09 08 11 Web 2.0 Weekly

SOFTWARE & SERVICES 11 AUGUST 2009
DAVID SHORE, CFA, MBA 416.860.6784
WEB 2.O WEEKLY david.shore@researchcapital.com
Arun Thomas (Associate) 416.860.7666

DOWN RO UNDS EXCEEDED UP ROUNDS (IN THE VALLEY) FOR THE SECOND QUARTER SINCE Q4/03
DO W N RO UN D S E X C E ED E D UP R O UN D S 46% T O 32%
Down rounds (defined as when a company is valued less than it was during its previous fundraising) exceeded up
rounds 46% to 32%, with 22% flat for the second quarter. This is from a survey by Silicon Valley venture capital firm
Fenwick & W est LLP. These numbers are slightly better than Q1/09 when down rounds outpaced up rounds 46% to
25%. According to Fenwick & W est, the last two quarters are the first since Q4/03 in which down rounds exceeded up
rounds.

As investors (VCs) are busy focusing on portfolio companies, they dedicate less time and money to new investments
and in today’s credit markets, where cash is king, there is a great urgency to conserve as much cash as possible.
Moreover, venture capitalists are raising less from their investors. W ith stock market valuations improving, as shown
in Figure 5, we expect valuations in private investments to improve, albeit gradually.

Total capital raised in August (so far) is $94.4 million: Gaming company Turbine, Inc. raised $50 million in August.
RichRelevance, a company that offers comment/opinion on ecommerce sites, was a distant second at $12.5 million in
August. Total capital raised in July on 31 transactions was $178.7 million, averaging $5.8 million, and June was
$196.1 million, averaging $4.9 million. The average for August, month-to-date so far, is $7.4 million.

Financing Activity Last Three Months

250.0 8.0

7.4

7.0

200.0

6.0
5.8

4.9
5.0
150.0
(US$m)

(US$m)

4.0

100.0
3.0

2.0

50.0

1.0

0.0 0.0
Jun-09 Jul-09 Aug-09

Total Average

A mixed price performance 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 negative returns on the week.
Fluid Music Canada, Inc (TSX:FMN) led the group with a 31.1% return, while NetDragon W ebsoft, Inc. (SEHK:777)
had the worst return, dropping 12.0% 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

THE WEB 2.0 UNIVERSE
Ninety-one public Web 2.0 companies identified: Our W eb 2.0 universe contains 91 companies, with a combined market
cap of ~$63 billion (Figure 1). The median market cap for the group is ~$61 million, with average trailing revenue of
~$157.3 million (median $56.2 million). The companies are also generally profitable, with a median EBITDA margin of
13.1%. On a valuation basis, the overall average is 5.0x trailing revenue (median 1.9x) and 11.1x trailing EBITDA (median
9.8x). Twenty-one of the companies have more than 500 employees.
C omparable C ompany Analys is > Web 2.0
Trading C urrent US D Market US D L TM Total US D L TM Total E B ITDA TE V/L TM TE V/L TM
C ompany Name L TM as of Ticker E xc hange C urrency HQ P rice C ap ($m) R ev ($m) E B ITDA ($m) % R evenue E B ITDA E mployees
Accelerize New Media , Inc. 3/31/2009 AC LZ OT C B B US D United S ta tes 0. 57 15. 8 4. 1 (4.4) NM 5. 1x - 11
Actoz S oft C o. , Ltd. 3/31/2009 A052790 K OS E KR W S outh K orea 23,550 165. 3 94. 0 20. 4 21. 7% 1. 4x 6. 6x NA
AQ Interactive, Inc. 3/31/2009 3838 TS E JPY J a pan 53,600 29. 9 63. 5 4.0 6.3% 0. 0x 0. 3x NA
As s ociated Media Holdings Inc. 6/30/2007 AS MH OT C P K US D United S ta tes 0. 01 0.6 0. 1 (2.3) NM 15.6x - 3
B igs tring C orp. 3/31/2009 BS GC OT C B B US D United S ta tes 0. 03 1.3 0. 1 (2.0) NM 35.7x - 4
B eta wave C orporation 3/31/2009 B W AV OT C B B US D United S ta tes 0. 08 2.2 8. 4 (12. 6) NM - - 53
B eyond C ommerce, Inc. 3/31/2009 B Y OC OT C B B US D United S ta tes 0. 30 13. 5 7. 1 (9.5) NM 2. 6x - 69
B right T hings plc 9/30/2008 AIM: B G T AIM GBP United K ingdom 0. 02 4.8 0. 3 (1.9) NM 17.6x - 9
B roa dW ebAs ia Inc. 9/30/2008 BWBA OT C P K US D United S ta tes 0. 23 19. 5 0. 0 (4.6) NM - - 46
C DC C orp. 3/31/2009 C HIN. A Na s daqG S US D Hong K ong 2. 76 292. 3 389.9 30. 8 7.9% 0. 8x 9. 9x 2, 227
C hangyou. com L imited 6/30/2009 C Y OU Na s daqG S US D C hina 39. 35 2,164. 4 241.2 147.2 61. 0% 7. 8x 12. 8x 628
C hina G a teway C orporation 9/30/2008 CGWY OT C P K US D United S ta tes 0. 02 0.3 6. 7 (6.6) -98. 9% 0. 0x - 37
C hines e G amer Interna tiona l 3/31/2009 G T S M: 3083 GTS M TWD T aiwa n 430 1,101. 7 56. 3 31. 5 56. 0% 18.4x 32. 9x NA
C LIC K E R Inc. 5/31/2009 C LK Z OT C B B US D United S ta tes 0. 01 0.6 2. 5 (1.2) -45. 8% 0. 3x - 22
C ornerW orld C orpora tion 1/31/2009 CWR L OT C B B US D United S ta tes 0. 06 3.5 1. 3 NM NM 3. 8x - NA
C yberplex Inc. 3/31/2009 T S X :C X TS X C AD C anada 2 102. 3 75. 2 7.8 10. 3% 1. 3x 12. 6x NA
DADA S pA 3/31/2009 C M: DA CM E UR Italy 6. 10 139. 8 237.6 34. 8 14. 6% 0. 8x 5. 5x 578
DXN Holdings B hd 2/28/2009 DX N K LS E MY R Ma la ys ia 0. 47 30. 9 78. 9 10. 9 13. 8% 0. 6x 4. 1x NA
Dibz International, Inc. NA DIB Z OT C P K US D United S ta tes 0. 00 0.0 NA NM NM - - NA
DigitalP os t Interactive, Inc. 3/31/2009 DG LP OT C B B US D United S ta tes 0. 06 4.4 0. 7 (2.6) NM 8. 2x - 7
DigitalT own, Inc. 5/31/2009 DG T W OT C B B US D United S ta tes 1. 30 35. 6 NM (2.5) NM - - 3
Dolphin Digital Media , Inc. 3/31/2009 DP DM OT C B B US D United S ta tes 0. 40 20. 7 0. 8 (3.7) NM 28.0x - NA
E olith C o. Ltd. 12/31/2008 A041060 K OS E KR W S outh K orea 820 48. 4 15. 0 (3.5) -23. 6% 3. 4x - NA
E xtens ions , Inc. 3/31/2009 E XT I OT C P K US D United S ta tes 0. 20 8.9 NM NM NM - - 2
F luid Mus ic C a nada , Inc. 3/31/2009 T S X :F MN TS X C AD United S ta tes 1. 18 57. 2 5. 0 (6.9) NM 9. 7x - NA
F rogs ter Interactive P ictures AG 12/31/2008 FRG XT R A E UR G ermany 14. 50 51. 8 3. 2 (6.2) NM 15.4x - NA
G ama nia Digita l E ntertainment C o., Ltd. 3/31/2009 6180 GTS M TWD T aiwa n 58. 00 268. 3 126.2 21. 0 16. 6% 1. 9x 11. 7x NA
G ameOn C o Ltd. 3/31/2009 3812 TS E JPY J a pan 103,700 103. 0 75. 6 17. 9 23. 7% 0. 6x 2. 4x NA
G eoS entric O yj 3/31/2009 G E O 1V HL S E E UR F inland 0. 05 63. 5 6. 0 (15. 5) NM 9. 9x - 108
G iant Interactive G roup, Inc. 3/31/2009 GA NY S E US D C hina 8 1,818. 1 218.9 NM NM - - 1, 570
G iga Media Ltd. 3/31/2009 G IG M Na s daqG S US D T aiwa n 4. 94 269. 3 183.6 NM NM 1. 1x - 751
G ravity C o., Ltd 3/31/2009 GR VY Na s daqG M US D S outh K orea 2. 10 58. 4 46. 6 12. 8 27. 5% - - 469
G ree, Inc. 6/30/2009 T S E : 3632 TS E JPY J a pan 7,740 1,779. 8 143.3 86. 1 60. 1% 11.7x 19. 4x NA
G ungHo O nline E ntertainment, Inc. 3/31/2009 3765 OS E JPY J a pan 202,000 237. 7 105.9 19. 0 18. 0% 2. 0x 11. 0x NA
HanbitS oft, Inc. 3/31/2009 A047080 K OS E KR W S outh K orea 4,305 76. 8 56. 2 (15. 1) -26. 8% 1. 1x - NA
IAC /InterActiveC orp. 6/30/2009 IAC I Na s daqG S US D United S ta tes 18. 50 2,449. 4 1, 392. 3 52. 7 3.8% 0. 5x 13. 5x 3, 200
IAS E nergy, Inc. 1/31/2009 IAS C . A OT C B B US D C anada 0. 18 12. 6 0. 0 (0.8) NM - - NA
is eemedia Inc. 3/31/2009 IE E T S XV C AD C anada 0. 07 3.3 1. 6 (5.1) NM 1. 5x - NA
J umbuck E nterta inment P ty Ltd. 12/31/2008 AS X :J MB AS X AUD Aus tralia 0. 37 15. 1 15. 0 5.6 37. 2% 0. 7x 1. 8x 72
K AB Dis tribution Inc. 3/31/2009 T S X :K AB TS X C AD C anada 1 82. 7 76. 0 9.0 11. 9% 1. 2x 9. 7x NA
K ings oft C o. Ltd. 3/31/2009 3888 S E HK HK D C hina 8 1,134. 8 129.0 52. 0 40. 3% 8. 7x 21. 7x 2, 271
Lingo Media C orporation 3/31/2009 T S X V :LM T S XV C AD C anada 1. 12 12. 9 0. 9 (1.6) NM 12.4x - NA
LiveW orld Inc. 3/31/2009 LVW D OT C P K US D United S ta tes 0. 06 1.9 11. 4 (0.0) -0.4% 0. 1x - NA
LookS mart, Ltd. 6/30/2009 L OO K Na s daqG M US D United S ta tes 1. 25 21. 4 56. 8 (4.7) -8.2% - - 90
Magnitude Information S ys tems Inc. 3/31/2009 MAG Y OT C B B US D United S ta tes 0. 01 2.7 0. 1 (3.1) NM - - 14
Mixi, Inc. 6/30/2009 2121 TS E JPY J a pan 618000. 00 976. 1 125.7 42. 4 33. 8% 6. 9x 20. 4x NA
Modern T imes G roup Mtg AB 6/30/2009 MT G B OM SEK S weden 293. 00 2,662. 8 1, 893. 2 290.9 15. 4% 1. 7x 11. 1x 2, 969
MO K O .mobi Limited 12/31/2008 MK B AS X AUD Aus tralia 0. 07 4.7 1. 2 (2.5) NM 2. 9x - NA
Myriad G roup AG 12/31/2008 MY R N SWX C HF S witzerland 4. 12 80. 9 40. 0 0.8 1.9% 2. 3x - 405
NE O W IZ G ames C orpora tion 12/31/2008 A095660 K OS E KR W S outh K orea 31850. 00 545. 9 201.6 54. 1 26. 8% 2. 7x 9. 9x NA
NetDragon W ebS oft, Inc. 3/31/2009 777 S E HK HK D C hina 6 390. 1 86. 9 34. 4 39. 5% 2. 9x 7. 4x 2, 426
Neteas e. com Inc. 3/31/2009 NT E S Na s daqG S US D C hina 45. 36 5,870. 8 470.4 305.7 65. 0% - - 3, 109
NeuLion Incorporated 3/31/2009 T S X :NLN TS X C AD C anada 1. 06 111. 7 18. 1 (11. 8) -65. 2% 5. 5x - 237
NeXplore C orporation 6/30/2008 NX P C OT C P K US D United S ta tes 1 39. 0 0. 7 (6.2) NM - - NA
Ngi G roup Inc. 3/31/2009 2497 TS E JPY J a pan 32200. 00 41. 0 90. 7 10. 9 12. 0% 0. 0x 0. 1x NA
Northgate T echnologies L imited 6/30/2009 590057 BSE INR India 35. 20 25. 7 83. 2 (41. 6) -50. 0% 0. 3x - NA
O pen T ext C orp. 3/31/2009 OT E X Na s daqG S US D C anada 38. 44 2,022. 8 782.6 199.2 25. 5% 2. 7x 10. 5x 3, 400
O penwave S ys tems Inc. 6/30/2009 OP W V Na s daqG S US D United S ta tes 2. 62 218. 3 191.7 5.3 2.8% 0. 6x 20. 6x NA
P erfect W orld C o. , Ltd. 3/31/2009 PWRD Na s daqG S US D C hina 37. 40 1,819. 0 228.0 124.5 54. 6% 0. 5x 0. 9x 2, 096
P NI Digital Media Inc. 3/31/2009 T S X V :P N T S XV C AD C anada 1. 48 46. 8 20. 0 0.5 2.3% 2. 3x - NA
Q uepa s a C orp. 3/31/2009 QP S A OT C B B US D United S ta tes 1 15. 9 0. 1 (10. 8) NM - - 74
O AO R B C Information S ys tems 12/31/2007 R BCI R TS US D R us s ia 1. 05 145. 7 148.8 19. 4 13. 1% 0. 0x 0. 2x NA
S handa Interactive E nterta inment Ltd. 3/31/2009 S NDA Na s daqG S US D C hina 49. 96 3,335. 8 569.9 260.8 45. 8% - - 3, 124
S hutterfly, Inc. 6/30/2009 S FLY Na s daqG S US D United S ta tes 15. 89 404. 5 218.6 27. 3 12. 5% 1. 6x 12. 5x 514
S K C ommunications C o., Ltd. 12/31/2008 A066270 K OS E KR W S outh K orea 10100. 00 344. 7 187.4 12. 2 6.5% 1. 8x 28. 3x NA
S NAP Interactive, Inc. 3/31/2009 S TVI OT C B B US D United S ta tes 0 4.3 3. 3 0.9 28. 0% 0. 9x 3. 1x 11
S NM G loba l Holdings 9/30/2008 S NMN OT C P K US D United S ta tes 0. 00 0.0 2. 0 (0.7) -34. 8% 1. 1x - 33
S ocial Media V enures , Inc. 12/31/2008 S MV I OT C P K US D United S ta tes 0 0.0 0. 1 (0.1) -60. 6% 4. 5x - NA
S ocialwis e, Inc. 3/31/2009 S C LW OT C B B US D United S ta tes 0. 74 32. 1 0. 0 (4.8) NM - - NA
S ohu. com Inc. 6/30/2009 S O HU Na s daqG S US D C hina 64. 00 2,453. 4 485.1 209.4 43. 2% 4. 0x 9. 3x 3, 197
S park Networks , Inc. 3/31/2009 L OV AME X US D United S ta tes 3 56. 1 54. 3 11. 8 21. 7% 1. 0x 4. 8x 183
S pectrumDNA, Inc. 3/31/2009 S P XA OT C B B US D United S ta tes 0 10. 7 0. 1 (2.6) NM - - 7
T encent Holdings Ltd. 3/31/2009 700 S E HK HK D C hina 111 25, 897.8 1, 203. 1 582.7 48. 4% 23.6x 48. 8x 6, 123
T he P arent C ompany 8/2/2008 K IDS . Q OT C P K US D United S ta tes 0. 02 0.4 112.0 (13. 5) -12. 0% 0. 2x - 347
T he9 Limited 12/31/2008 NC T Y Na s daqG S US D C hina 9. 38 239. 2 250.3 85. 4 34. 1% - - 1, 626
T heS treet. com, Inc. 3/31/2009 TS CM Na s daqG M US D United S ta tes 2. 30 70. 4 67. 0 1.9 2.9% 0. 1x 3. 0x 310
T ota l S port O nline AS 3/31/2006 T OS O O T C NO NO K Norway 0. 03 0.1 2. 2 (1.1) -50. 6% 4. 6x - 16
T ree.C om, Inc. 6/30/2009 TR E E Na s daqG M US D United S ta tes 9. 88 106. 7 216.6 (1.0) -0.4% 0. 5x - 700
Unis erve C ommunica tions C orp. 2/28/2009 T S X V :US S T S XV C AD C anada 0. 05 1.0 24. 0 0.1 0.2% 0. 2x - NA
United O nline Inc. 6/30/2009 UNT D Na s daqG S US D United S ta tes 7. 55 633. 0 949.8 206.2 21. 7% 0. 9x 4. 4x 1, 469
UOMO Media, Inc 1/31/2009 UO MO OT C B B US D C anada 0 12. 9 0. 6 (0.5) -78. 2% 20.8x - NA
V alueC lick Inc. 6/30/2009 V C LK Na s daqG S US D United S ta tes 11 948. 2 563.6 99. 1 17. 6% 1. 4x 8. 2x 1, 189
V OIS , Inc. 3/31/2009 V O IS OT C B B US D United S ta tes 0 4.4 0. 0 (1.1) NM - - 4
W ebzen Inc. 3/31/2009 W ZE N Na s daqG M US D S outh K orea 3. 28 38. 8 23. 4 (0.6) -2.4% - - NA
W izzard S oftwa re C orporation 3/31/2009 W ZE AME X US D United S ta tes 0. 47 22. 5 5. 6 (5.3) -94. 5% 4. 3x - 110
W orlds . com Inc. 3/31/2009 W DDD OT C B B US D United S ta tes 0. 09 4.7 0. 0 (0.8) NM - - 1
W oozyF ly, Inc. 3/31/2009 W ZY F OT C B B US D United S ta tes 0. 15 2.6 NM NM NM - - NA
W ynds torm C orpora tion NA W Y ND OT C P K US D United S ta tes 0. 10 1.8 NA NM NM - - NA
XING AG 3/31/2009 O 1B C XT R A E UR G ermany 26. 70 199. 0 53. 5 16. 7 31. 2% 2. 7x 8. 8x 239
Y eda ngO nline C orp. 12/31/2007 A052770 K OS E KR W S outh K orea 9,440 120. 7 55. 8 12. 0 21. 6% 2. 4x 10. 9x NA
Y nk K orea Inc. 3/31/2009 A023770 K OS E KR W S outh K orea 4,910 21. 4 10. 7 (0.8) -7.6% - - NA
High 25, 897.8 1,893. 2 582. 7 65. 0% 35.7x 48. 8x 6, 123
Low 0.0 0. 0 -41.6 -98. 9% 0. 0x 0. 1x 1
Average 696.6 157.3 35.6 6.9% 5.0x 11.1x 905
Median 60. 9 56.2 0. 9 13. 1% 1. 9x 9. 8x 405

Figure 1. Web 2.0 Universe Summary
Source. Capital IQ

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 )
Total capital raised in August (so far) is $94.4 million: Online gaming company Turbine, Inc. raised $50 million in
August – the largest transaction in August. RichRelevance, a company that offers comment/opinion on ecommerce sites,
was a distant second at $12.5 million. Total capital raised in July on 31 transactions was $178.7 million, averaging $5.8
million, and June was $196.1 million (averaging $4.9 million). The average for August, month-to-date so far, is $7.4 million.

Financing Activity Last Three Months

250.0 8.0

7.4

7.0

200.0

6.0
5.8

4.9
5.0
150.0
(US$m)

(US$m)
4.0

100.0
3.0

2.0

50.0

1.0

0.0 0.0
Jun-09 Jul-09 Aug-09

Total Average

Figure 2. Financings, Last Three Months
Source. Company reports

Turbine, Inc. raises $50 million: On the capital raise front, Turbine, Inc. raised $50 million, the largest transaction so far
in August. RichRelevance was a distant second securing a $12.5 million round. Closely behind was Traffiq (a company that
offers display advertising on a digital media platform) raising $10 million. All other transactions (three from a total of eight)
were below $10 million each, with the total for August so far at $94.4 million. In addition, Friends Reunited was acquired
for $42 million. For additional details on financings, see Figures 23 and 24 (at end of note).

Financing & M/A Summary - Last Three Months

90.0

80.0

70.0

60.0

50.0
Aug-09
(US$m)

Jul-09
Jun-09
40.0

30.0

20.0

10.0

0.0
AdEx Media

Jaxtr
xoopit

blueKiwi Software SA

OneTXT
People Media

AdLink Internet Media
Pandora Media
MediaMath

RichRelevance
QuickPlay Media

Bubble Motion
Invodo

Nexage
RingRevenue

YuMe

ProtonMedia

iLoop Mobile

Cognitive Match

iSyndica
I Love Rewards
Metaversum

StyleCaster
AdMeld Inc.

Quikr India Pvt. Ltd.

Crowdcast

Newser LLC

CoTweet
Turbine
Friends Reunited

Ning
Boku

Traffiq
AdChina

ConnectEdu

SBNation
Nokeena

Busca

Yapta
my6sense

Lat49
Aloqa

Cellufun

Glubble
Clikthrough
Picaboo

BookFresh
Super Rewards

Grab Networks

Sense Networks

MojoPages

TweetDeck

MashLogic
Gather

LiquidPlanner
Sugar Inc.
Kontera Ltd.

Goojet SAS

beeTV

KODA

GROU.PS

Cliqset
ClickFuel
Inigral

TodaCell

People Capital
Taomee
Animoto
GameGround

Comunitae
Causes

Outspark
Acquia, Inc

Zoosk

OPEN Sports

eRepublik
Bill.com

Tributes.com
Tumri

Akademos

AdWhirl
Wimba

Figure 3. Capital Market Activity, Last Three Months

Ad Netw ork remains the most active sector in dollars raised: Following recent trends, Ad Networks as a sector saw
the most activity in dollars raised ($126.4 million), followed by the Social Network sector with 12 transactions, raising
$99.6 million (Figure 4).

Capital Market Activity by Sector - Last Three Months

140.0

120.0

100.0

80.0
(US$m)

126.4
60.0

99.6

40.0 80.0
69.6
57.8
47.5
20.0
35.0
26.4 24.0 22.3 21.5
13.1 13.0 12.5 12.0 10.7
5.2 5.0 4.1 3.2 3.0 1.0 1.0
0.0 0.5 0.5 0.0
Comment/Reputation
Mobile Payment

Communities
Online Dating

Gaming

Online Calendar
Enterprise

Mobile

Media

Collaboration

Online Learning

Microblog

Publishing

Online Lending
Music
Infrastructure

Blog

Search

Classified

Mobile Ad

SMS/Voice
Social Networks

Virtual World

Video
Ad Network

Analytics
Vertical
# companies
13 12 1 4 4 8 1 4 2 7 4 3 1 1 2 2 2 1 1 1 2 1 1 1 1 0

Figure 4. Capital Market Activity, by Sector, Last Three Months

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 far outpaces NASDAQ recovery: Our W eb 2.0 index (market-cap weighted) essentially mirrored the
performance of the NASDAQ composite index from mid-2008 until earlier this year. However, the index has recently had a
much stronger recovery relative to the NASDAQ index (Figure 5).

Web 2.0 Index Price Performance
130

120

110

100

90

80

70

60

50

40
8/11/2008

8/25/2008

9/8/2008

9/22/2008

10/6/2008

10/20/2008

11/3/2008

11/17/2008

12/1/2008

12/15/2008

12/29/2008

1/12/2009

1/26/2009

2/9/2009

2/23/2009

3/9/2009

3/23/2009

4/6/2009

4/20/2009

5/4/2009

5/18/2009

6/1/2009

6/15/2009

6/29/2009

7/13/2009

7/27/2009

8/10/2009

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

Figure 5. Web 2.0 Price Performance
Source. Capital IQ

A mixed price performance 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 negative returns on the week. Fluid
Music Canada, Inc (TSX:FMN) led the group with a 31.1% return, while NetDragon W ebsoft, Inc. (SEHK:777) had the
worst return, dropping 12.0% in the week.

1 Week P rice P erformance
Fluid Mus ic Canada , Inc . 31.1%
NeuLion Incorporated 27.7%
G ravity Co., Ltd 25.0%
Y edangOnline Corp. 14.4%
S park Netw orks , Inc . 12.8%
TheS treet.com, Inc . 11.1%
Frogs ter Interactive Pictures A G 8.3%
Changy ou. com Limited 6. 4%
Modern Times G roup Mtg A B 6.2%
Chines e Gamer International 5.4%
Openw ave S y s tems Inc . 4.8%
S K Communications Co., Ltd. 4.7%
Quepas a Corp. 4. 2%
Gree, Inc . 2.5%
S ohu.com Inc . 2.0%
The9 Limited 1.9%
S hutterf ly , Inc . 1. 7%
LookS mart, Ltd. 1.6%
Tencent Holdings Ltd. 1.2%
Open Tex t Corp. 0.8%
Cy berplex Inc . 0.6%
My riad G roup A G 0.5%
DA DA S pA 0.3%
G ameOn Co Ltd. 0. 2%
S handa Interac tive Entertainment Ltd. 0.1%
IA C/InterA c tiveCorp. -0.1%
Tree.Com, Inc . -0. 3%
Perfect World Co., Ltd. -0.7%
G igaMedia Ltd. -1.0%
Neteas e.com Inc . -1.2%
PNI Digita l Media Inc . -1.3%
Ga mania Digital Enterta inment Co. , -1.7%
Eolith Co. Ltd. -1.8%
G iant Interac tive Group, Inc . -1.9%
Ngi Group Inc . -2.7%
XING A G -2.7%
Ha nbitS oft, Inc . -3.0%
Y nk K orea Inc . -4.7%
K ings of t Co. Ltd. -5. 0%
Northgate Technologies Limited -5.4%
Webz en Inc . -6.7%
CDC Corp. -6.9%
Digita lTow n, Inc . -7.1%
V a lueClick Inc . -7.4%
A ctoz S oft Co., Ltd. -8.0%
Mix i, Inc . -9.4%
A Q Interac tive, Inc . -9. 6%
NEOWIZ Games Corporation -11.2%
NetDra gon WebS oft, Inc . -12.0%
-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

INDUSTRY NEWS (PARTNERSHIPS, FINANCIAL RESULTS, NEW PRODUCTS)

K ey Developments
C ompany Headline Notes
Openwave S ys tems Inc. T els tra S elects O penwave Mobile Ana lytics of O penwave O penwa ve S ys tems Inc. a nnounced that T els tra has s elected Openwa ve Mobile Analytics , a s olution that provides T els tra a das hboa rd view
(Nas daqG S : OP WV) S ys tems Inc of all as pects of a ggrega ted mobile s ubs criber da ta a ctivity, levera ging a pla tform of intelligent analytics a nd rich reporting ca pabilities acros s
its mobile device portfolio, including s ma rtphones a nd fea ture phones , iP hone traffic, netbooks a nd other mobile-ca pable devices . O penwave
Mobile Ana lytics empowers T els tra to aggrega te s ubs criber data and behaviora l informa tion a cros s a variety of data s ources , including on
porta l and open internet brows ing, mobile email mes s a ging, video and audio s treaming, device type, demogra phics and location to provide a
360-degree view of their mobile s ubs criber bas e. Openwa ve Mobile Analytics a ls o provides T els tra with ins ight into the opera tional as pects
of their mobile broa dband network, allowing them to control network operations more efficiently by optimizing pres ent ca pa city a nd managing
ongoing ba ndwidth dema nds .

Acc elerize New Media, Inc. Accelerize New Media Inc. Adds T wo New C lients for Accelerize New Media Inc. a nnounced that it ha s partnered with G uzov O fs ink, L LC and with a multina tional education compa ny to provide
(OTC B B : AC L Z) P erforma nce-B as ed Marketing C a mpa igns performa nce-bas ed ma rketing s ervices to generate new bus ines s via www.S E C F ilings .com. S E C F ilings . com ta rgets a niche a udience within
a highly coveted fina ncial demogra phic tha t includes s enior executives , fina ncial profes s ionals , a nd inves tors by providing free rea l-time
a cces s to over 7 million S E C filings dating ba ck to 1994.
L ookS mart, L td. (Nas daqGM: L OOK ) LookS ma rt Ltd. Announces Unaudited C ons olida ted L ookS ma rt L td. a nnounced unaudited cons olidated financia l res ults for the s econd quarter a nd s ix months ended J une 30, 2009. R evenues
F ina ncial R es ults for the S econd Quarter a nd S ix Months for the s econd quarter of 2009 were $13.2 million, a 23% decreas e from $17.1 million in the s econd quarter of 2008. Net los s for the s econd
E nded J une 30, 2009 ; R ecords Impairment C ha rge qua rter of 2009 wa s $1. 3 million, or $0.08 per bas ic and diluted s ha re. T his is compared to a net los s for the s econd qua rter of 2008 of $0. 2
million or $0. 01 per ba s ic and diluted s ha re. Los s from continuing operations for the s econd quarter of 2009 was $1.4 million or $0. 09 per
bas ic and diluted s ha re, which includes a $0.2 million impairment cha rge and $0. 2 million of expens es related to the evalua tion of s tra tegic
growth alterna tives . T his compa res to a los s from continuing opera tions in the s econd quarter of 2008 of $0. 04 million. Non-G AAP net los s
(net los s before dis continued opera tions and excluding s tock bas ed compens ation a nd impairment cha rges ) for the s econd quarter of 2009
wa s $0. 7 million compared to non-G AAP net income of $0.5 million in the s econd quarter of 2008. C a pital expenditures , including
capita lization of internally developed s oftwa re, in the s econd quarter of 2009 were $0. 4 million, compa red to $0.9 million in the s econd qua rter

ValueC lick Inc . (Nas daqG S : VC L K ) V a lueC lick Inc. R eports E arnings R es ults for S econd V a lueC lick Inc. reported fina ncial res ults for the s econd qua rter and s ix months ended J une 30, 2009. F or the period, the company reported
Quarter a nd S ix Months E nded J une 30, 2009 ; P rovides net income of $14. 9 million or $0. 17 per diluted s ha re on revenues of $130. 4 million a ga ins t net income of $16. 5 million or $0. 17 per diluted
E a rnings O utlook for T hird Quarter of 2009 s ha re on revenues of $158. 5 million for s a me period a year a go. Income from operations for the period wa s $23. 4 million a ga ins t $28.0
million for s a me period a year a go. Income before income ta xes for the period was $24. 6 million a ga ins t $29.4 million for s ame period a year
a go. Net income from continuing opera tions for the period was $14. 9 million or $0.17 per diluted s hare aga ins t net income from continuing
opera tions for the period was $16. 5 million or $0.17 per diluted s hare for s ame period a yea r ago. In the s econd quarter of 2009, the
company generated approxima tely $23. 5 million in free cas h flow, defined a s net cas h from opera tions les s ca pital expenditures . F or the
period, the company reported net income of $28.1 million or $0. 32 per diluted s ha re on revenues of $265. 4 million a ga ins t net income of
$35.7 million or $0.37 per diluted s ha re on revenues of $327.7 million for s ame period a year ago. Income from operations for the period wa s $

B eyond C ommerc e, Inc. B eyond C ommerce Inc. Announces L oca lAdLink's B eyond C ommerce Inc. a nnounced the P re-La unch of L ocalAdLink into the country of India. T he Indian ma rket pres ents a lucrative
(OTC B B : B YOC ) E xpa ns ion into India expa ns ion opportunity for L oca lAdL ink. T he country of India currently has over a million people in the network marketing indus try. Indus try
obs ervers , who are highly optimis tic a bout the growth of this indus try in India , es tima te the s ize of the indus try to cros s $1, 000 billion ma rk by
the year 2010.
United Online Inc. (Nas daqGS : UNTD) United O nline Inc. R eports Un-Audited C ons olidated United Online Inc. reported un-a udited cons olida ted ea rnings res ults for the s econd quarter a nd s ix months ended J une 30, 2009. F or the
E a rnings R es ults for the S econd Q ua rter and S ix Months qua rter, the compa ny reported net income a pplica ble to common s tockholders of $17.7 million or $0.21 diluted per s ha re on tota l revenues of
E nded J une 30, 2009 ; P rovides E a rnings G uida nce for $260. 8 million a ga ins t $12.8 million or $0.18 diluted per s ha re on tota l revenues of $122. 3 million a yea r ago. Operating income wa s $43. 1
the T hird Q ua rter of 2009 million a gains t $22 million a yea r a go. Income before income ta xes was $34. 7 million a ga ins t $23. 5 million a yea r ago. Net income was
$19.3 million agains t $13. 7 million a year ago. Adjus ted opera ting income before depreciation a nd amortization was $68.5 million agains t
$37.6 million a yea r a go. Adjus ted net income a pplica ble to common s tockholders was $31.4 million or $0.37 diluted per s hare agains t net
income of $20. 4 million or $0.29 diluted per s hare a year a go. Net ca s h provided by opera ting a ctivities wa s $32. 5 million a ga ins t $36.1
million a yea r ago. F or the s ix months , the compa ny reported net income applicable to common s tockholders of $34 million or $0.41 diluted
per s hare on tota l revenues of $524. 4 million agains t $25 million or $0.36 diluted per s hare on tota l revenues of $244.1 million a yea r ago. Ope
T he compa ny provided ea rnings guidance for the third quarter of 2009. F or the quarter, the company expects revenues in the ra nge of $208. 0

Giant Interactive G roup, Inc . G ia nt Intera ctive G roup Inc. R eports E arnings R es ults for G iant Interactive G roup Inc. reported ea rnings res ults for the firs t quarter of 2009. F or the qua rter, the compa ny's opera ting revenues
(NYS E : GA) the F irs t Q ua rter of 2009 rea ched C NY 1. 595 billion a nd C NY 374 million in 2008 and the firs t qua rter of 2009 res pectively.
P erfect W orld C o., L td. P erfect W orld Announces New 2D MMO R P G 'Dragon P erfect W orld C o. , L td. a nnounced the introduction of its firs t 2D rea l-time fa nta s y MMOR P G , 'Dragon E xcalibur. ' Developed by P erfect
(Nas daqG S : P WR D) E xca libur' W orld's S hanghai R & D tea m, 'Dragon E xca libur' is a 2D fa ntas y online game tha t runs on R a ider, the C ompany's proprieta ry 2D ga me
engine. T he innova tive 2D technology will allow the ga me to feature a dva nced a nd unique vis ual effects . In 'Dragon E xca libur, ' a fantas y
world is crea ted where huma n beings , demons and gods meet in a s imulated his torical s cene. It us hers the pla yers into a world of a
voluminous his torical novel where they can s huttle between different dyna s ties . T he game players can als o fa miliarize thems elves with the
s imulated his torica l s ettings and ca n try to a lter the fa te of his tory with their coura ge in the ga me. T he innovative pla y modes will bring a
bra nd new game experience to the pla yers .

MOK O.mobi L imited (AS X: MK B ) MOK O .mobi Limited R eports P a rent a nd C ons olida ted MOK O. mobi L imited reported parent a nd cons olida ted earnings res ults for the year ended J une 30, 2009. F or the year, the company
E a rnings R es ults for the Y ea r E nded J une 30, 2009 reported cons olida ted los s a fter ta x and los s a ttributa ble to equity holders of AUD 2, 487, 159 or 3. 16 cents per diluted s ha re on revenue from
continuing opera tions of AUD 555, 058 compa red to cons olidated los s after ta x a nd los s attributable to equity holders of AUD 3,114,862 or
5.18 cents per diluted s hare on revenue from continuing operations of AUD 1,474,485 for the s ame period a yea r ago. T he company
reported cons olida ted los s before income ta x expens e of AUD 2, 808, 925 compared to cons olida ted los s before income ta x expens e of AUD
3,114, 862 for the s ame period a yea r ago. Net cas h us ed in opera ting activities was AUD 2, 100, 797 compared to net ca s h us ed in opera ting
a ctivities wa s AUD 2, 162,428 for the s ame period a year ago. F or the yea r, the pa rent compa ny reported los s a fter ta x a nd los s attributable
to equity holders of AUD 2,475, 810 on revenue from continuing opera tions of AUD 555, 058 compa red to los s a fter ta x and los s a ttributa ble
to equity holders of AUD 3,114, 452 on revenue from continuing opera tions of AUD 1, 474, 485 for the s a me period a year a go. T he company re

Figure 7. Key Developments
Source. Capital IQ

VALUATION
Online Gaming companies lead market-cap charts: Thirteen companies in our W eb 2.0 universe top US$1 billion in
market capitalization (Figure 8). Fifty-six of the 91 companies have market caps under US$100 million, with 24 under
US$10 million. Online gaming companies dominate the top of the list, led by Tencent Holdings with a market cap over
US$20 billion.

Market C ap (US D m)
Tenc ent Holdings Ltd.
Neteas e.c om Inc.
S ha nda Interactive Entertainment Ltd. 3335.8
Modern Times Group Mtg A B 2662.8
S ohu.c om Inc. 2453.4
IA C/InterA ctiveCorp. 2449.4
Changy ou.com L imited 2164.4
Open Tex t Corp. 2022.8
Perf ec t World Co., Ltd. 1819.0
Giant Interactive G roup, Inc. 1818.1
Gree, Inc. 1779.8
K ings oft Co. Ltd. 1134.8
Chines e G amer International 1101.7
Mix i, Inc. 976.1
V alueClick Inc. 948.2
United Online Inc. 633.0
NEOWIZ G ames Corpora tion 545.9
S hutterf ly , Inc. 404.5
NetDragon WebS of t, Inc. 390.1
S K Communications Co., Ltd. 344.7
CDC Corp. 292.3
GigaMedia Ltd. 269.3
Ga mania Digital Entertainment Co., Ltd. 268.3
The9 L imited 239.2
GungHo Online Entertainment, Inc. 237.7
Openw a ve S y s tems Inc. 218.3
XING A G 199.0
A ctoz S of t Co., Ltd. 165.3
OA O R B C Information S y s tems 145.7
DA DA S pA 139.8
Y edangOnline Corp. 120.7
NeuLion Inc orporated 111.7
Tree.Com, Inc. 106.7
G ameOn Co Ltd. 103.0
Cy berplex Inc. 102.3
K A B Dis tribution Inc. 82.7
My riad G roup A G 80.9
HanbitS of t, Inc. 76.8
TheS treet.c om, Inc. 70.4
G eoS entric Oy j 63. 5
G ra vity Co., Ltd 58. 4
Fluid Mus ic Ca nada, Inc. 57.2
S park Netw orks , Inc. 56.1
Frogs ter Interactiv e Pic tures A G 51.8
Eolith Co. Ltd. 48.4
PNI Digital Media Inc. 46.8
Ngi G roup Inc. 41.0
NeXplore Corpora tion 39.0
Webz en Inc. 38.8
DigitalTow n, Inc. 35.6
S oc ialw is e, Inc. 32.1
DXN Holdings B hd 30.9
A Q Interactive, Inc. 29.9
Northgate Technologies L imited 25.7
Wiz z ard S of tw are Corpora tion 22.5
LookS mart, Ltd. 21.4
Y nk K orea Inc. 21.4
Dolphin Digital Media, Inc. 20.7
B roa dWebA s ia Inc. 19.5
Quepas a Corp. 15.9
A cceleriz e New Media, Inc. 15.8
J umbuck Enterta inment Pty Ltd. 15.1
B ey ond Commerce, Inc. 13.5
L ingo Media Corpora tion 12.9
UOMO Media, Inc 12.9
IA S Energy , Inc. 12.6
S pectrumDNA , Inc. 10.7
Ex tens ions , Inc. 8.9
B right Things plc 4.8
MOK O.mobi L imited 4.7
Worlds .c om Inc. 4.7
DigitalPos t Interactive, Inc. 4.4
V OIS , Inc. 4.4
S NA P Interactive, Inc. 4.3
CornerWorld Corpora tion 3.5
is eemedia Inc. 3.3
Magnitude Information S y s tems Inc. 2.7
Wooz y Fly , Inc. 2.6
B eta w ave Corpora tion 2.2
Liv eWorld Inc. 1.9
Wy nds torm Corpora tion 1.8
B igs tring Corp. 1.3
Unis erve Communications Corp. 1.0
CLICK ER Inc. 0.6
A s s ocia ted Media Holdings Inc. 0.6
The Pa rent Company 0.4
China Ga tew ay Corpora tion 0.3
Total S port Online A S 0.1
S NM Global Holdings 0.0
Dibz International, Inc. 0.0
S ocial Media V enures , Inc. 0.0
0 500 1, 000 1,500 2, 000 2,500 3,000 3,500 4,000

Figure 8. Market Cap Ranking
Source. Capital IQ

TEV/Revenue (LTM) averages 5.0x: The overall average TEV/Revenue (LTM) multiple for our group is 5.0x (versus 4.9x
last week) (Figure 9). Two companies trade at more than 25x revenue – Bigstring Corp. (OTCBB:BSGC) at 35.7x, followed
by Dolphin Digital Media, Inc. (OTCBB:DPDM) at 28.1x. The median is only 2.0x. Note that we exclude multiples greater
than 50x. Twenty-nine companies have multiples under 1.5x.

T E V/L T M R evenue (x)

40. 0
35.7
35. 0

30. 0 28.0

25. 0 23.6

20.8
20. 0 17.6
18.4

15.4 15.6
15. 0 12.4
11.7
9.7 9.9
10. 0 8.7
7.8 8.2
6.9
A v erage, 5. 0 5.1 5.5
4.3 4.5 4.6
5. 0 3.4 3.8 4.0
2.4 2.6 2.7 2.7 2.7 2.8 2.9 2.9
1.7 1.8 1.9 2.0 2.3 2.3
0.9 1.0 1.1 1.1 1.1 1.2 1.3 1.4 1.4 1.5 1.6
0.1 0.2 0.2 0.3 0.3 0.5 0.5 0.5 0.6 0.6 0.6 0.7 0.8 0.8 0.9
0. 0
N E O WIZ G ames C orporation

MO K O .mobi L imited

UO MO Media, Inc
C LIC K E R Inc.

J umbuck E nterta inment P ty L td.

G a mania Digital E ntertainment C o., Ltd.
G ungH o O nline E ntertainment, Inc.

P N I Digital Media Inc.

C hines e G amer Interna tional
U nis erve C ommunications C orp.

N orthgate T echnologies L imited

DXN Holdings B hd

C ha ngy ou.com L imited
T ree.C om, Inc.
G a meO n C o Ltd.

C DC C orp.

S K C ommunica tions C o., Ltd.

B ey ond C ommerc e, Inc.

DigitalP os t Intera ctive, Inc.

F luid Mus ic C a nada , Inc.

Dolphin Digital Media, Inc.
T he P a rent C ompany

Modern T imes G roup Mtg AB

G eoS entric O y j
S N M G loba l Holdings

NeuLion Inc orporated
C ornerWorld C orporation

Lingo Media C orporation
T heS treet.com, Inc .

S NAP Intera ctive, Inc.
United O nline Inc .

O pen T ex t C orp.
IAC /InterAc tiveC orp.

S pa rk N etwork s , Inc .

G igaMedia Ltd.

C y berplex Inc .

V alueC lic k Inc .
is eemedia Inc .

XIN G AG

NetDra gon WebS oft, Inc .
E olith C o. Ltd.

S ohu.com Inc .

Mix i, Inc .

G ree, Inc .

F rogs ter Intera ctiv e P ic tures AG
As s ociated Media Holdings Inc .

T encent Holdings Ltd.
B right T hings plc
P erfect World C o., Ltd.

O penwave S y s tems Inc .

H anbitS oft, Inc .
K AB Dis tribution Inc .

Y edangO nline C orp.

Y nk K orea Inc .

S ocial Media V enures , Inc .

B igs tring C orp.
My riad G roup AG

T otal S port O nline AS
S hutterfly , Inc .

Acceleriz e New Media , Inc .

K ings oft C o. Ltd.
DADA S pA

Ac toz S oft C o. , Ltd.

Wiz z ard S oftware C orporation

Figure 9. TEV/Revenue Ranking
Source. Capital IQ

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
number of companies (19), trading at an average multiple of 11.7x (versus. 11.1x last week). On a geographic basis, the
United States has the most companies (39), trading at an average of 5.3x revenue (versus 5.5x last week) (Figure 11).
Ten of the companies are Canadian (average 5.3x revenue).

Average TEV/LTM Revenue - By Exchange Average TEV/LTM Revenue - By Country
20.0 17.6 20.0
18.0 17.6
18.0
16.0 16.0
14.0 11.8 14.0
12.0 11.7
12.0
(x)

10.0 10.2 9.9
(x)

9.9 9.1 10.0 9.1
8.0 7.9 7.1
8.0
6.0 4.6 4.4 4.13.8 3.6 6.0 5.3 5.3 4.6
4.0 2.6 2.3 2.1 2.0 1.8 1.7
2.0 4.0 3.5
2.0 0.8 0.6 2.3 2.1 1.8 1.7
0.0 0.3 0.3 0.0 2.0 0.8 0.8
0.6 0.3 0.0
OTCNO

0.0
OTCPK
OTCBB
GTSM

NasdaqGM
SEHK

HLSE

TSE

KOSE
NasdaqGS
OSE

RTS
OM
CM
XTRA

TSX

AMEX

KLSE

BSE
AIM

TSXV

SWX

ASX

Germany
United
Finland

China

Canada
United

Japan

Hong Kong
Malaysia
India
Russia
Italy
South
Taiwan

Australia
Norway

Switzerland

Sweden

# Companies 1 3 19 2 1 2 1 4 4 5 11 2 1 6 14 1 2 1 1 1 5 1 1
# Companies 1 1 2 10 3 10 39 1 6 1 8 2 1 1 1 1 1 1

Figures 10 & 11. TEV/Revenue Ranking (Exchange, Country)
Source. Capital IQ

TEV/EBITDA (LTM) averages 11.1x: The average multiple for the 34 companies with positive EBITDA (and multiples
under 100x) is 11.1x LTM EBITDA (vs. 10.9x last week), led by Tencent Holdings (SEHK-700) 48.8x multiple (Figure 12).
Thirteen of the companies have EBITDA multiples under 7x. The median multiple is 9.8x (vs. 9.5x last week).

T E V/L T M E B IT DA (x)

60.0

48. 8
50.0

40.0
32.9
28.3
30.0

21.7
19.4 20.4 20.6
20.0
13.5
A verage, 11.1 11. 7 12.5 12.6 12.8
8.8 9.3 9.7 9.9 9.9 10.5 10.9 11.0 11.1
7.4 8.2
10.0 6. 6
4.4 4.8 5.5
3.0 3.1 4.1
1.8 2.4
0.9
0.0
NE O WIZ G ames C orpora tion
J umbuck E ntertainment P ty Ltd.

G ungH o O nline E ntertainment, Inc.

G amania Digital E ntertainment C o., Ltd.

C hines e G amer International
DX N H oldings B hd

C hangy ou.com Limited
G ameO n C o Ltd.

C DC C orp.

S K C ommunications C o., Ltd.
T heS treet.com, Inc.

S NAP Interac tiv e, Inc.

U nited O nline Inc.

O pen T ex t C orp.
S park Network s , Inc.

NetDragon WebS oft, Inc.

V alueC lick Inc.

S ohu.com Inc.

C y berplex Inc.

IAC /InterActiveC orp.

G ree, Inc.

Mix i, Inc.

T encent H oldings L td.
XING AG

K AB Dis tribution Inc.

Y eda ngO nline C orp.

O penwav e S y s tems Inc.
S hutterfly , Inc.

K ings oft C o. Ltd.
DADA S pA

Actoz S oft C o., Ltd.

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 3.1x (vs. 0.9x last week). On a
geographic basis, the United States has the most companies (39), trading at an average of 8.8x EBITDA (Figure 14). Ten
of the companies are Canadian (average 11.0x EBITDA).

Average TEV/LTM EBITDA - By Exchange Average TEV/LTM EBITDA - By Country
30.0 26.0 25.0
22.3
25.0 20.0
16.8
20.0 22.3 15.0
13.9
(x)
(x)

15.0 13.9 11.1 11.0 9.9
10.0 8.9 8.8 8.8
11.2 11.1
10.0 11.0 10.3 8.8
8.5 5.5
5.5 4.8 5.0 4.1
5.0 4.1 3.1 3.0 1.8
0.2 0.0 1.8 0.2
0.0 0.0
0.0
Germany
China

Canada

Hong Kong

Japan

United

Malaysia

Russia
Italy
South
Korea

States
Taiwan

Australia
Sweden

Switzerland
OTCBB
GTSM

NasdaqGM
SEHK

KOSE

OSE

NasdaqGS

TSE

RTS
OM

CM
TSX

XTRA

AMEX

KLSE

SWX
ASX

# Companies 3 10 8 1 10 1 6 2 39 1 1 2 1 1
# Companies 3 2 6 4 1 1 14 2 5 1 2 1 19 5 2 1 1

Figures 13 & 14. TEV/EBITDA Ranking (Exchange, Country)
Source. Capital IQ

P/E (LTM) averages 10.0x: The average multiple for the 30 companies with positive earnings (and multiples under 100x)
is 10.0x LTM EPS (versus 10.0x last week), led Tencent Holdings Ltd (SEHK-700) 62.1x multiple (Figure 15). Ten of the
companies have P/E multiples under 10x. The median is just 14.0x.

P/E L T M (x)

70.0
62.1
60.0
51. 7
50.0
42.5
41.1
40.0
30.7 31.6
28.5 29.3
30.0 25.5
23.4 24.3
18.7
20.0 17.2
13.4 14.0 14.3 14.9
11. 6 12.2 12. 6
A verage, 10.0 9. 5 10.6
10.0 5. 4 5.9 6.6
2.7 2.7 3. 1 3.4
1.9
0.0

NE O WIZ G ames C orporation
J umbuck E ntertainment P ty Ltd.

G ama nia Digital E nterta inment C o., Ltd.

C hines e G amer International
DXN Holdings B hd

C ha ngy ou.com L imited
G iant Interactive G roup, Inc.

G ameO n C o Ltd.

T he9 Limited

S handa Interactive E ntertainment L td.

Netea s e.c om Inc.

S NAP Interac tive, Inc.

O pen T ex t C orp.
C y berplex Inc .

G igaMedia Ltd.

IAC /InterActiveC orp.

NetDragon WebS oft, Inc .

S ohu.com Inc .

S park Network s , Inc .

Worlds .com Inc .

G ree, Inc .

Mix i, Inc .

T encent Holdings Ltd.
XING AG

Y edangO nline C orp.

K ings oft C o. L td.
DADA S pA

Actoz S oft C o. , Ltd.

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 18.7x. On a geographic basis, the United States has
the most companies (39), trading at an average of 18.5x earnings (Figure 17). Ten of the companies are Canadian
(average 20.5x EPS).

Average P/E - By Country
Average P/E - By Exchange 40.0
35.0
40.0 35.0
35.5
35.0 30.0
30.0 35.0 33.9 25.0 27.2
23.4 20.5
(x)

25.0 23.4 20.0 18.7
22.0 16.5
(x)

20.0 18.7 18.7 15.0 16.5 14.4
13.4
15.0 17.2 10.0
13.4 5.9
10.0 10.5 9.5 5.4
5.9 5.4 5.0
5.0 1.9 0.0 0.0
Germany
Japan

Canada

United

China

Malaysia
Italy

South
Korea

States

0.0 0.0
Taiwan

Australia
Sweden

Switzerland
OTCBB

NasdaqGM
GTSM

TSE

SEHK

KOSE

NasdaqGS
CM

OM
XTRA

KLSE

NYSE
AMEX

TSX

ASX

# Companies 6 3 1 10 2 8 39 10 1 2 1 1
# Companies 2 5 3 1 6 2 19 2 1 14 4 2 1 1 5

Figures 16 & 17. P/E Ranking (Exchange, Country)
Source. Capital IQ

UPCOMING EVENTS

E arnings C alendar
C ompany Date & Time Quarter C onf C all Details
P NI Digital Media Inc. (T S XV : P N) W ednes day, Augus t 12, 2009 4: 30 P M (E DT ) Q 3 2009 888-300-8196
T encent Holdings L td. (S E HK : 700) W ednes day, Augus t 12, 2009 8: 00 AM (E DT ) Q 2 2009 866. 549. 1292
Neteas e. com Inc. (Nas daqG S : NT E S ) W ednes day, Augus t 12, 2009 9: 00 P M (E DT ) Q 2 2009 888-846-5003
T ucows Inc. (AME X: T C X) T hurs day, Augus t 13, 2009 5: 00 P M (E DT ) Q 2 2009 800-814-4890
C DC C orp. (Nas daqG S : C HIN. A) T ues day, Augus t 18, 2009 9: 00 AM (E DT ) Q 2 2009 888-603-6873
O pen T ext C orp. (Nas daqG S : O T E X) T hurs day, Augus t 20, 2009 5: 00 P M (E DT ) Q 4 2009 416-644-3415
T he9 L imited (Nas daqG S : NC T Y ) T hurs day, Augus t 27, 2009 9: 00 P M (E DT ) Q 2 2009 800-561-2693

Figure 18. Earnings Calendar

Pric e P erformanc e
C ompany Name C urrenc y Tic ker E xc hange US D Market C ap ($m) C urrent P ric e 1 Wk 1 Mth 3 Mth 6 Mth 1 Yr 52 Week

A ccelerize New Media, Inc. US D AC L Z OT C B B 15.8 0.57 1. 8% 26.7% 14.0% 62.9% -9.5% -13.6%
A ctoz S oft C o. , L td. KR W A052790 K OS E 165.3 23, 550 -8.0% -21.1% 56.0% 91.5% 170. 7% -34.6%
A Q Interactive, Inc. JPY 3838 TS E 29.9 53, 600 -9.6% -8.4% 3.5% 60.0% -62. 5% -63.8%
A s s ociated Media H oldings Inc. US D AS MH OT C P K 0.6 0.01 -30.0% -30.0% 833.3% 180.0% -30. 0% -72.0%
B igs tring C orp. US D BSGC OT C B B 1.3 0.03 -2.0% -37.5% 8.7% 42.9% -68. 8% -72.2%
B eta wave C orpora tion US D B W AV OT C B B 2.2 0.08 7. 1% -6.3% -31.8% -54.5% -75. 4% -78.0%
B eyond C ommerce, Inc. US D B Y OC OT C B B 13.5 0.30 -11.8% -21.1% -68.4% -60.5% -90. 5% -90.8%
B right T hings plc GB P AIM:B G T A IM 4.8 0.02 -14.3% -6.3% -15.7% -23.9% -7.7% -40.0%
B roadW ebA s ia Inc. US D BWBA OT C P K 19.5 0.23 -22.8% -22.8% -54.9% -77.2% -84. 7% -92.1%
C DC C orp. US D C H IN.A Nas da qG S 292.3 2.76 -6.9% 96.8% 107.1% 193.1% -1.3% -29.7%
C ha ngyou.com Limited US D C Y OU Nas da qG S 2, 164.4 39.35 6. 4% 2.3% 33.2% NM NM -18.6%
C hina G a tewa y C orporation US D CGWY OT C P K 0.3 0.02 -25.0% 650.0% 650.0% 650.0% -50. 0% -57.1%
C hines e G a mer International TWD G T S M:3083 GTS M 1, 101.7 430.00 5. 4% 0.5% 78.8% 275.5% 438. 6% -17.1%
C LIC K E R Inc. US D CLK Z OT C B B 0.6 0.01 60.0% 73.9% 33.3% -46.7% -98. 9% -98.9%
C ornerW orld C orpora tion US D CW R L OT C B B 3.5 0.06 10.0% -8.3% -45.0% -86.6% -91. 5% -93.0%
C yberplex Inc. C AD T S X: C X TS X 102.3 1.70 0. 6% 6.2% -8.1% 372.2% 183. 3% -14.6%
DADA S pA E UR C M:DA CM 139.8 6.10 0. 3% -1.5% -1.2% -1.9% -51. 0% -51.0%
DXN Holdings B hd MY R DXN K LS E 30.9 0.47 17.5% 34.3% 10.6% 30.6% 11.9% -2.1%
Dibz Interna tional, Inc. US D DIB Z OT C P K 0.0 0.00 20.0% NM 20.0% -88.0% -97. 6% -97.6%
DigitalP os t Intera ctive, Inc. US D DG LP OT C B B 4.4 0.06 19.8% 71.1% 299.3% 565.6% -14. 4% -39.5%
DigitalT own, Inc. US D DG T W OT C B B 35.6 1.30 -7.1% -35.0% -48.0% -13.3% -69. 4% -78.7%
Dolphin Digital Media, Inc. US D DP DM OT C B B 20.7 0.40 -21.6% -9.1% -40.3% -24.5% NM -64.6%
E olith C o. L td. KR W A041060 K OS E 48.4 820.00 -1.8% 0.0% -7.9% 39.0% 0.6% -29.3%
E xtens ions , Inc. US D E XT I OT C P K 8.9 0.20 150.0% 0.0% 33.3% 0. 0% NM -80.2%
F luid Mus ic C anada, Inc. C AD T S X: F MN TS X 57.2 1.18 31.1% 81.5% 96.7% 110.7% -19. 2% -34.4%
F rogs ter Intera ctive P ictures AG E UR FR G XT R A 51.8 14.50 8. 3% 27.2% 89.3% 229.5% 150. 0% -6.5%
G amania Digita l E ntertainment C o., L td. TWD 6180 GTS M 268.3 58.00 -1.7% 1.4% 49.7% 158.9% 121. 6% -15.7%
G ameO n C o L td. JPY 3812 TS E 103.0 103, 700 0. 2% -6.2% 12.7% -9.8% -7.4% -32.2%
G eoS entric Oyj E UR G E O1V H LS E 63.5 0.05 25.0% 25.0% 0.0% 25.0% -28. 6% -28.6%
G ia nt Interactive G roup, Inc. US D GA NY S E 1, 818.1 8.05 -1.9% 7.6% -3.5% 35.1% -23. 2% -25.3%
G igaMedia L td. US D G IG M Nas da qG S 269.3 4.94 -1.0% -6.3% -20.2% -32.7% -61. 1% -61.6%
G ra vity C o., Ltd US D GR VY Nas da qG M 58.4 2.10 25.0% 40.0% 116.5% 200.0% 13.5% 8.2%
G ree, Inc. JPY T S E :3632 TS E 1, 779.8 7, 740 2. 5% 12.2% 48.8% 47.7% NM -6.3%
G ungH o Online E ntertainment, Inc. JPY 3765 OS E 237.7 202, 000 -4.0% -15.7% 41.7% 96.1% 0.5% -27.8%
H anbitS oft, Inc. KR W A047080 K OS E 76.8 4, 305 -3.0% -7.8% -22.8% 24.1% 11.1% -35.2%
IAC /InterA ctiveC orp. US D IA C I Nas da qG S 2, 449.4 18.50 -0.1% 16.9% 18.2% 29.1% -48. 2% -63.4%
IAS E nergy, Inc. US D IA S C . A OT C B B 12.6 0.18 57.9% 12.5% -35.7% 620.0% -14. 3% -35.7%
is eemedia Inc. C AD IE E T S XV 3.3 0.07 -12.5% -17.6% -41.7% -22.2% -63. 2% -68.2%
J umbuck E ntertainment P ty Ltd. AU D AS X: J MB AS X 15.1 0.37 -2.6% -2.6% -7.5% -7.5% -33. 9% -40.3%
K AB Dis tribution Inc. C AD T S X: K AB TS X 82.7 1 0. 0% -1.5% 6.7% 75.3% -23. 8% -29.7%
K ings oft C o. L td. HK D 3888 S E HK 1, 134.8 8 -5.0% 45.7% 95.2% 177.4% 171. 8% -7.2%
L ingo Media C orpora tion C AD T S XV :LM T S XV 12.9 1.12 -2.6% -5.9% 12.0% 6. 7% -38. 1% -41.7%
L iveW orld Inc. US D LV W D OT C P K 1.9 0.06 100.0% 9.1% -7.7% 50.0% -71. 4% -76.0%
L ookS mart, L td. US D LO OK Nas da qG M 21.4 1.25 1. 6% 10.6% -2.3% -9.4% -57. 8% -62.9%
Ma gnitude Information S ys tems Inc. US D MAG Y OT C B B 2.7 0.01 -7.7% -33.3% -40.0% -76.0% -70. 0% -80.0%
Mixi, Inc. JPY 2121 TS E 976.1 618,000.00 -9.4% -0.6% 46.8% 33.2% -10. 6% -32.9%
Modern T imes G roup Mtg AB SEK MT G B OM 2, 662.8 293.00 6. 2% 36.6% 25.8% 103.8% -19. 4% -21.1%
MO K O .mobi L imited AU D MK B AS X 4.7 0.07 0. 0% -7.1% -13.3% 62.5% 62.5% -35.0%
Myriad G roup AG C HF MY R N S WX 80.9 4.12 0. 5% -13.3% -17.6% -15.1% -58. 4% -58.8%
NE O W IZ G ames C orporation KR W A095660 K OS E 545.9 31,850.00 -11.2% -1.4% -8.5% 118.2% 178. 8% -24.2%
NetDra gon W ebS oft, Inc. HK D 777 S E HK 390.1 5.72 -12.0% 0.2% 5.1% 95.9% -21. 4% -34.3%
Netea s e. com Inc. US D NT E S Nas da qG S 5, 870.8 45.36 -1.2% 32.1% 45.5% 129.7% 78.3% -2.8%
NeuLion Incorpora ted C AD T S X: NL N TS X 111.7 1.06 27.7% 51.4% 51.4% 140.9% NM -2.8%
NeXplore C orpora tion US D NXP C OT C P K 39.0 0.70 0. 0% 16.7% 0.0% -17.6% 27.3% -51.7%
Ngi G roup Inc. JPY 2497 TS E 41.0 32,200.00 -2.7% -2.4% 12.2% 17.2% -61. 2% -74.7%
Northgate T echnologies Limited INR 590057 BSE 25.7 35.20 -5.4% 16.0% -13.5% -19.2% -87. 9% -88.8%
O pen T ext C orp. US D OT E X Nas da qG S 2, 022.8 38.44 0. 8% 8.3% 23.4% 8. 5% 8.9% -1.7%
O penwa ve S ys tems Inc. US D OP W V Nas da qG S 218.3 2.62 4. 8% 16.4% 116.5% 223.5% 80.7% -16.3%
P erfect W orld C o., Ltd. US D PWRD Nas da qG S 1, 819.0 37.40 -0.7% 25.4% 99.9% 150.0% 47.2% -2.7%
P NI Digital Media Inc. C AD T S XV :P N T S XV 46.8 1.48 -1.3% 2.1% -8.6% -12.9% -58. 1% -59.1%
Q uepa s a C orp. US D QP S A OT C B B 15.9 1.25 4. 2% 50.6% 26.3% -24.2% -58. 2% -63.9%
O AO R B C Information S ys tems US D R BCI R TS 145.7 1.05 0. 0% 16.7% 6.6% 238.7% -86. 2% -86.6%
S ha nda Interactive E nterta inment L td. US D S NDA Nas da qG S 3, 335.8 49.96 0. 1% -3.8% -2.8% 65.5% 86.3% -23.1%
S hutterfly, Inc. US D S F LY Nas da qG S 404.5 15.89 1. 7% 30.9% 24.9% 92.1% 59.1% -3.9%
S K C ommunications C o. , L td. KR W A066270 K OS E 344.7 10,100.00 4. 7% 5.0% 9.8% 25.5% -27. 6% -32.0%
S NA P Intera ctive, Inc. US D S TVI OT C B B 4.3 0 100.0% -11.1% -46.7% -59.6% -55. 1% -63.0%
S NM G loba l H oldings US D S NMN OT C P K 0.0 0.00 -60.0% -71.4% -33.3% 100.0% -99. 7% -99.9%
S ocial Media V enures , Inc. US D S MV I OT C P K 0.0 0.20 -45.9% -37.5% 1900. 0% -85.6% -20. 0% -96.0%
S ocialwis e, Inc. US D S CLW OT C B B 32.1 0.74 1. 4% -7.5% 25.4% 54.2% -70. 0% -71.5%
S ohu.com Inc. US D S O HU Nas da qG S 2, 453.4 64.00 2. 0% 9.8% 18.6% 36.4% -15. 5% -19.9%
S pa rk Networks , Inc. US D LO V A ME X 56.1 3 12.8% 11.4% 5.0% 9. 2% -36. 1% -38.8%
S pectrumDNA, Inc. US D S P XA OT C B B 10.7 0 57.1% 10.0% -45.0% 120.0% NM -63.3%
T encent H oldings Ltd. HK D 700 S E HK 25,897. 8 111 1. 2% 23.1% 56.1% 131.2% 74.6% -2.5%
T he P a rent C ompany US D K IDS . Q OT C P K 0.4 0.02 0. 0% -50.0% 20.0% -50.0% -99. 3% -99.3%
T he9 L imited US D NC T Y Nas da qG S 239.2 9.38 1. 9% 6.8% 0.3% -36.2% -50. 1% -59.5%
T heS treet.com, Inc. US D TS CM Nas da qG M 70.4 2.30 11.1% 17.3% 15.6% -14.2% -66. 7% -68.7%
T ota l S port Online A S NO K T OS O O T C NO 0.1 0.03 0. 0% 0.0% 0.0% -25.0% -40. 0% -40.0%
T ree.C om, Inc. US D TR E E Nas da qG M 106.7 9.88 -0.3% 2.3% -14.9% 141.6% 0.7% -24.4%
U nis erve C ommunica tions C orp. C AD T S XV :US S T S XV 1.0 0.05 0. 0% -35.7% 12.5% -43.8% -82. 0% -82.0%
U nited O nline Inc. US D UNT D Nas da qG S 633.0 7.55 -17.0% 11.2% 6.6% 38.8% -36. 0% -38.4%
U OMO Media, Inc US D UO MO OT C B B 12.9 0.15 11.1% 36.4% -48.3% 87.5% -62. 5% -85.8%
V alueC lick Inc. US D V CLK Nas da qG S 948.2 10.88 -7.4% 7.6% 8.3% 67.6% -19. 1% -22.3%
V OIS , Inc. US D V O IS OT C B B 4.4 0.01 -11.7% -72.1% 65.6% -29.3% -85. 9% -85.9%
W ebzen Inc. US D W ZE N Nas da qG M 38.8 3.28 -6.7% -9.3% -7.7% 118.4% 12.6% -30.0%
W izzard S oftwa re C orporation US D W ZE A ME X 22.5 0.47 -4.1% -11.3% -24.2% -34.7% -70. 6% -72.8%
W orlds .com Inc. US D W DDD OT C B B 4.7 0.09 -25.0% 0.0% -55.0% -59.1% -74. 3% -74.3%
W oozyF ly, Inc. US D W ZY F OT C B B 2.6 0.15 0. 0% NM 0.0% 0. 0% NM -96.3%
W ynds torm C orpora tion US D W Y ND OT C P K 1.8 0.10 0. 0% 150.0% 233.3% -16.7% -83. 3% -83.3%
XING A G E UR O1B C XT R A 199.0 26.70 -2.7% -13.9% -11.1% -11.3% -14. 7% -25.8%
Y eda ngOnline C orp. KR W A052770 K OS E 120.7 9, 440 14.4% 12.4% -0.1% 38.8% -0.1% -23.9%
Y nk K orea Inc. KR W A023770 K OS E 21.4 4, 910 -4.7% -24.2% -37.6% 2. 3% -55. 0% -60.4%
H igh 150.0% 650.0% 1900. 0% 650.0% 438. 6% 8.2%
L ow -60.0% -72.1% -68.4% -88.0% -99. 7% -99.9%
Average 696.6 4.3% 13.7% 53.1% 64.1% -12.6% -47.6%
Media n 0. 0% 1.7% 6.7% 33.2% -28. 6% -40.0%

Figure 19. Price Performance
Source. Capital IQ

Valuation Multiples
P rimary US D Market TE V/L TM TE V/ NTM TE V/L TM TE V/NTM
C ompany Name S ec tor C ountry E xc hange Ticker C ap ($m) R evenue R evenue E B ITDA E B ITDA P /L TM E P S P /NTM E P S P /TangB V
Accelerize New Media, Inc. Direct Marketing U nited S ta tes OTCB B AC LZ 15.8 5.1x - - - - - -
Actoz S oft C o., Ltd. G aming S outh K orea K OS E A052790 165.3 1.4x - 6. 6x - 24.3x - 2.7x
AQ Intera ctive, Inc. G aming J apan TS E 3838 29.9 0.0x - 0. 3x - - - 0.5x
As s ocia ted Media Holdings Inc. Mobile U nited S ta tes OTCP K AS MH 0.6 15.6x - - - - - -
B igs tring C orp. Ins ta nt Mes s aging U nited S ta tes OTCB B BSGC 1.3 35.7x - - - - - -
B etawave C orpora tion Media U nited S ta tes OTCB B B W AV 2.2 - - - - - - 0.3x
B eyond C ommerce, Inc. S ocial Networking U nited S ta tes OTCB B B YOC 13.5 2.6x - - - - - -
B right T hings plc S ocial Networking U nited K ingdom AIM AIM:B G T 4.8 17.6x - - - - - -
B roadW ebAs ia Inc. S ocial Networking U nited S ta tes OTCP K BWBA 19.5 - - - - - - -
C DC C orp. G aming H ong K ong N as da qG S C HIN.A 292.3 0.8x 0.8x 9. 9x 12.5x - - -
C hangyou.com Limited G aming C hina N as da qG S C Y OU 2,164.4 7.8x 6.0x 12.8x 10.5x 14.9x 13.3x 14.7x
C hina G atewa y C orpora tion Mobile U nited S ta tes OTCP K CGW Y 0.3 0.0x - - - - - -
C hines e G amer Interna tional G aming T a iwa n GTS M G T S M:3083 1,101.7 18.4x - 32.9x - 42.5x - 16.0x
C L IC K E R Inc. Direct Marketing U nited S ta tes OTCB B C LK Z 0.6 0.3x - - - - - -
C ornerW orld C orporation C ontent U nited S ta tes OTCB B CW R L 3.5 3.8x - - - - - -
C yberplex Inc. A dvertis ing C ana da TS X T S X: C X 102.3 1.3x - 12.6x - 9.5x - 9.4x
DA DA S pA S ocial Networking Italy CM C M:DA 139.8 0.8x - 5. 5x - 23.4x - -
DXN Holdings B hd S ocial Networking Mala ys ia K LS E DXN 30.9 0.6x - 4. 1x - 5.4x - 0.7x
Dibz Interna tiona l, Inc. S NS Apps U nited S ta tes OTCP K DIB Z 0.0 - - - - - - -
DigitalP os t Interactive, Inc. C ontent U nited S ta tes OTCB B DG L P 4.4 8.2x - - - - - -
DigitalT own, Inc. S ocial Networking U nited S ta tes OTCB B DG T W 35.6 - - - - - - -
Dolphin Digital Media, Inc. S ocial Networking U nited S ta tes OTCB B DP DM 20.7 28.0x 1.4x - - - 1.6x -
E olith C o. L td. G aming S outh K orea K OS E A041060 48.4 3.4x - - - - - 4.5x
E xtens ions , Inc. C ontent U nited S ta tes OTCP K E XT I 8.9 - - - - - - -
F luid Mus ic C a nada, Inc. Media U nited S ta tes TS X T S X:F MN 57.2 9.7x 6.4x - - - - 5.4x
F rogs ter Interactive P ictures A G G aming G erma ny XT R A FR G 51.8 15.4x - - - - - 7.1x
G amania Digital E ntertainment C o., Ltd. G aming T a iwa n GTS M 6180 268.3 1.9x - 11.7x - 28.5x - 3.5x
G ameO n C o Ltd. G aming J apan TS E 3812 103.0 0.6x - 2. 4x - 12.2x - 1.4x
G eoS entric Oyj Mobile F inland H LS E G E O1V 63.5 9.9x - - - - - 10.7x
G iant Interactive G roup, Inc. G aming C hina NY S E GA 1,818.1 - - - - 1.9x 13.4x 0.4x
G igaMedia Ltd. G aming T a iwa n N as da qG S G IG M 269.3 1.1x 1.0x - 5.0x 10.6x 9.9x 2.3x
G ravity C o., Ltd G aming S outh K orea N as da qG M GR VY 58.4 - - - - 0.0x - 0.0x
G ree, Inc. S ocial Networking J apan TS E T S E : 3632 1,779.8 11.7x - 19.4x - 41.1x - 19.0x
G ungH o O nline E nterta inment, Inc. Media J apan OS E 3765 237.7 2.0x - 11.0x - - - 34.3x
Ha nbitS oft, Inc. G aming S outh K orea K OS E A047080 76.8 1.1x - - - - - 2.3x
IAC /InterActiveC orp. Media U nited S ta tes N as da qG S IAC I 2,449.4 0.5x 0.5x 13.5x 4.2x 11.6x 35.7x 1.1x
IAS E nergy, Inc. V ideo C ana da OTCB B IAS C .A 12.6 - - - - - - -
is eemedia Inc. C ontent C ana da T S XV IE E 3.3 1.5x - - - - - 2.7x
J umbuck E ntertainment P ty L td. S ocial Networking Aus tra lia AS X AS X:J MB 15.1 0.7x - 1. 8x - 5.9x - 1.5x
K A B Dis tribution Inc. C ontent C ana da TS X T S X:K AB 82.7 1.2x 1.1x 9. 7x 6.0x - - -
K ings oft C o. Ltd. G aming C hina S E HK 3888 1,134.8 8.7x - 21.7x - 25.5x - 6.2x
Lingo Media C orpora tion L earning C ana da T S XV T S XV : LM 12.9 12.4x - - - - - 13.1x
LiveW orld Inc. S ocial Networking U nited S ta tes OTCP K LV W D 1.9 0.1x - - - - - 0.8x
LookS ma rt, L td. Direct Marketing U nited S ta tes N as da qG M L OOK 21.4 - - - - - - 0.8x
Magnitude Information S ys tems Inc. S ocial Networking U nited S ta tes OTCB B MA G Y 2.7 - - - - - - -
Mixi, Inc. S ocial Networking J apan TS E 2121 976.1 6.9x - 20.4x - 51.7x - 7.1x
Modern T imes G roup Mtg AB Media S weden OM MT G B 2,662.8 1.7x 1.6x 11.1x 12.6x 13.4x 14.7x -
MOK O .mobi Limited S ocial Networking Aus tra lia AS X MK B 4.7 2.9x - - - - - 3.4x
Myriad G roup AG Mobile S witzerla nd SWX MY R N 80.9 2.3x - - - - - 3.7x
NE OW IZ G ames C orporation G aming S outh K orea K OS E A095660 545.9 2.7x - 9. 9x - 29.3x - 14.8x
NetDra gon W ebS oft, Inc. G aming C hina S E HK 777 390.1 2.9x - 7. 4x - 14.0x - 2.1x
Netea s e.com Inc. G aming C hina N as da qG S NT E S 5,870.8 - - - - 3.4x 20.1x 1.0x
NeuLion Incorporated V ideo C ana da TS X T S X:NL N 111.7 5.5x 5.6x - - - - 6.3x
NeXplore C orporation C ontent U nited S ta tes OTCP K NXP C 39.0 - - - - - - -
Ngi G roup Inc. Media J apan TS E 2497 41.0 0.0x - 0. 1x - - - 0.9x
Northgate T echnologies Limited Direct Marketing India BS E 590057 25.7 0.3x - - - - - -
O pen T ext C orp. C ollabora tion C ana da N as da qG S OT E X 2,022.8 2.7x 2.4x 10.5x 8.1x 31.6x 14.6x -
O penwave S ys tems Inc. Mobile U nited S ta tes N as da qG S OP W V 218.3 0.6x 0.6x 20.6x 5.0x - 32.8x 3.2x
P erfect W orld C o., Ltd. G aming C hina N as da qG S PWRD 1,819.0 0.5x 2.4x 0. 9x 4.6x 3.1x 14.1x 1.2x
P N I Digital Media Inc. Digita l Ima ging C ana da T S XV T S XV :P N 46.8 2.3x 1.6x - 4.6x - - 18.6x
Q uepa s a C orp. S ocial Networking U nited S ta tes OTCB B QP S A 15.9 - - - - - - -
O AO R B C Information S ys tems Media R us s ia R TS R BCI 145.7 0.0x - 0. 2x - - - -
S handa Interactive E nterta inment Ltd. G aming C hina N as da qG S S NDA 3,335.8 - - - - 2.7x 13.9x 1.1x
S hutterfly, Inc. Digita l Ima ging U nited S ta tes N as da qG S S FLY 404.5 1.6x 1.5x 12.5x 7.8x - - 2.4x
S K C ommunications C o., Ltd. S earch S outh K orea K OS E A066270 344.7 1.8x - 28.3x - - - -
S N AP Interactive, Inc. Dating U nited S ta tes OTCB B S TVI 4.3 0.9x - 3. 1x - 6.6x - 2.6x
S N M G lobal Holdings Media U nited S ta tes OTCP K S NMN 0.0 1.1x - - - - - -
S ocial Media V enures , Inc. S ocial Networking U nited S ta tes OTCP K S MV I 0.0 4.5x - - - - - -
S ocialwis e, Inc. S ocial Networking U nited S ta tes OTCB B S CLW 32.1 - - - - - - 41.7x
S ohu.com Inc. G aming C hina N as da qG S S O HU 2,453.4 4.0x 3.5x 9. 3x 7.7x 14.3x 17.4x 4.8x
S park N etworks , Inc. S ocial Networking U nited S ta tes AME X L OV 56.1 1.0x - 4. 8x - 17.2x - -
S pectrumDN A, Inc. Media U nited S ta tes OTCB B S P XA 10.7 - - - - - - 28.0x
T encent Holdings Ltd. P orta l C hina S E HK 700 25,897.8 23.6x - 48.8x - 62.1x - 25.9x
T he P a rent C ompany Media U nited S ta tes OTCP K K IDS .Q 0.4 0.2x 0.2x - 12.9x - - -
T he9 L imited G aming C hina N as da qG S NC T Y 239.2 - - - - 2.7x 13.5x 0.1x
T heS treet.com, Inc. Media U nited S ta tes N as da qG M TS CM 70.4 0.1x 0.1x 3. 0x - - - 0.9x
T otal S port Online AS Media N orway O T C NO T OS O 0.1 4.6x - - - - - -
T ree.C om, Inc. P orta l U nited S ta tes N as da qG M TREE 106.7 0.5x - - 8.0x - 55.7x 1.3x
Unis erve C ommunications C orp. S ocial Networking C ana da T S XV T S XV :US S 1.0 0.2x - - - - - -
United Online Inc. Media U nited S ta tes N as da qG S U NT D 633.0 0.9x - 4. 4x - - - -
UO MO Media, Inc Media C ana da OTCB B UO MO 12.9 20.8x - - - - - -
V a lueC lick Inc. Media U nited S ta tes N as da qG S V CLK 948.2 1.4x - 8. 2x - - - 6.2x
V O IS , Inc. S ocial Networking U nited S ta tes OTCB B V OIS 4.4 - - - - - - 15.1x
W ebzen Inc. G aming S outh K orea N as da qG M W ZE N 38.8 - - - - - - 0.0x
W izzard S oftware C orporation P odca s ting U nited S ta tes AME X W ZE 22.5 4.3x - - - - - -
W orlds .com Inc. C ontent U nited S ta tes OTCB B W DDD 4.7 - - - - 30.7x - -
W oozyF ly, Inc. S ocial Networking U nited S ta tes OTCB B W ZY F 2.6 - - - - - - -
W ynds torm C orporation C ontent U nited S ta tes OTCP K W Y ND 1.8 - - - - - - -
XIN G AG S ocial Networking G erma ny XT R A O1B C 199.0 2.7x - 8. 8x - 18.7x - 6.2x
Y eda ngO nline C orp. G aming S outh K orea K OS E A052770 120.7 2.4x - 10.9x - 12.6x - 4.4x
Y nk K orea Inc. G aming S outh K orea K OS E A023770 21.4 2.8x - - - - - 1.0x
High 25,897.8 35.7x 6.4x 48.8x 12.9x 62.1x 55.7x 41.7x
Low 0.0 0.0x 0.1x 0. 1x 4.2x 0.0x 1.6x 0.0x
Average 696.6 5.0x 2.2x 11.1x 7.8x 18.4x 19.3x 7.0x
Median 47.6 2.0x 1.5x 9. 8x 7.8x 14.0x 14.4x 3.3x

Figure 20. Valuation Comparison
Source. Capital IQ

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

United S tates 39 C hina 45, 123. 3 C hina 4,512. 3 C hina 3,882. 8 C hina 1, 802. 0 C hina 48. 0%
C a na da 10 U nited S ta tes 5, 235. 3 S weden 2,662. 8 United S tates 3,882. 8 United S tates 291. 6 A us tralia 37. 2%
C hina 10 J a pan 3, 167. 6 T aiwan 546. 5 S weden 1,893. 2 S weden 290. 9 T aiwan 36. 3%
S outh K orea 8 S weden 2, 662. 8 J apan 527. 9 C a na da 999. 1 C a na da 196. 7 G ermany 31. 2%
J a pa n 6 C anada 2, 409. 0 Hong K ong 292. 3 S outh K orea 680. 1 J a pa n 180. 4 J apan 25. 6%
T a iwa n 3 T a iwa n 1, 639. 4 C anada 240. 9 J a pa n 604. 7 S outh K orea 92. 4 S weden 15. 4%
Aus tralia 2 S outh K orea 1, 399. 0 S outh K orea 174. 9 Hong K ong 389. 9 T a iwa n 52. 5 Italy 14. 6%
G erma ny 2 Hong K ong 292. 3 R us s ia 145. 7 T a iwa n 366. 1 Ita ly 34. 8 Mala ys ia 13. 8%
S witzerla nd 1 G ermany 250. 8 Ita ly 139. 8 Ita ly 237. 6 Hong K ong 30. 8 R us s ia 13. 1%
Hong K ong 1 R us s ia 145. 7 U nited S ta tes 134. 2 R us s ia 148. 8 R us s ia 19. 4 Hong K ong 7. 9%
F inla nd 1 Ita ly 139. 8 G ermany 125. 4 India 83. 2 Ma lays ia 10. 9 S outh K orea 6. 4%
Ita ly 1 S witzerla nd 80. 9 S witzerla nd 80. 9 Ma lays ia 78. 9 G erma ny 10. 5 S witzerla nd 1. 9%
United K ingdom 1 F inland 63. 5 F inland 63. 5 G erma ny 56. 8 Aus tralia 3. 1 C anada -13. 3%
India 1 Malays ia 30. 9 Malays ia 30. 9 S witzerla nd 40. 0 S witzerla nd 0. 8 U nited S ta tes -14. 4%
S weden 1 India 25. 7 India 25. 7 Aus tralia 16. 2 Norwa y -1. 1 India -50. 0%
R us s ia 1 Aus tralia 19. 8 Aus tralia 9. 9 F inla nd 6. 0 United K ingdom -1. 9 Norway -50. 6%
Ma lays ia 1 U nited K ingdom 4. 8 U nited K ingdom 4. 8 Norwa y 2. 2 F inla nd -15. 5 U nited K ingdom #DIV /0!
Norwa y 1 Norway 0. 1 Norway 0. 1 United K ingdom 0. 3 India -41. 6 F inland #DIV /0!

G rand Total 90 G rand Total 62,690.7 G rand Total 696.6 G rand Total 13,368.7 G rand Total 2,956.7 G rand Total 6.9%

Figure 21. Comparison by Country
Source. Capital IQ

S ummary by E xc hange
C ompany Name US D Market C ap ($m) Avg US D Market C ap ($m) US D L TM Total R ev ($m) US D L TM Total E B ITDA ($m) E B ITDA %

OT C B B 19 S E HK 27, 422.7 S E HK 9, 140.9 OM 1, 893.2 Na s da qG S 1,753.6 S E HK 42. 7%
Nas daqG S 14 Nas daqG S 23, 120.4 OM 2, 662.8 Na s da qG S 494.1 S E HK 669.0 AS X 37. 2%
OT C P K 11 TS E 2, 929.9 NY S E 1, 818.1 S E HK 473.0 OM 290.9 GTS M 36. 3%
K OS E 6 OM 2, 662.8 Na s da qG S 1, 651.5 CM 237.6 TS E 161.3 XT R A 31. 2%
TS E 5 NY S E 1, 818.1 GTS M 685.0 NY S E 218.9 K OS E 80.2 Nas daqG S 30. 4%
Nas daqG M 5 GTS M 1, 370.1 TS E 586.0 RTS 148.8 GTS M 52.5 TS E 27. 2%
TS X 4 K OS E 1, 301.8 OS E 237.7 OS E 105.9 CM 34.8 OS E 18. 0%
T S XV 4 TS X 353.9 K OS E 217.0 K OS E 101.7 RTS 19.4 OM 15. 4%
S E HK 3 Nas daqG M 295.7 RTS 145.7 TS E 99.8 OS E 19.0 CM 14. 6%
AME X 2 XT R A 250.8 CM 139.8 GTS M 91.3 K LS E 10.9 K LS E 13. 8%
AS X 2 OS E 237.7 XT R A 125.4 BSE 83.2 XT R A 10.5 R TS 13. 1%
XT R A 2 OT C B B 200.6 TS X 88.5 Na s da qG M 82.1 Na s da qG M 8.5 K OS E 4. 4%
GTS M 2 R TS 145.7 SWX 80.9 K LS E 78.9 AME X 6.4 Nas daqG M 3. 9%
SWX 1 CM 139.8 HL S E 63.5 TS X 43.6 AS X 3.1 SWX 1. 9%
HLS E 1 SWX 80.9 Na s da qG M 59.1 SWX 40.0 SWX 0.8 T S XV 1. 3%
CM 1 AME X 78.6 AME X 39.3 AME X 29.9 NY S E 0.0 TS X -14.3%
BSE 1 OT C P K 72.4 K LS E 30.9 XT R A 28.4 O T C NO -1.1 OT C B B -32.0%
NY S E 1 T S XV 64.0 BSE 25.7 OT C P K 16.6 AIM -1.9 AME X -36.4%
OS E 1 HLS E 63.5 T S XV 16.0 T S XV 11.6 TS X -1.9 OT C P K -41.3%
AIM 1 K LS E 30.9 OT C B B 10.6 AS X 8.1 T S XV -6.2 BSE -50.0%
OM 1 BSE 25.7 AS X 9.9 HL S E 6.0 HL S E -15.5 O T C NO -50.6%
R TS 1 AS X 19.8 OT C P K 6.6 O T C NO 2.2 OT C P K -34.0 NY S E #DIV /0!
K LS E 1 AIM 4.8 AIM 4.8 OT C B B 1.7 BSE -41.6 AIM #DIV /0!
O T C NO 1 O T C NO 0.1 O T C NO 0.1 AIM 0.3 OT C B B -62.2 HLS E #DIV /0!

G rand Total 90 G rand Total 62,690.7 G rand Total 696.6 G rand Total 157.3 G rand Total 2,956.7 G rand Total 6.9%

Figure 22. Comparison by Exchange
Source. Capital IQ

Financ ing - L as t Three Months (US $ m)
Month C ompany Name C ountry Angel/S eed P IP E S eries A S eries B S eries C S eries D G rand Total
J un-09 S ugar Inc . US A 16. 0 16. 0
Tumri US A 15. 0 15. 0
B oku US A 13. 0 13. 0
W imba US A 12. 0 12. 0
G rab Networks US A 12. 0 12. 0
AdC hina C hina 10. 0 10. 0
G oojet S AS F ra nce 8. 5 8. 5
AdMeld Inc . US A 8. 0 8. 0
beeTV US A 8. 0 8. 0
blueK iwi S oftware S A F ra nce 6. 5 6. 5
Nokeena US A 6. 5 6. 5
B ubble Motion US A 6. 0 6. 0
S ens e Networks US A 6. 0 6. 0
Zoos k US A 6. 0 6. 0
G ather US A 5. 3 5. 3
MojoP ages US A 5. 0 5. 0
Taomee C hina 5. 0 5. 0
Animoto US A 4. 4 4. 4
G ameG round Is ra el 4. 1 4. 1
R ingR evenue US A 3. 5 3. 5
C rowdc as t US A 3. 0 3. 0
YuMe US A 2. 9 2. 9
eR epublik S pa in 2. 8 2. 8
News er L L C US A 2. 5 2. 5
C lic kF uel US A 2. 5 2. 5
Inigral US A 2. 4 2. 4
AdE x Media US A 2. 3 2. 3
G R OU.P S US A 2. 1 2. 1
my6s ens e Is ra el 2. 0 2. 0
OneTXT US A 2. 0 2. 0
Yapta US A 2. 0 2. 0
I L ove R ewards C a na da 1. 8 1. 8
C liqs et US A 1. 5 1. 5
G lubble Netherla nds 1. 0 1. 0
TodaC ell Is ra el 1. 0 1. 0
AdW hirl US A 1. 0 1. 0
L iquidP lanner US A 1. 0 1. 0
Mas hL ogic US A 0. 5 0. 5
J un-09 Total 45.3 15.3 28.5 67.8 34.0 5.3 196.1

J ul-09 P andora Media US A 35. 0 35. 0
K ontera L td. Is ra el 15. 5 15. 5
Ning US A 15. 0 15. 0
Quic kP lay Media C a na da 12. 0 12. 0
C aus es US A 10. 0 10. 0
Outs park US A 8. 3 8. 3
C onnectE du US A 8. 2 8. 2
Acquia, Inc US A 8. 0 8. 0
S B Nation US A 8. 0 8. 0
MediaMath US A 6. 6 6. 6
Metavers um G erma ny 6. 3 6. 3
Invodo US A 6. 0 6. 0
Quikr India P vt. L td. India 4. 1 4. 1
OP E N S ports network US A 4. 0 4. 0
S tyleC as ter US A 4. 0 4. 0
Nexage US A 4. 0 4. 0
TweetDec k UK 3. 2 3. 2
B us c a US A 2. 6 2. 6
P rotonMedia US A 2. 5 2. 5
Akademos US A 2. 5 2. 5
iL oop Mobile US A 2. 0 2. 0
C omunitae S pa in 1. 7 1. 7
L at49 C a na da 1. 5 1. 5
Aloqa G erma ny 1. 5 1. 5
Tributes .c om US A 1. 2 1. 2
C oTweet US A 1. 1 1. 1
C likthrough US A 1. 0 1. 0
C ellufun US A 1. 0 1. 0
C ognitive Matc h L imited UK 1. 0 1. 0
P eople C apital US A 0. 5 0. 5
B ookF res h US A 0. 5 0. 5
J ul-09 Total 63.5 11.1 25.6 51.5 27.0 178.7

F inanc ing - L as t T hree Months (US $ m)
F in. Amount (Million) T ype of financ ing
Month C ompany Name C ountry Angel/S eed P IP E S eries A S eries B S eries C S eries D G rand T otal
Aug-09 T urbine US A 50 . 0 50. 0
R ic hR elevanc e US A 1 2. 5 12. 5
T raffiq US A 1 0. 0 10. 0
MediaMath US A 1 0. 0 10. 0
B ill.c om US A 8. 5 8. 5
K O DA US A 3. 0 3. 0
iS yndic a US A 0. 4 0. 4
Aug-09 T otal 13.4 22.5 8.5 50.0 94.4

G rand T otal 122.1 15.3 39.6 115.8 94.0 82.3 469.1

Figure 23. Financing, Last Three Months

C ompany Des c riptions - C urrent Month C apital Market Ac tivity
C ompany HQ Webs ite Des cription
B ill.com United S ta tes www.bill.com B ill. com, Inc. offers an electronic cas h management s ervice. Its s ervice s implifies the way companies ma nage bills , invoices , contracts , and
other documents . T he company delivers its s ervice through an on-demand S oftware a s a S ervice (S aaS ) model. C as hV iew is a W eb-bas ed
s ys tem that allows companies to s tore all documents , proces s es , mes s ages , and trans a ctions in one place. It gives companies a real-time
daily view of anticipated cas h flow while s imultaneous ly proces s ing trans actions . T he compa ny was formerly known as C as hV iew, Inc. a nd
changed its name to B ill. com, Inc. in J anuary, 2008. B ill. com, Inc. was founded in 2006 and is bas ed in P alo Alto, C alifornia.

F riends R eunited United K ingdom www.friendsreunited.co.uk F riends R eunited G roup operates as an online community that connects people through a network of friends . It provides an online meeting
place for people to s ocializ e, ma ke acqua intances , and find others who s hare their interes ts . T he company a ls o ena bles members to look up
friend’s W eb pages , and s hare photos and videos . In addition, it offers online da ting s ervices . T he compa ny is bas ed in the United K ingdom.
F riends R eunited G roup operates as a s ubs idia ry of IT V plc.

iS yndica United S ta tes www.isyndica.com iS yndica, a cloud-ba s ed digital media dis tribution platform, s implifies online s elling by s yndica ting, promoting and tracking us er content on
multiple es tablis hed channels . iS yndica’s Upload O nce - S ell E verywhere™ approa ch helps us ers increas e revenue while reducing their
work load. B uilt on Amazon W eb S ervices (AW S ), our V irtua l Dis tribution S erver (V DS ) is a groundbreaking, patent pending, multi-category
s oftware-as -a-s ervice (S aaS ) dis tribution platform. iS yndica currently s upports photogra phy a nd video.

K oda United S ta tes www.koda.us K ODA was founded with a mis s ion to create a pla tform that allows emerging talent and s ma rt companies to go beyond the res ume or
traditional job pos ting. More profes s ional than F acebook but more pers onal than L inkedIn, K ODA looks to s howcas e profiles and employer
profiles that allow both s ides of the hiring equa tion to get to know each other.

R ichR elevance United S ta tes www.richrelevance.com richrelevance, Inc. provides pers ona liza tion and product recommenda tion tools for the eC ommerce s ites . It offers R ichrecs , which offers
product recommenda tions to pers onaliz e cus tomer's s hopping experience; myrecs that enga ges loyal s hoppers with a pers onalized pa ge of
releva nt product recommendations ; and richmail, which enables cros s -s elling a nd up s elling of relevant products . richreleva nce, Inc. was
founded in 2005 and is headquartered in S an F rancis co, C alifornia. It has loca tions in S an Diego, C alifornia; Dallas a nd Hous ton, T exas ; and
New Y ork, New Y ork.
Traffiq United S ta tes www.traffiq.com T R AF F IQ , Inc. , a dis pla y advertis ing mark etplace, operates a digital media management platform that connects buyers and s ellers of online
media. Its platform provides a s uite of enterpris e tools that enables negotiations for deal points and centraliz ed advertis ing operations ,
including trafficking, inventory management, tra cking a nd optimiz ation, and billing. T he company’s pla tform incorporates components of the
media planning, buying, and s elling proces s , including s ite s earch, inventory pa ckaging tools , negotiation management, order execution,
a utomated R F P dis tribution, campa ign optimiz ation, a nd publis her reconciliation/invoicing. It s erves advertis ers and publis hers . T he
company was founded in 2006 and is bas ed in New Y ork, New Y ork with an additional office in V ienna, V irginia.

Turbine Inc. United S ta tes www.turbine.com T urbine, Inc. , an interactive media company, engages in developing, launching, and operating online entertainment in North America . It
offers online games , including multiplayer online role-pla ying games . T he company operates s ocial gaming communities . It als o s ells its
games through reta ilers in North America and E urope. T urbine, Inc. was formerly known a s T urbine E ntertainment S oftware C orp. T he
company was founded in 1994 and is headquartered in W es twood, Ma s s achus etts .

Figure 24. Company Descriptions
Source. Company reports, Capital IQ, Crunchbase

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

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09 08 11 Web 2.0 Weekly

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