebSoft, Inc. Velti Plc Myriad Group AG XING AG Market Cap Ranking Openwave Systems Inc. Fluid Music Canada, Inc. OAO RBC Information Systems GigaMedia Ltd. Webzen Inc. The9 Limited AQ Interactive, Inc. TheStreet.com, Inc. HUGHES Telematics, Inc. Actoz Soft Co., Ltd. Points International Ltd. HanbitSoft, Inc. GameOn Co Ltd. Cyberplex Inc. DADA SpA Paid Inc. Tree.Com, Inc. Spark Networks, Inc. Score Media Inc. Frogster Interactive Pictures AG NeuLion Incorporated YD Online Corp. Quepasa Corp. PNI Digital Media Inc. Moggle, Inc Ngi Group Inc. Gravity Co., Ltd Platforma Mediowa Point Group S.A. Glu Mobile, Inc. WebMediaBrands Inc DigitalTown, Inc. TransGaming, Inc. ePro Ltd. dominates group Multiplied Media Corporation Socialwise, Inc. LookSmart, Ltd. GeoSentric Oyj Accelerize New Media, Inc. Ynk Korea Inc. Tencent’s $31 bn market cap Asknet AG NeXplore Corporation VOIS, Inc. Northgate Technologies Limited Wizzard Software Corporation Lingo Media Corporation Dolphin Digital Media, Inc. Jumbuck Entertainment Limited iseemedia Inc. Unilava Corporation Internet Group SA SocialGO PLC Kent International Holdings Inc. DigitalPost Interactive, Inc. MOKO.mobi Limited Worlds.com Inc. SNAP Interactive, Inc. Beyond Commerce, Inc. YouBlast Global, Inc. En2Go International, Inc. SpectrumDNA, Inc. Kiwibox.Com, Inc. IAS Energy, Inc. Uniserve Communications Corp. Oriented Media Group Berhad CornerWorld Corporation BroadWebAsia Inc. UOMO Media, Inc Mobile Data Corp. www.mackieresearch.com
  • 19. Price Performance – 1 Week • Negative price momentum, with 66% of stocks falling over the past week. Price Momentum • The market has oscillated between up and down weeks fairly consistently in the last two months. Rising 25% Falling Flat 66% 9% 19 www.mackieresearch.com
  • 20. Average Price Performance – 1 Week, by Sector 20.0% 14.6% 13.7% Video sector shows 15.0% highest weekly returns 10.0% 7.4% 5.9% 5.0% 3.3% 1.5% 0.7% 0.0% 0.0% -0.4% -0.6% -2.0% -2.4% -5.0% -3.1% -3.2% -4.5% -4.7% -4.9% -6.0% -10.0% -8.3% -8.8% -10.5% -15.0% -13.3% Internet Retail Infrastructure Virtual World Collaboration Networking Financial Payment Communities Advertising Learning Music Enterprise Search Marketing Podcasting Gaming Mobile Diversified Dating Services Media SMS/Voice Video Social Vertical Source: CapitalIQ 20 www.mackieresearch.com
  • 21. 21 -80.0% -60.0% -40.0% -20.0% 0.0% 20.0% 40.0% 60.0% YBLT BWBA IASC.A BYOC UNLA Source: CapitalIQ VOIS TSXV:TNG 2497 DPDM MKB TSXV:MMC SEHK:8086 PWRD OMEDIA NXPC KIWB UOMO WSE:IGR ASX:JMB HUTC AIM:SGO TSXV:LM TSE:2432 DGTW CYOU SOHU RNWK GRVY WEBM A052770 KOSE:A069080 STVI VEL AOL GTSM:3083 TREE WSE:PGM NTES VCLK 3888 3812 XTRA:A5A RBCI IEE 6180 NYT LOV UNTD Price Performance – 1 Week GA LOOK TSXV:PN MTG B TSE:3632 IACI DGLP SCLW GIGM TSX:CX 700 A023770 SNDA MYRN A052790 A095660 OTEX OPWV IUSA GEO1V MBYL TSX:PTS CWRL ETGI WZE SEHK:215 DB:M0C O1BC TSX:FMN TSCM A066270 TLEO SFLY 777 GLUU NCTY 2121 CM:DA TSX:SCR 3838 PAYD A047080 FRG CHIN.A KNTH TSXV:USS 3765 590057 QPSA TSX:NLN SPXA ACLZ WDDD www.mackieresearch.com
  • 22. 22 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 0% 500% 1000% 1500% 2000% 2500% 3000% Uniserve OAO RBC Communications Information Corp. Systems SNAP ePro Ltd. Interactive, Inc. Source: CapitalIQ Beyond Gree, Inc. Commerce, Inc. AQ Interactive, HanbitSoft, Inc. Inc. SK Score Media Inc. Communications Co., Ltd. 6 Month 1 Month Uniserve Actoz Soft Co., Communications Ltd. Corp. Velti Plc Cyberplex Inc. AQ Interactive, Quepasa Corp. Inc. SNAP NeuLion Interactive, Inc. Incorporated Frogster Points Interactive International Ltd. Pictures AG Price Performance (Top 10) 0% 20% 40% 60% 80% 100% 120% 140% 160% 180% 0% 500% 1000% 1500% 2000% 2500% 3000% 3500% 4000% 4500% OAO RBC Beyond Information Commerce, Inc. Systems ePro Ltd. ePro Ltd. SK Quepasa Corp. Communications Co., Ltd. Points Velti Plc International Ltd. Uniserve Fluid Music Communications Canada, Inc. Corp. 1 Year 3 Month Dena Co. Ltd. Glu Mobile, Inc. AQ Interactive, Velti Plc Inc. SK Communications Gree, Inc. Co., Ltd. AQ Interactive, Gree, Inc. Inc. TransGaming, LookSmart, Ltd. Inc. www.mackieresearch.com
  • 23. 23 -70.0% -60.0% -50.0% -40.0% -30.0% -20.0% -10.0% 0.0% -100.0% -90.0% -80.0% -70.0% -60.0% -50.0% -40.0% -30.0% -20.0% -10.0% 0.0% MOKO.mobi SpectrumDNA, Limited Inc. Multiplied Media Lingo Media Source: CapitalIQ Corporation Corporation Dolphin Digital Media, Inc. VOIS, Inc. Ngi Group Inc. YouBlast Global, Inc. TransGaming, Inc. MOKO.mobi Limited 1 Week 6 Month VOIS, Inc. En2Go International, Inc. Unilava Corporation UOMO Media, Inc Beyond Commerce, Inc. CornerWorld Corporation IAS Energy, Inc. Unilava BroadWebAsia Corporation Inc. BroadWebAsia YouBlast Inc. Global, Inc. -90.0% -80.0% -70.0% -60.0% -50.0% -40.0% -30.0% -20.0% -10.0% 0.0% Price Performance (Bottom 10) -120.0% -100.0% -80.0% -60.0% -40.0% -20.0% 0.0% Lingo Media Moggle, Inc Corporation Beyond Lingo Media Commerce, Corporation Inc. Dolphin Digital VOIS, Inc. Media, Inc. Dolphin Digital SpectrumDNA, Media, Inc. Inc. IAS Energy, GeoSentric Oyj Inc. 1 Year 1 Month Beyond BroadWebAsia Commerce, Inc. Inc. CornerWorld Mobile Data Corporation Corp. UOMO Media, CornerWorld Inc Corporation En2Go YouBlast International, Global, Inc. Inc. BroadWebAsia Unilava Inc. Corporation www.mackieresearch.com
  • 24. Capital Market Activity (Financing, M&A) 24 www.mackieresearch.com
  • 25. Financing Activity – Current Month C om pany Nam e C ountr y S e ctor A cquis ition Ange l/S e e d De bt financing S e r ie s A S e rie s B S e rie s C S e rie s D S e rie s E NA Gr and Total Zynga US A Gaming 147. 0 147.0 Alloy US A Media 126.5 126.5 Invite Me dia US A A nalytics 70. 0 70. 0 Fe tchBack US A A dvertis ing 40. 0 40. 0 Playdom US A Gaming 33.0 33. 0 Haute L ook US A Internet R etail 31.0 31. 0 C halle nge Gam e s US A Gaming 20. 5 20. 5 Mytopia Is rael Gaming 18. 0 18. 0 V opium Denmark S MS /V oice 16. 5 16. 5 Re putationDe fe nde r US A Comment/R eputation 15.0 15. 0 Br and.ne t US A A dvertis ing 14.0 14. 0 Mar in S oftw are US A A dvertis ing 11.2 11. 2 Ge tJ ar Ne tw ork s US A Mobile 11.0 11. 0 Book Re nte r US A S oc ial Commerce 10.0 10. 0 Appte r a US A Mobile A d 10. 0 10. 0 Rock You US A W idget 10.0 10. 0 Extr e m e Re ac h US A A dvertis ing 9.0 9. 0 Mac hinim a.com US A V irtual W orld 9. 0 9. 0 Safe tyWe b US A S ocial Netw orks 8. 0 8. 0 Kudzu Inte r active US A Fina ncial S ervices 7. 0 7. 0 Tr ans pe r a US A Mobile A d 7. 0 7. 0 C urs e US A S ocial Netw orks 6.0 6. 0 Snaptu Is rael Mobile 6. 0 6. 0 L ijit Ne tw or k s US A S ea rch 6. 0 6. 0 Adis n US A A dvertis ing 5. 5 5. 5 C onnotate US A A nalytics 5. 3 5. 3 Re s onate Ne tw or k s US A A dvertis ing 5. 0 5. 0 Be bo UK S ocial Netw orks 5. 0 5. 0 Me tacafe US A V ideo 5.0 5. 0 Be ac hMint US A S oc ial Commerce 5. 0 5. 0 BigDoor Me dia US A Media 5. 0 5. 0 Spons or Pay G ermany V irtual Goods 4. 6 4. 6 L ucidMe dia US A A dvertis ing 4. 5 4. 5 Tr iggit US A A dvertis ing 4.2 4. 2 Pe r fe cto Mobile Is rael Mobile 4.0 4. 0 PapayaMobile China Mobile 4.0 4. 0 Magne tic US A A dvertis ing 4. 0 4. 0 Gogobot US A Tra vel 4. 0 4. 0 Giiv US A S oc ial Commerce 3. 4 3. 4 Nuxe o F ranc e Enterpris e 3. 3 3. 3 Tr e fis US A A nalytics 3. 2 3. 2 Attr ibutor US A A nalytics 3. 2 3. 2 V iaC L IX US A V ideo 3.1 3. 1 He yz ap US A Gaming 3.0 3. 0 Me tam ar k e ts US A A dvertis ing 2. 5 2. 5 Snaptic US A Mobile 2. 3 2. 3 WOWIO US A Internet R etail 1. 7 1. 7 uC ir r us US A Infra s tructure 1. 7 1. 7 HitFix US A Media 1. 6 1. 6 Pe ar ltr e e s F ranc e S ocial Netw orks 1. 6 1. 6 C e llixis US A Comment/R eputation 1. 5 1. 5 Dilithium Ne tw or k s US A V ideo 1.5 1. 5 Sc hoology US A Online Learning 1. 3 1. 3 Thum btack US A Crow ds ourced Content 1. 2 1. 2 SoGe o Netherlands Loc ation-ba s ed S NS 0. 8 0. 8 Rum m ble UK Loc ation-ba s ed S NS 0.8 0. 8 Te am S nap US A V ertical Communities 0. 7 0. 7 285.5 6.0 1.5 58.4 70.2 76.0 181.9 10.0 55.6 745.1 25 www.mackieresearch.com
  • 26. Financing Activity – Current Month, by Sector $ Raised # Deals Internet Retail Internet Retail 3% Analytics 4% Other Analytics 11% 24% 9% Advertising Advertising 17% 13% Other 57% Media 5% Media Gaming Gaming 18% 30% 9% 26 www.mackieresearch.com
  • 27. Financing Activity June financing turning out to be one of 1000.0 16.0 the strongest aggregate deal value 900.0 months in the year 13.9 14.0 800.0 12.2 12.0 700.0 10.3 9.6 10.0 600.0 8.8 9.0 (US$m) (US$m) 7.8 500.0 8.0 6.3 6.4 400.0 5.4 5.7 5.5 6.0 4.5 300.0 4.0 200.0 2.0 100.0 0.0 0.0 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 *Dec-09 includes $180m Zynga investment Apr-10 includes $300m DST investment Total Average per Deal LTM Total Average** **Excludes Dec-09, Apr- Jun-10 includes $147m Zynga investment 10 27 www.mackieresearch.com
  • 28. 28 (US$m) 0.0 100.0 200.0 300.0 400.0 500.0 600.0 # companies Gaming Media 15 11 1 Diversified Mobile 13 5 Collaboration 9 Social Commerce Advertising 20 Crowdsourced 3 Content Analytics 14 9 Video 5 Internet Retail Social Networks 11 5 Financial Services 5 Virtual World 5 Enterprise 2 Widget 9 Vertical Communities 3 Mobile Ad quarter 5 Infrastructure 2 biggest area of Comment/Reputation Advertising the interest in the past 1 SMS/Voice 1 Mobile Payment 2 Virtual Goods 5 Search 2 Online Learning 2 Music 1 Aggregation 4 Travel 1 Classified 1 Publishing 4 Location-based SNS Capital Market Activity Ranking – by Sector, last three months 1 Microblog 1 Micromedia 1 Blog www.mackieresearch.com
  • 29. 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 Social Networks Dec-08 Jan-09 Feb-09 Gaming Mar-09 Apr-09 $ Raised May-09 Advertising Jun-09 Jul-09 Video Aug-09 Sep-09 Oct-09 Virtual World Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Top 5 Sectors (2008-present) (# Deals) 0 5 10 15 20 25 30 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Social Networks Jan-09 Feb-09 Advertising Mar-09 Apr-09 May-09 Gaming # Deals Jun-09 Jul-09 Aug-09 Virtual World Sep-09 Oct-09 Video Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 Top 5 sectors average $170 mm & 15 deals per month (aggregate) May-10 Jun-10 www.mackieresearch.com
  • 30. Financing Momentum Approaching the previous high set in the summer of 5,000 2008 – just before 14.0 the crash! 4,500 12.0 4,000 3,500 10.0 3,000 8.0 (US$m) (US$m) 2,500 6.0 2,000 1,500 4.0 1,000 2.0 500 0 0.0 Nov-04 Jul-05 Nov-05 Jul-06 Nov-06 Jul-07 Nov-07 Jul-08 Nov-08 Jul-09 Nov-09 Jan-05 May-05 Jan-06 May-06 Jan-07 May-07 Jan-08 May-08 Jan-09 May-09 Jan-10 May-10 Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Sep-09 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Total (LTM) Average Size (LTM) 30 www.mackieresearch.com
  • 31. Financing by Type (LTM) # Deals $ Raised Financing by T ype -L T M Financing by T ype - L T M (# deals ) (amount rais ed)S eries E 4.1% A ngel/S eed NA 15. 1% S eries D 16. 1% 11. 4% NA 15.3% Debt f ina nc ing 3. 0% S eries E 1.0% PIPE S eries D 0. 4% 5.0% A ngel/S eed 3. 2% Debt f ina ncing 1. 0% S eries C 28. 8% PIPE 7. 3% S eries C 14. 9% S eries A 11. 1% S eries B S eries A 20. 7% 23. 9% 31 www.mackieresearch.com
  • 32. Financing by Geography (LTM) # Deals $ Raised Financing/M&A by Country - LTM (#) Financing/M&A by Country - LTM ($) UK Israel 7.0% Russia 3.3% 3.3% UK China 3.3% Luxembourg 3.2% 22.0% Canada 1.8% Canada 2.9% Israel ROW 2.2% 3.9% China 2.2% USA 81.0% ROW 8.4% USA 55.5% 32 www.mackieresearch.com
  • 33. Financing by Type # Deals $ Raised Financing by Type Financing by Type (Number of Deals) (Amount raised) 180 1,400.0 1,257.3 160 156 1,200.0 1,170.6 151.8 140 29 271.1 1,000.0 120 262.5 120 11 108 841.5 107 2 23 161.0 7 98 800.0 Other 100 Other 735.4 1 714.7 Late Stage (D/E) (US$m) 7 27 5.1 235.4 9 Late Stage (D/E) 0.0 669.6 Mid-Stage (B/C) (#) 53 Mid-Stage (B/C) 94.2 0.0 Early Stage (Angel/A) 80 74 3 Early Stage (Angel/A) 600.0 235.3 573.9 Total 44 183.9 57.0 540.2 1 7 41 116.4 45.5 45 60 458.1 664.6 60 554.8 66.6 38 55.6 11 50 429.0 363.7 76.5 46 46 46 400.0 360.0 43 44 3 5.1 0 3 10 313.1 284.6 314.2 425.5 45 40 34 37 36 8 8 34 8 0.0 19.0 355.8 282.4 255.4 259.0 191.9 13 1 31 18 0 3 1 2 2 31 3 29 25 7 205.0 210.7 227.6 237.8 84.2 226.1 157.9 28 2 203.7 197.9 204.2 70.6 374.8 50.7 1 2 24 2 25 10 - 16 63 0.0 0.0 316.4 5.0 72.5 0 2 55 13 12 7 18 4 12 200.0 0.0 0.0 199.1 48.2 27.0 161.0 0.0 18.3 0.0 19.8 31.0 32.0 52.5 47.0 10.0 - 4.0 19 0 17 0 4 2 49 2 1 13 133.1 3 9 17 43 0.0 12.0 20 0 2 10 39 111.7 143.6 146.2 21 11 15 99.8 168.8 123.8 114.5 127.8 163.4 134.3 14 25 15 108.0 122.0 191.5 74.6 98.4 210.4 183.7 178.5 10 21 21 21 21 21 21 17 16 17 18 95.0 87.2 129.9 123.6 13 11 13 74.4 55.3 80.7 73.4 39.0 56.0 63.1 64.6 53.4 60.7 64.4 7 7 7 6 8 47.6 48.9 17.5 46.3 28.8 48.6 - - Jan-09 Feb-09 Mar-09 Q1/09 Apr-09 May-09 Jun-09 Q2/09 Jul-09 Aug-09 Sep-09 Q3/09 Oct-09 Nov-09 Dec-09 Q4/09 Jan-10 Feb-10 Mar-10 Q1/10 Apr-10 May-10 Jun-10 Q2/10 Feb-09 Mar-09 May-09 Feb-10 Mar-10 May-10 Jan-09 Q1/09 Jun-09 Q2/09 Jul-09 Q3/09 Oct-09 Nov-09 Dec-09 Q4/09 Jan-10 Q1/10 Jun-10 Q2/10 Sep-09 Apr-09 Aug-09 Apr-10 33 www.mackieresearch.com
  • 34. Top 10 Deals (2010 YTD) Financing Acquisitions 350.0 250 225.0 300.0 300.0 200 187.5 250.0 160.0 200.0 150 142.0 126.5 147.0 150.0 135.0 100.0 100 100.0 80.0 75.0 70.0 50.0 50.0 59.8 50.0 44.0 40.0 35.0 33.0 31.0 50 0.0 Technologies Zynga LivingSocial Playdom HauteLook Groupon Gilt Groupe Glam Media Tremor Media Qiyi Digital Sky 0 Siri ICQ Turbine Jigsaw Alloy Ankeena Mochi Tsavo Invite GameHi Networks Media Media Media 34 www.mackieresearch.com
  • 35. Upcoming Events/Earnings Company Date Time Quarter Conf Call Details The New York Times Company (NYSE:NYT) 22-Jul-10 11:00 AM (EST) Q2/10 888-293-6979 Tree.Com, Inc. (NasdaqGM:TREE) 29-Jul-10 11:00 AM (EST) Q2/10 877-874-1588 Source: CapitalIQ 35 www.mackieresearch.com
  • 36. Public Company Listing T rading C urre nt US $ Mark e t C om pany Nam e T ick e r Exchange C ur re ncy HQ Price C ap (m m ) Em ploye e s A ccelerize New M edia, Inc. ACLZ OTCBB USD United States 1 20.3 10 A cto z So ft Co ., Ltd. A052790 KOSE KRW So uth Ko rea 12,250 90.3 NA A OL, Inc. AOL NYSE USD United States 22 2,324.4 6,700 A Q Interactive, Inc. 3838 TSE JP Y Japan 158,800 96.7 NA A sknet AG XTRA :A 5A XTRA EUR Germany 3 19.2 NA B eyo nd Co mmerce, Inc. BYOC OTCBB USD United States 0 5.5 16 B roadWebA sia Inc. BWB A OTCPK USD United States 0 1.7 46 CDC Co rp. CHIN.A NasdaqGS USD Ho ng Ko ng 2 277.0 NA Changyo u.co m Limited CYOU NasdaqGS USD China 27 1,389.2 1,308 Chinese Gamer Internatio nal GTSM :3083 GTSM TWD Taiwan 271 725.3 NA Co rnerWorld Co rpo ratio n CWRL OTCBB USD United States 0 1.9 16 Cyberplex Inc. TSX:CX TSX CA D Canada 1 82.5 NA DA DA SpA CM :DA CM EUR Italy 4 79.4 597 Dena Co . Ltd. TSE:2432 TSE JP Y Japan 2,591 4,1 36.6 NA DigitalPo st Interactive, Inc. DGLP OTCBB USD United States 0 6.5 6 DigitalTown, Inc. DGTW OTCBB USD United States 1 33.0 NA Do lphin Digital M edia, Inc. DP DM OTCBB USD United States 0 10.5 NA En2Go International, Inc. ETGI OTCBB USD United States 0 4.8 NA ePro Ltd. SEHK:8086 SEHK HKD Ho ng Ko ng 1 30.2 707 Fluid M usic Canada, Inc. TSX:FM N TSX CA D United States 2 1 78.4 NA Fro gster Interactive P ictures A G FRG XTRA EUR Germany 21 64.8 NA Gamania Digital Entertainment Co ., Ltd. 6180 GTSM TWD Taiwan 53 262.4 NA GameOn Co Ltd. 381 2 TSE JP Y Japan 76,600 82.9 NA Geo Sentric Oyj GEO1 V HLSE EUR Finland 0 22.2 120 Giant Interactive Gro up, Inc. GA NYSE USD China 7 1,603.9 1,575 GigaM edia Ltd. GIGM NasdaqGS USD Taiwan 2 1 20.6 NA Glu M o bile, Inc. GLUU NasdaqGM USD United States 1 39.2 479 Gravity Co ., Ltd GRVY NasdaqGM USD So uth Ko rea 2 43.2 455 Gree, Inc. TSE:3632 TSE JP Y Japan 7,480 3,788.6 NA GungHo Online Entertainment, Inc. 3765 OSE JP Y Japan 212,600 273.2 NA HanbitSo ft, Inc. A047080 KOSE KRW So uth Ko rea 4,875 88.8 NA HUGHES Telematics, Inc. HUTC OTCBB USD United States 3 91 .0 276 Hutchison Teleco mmunicatio ns Ho ng Kong Ho ldings Ltd. SEHK:21 5 SEHK HKD Ho ng Ko ng 2 1 ,039.1 1,732 IA C/InterActiveCo rp. IA CI NasdaqGS USD United States 23 2,552.6 3,200 IA S Energy, Inc. IA SC.A OTCPK USD Canada 0 3.7 NA infoGROUP , Inc. IUSA NasdaqGS USD United States 8 459.1 3,1 46 Internet Gro up SA WSE:IGR WSE P LN P o land 1 7.3 NA 36 www.mackieresearch.com
  • 37. Public Company Listing cont. T rading C urr e nt US $ Mark e t C om pany Nam e T ick e r Exc hange C ur re nc y HQ Price C ap (m m ) Em ploye e s Jumbuck Entertainment Limited A SX:JM B A SX A UD A ustralia 0.19 8.1 79 Kent Internatio nal Ho ldings Inc. KNTH OTCP K USD United States 1.95 6.9 NA Kingso ft Co rpo ratio n Limited 3888 SEHK HKD China 4.15 581 .5 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 0.44 12.4 NA Lo o kSmart, Ltd. LOOK NasdaqGM USD United States 1.33 22.8 65 M ixi, Inc. 2121 TSE JP Y Japan 41 ,500.00 1 71 2.4 NA M o bile Data Co rp. M B YL OTCB B USD United States 0.05 1.2 NA M o dern Times Gro up M tg A B M TG B OM SEK Sweden 441 .60 3,764.7 2,936 M o ggle, Inc DB :M 0C DB EUR United States 0.85 49.0 2 M OKO.mo bi Limited M KB A SX A UD A ustralia 0.06 6.2 NA M ultiplied M edia Co rpo ratio n TSXV:M M C TSXV CA D Canada 0.12 29.0 NA M yriad Gro up A G M YRN SWX CHF Switzerland 4.45 199.2 NA NEOWIZ Games Co rpo ratio n A 095660 KOSE KRW So uth Ko rea 41,800.00 732.8 NA NetDrago n WebSo ft, Inc. 777 SEHK HKD China 3.66 247.4 2,901 Netease.co m Inc. NTES NasdaqGS USD China 31 .74 4,1 1 1 .0 NA NeuLio n Inco rpo rated TSX:NLN TSX CA D Canada 0.55 62.1 224 NeXplo re Co rpo ratio n NXP C OTCP K USD United States 0.32 17.8 NA Ngi Gro up Inc. 2497 TSE JP Y Japan 32,300.00 44.8 NA No rthgate Techno lo gies Limited 590057 B SE INR India 17.80 13.4 NA OA O RB C Info rmatio n Systems RB CI M ICEX RUB Russia 37.06 1 .5 61 2,523 Open Text Co rp. OTEX NasdaqGS USD Canada 38.50 2,186.0 3,700 Openwave Systems Inc. OP WV NasdaqGS USD United States 2.14 179.5 590 Oriented M edia Gro up B erhad OM EDIA KLSE M YR M alaysia 0.08 3.1 NA P aid Inc. P A YD OTCB B USD United States 0.28 74.6 20 P erfect Wo rld Co ., Ltd. P WRD NasdaqGS USD China 22.1 6 1 09.3 ,1 2,896 P latfo rma M edio wa P o int Gro up S.A . WSE:P GM WSE P LN P o land 1.38 42.7 NA P NI Digital M edia Inc. TSXV:P N TSXV CA D Canada 1.52 50.4 NA P o ints Internatio nal Ltd. TSX:P TS TSX CA D Canada 0.62 89.9 93 Quepasa Co rp. QP SA OTCB B USD United States 4.15 53.8 71 RealNetwo rks Inc. RNWK NasdaqGS USD United States 3.39 458.5 1,754 Sco re M edia Inc. TSX:SCR TSX CA D Canada 0.87 68.4 230 Shanda Interactive Entertainment Ltd. SNDA NasdaqGS USD China 39.98 2,373.9 5,721 Shutterfly, Inc. SFLY NasdaqGS USD United States 25.24 677.8 51 9 SK Co mmunicatio ns Co ., Ltd. A 066270 KOSE KRW So uth Ko rea 20,800.00 726.2 NA 37 www.mackieresearch.com
  • 38. Public Company Listing cont. T rading C urr e nt US $ Mark e t C om pany Nam e T ick e r Exchange C ur re ncy HQ Price C ap (m m ) Em ploye e s So cialGO P LC A IM :SGO A IM GB P United Kingdom 0.01 7.0 9 So cialwise, Inc. SCLW OTCB B USD United States 0.49 24.5 NA So hu.co m Inc. SOHU NasdaqGS USD China 41.54 1 .0 ,571 3,997 Spark Networks, Inc. LOV A M EX USD United States 3.43 70.6 155 SpectrumDNA , Inc. SP XA OTCB B USD United States 0.07 4.8 8 Taleo Co rp. TLEO NasdaqGM USD United States 26.02 1,034.6 91 6 Tencent Holdings Ltd. 700 SEHK HKD China 130.20 30,61 3.7 7,845 The New Yo rk Times Co mpany NYT NYSE USD United States 9.74 1 8.1 ,41 7,665 The9 Limited NCTY NasdaqGS USD China 4.18 106.6 1 0 ,01 TheStreet.co m, Inc. TSCM NasdaqGM USD United States 2.95 93.1 274 TransGaming, Inc. TSXV:TNG TSXV CA D Canada 0.55 31 .6 28 Tree.Com, Inc. TREE NasdaqGM USD United States 6.54 73.3 700 Unilava Co rpo ratio n UNLA OTCB B USD United States 0.08 8.0 40 Uniserve Communications Co rp. TSXV:USS TSXV CA D Canada 0.13 3.6 NA United Online, Inc. UNTD NasdaqGS USD United States 6.16 536.7 1,699 UOM O M edia, Inc UOM O OTCB B USD Canada 0.02 1.4 NA ValueClick, Inc. VCLK NasdaqGS USD United States 1 .50 1 935.2 1,086 Velti P lc VEL A IM GB P United Kingdom 4.27 241 .9 459 VOIS, Inc. VOIS OTCB B USD United States 0.01 14.2 2 WebM ediaB rands Inc WEB M NasdaqGS USD United States 0.94 35.2 83 Webzen Inc. KOSE:A 069080 KOSE KRW So uth Ko rea 1 ,050.00 1 108.9 326 Wizzard So ftware Corpo ratio n WZE A M EX USD United States 0.20 13.2 80 Wo rlds.co m Inc. WDDD OTCB B USD United States 0.10 5.7 1 XING A G O1 C B XTRA EUR Germany 28.35 180.4 293 YD Online Co rp. A 052770 KOSE KRW So uth Ko rea 4,51 0.00 56.3 NA Ynk Ko rea Inc. A 023770 KOSE KRW So uth Ko rea 2,900.00 19.2 NA Yo uB last Glo bal, Inc. YB LT OTCB B USD United States 0.15 5.2 6 38 www.mackieresearch.com
  • 39. 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 Corporation assume any responsibility or liability. Mackie Research Capital Corporation, its directors, officers and other employees may, from time to time, have positions in the securities mentioned herein. Contents of this report cannot be reproduced in whole or in part without the expressed permission of Mackie Research Capital Corporation. (U.S. Institutional Clients — Research Capital U.S.A. Inc. (a wholly owned subsidiary of Mackie Research Capital Corporation) accepts responsibility for the contents of this report subject to the terms & limitations set out above. Firms or institutions receiving this report should effect transactions in securities discussed in the report through Research Capital U.S.A. Inc., a Broker-Dealer Registered with the United States Securities and Exchange Commission). Toronto 416.860.7600 Montreal 514.399.1500 Vancouver 604.662.1800 Calgary 403.218.6375 Regina 306.566.7550 St. Albert 780-460-6460 39 www.mackieresearch.com