The document summarizes a research report that found software companies are taking longer on average to exit investments through IPO, acquisition, or failure. Specifically, the median time for exit is now 91 months (7.6 years) for software companies, compared to 3.7-10.7 years previously. Additionally, median exit valuations for software companies since 2001 have been very low at 0.0-0.1x compared to 3.7-10.7x from 1994-2001. The document also provides an overview of financing activity and performance of publicly traded web 2.0 companies.

1. SOFTWARE & SERVICES 18 AUGUST 2009
DAVID SHORE, CFA, MBA 416.860.6784
WEB 2.O WEEKLY david.shore@researchcapital.com
Arun Thomas (Associate) 416.860.7666
VENTURE CAPITAL EXITS TAKING LONGER
SOFT WAR E CO MPAN IES TAK ING A BOUT 91 MONTH S TO EXIT
A recent research report published by SVB Financial elucidates how difficult it has been for venture capitalists to exit
their investment across various sectors. Data combined from Dow Jones Venture Source and SVB measures the time
and capital it takes for a venture-backed company to go public, be sold or go out of business. In the software sector,
the median exit multiple (calculated as the value of the company at the time of exit divided by the amount of capital
invested in the company) since 2001 was 0.0x to 0.1x compared to 3.7x to 10.7x between 1994 and 2001. Moreover,
the median time it takes to exit these companies is at an all-time high of 91 months (7.6 years).
Total capital raised in August (so far) is $129.4 million: Online gaming company Turbine, Inc. raised $50 million in
August – the largest transaction in August. Mint, a vertical community site (offering web-based solutions for financial
management), was a distant second raising $14.1 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 $10 million.
Financing Activity Last Twelve Months
350.0 18.0
16.2
16.0
300.0
14.0
250.0
12.0
10.3
10.0
200.0 9.7
10.0
(US$m)
(US$m)
8.0
150.0 7.0 7.0 7.1
6.5 6.6 6.6
6.2
5.6
6.0
5.0
100.0
4.0
50.0
2.0
0.0 0.0
Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09
Total Average
A w eak price performance w eek: Most companies in our universe had a weak stock price performance over the past
week (for stocks with prices greater than $1) (Figure 6), with 36 companies showing negative returns on the week.
Quepasa Corp. (OTCBB:QPSA) led the group with a 12.0% return, while Spark Networks, Inc. (AMEX:LOV) had the
worst return, dropping 23.1% in the week.
This report has been created by Anal ysts that are employed by Research Capital Corporation, a Canadian Investment Dealer.
www.researchcapital.com
Toronto 416.860.7600 Montreal 514.399.1500 Vancouver 604.662.1800 Calgary 403.265.7400 Regina 306.566.7550

2. Page 2
THE WEB 2.0 UNIVERSE
Ninety-one public Web 2.0 companies identified: Our Web 2.0 universe contains 91 companies, with a combined market
cap of ~$62 billion (Figure 1). The median market cap for the group is ~$60 million, with average trailing revenue of
~$159.6 million (median $54.9 million). The companies are also generally profitable, with a median EBITDA margin of
13.1%. On a valuation basis, the overall average is 4.8x trailing revenue (median 1.8x) and 11.0x trailing EBITDA (median
9.8x). Twenty-one of the companies have more than 500 employees.
C omparable C ompany Analys is > Web 2.0
Trading C urrent US D Market US D L TM Total US D L TM Total E B ITDA TE V/L TM TE V/L TM
C ompany Name L TM as of Tic ker E xc hange C urrenc y HQ P ric e C ap ($m) R ev ($m) E B ITDA ($m) % R evenue E B ITDA E mployees
Accelerize New Media, Inc. 3/31/2009 AC L Z 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. , L td. 3/31/2009 A052790 K OS E KR W S outh K orea 21,300 146.0 91. 8 19.9 21.7% 1. 3x 5.9x NA
AQ Interactive, Inc. 3/31/2009 3838 TS E JPY J a pa n 49,600 28.6 65. 5 4.1 6.3% - - NA
As s ocia ted 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 BSGC OT C B B US D United S ta tes 0. 02 1. 1 0.1 (2.0) NM 32.4x - 4
B etawave C orporation 3/31/2009 B W AV OT C B B US D United S ta tes 0. 06 1. 8 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. 27 12.5 7.1 (9.5) NM 2. 4x - 69
B right T hings plc 9/30/2008 AIM:B G T AIM GBP United K ingdom 0. 01 4. 1 0.3 (1.8) NM 14.9x - 9
B roadW 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. 54 269.5 389.9 30.8 7.9% 0. 7x 9.2x 2,227
C hangyou.com Limited 6/30/2009 C Y OU Na s daqG S US D C hina 37. 35 2,054.3 241.2 147. 2 61.0% 7. 4x 12.1x 628
C hina G ateway C orpora tion 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 International 3/31/2009 G T S M:3083 GTS M TWD T aiwan 412 1,051.6 56. 1 31.4 56.0% 17.6x 31.4x NA
C L IC K E R Inc. 5/31/2009 C LK Z OT C B B US D United S ta tes 0. 01 0. 4 2.5 (1.2) -45.8% 0. 2x - 22
C ornerW orld C orporation 1/31/2009 CWR L OT C B B US D United S ta tes 0. 06 5. 7 1.3 NM NM 5. 5x - NA
C yberplex Inc. 6/30/2009 T S X :C X TS X C AD C anada 2 97.0 88. 1 9.5 10.8% 0. 9x 8.1x NA
DADA S pA 6/30/2009 C M:DA CM E UR Ita ly 6. 09 139.0 232.5 30.5 13.1% 0. 8x 6.1x NA
DXN Holdings B hd 5/31/2009 DXN K LS E MY R Ma la ys ia 0. 49 31.5 75. 7 10.9 14.4% 0. 6x 4.2x NA
Dibz Interna tiona l, Inc. NA DIB Z OT C P K US D United S ta tes 0. 00 0. 0 NA NM NM - - NA
Digita lP os t Intera ctive, Inc. 3/31/2009 DG L P OT C B B US D United S ta tes 0. 05 3. 9 0.7 (2.6) NM 7. 5x - 7
Digita lT 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 Digita l Media, Inc. 3/31/2009 DP DM OT C B B US D United S ta tes 0. 39 20.2 0.8 (3.7) NM 27.3x - NA
E olith C o. L td. 12/31/2008 A041060 K OS E KR W S outh K orea 820 47.2 14. 6 (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. 08 3. 6 NM NM NM - - 2
F luid Mus ic C ana da , Inc. 3/31/2009 T S X :F MN TS X C AD United S ta tes 1. 20 56.8 5.0 (6.9) NM 9. 9x - NA
F rogs ter Intera ctive P ictures AG 12/31/2008 FR G XT R A E UR G erma ny 14. 00 49.8 3.2 (6.2) NM 14.9x - NA
G a mania Digital E ntertainment C o., Ltd. 3/31/2009 6180 GTS M TWD T aiwan 56. 70 261.7 125.9 20.9 16.6% 1. 9x 11.4x NA
G a meO n C o L td. 6/30/2009 3812 TS E JPY J a pa n 103,000 105.5 77. 6 19.0 24.5% 0. 4x 1.8x NA
G eoS entric O yj 3/31/2009 G E O 1V HL S E E UR F inla nd 0. 05 63.2 6.0 (15.4) NM 9. 9x - 108
G ia nt Intera ctive G roup, Inc. 3/31/2009 GA NY S E US D C hina 8 1,734.5 218.9 NM NM - - 1,570
G igaMedia Ltd. 3/31/2009 G IG M Na s daqG S US D T aiwan 4. 41 240.4 183.6 NM NM 0. 9x - 751
G ra vity C o. , L td 3/31/2009 GR VY Na s daqG M US D S outh K orea 2. 01 55.9 45. 5 12.5 27.5% - - 469
G ree, Inc. 6/30/2009 T S E :3632 TS E JPY J a pa n 7,930 1,880.7 147.8 88.8 60.1% 12.0x 19.9x NA
G ungHo O nline E ntertainment, Inc. 3/31/2009 3765 OS E JPY J a pa n 230,000 279.2 109.2 19.6 18.0% 2. 3x 12.8x NA
Ha nbitS oft, Inc. 3/31/2009 A047080 K OS E KR W S outh K orea 4,125 71.8 54. 9 (14.7) -26.8% 1. 0x - NA
IAC /InterActiveC orp. 6/30/2009 IAC I Na s daqG S US D United S ta tes 18. 40 2,436.2 1,392.3 52.7 3.8% 0. 5x 13.2x 3,200
IAS E nergy, Inc. 1/31/2009 IAS C .A OT C B B US D C anada 0. 12 8. 4 0.0 (0.8) NM - - NA
is eemedia Inc. 3/31/2009 IE E T S XV C AD C anada 0. 06 2. 8 1.5 (4.9) NM 1. 2x - NA
J umbuck E ntertainment P ty Ltd. 12/31/2008 AS X :J MB AS X AUD Aus tra lia 0. 36 14.4 14. 7 5.5 37.2% 0. 6x 1.7x 72
K AB Dis tribution Inc. 3/31/2009 T S X :K AB TS X C AD C anada 1 80.8 74. 2 8.8 11.9% 1. 2x 9.7x NA
K ings oft C o. L td. 3/31/2009 3888 S E HK HK D C hina 8 1,182.3 129.0 52.0 40.3% 9. 2x 22.7x 2,271
L ingo Media C orpora tion 3/31/2009 T S X V : LM T S XV C AD C anada 1. 00 11.2 0.9 (1.6) NM 10.9x - NA
L iveW orld Inc. 3/31/2009 LV W D OT C P K US D United S ta tes 0. 06 1. 7 11. 4 (0.0) -0.4% 0. 1x - NA
L ookS mart, L td. 6/30/2009 LO O K Na s daqG M US D United S ta tes 1. 20 20.5 56. 8 (4.4) -7.8% - - 90
Magnitude Informa tion S ys tems Inc. 3/31/2009 MAG Y OT C B B US D United S ta tes 0. 01 3. 0 0.1 (3.1) NM - - 14
Mixi, Inc. 6/30/2009 2121 TS E JPY J a pa n 604000. 00 984.0 129.6 43.7 33.8% 6. 7x 19.9x NA
Modern T imes G roup Mtg AB 6/30/2009 MT G B OM SEK S weden 288. 00 2,597.6 1,878.9 288. 7 15.4% 1. 7x 10.9x 2,969
MO K O .mobi L imited 12/31/2008 MK B AS X AUD Aus tra lia 0. 08 5. 3 1.2 (2.4) NM 3. 5x - NA
Myria d G roup AG 12/31/2008 MY R N SWX C HF S witzerland 4. 26 84.1 40. 0 0.8 1.9% 2. 3x - 405
NE O W IZ G a mes C orporation 12/31/2008 A095660 K OS E KR W S outh K orea 31600. 00 528.5 196.7 52.8 26.8% 2. 6x 9.8x NA
NetDragon W ebS oft, Inc. 3/31/2009 777 S E HK HK D C hina 6 404.4 86. 9 34.4 39.5% 3. 1x 7.9x 2,426
Netea s e.com Inc. 6/30/2009 NT E S Na s daqG S US D C hina 40. 21 5,204.2 471.9 297. 1 63.0% - - 3,109
NeuL ion Incorpora ted 3/31/2009 T S X :NLN TS X C AD C anada 1. 10 113.2 18. 1 (11.8) -65.2% 5. 8x - 237
NeXplore C orporation 6/30/2008 NXP C OT C P K US D United S ta tes 1 37.9 0.7 (6.2) NM - - NA
Ngi G roup Inc. 3/31/2009 2497 TS E JPY J a pa n 32800. 00 43.0 93. 6 11.2 12.0% 0. 0x 0.2x NA
Northga te T echnologies Limited 6/30/2009 590057 BSE INR India 34. 30 24.4 81. 3 (40.6) -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. 15 2,007.6 782.6 199. 2 25.5% 2. 6x 10.4x 3,400
O penwa ve S ys tems Inc. 6/30/2009 OP W V Na s daqG S US D United S ta tes 2. 80 233.3 191.7 5.3 2.8% 0. 6x 23.4x NA
P erfect W orld C o., Ltd. 6/30/2009 PWRD Na s daqG S US D C hina 36. 15 1,777.9 255.4 142. 0 55.6% 0. 5x 0.8x 2,096
P NI Digita l Media Inc. 3/31/2009 T S XV :P N T S XV C AD C anada 1. 60 49.4 19. 5 0.5 2.3% 2. 5x - NA
Q uepas a C orp. 3/31/2009 QP S A OT C B B US D United S ta tes 1 17.8 0.1 (10.8) NM - - 74
O AO R B C Informa tion S ys tems 12/31/2007 R BCI R TS US D R us s ia 1. 05 145.7 146.9 19.2 13.1% 0. 0x 0.2x NA
S handa Intera ctive E ntertainment Ltd. 3/31/2009 S NDA Na s daqG S US D C hina 45. 40 3,031.3 569.9 260. 8 45.8% - - 3,124
S hutterfly, Inc. 6/30/2009 S FLY Na s daqG S US D United S ta tes 14. 75 375.5 218.6 27.3 12.5% 1. 4x 11.4x 514
S K C ommunications C o., L td. 12/31/2008 A066270 K OS E KR W S outh K orea 9850. 00 328.0 182.8 11.9 6.5% 1. 8x 27.6x NA
S NAP Intera ctive, 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 lobal 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 ocia l 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 ocia lwis e, Inc. 3/31/2009 S C LW OT C B B US D United S ta tes 0. 68 30.1 0.0 (4.8) NM - - NA
S ohu.com Inc. 6/30/2009 S OHU Na s daqG S US D C hina 59. 92 2,297.0 485.1 209. 6 43.2% 3. 7x 8.5x 3,197
S park Networks , Inc. 6/30/2009 LO V AME X US D United S ta tes 2 43.2 50. 5 10.8 21.3% 0. 8x 3.8x 183
S pectrumDNA, Inc. 3/31/2009 S P XA OT C B B US D United S ta tes 0 11.2 0.1 (2.6) NM - - 7
T encent Holdings L td. 6/30/2009 700 S E HK HK D C hina 115 26,804.0 1,390.1 685. 2 49.3% 21.1x 42.8x 6,194
T he P a rent C ompa ny 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 8. 28 211.2 250.3 85.4 34.1% - - 1,626
T heS treet.com, Inc. 3/31/2009 TSCM Na s daqG M US D United S ta tes 2. 24 68.6 67. 0 1.9 2.9% 0. 1x 2.1x 310
T otal S port Online 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 8. 90 96.1 216.6 (1.0) -0.4% 0. 5x - 700
Unis erve C ommunications C orp. 2/28/2009 T S X V : US S T S XV C AD C anada 0. 05 1. 0 23. 5 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. 31 612.9 949.8 203. 2 21.4% 0. 9x 4.3x 1,469
UO MO Media , Inc 1/31/2009 UOMO OT C B B US D C anada 0 10.7 0.6 (0.5) -78.2% 17.4x - NA
V a lueC lick Inc. 6/30/2009 V C LK Na s daqG S US D United S ta tes 10 872.4 563.6 99.0 17.6% 1. 3x 7.4x 1,189
V O IS , Inc. 3/31/2009 V OIS OT C B B US D United S ta tes 0 4. 1 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 2. 75 32.6 22. 8 (0.5) -2.4% - - NA
W izza rd S oftware C orpora tion 3/31/2009 W ZE AME X US D United S ta tes 0. 47 23.7 5.6 (5.3) -94.5% 4. 5x - 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 orporation 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 erma ny 27. 50 204.1 53. 3 16.6 31.2% 2. 8x 9.1x 239
Y edangO nline C orp. 12/31/2007 A052770 K OS E KR W S outh K orea 8,870 110.6 54. 5 11.7 21.6% 2. 2x 10.3x NA
Y nk K orea Inc. 3/31/2009 A023770 K OS E KR W S outh K orea 4,770 20.2 10. 4 (0.8) -7.6% - - NA
High 26,804.0 1,878.9 685.2 63.0% 32.4x 42.8x 6,194
L ow 0. 0 0.0 -40.6 -98.9% 0. 0x 0.2x 1
Average 688.8 159.6 36.9 6.9% 4.8x 11.0x 913
Media n 60.0 54.9 0.9 13.1% 1. 8x 9.8x 405
Figure 1. Web 2.0 Universe Summary
Source. Capital IQ

3. Page 3
CAPITAL MARKETS ACTIVITY (M&A AND FINANCING)
Total capital raised in August (so far) is $129.4 million: Online gaming company Turbine, Inc. raised $50 million in
August – the largest transaction in August. Mint, a vertical community site (offering web based solutions for financial
management), was a distant second raising $14.1 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 $10 million.
Financing Activity Last Twelve Months
350.0 18.0
16.2
16.0
300.0
14.0
250.0
12.0
10.3
10.0
200.0 9.7
10.0
(US$m)
(US$m)
8.0
150.0 7.0 7.0 7.1
6.5 6.6 6.6
6.2
5.6
6.0
5.0
100.0
4.0
50.0
2.0
0.0 0.0
Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09
Total Average
Figure 2. Financings, Last Twelve Months
Source. Company reports

4. (US$m)
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
People Media
Super Rewards
Turbine
Friends Reunited
AdLink Internet Media
Source. Company reports
Pandora Media
xoopit
MediaMath
Edo Interactive
Sugar Inc.
Kontera Ltd.
Ning
Tumri
Mint
Boku
RichRelevance
QuickPlay Media
Grab Networks
Wimba
Figure 3. Capital Market Activity, Last Three Months
Traffiq
AdChina
Causes
Goojet SAS
Bill.com
Outspark
Figures 23 and 24 (at end of note).
ConnectEdu
Acquia, Inc
beeTV
AdMeld Inc.
SBNation
blueKiwi Software SA
Nokeena
Metaversum
iMemories
Boxee
Bubble Motion
Invodo
Zoosk
Sense Networks
Gather
Taomee
MojoPages
Animoto
Quikr India Pvt. Ltd.
GameGround
OPEN Sports network
Nexage
StyleCaster
RingRevenue
TweetDeck
Z2Live
KODA
Crowdcast
YuMe
eRepublik
Busca
ClickFuel
Akademos
Newser LLC
ProtonMedia
Inigral
AdEx Media
Roblox
GROU.PS
Financing & M/A Summary - Last Three Months
OneTXT
my6sense
iLoop Mobile
Yapta
I Love Rewards
Comunitae
Lat49
Cliqset
Aloqa
ChessCube
Tributes.com
CoTweet
Cellufun
AdWhirl
LiquidPlanner
Picaboo
Glubble
Clikthrough
Cognitive Match Limited
TodaCell
BookFresh
People Capital
MashLogic
iSyndica
Masher Media
Jaxtr
Jul-09
Jun-09
Aug-09
Page 4
far) at $129.4 million. In addition, Friends Reunited was acquired for $42 million. For additional details on financings, see
in August. Mint was a distant second securing a $14.1 million round. Closely behind was RichRelevance raising $12.5
million. Of the total 13 transactions, eight were below $10 million each, bringing the total capital raised for August (thus
Turbine, Inc. raises $50 million: On the capital raise front, Turbine, Inc. raised $50 million, the largest transaction so far

5. Page 5
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
69.9
64.2 64.0
20.0
35.0 32.6
24.0 22.3 21.5 19.3 19.1
13.0 12.5 12.0 10.7
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 5 7 10 1 5 2 7 4 3 4 1 1 2 2 1 1 1 2 1 1 1 1 0
Figure 4. Capital Market Activity, by Sector, Last Three Months
Source. Company reports
CAPITAL MARKETS ACTIVITY (PRICE PERFORMANCE)
Web 2.0 index far outpaces NASDAQ recovery: Our Web 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
8/18/2008
9/1/2008
9/15/2008
9/29/2008
10/13/2008
10/27/2008
11/10/2008
11/24/2008
12/8/2008
12/22/2008
1/5/2009
1/19/2009
2/2/2009
2/16/2009
3/2/2009
3/16/2009
3/30/2009
4/13/2009
4/27/2009
5/11/2009
5/25/2009
6/8/2009
6/22/2009
7/6/2009
7/20/2009
8/3/2009
8/17/2009
^COMP - Share Pricing Index: Web 2.0 X (Market Cap Weights) - Index Value
Figure 5. Web 2.0 Price Performance
Source. Capital IQ

6. Page 6
A w eak price performance w eek: Most companies in our universe had a weak stock price performances over the past
week (for stocks with prices greater than $1) (Figure 6), with 36 companies showing negative returns on the week.
Quepasa Corp (OTCBB:QPSA) led the group with a 12.0% return, while Spark Networks, Inc. (AMEX:LOV) had the worst
return, dropping 23.1% in the week.
1 Week P rice P erformance
Quepas a Corp. 12.0%
PNI Digital Media Inc. 8.1%
Openw ave S y s tems Inc. 6.9%
K ings oft Co. L td. 4.2%
NeuLion Incorporated 3.8%
NetDragon WebS of t, Inc. 3.7%
Tencent Holdings L td. 3.5%
My riad G roup A G 3.4%
XING A G 3.0%
Gree, Inc. 2.5%
Ngi G roup Inc. 1. 9%
Fluid Mus ic Canada, Inc. 1.7%
Eolith Co. L td. 0. 0%
DA DA S pA -0.2%
IA C/InterA ctiveCorp. -0.5%
GameOn Co L td. -0.7%
Open Tex t Corp. -0.8%
NEOWIZ Games Corporation -0.8%
Modern Times G roup Mtg A B -1.7%
Gamania Digital Entertainment -2.2%
Mix i, Inc. -2.3%
S K Communications Co., L td. -2.5%
Northgate Technologies Limited -2.6%
TheS treet.com, Inc. -2.6%
Y nk K orea Inc. -2.9%
Cy berplex Inc. -2.9%
United Online Inc. -3.2%
Perf ect World Co., L td. -3.3%
Frogs ter Interactive Pic tures A G -3.4%
LookS mart, L td. -4. 0%
HanbitS of t, Inc. -4.2%
G ravity Co., L td -4.3%
Chines e Gamer International -4.3%
Giant Interactive G roup, Inc. -4.6%
Changy ou.com Limited -5.1%
Y edangOnline Corp. -6.0%
S ohu.com Inc. -6.4%
S hutterf ly , Inc. -7.2%
A Q Interactive, Inc. -7.5%
CDC Corp. -7.8%
V alueClick Inc. -8.0%
S handa Interactive -9.1%
A ctoz S of t Co., L td. -9.6%
Tree.Com, Inc. -9.9%
G igaMedia L td. -10.7%
Neteas e.com Inc. -11.4%
The9 Limited -11.7%
Webz en Inc. -16.1%
S park Netw orks , Inc. -23.1%
-25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0%
Figure 6. 1-Week Price Performance
Source. Capital IQ

7. Page 7
INDUSTRY NEWS (PARTNERSHIPS, FINANCIAL RESULTS, NEW PRODUCTS)
K ey Developmen ts
C ompany Headline Notes
OA O R BC Info rm atio n S ys tem s V E B Files S uit W orth R U B 202. 3 Million Aga inst R B C V neshec onomba nk (V E B ) has lodged a s uit a ga inst the R B C I nforma tion S ys tems for the s um of R UB 202. 30 million (E UR 4. 52 million US D
(R TS : R B CI) Information S ys tems 6.41 mi llion) to the M os cow Arbitra tion Court. Ac cording to V E B , the la ws uit dema nds to rec over funds on bonds of R B C a c quired by V E B on
the stoc k exc ha nge in 2008.
P erfec t Wo rld C o. , Ltd. P erfec t W orld C o. , L td. ha s filed a S helf R egis tra tion in P erfec t W orld Co. , L td. ha s filed a S helf R egis tra tion in the a mount of $373. 30 million.
(N as daqG S :P W R D) the a mount of $373. 30 million.
P erfec t Wo rld C o. , Ltd. P erfec t W orld C o. L td. R eports U na udited C onsolida ted P erfec t W orld Co. L td. reported una udited c onsol ida ted ea rnings res ults for the sec ond qua rter ended J une 30, 2009 . For the quarter, tota l
(N as daqG S :P W R D) E a rnings R esults for the S ec ond Q ua rter E nded J une 30, revenues were R MB 521,326, 842 a ga inst R MB 334, 412,759 a y ea r a go. O pera ting profit wa s R MB 279,667, 909 a ga ins t R MB 165,957, 778 a
2009; P rov ides R ev enue G uida nc e for the Third Q uarter yea r a go. P rofit before ta x wa s R M B 282, 232, 114 a ga ins t R M B 169,758, 739 a yea r a go. N et income wa s R MB 262,479, 619 a ga inst R MB
of 2009 164,489, 367 a yea r a go. N et income a ttributa bl e to the c ompa ny's s ha reholders wa s R MB 262, 585,824 or R MB 0. 99 per diluted s ha re
a ga inst R MB 164, 489,367 R M B 0. 55 per diluted s ha re a y ea r a go. N et c a sh provided by opera ting a c tiv ities wa s R MB 326,652, 835 a ga i nst
R M B 131, 218,948 a yea r a go. Ca pita l ex penditure on purcha s e of property , equipment, a nd softwa re wa s R MB 41,752, 492 a ga ins t R MB
511,927, 172 a yea r a go. N on-G AAP opera ting profit wa s R M B 299,957, 997 a ga ins t R MB 177,812, 863 a y ea r a go. N on-G AAP net income
a ttributa ble to the c ompa ny's s ha reholders wa s R MB 282, 875,912 a ga inst R MB 176, 344,452 a yea r a go.
For the third qua rter of 2009 the c ompa ny 's tota l revenues a re expec ted to be between R MB 547 million a nd R MB 563 million, representing
L o okS mart, Ltd. (N as daqG M: LOOK ) L ookS ma rt, L td. L a unches P a y P er C lick S ea rch L ookS ma rt, L td. a nnounc ed the la unch of O ptima l P ric ing: a new initia tive to deliv er better performa nc e to s ea rc h a dv ertis ers by s egmenting
Advertis ing M odel with O ptima l P ricing a nd pric ing tra ffic a c c ording to tha t tra ffic's v a lue. O ptima l P ric ing offers a dvertisers a unique opportunity to reac h a nd a ttra ct a udiences
outs ide of the ma jor s ea rch engines, while ma na ging to meet a nd exc eed return-on-inves tment (R O I) goa ls. O ptima l P ricing a ggrega tes
key word sea rc h tra ffic on the L ook S ma rt Advertiser Network , a nd cla s si fies performa nce da ta s o tha t the full s pectrum of tha t tra ffic is pric ed
a ppropria tely a c cordi ng to traffic type, qua lity, and v olume. The model relies on informa tion a bout a dvertiser campa ign objectives a nd
network structure to provide ea ch a dve rtis er a cha nc e to bid on the most va lua ble tra ffic a t a ll pric e points . As the c us tomer c a s e dia gra m
illustra tes , this a pproa c h, when compa red to a s imple 'blended pricing' a pproa ch more c ommon in the sea rc h a dv ertis ing industry, a llows
a dvertisers to genera te more pa id click s a nd c onvers ions , a nd to rea li ze conv ersions a t a lower c ost-per-conv ers ion.
Open T ext C orp. (N as daqG S :OT E X) Ma ra thon O il C orpora tion S elects O pen Tex t eDis c overy O pen T ext C orp. a nnounc ed tha t Ma ra thon O i l C orpora tion ha s s elected O pen T ext eD isc overy E a rly C a s e As ses s ment, powered by
E a rly C a s e Ass es sment R ec ommind, to prov ide the la tes t in eDis cov ery c a pa bilities . T he eD isc overy s olution a dds to a c ompa ny 's broa der enterpris e c ontent a nd
records ma na gement s tra tegy. eD isc ov ery, wi th E CM initia tives , is des igned to improv e bus iness proces ses , proa c tiv ely ma na ge importa nt
records in a c corda nc e with co mplia nce, lega l a nd polic y requirements , a nd gives employ ees new wa y s to sha re bus iness c ontent. T he O pen
Text E CM S uite, the c ompa ny's fla gship offering, brings together the broa d ra nge of content ma na gement c a pa bilities orga niza tions need to
sec urely a nd s a fely ma na ge a ll ty pes of enterprise informa tion-documents, v ita l rec ords, W eb c ontent, video, i ma ges , ema il, fo rms a nd
reports -a cros s ma ny different enterprise s ys tems a nd a pplica tions . O pen T ext's E CM S uite offers the c ross -enterpris e E CM s olutions
cus tomers need a s the s tra tegic importa nc e of E CM grows in la rge orga niz a tions , driven by c ompli a nce a nd the need to c ut c osts.
T heS treet.c om, Inc . (Nas daqG M: T S CM) TheS treet.c om, Inc . a nnounc ed dela y ed 10-Q fil ing O n 08/11/2009, TheS treet. c om, I nc . a nnounced tha t they will be una ble to file thei r next 10-Q by the dea dline required by the S E C .
T heS treet.c om, Inc . (Nas daqG M: T S CM) TheS treet U pda tes O n D elisting R eview O n Augus t 11, 2009, T heS treet. com, I nc. notified T he N AS D AQ S toc k Ma rk et tha t the Compa ny did not ti mely file its Q ua rterly R eport on
Form 10-Q for the qua rter ended J une 30, 2009, a s a res ult of which the Compa ny is not currently in c omplia nce with R ule 5250(c)(1) of the
NAS D AQ S toc k Ma rk et R ules – E qui ty R ules – N AS D AQ L is ting R ules. T he Company ha s identified an is s ue rela ting to its rec ording of
certa in rev enue in P romotions . com, tha t the Compa ny ac quired in Augus t 2007. T he C ompa ny currently is a s ses sing the impa ct of this iss ue
on the periods sinc e the a cquis ition a nd ha s not yet determined whether it will be required to res ta te a ny prior period res ults . T he C ompa ny
currently does not believ e tha t this ma tter is lik ely to res ult in a ny signific a nt percenta ge revis ion to the a ggrega te revenue or ex pense
previous ly reported by the C ompa ny s inc e the a c quis ition (a lthough the C ompa ny c a nnot give a ny a s s ura nces with respe ct to this ma tter a s
its rev iew is not y et complete) but ma y result in ma teria l revi sions upwa rd or downwa rd to the net income reported by the C ompa ny during
IB 3 N etworks , Inc . (OT CB B:IBN W ) IB 3 N etwork s I nc. Announces C hanges in C ertify ing O n Augus t 3, 2009, B oa rd of D irectors of the I B 3 Network s Inc . dis mis s ed M oore & As soc ia tes Cha rtered, its independent registered public
Acc ounta nt a cc ount firm. O n the s a me da te, Augus t 3, 2009, the a c counting firm of S ea le a nd B eers , CP As wa s enga ged a s the c ompa ny 's new
independent registered public a cc ount firm. The B oa rd of Direc tors of the compa ny a nd the co mpa ny 's Audit C ommittee a pproved of the
dismis sa l of Moore & Ass oc ia tes C ha rtered a nd the enga gement of S ea le a nd B eers , CP A s a s its independent a uditor.
S NM G lobal H oldings (OTCP K:S N MN ) S NM G loba l H oldings Completes Join t V enture to S NM G loba l Holdings a nnounced a joi nt venture with High S peed Ma ga z ine a nd its editor 'D J ' Foothill to develop a soc ia l media network a nd
Dev elop S oc ia l Media Network la unch a n onlin e ma ga zine. T he new entity will be a n online soc ia l media community tha t will inc lude a n online ma ga zine, a rea lity televi sion
progra m, intera c tiv e enterta inment tools a nd the development of pa rtners hips with other s oc ia l network ing s ites. T he compa ny will la unc h a n
online s ports a nd enterta inment ma ga zine with empha s is on upcoming a thletes a nd enterta iners. S NM will la unc h the online s ite with a
limited V IP ha rd c opy run in the firs t qua rter of 2010. T he joint venture pla ns to expand to a dditiona l loc a tions , inc luding N ew Y ork, O rl a ndo,
a nd a site in S outh F lorida to be s elec ted la ter.
S park Networks , Inc . (AME X:L OV) S pa rk N etwork s I nc. R eports Una udited Cons olida ted S pa rk Network s I nc. reported una udited cons olida ted ea rnings res ults for the s econd qua rter a nd six months ended J une 30, 2009. For the
E a rnings R esults for the S ec ond Q ua rter a nd S ix M onths qua rter, the c ompa ny reported net income of $1, 887,000 or $0.09 ba sic a nd diluted ea rnings per s ha re on net rev enue of $11, 242,000
E nded J une 30, 2009 compa red to net income of $1,641 ,000 or $0. 07 ba s ic a nd diluted ea rnings per sha re on net revenue of $14, 987,000 for the s a me period a
yea r a go. O pera ting inc ome wa s $ 1,930, 000 a nd inc ome before inc ome tax es wa s $3,815, 000 c ompa red to opera ting income of $2,923, 000
a nd inc ome before inc ome taxes of $3, 147, 000 for the sa me period a yea r a go. E B I TD A wa s $4,321, 000 a nd a djus ted E B I TD A wa s
$2,553, 000 c ompa red to E B IT DA of $3, 581,000 a nd a djus ted E B I T DA of $4,386, 000 for the sa me period a yea r a go. As of June 30, 2009,
the compa ny ha d a pproxima tely $7. 8 million of debt outs ta nding.
For six months the compa ny reported net income of $2,197, 000 or $0. 11 ba s ic a nd diluted ea rnings per sha re on net rev enue of $23,274, 000
compa red to net income of $3,207 ,000 or $0. 13 ba s ic a nd diluted ea rnings per sha re on net revenue of $30, 009,000 for the s a me period a
yea r a go. O pera ting inc ome wa s $ 3,138, 000 a nd inc ome before inc ome tax es wa s $4,531, 000 c ompa red to opera ting income of $5,400, 000 a

8. Page 8
K AB D is tribution Inc . (TS X: K AB ) K AB Dis tribution Inc . R eports U na udited Cons olida ted K AB D is tribution I nc . reported una udited c onsolida ted ea rni ngs results for the s ec ond qua rter a nd si x months ended June 30, 2009. F or the
E a rnings R esults for the S ec ond Q ua rter a nd S ix M onths qua rter, the c ompa ny reported los s from continuing opera tions a nd net los s of CA D 26,450, 000 or CA D 0.19 per ba s ic a nd diluted s ha re on
E nded J une 30, 2009 revenues of C AD 10, 450,000 compa red to los s from continuing opera tions of C AD 2, 675,000 or C AD 0. 02 per ba sic a nd diluted s ha re a nd
net loss of CAD 2, 546, 000 or CAD 0. 02 per ba s ic a nd di luted sha re on revenues of C AD 18, 964,000 for the s a me period a y ea r a go. T he
compa ny reported los s before inc ome ta xes of C AD 26,2 76,000 compa red to loss before income ta x es of CAD 3,449, 000 for the sa me
period a yea r a go. Net ca s h prov ided b y opera ting a ctivities wa s CAD 1, 105, 000 a nd purcha s e of property , pla nt a nd equipment, net of ta x
credits wa s CAD 50, 000 c ompa red to net ca s h prov ided by opera ting a ctivities of C AD 2, 758,000 a nd purc ha s e of property, pla nt and
equipment, net of ta x credi ts of C AD 780, 000 for the sa me period a yea r ago. The c ompa ny reported c omprehensiv e l oss of C AD 7, 208,000
compa red to comprehens ive loss of CAD 3, 412,000 for the s a me period a y ea r a go.
W ebzen Inc . (KOS E : A069080) W ebzen Inc . P rov ides E a rnings G uida nc e for the S econd W ebzen Inc . provided ea rnings guida nc e for the sec ond qua rter and s ix months ended Ju ne 30, 2009. F or the qua rter, the compa ny reported
Q ua rter a nd S ix Months E nded J une 30, 2009 sa les were K R W 6. 2 million a ga ins t K R W 7,245 million for the sa me period a yea r ago. T he c ompa ny reported a n opera ting i ncome of K R W
69 million a ga inst the opera ting loss of K R W 4,024 million for the sa me period a yea r a go. L os s from continuing opera tion before corpora te
income ta x wa s K R W 73 million compa red to the los s from continuing opera tion before corpora te inc ome ta x of K R W 11, 795 million for the
sa me peri od a yea r a go. Net loss wa s K R W 313 million a ga ins t net los s of K R W 11, 981 million for the sa me period a yea r a go.
For the six months, the compa ny reported s a les were K R W 13, 593 million a ga inst K R W 14, 391 million for the s a me period a y ear a go. The
compa ny reported a n opera ting inc ome of K R W 1, 974 million a gainst the opera ting loss of K R W 7,792 million for the sa me period a yea r
a go. P rofit from c ontinuing opera tion before corpora te inc ome ta x wa s K R W 4, 598 million c ompa red to the los s from continuing opera tion
before corpora te i ncome ta x of K R W 13, 690 million for the s a me period a y ea r a go. N et inc ome wa s K R W 4,043 mill ion a ga ins t net los s of K R
OA O R BC Info rm atio n S ys tem s O AO R B C I nforma tion S y stems E lec ts N ew B oa rd O n Augus t 6, 2009 stoc kholders of O AO R B C I nforma tion S y stems elected a new B oa rd of Direc tors : G erma n K a plun, Alek sa ndr
(R TS : R B CI) Morgulc hik, D mitriy B elik , a nd R B C ma na gers S ergey L u kin a nd Artem I nyutin, S ergey K os helenk o, V la dimir E ngels berg, V la dis la v
B ess a ra bov a nd Timofey G rid nev.
MOK O.mobi Limited (AS X:MKB ); MO K O . mobi L imited a nnounc ed i t will receiv e AU D 1. 50 MO K O . mo bi L imited (AS X : M K B ) a nnounc ed a priv a te pla cement of 21, 428, 571 s ha res a t AU D 0.07 per sha re for gross proceeds of AUD
T ris c reen Media G roup million of funding from T ris creen Media G roup a nd other 1,500, 000 with exis ting inv estor T risc reen Media G roup a nd s ophistica ted inves tors on Augus t 12, 2009. T risc reen M edia G roup wi ll inv est
inves tors . for AUD 500, 000 in the tra nsa ction. The c ompa ny will a c c ept over subs c ription of up to AUD 500, 000.
U nited Online Inc . (Nas daqG S :U NT D) United O nline I nc. , $ 0.10, C a sh D ividend, Aug-12-2009 United O nline I nc. , $ 0. 10, C a sh Div idend, Aug-12-2009
T enc ent Holdings Ltd. (S E H K:700) Tenc ent H oldings L td. Announces Una udited Tenc ent Holdin gs L td. a nnounc ed una udited cons olida ted ea rnings results for the s econd qua rter a nd firs t ha lf ended June 30, 2009. F or the
Cons olida ted E a rnings R es ults for the S econd Q ua rter firs t ha lf, the compa ny reported tota l rev enues were CN Y 5, 382. 8 million (U S D 787. 9 million), a n inc rea se of 77.5% ov er the first ha lf of yea r
a nd F irs t Ha lf E nded J une 30, 2009 ended J une 30, 2008. O pera ting profit wa s C NY 2,563. 5 million (U S D 375.2 million), a n inc rea s e of 70. 6% yea r over yea r. N et profit for the
period wa s CN Y 2, 255. 4 million (US D 330. 1 million), a n inc rea se of 88.9% y ea r ov er y ea r. P rofi t a ttributa ble to equity holders of the c ompa ny
for the period wa s C NY 2,227. 9 million (US D 32 6.1 millio n), a n inc rea se of 89. 1% y ea r ov er yea r.
For the qua rter, the compa ny reported tota l revenues were CN Y 2, 878.4 million (U S D 421. 3 million), a n increa s e of 14.9% c ompa red to C NY
2.504. 4 million for the first qua rter of 2009 or a n inc rea s e of 79. 9% compa red to CN Y 1, 599. 8 million for the sec ond qua rter of 2008.
O pera ting profit wa s C NY 1,398. 9 million (US D 204.8 mil lion), a n inc rea s e of 20. 1% compa red to CN Y 1, 164.6 million in first qua rter of 2009
or a n increa s e of 82.8% c ompa red to C NY 765.3 million for the sa me period la s t yea r. P rofit a ttributa ble to equity hol ders of the c ompa ny for t
L iveWo rld Inc . (OT CPK :L VWD ) L iveW orld Inc . R eports U na udited C onsolida ted E a rnings L iveW orld Inc . reported una udited c ons olida ted ea rnings res ults for the sec ond qua rter a nd s ix months ended June 30, 2009. F or the
R es ults for the S ec ond Q ua rter a nd S ix Months E nded qua rter, the c ompa ny reported $2. 3 million in tota l revenues a nd a net los s of $177,000 for the s ec ond qua rter of 2009 c ompa red to $3. 1
June 30, 2009 million in tota l rev enues a nd a net los s of $138, 000 for the sec ond qua rter of 2008. T he lower rev enues a re prima rily a ttributed to spending
reductions by exis ting c lients due to c urrent ec onomic conditions. Thes e reduc tions were pa rtia lly offset by work from new clients a s well a s
progra m expa ns ion by s elec t cl ients . Adjus ted E B I TD A wa s $49,000 or 2% of tota l rev enues for the s econd qua rter of 2009 compa red to
$107,000 or 3% of tota l revenues for the se cond qua rter of 2008. T he reduc tion in the compa ny 's Adjusted E B IT DA wa s due prima rily to the
reduced tota l revenues for the peri od. L oss before ta x wa s $164,000 compa red to $112,000 for the s a me qua rter a yea r a go. N et ca s h
provided by opera ting a c tiv ities wa s $126, 000 compa red to net c as h us ed in opera ting a c tiv ities of $257,000 for the s a me qua rter a yea r a go.
For the six months the compa ny reported net los s of $157 000 or $0 00 per diluted s ha re on tota l rev enue of $4 9 million c ompa red to net lo s
K AB D is tribution Inc . (TS X: K AB ) K AB Dis tribution Inc . P rovides Div idend G uida nc e K AB D is tribution I nc . expec ts to distribute $0.65 in a ggrega te per c ommon s ha re to s ha reholders in S eptember 2009.
A c c eleriz e New Media, Inc . Acc eleriz e N ew Media Inc . R eports E a rnings R es ults for Acc elerize New M edia I nc . reported ea rnings res ults for the sec ond qua rter a nd s ix months ended J une 30, 2009. R evenues for the qua rter
(OT CB B: A CL Z) the S econd Q uarter a nd S ix Months E nded J une 30, ended J une 30, 2009 inc rea sed by $374, 960 or 44% to $1,227, 935 from $852, 975 for the qua rter ended J une 30, 2008. Net loss for the
2009 ; R eports G oodwill Impa irment C ha rges for the qua rter decrea s ed $583,065 or 61% to $374, 020 c ompa red to $957, 085 for the sec ond qua rter of 2008. F or the three months, net ca s h used
S eco nd Q ua rter a nd S ix Months of 2009 in opera ting a c tivities a mounted to $192, 925, a dec rea se of $337, 294 or 64% from $530,219 for the s econd qua rter of 2008.
For the six months ended J une 30, 2009, the c ompa ny reported revenues of $2, 260, 401, a n inc rea s e of $632, 521 or 39% from $1,627, 880
for the firs t ha lf of 2008. Net los s for the s ix months dec rea s ed $566, 829 or 30% to $1,343, 318 compared to $1,910, 147 for the six months
ended J une 30, 2008. For the s ix months, net ca s h used in opera ting a ctivities a mounted to $490, 994, a dec rea s e of $714, 242 or 59% from
$1,205, 236 for the firs t ha lf of 2008.
The compa ny rec orded a charge for goodwill impa irment of $184, 000 a nd $531,547 for the three month a nd si x month period ended J une
30, 2009, res pectively , whic h wa s inc luded in the c ompa ny 's opera ting expens es .

9. Page 9
P NI Digital Media Inc . (T S XV:P N) P NI Digita l M edia I nc . R eports Un-Audi ted C ons olida ted P NI D igita l M edia I nc. reported un-a udited cons olida ted ea rnings res ults for the third qua rter a nd nine months ended J une 30, 2009. F or the
E a rnings R esults for the T hird Q ua rter a nd N ine M onths qua rter, the c ompa ny reported revenue of C AD 5,443, 760, repres enting a n increa s e of 29 % ov er the C AD 4, 217,992 for s a me period in la s t
E nded J une 30, 2009 yea r. N et loss wa s C AD 1,877, 992 or C AD 0.05 per ba sic a nd diluted s ha re c ompa red to net loss of C AD 2, 297,614 or C AD 0. 07 per ba s ic
a nd diluted s ha re for the sa me period la s t y ea r. G AAP net loss from operations for the qua rter of CAD 853, 109 compa red to C AD 2, 427, 704
for the sa me period of fis ca l 2008. N on-G AAP a djusted E B I T DA for the qua rter wa s C AD 1, 102, 357, compa red to a non-G AA P a djus ted
E B IT DA los s of C AD 984,668 in the third qua rter of 2008. N on-G AAP a djusted E B IT DA per s ha re of CAD 0. 03 compa red to a non-G AAP
a djusted E B IT DA los s per s ha re of C AD 0. 03 in the third qua rter of 2008.
For the nine months, the compa ny reported net los s of C AD 2, 412,472 or C AD 0. 07 per ba sic a nd diluted s ha re on rev enue of C AD
17,635, 132 c ompa red to net loss of CAD 6, 002,442 or C AD 0. 18 per ba s ic a nd diluted sha re on rev enue of C AD 11, 776,085 fo r the s a me
period la s t yea r.
NeuL ion Inc o rpo rated (T S X: NL N) NeuL ion I ncorpora ted R eports E a rnings R es ults for the NeuL ion Inc orpora ted reported ea rnings res ults for the s econd qua rter a nd six months ended J une 30, 2009. For the qua rter, the compa ny
S eco nd Q ua rter a nd S ix Months E nded June 30, 2009 reported revenue wa s $6. 5 million c ompa red to $3. 0 million in the s a me period in 2008, ma rk ing a y ear ov er y ea r inc rea se of 117% . N et los s
wa s $4. 9 million (including $1. 7 million of non-ca s h cha rges ) or $0.04 per sha re ba sic a nd diluted c ompa red to $1. 5 million (inc luding $0. 8
million of non-c a sh cha rges) or $0. 04 per s ha re ba s ic a nd diluted for the s a me period in 2008.
For six months, the c ompa ny reported revenue wa s $13.0 mil lion c ompa red to $4. 9 million in the sa me period in 2008, ma rking a y ea r ov er
yea r increas e of 165% . Net loss wa s $10.7 million (inc luding $3.5 million of non-c a s h c ha rges) or $0.10 per s ha re ba sic a nd diluted for
compa red to $3.0 million (inc luding $1.4 milli on of non-ca sh c ha rges) or $0. 07 per s ha re ba s ic a nd diluted for the s a me period in 2008. T he
revenue a nd net los s for the three months a nd six months ended J une 30, 2008 reflect the results of opera tions of N euL ion U S A the
a cc ounting a c quirer, prior to the merger between N euL ion US A a nd N euL ion on O c tober 20, 2008.
Neteas e. c om Inc . (N as daqG S :NT E S ) Netea se. c om I nc. Announc es U naudited C ons olida ted Netea se. com Inc . a nnounc ed una udited cons olida ted fina ncia l results for the sec ond qua rter ended J une 30, 2009. Tota l rev enues for the
Fina nc ia l R es ults for the S ec ond Q ua rter E nded J une 30, sec ond qua rter of 2009 were C NY 872.1 million ($127. 7 million), compa red to C N Y 715. 9 million ($104.8 million) for the sec ond qua rter of
2009 2008. Net profit a ttributa ble to sha reholders for the sec ond qua rter of 2009 tota led C NY 468.1 million ($68. 5 million), compa red to C N Y 438. 2
million ($64. 2 million) for the sec ond qua rter of 2008. T he c ompa ny reported ba sic a nd diluted ea rnings per Americ a n depos ita ry s ha re or
ADS of C N Y 3.64 ($0.53) a nd C N Y 3. 60 ($0. 53) ea c h for the s econd qua rter of 2009. T he c ompa ny reported ba si c a nd diluted ea rn ings per
ADS of C N Y 3.62 ($0.53) a nd C N Y 3. 39 ($0. 50) for the sec ond qua rter of 2008. C a sh flows genera ted from opera ting ac tiv ities tota led C NY
544.4 mi llion ($79. 7 million) for the s econd qua rter of 2009, c ompa red to C NY 513. 3 million ($75.2 mill ion) for the s ec ond qua rter of 200 8.
The compa ny reported opera ting profit of C NY 517. 072 million ($75.703 mil lion), net inc ome before ta x of C N Y 583. 471 million C N Y 85.425
million) a nd diluted per s ha re of C N Y 0. 14 ($0.02) compa red to opera ting profit of C N Y 573. 050 million, net income before ta x of C NY 578. 174
W izz ard S oftware Co rporatio n W izz a rd M edia L a unc hes L ibs ynP ro 3.0 W izza rd M edia a nnounc ed the a va ila bility of L ibs ynP R O 3. 0, a new di gita l media publis hing pla tform set to funda mentally cha nge online
(A ME X: WZ E ) media s yndic a tion a nd monetiza tion forever. L ibsy nP R O 3.0 is now the founda tion by which dozens of new publishing options will be
a va ila ble to c ontent produc ers. This new pla tform gives media producers the a bility to pick a nd c hoose in a n a la c a rte fa s hion the media
sy ndica tion pa ck a ges s trea mlined for their needs. This new pla tform a lso la ys the groundwork for the digita l media publis hing indus try's first
'c lic k-to-build' c ustomized iP hone a ppl ica tion. P odc a sters will be a ble to turn their shows into intera ctive iP hone a pps a nd with sta nda rd
a pprova ls , sell them in the iTunes App S tore prov iding a new reve nue s trea m to a ccompa ny the a dvertis ing c a mpa ig ns they c urrently
ma na ge th roug h their L ibs ynP R O 3.0 a cc ount. The L ibsy nP R O 3. 0 digita l media publis hing s ys tem is ba s ed a round a c ompletely redes igned
publishing engine tha t is c a pa ble of forma tting, tra ns coding a nd del ivering content s pecia lly s uited for v a rious des tina tions a llowing to
stra tegic a lly dis tribute c ontent to s elected network of publishing des tina tions with j ust a few c lic ks .
NeuL ion Inc o rpo rated (T S X: NL N) Neulion I ncorpora ted R eports C a s h F low a nd C a pita l NeuL ion Inc orpora ted reported c a sh flow a nd c a pita l expenditure for the sec ond qua rter a nd s ix months ended J une 30, 2009. F or the
E xpenditure for the S econd Q ua rter a nd S ix Months qua rter, the c ompa ny reported c a sh used in opera ting a ctivities wa s $3,751, 902 a ga inst $286, 278 in 2008. T he c ompa ny spent on purc ha se
E nded J une 30, 2009 of property , pla nt a nd equipment of $149,437 a ga ins t $55,216 in 2008.
For the six months, the compa ny reported c a sh us ed in opera ting a c tiv ities wa s $9, 124,651 a ga inst cas h from opera tions of $99, 129 in 2008.
The compa ny s pent on purc ha s e of property, pla nt a nd equipment of $531, 841 a ga inst $1, 054, 258 in 2008.
B eyond Co mmerc e, Inc . B eyond C ommerce I nc. P romotes Trev or W illi a ms to B eyond C ommerce Inc . a nnounc ed enha nc ements to its ex ecutive tea m, i ncluding the promotion of T revor Wi llia ms to E xec utiv e V ic e
(OT CB B: B YOC) E xec utiv e V ice P reside nt, I nterna tiona l; P rov ides S a les P resident, I nterna tiona l.
G uida nce for the T hird Q ua rter of 2009
The compa ny prov ides sa les guida nce for the third qua rter of 2009. The compa ny a ntici pa tes s a les to s tea dil y increa s e a s the compa ny
begins a d s a les interna tiona ll y in the third q ua rter of 2009.
W o rlds . c om Inc . (O TCB B: WDDD ) W orlds. c om Inc . a nnounc ed dela y ed 10-Q filing O n 08/14/2009, Wo rl ds. com Inc . a nnounc ed tha t they will be una ble to fil e their nex t 10-Q by the dea dline required by the S E C .
IB 3 N etworks , Inc . (OT CB B:IBN W ) IB 3 N etwork s , Inc . a nnounc ed dela y ed 10-Q filing O n 08/14/2009, IB 3 Network s, Inc . a nnounc ed tha t they will b e una ble to file their nex t 10-Q by the dea dline required by the S E C .
B etawave Co rporatio n (OT CB B:B WA V) B eta wa ve C orpora tion R eports Una udited C ons olida ted B eta wa ve C orpora tion reported un a udited cons olida ted ea rnings res ults for the s econd qua rter a nd six months ended J une 30, 2009. For the
E a rnings R esults for the S ec ond Q ua rter a nd S ix M onths qua rter, the c ompa ny's tota l revenues increa s ed 78% to $2, 282,325 from $1,282 ,439 for the s econd qua rter of 2008. N et loss was
E nded J une 30, 2009 $2,581, 790 or $0. 09 ba s ic a nd diluted per s ha re a ga inst $3, 562,052 or $0.14 ba sic a nd diluted per s ha re a year a go.
For the six months, the compa ny reported net c a sh us ed in opera ting a c tiv ities wa s $6, 967,931 a ga ins t $2,820, 055 a yea r a go.
W izz ard S oftware Co rporatio n W izz a rd S oftwa re C orpora ti on R eports E a rnings R es ults W izza rd S oftwa re C orpora tion reported ea rnings res ults for the se cond qua rter ended J une 30, 2009. F or the qua rter, the c ompa ny rec orded
(A ME X: WZ E ) for th e S ec ond Q ua rter E nded J une 30, 2009 revenues of $1, 160, 919, a 21% dec rea se from revenues of $1, 465, 874 in the s econd qua rter of 2008. T he dec rea s e for the s ec ond qua rter
of 2009 reflec ts a decrea s e in rev enue in hea lthca re a nd s oftwa re bus iness s egments due to the ec onomic recess ion, prima rily due to a
decrea s e in s ta ffing revenues within the hea lthc a re s ubsidia ry . T he c ompany 's net los s a va ila ble to c ommon sha reholders wa s $2, 193,552,
or $0. 05 per sh a re, in the s ec ond qua rter of 200 9, vers us a net loss of $1 998, 225, or $0. 04 per s ha re, in the sec ond qua rter of 2008.
E xc luding a one-time, non-c as h c ha rge for the exten sion a nd re-pric ing of wa rra nts, the c ompa ny's net los s was $1,171, 214 for the sec ond
qua rter of 2009, or $0.02 per s ha re.
F luid Mus ic C anada, Inc . (T S X:FMN) Fluid Mus ic C a na da , In c. Announces U na udited Fluid Mus ic C a na da , Inc . a nnounc ed una udited cons olida ted ea rnings res ults for the sec ond qua rter a nd s ix months ended J une 30, 2009.
C ons olida ted E a rnings R es ults for the S econd Q ua rter For the qua rter, the compa ny reported net los s a nd comprehens ive loss of $100,330 or $0.00 per s ha re on revenue of $1, 380,717 c ompa red
a nd S i x M onths E nded J une 30, 2009 to net los s a nd c omprehensiv e los s of $6, 414,393 or $0.17 per s ha re on rev enue of $1, 053,61 7 for the s a me period a y ea r a go . L oss from
opera tions wa s $171, 450 c ompa red to $3, 131,311 for the s a me period a y ea r a go. L oss before prov is ion for inc ome ta xes wa d $100, 330
compa red to $6,414, 393 for the sa me period a yea r a go. Net ca s h prov ided by opera ting a ctivities wa s $411,928 c ompa red to c ash used in
opera ting a ctivi ties of $1, 709, 499 for the s a me period a yea r a go. Amount spent on purc ha se of fixed a ss ets wa s $345, 961 c ompa red to
$43,693 for the s a me period a y ea r a go.
For the six months, the compa ny reported net los s a nd comprehens ive loss of $1,799, 361 or $0. 03 per sha re on rev enue of $2,703, 735
compa red to net loss a nd c omprehensiv e los s of $10, 358,479 or $0.28 per s ha re on revenue of $2, 028,474 for the s a me period a y ea r a go.
L oss from opera tions wa s $1,850, 308 c ompa red to $6, 813, 765 for the s a me period a yea r a go. L oss before provis ion for income ta xes wa d $1
Figure 7. Key Developments
Source. Capital IQ

10. Page 10
VALUATION
Online Gaming companies lead market-cap charts: Thirteen companies in our Web 2.0 universe top US$1 billion in
market capitalization (Figure 8). Fifty-eight of the 91 companies have market caps under US$100 million, with 25 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.com Inc .
S handa Interac tive Entertainment Ltd. 3031.3
Modern Times G roup Mtg A B 2597.6
IA C/InterA c tiveCorp. 2436.2
S ohu.com Inc . 2297.0
Changyou.c om Limited 2054.3
Open Tex t Corp. 2007.6
G ree, Inc . 1880.7
Perf ect World Co., Ltd. 1777.9
G iant Interac tive G roup, Inc . 1734.5
K ings of t Co. Ltd. 1182.3
Chines e G amer International 1051.6
Mix i, Inc . 984.0
V alueClic k Inc . 872.4
United Online Inc . 612.9
NEOWIZ G ames Corporation 528.5
NetDragon WebS of t, Inc . 404.4
S hutterfly , Inc . 375.5
S K Communic ations Co., Ltd. 328.0
G ungHo Online Entertainment, Inc . 279.2
CDC Corp. 269.5
G amania Digital Entertainment Co., Ltd. 261.7
G igaMedia Ltd. 240.4
Openw ave S y s tems Inc . 233.3
The9 Limited 211.2
XING A G 204.1
A c toz S of t Co., Ltd. 146.0
OA O R B C Inf ormation S y s tems 145.7
DA DA S pA 139.0
NeuLion Inc orporated 113.2
Y edangOnline Corp. 110.6
G ameOn Co L td. 105.5
Cy berplex Inc . 97.0
Tree.Com, Inc . 96.1
My riad G roup A G 84.1
K A B Dis tribution Inc . 80.8
HanbitS of t, Inc . 71.8
TheS treet.c om, Inc . 68.6
G eoS entric Oy j 63.2
Fluid Mus ic Canada, Inc . 56.8
Gravity Co., Ltd 55.9
Frogs ter Interac tive Pic tures A G 49.8
PNI Digital Media Inc . 49.4
Eolith Co. Ltd. 47.2
S park Netw orks , Inc . 43.2
Ngi G roup Inc . 43.0
NeXplore Corporation 37.9
DigitalTow n, Inc . 35.6
Webz en Inc . 32.6
DXN Holdings B hd 31.5
S ocialw is e, Inc . 30.1
A Q Interac tive, Inc . 28.6
Northgate Tec hnologies Limited 24.4
Wiz z ard S oftw are Corporation 23.7
LookS mart, Ltd. 20.5
Y nk K orea Inc . 20.2
Dolphin Digital Media, Inc . 20.2
B roadWebA s ia Inc . 19.5
Quepas a Corp. 17.8
A c c eleriz e New Media, Inc . 15.8
J umbuc k Entertainment Pty Ltd. 14.4
B ey ond Commerc e, Inc . 12.5
Lingo Media Corporation 11.2
S pec trumDNA , Inc . 11.2
UOMO Media, Inc 10.7
IA S Energy , Inc . 8.4
CornerWorld Corporation 5.7
MOK O.mobi Limited 5.3
Worlds .com Inc . 4.7
S NA P Interac tive, Inc . 4.3
V OIS , Inc . 4.1
B right Things plc 4.1
DigitalPos t Interac tive, Inc . 3.9
Ex tens ions , Inc . 3.6
Magnitude Inf ormation S y s tems Inc . 3.0
is eemedia Inc . 2.8
Wooz yFly , Inc . 2.6
Wy nds torm Corporation 1.8
B etaw ave Corporation 1.8
LiveWorld Inc. 1.7
B igs tring Corp. 1.1
Unis erve Communic ations Corp. 1.0
A s s oc iated Media Holdings Inc . 0.6
CLICK ER Inc . 0.4
The Parent Company 0.4
China G atew ay Corporation 0.3
Total S port Online A S 0.1
S NM G lobal Holdings 0.0
Dibz International, Inc . 0.0
S oc ial 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

11. Page 11
TEV/Revenue (LTM) averages 4.8x: The overall average TEV/Revenue (LTM) multiple for our group is 4.8x (vs. 5.0x last
week) (Figure 9). Two companies trade at more than 25x revenue – Bigstring Corp. (OTCBB:BSGC) at 32.4x, followed by
Dolphin Digital Media, Inc. (OTCBB:DPDM) at 27.3x. The median is only 1.8x. Note that we exclude multiples greater than
50x. Thirty companies have multiples under 1.5x.
T E V/L T M R evenue (x)
35.0
32.4
30.0
27.3
25.0
21.1
20.0
17.417.6
15.6
14.914.9
15.0
12.0
10.9
9.9 9.9
9.2
10.0
7.5
6.7 7.4
A verage, 4.8 5.5 5.8
4.5 4.54.6 5.1
5.0 3.1 3.4 3.5 3.7
2.5 2.6 2.6 2.8 2.8
1.8 1.9 2.2 2.3 2.3 2.4
1.3 1.3 1.4 1.7
0.6 0.7 0.8 0.8 0.9 0.9 0.9 0.9 1.0 1.1 1.2 1.2
0.1 0.2 0.2 0.2 0.3 0.4 0.5 0.5 0.5 0.6 0.6
0.0
NE O WIZ G ames C orporation
MO K O .mobi Limited
C LIC K E R Inc.
J umbuck E nterta inment P ty Ltd.
G amania Digital E ntertainment C o. , Ltd.
G ungHo O nline E nterta inment, Inc.
P NI Digital Media Inc.
UO MO Media , Inc
C hines e G amer International
Unis erve C ommunications C orp.
Northgate T echnologies Limited
DXN Holdings B hd
C ha ngy ou.com Limited
G ameO n C o Ltd.
T ree.C om, Inc .
C DC C orp.
S K C ommunic ations C o., Ltd.
B ey ond C ommerce, Inc .
DigitalP os t Interactive, Inc .
F luid Mus ic C anada, Inc .
Dolphin Digital Media, Inc .
T he P arent C ompany
Modern T imes G roup Mtg AB
G eoS entric O y j
S NM G lobal Holdings
NeuLion Incorporated
T heS treet.com, Inc.
S NAP Interactive, Inc.
United O nline Inc.
O pen T ex t C orp.
C ornerWorld C orpora tion
Lingo Media C orpora tion
IAC /InterActiveC orp.
S park Network s , Inc.
C y berplex Inc.
G igaMedia Ltd.
is eemedia Inc.
V alueC lick Inc.
XING AG
NetDragon WebS oft, Inc.
E olith C o. Ltd.
S ohu.c om Inc.
Mix i, Inc.
G ree, Inc.
F rogs ter Intera ctive P ictures AG
As s ociated Media H oldings Inc.
T encent H oldings Ltd.
P erfect World C o., Ltd.
K AB Dis tribution Inc .
Y edangO nline C orp.
O penwave S y s tems Inc.
HanbitS oft, Inc.
My riad G roup AG
Y nk K orea Inc.
S ocial Media V enures , Inc.
B right T hings plc
B igs tring C orp.
T otal S port O nline AS
S hutterfly , Inc.
Acceleriz e New Media, Inc.
K ings oft C o. Ltd.
DADA S pA
Actoz 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: We 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 11.0x (vs. 11.7x last week). On a geographic basis, the
United States has the most companies (39), trading at an average of 5.1x revenue (vs. 5.3x last week) (Figure 11). Ten of
the companies are Canadian (average 4.7x revenue).
Average TEV/LTM Revenue - By Exchange Average TEV/LTM Revenue - By Country
16.0 14.9 16.0 14.9
14.0 14.0
12.0 11.1 12.0
11.0
10.0 10.0 9.9
9.9
(x)
9.7 8.8 8.8
(x)
8.0 8.0
7.5 6.8
6.0 6.0
4.8 4.6 4.43.7 5.1 4.7 4.6
4.0 3.6 2.6 2.3 4.0 4.3
2.3 2.1 2.0 1.9 1.7
2.0 0.8 0.6 2.0 2.3 2.1 2.0 1.7
0.8 0.7
0.0 0.3 0.3 0.0 0.6 0.3 0.0
0.0
OTCNO
OTCPK
OTCBB
GTSM
NasdaqGM
SEHK
HLSE
TSE
OSE
KOSE
NasdaqGS
RTS
OM
CM
XTRA
TSX
AMEX
KLSE
BSE
AIM
TSXV
SWX
ASX
Germany
United
Finland
China
United
India
Canada
Japan
Hong Kong
Malaysia
Russia
Italy
South
Taiwan
Australia
Norway
Switzerland
Sweden
# Companies 1 3 19 1 2 2 5 1 4 4 11 2 1 1 2 6 14 1 1 1 1 5 1
# Companies 1 1 2 10 3 39 10 1 6 1 2 8 1 1 1 1 1 1
Figures 10 & 11. TEV/Revenue Ranking (Exchange, Country)
Source. Capital IQ

12. Page 12
TEV/EBITDA (LTM) averages 11.0x: The average multiple for the 34 companies with positive EBITDA (and multiples
under 100x) is 11.0x LTM EBITDA (vs. 11.1x last week), led by Tencent Holdings (SEHK-700) 42.8x multiple (Figure 12).
Twelve companies have EBITDA multiples under 7x. The median multiple is 9.2x (vs. 9.8x last week).
T E V/L T M E B IT DA (x)
45.0 42.8
40.0
35.0
31.4
30.0 27.6
25.0 22.7 23.4
19.9 19.9
20.0
15.0 13.2
12.1 12.8
A verage, 11.0 10.9 11.4 11.4
9.1 9.2 9.7 9.8 10.3 10.4
10.0 7.9 8.1 8.5
7.4
5.9 6.1
3.8 4.2 4.3
5.0 3.1
1.7 1.8 2.1
0.8
0.0
NE O WIZ G a mes C orporation
J umbuc k E ntertainment P ty Ltd.
G amania Digita l E ntertainment C o., Ltd.
G ungH o O nline E ntertainment, Inc.
C hines e G a mer Interna tional
DXN Holdings B hd
C hangy ou.com Limited
G a meO n C o Ltd.
C DC C orp.
S K C ommunications C o., Ltd.
Modern T imes G roup Mtg AB
T heS treet.com, Inc.
S NAP Intera ctive, Inc.
U nited O nline Inc.
O pen T ex t C orp.
S park Network s , Inc .
V a lueC lick Inc .
NetDragon WebS oft, Inc .
C y berplex Inc .
S ohu.c om Inc .
IAC /InterActiv eC orp.
Mix i, Inc .
G ree, Inc .
T encent Holdings Ltd.
XING AG
P erfec t World C o., L td.
K AB Dis tribution Inc.
Y edangO nline C orp.
O penwave 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. 3.1x last week). On a
geographic basis, the United States has the most companies (39), trading at an average of 8.6x EBITDA (Figure 14). Ten
of the companies are Canadian (average 9.4x EBITDA).
Average TEV/LTM EBITDA - By Exchange Average TEV/LTM EBITDA - By Country
30.0 25.0
24.5
25.0 21.4
20.0
20.0 21.4 15.8
15.0
(x)
15.0 13.4 13.4
(x)
12.8 10.9 10.9
10.910.4 10.1 9.1 9.4
10.0 8.9 10.0 9.2 9.1 8.6
6.1
4.2 3.8 3.1
5.0 2.1 1.7 6.1
0.2 0.0 5.0 4.2
0.0 0.2
OTCBB
GTSM
NasdaqGM
1.7
SEHK
KOSE
OSE
TSE
NasdaqGS
RTS
OM
CM
XTRA
TSX
KLSE
AMEX
SWX
ASX
0.0 0.0
Germany
China
Japan
Canada
Hong Kong
United
Malaysia
Russia
Italy
South
Korea
States
Taiwan
Australia
Sweden
Switzerland
# Companies 3 2 6 1 1 5 14 2 4 1 1 2 19 5 2 1 1
# Companies 3 10 8 6 1 10 1 2 39 1 1 2 1 1
Figures 13 & 14. TEV/EBITDA Ranking (Exchange, Country)
Source. Capital IQ

13. Page 13
P/E (LTM) averages 11.0x: The average multiple for the 30 companies with positive earnings (and multiples under 100x)
is 11.0x LTM EPS (vs. 10.0x last week), led Tencent Holdings Ltd (SEHK-700) 55.1x multiple (Figure 15). Eleven
companies have P/E multiples under 10x. The median is just 12.5x.
P /E L T M (x)
60.0
55.1
50.5
50.0
42.1
40.7
40.0
30.7 31.3
29.0
30.0 26. 6 27.9
21. 9
19. 2
20.0
14. 5
13. 1 13. 6 14. 1
A verage, 11. 0 11. 1 11. 5 11. 8 11. 8
8.9 9.5
10.0 5.8 6.6
5.3
1. 9 2. 4 2. 4 2. 5 2. 9
0. 0
0.0
NE O WIZ G ames C orporation
J umbuck E ntertainment P ty L td.
G amania Digital E ntertainment C o. , L td.
C hines e G amer International
DXN H oldings B hd
C hangyou.c om Limited
G iant Interac tive G roup, Inc.
G ameO n C o Ltd.
Modern T imes G roup Mtg AB
Neteas e.c om Inc .
S NAP Interac tive, Inc .
O pen T ex t C orp.
G ravity C o. , L td
T he9 Limited
S handa Interactive E ntertainment L td.
C y berplex Inc .
G igaMedia L td.
IAC /InterAc tiveC orp.
S park Network s , Inc .
S ohu. com Inc .
NetDragon WebS oft, Inc .
Worlds . com Inc .
G ree, Inc .
Mix i, Inc .
T encent Holdings L td.
XING AG
P erfec t World C o. , L td.
Y edangO nline C orp.
K ings oft C o. Ltd.
Ac toz 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 15.2x earnings (Figure 17). Ten of the companies are Canadian
(average 20.1x EPS).
Average P/E - By Exchange Average P/E - By Country
40.0 40.0
34.6 34.6
35.0 35.0
30.0 34.3 30.0
32.0
25.0 25.0 26.0
20.9 20.1 19.2
(x)
(x)
20.0 19.2 18.7 20.0
15.7 15.2
15.0 13.1 15.0
11.8 10.0 13.6 13.1
10.0 8.9 10.0
5.8 5.3 5.8 5.3
5.0 1.9 5.0
0.0 0.0
0.0 0.0 0.0 0.0
OTCBB
GTSM
NasdaqGM
TSE
SEHK
KOSE
NasdaqGS
OM
XTRA
AMEX
TSX
KLSE
NYSE
SWX
ASX
Germany
Japan
Canada
United
China
Malaysia
India
South
Korea
States
Taiwan
Australia
Sweden
Switzerland
# Companies 5 2 3 6 2 19 1 2 14 4 2 1 1 5 1 6 3 10 2 8 39 10 1 2 1 1 1
# Companies
Figures 16 & 17. P/E Ranking (Exchange, Country)
Source. Capital IQ

14. Page 14
UPCOMING EVENTS
E arnings C alendar
C ompany Date & Time Quarter C onf C all Details
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
W izzard S oftware C orporation (AME X: W ZE ) T ues day, Augus t 18, 2009 11: 00 AM (E DT ) Q 2 2009 877-407-8035
G iant Interactive G roup, Inc. (NY S E : G A) W ednes day, Augus t 19, 2009 8: 00 AM (E DT ) Q 2 2009 866-203-3436
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
NetDragon W ebS oft, Inc. (S E HK : 777) T ues day, Augus t 25, 2009 9: 00 P M (E DT ) Q 2 2009 10-800-130-0399
T he9 Limited (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
Source. Company reports

15. Page 15
C omparable C ompany Analys is > Web 2.0
P ric 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
Accelerize 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%
Actoz S oft C o. , L td. KR W A052790 K OS E 146.0 21, 300 -9.6% -21. 5% 42. 0% 78.2% 79. 7% -40. 8%
AQ Interactive, Inc. JPY 3838 TS E 28. 6 49, 600 -7.5% -9.8% -5.2% 56.5% -64. 2% -65. 8%
As s ociated Media Holdings 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 BS GC OT C B B 1.1 0. 02 -24. 0% -55. 8% -17. 4% 18.8% -74. 7% -77. 6%
B etawave C orporation US D B W AV OT C B B 1.8 0. 06 -20. 0% -47. 8% -45. 5% -70.0% -80. 0% -82. 4%
B eyond C ommerce, Inc. US D B Y OC OT C B B 12. 5 0. 27 -10. 0% -19. 4% -77. 5% -40.0% -91. 0% -91. 7%
B right T hings plc GBP AIM: B G T AIM 4.1 0. 01 -14. 7% -14. 7% -14. 7% -32.6% -36. 0% -48. 2%
B roadW ebAs 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 HIN.A Nas daqG S 269.5 2. 54 -7.8% 17. 6% 88. 1% 206. 0% 1.4% -35. 2%
C hangyou.com L imited US D C Y OU Nas daqG S 2,054. 3 37. 35 -5.1% -9.7% 22. 7% NM NM -22. 8%
C hina G ateway 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 amer International TWD G T S M: 3083 GTS M 1,051. 6 411. 50 -4.3% -17. 9% 42. 4% 279. 3% 422.2% -20. 7%
C L IC K E R Inc. US D C LK Z OT C B B 0.4 0. 01 -31. 3% -44. 4% 37. 5% -71.1% -99. 2% -99. 3%
C ornerW orld C orporation US D CWR L OT C B B 5.7 0. 06 9. 1% 20. 0% -33. 3% -60.0% -91. 9% -92. 4%
C yberplex Inc. C AD T S X:C X TS X 97. 0 1. 65 -2.9% 8.6% -7.8% 364. 8% 175.0% -17. 1%
DADA S pA E UR C M: DA CM 139.0 6. 09 -0.2% 2.1% 1.7% 1. 4% -47. 8% -50. 8%
DXN Holdings B hd MY R DXN K LS E 31. 5 0. 49 3. 2% 24. 4% 24. 4% 67.2% 24. 4% -11. 8%
Dibz International, 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 Interactive, Inc. US D DG L P OT C B B 3.9 0. 05 -16. 5% 66. 7% 214.5% 400. 0% -16. 7% -49. 5%
DigitalT own, Inc. US D DG T W OT C B B 35. 6 1. 30 -13. 3% -35. 0% -35. 0% -35.0% -71. 1% -72. 6%
Dolphin Digital Media, Inc. US D DP DM OT C B B 20. 2 0. 39 -2.5% 8.3% -44. 3% -20.4% -56. 7% -65. 5%
E olith C o. L td. KR W A041060 K OS E 47. 2 820. 00 0. 0% 5.8% -15. 5% 45.1% 16. 3% -29. 3%
E xtens ions , Inc. US D E XT I OT C P K 3.6 0. 08 -60. 0% 0.0% -46. 7% -60.0% -46. 7% -92. 1%
F luid Mus ic C anada, Inc. C AD T S X:F MN TS X 56. 8 1. 20 1. 7% 33. 3% 71. 4% 135. 3% -18. 9% -33. 3%
F rogs ter Interactive P ictures AG E UR FR G XT R A 49. 8 14. 00 -3.4% 15. 7% 66. 7% 250. 0% 103.5% -9.7%
G amania Digital E ntertainment C o. , L td. TWD 6180 GTS M 261.7 56. 70 -2.2% -9.6% 40. 3% 161. 3% 134.5% -17. 6%
G ameO n C o L td. JPY 3812 TS E 105.5 103, 000 -0.7% -2.8% 12. 4% 1. 7% -10. 4% -32. 7%
G eoS entric O yj E UR G E O 1V HL S E 63. 2 0. 05 0. 0% 25. 0% 0.0% 25.0% -28. 6% -28. 6%
G iant Interactive G roup, Inc. US D GA NY S E 1,734. 5 7. 68 -4.6% 5.3% -8.9% 27.6% -24. 7% -27. 8%
G igaMedia L td. US D G IG M Nas daqG S 240.4 4. 41 -10. 7% -14. 0% -29. 2% -36.7% -62. 2% -65. 4%
G ravity C o., L td US D GR VY Nas daqG M 55. 9 2. 01 -4.3% 23. 7% 107.2% 187. 1% 43. 6% -14. 1%
G ree, Inc. JPY T S E :3632 TS E 1,880. 7 7, 930 2. 5% 17. 0% 46. 9% 45.2% NM -4.0%
G ungHo O nline E ntertainment, Inc. JPY 3765 OS E 279.2 230, 000 13.9% 15. 0% 32. 3% 133. 3% 17. 5% -17. 8%
HanbitS oft, Inc. KR W A047080 K OS E 71. 8 4, 125 -4.2% -9.9% -23. 5% 8. 0% 36. 4% -37. 9%
IAC /InterActiveC orp. US D IAC I Nas daqG S 2,436. 2 18. 40 -0.5% 9.4% 20. 2% 24.3% 6.7% -47. 2%
IAS E nergy, Inc. US D IAS C . A OT C B B 8.4 0. 12 -33. 3% 9.1% -55. 6% 471. 4% -40. 0% -57. 1%
is eemedia Inc. C AD IE E T S XV 2.8 0. 06 -14. 3% -29. 4% -36. 8% -33.3% -66. 7% -72. 7%
J umbuck E ntertainment P ty L td. AU D AS X: J MB AS X 14. 4 0. 36 -2.7% -5.3% -14. 3% -12.2% -28. 0% -41. 0%
K AB Dis tribution Inc. C AD T S X:K AB TS X 80. 8 1 0. 0% 1.6% 6.7% 68.4% -15. 8% -28. 1%
K ings oft C o. L td. HK D 3888 S E HK 1,182. 3 8 4. 2% 30. 7% 70. 9% 196. 1% 205.8% -10. 9%
L ingo Media C orporation C AD T S XV :L M T S XV 11. 2 1. 00 -10. 7% 0.0% -13. 0% 11.1% -44. 4% -47. 9%
L iveW orld Inc. US D LV W D OT C P K 1.7 0. 06 -8.3% 57. 1% -21. 4% 10.0% -78. 0% -78. 0%
L ookS mart, L td. US D LOOK Nas daqG M 20. 5 1. 20 -4.0% 9.1% -11. 8% -9. 8% -64. 4% -64. 4%
Magnitude Information S ys tems Inc. US D MAG Y OT C B B 3.0 0. 01 8. 3% -27. 8% -35. 0% -69.0% -56. 7% -78. 3%
Mixi, Inc. JPY 2121 TS E 984.0 604,000. 00 -2.3% -12. 0% 41. 1% 48.0% -23. 7% -34. 4%
Modern T imes G roup Mtg AB SEK MT G B OM 2,597. 6 288. 00 -1.7% 23. 3% 22. 0% 133. 2% -19. 4% -22. 1%
MO K O . mobi L imited AU D MK B AS X 5.3 0. 08 15.4% 25. 0% 7.1% 87.5% 92. 3% -25. 0%
Myriad G roup AG C HF MY R N SWX 84. 1 4. 26 3. 4% -12. 2% -27. 2% -7. 0% -56. 1% -57. 3%
NE O W IZ G ames C orporation KR W A095660 K OS E 528.5 31,600. 00 -0.8% -1.4% -2.0% 82.1% 209.0% -24. 8%
NetDragon W ebS oft, Inc. HK D 777 S E HK 404.4 5. 93 3. 7% 3.3% 5.0% 103. 8% -8.8% -20. 5%
Neteas e.com Inc. US D NT E S Nas daqG S 5,204. 2 40. 21 -11. 4% 2.7% 31. 5% 110. 7% 50. 0% -14. 3%
NeuL ion Incorporated C AD T S X:NL N TS X 113.2 1. 10 3. 8% 15. 8% 46. 7% 175. 0% NM 0. 9%
NeXplore C orporation US D NXP C OT C P K 37. 9 0. 68 -2.9% 51. 1% -2.9% -28.4% -2.9% -53. 1%
Ngi G roup Inc. JPY 2497 TS E 43. 0 32,800. 00 1. 9% 0.5% 10. 3% 47.1% -60. 4% -74. 3%
Northgate T echnologies L imited INR 590057 BSE 24. 4 34. 30 -2.6% 0.0% -28. 9% -14.3% -88. 2% -89. 0%
O pen T ext C orp. US D OT E X Nas daqG S 2,007. 6 38. 15 -0.8% 3.3% 19. 0% 9. 9% 8.4% -5.1%
O penwave S ys tems Inc. US D OP W V Nas daqG S 233.3 2. 80 6. 9% -5.1% 87. 9% 197. 9% 94. 4% -10. 5%
P erfect W orld C o., L td. US D PWRD Nas daqG S 1,777. 9 36. 15 -3.3% 13. 9% 80. 0% 171. 8% 43. 0% -13. 8%
P NI Digital Media Inc. C AD T S XV :P N T S XV 49. 4 1. 60 8. 1% 3.9% -9.1% -11.6% -53. 1% -55. 8%
Q uepas a C orp. US D QP S A OT C B B 17. 8 1. 40 12.0% 55. 6% 34. 6% -0. 7% -57. 6% -59. 5%
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 handa Interactive E ntertainment L td. US D S NDA Nas daqG S 3,031. 3 45. 40 -9.1% -18. 9% -15. 6% 48.4% 58. 7% -30. 2%
S hutterfly, Inc. US D S F LY Nas daqG S 375.5 14. 75 -7.2% 7.0% 0.5% 81.2% 43. 8% -10. 8%
S K C ommunications C o., L td. KR W A066270 K OS E 328.0 9,850. 00 -2.5% 5.8% 0.5% 32.2% -18. 6% -29. 6%
S NAP Interactive, 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 lobal 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. 19 -13. 6% -40. 6% 1800. 0% -86.6% -24. 0% -96. 2%
S ocialwis e, Inc. US D S C LW OT C B B 30. 1 0. 68 -8.1% -15. 0% -26. 9% 51.1% -71. 9% -73. 8%
S ohu. com Inc. US D S O HU Nas daqG S 2,297. 0 59. 92 -6.4% -3.4% 8.0% 30.9% -22. 5% -25. 0%
S park Networks , Inc. US D LOV AME X 43. 2 2 -23. 1% -14. 3% -6.7% -10.6% -50. 2% -52. 9%
S pectrumDNA, Inc. US D S P XA OT C B B 11. 2 0 0. 0% 53. 3% -32. 4% 130. 0% NM -61. 7%
T encent Holdings L td. HK D 700 S E HK 26, 804. 0 115 3. 5% 16. 9% 45. 0% 149. 7% 78. 7% -6.2%
T he P arent C ompany US D K IDS . Q OT C P K 0.4 0. 02 0. 0% -48. 3% 20. 0% -40.0% -99. 2% -99. 3%
T he9 L imited US D NC T Y Nas daqG S 211.2 8. 28 -11. 7% -2.0% -11. 5% -35.1% -57. 3% -58. 2%
T heS treet.com, Inc. US D TS CM Nas daqG M 68. 6 2. 24 -2.6% 15. 5% 17. 9% -13.2% -68. 0% -69. 5%
T otal S port O nline AS 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 daqG M 96. 1 8. 90 -9.9% -8.7% -28. 9% 117. 1% 11. 4% -31. 9%
Unis erve C ommunications 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%
United O nline Inc. US D UNT D Nas daqG S 612.9 7. 31 -3.2% -9.1% 6.6% 50.4% -32. 9% -38. 0%
UO MO Media, Inc US D UO MO OT C B B 10. 7 0. 13 -16. 7% 19. 0% -86. 1% 56.3% -66. 2% -88. 2%
V alueC lick Inc. US D V C LK Nas daqG S 872.4 10. 01 -8.0% -11. 3% -6.4% 52.6% -24. 1% -27. 5%
V O IS , Inc. US D V O IS OT C B B 4.1 0. 01 -5.7% -28. 6% -44. 4% -33.3% -66. 7% -84. 6%
W ebzen Inc. US D W ZE N Nas daqG M 32. 6 2. 75 -16. 1% -22. 1% -26. 7% 100. 7% 6.2% -41. 2%
W izzard S oftware C orporation US D W ZE AME X 23. 7 0. 47 0. 0% -4.1% -21. 7% -26.6% -68. 2% -72. 8%
W orlds .com Inc. US D W DDD OT C B B 4.7 0. 09 0. 0% -35. 7% -40. 0% -47.1% -70. 0% -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 orporation US D W Y ND OT C P K 1.8 0. 10 0. 0% 0.0% 233.3% -16.7% -83. 3% -83. 3%
XING AG E UR O 1B C XT R A 204.1 27. 50 3. 0% -3.5% -11. 3% -7. 6% -22. 5% -23. 6%
Y edangO nline C orp. KR W A052770 K OS E 110.6 8, 870 -6.0% 11. 7% -12. 6% 28.7% -4.2% -28. 5%
Y nk K orea Inc. KR W A023770 K OS E 20. 2 4, 770 -2.9% -19. 2% -38. 1% 10.0% -54. 4% -61. 5%
High 100. 0% 650.0% 1800. 0% 650. 0% 422.2% 0. 9%
L ow -60. 0% -71. 4% -86. 1% -88.0% -99. 7% -99. 9%
Average 688.8 -4.7% 6.6% 42.6% 60.4% -14.2% -49.4%
Median -2.8% 0.0% 0.0% 28.7% -30. 0% -48. 0%
Figure 19. Price Performance
Source. Capital IQ

16. Page 16
C omparable C ompany Analys is > Web 2.0
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 ector C ountry E xchange Tic ker 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 Ma rketing United S ta tes OT C B B AC L Z 15. 8 5.1x - - - - - -
Actoz S oft C o., Ltd. G a ming S outh K orea K OS E A052790 146. 0 1.3x - 5.9x - 21. 9x - 2.5x
AQ Interactive, Inc. G a ming J a pa n TSE 3838 28. 6 - - - - - - 0.4x
As s ociated Media Holdings Inc. Mobile United S ta tes OT C P K AS MH 0. 6 15. 6x - - - - - -
B igs tring C orp. Ins ta nt Mes s a ging United S ta tes OT C B B BS GC 1. 1 32. 4x - - - - - -
B etawa ve C orpora tion Media United S ta tes OT C B B B W AV 1. 8 - - - - - - 0.3x
B eyond C ommerce, Inc. S ocia l Networking United S ta tes OT C B B B Y OC 12. 5 2.4x - - - - - -
B right T hings plc S ocia l Networking United K ingdom AIM AIM:B G T 4. 1 14. 9x - - - - - -
B roadW ebAs ia Inc. S ocia l Networking United S ta tes OT C P K BWBA 19. 5 - - - - - - -
C DC C orp. G a ming Hong K ong Na s daqG S C HIN.A 269. 5 0.7x 0.8x 9.2x 12.3x - - -
C hangyou. com L imited G a ming C hina Na s daqG S C Y OU 2, 054. 3 7.4x 5.7x 12. 1x 9. 9x 14. 1x 12.6x 13. 9x
C hina G a teway C orporation Mobile United S ta tes OT C P K CGWY 0. 3 0.0x - - - - - -
C hines e G a mer Interna tiona l G a ming T aiwan GTS M G T S M:3083 1, 051. 6 17. 6x - 31. 4x - 40. 7x - 15. 3x
C L IC K E R Inc. Direct Ma rketing United S ta tes OT C B B C LK Z 0. 4 0.2x - - - - - -
C ornerW orld C orpora tion C ontent United S ta tes OT C B B CWR L 5. 7 5.5x - - - - - -
C yberplex Inc. Advertis ing C a na da TSX T S X:C X 97. 0 0.9x 0.7x 8.1x 6. 2x 8.9x 10.0x 3.9x
DADA S pA S ocia l Networking Italy CM C M:DA 139. 0 0.8x - 6.1x - - - -
DXN Holdings B hd S ocia l Networking Ma la ys ia K LS E DXN 31. 5 0.6x - 4.2x - 5.3x - 0.7x
Dibz Internationa l, Inc. S NS Apps United S ta tes OT C P K DIB Z 0. 0 - - - - - - -
Digita lP os t Intera ctive, Inc. C ontent United S ta tes OT C B B DG LP 3. 9 7.5x - - - - - -
Digita lT own, Inc. S ocia l Networking United S ta tes OT C B B DG T W 35. 6 - - - - - - -
Dolphin Digital Media, Inc. S ocia l Networking United S ta tes OT C B B DP DM 20. 2 27. 3x 1.3x - - - 1. 6x -
E olith C o. Ltd. G a ming S outh K orea K OS E A041060 47. 2 3.4x - - - - - 4.5x
E xtens ions , Inc. C ontent United S ta tes OT C P K E XT I 3. 6 - - - - - - -
F luid Mus ic C a na da, Inc. Media United S ta tes TSX T S X:F MN 56. 8 9.9x 6.6x - - - - 5.5x
F rogs ter Intera ctive P ictures AG G a ming G ermany XT R A FR G 49. 8 14. 9x - - - - - 6.9x
G a ma nia Digita l E nterta inment C o., Ltd. G a ming T aiwan GTS M 6180 261. 7 1.9x - 11. 4x - 27. 9x - 3.4x
G a meOn C o Ltd. G a ming J a pa n TSE 3812 105. 5 0.4x - 1.8x - 11. 1x - 1.3x
G eoS entric Oyj Mobile F inla nd HL S E G E O 1V 63. 2 9.9x - - - - - 10. 7x
G ia nt Intera ctive G roup, Inc. G a ming C hina NY S E GA 1, 734. 5 - - - - 1.9x 12.8x 0.3x
G igaMedia L td. G a ming T aiwan Na s daqG S G IG M 240. 4 0.9x 0.9x - 4. 3x 9.5x 8. 9x 2.0x
G ravity C o. , L td G a ming S outh K orea Na s daqG M GR VY 55. 9 - - - - 0. 0x - 0.0x
G ree, Inc. S ocia l Networking J a pa n TSE T S E :3632 1, 880. 7 12. 0x - 19. 9x - 42. 1x - 19. 5x
G ungHo O nline E nterta inment, Inc. Media J a pa n OS E 3765 279. 2 2.3x - 12. 8x - - - 39. 0x
Ha nbitS oft, Inc. G a ming S outh K orea K OS E A047080 71. 8 1.0x - - - - - 2.2x
IAC /InterActiveC orp. Media United S ta tes Na s daqG S IAC I 2, 436. 2 0.5x 0.5x 13. 2x 4. 1x 11. 5x 35.0x 1.2x
IAS E nergy, Inc. V ideo C a na da OT C B B IAS C . A 8. 4 - - - - - - -
is eemedia Inc. C ontent C a na da T S XV IE E 2. 8 1. 2x - - - - - 2.3x
J umbuck E nterta inment P ty Ltd. S ocia l Networking Aus tralia AS X AS X:J MB 14. 4 0.6x - 1.7x - 5.8x - 1.4x
K AB Dis tribution Inc. C ontent C a na da TSX T S X: K AB 80. 8 1. 2x - 9.7x - - - -
K ings oft C o. L td. G a ming C hina S E HK 3888 1, 182. 3 9.2x - 22. 7x - 26. 6x - 6.4x
L ingo Media C orporation Lea rning C a na da T S XV T S XV :L M 11. 2 10. 9x - - - - - 11. 7x
L iveW orld Inc. S ocia l Networking United S ta tes OT C P K LV W D 1. 7 0.1x - - - - - 0.7x
L ookS mart, Ltd. Direct Ma rketing United S ta tes Na s daqG M LO O K 20. 5 - - - - - - 0.8x
Ma gnitude Information S ys tems Inc. S ocia l Networking United S ta tes OT C B B MAG Y 3. 0 - - - - - - -
Mixi, Inc. S ocia l Networking J a pa n TSE 2121 984. 0 6.7x - 19. 9x - 50. 5x - 6.9x
Modern T imes G roup Mtg AB Media S weden OM MT G B 2, 597. 6 1.7x 1.6x 10. 9x 12.3x 13. 1x 14.2x -
MO K O .mobi L imited S ocia l Networking Aus tralia AS X MK B 5. 3 3.5x - - - - - 3.9x
Myria d G roup AG Mobile S witzerla nd SWX MY R N 84. 1 2.3x - - - - - 3.8x
NE O W IZ G ames C orpora tion G a ming S outh K orea K OS E A095660 528. 5 2.6x - 9.8x - 29. 0x - 14. 7x
NetDra gon W ebS oft, Inc. G a ming C hina S E HK 777 404. 4 3.1x - 7.9x - 14. 5x - 2.2x
Netea s e.com Inc. G a ming C hina Na s daqG S NT E S 5, 204. 2 - - - - 2.9x 16.2x 0.8x
NeuL ion Incorpora ted V ideo C a na da TSX T S X:NLN 113. 2 5.8x - - - - - 6. 5x
NeXplore C orpora tion C ontent United S ta tes OT C P K NXP C 37. 9 - - - - - - -
Ngi G roup Inc. Media J a pa n TSE 2497 43. 0 0.0x - 0.2x - - - 0.9x
Northgate T echnologies L imited Direct Ma rketing India BSE 590057 24. 4 0.3x - - - - - -
O pen T ext C orp. C olla boration C a na da Na s daqG S OT E X 2, 007. 6 2.6x 2.4x 10. 4x 8. 1x 31. 3x 14.5x -
O penwa ve S ys tems Inc. Mobile United S ta tes Na s daqG S OP W V 233. 3 0.6x 0.6x 23. 4x 5. 6x - 35.0x 3.4x
P erfect W orld C o., L td. G a ming C hina Na s daqG S PWR D 1, 777. 9 0.5x 2.3x 0.8x 4. 4x 2.5x 11.7x 1.2x
P NI Digita l Media Inc. Digita l Imaging C a na da T S XV T S XV : P N 49. 4 2.5x 1.8x - 5. 4x - 11.5x 20. 1x
Q uepa s a C orp. S ocia l Networking United S ta tes OT C B B QP S A 17. 8 - - - - - - -
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 ha nda Intera ctive E ntertainment L td. G a ming C hina Na s daqG S S NDA 3, 031. 3 - - - - 2.4x 12.6x 1.0x
S hutterfly, Inc. Digita l Imaging United S ta tes Na s daqG S S FLY 375. 5 1.4x 1.4x 11. 4x 7. 1x - - 2.2x
S K C ommunica tions C o. , L td. S earch S outh K orea K OS E A066270 328. 0 1.8x - 27. 6x - - - -
S NAP Intera ctive, Inc. Da ting United S ta tes OT C B B STVI 4. 3 0.9x - 3.1x - 6.6x - 2.6x
S NM G loba l Holdings Media United S ta tes OT C P K S NMN 0. 0 1.1x - - - - - -
S ocia l Media V enures , Inc. S ocia l Networking United S ta tes OT C P K S MV I 0. 0 4.5x - - - - - -
S ocia lwis e, Inc. S ocia l Networking United S ta tes OT C B B S C LW 30. 1 - - - - - - 38. 3x
S ohu.com Inc. G a ming C hina Na s daqG S S O HU 2, 297. 0 3.7x 3.2x 8.5x 7. 1x 13. 6x 16.3x 4.5x
S pa rk Networks , Inc. S ocia l Networking United S ta tes AME X LO V 43. 2 0.8x - 3.8x - 11. 8x - 44. 2x
S pectrumDNA, Inc. Media United S ta tes OT C B B S P XA 11. 2 - - - - - - 29. 3x
T encent Holdings L td. P ortal C hina S E HK 700 26, 804. 0 21. 1x - 42. 8x - 55. 1x - 24. 5x
T he P a rent C ompany Media United S ta tes OT C P K K IDS . Q 0. 4 0.2x 0.2x - 12.9x - - -
T he9 Limited G a ming C hina Na s daqG S NC T Y 211. 2 - - - - 2.4x 11.9x 0.1x
T heS treet.com, Inc. Media United S ta tes Na s daqG M TS CM 68. 6 0.1x 0.1x 2.1x - - - 0.9x
T ota l S port O nline AS Media Norwa y O T C NO T OS O 0. 1 4.6x - - - - - -
T ree. C om, Inc. P ortal United S ta tes Na s daqG M TR E E 96. 1 0.5x - - 7. 3x - 50.1x 1.2x
U nis erve C ommunica tions C orp. S ocia l Networking C a na da T S XV T S XV : US S 1. 0 0.2x - - - - - -
U nited Online Inc. Media United S ta tes Na s daqG S UNT D 612. 9 0.9x - 4.3x - - - -
U O MO Media , Inc Media C a na da OT C B B U OMO 10. 7 17. 4x - - - - - -
V alueC lick Inc. Media United S ta tes Na s daqG S V C LK 872. 4 1.3x - 7.4x - - - 5.7x
V OIS , Inc. S ocia l Networking United S ta tes OT C B B V O IS 4. 1 - - - - - - 14. 3x
W ebzen Inc. G a ming S outh K orea Na s daqG M W ZE N 32. 6 - - - - - - 0.0x
W izza rd S oftwa re C orporation P odcas ting United S ta tes AME X W ZE 23. 7 4.5x - - - - - -
W orlds .com Inc. C ontent United S ta tes OT C B B W DDD 4. 7 - - - - 30. 7x - -
W oozyF ly, Inc. S ocia l Networking United S ta tes OT C B B W ZY F 2. 6 - - - - - - -
W ynds torm C orpora tion C ontent United S ta tes OT C P K W Y ND 1. 8 - - - - - - -
XING AG S ocia l Networking G ermany XT R A O 1B C 204. 1 2.8x - 9.1x - 19. 2x - 6.4x
Y edangO nline C orp. G a ming S outh K orea K OS E A052770 110. 6 2.2x - 10. 3x - 11. 8x - 4.1x
Y nk K orea Inc. G a ming S outh K orea K OS E A023770 20. 2 2.8x - - - - - 0.9x
High 26, 804. 0 32. 4x 6.6x 42. 8x 12.9x 55. 1x 50.1x 44. 2x
L ow 0. 0 0.0x 0.1x 0.2x 4. 1x 0.0x 1. 6x 0.0x
Average 688.8 4.8x 1.9x 11.0x 7.6x 17.5x 17.2x 7.6x
Media n 45. 2 2.2x 1.4x 9.2x 7. 1x 12. 5x 12.7x 3.4x
Figure 20. Valuation Comparison
Source. Capital IQ

17. Page 17
C omparable C ompany Analys is > Web 2.0
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 44, 701. 2 C hina 4, 470. 1 C hina 4, 098. 7 C hina 1, 913. 6 C hina 48. 0%
C anada 10 United S tates 5, 079. 8 S weden 2, 597. 6 United S tates 3, 879. 1 S weden 288. 7 Aus tralia 37. 2%
C hina 10 J apan 3, 321. 0 J apa n 553. 5 S weden 1, 878. 9 United S tates 287. 8 T aiwan 36. 3%
S outh K orea 8 S weden 2, 597. 6 T aiwan 517. 9 C anada 1, 009. 1 C ana da 198. 4 G erma ny 31. 2%
J apan 6 C anada 2, 382. 0 Hong K ong 269. 5 S outh K orea 663. 6 J apan 186. 6 J apan 25. 8%
T aiwan 3 T aiwan 1, 553. 7 C anada 238. 2 J apan 623. 3 S outh K orea 90. 2 S weden 15. 4%
Aus tralia 2 S outh K orea 1, 320. 5 S outh K orea 165. 1 Hong K ong 389. 9 T aiwan 52. 4 Malays ia 14. 4%
G ermany 2 Hong K ong 269. 5 R us s ia 145. 7 T aiwan 365. 6 Hong K ong 30. 8 Italy 13. 1%
S witzerland 1 G ermany 253. 9 Italy 139. 0 Italy 232. 5 Italy 30. 5 R us s ia 13. 1%
Hong K ong 1 R us s ia 145. 7 United S ta tes 130. 3 R us s ia 146. 9 R us s ia 19. 2 Hong K ong 7. 9%
F inland 1 Italy 139. 0 G ermany 126. 9 India 81. 3 Malays ia 10. 9 S outh K orea 6. 4%
Italy 1 S witzerla nd 84. 1 S witzerland 84. 1 Malays ia 75. 7 G erma ny 10. 5 S witzerland 1. 9%
United K ingdom 1 F inland 63. 2 F inla nd 63. 2 G ermany 56. 5 Aus tralia 3. 0 C ana da -13. 2%
India 1 Malays ia 31. 5 Ma lays ia 31. 5 S witzerla nd 40. 0 S witzerland 0. 8 United S tates -14. 4%
S weden 1 India 24. 4 India 24. 4 Aus tra lia 15. 9 Norway -1. 1 India -50. 0%
R us s ia 1 Aus tra lia 19. 8 Aus tralia 9. 9 F inland 6. 0 United K ingdom -1. 8 Norway -50. 6%
Malays ia 1 United K ingdom 4. 1 United K ingdom 4. 1 Norway 2. 2 F inland -15. 4 United K ingdom #DIV /0!
Norway 1 Norway 0. 1 Norwa y 0. 1 United K ingdom 0. 3 India -40. 6 F inland #DIV /0!
G rand Total 90 G rand Total 61,991.0 G rand Total 688.8 G rand Total 13,565.5 G rand Total 3,064.4 G rand Total 6.9%
Figure 21. Comparison by Country
Source. Capital IQ
C omparable C ompany Analys is > Web 2.0
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 28, 390. 7 S E HK 9, 463. 6 OM 1, 878. 9 Nas daqG S 1, 759. 8 S E HK 43. 0%
Nas daqG S 14 Nas daqG S 21, 623. 6 OM 2, 597. 6 S E HK 535. 4 S E HK 771. 5 AS X 37. 2%
OT C P K 11 TS E 3, 041. 8 NY S E 1, 734. 5 Nas daqG S 496. 1 OM 288. 7 GTS M 36. 3%
K OS E 6 OM 2, 597. 6 Nas daqG S 1, 544. 5 CM 232. 5 TS E 166. 9 XT R A 31. 2%
TS E 5 NY S E 1, 734. 5 GTS M 656. 6 NY S E 218. 9 K OS E 78. 2 Nas daqG S 30. 3%
Nas daqG M 5 GTS M 1, 313. 3 TS E 608. 4 R TS 146. 9 GTS M 52. 4 TS E 27. 3%
TS X 4 K OS E 1, 232. 0 OS E 279. 2 OS E 109. 2 CM 30. 5 OS E 18. 0%
T S XV 4 TS X 347. 7 K OS E 205. 3 TS E 102. 8 OS E 19. 6 OM 15. 4%
S E HK 3 OS E 279. 2 R TS 145. 7 K OS E 99. 2 R TS 19. 2 K LS E 14. 4%
AME X 2 Nas daqG M 273. 7 CM 139. 0 GTS M 91. 0 K LS E 10. 9 CM 13. 1%
AS X 2 XT R A 253. 9 XT R A 126. 9 Nas daqG M 81. 8 XT R A 10. 5 R TS 13. 1%
XT R A 2 OT CB B 193. 9 TS X 86. 9 BSE 81. 3 Nas daqG M 8. 5 K OS E 4. 4%
GTS M 2 R TS 145. 7 SWX 84. 1 K LS E 75. 7 AME X 5. 5 Nas daqG M 3. 9%
SWX 1 CM 139. 0 HL S E 63. 2 TS X 46. 3 AS X 3. 0 SWX 1. 9%
HL S E 1 S WX 84. 1 Nas daqG M 54. 7 S WX 40. 0 SWX 0. 8 T S XV 1. 3%
CM 1 AME X 66. 9 AME X 33. 5 XT R A 28. 3 NY S E 0. 0 TS X -14. 2%
BS E 1 OT CP K 65. 8 K LS E 31. 5 AME X 28. 1 TS X -0. 3 OT C B B -32. 0%
NY S E 1 T S XV 64. 4 BS E 24. 4 OT CP K 16. 6 O T C NO -1. 1 AME X -36. 6%
OS E 1 HL S E 63. 2 T S XV 16. 1 T S XV 11. 4 AIM -1. 8 OT C P K -41. 3%
AIM 1 K LS E 31. 5 OT C B B 10. 2 AS X 7. 9 T S XV -6. 0 BSE -50. 0%
OM 1 BSE 24. 4 AS X 9. 9 HL S E 6. 0 HL S E -15. 4 O T C NO -50. 6%
R TS 1 AS X 19. 8 OT C P K 6. 0 O T C NO 2. 2 OT C P K -34. 0 AIM #DIV /0!
K LS E 1 AIM 4. 1 AIM 4. 1 OT CB B 1. 7 BSE -40. 6 NY S E #DIV /0!
OT C NO 1 O T C NO 0. 1 OT C NO 0. 1 AIM 0. 3 OT C B B -62. 2 HL S E #DIV /0!
G rand Total 90 G rand Total 61,991.0 G rand Total 688.8 G rand Total 159.6 G rand Total 3,064.4 G rand Total 6.9%
Figure 22. Comparison by Exchange
Source. Capital IQ

18. Page 18
F inanc 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
E do Interac tive US A 8. 0 8. 0
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 rael 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 rael 2. 0 2. 0
Yapta US A 2. 0 2. 0
OneTXT 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
TodaC ell Is rael 1. 0 1. 0
G lubble Netherla nds 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 53.3 15.3 28.5 67.8 34.0 5.3 204.1
J ul-09 P andora Media US A 35. 0 35. 0
K ontera L td. Is rael 15. 5 15. 5
Ning US A 15. 0 15. 0
QuickP 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
Ac quia, 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 ermany 6. 3 6. 3
iMemories US A 6. 2 6. 2
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
Aloqa G ermany 1. 5 1. 5
L at49 C a na da 1. 5 1. 5
Tributes .c om US A 1. 2 1. 2
C oTweet US A 1. 1 1. 1
C ellufun US A 1. 0 1. 0
C likthrough US A 1. 0 1. 0
C ognitive Match L imited UK 1. 0 1. 0
B ookF res h US A 0. 5 0. 5
P eople C apital US A 0. 5 0. 5
Mas her Media US A 0. 3 0. 3
J ul-09 Total 63.8 11.1 31.8 51.5 27.0 185.2

19. Page 19
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
Aug-09 Turbine US A 50. 0 50. 0
Mint US A 14. 1 14. 1
R ichR elevance US A 12. 5 12. 5
Traffiq US A 10. 0 10. 0
MediaMath US A 10. 0 10. 0
B ill.c om US A 8. 5 8. 5
E do Interac tive US A 8. 5 8. 5
B oxee US A 6. 0 6. 0
Z2L ive US A 3. 0 3. 0
K ODA US A 3. 0 3. 0
R oblox US A 2. 2 2. 2
C hes s C ube S outh Africa 1. 3 1. 3
iS yndica US A 0. 4 0. 4
Aug-09 Total 25.3 3.0 28.5 22.6 50.0 129.4
G rand Total 142.4 15.3 42.6 128.0 108.1 82.3 518.6
Figure 23. Financing, Last Three Months
Source. Company reports

20. Page 20
C ompany Des c riptions - C urrent Month C apital Market Ac tivity
C ompany HQ Webs ite Des c ription
B ill.c om United S ta tes www.bill.com B ill. com, Inc. offers a n electronic ca s h mana gement s ervice. Its s ervice s implifies the way companies mana ge bills , invoices , contra cts , and
other documents . T he compa ny delivers its s ervice through a n on-demand S oftware a s a S ervice (S a aS ) model. C as hV iew is a W eb-ba s ed
s ys tem that allows companies to s tore all documents , proces s es , mes s ages , and tra ns a ctions in one place. It gives companies a real-time
daily view of a nticipa ted ca s h flow while s imulta neous ly proces s ing trans actions . T he compa ny was formerly known a s C as hV iew, Inc. and
changed its na me to B ill. com, Inc. in J anuary, 2008. B ill. com, Inc. was founded in 2006 and is bas ed in P a lo Alto, C a lifornia .
B oxee United S ta tes www.boxee.tv B oxee T V , Ltd. develops media center s oftwa re. T he compa ny’s s oftware enables its us ers to control media programs s tored in the pers onal
computer or the Internet domain, and brings them to the televis ion. It enables its us ers to view, rate, and recommend content to their friends
through s ocial networking features , as well as its s ocial component a llows s ha ring with friends . T he company wa s founded in 2007 a nd is
bas ed in New Y ork, New Y ork.
C hes s C ube S outh Africa www.chesscube.com C hes s C ube, is an online ga me allowing us ers to play ches s for free a nd maintain their online ra ting, s ocialize in chat rooms a nd invite friends
to pla y ches s . T he compa ny is bas ed in S outh Africa.
E do Interactive United S ta tes www.edointeractive.net edo intera ctive, Inc. develops technologies for digital ma rketing. T he compa ny focus es on Marketing P latform, a behavioral ta rgeting and
marketing pla tform tha t a llows bus ines s es to create micro-ta rgeted marketing campa igns ; monitor the campaign from their computer; target
key cons umer groups us ing demographic, geographic, and ps ychogra phic cons umer information to filter a nd build targeted ca mpaigns ; and
offers demons trable s a les revenue res ults . It offers P rewa rding, a tool that gives ca s h incentives directly to cons umers in adva nce of des ired
purchas ing beha vior through their pre-paid debit Mas terC ard; C as h, a s ys tem that provides cas h rewards to loyal cus tomers ; a nd MarketIQ,
which provides real-time feedback from cus tomers through s urveys and focus group tools . T he compa ny was founded in 2007 and is bas ed
in Na s hville, T ennes s ee.
Friends R eunited United K ingdom www.friendsreunited.co.uk F riends R eunited G roup opera tes as a n online community that connects people through a network of friends . It provides a n online meeting
pla ce for people to s ocia lize, make acquaintances , a nd 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 ha re photos and videos . In a ddition, it offers online da ting s ervices . T he company is bas ed in the United K ingdom.
F riends R eunited G roup opera tes as a s ubs idiary of IT V plc.
iMemories United S ta tes www.imemories.com iMemories , LLC provides digital convers ion a nd W eb-s ha ring s ervices for home videos and photos . It offers iMemories Achieve, a s ervice
that trans fers home movies , photos , or s lides onto DV Ds ; iMemories online, a s ervice that uploads home movies a nd photos onto a n online
pers onal library; and iMemories Movie, a s ervice that converts home videos into cinematic motion pictures and tra ns fers them onto DV Ds .
T he compa ny als o provides iMemories S afeS hip K it, a packa ging and s hipping s olution; a nd iMemories gift cards . iMemories , LLC was
founded in 2006 and is headqua rtered in S cotts dale, Arizona.
iS yndic a United S ta tes www.isyndica.com iS yndica , a cloud-bas ed digital media dis tribution platform, s implifies online s elling by s yndica ting, promoting and tra cking us er content on
multiple es ta blis hed channels . iS yndica ’s Upload O nce - S ell E verywhere™ approach helps us ers increas e revenue while reducing their
workload. B uilt on Amazon W eb S ervices (AW S ), our V irtual Dis tribution S erver (V DS ) is a groundbrea king, patent pending, multi-ca tegory
s oftware-a s -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 O DA was founded with a mis s ion to create a platform that allows emerging talent and s ma rt companies to go beyond the res ume or
tra ditiona l job pos ting. More profes s ional than F a cebook but more pers ona l than LinkedIn, K ODA looks to s howca s e profiles and employer
profiles tha t a llow both s ides of the hiring equation to get to know each other.
Mint United S ta tes www.mint.com Mint S oftware, Inc. provides a W eb-bas ed s olution for online financia l ma nagement. It offers money mana gement, debt mana gement,
expens e tracking, inves tment management, budget ma nagement, mutual fund, IR A mana gement, a nd financial pla nning s ervices . T he
company a ls o provides s ugges tions bas ed on us er’s s pending patterns a nd automatic categorization of purcha s es . Mint S oftware, Inc. wa s
founded in 2006 and is bas ed in Mounta in V iew, C alifornia.
R ichR elevance United S ta tes www.richrelevance.com richreleva nce, Inc. provides pers onalization and product recommendation tools for the eC ommerce s ites . It offers R ichrecs , which offers
product recommendations to pers onalize cus tomer's s hopping experience; myrecs tha t enga ges loya l s hoppers with a pers onalized page of
releva nt product recommendations ; a nd richmail, which ena bles cros s -s elling a nd up s elling of relevant products . richreleva nce, Inc. was
founded in 2005 and is headqua rtered in S a n F ra ncis co, C alifornia. It has locations in S a n Diego, C alifornia; Dallas and Hous ton, T exas ; and
New Y ork, New Y ork.
R oblox United S ta tes www.roblox.com R oblox C orporation develops online ga ming s oftware. R oblox C orporation wa s founded in 2004 a nd is bas ed in P ortola V alley, C alifornia.
Traffiq United S ta tes www.traffiq.com T R AF F IQ , Inc. , a dis play advertis ing marketplace, operates a digital media mana gement platform that connects buyers and s ellers of online
media . Its platform provides a s uite of enterpris e tools that ena bles negotia tions for deal points a nd centralized advertis ing operations ,
including tra fficking, inventory management, tracking and optimization, and billing. T he company’s pla tform incorporates components of the
media planning, buying, a nd s elling proces s , including s ite s ea rch, inventory pa cka ging tools , negotia tion management, order execution,
automated R F P dis tribution, campaign optimization, and publis her reconciliation/invoicing. It s erves advertis ers and publis hers . T he
company wa s founded in 2006 a nd 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 compa ny, engages in developing, launching, and operating online entertainment in North America. It
offers online ga mes , including multiplayer online role-playing ga mes . T he compa ny operates s ocial gaming communities . It a ls o s ells its
games through retailers in North America a nd E urope. T urbine, Inc. was formerly known a s T urbine E ntertainment S oftware C orp. T he
company wa s founded in 1994 a nd is hea dquartered in W es twood, Mas s achus etts .
Z2L ive United S ta tes www.z2live.com Z2Live, a mobile multiplayer gaming pla tform, was formed to levera ge the new ca pabilities of mobile devices , the s ea mles s flow between
mobile and W eb communities a nd the advent of cons umer-focus ed marketplaces . T he compa ny was founded in 2009 by Damon Danieli, a
14-yea r Micros oft veteran, Da vid B luhm, a long time veteran of mobile content and entertainment a nd Madrona V enture G roup, a S eattle-
bas ed venture capital firm. Z2L ive’s mis s ion is to ena ble multiplayer gaming a cros s all mobile devices and a ll wireles s networks .
Figure 24. Company Descriptions
Source. Company reports, Capital IQ, Crunchbase

21. Page 21
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